Business Resources

P1- describe the recruitment documentation used in a selected organisation. P2- describe the main employability, personal and communication skills required when applying for a specific job role. P3-describe the main physical and technological resources required in the operation of a selected organisation. M1-explain how the management of human, physical and technological resources can improve performance of a selected organisation.M2- assess the importance of employability and personal skills in the recruitment and retention of staff in a selected organisation D1- Evaluate how managing resources and controlling budget cost can improve the performance of a business. I have been asked to talk about the different types of recruitment documents you receive when you start a new job. Employees are often regarded as the most important part of a business because without them the firm would be unable to produce its goods or offer its service, it would cease to exist.Employees are human resour ces and need to be treated and managed in a certain way. With the work place ever changing, both employers and employees need to adapt quickly to keep up. This starts at the recruitment stage, with employers choosing staff with the desired skills. They can then give you staff training to enhance their skills, helping both the business and employee to improve. P1- describe the recruitment documentation used in a selected organisation. There are varies types of different recruitment documents you are given whenyou first apply for a job and are starting to apply for the job. Such as an application form, personal speciation and job description. I am going to be describing all of these recruitment documentations. The first thing you will receive when applying for a job is an application form. An application form is a form for employment, it’s a form for individuals seeking employment, and it must be filled out as part of the process of informing an employer of the applicant availa bility and desire to be employed.Depending on the organisation and job you are applying for the application form could be web based or paper based. An Application form contains personal information that the organisation/business need know about the individual applying the job e. g. name, gender, age etc. Application forms are used the employers are able to control the information they receive of the applicants for the job, it also help the employers are able to filter the application forms down to the people who have the required skills for the job.Depending on the job you are applying for certain questions can be designed to be answered in a certain way and if you don’t answer the question correctly you could be filtered in to the rejection pile. If you are successful enough to get the job you will be given a personal specification which is a form that contains the skills that the candidate must have in order to complete the tasks of a position offered by a company. A person specification can outline the educational requirements, training experience as well as more personal qualifications that a candidate must possess in order to get the job.A job description could be then given to you. A job description is form which you receive when you have got the job, and it contains a description of the employee’s roles, what is required of them to do within the job and how they are meant to do it and their personal contribution. The first stages of looking for job it looking at jobs that you are interested in on the internet on job search websites, when you find job you are interested in, the first thing you will do is apply. By using an application form.An application form is a form which can be completed on paper or online depending on the types of job and the company that you are looking at employing you. Usually they are completed on paper so the company refer to them during the process of getting the job. Application forms are used by companies to he lp them in the recruitment and selection process whether you have searched an online agency such as total jobs, responded to an advertisement in the local paper or approached an employer independently it is likely that they will ask you to complete an application form, if you wish to be considered for the vacancy.If you are successful enough to get the job then you will be given a job description and personal speciation. P2- describe the main employability, personal and communication skills required when applying for a specific job role. I am going to be describing the main employability, personal and communication skills required when applying for a job as a Physical education teacher. There are many employability skills that are required when applying for a job a physical education teacher such as, you have to have been on a relevant CPD training course, have an Honours degree in physical education.Also you will need to have a Dfe recognised qualified teacher status. There are man y personal skills that are required when becoming a teacher especially becoming a Physical education teacher. These are: Excellent communication skills: aural, oral and written. Efficient and effective organisation. An understanding of current educational issues. The ability and willingness to teach PE to any age’s group including GCSE PE, BTEC Sport at level 2 and 3. The ability to teacher in other subject areas A working knowledge of ICT in their PE teaching. A commitment to extracurricular activities.Develop gifted and talented students. Communication skills are very important in the job role of a PE teacher, as the teacher need to explain activities to the students A Physical education teacher cannot be afraid to speak in front of the students. Directing physical activity is an essential part of physical education. Communicating the rules of the physical activity chosen that school day. Communications skills in a classroom setting is important since many P. E. teachers in struct students in health and wellness classes such as nutrition and biology.P3-describe the main physical and technological resources required in the operation of a selected organisation. A business needs space and facilities to work from. This will varies from business to business, with some business needing just a small office room and others needing large buildings. Building are no longer a place of production they are part of the company’s images representing the company’s ethos and culture. All business use materials in their day to day running though the amount and type vary. For example a painter and decorator needs paint, brushes and transport.The material used in a business can range from large sheets of metal used for packaging. Equipment is vital if an organisation is to operate effectively. For example if a ICT company didn’t have computers in their offices they wouldn’t be able to run the business. Computers have become increasingly importan t as companies move much of their day to day like running onto ICT systems. Computers now from the core of offices around the work as we use them to complete nearly all our daily tasks. The use of ICT has enables businesses to increase their customer’s base and improve efficiency.In order to keep the business running smoothly, businesses need to maintain and refurbish their equipment. Companies should run regular fire drills to make sure everyone is aware of what the procedure is in the event of a fire. This became the law as part of the Health and safety act 1974 which states that organisations must have provisions in place in case of an emergency. Technological resources are not just computers, they include intellectual property, accumulated experience and skills, software licence and patents and copyright, these are often indivisible and hard to place a value on.

