Bank Notes free essay sample

Linear Probability Models (LPMs) * Econometric model to explain repayment experience on past/old loans. * Regression model with a â€Å"dummy† dependent variable Z; Z = 1 default and Z=0 no default. * Weakness: no guarantee that the estimated default probabilities will always lie between 0 and 1 (theoretical flaw) Logit and Probit Models * Developed to overcome weakness of LPM. * Explicitly restrict the estimated range of default probabilities to lie between 0 and 1. * Logit: assumes probability of default to be logistically distributed. Probit: assumes probability of default has a cumulative normal distribution function. Linear Discriminant Analysis * Derived from statistical technique called multivariate analysis. * Divides borrowers into high or low default risk classes. * Altman’s LDM = most famous model developed in the late 1960s. Z lt; 1. 8 (critical value), there is a high chance of default. * Weaknesses * Only considers two extreme cases (default/no default). * Weights need not be stationary over time. 3. New Credit Risk Evaluation Models Newer models have been developed – use financial theory and financial market data to make inferences about default probabilities. * Most relevant for evaluating loans to larger corporate borrowers. * Area of very active continuing research by FIs. Credit Ratings * Ratings change relatively infrequently – objective of ratings stability. * Only chance when there is reason to believe that a long-term change in the company’s creditworthiness has taken place. * Samp;P: AAA, AA, A, BBB, BB, B and CCC * Moody’s: Aaa, Aa, A, Baa, Ba, B and Caa Bonds with ratings of BBB and above are considered to be â€Å"investment grade† Estimating Default Probabilities 1. Historical Data * Provided by rating agencies e. g. cumulative average default rates * If a company starts with a: * Good credit rating, default probabilities tend to increase with time. * Poor credit rating, default probabilities tend to decrease with time. * Default Intensity vs Unconditional Default Probability * Default intensity or hazard rate is the probability of default conditional on no earlier default. * Unconditional default probability is the probability of default as seen at time zero. Default intensities and unconditional default probabilities for a Caa rated company in the third year Supplement point 14 by monitoring a combination of internal reports, prudential reports and market information. 16. Should intervene to require effective and timely remedial action to address liquidity deficiencies. 17. Should communicate with other regulators e. g. central banks – cooperation TOPIC 7: CORE PRINCIPLES OF EFFECTIVE BANKING SUPERVISION Overview * Most important global standard for prudential regulation and supervision. * Endorsed by vast majority of countries. * Provides benchmark against which supervisory regimes can be assessed. * 1995: Mexican and Barings Crises Lyon Summit in 1996 for G7 Leaders. 1997: Document drafted and endorsed at G7 meeting. Final version presented at annual meetings of World Bank and IMF in Hong Kong. * 1998: G-22 endorsed * 2006: Revision of the Core Principles * 2011: Basel Committee mandates a major review, issues revised consultative paper. The Core Principles (2006) * 25 minimum requirements that need to be met for an effective re gulatory system. * May need to be supplemented by other measures. * Seven major groups * Framework for supervisory authority – Principle 1 * Licensing and structure – Principles 2-5 * Prudential regulations and requirements – Principles 6-18 * Methods of ongoing banking supervision – Principles 19-21 * Accounting and disclosure – Principle 22 * Corrective and remedial powers of supervisors – Principle 23 * Consolidated and cross-border banking – Principles 24-25. * Explicitly recognise: * Effective banking supervision is essential for a strong economic environment. * Supervision seeks to ensure banks operate in a safe and sound manner and hold sufficient capital and reserves. * Strong and effective supervision is a public good and critical to financial stability. * While cost of supervision is high, the cost of poor supervision is even higher. Key objective of banking supervision: * Maintain stability and confidence in the financial system * Encourage good corporate governance and enhance market transparency Revised Core Principles (2011) * Core Principles and assessment methodology merged into a single document. * Number of core principles increased to 29. * Takes account of several key trends and developments: * Need to deal with systemically important banks * Macroprudential focus (system-wide) and systemic risk * Effective crisis management, recovery and resolution measures. Sound corporate governance * Greater public disclosure and transparency enhance market discipline. * Two broad groups: 1. Supervisory powers, responsibilities and functions. Focus on effective risk-based supervision, and the need for early intervention and timely supervisory actions. Principles 1-13. 