A Woman Named Martha Josey Essay

Barrel dashing is one of the uncommon games grew at first for ladies. It is a â€Å"rodeo occasion in which a pony and the rider endeavors to make a run as quick as could reasonably be expected and complete the given pattern† (Hubbard 1999). Any gadget that has a clock will be the appointed authority for this sort of game as it plans to record the degree of speed. The clock â€Å"begins when the rider cross the beginning line and closures when the rider effectively executed the barrel design or when they cross the completion line†. Clearly, this sort of game needs a lot of solidarity, athletic capacity, insight and drive; and in this way needs a great deal of preparing. Barrel hustling and horsemanship to be executed by ladies is some way or another astonishing. Some propose that this sort of game should just be played by men. It is said that the field is progressively undesirable and risky to ladies since they are obviously more vulnerable than men physiologically. Martha Josey however is one of only a handful hardly any ladies who took the mental fortitude to attempt this sort of game in spite of its elevated level of physical dangers. Martha Josey is a title holder barrel racer and in this way a motivation to everybody in the game of rodeo. She is presently viewed as a â€Å"Cowgirl Hall of Famer in the wake of fitting the bill for the National Finals Rodeo on eight unique ponies in four back to back a very long time from 1968 to 1998† (Hubbard 1999). Ponies played an incredible commitment on Josey’s achievement. A portion of her most well known ponies that carried her to national finals and title are â€Å"Cebe Reed, Sonny Bit O’Both and Orange Smash† (Diccus 2006). The pony â€Å"Cebe qualified Martha for her first National Finals Rodeo (NFR) in 1968 and 1969† (Diccus 2006). In later years when Martha collaborated with â€Å"the enormous cove gelding, Sonny Bit O’ Both, she was again able to the NFR four years straight from 1978 to 1981† (Diccus 2006). Moreover Sonny set an unsurpassed record in 1980 â€Å"as he was the main pony in history to win the AQHA and WPRA World Championship† (Diccus 2006). However, due to Sonny’s oldness later on, Martha presented Orange Smash who gave her â€Å"the NBHA Senior Championship and Reserved Open 1-D Championship in Augusta, Georgia† (Diccus 2006). Besides, Orange Smash made Josey â€Å"qualified for the NFR in 1998 and got the Gold-Round Winner Buckle† (Diccus 2006). Because of the reliable win of Martha Josey, Orange Smash got the â€Å"1999 AQHA Best of America’s Horse Award†. What is one of a kind about Martha Josey is her tranquility in field without fail. Her outside masks with â€Å"her faultless nail treatment, cosmetics and outfit†, Martha seems to go to a basic lunch get-together rather than a dusty and hazardous field (Hubbard 1999). Her outer indications, her better looking ponies and her tranquility made her hung out in swarm for past decades. Her notoriety for being a pony racer is transmitting each time she wins. Then, all through her vocation, Martha Josey likewise helped other people to manufacture their professions who are keen on barrel dashing. Josey additionally â€Å"has helped construct barrel racing’s acknowledgment as an expert rodeo occasion, and to some extent through her endeavors, barrel dashing is held in a similar field and with a similar regard and onlooker enthusiasm as any of the other rodeo events† (Broyles 2006, p. 13). Now of time, Martha Josey keeps on vieing for World Championship and is regularly highlighted in â€Å"Equine magazine† (Broyles 2006, p. 12). What's more, she figure out how to create instructive recordings and narratives about rodeo, advertises her own line of equine items, builds up different centers all through America and advances Purina items. At the present time, â€Å"she and her significant other additionally train and market the absolute best in barrel ponies at their home farm in Marshall, Texas. The farm is likewise home to world-class competitions† (Broyles 2006, p. 12). Martha Josey is one of the fruitful ladies in history who demonstrate that ladies can be equivalent than men in whatever territories. The reactions she got in light of the fact that she is a lady didn't influenced her by any stretch of the imagination. Truth be told, she approach those reactions productively. Also, she stresses the way that in sport so as to be fruitful, one ought to experience a great deal of preparing and one ought to keenly move toward each challenge. She is presently as of now living in Texas continually satisfying her enthusiasm in rodeo sport through helping other people to be a champ too simply like her. Reference: Broyles, J. (2006). â€Å"Barrel Racing†. New York USA. The Rosen Publishing Group. Diccus, T. (2006). â€Å"Martha Josey-The Legend by Ron Atwood†. Tamara Hillman on line. Recovered on June 4, 2009 from http://www. rodeocountry. organization/tamarahillmanbuckinbroncos. htm Hubbard, C. (1999). â€Å"Smash Success Martha Josey eyes her fifth decade at the National Finals†. Dynamic Interest Media, Inc. from the book of American Cowboy.

The Simple Life and the Corruption of Technology :: Exploratory Essays Research Papers

The Simple Life and the Corruption of Technology We should take it home young men! Not so much focusing on our height, we headed towards base after an immaculate strategic an adversary tank. As we arrived at the wildernesses edge, against airplane shells started detonating surrounding us. I requested the arrangement to move as quick as could reasonably be expected. Nearly as fast as I had provided the request, my plane was hit. Fortunately, the round didn't detonate, yet had gone through the focal point of the fuselage. I understood my plane was lethally injured, including my launch seat. As my plane fell into the wilderness, I woke up. Despite the fact that I didn't have the foggiest idea what had drawn me from the fantasy, I had a thought it was the parting torment in my leg. As the torment gradually crawled up my leg, I got mindful of my environmental factors. I could now feel the sweat all over and faintly hear murmured voices; I was not in my bed. As I made me fully aware of hazy vision, I made out dull moving items among a foundation of fire. Listening intently, I understood it was individuals talking a remote tongue. Moving my eyes from the darker looking, inadequately clad people to my leg, I found the wellspring of my agony. Passed through my left leg was a sharp bit of metal from the destruction that encompassed me. With a quick yank from one of my accepted rescuers, my leg was liberated from metal, and I was dropped from the agony. I arose in a hovel made of huge leaves, mud, and grasses. The light snap of the fire outside could be heard over the voices of the individuals encompassing it. I asked my self, Where am I? How could I arrive? With my inquiries I made an amazing disclosure: I was unable to recollect what my identity was! Feeling myself alarm, I did the best to quiet down and dissected the circumstance. I had been pulled from some kind of destruction, however of what? The individuals who had spared me were crude. They wore minimal in excess of an undergarment of a modest material, and they had dressed me the equivalent. They were eating some yellow grime from wooden dishes and again my ears welcomed the new dialect. Attempting to sit up, I flexed my leg and a devastating torment fueled a shout from the base of my lungs. My shout had grabbed the eye of the individuals who had been talking outside.