Fin111 Financial Markets and Economic Principles

[pic] Financial Markets and Economic Principles (FIN111) Assignment Answer Template |Students: Please enter |Word count | | |your word count for this |I have read the Assignment Guide in the Subject Room and have applied the word count | | |assignment |principles to my work. | | |My word count for this assignment is | | | |5368 words | | | | | | Marker feedback Comment on overall performance: |For marker use only. | |Students begin your assignment answers on the following page. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Begin your assignment answers from this point. Section A – Question 1 †¢ Describe the operations of each company JB Hi If – Is an Australian owned and operated company established in 1974. Due to the success of the business model and the growing retail sector in July 2000 JB Hi Fi was purchased by private equity bankers and senior management with the strategy of taking the model nationally. With a strong sign of the success of the business in October 2003, JB Hi Fi was floated on the Australian Stock Exchange.JB Hi Fi has proven to be one of Australia’s fastest growing and largest retailers of home entertainment. Looking to build on the successful model and expand their operations in July 2004, JB Hi Fi bought the Clive Anthony chain of retail stores who competed in the same retail space. Harvey Norman – Is an Australian based retail provider of electrical, furniture, computer, entertainment and home goods. They have over 230 stores in Australia and abroad in countries including New Zealand, Slovenia, Ireland, Malaysia, Croatia and Singapore.Harvey Norman has implemented a unique strategy to the Australian retail market through their operating structure, in that each store department is operated by a separate franchise. Therefore these superstores are a combination of more than one business with each franchisee (computer, bedding, electrical) contributing to the gross reven ue of Harvey Norman Holdings Ltd. This is achieved through their individual lease payment and a percentage of their sales. The individual departments have their own checkouts for its products and warehouse space is shared by the separate franchisees.Harvey Norman Holdings Limited is also a franchisor of other well known retail chains including Domayne, Joyce Mayne and others. †¢ Consider the key factors that may affect the performance and the share price of the companies in the short and long term Given the fact both companies are competitors in the retail sector, key factors affecting their performance will be quite similar. They both heavily rely on the consumption of the â€Å"Household Sector†, this helps drives revenue through their operations. A concern therefore would be given the challenging economic times there is a decrease in domestic spending.With households adversely increasing their savings as anxiety over the sovereign debt crisis in Europe escalates and g eneral unease in regards to the global economy. This is also reflected through the â€Å"Business Cycle† as it is my belief we are currently within a â€Å"Contraction to trough† period which is reflective of a decline in retail sales. This decline has been seen nationwide through the whole retail sector as organisations battle to lower prices to remain competitive when demand isn’t strong and still attempt to retain a profit.Some retailers have opted for longer trading hours and there is also concern over the moving trend towards internet shopping. JB Hi Fi currently have a strong focus on online shopping which has helped them maintain consistent sales results. Harvey Norman have moved to online shopping only in July of 2011, and has big ambitions with Gerry Harvey stating â€Å"I’ve told my team I want them to turn over $100 million within 2-3 years and then take it to $1billon within 5-10 years†. The decline is also reflected in the ABS August K ey Figures report for monthly turnover within the retail sector which saw department stores post a -0. % fall in July to August 2011. Also a long term concern for both companies would be that if global equity markets do recover and inflation rises that will lead to a rise in interest rates which would further affect the Household sector through their discretionary spending. The fluctuations of the Australian dollar will impact both companies as the stronger Australian dollar lowers the prices both enterprises can charge consumers. Increasingly consumers are buying electronics online both domestically and international, with the resilient dollar giving them an incentive to shop abroad. Question 2 ) JB Hi-Fi and its network of retail stores is an intermediary. They are an intermediary between the large electronic manufacturers (Sony, Samsung, Panasonic) whose products are sold in store and the general consumer in the household sector. The large manufactures are able to meet the order demands of the organisation and JB Hi-FI in return supplies the broad market with the products. The consumer is provided with a product at a competitive price and JB Hi Fi earns a margin on the product for the service. 2) JB Hi-Fi also uses an additional intermediary to increase their exposure in the sector.They have purchased Clive Anthony which was another established retail electrical chain. They own Clive Anthony however it continues to operate under its original trading name. All revenue is attributed to the JB Hi FI Limited organisation. 3) Harvey Norman Holdings Limited is well known for using a number of intermediaries within their own organisation. They have fragmented each department (bedding, electrical, computer) of their organisation to be an individual franchise or â€Å"intermediary†. With each franchisee contributing to the gross revenue of Harvey Norman Holdings Limited.This provides each department the ability to specialise and deliver expert service to thei r consumers. Other financial intermediaries Harvey Norman would include its acquired retails chain Clive Peter’s and the number of overseas retail operations it owns which contribute to its net profit. Question 3 Question 3: Impact of monetary policy Justify the Reserve Bank’s decision on interest rates announced on 4 October 2011 †¢ The factors that influenced the Reserve Bank’s decision and the likely impacts on the domestic economy The Reserve Bank nominated on the 4th of October to keep interested rates on hold for the 10th straight meeting.The factors influencing this decision were concern over global financial markets and fears world economies may be sent into global recession. Previously during the Aug-Sep meetings there had been a deteriation in the markets and between Sep-Oct meetings that had been a further substantial deteriation of global markets. The RBA acknowledged that domestic growth would weaken in the coming quarters. Europe’s sove reign debt issues are a major concern to the RBA and a contributing factor to rates remaining on hold. It has caused major volatility to global markets, with growing uncertainty in regards to a solution and its impact on banks in Europe.It is also affecting the outlook for Global Economic growth. The RBA will continue to assess market developments as well as the general indicators it follows including economy and inflation data. A benefit for the domestic economy is the RBA stated it had a bias to easing and that a rate cut could occur if September Quarter CPI data due on October 26 showed a moderation in prices †¢ The impact on the share market as a whole and the share price of your chosen companies The immediate impact on the share market following the RBA’s decision was negative. The S&P/ASX 200 closed down 0. % or 24. 9 points to 3872. 1 points, with the All Ordinaries down 0. 6% or 25. 1 points to 3935. 6. Also the Australian dollar slumped to a 13-month low of $94. 6 US cents. Despite an optimistic start to trading on the day with the market overcoming a negative lead from the US, the RBA’s decision had plunged the markets back into negative territory. JB Hi-Fi was down 60 cents to $14. 30 Not a substantial impact to HVN which was up 2cents from the close the previous day. †¢ Whether the impact on the share market as a whole differed from the impact on your chosen companiesThe negative impact of the decision by the RBA was shared by both the market itself and the individual holdings of JB Hi Fi Limited and Harvey Norman Holdings Limited. The decision had a significant impact on the performance of consumer exposed stocks such as JB HI FI and Harvey Norman. Question 4 JB HI FI posted its first profit slide since the stock floated in 2003. There were some contributing factors to this performance including a restructure of its Clive Anthony’s stores and a negative sales growth for July. JB Hi-Fi reported on August 8th 2011 that full year net profit fell 7. 5% to $109. 7 million on sales of $2. 6 billion, up 8. 3%. The slip has been attributed to the $24. 7 million in costs to restructure its Clive Anthony stores. Annual comparable sales fell 1. 2% Despite the daunting outlook for the retail sector JB Hi FI have stated they expect another solid group sales performance for this financial year, with full year sales to rise 8% to 3. 2billion. JB Hi FI is expecting that the Christmas period will be successful also timing with a number of new product releases. However due to the profit results and weak July sales on August 9th JB Hi-Fi shares closed down 35 cents at $14. 00 Harvey Norman announced a net profit after tax of $252. 6 million for the financial year ending 30 June 2011, which is up 9% on the 2010 financial year. These results were released in its 2011 annual report. The franchises within the organisation continued to provide the stability in the overall performance of the group. Owner Gerry Harvey s tated â€Å"we have a strong balance sheet underpinned by a $2. 04 billion property portfolio and generate strong free net cash flows from our franchising operations segment† Total revenue for the year was $2. 7 billion, which has increased from the 2010 figure of $2. 45 billion according to the results statement.Harvey Norman experienced an increase in consumer transactions despite revenue being down, this was caused by the strong Australian dollar reducing prices on imported goods. Despite the retail sector weakening in reflection of global markets Harvey Norman franchisees have experienced strong customer traffic and transactions. Also stronger results generated by retail operations in Singapore, Malaysia and Slovenia have increased profitability by $4. 65 million before tax collectively compared to the previous year. Despite challenging macroeconomic conditions, the outlook the retail, franchise and property system of the company remains positive.An important addition to the business moving forward in the first half of 2012 financial year will be the launching of our e-commerce site for Harvey Norman. Harvey Norman states they are confident there online transactional strategy will produce incremental dollars to the existing channel. Harvey Norman closed 1cent higher after releasing its annual report at $2. 15 on August 29th. Question 5 †¢ Explain the correlation of returns from the asset classes – Cash- Is looking to be a stable and reliable asset class in the 2011 calendar year. It will provide necessary stability to investor’s profiles.However will remain relatively unattractive reflecting low interest rates. Some important considerations for the RBA in determining any movement in monetary policy is the strength of the Australian dollar relative to trading partners, in particular the US. It is anticipated the RBA will lift the cash rate to 5% before the end of the year Fixed Interest – Will provide stability with a higher yield than cash given there is an element of risk. Savvy investors will look to this sector as global equities remain volatile and fixed interest provides the ability to stabilise returns.Large parts of the credit market in particular Australian credit offer reasonable value especially if the global growth outlook commences an incline. Equity – Global equity markets outlook remains extremely volatile. This outlook is reinforced by the RBA’s recent decisions to keep interest rates on hold and even suggest they may be deducted in the future. The cause for concern has moved on from the Sub Prime Crisis of 2008 and is now centred on government sovereign debt in the US and particularly in Europe and the PIGGS (Portugal, Ireland, Greece, Spain).Of major concern is whether Greece will default on its loans and the potential impact on world markets. This is playing out at the moment with recent developments within the EU with a bailout fund and more recently revision of the si ze of the fund. This has provided huge amounts of volatility in the market and it seems it will play out most of the year, with a potential default if not avoided of Greece in early 2012. There is plenty of value long term in equities currently with stocks undervalued however you must be prepared to accept volatility in the short to medium term.Property – With improving international economic conditions, a local economy with good foundations and quality property managers achieving attractive terms on financing, prospects for high grade property investment remains attractive. Australian direct property will continue to perform well and prospects for the sector are high especially in commercial and industrial property. The retail sector could be a danger given the challenging times being experienced in the Australian consumer sector †¢ Provide a forecast of which asset class you believe will provide the best returns in 2011Due to global economic growth picking up in 2011 w ith various predictions at around 3. 5 – 4% driven largely by emerging economies, this provides opportunities in the equities sector. Market volatility is likely to continue due to Sovereign debt concerns in Europe and the impact of potential further quantitative easing in the United States. There is concern about equity markets seemingly drifting sideways over the past 12 months, however global share markets have recorded strong gains The economic outlook is likely to be supportive for equities in 2011, while there will be areas of concern.The slowly improving economic environment and a potential solution to the sovereign debt crisis in Europe should see companies begin to expand by borrowing. After experiencing a significant correction in 2010, equities are well positioned to post strong gains in 2011. Shares are good value and continuing economic recovery will contribute to further gains in profit. Question 6 Question 6: Influences on share prices Provide a graph showing b oth companies daily share price and the All Ordinaries index over the four week tracking period [pic] [pic] Explain the performance of the two companies over the four week period.In your explanation consider: †¢ The impact of any significant events or unexpected announcements JB Hi Fi – The announcement of Apple’s launch of its latest handset the iPhone 4s is hoped to have a significant impact on sales and foot traffic through its retail stores. – JB Hi-Fi held its annual general meeting on the 12th of October, it stated total sales were up 6. 6% compared with the previous corresponding period. The timing of this news to the market had investors responding positively with 3. 09% increase for the day with a close at $14. 36 Harvey Norman Holdings Limited There is direct concern for Harvey Norman over debt issues within Europe as they hold operations in Ireland which was the first country in the European Union to ask for a bailout. Harvey Norman’s stor es there made a trading loss of $38. 59 million for the 2010-11 financial year, with the board â€Å"committed to Ireland for the long term† – Harvey Norman have also responded to the online retail sector threat by launching a new e-commerce site in early October – Harvey Norman released its annual report on the 29th of September, revealing a 9% rise in 2011 full-year net profit to $252. 3 million Whether the performances have been similar or different The performance of Harvey Norman has been quite flat with quite limited movement of the stock over the reporting period. They released their annual report with a rise in profits but investors did not respond with any significant movements. JB Hi-Fi hit a low of $13. 87 for the reporting period on the 11th of October as anxiety hit over the release of information from its annual general meeting. The news and results provided were positive and the stock reacted positively reaching close to the peak of the reporting period on the 14th of October closing at $15. 