2. Prudential regulations and requirements. Cover supervisory expectations of banks, emphasising the importance of good corporate governance and risk management, as well as compliance with supervisory standards. Supervisory powers, responsibilities and functions 1. Clear responsibilities and objectives for each authority involved. Suitable legal framework. 2. Supervisor has operational independence, transparent processes, sound governance and adequate resources, and is accountable. 3. Cooperation and collaboration with domestic authorities and foreign supervisors. 4. Permissible activities of banks is controlled. 5. Assessment of bank ownership structure and governance. 6. Power to review, reject and impose prudential conditions on any changes in ownership or controlling interests. 7. Power to approve or reject major acquisitions. 8. Forward-looking assessment of the risk profile of banks and banking groups. 9. Uses appropriate range of techniques and tools to implement supervisory approach. 10. Collects, reviews and analyses prudential reports and statistical returns. 11. Early address of unsafe and unsound practices. 12. Supervises banking group on consolidated basis (including globally) 13. Cross-border sharing of information and cooperation. Prudential regulations and requirements 14. Robust corporate governance policies and processes. 15. Banks have a comprehensive risk management process, including recovery plans. 6. Set prudent and appropriate capital adequacy requirements. 17. Banks have an adequate credit risk management process. 18. Banks have adequate policies and processes for the early identification and management of problems assets, and maintain adequate provisions and reserves. 19. Banks have adequate policies re concentration risk. 20. Banks required to enter into any transactions with related pa rties on an arm’s length basis. 21. Banks have adequate policies re country and transfer risk. 22. Banks have an adequate market risk management process. 23. Banks have adequate systems re interest rate risk in the banking book. 24. Set prudent and appropriate liquidity requirements. 25. Banks have an adequate operational risk management framework. 26. Banks have adequate internal controls to establish and maintain a properly controlled operating environment for the conduct of their business. E. g. delegating authority and responsibility, separation of the functions that involve committing the bank. 27. Banks maintain adequate and reliable records, prepare financial statements in accordance with accounting policies etc. 8. Banks regularly publish information on a consolidated and solo basis. 29. Banks have adequate policies and processes e. g. strict customer due diligence. Preconditions for Effective Banking Supervision 1. Provision of sound and sustainable macroeconomic policies. 2. A well established framework for financial stability policy formulation. 3. A well developed public infrastructure 4. A clear framework for crisis managemen t, recovery and resolution 5. An appropriate level of systemic protection (or public safety net) 6. Effective market discipline 001: IMF and World Bank Study on Countries’ Compliance with Core Principles * 32 countries are compliant with 10 or few BCPs * Only 5 countries were assessed as fully compliant with 25 or more of the BCPs. * Developing countries less compliant than advanced economies. * Advanced economies generally possess more robust internal frameworks as defined by the ‘preconditions’ 2008: IMF Study on BCP Compliance * Based on 136 compliance assessments. * Continued work needed on strengthening banking supervision in many jurisdictions, particularly in the area of risk management. More than 40% of countries did not comply with the essential criteria of principles dealing with risk management, consolidated supervision and the abuse of financial services. * More than 30% did not possess the necessary operational independence to perform effective super vision nor have adequate ability to use their formal powers to take corrective action. * On average, countries in Western Europe demonstrated a much higher degree of compliance (above 90%) with BCP than their counterparts in other regions. * Africa and Western Hemisphere weak. Generally, high-income countries reflected a higher degree of compliance. TOPIC 8: CAPITAL ADEQUACY Overview * Adequate capital better able to withstand losses, provide credit through the business cycle and help promote public confidence in banking system. Importance of Capital Adequacy * Absorb unanticipated losses and preserve confidence in the FI * Protect uninsured depositors and other stakeholders * Protect FI insurance funds and taxpayers * Protect deposit insurance owners against increases in insurance premiums * To acquire real investments in order to provide financial services e. . equity financing is very important. Capital Adequacy * Capital too low banks may be unable to absorb high level of losses . * Capital too high banks may not be able to make the most efficient use of their resources. Constraint on credit availability. Pre-1988 * Banks regulated using balance sheet measures