17 Low-Stress Jobs That Pay Insanely Well

17 Low-Stress Jobs That Pay Insanely Well What if we told you that there are a host of jobs around the world that have a stress-free environment and you get to cash out a big fat check at the end of the month?Sounds too good to be true, right?It just so happens that working hard and the amount of stress you take home doesn’t magically multiply your earnings. Certain jobs allow you to enjoy a colorful lifestyle without having to bear the brunt of an empty wallet at the end of the month.The reason for low-stress high paying jobs to exist mostly comes down to a few factors such as high qualification requirement, demand for talent, and the employer.Let’s face it, if your job weren’t in demand, it would just be a low-stress low paying job. EXPLORE THE MEANING BEHIND LOW-STRESS HIGH-PAYING JOBSWhat exactly are “Low-Stress High-Paying” Jobs?Low-stress and high-paying jobs rank high in job satisfaction and have a higher median salary compared to other jobs in the market. In short, a professional gets to enjoy the perfect work-life balance without having any regrets. In a low-stress high-paying job you get to spend plenty of time for leisure activities while also earning a high income at the end of the month.Your first question on hearing this would be â€" So why isn’t everyone working in these jobs? Well, the answer would come down to employers requiring a valid degree or certification from an authorized institute. The effort requires you to spend a few years of your life studying at a premier institute to even have a chance at landing these jobs.For your efforts, you are given a well-settled career with a great income. Not many are willing to put the extra effort to acquire these dream jobs and hence, the demand fo r them has gotten higher. If you have the time to acquire the knowledge, then consider following the path of these high-profile jobs.Why are jobs listed as “Low-Stress High-Paying” category? Don’t all jobs come with the same amount of career pressure?The reason certain jobs are listed in this category is due to the supply and demand factor. There are many jobs that aren’t sought after due to various reasons â€" high qualifications requirement, exceptional talent as a vital prerequisite, and mandatory level of experience. Career pressure builds when a job contains many responsibilities and you are in no position to handle them.Low-stress high paying jobs usually have limited responsibilities and require a high-skilled individual to concentrate on just one thing at a time.For example, a photographer has no real stress while taking photos in the wildlands, on the contrary, it’s something relaxing to do and he gets paid for it. However, in a corporate environment, you have inc oming deadlines and a presentation to showcase to your board of directors before a proposed date, you are constantly under a taxing pressure to impress them.For reducing stress and other annoyances at work. Here is a detailed video walkthrough by Noah Elkrief that explains how you can cope with a stressful environment. KEY REQUIREMENTS FOR “LOW-STRESS HIGH-PAYING JOBS”Here is a list of factors that are responsible for the rising demand for low-stress high-paying jobs and why they are sought after when compared to other stressful options.Qualification. It goes without saying â€" an educational qualification is almost a necessity to get a job in the “low-stress high-paying” bracket. There are only a handful of jobs in this category that might forgo this requirement and hence, it’s necessary to pursue certifications frequently to grow in your field.Talent. Based on your talent and grasping power to learn new trends, you can expect to move through the ranks and eventually hit the top positions in no time. The best part of a high-demand job is that you will be duly rewarded for your time with numerous benefits such as investments and a possible share of the company.Expertise. The amount of experience is directly proportionate to your salary at the end of the month. Say you are a senior software developer with over 10-years of experience, the company will be willing to hire you for a higher pay over someone with a 2 to 3-year experience. Expertise is a key requirement for most high-profile jobs.Job Descriptions. An important aspect of landing your dream job is to consider the type of job description you receive in your joining letter. For example, as a medical practitioner, you will be paid more and have lesser responsibilities when compared to a nurse who must put in more hours and naturally has a higher stress factor to deal with and a far lesser pay.17 JOBS THAT OFFER YOU A STRESS-FREE ENVIRONMENT AND PAY HANDSOMELY WELLThe following list compiles a set of 17 high profile jobs with their job satisfaction meter and median salaries to help you determine the perfect career path for you.1. Computer Hardware EngineerJob Overview:Due to the progress of technological innovation, the demand for computer hardware engineers grows at an astounding rate every year. Every software industry offers employment in the hardware field and even electronic and manufacturing industries require computer hardware engineers to help in research and development of new products.The primary duties of a computer hardware engineer are to come up with new schematics for computer equipment while analyzing the test results of existing equipment and making the necessary changes. They are also tasked with the responsibilities of supervising various manufacturing processes within the hardware industry.This job pays high due to the skill requirement of every candidate and due to the technological expansion in the digital age. Every computer hardware engineer needs to be trained to understand the hardware components that go with the latest software. Hence, this job requires a minimum qualifying degree in one of the below-mentioned qualifications if you are looking to pursue this career path.Job Satisfaction Rating: 7/10Median Salary: $113,441Minimum Educational Qualifications: Bachelor’s Degree in Computer Engineering, Electrical Engineering or similar field.2. CuratorJob Overview:The job of a curator is not an easy one but can be extremely rewarding and stress-free if you have the talent for it. Curators mostly work with cataloging, managing, and organizing exhibits within an art gallery or a museum. Curators must also maintain and restore artifacts and collectibles to their former glory.The work of a curator is an interesting activity as it’s filled with constantly compiling and researching information on historic prominence. If you are infatuated with the past and have a talent for identifying value in old and worn out paintings, then a cu rator’s life could be your calling. As a curator, you may also be called upon for interviewing and hiring other staff members within the gallery. You are also in charge of raising funds and collaborating with other renowned institutions to host events.It’s no surprise as to why a curator gets paid a 6-digit yearly income due to the sheer number of responsibilities handed over to him. The job itself has minimum stress as it deals with a quiet life of overseeing collections and preserved items.Job Satisfaction Rating: 8/10Median Salary: $126,506Minimum Educational Qualifications: Bachelor’s Degree (preferably in Art, Museum Studies, or History)3. Freelance PhotographerJob Overview:What’s not to love about taking pictures of your surroundings and getting paid for it? Freelance photography is one of the most adventurous and exciting career paths available. However, it’s not as easy as earning dollars for every time someone says “cheese”. Freelance photographers are require d to utilize their creative side and have an artistic touch with reality.You are tasked with finding unique landscapes and people from various tribes to convert into artistic photos and sell as a digital asset. Be prepared to invest a lot in acquiring high-tech cameras and photo editing equipment. This isn’t a job that allows you to start with nothing in your wallet, but it can surely guarantee a lucrative career for the rest of your life if you decide to invest.Freelance photographers are in great demand by startups, businesses, and corporate giants as visually appealing photographs are highly sought after. As a freelance photographer, it would do you good to brush up on your people skills as you are required to negotiate pricing and other interpersonal relationships.Job Satisfaction Rating: 10/10Median Salary: $180,000Minimum Educational Qualifications: Not Needed but a Bachelor’s Degree in Photography is available to pursue.If you’re looking to become a freelance photograph er, here are a few beginner tips by Roberto Blake. Ensure you utilize them while taking your new snaps. 4. Food TechnologistJob Overview:Every time you try a new food product and relish the flavor, you have a food technologist to thank for. This job consists of researching and analyzing food to improve taste and to enhance preservation for better storage and distribution. A food technologist is hired based on providing input on how to sell an edible product and how to enhance its taste.Food technologists work with other research and development professionals within the food industry to ensure food products are passing the bar as far as the government standards of quality are concerned. They are also required to maintain sanitary regulations while balancing the nutrient content of foods that are developed.If you are someone that loves food or understands how a food industry works, this may very well be your ideal dream job as research in food engineering is a growing industry. Food s cientists are always needed, and the stress of this job is eliminated due to the pleasant working conditions.Job Satisfaction Rating: 6/10Median Salary:  $75,750Minimum Educational Qualifications: Bachelor’s Degree (in Product Development or Applied Research)5. Robotics EngineerJob Overview:If you have been fascinated by the Transformers series or any robotic science fiction show, then perhaps you will fall in love with being a Robotics Engineer. At the core of duties, a robotic engineer spends most of his time designing and building machines used in various production and technical industries. Robotic engineers perform operations related to the performance of robotic mechanisms and other core components.The future is heavily set to target the Artificial Intelligence, with many countries openly showing their support. Robotic engineers will soon face heavy demand in industries looking to automate their production via precision systems utilizing robotics as their prime manufacturin g tactics.As someone who loves automation, if you enjoy fiddling with hi-tech gadgets and operating machinery, then robotics engineering is the path for you. However, if you have no interest in electronics or artificial intelligence, then the job can get stressful and will eventually bore you out.Job Satisfaction Rating: 6/10Median Salary: 88,856Minimum Educational Qualifications: Bachelor’s Degree in Science (for entry-level positions) master’s degree in Mechanical Engineering (advanced robotics placements and managerial positions)6. Massage TherapistJob Overview:A massage therapist enjoys the serene environment of working within the relaxing walls of a spa or a beauty center. As a massage therapist, you can enjoy a flexible work schedule by either working for a business or by freelancing and heading over to your client’s home. Many massage therapists have licensed clinics setup and have a loyal following of customers that allow them to earn a lot.The job description of a mas sage therapist consists of understanding the physical properties of the human body to provide the necessary healing touch. A massage therapist needs to understand medical procedures in relieving inflamed joints and treating patients suffering from postural ailments. It’s highly crucial for a massage therapist to know emergency treatments such as CPR to administer to a patient during a fatal attack.Hence, a massage therapist requires certifications regulated at local or state level before starting their profession. There are plenty of programs available to become a licensed masseuse and you are required to renew your certifications after a set period.Job Satisfaction Rating: 9/10Median Salary: 85,366Minimum Educational Qualifications: Certifications regulated by a local or state entity such as Federation of State Massage Therapy Boards7. EconomistJob Overview:Economists try and understand the social issues relating to the production and distribution of resources using analysis and data collection.They also prepare charts and reports to interpret market trends that could happen in the future while conducting a host of surveys within an area. As an economist, you get to design and make recommendations to your company to help them solve outstanding issues such as â€" employment cycles, business data, and exchange rates.An economist has the golden opportunity of