0 †¢ How the companies performed in relation to the All Ordinaries Index There has been limited volatility seen in regards to both JB Hi-FI and Harvey Norman. The reasons for this would be they both have core business which is based in the retail household consumer sector. The All Ordinaries which is based on the movements of the top 500 Australian companies has a much wider exposure to sectors. It is for this reason there has been significantly more volatility on the All Ordinaries as it has been exposed to the market’s recent concerns over the European Sovereign debt crisis. Whether the shares would be considered growth or defensive Both these companies’ shares would be considered cyclical stocks, where sales and earnings are affected by economic or industry cycle They would therefore be considered growth shares. †¢ Your view with justification on whether the companies are a buy, sell or hold JB Hi-Fi (HOLD) â⠂¬â€œ The stock is vulnerable to a decrease in discretionary spending in regards to its electronic goods and also the impact of the volatile Australian dollar. However the organisation is in a growth period with a number of new stores opening in a strategic move.The company has been a popular stock and has proven to be quite resilient, trading strongly through the last few turbulent years and also distributes a strong yield. It is in a good position to see through the current wave of volatility. Harvey Norman (HOLD) – The strength of the Australian dollar has seen a rise in internet commerce. Harvey Norman is launching a centralised online website to respond to this growing trend. International holdings have been performing well and there are talks of a possible expansion into the UK.The stock has been proven to be relatively resilient with a reasonable dividend and is adapting to a changing market by looking at opportunities online and abroad, for these reasons the recommend ation would be to hold. Section B Question 1 Section B – Question 1 Identify and discuss four advantages for AWPL of establishing a factory in New Zealand †¢ Operating costs – Establishing a new factory in New Zealand will save AWPL $A2 million per annum which is a significant savings long term. These additional funds can be used to reduce debt or spent on further product development or research Increase production – With the establishment of the New Zealand facility AWPL will be able to meet the demands of their current production and collectively with its Melbourne location the demands of the new proposed contract in the US. This will add a projected 30% to sales growth. †¢ Save $A 3 million – Establishing the new location at New Zealand would mean the fire upgrade to the current location at Devonport would no longer be necessary and the funds will be used to support the long term functionality and growth of the business as opposed to a mainte nance cost Brand Awareness – Currently AWPL provides production for Australia, UK, Germany and potentially the US. Having a location in New Zealand will promote the brand and create awareness which may lead to business opportunities through production in their domestic sector in the future Also four major funding and/or business constraints that AWPL needs to consider when deciding whether to establish a new factory in New Zealand or upgrade and expand the existing factory in Melbourne Production concerns – Due consideration needs to be made to legitimate concerns over AWPL ability to meet the demand of current production requirements during construction of a new factory in New Zealand. Meeting these demands are imperative to the survival of the business †¢ $1 million payout – Will need to be paid due to the retrenchments of the employees at the Devonport factory, this is a considerable amount of capital and needs to be taken into consideration †¢ Esta blishment costs – AWPL have determined that the establishment costs of the New Zealand venture are high with additional costs that do not exist in Australia Debt Funding – All the proposed developments require capital of $A10 million, AWPL do not have the liquidity to cover this outlay and will need to look at financing options. Their lenders at the moment already have concerns over their current level of gearing, so they will need to look at all their options. Question 2 a) Is AWPL eligible for listing on the ASX given its current structure and financial position? AWPL is not able to list on the ASX given its current structure, as it does not currently meet the requirements of the ASX listing rules. In particular condition 7 which states â€Å" An entity must satisfy either a) or (b)† a) There must be at least 500 holders each having a parcel of the main class of securities with a value of at least $2,000, excluding securities not acquired by those holders unde r a recent prospectus or Product Disclosure Statement b) Both of the following are satisfied †¢ There must be at least 400 holders each having a parcel of the main class of securities with a value of at least $2,000, excluding securities not acquired by those holders under a recent prospectus or Product Disclosure Statement AWPL is unable to meet these requirements as it currently only has 40 shareholders ) Listed companies are required to comply with stringent obligations imposed on them by the ASX Listing Rules. Explain four obligations that AWPL would be required to fulfil if it was a listed company †¢ Under Condition 3 of the ASX listing rules â€Å" A prospectus or Product Disclosure Statement must be issued and lodged with ASIC. If ASX agrees, an information memorandum that complies with the information memorandum requirements of Appendix 1A will be sufficient instead of a prospectus or PDS. This ensures that potential investors have access to critical financial inf ormation about the organisation to make an informed decision to invest or not. 1. 2. 4 of the Profit Test states that the entity’s aggregated profit from continuing operations for the last 3 full financial years must have been at least $1 million. This is to ensure the organisation is successful and has the means necessary to warrant being listed on the ASX †¢ 1. 2. 5A states that the entity must give ASX a statement from all directors confirming that they have made enquiries and nothing has come to their attention to suggest that the economic entity is not continuing to earn profit from continuing operations up to the date of applicationThis is to ensure the organisations admission is based on factual information and aims to confirm the integrity of the organisation and its intention not to commit any acts of fraud or deception †¢ 1. 3. 5 The entity must give ASX each of the following a) Any accounts, together with any audit report or review: – for the last 3 full financial years (or shorter period if ASX agrees); and – if the last full financial year ended more than 8 months before the entity applied for admission, for the last half year (or longer period if available) from the end of the last full financial yearIf the accounts have not been audited or reviewed, the entity must tell the ASX This ensures that there is full disclosure of financial information to the ASX and potential investors Question 3 a) Discuss three reasons why the bank would be reluctant to increase funding to AWPL at this time †¢ Financial Markets – Due to the implications of financial markets over the last few years starting with the Mortgage Sub Prime crisis in the United States and more recently the sovereign debt crisis in Europe, lenders have become tighter with their lending practices.They want extra security and having a signed contract confirming the commitment for production in the US confirms the need for additional funding †¢ Th e bank already has expressed concern over the level of gearing the organisation holds at the moment so without evidence to support the need for expansion there will be hesitancy from the lender †¢ There is also an element of risk involved as there is concern that if the upgrade and expansion plans are not handled effectively then production rates may be harmed which would ultimately mean AWPL would be unable to meet current order demands.If that was to occur then the ability of AWPL to service its current debt commitments to the bank would be placed in jeopardy b) Jack is concerned that the New Zealand project will expose the shareholders of AWPL to a new financial risk (associated with borrowing funds to upgrade the Melbourne factory and to establish the New Zealand factory). Assume that the US contract is signed. Identify the new financial risk. Discuss the implications of the risk on debt repayment schedules and outline the steps AWPL might take to reduce the riskJack is con cerned about AWPL ability to meet current production orders. The fear is that if establishment of the NZ factory and upgrade of the Melbourne location isn’t seamless it will affect the ability of the business to meet current demands and that of the new contract. This exposes the business and current shareholders to potential risk of defaulting on existing debt demands from their lender. AWPL may look at hedging this risk by looking at Business Risk Protection which would cover their expected income if they are unable to meet their demand for various reasons.AWPL should also consider looking at alternate factory locations they can use at short notice if production is impacted for any reason Question 4 a) Identify and discuss three effects that an appreciating Australian dollar (AUD) would have on a decision by AWPL to move its manufacturing operations to New Zealand †¢ An appreciating Australian dollar would be a concern for the core of AWPL business which is exports. If the Australian dollar rises a major implication is the impact on the terms of trade as exports become more expensive and imports become cheaper.A likely result would be an increase in domestic spending on imports and reduced demand for exports in foreign countries. This would be a huge concern for the viability of AWPL’s international production orders. If there is a change in the current revenue streams than it may impact their ability to service their current debt and/or gain finance for expansion plans †¢ Also an appreciation in the Australian dollar will mean AWPL’s exports will become more expensive and may result in them not being as competitive as other international competitors. The impact of this may be felt in loss of contracts, renegotiations and general cost cutting.Severely impacting their ability to implement any expansions †¢ These concerns will not only be felt by AWPL but by their shareholders and lenders. When approaching lenders about furth er debt funding an appreciating dollar and the potential negative impact on the business may very well be taken into due consideration before approval. b) Taking into account current economic conditions and financial market sentiment, identify and discuss two factors that could cause the AUD to move significantly above its current rate against the US dollar in the coming months One impact which could cause the AUD to move significantly above its current rate against the US dollar is the appetite for risk from foreign investors. With extreme volatility being experienced in the market currently and concern for the global economy the Australian dollar can be influence by the risk appetite of foreign investors. During the volatile times in the market we are experiencing currently there are heightened perceptions of risk which leads to a decline in the demand for riskier assets which promotes a move for investors to quality investments and an appreciation of reserve currencies such as th e US dollar.This can see the Australian dollar appreciated when markets sentiment is high and there is positive news about foreign and global development and depreciate on negative news. – An additional factor which may see a further increase of the AUD over the US dollar could be another round of Quantative Easing (QE3) from the United States. This involves the US Federal Reserve effectively prints more money injecting it into the economy The US government achieves this through purchases of bonds and places money into banks which then be loaned to the public.This in turn eases lending constraints and money flows through too small to medium businesses. A consequence for the US is that the increase in the supply of their currency weakens the value and causes further appreciation of the Australian dollar Question 5 – A) Discuss the outlook for global economic growth in 2011. Support your answer with a percentage forecast for global growth International recovery after the Great Financial Crisis has been uneven with markets seemingly moving sideways recently. Risks globally remain high with world economies continuing to recover from its effects.Financial conditions have improved through corporate earnings and financial market volatility has moderated, notwithstanding ongoing concerns over European Sovereign debt and the European Union ability to contain the crisis. The forecast for advanced economies is to continue to consolidate, where as growth in emerging markets is anticipated to deliver higher levels of growth and returns. Therefore in accordance the global economy is widely predicted to grow over 4% in 2011 down from 5% growth in 2010. Although traction has been made global economic recovery also remains vulnerable and a clear resolution to the sovereign debt crisis in Europe ill provide markets with strong sentiment and incentive to return to the equities market. Also failure for the US to develop a viable solution to the unsustainable US Fisc al position also poses a threat to the progress of global recovery – (B) Each of the countries below has a significant influence on global growth. Briefly comment on each country’s outlook for economic growth in 2011 Support your answer with a percentage forecast for each country’s economic growth i) USA The forecast for the United States is that their economy will grow between 3. -4% in 2011. This is an increase from the 3% growth recorded in the 2010 calendar year. The basis of this will be driven from growth in the consumer and business spending and personal consumption expenditure (PCE), an increase in consumer spending. PCE is adding between 0. 7% and 2% to overall US growth has increased for five consecutive quarters. Concerns for the US are European Sovereign Debt, budget concerns at all levels of government and falling house prices. These effects could impact and lead to a slower US recovery. ii) ChinaDue to the unprecedented growth of China, tighter mon etary policy was necessary to reign in growth which is still projected to be close to 9% in 2011. Inflation is a constant concern and will increase over the calendar year. It is china’s greatest concern and most pressing policy issue, their ability to contain this effectively will determine their sustained growth. The present account surplus is set to fall to 4. 5% of GDP, which is a reflection of a decline in export growth and higher commodity prices While high commodity prices pose risks they are unlikely to dent growth.Currency appreciation will continue at a gradual pace as reserves accumulate iii) Japan In March 2011 the Great East Japan Earthquake was the strongest ever recorded in Japan and triggered a tsunami which severely damaged the country and was the impact was felt on world equity markets. A preliminary report by the government estimated damage at between 3. 3-5. 2% of 2010 GDP There are serious concerns about Japans ability to recover from such a traumatic natu ral disaster. The timing and strength of an economic recovery is difficult to forecast.The growing uncertainty about the Japanese recovery, compounded by the ongoing nuclear situation and rising oil prices are adding to the difficulty of the situation. However Japan has experienced natural disasters before and the sentiment from other advanced nations is there will be a rebound in economy as reconstruction spending picks up. Such a pattern will see real GDP growth to 0. 8% in 2011 Bibliography Chris Zappone April 27 SMH – Harvey – Move online. http://www. smh. com. au/business/harvey-norman-reveals-online-move-20110427-1dvl9. htmlPip Freebairn – Australian Financial Review – 4th October RBA holds rates but hints door open for cut http://www. afr. com/p/national/rba_holds_rates_but_hints_door_open_5JEhJP8jKehLd5SsNxQREL Joanna Heath – Australian Financial Review – 4th October Shares fall after RBA rates decision http://www. afr. com/p/markets /shares_fall_after_rba_rates_decision_gYLoKCrItyz0zl5JXVUUQM Eli Greenbalt – August 9th High Flying JB Hi FI experiences the lows of a struggling sector http://www. smh. com. au/business/highflying-jb-hifi-experiences-the-lows-of-a-struggling-sector-20110808-1ij7k. tml Harvey Norman Annual Report http://www. harveynormanholdings. com. au/pdf_files/2011_Annual_Report. pdf Shane Oliver Insights – Review of 2010 and outlook for 2011 http://www. adviservoice. com/2010/12/review-of-2010-and-outlook-for-2011/ David Ramli & Ben Woodhead – Australian Financial Review October 5th Wither retail as Apple touts iPhone 4s http://www. afr. com/p/business/technology/whither_retail_as_apple_touts_iphone_FzmXGsKsIEA3iYW45oG21M Joanna Heath – Australian Financial Review 24 September 2011 Europe’s troubles hit home http://www. fr. com/p/markets/europe_troubles_hit_home_FTVWCTnHmtNXJ90oaRoTsI RBA – The Exchange rate and the Reserve Bank’s Role in the For eign Exchange Market http://www. rba. gov. au/mkt-operations/foreign-exchg-mkt. html Chris Caton – 2 Feb 2011 The Aussie Dollar- Where to from here? BT Insights http://www. bt. com. au/bt-market-insights/bt-latest-updates/2011/02-february/201102-australian-dollar. asp Budget Strategy and Outlook 2011-12 http://www. budget. gov. au/2011-12/content/bp1/html/bp1_bst2-01. htm IB Times Staff Reporter – US Economic Outlook 2011