e. g. ratio of capital to assets. * Variations between countries re definitions, required ratios and enforcement of regulations. * 1980s: bank leverage increased, OBS derivatives trading increased. * LDC debt = major problem 1988 Basel Capital Accord (Basel I) * G10 agreed to Basel I Only covered credit risk * Capital / risk-adjusted assets gt; 8% * Tier 1 capital = shareholders equity and retained earnings * Tier 2 capital = additional internal and external resources e. g. loan loss reserves * Tier 1 capital / risk-adjusted assets gt; 4% * On-balance-sheet assets assigned to one of four categories * 0% cash and government bonds * 20% claims on OECD banks * 50% residential mortgages * 100% corporate loans, corporate bonds * Off-balance-sheet assets divided into contingent or guarantee contracts an d FX/IR forward, futures, option and swap contracts. Two step process (i) derive credit equivalent amounts as product of FV and conversion factor then (ii) multiply amount by risk weight. * OBS market contracts or derivative instruments = potential exposure + current exposure. * Potential exposure: credit risk if counterparty defaults in the future. * Current exposure: cost of replacing a derivative securities contract at today’s prices. 1996 Amendment * Implemented in 1998 * Requires banks to measure and hold capital for market risk. * k is a multiplicative factor chosen by regulators (at least 3) VaR is the 99% 10-day value at risk SRC is the specific risk charge Total Capital = 0. 08 x [Credit risk RWA + Market risk RWA] where market risk RWA = 12. 5 x [k x VaR + SRC] Basel II (2004) * Implemented in 2007 * Three pillars 1. New minimum capital requirements for credit and operational risk 2. Supervisory review: more thorough and uniform 3. Market discipline: more disclosure * Only applied to large international banks in US * Implemented by securities companies as well as banks in EU Pillar 1: Minimum Capital Requirements * Credit risk measurement: * Standardised approach (external credit rating based risk weights) * Internal rating based (IRB) Market risk = unchanged * Operational risk: * Basic indicator: 15% of gross income * Standardised: multiplicative factor for income arising from each business line. * Advanced measurement approaches: assess 99. 9% worst case loss over one year. * Total capital = 0. 08 x [Credit risk RWA + market risk RWA + Operational risk RWA] Pillar 2: Supervisory Review * Importance of effective supervisory review of banks’ internal assessments of their overall risks. Pillar 3: Market discipline * Increasing transparency – public disclosure Basel 2. 5 (Implemented 2011) * Stressed VaR for market risk * Incremental risk charge Ensures products such as bonds and derivatives in the trading book have the same capita l requirement that they would if they were in the banking book. * Comprehensive risk measure (re credit default correlations) Basel III (2010) * Considerably increase quality and quantity of banks capital * Macroprudential overlay – systemic risk * Allows time for smooth transition to new regime * Core capital only retained earnings and common shares * Reserves increased from 2% to 4. 5% * Capital conservation buffer – 2. 5% of RWA * Countercyclical capital buffer * Tracing/monitoring of liquidity funding Introduction of a maximum leverage ratio Capital Definitions and Requirements * Common equity gt; 4. 5% of RWA * Tier 1 gt; 6% of RWA * Phased implementation of capital levels stretching to Jan 1, 2015 * Phased implementation of capital definition stretching to Jan 1, 2018 Microprudential Features * Greater focus on common equity * Loss-absorbing during stress/crisis period capital conservation buffer * Promoting integrated management of market and counterparty credit risk. * Liquidity standard introduced introduced Jan 1, 2015 Introduced Jan 1, 2018 Available Stable Funding Factors Required Stable Funding Factors Macroprudential Factors * Countercyclical buffer * Acts as a brake in good times of high credit growth and a decompressor to restrict credit during downturns. * Within a range of 0-2. 5% * Left to the discretion of national regulators * Dividends restricted when capital is below required level * Phased in between Jan 1, 2016 – Jan 1, 2019 * Leverage Ratio * Target 3% * Ratio of Tier 1 capital to total exposure gt; 3% * Introduced on Jan 1, 2018 after a transition period * SIFIs * Required to hold additional loss absorbency capital, ranging from 1-2. 5% in common equity

The Melting Point Analysis of Crude and Recrystallized Acetaminophen Synthesized Sample Essay Example For Students

