Child and Youth Friendly Banking Product Development Guide Research Paper

Child and Youth Friendly Banking Product Development Guide - Research Paper Example Today the youth population globally is 1.2 billion representing the world’s largest youth population (UNCDF, 2012). This research analysis examined the feasibility of offering child and youth friendly banking products (CYFI) as a partial solution to the problems confronting children and young people in terms of achieving a viable economic future. In order to analyse the challenges and opportunities for CYFI, an empirical study was conducted in which a total of 10 executives from different banks were interviewed. It is concluded that the provision of CYFI can only be achieved through a multi-agency approach which includes policy makers, legislators, bankers, educators and other financial services. This partnership is necessary to overcome the risks associated with contracting with minors, the relative immaturity of minors relative to their ability to understand and take responsibility for financial management and other challenges that will be identified in this research report analysis. Table of contents INTRODUCTION LITERATURE REVIEW CHAPTER 1 1. Introduction 2. Research Question 3. Methodology 4. Literature review CHAPTER 2 1. Why are child and youth friendly banking products important? 2. What would the ideal child and youth financial product look like? 3. What is the current state of child and youth friendly banking products? 4. What are real-life examples of characteristics of child and youth friendly banking products? 5. What is the current state of certification? CHAPTER 3 1. Findings 2. Conclusion Reference INTRODUCTION According to the CYFI access to financial products by youth and children is described as either a savings or checking account held by a child or a young person who is under the age of 18. The child or young person is also required to have significant control over the account and includes means by which the child or youth has â€Å"financial incentives†, includes strategies for communicating employment, is connected to financ ing the child or youth’s education, canvasses the child or youth’s â€Å"satisfaction†, and has â€Å"internal controls† for monitoring these factors. Once the criteria as set forth below is met, the financial institution offering CYFI is eligible for certification for providing Child and Youth Friendly Banking Products (Child & Youth Finance International). The Child and Youth Finance Movement began the initiative for encouraging and implementing policies and services that comport with five core principles. The first of these core principles are informed by international human rights and in particular the Convention on the Rights of the Child 1989. In this regard, the first core principle maintains that children and young people are entitled to human and economic rights and protections. The second core principle advocates that institutions have a duty to operate their business affairs so that children and

Documentation Requirements for the Acute Care Inpatient Record Essay Example for Free

Documentation Requirements for the Acute Care Inpatient Record Essay The medical record is a tool for collecting, storing, and processing patient information. Records are being used daily for a multitude of purposes, including: providing a means of communication between the physician and the other members of the healthcare team caring for the patient providing a basis for evaluating the adequacy and appropriateness of care providing data to substantiate insurance claims protecting the legal interests of the patient, the facility, and the physician   providing clinical data for research and education ? General Guidelines for Patient Record Documentation ?†¢ Each hospital should have policies that ensure uniformity of both content and format of the patient record based on all applicable accreditation standards, federal and state regulations, payer requirements, and professional practice standards. ?†¢ The patient record should be organized systematically to facilitate data retrieval and compilation. ?†¢ Only persons authorized by the hospital’s policies to document in the patient record should do so. This information should be recorded in the medical staff rules and regulations and/or the hospital’s administrative policies. ?†¢ Hospital policy and/or medical staff rules and regulations should specify who may receive and transcribe a physician’s verbal orders. ?†¢ Patient record entries should be documented at the time the treatment they describe is rendered. ?†¢ Authors of all entries should be clearly identifiable. ?†¢ Abbreviations and symbols in the patient record are permitted only when approved according to hospital and medical staff bylaws, rules, and regulations. All entries in the patient records should be permanent. †¢ Errors should be corrected as follows: draw a single line in ink through the incorrect entry, and print error at the top of the entry with a legal signature or initials, date, time, title, reason for change, and discipline of the person making the correction. Errors must never be obliterated. The existing entry should be left intact with corrections entered in chronological order. Late entries should be labeled as such. ?†¢ In the event the patient wishes to amend information in the record, it shall be done as an addendum, without change to the original entry, and shall be clearly identified as an additional document appended to he original patient record at the direction of the patient, who will thereafter bear responsibility for the explaining the change. The health information department should develop, implement, and evaluate policies and procedures related to quantitative and qualitative analysis of patient records. ?†¢ Review any requirements outlined in state law, regulation, or healthcare facility licensure standards as they relate to documentation requirements. If your state requires that verbal orders be authenticated within a specified time frame, accrediting and licensing agencies will survey for compliance with that requirement.

Mind Sports :: essays research papers

It seems almost like an oxymoron to combine the words mind and sport especially when the "sport" under consideration is chess. It is difficult to picture the game as a sport when the most physical activity it seems to require is moving the pieces across the board. Recently, though, the Olympic committee voted chess legal for competition in "The Games." This acknowledgment of chess as a sport by such a high council requires us to rethink our view of chess and athletics. Although chess does not appear to require as much activity as most recognizable sports, it does require as much, if not more, preparation and time. A study done at Temple University found that chess drains energy at a rate that compares to football. Some of the best chess players in history regarded athletic training as an essential part of success in the game. Both Bobby Fischer and Garry Kasparov lifted weights. They used other physical conditioning techniques as well, not necessarily for their health, but because of the amount of stamina the game requires at high levels of competition. It is not uncommon for a professional player to lose 10 to 15 pounds during the course of a match. Matches can last as long as a month, with one game every day, eight hours each. Over 120 countries officially consider chess a sport. The Unites States is not one of them. That may be because we seem to have a very narrow-minded view of what exactly a sport is. Ask any random person if chess should be considered a sport, and the most likely response will be hysterical laughter, yet more people play chess competitively than any other game in the world, and more books have been published on chess than any other subject. Most of those players and authors firmly believe that chess is harder to be good at than any other game or sport. The thought of chess as a sport probably just never occurred to most people. Playing in a chess tournament is akin to taking a test that has not been studied for but that will decide something important, except that chess also has the added problem of time. Imagine taking that test with a time limit, like the SAT’s for example, but that the clock that is keeping the time gives off a faint ticking sound. In a large room that is completely silent the only thing audible will be that noise, it is extremely nerve-racking for any inexperienced tournament player.

Compare and Contrast Economic and Political Effects of the Mongol Rule in the Middle East and China Essay

The Mongols were a nomadic group from Central Asia who joined together under the rule of Ghengis Khan to conquer territory. The Mongols had an enormous affect on the territories it conquered. They generally took on the culture of the peoples they conquered. In China, the Mongols modeled the government similar to China’s but did not allow Chinese members to become a part of the government. They also outlawed the civil service exam. In contrast in the Middle East, Il-Khan allowed local government officials to stay in power and keep their rule as long as they continued to pay taxes. However in both regions the Mongol’s encouraged trade and eliminated tariffs through their empire. In that way they boosted their economies. Politically the Mongols changed the system significantly in China. Although Kublei Khan, the ruler of China during the Mongol ruler tried to model the government after the Chinese bureaucracy as exemplified by his naming the dynasty, the Yuan dynasty and keeping a strong centralized government with regular tax payment. He also outlawed the civil service exam because the Mongols were not well educated. In Addition he only allowed Mongols to be a part of the government. In contrast, in the Middle East Il-Khan kept the government very similar to how it had always been. The leaders of the mongols converted to Islam unlike the Mongols in China who didn’t take on Confucianism, the Chinese tradition. The Mongols in the Middle East also allowed the current leader to remain intact as long as they continued to pay the taxes. Economically, the mongols were very similar in China and the Middle East. In China the Mongols encouraged trade. They protected the Silk Roads from invaders. An example of how the Mongol’s encouraged and welcomed trade is with Marco Polo, a merchant who traveled all around Eurasia and wrote about his journey and travels to the Yuan dynasty. Similarly in the Middle East the Mongols encouraged trade and specifically discouraged agriculture. The Mongols also eliminated tariffs throughout their empire. Because of this trade flourished in the Middle East as it did in China. The Mongol rule in China and the Middle East was very different politically in that the Mongols allowed the leaders in the Middle East to remain while  in China they did not. In addition they took on the Middle Eastern culture more by converting to Islam while in China, they did not take on Confucianism. However the Mongols attempted to take on parts of the culture in both regions. Economically both the mongols in China and the Middle East were similar. In both regions the Mongols encouraged trade and eliminated tariffs. Because of this trade flourished in this time period.