Causes and Solutions to Prison Overcrowding

Causes and Solutions to Prison Overcrowding Introduction The purpose of this paper is to look at the overcrowded prisons that are plaguing the U.S. The prison system that we have is constantly evolving, but seems to circulate through the same prison philosophies. An overcrowded prison does not lend itself to a productive environment for inmates. Many would not care about the environment that the inmates encounter as they feel the inmate has brought this upon himself through his deviant behavior, however not all inmates will stay in prison forever. We will examine some possible solution to curb the overcrowding that is prevalent in prisons today. Solutions to Prison Overcrowding Prison overcrowding has been a problem that has plagued the U.S. prison system since its inception. The solution to this problem for many has been to build more prisons to house the additional prisoners that have been sentenced there. Those who advocate building additional prisons fail to look at what is behind the overcrowding in the first place. Rese arch has found that crime rates are decreasing. It has also shown that prison populations are increasing. Much like the Kevin Costner movie Field of Dreams with the infamous quote, â€Å"If you build it, they will come† that by building more prisons, we will only seek to put more prisoners into them. To fully understand our current overcrowding issue, we must look at the history of the U.S. prison systems and the philosophies that drove them. Then we must look at the sentencing practices that have increased the number of inmates that are incarcerated. This will include the truth-in sentencing laws, the impact of the war on drugs and the enforcement and the increasing of the length of prison terms for certain offenses. We will also take a look at the cost of building a prison and the daily costs of housing an inmate. Then we will look at solutions for reducing prison populations which include rehabilitation and the release of aged offenders and inmates with minor offenses. The U.S. derived many of its ideas about the prison system from England. In the Middle Ages, prisons were used for housing criminals as well as debtors. Juvenile delinquents also began to be housed in prisons. As prisons developed and emerged, the purpose of them changed as well. Drawing from the ideas presented in Essays on Crimes and Punishment by Cesare Beccaria in 1764 a move towards less physical punishment for crimes was made. Beccaria was also responsible for the idea that a punishment should be severe enough to deter crime, but not too extreme. In 1557, England began the use of workhouses. Initially, they were to remove the homeless and vagrants from the streets during the day. During this time, many believed that most criminals were lazy and committed crimes as a result of that. This allowed inmates to work, however they did not learn any useful skills and were not kept in the workhouses overnight. In 1790, the Quakers from Pennsylvania reformed the Walnut Street jail into a p rison. The Quakers drew from their religious background and sought to use the prison as a place for an inmate to perform a penance and to make amends for their actions against society. Also, known as the Pennsylvania System, the prison layout allowed for solitary cells. The inmate was placed in the cell, so that they could think about their actions and gain remorse. Work was completed in the cells as well, so the interaction with others was limited to an hour of exercise a day. Although the prison sought to reform the inmates through solitary work, some prisoners could not handle the solitary times and reform did not occur. There was also a high cost involved in maintaining this type of prison.

Risk Management in Panama Canal Essay Example | Topics and Well Written Essays - 250 words

Risk Management in Panama Canal - Essay Example The papers highlight different risk analysis techniques that are applicable in analyzing risk, in Panama Canal. Risk analysis techniques used in forecasting are categorized in either qualitative or quantitative method. Qualitative techniques base their finds and conclusions on opinions and feelings of individuals. These include opinions and judgments of experts, consumers or scholars. Quantitative methods of risk analysis are based on numerical records over in the period. Quantitative analysis of different categories of project requirements and resources are recorded in the paper. The analysis includes meaning, standard deviation and means of all categories of resources, possible risks, costs, and conditions necessary for the Panama Canal project.The paper comprises of different steps and procedures taken in the development of the Panama Canal as highlighted by Kendrick (2006). Identification of the work and deliverables was the first step carried out in Panama Canal. Secondly, there was the organization of project work and clear determination of work breakdown structure on the Panama Canal project. Most of Stevens’s effects were utilized in the preparation of the initial work on the canal. Work breakdown structure is then decomposed into lower-level components that would be functional. These components are assigned identification codes. Lastly, examination of decomposition is carried out to assess whether the decomposed components are complete and clear.

