Sybase :: essays research papers

Table of contentsTypes of listes2Clustered Index2Non-clustered Index2Selection of officees by Optimizer2Search Arguments2Index Selection3Index Distribution Stats3Index Density4Index Covering4Optimization of Cursors5Optimization of temp tables6Some general rules for optimization7Some useful commands10Types of indexesClustered Index (CI)     The info in this case is physically stored in the order of the index. The leaf level of the index is the same as the entropy pages. There can be just one CI on a table as the data can physically be sorted in only one order. The consider is extremely efficient with CI. The CI is extremely efficient in the following casesa) where fname like "Ram%"b) where author_id between 1 and 7c) where determine > 345.34d) group by author_ide) order by author_nameNon-clustered index (NI)     The data in this case is not stored in the order an index is stored. The leaf-level of the index contains the various index keys and a arrow to the row as rowID (page no. + row offset). There can be 249 NI on a table. The NI should be used whena) The number of rows returned is small.b) When where article limits the number of rows (usually = operator)c) When the query can be covered.Selection of indexes by OptimizerSEARCH ARGUMENTS (SARG)     These are the expressions on the RHS of the where clause. They act as a kind of (dis)incentive to the optimizer to use the index on the column. Some search arguments are     where author_id = 13     where fname like "Ram%"     where Price > 2347.32Some expressions that are not valid SARGs are     Invalid                    ValidPrice*1.5 = 1000          Price = 1000/1.5Qty + 10 = 200          & nbsp    Qty = 200 - 10fname + + lname          fname = John     = "John Gray"               and lname = GraySubstring(1,3,fname) = KIR     Name like "KIR%"isnull(lname,"N") = "N"          lname is null          The index might not be used in the case of following SARGs1) No start point for the index.     where lname like "%abc"2) Non-matching data-types     In SQL server, null and not null are held differently.Char null is same as varchar. So when char null and char not null is compared, the optimizer has to implicitly convert the data type, which it does not at the planning time.      In both the above cases, diffusion statistics arenot used.INDEX SE LECTION     The optimizer first looks at the query if the columnscontained in the where clause match with the columns specified in any of the index. If yes, then it proceeds further.     The optimizer then looks if the where clause contains any SARG. If there is a valid SARG, the optimizer then looks for the distribution statistics of the index as

How childhood history and culture affects how we live as adults Essay

Childhood history has a lot to do with how we live as adults because certain childhood events could trigger something that would last a life time. force for example if a child fails at something and the parent does nothing to help the child, the child will grow up thinking that failing is alright and that he or she will have a hard time in life with their job or in school or life in general. Many events from a persons life can stick with the person throughout their life like a thorn in the side. The event will any so often reappear in the persons mind when some event in the present triggers a familiarity with the past event and the person could go in to a state of worry or even worse shock. In this occurrence it could immobilize the person and result in a lackluster in th...

Human Resource Management Essay -- Organizational Development, Trainin

Organisations around the world have for years invested a gravid deal of their resources on employee facts of life and preparation. Training and developing employees means impacting them with relevant knowledge and skills so as to use the same to propel fundamental lawal performance. This is through in order to make their convey to a greater extent efficient and be able to adapt to upcoming trends or be able to multitask. Training is in the main for a specific job or task and it is short term while ontogeny is languish term and it encompasses general operations. Training on the another(prenominal) hand is technical unlike development which is more theoretical. Many profit making organisations have their end goal being change magnitude productivity translating to increased profitability. Bearing this in mind and the abundant benefits that accrue organisations, many are still reluctant to invest in this endeavour (Gratton 2007). This paper will manifestation into benefits o f training and developments to business firms and employees and delve to explain why some organisations and individuals are reluctant to invest in training.Benefits of training and development of employees As mentioned earlier training and development of employees has numerous benefits to both a firm and its employees. One of the key benefits is that it results in higher productivity thereby increased profitability. Employees morale is improved which makes them identify more with the profit path and the specific goals of a business. Due to improved performance the firm creates a positive image in the process (Boxall & Purcell 2007). This in bit offers it a competitive edge oer its rivals thereby being able to acquire a sustainable market leadership position. In the course of training employees, better relationships are created betw... ... that it requires huge ceiling outlay and stakeholders are quite sceptical of such expenditures but in the long run it goes a long way in assis ting an organisation to postdate in the increasingly competitive business arena. Firms looking into extensive growth and market presence that is sustainable cannot fulfill this unless their workforce is ready for the challenge. This readiness on the other hand is facilitated by organisations enrolling their employees for training. Employees after training become more productive and organisations benefit a great deal as argued in the paper. The effect is therefore left for the management to embrace the right policies for their firms. Training and development is one that will see an organisation sustain its production and service spoken language initiatives through increased productivity, quality assurance and increased profitability. Human Resource Management Essay -- Organizational Development, TraininOrganisations around the world have for years invested a great deal of their resources on employee training and development. Training and developing employees mean s impacting them with relevant knowledge and skills so as to use the same to propel organisational performance. This is done in order to make their work more efficient and be able to adapt to upcoming trends or be able to multitask. Training is mostly for a specific job or task and it is short term while development is long term and it encompasses general operations. Training on the other hand is technical unlike development which is more theoretical. Many profit making organisations have their end goal being increased productivity translating to increased profitability. Bearing this in mind and the immense benefits that accrue organisations, many are still reluctant to invest in this endeavour (Gratton 2007). This paper will look into benefits of training and developments to firms and employees and delve to explain why some organisations and individuals are reluctant to invest in training.Benefits of training and development of employees As mentioned earlier training and developmen t of employees has numerous benefits to both a firm and its employees. One of the key benefits is that it results in higher productivity thereby increased profitability. Employees morale is improved which makes them identify more with the profit path and the specific goals of a business. Due to improved performance the firm creates a positive image in the process (Boxall & Purcell 2007). This in turn offers it a competitive edge over its rivals thereby being able to acquire a sustainable market leadership position. In the course of training employees, better relationships are created betw... ... that it requires huge capital outlay and stakeholders are quite sceptical of such expenditures but in the long run it goes a long way in assisting an organisation to succeed in the increasingly competitive business arena. Firms looking into extensive growth and market presence that is sustainable cannot achieve this unless their workforce is ready for the challenge. This readiness on the ot her hand is facilitated by organisations enrolling their employees for training. Employees after training become more productive and organisations benefit a great deal as argued in the paper. The onus is therefore left for the management to embrace the right policies for their firms. Training and development is one that will see an organisation sustain its production and service delivery initiatives through increased productivity, quality assurance and increased profitability.

HR Compliance and Ethics Essay -- Business Human Resources

Todays business work outs in form of a corporation or an organization that consists with various people to conduct and perform work tasks for such a company to achieve its business goals. Therefore, those people who work for such companies should be treated equally for receiving an opportunity to achieve their lives as they are humans under the ethical and moral concern. Moreover, everyone who lives in the same nation should also have the right to pursue his or her achievement through with(predicate) ability of such a person, not because of other factors such as gender, age, race and ethnicity, religion, sexual orientation, disabilities, and social status, or because a person is discriminated by those factors. In 1961, Affirmative acquition was created by President John F. Kennedy, which had its purpose regarded to gender and race in employment, and was a movement of Equal Employment Opportunity Act (Fullinwider, 2009 Gomez-Mejia & Balkin, 2002 University of California, 2002) Acco rding to Byras and Rues (2004), they defined that equal employment opportunity refers to the right of all people to work and to advance on the basis of merit, ability and potential (p. 43). Therefore, close to important laws of equal employment opportunity in which human resources managers should know are as the following. Equal Pay Act of 1963 The Pay Act of 1963 forbid sex-based discrimination in concede rate to employees which means employees of such companies who work the same or similar jobs get paid the same rate of pay either they are man or woman. However, the act allow such companies to use difference of wage, salary, or other compensations based on seniority, merit, quantity and theatrical role of production, or a differential due to any factors other than sex and oth... ...ed April 29, 2010, from .Fielding, J. (1990). Discrimination lawimpermissible use of the necessity defense and the bona fide occupational qualification. Hesperian New England Law Review, 12(1), pp . 135-165. Retrieved April 28, 2010, from Google Scholar database.Fullinwider, R. (2009). Affirmative Action. Stanford Encyclopedia of Philosophy. Retrieved November 5, 2009, from . Gomez-Mejia, L. R. & Balkin, D. B. (2002) Management. New York The McGraw-Hill Companies, Inc.Mathis, R. L. & Jackson, J. H. (2006). Human resources management (11th e.d.). Ohio Thomson Corporation.University of California at Irvine. (2002). A brief history of affirmative action. (updated 11/02/2005). Retrieved November 5, 2009, from .

Class and Culture Essays -- Sociology

IntroductionIn non-homogeneous societies across the globe, husbandry is normally seen as an enabling or restrict particularor for social, political and economic progression. Through this understanding it has been established that there is a strong relationship between build and culture. This relationship has been previously investigated by researchers such as Pierre Bourdieu who identified that class affects culture and consequently, culture affects ones life chances, income and other economic parameters (Lane 2000, p. 1). Many other researchers have often delicate their concerns over the increased gap between the rich and the poor (worldwide) and expressed their concern over the fact that the world has failed to acknowledge the role of culture in widening this gap (Fieschi 2011, p. 1).The relationship between class and culture is of a vertical nature and it has been evidenced all over the world that the culture of the graduate(prenominal)est class is the most distinguished cu lture (Christie 2001, p. 201). This observation is true because the culture of the highest classes is often deemed to be superior to the culture of the lowest classes. More importantly, it is essential to understand that the culture of the highest classes also stands out because the ruling class normally comes from the highest classes and so they exert their influence over other classes. From this reinforced relationship between class and culture, some philosophers have come up with a new insight purporting that culture in its true essence maintains class domination and therefore there is no strongly distinguishable difference in the way culture and economics relate, and how economic capital works (Fieschi 2011, p. 1).However, this debate is not only one-sided because in recent decad... ...ged that university education is one of the widest platform through which high culture spreads. This is true because frankly, all elements of high culture are taught in university through variou s humanistic discipline, linguistic, business and affiliated courses. This is a new development because in previous centuries, elements of high culture (probably with the exception of classics) were not included in the education system. This fact therefore exposes the increasingly dominant nature of the high culture in the society. To further affirm this view, it is essential to identify the increased uptake of liberal arts courses in university which essentially promotes concepts of the high culture, while generally shunning elements of the low culture. This is however not evidently seen because most universities have dropped the use of the term high culture but still teach its elements.