Determining Achievements in the Choice of School

Every parent wants what is best for their child. Though parents do not have control over everything in their child's development, education is one they do control. A person's education is one of the most important factors in determining whether or not they will become a productive member of society. Because education is so important, what kind of education is best? Whether or not a public or private school is best may be an issue worth addressing. The debate over which is better is a battle that has gone on since private schools were first introduced as an alternative. It seems most people are of the opinion that private schools are superior; the issue is simply if it is worth the money. However, this may not be the case. Therefore, how does one gauge the superiority of a school? This very difficult question has no easy answers. The most common and maybe the only way that researchers can rate and measure the effectiveness of a school is by measuring achievement. The American Heritage Dictionary seems to define achievement as â€Å"something that has been accomplished successfully, especially by means of exertion, skill, practice, or perseverance. This efinition is not exactly what researchers are speaking of when they refer to achievement. Though they all seem to define it slightly different, achievement is refered to as an improvement in overall academic excellence that did not exist before or outside the classroom. Many researchers used achievement tests and SAT scores in longitudinal studies for this measure. These reports seem to suggest that public schools seem to perform at equal levels with private schools. But are SAT scores and achievement tests all that are important to a school and what it can provide for children? This question cannot be addressed with these The fact that I was raised in a private environment seems to suggest that I may not be better off than my private counterparts. Since a young age, I have attended private schools. From Kindergarten through all four years of high school, I have been in home schooling with my other brothers and sisters. I was raised on the idea that private schools are better than public ones. My parents and most of my peers still believe this. I might still think this also but with much less fervor. After high school, I then went on to Meramac, my first public school. It was here that I learned, in that large and diverse environment, and from talking to my friends now at public colleges, that maybe the average public and private system are not so different. I am not saying that high school and college are comparable, they are not. Maybe just the idea that private schools provide a superior education is false. I seem to be getting the same if not better education where I am now, at Meramac, than I would at some private college. I am afraid to ask how much my parents have spent on my education. Would I be I the same place today had I gone to public schools, only having a more However, one must keep in mind that the issue over weather private schools are superior to public ones cannot be calculated for just myself or any other individual. The facts and data stated here are averages, not necessarily the best and most accurate information for all children. Also, not all public schools are the same and not all private schools are the same. Again, the results here are supposed to be averages of each. Many schools are not even addressed. Public magnet schools, independent schools, and special education schools, are some examples. Another thing to bear in mind is that there are many more public schools than here are private ones, thus skewing the data some. With that I mind, I have found six journals written on, or pertaining to, the subject of achievement and whether private or public does a better job of promoting it. However, all of these researchers did not just pick a hundred public students and a hundred private ones, test them, and then see who scored higher. Many variables must be taken into account to make the two groups as equal as possible. This logical step included the factoring out of variables such as economic backgrounds, gender, age, race, IQ, and others. By liminating or lessening these characteristics and others like them, more equivalent groups can be made, with a smaller chance of non school influences affecting score results. Before the mid 1970's, the issue of the better type of school had not been seriously addressed. This may be because most students enrolled in private schools were there primarily for religious reasons. This is why most private schools are Catholic. The Coleman report, released a before the 1980, began the battle that still continues to this day. Their conclusion stated that, after all the data was collected, and all the important ariables accounted for, private schools produce better achievement than their public counterparts. Shortly after this research became public, numerous studies have been documented as stating that their conclusion was false. Some of those studies shall be stated here. One of the first reports that confronted the Coleman report was released in 1981 by authors Goldberger and Cain. This study did nothing but address the validity of the report by Coleman, Hoffer, and Kilgore, which was a document that contained 233 pages + appendices. They found that â€Å"the method and nterpretations employed fall below the minimum standards of acceptability for social-scientific research†. Goldberger and Cain do not only disagree with the results that Coleman and his associates released but attack them with a fair amount of vemenance. Their research methods, or, their execution of the methods, are replete with flaws. The presentation of their style are one-sided — pro-private. It is as if they decided to write a brief for the proposition that society shift to the subsidization of private schools and away from the subsidization of public schools. Goldberger and Cain therefore, are not saying anything referring to which type of school is better. They are simply stating that the results shown by the Coleman report are not accurate, and therefore, there is simply no evidence suggesting that private is better. However, in 1983, Alexander and Pallas not only discredited the Coleman report but also did a study of their own. Though a little more discrete in their judgments, they again find the Coleman results flawed. They also address the fact that because most private schools are catholic, it would be wrong to generalize the private school data set by including all private schools. Instead they address the issue as a public-Catholic one. Attempting to correct the errors in the Coleman report, they do a study of their own. Using the NLS and HSB studies, they find that there is not a substantial difference in the results and that private schools are not better. They do however, point out their shortcomings; that â€Å"SAT scores are only available for those students who elected to sit for the test† and that the data are only sampled of sophomores and Another study that furthered the argument that public schools are just as good as private ones were one put out by Sassenreth and her colleagues. In 1983 they used a study that was already in progress, SOMPA, to analyze the correlation between the two. Though the study was extremely brief, by comparing IQ's of students already in the survey, they found that â€Å". . . the public schools are able to hold their own, despite having to enroll an student (good or bad) in their residential area and having to offer a wider range of courses†. With 49 public school students and 49 private school students matched by their IQ and with all outside variables taken into account, â€Å"private and public schooling has (on the average) about the same nfluence on academic achievement†. However they are also the only study reviewed which infer that the decision to select a private school might be for other reasons than achievement. Some of the more recent data no longer refers to the Coleman report, suggesting that it is either outdated or has been successfully discredited. In 1991 Gibbons and Bickel use three SAT data sets to compare public to private. Though SAT tests â€Å"were originally designed to measure aptitude rather than achievement† the authors feel that they are just as good a measuring tool as any. They again find that, once accounting or certain variables, â€Å"public high schools appear to perform better than private high schools, at least with Also in 1991 Rock and associates address the issue of trying to ascertain what promotes achievement. Though it does not specifically address the conflict of private versus public schools, it does seem to provide useful information concerning some of the variables addressed by previous researchers and why they were factored out. Before the following variables are accounted for, * Students from private independent schools perform considerably better on all test than students from Students in private independent schools are more likely than public or Catholic school students to be proficient at higher level math problem solving (private independent: 63 percent, public: 18 percent, Catholic: * Students from Catholic schools have higher mean scores I all tested areas (except higher-level math problem solving) then do public school students. Age, race and ethnicity, and socioeconomic status, also play a significant role in a students performance. Their data seems to suggest however, that the differences in achievement among public schools and rivate schools seem to stem from variables that are not school related. But what about the things that researchers cannot prove. Many parents, especially those whose children are or have been in private schools, would argue that achievement is only part of the big picture. Lynn Stevens, a public school teacher, has three daughters. Though they all began in public schools, two of them attended private high school. Mrs. Stevens feels that her children received a better academic background in a private school but, due to the variety and larger size of a public school, she feels that they might have suffered. She feels that they might have been â€Å"more involved in a larger variety of things† in a public school. Jennifer and Meredith Stevens, Mrs. Stevens' older daughters, attended Marist, a high pressure, high achievement, private school. Therefore, because it is so competitive, Mrs. Stevens feels it inappropriate to call Marist an â€Å"average† private school,. However, upon discussion of the advantage of social diversity of a public school, Jennifer added that she â€Å"received a more positive influence at Marist† than she would have at Roswell. Jennifer also senses from her youngest sister, now attending public high chool, that there is almost pressure to not do well. Mrs. Stevens also feels that public schools, especially at the elementary level, cannot meet the demands of all the different ability levels present in the large classes. Private schools on the other hand, though not able to help each child as much as possible, can perform a much better job of this with their smaller class sizes. One argument against private schools is that they do not provide a â€Å"real world† type of atmosphere, and that this is a serious disadvantage when the child grows up. Mrs. Stevens feels that this does not necessarily matter. However, because of Amanda's greater opportunity to achieve amongst her peers at public school, Mrs. Stevens would not put her youngest daughter in Marist. Another reason, though not addressed in the interview, for her sending her daughters to private school is due to the religious influence that it provides, which is unavailable in public schools. Basically, it depends on the student, and what will be best for him or her. It seems that for the average student, private schools do not provide better achievement than do public. But what does achievement have to do with the big picture? Will higher SAT and achievement scores roduce a happier, more well rounded, positive, and more self confident youth? Probably not. Every child is unique and has their own strengths and weaknesses. The same things hold true with schools. Some private schools are poor just as many public schools are good. The decision whether private schools are worth the money is another issue. Again, it depends on one's own situation. Therefore, though achievement may be part of the decision making process, it should only be a small concern in a sea of other ones. It depends upon the child as to which concerns are large and which ones are small.

Final For BUS Essay

Final For BUS Essay Final For BUS Essay Question: How can we increase the graduation rate at Clinton Community College? Answer: If you want to increase the graduation rate at Clinton, they would first need to increase the amount of students enrolled at Clinton. To get more students the first thing that college needs to do, is market more to students. Once the college starts to market there could be an increase in the population here. To start the marketing, they could put it on social media, they could present at schools, and they could sponsor sporting events or whatever they could. Once they get their names out, they could easily increase the population and people from around the nation would start out here. They need to get the slogan out that it is a great startup for college. The next thing Clinton needs to accomplish would be a SWOT analysis. Strengths for Clinton would be, it is the only community college in the area. It is cheap compared to most of the colleges around here. It is one of the top community colleges in the nation. It is a smaller school so it is an easier learning environment and it has a lot of transportation here. They have a bus route that is set up for the dorms. They give out easy scholarships to students who have strived in high school and now are on the path to college. The weakness of Clinton would be that the kids around here think down about Clinton. When the weather is bad the roads to Clinton are bad. We are up a hill so when it gets bad outsides it can make it hard to get here. It is a small school in a small area, the parking lot can be frustrating to the students here. Opportunities for Clinton would be more attractions around here, make the dorms more favorable to students, and add more buildings to the campus. If the enrollment rate increases they would acquire more money and they could put it toward increases each building or make a new one. The threats for Clinton are Plattsburgh State, and the bad words of mouth from the locals and how no one from around here wants to stay here. That can deter from the enrollment here at Clinton. The next thing that Clinton could do is they need to apply the Maslow Theory to their students. The first step in the Maslow Theory is to get the physiological needs taken into consideration for each of the students considering coming to Clinton. The college needs to make sure that each of the building accommodates to each student. Steps taken to make sure this happens would be to make sure that all of the buildings are up to date and that each one is well maintained. They need to keep up with each building and they will have successfully succeeded on this step. The second step in the Maslow Theory is the psychological need. This need is basically the safety of each of the students. This is crucial if they want their enrollment rate to increase. If they make the campus safe to the students, there will be no fear and that will take away from students avoiding this college. With no fear comes a better atmosphere as well. There will be a hundred times better learning environment if they feel safe. With a better learning environment comes to better grades, which will eventually lead to a higher graduation rate from Clinton. The third step is to create a social environment here. There are many steps or examples that Clinton could do to make this step actualization. They could start up more clubs that fit in here. With more clubs it could lead to more relationships among the students. They could get study groups that the students set up themselves. One thing Clinton has already accomplished with this is that there is small classes so that the professor can get more on a one on one relationship with each of the students. This could make the students feel better about themselves. Knowing what a teacher is looking for and being able to communicate better with each one is crucial. So, with the smaller class sizes comes better social need with the students. I mean come on, who wants a classroom of 50 plus