The Melting Point Analysis of Crude and Recrystallized Acetaminophen Synthesized Sample Essay Acetic Anhydride and p-Aminophenol were heated in a vial attached to an air capacitor to synthesise petroleum Datril. ensuing in 0. 097 gms ( 47. 48 % output ) . The petroleum Datril was so recrystallized in a dissolver of H2O and methyl alcohol over heat ensuing in 0. 082 gms ( 39. 61 % output ) of pure Datril. Melting points of both petroleum and pure Datril were taken. and found to be 165. 9 – 170. 9Â °C and 168. 2 – 171. 5Â °C. severally. The literature runing point of Datril is 169. 5 – 171. 0Â °C. bespeaking that our concluding merchandise was pure. Introduction The synthesis of Datril involves the attractive force of the electrophilic carbonyl group of acetic anhydride to the nucleophilic NH2 of the p-aminophenol. This occurs because the NH2 group is a better nucleophile than the OH group attached on the opposite side of the p-aminophenol. A new nitrogen-carbon bond is formed. bring forthing Datril with acetic acid as a by-product. During the synthesis of Datril. it is necessary to fade out all solid stuff. and heat the reaction at a high adequate temperature and for a long adequate clip period to guarantee completion. Cooling the mixture in an ice bath ensures that all crystals have formed. and drying removes any staying dissolver. The synthesis of Datril does non ensue in a pure merchandise. so recrystallization is necessary to sublimate the substance. During recrystallization. it is of import to fade out all of the solid in order to take all the drosss. Acetaminophen crystallizes easy. so chilling the mixture adequately is necessary. Leaving the mixture in an ice bath for 10 proceedingss ensures that the procedure is complete. Drying the crystals removes any staying dissolver. Once recrystallization has occured. comparing by runing point confirms the purification. The recrystallized merchandise should hold a thaw point near to the literature value. with a narrow scope. whereas the impure crystals will run at a lower temperature with a broader scope. Procedure Chemical reaction Mixture:0. 150g of p-aminophenol was weighed and put into a 5-mL conelike phial. An automatic pipet was used to mensurate 0. 450 mL H2O and 0. 165 mL acetic anhydride and was added to the conelike phial. A spin vane was placed into the phial and an air capacitor was attached. Heating: The mixture was heated at 120Â °C utilizing an aluminium block and was stirred gently. After all of the solid dissolved. it was heated for 20 extra proceedingss to guarantee the reaction was complete. Isolation of Crude Acetaminophen: The phial was removed from the heat and cooled to room temperature. The spin vane was rinsed with 2-3 beads of warm H2O over the conelike phial. The phial was cooled to room temperature so placed in an ice bath for 15 proceedingss. The liquid was decanted from the mixture and the resulting crystals were dried on filter paper. The crystals were so placed on a ticker glass for farther drying. The crystals were weighed and a little sample was placed into a capillary tubing for runing point finding. Crystallization of Acetaminophen: The merchandise was placed in a Craig tubing and several beads of hot ( 100Â °C ) dissolver ( 50 % H2O. 50 % methyl alcohol. by volume ) was added and heated until all of the crystals dissolved. The Craig tubing was plugged and set in an Erlenmeyer flask to chill. Crystallization was induced one time the mixture was at room temperature by rubing the inner wall of the tubing. It was so placed into an ice bath for 10 proceedingss until crystallisation was complete. The tubing was so centrifuged for 3 proceedingss to take the liquid. The crystals were collected on a ticker glass and allowed to air dry. The resulting crystals ( o. o82g ) were pale brown in colour. Melting points were taken for both the petroleum ( 165. 9 – 179. 9Â °C ) and the pure ( 168. 2 – 171. 5Â °C ) Datril. Consequences and Calculations .ufd3b97cb3faabebf009444da4f43d869 , .ufd3b97cb3faabebf009444da4f43d869 .postImageUrl , .ufd3b97cb3faabebf009444da4f43d869 .centered-text-area { min-height: 80px; position: relative; } .ufd3b97cb3faabebf009444da4f43d869 , .ufd3b97cb3faabebf009444da4f43d869:hover , .ufd3b97cb3faabebf009444da4f43d869:visited , .ufd3b97cb3faabebf009444da4f43d869:active { border:0!important; } .ufd3b97cb3faabebf009444da4f43d869 .clearfix:after { content: ""; display: table; clear: both; } .ufd3b97cb3faabebf009444da4f43d869 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ufd3b97cb3faabebf009444da4f43d869:active , .ufd3b97cb3faabebf009444da4f43d869:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ufd3b97cb3faabebf009444da4f43d869 .centered-text-area { width: 100%; position: relative ; } .ufd3b97cb3faabebf009444da4f43d869 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ufd3b97cb3faabebf009444da4f43d869 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ufd3b97cb3faabebf009444da4f43d869 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ufd3b97cb3faabebf009444da4f43d869:hover .ctaButton { background-color: #34495E!important; } .ufd3b97cb3faabebf009444da4f43d869 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ufd3b97cb3faabebf009444da4f43d869 .ufd3b97cb3faabebf009444da4f43d869-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ufd3b97cb3faabebf009444da4f43d869:after { content: ""; display: block; clear: both; } READ: I'm a Digital Dependant EssayGram molecules p-aminophenol:0. 150 g x ( 1 mol ) / ( 109. 1 g ) = 0. 00137 mol Gram molecules of acetic anhydride:0. 165 milliliter x ( 1. 