Advanced Investment and Theory Assignment Example | Topics and Well Written Essays - 2000 words

Advanced Investment and Theory - Assignment Example This brings about the price movements in the direction of the current value of the cash flows in the future. An efficient capital market is the one that incorporates information accurately and in a steady manner into the security prices (Kleinbrod, 2006, Pg. 78). The weak-form efficient capital market is reached after the information regarding the history of previous returns and prices are fully reflected in the security prices. In such markets, the stock returns are unpredictable. The semi-strong-form efficient market is realized whereby, the public information is completely reflected in security prices. In the particular market, traders who have non-public information access may earn excess profits. In the third type of efficient market, the strong form, investors can under no circumstances, earn excess profits since every bit of information is incorporated into the prices of securities. The funds that flow from the capital markets, originating from savers to the firms aiming to finance projects must also flow into the best and highly valued projects. In this case, information efficiency is of great significance. Stocks must have efficient prices. If securities were accurately priced, the investors who lack time for market analysis would ga in confidence about making investments in the capital market (Moyer et al.2009, Pg.8). The efficient markets theory of financial economics explains that the price of a product reflects all available relevant information about the fundamental value of the product. Although the theory applies to every type of financial security, its discussion is mostly focused on one type of security, shares of common stock. The encyclopedia of economics states that financial security stands for a claim in future cash flow. Therefore the fundamental value of the product is the present value of the cash flow that is expected by the security owner.  

E-Marketing (The strengths and weaknesses of E-Advertising) Essay

E-Marketing (The strengths and weaknesses of E-Advertising) - Essay Example This essay is a critical evaluation of the strengths and weaknesses of E-marketing. With the current developments in the Information Technology sector, it has become possible for businesses and organizations to conduct their businesses over the internet, a process that can be referred to as E-commerce (Hanson, 2000). This is facilitated by the accessibility of personal computers among the world’s population with internet connection which interfaces the suppliers with their customers through interactive websites, which enables the customers to make orders as well as to compare and to contrast the services offered by different vendors. Through their websites, the businesses are able to generate attention through the use of graphics that depict the true nature of the businesses for example by including photographs of the business premises, some of the products sold as well as the management teams among other important aspects of the business which may be helpful in building confidence in the buyers on the services offered (Reynolds, 2004). These help to create a picture on the customer’s mind on the credibility of the business, reason being that photographs communicate more on the image of the organization. Creating awareness is the main importance of advertising (Haegele, 2001). Through the internet, this goal has been achieved by businesses, which have exploited the global market at a cheaper price than the other media of advertising such as the yellow pages, through the mass media i.e. news papers and radio as well as Television etc. It is estimated that the price of creating a website is cheaper than the price of advertising on the yellow pages thus making it affordable to all types of businesses (Brown, 2006). With thousands of potential customers around the world using the internet for other purposes such as research, sending and receiving e-mails as well as communicating through chat rooms and entertainment, internet advertising offers the best

Faith Diversity Essay Example for Free

Faith Diversity Essay This paper will look and examine four diverse faiths: Christianity, Buddhism, Rastafarianism and Islam spiritual perspective on healing. In Christianity, prayer is a way that a person can stay healthy physically, mentally and spiritually. Health is viewed by having a strong spiritual relationship with the Lord and living ones life by the word of God. Buddhist need a balance of health both mentally and physically in order to achieve optimal health. They way that they are able to restore health would be by practicing healthy dietary habits or meditation. Rastafarianism view on health as a balance of the mind, the body and the soul achieved with a more holistic approach like prayer and herbal treatments. Lastly, Islam reaches ultimate purity by having a clean body and soul. They must cleanse often and pray often. Religions differ in many ways; they could have a different sacred books, have different deities, or have different views on how to live a full life, ultimately they want the same thing, to have their faiths respected and incorporated into the care they are receiving. Introduction Throughout the world, there are thousands of distinctly different religious affiliations. In the United States alone, there are approximately 313 religions and denominations (All Religions and Denominations in the US, 2008). This paper will examine four diverse faiths Christianity, Buddhism, Rastafarianism and Islam. It will look at the philosophy of these four faiths when having care provided to them. It will specifically look at the spiritual perspective on healing. It will examine the critical components of healing for these faiths. Along with looking at these diverse faiths, this paper will look at what is important for people who are receiving care from health care providers whose views differ from their own. Christianity The Christians were the first people to start the worlds first voluntary charitable institutions which were hospitals (Trangelder, 2007). The reason that they started these hospitals is because they wanted to help the poor and those that were sick and dying (Trangelder, 2007). Health care and Christian belief go hand in hand. One of the most crucial components in healing is prayer. The Christians hold prayer in very high regard. They feel that prayer has the ability to make them better. In the book James 5:14-15(English Standard Version) it states, Let him call for the elders of the church, and let them pray over him, anointing him with oil in the name of the Lord. And the prayer of faith will save the one who is sick, and the Lord will raise him up(Biblegateway, 2001). Along with prayer, the bible mentions many ways that a person can stay healthy physically, mentally and spiritually. Ultimately, the way to stay healthy is by having a strong spiritual relationship with the Lord and living ones life by the word of God. Buddhism The Buddhist has a different holy book then the Christian faith. There sacred book is called Tripitaka. This holy book mentions that the only way to be truly healed is to be healthy in mind and body. Western medicine focuses on curing symptoms to treat medical problems, but the Buddhist see this only as a short term fix. In order for one to be healed one must also treat the spiritual aspect of the disease and its mind-based causes and remedies must be the primary considerations(Buddhism, Medicine, and Health, n. d. ). Buddhist feel that possible reasons for illness or disease would be 1) an imbalance of the four elements (earth, water, fire, and wind), 2) irregular dietary habits, 3) incorrect meditation methods, 4) disturbances by spirits, 5) demon possession, and 6) the force of bad karma (Buddhism, Medicine, and Health, n. d. ). They way that they are able to restore health would be by practicing healthy dietary habits, meditation, paying respect to the Buddha, repentance, reciting mantras, reciting the Buddhas name and using the dharma as medicine (Buddhism, Medicine, and Health, n. d. ). By doing this they would be able to find a balance physical and mentally and find long-term health. Rastafarianism Like the Christians, the Rastafarians sacred text that they pray to is the Bible, but the difference is how it is interpreted. The Rastafarians also feel that the head or God incarnate is Haile Selassie. He was a former Emperor of Ethiopia (Griffith, 2009). In Rastafarianism health care takes a holistic approach to healing; they believe that the concept of health extends to three spheres: the mind, the body and the soul (though sometimes the psychological and spiritual can sometimes be categorized together)(Rastafari and the Environment, 2012). They cure illnesses by use of home remedies or tonics rather than visiting a doctor. Rastafarians disown western influences of ideology, diet, lifestyle and religion in favor of belief systems and practices of African origin, which emphasizes the use of natural ingredients and tools(Rastafari and the Environment, 2012). Islam For the Islam, their sacred text is the Quran. In the Quran, unlike the Christians, Muhammad is the prophet sent to Earth to pass the word of the Lord, Allah. The Muslims feel that good health is one of the ways to get to heaven. In the Quran, it has teachings that show people how to protect his or her health and live life in a state of purity (Muslim Health Network (n. d). The single most important thing for this faith is prayer. Muslims perform it five times a day. The obligatory prayers provide a good means for the circulation of blood, breathing and general suppleness of joints (Muslim Health Network (n. d). Along with prayer they must cleanse after prayer, have a healthy diet, fast and refrain from intoxicates. Despite these religious differences in the United States, peoples only wish is to have their religious views respected and honored if possible. No matter if healthcare providers spiritual beliefs differ from those in their care, patients want their faith to be incorporated into the care that they are receiving. The Christian philosophy as written in the book of Luke 6:31 (English Standard Version) And as you wish that others would do to you, do so to them(Biblegateway, n. d. ). This goes in line as all people would like to be treated, no matter how different spiritual views might be. In conclusion, the author learned that although many religions differ ultimately they want the same thing, to have their faith incorporated into the care they are receiving. Religions differ in many ways, they could have a different scared book, have different deities, or have different views on how to live a full life. Medication, chanting or prayer can help achieve inner peace to ultimately reach health inside and out. ? References Biblegateway (2001). James 5:14-15 ESV Is anyone among you sick? Let him call Bible Gateway. Retrieved from http://www. biblegateway. com/passage/? search=James+5%3A14-15version=ESV Biblegateway (n. d. ). Luke 6:31 ESV And as you wish that others would do to Bible Gateway. Retrieved from http://www. biblegateway. com/passage/? search=Luke%206:31version=ESV Buddhism, Medicine, and Health. (n. d. ). Retrieved from http://www. blia. org/english/publications/booklet/pages/37. htm Griffith, J. K. (2009). THE RELIGIOUS ASPECTS OF NURSING CARE (4th ed. ). Vancouver, B. C Muslim Health Network (n. d. ). Islam Health. Retrieved from http://www. muslimhealthnetwork. org/islamandhealth. shtml Tangelder, J. D. (2007). A Christian Perspective on Healthcare. Retrieved from http://www. reformedreflections. ca/faith-and-life/chr-perspective-healthcare. html Rastafari and the Environment (2012). Natural Healing and Medicine. Retrieved from http://caribbeanreligionuvm. wordpress. com/category/natural-healing-and-medicine/