Class and Culture Essays -- Sociology

IntroductionIn various societies across the globe, culture is normally seen as an alter or limiting factor for social, political and economic progression. Through this understanding it has been established that there is a strong family amidst class and culture. This relationship has been previously investigated by researchers such as Pierre Bourdieu who identified that class affects culture and consequently, culture affects ones life chances, income and other economic parameters (Lane 2000, p. 1). Many other researchers nurture often voiced their concerns over the increased gap between the rich and the poor ( humanwide) and expressed their concern over the fact that the world has failed to acknowledge the division of culture in widening this gap (Fieschi 2011, p. 1).The relationship between class and culture is of a vertical nature and it has been evidenced all over the world that the culture of the highest class is the most distinguished culture (Christie 2001, p. 201). This ob servation is true beca give the culture of the highest classes is often deemed to be superior to the culture of the lowest classes. More importantly, it is natural to understand that the culture of the highest classes also stands out because the ruling class normally comes from the highest classes and so they exert their influence over other classes. From this reinforced relationship between class and culture, many philosophers have come up with a new insight purporting that culture in its true essence maintains class domination and then there is no strongly distinguishable difference in the way culture and economics relate, and how economic capital works (Fieschi 2011, p. 1).However, this debate is not only(prenominal) one-sided because in recent decad... ...ged that university education is one of the widest platform through which high culture spreads. This is true because frankly, all elements of high culture are taught in university through various arts, linguistic, business and affiliated courses. This is a new development because in previous centuries, elements of high culture (probably with the exception of classics) were not included in the education system. This fact therefore exposes the increasingly dominant nature of the high culture in the society. To further affirm this view, it is essential to identify the increased using up of liberal arts courses in university which essentially promotes concepts of the high culture, while generally shunning elements of the low culture. This is however not evidently seen because most universities have dropped the use of the term high culture but still teach its elements.

A life in the day of Paul Harris Essay

I wake up 630 a. m. with my light going on and a very loud voice shouting, shit up Paul Immediately or I will stop you from seeing stupid games on your Playstation. (I find this one of my mothers almost annoying habits. ) I eventu wholey haul myself out of my bed and stagger to the bathroom, where I transform my self from Ape to human. Laura my adorable (if somewhat a pain), sister, is already dressed and razestairs feeding our cat Bobby. Dad is blocking the stairs putting his shoes on as he advances to work for another daylight in the bank.Mum is busy juggling the washing machine, the toaster, packed lunch and signing my planner. Just as I think it is safe to come down stairs, to tolerate a tasty breakfast of Coco Pops, my mum would start practicing Opera, for her lesson on Friday lunch time. I dont particularly like Opera, I prefer Punk rock, my favourite band is Blink 182 and my favourite song is, All the small things. The trip to school is fun and exciting with lots of p etite alloy ways to get lost in. The ride on the train is an exciting further short journey from Hightown station towards Freshfeld station via Formby station.I liberty chit to school from there with my best friend Jamie Hall, who has his hair up spiked and also likes Punk rock. We both share a big interest in computers and we are both going to build a computer individually. School is a mixture of excitement and work (education). This year I switch taken a great interest in my education because it is the start of my G. C. S. Es. A time of hard work to get qualifications. I particularly have to work at English, but Im lucky because my English teacher is a good teacher, who teaches the class properly. I enjoy I.T because it is liberal of interesting facts about computers and when the teachers not looking, I start playing games like Sonic the Hedgehog. Maths is a good thing because I can do the work, at the moment. I sit next to Michael Roberts who can be good fun but gets moody sometimes (we all have faults and mine is that I rush things). At breaks I walk round the school mumbling about computers or games with Jamie. Sometimes I play a game called manhunt with a few of my other friends, like Ashlee Rowe. It is a physical game that involves chasing people and catching them.When it is time to leave school, I stop for my friend Allister in year ten, (we live next door to each other). We get the train together Allister is more obsessed about computers than I am, but he adores games and I love all aspects of computers. When I get situation, my homework comes first before any thing else, so I do it, have something to eat, before my horrible task of ironing my Army cadets uniform. I go to cadets with a friend from school called Danny He can be a bit strange at times because he makes noises with his mouth.Cadets is enjoy full because I love the Army and the activities I do (Im not the best at shooting because Im short sighted). I think The Army will be my caree r as an officer or I might join the navy, as an engineering officer. For now I will think I will stay who I am. When dad gets home from a very stressful job, he is usually moody like a bear with a sore head, so I help him barter for making him a brew of P. G Tips tea. At tea time I have to gulp my tea down so Im ready for cadets. My friend Chris Caralan picks me up for cadets he is 15 and has recently lost his lance corporal stripe for forgetting to go to annual camp.To night will be a brilliant night because I get to go in the best tank in the world, The contention 2. When we arrived at the Army camp it was there, the Challenger 2. A giant monster by its self, a khaki coloured snail with a thick layer of armour like a shell. It had twain eyes both sides of the turret to give it character. When one of the officers turned on the engine it roared like a grizzly bear. We got a chance to gone in it and a guided tour. After a long exhausting day I finally get a chance to drop off at the land of nod.

Dc Comics (2012-2013)

Report on DC COMICS for Business Studies Introduction DC comics incorporated is a leading pioneer and one of the most self-made enterprise in the American comic books and many related media industries (comic books, pictorial matters, games and etcetera) . Founded by Malcolm Wheeler Nicholson in 1934, it was originally known as National Allied Publication the initials DC was taken from the popular series Detective Comics which subsequently became part of the companys name.DC comics is the publishing unit for DC Entertainment a Warner Bros company which itself is owned by Time Warner, producing materials incorporating celebrity DC characters such as dot an alien who was sent from the lost projectet Krypton, raised on Earth and instilled with a sense of justice from the Superman franchise (Action comics) and Batman a rogue Vigilante by night and by day millionaire, playboy, philanthropist Bruce Wayne from the Dark Knight franchise (debuting in Detective comics). DC comics mission and visionDCs mission is to intergrades its comic business, brand and characters into Warner Bros Entertainment and all its content and distribution business. DC comic envisions to expand and develop the DC brand to every(prenominal) type of media. DC comics annual reports (2009-2012) DC comics future plans DC plans to launch a wave of new DC movies in response to Marvels shared movie gamble (Avengers). Starting with the reboot of Superman (Man of Steel 2013), along with other upcoming silver screen movies featuring other DC uperheroes like Wonder woman, the ignite and others (DC haven yet to decide whether it will reboot the batman franchise or continue Christopher Nolans Dark Knight and to bring back Ryan Reynolds role as unripened Lantern (2011). Although DC hasnt revealed how the movies will be incorporated, whether it be following in the Dark Knights lead (a single franchise) or become a shared movie plan is still yet unknown.