working within the confines of a federal government or a corporate sector, depending on his choice. Economists are highly sought after for their work in organizing data that are critical for companies to increase productivity and ensure profits in the long run.Economists of all types â€" labor economists, international economists, financial economists, and econometricians, etc. â€" earn a pretty penny while enduring low levels of stress as their work revolves around research and development. If you are looking to join the ranks of economist jobs, then a master’s degree is highly recommended if you are t o be taken seriously.Job Satisfaction Rating: 7/10Median Salary: 150,348Minimum Educational Qualifications: Bachelor’s Degree in Economics (for entry-level jobs) master’s Degree and Ph.D. (prime placements in business sectors)8. Technical WriterJob Overview:The work of a technical writer differs vastly from that of other writers such as a ghostwriter, content writer, or a copywriter. A technical writer doesn’t necessarily have to be creative to come up with content, unlike other listed writers. The technical writer’s job is to decide the clearest and the most logical way to compile information and write them down. Since there is very little left to the imagination, the technical writer doesn’t have the stress of being creative to come up with new presentations.A technical writer must possess knowledge in understanding subject matter related to a specialized product and proper research must be conducted to understand how it functions. If research and development in products and applications fascinate you, then the work of a technical writer is suited for your purpose.It’s important to always stay up-to-date with the latest trends, the more informed you are of technology, the more in demand your services are.Job Satisfaction Rating: 8/10Median Salary: 75,682Minimum Educational Qualifications: Bachelor’s Degree in Information Technology or Communications9. BiostatisticianJob Overview:We’ve all come across statistics and claims made in newspapers and articles such as “81% of children in Africa suffer from malnutrition”. The ones responsible for compiling and dissecting the data are known as biostatisticians. Their sole job is to determine the various factors responsible for the impact on the well-being of life â€" plants, animals, and human life.Biostatisticians conduct studies and experiments to collect findings related to agriculture and biology. They are highly sought after by the pharmaceutical industries for their clinical studies and biol ogical experiments. The data they provide can help in shaping the way medicines are produced and can also highlight medical issues and other risks that may remain undiagnosed without the help of a biostatistician.If you are interested in understanding human life and evaluating information related to medicine, then a life of a biostatistician is for you. Biostatisticians are well respected in the medical world as well as the agricultural sector. They are usually found comfortably nested in their office spaces with the necessary means of travel provided to them at a second’s notice.Job Satisfaction Rating: 7/10Median Salary: 90,656Minimum Educational Qualifications: Bachelor’s Degree in Environmental Biology or Psychology or Geoscience.10. Marketing ManagerJob Overview:A marketing manager is a vital individual to any company that sells services and products. The role of a marketing manager is to attract customers and clients to the company through spontaneous advertisements. He pr ovides a detailed breakdown of the product while explaining the advantages and converts a query into a sale.As a marketing manager, you are required to have a sharp mind to quickly conjure up advertising campaigns and other public engaging endorsements. If you have the knack to be creative in your venture, the marketing manager can quickly climb through the ranks and become a force to be reckoned with in the company.This isn’t a path for everyone, to be a marketing manager, you first need to buckle up your communication skills to impress your clients. To negotiate and seal the contract, you need to come up with witty ideas on the go. If your marketability can be banked upon by your seniors, you can soon find yourself a comfortable corner desk offering you the best view of the city.Job Satisfaction Rating: 8/10Median Salary: 125,559Minimum Educational Qualifications: Bachelor’s Degree in Business Administration or Marketing11. AudiologistJob Overview:Audiologists around the world have one thing in common â€" they all enjoy an extremely low level of work stress thanks to the nature of their work. A typical work day in the life of an audiologist consists of greeting their patients and discussing their symptoms related to hearing disorders. Anything ear-related and an audiologist is the person to seek help from.As complicated as the medical field is, the audiologist enjoys a relatively easier form of diagnosis, thanks to a set of sophisticated technology and equipment that is available in their vicinity. Much of their work revolves around determining the cause and communicating to the patient in a well-mannered way.The audiologist is a great career path for medical enthusiasts looking for a less stressful job without having to deal with the other parts of the human body.Job Satisfaction Rating: 7/10Median Salary: 80.365Minimum Educational Qualifications: Doctoral degree in Audiology12. DietitianJob Overview:A dietitian’s world revolves around healthy eating and an overall positive feel-good environment. Every patient that visits a dietitian usually ends up leaving the room with a smile on their face. Since the dietitian’s responsibility lies in explaining the nutrition to their patients to help them lose weight.The dietitian’s job is a great career move to consider if you enjoy helping people get fit and remove them from a world of negative influence. A dietitian helps in facilitating the necessary dietary changes required by an individual to help reduce the ailment they are currently suffering from â€" high level of cholesterol, diabetes, blood thinning, etc.If you possess the caring nature required to help your patient heal through the magic of food, then acquiring an honors degree in either dietetics or a science degree can qualify you as a licensed dietitian. You are required to have great communication skills if you want to maintain interpersonal relationships with your patients.Job Satisfaction Rating: 9/10Median Salary: 60,1 15Minimum Educational Qualifications: Honor’s Degree in Dietetics or Bachelor’s Degree in Science13. AstronomerJob Overview:Does the subject of the universe fascinate you? Do you like star gazing at an open night sky just trying to unlock the mysteries of the galaxy? A job as an Astronomer might just be the right fit for you.Astronomers work as part of the research team to identify various celestial bodies and develop data based on the characteristics of stars, planets, and artificial satellites.Astronomers require a high level of education usually a Ph.D. in Astronomy to conduct experiments within the subject. If you have a keen sense of solving problems related to mathematics and physics, you could apply for astrophysics and planetary physics to guide you on the ropes of Astronomy.If you are selected by the federal government to conduct research, you may require the necessary security clearance to go on about with your activities.Astronomers earn a large 6-figure income for th eir hard work and research. The amount of funding can raise this income up by several notches depending on the research matter.Job Satisfaction Rating: 7/10Median Salary: 121,514Minimum Educational Qualifications: Ph.D. in Astronomy14. IT ManagerJob Overview:The responsibilities within the IT Manager job description includes the management of computer systems and information technology. As a managerial post, you are required to hire and train personnel with an IT background for various electronic data operations. You also get to design, develop, coordinate and implement various policies related to security and other system functionality.A job in the IT industry is considered the industry’s gold standard and is highly sought after. A career in IT management can set you up for big promotions in the future if you can oversee your responsibilities. The IT dream is your calling If you like coordinating with a team and setting up projects to make a difference for other businesses, then. Although the job is stress-free, the timings can be quite erratic due to extended deadlines and clients requiring you to work extra hours. The fat paycheck is the cherry on top of a stress-free environment.Job Satisfaction Rating: 6/10Median Salary: 140,191Minimum Educational Qualifications: Bachelor’s Degree in Information Technology or Computer Science15. Software DeveloperJob Overview:A software developer or better known as a computer programmer plays a prominent role in maintaining and testing software systems. A well-established software developer can produce programs required by the company to address a situation and can also test products before launching them.The knowledge of programming is required by any company and you need to have an expertise in many different computer languages such as â€" C++, Ruby, Java, Visual Basic, HTML5, PHP, etc.If you love creating something new every day, the life of a programmer is just what you need. It’s an exciting job filled with real challenges that you need to solve daily. Software developers are highly respected in businesses, hence, there isn’t peer pressure on you to perform.This is a low-stress job that requires you to tackle problems and have an eye for detail. You may find yourself working in a team if required.Software developers have various career paths to progress â€" senior developer, systems designer, business system analyst, and project manager.Job Satisfaction Rating: 7/10Median Salary: 110,348Minimum Educational Qualifications: Bachelor’s Degree in Software Development or Information Technology or Computer Science or Software Engineering16. Art DirectorJob Overview:An art director’s main objective is to activate his creativity and have a complete understanding of typography, photography, and advertising. Many businesses hire art directors to collaborate and work on designs related to advertising campaigns.Art directors are tasked with the responsibility of coming up with advertising ideas based on cultural and social trends. If a budget is given by the company, an art director must do his best to stay within the boundaries of the budget.An art director has the freedom of pursuing a freelance career or work for an advertising agency to generate leads. The life of an art director is remotely flexible and works on a typical 9-5 routine. Much of the work comes from working indoors and without the necessary need to constantly travel and keep in touch with the clients.This job offers full freedom to design what your mind can muster up and there is not much stress involved in pursuing this career.Job Satisfaction Rating: 8/10Median Salary: 95,830Minimum Educational Qualifications: Bachelor’s Degree in Fine Arts or Photography or Digital Media17. MathematicianJob Overview:Mathematicians utilize theories and concepts to solve real-world problems related to business activities and other scientific research. Mathematicians are highly skilled thinkers and hence, use mathematic al formulas and various models to prove a specific theory to fully explain it. Numbers are their favorite brain food and to become a mathematician, you need to fall in love with numbers or have an acquired taste for them.As a mathematician, you can follow various career paths such as “Applied mathematician” â€" known for their problem-solving qualities in a practical world and “Theoretical mathematicians” â€" known to solve problems of unexplained issues.A job as a mathematician will leave you with the hunger for knowledge and scientific achievements. In such an event, there is no room for stress to form and by joining the club of renowned mathematicians, you also ensure you have a high-quality of life due to the 6-figure salary.Job Satisfaction Rating: 7/10Median Salary: 115,640Minimum Educational Qualifications: Bachelor’s Degree in Mathematics or Applied Mathematics (entry-level jobs) master’s degree or Ph.D. (Higher placements)CONCLUSIONWhile it’s great to acquire any one of the following jobs, it’s also an important decision to consider what you really have a passion for. Without passion, any of these jobs can soon turn to boredom and the paycheck won’t be enough to keep you excited.Take time to decide on any of these paths, there isn’t a bad choice only a hasty one. Once you’ve decided on the skillset, acquire the necessary qualifications and apply to the corresponding companies to ensure you send your resume and get accepted. Remember to always have patience in learning your skills, there’s no need to rush through it.