Background of GCC , Egypt and Malaysia Essay Example | Topics and Well Written Essays - 3000 words

Background of GCC , Egypt and Malaysia - Essay Example The findings inferred will be discussed in the concluding sections of the project. Gulf Cooperation Council regions have huge reserves for oil and natural gas and most the countries in the world countries are depended on it for its daily supply of energy. The GCC region includes six countries from the Middle East. These countries are United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain. These six countries came together in 1981 to form the ‘Gulf Cooperation Council’ in order to cooperate, coordinate and integrate various policies, politics and economic affairs (Laabas & Limam, 2002). The GCC agreement has helped these countries to avoid foreign intervention regarding oil and gas procurement.HH The oil and gas reserves present in these countries are its most vital resource and the key to its prosperity. Around â€Å"40% of the world’s proven oil and 23.6% of the world’s proven gas reserves† are held by GCC countries (Reiche, 2010). The population growth rates in these countries are indebted to the high economic deve lopment and increasing employment opportunities. Nearly, 39 million people are living in these countries which accounts for 0.06% of the total world population (Reiche, 2010). Table 1 depicts the economic and socio-demographic indicators of GCC countries projecting the expected population growth in 2015. Gulf Cooperation Council regions are rich in oil and natural gas reserves and their economic development is solely depended on it. Rising demand and price of oil and gas during 2002 to 2008 have further boosted the economic growth in GCC countries. Oil export contributes the major chunk of revenue in their overall GDP. Recently, their oil export has increased significantly and has reached to 67% as compared to 61% in 2002. However, this growth was not uniform in all the countries, with Qatar and Oman experiencing the downward slash. Table 2 depicts the government revenues, oil exports and

ENVIRONMENTAL ECONOMICS assignment Example | Topics and Well Written Essays - 500 words

ENVIRONMENTAL ECONOMICS - Assignment Example The major advantage of using these energy sources is that they are not dangerous to the environment. 2. The use of renewable energy is relevant to Canada since it is also negatively impacted by forces such as environmental degradation particularly global warming as a result of the actions of people. The government in Canada can formulate policies that are oriented towards promoting the use of renewable energy such as solar power to replace fossil fuels that are responsible for causing global warming. Such policies can also enlighten the people in Canada about the importance of protecting the environment through minimising the amount of carbon foot print emitted into the atmosphere. 3. There have been major strides taken both at regional and international level with regards to policy formulation towards the aspect of environmental protection. For instance, the European Union has taken some steps directed towards the protection of the environment. The Lisbon Treaty is a good example that shows the region’s commitment to promoting a safe environment for all. However, policy formulation with regards to environmental protection should be of international nature since geographical boundaries are of little significance in terms of addressing this global problem. There should be consensus among all the countries across the globe about the correct course of action that can be taken in order to address the environmental problems caused by the use of different forms of energy particularly fossil fuels. 4. From my own perspective, I would recommend that governments in different regions adopt policies that are oriented towards the use of renewable energy since it is friendly to the environment. Such policies should be adopted at international level. I would also recommend that the government undertake campaigns that are meant to enlighten the people about the benefits of using renewable energy. Some people lack information about the advantages of using renewable

Week 7 hw Essay Example | Topics and Well Written Essays - 250 words

Week 7 hw - Essay Example Adultery is an act that violates these values is wrong. Moreover, adultery betrays faithfulness in marriages, a core value of the institution. It also goes against the spiritual teachings of purity. Adultery hampers honesty and trustworthiness in relationships. In addition, adultery does not respect the feeling of a partner. Furthermore, it breaks the vows committed during marriage proceedings. This hurts most of the marriage couples and it may result in to breakups. 3. Prostitution is wrong according to religious and societal values. First and foremost, religious books like the bible are against this act of selling the flesh. They describe the body as the temple of God which should be kept clean always. Secondly, all societies do not advocate for prostitution. In most societies, prostitutes are outcasts and are people looked at with very little respect. Finally, prostitutes destroy other people’s marriages. 4. Any society or country is not complete without prostitutes. Prostitution will always manifest itself whether we like it or not. Therefore, prostitution should be made legally permissible and regulated to protect both prostitutes and their customers. Permitting prostitution will help in training the prostitutes on safe sex practices. Also, the prostitutes will not be mistreated by clients. Prostitutes are human beings too. Legal permission of prostitution will ensure respect of their rights and freedoms. In case of any violation, the natural course of justice takes effect immediately. 5. Internet pornography should be forbidden because of its many negative impacts. First of all, it shatters relationships between wives and husbands. Some couples visit the porn websites for self-satisfaction purposes. Consequently, some end up masturbating. When one of

Graduate Reflection Paper Essay Example | Topics and Well Written Essays - 750 words

Graduate Reflection Paper - Essay Example I was very aware of Gardners 7 Intelligences and I attempted to gear as many lessons as possible to different learning styles so that all students were able to grasp the course. This spoke to my ability to accommodate and adapt learning materials. One example, is when I gave an assignment in which I allowed students to express themselves in their own way. Many students said they enjoyed this assignment. I learned about myself as a facilitator. As an example, I found that adults ask many more questions than children. I also found that a facilitator must know the material very well because adults think on their feet. I feel that I have met. In the second criteria (1b), I found it interesting to understand the differences between formal and informal groups. At my job, Ive found informal groups to be those that come together for a brainstorming session or to answer a particular questions that the business must answer. Often, these meet around lunch and they tend to be groups that come together for a short time. They can also come together as social groups. Formal groups usually come together under the direction of the head of the company of a specific supervisors needs. The formal groups must organize larger issues and create change within the company. Groups have a variety of dynamics which may be difficult at times and a group can quickly become dysfunctional depending on the circumstances. As an example, when one person within the group becomes dominant in the group and they are not the leader, the group becomes dysfunctional because no one else has a chance to speak. To bring it back to function, the group leader must be able to maintain a balance between all people within the group. Each individual must be able to bring in their point of view during discussions so that they can feel heard. The many readings in this area helped me become a better facilitator. As an example, The Kolun (2001) article gave several

Pre School Observation Essay Example | Topics and Well Written Essays - 1500 words

Pre School Observation - Essay Example It can be noticed that many children in the class are overweight but Edwin seems to be have a well proportioned body. Edwin is one child in the class who has good physique. 3. The three things that acknowledged his status as a preschooler was his talkative attitude, his impulsive behavior and his hyperactivity. I observed the way he talked, which was without a break. Moreover he was not able to stand in one place; he was very impulsive and acted whatever he spoke out in words. Also he was not standing in one place and was moving continuously. 4. Looking from the health perspective, Edwin was a normal child with good physique and a cheerful attitude. But it is a fact that he is bit over grown compared to his classmates. His body also showed an overgrown aspect which when compared to his aged children become odd. I can take this fact as a hereditary attribute as his parents both are tall and well built. Emotionally he seemed to be strong with good activity and physical capabilities. 1. While observing closely, the three gross motor skills that can be pinpointed are the way he walked, ran and did sit dups. I noticed that while walking, he was not placing his foot with pressure on to the ground and it seemed as if he is not touching the ground with his feet. While running, I observed that he ran with his shoulders stooped to front which was not a healthy way of running, this can hurt his shoulder with time. When I asked the class do sit –ups, he could not get up properly and had to place his hands on legs. I could see that Edwin was not enjoying the sit – up movements. 2. While comparing what I read in book and activity of Edwin it can be understood that what Edwin was doing was not exactly right. The walking part can be understood as he his hyper but to place shoulder stooping while running is not a recommended activity. Doing sit – ups he was normal as

Art In the Late Antiquity Essay Example | Topics and Well Written Essays - 750 words

Art In the Late Antiquity - Essay Example The late antiquity period affected the artwork politically and economically making major transformations within the continent. The late antiquity period bridged between the Roman art, Byzantine art and the medieval art. The antique art did not dwell on the beauty and the body moments but largely dealt with the spiritual reality events. After the fall of the Western Roman Empire, the paintings and sculptures were no longer, the most favoured artwork but were replaced by the mosaics, relief sculptures and the architecture. The architecture and the sculpture gradually changed the face of Europe through making new buildings, archaeological sites and sculptures that are adored by many individuals even in the modern world. For example, the Monalisa painting that was painted by the great artist Leonardo Da Vinci has proven to be one of the most treasured artwork. The painting has been a major contributor of the economy (Newby, 94). The European art has been arranged over the centuries in re lation to the different styles and patterns of art available in different centuries. The art has been influenced by the political ideologies in the continent, different views of politics according to the artist and the public. The late antiquity period led to political transformations and affected the economy of the state. The Roman Empire citizens during the prehistoric period had pressure of high taxation and the cost of presenting their artwork in terms of entertainment proved to be high (Newby, 104). These problems caused by the selfish leaders affected most of the artist work by discouraging potential artists since they were unable to pay up taxes and still improve their life styles. The artwork being a major contributor to the economy in turn affected the economy of the state. The economic activity of the Europeans during the late antiquity era was artwork. The general population decrease, technological knowhow and the standards of living in the prehistoric Europe was an examp le of the societal collapse for most of the artists living during this era. This led to the fall of the Western Empire, which made the late antiquity period be referred to as the â€Å"Dark ages†. The population decrease meant the reduction of the market for the artwork. The reduction of the European population hindered most of the dreams in the artist. For example, population decreases were largely caused by the split of the Roman Empire during the reign of ruler Diocletian (Newby, 154). He introduced the custom of splitting the Roman Empire in to the Eastern and the western Empire. The East possessed better and great flourishing capital and development potential this made it more economically and politically successful (Newby, 155). The mode of the ruling in the European, which at first was the democracy mode of ruling where individuals ruled themselves. This mode of ruling continued until Rome became a republic. Rome people had the responsibility choose their kings. These kings had the obligation of making the rules and laws that protected the rights and the properties of Rome people. These laws protected the artist work from the brokers, which was the major contributor to the European economy during the late antiquity period and the middle age era. The strained economies of the Roman due to the over expansion prevented the growth of cities. The upper classes in the society were the only privileged