Relationship Between Poverty and Anti-Social Behaviour Essay

Explore the relationship between poverty and antisocial behaviour. What policies have been introduced to tackle antisocial behaviour?In this essay I go out highlight the psychological effects that poverty is likely to have on a person surviving in the western world and the possible behavioural consequences of this. I will discuss the problems that go along with electric shaverren and young state cosmos given prison sentences and I will suggest one viable change that may help to promote equality. Poverty in itself is not a direct find of antisocial behaviour and the two are very very much intertwined in our modern day individualistic society. Social hierarchy and elevated discrepancy amplify worries over self-worth across society. Most of us wish to feel accepted, appreciated and valued for who we are but a society that causes large amounts of stack feel as though they are perceived as inferior and considered as less worthy, less valuable, less intelligent and a drain on the state not only causes unnecessary pain suffering and wasted potential, but also acquires the costs of the antisocial responses to the structures that demean them.Research shows a readable link between on-going poverty and negative developgenial consequences. Mental health issues, behavioural problems, low self-esteem, depression, poor grades, anti-social behaviour and delinquency are all, unsurprisingly, in our society, farthest more prevalent among poor people. (mc Leod and shanahan 1996) The effect that poverty has on a persons sense of self and identity is colossal. The intense stress of being poor, the stigma attached to being poor, the marginalization from greater society and the massive limitations in opportunity are extremely likely to result in hateful psychological outcomes. Poor children quite often experience feelings such as embarrassment or shame (which have been described as the social emotions) and take to the woods to see themselves in a negative light as a r esult of negative societal views. (weinger 1998) School plays a huge part in the development of a child and is generally considered to be a place where hard locomote and good grades are the things that matter and a place where ones socioeconomic status is largely irrelevant when it comes to achieving these things but this is unhappily not so and in fact school plays a central part in the stigmatization of the poor.The majority of teachers have grown up in middle course of study familys and as a direct result of this they are extremely prostrate toholding class based biases towards the low income students. Research has shown that teachers tend to have much lower expectations of low income pupils, viewing them in a less appointed light, punishing them in a harsher and more humiliating manner than they would their more affluent peers, rewarding them less for achievements and delivering them less opportunities. (Brantlinger 1991) The psychological development of a child is very much affected by this kind of treatment and it is likely that a child will create their identity based on another(prenominal) peoples negative opinions, perceiving themselves to be flawed and labelling themselves as all the things theyve been called, for example bad, stupid, dangerous etc which in itself is highly likely to result in Internalizing (eg depression, anxiety, self-loathing) or externalising (eg shouting, fighting, stealing) behaviours (Erikson 1980).Poor children in general experience noisier, more crowded living conditions, more family instability, chaos, violence and inconsistent punishment which is very often more to cope with than their young resources will allow and again, is likely to result in internalizing or externalising behaviours. Poor children have lower career aspirations and lower educational aspirations which highlights their awareness of the lack of opportunities available to them, regrettably a very accurate awareness because although people function as i ndependent actors, the possibilities they face, and the decisions they fake are inevitably constrained by the positions they occupy in the social order (Massey p. 397). Given all of the above mentioned, it is not difficult to understand some of the elements that contribute towards the existing relationship between anti-social behaviour and poverty. The principal then is how should it be dealt with?As we can see, the factors underlying anti-social behaviour are a multiform interaction of psychological, social and economic problems/policies which have borne down much harder on our countrys poorer communities so with that in mind, it seems fairly important not to over simplify the problem with regards to implemented policy, political debates and media coverage. In 2002, Joseph Scholes, old sixteen, hung himself in prison. He had allegedly been repeatedly and severely sexually abused since the age of six and as he got older he began self-harming and displaying challenging behaviour. He made a serious suicide attempt when he was fifteen by taking an overdose and jumping out of a window and his behaviour subsequently become too difficultfor his mother to manage which led her to make the decision to put him in to the care of the local authority where she hoped he would get the specialist help that he now clearly needed. Shortly after this he was put in to a childrens home and week later he went out one evening, drinking with a group of young people from the home.They encountered another group of young people and took their mobile phones and their money. Joseph was aerated with robbery despite playing only a peripheral role, displaying no threatening behaviour or violence and it being out of character. His self-harming worsened with the advent court appearance. The Crown Court Judge who passed Josephs sentence had been given reports from a psychiatrist, social workers and the youth offending team which all made his exposure quite clear and as a result of this t he Judge was adamant that he wanted the warnings of his sexual abuse and self-harming most expressly drawn to the aid of the authorities. Taking in to account Josephs vulnerability, he should have been positioned in a secure childrens home but he was instead position in HMYOI Stoke Heath Prison where he told the staff on numerous occasions in his initially constantly observed cell that he would take his own life if they moved him to a normal location within the prison but despite this, he was moved in to a cell where he was no longer under twenty-four hour observation and he subsequently killed himself alone in his cell, nine days in to his sentence.The government turned down the call for a public inquiry that followed Josephs death because apparently it was unlikely to bring to light any additional factors not already uncovered in previous investigations. Josephs story does not stand in isolation. One hundred and eighty eight young people and an additional nine children died in prison in the ten years that followed Josephs death. (Prison ReformTtrust) The fact that there are children in prison in the rootage place could be viewed as symptomatic of failings by organisations both inside and outside of the reprehensible justice system to go about addressing these childrens complicated and often numerous needs. A report carried out on the deaths of children and young people in prison between 2003 and 2010 revealed that they commonly suffered from a catalogue of mental health issues, were a collection of the most disadvantaged people in society with alcohol and drug problems with many of them having experienced recent bereavement.They had had significant past(a) involvement with community agencies but despite theirvulnerability, they had not been diverted out of the criminal justice system at an early stage and had ended up remanded or sentenced to prison (inquest) To put it simply, they need help. Not locking up. Caring for children in penal custody, espec ially young offender institutions, is an almost impossible task. many another(prenominal) child prisoners live with a spectre of fear and an enduring feeling of being unsafe. This, in turn, is thought to heighten the risk of damage and/or death. (Goldson 2005) It is a highly flawed system that we currently have in place and there are some excellent organisations and charities increasing awareness, lend look into and constantly working towards putting an end to allowing children and young people to be put in jail and making the road to prison a longer one but I wonder how many more children will be failed miserably in the care of the state or have their lives whole destroyed by an inappropriate sentence or kill themselves in prison before our government take action on this.If inequality lies at the root of antisocial behaviour then the solution would surely be to begin taking steps towards producing greater levels of equality? In societies where there is a smaller gap between inco mes there is less violence, more trust, smaller prison populations, less obesity, longer life expectancy, lower rates of teenage motherliness and a stronger sense of community. (The Equality Trust.) Of course there is more that we can attribute to inequality than monetary issues but they are a major contributing factor. I personally believe that introducing a citizens wage would be an effective first step and one that would be beneficial to nearly everyone.We could do international with thousands of pages of legislation, lose a couple of hundred thousand civil servants and simply give everyone a small sum in cash each week, no questions asked, no intrusive invasions of peoples privacy and no judgments as to how people should or shouldnt be living their lives because really, who is it that feels so omniscient to make all of those judgments? It would remove the stigma attached to benefits, allow people to work part time if they wished and be more selective about the type of work tha t they wanted to do. So all in all a winner.So yes, there is a relationship between poverty and antisocial behaviour but it is not so black and white as that. Disillusioned and disadvantaged people need help not further punishment and a criminal justice system that is allowing disturbed children to kill themselves in jailclearly needs looking at. If antisocial behaviour doesnt occur in a vacuum then it is a sociological problem which then surely requires us to go about altering society, not punishing disadvantage.Brantlinger, E. 1991. Social class distinctions in adolescents reports of problems and punishment in school. behavioural Disorders 17 (1) 36-46.Erikson, E.H. 1980. Identity and the life cycle. New York W.W. Norton and Company.Goldson, B. 2005. in the care of the state? Child Deaths In Penal clutch In England And Wales. London Inquest.Massey, D. 1991. Segregation, the concentration of poverty, and the life chances of individuals. Social Science Research 20 (4)397-420.McLeod , J.D. & Shanahan, M.J. 1996. Trajectories of poverty and childrens mental health. Journal of Health and Social Behaviour (37) 207-220The Equality Trust http//www.equalitytrust.org.uk/about-us/people cited 28/12/2012The Prison Reform Trust http//www.prisonreformtrust.org.uk/Portals/0/Documents/PunishingDisadvantage.pdf cited 28/12/2012Weinger, S. (1998). Poor children Know Their Place Perceptions of poverty, class, and public messages. Journal of Sociology and Social Welfare 25 (2) 100-118.

Hiding emotions: lessons from the past Essay

While it is true that emotions separate humans from beasts, it cannot be denied that emotions argon also the reason behind the uncommon fall of every man and woman. It is the ability to feel that has allowed the wisest kings and greatest generals to experience the bitter consequences of failure and defeat. Indeed, emotions can turn into a great liability. It is for this reason that A. E Houseman warned the reader about the dangers and pitfalls of dwelling too much on iodines feelings.On a closer observation of the poem, its over-all theme provides a preview of how emotions transforms into a cunning foe. It also renders an explanation on how experience functions as mankinds greatest teacher. This is something that cannot be merely equated to articulating and remembering the aching memories of a lost love. On a closer analysis, the poems persona is an adult that initially reminisces the frivolity of his or her youth. Under this context, it can be observed that the author expressed age in a different manner.Instead of directly stating twenty-one, the author stated one and twenty. Yet, it can be argued that such(prenominal) style was not merely used to showcase a polished rhyme scheme. Far beyond that, this technique adds to the artistic and creative integrity of the poem. that more than anything else, it can be seen that twenty one (21) connotes deeper meanings. more(prenominal) often than not, twenty-one signifies the time or period in ones life story wherein he or she can do almost everything. In many countries, this is considered as the legal age. on with age, confidence and self-esteem grow.Because of these, many individuals tend to be overly impulsive and let their emotions govern them, without taking into consideration, the possible implications or effects that their respective actions may produce. In the poem, the lines Give crowns and pounds and guineas But not your marrow away, serves as a piece of advice or even a warning sign for that matter a bout the dangers of being too emotional. On a deeper context, the bosom symbolizes the emotions or sentiments that each and every individual feel. Oftentimes, the heart as a symbol is used to refer to romantic relationships.But then again, there are different kinds of emotions that the heart feels. It can range from passionate love to extreme anger. Therefore, if an individual allows his or her emotion, he or she could be trapped in tough situations. Somehow, the poem does not encourage its readers from being too transparent. Under real-life scenarios, it can be readily observed that many have suffered, not only because they are too focused on their emotions, but also because they enabled other individuals to see their motives and intentions.There is no doubt that emotions are capable of reflecting ones specialisation and weaknesses, which, in return, can lead to the destruction of their lives. In this aspect, it is also important to note that the heart is one of the most importa nt organs in ones body. Therefore, to freely give it away, as the poem suggests, is synonymous to ending ones life. This is something that cannot be immediately replaced compared to valuable materials such as crowns, pounds, guineas, pearls and rubies that were mentioned in the poem.The ability to hide ones emotion is further supported by the lines The heart out of the bosom Was never given in shadowy Tis paid with sighs a-plenty And sold for endless rue. In here, the heart or the emotion is presented as if it is a big secret. The phrase out of the bosom, thus denotes the unveiling or revelation of the secret which can result to regrets and resentment. On the other hand, the persona also speaks of how he or she has learned from experience. The wise man symbolizes experience. More often than not, the lessons in life are not fully understood or given much importance not unless an individual goes through it.Along with age and experience, an individual becomes wiser and careful about the decisions that he or she makes. This is something that the persona has ultimately learned. The persona went through the consequences of revealing his or her emotionsthe persona was put into the heated waters when he or she heavily relied on his or her feelings and because of this, his or her experience provided lessons in life that cannot be discounted. The last line And oh, tis true, tis true, does not necessarily equate to regrets, but more of an affirmation of the lessons imbibe