An Overview of Chinas One-Child Policy

An Overview of Chinas One-Child Policy Chinas one-child policy was established by Chinese leader Deng Xiaoping in 1979 to restrict communist Chinas population growth and limited couples to having only one child. Although designated a temporary measure, it remained in effect for more than 35 years. Fines, pressures to abort a pregnancy, and even forced sterilization of women accompanied second or subsequent pregnancies. The policy was not an all-encompassing rule because it was restricted to ethnic Han Chinese living in urban areas. Citizens living in rural areas and minorities living in China were not subject to the law.   Unintended Effects of the One-Child Law There have long been reports  that officials have forced women pregnant without permission to have abortions and have levied steep fines on families violating the law. In 2007 in the southwestern Guangxi Autonomous Region of China,  riots broke out as a result, and some people may have been killed, including population control officials. The Chinese have long had a preference for male heirs, so the one-child  rule  caused many problems for female infants:  abortion, out-of-country adoption, neglect, abandonment, and even infanticide were known to occur to females. Statistically, such Draconian family planning has resulted in the disparate (estimated) ratio of 115 males for every 100 females among babies born.  Normally, 105 males are naturally born for every 100 females. This  skewed ratio in China creates the problem of a generation of young men not having enough women to marry and have their own families, which has been speculated may cause future unrest in the country. These forever bachelors will not have a family to care for them in their old age either, which could put a strain on future government social services. The one-child rule has been estimated to have reduced population growth in the country of nearly 1.4 billion (estimated, 2017) by as much  as 300 million  people over its first 20 years. Whether the male-to-female ratio eases with the discontinuation of the one-child policy will come clear over  time. Chinese Now Allowed to Have Two Children Though the one-child policy may have had the goal of preventing the countrys population of spiraling out of control, after several decades, there were concerns over its cumulative demographic effect, namely the country having  a shrinking labor pool and smaller young population to take care of the number of elderly people in ensuing decades. So in 2013, the country eased the policy to allow some families to have two children. In late 2015, Chinese officials announced the scrapping the policy altogether, allowing all couples to have two children.   Future of Chinas Population Chinas  total fertility rate  (the number of births per  woman) is 1.6,  higher than slowly declining Germany at 1.45 but lower than the U.S. at 1.87 (2.1 births per woman is the replacement level of fertility, representing a stable population, exclusive of migration). The effect of the two-child rule hasnt made the population decline stabilize completely, but the law is young yet.

New Fingerprint Detection Technology Developed

New Fingerprint Detection Technology Developed In an era of advanced DNA technology, fingerprint evidence may be considered old school forensics, but its not as outdated as some criminals may think. Advanced fingerprinting technology now makes developing, collecting, and identifying fingerprint evidence easier and quicker. In some cases, even trying to wipe fingerprints clean from a crime scene may not work. Not only has the technology for collecting fingerprint evidence improved, but the technology used to match fingerprints to those in the existing database has been significantly improved. Advance Fingerprint Identification Technology In 2011, the FBI launched its Advance Fingerprint Identification Technology (AFIT) system which enhanced fingerprint and latent print processing services. The system increased the accuracy and daily processing capacity of the agency and also improved the systems availability. The AFIT system implemented a new fingerprint matching algorithm which increased the accuracy of fingerprint matching from 92% to more than 99.6%, according to the FBI. During the first five days of operation, AFIT matched more than 900 fingerprints that were not matched using the old system. With AFIT on board, the agency has been able to reduce the number of required manual fingerprint reviews by 90%. Prints From Metal Objects In 2008, scientists at the University of Leicester in Great Britain developed a technique that will enhance fingerprints on metal objects from small shell casings to large machine guns. They found that chemical deposits that form fingerprints have electrical insulating characteristics, which can block electric current even if the fingerprint material is very thin, only nanometers thick. By using electric currents to deposit a colored electro-active film which shows up in the bare regions between the fingerprint deposits, researchers can create a negative image of the print in what is known as an  electrochromic image. According to the Leicester forensic scientists, this method is so sensitive it can even detect fingerprints from metal objects even if they have been wiped off or even washed off with soapy water. Color-Changing Florescent Film Since 2008, Professor Robert Hillman and his Leicester associates have further enhanced their process by adding fluorophore molecules to the film which is sensitive to light and ultra-violet rays. Basically, the fluorescent film gives scientist and extra tool in developing contrasting colors of latent fingerprints - electrochromic and fluorescence. The fluorescent film provides a third color that can be adjusted to develop a high-contrast fingerprint image. Micro-X-Ray Florescence The development of the Leicester process followed a 2005 discovery by University of California scientists working at Los Alamos National Laboratory using micro-X-ray fluorescence, or MXRF, to develop fingerprint imaging. MXRF detects the sodium, potassium and chlorine elements present in salts, as well as many other elements  if they are present in the fingerprints. The elements are detected as a function of their location on a surface, making it possible to see a fingerprint where the salts have been deposited in the patterns of fingerprints, the lines called friction ridges by forensic scientists. MXRF actually detects the sodium, potassium and chlorine elements present in those salts, as well as many other elements, if they are present in the fingerprints. The elements are detected as a function of their location on a surface, making it possible to see a fingerprint where the salts have been deposited in the patterns of fingerprints, the lines called friction ridges by forensic scientists. Noninvasive Procedure The technique has several advantages over traditional fingerprint detection methods that involve treating the suspect area with powders, liquids, or vapors in order to add color to the fingerprint so that it can be easily seen and photographed. Using traditional fingerprint contrast enhancement, it is sometimes difficult to detect fingerprints present on certain substances, such as multicolored backgrounds, fibrous papers and textiles, wood, leather, plastic, adhesives and human skin. The MXRF technique eliminates that problem and is noninvasive, meaning a fingerprint analyzed by the method is left pristine for examination by other methods like DNA extraction. Los Alamos scientist Christopher Worley said MXRF is not a panacea for detecting all fingerprints  since some fingerprints will not contain enough detectable elements to be seen. However, it is envisioned as a viable companion to the use of traditional contrast enhancement techniques at crime scenes, since it does not require any chemical treatment steps, which are not only time consuming  but can permanently alter the evidence. Forensic Science Advances While many advances have been made in the field of forensic DNA evidence, science continues to make progress in the field of fingerprinting development and collection, making it increasing more probably that should a criminal leave  behind any evidence at all at the crime scene, he will be identified. New fingerprint technology has increased the likelihood of investigators developing evidence that will withstand challenges in court.

How social media is affecting the mind of youth in America Research Paper

How social media is affecting the mind of youth in America - Research Paper Example In addition, the paper also discusses the use of social media among the youths to give essence to discussion of the strong correlation. Further, the research came to conclude that youths’ ignorance about the effects of social media on their activities is the major cause for the negative impacts: consequently, they should be taught about the pros and cons. Human growth and development is characterized by distinct stages that happen along the course of life, one of these is the youth stage. The youthful stage is where a person experiences several physical and biological changes in the body. The youthful stage involves young people looking for more extended relationships with members of the opposite sex. Due to peer pressure they may end up engaging in behaviors that can be detrimental or useful in their future lives, this is the stage where young people are active in terms of information search about different things; entertainment, careers, relationships and technology. It goes without mention that modern advances in information and technology have been responsible for the increased knowledge and awareness about different systems of life by the youth (Large 2005). The youths of modern times are far much informed at their age than the youths of a century ago in the similar age group, thanks to information and technology of the latter days. In this development, the influence brought by social media cannot be underscored. This is the single development that has advanced the way people socialize and conduct their activities, in fact, social media has had a great effect in the way business organizations conduct their research and marketing objectives. It has brought increased opportunities for business and management efficiencies as well as forms of communication and knowledge sharing among staff of business organizations. This paper considers its

Homeless young women Coursework Example | Topics and Well Written Essays - 13000 words