Advancement of video games Essay Example for Free

Advancement of video games Essay In this paper I will show and explain how the advancement of video games consoles has changed Humanity in more ways than one. I will show how the inventors started their Empires by selling plain, simple playing cards all the way to online gaming linked all around the world. How Nintendo and Atari started as two of the giants in the gaming world and then how Nintendo almost died out when Sega came out with their console. I will also explain how the video game mindset changed overtime and evolved into something worldwide. Hanafuda (President) was the name of the very first 52 deck set of playing cards sold by Fusajiro Yamauchi and his Nintendo Koppai. Fusajiro had a bigger plan and dream. This lead to the first Beam Gun made by Nintendo in 1969 (See PIC. 1) A new employee to the company by the name of Gunpei was told that he should â€Å"Do something new† for Nintendo as the Christmas season was swiftly approaching. Within a few short days, Gunpei introduced the Ultra Hand which was an arm toy. This sold a whopping 1. 2 million copies. (Unknown Author, 2011) The Beam Gun was an Opto-Electronics and was the first of its kind. This was the beginning of Video Game Consoles. (Moby Games, 1999-2012) Even though the Beam Gun was a major success, the official â€Å"Video Game Craze† would not kick off until 1975, when Nintendo signed a contract to work alongside Mitsubishi and produce the first known Cabinet Micro-Computers also known as Arcade Systems. (Moby Games, 1999-2012) Around this same time two friend’s names Nolan Bushnell and Ted Dabney would also create their own version of a coin-operated arcade cabinet with a space like theme and called it Computer Space. Both Bushnell and Dabney would become Co-Founders of the Atari Company, Nintendo’s first biggest competition. With all the success of Nintendo, a second known Video Arcade company would step up to challenge Nintendo in sales. This company was Atari Co. Atari’s first break-through was signing a deal with Sears Roebuck Co. and having their â€Å"Atari Pong† featured in Sears Roebuck’s catalog. (See Pic2) The Atari Pong went on to sell over 150,000 units. This set the way for Atari’s most known and most popular creation, The Atari 2600. (Unknown, 2011) The Atari 2600 was released just before the Christmas season of 1977 at $199. 99. The Atari 2600 was the first console that introduced Pac-Man and went on to sell well over 30 million units before being discontinued in 1992. While Atari had the 2600 with Pac-Man to play on it, this pair was pretty much the â€Å"match made in heaven† but Nintendo didn’t cross their hands and let Atari win over the industry they created. Nintendo introduced the NES (Nintendo Entertainment System, see PIC. 4) The NES was released in July of 1983 and featured classic games such as Zelda, Tetris, Donkey Kong and the most popular game of them all, Mario Bros. Nintendo showed to be the stronger of the two as the NES went on to sell over 61 million units before Nintendo discontinued the system with the release of the Super Nintendo which was a 16bit unit as to the NES which was an 8bit unit. These two companies would be the only two standing video game companies until Sega Genesis came out in the early 90’s and promised to give Nintendo a good challenge. Sega came out with a bigger marketing scheme and also, a much faster system. By this time, more than 800,000 Nintendo NES units were sold worldwide making it difficult for any company to come anywhere near Nintendo’s sales numbers and simultaneously get the consumer to spend another $150 on a new console that had faster graphics and more life-like sports games. Sega spent a lot of money marketing their Sega Genesis system by bashing on Nintendo’s graphics. Sega Genesis made several commercials and a slogan stating â€Å"Sega does what NintenDON’T† (here is a link to one of the commercials, http://www.youtube. com/watch? v=zlulSyBI2aY). By the early 2000’s Sega had developed a system that connected to the internet. This would be the beginning to a whole new gaming world. (Unknown, 2007) Sega invented the Sega Dreamcast which had the feature of being able to log online from your console. This was great at first until consumers noticed that the unit kept crashing and slowing down while online. This was never corrected by Sega which lead to the downfall of the Dream Cast system. Nintendo and Sega would stay at the forefront in the gaming industry until Sony decided to invest into the â€Å"Gamers world† creating the first ever Sony Playstation in 1994 (See PIC6). Sony had perfected what the Dreamcast lacked in and featured faster online game play and up to 4 jacks for 4 player gaming. Sony decided to release the Playstation 2(See PIC7). I personally remember this system because at the time of its release in November, 2000. I was working for Montgomery Wards. The night before it was scheduled to hit shelves nationwide, there was people camping outside to be the first to buy the Sony Playstation. I remember stopping and staring for a while as hundreds of people lined up with camp tents and blankets to keep them warm on a freezing cold Chicago night just to be the first to purchase this Sony sequel to a very successful Playstation system. The PS2 went on to sell well over 154 million systems worldwide making it the most popular gaming unit and taking the historic sales that the NES had produced from the 80’s and early 90’s. I highly doubt that Mr. Fusajiro Yamauchi would have ever thought that his company would go from selling plain old playing cards to a gaming world never thought possible. Lets forward to 2012. To this date there are three major consoles out in the market. The PS3 made by Sony playstation, the X-BOX 360 made by Microsoft and the Nintendo WII (See PIC8, 910). The features on these units are incredible. For example, the PS3 has an integrated blu-ray reader so you can play your blu-ray, DVD and CD’s on the PS3 console. Both the PS3 and X-Box 360 have online gaming where the player can actually login online and play a game with someone on the other side of the planet. There are headsets where you can listen and speak to other gamers from anywhere in the world. The PS3 and Nintendo WII have taken it one step further. On these two consoles you can now download Netflix and watch an unlimited number of movies straight from your console. In this essay I have shown and explained the advancements of video game consoles and how they changed Humanity in more ways than one. In my opinion the advancements of Game Consoles have been a perfect example on how we as people progress and improve over time. Anything we did 20 or 30 years ago cannot compare to what we have now. We can be talking about cars, buildings, computers, the way we communicated from mail to email to facebook and video gaming is no exception to these constant improvements and progress. PIC. 1 this was the Beam Gun created by Nintendo PIC. 2. This was the Atari Pong featured in Sears Roebuck Co. Catalog PIC. 3. Atari’s biggest creation, the 2600. PIC4. Nintendo’s NES system PIC5. Sega Genesis Console. PIC6. Sony Playstation PIC7. Sony Playstation 2 PIC8. Microsoft X-BOX 360 PIC9. Sony PS3 PIC10. Nintendo WII Video Game Consoles Annotated Bibliography Unknown Author, 2011). The History of Nijtendo: 1960-1970. http://www. snesclassics. com/history/nintendo. php This article explains a history on how Gunpei designed Nintendo’s first hand held video game and opened the door to a new concept for the Nintendo Company. Moby Games (1999-2012). The fall of Nintendo: Nintendo’s Beginnings. http://www. mobygames. com/featured_article/feature,15/section,129/ : This article provides information on the beginnings of what eventually would become the largest manufacturer of Video game consoles, Nintendo Co. It explains how Fusajiro Yamauchi, began the company in a small town in Japan. The company manufactured playing cards known as Hanafuda. This was a 52 deck set of Japanese playing cards. The article explains how the company evolved from playing cards to manufacturing a system called the Beam Gun Series which used opto-electronics in 1969. In 1975 Nintendo signed a contract with Mitsubishi to produce the first ever electronic video recorder (EVR). This evolved into the cabinet micro-computers also known as coin operated arcade games in the 1970’s and kicked off the arcade game craze. Unknown Author(2011). Video Computer System: Atari 2600. http://www. atarimuseum.com/videogames/consoles/2600menu/2600menu. htm : This article explains how Atari’s first home video game console, the Atari 2600 was developed and sold in 1977. The initial selling price was $199. 99 which was a lot of money back in the 70’s. IT also explains how a merger with Nintendo was about to happen until Ray Kassar, Atari’s CEO was let go. This made Nintendo change their mind and went on to produce their console solo. Unknown Author (2011). Atari Consoles: Atari Pong. http://www. atarimuseum. com/videogames/dedicated/homepong. html : The Atari Pong was very popular in bar scene during the early 70’s. Atari arcade engineer Bob Brown designed a home version of Pong and got Sears Roebuck Co. to add it into their catalog. Sears was hoping to sell 50,000 units by Christmas of 1977 and ended up moving 150,000 units. Unknown Author (2007). Sega Genesis: Where were you when the 1980’s were about to end? http://www. digitpress. com/systems/genesis. htm : This article is great because it explains how the feeling was around the time when Sega Genesis came into the market to give Nintendo a run for their money with the creation of Sonic the Hedgehog and slogans such as â€Å"Sega does what Nintendon’t†.