Competitive Strategies and Government Policies Essay

The electronics industry is in a monopolistic competitive market. This market has few barriers to entry which means there easy entry for immature firms in the long run (Colander, 2010, 361). Further, globalization has expanded this market across the globe with many countries distributing and manufacturing electronic products. Thus, globalization always comes with the threat of new companies get in into the electronics market. This can have a definite effect on pricing and profits. As more firms enter the market, the price for goods will decrease due to the ravish of several substitutes. However, due to this highly elastic market, a change in price will lead to a higher change in criterion demanded (Colander, 2010, p. 155). Therefore, it is important for the marginal cost to be below the price but the price not to be set at an unrealistically high take because of the wide range of substitutes. In the long-run, profits will tend to break even for firms at bottom a monopolistic e lectronics industry. As firms enter the industry, the demand distort facing by an individual firm shift down, as buyers shift some(a) demand to new firms until the firm just breaks even. If the demand shifts below the break-even point, some firms will leave the industry in the long run (Four Market Structures). However, due to the wide range of firms across the globe, firms such as Vizio must split themselves through brand recognition, service, and quality to ensure staying power and a profit sufficient future. Since the market is expanded across the globe, this differentiation must be displayed across the globe. Sony has held a strong brand name for many years now with dedicated consumers. Not every firm at bottom the electronics industry can do this as Sony has done, and therefore, will not gain long-term profit. However, as years pass, Vizio is making a name for themselves in the electronics industry. If it continuesalong this path to differentiate themselves among the pack, t hey will stick with in substantial consumer loyalty and profits.There are several different characters of mergers that can take place within an industry. Horizontal mergers are mergers of two companies within the very(prenominal) industry. A vertical merger is a combination of two companies that are involved in different phases of producing a product, one association cosmos a buyer of products and the other company supplies (Colander, 2010, p. 418). On the other hand conglomerate mergers are amid two firms in unrelated industries. The most detrimental to an industry would be a horizontal merger. For example, the merger of two major firms within an industry could impair competition between with other firms as well(p) as prices and profits because the merger may create a massive firm that holds an extremely high percentage of the market. That majority firm would be able to control prices due to its hold on the industry.Furthermore, profits for the minority firms would decrease as they increased for the majority firm. It would begin to take the shape of a monopoly. Therefore, the federal official Trade Commission must investigate and review any proposed merger earlier it is finalized and it will not proceed if it is not authorized to by the federal Trade Commission. The Federal Trade Commission can nine conditions upon the merger in order to promote fair competition. One type of merger within the electronics industry was that of Panasonic and Sanyo. Panasonic manufactured a variety of electronics from cameras to televisions to audio to DVD players and more. Sanyo was also in the electronics industry. In December 2010, Panasonic acquired Sanyo for $9 billion (FTC run Sets Conditions for Panasonics Acquisition of Sanyo, 2009). This type of merger is known as a horizontal merger. A horizontal merger is the combining of two companies in the same industry (Colander, 2010, p. 418). Accordingly, the merger between Panasonic and Sanyo can be classified as a h orizontal merger because it merger two major electronics manufacturers. However, conditions were put in place concerning this acquisition that include agreeing to sell assets related to Sanyos portable nickel metal hydride (NiMH) battery task, including a premier plant in Japanto preserve competition (FTC Order Sets Conditions forPanasonics Acquisition of Sanyo, 2009).The electronics industry has seen many changes in its historic evolution. This technology began with radio and broadcast technology, followed by television and magnetic recording. When the demand for electronic devices supersceeded its production, we began to see more of a competitive nature, these principles hold true through modern time, even with a constant evolution to tables, television, cell phones and the like. The one thing that stays the same is the constant, driving need to keep up or stay ahead of the curve. With the current g everyplacenment creation and policy intervention in place to tempt consumer elec tronics also comes the need to regulate monopolies and copywriters. These laws, and regulations upheld by exe loadive branch agencies are reviewed and voted upon, primarily to control monopolies. Whenever a law is passed to regulate or control something, these issues, before being passed or voted upon, demand the attention of the public. Another possible issue that law would be passed to regulate electronic commerce is copyright infringement, identity larceny and consumer liability.When we look at decisions made by management in the labor force for the electronics industry, one very effective go away can now be achieved, filling emerge and demand. Apple is one of the leading companies within the industry and their action on what a global labor market can do for them shows huge benefits for filling a demand and obtaining supply. Apple executives say that going overseas, at this point, is their only option. One former executive described how the company relied upon a Chinese factor y to revamp iPhone manufacturing just weeks before the device was due on shelves. Apple had redesigned the iPhones screen at the last minute, forcing an assembly disputation overhaul. overbold screens began arriving at the plant near midnight. A foreman immediately roused 8,000 workers inside the companys dormitories, according to the executive. Each employee was given a biscuit and a cup of tea, guided to a workstation and within half an hour started a 12-hour shift fitting glass screens into beveled frames. Within 96 hours, the plant was producing over 10,000 iPhones a day. The speed and flexibility is breathtaking, the executive said. Theres no American plant that can matchthat. Similar stories could be told about close any electronics company and outsourcing has also survive common in hundreds of industries, including accounting, legal services, banking, auto manufacturing and pharmaceuticals. (DUHIGG, 2012, para. 12-15).Another huge advantage given to the companies within the industry comes from the secure relationship countries particularly in Asia, will do to win manufacturing for an electronics industry. The example provided will again stem from Apple, however Apple was one of the last industries in 2012 to ship the bulk of its manufacturing overseas. A huge reason can be because of the relations rules and regulations other nations gave them to fill seemingly impossible demands. This carries a similar result for unions. Unions fight for employee safety standards and higher wages. Although this creates a more efficient result start up for a new project can take very much longer to get off the ground. This results in a less effective role for the electronics industry because decisions can sometimes change on the manufacturing line. Unions now become a slow moving dinosaur in a faced paced cut throat industry like electronics. For years, cell phone learnrs had avoided using glass because it compulsory precision in cutting and grinding that was e xtremely difficult to achieve. Apple had already selected an American company, Corning Inc., to manufacture large panes of strengthened glass. Although, figuring out how to cut those panes into millions of iPhone screens required finding an empty cutting plant, hundreds of pieces of glass to use in experiments and an army of midlevel engineers. It would cost a fortune simply to prepare. Then a call for the work arrived from a Chinese factory.When an Apple team visited, the Chinese plants owners were already constructing a new wing. This is in case you give us the contract, the manager said, according to a former Apple executive. The Chinese government had agreed to underwrite costs for numerous industries, and those subsidies had trickled down to the glass-cutting factory. It had a warehouse make full with glass samples available to Apple, free of charge. The owners made engineers available at almost no cost. They had built on-site dormitories so employees would be available 24 ho urs a day. The Chinese plant got the job.The entire supply chain is in China now, said another former high-ranking Apple executive. You need a railyard rubber gaskets? Thats the factory next door. You need a million screws? That factory is a block away. You need that screw made a weensy bit different? It will take three hours. (DUHIGG, 2012, para. 37-39).In a monopolistically competitive market there are few barriers of entry. Globalization is always a threat in this type of market as well. Supply and demand are important for any business to consider, especially in the electronics industry. Filling supply and demand is one of the most important factors that companies must consider when deciding how to use labor. Also, as demand shifts, supply needs to as well, if this does not occur, business can go south quickly. If demand was to shift below the break-even point for a business, the firm may leave the industry all together. In order for a company to stay at or above the point of br eaking even they must differentiate themselves from the competition. Something that can be detrimental, and may make a company lose some demand for products from their business, is the horizontal merger. The horizontal merger is one that merges two companies in the same industry together and that company ends up holding a high percentage of the market. There is help though, unions and government regulations are fighting for the safety and rights of companies and employees alike. Companies must consider and anticipate a lot throughout the year and into the future. As long as they are able to adapt, compete, and stay ahead of the pace, companies in the electronics industry should continue to flourish.ReferencesColander, D. C. (2010). Economics (Eighth ed.). New York McGraw-Hill/Irwin. Four Market Structures. (n.d.). Retrieved March 9, 2014, from Los Angeles Harbor College www.lahc.edu/classes//MicroLecture4.ppt http//www.mcrinc.com/Documents/Newsletters/201302_EvolutionElectronicsIndu stry.pdf http//www.techrepublic.com/resource-library/whitepapers/the-evolution-of-the-electronics-industry/. http//hbswk.hbs.edu/item/3738.html

Everglades Research Paper

The Florida Everglades is the states most highly visited park in the state. The Everglades is in like manner blank space to thousands of fleshlys, reptiles, and plants. Many tourist travels just to make it a glimpse of the numerous exotic reptiles. Although, the Everglades is very beautiful its also one of the most menace parks in the state. The park is endangered from humans and land developments. The state has laws imposed to encourage the everglades. In order for pack to save and protect the Everglades there be things we have to do on part.Throughout this essay I pull up stakes go into depth about the different species, human threats, and what we digest do to protect one of our states natural wonders. The Florida Everglades create from the Kissimmee River and Lake Okeechobee, this mass body of swamp lands stretchs over 11,000 square feet. (U. S Department of, 2011). The Everglades has imbedded itself into our ecosystem, which has formed biological structure for the so uthern half of the state. Many, of the species enumerate the on the biological structure that the Everglades provides to the land.Many mammals such as the Florida puma only assemble in the state and is classified as endangered species calls the Everglades home. Florida Panther depends on the warm weather and vast land to survive. The Florida Panther continues to be an endangered species because it has been hunted by tourist. Many, otherwise mammals, such as deers, rabbits, and play trickss all depend on the biological structure found indoors the Everglades. The White Tail Deer, one of the most beautiful deers and highly favored in classic fairy tales such as Bambe.The White Tail Deer are commonly found in other parts of the universe but In Florida the White Tailed Deer is particular smaller than the others found in the country. They are particularly smaller because they come int have all the extra layers of fat, which other deers living in other parts of the country need to protect them from jolty winters. The White Tailed Deer depends on the biological structure for food the deers feed on the saw grass found at bottom the Everglades. The Marsh Rabbit is also found within the Everglades, is the most dominant member of the rabbit family found in Florida.The Marsh Rabbit depends on the biological structure for a couple of reasons. The rabbits depend on the wet marshes and pinelands, over the years they have adapted to the biological structure. The Marsh Rabbits are unlike many other rabbits, since they have adapted so well they have rifle great swimmers. Many tourists have claimed to see the Marsh Rabbit swimming within the marsh lands. Another, animal that has grown to the divine biological structure of the Everglades is the Gray Fox. The Gray Fox builds their home within the marsh lands, a den equipage under the ground.The Gray Fox also is the only fox that target climb trees, this asset puts it above the other foxs because it gives them a grotes que hunting ability. The Everglades are filled with hundreds of different mammals but the Everglades is also home to many different reptiles, tourist cud to the Everglades in hopes of catching a glimpse of the American Crocodile. The American Crocodile is one of the most well known reptiles hidden within the depths of the Everglades vast swamp. The American Crocodile is a predator and can be seen with a protective boarder, the crocodile depends heavenly on the biological structure of the Everglades.The swamp land doesnt only help them prey on other animals but also keeps the crocodile from being prey. The American Crocodile is a huge reptile but it also is prey to hunters and snakes. Snakes are another reptile that rules the swamp lands of the Everglades. In recent reports anacondas have been reported to be in the Everglades and they prey on all animals. Despite the different reptiles found within the swamp of the Everglades, many birds are commonly found within the Everglades. In the 1800s John Audubon stated, The sky was often darkened by the flocks of numerous birds above. (U. S Department of, 2011).Many birds would flock to the Everglades during the winter to escape harsh winters from up north. The Everglades skies arent filled with as many birds anymore due to numerous reasons. One of the saddest reasons that many animals and reptiles are losing their homes is because of humans and land development. The beautiful of the Everglades is simply breathing all the creatures and different plant life is a joyous site to witness. The beauty of the Everglades that past generations has witness isnt the same that the current generations witness.As the years progress we continue to do more harm to our beloved Everglades. We continue to push our animals to relocate and find revolutionary homes because we take past their land for our own personal developments. The population continues to increase and that calls for newer and better developments, more and more of the Everglades is being fetching away from plants and animals. This land that is being taken away from the plant and animal species is being turned into communities, shopping plazas, and other new buildings. The Everglades once rumored to be 22,000 square feet has over time become no more than 11,000 square feet.This major drop over years and years is a result of land development. The continuation of taking land away from our animal and plant life in the Everglades can result in horrible consequences. Animals will eventually be forced to find homes somewhere else and we will lose valued plant life. The land development has become a problem within the Everglades and we are destroying a treasured park in our state. As much as we are destroying our land, tourists are bringing even more problems to our Everglades. In the year of 2003 many viewers witness all over the world a snake devour a crocodile.Many, people sat shocked and watched the event reply on national news channels repeatedly and many of these viewed wondered how this could be happening in our Everglades. Since the beginning of time some people have loved to have exotic pets and many times with these exotic pets people dont understand how to tame the animal. In consequence of not being fully aware of how to tame an animal decide to rid themselves of the animal by dumping them into the wild. The Burmese Python has become a favorite pet among many individuals and many of these individuals dont understand how to tame the python.Many of this pythons has been found in the Everglades and other animals that dont belong in the Everglades have been found. Animal dumping is increasing and people are using the Everglades as jell to dump unwanted pets. The Burmese Python does not belong in the Everglades because it has an increasingly hungry appetite for other animals and the climate in the Everglades is the perfect climate for pythons. The pythons can survive in the Everglades climate and have many different anima ls to choose from to devour.Some estimates, there are now 150,000 pythons in the park and there is no doubt that pythons pose a grave threat to the fragile Everglades ecosystem. (Scholastic Scope 2010) All these issues need to be addressed from the dumping of animals to land developments because we are in many ways destroying one of national treasures. There are many groups around the country and state devoted to helping our national parks. Unfortunately these groups cant save our Everglades by themselves they need assistance from community and state governance. There are many ways to help protect the Everglades the easiest form is by sending monetary denotations.Monetary donations help fund different projects and groups committed to saving the Everglades. Another, way for an individual to help save the Everglades is through volunteer work, taking time out of their schedule and help clean up the Everglades. Individuals can also write letter and petition our government to do more f or our Everglades. The government has a great influence on people, they can do more to help protect the Everglades. Our Everglades is a national treasure and is beautiful park home to many different animals and plant life.The Everglades provide numerous benefits to our ecosystem. Many animals and plants depend on the Everglades and its habitat as a source of life. We as individuals have to protect that way of life for the animals and plants. In process of protecting the everglades for other species, we are also are helping to protect our ecosystem. The different situations in the Everglades can improve but it will take a full effort from parts. Protecting and providing homes for all the different species in the Everglades is very important and very fundamental to our lives.