Analysis of BAELL II Recommendations

Analysis of BAELL II Recommendations CHAPTER 1: INTRODUCTION 1.1. Introduction Operational risk is defined as â€Å"the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.† Financial markets in the last two decades have been highlighted by large-scale financial failures due to incompetence and fraud, such as Barings, Daiwa, Allied Irish Banks, Orange County, Enron, along with man-made and natural disasters, such as â€Å"9/11,† Hurricanes Andrew and Katrina. As a consequence, operational risk has been acknowledged to overweigh the importance of credit and market risks. Since 2001, the Basel Committee for the Banking Supervision of the Bank of International Settlements has been requiring banks to set aside regulatory capital amount that would cover potential operational loss. The capital amount must be evaluated on a one-year aggregated basis at a sufficiently high confidence level. Statistical tools are required to accurately assess the frequency and severity distributions. The presence of so-called â€Å"low frequency/ high severity† events poses problems for the modeling of operational risk and calls for models capable of capturing excessive heavy-tailedness in the data. Operational risk is one of the important arms of the risk management triangle the other two being Credit Risk and Market (Treasury) Risk. Any organization, particularly in the banking sector, is squarely exposed to operational risks emanating within or outside the organization. Risk Management Triangle Credit Risk Market (Treasury) Risk. Operational risk Operational risk capital charge is a mandatory requirement in global banking sector. This puts in a lot of stress and strain on a banks management. Operational Risk is also known as Transaction Risk in some countries. In order to efficiently face this new challenge of operational risk in risk management, the prerequisites for efficiently facing the operational risk are enumerated as follows : Ø creation of risk culture ; Ø enterprise wide operational ; Ø risk awareness. Proactive steps at all the levels of operation should operate as a safety valve and in the process, may in turn facilitate lower risk capital charge. 1.2. Background Risk mapping is often mentioned both in describing various approaches to operational risk management and, in an audit context, in formulating the key steps to control self-assessment, as the cornerstone of the risk identification process. Yet there is little published guidance on how to perform it effectively and on how to ensure that the resulting map is indeed complete and consistent. In other words, although the term is widely used by bankers, auditors, regulators and consultants alike, and although all these professionals  may even agree on what constitutes an acceptable final product, they will most likely give widely different explanations on how to get such product, the resources needed and the costs involved. Risk mapping is difficult for a number of reasons, all of which can be summarized by reminding ourselves that ‘the map is not the territory. No matter how accurate and thorough our analysis is, what really goes on in the business is never exactly what is written in the manual. Here are just a few of the key dimensions: People: Processes are affected by people, and people, no matter how formalized the process is, adapt, interpret and improvise in response to circumstances. Specialization: Very few people really understand a specific business process and its interactions with other people and systems within the bank. When one of these people leaves or is just absent for a while, the potential for an operational failure appears. Processes: Processes change all the time and any mapping becomes obsolete almost overnight after being completed. In this research, I describe a methodology for the mapping of operational risk with the objective of identifying the risks inherent in the different steps of a business process, selecting the key risk indicators (KRIs) (Hoffman, 2002; Davis and Haubenstock, 2002) and designing the most appropriate control activities. In my approach, therefore, risk mapping is the basis for all the key components of operational risk management identification, assessment, monitoring/reporting and control/mitigation as defined by the Basel Committee on Banking Supervision (2003). There is more than one way to map risks. The most common technique is probably the mapping on a probability/severity chart (Figure 1) so as to identify the key priorities for management. The result in most cases helps to distinguish between high severity/low frequency and high frequency/ low severity losses, but which in general gives no indication as to what management actions to take in order to change the existing risk profile. Another way is to map the risks to the phases of a business activity where they can occur and identify the key risk factors and drivers in the process. This leads to a somewhat more complex result, rich in qualitative information rather than in quantitative assessment, but giving very clear indications as to which parts of the process should be changed in order to make a difference to the overall risk exposure. It also allows for the identification of the KRIs that are more relevant to each risk exposure. Pursuing the application of KRIs to operational risk assessment is suggested by the need to capture the various issues we find with purely statistical approaches as well as the impact that managerial decisions may have on the operational risk profile. In market and credit risk measurement, the key managerial decisions are taken in deciding portfolio composition, thereby affecting the resulting risk profile directly and in a manner that measurement models have no problem in capturing. In operational risk measurement, on the other hand, managerial decisions may affect the risk profile in a number of different ways (through changes in control procedures, systems, personnel, to name but a few), none of which any measurement model can capture in a simple and direct way. Statistical approaches in particular will be at a loss in taking into account such changes, as historical data will reflect a risk and control environment which by and large no longer exists. The requirement of the new Bas el Accord (Basel Committee on Banking Supervision, 2004) to base risk assessment on 5 years of historical data if taken too literally will have banks generating risk capital charges on the basis of information largely unrelated to the current and, even less, the future risk and control environment. 1.3. Research Question: This work to start with will take a step back and ask the fundamental question of why do banks fail? Further the work shall research the recommendations of BASEL II and will try to seek the answer for: Will the BASEL II requirements make the systematic goals of safety and stability more achievable for banks/FIs? If yes, how? If no, how? 1.4. Motivation: Appropriate â€Å"Organizational structure† is a precondition for orderly management of any activity/ group working within the purview of organizational capabilities. Operational risk management is all pervasive in terms of activities of an organization e.g. if ‘people factor in operational management is poorly managed in a bank, other activities of the bank e.g. credit/market risk management, are likely to suffer . Similarly, legal aspects of any transaction/ function, if loosely dealt with, increases the likelihood of loss to the organization. Organizational structure for operational risk management needs to be compact and broad-based. The structure must be compatible with :- an organizations size; complexity of operations and area of operations; in tune with its risk appetite. The area of operational risk management is a matter of discretion which comes under the purview of regulatory authorities/banks. Through my research I have tried out to make out a clear and concise understanding of BASEL II accord for Banks/FIs in operational risk perspective. The work shall also try to suggest the suitable customization of BASEL II recommendations and implications of the same for effectively managing operational risk. It may also lead to forecasting the emerging trends in operational risk and ways to mitigate the same. 1.5. Chapter Scheme The chapter scheme of my dissertation is as follows: Chapter 2: This chapter describes the literature review and the findings. Chapter 3: This chapter describes research methodology and some of the variables included in empirical analysis. Chapter 4: This chapter provides the basis of qualitative research. Chapter 5: This chapter gives details of case studies analyzed for research purpose. Chapter 6: This chapter discuses the analysis and the findings. Chapter 7: This chapter includes the conclusion. CHAPTER 2: LITERATURE REVIEW 2.1. Introduction Until very recently, it has been believed that banks are exposed to two main risks. In the order of importance they are credit risk (i.e., counterparty failure risk) and market risk (i.e., risk of loss due to changes in market indicators, such as equity prices, interest rates and exchange rates). Operational risk has been regarded as a mere part of â€Å"other† risks. Operational risk is not a new concept for banks: operational losses have been reflected in banks balance sheets for many decades. They occur in the banking industry every day. Operational risk affects the soundness and operating efficiency of all banking activities and all business units. We begin our discussion with an explanation of the notion of risk. 2.2. Risk and Risk Management In the financial context, risk is the fundamental element that affects financial behavior. There is no unique or uniform definition of risk: different financial institutions may define risk slightly differently, depending on the specifics of their banking structure, operations and investment strategies. The definition of risk also depends on the context. In the economics literature, generally risk is not necessarily a negative concept, and is understood as uncertainty about future or the dispersion of actual from expected results. In the context of business investment, risk is the volatility of expected future cash-flows (measured, for example, by the standard deviation), and in the context of the Capital Asset Pricing Model (CAPM) is the risk of asset price volatility due to market-related factors and is captured by ÃŽ ². Such definitions do not exclude the possibility of positive outcomes. Hence, for the operational risk we need a different definition.[1] For the purposes of operational risk modeling and analysis, the definitions from insurance are more appropriate, as the notion of risk in insurance has a negative meaning attached to it. Risk is perceived as the probability and impact of a negative deviation, the probability or potential of sustaining a loss, â€Å"a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for† [2], or â€Å"an expression of the danger that the effective future outcome will deviate from the expected or planned outcome in a negative way† [3]. As the next step, we need to distinguish operational risk from other categories of financial risk. A comprehensive framework of risk management is applicable equally to all types of bank (Iqbal and Mirakhor, 2007). The process of risk management is a two (2) step process. The first is to identify the source of the risk, i.e. to identify the leading variables causing the risk. The second is to devise methods to quantify the risk using mathematical models, in order to understand the risk profile of the instrument. Once a general framework of risk identification and management is developed, the techniques can be applied to different situations, products, instruments and institutions. It is crucial for all banks to have comprehensive risk management framework as there is growing realization among IBs that sustainable growth critically depends on the development of a comprehensive risk management framework (Greuning and Iqbal, 2007). A robust risk management framework can help banks to reduce their exposure to risks, and enhance their ability to compete in the market (Iqbal and Mirakhor, 2007). A reduction in each institutions exposure will reduce the systemic risk as well. Hence, it is necessary that banks have in place a comprehensive risk management and reporting process to identify, measure, monitor, manage, report and control different categories of risks. 2.2.1. Understanding Risk and Risk Management It is important for staff of banking institutions to understand the aspect of risk in the banking operations and the risks that are inherent and exposed in their business operations. Better understanding of risk management is also necessary especially in the financial intermediation activities where managing risk is one of the important activities. A study conducted by Boston Consulting Group (2001) found that the sole determining success factors is not the technical development but the ability to understand risk strategically and also the ability to handle and control risk organizationally. Secondly, in order to realize a risk based management philosophy, the attitude and mindset of the employees need to be changed whereby they must be brought to understand that managing risk is crucial for success. This implies that there must be intensive training, clearly defined structures and responsibilities, as well as commitment to change. In addition, it was identified that banks in North A merica and Australia concentrate on risk management primarily to enhance their competitive positions. Meanwhile in Europe, Asia and particularly in South America, risk management is considered primary from the perspective of regulatory requirements. Then, Al-Tamimi and Al-Mazrooei (2007) found that the UAE banks staff have good understanding of risk and risk management, which might give an indication about the ability of these banks to manage risks efficiently in the future. Moreover, understanding risk and risk management had positive effect on risk management practice although it is insignificant. 2.2.2. Requirement for Risk Management Risk management framework is important for banks. The risk management strategy must be integrated with its overall corporate strategies (e.g. Froot and Stein, 2004). In conjunction with the underlying frameworks, basic risk management process that is generally accepted is the practice of identifying, analysing, measuring, and defining the desired risk level through risk control and risk transfer. BCBS (2001) defines financial risk management as a sequence of four (4) processes: (1) the identification of events into one or more broad categories of market, credit, operational and other risks into specific sub-categories; (2) the assessment of risks using data and risk model; (3) the monitoring and reporting of the risk assessments on a timely basis; and (4) the control of these risks by senior management. BCBS (2006), on risk management processes, require supervisors to be satisfied that the banks and their banking groups have in place a comprehensive risk management process. This woul d include the Board and senior management to identify, evaluate, monitor and control or mitigate all material risks and to assess their overall capital adequacy in relation to their risk profile. In addition, as suggested by Al-Tamimi (2002), in managing risk, commercial banks can follow comprehensive risk management process which includes eight (8) steps: exposure identification; data gathering and risk quantification; management objectives; product and control guidelines; risk management evaluation; strategy development; implementation; and performance evaluation (e.g. Baldoni, 2008; and Harrington and Niehaus, 2009). 