Wednesday, July 31, 2019

Essay for Movie Roger and Me

Summer Bajwa 211510526 Corporate America Socio-economic Downfall Date: October 30, 2012 â€Å"Roger and me† is an eye-opening stance of dark part of Capitalism. Michael Moore’s documentary is a courageous attempt to unfold the damages, caused by Capitalistic mentality of the time – laying off 30,000 auto workers in an American city, Flint for the sheer purpose of profit. Moore’s presentation unfold the pathos of a society, suffers through the years of loss and sorrow. He showed how the â€Å"American dream† shattered. Moore, an Irish American Catholic, son of a middle class G.M. employee, observed the thousands of layoffs in Flint and the aftermath of the greed of General Motors, move from Flint to Mexico for cheap labour. He interviewed some auto workers as disguised TV journalist and found their intense revolt against GM chairman, Roger B. Smith. Moore attempted to confront him, but he failed to see him personally, nevertheless, he kept trying to get a chance to meet him. He interviewed an autoworker, who suffered nervous breakdown due to getting laid off, living in mental health facility.He showed in the movie all failed attempts of economically stabilize the city, such as, Flint convention and visiting bureau; Hyat Regency Hotel; Auto World; and Water Street Pavilion. US President Ronald Reagan, an Evangelist, Robert Schuler, Pat Boone, Bob,E. He attended GM Shareholder’s convention, but shut him off by Smith, the general manager and also being ridiculed by Smith’s board members. He met as well some female residents of Flint. A radio host joined Amway, as a sales woman and another resident, Rhonda Briton started selling rabbits.He showed the loss and sorrow of the residents, who got eviction notices from their Municipalities, i. e. immediate eviction during Christmas Eve. Moore shows in his documentary film the apathy and coldness of the riches and the devastation and anguish for the poors. He exemplified a r esident, who lost her job from GM plants, started raising rabbits for income and what Roger Smith did to the people of Flint, sums up the relationship between the employer and their employees.The rabbit woman states she raises the rabbits to the age of four months and then kills them; that way, they are nice and tender. At one point in the interview, she is holding a rabbit, caressing it ever so softly and then states indirectly that this one will be her dinner. She proceeds to kill, skin, and gut the rabbit in front of the camera. This leaves a haunting visual image in the mind of the viewer, showing that there is no difference from what GM has done to Flint and what she does to rabbits.What employers cannot understand is that human beings are not like rabbits and should not be treated as such. General Motors chairman Roger B. Smith announced the closure of Flint Auto plants and to shift to Mexico for cheaper labor. GM's board of directors, led by Roger Smith, decided to move to Me xico to reduce the wage and benefit expense of GM. Showing this; it was obvious that lots of Americans are socially brain-washed into believing that global competition and corporate downsizing is good for America.During one part of the film, as a majority of GM employees are cheering as the last truck rolls off the assembly line, a male GM employee comments, â€Å"Why are they cheering? They've just lost their jobs†. Moore shows his disgust and help public to see the real picture of the hidden intent. GM tried to justify its move through ad Propaganda to get support of general public. That’s why a part of public was cheering of GM move; it was a same story in the neighboring country, Canada. A majority Government passed the bill of free trade with US and later with Mexico, which called NAFTA.To change public opinion about the ferocious act of Free Trade, the Government justified it with statistical data of increasing trade (Policy and Partisanship). Hundreds and thousa nds of big companies left Canada and set up in states or Mexico. It was big economic fiasco in those years. The Government imposed GST to recover the losses because of NAFTA. Unemployment rate in Most of the provinces increased to the alarming level. In Flint, a city of auto plants faced major economic and social upheavals. Due to this shift by GM to Mexico, thirty thousand workers got unemployed.It caused Flint’s crime rate skyrockets, with use of weapons and murders. Crime becomes so common that when a TV channel tries to do a live story on the plant closings, someone steals the network's van (along with the cables), abruptly stopping the broadcast. Living in Flint becomes so desperate that it is commonly called Flint as the worst place to live in America. In terms of jobs within a country, supreme executive authority gets a mandate from the citizens of the state, not from the corporations.Corporations, especially Corporate America, have usually nothing to do with the livel ihood of the work force to gain economic power. It is much more interested in the stockholder's profit margin. Why do we allow corporations to replace our liberty, and the pursuit of happiness for the individual in favor of the stockholder? How can the employees even know what their rights are, if they are working in excess of 50 hours a week? Isn't it about time we start changing the basic structure of corporate America?We may restrict US corporations to own or lease, stock or property in foreign countries and to keep foreign corporations from manipulating the US economy. Any foreign corporation must not to be allowed to own or lease, stock or property in America. This way we could reverse the trend of outsourcing jobs to the cheapest third world country, force corporations to start manufacturing products within their own nation, and stop corporations from dictating policy in their own country and other nations. Moore shows in his movie how riches get richer and poor get poorer.Thi s is a sad depiction of Corporate America. This closure of GM auto factories cost hundreds and thousands job-loss; lack of funds at Municipal level to use for welfare of the residents; and run the city’s general works. Despite of GM decision-making of its move to Mexico, Chrysler, Chief, Iacocca, borrowed money from US Government to regain his dying company. He would have a choice to leave US and find cheaper labor in Mexico, but he introduced two affordable cars for general public. Chrysler did a great business and paid off all loans and gain lots of profit.It created jobs and circulate money within US. On the other hand, greedy, GM chairman, Smith, moved out to Mexico to have cheaper labor in cost of socio-economic fiasco in Flint, Michigan. The city has not enough funds to spend on garbage removal. The city health department holds a press conference and announces that the rat population in Flint has surpassed the human census. The department blames it on the fact that the city can only afford to pick up the garbage twice a month and offers a bounty for every dead rat brought in by a city resident.Eventually, Moore approached Smith and confronted to ask him to visit Flint and could see the devastation by himself. He mentioned how the residents of Flint, who couldn’t pay their rent, were evicted from their houses. Moore failed to convince, GM Chairman, Smith to bring him in Flint. He proclaimed that â€Å"as we neared the end of the 20th century†, as the rich got richer and the poor got poorer, and â€Å"it was truly the dawn of a new era. † At the end film displays the message â€Å"This film cannot be shown within the city of Flint†, followed by â€Å"All the movie theatres have closed. It was a bold attempt to give an eye-opening message to the country’s law makers the system needs to be overhauled and revise the boundaries and limitations of corporate America. Citation †¢ Christopher Waddell, â€Å"Policy a nd Partisanship on the Campaign Trail: How Mulroney Works His Magic Twice†, ch. 1 of R. B. Blake, Transforming The Nation: Canada and Brian Mulroney (2007) at p. 22 †¢ E-Notes Encyclopedia of Business, â€Å"U. S. -Canada Free Trade Agreement of 1989†

The Avengers: Disney’s Recipe for a Blockbuster Success

The Avengers â€Å"There was an idea called the avengers initiative, the idea was to bring together a group of remarkable people, see if they could become something more, see if they could work together when we needed them to. To fight the battles that we never could. † and â€Å"Until such time as the world ends, we will act as if it intends to spin on. † â€Å"The tesseract has awakened† bringing forth the forefront for the action/superhero genre in the form of Disney’s The Avengers written and directed by Joss Whedon.With planning years in the making, The Avengers needed a star-studded line-up and it far exceeded expectations with selections. Samuel L Jackson as Nick Fury, the leader of Strategic Homeland Intervention, Enforcement and Logistics Division, better known as S. H. I. E. L. D. recruits the powerful, well known actors ;amp; comic book characters both on screen and off screen in Captain America (Chris Evans), Thor (Chris Hemsworth), Bruce Banne r/The Incredible Hulk (Mark Ruffalo), Black Widow (Scarlett Johansson), and the â€Å"volatile, self-obsessed, doesn’t play well with others† Tony Stark/Ironman (Robert Downey Jr).Throw in Gwyneth Paltrow, Cobie Smulders, Jeremy Renner and Tom Hiddlestone and all you will need is a plot, script and some visuals to be guaranteed a success. Having a meticulously developed script disables viewers from allowing attention to drift away for even a moment in fear of missing one of the witty one-liners or references to a greater idea The Avengers empowers. â€Å"An ant has no corral with a boot. †Not to mention, the plot will disable washroom breaks as you will be immersed in the super heroic battles constantly taking place from the first minute to the last, you will forget you ever had to go to begin with. If still teetering to give The Avengers a go a budget of $220 million, mostly spent on visuals such as costumes, sound and special effects should be enough to aesthe tically please the eyes enough into going.From pin-point accuracy in detail in costumes, to loud booming, breathtaking explosives during battle sequences, The Avengers could easily be the best thing your eyes have ever seen. No matter who you are or what Earth you are from, I would bet my bottom dollar that you cannot watch The Avengers and walk away unsatisfied. With a star studded cast, a meticulous script and plot, and jaw-dropping visuals Disney has created a recipe for blockbuster success certain to burn out many DVD players in households worldwide.