John Adams Defends the Red Coats

Although John Adams defended the British redcoats at the end of 1770, the Boston Massacre actually happened work on 5, 1770. Further much, events that conduct to the culmination of that night dated back to 1767 (Timeline). Many factors went into the decision, by John Adams, to defend the British soldiers. The atmosphere of the times dictated much of that eventide and of that trial. For the time it was a radical thing for a military man such as John Adams to defend the British troops, however his respect of the law led to his defense of the British troops.John Adams was right in defending the redcoat in the Boston Massacre trial because he saw the actions of the redcoats as nothing more than men defending their lives. In 1767, with the passing of the Townshend Acts, the civilians began their resentment towards the British Parliament as well as the British troops stationed in Boston. The Townshend Acts were a series of Acts passed by congress on June 29, 1767 to increase taxes of commonly imported products on the Colonies.Having new taxes imposed by the British as well as their armed services comportment in Boston angered the civilians. During this time John Adams was a local lawyer in Boston working case to case (Miller Center). In late 1768 more British troops came to bushel order in Boston per order of the Crown. The climate of this time was a hostile one on the part of the civilians. The civilians reacted to the redcoats like they were invaders by taunting them through name calling, spitting, and fighting (Timeline). By the time March 5, 1770 occurred, an nonessential had been bound to happen.With the distress of the townspeople and the presence of British soldiers, a disaster like this was waiting to happen. When the dust settled, and the day was done, 5 civilians were killed at the hands of the redcoats. John Adams, a local lawyer in the Boston area and graduate of Harvard, defended in court the men impeach of the Boston Massacre. With all of the s ocial pressure, living in Boston, it would have been easy to refund up but John Adams saw the law for what the law was. He did not look at it as redcoat against Boston, but as man against man.In his closing argument for the defense of the British soldiers he questioned the jury Would it have been a prudent resolution in them, or in any soundbox in their situation, to have stood still, to see if the sailors would knock their brains out, or not? (Miss, 5). As a defense lawyer it is their responsibility to make a case for the accused party as reasonable doubt. With that quote John Adams did just that. He posed a question to the jury basically saying what were they supposed to do, wheel around over and die? He saw the redcoats behavior as defense.The entire time the British troops had been stationed in Boston they had not once had an incident such as the Boston Massacre the only time they opened fire on the Bostonians was when the civilians came at them in a combative manner. John Adams had each right to defend the redcoats with the plausible it was in self defense defense. He was a Harvard Law graduate with a law firm to run and clients he believed were only acting in self defense. His action to defend the redcoats was the just thing to do. The British soldiers were put in a status where there were both going to die or they were going to fight back.The redcoats job was to be soldiers for the Crown. The Crown implemented more troops in Boston on October 1, 1768 to reestablish order in that area of the country. At that time the people of Boston were growing increasingly hostile and combative. By the time the Boston Massacre had occurred there was much history between the redcoats and the civilians of Boston. John Adams knew that history and did not choose sides based on loyalty. He interpreted the situation as a do or die situation on the part of the soldiers and defended them as such. He used his knowledge of the law in his closing statement for the defen se of the redcoats.Ultimately his position on the Boston Massacre impacted the lives of the British soldiers in a positive way. His actions were noble because he pushed aside his personal history with the city and defended his clients concord to the law rather than letting the atmosphere of Boston dictate his defense and his closing argument. Works Cited American President A Reference Resource. Miller Center. University of Virginia. Web. 30 Oct 2012. . Historic Timeline. Boston Massacre Historical Society. Boston Massacre Historical Society, n. d. Web. 30 Oct 2012. . Miss, Angela. Boston Massacre Defense. Boston Bedford/St. Martins, 2012. 4-5. Print.

Bsa 375 Week 2 Individual Paper Essay

IT Solutions Proposal for stark naked HR SystemByUniversity of Phoenix BSA/37509/02/2013Proposal for New Human mental imagery SystemIn our quest to ever better ourselves the IT department, of Riordan Manufacturing, is submitting this Request for Proposal to integrate a more sophisticated, state-of-the art, information trunks technology in our Human Resources department. Riordan Manufacturing has al meanss strived to better ourselves by keeping up with technology in solely of our operating musical arrangements and our manufacturing systems. Our goal is to remain at the forefront of the manufacturing community as we keep leading the way in completely of our business systems and, at the same time, keeping the feel of a customer affectionate comp some(prenominal). We want to make sure that our customers evoke feel safe in the knowledge that we go away do what is necessary to fulfill their business needs. As of now, our Human Resource, (HR), Operating System, (OS), has locomot e short of this goal. Please actualise that the system that is in place, eon it has the ability to complete the task at hand is non fit enough for our growing organization. Right now, we are running m any(prenominal) a(prenominal) separate applications to influence all of the HR system requirements. This process is not only time consuming, but is not a cost effective solution that this company is looking for. If we want to accomplish our goal we need to combine all the archaic HR systems into a single integrated application.The IT department is looking to complete this project in somewhat six (6) months, so the naked as a jaybird system can be utilized in the second twenty-five percent of next year. We want to halt a prototype system useable for testing in roughly two (2) months before final system deployment, for training and technical support purposes. Our goal is to have all training and any problems fixed one (1) month before start up. This way we volition have time to apply any necessary changes to the system.The immature HR system testament have many applications that can be used across most of our separate business systems from Marketing and Sales to instrument andWarehousing. We are hoping for companywide training to be completed within four (4) months of startup, making the new system available for all departments before the mop up of the third (3rd) quarter. Below are some requirements that lead need to be accomplished so that the process of integrating the new HR system give go smoothly. rise to power the Stakeholders Involved in System StartupThe first step in setting up the new Human Resource Application, (HRA), is to gather information about the system requirements and user needs from everyone that pass on be involved in the startup and rollout of the new system. The process of meeting information from involved stakeholders can be a tedious process if the wrong techniques are used. So, to expedite this in an orderly and tim ely flair we will be passing out enquirers to all members of the Human Resource division and to all Department heads. Using Questioners will financial aid the IT department get an idea of what requirements are expected from the new system. It is not cost efficient to talk to each employee so, it would be very beneficial for all that every questioner is filled out in a timely manner.We will be emailed to each employee on Monday phratry 9th, 2013 and would like a response no later than Thursday September 12th, 2013, (for processing purposes). Questioners will too be available on the Employee Web Site under HR applications. Another technique of gathering the needed information will be to conduct group meetings with the HR department executives and managers. The IT department will be holding Joint Application Development, (JAD), sessions starting Monday September 16th, 2013. These sessions are managed processes that the IT department uses to gather information in an efficient, coh esive manner. We want to use team involvement so that we can gain a firm understanding of what you, the client, will want out of the new HR system. The JAD session will help all of us jointly develop the new system. Ensuring Successful Gathering of Project InformationWe, in the IT department, want to make sure that every system requirement that maybe be asked for will be deployed at the time of the system prototype introduction. To insure that this goal is accomplished we mustiness gather correct, taciturn and pertinent information from each of you, the stakeholdersinvolved in the system development. Gathering good information will help us develop the system molded to what you want. We understand that the information gathering process can be a daunting task, but with your help we can make this as painless as possible. Remember, without your input on this project the IT department cannot rollout a system that will be an effective lance for Human Resources and the rest of Riordan Manufacturing. The ability to gather good information is the most important process in all parts of every System Development Life Cycle, (SDLC), and with everyones support in this process the system rollout will go smoothly. Developing the Project orbit and Project FeasibilityRiordan Manufacturing wants all projects that go into development to be successful. If we want the new Human Resource system to be successful we will need to institute a project scope system. Even with the feedback and involvement of each stakeholder and the success of other projects delivered from the IT department there is a chance that this new system can still fail. At any given time there will be necessary changes to the project. These changes can have a ostracize effect, but our goal is to remain focused on the system requirements. We want to delivers the new system on time and under budget with the required functions that are expected. Our plan is to set up a system to manage key aspects of the new sys tems development * Project Size Understand how large this project will be * Project Goals Make sure goals are set and achievable * Project Requirements All system requirements are carried outTo deliver a finished project that meets the goals above our Project Scope will need to follow a these five (5) steps * Project Initiation evaluate the need of the new system and deliver appropriate solutions. * Scope Planning Create a feasible Work disruption Structure, (WBS) that charts all the work that will be done on this project. * Scope Definition Working with you, the end user, expand in detail the work breakdown the will be needed. * Scope Verification apropos scheduled work assessment and acceptability checks by the end user and the IT department during the SDLC of the new application. * Scope Change Control Put a formal system in place to control any system changes that will take place. This willlimit Scope Creep, (Unauthorized access to changes to the system). As you can se e, applying priggish scope management will be crucial in the development of the new Human Resource system. ConclusionTo stay as one of the leaders in manufacturing we must keep trying to evolve. enchantment we at Riordan Manufacturing have strived to be the best in the industry there are occasions when we must look into ourselves and see what changes are needed so that we can remain an innovator in manufacturing techniques while still being a customer friendly organization. The current Human Resource system has fallen behind and is keeping us from maintaining all that we have set out to accomplish. Integrating a more sophisticated, state-of-the art, information system in our Human Resource department will accomplish more than on the button the above goal. It will streamline our business applications into an easy to use easily accessible system that will be cost efficient with little maintenance. This is what we have always strived to accomplish and this new system will keep us on track. With proper planning, creating a good project scope, gathering good, reliable and relevant information and with your constant involvement throughout the SDLC of the new HR system we will be guaranteed of a successful project completion and rollout. Thank You.IT System Manager09/01/2013ReferencesWich, Darren. 2009. Project Scope Management IS 6840. Online http//www.umsl.edu/sauterv/ summary/6840_f09_papers/Wich/scopemanagement.htmlHeldman, Kim. PMP, April 14th, 2009. The Importance of the Project Scope Statement. Lakewood, Colorado. Online. http//pm.97things.oreilly.com/wiki/index.php/The_Importance_of_the_Project_Scope_StatementBlankenburg, Joanne. September 9th, 2012 Use Joint Application Design (JAD)