Homeless young women - Coursework Example The results showed that there is a demographic profile for the homeless young women specifically in terms of age, number of children, and educational attainment; the level of community acceptance of the homeless and vulnerable component of the society is above average due to the category of Always; the supporting people support workers always observed the diminutions of population who have nowhere to live; the supporting people support workers often bear the homeless young women's need for transport resulting to the diminution of impediments in the conveyance of care from hospitals to for example Nightingale hostel at Cardiff, in the United Kingdom; the supporting people support workers often guaranteed that the homeless young women were afforded hospitalization services to diminish the chances of relapse that would require another hospital medical attention; and the homeless young women with children often depend on supporting people support workers whilst staying at Nightingale hos tel in Cardiff, the United Kingdom. Respondents of the study (homeless young women) were asked to an... At the end of this chapter the recommendations and conclusions were formulated to enlighten the future researches who wish to do the same subject of the study and the predictors of this research. The extent of dependent of homeless young women with children on support workers whilst staying at a Nightingale hostel A Dissertation Presented to The Faculty of In Partial Fulfilment Of the requirements for By Nickola Shaddad 2009 TABLE OF CONTENTS Page ABSTRACT ACKNOWLEDGEMENT . . . . . . . . . . . . . . . . . . . . . . iv DEDICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . vi LIST OF TABLES . . . . . . . . . . . . . . . . . . . . . . . . . . xvi Chapter 1. INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . 7 Statement of the Problem. . . . . . . . . . . . . . . . . . 8 Significance of the Study. . . . . . . . . . . . . . . . . . . 9Theoretical Framework of the Study. . . . . . . . . . . . . 10Hypotheses . . . . . . . . . . . . . . . . . . . . . . . . . 11Scope and Delimitation of the Study. . . . . . . . . . . . . 11 DEFINITION OF TERMS. . . . . . . . . . . . . . . . . . . 11 2. LITERATURE

Soldier's home Essay Example | Topics and Well Written Essays - 750 words

Soldier's home - Essay Example t at social gatherings, "he fell into the easy pose of the old soldier among other soldiers: that he had been badly, sickeningly frightened all the time." (Hemingway 153). Unlike, ordinary peoples conception of home as a secure and safe haven, Krebs home is a soldiers home where he is always on the alert for the unexpected; he is frightened all the time; and he has learned to not to believe in anything. His lifes associations are not the beautiful girls, belief in God, honor, work, friendship or love for ones family. Instead, he believed in these elements as instruments to survival and diversions. In the picture of himself with a corporal and two German girls for instance, indicates that they have been acquaintances who had passed sometimes with him but do not have any significant meanings. Krebs disillusionment of his hometown and people stems from his post at Belleau Wood, Soissons, the Shampagne, St. Mihiel and the Argonne, where the battles had been the most fierce and bloody. These battles have had a deep impact on Krebs yet he is reluctant to talk about them. This is partly because people in Kansas already "had heard too many atrocity stories to be thrilled by actualities" and partly because these experiences have more value to him than his audience. He has found lying to make himself heard by his hometown too demeaning, and hence have been unwilling to degrade his memory and experience of war. Instead, Krebs has assumed a secluded lifestyle so that he does not have to encounter such situations when he had to lie about his war experiences. He avoids active socialization with the community whether through work or interaction with women. He finds that to get involved in any of these socialization processes, he would have to lie and lying is too complicated for him. He feels that untruth and exaggeration would eradicate his memory of the war, which is his actual reality. For him his hometown and its people are the enchantment which he had taken to the war and

Ricardo Semiler and Semco Company and its Changes Case Study

Ricardo Semiler and Semco Company and its Changes - Case Study Example No. The older Semler, Antonio was already culturally rooted in his management ways of being too bureaucratic and autocratic. He also cannot separate his personal affairs to business and this made Semler & Company under his leadership a moribund. Moreso, he did not have the modern business perspective of the time to change his style of leadership unlike the younger Semler, Ricardo who went to Harvard business school. Yes, the transformation and change of the company would have still come even if things were going well. The external factors cannot change the trajectory of the company when Ricardo Semler assumed leadership of Semco because he really intended to change the autocratic leadership of the company. The crisis only highlighted how effective the change to the company. In a way the change was drastic. Upon assumption as the new CEO, Ricardo Semler fired two-thirds of the top management of Semler & Company and that included many close friends of his father. This would not have been possible under his father because Antonio Semler did not separate work from his personal relationships. The new set up of the company was also a total departure of the old autocratic style of leadership of the company. The young Semler felt that the old autocratic leadership thwarted people’s motivation and creativity. Thus, he decided that the authority to make decisions at Semco to be more evenly distributed. In the process, he dismantled the rigid bureaucracy and structure of the company to make it more flexible based on the new three values of the company – employee participation, profit sharing and free flow of information. To emphasize the change, even the name of the company was changed from Semler & Company to Semco. There were a lot of changes that can be considered drastic if it will be compared  to the old leadership.   Strategy wise, among them product was product diversification and the creation of Nucleus of Technological Innovation (NTI).   Leadership style also changed to democratic and participatory to the point that employees can already direct themselves- set their own budget, even their own salaries and even the hiring and firing decision of both employees and managers.

Trends in the Radio Industry Research Paper Example | Topics and Well Written Essays - 1000 words

Trends in the Radio Industry - Research Paper Example Before the advent of Television and other electronic mediums, Radio for more than half a century was the most popular entertaining system available for people from all strata of the society, with maximum households all over the world enjoying the space occupied by radio. America was no exception to that trend with American radio industry was considered to be one of the thriving industries in mid 1900’s. This is the case even now with radio through various ‘avatars’ are still occupying the airwaves and thereby the mind waves of the people. â€Å"Radio reaches into every American home and place of business — a reach that exceeds that of any other medium. Given its role as a source of entertainment and news, the "ownership" of the airwaves is a significant issue† (Gongol 1). The technology of transmitting wireless messages or signals through the air over ground or water in the form of sound or magnetic waves became a near possibility, soon after the invention of telegraph and Morse code by Samuel Morse. Before that innovation, transmission of messages over long distances was impossible. This innovation and the discovery of electromagnetic waves by Heinrich Rudolf Hertz in 1877 mainly led to the invention of radio and the resultant transmission of wireless messages. In 1894, using a different and much superior wireless telegraphy system, an Italian, Guglielmo Marconi, used discontinuous waves to send Morse code messages through the air for short distances over land. (Scott). Then, he sent the messages across the Atlantic Ocean. However, he could not commercially tap his invention in Europe because European governments had a kind of monopoly for message delivery through postal services, thereby allowing Marconi to develop wireless systems that can only tr ansmit messages over sea. However, even after the governments withdrew its restrictions and allowed using radio technology for commercial purposes, Marconi could not tap it fully because once the details of

Knowledge Management Coursework Example | Topics and Well Written Essays - 3000 words

Knowledge Management - Coursework Example Knowledge management is highly reliant on people. The staff, the employees all carry knowledge about the company and they are the ones that carry out knowledge management. At the end of the day information technology does play a great part but the human factor is way bigger and way more necessary. Information technology will help in developing a knowledge management system and the success will depend on how well the information is organized and stored. The information however comes from the human beings. It is important for them to be encouraged by the organization. There should be a very caring, social and interactive organizational culture for knowledge management to thrive. Often companies used to restrict access to information; often employees would not bother sharing information with others with regards to their own personal promotion or job safety. But now organizations have modernized, they take concrete steps to make sure that the culture is more open, more relaxed and everyo ne is more at ease. Knowledge sharing only takes place when the culture is open to it, people are at enough ease to open their minds up and share their knowledge with superiors and inferiors both. Knowledge rather than capital or labour is the only meaningful resource a company has according to Drucker(1993). Capital and labour are actually pretty volatile resources when you think about it. They provide you with stability but there is no guarantee that they won’t leave you. Capital can be lost when faced with a crisis, employees leave and all of them don’t stay for a long time but knowledge is one factor that is constant. It can be stored in repositories for ages; it can be further analyzed and disseminated. Every human process result is a key success factor which should be stored. All the developed economies are now moving from industrial to knowledge based economy as they realize the importance. Defined broadly â€Å"KM is the process through which organizations ext ract value from their intellectual assets† (Kaplan, 2002). Intellectual assets in this case are their employees and managers not the information technology systems that a company has. Employees spend a lot of time in a company; they learn the inputs, processes, outputs. The experience they gain is extremely valuable though intangible. This true information has to be stored somewhere; an employee can leave anytime and can take the expertise to another organization. Knowledge management is made in two dimensions. One is to manage the existing knowledge by creating repositories, knowledge compilation, arrangement and categorization. The second is the activities of knowledge acquisition, creation, distribution and application. (Stenmark, 2001) Knowledge management also consists of administering the knowledge assets of the organization which is the human resource. Knowledge modelling is a process that helps in achieving those goals. Knowledge management includes identifying and map ping knowledge within the organization. The end objective is to generate enough amount of knowledge that the business can gain competitive advantage. Knowledge management also observes the whole lifecycle of an organization, from the beginning to the possible end. It sees how the organization has changed over time, how it has adapted to the external environmental challenges and how it became successful (Mathi, 2004).