Tuesday, July 30, 2019

Character and his relationships Essay

Describe Pip’s encounters with Miss Havisham and Estella, and show how the meetings affect his character and his relationships. Puneet Khandelwal At the start of the novel, Pip is an innocent boy who has been brought up to respect his elders and betters. He is a kind-hearted child as is seen in the episode in which he brings the convict the file and the food. He is also rather gullible and really believes that a terrible man will tear his liver out while he sleeps unless he does as he has been told. This gullibility can be seen again when he visits Miss Havisham’s house, for the first time, and is taken in by the charms of Estella. Pip first meets Miss Havisham when he goes to Satis House, to play. He sees her sitting in the candle lit room in her wedding dress and jewelry, sitting next to her dressing table. His first impression of her was that â€Å"she was the strangest lady I have ever seen, or shall ever see. † He is shocked by what he sees and thinks of her as a â€Å"ghastly waxwork. † He was â€Å"half afraid† and in an â€Å"uncomfortable state,† during this meeting. Pip is told to play, by Miss Havisham, but Pip finds this rather difficult in the gloomy surroundings. Estella is sent for to play with Pip. Estella plays a game of cards with Pip, and during this she humiliates him. Estella insults Pip by calling him â€Å"a boy† when in actual fact they are both the same ages. Estella does this time and time again and Pip felt very stupid and clumsy after he dropped the cards while dealing them. While playing at cards, she comments on Pip being â€Å"common† and that he â€Å"calls Knaves, Jacks, this boy. † Pip feels very nervous after this humiliation. Pip meets both Miss Havisham and Estella, again, six days later when he is told to explore the grounds of Satis House. Pip feels himself inferior of the lower status because Estella orders him, â€Å"you are to stand there, boy, till you are wanted. † Then Estella makes him say that she is â€Å"very pretty† and then she asks him if she is insulting but suddenly slaps him around the face and calls him a â€Å"little coarse monster,† which adds further insult to Pip. She then calls him â€Å"a boy† again in front of the other people who are also in the room. By this time Pip can no longer stand up for himself. After a few years, when Pip is a little older, he is apprenticed to Joe. Pip’s sister and Joe’s wife, Mrs. Joe, is attacked by an unknown person, and so due to her disability, Biddy joins the household to help out. He visits Miss Havisham as usual but on one of these visits he finds that Estella has gone abroad to be educated. Pip is upset at this news because he started to like Estella quite a lot but he also thinks that Biddy is growing up into a â€Å"rather attractive woman,† and is quite fond of her. When he is told, by Jaggers, that Pip has inherited a â€Å"handsome property,† Pip immediately thinks that the â€Å"handsome property† is Satis House. He is also told that he must begin his education in London right away. Pip’s attitude to Joe and Biddy completely changes now and he begins to think himself as being a gentleman, something that he is not. He begins to speak highly of himself and talks down at Joe and Biddy. He is insulting to Biddy because he says; â€Å"you are envious, Biddy, and grudging. You are dissatisfied on account of my rise in fortune and can’t help showing it†¦ † Biddy takes as a huge insult. He is rude to Biddy because he compares her to Estella. He also talks down to Joe, â€Å"It’s a pity now, Joe,† said I, † that you did not get a little more when we had our lessons here; isn’t it? † He doesn’t approve of other people’s manners, especially Joe. He talks to Biddy about Joe when he says, â€Å"but he is rather backward in some things. For instance, Biddy, in his learning and his manners,† and has clearly been influenced by Estella. He has become ashamed of Joe and no longer wants to talk to him. He thinks that Joe and Biddy are just commoners and he sees himself as a gentleman. He has become rather bid headed. Now that he has got some of the money, it starts to go to his head and he sees himself as a person with a higher status than the people of the village. He is, in a way, desperate to be rich. The scene in Mr. Trabb’s tailor shop shows Pip having the measurements for a new suit being taken. In the shop, Pip boasts his new status by saying, â€Å"I wish to pay for them†¦ with ready money,† and gets a few coins and shakes them in his hand. He also orders Mr. Trabb’s boy around even though they were previously equal. He begins to despise the village, in which he has stayed all his life, and now he just wants to get away from it all. Everything that he used to admire he now despises, such as Joe, the Forge, his upbringing, his apprenticeship and where he lives. He only has one thing on his mind, and that is to be rich. However, he does become a little unhappy because he has seen the upper lass lifestyle and he doesn’t find it as exciting and he can’t do the things that he used to do, like play in the streets. He doesn’t have any friends and now he becomes even lonelier. But he prepared to give all this up, as he is desperate to win Estella and desperate to obtain all the money. He doesn’t see that some people are trying to take advantage of his new wealth, such as Mr. Pumblechook. Pip is invited over for dinner by Mr. Pumblechook, who gives him the best wine and the best meat to eat and at the end he asks Pip if he would like to invest some of his money in Mr. Pumblechook’s corn business. Mr. Pumblechook never ever used to be this nice to Pip, when he was a commoner, but now that Pip has a lot of money, Mr. Pumblechook treats Pip just like the upper class. So overall Pip went from being just a normal, common boy who loved Joe, and his own sister, and was respectful of everyone that was elder than him and turned into someone who didn’t care about anyone else besides those of the upper class. He became disrespectful, snobbish, very insulting and bid headed.

Monday, July 29, 2019

Compare and Contrant The French and American Revoulutions Essay

Compare and Contrant The French and American Revoulutions - Essay Example Considering the seniority of the American Revolution characteristics that were unique to this historical even would first be discussed. The American Revolution was the first democratic revolution of human history. America was a British colony and like other colonies of the British Empire was highly oppressed. The British formed many disgracing laws and wanted to use the American land as a supplier of resources and fund that can be used against the French. The main cause of the American Revolution was â€Å"No taxation without representation† (Danver, 145). The Boston Tea Party acted as a catalyst to this great historical event and eminent American leaders like Washington, Jefferson, Madison and many others led from the front with their determination. Abolition of British colonial rule was the sole objective of the revolution and regarding that this revolution unlike French Revolution was directed against a foreign ruler. The American Revolution led to the establishment of the first true democratic government and a single constitution that has remained an icon to the rest of the world even today. In contrast the French has a history of eight constitutions. Again feudal challenge has never been faced by America in order to build a new country and this is exactly opposite for France. The regime that followed the French Revolution can not be considered as modern democracy; especially the reign of Napoleon, it was a type of dictatorship never been heard of in America. Freedom, equality and economic growth have followed the American Revolution at a pace that was never heard of before and might well never be. The French Revolution also has its share of uniqueness. Before the revolution the French government was financing the American Revolution with a hope that it might weaken their arch rival the British. Again there was fascinating stories of royal spending and both of these led to almost bankruptcy of the French government. To restore the situation the commo n French people who were mainly peasants were taxed at a higher rate. The king was bereft of any authority that he could tax the wealthy aristocrats. Beside there was growing unhappiness among the common people regarding the French queen of that time Marie Antoinette. The queen was of foreign origin and was infamous for her royal spending habits that was consider as the route of all financial anarchy of that time. At that time a protest from the commons that led to the fall of Bastille (14th July, 1789) acted as a catalyst to a far bigger uprising that led to French Revolution. Unlike the American Revolution this was hugely supported by the common French people. Ironically many leading revolutionaries who once initiated the revolution fell pray after the denouncement of the monarchy and lost their lives during the â€Å"reign of terror† (Farmer, 1). Though a reformatory process started immediately after the revolution, yet it could not be sustained. At the end unlike the Amer ican Revolution the French Revolution was unsuccessful considering the fact that it had failed to deliver political stability and peace. The main goal to end the oppression of the monarchy along with feudalism remained a distant reverie even after much bloodshed. At most monarchy was replaced by the dictatorship of Napoleon Bonaparte. Though the above two paragraphs have revealed that both these revolutions have their own uniqueness and contrasts with each other, however they have many things in

Sunday, July 28, 2019

The Advantages and Disadvantages during the Simulation Essay

The Advantages and Disadvantages during the Simulation - Essay Example Financial Statement represents information exhibiting firms’ performance. The balance sheet shows financial position of the firm at one point in time while income statement shows the profit and loose for the previous year (Curkovic, 2000). The 21st-century car challenge is a simulation that illustrates the various impacts of engineering decisions in an automobile industrial and global environment. Engineering decisions impact the financial performances of each competing company and are assessed by customers. Using a good business strategy is the key to win in this simulation. As I did this simulation as a member of the Red Team, we need to define product by making decisions about engineering and sell it by taking marketing decisions, also manufacture, invest, and decide on quality, human resource and loans in order to optimize profitability and return on capital employed (Mega learning, 2012). This report will be divided to be 4parts: advantages and disadvantages of the strategy we did, alternative options, the optimum strategy, and conclusion. At the first period, the Red Team faced to the problems of the high cost of non-quality, a low competitive advantage in the next period, low EBIT, the low value of share price compared with competitors, high rate of stocks, and low percentages of employee morale. Because we focused on IMAGE cars and Family cars only, so we used the strategy of beyond current expectations by improving their quality through invested much in engineering and marketing and we did not invest in manufacturer facilities and Human Resource and Quality due to the limited budget. We decided to solve problems in the next period by using product development and market development strategies with the focus of IMAGE cars as the main product. The share price and EBIT grew up as a result but other products still had a lot of inventories.  

Saturday, July 27, 2019

Plagiarism Among the Students Term Paper Example | Topics and Well Written Essays - 750 words

Plagiarism Among the Students - Term Paper Example The essay "Plagiarism Among the Students" talks about the ways to reduce the chances of the submission of the plagiarized works by so that the students would use their own understanding, observation, and creativity to complete the task. Most of the students, while submitting their assignment, deliberately use plagiarized materials, so that they do not have to work the entire semester on their own. Plagiarism is when students quote material without their references and claiming their borrowed ideas as original one. Writing an essay and claiming it yours, truly demands originality. Students mostly use online websites and electronic media tools for their project and research assignments. Apart from intentional plagiarism, when students try to submit their papers more profoundly, they often mix their ideas with that of other various sources unintentionally getting involved in plagiarism. Students should acknowledge the originators’ reference and should keep in mind the ethical concerns. Using other person’s thinking and creative piece of writing is a very crucial ethical concern, whether it is taken from the internet or any other source. Particularly in the case of the internet, this problem is greater because it is easy to download the material as needed, edit and submit it. Information on the internet can be updated and modified without prior notice or that particular site, used by the student, might cease to exist later in the period, so students should deploy those sources in their assignments carefully and wisely.

Friday, July 26, 2019

Aftermath of WWI and the Treaty of Versailles Essay - 1

Aftermath of WWI and the Treaty of Versailles - Essay Example They were not at all very happy with what they got. Germany was forced into signing a lopsided agreement that to her citizens was robbery in broad daylight. They were made to pay reparations that at that time was an astronomical amount. To add insult to injury the German people lost a significant part of their territory. Germany was carved up like a juicy present and the gifts distributed to the loyal member of the victorious allies. It was worse than any physical abuse as the German people was stripped bare of dignity and even hope of a better future. The heart of the people looked like Berlins bombed out dwellings, like the scarred remains of burnt buildings. It was a tough time. It was the worst defeat ever experienced by any nation. The thought of a league of nations working together to turn a conquered foe into a submissive and docile beast is shameful. But the nations around Europe were not finished yet with the undressing of this people. They wanted to be sure that Germanys much vaunted armed forces will never rise again. The League of Nations made all the necessary steps to be certain that never again will Germany terrorize the world. The once proud nation was brought to her knees. But the humiliation did not stop there. The leaders of the victorious allies pinned the majority of the guilt and all the wickedness of the Great War on Germany. It was an unmistakable charge as one reads the Versailles treaty. From then on, something akin to rage was burning in the hearts of the German people, most specially her patriots. Hitler shared in the ignominy of her people and Fatherland. Yet instead of breaking down in perpetual state of weakness and utter hopelessness his sinister mind began to plot the most daring comeback in the history of national politics. Hitler and Nazism was able to achieve what the German people had been trying to do since 1919 and that is to voice out their disgust on the infamous treaty.

