Ordinary Or Proportionate Care

In medical terms, ordinary or proportionate care, which is beneficial, useful, and not unreasonably burdensome to the patient, is morally obligatory. On the other hand, extraordinary or disproportionate care, which may include exotic, experimental, or excessively burdensome treatments that are unlikely to benefit a patient or that include unreasonable costs relative to benefits, is not morally obligatory, though a patient may choose to accept it.The categories of proportionate and disproportionate care therefore, allow us to navigate between two dangerous extremes: the fundamentals that would have us preserve life at all costs by any means necessary without regard for the burdens imposed on the patient, and the fatalism that would tempt us to give up on gravely ill patients before their time and violate their rights to life and basic care.In the case of Roger Allen, his directive not to undergo surgery anymore if there is no guarantee that he will recover and assume a normal life is based on his right as an individual to decide what he wants to do with his body and to be protected from unwanted interference from others. In his perspective, Mr. Allen may be thinking that the burdens of treatment in terms pain, effort and costs are disproportionate relative to the anticipated benefits of the treatment.In the first place, there is no guarantee that the surgery will restore his health. If it fails, either he will die or he lives, only to be a burden to his two daughters and relatives in terms of financial costs as well as efforts of caregiving, not to mention the emotional pain that his daughters and relatives will be experiencing due to his condition. On the other hand, if we look at the daughters’ perspective, it is only natural that they will try to exhaust any means to save their father’s life.If surgery fails and in the end their father dies, at least their minds and hearts are at peace knowing that they have done their best to save him rather th an being tormented for the rest of their lives with the idea that they could have tried at that slim chance to save him. In my opinion however, the request of the daughters to monitor their father’s condition after surgery for six months is too long. I think one to two months would be long enough. By that span of time, the medical professionals would be able to assess if there is improvement and a chance that the father will recover.Also in that span of time, the daughters’ decision may also change considering the physical, mental and emotional toll that they had experienced in the care of their father. On the part of the doctor, I think that he has no other choice but to insist the father’s wish. He himself, cannot guarantee the success of the surgery and medical treatment may only be prolonging the agony of everyone concerned. Furthermore, in his perspective, discontinuing medical procedures that are burdensome, dangerous, extraordinary, or disproportionate to the expected outcome can be legitimate.No doubt, Mr. Allen’s treatment falls under this category since the diagnostic tests reveal significant brain damage and internal bleeding of unknown origin, requiring exploratory surgery. In his case, one does not will to cause death; one's inability to impede it is merely accepted. The decision is made by the patient himself assuming that he is competent and able or, if not, by those legally entitled to act for the patient, whose reasonable will and legitimate interests must always be respected.

Iberia Airlines Essay

i. whom does it serve? In 1944, the civil Aviation Conference was held in Chacigo, where fifty two states siged an International Convention that established the basic principles for the functioning of the air market: each country could negotiate bilateral agreements with other countries in order to regulate the market conditions that would govern air traffic. Before the 1980’s, the planning system used was basically â€Å" point to point†, that is to say, direct flights from one city of origin to another of destination. Instead of planning simple routes, they planned routes from and to the hub airports that came from or were going to other cities. In 1959, ii. What value does it deliver? They used medium and low capacity aircraft on low density routes. Generally they only made domestic flights and rarely international ones. They competed with flag carriers and also with low cost carriers, which had caused a decline in their per passenger income. For that reason, some regional companies decided to go into partnership with flag carriers which results to also low cost carriers. iii. Why does it matter? It matters with the 1.9 billion passengers carried safely by the airline, because of the low cost but efficient carrier. The strategic master plan II 2000-2013, established customer service as one of its priority objectives which in fact result with the passenger’s satisfaction that would be converted to profit. iv. What is its ambition? Its ambition is to suffice the need of its passengers while giving low cost in a way that their service will be still in the international level and not only for domestic purposes with the intention to give a safe and worth it flights. 2. How does the firm create and capture value? i. What is its difference? Its difference is that it gives low cost flights which gives the customers the right satisfaction. They managed flights â€Å"point-to-point†, both scheduled and short haul. They used to regional airports that were cheaper and less crowded than the main airports. Nevertheless, some low-cost carriers such as easyJet and Vueling also used main airports. They had homogenous fleets that facilitated crew information and saved on maintenance costs. They offered one class only with high density seating and no in-flight service. They made sales directly by telephone and internet without issuing tickets. They offered unnumbered seats on the aircraft so as to speed-up the boarding process. They subcontracted many activities such as ground assistance or maintenance. They employees were not union members, and in many cases they contracted for several tasks. Iberia enabled Iberia to ramp up its security without having to take on additional staff. The automatic detections made by Vi-System have resulted in more effective surveillance, managed centrally from the security team’s headquarters, without the need for regular patrols around the large site. ii. How does it deliver its value proposition? Our research indicates that most companies, when asked to construct a customer value proposition, simply list all the benefits they believe that their offering might deliver to target customers. Therefore, the benefits of Iberia are as follows: 1. Non expensive flights 2. Safe flights What makes its strategy superior? Its strategy is superior because they know how to choose their trusted customers. Customers which aims for a low prices offered by the airlines, they made their schedules convenient and frequent, made a good edge by making good previous experience and definitely a direct flight. iii. How does it evolve? It has established partnerships with other flag carriers. Iberia became a partner of European regional airlines although still having independent capitals but it they achieved better service and obtained positive results 8. Describe the here and now condition of the firm as given by your case material PEST Political factors: -Government regulations regarding the safety of the people -Economic policies of government regarding the airline industry, these may include licenses, inspection by the duly authorities that is airline companies follow. Economic factors: – Interest rate would impact the cost of capital, the rate of interest being directly proportionate to the to the cost of capital – Economic trends act as an indicator of the sustenance and profitability of your business in the chosen region and help you in deciding your marketing strategy. – Rate of inflation determines the rate of remuneration of employees and directly affects the price of the restaurant’s products. Again, the proportion between the inflation rate and wages/prices is direct Social Factors: -Certain cultures, like 1st world countries would not choose to go to the Iberia airline just to save money, they would choose airlines which gives better customer satisfaction. Technological Factor: – The technology of the Iberia Airlines is very efficient because when the internet was used, the Iberia Airlines quickly took the idea of selling tickets in the internet. Porters 5 forces It is known for a fact the Iberia Airlines is not the first airlines, but it is said by porter that when there’s a new one, there will always be an old one. Its idea of selling tickets cheaper compared to other companies is a stepping stone. The advantage of this airline is that it has cheaper flights compared to other airlines but same service. Its technology is sufficient and ready for competition. In its early age, it is a fact that there were already 1.9 billion customers and a basis to have a reason of better achievement compared to other rivals. The Mckinsey 7S Strategy: to build partnerships among other airlines but still having independent capital to have independent profit Structure: Everyone reports to the CEO, Rafael Sanchez- Luzano Turmo who decides whether the proposals are to be accepted Systems: Iberia Airlines became more established in the world of air travel and began commercial connections six days a week between Madrid and Barcelona. Shared Values: Its goal is to dominate the airline industry Style: Its style is selling cheaper flights but efficient service. Staff: The Iberia airlines provides ground staffs and cabin crew with iPads to improve customer service Skills: Its main objective is to give services to customers who wants a point to point flights (domestic flights) but it is currently serving international flights SWOT: Strength- Low cost price but efficient service Weakness- Too many international airlines. The train industries are also being their rival companies in term of short term travels Opportunities- well known internationally by giving efficient service Threat- insufficient capital, companies that are well known giving services faster and easier in terms of international flights 9. Formulate the vision and mission statement As we move towards our goal of being a world-class airline, we will continue to give extra-ordinary services to attain customer needs. We intend to provide our customers with a efficient though low cost pricing flights and will surely give memorable experience in the flight. Mission statement Our mission is to run a profitable business by providing high-end international airline. To provide quality and efficient service to the customers, we will maintain the low-cost prices of our services. references: http://www.buzzle.com/articles/pest-analysis-example.html http://www.mindtools.com/pages/article/newTMC_05.htm http://hbr.org/2006/03/customer-value-propositions-in-business-markets/ar/1 http://www.mindtools.com/pages/article/newSTR_91.htm http://www.airlinetrends.com/2012/07/23/iberiacabin-crew-ipad/

Acceptance Speech - Martin Luther King Essay Example for Free

Acceptance Speech – Martin Luther King Essay ? Acceptance Speech Martin Luther King was an African American activist and leader who dedicated his life to fighting for equal rights for coloured people in America. Grown up in a Baptist family, Christianity held a huge fascination for Martin Luther King, which is often reflected in his speeches. In 1964, he received the Nobel Peace Prize for his achievements in the struggle for equality and independence for coloured people. When receiving the award, Martin Luther King expresses his appreciation by a speech in Oslo. This speech is slightly different to his other speeches such as â€Å"I have a dream† or â€Å"Eulogy† as he uses less metaphors and alliterations and not only focuses on racial discrimination in the United States of America. He uses high vocabulary, as he speaks to a highly educated non-American audience in a humble tone. Martin Luther King begins his speech with the words: â€Å"The tortuous road which has led from Montgomery to Alabama to Oslo†¦ This can be classified as a metaphor, as â€Å"tortuous road† emphasizes that Negros had to suffer humiliation, exploitation and oppression for many years. But this â€Å"road† gave new hope to the people in the United States, as it is said in the speech: â€Å"This road has opened for all Americans a new era of progress and hope. † This is an extended metaphor that appears throughout the whole paragraph, as he goes on with:† a superhighway of injustice†. These words show that the civil rights movement can’t be stopped anymore and will finally bring justice for Negros. Throughout the speech many alliteration occur such as:†faith in the future† or â€Å"bright daybreak of peace and brotherhood†. These examples show that alliterations point attention to the sentence and help to fix the reader’s mind. It then goes on with the simile: â€Å"Man is more flotsam and jetsam in the river of life†. By these words Martin Luther King wants to emphasize that it is possible for everybody to change something in the world, despite the fact that people do not have the same opinion. Later he says:† I refuse to accept the view that mankind is so tragically bound to Starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality†. By metaphor â€Å"starless midnight of racism† Martin Luther King wants to indicate was considerate to something unsolvable or unchangeable. By the words â€Å"bright daybreak of peace and brotherhood†, he which is also a metaphor, he emphasizes thatpeace and brotherhood will finally be achieved. However, hese metaphor are very effective as they make the abstract or unknown concrete but it also enlivens the reader’s imagination. This sentence can also closely be classified as a balanced sentence, as Martin Luther King tells us what to do and what not to do. However, this helps to persuade the audience so stand up for their rights. Throughout the speech many anaphoras occur such as â€Å"I refuse to accept† or â€Å"I believe that†. This rhetor ical device emphasizes Martin Luther King’s aim for equal rights all over the world. Later on it says: â€Å"I refuse to accept the idea that the ‘is-ness’ of man’s present nature makes him morally incapable of reaching up for the eternal ‘ought-ness’ that forever confronts him. † Martin Luther King had a vision for how things ought to be. He shows us to refuse to accept things for how they are, and instead strive to find the solution for how they ought to be. Martin Luther King will always remain one of the most influential and greatest freedom fighters in the world. Though his commitment and persuasion, he achieved a lot for Afro American people in the USA. Acceptance Speech – Martin Luther King. (2018, Nov 13).