Trends in the Radio Industry Research Paper Example | Topics and Well Written Essays - 1000 words

Trends in the Radio Industry - Research Paper Example Before the advent of Television and other electronic mediums, Radio for more than half a century was the most popular entertaining system available for people from all strata of the society, with maximum households all over the world enjoying the space occupied by radio. America was no exception to that trend with American radio industry was considered to be one of the thriving industries in mid 1900’s. This is the case even now with radio through various ‘avatars’ are still occupying the airwaves and thereby the mind waves of the people. â€Å"Radio reaches into every American home and place of business — a reach that exceeds that of any other medium. Given its role as a source of entertainment and news, the "ownership" of the airwaves is a significant issue† (Gongol 1). The technology of transmitting wireless messages or signals through the air over ground or water in the form of sound or magnetic waves became a near possibility, soon after the invention of telegraph and Morse code by Samuel Morse. Before that innovation, transmission of messages over long distances was impossible. This innovation and the discovery of electromagnetic waves by Heinrich Rudolf Hertz in 1877 mainly led to the invention of radio and the resultant transmission of wireless messages. In 1894, using a different and much superior wireless telegraphy system, an Italian, Guglielmo Marconi, used discontinuous waves to send Morse code messages through the air for short distances over land. (Scott). Then, he sent the messages across the Atlantic Ocean. However, he could not commercially tap his invention in Europe because European governments had a kind of monopoly for message delivery through postal services, thereby allowing Marconi to develop wireless systems that can only tr ansmit messages over sea. However, even after the governments withdrew its restrictions and allowed using radio technology for commercial purposes, Marconi could not tap it fully because once the details of

Homeland Security Organization Essay Example | Topics and Well Written Essays - 250 words

Homeland Security Organization - Essay Example Newspapers have often reported that handling the effects of attacks by weapons of destruction demands the service of military, welfare organizations and local agencies. At present the nation faces severe attacks that may be so devastating, unexpected and complex. Existing system of original homeland security in USA has certain limitations. Emergency military operations, rehabilitation and medicinal aids are not possible in current system of original home security organization. Circumstances require coordinated or more integrated forms of homeland security organization in the United States. These types of integrated homeland security organization promote effective prevention methods, proper response, and rehabilitation programs to terrorist attacks and other natural calamities. Terrorist attacks and various natural calamities such as storm, earthquake and epidemic diseases affect a large area and prevention methods and rehabilitation activities should conduct in different places in a same time. Laegreid & Serigstad (2004) clearly remark that â€Å"changes, implementation and Improvement is reactive in character, which, in turn, causes considerable diffusion of responsibility between ministries, agencies and other public and private bodies† (p. 8). Collective responsibility of various agencies is essential for the successive implementation of homeland security organization and proper coordination should be ensured for the smooth functioning of variou s agencies. Coordinated homeland security program ensure the effective organization of the government in to the activities of various agencies. Laegreid, P & Serigstad, S. (November 2004). Organizing for Homeland Security: The Case of Norway. Stein Rokkan Centre for Social Studies. Retrieved 17 Jul. 10, from:

Assessment and grading criteria Essay Example for Free

Assessment and grading criteria Essay Unit 1 – Fundamentals of Science Assessment and grading criteria To achieve a pass grade the evidence must show that the learner is able to: To achieve a merit grade the evidence must show that, in addition to the pass criteria, the learner is able to: To achieve a distinction grade the evidence must show that, in addition to the pass and merit criteria, the learner is able to: P1 outline the key features of the periodic table, atomic structure and chemical bonding M1brelate the key features of the periodic table to the conclusions drawn from the practical activities D1vexplain how standard solutions and titrations are prepared in industry P2vdemonstrate practically the ability to prepare chemical solutions and test their accuracy see more:analyse factors that contribute to the wellbeing of individuals Scenario: You are working as a scientist for ‘Edvisprog’ – a company producing visual aids for education. The team is currently working on a web-based program to help students understand the key features of the periodic table and information to guide students to help the teaching and understanding of the use of titrations. You have to produce word documents or powerpoint presentations that will provide the information for the web-based software. Remember: During this (and other assignments) credit cannot be given for a diagram  copied from the internet unless, (1) It is referenced and (2) You have interpreted the diagram in some way, for example, added your own labels or further described the concept conveyed in the diagram. Task 1 – Chemical Bonding and the Periodic Table In this task you have to describe atomic structure, outline the key features of the periodic table and describe chemical bonding Draw a diagram of a Calcium atom, label the key components of the atom. P1i The periodic table contains over 100 different elements in a specific order. Describe how the atoms in the periodic table are arranged. You will need to make reference to (a) groups, (b) periods, (c) metals and non-metals, (d) solids/liquids/gases. Choose three different elements and explain why each is in a particular group / period P1ii Ionic, covalent and hydrogen are the three main types of chemical bonding. Draw a series of diagrams, with explanations to outline the process involved in each type. P1iii Task 2 – Volumetric Analysis This task will require you to make a ‘Standard Solution’, this is a solution of known strength. You will make a solution of sodium carbonate. The strength of sodium carbonate (Na2CO3) is usually measured in moles. A one molar (1M) solution means one mole of substance (solute) per litre of solution. A mole is the molecular mass of a substance in grams. To calculate the molecular mass, the atomic masses of all the atoms in the molecule need to be added together. For example, the sodium carbonate molecule consists of one atom each of sodium (Na), carbon (C), and oxygen (O). Their respective atomic weights are: Na 23,C 12 and O 16, so the molecular weight, is 23 + 23+ 12 + 16 + 16 + 16 = 106. Thus 106 grams of Na2CO3 equals one mole of Na2CO3, and a 1 molar solution of Na2CO3will contain 106 grams of Na2CO3chemical, per litre of water. Using all the safety measures required, make a ‘Standard Solution’ of sodium carbonate. It can be any strength you like (within reason!) but you must know the strength exactly. This part of the task will be assessed by the teacher. P2i You will now use your standard solution to calculate the strength of a sample of HCl (Hydrochloric Acid). Procedure†¦ 1. Rinse all equipment with distilled water 2. Using a pipette add 25 cm3 of Na2CO3 to a conical flask 3. Add 3 or 4 drops of phenolphthalein. The solution will turn pink. 4. Fill the burette with Hydrochloric acid. 5. Add acid to the alkali, note how much acid is needed to neutralise the sodium carbonate, the solution will turn clear (to the nearest 1cm3) 6. Repeat the experiment a further three times, this time being accurate to 0.1 cm3 7. Take the average of the acid needed (from the three experiments in the previous step). P2ii Calculate the strength of the acid using the following information†¦ Na2CO3 + HCl ïÆ'   NaHCO3 + NaCl At equilibrium: Moles of Na2CO3 = Moles of HCl (as they react in a 1:1 ratio) Molarity of HCl (moles per litre) x Volume of HCl (litres) = Molarity of Na2CO3 (moles per litre) x Volume of Na2CO3 (litres) Molarity of HCl (moles per litre) = Molarity of Na2CO3 (moles per litre) x Volume of Na2CO3 (litres or ml) Volume of HCl (litres or ml) P2iii M1i Task 3 – Further Calculations This task requires you to further understand and describe the molecular changes from the previous experiment. The experiment reacted Na2CO3 with HCl to make NaCl and H2O. 1. Explain what makes HCl an acid/ 2. Explain what makes Na2CO3 an alkali, when dissolved in water? The diagram of Sodium carbonate may help you to explain this 3. Why does the hydrogen (H) form a positive ion in a hydrochloric acid solution? 4. When acids and alkalis react they form a salt, explain why a salt (in this case NaCl) is a very stable compound? 5. Explain why Sodium is in group 1, period 3 and Chlorine is in group 7, period 3. M1ii Explain in detail how you prepared your base solution, including the calculations. D1i Task 4 – Titrations in Industry Standard solutions are used in the chemical industry to measure and check the strength of chemicals. One particular example is the conversion of WVO (waste vegetable oil) into biofuel for diesel engines. The pH of WVO needs to be altered so it is approximately 8.5, which is the same as normal diesel. Explain how the pH of WVO is measured in an industrial setting and why the pH must be accurately determined. The following websites may be useful: http://en.wikipedia.org/wiki/Titration http://alternativefuels.about.com/od/biodiesel/a/bdtitration.htm D1ii Edexcel Level 3 BTEC Nationals in Applied Science (Forensic Science)Name†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Unit 01 – Fundamentals of Science Assignment 01-01, Volumetric Analysis Unit 1 – Fundamentals of Science Assessment and grading criteria  To achieve a pass grade the evidence must show that the learner is able to: To achieve a merit grade the evidence must show that, in addition to the  pass criteria, the learner is able to: To achieve a distinction grade the evidence must show that, in addition to the pass and merit criteria, the learner is able to: P1 outline the key features of the periodic table, atomic structure and chemical bonding M1  relate the key features of the periodic table to the conclusions drawn from the practical activities D1  explain how standard solutions and titrations are prepared in industry P2  demonstrate practically the ability to prepare chemical solutions and test their accuracy Marking Grid: Task 1 – Chemical Bonding and the Periodic Table P1i Labelled diagram of atom Yes / No P1ii Key features of periodic table Yes / No P1iii Key features of chemical bonding Yes / No Feedback: Task 2 – Volumetric Analysis P2i Experiment conducted safely Yes / No P2ii Basic results from experiment obtained Yes / No P2iii/M1i Molarity of HCl calculated Yes / No Feedback: Task 3 – Further Calculations M1ii Questions answered about acids, bases and the periodic table Yes / No D1i Explained how standard solution was made, including calculations Yes / No Feedback: Task 4 – Titrations in Industry D1ii Describe the titration of WVO and the subsequent implications Yes / No Feedback: Criteria Awarded: P1 P2 M1 D1 Date: Student Response to Feedback:Date: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 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Managing Change Project Of Vodafone Marketing Essay