Thursday, July 25, 2019

Health appetite Essay Example | Topics and Well Written Essays - 500 words

Health appetite - Essay Example ishes to impress teamwork at the workplace must understand the important of teamwork from three varied viewpoints: (1) increased speed of work (2) workload distribution, and (3) faster learning. Team work promotes faster learning. Workers when working as a team tend to learn what they do at a faster rate. The knowledge and experiences of the older team members enables others to grasp new concepts faster. Teamwork also proves to be an added bonus for employees to avoid mistakes at work. It also promotes workload distribution. This way, team members will work effectively when work is distributed. This allows them to focus on one activity till the time that they are sure they have gained expertise in it. Therefore, they do not feel stressed out. Last yet important, teamwork increases speed of work. With many workers working on a single project and accomplishing the assigned task properly, the speed of work is largely increased. The team can therefore, complete a given project as require d and within the appropriate time. In the current globally competitive market, the success of an organization wholly lies in the speed of performance of its employees. A dull, and demotivated team but lacking coordination and speed results in the downfall of the organization. On the other hand, an organization with a well-organized workers often chart out their path to success. The Human resource policies of a company are as such directed. This is for the betterment of an employer and employees as it helps them maximize performance. The aforementioned benefits of teamwork are team specific. However, teamwork is beneficial even at an organizational level. It benefits the organization by increasing the organization’s productivity, which is an important factor in fulfilling commitment and meeting set targets. Also worth mentioning is that teamwork promotes effective utilization of manpower. This is one major reason that makes most organizations to promote teamwork at the

Treatment of Autism Research Paper Example | Topics and Well Written Essays - 1500 words - 1

Treatment of Autism - Research Paper Example According to Jill Boucher, autism could have existed in human populations since the start (4). However it was not until the mid 19th century when it was recognized as a distinct disorder when Leo Kanner published a scientific paper titled ‘Autistic disturbances of affective contact’ and subsequently another paper by Hans Asperger on the same subject was published (Boucher, 4). People with severe autism were described as â€Å"simpletons†, â€Å"imbeciles† or â€Å"feeble-minded† (Boucher, 4). Those with mild autism or Asperger syndrome were considered withdrawn. The autism spectrum syndromes consist of Asperger syndrome, Rett syndrome, and childhood disintegrative disorder (CDD) (Boucher, 5). Currently, there is no single known cause for autism, however, a collection of factors including – genetic, environmental, and induced causes – are thought to contribute towards autism in children (Mayo Clinic, n.pag.). This paper will aim to creat e a distinction between fact and speculation regarding the causes that are real and those that are not. With the absence of a definitive etiology of the disorder, various theories have been presented that explain the relationship between autism and other factors. Genes are considered to be one causal factor contributing towards autism among children. The involvement of genetics as a causal factor was first made by Kanner in his original documentation of the disorder. In his work, Kanner suggested the involvement of parents in passing it on to children however he strongly proposed the involvement of one’s physiological defects (Schreibman, 90). It took many years before the genetic etiological link was explored and established.

Wednesday, July 24, 2019

Management (principles,skills,and applications) Essay

Management (principles,skills,and applications) - Essay Example The most important consideration has to be the manager effectiveness. From this quality all the other facets in a manager depend upon. To be effective should be the main concern for any manager. So we study the management skills with this idea in mind. In a world of continuous change thanks to the technological and scientific advances there is an increasing need for new and better leaders in all of the fields of the business spectrum. There is a growing need for a higher vision in the way business is done, so management skills fill up a very prominent place in the ladder of success in any corporate environment. To achieve many of its goals any company looks for the best people with the best qualities so they can fulfill its expectancies with certain reliability. Managers should be endowed with many different skills as we will see in the following pages. Their effectiveness will be the source for the success of the business enterprise, so there are many strong demands placed on the managers' shoulders in relation to their skills. Leslie W. Rue and Lloyd L. Byars (2005) in their book "Management: Skills and Application" (PowerPoint format) deals with the most relevant principles of Management. They make the distinction of the different kinds of management into three classes: Top management, middle management and supervisory management (chapter 1, slide 6). In the slide 7, chapter 1, they state that the tasks or functions of management are planning, organizing, staffing, leading, and controlling. As the roles of management they specify three roles in slide 9, chapter 1: interpersonal roles (figurehead, relationship builder, leader), information-related roles (monitor, communicator, spokesperson), decision making roles (entrepreneur, disturbance handler, resource director, negotiator). All this gives us a clear picture of the scientific nature of Management. On the other hand, Gerald M. Blair considers that the manager of a small team has to play the roles of planner, provider, and protector at the same time.In chapter 1, slide 10, of the cited book by Rue and Byars (2005) the authors delimit the management skills into three categories: conceptual, human resources, and technical; and they define them in the following way: Conceptual: help managers understand how different parts of an organization relate to one another and to the business as a whole. Human resources: needed by managers to understand and work with people. Technical: specific abilities that people use to perform their jobs. Gemmy Allen, on the other hand, speaks about the same categories in the article entitled "Management Skills" referring to one book by Robert Katz: "Robert Katz identified three managerial skills that are essential to successful management: technical, human, and conceptual. Technical skill involves process or technique knowledge and proficiency. Managers use the processes, techniques and tools of a specific area. Human skill involves the ability to interact effectively with people. Managers interact and cooperate with employees. Conceptual skill involves the formulation of ideas. Managers understand abstract relationships, develop ideas, and solve problems creatively. Thus, technical skill deals with things, human skill concerns people, and conceptual skill has to do with ideas." In this way they agree in these main

Tuesday, July 23, 2019

Effects of Capital Punishment Essay Example | Topics and Well Written Essays - 1250 words

Effects of Capital Punishment - Essay Example The crimes, which result in a death penalty, include. This study reveals that, around 58 countries across the globe practice capital punishment while the majority has abolished its application (McClellan, 231). Capital punishment is a controversial matter in many countries. For instance, states in the European Union prohibit the exercise of capital punishment. Although many countries have abolished capital punishment, over 60% of the world's population lives in countries that allow executions like china, USA and Indonesia. Application of capital punishment Violent crime according to police information and injured party surveys refers to any offense in which the wrongdoer has some corporal contact with the injured party. These crimes include robbery with violence, carjacking, ambush, rape, physical attack and murder (McClellan, 231). Offenders of such crimes face tough action from the criminal justice system. Proponents of capital punishment argue that the death sentence is a fair and ethically acceptable punishment for offenders who commit intentional murder (McClellan, 231). Whereas opponents of death sentence often, assert that executions deny the fundamental significance of human life; their case reveals a misinterpretation of the intention of criminal justice, which is to discipline a criminal in proportion to the damage caused by his crime (McClellan, 231). Other proponents of capital punishment claim that homicide is evil by executing victims who consciously murder. It is imperative to note that, rehabilitation and correction remain common in states, which rarely practice capital punishment. Capital punishment is not barbaric because the executor makes sure that a convicted offender undergoes minimal pain possible during execution. The state has a judicial a right to perform capital punishment on offenders of violent criminals (McClellan, 231). This is in quest for justice to the victims and the society. Further opposition to the death penalty is based on precise personality of the defendant, for instance there is opposition in sentencing to death delinquent victim at the time of the offence, those with psychological impairment and illness, pregnant women, or the old age (Goldman and Ann, 321). This paper intends to examine effects that result from capital punishment. This may be expounded to the families, victims, society and the justice system. Effects of capital punishment This section aims to examine the effects of the death penalty on the culture of life and a society, and the criminal justice system change of mind towards human life and dignity. In the face of a rising number of deaths, efforts should be made to promote a culture of life (Draper, 119). The response to situations, which require the death penalty, should be attained through endorsement of the needed reform of the criminal justice structure in order to protect the society in an efficient manner. Effects on Families Family values dictate that the affected members should be taken care off and the quest for social justice and compensation enhanced (Draper, 119). They require sympathy, togetherness and assistance of any nature (McClellan, 234). Whereas, supporting family’s victims does not oblige society to use capital punishment because family members left cannot be settled with an illusion of closure and acquittal. Capital punishment cannot bring back the life of a loved one nor erase the wounds by instilling another death. An option to the death