The International Business Culture Business Essay

The International Business Culture Business Essay What is meant by the culture of a society, and why it is important for international managers to understand it. Do you notice cultural differences among your classmates. How do those differences affect the class environment or your group projects? Society mean by culture is a set of shared values, assumptions and beliefs that are learnt through membership in a group, and that influence the attitudes and behaviours of group members.   Culture is not innate it can be learned, and it may varies tremendously from society to society. We begin learning our culture from the moment were born, as the people who raise us encourage certain behaviours and teach their version of right and wrong. It is important for the international managers to understand it, to know how to respect towards one countrys culture. Once culture may not work well for the other country and can be interpreted as an insult. Thats why, it is really important to raise the awareness of cultural issues to the international managers to ensure efficiency and effectiveness. Some cultures are difficult to observe and measure; basically managers should be keen and knowledgeable  about it. Managers must develop cultural sensitivity to anticipate and accommodate behavioural differences in various societies. As part of that sensitivity, they must avoid parochialism-an attitude that assumes ones own management techniques are best in any situation or location and that other people should follow ones patterns of behaviour. The managers should know how to adjust and able to cope up with in a diverse cultural differences. Managers can use research results and personal observations to develop a character sketch, or cultural profile, of a country. This profile can help managers anticipate how to motivate people and coordinate work processes in a particular international context. And some cultures may put more emphasis on universal commitments while others put more weight on loyalty to particular people or relationships. Dealing with national culture differences requires not only knowledge adequate behaviours but also more importantly, an understanding of deeper level assumptions and values that explain why certain behaviours are more appropriate than others.   Time effort, reputation and even contracts can be lost to an international manager because of cultural ignorance. Yes I notice cultural differences among my classmates. It can affect group projects and as well class environments. It can affect the group projects in a positive and negative way. Negative: In any group activities we were not being able to express and communicate well. Theres a language barrier that hinders once idea or we cannot easily express what we feel. Different accents, different words having different meanings and connotation that somehow misinterpret. Some of us feel there is a Social Groups and Social Alienation inside the classroom, as each of us has a different culture towards beliefs values and common interests. We dont share similarities; some of my classmates feel isolated from the others. That somehow these dissimilarities create tension in the classroom discouraging them to be more aware and be tolerant to others. Positive: We allow ourselves to accept and adopt a culture. We gain different ideas and nurture these differences that each one of us has. These things can help us in the near future in dealing with various people who have a different culture.   We became knowledgeable in diverse language and culture. We students faced in a diverse classroom and we learn different cultures constantly. We became curious and may ask questions to classmates and we are encouraged to learn another language and culture. Question 2 Critically assess the types of operational conflicts that could occur in an international context because of differences in attitudes towards time, change, material factors, and individualism. Give examples to specific countries. Owners of a company and managing foreign stakeholders who has cultural differences may create managerial challenges.   Companys employing/recruiting people from other culture may arise in operational conflicts because of their differences.   Below are the examples to specific countries where operational conflicts occur in an international context: Time Timeliness in Appointments In US and most of the first world countries really value the time. Scheduled appointments are often treated like a general guideline and to some countries it should be strictly abide by. Failure to come on time may lead to conflict and misunderstanding. Some cultures are more time conscious than others. Punctuality really matters for European countries, as time for them is wealth.   In addition, whether you are in France or in China, your business partners will appreciate your efforts to make good impression if you arrived on time. But failure to do so may feel unlikely not interested or unwell prepared to attend the occasion and business meeting. In New Zealand, they are strict in the number of hours you can work, as they dont want to stress and let the employee feel that they are overworked. They provide certain amount of working time. Filipinos has the manana habit or attitude, instead doing a project/task as early before the deadline comes, they prefer to do it the day before the deadline or in a rush. The habit of saying/doing there will still tomorrow to finish a task.   Change Western Culture considers change as a positive business opportunity. Innovation comes to different type of business in Westernise countries. Business landscape for them is rapidly evolving, changing and transforming which used as a strategy to survive in a never ending changing business trends. Change for them is a good thing as this start of a new business opportunity, start of wealth and new product to market.   Meanwhile, Muslim culture is passive to change due to effect on the gender role and religious practice. They see that a man reflects a dominance of tough, values such as achievement, assertiveness, competition and material success. Religion is something to do with faith that changes are not applicable. That it was written in a book a long time ago and should be abided. In the Philippines or any countries, which Muslim resides, men provide food and work for the family. Muslim wives have nothing to do with it, men are over powered and overwhelmed that results to a conflict.   As well failing to acknowledge the status of Muslim within a business/work or to greet them without respect can leave a bad impression. Material Factors US are considered as materialistic culture. They tend to spend lots of money and invest on material products that sometimes affects to a certain  business opportunities. They are overwhelmed with the money that they have earned and spend it. Lifestyle is very different.   On the other hand, Asian culture valued their natural resources (air, sea, land) sometimes it was misused that result to a conflict.  They give value on natural environment and make new services or products with the natural sources they possess. Individualism Western Culture is highly individualistic like US, Sweden, UK and Germany. They are very confident, independent, have recognition of personal initiative and achievement. Conflicts that UK experience, that they maintain loose social structure, they cant control a person, they more likely to be aggressive and tend to have their own way. While Asian culture  promotes cooperation and teamwork that sometimes they are very dependent to one another. Relying to each other to finish a certain task or project. In the Philippines, conflicts arise when people tend to pass their work and rely to the help of their subordinates or co-workers that results to delayed of a certain task. Without knowing the operational conflicts in an international context may result in some costly blunders in business marketing and management, it also can affect seriously the success of international business negotiations. Question 3 A.) Jo Barnes and Monsieur Hulot are both managers of Port Philip Pharmaceuticals are based in two different countries. Jo Barnes is an Australian International manager who oversees the operation in France under the management if Monsieur Hulot, a French national. Describe and Compare how each of these managers deals separately with the management issue that is affecting the operation of  Port Philip Pharmaceuticals? Jo Barnes is an Austrailan International manager, shes educated, confident, independent woman. Jo Barnes belongs to a country of an individualistic culture,  culture that shows a relative preference for the individual in a contrast to the group. This social structure are characterised by independence, the importance of individuals rights and recognition of personal initiative and achievement. The first approach of Jo was very self-centred that it became obvious that any idea of her running the training programs in testing techniques and quality control was not likely to be well received.   Meanwhile, Monsieur Hulot is a French Manager, which has an element of specialisation, unity of command, and unity of direction, with a hierarchical line of authority, initiative, and esprit de corps. All of the characteristics describes a Collectivist culture, these culture clearly distinguish between in-groups and out groups and expected to subordinate their individual interests for the benefit of their in- groups.   Two countries with different culture, one has been overpowered by being independent and educated (Jo) and the other focused on the benefit of all his subordinates (M. Hulot). They were not able to deal immediately the issues but Jo Barnes was able to adjust to the French culture that makes M.   Hulot be proud of her. B.) One of the challenges of international business in different countries is the different forces of International environment that impacts the role of management of multinational organisations. Evaluate any of the international forces that have affected Port Philip Pharmaceuticals in their operation and its management in France? International force that affects  Port Philip Pharmaceuticals in their operation and its management in France are the following: P3 in France are members of a collectivist, in whom they clearly distinguish between in groups and out groups and are expected to subordinate their individual interests for the  benefit of their in-groups like family and organisation. And value the overall good of loyalty to the group. They became dependent on each other, and trust everyone in their respective work that sometimes not well, as they rely on each other. With a relatively high power distance (uneven distribution of power). Hand in hand with a focus on individual rights and personal achievement. They are concern about their status differences and show proper respect to their superiors. This status difference exist within P3 may be based on age, social class or family role. P3 employees had high opinion for themselves and have professional knowledge. Power distance exists based on education and wealth too. P3 also possess high uncertainty avoidance, they prefer structure and predictability that results in explicit rules of behaviours and strict laws. They do not want changes. Not risk takers. They limit themselves into new ideas or innovation.   Language barrier was also became an international force to P3s management and operation. One of the hindrances that they encounter dealing that not most of them cannot speak English. Translations as well can have different meanings or connotations.   C.) A multinational company like Port Philip Pharmaceuticals deals with many constituents. Evaluate the management approach of Jo Barnes in dealing her constituents in Philippines and France. Jos management approach in the Philippines just worked very well. Filipinos were known to be hospitable. She doesnt find any hard time in dealing with them. As Filipinos knows how to respect and deal with different kinds of people. Filipinos with a high degree of Power Distance tends to accept and give importance of a cultures position (Australia) along a certain cultural dimension. They know how to accept and adopt once culture. Jo was taken out for a dinner in a wonderful restaurant, every day and night she was entertained, wined and dined. While during working hours Filipinos had listened respectfully to Jos suggestions for improvements. On the other hand, when shes in France her situation was different from the Philippines. Her first approach just failed as she tends to be an individualistic (independent, self-centred, personal initiative and  achievement) person, she was informed that her qualifications to be inadequate. As a result of this approach, the French chemists had high opinions of themselves and their professional knowledge was not prepared. It became obvious that any idea of her running training programs in testing techniques and quality control was not likely to be well received. On the next day, Jo remembered how Filipinos treated her. Jo adopted a new strategy. She made a little speech thanking M. Hulot for his courtesy in inviting her to visit the company and congratulated everybody on its fine reputation, back home on Brisbane, for the high quality of its products and the creative innovations it had made to the pharmaceutical industry. And compliment how proud she is to have French Connection.   Jo Barnes, knew already to adjust and adapt to the French Culture (new sense of respect and able to know French commitment to their areas of specialization) She was able to cope up with them. She was able to put smiles on their faces and was able to start her training with everyones listening. She set aside first her educational background, her status in Australia and her personal achievement. Instead she extends her hand to help French P3. She was able to impress everyone. She showed that she was part of the group (Collectivist) person. They have one objective and goal as a group. Thats the time brainstorm arose, with everybody contributing ideas.  