Samuel Slater and the Textile Revolution

Samuel Slater is an American inventor who was born on June 9, 1768.  He built several successful cotton mills in New England and established the town of Slatersville, Rhode Island.  His accomplishments have led many to consider him to be the Father of American Industry and the Founder of the American Industrial Revolution.   Coming to America During the United States early years,  Benjamin Franklin and the Pennsylvania Society for the Encouragement of Manufactures and Useful Arts offered cash prizes for any inventions that improved the textile industry in America. At the time, Slater was a young man living In Milford, England who heard that inventive genius was rewarded in America and decided to emigrate. At the age of 14, he had been an apprentice to Jedediah Strutt, a partner of Richard Arkwright  and  was employed in the counting-house and the textile mill, where he learned a lot about the textile business. Slater defied the British law against the emigration of textile workers in order to seek his fortune in America. He arrived in New York in 1789  and wrote to Moses Brown of Pawtucket to offer his services as a textile expert. Brown invited Slater to Pawtucket to see whether he could run the spindles that Brown had bought from the men of Providence. If thou canst do what thou sayest, wrote Brown, I invite thee to come to Rhode Island. Arriving in Pawtucket in 1790, Slater declared the machines worthless and convinced Almy and Brown that he knew the textile business enough to him a partner. Without drawings or models of any English textile machinery, he proceeded to build machines himself. On December 20, 1790, Slater had built carding, drawing, roving machines and two seventy-two spindled spinning frames. A water-wheel taken from an old mill furnished the power. Slaters new machinery worked and worked well. Spinning Mills and the Textile Revolution This was the birth of the spinning industry in the United States. The new textile mill dubbed the Old Factory was built at Pawtucket in 1793. Five years later, Slater and others built a second mill. And in 1806, after Slater was joined by his brother, he built another. Workmen came to work for Slater solely to learn about his machines and then left him to set up textile mills for themselves. Mills were built not only in New England but in other States. By 1809, there were 62 spinning mills in operation in the country, with thirty-one thousand spindles and twenty-five more mills being built or in the planning stages. Soon enough, the industry was firmly established in the United States. The yarn was sold to housewives for domestic use or  to professional weavers who made cloth for sale. This industry continued for years. Not only in New England, but also in those other parts of the country where spinning machinery had been introduced. In 1791, Slater married  Hannah Wilkinson, who would go on to invent two-ply thread and become the first American woman to receive a patent.​ ​Slater and Hannah had 10 children together, although four died during infancy. Hannah Slater died in 1812 from complications of childbirth, leaving her husband with six young children to raise. Slater would marry for a second time in 1817 to a widow named Esther Parkinson.

Arnolfini Analysis - Free Essay Example

Sample details Pages: 4 Words: 1299 Downloads: 3 Date added: 2017/09/16 Category Advertising Essay Did you like this example? James van Eyck. Arnolfini Double Portrait: Art Analysis Jan Van Eyck. Arnolfini Double Portrait. Don’t waste time! Our writers will create an original "Arnolfini Analysis" essay for you Create order (1434) Oil on wood, 33 X 22 ? † The National Gallery, London Jan van Eyck lived his life as a â€Å"valet de chambre†, which is basically a court painter. Van Eyck worked for John of Bavaria until 1425, which is coincidentally when John of Bavaria died. Then he went to work for Duke Philip the Good of Burgandy as a â€Å"valet de chambre† as well. Jan van Eyck was a well paid court employee when he first began work but within the first few years his salary was twice that of when he initially started. His salary and position in the court system made Van Eyck a successful artist in comparison to other Netherlands artists, whose survival was dependent upon what they made from paintings alone. Jan van Eyck did paintings for private customers outside of his salaried job. One thing that is unique about Van Eyck is that he signs his paintings in rare and unusual places, an example is the Arnolfini Double Portrait. The Arnolfini Double Portrait is an oil painting that was done on an oak panel that was dated by Van Eyck in 1434. This particular painting has been known by a couple of titles such as The Arnolfini Wedding, The Arnolfini Marriage and the Portrait of Giovanni Arnolfini and his Wife. This painting is not very large in size it measures 33 X 221/2† but it does have a large story to tell which is not exactly obvious in the painting itself. The painting is thought to be a portrait of Giovanni Arnolfini and his wife, in their home in the Flemish city of Bruges. This painting was bought by the National Gallery in London in 1842. Today the painting is in really good condition considering how old it is, the paint loss is minimal and has been touched up. Van Eyck used vertical and horizontal lines to show the depth of the room as well as the objects in the room. At first glance, the painting is very realistic and depicts a man and a woman that are holding hands. The couple is obviously inside a room with a substantial amount of light coming through the windows, and the woman appears to be pregnant. The couple is assumed to be Giovanni di Arrigo Arnolfini and his wife Giovanna Cenami and is supposedly painted in their bedroom. This particular painting is also suggested to be a form of a marriage certificate for the couple. Van Eyck has many hidden meanings to things in this painting. Once you look closer at the painting you will notice small things such as the chandelier candle holder only has one candle lit on the entire thing. This is supposed to symbolize marriage in the Flemish culture and the one candle being lit is also supposed to symbolize the presence of the Holy Spirit. After doing some research on the painting I found out some really interesting information and different perspectives about this ordinary looking painting. I went to wiki first to look up the overall information about the Arnolfini Double Portrait. According to the wiki the way in which the couple is standing shows a conventional 15th century view on marriage and the roles. By the young woman standing next to the bed and being next to the man in the portrait shows her role as the caretaker while his position next to the open window shows that his role takes place outside of the house. Another thing that Jan van Eyck did to symbolize the role of the two was by their gazes; Giovanni was looking straight ahead while she was not looking straight ahead but directly at her husband to her right. The way in which the couple’s hands are positioned is yet another indication of the roles in which the two play. His hand, according to wiki, represented his commanding position of authority, while her hand is in a more submissive position. This doesn’t directly mean that her role is any less than his but that they are on a more equal level. Her face may be gazing at him, this shows that she is his equal because she is not looking down at the floor; by her not looking directly at the floor it also shows that the couple comes from wealth. I had learned in my art appreciation class from high school that the wife in the painting appears to be pregnant but actually was not. In that era it was the amount of material that measured your wealth, by the woman having an excess of material that she has to hold up symbolizes that they are a wealthy couple. Also an interesting fact that Mrs. Guthrie shared was that the woman in the painting supposedly died without ever having a kid, so if that is the case then the woman could not be pregnant but only appears to be pregnant. After doing some more research and reading I found out that the style of clothing for wealthy woman was very similar to her dress, which further supports the reason for Van Eyck to paint her in that fashion. Another opinion of her attire is that it symbolizes fertility and the hope for a child in the future. The green color of her dress also means hope and the white cap could mean that she is either a virgin or already married to Giovanni. The shoes being off and to the side of the room is said to be done out of respect for the wedding ceremony and to symbolize that the ceremony is taking place on what was known as holy ground. Another interesting fact I found was that during this era husbands would give their wives clogs to show stability and tranquility. Behind the couple you can notice that the curtains on the bed and bed set are both red which signifies love, and red on the bed shows the physical part of love as a married couple. Van Eyck used many different things to signify the couple’s desire to have a child. The dog in the front center helps to symbolize this. If you look to the headboard you can see what is thought to be a carved figure of Saint Margaret who is supposed to be the saint of pregnancy and childbirth. You can look past the subjects and see that there is a mirror in the back of the room, you may not be able to correctly identify what is seen in the mirror unless you zoom in and look a little closer. Once you look closely at the mirror you will see that around the frame of the mirror there are different scenes that are from the Passion of Christ and could quite possibly represent the promise of salvation from God. Also the thing that I found even more interesting was that Van Eyck painted himself and another person being present in the mirror. This further supports the idea that this painting is actually a form of a marriage certificate since there were witnesses present. Jan van Eyck did an awesome job on capturing this moment in time. He created this painting with nice complimentary colors that have meaning behind them such as the uses of red and green. This particular painting he chose to use oil paint instead of the easier choice of tempera paint. With the oil paint he was able to blend the colors together by painting wet in wet to give the painting a three dimensional form. Van Eyck was truly a talented artist from his time and this particular painting shows just how talented he was. Works Cited https://en. wikipedia. org/wiki/Arnolfini_Portrait https://www. ibiblio. org/wm/paint/auth/eyck/arnolfini/