2.2.3. Risk Identification There are few conceptual studies on risk identification of financial institutions (e.g. Kromschroder and Luck, 2008; Luck 2008;; Pausenberger and Nassauer, 2000; Tchankova, 2002; Barton et al. 2002 ) and few empirical studies that include risk identification of banks (e.g. Al-Tamimi, 2002; Al-Tamimi and Al-Mazrooei, 2007). Risk identification is the first stage of risk management (Tchankova, 2002) and a very important step in risk management (Al-Tamimi and Al-Mazrooei, 2007). The first task of the risk management is to classify the corporate risks according to their different types (Pausenberger and Nassauer, 2000). The first step in organizing the implementation of the risk management function is to establish the crucial observation areas inside and outside the corporation (Kromschroder and Luck, 2008). Then, the departments and the employees must be assigned with responsibilities to identify specific risks. For instance, interest rate risks or foreign exchange risks are the main do main of the financial department. It is important to ensure that the risk management function is established throughout the whole corporation; i.e. apart from parent company, the subsidiaries too have to identify risks, analyze risks and so on. Pausenberger and Nassauer (2000) also state that it is advisable for most corporations to implement early warning systems. An early warning system is a special information system enabling the management board to identify risks in time by observing the development of defined indicators (Luck, 2008). Other instruments that could be used to identify risks are checklists of possible disturbances or breakdowns, risk workshops, examination of corporate processes, internal inspections and interviews, loss balance, etc. It is advisable to make use of the knowledge and skill of external experts, for instance, forecasts of banks about the development of interest rates or foreign exchange rates. There are many other approaches for risk identification, for instance, scenario analysis or risk mapping. An organization can identify the frequency and severity of the risks through risk mapping which could assist the organization to stay away from high frequency and low severity risks and instead focu s more on the low frequency and high severity risk. Risk identification process includes risk-ranking components where these ranking are usually based on impact, severity or dollar effects (Barton et al. 2002). According to him, the analysis helps to sort risk according to their importance and assists the management to develop risk management strategy to allocate resources efficiently. 2.3. Operational Risk Operational Risk is one of the important arms of the risk management triangle -the other two being Credit Risk and Market (Treasury) Risk. Any organization, particularly in the banking sector, is squarely exposed to operational risks emanating within or outside the organization (Levine and Hoffman, 2004). There was no precise definition of operational risk until Basel Accord II came into being in June 2004. Furthermore, for the first time in the history of global banking, operational in capital charge has been made a mandatory requirement in banking. This certainly puts in a lot of stress and strain on a banks management. Operational Risk is also known as Transaction Risk in some countries in order to efficiently face this new challenge in risk management, the prerequisites are -creation of risk culture and enterprise wide operational risk awareness. Proactive steps at all the levels of operation will operate as a safety value and in the process, may facilitate lower risk capital charge (Bagchi, 2006). As it has been mentioned that until the release of Basel Accord II in June 2004, there was no universal definition of operational risk in banking (Anna et al., 2007) . It was generally believed that as ‘risk would mean loss in any event or transaction, any risk other than credit risk and market risk would have to be reckoned as an operational risk, without the need of creating any separate identity for such risk. However this way of looking at operational risks is dangerously vague. Prof Hans Geiger, an international authority on risk management, has viewed operational risk from a direct angle and an indirect angle as under: Indirect Angle: â€Å"Operational risks are all those risks which cannot e classified as credit risk or market risk.† Direct Angle: â€Å"Operational risk is an expression of the danger of unexpected direct or indirect losses resulting from inadequate or failed internal processes, people and systems and from external events.† Basel Accord II has laid down the following definition for adoption by the countries and hence this should be treated as a standard definition of operational risk: Operational risk is â€Å"the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. This definition includes legal risk but excludes strategic and reputation risk.† (Bagchi, 2006) 2.3.1. Reasons for Increasing Focus on Operational Risk Management * On going spate ( sudden trend flow) of financial deregulation procedures due to globalization. * Influence of technology and automation in managing business with other side effects. * Complex organizational structures arising out of re organization of business enterprises (e.g. merger/ de -merger etc.). * Opportunities for business process outsourcing. * Growing complexity of products/services, as banks now provide total business services and employ CRM (Customer Relationship Management) in their business activities. * With liberalization and globalization, banks compete very hard with each other for business. * Capital allocation for operational risks is a prime requisite for todays business organizations. 2.3.3. Operational Risk Vs Operations Risk Operational Risk has a wider coverage wherein process, people, systems etc. of an organization are also considered. In general while operational risk is analogous to operations risk, in the context of risk management, they are not alike as will be evident from the following table: Table 1: Distinction between Operational Risk and Operations Risk According to the â€Å"Kenneth Swensen of Federal Reserve Bank of Chicago†, there is a clear demarcation between operational risk and operations risk, from the viewpoint of relative risk contents. Operational risk should deserve special attention for an organization so that its procedures become fully Basel Accord II compliant. He remark regarding Basel II is , â€Å"†¦Ã¢â‚¬ ¦ under Basel II, if you are not moving forward, you are losing ground†. The distinctions are clearly mentioned below : Operational Risk Operations Risk 1. Operational Risk encompasses enterprise wide risk of loss arising out of inadequate, failed internal processes, people system or from external events. 1. Operations Risk encompasses risk by loss arising out of back office reconciling processes and does not generally cover front office functions. 2. Integrated risk management is the watch dog of such risk management function in the organization 2. Internal audit Department usually manages such risks. It is the first line of defense. 3. Basel Accord II specifies capital charge computation based on three approaches evolved for the purpose. 3. There is no requirement for any specific capital charge. 4. The organization must prepare and periodically update on operational risk policy mentioning, and should frame a computation method of measurement of operational risk capital. 4. There is no need for any specific policy document since each organization is guided by its manual/ book of instruction. 5. Regulatory Authority under pillar II has the responsibilities to review enterprise wide operational risk management of the organization. 5. Regulatory Authorities do not have any Pillar II responsibility. They may review operation risk as an ingredient of operational risk. 6. Corporate Governance study must take into account operational risk management of an organization especially the effect of any human error/skill deficiency aspects. 6. Corporate Governance angle does no form part of operations risk. 2.3.4. Distinction between Operational Risk and Operational Crisis Operational risk is an all inclusive concept covering :- Ø intra -organizational ( internal ) risks such as those related to people, processes and systems; Ø external events such as natural calamities, terrorism etc. In case of extreme external events such as natural catastrophes, there is no real distinction between operational risk and operations risk since such an event requires crisis management initiative. But a routine operational risk management dose requires operational crisis management to avert serious consequences. The points of distinction are enumerated as under: Operational Risk Operational Crisis 1. Operational Risk includes elements of Expected and unexpected (expected loss such as loss in process errors of say 0.1% of gross income). 1. Operational Crises covers only unexpected loss. 2. The continuity of business is not affected if some operational risk events do not have serious implications on organizations position (say, internal fraud of 0.1% of annual net profit). 2. An organizations continuity may be seriously affected if the crisis event is catastrophic. 3. Operational risk management dose not generally imply disaster recovery. 3. Operational crisis management generally involves disaster recovery. 4. Operational risk factors do not generally trigger off reputational risk (a minor processing error in a customers savings account may not effect the banks reputation). 4. Crisis event may sometimes (e.g. product failure, contamination etc., Union Carbide Gas leak incident in MP) triggers off reputational risk leading to fall in market share, equity share price etc. 5. Operational risk management in generally concerned with two phases: i. incident ii. recovery 5. Operational crisis management generally involves three phase; i. incident ii. recovery iii. continuity 6. Operational risk may not always turn out to be a danger. 6. Operational crisis is generally of a ‘moment of danger. 2.3.5. Effective way of managing Operational Risk Poor operational risk management, especially in the banking sector, may generate serious financial losses caused by Ø external/internal fraud, Ø system failure, Ø and other related operational lapses. Damage to a banks reputation, even if it is a private bank, may also be severe. Ø Effective operational risk management provides boosts sale by taking care of the following: Ø It tends to minimize severity or frequency of operational risk loses. Ø It creates a mechanism to optimize operational effectiveness throughout the bank. Ø Various business portfolios are better managed if the processes, systems and procedures are sound, together with people strength. Ø Strategic decision making by senior management is supported by a robust risk management system. Ø It ensures business continuity, as there are high probabilities of unexpected operational events owing to changing trends and globalization. Ø Capital allocation can be optimally utilized to the advantage of the bank. 2.3.6. Traditional Vs Modern Approach of Operational Risk Management Traditional Operational Risk Management Banks were managing operational risks in a traditional manner, going by the belief that such risks are really ‘residual risks that remain after the dominant risks of credit risk and market risk have been taken care of .Hence meager attention was extended to managing operational risks. Under the traditional approach, routine operational controls in banking were mainly through Ø internal checks, Ø balancing of ledgers, Ø careful recruiting process etc. Ø Audit and compliance aspects. Ø Insurance against risks was resorted to where necessary. Modern Operational Risk Management Operational risk management in banking took the shape of modern approach with the release of Basel Accord II ( recommendations on banking laws and regulations ) in June04. Modern approach of operational risk management aims at creating and maintaining an effective operational risk management strategy. This approach involves the following elements: Ø Realistic measurement framework on operational risk factors as against sole reliance on internal checks, auditors etc. Ø Operational risk losses calculated and summarized on the basis of past loss data and estimate for the future forms the core of strategic decision making especially for developing a new product or for encouraging a new technology. Ø Quantification of various operational risk factors facilitates optimal capital allocation. Ø Staff skill development exercise on an regular basis enables better output with lesser probability of errors and losses. 2.3.7. Operational Risk: A Challenge to Financial Institutions and Regulators Operational Risk exhibits more severity than Credit Risk, Market Risk Liquidity Risk. Global Association of Risk Professionals (GARP) has also undertaken a number of new initiatives to educate the organizations about the Operational risk. Operational Risk is capable of eroding the complete organization and can cause huge loss on the reliability factor of the financial company. As per GARP, Operational risk shall be the single largest risk facing the financial industry the world over by the year 2010. The most difficult part in managing operational risk is the fact that the threats and challenges can originate and spread at the speed of thought in operations of a Bank. The financial industry is growing all over the world in spite of the poor economic indicators forcing stricter regulations, policies and thus prompts greater awareness of the various challenges faced by financial industry. Operational risk ( especially for financial industry )should be placed at the highest level of attention in order to ensure smooth functioning of the organization as it can hamper the organizations future growth. Regulators formulating the policies and regulations for effective management of operational risk are faced by the following challenges :- Ø Ever changing requirements of policies. Ø Policies are expensive to start and implement at the workplace. Ø They also hamper the normal functioning of financial organization and requires trainings across all verticals. Ø Employee and customer participation is difficult to managed. 2.3.8. Operational Risk and Financial Organizations Advent of newer and convenient technology for various processes and tasks has made :- Ø our financial system has become more susceptible to attacks by hackers and viruses. The system needs to quarantined ( detained) for all possible leak holes and if found must be plugged immediately because of the following reasons :- Ø The financial system is the backbone of economy for any country or region. Ø It is the system that makes the economy grow and maintain its track. Ø It is of prime importance that the operational risk at this industry must be managed with utmost care. With increasing level of pilferage at the financial system,