Compare and contrast political ideologies, such as Liberalism and Research Paper

Compare and contrast political ideologies, such as Liberalism and Conservatism - Research Paper Example Political ideologies are a product by a person’s personal beliefs, refined by many years of contemplation and further shaped by numerous life experiences. More than anything else, ideological disputes instigate a highly emotional reaction in people. Abortion, torture, foreign military intervention, gay marriage, workers rights, global warming, health care, the economy, the definition of civil liberties and, incredibly, forced trans-vaginal ultrasound along with several other politically stirring issues are causing ideological battles that have drawn clear ideological boundaries and deeply divided the nation. This paper explains the two polar opposite political points of view, liberalism and conservatism, while giving examples of how each interpret some current issues and why the conservative ideology is fundamentally flawed. The principles of Liberalism include an intense conviction in the democratic process and are confident that the people’s constitutional rights will keep the powers of the government in check. Liberal political leaders have, partially by necessity, steadily grown governmental authority beyond where the authors of the Constitution and some people would prefer. The doctrine of conservatism relies, in part, on their collective interpretation of a Christian-based ideology. As opposed to liberals, conservatives are opposed to government regulation of business but are generally in favor of laws that regulate the personal conduct of private citizens. They are determined to promote their religious agenda without consideration of personal liberties, scientific evidence or constitutional confirmation that may contradict their opinion. â€Å"At the core of the conservative ideology lays a thirst for heroes and villains, a visceral resistance to change, rigid adherence to tradition, fear of the unknown,

Economic paper Essay Example | Topics and Well Written Essays - 500 words - 1

Economic paper - Essay Example Shelly has already indicated that she would not consider any buyer who intends to relocate the L.A. Clippers franchise. In addition, she is keen to get a sale price that would leave the Sterlings with â€Å"enough† money after the hefty tax obligations (Shelbourne). This presents an issue with the evaluation of such a sports franchise. Sports franchises are often valued at significant amounts. For instance, the L.A. Clippers was valued at $575 million in January 2014 (Forbes). The values of basketball, football and hockey teams may seem astonishing as well as ambiguous because it might not be clear how the values of the teams are arrived at. This is because many people do cannot ascertain how a team’s performance, qualities, assets, accomplishments, ticket prices, venue, concession sales and broadcasting revenue contribute to the overall value. There are various approaches that are use in valuation: income approach; market comparison, and asset-based approach. According to Baum, Baum and Nunnington (67), the value of a team would be computed on the present value of the future net cash flows that it will be in existence. This method utilizes a value estimate based on on expected cash flow obtained through the discounted cash flows method. An anlyst makes assumptions on how the various value drivers contribute to expected earnings and work backwards to compute the present value. This is a common method in valuing sports franchises and it utilizes factors such as team performance, ticket sales and stadium attributes. The market comparison approach uses the competition principles in a free market and depends on the hypothesis that the price of one investment applies comparable investments with little mofifications (Munizzo and Musial 126). Analyst looks at the actual data on generated revenues, one can make comparisons between a franchise that is being valued and other franchises that have recently been traded. Some of the important

Marketing & Entrepreneuriship Essay Example | Topics and Well Written Essays - 3000 words - 1

Marketing & Entrepreneuriship - Essay Example In order to critically evaluate the factors which determine entrepreneurial success, it is imperative to begin by explaining the meaning of entrepreneurship in order to gain a clear understanding of the whole concept. Entrepreneurship is loosely defined as the emergence and growth of new businesses. Timmons believes that entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled. Small to medium businesses are the dominant forms of business developed by entrepreneurs in the economy and is going to be discussed below, the success of this kind of business can be attributed to many factors. For instance, venturing into a mobile business which offers fast foods is a good example of entrepreneurship given that an entrepreneur can capitalize on the opportunity of satisfying the needs of the customers who do not wish to visit restaurants. However, it is not an easy feat to successfully operate in this venture withou t taking into consideration some of the following factors. Creativity and innovation are the major factors that can lead to the success of small business. Creativity can involve the adjustment or refinement of existing procedures or products, the identification of opportunities and the identification of solutions to problems. Basically, creativity involves new ideas and every person who establishes an enterprise, adds value and strives to ensure that the enterprise continues to exist and this person is involved in economic creation.

Newspaper report on the conditions in the factories and mining areas Essay - 1

Newspaper report on the conditions in the factories and mining areas of Industrial England - Essay Example The poor building design of the industrial cities, coupled with the existence of carbon emissions from the fireworks in the industries have combined to deny the residents of the industrial cities an access to clean air, and thus the result is the inhalation of air that is short in oxygen but highly enriched in carbon and other air pollutants from the surrounding industries, whose consequence on the residents has been† mental and physical lassitude and low vitality† (Engels, 1). Thus, the conditions of the factories and mining areas are characterized by people who have acute health problems, which are a function of chronic poverty, coupled with inflammatory infections (Engels, 2). Further, it is through bad ventilation and overcrowding that characterizes these areas, that the level of deaths and illnesses have continuously increased, while the productivity of the workforce in the industries and the factories continue to decline, considering that they can no longer perform at their best, due to health complications (Chadwick, 2). The congestion of the people in the working rooms within the industries and factories is inconceivable, considering that a room that is a maximum of 18 yards long and 8 yards wide can be used by approximately 80 people, and most importantly heavily working, breathing and sweating people (Chadwick, 2). In better terms, the conditions in the factories and mining areas of Industrial England can simply be termed as horrific, when the reality sinks in the mind, in consideration of the fact that men are working knee to knee during the summer, with the room lit with sky lights, but candles introduced when the hours have proceeded and darkness is setting in. when the people start sweating, and the air within the room becomes completely short of oxygen, while the breathing adds more carbon and yet the candles that have been lit increases the heat and the carbon levels in the air, the conditions become intolerable for the workers, and people â€Å"faint away in the shop from the excessive heat and closeness†, despite the smell being intolerable (Chadwick, 2). The conditions in the industries and the factories are neither better during the winter season, since the scathing cold gives the workers more reasons to stay even closer, while blocking all the ventilation and closing the windows, to stay away from cold. The consequence of this is that; the atmosphere becomes even more polluted, while the smell increases two folds, causing even more people to suffer more adverse health effects in the winter than in the summer, since at least during the summer windows and the little ventilations allow in air, even though it is not any fresh (Chadwick, 4). While affecting the health of the workers adversely, the horrific atmosphere and the lack of clean air for breathing takes a toll on the workers, through reducing their energies, and consequently their level of performance (Engels, 1). While the conditions in the wor kplaces could be considered horrific, the places of residence of the working classes are not any better. It could be significantly disturbing to have heaps of decaying wastes just outside the compound of the people living in the villages, because for them, the garbage heap is a source of nuisance, especially when the wind blows the garbage components and the smell in the direction of the house (Engels, 2). However, the condition is even worse for those living in the industrial cities, where the heap of garbage is either close to the door or right across the street, but the worst thing is that there is not even the wind to blow in fresh air, meaning that the stench characterizes the air around the houses (Engels, 2). The devastating working and living conditions of

Innovation Management - Logitech Assignment Example | Topics and Well Written Essays - 3000 words

Innovation Management - Logitech - Assignment Example over a home network for central control. It is also planning to this for remote reading of the water meters known as â€Å"Smart Metering solutions.† To accomplish this Logitech plans to acquire a small high technology firm with the relevant expertise in the new area. Logitech must be prepared to understand that acquiring a new company will have its own problems and issues which the company will have to face. This report presents the analysis the situation of Logitech that is planning to acquire a company in order to extend its product line. This report analyses the value creation of Logitech as it intends to acquire the company. The second part of the report presents the marketing analysis that also includes the external environment analysis of the company. PEST analysis has been used to analyze the external environment of the company. The third part of the report analyses how proper and appropriate innovation management can help the organization in making this change a succe ssful one. The fourth part of the report discusses the role of strategic leadership and what role the leaders can play in formulating strategies and in making sure that the change is successful. Then the report leads to the conclusion. PART I - VALUE CREATION Existing Line Of Products Logitech is a very prominent name in the field of electronics. It has a variety of products to cherish its product line such as: Tablet Accessories From headphones to keyboards Mice & Keyboard Combos HD Webcams which outperform embedded cameras and enable face-to-face meetings Headsets compatible with PCs, Macs and most UC platforms. Multimedia speakers with a variety of range of sizes and styles. Presentation Devices Gaming & Security System Logitech’s product line consists of the following home monitoring and security items also bear a wide variety of product which are all top of the line. These consist of Master Systems Add-on Cameras Premium Services Accessories Bundle Builders Busted Videos Product Proposal Logitech is planning to extend its product line by entering the new sci-tech product arena. It plans to acquire a small high technology firm with the expertise in this area in order to do so. This decision will surely benefit the company a lot. Besides the endless benefits the company will have to consider that the costs of operations will increase. Logitech by acquiring such a company will take responsibility of the existing product line of the company too. Engaging with the new company will increase the responsibility of Logitech. This acquisition will show that Logitech will be the one responsible for that companies product decisions. If that company fails to deliver any sort of perfection in its own existing product line, Logitech name will also be on stake. Smart Metering Solution The acquisition of a whole new company is intended for the product line in which Logitech plans to penetrate. This is a new product to ensure complete solution from home related issu es. This product will help measure the water consumption of the individuals of the house. This is a very important device because water has become a rare commodity these days. To ensure the least wastage of resources and the efficient monitoring of the usage of water, this device will prove to be very useful. Competitors There are already a few companies which are working and producing smart meters. These companies would prove to be the