Role of Government in Capitalism Free Essays

Free market capitalism is a system of  economics  that minimizes government intervention and maximizes the role of the  market. A free market economy is based on supply and demand with little or no government control. A completely free market is an idealized form of a market economy where buyers and sellers are allowed to transact freely (i. We will write a custom essay sample on Role of Government in Capitalism or any similar topic only for you Order Now e. buy/sell/trade) based on a mutual agreement on price without state intervention in the form of taxes, subsidies or regulation. Government  regulations, trade barriers, and labor laws are generally thought to distort the market. In practice, no country or jurisdiction has a completely free market. How Much Government is needed in the free capitalism arena? Should we expand our faith in free market capitalism, or do we need government intervention in each and every aspect of business economy? The role of government just considered is to do something that the market cannot do for itself, namely, to determine, arbitrate, and enforce the rules of the game. Railroads, Parks, Highways are an excellent example. A good society requires that its members agree on the general conditions that will govern relations among them. The basic roles of government in a free society is to provide a means whereby we can modify the rules, to mediate differences among us on the meaning of the rules, and to enforce compliance with the rules. According to Adam Smith, self-interest (not selfishness), property rights and division of labor are three important interrelated pillars of economic growth. Some of the market values include the below and the failure can happen if we miss any of the below qualities. * Discipline * Honesty and trustworthiness * Tolerance * Cooperation * Courtesy * Enterprise * Responsibility Market failure occurs due to many reasons. Some of those reasons are: * Monopoly power * When producers do not fully bear total costs of products or are unable to capture all benefits of producing products. * When there is a common property resource. Common property is nobody’s property, hence the property is misused. * Lack of information, misinformation or asymmetry of information. * Risk and/or uncertainty * Economic Bubbles * Environmental Pollution. * Exploitation of Workers. * Unsafe and Ineffective Products. * Corporate Fraud and Theft. * Neglect of Public Goods. * Neglect of Social and Public Investments. * Hidden Information. * Inability to Plan. Boom and Bust Cycles. * Lack of Markets. * Poverty and Economic Inequality. * Lack of Opportunity and Economic Mobility. There are a host of other areas where free markets will not work efficiently and promote public welfare without some government intervention. For example, areas of product safety, workplace safety, airwaves allocation, oil and gas exploration. There fore government intervention is essential for the working of free and competitive markets. Role of a government in a market economy should: * Provide a legal system to make and enforce laws and to protect private property rights. Provide public goods that individuals or private businesses would not provide. * Correct market failures such as external costs and economic slowdown (unemployment) * Maintain competition by regulating monopolies * Stabilize the economy by reducing unemployment and inflation and promoting economic growth. We can give two great examples where government intervention is needed 2001 dot. com bubble and subprime mortgage crisis. For 2001 . com bubble, government has to step in and put some regulations in the market to curb the crisis. In late 2008 US financial markets seemed near collapse. The financial community’s near collapse had been most directly ignited by the subprime mortgage crisis; a situation in which the nation’s housing bubble burst and millions of Americans were no longer able to pay their home mortgages. Lending had essentially frozen. A great name in banking, Lehman Brothers, went bankrupt while Wall Street powers Bear Stearns and Merrill Lynch, facing failure, were sold. One estimate is that the total Federal Reserve aid package, at its peak, reached $3. 3 trillion. Through its Troubled Asset Relief Program (TARP) and other initiatives, the government assisted companies considered â€Å"too big to fail. The government undertook various stimulative measures including tax breaks, bond sales, and direct injections of federal money to prop up the badly faltering economy. In a centerpiece of the stimulus effort, about $800 billion was spent on such projects as road construction, extension of unemployment benefits, help to states in meeting Me dicaid costs, and high-speed rail transportation. National unemployment was in the 10 percent range, and the government decided to use all of its powers to quickly build jobs and otherwise rescue the economy to avert a total crash. Some of the government programs might put the country in more and more debt situation and for example cash for first-time homeowners, cash for clunkers, payroll tax reductions a year at a time, Obama Care, subsidies for electric vehicles, cash for investments in green energy, taxes on medical devices, a Fed that now is not just managing inflation, but also trying to improve the economy through artificially low interest rates over a very long period of time and a major increase in new regulations. All of these interventions have impacts on the costs of products and services, prices of those products and services. Even biggest democratic countries like India are planning to privatize lot of government sectors for example trash, transportation. The government currently ties a noose around the neck of the free market in a multitude of ways. It has rules and regulations, favors to special interest groups, currency debasement by inflating the money supply etc. , All these things disrupt the free market. There is no doubt that government alone cannot make an economy work for the betterment of all its citizens. It does need to partner with a  progressive  private sector to make that happen. Limited government and show the presence wherever needed, makes government the strongest ally in the business world and we can create a better business together. References: http://books. cat-v. org/economics/capitalism-and-freedom/chapter_02 http://highered. mcgraw-hill. com/sites/dl/free/0073525006/928301/McAdams_10e_Chapter_1. pdf http://www. governmentisgood. com/articles. php? aid=13;print=1 How to cite Role of Government in Capitalism, Essay examples