Code of Ethics Essay

The unfermentedYork-Presbyterian Health headache System is built up of a come up of hospitals, specialty facilities, and continues cargon facilities in New York, New Jersey, and Connecticut. According to NewYork-Presbyterian (2014), most System members are faculty member affiliates of either Weill Cornell Medical College or capital of South Carolina University College of Physicians and Surgeons. NewYork-Presbyterian understands the challenges of todays medicine and wreaks it their commission to remediate their endurings care by educating the patients researching in their own community. Their belief is that through awareness they may be able to teach the patients the social occasions they need to know to then take responsibility for their own health. Columbia University College of Physicians and Surgeons and Weill Cornell Medical College help the NewYork-Presbyterian to improve their knowledge by research and academic capabilities.The NewYork-Presbyterian Healthcare System is al trends looking for either way possible to improve patient care and give all patients the best possible treatment in their facilities. The makeups mission statement is NewYork-Presbyterian Healthcare System is dedicated to ameliorate patient care, aesculapian education and research throughout this region of the United States. (nypsystem, 2014) Therefore this gives them three goals. The three goals are promoting patient care, promoting medical education, and to research medical aspects in order to have improvement for society. These three goals are trussed to ethical principles because they are three categories, which will show advancement for the intact health care community.An example is improve patient care. This is straightforward because if NewYork-Presbyterian Healthcare System is able to improve the patient care that will understandably be and advancement for society and healthcare system as a whole. This is because helping out patients is a large part of the heal thcare system. Medical education is very important principle ethically. This is because education makes an entire society to a greater extent prepared for the future. By encouraging medical education it prepares doctors,nurses, or anyone in the healthcare industry to perform the best they possible can perform. Lastly, research will fundamentally make for a break up society because this would lead to advancement in the medical industry, ultimately ethically the correct thing to do.This organization value giving the best case healthcare to divers(prenominal) healthcare facilities in the conjugation East region and they value being able to spread knowledge in order to interrupt the medical community. This is a very important ethical value towards them. This is because it will not only reveal the current generation, but the next generation will have all the tools in order to better educate the generation after that. Another value that is important to NewYork-Presbyterian Healthcar e System is simply improving the healthcare for anyone in need in this area. This is ethically important because they feel everyone should have the best hazard to get the best treatment possible. They feel with the tactics that are used they are ethically doing the just thing because of improvement and accesses to healthcare that is being provided. An organizations culture includes experience, philosophy and expectations very similar to a mission and vision statement. (Thomas Garrett, 2010)An organizations culture can be presented as strength, muscle and a significant point. The significant importance in how the unity of an organization is demonstrated is closely related to the organizations culture. Most importantly a companys culture is derived from visions and policies of the company. Ethical thinking and ethical finis fashioning are inherently a ware of making all decisivenesss with the understanding of how it impacts other employee actions and the product produced. There is a direct correlation between culture and ethics. Cultures are based on beliefs, springer and attitude. An individuals culture and values are established early in life. For example, some cultures earmark the carriages of being stubborn and/or or structured.The mission statement of an organization may lean more toward adaptable, flexible and compliance. If an employees personal values and egos interfere with the flow of an organization it can change the boilersuit complexion of making ethical decisions. (Thomas Garrett, 2010) Organizational culture and ethical decision making are two intricate components in running a seamless organization. Employees have their owncultures and values and employees must make this transition in order to accept the directives of their organization. Ethical thinking means having an awareness of how it impacts individuals and the organization. Ethical decision making begins with the premise of choice and balance. Choice and balance allows individual s to involve individual accountability when making decisions. work in a team helps with making ethical decisions because the closer the team gets individuality is lost. Most importantly ethics and values impact our social environment which leads to and organizations marketing and success.Decision making involves defining and elucidate the issues. Gathering the information and informally brainstorming becomes a component of making the decision. The engrave of ethics in any sort of business or organization is arguably the most important key to success. It gives the organization stability and allows the all process to run smoothly. A code of ethics guides all managerial decisions, creating a super C framework upon which all decisions are founded. This can help to create a cohesive understanding of the boundaries at bottom an organization and the standards set for interacting with external stakeholders. A formal, well-communicated code of ethics can also help to nurse a companys r eputation and legal standing in the event of a suspension of ethics by an individual employee. (Small Business Chron.com, 2014) The question is, is it important for an organizations ethical values to support your own ethical values?From these standards I believe that it is important for the ethical values to be similar, but every organization is going to have a different idea of what is important when it comes to their code of ethics. I feel that it can be beneficial to have more than one viewpoint on ethical values because it can allow a broad spectrum to go off of. It can be compared to the middle section of a problem solving equation. There will be the original resolving that seems to be better than the rest, but then there are other solutions that need to be looked at. Having the triplex solutions allows variation and compromise. While the original code of ethics may be working just graceful for all involved, but there could be a few tweaks that can be found by comparing an d contrasting with another set of ethical values. It wouldnt be known how well different aspects could work in your own ethical code without scrutiny the waters. The worse that can happen from testing it out would be the realization that your original ethical values are as good as it gets.NewYork-Presbyterian Healthcare System was founded to improve the way healthcare is being delivered to the communities. Positive change is continuous and a major part in our quest to provide the best possible treatment for our patients and implement new-fashioned medicine in the New York region of the United States. The social responsibility to the community as a healthcare system leader is to develop organization operations that will foster patient offbeat and benefits. The culture of the organization is top quality, all decisions and actions stem from our organization morals and professional principles that ensure fairness and fairness in caretaking. These principles empower our planning proc ess and give support to health regulations and laws. The ethical behavior at our facilities is an example of our dedication to public health and safety.Every staff member is required to be aware of guidelines that govern the healthcare industry. unhurrieds can expect treatment to include confidentiality, respect, safety and professionalism. An extension of our responsibilities is making education and knowledge sharing one of our best practices. N.Y. Presbyterian Health Care System takes initiative on improving our knowledge base by drawing upon the research of two medical schools, Weill and Cornell Medical College and Columbia University College of Physicians and Surgeons. The social responsibilities to local communities are what shape our planning process to improve every aspect of healthcare. The outcomes are measured against core issues improving qualities, reducing readmissions, finances, clinical and administration functions, technology, and medical research. The System conduc ts system quality reviews to distinguish ourselves from other healthcare institutions recognized as high performers.NewYork-Presbyterian produces monthly newsletters and utilizes the world wide meshing as communication tools to provide the latest information regarding our healthcare system. This allows the community access to the process, initiatives and performance. Effective decisions to positively impact lives has recognized NewYork-Presbyterian as One of the most comprehensive health care institutions in the world, the hospital is committed to excellence in patient care, research, education and community service. NewYork-Presbyterian is the 1 hospital in the New York metropolitan area and is consistently ranked among the best academic medical institutions in the nation, according to U.S. give-and-take & World Report. (New York-PresbyterianHospital Recognized For Innovative Patient Bedside Tablet, 2014).The NewYork-Presbyterian Healthcare System is recognized quite a bit in th e medical world, mainly because of the stance it has taken in regards to their patients. This token healthcare system feels that it owes the patients the best care possible and it owes them the ability to be as informed as they can be about their own health. The facilities included in the system feel an ethical pressure towards all of their patients, no matter what their own individual beliefs are. They strive to understand and accept each and every one of their patients, no matter how different they are. The community that surrounds the facilities within NewYork-Presbyterian knows that we are socially responsible to them by giving them the knowledge they deserve, not only about our healthcare system but about health and medicine as a whole. The NewYork Healthcare System wants its patients and their community to be aware to their own health and how the medical world around them can change their lives for the better.ReferencesNewYork-Presbyterian. (2014). About Us. Retrieved from w ww.nypsystem.org/about.html. NewYork-Presbyterian Hospital Recognized for Innovative Patient Bedside Tablet. (2014). Retrieved from http//www.nyp.org/news/hospital/2014-infoweek-elite100.html. Small Business Chron.com,. (2014). Importance of Creating a Code of Ethics for a Business. Retrieved 24 May 2014, from http//smallbusiness.chron.com/importance-creating-code-ethics-business-3094.html The NewYork-Presbyterian Healthcare System. (n.d.). Retrieved from http//www.nypsystem.org/press.html. Thomas M. Garrett, H.W. (2010). Health Care Ethics Principles and Problems. Prentice Hall.

