Red Bull Marketing Questions Essay Example | Topics and Well Written Essays - 1000 words

Red Bull Marketing Questions - Essay Example High income customers have high potential of consumption than low income customers. Therefore, the sales territories will be divided into high sales prospect and low sales prospects. According to the Australian Bureau of Statistics (2012), Australia has a high number of employed people. The employment rate increased by 0.1 percent and this will result to increase in consumer’s consumption. This provides a basis on identifying the sales team territory. The sales territory will be divided into high sales potential and low sales potential territories. The sales team will be allocated roles to seek and increase sales among the income earning people and the unemployment. The income generating individuals constitute the high sales prospects territory while the unemployment make up the low sales territory. Additionally, the sales territory will be determined geographically. The sales team will be allocated responsibilities in different geographical regions. Different sales representatives will be assigned Victoria, New South Wales, Queensland, South Australia, Tasmania, Western Australia, Australian Capital Territory and the Northern territory (Australian Bureau of Statistics, 2012),. In addition, most people living in urban areas have a higher income than the people living in the rural areas. The sales team will be allocated responsibilities in different rural and urban areas. The size of each territory will be determined to decide the number of sales staff to be allocated. This will ensure that the sales representatives are not given too much or too little to do. This can result to over or under servicing of consumers. The sales personnel will be allocated territories appropriately to avoid over servicing of consumers. This can cost the Red Bull since over taxed sales representatives take on suboptimality in their activities. They will take a remarkably small number of leads; spend less time with existing consumers and spot few potential consumers.