The Painted Door - The Tragedy :: essays research papers

Ann and John, two characters from he short story "The Painted Door", do not have a very healthy relationship. John is a simple farmer who thinks the only way he can please his wife, Ann, is by working all day to earn money for her. However Ann would prefer him to spend more time with her. Their relationship is stressed even further when Ann is left at home alone with nothing to think about but their relationship because John has to go to his father’s house. The terrible snowstorm accentuates Ann’s feelings of loneliness and despair. John does not pay enough attention to Ann, and therefore creates a weak relationship. Ann is justified in her decision to "sleeps" with Steven, John’s friend. John has not been paying much attention to Ann and he leaves her alone in their house with Steven. Ann also has prior feelings for Steven from when they where in school together. Ann felt that she is unimportant to John because he frequently leaves her alone; she states, "It isn't right to leave me here alone. Surely I'm as important as your father." Ann just wants to feel loved by John but because he doesn't make her feel loved. She sees Steven as the only person who can give her the love and affection she needs. John's decision to commit suicide was the right thing to do to make Ann happy. John thought that killing himself would make it easier for her to stay with Steven, who he thinks that she loves. John made a decision about his own life so he has the right to choose to kill himself. He also just wants Ann to be happy. He is "naively proud of Ann. He had bewildered by it once, her caring for a dull-witted fellow like him: then assured al last of her affection he had relaxed against it gratefully, unsuspecting it might ever be less constant than his own." (Pg.49) In John's mind he was making the right decision, so he was free to make it. Ann is the most to blame for her depression, her affair with Steven, and John’s suicide.

Herbal Extracts And Hormones :: essays research papers fc

Herbal Extracts and Hormones   Ã‚  Ã‚  Ã‚  Ã‚  Herbs are found everywhere, and hormones are a natural product of everyone's body. The production of hormones increases and decreases with the age and development of the individual. Due to the nature of hormones and the ongoing research still being done, this article will investigate only two hormones that are in common use by the everyday person.   Ã‚  Ã‚  Ã‚  Ã‚  Herbs, on the other hand, can be found from California to China and as far as consumers are concerned, they are now mainstream products that can be found in supermarkets and drug stores world wide. Healing plants and herbs are used by over ninety percent of the world's people. Mowry, pgs.1-11 In the United States, with the introduction of herbal capsules and pills, people are enjoying the benefits of Earth's good medicines. The herb industry has been growing at about thirty percent per year for the past several years. Herbs are being used in homes, for more than just spicing the sauce or glazing the chicken. Herbs are being used as an alternative for medications as well. In the coming years, we may see the introduction of newer and better medicinal herbs as scientists Mowry pgs. 26-27 continue their search for the cures of all aches and pains.   Ã‚  Ã‚  Ã‚  Ã‚  In past years, herbs were used for pains and aches. These herbs are making a comeback because they have fewer side effects than regular medicine. An example is willow bark Mowry, pgs. 43-49 which is being used instead of aspirin. Aspirin was made from the active ingredient in willow bark. However, people are using willow bark instead of aspirin because it does not cause the stomach to bleed as aspirin does.   Ã‚  Ã‚  Ã‚  Ã‚  Ginkgo is being sold as a leading prescription drug in Germany and most countries in Europe. Takagi, pgs. 96-101 This herb is growing in usage in this country as more people age. It has been used in Asia for countless generations. There is a growing body of evidence, as research continues, that points to the outstanding effects of the Gingko tree on many age-related disorders or sicknesses. This herb is reported to increase the ability of the blood circulation system. It is a powerful medicine for the treatment of restoring of a person's memory. Tagki, pgs. 3-10   Ã‚  Ã‚  Ã‚  Ã‚  A tea made from the Passion Flower or Valerian Root is used to calm a person or relieve anxiety. These are thousand year old medicines used as tranquilizers. They have fewer side effects and don't damage the body as Valium or other man made tranquilizers. It is almost impossible to over dose on these types of nerve calmer.