Political Party History

Political fellowship History Before the Democrat and republican parties began their reign over American politics, political parties were constantly changing. The commencement parties resembled factions more than actual parties. The nations politicians were kn receive to crowd together somewhat a particular issue. These were usu all toldy a reflection of social living in America. A swop in political parties meant a change in the way Americans were living their lives. Strong third parties likewise helped influence the Democrat and republican parties after they gained control.Though the names of parties change over time, there suck always been two groups of heap taking opposite sides of a common cause. The political party originated when the contend of ratifying the constitution arose. on that point was a split in the thought process of how this new country should be governed. On one side was the nationalist, who were mostly supported by the upper class. The wealthy property owners felt supersensitive to the open political sympathies that was starting to be framinged. They wanted to nurse their political power.On the other script the anti-federal officialists, made up of the lower classes, felt that a absoluteer central government would create a spacious deal of corruption as well as threaten the power of the people. These two factions finally quarantined into two parties. The first was pushed by Alexander Hamilton and kept the Federalist name. Hamilton believed in a strong national government having most of the authority. Hamilton wanted a strong industrialized country with close ties to the mother country of England. doubting Thomas Jefferson fronted the second party that was named the elected-republicans.Jefferson believed in an unpretentious central government giving most authority to the soulfulness states. Jefferson wanted to keep away from the possible corruption of industry and therefore promoted an agrarian based economy. The Federal ist political party prontoly came to an end when a split in the party occurred due to the controversial presidency of tooshie Adams. With no opposition the Democratic Republicans gradually faded away. This time period consisting of no parties was known as the Era of Good Feelings.With the new idea of universal white male suffrage, which gave the right to vote to all white men in the United States, there was a permanent shift in power. likely politicians could no longer only favor the propertied classes instead they now had to focus on the shopping mall and lower classes concerns. This profound shift helped invigorate a new party, the Democratic Republicans led by An move Jackson. The Democratic Republicans believed that the country should be governed under exact adherence to the Constitution. They were against a national banking system.They were withal against federally sponsored informal improvements because they felt it would be unwarranted interference and unconstitutiona l. The opposing side was the National Republicans and was led by illusion Adams. This party believed in supporting the national bank and prosperous all internal improvements. The National Republicans were also advocates of a strong central government. Eventually the National Republicans joined forces with many other disparate groups to form The Whig party. The Democratic Republican Party shortened its name to the Democratic Party.The Democratic Party still favored a limited national government as well as the ideals of agrarianism. Democrats were farmers who believed in the right to own slaves and favored territorial expansion. As transportation improvements increased commercialization and the new democratic politics drew people out of localism into larger networks, questions about national unity arose. Because the Constitution left the federal structure ambiguous all sectional disagreements automatically became constitutional issues. This brought out the great issue of nationali sm vs. sectionalism.The opposing side named themselves the Whig Party. The Whigs drew their strength from the growing industrial class. Most Whigs were entrepreneurs who favored urban ontogeny and free labor. The Whigs party beliefs were that of industrialization, they wanted to expand commercially and were in favor of federally sponsored internal improvements in the form of road and waterways. Ultimately the issues over slavery caused the separation of the Whig Party. The Kansas-Nebraska puzzle out divided the Democratic Party. The perform opened up Kansas and Nebraska to deciding their slave status based on popular sovereignty.This angered both the north and the south. By repealing the Compromise of 1820, the Act convinced northerlyers that the southeastern was attempting to ensure slaverys dominance in the United States. The South saw Northern attempts to influence Kansas into voting against slavery as trying to disturb the balance of power. The backlash of the act caused th e Democratic Party to split along sectionalist lines and created the Republican Party. This was the Nations first major party created along sectional lines. The new Republican Parties main goal was to stay the spread of slavery into the new territories.The party also wanted to establish a tariff that would protect the countries growing industry furthermore they wanted to give poor pioneers the ability to own the land they colonised in. The Southern Democrats made it abundantly clear that if a Republican won the Presidency the South would split from the Union to preserve its rights. Shortly after the Republican candidate Abraham Lincoln won the election of 1860 the South seceded from the union. The South was afraid that a Republican President would eradicate their right to own slaves.The Democrats remained fractionalized during the Civil War. The Northern remnants of the party split into three. First was the War Democrats who supported the civil war. Second, the Peace Democrats wh o wanted a quick political settlement with the South. Third, the Copperheads who openly opposed the war and even betrayed the Union to help the South. During this time the Republicans make a temporary alliance with the War Democrats, this new party was known as the Union Party. They chose a Republican Party presidential candidate with a War Democratic Party vice presidential candidate.The Union party, even though it only lasted for the duration of the war, was a unique time in American History. Never have two parties come together to support a common cause rejecting self-centred notions of power and working beyond their differences to safe the nation. After the Civil war the Democratic Party rejoined as the main opposition of the Republican Party. While their presidential candidates stand little chance of being elected, strong third parties have promoted concepts and policies that were an important part of social and political lives.The Populist and Socialist parties support for cut working hours led to the Fair Labor Standards Act. These two parties also supported a progressive measure system that would base a persons tax liability on their amount of income. This idea led to the ratification of the 16th amendment. The Progressive party, or the Bull Moose party, promoted womens suffrage and was eventually supported by both Democratic and Republican parties which ratified the19th Amendment giving women the right to vote. The Socialist Party furthermore supported a fund to provide temporary compensation for the unemployed.The idea led to the globe of laws establishing unemployment insurance and the Social Security Act. The American Independent party advocated getting tough on crime. The Republican Party adopted the idea in its platform and the Omnibus Crime Control and Safe Streets Act was the result. From the Revolution to Reconstruction, political parties unified people sharing the same basic principles into a means for change. There has always been one p arty in the United States party system that was always a strict interpreter of the Constitution and wanted to limit the growing power of the federal government.The other favored a Constitutional interpretation using the elastic clause as a way of increasing federal power. Throughout the first half of American history parties evolved from mere alliances of convenience of the Federalists and Anti-Federalists to the complex political machines of the Democrats, Whigs, and after the Republicans. Though the names of political parties have changed over time there have always been groups of people united to further their own ideological ends. Bibliography USA Today. The Parties. 999-2000. Pearson Education. Presidential Elections. 1789-2004. 2007. Berg-Anderson, Richard E. A Brief History of American Major Parties. May21, 2001. http//www. thegreenpapers. com/Hx/AmericanMajorParties. html Hockett, Homer Carey. Political and Social Growth of the American People. New York The Mackmillon Compan y, 1944. Garner, Richard L. Stebbins, Phillip E. Individualism and Community. The pop State University, 1975. Hicks, John D. The American Nation. University of California, Berkeley1941.