08 g ) / ( 1 milliliter ) ten ( 1 mol ) / ( 102. 1 g ) =0. 00174 mol Theoretical Output:0. 00137 mol x ( 151. 2 g ) / ( 1 mol ) =0. 207 g Percent output of petroleum Datril:Crude crystal weight = 0. 089 g( 0. 089 g ) / ( 0. 207 g ) x 100 % =46. 48 % Percent output of pure Datril:Pure Datril weight = 0. 082 g( 0. 082 g ) / ( 0. 207 g ) x 100 % =39. 61 % Literature value of acetaminophen runing point = 169. 5 – 171. 0Â °C Crude Datril runing point = 165. 9 – 170. 9Â °CRecrystallized acetaminophen runing point = 168. 2 – 171. 5Â °C Discussion and DecisionsCrude Datril was successfully synthesized. organizing light brown crystals. All of the solid was allowed to fade out. and the mixture was adequately heated. The crystals were allowed plentifulness of clip to to the full chill. A percent output of 46. 48 % was achieved. with a sum of 0. 089 g being formed. Recrystallization was done on the rough merchandise. ensuing one time once more in light brown crystals. All of the solid was dissolved in the hot dissolver. and crystallisation occurred one time induced by rubing the interior of the tubing. The crystals were decently cooled. and a percent output of 39. 61 % was achieved ( 0. 082 g were formed ) . The runing point of the petroleum Datril ( 165. 9 – 170. 9Â °C ) was lower and broader than that of the recrystallized Datril ( 168. 2 – 171. 5Â °C ) . demoing that ab initio there were drosss present. The recrystallized Datril runing point was really near to the literature value ( 169Â °C ) . bespeaking that the concluding merchandise was quite pure. The low per centum outputs of both the petroleum merchandise and the recrystallized merchandise could hold been caused by several factors. Some of both merchandises could hold been lost when transferred to the ticker glass to be weighed. The hot home base that the reactions occurred on was besides really unstable. and the temperature fluctuated throughout the reaction. This may hold effected how much merchandise was formed. as more side merchandises would hold resulted from a higher temperature. The petroleum crystals were besides non allowed adequate clip to adequately dry before recrystallization occurred. Had they been allowed more clip to dry. the percent output of pure Datril may hold increased. Overall. nevertheless. the experiment was successful. as pure Datril was synthesized. The runing point of the merchandise confirmed the high degree of pureness. and the difference between the petroleum and recrystallized merchandises could be easy observed.

Cross the Swamp Essay Sample Essays

Cross the Swamp Essay Sample EssaysIf you are having difficulty writing a cross the swamp essay, here are a few sample essays that you can use. Most of these should prove very useful for you and your student's education.The first is a short, simple, and practical essay, written in the first person that includes two little known tropes that have become quite popular with students, like 'Thelonious Monk and Winston Churchill.' You can even go so far as to use this to give a history of Vietnam, because the author could include the names of the war heroes on the cover of the book. The purpose of the assignment would be to compare different periods of time, political factors, or certain personalities.A second good plan would be to use the prose to teach the student about the writing processes. A lot of students find it hard to determine where to begin in an essay, and they think that they have to start writing from the beginning. Here, you could really start a cross the swamp essay by int roducing some basic terminology and then use them throughout the essay. For example, beginning with 'In July of 1975, in Pennsylvania,' and ending with 'The author has been receiving phone calls from a number that is not listed on the telephone bill.'Also, there are some interesting cross the swamp examples that might fit into your course. For example, you might look at the United States Vietnam War, and then look at the Vietnam War from a civilian perspective. This would work if your class is teaching about American democracy and how America has failed in its mission to stop the war, and if you were teaching sociology and history or even psychology.One of the best features of the swamp samples is that they are often very brief and very simple. They do not include much reading, and they tend to be a few lines long. They can also help you develop your own writing style.If you want to write a new cross the swamp essay, there are also several sites that offer sample essay that you can choose from. These can prove very helpful. There are many websites that offer simple, original, and straight forward information, or there are also some that make a point of educating the student in a very creative way.One thing to keep in mind is that there are quite a few of these cross the swamp essay samples that include a personal touch. So, you may want to spend some time to think about which ones you will be using. You may want to pick one up and learn more about it, or you may just want to start using it immediately.