Discussion Questions Assignment Example | Topics and Well Written Essays - 250 words - 18

Discussion Questions - Assignment Example This is because the authoritative force is on the outside of the individual and the only sensible basis of reasoning depends on physical consequences of every action. Punishment has a direct link to physical vengeance. Therefore, each punishment in regards to an action sets standards in understanding the wrong and good. Therefore, the question is, what must an individual do in order to avoid punishment? People, in these case kids, understand that every person has a unique way of viewing things and making judgments. They learn to only do the necessary and can only act further if the activities offer satisfaction. The question in the post can be, what can a person do to realize satisfaction and not pain? It is evident in adolescent adults who show ability to internalize the set moral standards. However, even though understanding authority, there is little questioning because they accept it as a norm (Kohlberg & Hersh, 1977). Due to the established stereotypes, people accept and build their interpersonal skills on this basis. This gives rise to good behavior because it appears to be appealing to the rest of the group. As an individual, what is expected of you to be identified as a good person? Individuals learn to respect rules and order as demanded by the authority. This is because they know anyone found guilty of violating rules is liable to punishment since it the standardized form of administering justice. This requires consistency in showing loyalty to rules. The question is; what if all human beings acted in such a manner? At this stage, individuals demonstrate the ability to define moral principles in their own way even if they have no allowance in the guiding rules. However, the moral principles favor and are applicable to everyone. What is justice for all? As an individual, am in this stage because I can, on my own come up with moral principles which respect

Eveline & staying at her home Essay Example for Free

Eveline staying at her home Essay I agree with the decision made by Eveline of staying at her home. As a responsible lady with two young kids to take care of, Eveline should stay at home in order to ensure that the children needs are met. She has the responsibility of keeping the house together and making sure that her two younger siblings who were left under her charge by their late mother went to school and get their meals regularly. Furthermore, her father was no longer responsible to the family given that he used to squander his money, so she had to work extra harder to be able to provide food on the table for the family together with little support from Harry. Though it was a hard life, she had to honor her obligation and take good care of her siblings and family at large. There is no need for her to go given that she has a shelter and food together with a family to look after. At an age just above nineteen is promising for someone to marry. Eveline does not have to hurry in marriage in an attempt of looking for happiness, peace and respect. She has to consider both sides of the coin in that although there may be some sort of freedom, there are also bottlenecks found in marriage. In addition, she love her family more so her father whom she used to view at first as a threat because he has recently become old and thus harmless to her. Her father was sometimes very nice to her and he will miss her if she chose to go. Harry was her favorite brother and it will be painful for her to leave them. She had to work hard in the business where she used to earn seven shillings a week. If only she want to get married, she can wait a little longer till her two siblings are through with their schooling after which they can continue their love life with Frank. Consequently, Frank was a deck boy who has to move from one destination to another and this means that most of the time Eveline will be staying alone in their home if she would have chose to go. One does not solve a problem by running away. So there is no good for her to run away her employer just because they are not in good terms. She has to stay and face the situation in view of the fact that respect and happiness is a reflection of one’s perception. She can be happy at any place provided she chose to be happy and forget all hurts of the earlier periods. In terms of security, she was free from danger given that her father used to treat her as â€Å"mother of the house† and there was no way in which he could have hurt her. In a light shade, together with Harry they were able to support the family and her father used to give her money to make shopping every Saturdays for the family (James, n d). In conclusion, the way Frank was to marry her was not right. How is she supposed to leave her home without the consent of her family members? If at all they wanted to get married, they would have done it the right way of incorporating their parents. By so doing, they would have been free from guilt, shame and fear. If she would have left her home, her family would have been worried of her where about and the experience would have turned out to be fatal especially to her old father. Furthermore, her younger siblings who used to depend on her would have left school due to lack of care and food given the dad was a squander of money and not concerned strongly with family issues. In summary, Eveline move of staying is the best for it carries much benefit with it both to her and her vital role in the family. Works Cited James Joyce (n d) Eveline. Viewed on August 3 2010 from http://www. readprint. com/work-880/Eveline-James-Joyce

The effects of child labor in India

The effects of child labor in India Child labor has been a constant menace plaguing Indian society for centuries. As the Indian economy develops at a dramatic pace to become one of the worlds future economic superpowers, it is becoming extremely important to protect the future generation of this country, which are undoubtedly the children. Child labor holds a disgusting picture in todays India. India tops the list in the world of having the highest number of child laborers, under the age of 14, of about 100-150 million out of which at least 44 million are engaged in hazardous jobs (Larson, 2004). Even though the Indian Constitution prohibits children younger than 14 to be employed in any occupation or hazardous environment, child labor exists in this country (Ram, 2009). They often work for long hours in hazardous and unhygienic environment and receive meager pay (Forastieri, 2002). These young children deserve to be educated and benefit from their childhood rather than work at early age and face abuse. The Indian gove rnment should enforce their law of prohibiting child labor to eliminate this problem. It is extremely important to tackle this menace if childrens rights are to be protected and a vibrant, mentally strong and educated youth is to be ensured for the future. To begin with, child labor is a gross violation of human rights. Firstly, it violates the constitutional law of India (Ram, 2009). Secondly, it also violates the UNICEFS 1989 Convention on the Rights of the Child whose article 32 include[s] the childs right to freedom from economic exploitation and from performing any work that is likely to be hazardous or to interfere with the childs education, or to be harmful to the childs health or physical, mental, spiritual, moral or social development (UNICEF, 2001, p. 6). Moreover, the International Labour Organisation (ILO)s Convention number 182 also aims at eliminating child labor (Fyfe, 2007). Due to the lack of enforcement of law by the Indian government, the 100 to 150 million children are not getting the national and universal human rights they are entitled to. When the thought of childhood comes to our mind, images like children playing and running around in school uniforms emerge. However for child laborers in India, its images of factory smoke, wounded fingers, and abuse that emerge. These children work for long hours inhaling smoke, working with dangerous machines, and facing abusive employers. The labor market in which these children work, the [labor] supply exceeds demand, and, therefore, they lack bargaining power with the balance always tilted in favor of the employers leading to exploitation (Mishra, 2000, p. 56). Also, since children are more vulnerable compared to adults and in weaker positions to negotiate, they face further mistreatment, abuse and get paid less. Some are even abducted, sold into labor and are forced into servitude with no hope of getting out (Schmitz, Traver, Larson, 2004). When children start working at such a young age and undergo through the above mentioned abuses and economic exploitation, it negatively affects their emotional and physical capabilities (Larson, 2004). In one case, a 10 year-old girl named Mina had her fingers almost worn to the bone because of working many hours rolling cigarettes for a beedi (rolled cigarettes) company (Larson, 2004). In the same beedi industry, another girl narrated that her work was not only hard but it was also painful for her to sit and continue for hours without any break to achieve her target of 3000 beedis per day, for a meager wage of 3 rupees per day. Surprisingly, an adult can hardly make 2500 beedis in the same time (Mishra, 2000). In Child Labour in India, Mishra (2000) mentioned a disheartening case of a 12-year old boy in a matchbox factory. The boy complained that his employer would beat him for minor mistakes and insult his parents in a filthy language which would cause him a lot of pain since it was no fault of theirs. He also said: My employer used to put a match box on my neck in order to bend it down sufficiently to concentrate on the work. This prevented me from raising and turning my head on either side. I was beaten several times by him for having raised and turned my head. The turning of my head was very well indicated by the fall of the match box from my neck. Sometimes he beats me with the help of a wire in an unkind manner. (p. 71) Companies find it profitable to use child labor because it helps them produce at lower costs and the innocent children can be trained to do dangerous work under unsafe and unsatisfactory conditions. Many children in India who are child laborers work in industries such as glass-blowing, matchsticks, fireworks and also the carpet-making industry (Larson, 2004). An example of the terrible working conditions can be seen in the fireworks industry. Factories labeled as D grade are legally binded not to employ more than 22 people in their factory. However, many of such factories employ around 20 to 150 people, including children! The D graded match box factories are legally allowed to produce at most 80 units of matchboxes but they produce upto 100 to 300 units (Mishra, 2000). These firms are breaking legal rules and the Indian government should step in to enforce their laws. Poverty-stricken parents in India who borrow loans often give their children to their debtor so that he can exploit the children by making them work and help in paying off the debt. The meager pay these children receive is not enough to cover up the amount of money to be repaid for the loan. In addition to this, the interest on the loan keeps increasing, which increases the repayment amount, and then the working child takes many years to pay off the debt (Larson, 2004). It is often pointed out that child labor helps pull people out of poverty by offering a source of income and survival for a poor family (Larson, 2004). However, this income comes at a huge cost as they are abused for work which affects their present and future life. An example can be seen above in the way children are abused as collateral for loans. The constant abuse child laborers have to go through in exchange for a small amount of income makes their life not worth living.It does not make much of a difference whether the child is earning money while working in a hazardous job or not, since every type of work involves a degree of stress. Hazardous work cripples the health, psyche, and personality of a child, and non-hazardous work causes forms of deprivation such as denial of access to education and denial of the pleasurable activities associated with childhood (Mishra, 2000, p. 14). Therefore, the child laborer who is working at a young age to earn some amount of income for his fa mily also does not get educated, which makes him unfit to grow up and get a well paid, decent job in the future. Child labor can even start a cycle as an uneducated illiterate parent will also start sending his young child to work as a child laborer, who in turn will also grow up uneducated, and use his child also as a source of income. Therefore, the Indian government should make an effort to enforce their child labor law in order to save these children, break this vicious cycle and protect its future generations. Having a formal education is the birth right of every child in this world. But child labor has stolen this right from these 44 million children. These children in India who are involved in child labor are not able to have time to go to school due to the intense and long working hours. According to the International Labour Organizations report, Child labour leads to reduced primary school enrolment and negatively affects literacy rates among youth (ILO, 2008). The report also found strong evidence that in a situation where school and work was combined, school attendance falls as the number of hours at work increases (ILO, 2008). This goes on to prove that working children in India involved in labor struggle to attend school due to their harsh and exploitive working hours which causes them continuous fatigue. As India has the highest level of child labor in the world, it is due to this reason that Indias rank in the Education Development Index (EDI) is a disappointing 102nd out of the 129 countries in the index (UNESCO, 2009). The EDI measures a countrys performance on universal primary education. High level of child labor in a country is often related with its low and unsatisfactory performance on the index (ILO, 2008). The Indian government should start enforcing their law against child labor so that these children can go to school easily. A working child also often gets deprived of having a bright and lively childhood due to lack of leisure activities. In a research conducted by Dr. D.V.P Raja, Founder and Director of the Madurai Institute of Social Sciences in India, more than 90% of the working children who were interviewed stated that they do not have enough leisure to play and engage in other recreational activities. This startling finding signifies that these children spend virtually all their waking hours working and are thereby totally denied any of the excitement and pleasures of childhood (Mishra, 2000, p. 48). The interviewees also stated that while at work, they did not acquire or learn any new skills. This goes on to say that the impact of child labor on the development and creative side of the child is quite disturbing. These children do not find their work enjoyable but rather than that they find it difficult and boring; but, however, they still continue to stick with these jobs because they dont have a choice nor do they find any other suitable alternative for them (Mishra, 2000). The government of India should now wake up and save these children before more of them become victims of a lost childhood. The problem of child labor has done enough damage to the lives and health of many innocent children in India over centuries by stealing away their many rights. It is now evident that child laborers are heavily losing out on all fronts and are becoming terribly incompetent to live future life as child labor negatively affects their mental, emotional and psychological capabilities .Child labor should be brought to an end now. It is high time that the Indian government starts taking this issue seriously and starts enforcing its own constitutional law against child labor so that Indias present and future generation of young citizens have their rights protected and are able to live their lives healthy and secure.