Monday, July 22, 2019

Reality TV Essay Example for Free

Reality TV Essay Reality TV is something that you are seeing more of today. Reality television is when people or celebrities are filmed living there normal everyday lives and are undertaking specific challenges (Farlex Inc., 2012). Reality television attracts many viewers and has become more popular over the past few years. Some shows you may have even heard of are the shows known as 16 and pregnant, Jersey Shore, Hoarders, and extreme couponing. These are all examples of some very popular realty television shows that are aired regularly. Some shows like â€Å"Teen Mom† or â€Å"16 and pregnant† focus on teenagers that become pregnant and the struggles they are facing as a teenager with a child. These shows are to focus on the consequences of having unprotected sex but sometimes they are viewed as rewarding teen pregnancy. The shows like â€Å"Hoarders† are based on families who have a problem with not throwing anything way which in turn causes clutter and a big mess. So they have people come out and help the people get rid of unneeded stuff and choose healthier habits and make it so they are living in a better environment. Now â€Å"Extreme Couponing’s† is about people who gather tons of coupons and buy things at the store very cheap. This show has definitely set a trend, because of this show you see more people in lines at stores with a whole book of coupons. This show has shown people how to walk out the store with ten items for 5 cents. Some examples of why these shows may be popular are because they are exciting ,and they are similar to what life is really like. Reality TV is not some fantasy or unrealistic show we like to watch and wish our life was like theirs. Instead reality television is something we watch  and think wow that is crazy, that person is crazy. Some of the stuff you see on these television shows is outrageous and it allows us to feel more comfortable with the things we do in our daily lives. When you see a whole bunch of teenagers having children or a whole bunch of crazy drunk people it somehow brings you to the realization that maybe your life is not as bad as you thought it was. There are also many other factors in why realty TV shows are so popular. The drama is probably the biggest factor as well as the WOW factor. Many viewers cannot believe that people get paid for filming such things but yet they are stuck to their TV screens watching. Reality television comes in different varieties which is another factor in its popularity, reality TV being so expansive reaches out to a number of different viewers. People interested in partying are able to view people like that as well as there are shows about doctors and about bidding on unknown items. Because there are different shows’ ranging from A-Z it causes more people to watch reality television which enhances reality televisions popularity. Reality television also has endurance, and it has many different personalities, as well as it always keeps it viewers wanting more. These are all superior examples of why reality television is so popular and why it continues to grow. One show that has been really successful on television is â€Å"Jersey Shore†. Jersey Shore has been a very successful and popular realty TV hit because of its drama and the craziness of the characters on the show. Snooki would have to be one of the main characters that have attracted viewers with her bad attitude and her drunken behavior. Let alone how wild and free she acts. All of the characters of â€Å"Jersey Shore† have their own personalities and occasionally watching them clash and the craziness that follows all these young people becomes very entertaining. Seeing them argue, cry, party, and laugh with each other is plenty of the reason for why it has become such a popular show. â€Å"Jersey Shore† gives their viewers the entertainment they are looking for. Reality television is becoming more successful and television producers are making investments on reality television. Some reason  television producers would invest in reality television is because it is cheaper than hiring actors and creating a television show. With reality television all you have to do is hire people and record their behavior and everyday life. Some of the script is probably written but there are many of things about reality TV that is not written into script and that causes for more entertainment. Other reasons producers are interested in investing in reality TV is because it does bring in good profits. People watch reality TV and it receives hits. Realty television brings money in because it is entertaining and viewers continue to watch, which brings rating on shows up and the producers get paid very decent money for investing in these shows. Some of the similarities between dramas and sitcoms are that they both bring in viewers. Drama is a lot of what is seen in sitcoms as well which makes them similar. Drama is different emotions and sitcoms are filled with different emotions and that is part of the reason for why they are so popular. Everybody enjoys a good laugh, a good fight, and you know it is good if it brings a tear to your eye every so often. This is entertainment and this is what dramas and sitcoms are all about. The differences between sit coms and dramas are the way they are presented. Dramas are well planned scripted productions. It takes more time and money to air a television drama then what it does to air a sit com. Sit coms are more or less people being hired just to put a camera in their face to be filmed doing whatever they do. Sometimes sit coms have scripts as well but there are made to appear non scripted and are made to seem realistic. Dramas take more time and planning then sit coms and seem more picture perfect then sit coms. There are many reasons for why reality television is so popular and why producers would invest in it. There are many shows that catch viewer’s eyes daily and raise the ratings of these shows which make realty TV even more popular. Reality TV as said before has many different personalities; it has variety, and endurance all of which builds on its popularity. Realty television is like an escape from reality and allows you to view your life in a different way because the stuff you view on  television sometimes can seem so much more outrageous then what you are used to. That is why realty television is so popular and why realty television continues to grow and become more popular over time, it is filled with what viewers like you want to keep you coming back for more. what makes reality TV so popular www.dishtv.com WWW.FREEDICTIONARY.COM/ reality+ show farlex 2012 www.ew.com entertainment weekly www.insidetv.com 2012 www.answers.yahoo.com 2012