Effective Employee Selection and Its Importance Essay Example for Free

Effective Employee Selection and Its Importance Essay One of the most important decisions comes when having to select an employee to fill a job vacancy. In the current labor market, highly qualified applicants are scarce and, among the existent ones, it is hard to spot the ideal candidate. Sometimes it is so urgent that a position be filled, that a person may win the job by default, or sloppy selection criteria may be applied. A quick fix may ease workload for a while, but it might prove lethal for the business viability itself in the long run. Therefore, a larger attention in the selection process can provide the business with employees who will finally produce the desired results. The analysis of the employee selection process is a fairly new practice. During the 70s, any systematic attempt to sort out skills was often unpopular (Lee, 50). This began to change during the 80s and into the 90s, when an estimated 80% to 90% of companies used pre-employment testing (Brindow and Spencer, 80). As Chris Lee states, we are returning to a focus on individual competence [†¦] objective standards are coming back in both education and employment (Lee, 49). Another survey by researchers Randall, Cooke and Smith established that 95% of employers who tried testing for screening sales candidates were still using it (Randall, 53). All the data shows the inclination of the modern businesses to highly stress on everything that will maximize the effectiveness of employee selection and, consequently, employee performance. Processing an applicant for a job normally entails a series of steps, which are determined by the size of the organization, the types of jobs to be filled or the number of people to be hired. The selection stage should be backed up by an effective recruitment process, which greatly depends on job analysis and job description. Job analysis is a process to identify and determine in detail the particular job duties and requirements and the relative importance of these duties for a given job. Job Analysis is a process where judgements are made about data collected on a job (HR Guide). Its purpose is to establish and document the job relatedness of employment procedures such as recruitment, selection, training, compensation and performance appraisal through its product, the job description. During the selection process, the job description is used in creating an accurate  advertisement for the job and attracts the proper candidates, that is, the persons that most probably will fit for the specific job. A realistic job preview, based on an accurate job description and specification (the qualifications demanded for the job), will help applicants understand what the job entails and make more informed decisions as to whether they want to apply for the job or not. According to Gregorio Billicopf of the University of California, selected applicants who understand both the positive and negative sides of a job, are most likely to stay and succeed. (Billicopf, 18). After the recruitment process has been concluded and the applicants have sent their resumes, the first step of the selection process should take place; screening the resumes. CVs provide basic information for use in the next step of the selection process and are used to screen out the unqualified applicants. For instance, if the position requires the ability to use a word processor, the resume provides a clear picture whether the person owns this ability or not. Resume screening is a standard procedure in most organizations during the selection process, despite their size, activity or culture. After the resume screen out, the remaining applicants will be invited for an interview, which is the most important step in the selection process. It supplements information obtained in other steps in the process to determine the suitability of an applicant for a specific opening. Organizations use several types of interviews. The structured interview is conducted using a predetermined outline that is based on the pre-mentioned job analysis, while unstructured interviews are not based on any outline, and use open ended questions. The structured interviews should be preferred over the unstructured ones, as the former helps the interviewer maintain control of the interview that all pertinent information on the applicant is covered systematically by also providing the same type of information on all interviewees. On the other hand, unstructured interviews may provide a more relaxed atmosphere, but they lack of systematic coverage of information and are very susceptible to the personal biases of the interviewer (Byars Rue, 141). Organizations use three additional types of interviewing  techniques to a limited extent; the stress interview, which puts the applicant under pressure while the interviewer adopts a hostile attitude toward the interviewee in order to detect who is highly emotional and who is not, the board or panel interview, in which two or more people conduct an interview with one applicant, and the group interview in which several applicants are questioned together. A successful interview requires training in the skills, techniques and requirements of successful interviewing. All these will include an effective preparation for the interview, such as scheduling a time and location for it, review of all paperwork of the applicant and the current position description and specification and making a list of interview questions that will help in collecting the information needed for the decision. When the applicant arrives, the interviewer should help him / her feel at ease by showing him / her polite and friendly attitude and let him / her know about the organization. During the interview, the answers the applicant will give will prove to be valuable source of information. Carefully selected open ended questions should be asked so that the answers given will help determine the suitability of the applicant to a particular position. Additionally, this will encourage the interviewees to supply more in depth information. But still, this should follow a specific and consistent outline in order to ensure a uniform method of questioning, which will be applied to all applicants. It is also important to allow silence for thinking and reflection by the applicant, so that he / she slowly reveals his / her basic competencies, which often determine the interviewees advantage over the rest of the applicants and affects the hiring decision. A basic competency is a knowledge, skill or behavior essential for one to function as an effective member of the specific organization and is an essential part of the selection criteria developed and reviewed before the interview questions are written (Univ. of Michigan, 38). Finally, it is important to record actual answers to questions as opposed to evaluative or conclusive comments. This will minimize subjectivity and biases, factors that may prove lethal during the hiring process, because the persons adopting them will most  probably end up with the wrong decision and an unsuitable new employee. Even though the interview will certainly tell a lot about the candidates qualifications, the only reliable way these qualifications can be measured are tests. The applicants can be tested before, during or after the interview. Tests can be classified as power versus speed tests, as well as written, oral or practical tests. They can measure knowledge, ability, skills, aptitude, attitude, honesty and personality (Billikopf, 20). Whatever the type of the test used, however, the integrity of test questions needs to be guarded. Many tests have undergone validation and reliability studies. The type of test to be used during the selection process depends on the size of the organization, its activity as well as the nature of the position that is to be filled. Aptitude tests measure a persons capacity or potential ability to learn and perform a job. Some of the more frequently used tests measure verbal ability, numerical ability, and perceptual speed, spatial and reasoning ability. Psychomotor tests measure a persons strength, dexterity and coordination. Job knowledge tests measure the job related knowledge possessed by a job applicant. Proficiency tests measure how well the applicant can do a sample of the work to be performed. The last ones are the most frequently used by employers worldwide, in all types of organizations. Other types of tests are interest tests, which are designed to determine how a persons interests compare with the interests of successful people in a specific job, personality tests which attempt to measure personality traits, polygraph tests with the use of the polygraph, a device that records physical changes in a persons body as he or she answers questions, and physical examinations (drug and AIDS testing or even genetic testing). The last ones are normally required only for the individual who is finally offered the job, and the job offer is often contingent on the individual passing the physical examination. The exam is given to determine not only whether the applicant is physically capable of performing the job but also his or her eligibility for group life, health and disability insurance (Byars, 143). Because of the expense, physical examinations are usually one of the last steps in the selection process. The final step in the selection process is choosing one individual for the job. There are usually more than one qualified persons, but if the previous steps in the selection process have been performed properly, the chances that a value judgment based on all the information gathered will be successful improve dramatically. Because people sometimes falsify their credentials and backgrounds, though, it is important to check references. Additionally, people sometimes interview well but have a record of not actually performing as well as they have led the interviewer to believe. Therefore, it is important to check out any areas in which there are doubts or uncertainties. Reference checks are also a form of insurance. The hour or two it takes to conduct a reference check is far less time than the time it will take to deal with performance, attitude or behavior problems (Univ. of Michigan, 36). The people that the responsible person for the selection has to contact are former supervisors, people whose names the candidate has given as work references to establish the working relationship, people that the employer knows personally who have worked with the candidate and people recommended by any of the above who are said to know the candidates work. However, some employers may hesitate to provide negative information about a former employee out of fear of lawsuits. Only people known and trusted can be relied on to give an accurate picture of a potential employee, and, even then, people have different perceptions and personalities, factors that must be considered when weighing employer references. After the evaluation process has been completed, the one most suitable applicant will finally be selected. Recruiting and selecting the right people for the organization is a challenge, and every situation is unique. Innovation, persistence and the ability to communicate the strengths of the business and the benefits of the positions offered, will attract high quality employees. Selecting among them will be hard, but if the selection process steps are implemented properly, the final decision will prove to be really beneficial to the organization. No matter who makes the final decision the human resource department, the manager of the department or even the owner of the firm -, this decision should be backed up by the correct procedure, otherwise the consequences  could be extremely costly, if not lethal. All managers should be trained on the selection process for the benefit of the organization. WORKS CITED Billikopf, Gregory. Labor Management in Agriculture: Cultivating Personnel Productivity. University of California. 2003. p. 2-5, 18-23. Brindow Peter, Spencer Leslie. When Quotas Replace Merit, Everybody Suffers. Forbes. Feb 1993. p. 80. Byars Lloyd, Rue Leslie. Human Resource Management. 8th edition. Mc Graw Hill. p. 141-144Job Analysis: An Overview. The HR Guide. Oct 2002. May 2006. http://www.job-analysis.net/G000.htmLee, Chris. Testing Makes a Comeback. Training Vol. 25. Dec 1988. p. 49-50. M-Pathways Employment Steering Committee Sub-Group Report. Conducting a Successful Employee Selection Process. University of Michigan. Apr 2001. p.20-35. Randall, James. A Successful Application Of The Assessment Center Concept To the Salesperson Selection Process. Journal of Personal Selling Sales Management. May 1985. p. 53.