Jack London :: essays papers

Jack London A Study of Jack London’s Belief in Darwinism Jack London has a strong belief in Darwinism, survival of the fittest, during the late 1800’s through the early 1900’s, when he wrote. Throughout his writings, many characters display London’s belief in Darwinism. In the novel, The Call of the Wild, Jack London’s belief in social darwinism is portrayed by animals interacting with humans, each other, and the environment. This can be shown through Buck, a house dog turned sled dog, interacting with his masters, other dogs, and the Yukon wilderness. As Buck travels from master to master throughout the course of the novel he learns, through trial and error, what behavior brings rewards, and that which brings punishment. [Buck] had never been struck by a club in his life, and did not understand. ...he was [now] aware that it was a club, but his madness knew no caution. A dozen times he charged, and as often the club broke the charge and smashed him down (London 18). Buck â€Å"...had learned the lesson, and in all his after life he never forgot it. That club was a revelation. ...the lesson was driven home to Buck: a man with a club was a lawgiver, a master to be obeyed...† (London 20). Buck learned to do as his masters say. â€Å"...he grew honestly to respect them. He speedily learned that Perrault and Francois were fair men...† (London 21). Buck also learned when and how to defend himself against man. London’s depiction of Buck’s struggle to learn how to survive in an unfamiliar environment has been compared to western society’s struggle with encroaching communism. â€Å"The study of Jack London’s work became a mirror of the turbulent McCarthy era...† (Veggian 2). Through these struggles, Buck was able to adapt and survive in a world controlled by man. Buck also had to learn when and how to fight other dogs. Eventually Buck Fought and killed Spitz to become lead dog. â€Å"Buck stood and looked on, the successful champion, the dominant primordial beast who had made his kill and found it good† (London 42). London often witnessed these dog fights and this influenced his writing. â€Å"...he found the first successful theme for his writing in a last frontier splurge...† (Walker 12). Although Buck had troubles with his new peers, he also had a great conflict with his new home.

The Bath :: Creative Writing Essays

The Bath       Johnny woke up, shivered, put on his robe over his sweats, got back got back under the covers and went to sleep. Two hours later, the alarm by the TV woke up a still chilly Johnny Black.    Johnny turned on the shower and used the plug from the kitchen sink to fill the bathtub up. He got in, turned the water up till it was a little more than warm, then lay down under the hot, pounding stream from the shower head. The water always seemed to cool off by the time it hit the tub -- maybe because of the cool air in the room. Well, soon the room would warm up as it filled with the hot water vapor pouring out of the glass shower.    Johnny put his hands under his head and lay back all the way so the water filled his ears. Now he heard the shower hitting the water in the tub from underwater. Everything seemed a lot quieter now. Johnny felt tired and dizzy and glad to be motionless, resting, quiet. Everything felt perfect. The water landing was still a little warm, but the water filling the tub was the perfect temperature. Johnny couldn't think how he could be happier -- maybe if he didn't have to go to work in an hour, but right now that seemed a long way off.    Johnny closed his eyes and rested peacefully, slipping in and out of a half dream of floating through warm liquid clouds.    Suddenly, Johnny felt very cold. Something was wrong. He was no longer tired, but he couldn't tell why.   As he opened his eyes, he became aware of the fact that the temperature around him was much cooler than it had been a moment ago -- not cold, but not the perfect, dreamy bath he had gotten used to. As soon as he started to look around, his mind absorbed exactly what was wrong. It had been hours since he had closed his eyes. The bathtub had overflowed a long time ago and the bathroom floor was flooded! The carpets were soggy, and the room had a stuffy smell to it.    Somehow, Johnny felt in no hurry to do anything. It was clear that this had gone on so long that a few more minutes wouldn't hurt anything. John gazed up at the bathroom window, a skylight he had built himself years ago.There it stood, miles above his head. Johnny suspected it was about noon.   He could feel how pruned his hands   were, with wrinkles all over.   He could hear scratching on the

I Know Why The Caged Bird Sing :: essays research papers

What Do Children Feel Guilty About? Christopher Williams and Jane Bybee of Northeastern University were interested in discovering the frequency of guilt provoking events in adolescents. They wanted to establish proof for the hypothesis that age-related changes in children were attributed to developmental changes in cognitive reasoning. Past research has indicted that children with high levels of guilt are less delinquent, more compassionate, and more academic excitable children expressing less guilt in similar situations. It has been sited that at its best guilt can bring about the aforementioned but is can also be attributed to depression and obsessive compulsive disorders. In this study, there were 240 participants (123 male and 117 female). they were grouped according to grade. There were 85 fifth graders (40 male and 45 female), 90 eighth graders (44 male and 46 female), and 65 eleventh graders (39 male and 26 female). The subjects evaluated hailed form ethnically diverse neighborhoods of the northeast. The racial breakdown of the participants was as follows: 94 Caucasians, 110 African Americans, and 36 Hispanic. The study was conducted in each of the student_s respective classrooms. The students were prompted to share three instances when they felt guilty. The investigators wanted to know the specific incidences which evoked the guilt and the reason for feeling guilty. The three dimensions under observation were the type of situation which had occurred, the individuals involved, and the specific instances which led to the guilty feelings. There were seven situation parameters for classifying the guilt. They are guilt over transgression, of inaction, of neglect of responsibilities, of anticipation, over failure to attain ideals, of inequity, and not at fault. The second dimension included the individuals contributing the feelings of guilt and the third dimension detailed the possible guilt producing incidents (lying, truancy, property damage, et.) Analysis of collected data indicated that the type of situation evoking guilt varied with age and gender. From the 5th to 11th grades, there was a dramatic increase in the percentage of students reporting guilt from inaction, neglect of responsibilities, and failure to attain ideals. It was also noted that females sited guilt over inaction twice as often as male students. Responses of students in higher grade levels mentioned girl- and boyfriends as the individuals evoking feelings of guilt. In the younger students, parents and siblings had a greater impact of causing guilt feelings. Unsurprisingly to me, the guilt-producing incidences most common to the 8th