Sunday, July 21, 2019

Reward systems at heritage le telfair

Reward systems at heritage le telfair Tourism industry is a heavy dependent of human interaction, including employees (Baum, 1993; Davidson, 2003). Go et al., (1996) argue that the of products or experiences quality relies on competent, committed, and satisfied hospitality staff. Subsequently, numerous studies have demonstrated a positive correlation between employee satisfaction and customer satisfaction (Schmitt and Allscheid, 1995; Schneider et al., 1998; Ulrich, et al., 1991; Wiley, 1991) cited in Jing and Avery (2008). Hence, to ensure job satisfaction the appropriate reward mechanism needs to be adopted (Danish and Usman, 2010; Bai et al., 2006). Rewards play an important role in organizations today: they influence a variety of work-related behaviour (Eastaugh, 2002; Helmer et al., 1988) and as well as the motivation of employees (Nayeri et al, 2005). Reward can be defined as the benefit derived from performing a task, rendering a service or discharging a responsibility (Pitts, 1995; Silbert, 2005). Thus, this conceptual analysis aims at reviewing clear definitions of reward systems (Lawler, 1993; Herzberg, 1966) and its structure (Bartol and Srivastava, 2002). Light will also be shed on the development of reward systems by Zhou et al., (2009), its objectives by Lawler (1993), and the total reward system (Armstrong, 2006). Furthermore, the literature sets out the prominent reward practices of the hospitality industry argued by a myriad of authors, lists the tools to determine reward effectiveness (e-reward, 2009) and finally analyse the perceptions of managers and employees on rewards by Nelson, 2003; Perkins, 2007, among oth ers. 2.1 REWARD SYSTEMS Reward Systems are a critical part of any organisations design. The way in which they fit with its other systems will determine the latters effectiveness and the quality of life of its employees (Lawler 1993, p.2). Reward systems refer to the intrinsic and extrinsic benefits that workers receive from their jobs (Herzberg 1966; Katz and Van Mannan, 1977). Moreover, Byars and Rue (1997) define reward systems as being all the returns employees receive as a result of the employment by their organization, monetary as well as non-monetary. In contrast, Armstrong, (2006) incorporates the element of effective reward management in order to benefit both people and organisation in his definition. 2.1.1 STRUCTURE AND COMPONENTS OF REWARD SYSTEMS According to Bartol and Srivastava, (2002) and Grawitch et al., (2007, p.3), rewards could range from: Monetary and; Non-monetary incentives In addition further research by De Cenzo et al. (1996) has been agreed by Bartol and Srivastava, (2002) on the categorisation of rewards as being intrinsic and extrinsic (depicted in figure 2.1.1). Figure 2.1.1: Reward Structure-Source: De Cenzo et al., 1996 2.2 DEVELOPMENT OF REWARD SYSTEMS Attesting that reward development has experienced five phases, Zhou et al (2009) summed up the relevant records in table 2.2a. Table 2.2a: The Five Phases of Reward-Source: Zhou et al, 2009 To provide a historical glimpse, another version on the development of reward systems-figure 2.2b-has been compiled from Shermon, 2004; World at work, 2007; AWLP, 2006. Figure 2.2b: Brief Overview the Evolution of Reward Systems Source: Adapted from Shermon, 2004, World at work, 2007, and AWLP, 2006 2.3 OBJECTIVES OF REWARD SYSTEMS Every hospitality industry employer wants to recoup back investment on its employees (Glenn, 2006). Traditionally, the purpose of reward systems is to monetarily reward desirable behaviour (Bartol and Srivastava 2002; Rajagopalan and Finkelstein 1992). But, further research suggests that there are other objectives which potentially can impact organization effectiveness (Lawler, 1993). 1. Attraction and Retention Enz (2009) affirms that attraction and retention are among the main HR areas of concern in the hospitality industry. A firms reward system can influence employees desire to stay in the company-as demonstrated by Bamberger and Meshoulam, 2000 and MacDuffie, 1995. Similarly, Gerhart and Milkovich, (1992) are convinced that organisations which give the most rewards tend to attract and retain most people. However, owing to its poor image in terms of remuneration and working conditions (Baum, 2007; Kusluvan and Kusluvan, 2000), the hospitality sector has lost its ability to attract and retain skilled staff compared to other sectors (Christensen Hughes, 2002; Lucas and Jeffries, 1991; Barron, 2008). On a serious note Terry and Lam (2000) cited in Chellen and Nunkoo (2010) warns that if hotels want to survive in todays highly competitive arena, they earnestly need to attract and retain quality employees. Though not being a panacea, to facilitate organisational commitment to employees has be en the idea proposed by Dawson and Abbott (2009) with the aim of a positive relationship with attraction and retention of these employees 2. Motivation of Performance Wagner (1990) claims that a primary concern in the design of reward systems is how well the plan will work in motivating employees. Responding to this, the works of Gerhart and Milkovich, 1992; Lawler, 1971, 1990; Bamberger and Meshoulam, 2000, MacDuffie, 1995 have proved that reward systems have been demonstrated to motivate performance under certain specifiable conditions. Simons and Enz (1995) research translated that hotel employees viewed bonuses associated to guest-satisfaction scores as an opportunity for motivation. Affirmatively, Torrington et al, (2009, p. 162) and Rabey (2000) allege that expectancy theorys advocates and behavioural sciences believe that employees will work harder if rewards are attached. Nonetheless, (Luthans and stajkovik, 1999) contest that there are a few who challenges the above perspectives. Such a scholar is Kohn, (1993), who concur that any incentive system makes people less enthusiastic, hence, less committed to excellence to their work. Notwithst anding with the above views, Chopin et al., (1995) have found that compensation depends on firm size and performance 3. Skills and Knowledge Just as reward systems can motivate performance they can motivate skill development by tying rewards to it (Lawler, 1996b). Jamison and OMara, 1991 and Pfeffer, 1998 explain that healthy work programmes are those which provide employees with the opportunity to increase and apply their knowledge and skills to different situations. Indeed, Kilik and Okumus (2005) ascertained that education and training were associated with productivity in hotels. Also, there has proved to be a positive relationship between training and employee retention, as reported by Dearden et al. (1996); Umiker (1994); and Blundell et al., (1996). However, being reputed for its high labour turnover culture (Denvir and McMahon, 1992; Deery, 1999; Tracey and Hinkin, 2006; Pizam and Thornburg, 2000; Rowley and Purcell, 2001; Lo and Lamm, 2005), the hospitality industry faces a lot of educational investment loss when training was provided to those leaving employees (Kang and Gould, 2002, Iverson and Deery, 1997; Rowle y and Purcell, 2001; Jenkins, 2001). 4. Culture Kerr and Slocum (2005) are among the advocates of the approach that the reward system can be a powerful means for influencing an organisations corporate culture. This is because of their important influence on communication, motivation, satisfaction, and membership (Lawler, 1998). Going a step further and in accordance with Brewster (1995); Bellenger et al, (1984); MilikiĆ¡ (2007); and Nacinovic et al., (2010), Lawler (1998) suggests that pay systems can help to change culture. As a deduction, Bauer and Erdogan (2009) admit that which behaviours are rewarded and punished determine the progression of a companys culture. Tracey and Hinkin (2000); and Davies et al., (2001) propose that increased wages and improved management practices such as increase staff motivation, commitment, flexibility and the quality of employees within an organisation could be efficient tools to remedy for the labour turnover culture in the hotel industry. However, Buultjens et al., (2007) emphasise o n the fact that hospitality businesses should adopt a more strategic approach to reward and monitor its effectiveness. 2.4 THE TOTAL REWARD SYSTEM The time when reward was only about cash and when people worked only for money, has nearly reached, if not yet, its extinction (Thompson, 2002; Phonsanam, 2010; Silverman, 2003; Schuster and Zingheim, 2000). Gao (2009) states that hoteliers have shifted from traditional to total reward systems. Simply defined, Total Rewards are the monetary and non-monetary return provided to employees in exchange for their time, efforts and results (Worldatwork, 2007). Alternatively, Zingheim and Schuster (2000) suggest that the new concept of total rewards comprise four total reward components as depicted in figure 2.4a. Figure 2.4a: Total Rewards-Source: Zingheim and Schuster, 2000 For the purpose of this study, the below model has been derived from the extensive list of total rewards provided by Worldatwork (2007) (Find in Appendix) which will be used to categorise Heritage Le Telfair Golf and Spa Resorts reward model. Figure 2.4b: TOTAL REWARD MODEL Source: Adapted from: Total Rewards: Different things to different employers Worldatwork (2007) A summary of the components found in the TR system with specific reference to the hospitality industry brought the classification of some points (Refer to Appendix B) The justification to adopt a total reward approach might be because it improves job satisfaction, work efficiencies, job performances, psychological contract and organizational citizenship behaviours (Zhou et al., 2009). Pessimistically, Kantor and Kao (2004) attributes to HR professionals of feeling confused or sensing chaos regarding TR thus contributing to the poor, complex and risky development and execution of TR (Thompson, 2002) leading to counter productivity and resource wastage (Albertson, 2000). Ergo, an advice would be that all pay components should be aligned complementarily and that the TR strategy should be derived from business strategy and, most importantly, be communicated to all employees, (Lyons and Ben-Ora, 2002; Gilbert and Cornish, 2005). 2.5 REWARD PRACTICES IN THE HOSPITALITY SECTOR 2.5.1. MYTH OR REALITY? Stereotype thinking has been revealed to be that the tourism and hospitality sector offers low pay, very little training and career prospects, limited scope for promotion, and unsociable working hours (WTTC, 2002a; HTF, 2000; Walmsley, 2004). Nickson (2007) also narrates the same facts but he associates this situation to the endemicity of unskilled or semi-skilled employees in the hospitality sector. 2.5.1.1 Low Pay Recurring evidence shows that that the compensation of regular employees of the hospitality is averagely lower comparatively to other sectors (Deery and Shaw, 1999; Hoel and Einarsen 2003; ABS, 2006a; Baum, 2007; Lucas and Jeffries, 1991; Tracey and Hinkin, 2000;; Worcester, 1999). However, hotels and restaurant recruiters are reporting that subject to the growth of the industry employers are increasingly offering attractive recruitment packages to attract the right staff (Wilson, 1999; HCIMA, 2010). Furthermore, wages in hospitality is on a rising trend owing to an increase in minimum wage (Clarke and Chen, 2007; McManus et al., 2011). Yet, Baram (2008) reports that minimum wage raise is not enough to survive in a high cost of living economy. 2.5.1.2 Unsociable Working Hours The hospitality sector requires employees to work relatively long hours (Pratten, 2003; Baum et al., 1997; Kelley-Patterson and George, 2001; OLeary and Deegan, 2005; Wallace, 2003; Lo and Lamm, 2005; Baum, 2006; Karatepe and Uludog, 2007 and Wong and Ko, 2009; Birdir, 2002) which deter a good work life balance. Further contributing to the black list, this sector is also associated to high-burn out service jobs (Maxwell; Faulkner and Patiar, 1997). Astonishingly, we have not come across any studies which sing the praises of working hours in the hospitality sector. It can thus be deduced that the hospitality workplace will fit only those who love the job environment and working night shifts that Barrons et al., 2007 study concluded. 2.5.1.3 Limited Training The EFILWC (2004) and STB (2002) stress that training is viewed as interesting by both employers and employees but is not the priority due to time and money constraint. Jameson, 2000; Dawson, 2006; Roberts 1995; Pratten, 2003; Lucas, 2002; Maxwell et al., 2004; Choe and Dickson, 2010 and Cairncross and Buultjens, 2007 also ratify the lack of investment in training. Indeed, Sigala et al., (2001) and Lashley and Best (2002) affiliate this with the high labour turnover in the industry. Howbeit, employers who admit that employee training has become preponderant for hotels, gain from improved service quality, decreased labour costs, increased productivity and profitability, high retention (Kim, 2006). Such companies are Ritz Carlton which provides its employees with 200 hours of training each year (Snell and Bohlander, 2010), Choice Hotels International, Coastal Hotel Group, Four Seasons Regent Hotels and Resorts, and Disneys Polynesian Resort (Enz and Siguaw, 2000). 2.5.1.4 Limited scope for promotion and career prospects In accordance with Getz, 1994; Hjalager and Andersen, 2001 and Page et al., 2001, Walmsleys (2004) exact words for tourism jobs are lacking in a clear career structure. Furthermore, various studies have shown that the hospitality sector is not a career option but rather a refuge sector. (Szivas and Riley, 1999; Riley et al., 2002; Wildes, 2007). Wright and Pollert (2006) also talk about an inhibitation of promotion of employees in hotels. Though, Hai-yans and Baums (2006) survey findings revealed that a majority of 68.1% envisage their future within the hotel sector, the other facet of the research is that nearly half of the staff feel uncertain about their hotel career and whine about promotion opportunities. Regardless of the above, Visit Scotland/George Street Research, (2002) and Wilson (1999) found that careers in the industry were in fact considered challenging and interesting. 