Assessment of ALDI Marrketing Plan

Question: Discuss about the Assessment of ALDI Marrketing Plan. Answer: Introduction Today, marketing is a fundamental aspect and have assisted most companies around the globe to achieve growth potentials. Apparently, institutions that value total quality management and customer satisfaction usually position the business at a good point to compete favorably in the market (Wilkie, et al. 2015, p. 424). To favorably compete in the dynamic business environment, most organizations align their objectives with its functions units including the finance, human resource, and operation management. The selection and targeting of the right customers and provision of customer-centric products are among the primary considerations that most business has relied on to develop marketing strategies. Efficient marketing requires the employment of professional marketers who can perform an appropriate media planning and ensure enacted measures culminates to the desired objective. The most important factors of production are the qualified marketing department, operation management, and abo ve all the financial resources (Stannage, 2106). Marketing, therefore, is the process of positioning the product to the consumers to influence their buying decision (Kotler Keller, 2016). A focus is usually on the customer's purchase behavior and afterwards informing and promising them that the qualities they might be seeking are contained in the product. In the report, I have explored the marketing strategies used by Aldi Australia in overcoming the fierce competition that has existed in Australia market for a long period. Also, the report has described the background of Aldi, followed by an analysis of the marketing strategies the company has used since the incorporation in 2001, and further offered recommendations to boost marketing strategies currently used. From the conclusion, it is apparent that marketing is a critical function that plays pivotal roles in the success of business, more so, the Aldi Stores in Australia. Background of the company History about Aldi dates back the year 2001 when the players in the grocery industry recognized its presence in Australia market. Before this period, the company was in operational but under different names and if not, it was under different management and existed in other countries. Aldi operates beyond the borders, for instance, most of Europe, and it majorly deals in the grocery industry (Grant Butler, 2011, p. 49-90). Because the report intended in assessing the marketing strategy plan for Aldi in Australia, other areas like the United Kingdom and the United States where the company operates were not captured. Despite starting when a significant market share was dominated by Woolworth and Coles, the embrasure of technology and adoption of low pricing strategy has enabled it overpower these competitors and emerge as one of the best supermarkets to shop in Australia (BBC, 2015). Besides, Aldi makes a monthly sale of more than a billion every month where an average of 6.1 million people shops in Aldi stores located all over the country. The investment of about $2.8 billion in the grocery industry shows that the company is large and there and it records an annual turnover of about $7billion. However, measures need to be enacted to enhance the implementation of marketing strategies, in consideration of the changing customer needs and preferences. The company is currently aiming at establishing more stores in the Southern region of Australia to increase the number of stores from about 450 stores (Ruddick, 2012). However, the expansion in the major city has been a problem because of the discriminative State regulations governing planning and developments in urban cities. These bureaucracies existing for smaller firms to establish development projects in the major city has negatively impacted on the pace of infrastructural growth for Aldi. This restriction has bee n a major setback to the administration of the company. Marketing analysis In the recent days, the technological breakthrough has been the primary factor that has significantly boosted the efforts of sales persons and promoted media planning. Aldi has appropriately utilized the, marketing mix 4ps, promotional mix Mc Kinsey 7s, opportunities and strengths and financed promotional and marketing plans (Pash, 2016). A thorough understanding of the external environment through the use of environmental tools assists the management to gain knowledge about; the magnitude of competition as well as customers purchasing behaviors (Solis, 2011, p. 201-202). Relying on the internal environment is importance in customizing on the strengths and opportunities. Over the period, Aldi has been keen in applying a marketing approach that tally with the company financial ability (Pash, 2016). This part has, therefore, assessed the marketing strategies and further proposed other approaches to be applied by the management of Aldi. Aldi marketing strategies since it began Aldi is a famous company in the provision of quality products at relatively low prices. In addition, its marketing strategies are well known to buyers because they focus much on the market needs and company mission. Indeed, Aldi has been more influential to suppliers and manufacturers to offer quality products at lower prices (Muston, 2014). The company has, however, applied the following sales and marketing measures to convince and attract customers. As we talk today, Aldi is one of the leading sellers of grocery products to the most of the people in Australia who are known to uphold price sensitive character. First and foremost, Aldi has utilized pricing strategy to win the favor of the customers. The approach has involved selling quality products to customers at the lowest price. Despite the company just being a dealer, it has managed to offer its products to consumers at affordable prices. Additionally, their services have been satisfactory. From statistics, the company offers its products as cheap as at 25%, in comparison with the prices offered by other supermarkets (Chung, 2015). Secondly, Aldi has applied marketing mix and sales promotional mix. These two are the major approaches used by companies. Aldi is not an exceptional. The marketing mix has included the elements of price, product, place and price (Voberda, et al. 2011). The price aspect however, was a major strategy as discussed above. The marketing mix led to the distribution of the products near customers. Aldi has established most stores at convenient places that are reached by customers. Marketing mix has, therefore, been greatly depended on by the company and it was successful because of the unlimited support from the shareholders (Lancaster, et al. 2002). Furthermore, it has utilized advertising through electronic media like the Television and Radio. It has an excellent record in monitoring the effectiveness of the advertising media as well as media planning. Apparently, these two forms are reached by most of the target market served by Aldi. Also, Aldi has been using differentiation strategy. Under this approach, it has ensured that the right products are offered to the customers. They offer products that are needed by consumers but not any product (IBIS world, 2016). And the interesting part above all is that these products are usually of the best quality. Users found it very unusual to shop in Aldi stores where there is a variety of products, of high quality and at the lowest cost. Sincerely, this approach is the best holistic experience customers have had from Aldi. Strategic options for Aldi moving forward As per now, Aldi is still performing well in the grocery industry. The success is not only in Australia but also experienced in the other parts where the company has affiliates. With the developments experienced in technology, businesses are imperatively required to perfect the current operational and marketing approaches (Bradley, 2010, p. 90-120). Therefore, the enhancement of these strategies can be possible through normal changes based on the prevailing market conditions. Some of the additions and considerations that are supposed to be implemented by Aldi are discussed below: First, Aldi has to embrace integrated marketing communications. Through this method, the marketing approaches utilized are usually complemented by the others. Those that become ineffective are, however, are boosted by the other. Consequently, a large number of customers will be reached. However, this approach works well if the organization has enough funds to finance the initiative (Kotler Keller, 2016). But the long-term effect is that it enhances most number of the targeted population to reach more information. Secondly, it should adopt creativity and innovations through incorporating technology into organizational processes. For example, talented employees indeed bring new ideas and methods of overcoming the fierce competition on the market. Being a company that has redefined the grocery industry in Australia, and applying the cost leadership approaches, it will be ironical to found that the same company is lagging behind in technological know-how. The adoption of technology will automatically enhance the use of social media, internet, and other electronic sources to promote its products (Lancaster, et al. 2002). In the long run, the company will found itself in a scenario where other transactions will be conducted by e-commerce. Thirdly, Aldi should focus on the use of publicity. Substantial investment in publicity will foster a good relation with the customers who will consequently develop customer loyalty. Though it has been involved in a marketing campaign, this trend should continue by adding more focus on it (Shimizu, 2016, p. 25-26). Lastly, it should enhance the marketing mix strategies by using appropriate sales promotion techniques. Through market research, the firm can understand when to use a particular form of marketing and sales promotion mix (Reicheld, et al. 2010, p. 121-126). For these methods will timely inform the consumer about the new developments in the products and price to offer them an opportunity to perform price comparison. Most importantly, Aldi should use appropriate form according to customer segmentation to ensure everybody has sufficient information about the company. Conclusion Wrapping up, it is apparent that marketing is a fundamental subject for any organization. An effective marketing strategy will be the reason for the success, contrary in which failure will be inevitable. The management of Aldi applies effective sales and marketing techniques that were much customer-centric which have resulted in this unquantifiable success. For instance, the pricing strategies have attracted most customers to prefer purchasing the products from Aldi stores. However, this method was not the only strategy that resulted in the success. There are others like advertising, public relations, market campaigns, differentiation and more. It thus implies that there is a great need for businesses to consider all possible measures for them to withstand the changing market. Most importantly, the opportunities and strengths should be adequately relied on in turning the hostile external environment bearable. The marketing mix 4ps and Mc Kinsey 7s model should appropriately combine f or the goal of meeting organization short and long term objectives. Through embrasure of the discussed topics, Aldi has managed to reach where it is and considering the plans that are already in place and the company will still grow. References BBC, (2015). Aldi overtakes Waitrose's market share. BBC News dated 8th April, 2015. . [Online] Accessed on 19thJan, 2017, from: https://www.bbc.co.uk/news/business-32218170 Bradley, Nigel (2010).Marketing Research: Tools and Techniques. Oxford University Press, Oxford, p.90-120 Chung, F. (2015). The Supermarket switch is on as Aldi takes top award in customer satisfaction: Business retail July 21 2015. Accessed online on 19th Jan, 2017, from: https://www.news.com.au/finance/business/retail/the-supermarket-switch-is-on-as-aldi-takes-top-award-in-customer-satisfaction/news-story/3ce35413bb26d01118190010c9cb0916 Grant, R., Butler, B. (2011). Contemporary strategic management: An Australasian perspective, John Wiley and Son Australia, 5(21), 54-90 IBIS world, (2016). Supermarkets and Grocery Stores in Australia: Market Research Report. Retrieved on 19th Jan, 2017, from https://www.ibisworld.com.au/industry/default.aspx?indid=1834 Kotler P Keller, (2016). Marketing Management 15th Global Edition published by Pearson Education Australia Pty Ltd. Lancaster, G., Massingham, L. and Ashford, R. (2002). Essentials of Marketing: Fourth edition. New York: McGraw-Hill. Muston, P (2014). Marketing Practices and Strategies for Aldi:slide share, retrieved on 19 Jan, 2017, from: https://www.slideshare.net/paulmuston3/aldi-marketing. Pash, C. (2016). Aldi opens its battle with Coles and Woolworths in South Australia: Business Insider Australia. Accessed on 19th Jan, 2017, from: https://www.businessinsider.com.au/aldi-opens-its-battle-with-coles-and-woolworths-in-south-australia-2016-2 Ruddick, G. (2012). Billionaire Aldi heir Berthold Albrecht dies at 58. Retrieved on 19th Jan, 2017, from: https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9729434/Billionaire-Aldi-heir-Berthold-Albrecht-dies-at-58.html Reicheld, Z and Sasser, N. (2010), Enhancing Customer Retention Through Relationship Marketing, Journal of Marketing, 6 (11): 121-126. Shimizu, Koichi (2016). Co-marketing (Symbiotic Marketing) Strategy: (Japanese) 5th edition, Souseisha Book Company, pp.25-62. Stannage, T. (2106).Marketing help: Marketing Strategies that work. Business Consultancy Services,weblog post,retrieved 19 January 2017, from: https://timstannage.com.au/marketing-help/. Solis, B. (2011). Engage: The Complete Guide for Brands and Businesses to Build, Cultivate, and Measure Success in the New Web, John Wiley Sons, Inc. pp. 201202. Voberda, H., Morgan, R., Reinmoeller, P., Hitt, M.A., Ireland, R.D., Hoskisson, R. (2011) Strategic Management: Competitiveness and Globalization, South Western: Cengage Learning. Wilkie, D., Johnson, L., White, L. (2015). Overcoming late entry. The importance of entry position inferences and market leadership: Journal of Marketing Management, 31: 424

Nigeria Oil Crisis free essay sample

Fariha Ahsan, period 5 This article displays a vivid picture for us about the conditions in Nigeria due to the oil reserves. Though Nigeria contained the potential to strive and become a wealthy oil nation, leaving the cocoon of poverty encompassing Africa- it became trapped in a lot of corrupt dealings. Today, the Niger Delta in Nigeria has caught the attention of world wide humanitarian and environmental activists. The article states how in the past, the corrupt government ruling Nigeria was funded by Western governments and large oil corporations. Together, the group have benefited from the fossil fuels that are in abundant supply in the delta region. However, the mines are not the only things that are in this area, there are people of the Niger Delta who have been harshly affected for decades due to this illegal mining. The Ogoni, Ijaw and other minority groups of the Niger Delta have been stripped away of their environment and basic human rights. We will write a custom essay sample on Nigeria Oil Crisis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Their non-violent protests have been ignored and harshly cracked down by the money-hungry government. For example, during one non violent protest, Shell paid several community members to break off the protesting group. The Human Rights Watch has sided with the people of the delta, as it is clearly visible how the oil mining has ruined the area. The oil corporations have destroyed the chances of neighboring communities and minorities to form. Money to control the environmental pollution has been insufficient, causing extremely- harsh living condition with scarce drinking water, and abundance of malnourishment and disease. The oil mining has destroyed the land of the Nigerian Delta as well as the homes of many living there. After the delta started receiving world wide attention some change has begun to start, but the previous government has left behind much chaos. It is reported that in the last decade, the military took control of the regions people, burned homes and killed masses of civilians. The present government has attempted on being more democratic and open, so change is still underway.