GE Turbines and Balanced Scorecard Essay

A balance scorecard is essential for developing a healthy business growing place. It is a vital key for defining the goals and targets of a company as well as the vision, mission and the SWOTT Analysis. A balanced scorecard is, â€Å"A set of measures that are directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth† (Pearce & Robinson, 2013, p. 194). This company will relate the in-building turbines values, mission, vision and SWOTT Analysis with the four perspectives of the scorecard (financial performance, customer knowledge, internal business process, and learning and growth. Financial Perspective/Shareholder Value A strong and well defined vision and mission statement will facilitate this company to achieve its target. The objectives of the in-building turbines should be implemented as a daily routine so as to increase the performance of the company. The first and foremost responsibility of a company is to seek its customer satisfaction, benefit utilization, increased net revenues and also to achieve financial stability. GE being a financially stable company already gives this new product line a head start for the investors to trust this product. In order to evaluate the financial stability of a company, one should calculate the Operating cost, Earnings per share, growth revenue & return on interest and capital. The shareholders of GE should be very excited for this new line because if it is as successful as hoped for, the stock for the shareholders could see multiple splits happening for GE stock in the near future. These splits will double the already invested, as well as lower the cost per share for new investors. Customer Value Perspective The customers will determine the success of the company. Customer satisfaction must remain at the top of the list for this company in order to see it grow in both demand and profitability for GE and their shareholders.  With the approach of letting the customer have constant monitoring capabilities during the fabricating process of their turbine orders, the more the customer will be engaged with the company and satisfied with the product. This type of approach should also increase the image for the turbines in the market. there must be consistency in the value & quality of the product. It’s the responsibly of GE and their new division to generate awareness in the public and should also offer benefits to those customers who believe in the product during its infancy. The in-building turbine company will also implement a survey board on the website in order to constantly better themselves based on the customer’s desires. The company will monitor their stock share value in the market constantly. By doing this it will allow for GE to offer special promotions on the turbine purchases, with discount percentages for all customers if the shares are constantly moving upward. This will be a way to gather the attention of new customers by introducing this program to them. When the new company and employees’ performance reviews by the customers are favorable for a long enough period of time, it could mean the turbine company is strong enough to hold its position alone in the market and do nothing but strengthen GE’s already established position there. If the reviews from the survey system are poor, the turbine company will have a chance to address the issues and still have to lean on GE for support with their structuring and financing. Process/Internal Operations Perspective Strategic planning is necessary to deliver the turbines to the customers. It should be done in accordance with the customer’s needs for energy conservation and desires of lower energy bills. In order to improve the business efficiencies, market value as well as the current position; one should have an effective strategic management team to overcome all the resistance from the energy providers. The most important thing is to define the purpose or intention of the strategy, this will lead a company smoothly towards its goals. The goals highlight the vision and mission statement of the company. GE’s plan with this new company is to show the world they are the new innovation in green energy through normal daily routines. For the satisfactory outcome of the company the strategic objectives and goals should be monitored on a daily basis. The company will set its objective, as  well as start down a path to be followed while keeping in mind the values and interest of the customers without fail. There will be a tool or set of measurements which may be used to measure the targets, public interest, share value in the market, and budget in hand. In the company’s strategic planning, the surveys will be done constantly so they will be able to change daily to critique their new company to the desires of the customers. GE will be providing excessive financial aid to this company to constantly monitor and aggressively attack the market with this new product through marketing, distribution, and any other means necessary. These turbines will make paying for energy easier on every customer who desires lower bills. GE feels that with this new product, all it will take is for the first customer to experience the difference they can make in attacking inflation. Learning and Growth Perspective The learning and growth process is considered as an extremely important aspect in the balance scorecard, this perspective focuses on the growth and prosperity of the company as well as the learning of internal and external public needs. â€Å"Learning† in accordance with this turbine company is to learn about the attitudes of the internal employees and external customers. This technique of Balance Scorecard will help the company to maintain its position in the market and also bring technological changes. The technological changes are being implemented from the initial launch of this product. GE is able to use their influence to create a technology that hopefully will take the competition years to catch up with. The surveys will provide valuable information to achieve the organization’s mission to constantly learn and improve their product and how the company is operating. The strategic planning should focus on employee training to have competent employees who constantly develop their skills and ultimately provide benefits to the company. For the in-building turbine company, the strategic objective will bring constant improvements in the company. The improvements will be in the form of new technology in the company, constant recruitment of the deserving candidates with retaining the highly skilled workers, as well as letting the customers know the company is always working on the suggestions they provided to increase the organization’s trust and customer circle. The organization will develop a strategy in order to provide more benefits to the customers such as online purchasing and billing for the turbines, letting the customer overlook the fabricating process, constantly introducing new advancements with the products and services, and introducing attractive packages and offers like the discounts for the customers for helping keep the shareholders interested in this type of energy production. The success of the company depends on its vision and mission statement. The best way to attain the targets and goals of the company is to have a strategic plan which can effectively explain and deliver the objectives of the company. The achievements and goals of the company will be easily measured. The well-balanced business will develop the balance scorecard, which is the most significant technique to achieve all targets for GE’s new organization. The balance scorecard’s four perspectives defined here are: Financial perspective, Customer perspective, internal process, and Learning and Growth. With each perspective, the company will define the strategic objectives, performance measures, targets and initiatives. References: Budget. (2014). In Dictionary.com. Retrieved from http://dictionary.reference.com/browse/budget Buhrman, M. (2014). Energy rates could increase after storm. Retrieved from http://russellville.thv11.com/news/news/111997-entergy-rates-could-increase-after-storm Lorette, K. (2014). Importance of Product Packaging in Marketing. Retrieved from http://smallbusiness.chron.com/importance-product-packaging-marketing-648.html Product Focus. (2014). Retrieved from http://www.productfocus.com/pricing_how_to_price.php What is Carbon Fiber? (2014). Retrieved from http://www.dragonplate.com/sections/technology.asp Strategic Management Insight (Sep 03 2013). Retrieved from http://www.strategicmanagementinsight.com/mission-statements/general-electric-mission-statement.html Balanced Scorecard Institute (2009) Balanced Scorecard Basics. Retrieved Sept. 19, 2014 from http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx Pearce, J. A. & Robinson, R. B. (2013). Strategic management: Planning for Domestic and Global Competition (13th ed.). New York: McGraw-Hill.

Accountability

Force, one is expected to be professional and ethical enough to make decisions that positively impact on his or her department to the extent that he/she can be accountable for actions or consequences that arise as a result of their decisions or choices.In the true essence of the word, accountability comes in where an individual is under the obligation to Justify their choice of actions o an interested party, in this case the US Air Force. As a medical professional within the air force, one is free to choose but never free from the consequences of his or her choice. It is important to be accountable especially in the military because it means one is under obligation to execute a given task whether they are willing to do it or not.Being accountable calls for the basic understanding of one's tasks and responsibilities, like in this case of a medical professional who is expected to know hat to do and when to do it with as minimum supervision as possible such that if anything goes wrong a s a result of their chosen actions, they can be held accountable. The importance of accountability in the US Air Force cannot be taken lightly as it may mean the difference between losing and saving a life. A military medical officer is expected to not only do his Job well, but also ensure those around him execute their tasks properly too.One does not have to experience combat to understand that Just being in the military Is Inherently dangerous given the types of equipment and weapons that are used to train and deploy with. As an example any live weapons range you go to part of the safety brief Is â€Å"everyone here is a range safety' meaning anyone can call a cease fire If they observe dangerous behavior or a situation regardless of rank and It can be a Colonel or a brand new private or even a medical officer, does not matter. As such In that event everyone becomes accountable.

Stance Essay

This sponsorship can advantage a huge number of student TTS, many argue that corporate influences are not vital in the school environment. The potent al increment in the achievement rate of students because of corporate sponsorship exceeds t he conceivable negative parts of the sponsorship. Corporate sponsorships are beneficial to schools who are financially struggling g. Students that are not given these opportunities are less inclined to perform w ell in school because of the aptitudes they may need in.Notwithstanding that, students the at have a significant appreciation for particular sports would feel less inspired by going to class in light of the school's powerlessness to have sports. On the off chance that a partner ship is sufficiently liberal to give a lot of cash to a school to start up any sort of sports teams, they would profit extraordinarily. Not just in light of the fact that they would be sat Yin active, but because colleges will see that they did extracurricular acti vities during their SC hollow career and it will look like the student is taking initiative and showing commitment.More over, a constrained measure of sports or academic clubs can keep a student from EAI rang a scholarship, in this way, also keeping them from going to school. Case in point , Target had donated over 50,000 dollars to grants for children to go to Camp Cayman. C amp Cayman is an open air school that spotlights on sports. The grants honored to these students provided for them the chance to take part in the programs given at t he school that they overall couldn't afford. One protest to corporate sponsorships in schools relates to the likelihood of active impacts on the students by the companies.Such a contention is imperative w hen managing Bourne 2 naive high scholars. Obviously, it is vital that the partnerships be picked built not just with respect to the measure of cash they can offer, yet the message they are sends Eng to students. Case in point, if a student is giv en the choice to have a Macomb contrasted WI the a Dell machine, they would pick the one more suited to their needs. Simply on the g rounds that their school hit an arrangement with Apple, does not so much mean they will pick t e Macomb on the grounds that it was made by Apple.Truth be told, it can open up the stud net's eyes to little partnerships that bailed them out in their school and it brings issues to light f or them. This mindfulness won't guarantee that students will exclusively depend on one org animation, yet grow their viewpoints and discover different organizations. Corporate sponsorships have the capacity to help schools who can't bear to gig eve their students the best that they deserve. Both sponsor and the supported profit FRR mom corporate phonographs.

What is Scapegoating?

Scapegoat has been going on for centuries, people blaming others for their misfortunes even though the ones that are being punished ad nothing to with it at all. The best known example of scapegoat are the Nazi's, who blamed the Jewish people for Germany's economic problems and along with many other difficulties that hit Germany post-World War l. The Nazi's accused the Jews of being part of a hypothetical conspiracy against Germany and in which cause the death Of over 6 million innocent people.There have been ;o theories that explain scapegoat which are, frustration-aggression-displacement and ideological theories of scapegoat. The frustration-aggression-displacement theory is based on the frustration hero of aggression, meaning frustration causes aggression but if that aggression can't be emitted to the main sources then that person's aggression will be displaced toward an easier target.An example, a woman is becoming frustrated because she is being yelled at by her manager, but wil l not act aggressively with the fear of losing her job the women will leave work to go home and where she will displace that aggression toward the Innocent target which in case will be her child. The child is innocent third party and becomes the replacement for her manger. The frustration-aggression- displacement theory was the first theory of scapegoat but even with 60 years of research it still lacks substantial support for it to be true.There was a study done by Carl Havilland and Robert Sear, about the relation of the economic conditions in the 1 ass's and the hate crime of lynching African Americans people. The researchers wanted to prove that white people were using the African Americans as scapegoat when the economic conditions declined but Donald and colleagues later found with modern statistical tools that the link couldn't truly exist. Thus this theory cannot explain why some outgrows are chosen to be scapegoats and others aren't. The ideological theory is the one that wil l explain why outgrows are chosen to be the scapegoats.The ideological will provide a scapegoat that explains the dilemmas, the people will use this ideology to satisfy the need to understand the reasons for their shortage. The ingrown will make themselves feel better by picking out a common outgrip to compare with and know where to direct the blame. The scapegoats have little power since the ingrown knows he outgrip won't resist, they already disliked the group, may also be chosen because Of their noticeable features or have well-known stereotypes which makes them standout and can be seen as a threat to society.The example of a current scapegoat can be the illegal immigrates, since they have no papers that makes them a citizen people will use them for cheap labor but will also blame them for united states economic troubles and say that their the reason that we are becoming over populated. Describe the relative deprivation theory of prejudice. How is relative deprivation a source of dissatisfaction and resentment and how can this lead to prejudice? Also, how can feelings of relative gratification lead to prejudice?The main meaning of relative deprivation theory is people comparing their lives or possessions to others and beginning to feel deprived relative of things they used before or seen other with and believe the people don't deserve those resources. There are two types of relative deprivation theory. The personal relative deprivation means a person is feeling deprived of as an individual and the group relative deprivation is the person is feeling that their group is being deprived of benefits or of experiences. The group relative deprivation is the type that is connected to prejudice.People become dissatisfied with their lifestyle and envious Of those with a more appealing way of living, making them believing they are the ones who truly deserve it and will start to resent that particular group for obtaining that lifestyle. A study was conducted by Reeve V anessa and Thomas Pettier that had data of white people that felt group deprived. The result showed that 54% aid they were group relative deprivation expressed negative arrogance's towards African American compared to the 42% that were low in group relative deprivation and showed no connection to prejudice.The opposite of relative deprivation is relative gratification, which is when a people is feeling they are getting better than what they really deserve. The study done by Grammar and Edwards proved that relative gratification can lead to prejudice by asking people if they think in the future their economic situations can either worsen (relative deprivation), or become better (relative gratification), r will it stay the same. They found that both economic futures that changed were also willing to endorse political violence.The same Study was constructed by Gumming and Dammars but they added ethic prejudice to be the dependent variable and found that both groups that experienced rel ative gratification and relative deprivation were more prejudice than the controlled group. The feelings of relative gratification can lead to prejudice by people comparing themselves to the outgrip and having negative beliefs of how the outgrip became more successful.