2.5.2 FINANCIAL REWARDS Financial reward are rewards that enhance directly the financial well-being of the employee Chelladurai, (2006) and consists of base and variable pay, employee benefits and allowances (Armstrong, 2002). In an effort to develop a comprehensive understanding of the remuneration in the hotel sector, Mars and Mitchell (1974, p.27) and Wood (1994, 1997) suggested that payment to hotel employees from the perspective of a total payment system is comprised of basic pay ,subsidized food and lodging, tips, fiddles and knock offs. Base pay Base pay is a crucial component of any individuals total pay, and is used as a tool by many employers to attract talent (Sturman, 2006; Walker and Miller, 2008; Saks et al., 1996). Basic pay is the rate of pay which notionally reflects the market value for a job in an organisation (Heery and Noon, 2001). By far, many studies discerned that wages were preponderant and powerful motivational factors among hospitality employees (Simons and Enz 1995; Griffin and Moorhead, 2009; Blinder, 1990; Lawler, 1991e). Nevertheless, as Milkovich and Newman, 1990 expressed, pay is only one attribute among many others in attracting candidates. Pay for Performance Plans Most hospitality businesses are currently using some form of pay-for-performance compensation (Berman, 2010). Pay for performance has often been viewed as a norm of distributive justice by Campbell et al., (1998). UNISON (2001) highlights that the most common types of performance pay are piecework, payment by result, organisation wide incentives, merit pay, performance- related pay, competence based pay, profit related pay. When pay advancement is based upon an assessment of individual performance, against pre-established objectives, it can be referred to as performance related pay (Egan, 2010; Tanke, 2000). Nonetheless, when employees receive permanent pay increases based upon individual performance assessments, this can be referred to as merit pay (Heneman and Werner, 2005; Park and Sturman, 2009). Indeed, research evidence clearly supports that pay-for-performance plans have been found to help achieve desired results, at both the individual level (Bonner and Sprinkle, 2002; Gerhart and Milkovich, 1990; Heneman and Werner, 2005; Lawler, 1971, 1981; 1992; Schwab and Olson, 1990) and organizational level (Gerhart and Milkovich, 1990; Gomez-Mejia and Welbourne, 1988; Lawler, 1981). In contrast Hayes and Ninemeier (2009) avow that hospitality managers disagree that pay should be linked to individual performance as this has proved unbeneficial to teamwork. Many other counteracting studies divulged that PFP plans do not always affect performance (Heneman and Werner, 2005; Kahn and Sherer, 1990; Kuvaas, 2006; Pearce et al., 1985; Rynes et al., 2004 and Benson and Brown 2000) and does not really lead to motivation (Marsden and Richardson, 1994; Harris, 2001). Furthermore, PFP has been categorised as being subject to favouritism, personal bias, and deliberate distortion (Pfeffer, 1998; Milkovich and Boudreau, 1991; Campbell et al., 1998) and as an anxiety generator among employees (Bassett, 1994). Thus, the minimum requirement for the proper functioning of PFP should be, as Kessler (1994) says agreeable to employees. Tipping Tipping is a common practice in the hotel industry and is a considerable source of revenue for service employees (Lynn, 2003; Azar, 2004). Lynn (2001) defines tipping as an economic payment that occurs in the context of a commercial exchange thereby encouraging many hotel managers to view it as a useful management tool. Ogbonna and Harris (2002) perceive tipping as an effective way to control employee behaviour and wage cost, and a potential path towards organizational profitability, whilst Lynn (2001) distinguishes tipping as a tool to measure customer satisfaction and servers performance. Also, tips represent an opportunity for workers to supplement low pay level (Wood, 1992). It is commonly believed that there is a relationship between service quality and tip size (Lynn and Graves, 1996; Conlin et al., 2003). However, empirical research examining this relationship found it to be insignificant (Lynn and Graves, 1996; Lynn and McCall, 2000; Lynn 2001; Azar, 2003a). As such, tipping is an investment for future good service and deters reduced attention (Pearson, 2010; Bodvarsson and Gibson, 1999; Lynn and Withiam, 2008; Lynn and Thomas-Haysbert, 2003). Azar (2007b) strictly disputes this and notes that future service is not dependent on tipping. Consequently, Casey (2008) warns service managers not to count on tipping to motivate staff to provide good service as researchers have found tipping negatively effects employee commitment. Withal, Wood (1992); Lucas, (1996); and Shamir, (1983) criticise this practice as research has demonstrated that tipping can bring perturbation, increase competition and individualism, and overdependence on customers among workers at the workplace. Williams et al. (2004) identified that the collection and distribution of tips method was also customary by managers. 2.6 NON-FINANCIAL REWARDS FOR EMPLOYEES Direct financial rewards albeit play a central role in the attraction of talented employees, it has been proved that they trail only a short-term impact on employees motivational levels (Ellis and Pennington, 2004; Samodien, 2004). This is where non-financial reward programs come in handy. They are in fact tied to the quantity and quality of individual performance to generate greatest impact on improving overall business value (Stolovitch et al., 2002). Non financial rewards, according to De cenzo and Robbins, (1994, p.413), emphasise on making life easier on the job more attractive. According to Armstrong (2002) it includes of recognition, achievement and responsibility. Non-Financial Recognition (NFR) I can live for two months on a good compliment. Mark Twain According to Moody (2008, p. 277), non-financial compensation is defined as satisfaction that a person receives from the job itself or from the psychological and/or physical environment in which the person works. Recognition forms an indispensible part of the total reward system of a company (Dessler, 2009; Human Capital Institute, 2009). Recognition typically relates to formally recognising employees accomplishment to strengthen employee loyalty, intrinsic motivation and productivity (Aamodt 2007; Dessler 2009; Marchington and Wilkinson 2008; Blum and Tremarco, 2008). Liu (2010) expresses that NFR can convey the message on the type of performance that the organisation expects from them to other employees Silverman (2004) and Human Capital Institute (2009) clarify that the NFR schemes may vary from informal to formal structures (See figure 2.6.3 a) Figure 2.6a: A dissection of Non-financial Recognition Schuster and Zingheim (2000) categorise recognition as being verbal, written, work related, social, symbolic, tangible, and financial. According to an employee recognition survey carried out in 2002, 84 percent of the responding 391 companies had the following forms of recognition: Note: Total adds more to 100% because respondents were asked to indicate all that apply. Gift Certificates 63% Other 31% Cash 58% Watches 28% Office accessories 41% Electronics 24% Jewellery 40% Travel 14% Household items 35% Debit cards 6% Table 2.6b: Employee Recognition survey Findings-Source: Compensation and Benefits Report, 2003 Some authors highlight the essential nature of employee recognition as a vector of motivation (Dutton 1998; Appelbaum and Kamal 2000; Saunderson 2004; Grawitch et al., 2006), identity (Dejours, 1993), component of meaningful work (Mow, 1987; Morin, 2001) and company success (Ford and Fina, 2006; Armstrong and Brown 2006; Cilmi 2005; Schuster and Zingheim, 2000). In fact, a lack of recognition embodies the second-largest risk factor for psychical anxiety at work (Brun and Biron et al., 2003) and to high turnover in hospitality industry (Raleigh, 1998). Surprisingly, Nelson (1998) reports that employee recognition might not be beneficial when it becomes annoying to others who have to hear the continuous praises of their colleagues. Moreover, it has been found that traditional forms of recognition such as Achievement Awards, Cash Substitutes, Nominal Gifts or Food, and Public Perks have diminished in importance for most of todays employees (Nelson, 2004). Results from various studies ha ve indicated that indicate that wage increases and cash incentives are important motivational rewards for lower-level employees (Hong et al,. 1995; Arnolds and Venter, 2007). Thus, managers should bear in mind that recognition might not always be appropriate for everybody. Fiddles and Knock-offs Although recruitment, retention, and understaffing issues in hospitality are well documented (Baum, 2002; Brien, 2004; Choi et al., 2000; Gustafson, 2002; Jameson, 2000), there is poor literature dedicated to the issue of fiddles and knock-offs (Jones and Groenenboom, 2002). In addition to tips, some hotel and catering workers might also benefit from Fiddles and Knock-offs (Wood, 1992). Fiddles refers to pilferage that goes on in hotels. Whilst knock-offs is a particular form of fiddle involving the purloining of (usually) small items such as soap and towels, but mostly consisting of stealing food (Mars, 1973; Mars and Nicod 1981). In accordance with Mars and Mitchell (1976) and Nickson (2007) who establish that fiddles and knock-offs are in fact institutionalised in hotels whereby management collude on allowing to a certain extent this practice, Gill et al. (2002) have also stated that small-scale theft of hotel property are tolerated as a form of shrinkage. The reasoning behind mig ht be explained by Hollinger and Clark (1983) who found that employer retraction against theft was inversely related to theft. Despite that, agreement is widespread that theft in the workplace is a serious problem (Greenberg, 2002, Weber et al., 2003) and has proved costly for businesses (McClurg, 2006). Hence, the challenge lies in managements concern in setting parameters beyond which pilferage will not be tolerated (Mars and Mitchell, 1976). Fringe Benefits Heneman and Schwab (1985) defined benefits as indirect pay or payment for time not worked such as health care, retirement account, and insurance. Benefits account for a big portion of the reward package, and employees recognise them as an integral part of their reward package (Gross and Friedman, 2004; Williams et al., 2007). In its simplest forms benefits may include: breakfasts, lunches, dinners and snacks, that the employees and their families can have (Rubis, 2004), free cab rides home after certain times (Oldfield and ODonovan, 2001). Namasivayam and Zhao. (2007) apprised that benefits should be offered to all employees as they found out that benefits had greater positive effects on motivation, retention and job satisfaction on non-managerial employees. Considering the lack of academic research in the field of employee benefits in the hospitality industry, information on employee benefits at three international hotels has been gathered from their respective websites in the table 2.6c. Conversely, Hansen (2005) recur that the cost of employee benefits in the united states is killing profitability for whole sectors. Because of such costs, organisations are increasingly implementing cost containment strategies to lower labour expenses (Lucero and Allen, 1994). The same authors continue to argue that negative repercussions can range from mild dissatisfaction to severe outcomes like outrage, resentment, and anger. Table 2.6c: Examples of Employee Benefits in international hotels THE RITZ CARLTON FOUR SEASONS HOTELS AND RESORTS SHERATON HOTELS AND RESORTS Well-tailored Uniforms Medical, Dental, Vision Coverage Life and Accidental Death Dismemberment Insurance Short and Long Term Disability Health Care and Family Care Spending Accounts Domestic Partner Benefits Vacation, Sick/Personal and Holiday Pay Retirement 401(k) Plan Employee Stock Purchase Plan Employee Assistance Program Educational Assistance Program Employee Discounts on hotel rooms, restaurant outlet meals and retail items Complimentary Employee Meals Complimentary stays at Four Seasons properties with discounted meals Paid holidays / vacation Educational assistance Dental and medical   / disability / life insurance Retirement benefits / pension Employee service awards Annual employee party / social and sporting events Complimentary meals in dedicated employee restaurants Comprehensive, low cost health insurance for employee and family Dental and vision insurance coverage Company-sponsored retirement plans (U.S. 401(k) program) Life Insurance and Disability Insurance Flexible Spending Accounts Employee Stock Purchase Plan Employee Assistance Program Adoption Assistance Domestic Partner eligibility SOURCE: Adapted from: http://corporate.ritzcarlton.com/en/careers/benefits.htm, http://jobs.fourseasons.com/workingatfourseasons/benefits/Pages/fsbenefits.aspx, http://www.starwoodhotels.com/sheraton/careers/offer/benefits.html 2.7 MEASURING THE EFFECTIVENESS OF REWARD SYSTEMS You cannot improve what you cannot measure Lord Kelvin Pfeffer (1998) remarked that there was little devotion in measuring the efficacy of rewards although the design of the reward system loomed much management attention. However, Armstrong et al. (2009) rate the importance of such practice even above the design and execution of rewards. The primordial reasons for measuring reward effectiveness are to apperceive the benefits and impediments of a reward strategy Hodgson (2010) and to discern potential areas for improvement (Armstrong et al. (2009). Yet, Heneman (2002) comments that the evaluation of a reward systems effectiveness remains often overlooked. For instance, reward survey conducted by the CIPD in 2009 showed that only 32 percent of respondents had carried out any form of evaluation. In addition, a survey of reward by e-reward in 2009 established that only a low proportion of 12 percent of respondents had evaluated their performance-related pay schemes. Tools used to carry out the evaluation, according to e-reward (2009a) are: External market survey Staff attitude survey Benchmarking Internal data analysis Equal pay reviews Apparently, simpler methods for such practice do exist. For example, a survey carried out by Edenred concluded that reliance on manager observation, feedback and employee surveys were common for measuring reward effectiveness Hodgson (2010). Other criteria that could be used to measure reward effectiveness include improved performance, compliance with laws and regulations, cost reduction, contribution to strategic plans (Bergmann and Scarpello, 2002); Gomez-Mejia, 1992) and employee attitudes (Ram and Prabhakar, 2010). Hence, hospitality businesses could engage in carrying out such assessments in order to investigate the problem of high labour turnover in the industry. The tendency for overlooking the evaluation of rewards as highlighted by Heneman (2002) can be justified by the following reasons provided by Pfeffer and Sutton (2006): Lack of time and resources to evaluate Bewildering sources of information Lack of training and skills in statistics Laziness Constant change in organisations 2.8 THE GAP BETWEEN HOW MANAGERS REWARD EMPLOYEES AND HOW EMPLOYEES WANT TO BE REWARDED Figure 2.8: What Do Employees Want From Their Jobs?-Sources: Foreman Facts, Labor Relations Institute of NY (1946); Lawrence Lindahl, Personnel Magazine (1949) Repeated with similar results: Ken Kovach (1980); Valerie Wilson, Achievers International (1988) Bob Nelson, Blanchard Training Development (1991) Sheryl Don Grimme, GHR Training Solutions (1997-2001) Most managers feel that all employees want is more money (Nelson, 2003). Research shows there is a wide gap between managers and employees on this issue, as shown in the figure 2.8.1. However, other survey findings revealed new elements which have not been found by the original study in 1996. Thus, the below list has been compiled from various authors survey findings on the subject in hand. Fair (competitive) Compensation (Perkins, 2007) Flexible working hours and time-off from work (Nelson,