Everything just went well. A solution to the problem had been found and she was confident it would be implemented without a delay.   Question 4 Today, international business people must think globally about production and sales opportunities. Many global managers will eventually find themselves living and working in cultures altogether different from their own. Many entrepreneurs will find themselves booking flights to places they had never heard of. What do you think companies can do now to prepare their managers for these new markets? What can entrepreneurs and small business with limited resource do? In order for the companies prepare their manager for the upcoming new markets. They should act global and should practice globalism. Creating a closer ties or bond to other countries by way of exchange of goods and services. Through globalisation managers may increase their interdependency and may bridge between two countries. It can also innovate ideas and can easily be implemented.   The company must start to train their managers by involving themselves in the movements of ideas, information images and people. Company should provide remuneration and rewards. Provides health and safety insurance. Treating employees as assets of the company. International managers should pay attention to trends in the global industry. Able to predict globally hot topics, products and services that the new market will be interested. Managers should develop niche expertise; their skills, knowledge and abilities should be nurtured and embraced through training. The international business environment influences how firms conduct their operations in both indirect and direct ways. Managers of globalization are causing the flows of trade, investment, and capital to grow and  become more entwined-often causing firms to search simultaneously for production bases and new markets.   Companies today must keep their finger on the pulse of the international business environment to see how it may affect their business activities Each national business environment is composed of unique cultural, political, legal, and economic characteristics that define business activity within that nations borders. This set of national characteristics can differ greatly from country to country. But, as nations open up and embrace globalization, their business environments are being transformed. Globalization can cause powerful synergies and enormous tensions to arise within and across various elements of a society. Company managers must be attentive to such degrees, adapting their products and practices as needed. International firm management is vastly different from managing a purely domestic business. Companies must abide by the rules in every market in which they choose to operate. Therefore, the context of international business management is defined by the characteristics of national business environments. Because of widely dispersed production and marketing activities today, firms commonly interact with people in distant locations within the international business environment. Finally, managers and their firms are compelled to be knowledgeable about the nations in which they operate because of the integrating power of globalization. Businesses should try to anticipate events and forces that can affect their operations by closely monitoring globalization, national business environments, and the international business environment Know how to market. The concept of personal branding that suggests individuals should think of them as a brand and market their skills.  For the entrepreneurs and small business with limited resources can do is to expand their business with new target market and customers that are not too costly. They would be able to identify their local and global potential markets. Able to determine their needs and desires. Not only discover the prospects want, but why and how they want it. It is crucial, but they should meet their wants and needs. International trade specialists can help small businesses locate and use federal, state, local, and private-sector programs. They are also an excellent source of market research, trade leads, financing, and trade events. The Trade and Development Agency also helps small and medium-sized firms obtain financing for international projects. Even if you have small business yet you think BIG that would be their competitive advantage. Making sure that their business takes the maximum advantage of those areas represent their strengths of small companies. Create a constant improvement and listen to the customers. Market driven. Listen. Act. Respond to customers needs. Maximise employee productivity. Question 5 What are the claims of those who say globalisation eliminates jobs, lower wages, and exploits workers? Some societies find globalisation as a dominating concept. That it may affect their lifestyle. A country has a complex cultural conditions such as they see exploiting people on the ground of race, gender or class, people will really try to get rid such society or country. People in a certain country feel they are being over powered with foreign workers. Just like in the views of developing countries, globalisation increase phobia of inequality. It eliminates jobs from local nationality; they somehow prioritise foreign workers because they were paid at a lower wages or labour fee. Or they have lots of job opportunities but then the wages were too low, claims are they see the potential of the foreign worker or a country that offers a cheap labour. Conflicts arise and instability.   A country can outsource cheap labour and sell it on their country in a higher price. Local manufacturers feel that they are dominated by imported products. Lots of subcontracting that reduces job opportunities.   Competition became higher and risky for local workers and labourers as international dominate their working environment.   They criticize the practice of sending good-paying manufacturing jobs abroad to developing countries where wages are a fraction of the cost for international firms. It is argued that a label reading Made in China translates to Not Made Here. Although critics admit that importing products from China (or another low-wage nation) lowers consumer prices for televisions, sporting goods, and so on, they say this is little consolation for workers who lose their jobs. When a manufacturing job is lost in a wealthy nation, the new job (assuming new work is found) pays less than the previous one. Some evidence does suggest that a displaced manufacturing worker, especially an older one, receives lower pay in a subsequent job. Those opposed to globalization say this decreases employee loyalty, employee morale, and job security. They say this causes people to fear globalization and any additional lowering of trade barriers. Because of these claims above mentioned, it may cause  issues like chauvinism, fundamentalism, and religion, ethnic and racial hatred in controversy. Question 6 A.) One strategy Yahoo! Could use to deal with the Chinese government is to allow its local joint venture partner, Beijing Founder Electronics, to deal with the government. What are the benefits and risks of doing so? The benefits of Beijing Founder Electronics (joint venture partner of Yahoo!) in dealing with Chinese government, it can produce mutual gains and clear distinction of operational freedom. It is legalise and recognised by the authority. The process of hiring and remuneration will be authenticated. There will be a secure patent and copyright protection supported by the government.   The risks/influences that the government implies to Beijing Founder Electronics: There will be levels of taxation and restrictions on profit repatriation. Have controls on risks limits and observance of professional standards. Some rules to be followed and should abide. There will be labour union rules to obey. Foreign firms should regulate it.   In such way there will be benefits and risks to consider in a local joint venture of two organizations. There might be an effect and impact but still its necessarily to address it in a legal way. B.) How does a strategic alliance differ from a joint venture? Explain the pluses and minuses of such alliances? Strategic alliance (called in a government perspective) is a form of collaboration between two or more companies that can take on many forms such as: Technology transfer, Purchasing and distribution agreements, Marketing and promotional collaboration and Joint product development While Joint Venture (called in a business man perspective) involves a potentially long term of investment of funds, facilities and resources by two or more companies to a combined venture which benefits all companies. All involved will have an equity stake in the new venture. It may be formed to: Run production facilities in another country, establish a marketing distribution presence, use complementary technologies held by each participant and Joint venture can also be used to get around country trade barriers.   Advantages or Pluses of these alliances: Forming a business relationship with a partner, or partners, may provide you with a number of advantages. You may be able to access technologies or patented processes owned by the other partner. You may be able to access their distribution network. Enable firms to share costs and risks of the research and development of new products and process. International alliances serve to avoid import barriers (Free flow of goods). Licensing requirements and other protection legislation. Disadvantage or Minuses of these alliances: Global alliances are usually slow in the making, but in a highly competitive they present a faster and less risky route of globalisation. It is not easy to negotiate and finalise an argument, but if both parties have approved the agreement everything will be fast. Problems and challenges that alliance may encounter:   Shared ownership (risks of shared assets), differences in national cultures (cultural differences; national and organisational culture), difficulties with integration of different structure and systems, distribution of power (may dominate one partner when it comes to process/ideas/outcome), competition within partners, conflicts between relative centres of decision and control. Disclose confidentiality of information, usage of patented technology or intellectual property rights, difficulty on collaborative efforts that lead to mistrust and secrecy. All the advantages and disadvantages mentioned above are inevitable in having alliances. Alliances may work and may not work well. So alliances, should consider their strengths and weaknesses. Ideal partnership takes advantage in their both core competencies that will strengthen weaker areas of a company business.   Question 7 A.) Evaluate the management strategy used by Brandon in order to finalise the deal of the Yokohama parts with Mr. Kumatsu and how it led to success or failure of the deal? The management strategy used by Brandon to finalise the deal of the Yokohama parts with newly appointed Japanese executive, Mr. Kumatsu was based on direct coordination which decision making is based on the merits of the individual situation. It should not treated that way as Japanese have a high uncertainty avoidance which pertains to dislike of any changes (resistance to change) and want the process in a prefer structure and predictable as Japanese company always look for a long-term goal. It also give least common approach that gives more pressure to Yokohama parts and able not to coordinate well. From the above mentioned strategy Brandon used, it led him to be unsuccessful with the deal. The complexity and interdependence of both parties decrease the needs to think parallel and drawn up to a contract. B.) Design an effective management strategy for Brandon to successfully achieve a good international dealing with their companys suppliers in Japan. For Brandon to successfully achieve a good intetrnational dealing with their company suppliers in Japan, the effective management strategy should be managing resistance to change. This strategy will change raises anxiety over fear of the following: Economic loss, basically Japanese company look after their economic status if the deal/opportunity is worthy to grab and if it will be beneficial to the company as well to the country. Inconvenience, they want to reduce the cause of trouble or problem. They more likely want to have an easy access. They want to be more convenient and efficiency. Uncertainty, basically Brandon must prove that theres no doubt in their business negotiations and be certain enough. Break in status-quo, Brandon must prove that it will be a breaking through deal, that he will have no fear in making it through a good negotiation and provide a quality service for Mr. Kumatsu. In using the above management strategy, it would be a successful deal as it leverages distinctive mix of orientations and strategies. It is global technological competence with unique product development. It also focuses on quality and leveraging of foreign distributor competencies. Brandon should also adapt to the demands of its new environment and culture as it remains the most effective way of maintaining a lasting competitive advantage. http://www.prenhall.com/behindthebook/0131746170/pdf/Deresky_CH03.pdf http://money.usnews.com/money/blogs/outside-voices-careers/2012/09/19/3-things-to-do-now-to-prepare-for-the-new-job-market http://catalogue.pearsoned.co.uk/assets/hip/gb/hip_gb_pearsonhighered/samplechapter/0273752634.pdf International Strategic Management (Strategic Formulation and Implementation) Hodgetts, Luthans and Doh, International Management: Culture, Strategy and Behaviour, 6th Edition (New York: McGraw-Hill Irwin, 2006)