The Thing essays

The Thing essays The Thing is a cult classic film that was based on a short story by famed science-fiction author John W. Campbell, Jr., entitled 'Who Goes There? John Carpenter directed the Movie in 1982, and is a remake from an earlier edition made in the 1950s. In Carpenters work he sets a strong theme of paranoia and isolation through a shape-shifting monster, or alien that physically imitates the host of who it kills...which is every one it can. Though it did not do so well in box office, it has been recognized over the years through cult success. I have mixed feelings about this, and am not sure if I agree with the success of its reconition. The Thing is set at an American Antarctic research station in the middle of winter. The movie opens with a couple of Norwegians flying in a helicopter across a snowy barren land, attempting to shoot at a dog. They all arrive at the American camp, and with the Norwegians still trying to kill the dog, they themselves get killed because the Americans think that they have gone crazy and are attacking them. The Americans then decides to investigate the nearby Norwegian camp to see what made these people go so crazed. Once they got there they discover it destroyed and all members of the expedition dead, a couple in very strange ways. Macready (Curt Russell) realizes that the Norwegians were performing digs, and upon investigating the dig site they discover a large saucer shaped spacecraft in the ice. They also come across a block of ice that was carved out of the ground and which once contained something human-sized. They decide that what the Norwegians found in the ice was a creature f rom another planet and the Americans shortly found out where that creature was now, when the dog that the Norwegian's were chasing reveals it's true nature: It turns out that it is an alien shape-shifter that can imitate any one it wants, and can spread to multiple individuals at the same time. ...

Analysis Of Tata Motors Essays

Analysis Of Tata Motors Essays Analysis Of Tata Motors Essay Analysis Of Tata Motors Essay They are the no. Vehicle manufacturers (especially cars and trucks) of India and have impressive export records as well. In terms of size, they are much smaller compared to This dissertation is dedicated to Strategic Analysis techniques of Data Motors. The strategic valuations like Michael Porters Diamond Model, STOW Analysis, Balanced Score Carding, etc. Are of great interest to both internal and external investors. The Data Group was founded in 1 868 when India was under British Empire. The group formed their textile business in 1874 and Steel manufacturing in 1907. In 1945, Data Sons Limited started the automotive business with manufacturing steam locomotive boilers after purchasing the shops of East Indian Railways from Government of India, which was under the British Government in that year. After purchasing these shops, the Data Sons decided to establish Data Engineering and Locomotive Company Limited (TELLS Limited) and establish the primary manufacturing facility in Jackhammers (an industrial city in Eastern India). This company was managed by J. R. D. Data from 1945 to 1973 and by Summand Moldboard from 1973 to 1988. Summand established the second manufacturing facility in Pine India looking into the mom in the auto market. In 1991 Rattan Data took over the Data Empire from his uncle and moved the Data group out of the sectors where they were not very competitive -? like Cement and Textiles. Today, Tats largest manufacturing businesses are Steel and Motors after the consolidation carried out by Rattan Data. As on end of financial year 2008, the Data Group has an annual turnover in excess of $30 Billion out of which more than $9 Billion is contributed by Data Motors. TELLS Limited is now widely known as Data Motors that is among the worlds top five manufacturers of medium and eave trucks and worlds second largest manufacturer of medium and heavy busses. Data possess a strategic engagement with Mercedes Benz for assembling and selling Mercedes Benz commercial vehicles and passenger cars in India. Another strategic tie up that they possess is with Cummins pertaining to their diesel engines through Data Holiest Limited. In fact, Data Motors contributed to the Cummins Diesel engines by adding turbo chargers on them vide their joint manufacturing operations with Data Holiest Limited. The only partnership of Data that didnt go well was with Rover Group of Britain that went bankrupt in year 2005. Data tried entering the European markets through a model named City Rover that faired poorly due to its negative publicity, higher price and poor quality compared to the competition. Rattan Data is now 70 years old but still presents the image of a dynamic, innovative and revolutionary entrepreneur. He is known for high aggressive moves for the benefits of Data Motors customers. In 1 997, Data Motors launched its first indigenously developed car named Indict that currently possesses more than 15% of the car market share in India. The other car models of Data Motors that are popular in India and some markets of Asia are Data Indigo, Data Sierra, Data SUmo and Data Safari. In 2008, Data achieved a global publicity due to two major activities that made headlines worldwide. In the Geneva Motor show they presented their four- setter small car named Anna priced about $2500 which is expected to be the cheapest car of the world. In March 2008, Data Motors acquired the two globally prestigious companies Jaguar and Land Rover from Ford Motor Company. It is assessed that Data Motors did So to achieve a new image of a global automotive company like Ford Motor Company given that their business span has largely remained indigenous within India for a long time. Strategic Framework of Data Motors: Data Motors is certified as ISO 9001 :2000 compliant in Quality Management System and as ISO 14001:1 996 compliant in Environmental Management System. Hence, they possess global recognition in best practices that strengthens their branding at a global level (http://WV. . Automatons. Com/ our_world/awards. PH). They are known to be very much customer focused and are very conscious about the fitment of their products for customer needs. They believe in continuous innovations as they keep on releasing new innovations in their existing models. Although the indigenous cars of Data Motors do not compare with the engineering exc ellence of a global player like Ford Motor Company, they are well suited for Asian conditions where the comfort factor is more important than cruising at high speeds. Reviews by Indian Motor sites reveal that the Data Motors Indict Indigo models possess sluggish performance of engine in terms of speed and performance but are good in terms fuel efficiency, maintainability, internal space that are more important factors given the road and traffic conditions in India. This reveals that Data Motors have focused on the local conditions of the country and have designed cars that are more suitable for customer needs rather than imposing additional but useless engineering on them. Example, there is no point designing a car that can run at 100 miles per hour if the maximum speeds that can be achieved even at best roads is 70 miles an hour. One of the major success factors of Data Motors are their supply chain excellence. The entire world is surprised by the launch of Data Anna that shall e priced at 1 lake approximately. An analysis by Bogart, Justine (2009) reveals that Data Motors could commit this price to the industry due to their excellent backbend supply chain network. Data Motors worked very early with their suppliers in arriving at the cost estimate of the car to the extent that even the functional specifications of the parts were completed much before even talking about the car to the markets. Data Motors uses Arabia spend management solution as reported by Business Wire in 2005. Arabia is a software based platform that helps in reducing bottom line costs considerably. Data Motors is a modest company when it comes to spending because one of their primary objectives has been achieving highest operational efficiencies at lowest costs. Data Motors extensively uses Information Technology to support their business objectives. They possess Computer Aided Design and Computer Aided Modeling technologies, Siebel for Customer network management, SAP for supplier relationships and supply chain management, business logistics management, customer relationship management, human resources management and Finance management. They also use BMW Soft;are for business services management under the I TILL and ISO 20000:2005 framework. The IT systems of Data Motors limited are outsourced to their group company named Data Technologies Limited. The BMW tools help them to manage IT services management, IT change management and also to comply with critical statutory laws and best practices like Serbians Solely Act, ITIL, and ISO 20000:2005. Data Motors do have the fundamentals to play the role of change agent for some of the major changes in the global automobile industry. Historically, Data Motors have not done well in entering the motor markets in western entries and hence this acquisition presents an excellent opportunity for Data Motors to establish their presence in ILK and European car markets. Jaguar and Land Rover may not have done well in the recent past but they have remained the pride and heritage of Great Britain and are very close to heart of the native British citizens. Data Motors may just have to apply some technical innovations in these cars and re-price them according to the modern economics and these models for sure will again do wonders in the UK markets. One good thing about this acquisition is that the heritages of India and Britain have many common links including the very establishment of Data Group that was done during the British rule in India. The fundamentals of Data Motors possess many best practices of the British industries and hence the employees Of Jaguar and Land Rover will be able to easily correlate the culture of Data Motors with the original British heritage although these organizations have remained under American influence for so long. The biggest gamble that Data Motors is currently playing is the Data Anna targeted at urban middle class that are yet to afford a car and have en moving on Motorcycles. Data Motors have priced this car at $2500 approximately which itself is a challenge for them to fulfill. They have already made a loss of more than 300 Million Dollars because they had to shift their entire plant for Data Anna manufacturing from a location called Singer in the eastern part of India amidst local disturbances and security problems The current manufacturing capacity of Data Anna is 50,000 cars per year whereas Brown, Robin (2009) of motorize. Com expects a booking of 500,000 units in the first lot itself. This means that in the current capacity Data Motors will take 10 years to fulfill the orders of first lot itself. After the Singer crisis, they are in the process of setting up a new factory such that the combined output of Data Motors can be 250000 cars per year which again will take two years to fulfill the bookings of the first lot itself. Hence, Data Anna is going to be a major challenge for Data Motors whereby they would need to aggressively deploy new plants although they are reeling under cash crunch due to their acquisition of Jaguar and Land Rover in 2008. Hence, overall it IS a do or die situation for Data Motors if they succeed they will attain the tutus of no. Small car manufacturer of the world; but if they fail they would lose reputation in the global markets permanently. COMPANY PROFILE Data motors one of Indians largest private sector companies with a turnover of over RSI 80 billion, is the countrys leading commercial vehicle manufacturer and has significant presence in the multi-utility and passenger car segments. Data motors were established on September 1, 1945, originally fo r the manufacture of Steam Locomotives at Jackhammers. By 1954, the company had diversified into the manufacture of commercial vehicles in elaboration with Daimler Benz, Germany. By the time their collaboration ended in 1 969, Data motors had become an independent producer of Medium Commercial Vehicles with a great degree of initialization. It had also developed the capability Of designing testing and manufacturing such vehicles. The widely successful Data Indict, an Euro 2 compliant vehicle, is the countrys first indigenously designed, developed and manufactured passenger car. Data Motors followed that up with the Data Indigo, a sedan that was launched in December 2002. The company also makes several other assigners vehicles, including the Safari, Sumo and Sierra. The companys products have received wide acceptance not only in India but also in the Middle East, Asia, Africa, Australia, Latin America and Europe. Business TELLS is into the business of manufacturing and selling medium, heavy and light commercial vehicles, multi utility vehicles and passenger cars. Its major product line can be basically classified into three broad categories. There are various sub-brands and products in these categories: 1 . Passenger Cars 2. Stability Vehicles 3. Commercial Vehicles Chapter 3 OBJECTIVES OF THE RESEARCH Chapter 5 Research Methodology Research Methodology : Hypotheses In the modern business world, company valuation is not only needed for mergers acquisitions but also to present the strengths and fundamentals of the company to the stake holders and investors. The stock markets in many companies use such valuation data to assign ratings to a company starting from very risky to invest to very safe to invest. These analytics are published after carrying out structured mechanisms of company analysis as would be presented theoretically in the Literature Review. These mechanisms an be demonstrated by analyzing practical scenarios which shall be carried out by presenting the case studies of Data Motors based on the published valuation reports of by these companies as well as multiple third parties. The reports of the case studies shall be analyzed to present conclusions about the strengths of the company and the risk factor from the perspective of prospective investors in the stocks of the company or potential buyers of the entire company. However the perspective shall be academic and may not be applicable for professional purposes. The outlook of the next five years for the chosen impasse shall be done based on academic understanding of Strategic and Financial valuation techniques. It is assumed that all the analytics techniques shall be applicable in excel sheets and no special software tools shall be required. Not all valuations are of interest to everyone.