the disease and choice of drug addiction

the disease and choice of drug addiction Disease vs. Choice Have you ever battled with the idea that maybe being a drug addict is a disease and not a choice? Or that it is a choice and not a disease? This topic is one of the most controversial subjects to discuss because there are many different opinions when it comes to deciding whether its a disease or choice. Some researchers have taken a stance and reported that drug dependence is a disease while other researchers report it as being a choice. My stance with this, even after researching, is that being a drug addict and or abuse is ultimately a choice. The moment we are born we all are born with free will. The things we choose to do at what ever age or time in our life is a choice. We make our own decisions to either say yes or no. Whenever those boundaries are crossed thats a choice being made. By taking into account a first hand story and interview from a woman that used to be addicted to drugs along with the information presented by researchers on both views of addiction as a brain disease and as a choice, I will argue against drug addiction being labeled a brain disease. In todays society it is almost impossible for anyone to say that they do not know someone who is involved in drugs in some sort of capacity. Some of us may know of someone that is a drug addict, ex- drug addict, or even someone that is contemplating drug use. However, no one gets involved with drugs at any point in time without first choosing to do so. With just that first decision and act of actually using, many people ultimately find themselves addicted to drugs or even drug abusers. Several people dont know that there is a difference in being addicted to drugs and being a drug abuser. Although neither of the two is any better than the other, there is still a difference. According to Drugs, Society, and Human Behavior the thirteenth edition by Carl L. Hart, Charles Ksir, and Oakley Ray, drug addiction is when someone compulsively uses a substance, despite its negative and sometimes dangerous effects. Drug abuse is when someone is using a drug excessively, or for purposes which it was not medically intended (Hart, Ksir, Ray). However, someone can abuse drugs without being addicted but the opposite is not true. It is not possible to be addicted to drugs without abusing them. Once that imaginary line has been crossed that spiral downward begins to take place in ones life unless the individual chooses to not take that path. Drug use, like all other choices, is influenced by preferences and goals. It is not gender specific and affects people of all age groups and economic levels. Continued drug use alters good judgment and leads to other risky behavior such as making a decision to drive a vehicle, have unprotected sex, or participate in activities one would not normally undertake, if not for being under the influence of drugs. Those who are addicted or are abusers fail to fulfill their obligations at school, at work, to friends, and even family members. This is all a familiar scene for Kathy Thomas, a woman that used to be addicted to drugs and now have been clean for twenty- one years. She recalls upon the time when she first tried cocaine. Kathy states in the interview that she had just gotten into a fight with her husband, at that time, and as a result of that fight and how she was feeling she made a choice to let someone easily convince her to try cocaine. Eventually Kathy wanted to try the drug agai n and from there on allowed for her self to become hooked on the drug. She chased that high constantly for two years. Throughout the two years she struggled with the idea of wanting to quit but still wanting to feel that first high again. She remembers inheriting some money from her grandfathers estate and blowing approximately one thousand dollars on cocaine within a matter of twenty-four hours. She became very neglectful towards her kids along with her other responsibilities. Kathy states that the circumstances that lead up to her going into rehab was the scare she received from being involved in a drug raid and realizing that if anything happened to her then she would have no one to care for her kids. Those two things frightened her enough to get clean and remain clean. In the interview with Kathy she was asked if she believes whether drug addiction is a disease or choice. Kathy responded by saying that she believes it is a choice because she was not forced into using drugs and t hat she made those choices to do the drug each and every time while realizing how she and her family were being affected. Ultimately it was something she wanted to do and because of her drug use she allowed for her life to be turned upside down. When asked if she accepts full responsibility for her actions she answered, â€Å"yes, because it would be wrong to actually blame others for my actions or on the idea that it may a brain disease when in the end it was all by choice just as it was my choice to get clean† (Thomas). While taking into account real life circumstances from an ex- drug addict on drugs as a choice, lets look into what some researchers have founded. Authors of Drugs, Society, and Human Behavior report that until the 20th century, the most common view was probably that dependent individuals were weak willed, lazy, or immoral, then medical and scientific studies began of users. Through those studies they believed that it seemed as if something more powerful than mere self-indulgence was at work, and the overall view began to be that dependence is a drug induced illness (Hart, Ksir, and Ray 34). But to add insult to it all, Alan Leshner, the former director of the National Institute on Drug Abuse at the National Institutes of Health, compares having an addiction, although knowing that it begins with a clear voluntary decision, to that of someone with schizophrenia because they cannot control their hallucinations and delusions as well as to someone that has Parkinson disease because they cannot control their trembling (Leshner). First lets get an understanding of what disease means. Disease is a particular destructive process in an organ or organism, with a specific cause and characteristic symptoms; specifically; an illness or ailment (Webster). With this in mind how can one compare any disease to that of a drug addict? Someone with a heart disease, schizophrenia, Parkinson disease, or any other disease does not choose to wake up one day and say that they want to have their diseases however a drug addict does choose to use drugs. No matter how it ultimately affects the user they were affected because of their choice to use. Jeffrey Schaler, a psychologist and author of Addiction is a Choice, views drug addiction as a choice and is very critical of treatments that â€Å"teach† patients that they are not in control of their behaviors (Schaler). However, the Drug Addiction Support website states that the person is no longer in control of it and cannot break free of the diseases power and that â€Å"thing† that says stop isnt there anymore (Drug). If this were true then what about those that voluntarily decide to get clean? And if this were true then we wouldnt have stories like Kathy Thomas. Stanton Peele, a psychologist and source used in the Drugs, Society, and Human Behavior the thirteenth edition, argued that substance dependence does not have many of the same characteristics of some classic medical diseases. He states how we cant X-ray or blood test to reveal the underlying cause or even that there is an underlying cause because all that is present as far as symptoms is excessive involvement. Peele suggests that if substance abuse is a disease then gambling, excessive sexual intercourse, and overeating should also be seen as diseases, but in this sense it demoralizes our normal understanding of the concept of disease. Therefore, stating that substance abuse is like a disease in many ways is ultimately different from insisting that it is a disease (40). Society labeling drug addiction as a brain disease gives drug addicts a way out of taking responsibility for their own actions. My position with this is that they will likely continue to use because they will fall int o the stigma that they use because they have a disease and they cant stop. There are so many things that happen to a human in life that are truly out of our control but unless one is actually held at gunpoint to use drugs then this is one thing that we can control. But even in this scenario if one is forced to use drugs then once free of the torment the victim ultimately has a choice of continuing to use or to quit. Schaler believes that most of the drug addicts resort to using drugs because of problems in their life that they are trying to run away from. Therefore, if one brings forth their problems that they are trying so hard to avoid and learn different ways of coping with them then they are more likely to have a successful outcome (Schaler). The Drug Addiction Support group suggests that whatever the drug of choice, intervention and treatment are necessary for addicts to return to a healthy lifestyle (Drug). When looking back into Kathys story and interview she expressed that there are factors that a drug addict needs to put in place in order to remain clean and drug free. She stated how she had to make choices to change the type of people she hung out with, the type of places she went to, and the things that she did that lead her to use drugs (Thomas). In summary using drugs is a willful commitment or dedication, just like joining an exercising club or committing your self to complete a college education. While heavy consumption of drugs is often foolish and self-destructive, it is still a matter of personal choice. Drug dependence has no specific preference on which person is affected. Bad people are drug addicts, weak people, good people, nice people, well-educated people, the blue collar, the rich, and the poor. People decide their own fate when it comes to drug usage. Labeling drug addicts as having a brain disease is not fair to those that truly do have diseases and made no choice to contain their conditions. Those that are addicted to drugs need to accept responsibility for their choices. Every single time someone picks up drugs and does them then they are choosing to do so. No one else chooses that for them. Those that have successfully gotten themselves into a treatment center or sought other ways of rehabilitating themselv es have done so because they chose to. Just as well, when one relapses it is because they chose to go and use drugs again. Once it is understood that drug addicts are choosing to do drugs and that it is not some â€Å"force† keeping them from stopping then maybe there will be more drug addicts taking responsibility for their action. However it may be, I will still hold my stance in saying that being a drug addict and or abuser is still a choice.

Saturday, July 20, 2019

Essay --

Descartes’ philosophy of mind in terms of immaterialism is closely associated with Dualism. His proposition is that mind and body are not identical, or can be rephrased as, mental phenomena are non-physical. Descartes’ whole structure of philosophy is presented by the way of Dualism to some extent. He distinctly divides the world into several entities of different nature and characters, each of which is independent. So in terms of mind-body relationship, he proposes the mind-body dichotomy. But when he has anatomized the major difference between the two, he had to get back to it because he is bothered with the explanation of the synergy and interaction between mind and body. So he is facing with the major confrontation between the dualism and the mind-body synergy in my way of interpretation. Dualism is tenacious and flexible because it is not running counter to people’s intuition – mind and body are different. This is the most common opinion towards the mind-and-body issue, which is something we take for granted. In our daily lives, the difference between the state of mind and state of material is obvious: First of all, subject of material occupies space; it takes up space and is presented dimensionally. The subject of mind is invisible and therefore does not take up space. Second, attributes of mind are different from those of material. For example, when pain is inflicted upon our body, we can only FEEL it but according to neurologist’s account there’s nothing in our nerves that is found identical to the characteristics of pain. Third, the cognitive characteristics that we have for knowledge are different. Put it this way, perception towards material is ‘public’, or say, every individual who has certain intact body structure ... ...perceive and to think, we need to have a BODY to carry the thinking and perceiving activity. Subject matter are more transparent and clear than object matter. For example, we see, we touch, we imagine wax so we come to the conclusion that wax does exit; the subject matter that carries these activity are self-explanatory. To put it in a nutshell, ‘Cogito ergo sum’ is the starting point of the whole structure of Descartes’ philosophy. But it is the ‘epitaph’ of his ‘universal doubt’. ‘Cogito ergo sum’ is not pure immaterialism. Rather it’s pure theory of perception. It is fallible to conclude that Descartes is immaterial; it is very vulnerable and susceptible to attack, because the immaterialism is derived from Descartes whole body structure of his philosophy. While in light of ‘I think, (therefore) I exist’, it is not pure immaterial or material to say the least.

Friday, July 19, 2019

Marks Spenser in Turkey :: Marketing Strategy

Marks Spenser in Turkey For years, M&S’ marketing strategy was simple: produce high quality products under a famous brand name at affordable prices, and advertise the products in classical ways. However, in recent years this strategy collapsed and the company started to lose its competitiveness. M&S had to find solution to this problem to survive in both domestic and overseas marketing environment. It is known that franchising is one of the most important factors of future development of any company. Consequently it is essential for M&S to have a reliable franchisee as Fiba Holding to become successful in such a big marketing area as Turkey. First of all, franchising allows the company to achieve success in Turkey with minimal economic and political risks. Since opening of own outlet in Turkey requires an agreement with the government and careful research on local market conditions, it is to the advantage of M&S to have a local partner working under company’s brand name. And about 700 outlets in 34 countries is the best show of efficiency of franchising. In Turkey, the Fiba Holding is planning to increase the number of M&S outlets by the end of the 2002. The profit made in recent years encouraged the Fiba Holdng to expand as a M&S franchisee. In addition, a â€Å"M&S credit card† financial service is occured to be very attractive for their potential customers. Another factor making M&S brand name so popular are the cut prices and many types of promotions done by the company periodically. Since M&S has concentrated on middle class customers, the cut price and promotion strategy plays a significant role in increasing the local demand. Furthermore, M&S company tries to behave in such a way that inflation of Turkish currency has a very tiny effect on the prices changing.