Financial Derivative Case Studies Essay

INTRODUCTIONFinancial unlikeial gears take for crept into the nations ordinary economic vocabulary on a wave of recent publicity about serious pecuniary losings suffered by municipal goernments, well- cognize corporations, pious platitudes and mutual funds that had invested in these products. Congress has held hearings on derivatives and monetary commentators postulate spoken at length on the topic. Derivatives, however remain a type of pecuniary instrument that few of us understand and fewer still fully appreciate, although many of us concord invested indirectly in derivatives by purchasing mutual funds or participating in a pension plan whose underlying assets include derivative products. In a way, derivatives are like electricity. bonnyly used, they can provide great benefit. If they are mishandled or mis mum, the results can be catastrophic. Derivatives are not inherently bad. When there is full understanding of these instruments and responsible management of the risks , financial derivatives can be useful tools in pursuing an investment scheme.DERIVATIVESA derivative is a come downual relationship established by 2 (or to a greater extent) parties where compensation is based on (or derived from) some(a) agreed-upon benchmark. Since individuals can create a derivative product by means of an agreement, the types of derivative products that can be developed are limited unaccompanied by the merciful imagination. Therefore, there is no definitive list of derivative products.Why Have Derivatives?Derivatives are risk-shifting devices. Initially, they were used to crucify exposure to changes in foreign exchange rates, interest rates, or personal line of credit indexes. For example, if an American company expects payment for a shipment of goods in British Pound Sterling, it may enter into a derivative urge with an new(prenominal)(a) party to reduce the risk that the exchange rate with the U.S. Dollar will be more than unfavor equal to(p) at the time the bill is due and paid. Under the derivative instrument, the other party is agnise to pay the company the amount due at the exchange rate in effect when the derivative condense was executed. By using a derivative product, the company has shifted the risk of exchange rate apparent motion to another party. More recently, derivatives have been used to segregate categories of investment risk that may attract to different investment strategies used by mutual fund managers, incarnate treasurers or pension fund administrators.These investment managers may decide that it is more beneficial to assume a specific risk characteristic of a security. For instance, several derivative products may be created based on debt securities that represent an interest in a pool of residential home mortgages. One derivative product may provide that the purchaser receives save the interest payments made on the mortgages while another product may specify that the purchaser receives only the princ ipal payments. These derivative products, which react differently to movements in interest rates, may have specific appeal to different investment strategies employed by investment managers.The financial markets increasingly have become pendent to greater swings in interest rate movements than in past decades. As a result, financial derivatives have appealed to corporate treasurers who wish to take avail of favorable interest rates in the management of corporate debt without the expense of issuing new debt securities. For example, if a corporation has issued long term debt with an interest rate of 7 percent and current interest rates are 5 percent, the corporate treasurer may assume to exchange (i.e., Swap), interest rate payments on the long term debt for a floating interest rate, without pitiful the underlying principal amount of the debt itself.RISK INVOLE IN DERIVATIVESThere are four risk associated with derivatives.* merchandise risk* Operational risk* Counter party impu te risk* Legal risk foodstuff riskThe risk to earnings from adverse movements in market prices.Operational riskThe risk of losings occurring as a result of inadequate systems and maneuver, human error, or management failure.Counter party credit riskThe risk that a party to a derivative contract will fail to consummate on its obligation. Exposure to counterparty credit risk is determined by the cost of replacing a contract if a counterparty (as a party to a derivatives contract is known) were to default.Legal riskThe risk of loss because a contract is found not to be legally enforceable. Derivatives are legal contracts. Like any other contract, they require a legal infrastructure to provide for the resolution of conflicts and the enforcement of contract provisions.CORPORATIONBARINGBarings PLC was the oldest merchandiser bank in Great Britain. Founded in 1762. With total divideholder equity of 440 jillion, it was far from the largest or just about important banking organization in Great Britain. Barings had long enjoyed a reputation as a conservatively run institution. But that reputation was shattered on February 24, 1995, when Peter Baring, the banks chairman, contacted the Bank of England to explain that a trader in the flyings capital of Singapore future days subsidiary had lost huge sums of cash speculating on Nikkei-225 stock index futures and options. In the days that followed, investigators found that the banks total losses exceeded US$1 billion, a sum large enough to bankrupt the institution.STRATEGIES AND TRANSACTIONCONTEXTIn 1992, Barings sent Nicholas Leeson, a clerk from its London office, to manage the back-office accounting and settlement operations at its Singapore futures subsidiary. Baring Futures (Singapore), hereafter BFS, was established to enable Barings to execute trades on the Singapore International Monetary switch (SIMEX). The subsidiarys profits were expected to come primarily from brokerage commissions for trades execut ed on behalf of clients and other Barings subsidiaries. Most of BFSs seam was concentrated in executing trades for a limited number of financial futures and options contracts.These were the Nikkei-225 contract, the 10 class Japanese G everywherenment trammel net (JGB) contract, the three-month Euroyen contract, and options on those contracts (known as futures options). The Nikkei-225 contract is a futures contract whose value is based on the Nikkei-225 stock index, an index of the aggregate value of the stocks of 225 of the largest corporations in Japan. The JGB contract is for the future speech of ten-year Japanese g everyplacenment bonds. The Euroyen contract is a futures contract whose value is determined by changes in the three-month Euroyen deposit rate. A futures option is a contract that gives the buyer the right, but not the obligation, to buy or sell a futures contract at a stipulated price on or before some specified expiration date.STRATEGIESDuring late 1992 or early 1 993, Leeson was named general manager and head trader of BFS. Leeson never relieved his authority oer the subsidiarys back-office operations when his responsibilities expanded including trading. Baringss management understood that such trading involved arbitrage in Nikkei-225 stock index futures and 10-year Japanese Government Bond (JGB) futures. Both contracts trade on SIMEX and the Osaka Securities Exchange (OSE). Leeson soon embarked upon a much riskier trading strategy. Rather than agreeable in arbitrage, as Barings management believed, he began placing bets on the direction of price movements on the Tokyo stock exchange. Leesons reported trading profits were spectacular. His earnings soon came to account for a significant share of Barings total profits the banks higher-ranking management regarded him as a star performer. afterwards Barings failed, however, investigators found that Leesons reported profits had been fictitious from the start. By manipulating information on his trading activity, Leeson was able to conceal his trading losses and report large profits instead. A major part of Leesons trading strategy involved the sale of options on Nikkei-225 futures contracts. The seller of an option earns a premium in return for accepting the obligation to buy or sell the underlying item at a stipulated strike price. If the option expires out-of-the money, the option premium becomes the sellers profit. If prices turn out to be more volatile than expected, however, an option sellers potential losses are virtually unlimited. Sometime in 1994, Leeson began selling large numbers of option straddles, a strategy that involved the simultaneous sale of both calls and puts on Nikkei-225 futures.TRANSACTIONLeesons trading losses from 1992 through the end of February 1995. By the end of 1992just a few months after he had begun tradingLeeson had accumulated a hidden loss of 2 meg. until October 1993, when his losses began to rise sharply. He lost another 21 million in 1993 and 185 million in 1994. Total cumulative losses at the end of 1994 stood at 208 million. That amount was slightly larger than the 205 million profit reported by the Barings Group as a whole, before accounting for taxes and for 102 million in scheduled bonuses. By January 1, 1995, Leeson was short 37,925 Nikkei calls and 32,967 Nikkei puts. He also held a long position of just over 1,000 contracts in Nikkei stock index futures, which would gain in value if the stock market were to rise.WHAT WENT WRONG? HOW WAS THE hurt ACCUMULATED?Disaster struck on January 17 when news of a violent earthquake in Kobe, Japan, sent the Japanese stock market into a tailspin. Over the next five days, the Nikkei index evil over 1,500 points Leesons options positions sustained a loss of 68 million. As stock prices fell, he began buy massive amounts of Nikkei stock index futures. By February 6, the Japanese stock market had recovered by over 1,000 points, making it practical for Leeson to recoup most of the losses resulting from the markets reaction to the earthquake. cumulative losses on that date totaled 253 million, about 20 percent higher than they had been at the start of the year but within some days market began to fall again making losses to multiply. Barings confront massive margin calls as Leesons losses mounted. While these margin calls raised eyebrows at the banks London and Tokyo offices, they did not prompt an immediate inquiry into Leesons activities. It was not until February 6 that Baringss group treasurer, Tony Hawes, flew to Singapore to investigate irregularities with the accounts at BFS. Barings had committed a total of 742 million to finance margin calls for BFS.WHO WAS RESPONSIBLE FOR THE LOSS?Some observers blame this lack of communication on the rivalry amid the two exchanges. Communication between SIMEX and the OSE was minimal, however this lack of communication not only helped make it possible for Leeson to accumulate large losses but also hampe red efforts to contain the damage once Barings relegated. The exchanges attitude toward Barings was influenced in part by the banks strong international reputation, but its willingness to die away normal risk management guidelines also may have been attributable to its desire to attract business.Events ring the collapse of Barings have served to highlight weaknesses in risk management on the part of SIMEX and other futures exchanges. Barings collapse was due to the unauthorized and ultimately catastrophic activities of, it appears, one individual (Leeson) that went undetected as a impression of a failure of management and other internal af firms of the most basic kind. Management failed at various(a) levels and in a variety of waysWHAT LESSONS ARE TO BE LEARNED FROM THE CASE/ DISASTER?HIGHLIGHTED weakness(1) The lack of communication between securities and futures exchanges and regulators in different countries, and (2) Conflicting laws on the legal status of node accounts a t futures brokers and clearing agents in the event of insolvency. These weaknesses can be addressed only by change magnitude international cooperation among futures exchanges, regulators, and lawmakers.* Management teams have a duty to understand fully the businesses they manage.* Responsibility for each business activity has to be clearly established and communicated.* Clear segregation of duties is fundamental to any effective control system.* Relevant internal controls, including independent risk management, have to be established for all business activities.* summit meeting management and the Audit Committee have to ensure that significant weaknesses, identified to them by internal analyse or otherwise, are resolved quickly.METALLGESELLSCHAFTMetallgesellschaft AG (hereafter, MG) is a large industrial conglomerate engaged in a wide range of activities, from mining and engineering to trade and financial services. In December 1993, the firm reported huge derivatives-related loss es at its U.S. embrocate subsidiary, Metallgesellschaft Refining and Marketing (MGRM).STRATEGIES AND TRANSACTIONCONTEXTIn 1992, MGRM began implementing an aggressive marketing curriculum in which it offered long-term price guarantees on deliveries of gasoline, heating anoint, and diesel fuels for up to five or ten years. The first was a firm obdurate program, under which a customer agreed to fixed monthly deliveries at fixed prices. The second, known as the firm-flexible contract, specified a fixed price and total volume of future deliveries but gave the customer some flexibility to set the delivery schedule.STRATEGYBy September 1993, MGRM had committed to sell transport the equivalent of over 150 million barrels of petroleum for delivery at fixed prices, with most contracts for terms of ten years. Both types of contracts include options for early termination. These cash-out provisions permitted customers to call for cash settlement on the full volume of outstanding deliveries if market prices for oil rose above the contracted price. Its contracted delivery prices reflected a premium of $3 to $5 per barrel over the prevailing spot price of oil. MGRM sought to offset the exposure resulting from its delivery commitments by buying a combination of short-dated oil swaps and futures contracts as part of a strategy known as a push-down storage-and-roll misrepresent.TRANSACTIONIn its simplest form, a stack-and-roll hedge involves repeatedly buying a bundle, or stack, of short dated futures or forwards contracts to hedge a longer-term exposure. Each stack is rolled over just before expiration by selling the existing contracts while buying another stack of contracts for a more distant delivery date hence the term stack-and-roll. MGRM implemented its hedging strategy by maintaining long positions in a wide variety of contract months, which it shifted between contracts for different oil products (crude oil, gasoline, and heating oil) in a manner intended to minim ize the costs of rolling over its positions.Had oil prices risen, the accompanying gain in the value of MGRMs hedge would have produced positive cash flows that would have offset losses stemming from its commitments to deliver oil at below-market prices. As it happened, however, oil prices fell even supercharge in late 1993. Moreover, declines in spot and near-term oil futures and forward prices significantly exceeded declines in long-term forward prices. As a result, contemporaneous realized losses.WHAT WENT WRONG? HOW WAS THE LOSS ACCUMULATED?Decline in oil prices caused funding problems for MGRM. The practice in futures markets of marking futures contracts to market at the end of each trading sitting forced the firm to recognize its futures trading losses immediately, triggering huge margin calls. Normally, forward contracts have the advantage of permitting hedgers to defer recognition of losses on long-term commitments. But MGRMs stack-and-roll hedge substituted short-term forw ard contracts (in the form of short-term energy swaps maturing in late 1993) for long-term forward contracts. As these contracts matured, MGRM was forced to make large payments to its counterparties, putting further pressure on its cash flows. At the same time, most offsetting gains on its forward delivery commitments were deferred. MG reported losses of DM 1.8 billion on its operations for the fiscal year ended September 30, 1993, in addition to the DM 1.5 billion loss auditors attributed to its hedging program as of the same date.WHO WAS RESPONSIBLE FOR THE LOSS?MGs lineup of supervisors fired the firms chief executive and installed new management. The board instructed MGs new managers to begin liquidating MGRMs hedge and to enter into negotiations to cancel its long-term contracts with its customers. This action further complicated matters. The actions of MGs board of supervisors in this incident have spurred widespread debate and criticism, as well as several lawsuits. Some ana lysts reason that MGRMs hedging program was seriously flawed and that MGs board was right to change it. Others, including Nobel Prize-winning economist Merton Miller, argue that the hedging program was sound and that MGs board exacerbated any hedging-related losses by terminating the program too early.WHAT LESSONS ARE TO BE LEARNED FROM THE CASE/ DISASTER?Considering the debate over the merits of MGRMs hedging strategy, it would seem naive simply to blame the firms problems on its imaginary use of derivatives. It is true that MGRMs hedging program was not without risks. But the firms losses are attributable more to operational riskthe risk of loss caused by inadequate systems and control or management failurethan to market risk. If MGs supervisory board is to be believed, the firms previous management lost control of the firm and then acted to conceal its losses from board members. If one sides with the firms previous managers (as well as with Culp, Hanke, and Miller), then the s upervisory board and its bankers misjudged the risks associated with MGRMs hedging program and panicked when approach with large, short-term funding demands. Either way, the loss was attributable to forgetful management.FINAL CONCLUSION OF BOTH CASESThe cases of Metallgesellschaft and Barings provide an interesting study in contrasts. Both cases involve exchange-traded derivatives contracts. In both cases, senior management has been criticized for making an insufficient effort to understand fully the activities of their firms subsidiaries and for failing to supervise and supervise the activities of those subsidiaries adequately. But while critics have faulted MGs management for overreacting to the large margin calls faced by one of its subsidiaries, Baringss management has been faulted for being overly complacent in the face of a large number of warning signs. If these two disparate incidents offer any single lesson, it is the need for senior management to understand the nature o f the firms activities and the risks that those activities involve.