Managing Change Project Of Vodafone Marketing Essay This report contains the idea of organizational change. This change is wide and not smaller changes like adding a new person, structural change and management processes, innovation of new products new techniques and merges (cross border or etc). Change is caused to achieve a goal. Background of Vodafone: VODAFONE is a global telecommunication company and it is the worlds largest mobile telecommunication company measured by revenues and it is the worlds second largest company if measured by subscribers. Head quarter of Vodafone is in Newbury, United Kingdom. Proportionate figure of customers of Vodafone is 347 million. Vodafone operates network in 31 countries and has partner networks in other 44 countries. The name of the company VODAFONE came from Voice data fone. This name is chosen by the company to reflect the provision of voice and data services over mobile phones This is the original Logo of Vodafone formerly used. Then in1997 the new logo of Vodafone is introduced i.e. the speech mark logo. This Public Limited Company was founded in 1984, emerged from Racal Telecom (1983-1991). The chair person of the company was sir. John Bond. Changes in Vodafone: HUTCH to VODAFONE With the entry of VODAFONE, A new company was emerged named VODAFONE ESSAR, which was formerly known as Hutchison Essar. Vodafone Essar is owned 67% by the company VODAFONE and 33% by Essar group. Vodafone Essar, founded in February 2007, is the second largest mobile operator in terms of revenue and third largest company in terms of customers. Vodafone Essar, head quartered in Mumbai, Maharashtra, India, provides Mobile Networks, Telecom Services and etc. Initially around 1995 Vodafone Essar was MAX TOUCH then around 2000 it was ORANGE. In December 2006, Hutchison Essar re-launched the Hutch brand nationwide, consolidating its services under a single identity. Then in 2007, the deal occurred and Hutch is turned to Vodafone. Problems: Marketing Services New business director of Vodafone How to get new customer How to introduced new products Levels of Vodafone change now days: Vodafone telecommunication had a revolutionary change. It was planned a dominating strategy. And also get a good opportunity in markets. Characteristics: The change in the Hutch to Vodafone redefined existing parameters. There is a change in organization structure and technology of Telecommunication. Objectives of change: Changes are occurred to encourage the individuals to think and crate something new. To make a competitive attitude in them to face the global economic and market environment, these changes are required. The customers are provided with good services by this change. Vodafone has changed the internal and external culture of the organization. Vodafone has introduced providing continental call rate to the customers increased sales. To survive in the market they started new technology and packages. Vodafone wants to recruit individuals who have thorough knowledge of managerial and technological skills that can create a great impact on their personality and character. To increase unit production, individuals are encouraged to be a leader to take responsibility efficiently. The change has been occurred to cause a paradigm shift by creating a dynamic and positive learning atmosphere and changing our corporate culture. The change helps Vodafone to adjust with knowledge based economy. To make the staff Knowledge workers they are provided with basic conceptual training and latest managerial concepts skills. Changes help them to take the challenges of modern business. The purpose of changing in Hutch to Vodafone that to get good result in this competitive market. P2. Organizational Structure of Vodafone: The function of Vodafone is centralized. The policy and strategy of business administration are made by the group of chair man and board of directories. They also bring about changes in the organization. Chief Executive Mohammed Rizwan Management Board Marten Pieters Reporting to the Chief Executive Arun sarin Customer and Operations Executive Dolrina ghosh Source: www.vodafone.com The above mentioned people are involved in planning strategies and responsible to carry the policies into effect in the organization and begin the new development in Telecoms industry in Vodafone in this competitive and challenging atmosphere business changes is taking internal and external challenges by which it occupied the headlines of Vodafone change life. P2. SWOT ANALYSIS OF VODAFONE: Strength: The biggest strength of Vodafone is their brand name. Vodafone is a telecom giant and is very old so it is obvious the brand equity is very high and established. The wide area of Network of Vodafone is also a strength of this company. It is still covering continuously more and more regions and places which are not covered yet. The advertisements and other promotional activities are also included in the strengths of Vodafone. Weakness: The weaknesses of Vodafone Company are very less. But, weaknesses should not be ignored otherwise they can turn into loss in future. The weakness is the schemes and offers provided by the company. Obviously they are good but looking at the current competitive market of telecom we can say they are not up to the mark. Vodafone has the concepts which most of the other brands have in their company. No innovative concepts are there with Vodafone. So, it is beneficial for the Company to bring some innovations and build a distinct image again. Opportunities: Company can do many things to remove its weaknesses and enhance the growth of the company. As discussed earlier, company is a bit common in providing schemes and offers i.e. company is having common schemes so it can be done by the company that they bring some innovations in their brand, they can launch a new sub-brand with a trendy personality as TTSL did with Tata Do Como. And many more. Vodafone also have a great opportunity of entering into CDMA market. Threats: The company is surrounded with various threats as it is one of the biggest telecom companies in India. Company has a weak point in innovations. The most promising innovations in offers, services and schemes are of Tata Do Como a new brand of TTSL and NTT Do Como. Vodafone can be taken over in that particular matter by this company or any other company. So, this should be kept into consideration. P3. Services provided by Vodafone after changes: Alternative forms of Organizational development 7 Ps of SERVICE MARKETING In the marketing Mix of Physical products the the main 4 Ps are- Product Price Place Promotion And these 4 Ps are called 4 Ps of Marketing Mix. But as far as Service Marketing is concerned, three additional Ps are there. So in the matter of Service Marketing, The important Ps are 7. Which are- Product Price Place Promotion People (actors and audience) Process ( Performance) Physical Evidence (setting, props, dà ©cor, design etc) Transferring the structure into Decentralized: From Centralized To Decentralized Form Function driven Purpose driven Closed Open Parts Whole Top down hierarchical Local focus Controlled Empowered Boundary less Centralized Distributed/ Networked Departmentalized Connected Sameness Diversity Stability Growth/ Change TASK- TWO P4. Reason of change in Vodafone: The chairman and board of direction of the Vodafone are trying to downsize in the organization to develop the organization future and reputation and fame against its competitors. Though for the last few decades they had enviable place in the market but in the recent years they occupy 15 percent of the market of high competition with other services. So they should bring about a huge and meaningful change in Vodafone the main focus to change variable are followed:- Reduction in cabin crew Internal and External change Financial losses Drop in profit Increased competition Loss of Market Share Technological development Cultural change Factors Forcing change: Vodafone are being pressurized over the last few years both internally and externally. So the group of chairman and Board of director have decided to bring some chapters like ® Commenced a new dimension in lieu of standing still; a new corporate identity was introduced, heralding an E6 billion development program and new strategic direction. Change internal and external culture Cost must be cut down Technology should be changed (new logo, Network, services) Increased competition Changing market Inner Factors forcing change: A formal research can identify the internal factors that force to create a change in organization. DESCRIPTION of 7 Ps OF VODAFONE As the VODAFONE is a Telecommunication SERVICE, These 7 Ps are applied to Vodafone also. So here is a small description of the 7 Ps of Vodafone. Product- A service product Telecommunication Price- Various pricing and plans available Place- Availability worldwide Promotion- Advertisements, sponsoring, Events People- Vodafone provides services to 106,347,368 people, service provider Vodafone Essar Process- It includes the performance of the service. Physical Evidence- Props provided with services. Like in foreign countries mobiles phones are available with the telecom services, Impact of stakeholders by following Factors: External Forcing change: The external factors that create change in an organization are: Economic: If an economic crisis is created all over the world it will force to cut down the cost of international call. Fluctuation in all sim prices affected consumer spending for 13 years in the age of more acute competition market and business administration, for continuing the long term business reduced capacity slightly during zoos on a recession plan. Political: Sufficient security measures must be taken by Vodafone to attract customers confidence and trust because of the threats of miscreants in the past. Social: Social factors are also providing a good opportunity to Vodafone as well as consumers. So a change in cultural stage is necessary for potential opportunity for growth. Environmental: The improving environmental quality and noise impact on local communities while doing the call of relative side disturbance are there thats why they change there network (change network, changing bill) Resistance against change: Vodafone was obstructed by union, Government department of labour and development, local and Environmental conditions who gave the high pressure. Union was displeased with down rising decision of company. Union called for a strike. Many people are unaware of the importance of change. Often there are disagreeing goals in the company. Costs should be reduced to increase resources and to achieve change. Organizational change often creates an adverse situation in case of how the members want to do anything. So literature discusses most of the organizational change. Evaluation of new procedure for manifestation for change and successfully implementation of it is first and foremost priority of the managers of the organizational communication with staff as well stockholders are not all as a manager one have concentrate on judging the situation also before providing a step towards implementation of the new strategy. They need to judge the delivered message effectively with some sort of readiness. It is essential to acknowledge the people related to the organization about the necessity of change and provide them a crystal clear ideal about the strategy, they are going to adopt. It will be surely increase the desire arrange the shareholder. Communication should by do which keeping the business policy in the mind and convey the risk factor associate with it without creating any panic. In every step of the evaluation procedure as a manager they need to keep the customer up-to-date about the each step so the procedure can provide them feel good atmosphe re. They need to establish a communication plan at all level of their employees whether it would be frontline employees on it be supervisor. This will provide them better idea about the situation. They also have to organize training program along with awareness program to make their employees used to with the changed process and future strategy. Training program must features points like skill, knowledge and behavior necessary for the implementation of the new strategy. After implementation of each step analysis should be done thoroughly to identify the mistakes and adopt proper measures to avoid the repetition of further. Training program should be conducted in the beginning of the implementation procedure to avoid the interruption while going on. As a manager it is duty of an individual to rectify the suitable approach to reach the target of the adopted plan. Forecasting policies with flexible mode can be helpful in case of crisis. Financial Situation of the Company VODAFONE Vodafone earns enough money as it is a telecom giant in the world. Some figures related to their earnings are as given below. Voice services 5,011 crores Messaging 175 Crores Data services 350 Crores Other services 560 Crores Vodafone Essars revenues are more than twice that of IDEA Cellulars Rs 2,987 crores for the quarter ended on June 30, 2009. The Revenue of the company is  £44.47 billion as per the records of 2010. The Operating Income of the company is as per 2010 data is  £9.480 billion. Profit of the company is 8.645 billion as per the data of 2010 Total assets of the company as per 2010 data is  £156.98 billion Total Equity of the company as per 2010 is  £90.38 billion. P5. Evaluation of change management and Research analysis in Vodafone:- Changes: Engineering, design, structure, new call rates and new technology equipment are the types of issues that are to be changed. Changes in market shares: After changes in hutch to Vodafone there is some effect on the market shares for one month market shares of Vodafone was down and after one services launched by Vodafone its bullish. Change in Technology: Technological changes are required in the company to improve both attributes of organic and mechanic conditions to acquire creativeness and effectiveness. RESEARCH AND ANALYSIS The best way of getting an idea about whether the product is appreciated by the people or not, is to ask people themselves! Here is a survey made to know the views of the customers about the telecom service. What are their views about the service and what they like and what they dont like about the service. I passed the same questionnaire to 50 VODAFONE users. They gave their views on all the points so that we can have an idea about the status of the brand in the mindsets of the customers. Here is a Research result for VODAFONE. People have to RANK Vodafone out of 10 in Network, Offers, Advertisements, Services, Customer satisfaction activities of the company and over all rank for the company. The top 10 countries Average connection speeds are as follow. Source: https://www.myciscocommunity.com/servlet/JiveServlet/showImage/38-2677-21576/connection-speed-country.png As we can see Vodafone customers are highly satisfied with network provided by the company. But they are a bit dissatisfied with the offers provided by the company. So company needs to provide some more attractive and beneficial offers to the customers to turn them into loyal and delighted customers. Otherwise people like their advertisements and giving good response. In addition, services provided by the company are also good to attract the customers towards the company. An overall ranking is also good for the company. And more than 10 countries are speedy connected with the Vodafone. But a main point is of the charges of the service. One more question is asked to the people that Is VODAFONE a costly service? Here is the output 47 people said yes, Vodafone is a costly telecom service. In a developing country like India, the main question of the life is of money. And if the service is costly then the company will lose that part of the people as their customers. So it is advisable for the company to reduce the charges of the services and also include lower budgeted people. TASK- THREE P6. Model of Change management How to become the CENTRE OF ATTRACTION? (EFFECTIVE MARKETING OF VODAFONE) The most important task of a businessman is to Market his product in such a way that people get a clear idea about all the factors which were actually meant to be conveyed. The product should be presented as a different and beneficial from others. If the product is not proved different from other products in the same category, than the product will be only a commodity and will not be able to create a brand name. Creating a brand name is a very important task of an entrepreneur. A brand name creates loyalty in the hearts of the customers. A distinct image of the product is created in the mindset of the customers. But how to create a brand name? What should be done to have good brand equity for the product? That depends not only on Logo, Name, Label and Punch line but also on how you present your product in front of the customers. And that is nothing but the marketing of the product. In case of telecommunication companies, the point will be of marketing a SERVICE. Vodafone cellular operator is not providing products but it is called SERVICES. So, in this case the main point would be of putting the most effective and interesting schemes so that the customer gets attracted and New Customer Addition goes high with the passage of time. The principal task of a telecommunication company is to provide services only but to provide it in the most effective manner is a sign of a good marketer. A good marketer forms a good marketing strategy. What are the best things about the marketing of Vodafone? Why this brand attract the subscribers more? These are some points which make them popular and CENTRE OF ATTRECTION for the customers. VODAFONE in India (Vodafone Essar) Vodafone is serving in India also. Vodafone has acquired HUTCH (Essar group) of India up to some extent. Vodafone Essar, which is made from Vodafone Group and Hutchison Essar Group, has decided to sell their products on the name of VODAFONE only. And then the product name is changed from HUTCH to VODAFONE. Headquarter of Vodafone Essar: Peninsula Corporate Park Ganpatrao Kadam Marge Lower Parel, Mumbai 400 013 India Source: Created by own after studding information from www.vodafone.com P7. Implementation procedure of Technology change: Latest technology: Vodafone Essar, Indias third-largest mobile carrier will launch third-generation (3G) services in the country in the January-March quarter of 2011 and plans to spend up to $500 million within two years on its 3G networks. Mobile money transfer services: In March 2007, Safaricom, which is part owned by Vodafone and the leading mobile communication provider in Kenya, launched a mobile payment solution developed by Vodafone.  M-PESA is aimed at mobile customers who do not have a bank account, typically because they do not have access to a bank or their income is insufficient to justify a bank account. The M-PESA system allows customers to deposit and withdraw cash via local agents, and transfer money to other mobile phone users via SMS. By February 2008, the M-PESA money transfer system in Kenya had gained 1.6 million customers  and Vodafone announced that it was to extend the service to Afghanistan. The service here was launched on the Roshan network under the brand M-Paisa with a different focus to the Kenyan service. M-Paisa was targeted as a vehicle for microfinance institutions (MFI) loan disbursements and repayments, alongside business to business applications such as salary disbursement. Other Plans for implementation Education: the employee must educate properly in order to cope with the organizational changes that has occurred within Vodafone to have a proper knowledge about the change management. Chipping in: the employee must take part in the decision making and problem solving procedure in Vodafone Stake holders involvement: The stake holders should be provided with proper feedback about the management change that has taken place with Vodafone. Communication: A transparent communication will led to better implementation procedure and this will facilitate proper negotiation procedure within the organization. Recommendation: There are different processes of training programs which adopts new technology and help the company to attain success. People can easily communicate with each other if the structure of the company is divided into several parts. To break the bureaucratic system power must be given away in hierarchy level. To create a change in the organization an experienced consultant can be applied. The company should get more feedback from its employees so that it can be able to understand the problem and take decision to resolve it. Employee should work altogether in team to manage the change. Contingency Plan:- Strong business rational with develop business plan increasing of employee satisfaction is needed. Proper effective involvement of employee plays key role for change. Vision leadership: Proper commitment from leaders guidance from link manager help the change agenda to follow the organization. Empowerment: Employment of maximum eligible employee develops the productivity as well as progress. Charging of working environment involving culture management of people develop performance of business also improve the quality of employees lives. SUGGESTIONS Vodafone can be called as a leading company of telecom industry because this is the brand which is still growing and covering more and more areas. But, the company should also watch out for the new coming companies which are quite promising. Currently, it is obvious that Vodafone is far ahead of the other companies. But it should also be considered that some of the company which is running behind Vodafone has the concepts, schemes and facilities which Vodafone dont have in spite of being such a successful company. And undoubtly the innovations brought by some companies which are new say Do Como, MTS and etc are fantastic and effective. So Vodafone can renovate the services provided by the mind attract the new customers. CONCUSION: To conclude the report, it can be said that Vodafone is one of the leading companies today in the telecommunication industry, promising company considering its speed of growth, New Ideas, Young generation mentality and Identification of needs of the customers.