Thursday, July 18, 2019

Experimentation in Literature in the 1920s Essay -- essays papers

Experimentation in Literature in the 1920s The year 1920 opened a decade that proved to be like none other before it, a decade that was to shake the world. The 1920's changed the way the world worked, for it was a time of discovery and achievement through improvisation and experimentation, when in the past everything had been carefully labored over, and thought out thoroughly. A few of these discoveries and achievements, and the men who accomplished them, stand out from the rest. With James Joyce and the publication of his massive masterpiece Ulysses, T.S. Eliot, and the publication of his brilliant and stunning poem The Waste Land, and F. Scott Fitzgerald and the publication of his complex and tragic The Great Gatsby, the 1920's were indeed a time of amazing discovery and achievement through experimentation and improvisation. T.S. Eliot published The Waste Land in 1922, and the world of poetry changed forever. Yet his experiments in form and style began long before The Waste Land was ever published. Eliot was developing his unique style, as demonstrated in several of his early poems. Noticeable among these poems is the powerful work The Love Song of J. Alfred Prufrock, which received much critical acclaim after being published in America. The Love Song of J. Alfred Prufrock, or just Prufrock, as many critics called it demonstrated his combination of blatant pessimism and withering hopes and desires with the sterility of modern life. Another shocking feature in the poem was the juxtaposition of the brilliantly original verse with the cliched, something that made his style very unique; never before had anyone so daringly put the common language and the esoteric together in such a fashion. Prufrock effectively presen... ...ng Company, 1996 Anderson, Chester, James Joyce. New York, Thames/ Hudson, 1967. Brownstone, David and Irene Frank, Timeline of the Twentieth Century. Canada, Little-Brown and Company, 1996. Daniel, Clifton, editor, Chronicle of the Twentieth Century. United States, Harper and Row, 1990. Daniels, Jonathan, The Time Between the Wars. United States, Doubleday, 1966. Day, Martin, A Handbook of American Literature. New York, Crane, Russak, and Company, Inc., 1975. Ellman, Richard, James Joyce. United States, Oxford Press, 1959. "F. Scott Fitzgerald", Gale's Discovering Authors, 1995. "James Joyce", Gale's Discovering Authors, 1995. Severn, William, The End of the Roaring Twenties. United States, Simon and Shuster, 1969. Tate, Allen, editor, T.S. Eliot and His Work. United States, University of the South, 1966. "T.S. Eliot", Gale's Discovering Authors, 1995. Experimentation in Literature in the 1920s Essay -- essays papers Experimentation in Literature in the 1920s The year 1920 opened a decade that proved to be like none other before it, a decade that was to shake the world. The 1920's changed the way the world worked, for it was a time of discovery and achievement through improvisation and experimentation, when in the past everything had been carefully labored over, and thought out thoroughly. A few of these discoveries and achievements, and the men who accomplished them, stand out from the rest. With James Joyce and the publication of his massive masterpiece Ulysses, T.S. Eliot, and the publication of his brilliant and stunning poem The Waste Land, and F. Scott Fitzgerald and the publication of his complex and tragic The Great Gatsby, the 1920's were indeed a time of amazing discovery and achievement through experimentation and improvisation. T.S. Eliot published The Waste Land in 1922, and the world of poetry changed forever. Yet his experiments in form and style began long before The Waste Land was ever published. Eliot was developing his unique style, as demonstrated in several of his early poems. Noticeable among these poems is the powerful work The Love Song of J. Alfred Prufrock, which received much critical acclaim after being published in America. The Love Song of J. Alfred Prufrock, or just Prufrock, as many critics called it demonstrated his combination of blatant pessimism and withering hopes and desires with the sterility of modern life. Another shocking feature in the poem was the juxtaposition of the brilliantly original verse with the cliched, something that made his style very unique; never before had anyone so daringly put the common language and the esoteric together in such a fashion. Prufrock effectively presen... ...ng Company, 1996 Anderson, Chester, James Joyce. New York, Thames/ Hudson, 1967. Brownstone, David and Irene Frank, Timeline of the Twentieth Century. Canada, Little-Brown and Company, 1996. Daniel, Clifton, editor, Chronicle of the Twentieth Century. United States, Harper and Row, 1990. Daniels, Jonathan, The Time Between the Wars. United States, Doubleday, 1966. Day, Martin, A Handbook of American Literature. New York, Crane, Russak, and Company, Inc., 1975. Ellman, Richard, James Joyce. United States, Oxford Press, 1959. "F. Scott Fitzgerald", Gale's Discovering Authors, 1995. "James Joyce", Gale's Discovering Authors, 1995. Severn, William, The End of the Roaring Twenties. United States, Simon and Shuster, 1969. Tate, Allen, editor, T.S. Eliot and His Work. United States, University of the South, 1966. "T.S. Eliot", Gale's Discovering Authors, 1995.

Essays Solution

Workshop 3 Interest Rates and Bond Valuation Terminology †¢Face value/par value – the original issue price (the amount borrowed). †¢Maturity date – date on which loan has to be repaid. †¢Coupon interest rate – original interest rate on the bond. †¢Coupon payment – the fixed interest payment on the bond. †¢YTM=required rate of return. ?Bonds pay fixed coupon payments at fixed intervals and the face value at maturity. ?there is an inverse relationship between the price of an investment and the rate of return on the investment – if you pay a higher price for an investment your rate of return must be lower (holding all other factors constant)) ?If the YTM = coupon rate the bond will sell for the face value (i. e. current price = face value). ?If the YTM > coupon rate the bond will sell for a discount (yield goes up, price goes down). If the YTM < coupon rate the bond will sell for a premium (yield goes down, price goes up). Disc ussion 1. Identify the three most important determinants of the price of a bond. Describe the effect of each? Answer The three factors affecting the price of a bond are – coupon – yield – term to maturity. T > The relationship between price and coupon is a direct one – the higher the coupon, the higher the price. The relationship between price and yield is an inverse one – the higher the yield the lower the price, all other factors held constant. The relationship between price and maturity is not so clearly evident. Price changes resulting from changes in yields will be more pronounced, the longer the term to maturity. 2. Given a change in the level of interest rates, discuss how two major factors will influence the relative change in price of individual bonds. AnswerFor a given change in the level of interest rates, two factors that will influence the relative change in bond prices are the coupon and maturity of the issues. Bonds with longer matur ity and/or lower coupons will have the greatest price changes in response to a given change in interest rates. Other factors likewise cause differences in price volatility, including the call features, but these factors are typically much less important. 3. What is the purpose of bond ratings? Answer Bond ratings provide a very important service in the market for fixed income securities because they provide the fundamental analysis for thousands of issues.The rating agencies conduct extensive analyses of the intrinsic characteristics of the issue to determine the default risk for the investor and inform the market of the analyses through their ratings. 4. What are the important assumptions made when you calculate the promised YTM? Answer The most crucial assumption that the investor makes is that cash flows will be received in full (i. e. investors hold the bond to maturity) and reinvested at the promised yield. 5. You expect interest rates to decline over the next 6 months.What kin d of bonds do you want in your portfolios in term of duration and explain your reasoning for this choice. Answer Given that you expect interest rates to decline during the next six months, you should choose bonds that will have the largest price increase, that is, bonds with long durations. 6. Which of the following bonds will have the greatest percentage increase in value if all interest rates decrease by 1 percent? a. 20-year, zero coupon bond. b. 10-year, zero coupon bond. c. 20-year, 10 percent coupon bond. d. 20-year, 5 percent coupon bond. AnswerSince a zero coupon bond’s price today is determined just by the NPV of its par value, all of its payment is discounted for the maximum amount of time, whereas a coupon bond has many payments discounted for less than the maximum amount of time. Therefore, a zero coupon bond is most affected by interest rate changes. So, the longest zero coupon bond is the correct answer, which is statement a. 7. Which of the following statements is most correct? a. All else equal, long-term bonds have more interest rate risk than short-term bonds. b. All else equal, high-coupon bonds have less reinvestment rate risk than low-coupon bonds. . All else equal, short-term bonds have less reinvestment rate risk than do long-term bonds. d. All of the statements above are correct. Answer Statement a since high-coupon bonds have more reinvestment rate risk than low-coupon bonds and short-term bonds have more reinvestment rate risk than do long-term bonds. Problems 1. Two years ago you bought a government bond for $1,000 because you liked the 10% p. a. coupon interest payment that you would receive for 10 years. Interest on the bond is paid annually. Two years later, when the market interest rate has fallen to 8% p. a. what is the value of your bond? SolutionSince coupon rate is 10% and YTM has fallen to 8%, it must be the case that the price of this bond has increased (remembering the inverse relationship between bond price and yie ld). 2. The Morgan Corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then payS $800 every six months over the subsequently eight years, and finally pays $1,000 every six months over the last 6 years. Bond N also has a face value of $20,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond.If the required return on both these bond is 8 percent compounded semiannually, what is the current price of bond M? and bond N? Solution The price of any bond (or financial instrument) is the PV of the future cash flows. Even though Bond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is: PM = $800(PVIFA4%,n=16)(PVIF4%,n=12) + $1,000(PVIFA4%,1n=2)(PVIF4%,n=28) + $20,000(PVIF4%,n=40) PM = $13,117. 88 Notice that for the coupon payments of $800, we found th e PVA for the coupon payments, and then discounted the lump sum back to today.Bond N is a zero coupon bond with a $20,000 par value; therefore, the price of the bond is the PV of the par, or: PN = $20,000(PVIF4%,40) = $4,165. 78 3. Bond P is a premium bond with a 9 percent coupon. Bond D is a 5 percent coupon bond currently selling at a discount. Both bonds make annual payments, have a YTM of 7 percent, and have five years to maturity. What is the current yield for bond P? for bond D? if interest rates remain unchanged, what is the expected capital gains yield over the next year for bond P? for bond D? Explain your answers and the interrelationship among the various types of yields.Solution To find the capital gains yield and the current yield, we need to find the price of the bond. The current price of Bond P and the price of Bond P in one year is: P:P0 = $90(PVIFA7%,5) + $1,000(PVIF7%,5) = $1,082. 00 P1 = $90(PVIFA7%,4) + $1,000(PVIF7%,4) = $1,067. 74 Current yield = $90 / $1,082. 00 = . 0832 or 8. 32% The capital gains yield is: Capital gains yield = (New price – Original price) / Original price Capital gains yield = ($1,067. 74 – 1,082. 00) / $1,082. 00 = –0. 0132 or –1. 32% The current price of Bond D and the price of Bond D in one year is:D:P0 = $50(PVIFA7%,5) + $1,000(PVIF7%,5) = $918. 00 P1 = $50(PVIFA7%,4) + $1,000(PVIF7%,4) = $932. 26 Current yield = $50 / $918. 00 = 0. 0545 or 5. 45% Capital gains yield = ($932. 26 – 918. 00) / $918. 00 = 0. 0155 or 1. 55% All else held constant, premium bonds pay a high current income while having price depreciation as maturity nears; discount bonds pay a lower current income but have price appreciation as maturity nears. For either bond, the total return is still 7%, but this return is distributed differently between current income and capital gains.