The Influences of Scientific Management on Organization †Mgmt Essay

The Influences of Scientific Management on Organization – Mgmt Essay Free Online Research Papers The Influences of Scientific Management on Organization Mgmt Essay Taylor, who firstly brought up a new topic, Scientific Management, which is considered the strongest and only economical motive by both workman and entrepreneur in the early 20th centuries. It includes three parts: a) the study of time and action; b) the management on assignment; c) the theory of organization. (8)Taylor’s theory created a revolution in the subject of management because it was the first scientific method in field of management science. (1)After that, management became a truly scientific knowledge and it expanded and modified by later generations. Therefore, Taylor is â€Å"known as the father of scientific management†. (2) Taylor put forward a perspective which was â€Å"study the character, the nature and the performance of each workman† and moreover, to â€Å"train and help and teach this workman†. (3) In the following paragraphs, will exploring the relevant and irrelevant hypotaxis between Scientific Management and organizations. Scientific Management also has a relationship with today’s environment because it has two advantages. Firstly, compare to the past, management is getting more scientific. How to improve production efficiency is the starting point of Scientific Management, and also is the final destination. It aims to unearth and cultivate workmen’s endowment, let them have the best performance in their work to obtain the highest efficiency farthest. Taylor said that the enormous increasing in production efficiency was the evident distinction to differentiate which a nation was civilized one or not. Moreover, it is the huge progressive emblem of human’s community. To change the production efficiency, he focused on management and labor. It based on â€Å"co-operation between the management and workers† (4) close together. The most quick and effective way is to import scientific analyses and knowledge into management practice, using scientific method instead of experienced wa y in various categories of work. â€Å"Bring everyone’s production efficiency into full play to accomplish maximum profit.†(5)For example, nowadays in the situation of teem of two workers in the factories, the fact is clearly identical. To understand that a worker and his helper, their workmanship become a extraordinary skill .The worker and his helper can produce two TV sets in one day, meanwhile, their competitor and helper can only produce one. After selling, the worker and helper can earn more money; the management can make more profits. In the same way, two competitive companies, different areas in a country, even between two nations, they will have the same situation while they in the same competitive market. In any case, maximum profit can only be occurred when the production efficiency is maximized. And Scientific Management is a better medium to increase production efficiency (6). Secondly; it created a revolution in the inner world of labor and management. The change in the mental world is absolutely necessary if management try to control more efficacious. â€Å"Scientific Managements routine characteristic is in harmony, but not in discord.†(7) The most important point in each element of Scientific Management is the labor and capital closely co-operated; peaceful coexistence, but not struggle; show love and respect instead of quarrel and conflict; take a identical target instead of proceed in opposite directions; to understand and trust each other instead of to be envious; let the labor and capital become friends instead of opponents. (8) These are the essence of Scientific Management. â€Å"To co-operated, but not to be individualism.†(7) Taylor placed emphasis on the capital need to respect, show consideration and feel sorry for labor; eliminate the uneasy factors in a work conditions; make workers feel happy during working hours. He believed that management and worker can be co-operated because of they could agree with each other for making profit. Higher wages is the only target of labor. Capital wants to seek out the way to achieve minimum capitalized cost. Taylor deemed that if capital and labor can agree with him, and makes the mental revolution happen afterwards, thus they can sign the productivity agreement and then pay more attention on how to increase the surplus rather than argue about the distribution of surplus make, until the surplus make is big enough. Anyway, it is the first time to treat a worker like a human being, but not a tool as machine does; the first time to pay close attention to human factor’s effect in the business management. Those opinions he had pointed out, take a big step in the history of management idea.(8) In this day and age, one Japanese company which called Panasonic has followed what Taylor said, the boss always thinks about the inferiors, listens to what they claim about. Th e head tells everybody in the company that Panasonic belongs to everybody and he gives workers about 10% shares in the stock market. All employees in the company have strong sense of responsibility. So Panasonic become one of the most famous companies on the world. In China everyone knows one adage, â€Å"A gentleman is ready to die for his bosom friends†. They have analogous meaning. Capital cares labor, thus labor would â€Å"fight† for them. â€Å"Taylor was not really concerned with other organizational or management issues. His focus was on efficiency.