Impressive Ways to Improve Your English Writing Just Sitting in Front of Genius

Impressive Ways to Improve Your English Writing Just Sitting in Front of Genius Impressive Ways to Improve Your English Writing Just Sitting in Front of Genius It’s probably debatable that a person can improve his/her English writing skills by watching a movie. Indeed, it is absolutely true that you can improve your vocabulary, grammar, and pronunciation by doing just that – watching TV. Not All Movies Of course, there are some movies and some Hollywood-produced films that would rather improve your usage of different cursing than will make you a master in English writing! Genius A movie that has captured the imagination recently is the Michael Grandage-directed film Genius, starring Colin Firth and Jude Law. The film is based on a story about a man called Maxwell Perkins, a book editor, and his relationship with a writer Thomas Wolfe. Both have their eccentricities, and their ideas and feelings were bound to fight with each other. It is the dialogue that makes the movie a ‘must see. Moreover, it can help improve your writing skill. Lets see how. Use of Words Her eyes were blue. So quickly did he fall for her that no one in the room even heard the sound While reading a book it is not always needed to understand everything word-for-word. Of course we   picked up the fact that when one falls for somebody that it is rather emotional, but not a physical fall. Such a method made us relax that is very important when you read just for pleasure. It’s doubtful that a lot of English can be learnt just listening to Wolfe, with his southern accent, read out aloud, but the low and measured tones and pronunciation by Perkins, played by Colin Firth, should have inspired English learners to pick up a book like Look Homeward, Angel to enjoy the nuances of the English language. â€Å"Look at all these books. Do you ever stop to consider the pure man-sweat that went into each and every line?† If we talk about the academic papers, there we can also use such a method to catch the reader’s attention. But still, there are some kinds of papers, where you have to omit such informal expressions. Using the Terms While the movie should not be taken as an English vocabulary lesson, budding English learners would have no doubt been enchanted by the use of particular words that were used during the film. For example the usage of ‘man-sweat’ instead of saying ‘hard work’. â€Å"Think back in the caveman days, our ancestors would huddle around the fire at night and wolves   would be howling in the dark,   just beyond the light. And one person would start talking. And he would tell a story, so we wouldnt be so scared in the dark.† You should understand that all writing is about telling a story. The Real Way They Speak WÐ °tÃ' hÃ'â€"ng movies Ã'â€"Ã'• a great wÐ °Ã'Æ' for you to Ã'â€"mÃ'€rÐ ¾vÐ µ your English, Ð µÃ'•Ã'€Ð µÃ' Ã'â€"Ð °llÃ'Æ' Ã'Æ'Ð ¾ur lÃ'â€"Ã'•tÐ µnÃ'â€"ng Ð °nd Ã'•Ã'€Ð µÃ °kÃ'â€"ng skills. FÃ'â€"lmÃ'• are not uÃ'•uÐ °llÃ'Æ' Ã' rÐ µÃ °tÐ µd fÐ ¾r English language lÐ µÃ °rnÐ µrÃ'• thÐ µÃ'Æ' Ð °rÐ µ mÐ °dÐ µ for nÐ °tÃ'â€"vÐ µ EnglÃ'â€"Ã'•h Ã'•Ã'€Ð µÃ °kÐ µrÃ'•. Therefore, thÐ µ lÐ °nguÐ °gÐ µ Ã'â€"Ã'• exactly hÐ ¾w Ã'Æ'Ð ¾u can hear Ã'â€"t Ã'â€"n the real lÃ'â€"fÐ µ it is Ã'•Ã'€Ð ¾kÐ µn quickly, wÃ'â€"th nÐ °tÃ'â€"vÐ µ Ð °Ã' Ã' Ã µnt Ð °nd Ã'€rÐ ¾nunÃ' Ã'â€"Ð °tÃ'â€"Ð ¾n, full of idioms Ð °nd Ã' Ã ¾lloquÃ'â€"Ð °l expressions. English Writing It is a definitely great idea for all English language Ã'•tudÐ µntÃ'• tÐ ¾ wÐ °tÃ' h films Ã'â€"n EnglÃ'â€"Ã'•h Ã'â€"n thÐ µÃ'â€"r spare time fÐ ¾r additional Ã'€rÐ °Ã' tÃ'â€"Ã' Ã µ thÐ °t they might not gÐ µt in the classroom. You can even use movies instead of an English writing online course to enlarge your knowledge without wasting money.

Easy Science Fair Projects

Easy Science Fair Projects Science fair projects dont have to be complicated. The trick to creating a  simple science fair project is choosing  a project idea that uses easy-to-find materials and requires little time. The  science projects  listed below fit the bill. You can create most without any supplies or with common items you have in your house, garage, or classroom. The projects are sectioned by topic: Each one is topped by one or two questions and fully explained in two to four sentences.   The Body and Senses The human body is a great platform for creating easy science projects. The ability to breath, taste, smell and hear all are great starting points as the ideas in this section demonstrate. Does age make a difference in lung capacity? Does gender? Does smoking versus nonsmoking? Have different people blow up a balloon as much as they can, measure the balloon to calculate the volume of air, and analyze the data.Which sense is better at helping you identify food, taste or smell?  Cube produce with a similar texture (or mash it), blindfold your test subject  and ask him to identify the food based on how it smells. Switch the order of the foods and have your subject guess what each is according to how it tastes. Try this with different types of meat, too.Does listening to music while taking a test affect performance? Does the type of music make a difference?  Set this up by having your subject take tests of comparable difficulty with and without music or with different types of music playing. Water and Other Liquids Fizzy soft drinks make great props for simple science projects, as do milk, juice, oil, and even plain old water.   Which carbonated soft drink stays fizzy the longest? Set your sodas on the counter and see how long they produce bubbles.Which uses more water, a bath or a shower? Stop the drain, take a bath, and then take a shower. You can mark the tub if you want a simple more-less comparison or break out the measuring cup if you want to know exactly how much water you used.Which liquids prevent seed germinations? Try sprouting seeds (uncooked beans from the grocery store will work) in various liquids, such as tap water, milk, cola, juice, or oil. The Weather and Heat The weather is always a sure bet for an easy science project, as is the concept of heat. All you need to perform the projects in this section are a thermometer, a barometer, and a common material. Can you forecast the weather yourself? Dont listen to the weather report (but do recruit someone else to record the forecasts). Use simple instruments such as a thermometer and barometer and look at the sky to predict the weather. Compare your predictions with those made by the weather service.Which color of material heats the quickest and cools the quickest? Get different colors of the same type of material and a thermometer. Which heats more quickly on a sunny day? Which cools more quickly? Or are they the same?