The Factors of Diversity in Organizational Behavior

The Factors of Diversity in Organizational Behavior Introduction International trade, globalization, enhanced movement factors of production have resulted to diverse labor market where companies can deploy from countries different from their country of incorporation (home country).Advertising We will write a custom report sample on The Factors of Diversity in Organizational Behavior specifically for you for only $16.05 $11/page Learn More Companies employing from diverse communities, societies, and nationality enjoy advantages brought about by diversity; however there are some challenges that come with managing diverse human capital. Workplace diversity is about creating an inclusive working environment, which incorporates people of different caste, nationality, gender, skin color, and ethnicity. Other than the social and physical diversity, workplace diversity also incorporates differences in ideas, skills, perspectives, and backgrounds (Jackson, 1992). This paper discusses some of the factors that a company that values diversity need as far as organizational behavior is concerned. Managing diversity Human resources management has the role of ensuring that an orchestrate team is developed within its organization, when they are addressing diversity, human resources management are expected to understand the scope that the diversity is likely to be attained as well as the definition of diversity within their organizations. Definition of what diversity within an organization can have different meanings depending with nature and industry of the particular company. For instance at Apple Inc, the world greatest electronic company, the definition of diversity include among others corporate culture, the crucial role of the human capital and global perspective; while other companies like Perisher Blue hotel in Australia defines diversity in the line of difference in cultures of employees and visitors. After getting a clear meaning of diversity within an organization, the next crucial step is to manage human resources; the human resource department has the role of establishing the differences of beliefs, races, intellectualism and ideas among the team and aim at creating a team that incorporates the strength of the diverse human capital in teams. An effective human resource manager should be able to combine the strengths and weak-points offered by diversity in a team such that they will reinforce each other and have a winning team.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This calls for a wide human resources research and putting on measures that can assist in determining what is best for the team. Some of the factors to consider when making efforts to know ones employees include their motivation, the way they handle situations, some cultural beliefs and the values that they uphold. With the teams of the right combination in place, the next step is to motivate and blend the teams together; when blending them then coaching, mentoring and training on how they should be there to reinforce each other for the benefit of the company should follow. Team members should be trained on how they should respect the views and beliefs of others, they should be meant to understand that people are different, thus their opinions, standpoints and views may be different; however, they can embrace the diversity of views for their own benefit. When coaching members on how they should stay together, the main emphasis should be on respect to the other persons culture and way of life. A company should have its own organizational culture that at times may seem to conflict the ethical culture and diversity within individual team members, the management should emphasis that organizational culture remains superior and should be followed within the organization regardless of whether its inline with one’s believe. With such structures, then human resources will res pect each other and have a common source of identity, organizational culture (Borkowski, 2009). Conclusion Organizations require physical and human resources carry on their businesses; personnel must be managed professionally and their human fundamental rights and freedom respected despite their nationality, ethnicity, race, or cultural belief. The human resources department assisted by line managers has the mandate of ensuring that adequate employees are available at all times and have created a positive organizational behavior. References Borkowski, N. (2009). Organizational behavior, theory and design in healthcare. London: Jones and Bartlett.Advertising We will write a custom report sample on The Factors of Diversity in Organizational Behavior specifically for you for only $16.05 $11/page Learn More Jackson, S. (1992). Diversity in the workplace: human resources initiatives. New York: The Guilford Press.

Business case Study Example | Topics and Well Written Essays - 250 words

Business - Case Study Example rough their broad range of investment schemes, Common Angels have a major task force in new business funding offering financing assistance to over 50,000 ventures. One drawback in their operations, Common Angels cannot be counted for an additional funding, even after making an initial investment more quickly and on more favorable terms. Hence, they stand a chance to lose clients who would approach them for a subsequent funding need. This has continued to be a account to the investors. Over the time, venture capital are considered better and friendlier as opposed to the common angels. This is seen in the way venture capital raises their capital as compared to the common angels. Due to the stiff competition amongst the two major financiers, Common Angels have evolved significantly from their early roots of just being an â€Å"angel investment club† and became a successful software company entrepreneurs. The only stronghold that differentiate the Common Angels is that they have a fund that is managed professionally. This ensures that there’s a dedicated staff that deals with the individual investors and this is carried out down the

Civil war Case Study Example | Topics and Well Written Essays - 500 words

Civil war - Case Study Example Q1. The scramble for Africa incorporated the entrance of African slave traders into African interior. The countries that were primary colonizers of Africa included the French and the British. Enlightenment, new science, and industrial revolution influenced Europeans regard for Africa by the superior military in machine guns and a colony of boundaries drawn in the exploitation of tribal, religious and linguistic differences. Q1. The significance of Haitian revolution is that it became the second republic in W. Hemisphere. Haitian constitution of 1801 reflects enlightenment by Article 29, which states in future each governor names after five years and allowed to continue after every five years if overseen by the proper administration. On the other hand, it does not reflect the enlightenment through since Article 5 does not exist distinctions other than those based on virtues and talents (Carnes 15). Q2. The significance of Monroe Doctrine 1823 was the assortment if itself as the dominant force in Western Hemisphere. Roosevelt Corollary 1904 significance was financial involvement in Central and South American countries facing economic and political