†(9) Consequently, for aim to improve the production efficiency, he suggested that people had to follow what his method said. However, workers might not be adopting Taylors method. (10) Although the time for products is decreasing, whereas products reiterate again and again. Taylor’s method was â€Å"characterized as the machine model of organization†. (9) His opinions caused a conspicuous influence on the business organization and how workers were took over. However, unfortunately, labor dislikes this way. Labors are humans, not machines. They can not do the things like machines do. They have feelings, they can not over working and concentrate for long periods, and otherwise, they will feel deep pressure and decrease the working efficiency. In this case, some workers will slack in work, no matter how much the wages are. (If wages are too low, they will leave the factory or company). Several times later, others who originally work reall y hard will be affected by those people, such an example like termites, a big house maybe destroyed by merely a small brood of termites. Therefore, others will follow those â€Å"termites†, because they might think that if everybody has the same salary, why should they keep doing hard at work? It is unfair. At last, a vicious circle created. Theses firms will decreasing productive and might be exit the market. The ultimate purpose of Taylor’s method is aim to improve economical benefits. If a firm in the market can not produce the economical benefits, it will be supplanted by others in the market, and not only of this, a firm which can not make economical benefits also waste of social resource, commit a crime. (8) However, Taylor omitted the social benefit. It will make firms resort to dubious shift to further their interests, ignore the long-term benefits, offend against the law, ruin social benefits, and lose market or even make the social economic shaky and unstable. For example, one famous magazine has discussed and elected top 500 businesses in the world in 1950s.After 40 years, half of them disappeared. The basic reason is that they only seek about the economical benefits. However, Panasonic has done quite well. It combined the economical benefits and social benefits. This is the reason that why Panasonic undefeated. (8) Although Taylor’s Scientific Management brought out many scientific points, he leaved one important thing out of consideration. That was what people called humanism. (8)What he researches is still the technological innovation inside the work. Nowadays people can only consider it to be an excellence theory in workshop management. Because in the capitalist society which based on private ownership of productions, capital is wanted as primitive accumulation and surplus wealth is shortage, capital and labor can not agree with the radical benefits. Capital purses infinity surplus value, so they would not authentic care or feels sorry to labor. Thus, what Taylor’s method tried to harmonize class contradictions between the capital and labor, unite them as a unity that share the mutually beneficial, however, it will only be treated as a beautiful fantasy. (8) To sum up, Scientific Management attaches importance to technology and individual work efficiency too much, omits many limitations such as the whole function of business. However, because of Taylor, production efficiency has improved, products become more and more plentiful. Nowadays people can have a rich and colorful life like a king in the past. (8) â€Å"Much of core of Scientific Management remains with us today, only been modified, updated and given a human face.†(9) References: Samson, D. Draft, R. L. (Pacific Rim Edition) Management. Australia: Thomson Learning.(page 51-52) Patricia H. W. R. Edward Freeman. (1995) Business ethics. The Blackwell Encyclopedia of Management, vol.11, (page 622). Taylor, F. W. (1947) Scientific Management. New York: Harper.(page 47) Nigel Slack. (1995).Operation Management. The Blackwell Encyclopedia of Management, vol. 10, (page 186-187). Taylor’s theory of Scientific Management .Retrieved August 13th,2005,available from 365hr.com.cn/qyzx/20sjqygl/llp/llp_2.htm Basic theory of Scientific Management. Retrieved August 13th,2005,available from manage9.com/type.asp?news_id=87 The best way in management. Retrieved August 14th,2005,available from manage9.com/type.asp?news_id=88 The particular points in Scientific Management. Retrieved August 14, 2005,available from lwzx.net/lunwen/4925.htm People Whose Ideas Influence Organizational Work. Retrieved August 14th ,2005,available from onepine.info/ptaylor.htm Patricia Ryaby Backer. (1998).Scientific Management. Retrieved August 14th, 2005, available from engr.sjsu.edu/pabacker/scientific_mgt.htm Research Papers on The Influences of Scientific Management on Organization - Mgmt EssayThe Project Managment Office SystemResearch Process Part OneDefinition of Export QuotasAnalysis of Ebay Expanding into AsiaBionic Assembly System: A New Concept of SelfTwilight of the UAWGenetic EngineeringMarketing of Lifeboy Soap A Unilever Product19 Century Society: A Deeply Divided EraAssess the importance of Nationalism 1815-1850 Europe

The Jungle Questions for Study and Discussion

The Jungle Questions for Study and Discussion The Jungle is one of the greatest (and most controversial) works by   Upton Sinclair.. Dedicated to the Workingmen of America, the novel detailed the unhealthy conditions of the meatpacking industry and eventually led President Theodore Roosevelt to pursue  new federal legislations.   Here are a few questions for study and discussion to think about before and after reading this work. What is important about the title: The Jungle?What are the conflicts in The Jungle? What types of conflict (physical, moral, intellectual, or emotional) did you notice in this novel?How does Upton Sinclair reveal character in The Jungle?What are some themes in the novel? How do they relate to the plot and characters?What are some symbols in The Jungle? How do they relate to the plot and characters?Is Jurgis Rudkus consistent in her actions? Is he a fully developed character? How? Why?Do you find the characters likable? Are the characters persons you would want to meet?Does the novel end the way you expected? How? Why?What is the central/primary purpose of the novel? Is the purpose important or meaningful?Why is the novel usually considered a work of protest literature?How essential is the setting to the story? Could the story have taken place anywhere else?What is the role of women in the text? How are mothers represented? What about single/independent women?Would you recommend this novel  to a friend?