The History of the Zamboni Invented by Frank Zamboni

The History of the Zamboni Invented by Frank Zamboni The fourth Zamboni every built they simply called it No. 4 sits  enshrined in the U.S. Hockey Hall of Fame  in Eveleth, Minnesota, along with its creator and inventor, Frank Zamboni. It stands, fully restored, as a symbol of the integral part this ice-resurfacing machine has played in professional hockey, as well as ice-skating shows and in ice rinks around the country. Always Amazed Indeed, Zamboni, himself, who died in 1988, is also enshrined in the  Ice Skating Institute Hall of Fame and has been honored with about two dozen awards and honorary degrees. He was always amazed about how (the Zamboni) became associated with the game of hockey, with ice, with whatever, said Zambonis son Richard in a video marking the 2009 induction ceremony. He would have been surprised and pleased about being inducted into the (ice hockey) hall of fame. But, how did a simple, tractor-like  machine  used on an ice-skating rink to smooth the ice as the Associated Press describes it come to be held in such high esteem in the ice hockey and ice skating worlds both in the U.S. and globally? Well, it started with ice. Iceland In 1920, Zamboni then just 19 moved from Utah to Southern California with his brother, Lawrence. The two brothers soon began selling block ice, which local dairy wholesalers used to pack their product that was transported by rail across the country, according to the Zamboni companys informative and lively  website. But as refrigeration technology improved, demand for block ice began to shrink and the Zamboni brothers began to look for another business opportunity. They found it in ice skating, which was skyrocketing in popularity in the late 1930s. So in 1939 Frank, Lawrence, and a cousin built Iceland Skating Rink in Paramount, a city about 30 miles southeast of Los Angeles, notes the companys website. It was, at the time it opened in 1940 with 20,000 square feet of ice, the largest ice skating rink in the world and could accommodate up to 800 ice skaters at one time. Business was good, but to smooth the ice, it took four or five workers and a small tractor at least an hour to scrape the ice, remove the shavings and spray a fresh coat of water onto the rink and it took another hour for the water to freeze. That got Frank Zamboni to thinking: I finally decided Id start working on something that would do it faster, Zamboni said in a 1985 interview. Nine years later, in 1949, the first Zamboni, called the Model A, was introduced. A Tractor Body The Zamboni was, essentially, an ice-cleaning machine placed on top of a tractor body, hence the APs description (though modern Zambonis are no longer built over tractor bodies). Zamboni modified the tractor adding a blade that shaved the ice smooth, a device that swept up the shavings into a tank and an apparatus that rinsed the ice and left a very thin top layer of water that would freeze within a minute. Former Olympic ice-skating champion Sonja Henie saw the first Zamboni in action when she was practicing at Iceland for an upcoming tour. She said, Ive got to have one of those things, recalled Richard Zamboni. Henie toured the world with her ice show, carting along a Zamboni wherever she performed. From there, the machines popularity began to soar. The NHLs Boston Bruins bought one and put it to work in 1954, followed by a number of other NHL teams.   Squaw Valley Olympics But, what really helped the ice-resurfacing machine shoot to fame where iconic images of a Zamboni efficiently cleaning ice and leaving a smooth, clear surface at the 1960 Winter Olympics in Squaw Valley, California. Since then, the name Zamboni has become synonymous with the ice-resurfacing machine, notes the hockey hall of fame induction video. The company says that about 10,000 of the machines have been delivered worldwide each one traveling about 2,000 ice-resurfacing miles a year. Its quite a legacy for two brothers who began selling blocks of ice. Indeed, notes the company website: Frank often pointed out to rink owners a comment indicative of his own lifelong mission: The principal product you have to sell is the ice itself.†

What It Means When Congress Is In Recess

What It Means When Congress Is In Recess A recess of the U.S. Congress or the Senate is a temporary break in proceedings. It can be within the same day, overnight, or for a weekend or period of days. It is done instead of an adjournment, which is a more formal close of proceedings. An adjournment for more than three days requires approval by both the House and the Senate, according to the Constitution, while recesses do not have such restrictions. Congressional Recesses A Congressional session runs for one year, from January 3 to sometime in December. But Congress does not meet each and every business day of the year. When Congress has recessed, business has been put on hold. For example, Congress often holds business sessions only on Tuesday, Wednesday, and Thursday, so that legislators can visit their constituents over a long weekend that includes a work day. At such times, Congress has not adjourned but is, instead, recessed. Congress also recesses the week of a federal holiday. The Legislative Reorganization Act of 1970 stipulated a 30-day recess each August, except in time of war. Representatives and Senators use recess periods in many ways. Often, they are hard at work during a recess, studying legislation, attending meetings and hearings, meeting with interest groups, raising campaign funds, and visiting their district. They are not required to stay in Washington, DC, during a recess and may take the opportunity to return to their districts. During longer recesses, they may log some actual vacation time. Some are dissatisfied with the short work week typical of Congress, where many are only in town for three days of the week. There have been suggestions to impose a five-day workweek and give one week out of four off to visit their district. Recess Appointments During a recess, a President can execute a pocket-veto or make recess appointments. This ability became a bone of contention during the 2007-2008 session. Democrats controlled the Senate and they  wanted to prevent President George W. Bush from making recess appointments at the end of his term of office. Their tactic was to have pro forma sessions every three days, so they were never in recess long enough for him to exercise his recess appointment power. This tactic then was used by the House of Representatives in 2011. This time, it was the Republicans in the majority who used pro forma sessions to stay in session and prevent the Senate from adjourning for more than three days (as is provided in the Constitution). President Barack Obama was prevented from approving recess appointments. The case went to the Supreme Court when President Obama appointed three members of the National Labor Relations Board in January 2012 despite these pro forma sessions held every few days. The Supreme Court ruled unanimously that this was not allowed. They said that the Senate is in session when it says its in session. Four of the justices would have restricted recess appointment powers only during the period between the end of a yearly session and the beginning of the next one.

Death of a Salesman Essay Example | Topics and Well Written Essays - 1250 words - 1

Death of a Salesman - Essay Example Even from a cursory reading of the play, it is obvious that there is a battle going on inside Willy that deals with reality and fiction and even though Willy pretends to believe in the fiction it is reality which wins at the end. The play can be studied as a search for happiness which Willy is unable to find simply because his focus on making friends and his false belief in himself has led him to be a failure in life. The son, who Willy thinks will follow his footsteps, ends up taking his own path since his lack of faith in him is evident from the events of the play. In his mind, Willy believes himself to be successful and extremely popular as a salesman who has friends across the region and is well respected by others. This would have been true had he been a good performer in business and had made the money which would have given him the success he needed to be happy. In reality, he was nothing more than an average performer and had no more than one or two friends. He expected hundreds of people to be present at his funeral but a grad total of five showed up in a reality (Wikipedia, 2006). Of course, the death of a salesman or even a successful salesman is hardly expected to get news coverage even in this day and age. However, as we have seen on television, the media does cover the funerals of the rich and famous with thousands in attendance (Ross, 2007). Clearly, his imagined supremacy put him at a disadvantage since he was not really supreme in the real world. Willy failed at the American dream not because the dream is flawed, but because Willy could not work hard enough to get to the get rich part of the equation. As opposed to those people who do find happiness by working hard, getting rich and making a life for themselves, Willy lived a life of lies. He believed that his friend Charley and his son would not be successful since they did not have a ‘preset’ personality

Mandarin Oriental Group Case Study Essay Example | Topics and Well Written Essays - 4000 words

Mandarin Oriental Group Case Study - Essay Example Mandarin Oriental Hotel Group (MOHG) is renowned operator and owner of luxurious resorts, hotels, and residences in major cities across the globe. Hotels, properties, and residences of the group are known for their unique value proposition, style, design, and architecture (Mandarin Oriental, 2014a). Mandarin Oriental Hotel Group (MOHG) started its operation as independent property in Hong Kong in 1963. It took another 11 years to form the group as hotel Management Company. In 1974, MOHG established the partnership with The Oriental which was legendary property makers and hotel owners. Such brand expansion has helped the group to expand its presence to Bangkok through The Oriental. In 1985, MOHG and The Oriental merged into a common business of Mandarin Oriental Hotel Group (Mandarin Oriental, 2014b). Since 1990’s, the group has established its presence in 25 countries and product portfolio included 45 fully operated or under construction hotels and 11,000 rooms. In Asia, the c ompany has opened 20 hotels while in The Americas; MOHG has opened 11 hotels and in Europe, the luxury hotel group has opened another 10 hotels (Mandarin Oriental, 2014b). Mission Statement: â€Å"Our mission is to completely delight and satisfy our guests. We are committed to making a difference every day; continually getting better to keep us the best† (Mandarin Oriental, 2014c). It is evident from the mission statement that the company focuses more on providing customer value blended with premium quality service, delighting guests, exotic experience offering, luxury positioning etc rather focusing benefits of low-cost services. Therefore, it is clear from the mission statement that the MOHG targets niche segment of customers who are ready to pay extra bucks to afford premium quality services. Current Objectives: Business principles and operational activities of MOHG is being driven variety of objectives and the objectives can be stated in the following manner.