John Stuart Mill Essay -- essays research papers

Who is John Stuart Mill? John Stuart Mill was born on May 20, 1806, in London, England. He was mostly known for his radical views. For example, he preached sexual equality, divorce, universal suffrage, free speech, and proportional representation. He had many works of writings such as Principles of Political Economy, On Liberty, The Subjections of Women, and the Three Essays of Religion: Nature, the Utility of Religion, and Theism.   Ã‚  Ã‚  Ã‚  Ã‚  John Mill was the eldest son of James Mill who was a philosopher, economist and a senior official in the East India Company. James educated John when he was young. His father taught him discipline, Greek at the age of three, history, languages, calculus, logic, political economy, geography, psychology, and rhetoric. At the age of twelve he was a competent logician and by the age of sixteen a well trained economist. (http://www.utilitarianism.com/jsmill.htm) His father believed that teaching children while they were young would have an ever lasting effect on them. The purpose of this push of education at a young age is because James thought that teaching John would have the chance of becoming a prophet of the utilitarian gospel. John had to eventually take his learning from his father and teach his eight younger brother and sisters the same material.   Ã‚  Ã‚  Ã‚  Ã‚  Around the age of sixteen, John created a Utilitarian Society, which had the goal of bringing happiness to the greatest number of people, where he was one of a â€Å"small knot of young men† who practiced his father’s political and philosophical views. (http://www.utm.edu/research/iep/m/milljs.htm) At the age of twenty-one he suffered a mental breakdown, which resulted from severe strain from his earlier years. In his own autobiography, which was later published after his death, he wrote, that he was in a â€Å"dull state of nerves†; and that he had lost his charm. He said he had â€Å"no delight in virtue, or the general good, but also just as little in anything else.† After several months he realized that his emotions where not dried up and â€Å"the cloud gradually drew off.† In 1823 John took a clerkship position in the Examiner’s Office at the East India Company. Later he eventually headed that department. Harriet Tay lor who was a close friend with John co-wrote several pieces of work with him. They met in 1830 and she was the mother of t... ...em. This is what he is trying to bring up to action of treating women with respect and the same as men treat other men. He concludes chapter one by stating, â€Å"But, in that case, all that has been done in the modern world to relate that chain on the minds of women, has been a mistake. They never should have been allowed to receive a literary education. Women who read, much more women who write, are, in the existing constitution of things, a contradiction and a disturbing element: and it was wrong to bring women up with any acquirements but those of an odalisque, or of a domestic servant.† (The Longman Anthology, pg. 527) In conclusion, He was mostly known for his radical views. Principles of Political Economy, On Liberty, The Subjections of Women, and the Three Essays of Religion: Nature, the Utility of Religion, and Theism, where just some of the many works that he published to show the world that everything is not always perfect and intact. He showed that you could express your mind and that this is the new era of thinking. His writings on women’s rights to the economy where way ahead of his time. It is true that John Stuart Mill’s is not known well enough today as he should be.