Counterfeiting and Pricing in China and UK Dissertation

Counterfeiting and Pricing in China and UK - Dissertation Example 2.5 Consumer Behavior: 12 2.5.1 Psychological Influences: 12 2.5.2 Personality: 13 2.5.3 The important of uniqueness in genuine market: 13 2.5.4 Gender and Self-image: 14 2.5.5 Attitudes towards fake and genuine products: 14 2.6 Conceptual Framework: 15 2.7 Conclusion: 15 Chapter-3: Research Methodology 16 3.1 Introduction: 16 3.2 Research Value: 16 3.3 Research Methods: 16 3.4 Sampling Methods: 17 3.5 Ethics: 17 3.6 Analysis – limitations: 17 Chapter 4- Findings: 18 4.1 Introduction: 18 4.2 Findings: Primary Research 18 Research Question 1 18 Research Question 2 19 Research Question 3 21 Chapter 5- Discussion and Conclusions: 23 5.1 Introduction: 23 5.2 Overall Summary: 23 5.2.1 Conceptual Framework: 24 5.3 Recommendations for Future Work 24 5.5 Recommendations for Luxury Brands/Shops: 25 List of References 26 Appendix: Survey Questionnaire 29 Chapter 1- Introduction: 1.1 Chapter Summary: This chapter gives introduction of the research conducted for counterfeit products in Ch ina and UK. Background of this research is given in this chapter including the research questions that will be discussed in this research. Research aim and presentation is also given in this chapter for the better understanding of the research. 1.2 Background: The form of consumer fraud is product counterfeiting in which product is sold claiming to be a product that it is not. This is different from violation of copyright as it is based on organized group of activity so that maximum profit is achieved (UNODC 2010). The lack of regulatory capacity makes manufacturing of unauthorized products possible and products that are high in demand made on similar design and branded in a way that make them distinguished from original product. The counterfeit products sell in the parallel markets or... This essay discusses that the form of consumer fraud is product counterfeiting in which product is sold claiming to be a product that it is not. This is different from violation of copyright as it is based on organized group of activity so that maximum profit is achieved. The lack of regulatory capacity makes manufacturing of unauthorized products possible and products that are high in demand made on similar design and branded in a way that make them distinguished from original product. The counterfeit products sell in the parallel markets or introduced in authorized supply chain. These products make extreme profits because of no overheads of licit products and this is the reason that these products are very price competitive. Because of this competitive edge, counterfeit products are common than original products in some part of the world. Counterfeit products in UK causing lower profits, lost sales, and brand trust affect legitimate businesses. The government of UK is also affected because it sees lower tax revenues and high spending on health services, welfare, and prevention of crime. The companies in UK are cutting jobs and reducing their investment leading lower economic growth due to counterfeiting. This study is conducted to determine factors affecting buying behavior of consumer when buying counterfeit products and luxury brands. The study also examines the effect of counterfeiting and piracy on the people living in UK.

What is the difference between dumping and subsidies And what is to be Assignment

What is the difference between dumping and subsidies And what is to be established in every subsidy and dumping investigation - Assignment Example Some of the common subsidies may include loans at low interest rates, grants, and tax incentives. The amount of goods that have been subsidized may be offset through applying the countervailing duty (Giannakopoulos, 2004). In every subsidy and dumping investigation, it is to be established whether an industry has been injured or threatened with a material injury by the imported products. In addition, it must establish whether the industry has become materially retarded because of the imports that are under investigation which have been sold at lower prices than the fair value in the local market or subsidized. In case the investigations turn negative, the case is terminated. However, in case the investigations turn negative, the extent of injury is determined whether it is negligible (Bentley & Silberston, 2007). In case it’s not, a countervailing duty is issued and enforced by the custom Service. Bentley,  P., & Silberston,  A. (2007). Anti-dumping and countervailing action: Limits imposed by economic and legal theory. Cheltenham, UK: Edward Elgar. Retrieved from: https://books.google.co.ke/books?id=G9hj0R3iqqMC&pg=PA2&dq=Anti-dumping+and+countervailing+action:+Limits+imposed+by+economic+and+legal+theory&hl=en&sa=X&ei=2fJvVeD8EOiX7QbKyYPoAg&redir_esc=y#v=onepage&q=Anti-dumping%20and%20countervailing%20action%3A%20Limits%20imposed%20by%20economic%20and%20legal%20theory&f=false Giannakopoulos,  T.  K. (2004). Safeguarding companies rights in competition and anti-dumping/anti-subsidies proceedings. The Hague: Kluwer Law International. Retrieved from