Theories of Perception and Perception in the Workplace

Theories of Perception and Perception in the Workplace Perception Perception can be termed as the ability to see, hear, or become aware of something through the senses. It can be understood as the way in which something is regarded, understood and interpreted. In our day to day activities we perceive things constantly. Perception is a process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. Various authors have defined Perception as follows : â€Å"The best and the most beautiful things in the world cannot be seen, nor touched†¦but are felt in the heart† Hellen Keller â€Å"To begin with, our perception of the world is deformed, incomplete. Then our memory is selective. Finally, writing transforms.† Claude Simon Perception includes our five senses i.e. touch, sight, taste smell and taste. It also involves the cognitive processes required to process information, such as recognizing the face of a friend or detecting a familiar scent. The perceptual process is a sequence of steps that begins with the environment and leads to our perception of a stimulus and an action in response to the stimulus. Most of the perception process takes place subconsciously. However what we perceive can be substantially different from objective reality. For example, we may view our workplace as a great place to work favourable working conditions, interesting job assignments, good pay, excellent benefits, understanding and responsible management but someone else may have a different view point than ours. This is due to the difference in our way of thinking or perception. The Perception Process consists of Three Steps: They are: Selection Organization Interpretation 1. Selection Selection is the process by which we attend to some things in our environment and not others. Because we are exposed to infinitely more data than we can possibly manage, the first thing our brain helps us do is select the data we want to attend to. Many things affect what data we select out of the environment to attend to, but this is primarily a matter of contrast: we are attracted to larger things against a smaller background and vice versa; things that move against a still background, and vice versa; things that repeat, things that are familiar in a strange environment, things that are different in a familiar environment, etc. For example if we are walking around a park we may focus on the swings and not the lake. This is due to the fact that we want to focus on the swings because we give greater importance to it. 2. Organization While we may have selected out and attended to particular data in the environment, many messages are still ambiguous – that is, we can ‘‘arrange’’ the data in more than one way. We all can remember from some training exercise or psychology class those pictures and images that challenged your perceptual abilities – like the one that is both the old haggardly woman and the beautiful young woman with a hat – but not at the same time? There are others that are common – lines that are both bent and parallel; grey spots that appear between squares, but are not ‘‘really’’ there in the physical data? Thats the same issue plaguing us. Importantly however, notice that in all cases, we cannot see the competing sets of stimuli at the same time. We cannot see the old woman and the young woman at the same time; we cannot see the lines as parallel unless we are told to look; we cannot see how the man continually ascends the staircase unless we look for other data. The fact that we see one thing and not the other is the way perception works in conflict. Of course, it’s the same physical picture for everyone, so what explains the discrepancy in ‘‘reality’’? Again, the same picture for everyone – the physical data don’t run around and rearrange themselves when we blink – so why don’t we see the same thing? 3. Interpretation The final perceptual process is interpretation, where we attach an assessment or evaluation to the data, or derive a particular understanding of the data. Our interpretations, as do our organizing schema, come from our mental models or frames of reference. Past experiences play an important role in how we interpret data, as well as our assumptions about human nature, and our expectations about people, things and events. How we interpret data is also influenced by personal mood, as well as ‘‘closure’’, which allows us to add finishing touches to an experience to reduce any uncertainty about the data. It is what allows us to finish another person’s sentence for them, or generalize what another person must be like based on what they are wearing or something they say. Various Studies Conducted on Perception There have been many research and studies done on Perception. Some of them are detailed below: 1. Self Perception Theory Self-perception theory (SPT) is an account of  attitude  formation developed by  psychologist  Daryl Bem (1972).According to self-perception theory, people come to know themselves in the same way that they come to know others. They observe their own behaviors in a variety of situations and then they make attributions about their behaviors. Of course, people are free to make so-called fundamental attribution errors. Most of the time we prefer to attribute the causes of behaviors in others to personality traits or internal factors, rather than situational ones. We tend to think that another persons actions are caused by something within, rather than being caused by circumstances, or external, situational factors. The personality traits to which we attribute our own behaviors can be seen as self-definitions. This is especially true in the context of narratives about ourselves in psychotherapy. It may be useful to outline specifically how self-definition operates in counselling and psychotherapy. Such a model can serve to identify the stages of the process. It should also point out a basis for the reciprocal nature of therapy. Here is a proposed six-step outline of the self-definition process in counselling and psychotherapy. In a psychotherapy experience, people learn about themselves by observing their own behaviors: They observe and attend to the things they say about themselves in counselling sessions. The therapist encourages new behaviors, including new recognitions of feelings, new experiences and new cognitions. People then try out new behaviors, both in and out of the counselling sessions. With the counsellors help, they reflect on these new behaviors: What do these behaviors say about their self-definitions? They then redefine their selves according to their new behaviors. Feedback from others, including the counsellor and other members in a group counselling setting, allows them to monitor the changes. It may be that when this sequence occurs, therapists quite often notice that the therapy is â€Å"working.† Perhaps good counselling and psychotherapy experiences can be best understood as instances of heightened self-perception. 2. Extrasensory Perception Extrasensory perception or ESP refers to the sixth sense in an individual. It was coined by Dr. J. B. Rhine to denote psychic abilities. These psychic abilities included telepathy, clairvoyance, clairaudience and precognition or retro cognition associated with them. He believed that individuals perceive using their mind senses rather than the physical senses. Experiments and Findings Ina Jephson (1920) was one of the first person to conduct a study using cards on ESP. She reported mixed findings across two studies. G.N.M. Tyrrell conducted further experiments using target-selection and data-recording to guess the location of a point of light in future. Other experiments of paranormal cognition and ability to retrieve information through token objects were conducted by Whateley Carington and J. Hettinger respectively. In the 1960s, cognitive psychologyandhumanistic psychology were the centre of development. Therefore in line with them, parapsychologists became increasingly interested in the cognitive components of ESP, the subjective experience involved in making ESP responses, and the role of ESP in psychological life. Memory, for instance, was offered as a better model of psi than perception. This called for experimental procedures that were not limited to Rhines favoured forced-choice methodology. Free-response measures, such as used by Carington in the 1930s, were developed with attempts to raise the sensitivity of participants to their cognitions. These procedures included relaxation, meditation, REM-sleep, and the Ganzfeld (a mild sensory deprivation procedure). 3. Gregory (1970) and Top Down Processing Psychologist  Richard Gregory (1970) believed that perception is a hypothesis. Heargued that perception is a constructive process. It relies on the approach of top down processing. For  Gregory was of the opinion that perception involves making inferences and best guesses from what we see.He argued that people perceive using their past experiences as an anchor in his approach. When we see something, we develop a perceptual hypothesis based on prior knowledge. The hypotheses we develop are nearly always correct. However, on rare occasions, perceptual hypotheses can be disconfirmed by the data we perceive. 4. Gibson (1966) and Bottom Up Processing James Gibson (1966)  criticized Gregorys discussion citing it as artificial and of having no relevance in the real world. It is important to note that Gregory noted these as exceptions in his theory rather than a norm. Gibson was of the opinion that perception is direct. He believed that there is enough information in our environment to perceive directly.Gibson thought that perception is sensation and we get what we see. He believed that the information we receive about our environment w.r.t. to shape, distance, size, etc. is sufficiently detailed for us to form our own perception. For example, Gibsons support of the argument that perception is direct is parallax motion. As we move through our environment, objects which are close to us pass us by faster than those further away. This is most recognisable when we are moving in a fast car. Emerging trends and Challenges globally and in India Factors Affecting Perception in Workplace There are various factors that can affect an individuals perception in a workplace. These factors are responsible for the difference in attitudes among employees, absenteeism, turnaround, job satisfaction etc. The various factors are : Stereotyping: We sometimes see stereotyping in an organisation based on an employees field of work. The most common example is that of white-collar employees and blue-collar employees. The employees from both these stratas have a different perception of each other simply because the kind of work they do. Though both are contributing towards the growth of the organisation but stereotyping brings different perceptions among them Personal problems: Many a times the personal problems of a worker finds its way into his/her work life. These problems can include death, divorce, pregnancy etc. A worker going through a personal problem may be grateful that he has a job atleast and works hard to retain the same. On the other hand he sees is colleague as not being so grateful and perceives him/her as lazy. Cultural Difference: Cultural Differences may play a major role in development of perceptions among individuals. These occur due to the upbringing and the past experience of an individual. Asian employees have a tendency to focus more on the relationship with their employer compared to their western counterparts. In America and Britain the emphasis on time management which is secondary to Indian employees. Management Styles: If a manager does not interfere in the subordinates work and maintains a distance between them he may be perceived as one who does not care about the employees or their work. However if he interferes, he may be thought to be a person who does not trust anybody. Gender Bias: Gender bias and sexual harassment are burning issues that plague all organizations today. What constitutes sexual harassment and what does not is widely influenced by perception. Macabe and Hardman conducted a survey in Australia on sexual harassment and found that white-collar workers perceive and report sexual harassment more than blue-collar ones. The survey found that in white-collar organizations, most women experience sexual harassment. While men were more tolerant than women, women who had experienced it were most likely to report it. In blue-collar organizations, the type of harassment and the people most likely to report it were same but there were no gender differences as far as sexual harassment is concerned. Conclusion Perception is the way we perceive people, objects and events. A number of factors operate to shape and sometimes distort perception. These factors can reside in the perceiver; in the object, or target, being perceived; or in the context of the situation in which the perception is made. When we look at a target and attempt to interpret what we see, our interpretation is heavily influenced by your personal characteristics our attitudes, personality, motives, interests, past experiences, and expectations. For instance, if we expect police officers to be authoritative or young people to be lazy, we may perceive them as such, regardless of their actual traits. The Perception theories too are not cent percent applicable in all cases. This is due to the fact that each individual is different and he has a separate way of thinking. I would like to conclude by saying that Perception is about PERCEIVING and it depends on the individual. References: Books Robbins , Judge and Vohra (2013) Organisational Behaviour Perception and Individual Decision Making In-text reference : (Robbin, Judge and Vohra,2013) Journals R. Michael Boneko (2011). Learning in conflict: revisiting the role of perception  Development and Learning Organizations VOL. 25 NO. 2 2011, pp. 15-17,  In-text reference : (R.Michael Boneko, 2011) Rostylsaw W. Robak (2001). Self-Definition in Psychotherapy: Is it Time to Revisit Self-Perception Theory?  North American Journal of Psychology, 15277143, 2001, Vol. 3, Issue 3  In-text reference : (Rostylsaw W. Robak, 2001) Ellis, A. (2000). Rational emotive behavior therapy.  In R. J. Corsini D. Wedding (Eds.), Current Psychotherapies (6[supth] ed., pp. 168–204). Itasca, IL: F. E. Peacock Publishers.  In-text reference : (Ellis, A. ,2000) Websites Kendra Cherry Perception and the Perceptual Process.  Retrieved from the website : http://psychology.about.com/od/sensationandperception/ss/  In-text reference : (Kendra Cherry) Boundless Psychology Sensation and Perception  Retrieved from the website:  https://www.boundless.com/psychology/textbooks/boundless-psychology-textbook/sensation-and-perception-5/the-basics-of-perception-39/selection-168-12703/  In-text reference : (Boundless Psychology) Wikipedia Perception Theories  Retrieved from the website : http://en.wikipedia.org/wiki/perception-theories.html  In-text reference : (Perception Theories)

Asset Liability Management in Banks

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