Change Model Essay

The aim of this essay is to critically analyse the background of the Qantas and its decision to launch Jetstar on May 2004 that operated around 800 flights a week across network of 14 destinations within Melbourne, Sydney and Brisbane. Secondly, this essay will evaluate how Data Collection Feedback Cycle change model is used to gather major information and to critically analyse it. Thirdly, this essay will critically evaluate the background of Qantas and Virgin Blue and will also highlight various reasons that eventually led the Qantas group for the launch of the Jetstar. Fourthly, this essay will also critically analyse the revenue and profit performance of Qantas prior the introduction of Jetstar i.e. 2002. Fifthly, it will continue to critically evaluate the trend in Qantas and Virgin Blue in 2003. Then the sixth paragraph will also critically evaluate the trend in Qantas after the launch of Jetstar. Lastly, the essay will also look into the annual reports of the year 2005-2009 and critically analyse the significant value added by the Jetstar to the Qantas group; and will critically analyse whether the executive decision of Qantas to launch Jetstar in order to retain the 60% domestic aviation market from its competitors has been a strategic success or not. This paragraph will critically analyse the change management information gathered to launch Jetstar low cost airline in May 2004 by using the Data Collection Feedback Cycle change model. Nadler (1977) as cited in Cumming and Worley (2009:122) highlights that the Data Collection Feedback model consists of five phases that are (1) planning to collect data, (2) collecting data, (3) analysing data, (4) feeding back data and (5) following up on the data collected. In planning to Gather information to justify change Nadler (1977) argues that primary methods such as, direct interviews with CEO and key change agents, observing and identifying the need for change and the use of un obstructive measure as sampling technique, force field analysis and scatter diagrams, could be used to gather major information. In contrast Danaher have used various published data to trace the evolution of the Jetstar strategy of its initial position, to its efforts to attain price competitiveness and service parity, followed by its highly focused, cost-effective service delivery strategy. Based on it they have developed a hierarchical model with parameters estimated at the  individual level. This allows us to study not only how service design and pricing initiatives shift the perceived performance of Jetstar relative to its competitors but also how the airline can move market preferences toward areas in which it has competitive advantage. After done with the planning of the collection of data from competitors performance on its revenue, sales profits, passenger numbers and market share in 2002, 2003 and 2004 against Qantas key performance indicators for the same period between 2002, 2003 and 2004 from the Annual Reports of both Virgin Blue and Qantas domestic operations. Nadler (1977), after the data has been collected data they are analysed using the qualitative change data such as directors report, World Business Briefing /Australia: Airline Profit(2004).The reminder of this essay will critically analyse the data collected from secondary sources such as Annual Reports, newspaper articles and journal articles to analysis the data sourced to evaluate what would be the most effective change to be implemented by Qantas in responding to Virgin Blue competition the Australian aviation domestic sectors. This paragraph will evaluate the basic background of Qantas and Virgin Blue and will also highlight various reasons that eventually led the Qantas group for the launch of the Jetstar. After the deregulation of Australian aviation market there were several airline companies entering the market however the most significant entrance was of low fare airlines Impulse in June and Virgin Blue in August 2000. The arrival of Impulse Airlines and Virgin Blue doubled the number of players and dramatically challenged the stable duopoly of Qantas (after its merger with Australian Airlines) and Ansett, setting off a vicious price war (Traca, D., 2004). However, Impulse facing a major trouble in the cash flow agreed on May 1, 2001 to hand over its operations to its biggest rival, Qantas Airways. As per the deal Impulse stopped its passenger service under its own name on May 14 and leased 21 aircraft as well as cabin crews and pilots to Qantas. The deal led the stock of Qantas heaved by 26% closing at $3.40 per share giving Qantas a significantly stronger position in the Australian market (Gaylord, 2001). Qantas, Australia’s leading domestic and international carries launched a budget airline called Jetstar in May 2004 (Qantas annual report, 2004). With Jetstar Qantas’s aim was to cover the low fare segment of the aviation  industry, which came into existence in the year 2000 with its competitor, Virgin Blue. Virgin had been successfully eating up QANTAS market share by attacking it from below as a no frills provider. In 2001 the collapse of Ansett in domestic market, led Qantas to lease extra flights, add hundreds of special flights in order to help stranded travellers due to Ansett crisis. At the time Qantas flew more than 50,000 former Ansett passengers for free and other 65,000 on heavily discounted fares. Due to this Qantas was able to deliver a profit before tax of $631m and net profit after tax of $428 million at the end of 2002, 30 June, despite of the fact that the world’s aviation market was suffering from â€Å"constant shock syndrome†, due to the September 11 attack followed by bombings in Bali, the war in Iraq and of course the devastating outbreak of Severe Acute Respiratory Syndrome (Qantas annual report, 2003). The shutdown of Ansett also highly benefitted Virgin Blue, since the event provided a wide opportunity for Virgin Blue to grow rapidly and become Australia’s second leading domestic carrier. In 2000 it started with only one route (Brisbane to Sydney) with two aircrafts and a team of just 200 people. In 2001, with the opportunity to widen its market segment, 14 new routes were launched (virginaustralia – history). The aim of this paragraph is to highlight how Qantas and Virgin Blue became the only two players in the Australian domestic aviation market in 2002. It will also look in to the key financial indicators of both the companies so that a comparison could be drawn out. In 2002 there were only two companies that survived the fare war of 2000-2001. One of them was Qantas that gained 80% of the domestic market share following Ansetts cessation. Whereas, the number of international passenger declined by 11% which makes an average decline of about 25% in global aviation market (Traca, D., 2004). In the same year Qantas domestic carried 1485 million passengers making a RPK of $2034 million and the ASK of $2503 million (Traffic and capacity statistics, 2002). Qantas announced its financial results for the year ended 30th June 2002. As per the financial result the company had $631 million of profit before tax, a net profit after tax of $million, revenue of $ 10,968.8 million and earnings per share of 29.1 cents (Qantas annual report, 2002). The other survivor of the fare war, Virgin Blue managed to emerge as second Australian Domestic carrier, covering of about 20% of the domestic market  (Traca, D., 2004). Due to its strategic low operating cost and soaring market share, it was able to achieve net profit before tax of $34.8 million and revenue of $388.3 million. In this year the airline carried 3.2 million passengers, its traffic as measured by RPK’S was 3169 million, capacity measured by ASK’S was 3898 million (Virgin Blue annual report, 2004). In March 2002 Patrick Corporation, the premier port cargo handler, bought 50% of the airline. This change made Godfrey, chief executive of Virgin Blue confident about the enlargeme nt of the domestic operation and also expansion into the international market with service to South Pacific (Traca, D., 2004). This paragraph critically analyses the key financial indicators of the Qantas and the Virgin Blue of the year 2003. It will also highlight how Virgin Blue concentrating only of the leisure domestic market was slowly overcoming the market share of Qantas. In 2003 Qantas domestic carried 1768 million passengers making a RPK of $2262 million and the ASK of $2683 million (Traffic and capacity statistics, 2003). Qantas announced its financial results for the year ended 30th June 2003. As per the financial result the company had $502.3 million of profit before tax, a net profit after tax of $343.5 million, revenue of $11,374.9 million and earnings per share of 20 cents (Qantas annual report 2003). Speaking of announcements, in the Annual General Meeting held on 16th October 2003 it was announced that â€Å"the airline is investigating the establishment of