Asset Liability Management in Banks

5 Asset and Liability Management (ALM) 29. There are different organizational and governance models that guide the management of bank asset and liability activities. The models reflect fundamentally different risk philosophies that tend to evolve with the growing sophistication and depth of financial markets together with the position and activities undertaken by a bank in the market. The terms ‘ALM unit’ and ‘treasury unit’, can be confusing as they are often used by organizations who assign different responsibilities to them – this will be explained below. 5. 1 Key aspects that influence a banks approach 0. The evolution of models is driven by differing philosophies about the role of the treasury or the ALM unit and banks in markets at different stages of development often regard the treasury unit differently. 31. In emerging markets the treasury function is usually simplistic and a support function mainly focused on liquidity management and basic f oreign exchange activity. In these banks, it is not uncommon to have a prohibition on involvement in more sophisticated capital markets transactions such as derivatives due to lack of knowledge and suspicion about the instruments. Such markets can suffer from poorly developed capital markets that provide little capacity to offset the risks assumed from the customer franchise. The result is often that these banks are slow to evolve and run risks, without knowing it, which can threaten their very survival. 32. In developing markets the treasury function usually begins to take on more structure, more activities and a broader mandate. At the simpler end of the spectrum it can assume full balance sheet management responsibility, involving itself in more complex analytics and hedging activities. At the more complex end it can assume trading and market making responsibilities for a range of capital market products that are used in hedging but also are provided to customers. This can often be referred to as an ‘integrated treasury function’, with profit making as well as hedge management the central themes. 33. In developed markets the model usually evolves by separating out the trading and market making functions into a more customer centric unit such s a capital markets or institutional banking division, with a subsequent refocusing of the core ALM functions on more detailed analysis, and management of the banks’ assets, liabilities and capital base. Treasury becomes more of a service centre in these banks, providing assistance and support with pricing and analytics to customer facing divisions. The ALM or balance sheet can often be managed aggressively through the use of 11 | P a g e derivative contracts. Funds transfer pricing mechanisms are used extens ively to create economic transparency and to immunize business units to risk. 4. In all models the ALM function reports to either the CEO / CFO with the CFO generally having the day to day responsibility for the ALM core functions. Under all models it is important to establish a clear understanding of activities and risk thresholds in the Treasury function and ensure the risk framework is aligned to the operating structure and market realities. Establishing a governance structure within which the board of the bank is fully informed and cognisant of the risks being run is a critical and mandatory component. 35. It is in the more developed markets that the Chief Risk Officer function has developed and come to represent the single independent point of oversight both internally and externally. 5. 2 Focus on some key ALM activities 36. Successful ALM units create a properly aligned risk and return management process. The right mix between skills and risk appetite must be identified, expected outcomes of activities known and appropriate metrics established. The approach adopted needs to be aligned to the realities of the market the bank is operating within and to its desired risk appetite. 5. . 1 Mismatch Management and Performance Measurement 37. A bank needs to decide whether it wants to take a relatively neutral approach to ALM risks or is prepared to take a more aggressive approach and target higher long term earnings and an increase in economic value. Irrespective of the choice made, a bank needs to realise that the right level of skills and resources need to be committed to support the fun ction. Failure to do this can result in a poorly managed operation characterised by volatility in; core earnings/margin; economic value, and; unpredictable economic results. 8. The mismatch position of the balance sheet represents the interest rate and liquidity risk profile inherent. Assuming a single portfolio without hedges, a large and well diversified bank, with transactions weighted broadly across all market segments, will find that its balance sheet will naturally take on countercyclical characteristics as the business environment consolidates through the economic cycle. This makes sense as the bank is effectively providing customers with solutions they are demanding as they operate in the external environment. The market itself will also provide limitations and one of the areas where this can manifest strongly is on the liability side of the balance sheet. Various techniques are used to examine the mismatch in a bank’s balance sheet and it can be a difficult process if not supported with adequate systems. Depending on systems and analytical support the ALM process will undertake a number of analysis designed to identify; static and dynamic mismatch; sensitivity of net interest income; and, market value under multiple scenarios -including under high stress. 39. The majority of banks set net interest income (NII) limits as a main measure of performance with the more advanced banks also using market or economic value as a secondary measure. NII has become the industry benchmark simulation tool because; it is relatively easy to understand and implement; it’s a single period measure that does not require many assumptions, and; it is easy for investors to relate to because it is directly linked to reported financial results. On the negative side, it is limited as it does not provide a full view of the risks run by a bank or reflect fully the economic impact of interest rate movements. Market value or economic value simulations on the other hand, offer a more complete assessment of the risk being run but require significantly more 12 | P a g e detailed analysis which is out of reach of many banks at this point. The process requires multiple assumptions that are difficult to form in some cases and is less intuitive and more difficult to understand. Notwithstanding the difficulties of the latter, both metrics are important in the measurement and management of embedded risk in banks. In less developed ALM units, the time it takes to collect and analyse information can render much of it useless for active management as by the time it is available markets have moved making hedging ineffective. 40. Access to timely and accurate data is critical in support of any form of ALM activity. 5. 2. 2 Funds Transfer Pricing (FTP) 41. The funds transfer pricing system has become a fundamental ALM tool in a bank. It creates the ability to immunize business units from risk and provides the basis for economic and product transparency. 42. The process of FTP is designed to identify interest margins and remove interest rate and funding or liquidity risk. Looking at it from the business unit perspective, it effectively locks in the margin on loans and deposits by assigning a transfer rate that reflects the repricing and cash flow profile of each balance sheet item – it is applied to both assets and liabilities. From the ALM unit’s perspective, it isolates business performance into discrete portfolios that can be assigned individualised metrics and facilitates the centralisation and management of interest rate mismatches. A by-product is that it effectively allocates responsibilities between the organizational business units and the treasury department. 43. In more developed banks, the FTP mechanism can also be used as a tool to assist with management of the balance sheet structure with FTP rates adjusted to either encourage or discourage product and customer flows. The associated analytical process leads to greater understanding of a bank’s competitive advantage, assisting with asset allocation and protection of the franchise. Similarly, in smaller and/or less developed banks it is of equal value as both a management and strategy tool. 4. The methods used by banks are generally consistent – FTP rates are structured to include both interest rate and funding liquidity risks with the derived transfer yield curve constructed to include appropriate premiums. Such premiums should capture all elements associated with the banks funding cost. These should include the cost of items such as; holdi ng liquidity reserves; optionality costs, where pre-payment rights exist; term funding program costs; and, items such as basis risk. 5. 2. 3 Liquidity Management 45. The main liquidity concern of the ALM unit is the funding liquidity risk embedded in the balance sheet. The funding of long term mortgages and other securitised assets with short term liabilities (the maturity transformation process), has moved to centre stage with the contagion effect of the sub-prime debacle. Both industry and regulators failed to recognise the importance of funding and liquidity as contributors to the crisis and the dependence on short term funding created intrinsic flaws in the business model. Banks must assess the buoyancy of funding and liquidity sources through the ALM process. 46. Banks are in the business of maturity transformation to meet their customers’ requirements and these result in liquidity, interest rate and currency mismatches which need to be managed. ALM 13 | P a g e units have traditionally analysed and ‘managed’ liquidity within pre set limits; however it is only the recent crises that have brought its true importance into focus. Failure to manage effectively can have dire results but the events of recent times have demonstrated that liquidity impacts can be cataclysmic to a bank. 47. Like all areas of risk management, it is necessary to put a workable framework in place to manage liquidity risk. It needs to look at two aspects: 1) Managing liquidity under the business as usual scenario, and 2) Managing liquidity under stress conditions. It also needs to include a number of liquidity measurement tools and establish limits against them. Some of the tools that have become industry standard are shown in Table 2. Table 1 – Selection of Liquidity Measurement Tools Liquidity Management Tool Description / Aim Static Funding Gap Defines the short fall in maturing liabilities required to service maturing assets– it is usually calculated on a maturity bucket basis and is calculated as the net asset osition over total liabilities. Dynamic Cash Flow Gap This includes a measurement based on maturing assets and liabilities plus assumed marketable asset liquidation over a given period. Liquidity Asset Ratios This is the ratio of liquid assets to total liabilities with liquids defined to include items such as cash and cash equivalents, trading account securities, repos investme nts into government securities, etc Concentration Ratios This is an important ratio that reassures the funding from a particular source compared to assets /liabilities or capital. Liquidity Stress Measurement A number of ratios can be examined here looking at multiple low stress and high stress scenarios Source: Modified from GARP 2008 Best Practices presentation. 5 48. At the governance level, boards need to recognise liquidity risk as the ultimate killer. This means a board needs to clearly articulate the risk tolerance of the organization and subject the balance sheet to regular scrutiny. Guiding principles need to be included as part of this process. The following 5 principles are valuable: 1. Diversify sources and term of funding – concentration and contagion were the killers in the recent crisis. . Identify, measure, monitor and control – it is still surprising that many banks do not fully understand the composition of their balance sheet to a sufficient level of detail to allow for management of the risks. 3. Understand the interaction between liquidity and other risks – e. g. basis risk – the flow on impact of an event in on e area can be devastating to others. 4. Establish both tactical and strategic liquidity management platforms – keep a focus on both the forest and the trees. 5. Establish detailed contingency plans and stress test under multiple scenarios regularly.