separate domestic low cost airline to service the leisure market in Australia† (Preliminary monthly traffic and capacity statistics, July 2003).In this same year Virgin Blue carried 6.8 million passengers, its traffic as measured by RPK’S was 7194 million, capacity measured by ASK’S was 9078 million. Taking advantage of the fact that Virgin Blue had no other competitor serving the price sensitive market of Australia, it earned revenue of $914.6 million, compared to previous year the revenue earned up roared by 135.5% and the number of passengers carried also increased by 107% (Virgin Blue annual report, 2003). This paragraph will critically analyse the launch of Jetstar in May 2004 and the changes that it brought in the key financial indicators of Qantas and as well as of Virgin Blue. Following the announcement made in 2003 Annual  General Meeting Qantas Introduced Jetstar in May 2004. In the first year Jetstar alone carried 273,000 passengers. Prior Jetstar Qantas already had Qantas Domestic and Qantas Link serving domestic passengers. With these three Qantas in total carried 1973 million passengers. Compared to 2003/04 the number increased by 9.4% (Traffic and capacity statistics, 2004). In the same year Total Domestic (Qantas, Qantas Link and Jetstar) traffic was measured in Revenue Passenger Kilometres (RPKs) of $2451 million while capacity, measured in Available Seat Kilometres (ASKs) increased to $3021 million (Traffic and capacity statistics, 2004). On 19 August 2004, Qantas announced its financial results for the year ended 30 June 2004. In the announcement it was stated that the company had achieved a profit before tax of $964.6 million and a net profit after tax of $648.4 million. Similarly, $11.4 billion of revenue, earning per share of 35.7 cents (Qantas annual report, 2004/05). Despite increasing domestic competition during the year Virgin Blue continued to show strong growth and profitability. During the year Virgin Blue carried over 10million (m) passengers, an increase of 53% compared to previous year. Doubling its passenger number the third time in a row in this same year it welcomed its 20 millionth passenger. Its revenue for the 2004 financial year was $1362.3million which is 49% more than the previous year. In the same year profit before tax was up by 45% to 226.2million and a Net Profit After Tax of 158.5million (Virgin blue annual report, 2004). Till March 31, 2004 Virgin Blue had 44 Boeing Net Generation 737 – 700 & 737 -800 aircraft out of which 36 were leased and 8 were owned. However, during the year the fleet was increased by 15 aircrafts. Since the day of establishment Virgin Blue was committed to keep its cost base low and they are continuously working through it so that they could consistently provide their customers with low fares travel. Their cost per ASK for the financial year 2004 was 8.16 cents whereas a year before it was 8.48 cents. A decrease of 3.5% put the company on a good front in terms of scale and productivity (Virgin blue annual report 2004). The Australian discount airline Virgin Blue, has won 30% of the market from Qantas, the national carrier, which will introduce a low-fare airline, Jetstar. Fare surcharges are being imposed by both groups as fuel pr ices rise (Shaw, 2004). Jetstar’s initially offered $48 for Melbourne to Hobart route and from $54 for Sydney to the resorts south of Brisbane. The price was similar  to what the price Virgin Blue was offering at the same period. All Jetstar flights offered one class of travel, with unreserved seating. In contrast Virgin Blue offered assigned seating and baggage connections to final destinations (Henly, 2004). This paragraph critically analyse the key indicators for Qantas and Virgin Blue for launching Jetstar in May 2004. It is very clear with the annual report that Jetstar has been profitable ever since it was launched in the year 2004 (Jetstar Media centre). However, the road wasn’t quiet smooth in the initial years. From its launch Jetstar was exclusively using a â€Å"low price† message in its communication, but it was lagging way behind Virgin Blue in terms of quality. The Jetstar overall quality disadvantage was greater at 22.3% (6.02 versus 7.75) (Danaher et.al, 2011. pp. 586 -594, Fig 3). Jetstar was already appealing on the price front, and then it addressed its deficit in quality and tackled that by focusing on some specific sub attributes (not disclosed by the company) that provided Jetstar a good opportunity to overcome the point of difference with Virgin Blue. Then the price perception of Jetstar relative to Virgin Blue dramatically improved from 6.9% deficit in March 2008 to 2.5% deficit in only 3months i.e. 7.42 versus 7.62 (Danaher et.al, 2011. pp. 586 -594, Fig 3). Since the establishment the main concern as a parent company for Qantas Group was that whether Jetstar would financially be profitable in its own right. Hence, it did by earning revenue of $1.020 billion, $1.414 billion, and $1.605 billion in the year 2007, 2008, and 2009 respectively. It was 7%, 10%, 12% of Qantas group revenue respectively (Qantas annual report, 2009). Similarly, in the same order the profit earned was $79 million, $104 million and $118 million (Danaher et.al, 2011. pp. 586 -594, Table 2). Similarly, speaking of market share of Jetstar, it has increased by 29% from the year 2008-2009. Earlier with the perceived mediocre price competitiveness and low quality it was in a poor position as compared to Virgin Blue, whereas, with the necessary remedies taken within the 1st quarter of 2008 it was in position almost equal to Virgin Blue in terms of covering the large proportion of the target market. Jetstar Market Share of Domestic Australian Leisure Air Travel was 14% in the first quarter of 2008, with the changes made the market share increased to 14.6% and it gradually kept on increasing and it had 18.1% of market share in March 2009. Further, with the increase in profit it improved its perceptual position, whereas,  Virgin Blue has remained relativ ely stationary. In conclusion if we are to pay close attention to the domestic growth strategies of the country’s largest airline company; Qantas, its decision of launching Jetstar seems be a successful strategic decision. It was matter of concern that the Virgin Blue an airline company focusing on the price sensitive market would whether survive the competition with 82 year old veteran airline company. However, with its striking approach of low fare Virgin Blue today covers 35% market share of the domestic aviation sector. By critically evaluating the financial indicators of both companies for the year 2002-2004 and also following the series of events, it becomes quiet clear that though Virgin Blue had started small it managed to cover 20% of the target market in 2002. In further years concentrating only in the no frill travel it was able to hold the 30% of the market share, which became a matter of concern for Qantas because though it was making more profits then Virgin Blue it was losing it domestic market grip, therefore, led to the launch of Jetstar. However, even after the Launch of Jetstar Qantas performance was not like it was expected because in the year 2004 Qantas domestically carried only 2061 million passengers which were only 88 million more than the last year. However, with the necessary major changes (not disclosed by the company) Jetstar alone was able to regain the market share of 18.1% by March 2009. REFERENCE LIST Gaylord, B. (2001). Qantas to Absorb Competitor As Fare War Takes a Victim. The New York Times; Business Day. 11Shaw, J. (2004). World Business Briefing /Australia: Airline Profit. The New York Times; Business Day. Henly, G, S. (2004). Travel Advisory; New Offshot of Qantas Offers Lower Fares. The New York Times; Travel Danaher. J. P., Roberts. H. J., Roberts. K., Simpson. A. (2011). Applying a Dynamic Model of Consumer Choice to Guide Brand Development at Jetstar Airways. Marketing Science, 30(4), 586 – 594. Doi: 10.1287/mksc.1100.0619 Traca. D., (2004). Virgin Blue Fighting With National Champion. INSEAD, 5179. Traffic and Capacity Statistics. Retrieved from: http://www.qantas.com.au/travel/airlines/investors-traffic-statistics/global/en Jetstar Media Centre. Retrieved from: http://www.jetstar.com/mediacentre/facts-and-stats/jetstar-group Nadler, D. (1977). cited in Cumming and Worley (2009). Organization development & change, 9th edition, South- Western Cengage Learning. Qantas annual report (2002). Retrieved from http://www.qantas.com.au/infodetail/about/investors/2002AnnualReport.pdf Qantas annual report (2003). Retrieved from http://www.qantas.com.au/infodetail/about/investors/2003AnnualReport.pdf Qantas annual report (2004). Retrieved from http://www.qantas.com.au/infodetail/about/investors/2004AnnualReport.pdf Virgin Blue annual report (2004). Retrieved from http://www.virginaustralia.com/cs/groups/internetcontent/@wc/documents/webcontent/~edisp/annual-rpt-2004-a3.pdf

Childcare and Education Essay

E1.Identify 5 pieces of current legislation and E2. Describe how each legislation will influence working practices in the setting. The Human Rights Act 1998 is broken down into 5 key principles which are; Fairness, Respect, autonomy, dignity and equality. Equality would influence working principles because the children would be treated fairly by having their individual needs met to ensure the same outcome is achieved as the other children. Settings can maintain fairness and respect by having the practitioners in the setting following the same policies and procedures. This would also avoid conflict between staff and would not confuse the children with knowing their expectations. Another way settings can have respect in the setting could be by following parent’s preferences such as their food preferences for their child. My current placement follows parent’s preferences by having meals that are suitable for children without specific food preferences and set meals to meet cultural and health needs. Settings can promote autonomy by encouraging children to build on their life and social skills. This can be done by the setting providing games such as a simple board game where the children have to choose their game piece and where they have to turn take. This would also build on autonomy because it would teach children how to share and how to treat other children or people with a positive attitude. For an example if a child is an only child, they may not know how to share with other children, so playing a game that engages their interest would gradually teach the child how to build on his turn taking skills and how to interact positively with other children. In the setting, dignity can be maintained by removing situations where a child may feel embarrassed or ashamed. If a child wets their selves, the practitioner in the setting should take the child into the bathroom and change them. The practitioners shouldn’t draw the other children’s attention to the child who has had an accident. The child would need some comfort and reassurance as this situation is almost always very embarrassing and distressing. The Childcare Act 2006 focuses on adult to child ratios, qualification levels of staff and types of drinks and snacks available for the children and follows the early year’s foundation stage framework. This would influence working practices because it helps to keep the children healthy. This would influence working practices because it helps to keep the children healthy. Settings can follow the Childcare Act 2006 focuses by  providing fruit, milk and water at snack time. This can also be done by having playtime outside so that the children would get vitamin D and fresh air. Also the settings would provide meals with nutrition and are aware of dietary and cultural needs. The children act 1989 and 2004 aims to protect children by working in partnership with parents and by the every child matters which have five main principles: Be healthy, Stay Safe, Enjoy and achieve through learning, achieve economic well-being and make a positive contribution to society. The Enjoy and achieve through learning will influence practice because it allows practitioners to cater for each child’s needs whilst ensuring that the children are enjoying what they are doing or learning. The Equality act 2010 has been simplified from 9 separate acts into 1 act. The main is to end all forms of discrimination. The protected characteristic of disability will help to influence practice as this will help practitioners be able to differentiate activities and to re-create the same experience using other methods or activities. The health and safety at work legislation is about keeping yourself and others safe. This will influence practice because it will ensure the utmost safety for both the children and staff of the setting. This can be done by having regular risk assessments and by finding a solution to any hazards. For an example, if there is spilt water, a staff member should mop it up as soon as possible to avoid staff or children slipping and being injured. E3. Describe how policies and procedures will help safeguard children. One policy could be the safeguarding policy. The safeguarding procedure helps to protect children because the setting would have a safe recruitment method to ensure that all staff are suitable to work with children or are qualified to work with children legally. For an example, before I could start my placement and working with the children, I had to show my CRB check to my nursery’s placement officer. CRB checks helps to safeguard children because it would prevent anyone with a serious criminal offence or someone who could be a danger to children from working with them there for protecting the children from being mistreated or harmed. Another part of the safeguarding procedure that would safeguard children would be to have a designated person who has a clear and defined role and responsibility in regards to child protection. Having a designated person would help safeguard children  because they would be the person the practitioners should go to if there are concerns about a child’s safety or welfare concerns about the actions of a staff member. This would safeguard children as the designated person would be able to decide what actions need to be done in order to resume the child’s welfare or to decide what the disciplinary action is for the staff that has had the allegation made towards them. To avoid this, all staff should have regular child protection training. A separate policy could be the behaviour management policy. This policy would help safeguard children as it helps children to think about their actions and the consequences they may cause. When a child has behaved in an unwanted behaviour, the disciplinary guidelines should be taken. The disciplinary guidelines are Give verbal warning, Move the child away from the area and time out if the first two stages don’t work. The above verbal behaviour management methods should always only be used instead of physical contact. However, physical contact should only be used if you need to restrain a child if they are causing harm to their selves, other children and people or are damaging the settings property. It would help safeguard children because it would reduce the risk of the children being physically hurt and would maintain a safe learning and play environment. It is important that the setting outlines the behaviour because management procedures because it will give consistency to the children as the practitioner within the setting will follow the same set of rules enabling children to know the rules and expectations clearly. E4. Describe how the policies and procedures promote fair, Just and inclusive strategies. A procedure that promotes fair, just an inclusive strategy is adapting resources to meet children’s needs. This can be done by having a range of equipment that helps children and their individual needs. This can be done by providing a range of different sized paint brushes and sponges for an example. This would allow children to develop their creative skills and interests whilst being able to develop their fine motor skills. A policy that promotes fair, just and inclusive strategy is the equal opportunities policy. This policy helps to include children because everyone in the setting has the right to be included in everything the setting does and every child has the right to education and developing their skills. Equal opportunities policy will also help children to feel valued and have their  progress and achievements celebrated. This can be done by displaying children’s artwork, creations and other outstanding work on a display board for all parents and staff to see. Another procedure that promotes fair, just and inclusive strategy is by showing awareness of different cultures and life styles. This can be done by having related activities or circle time celebrating different cultures, religions, life styles and things that challenge normal expectations. For an example; ‘all nurses are female’. This is inclusive practice because it involves every child’s cultural preferences and builds on children’s knowledge and understanding about the world we live in. Another policy that promotes fair, just and inclusive strategy is the Special Education Needs (SEN) policy. This policy allows every child to have the same care, attention and consideration as any other child in the setting, regardless of their disability or background. The policy states that every setting should have a SENCO worker and responsibility in adapting and adjusting the settings environment to help children have the same experience in the setting whilst having their individual needs met. This can be done by having braille books for children with a sight impairment or provide easy access in the building for wheel chair users. E5.Describe two strategies which can be used to empower children to develop independence and self-reliance One strategy that could empower children to become independent and self-reliant could be by having circle time regularly. Circle time should allow children to express their thoughts and feelings with the security of being listened to. Another strategy that would enable children to be independent and self-reliant would be to take part in food preparations such as choosing what fruit they’d like for snack time and cutting the fruit themselves. E6. Give examples of how settings may prepare children for transfer or transitions â€Å"transitions into reception classes was at best abrupt and worst traumatic† (Scott,(2005),P21) One way settings can prepare children for transfer or transitions could be by the child’s key worker taking the child to open days or visits. This would allow the child to familiarize their selves with the new teachers or key people who would be working with them as this would also make the child feel comfortable with going to the setting as they know somebody who they can talk to. Another way setting can prepare children for transitions could be by having learning partners or mentors who are older children from the setting where some of the children may be moving up to. This would help children to build relationships so that they feel confident in moving up to the setting because they’d know another child there. Final ways setting can help prepare children for transitions could be by having individual transition plans for each child. The setting would need to â€Å"make time to share previous information† (Scott,(2005),P21) to the setting that the child is transferring to because this would allow the teachers to cater and plan for the child’s needs and interests. D1. Explain the key issues relating to the practice which supports children to prepare for transitions One key issue relating to supporting children through transitions when starting nursery could be to follow a settling in procedure. The Settling in procedure often involves havin g the parent and child having a visit before the child’s official starting date. Having a visit before the child’s starting date will help the child to become more familiar with the setting. In time the child should feel more comfortable with going to the setting. The settling procedure also involves working in partnership with the parents. If the child sees the parent interacting with the staff members, it is more likely that the child will feel secure in the setting. Another key issue relating to supporting children through transitions when starting primary school would be to create a time where the children are involved. For an example, an activity could be to have a show and tell circle time, where the child brings in something from the weekend or something to do with the set topic and talks about it. This would help a child to settle in a primary school because it would give the child a chance to be involved with the class and have their discussions listened to. A third key issue relating to supporting children through transitions when starting nursery would be to find out what the child’s favourite toys are and put them out for the child to play with when they come into nursery. Also, to make the child feel welcomed, the practitio ner should also provide a range of appropriate activities for the children and always give the child an opportunity for them to participate in the activities as much or as little as they like. An alternative key issue relating to supporting children through transitions  when starting primary school would be to work in partnership with parents. This can be done by having notice boards around the school which has features such as â€Å"most improved child†, â€Å"Little stars† (Where children are placed here for good work or for doing something kind etc†¦) and put the child who is starting in the primary school on the notice board. This would make the child and parent feel proud and would give the child a sense of achievement which hopefully would make the child want to enjoy and participate in the school more. An alternative key issue relating to supporting children through transitions when starting nursery could be by providing opportunities for the child to express their feelings. This can be done by having regular one to ones with the child and their key worker, Having areas for the children to independently draw and write in addition to having â€Å"End of the day† circle time where the children have the freedom to say what they liked about the day or what they didn’t like. This will help the practitioners in the setting know what the children really engage in and which activities they don’t like to participate in. Also It would help the practitioners learn more about the child who is starting in the nursery as it will help the practitioners provide more activities that the child is interested in. Hopefully in time, this will help the child to enjoy nursery more. A final key issue relating to supporting children through transitions when starting primary school would be to help the child develop self-help skills. This can be done by encouraging the child to take responsibility for their selves, such as putting on their coats or helping to tidy up the classroom. This would help the child settle in nursery because this give the child a sense of accomplishment and would also build on their self-esteem with the thought of â€Å"I can do that† and being able to try new things. Also helping to build on the child’s self-help skills will also help to â€Å"practice their large and small motor skills† (http://www.extension.org) C1.Evaluate one theoretical perspective which supports the development of strategies for empowering children I have chosen the constructivist theory. The theoretical perspective links in with strategies that empower children because it helps children become self-reliant. This theory also influences practice because it helps the child care practitioners to assist the children build on vital life skills such as  making decisions and communicating. For an example, at my placement during snack time, the children have a choice of milk or water. The children either has to point to or say the drink they’d like to have. This encourages children to language and encourages them to start to take responsibly for their own wellbeing. This theory also influences practice because it helps the childcare practitioners to define children who has specific needs or children who needs extra support as they may not be developing in the developmental areas as they should. The good element to this theory is that children learn to build on the child’s life skills such as becoming more self-reliant. The theory is also good because play is important as it lets children use imagination and responsibility of the child’s learning. It also helps to build on the child’s fine and gross motor skills. However, the bad points about this theory are that children develop little without an adult although staff shouldn’t allow the children to be too attached to them as the children wouldn’t interact very well with children their age as well as giving children adequate help and support so that the child can learn to be self-reliant so that in the future they, they would be able to achieve more without much support from the adult. The theory can be improved by ensuring that the staff should try and make sure that the sessions within the setting are 50% adult led and 50% child led as this would help the children to form knowledge and understanding of the world because of accurate information being shared by the childcare practitioner and will allow the children to take an active role in choosing what they’d like to learn. For an example, a child may choose to play with toy animals. To a person, the child is just playing but the child could actually be learning about the different types and sub-species of animals in a basic and simple form. In addition to this, having a balanced adult and child led setting will help children to get an equal opportunity to interact with both adult and children. E7.Exaplain the cause and effects of discrimination on children B1.Discuss  how the causes and effects of discrimination may affect practice in the setting. The staff attitudes and values can affect the atmosphere because the childcare practitioners may unintentionally teach children that it is okay to discriminate people. For an example, if a member of staff said â€Å"all ginger children are violent and aggressive†, this could influence children because it may make the children tease or leave out other children who have ginger hair during play time. It also may affect the way the practitioners work and teach because the practitioners might interact with a group of children and leave out a child because of their views. This affects the children because it â€Å"children can quickly pick up the signs given out and they can sense if there is tension† in addition to making the child feel undervalued and not accepted which can make the child withdraw from activities and communicating with other adults and children or could trigger bad behaviour. Settings should show respect for the parents and families by respecting the parents or families’ choices and requests within reason as this would show inclusion. For an example, if a parent prefers their child to be vegetarian the setting should provide vegetarian food whereas if a parent asks for a child not to play with a toy/or do an activity, the staff should challenge it every child has the right to have an equal opportunity. This can affect the practice within the setting because the practitioners may have a stereotypical view about children such as girls should wear dresses and play in the home corner whereas boys should only play with construction activities. This affects the child because it would make the child feel like they are not unique as they may become fearful of doing new activities as they have been told off or been influenced to only do what the adults say. In my nursery they avoid being discriminative by providing food options suitable for a range of cultural preferences, the setting will make sure that the child will have a vegetarian meal. Discrimination can affect children because it can make them feel awkward if there aren’t many posters, books, toys or other resources that would help other children learn about diversity, different cultures and different lifestyles that may challenge the ‘norm’. For an example not all men go to work and not all women stay at home to look after the children. Note: This answer is wrong A .Reflect on the influence of legislation on working practices within early years settings. One policy could be the behavior management policy. This policy would help safeguard children as it helps children to think about their actions and the consequences they may cause. When a child has behaved in an unwanted behavior, the disciplinary guidelines should be taken. The disciplinary guidelines are Give verbal warning, Move the child away from the area and time out if the first two stages don’t work. The above verbal behavior management methods should always only be used instead of physical contact. However, physical contact should be used if you need to restrain a child if they are causing harm to their selves, other children and people or are damaging the settings property. It is important for the setting to outline the behavior management procedure to ensure adults know the limits and boundaries so that staff doesn’t receive allegations about harming children. Another legislation that influences practices within early year settings could be the safe guarding policy. This policy ensures that all children are safe and are kept from harm or neglect. The safeguarding policy and procedure influences practices in the early years setting because it is the staff within the settings role because they take on the parental responsibility to take care of the child. There should always have a designated person who staff can go to when there are concerns for a child’s welfare or if the staff member needs advice on their role within the setting or to provide safe guarding inductions for new staff. This influences settings because the designated person makes sure that the children’s welfare is paramount as well as ensuring that the child protection policy is updated yearly. This would help to make sure that the settings child protection policy is following the current laws about safeguarding children. [quote here] . Another role of the designated person would be to make sure the staff members within the setting has child protection training every two to three years and is recorded to make sure that the staffs is complying to the law. (2012 ). Ways to Encourage Self-Help Skills in Children. [ONLINE] Available at: http://www.extension.org/pages/26436/ways-to-encourage-self-help-skills-in-children. [Last Accessed 29 November 2012 ].

How To Get Organized Essay

Organization is the key to success in any organization. Individual who are organized in their personal lives are more likely to be organized and efficient in their work place. An organized mind establishes efficiency in all areas of life. They create an organized work environment which leads to overall organizational success. Disorganization is characterized by unnecessary items that need to be grouped together, hidden out of sight, wasted thoughts, energy and time. It starts with an inward motivation to break away from states of confusion and disorder. As the personal assistant in the Elementary School, personal organization is very important in enabling school run its activities without conflict. This research paper aims at seeking ways of addressing the problem of not being organized as highlighted to me by those I constantly interact with. This can be by: avoided too many things in your head, having a work plan of what should be done in a given time, setting priorities right and setting adequate time on each, increasing efficiency in what need to be done through proper planning. The paper aims at identifying ways of improving personal organization skills such as good time management, creating enough space in the work place with the aim of avoiding disorganized and distractive work environment, appreciating the position one is in as a means of creating internal strength to keep on working, setting realistic goals and maintaining to stick to their time guide and at times delegating responsibilities in an attempt to avoid overworking. Its important to note that, failing to plan is in simple terms planning to fail. Self control and a focused mind are important in getting organized thus improving work output in an organization. HOW TO GET ORGANIZED Being organized is the first step towards being efficient and productive in what we do in life. Some of the main obstacles that hold people from getting organized include; Time Management Time managements the key to being organized. It’s important to first admit that I have made mistakes in managing time and work towards improving upon it. The easiest is to have a daily To Do List. The list provides a list of all the tasks to be done within the day such as phone calls to be made, purchases to be made and letters to be drafted, among other numerous activities. The list gives priorities at a glance of all pending jobs and their agency and helps eliminate miscellaneous pieces of paper work with job reminders. A daily planner, mainly a pocket notebook is the most preferred due to its easy portability. The To Do List should be reviewed on a daily basis and all the tasks successively achieved marked out and all items not accomplished for whatever reason transferred to the next day’s list. These items should be prioritized in the next day’s To Do List so as to avoided pushing them further resulting to pile up of unfinished jobs that make people appear disorganized even when they are organized. Dark markers can be used to reinforce major tasks. Several lists should be made for each day, week, month and if possible for a year. Put it back Organizing the work space ensures that all items not in use are thrown away or put it efficiently in storage at a clear and designated place. This helps you in determining the actual amount of space you have within the office, thus eliminating time and money wasted in organizing stuff you do not need. All items frequently used such as envelopes, stamps, stain removers should be easily accessible mainly on the working desk. It is important to set timers for how long an organizing task should take in an attempt to avoid doing a single task for a whole day and help in remaining focused. Once you have placed every thing where it belongs it is very important to develop the habit of placing every thing back to where they belong as soon as you finish working on them. All items with similar usage should be placed in the same place such as keys, phones, all pending jobs and finished jobs so as to eliminate time wastage while searching for items. Similarly combine all similar activities such as make all call at the same time, pay all bills and do all the errands and shopping in one trip. Honesty with Yourself. Incase you feel wasted and not proud of yourself in the position you are in presently, it important to have a realistic look at where you spend your time, way all the pros and cons and see if there is any opportunity to improvement. This gives the opportunity for personal reflection thus encouraging positive energy to take control which will lead to being organized. It’s important to determine what exactly you want to organize, rather than stating that am organized. Draft a list of all things you would like to organize such as schedules over a given period of time and ensure you abide by the list. Delegate responsibilities Delegating responsibilities to other people ensures all or most of the To Do List activities are meet. Doing everything by your self makes it hard to remain organized since you cannot meet all deadlines set out due to emerging pop-ups. Conclusion. Being organized is being in control of all the activities in our lives and the work place. If some aspects of your life are dissatisfying, it is good to get excited since you are aware of what you do not need in life. Create a time frame of when that must be achieved and strictly stick to it. References Bridges, C. Organizational Skills. (2000). [Online]. Available: http://www. at. bridges. com/20010108/skills/main. htm Bordenaro, B. (n. d. ). Being Organized in Not a Trait! [Online]. Available: http://www. ideamarketers. com/library/article. cfm? articleid=7414 Hemphill, B. (2001). Six Ways to Improve Your Office Organization Skills. [Online]. Available: ttp://www. frogpondgroup. com/articles. cfm? articleid=bhemphill04

Foreign Currency Management Pdf

Foreign Currency Management Exchange Rate This is the rate at which the currency of one country would change hands with currency of another country. E. g. $1 = SLR 130 Types of Exchange Rate 1. Floating Rate This rate depends on a levels of the international trade of a country and it does not interfere with the government of that country. 2. Fixed Rate This is the rate that the government of the country would set its own currency rate and it is not depending on the market rate. 3. Dirty Float This is the rate that mixed between floating rate and fixed rate system.This is where the government would allow exchange rate to float between a particular two limits. If it goes outside either of the limit, then the government would take further action. Forex Dealings 1. Bid Price The price at which the currency is bought by the dealer. 2. Offer Price The price at which the currency is sold by the dealer. When regarding the forex dealings, Offer Price > Bid Price Example 01: David is a UK busi nessman. He needs $ 400,000 to buy US equipment. Identify the amount of ? equired to buy the Dollars? ($/? 1. 75 – 1. 77) Answer: The amount of ? required = $ 400,000 $/? 1. 75 = ? 228571. 43 Example 02: James is a US businessman. He has just received a payment of ? 150,000 from his main customer in UK. Identify the amount of $ received by James when ? 150,000 are given? (? /$ 0. 61 – 0. 63) Answer: The amount of $ received = ? 150,000 ? /$ 0. 63 = $ 238095. 24 Spot Rate and Forward Rate Spot Rate This is the rate which is applicable for the immediate delivery of currency as at now.Forward Rate This is a rate that set for the future transaction for a fixed amount of currency. The transaction would take place on the future date at this agreed rate by disregarding the market rate. Discounts & Premiums Discounts If the forward rate which is quoted cheaper, then it is set to be quoted at a discount. E. g. $/? current spot is 1. 8500-1. 8800 and the one month forward rate a t 0. 0008-0. 0012 at a discount. When quoted at a discount, Answer: 1. 8500-1. 8800 their should be more Dollars + 0. 0008-0. 0012 being received at a given Pound. = 1. 508-1. 8812 So the discount factor have to be added to the spot rate. Premiums If the forward rate which is quoted more expensively, then it is set to be quoted at a premium. E. g. $/? current spot is 1. 9000-1. 9300 and the one month forward rate at 0. 0010-0. 0007 at a premium. When quoted at a premium, Answer: their should be less Dollars being 1. 9000-1. 9300 received at a given Pound because – 0. 0010-0. 0007 of the expensiveness of Dollars. So = 1. 8990-1. 9293 the premium factor have to be deducted from the spot rate. Foreign Exchange Rate Risks . Transaction Risk This is the risk that adverse exchange rate movement occurring in the cause of normal international trading transaction. This arises when the prices of imports or exports are fixed in foreign currency terms and there is a movement in the excha nge rate between the date when the price is agreed and when the cash is paid or received. 2. Translation Risk This is the risk that the organization will made exchange losses when the accounting results of its foreign branches or subsidiaries translated into the local currency. . Economic Risk This is the risk that suppose to a effect of exchange rate movements on the international competitiveness of the company. 4. Direct & Indirect Currency Quotes Direct Quote: This means the exchange rate is mentioned in terms of the amount of domestic currency which needs to be given in returns for one unit of foreign currency. E. g. SLR 130 for $1 Indirect Quote: This means the amount of foreign currency units that needs to be given to obtain one unit of domestic currency. E. g. $ 1/130 for SLR 1 Example 01ABC Ltd is a US company, buying goods from Sri Lanka which cost SLR 200,000. These goods are resold in the US for $2000 at the time of the import purchased. The current spot rate is $1 = SLR 126-130. Calculate the expected profit of the resale in terms of US Dollars using both direct & indirect quote methods. Answer: 1. ) Under Direct Quote Method $/SLR = 1/126 – 1/130 = 0. 00794 – 0. 00769 Sales = $2000 (-)Purchase Cost=SLR200,000*$/SLR0. 00794 =($1588) Expected Profit = $412 2. ) Under Indirect Quote Method Sales (-)Purchase Cost=SLR200,000/SLR126/$ Expected Profit = $2000 =($1587) = $413Managing the Exchange Rate Risk 1. Invoicing in domestic currency Since the exporter does not have to do any currency transaction in this method, the risk of currency conversion is transferred to the importer or vice versa. 2. Money Market Hedging Because of the close relationship between forward exchange rate and the interest rate in two currencies, it is possible to calculate a forward rate by using the spot exchange rate and money market lending or borrowing which is called as a money market hedge. Feature article about  Production Management3.Entering into Forward Exchange Rate Contracts A person can enter into an agreement with a bank to purchase the foreign currency on the fixed date at a fixed rate. 4. Matching receipts & payments Under this method a company can set off its payments against its receipts in that particular currency. 5. Options These are similar to forward trade agreements, but the consumer can choose between the bank’s rate and the market rate. Example 01 A Sri Lankan company has to settle $800,000 after three months time. The current spot rate is $1 = SLR 126-130.The foreign currency depositing interest rate is 12%per annum and the borrowing rate in Sri Lanka is 8% per annum. The agreed exchange rate with the bank is $1 = SLR128. The company has identified to overcome the exchange rate under Money Market Hedging & Forward Exchange Rate Contract methods. Identify the cheapest method to overcome the exchange rate risk. Answer: 1. ) Using Money Market Hedging Method FV = PV* (1+r)n PV = $800,000* (1+ 0. 03)-1 PV = $776,699 r = 0. 12*3/12 r = 0. 03 n=1 Purchase Cost(SLR) = $776,699*SLR130/$1 = SLR 100,970,870 Interest Cost(SLR) = SLR 100,970,870*0. 8*3/12 = SLR 2,019,417 Total Cost(SLR) = SLR(100,970,870+2,019,417) = SLR 102,990,287 2. ) Using Forward Exchange Rate Contract Method Total Cost (SLR) = $ 800,000*SLR128/$1 = $102,400,000 The best method is forward Exchange Rate Contract Method, because it gives the lowest total cost when compare to Money Market Hedging Method. Reasons for Short Term Changes of Exchange Rate 1. Investment Flows If a country does more investment to outside countries, then there would be a higher demand for foreign currency. Therefore the domestic will depreciated or vice versa. 2.Trade Flows In a given time if a country has more imports and less exports, the domestic currency will depreciated, because of the higher demand for the foreign currency or vice versa. 3. Economic Prospectus If a country has g ood economic policies and is showing shines of economic growth, it could receive more investment and therefore the domestic currency would appreciated. Reasons for Long Term Changes of Exchange Rate 1. Purchasing Power Parity Theory This theory describes how the differences in inflation rate among two countries would lead to changes in the exchange rates.Future Rate(A/B)=Spot Rate(A/B) * (1+ Inflation Rate of A) (1 +Inflation Rate of B) 2. Interest Rate Parity Theory This theory links the future currency rates with differences in interest rate among two countries. Future Rate(A/B)=Spot Rate(A/B) * (1+ Interest Rate of A) (1 +Interest Rate of B) 3. Monetarist Theory This theory identifies the relationship between exchange rate and the government money supply to an economy of one country. E. g. When the government released more money to their economy, individual would have more money.So they would purchased more, the demand will increased & through that result in higher prices & high inflation. This would lead to a high level of depreciation to the currency. 4. Keynesian Approach This theory says that an exchange rate may not change in a balance and sometimes currency may continuously appreciate or depreciate without reverse. E. g. There is a high taste & demand for imported product in one country while their exports are losing its export position in other countries. Therefore, without any appreciation of currency will continuously depreciate over a long time period in that country.