The Hole In The Net :: essays research papers

Our social safety net has a hole in it. The fibers of the net are decaying; the hole is getting bigger. More people are falling through, and the people with the least strength are holding the most of the weight. Three to four million Americans are homeless according to the U.S. Department of Housing and Urban Development, 5.5% cannot find jobs according to the Bureau of Labor and Statistics, and the figure is over twice that in the 20-24 year old age group, according to the Department of Education. A very slim minority of these people are sucking off the system, but the vast majority just had a bad break. Such is the story of Peter and Megan, as told by author Jonathan Kozol in his Robert F. Kennedy Memorial Book Award winner Rachel and Her Children: Homeless Families in America. Peter was a carpenter and she was a homemaker who raised their five children. They lived in a neat, working class apartment building in New York City. Peter did construction for public housing projects, and had a vast array of technical skills and tools: â€Å"I did carpentry. I painted. I could do wallpapering. I earned a living. We spent Sundays walking with our children on the beach.† It may sound like this was a happy family, living the American Dream. Perhaps they were -- they were self sufficient for all of the 12 years that they had been married, they had a steady income, a close and loving family, a home, and a chance for their children to do even better than they had done. Then the fire struck. They came racing home after hearing the news, only to find that everything had been destroyed. The children lost their pet dog and cat, Megan lost her grandmother’s china, but Peter perhaps lost the most: his tools. Since the fire, he has not had a job, because a carpenter without tools might as well not have eyes. He explained that for every job he had, he would add a new tool to his collection. But they all went up in the blaze. When Kozol first met them, they were living in a welfare hotel in New York, where they had been living for two years. They can’t get out because federal assistance programs (better known as welfare) tell them that their family limit for an apartment is $366 a month -- this with seven family members living in New York City. (In comparison, that’s about the rock bottom price for a week in a New York City one room motel.) In their two room â€Å"apartment†, the entire place is falling

Othello (How Is He Lead to His Demise) Essay

Shakespearean writing are ones of which, with a few strokes of a pen, can achieve more than novelists can achieve in a full length novel. Shakespeare’s writing is complex and includes great measures of love, hatred, loyalty, deception and betrayal. These traits of his texts are all evident in Othello. In Act 1, Othello is perceived as a noble moor. With Shakespeare’s invention of the manipulating and cunning Iago, the multi-layered use of Othello’s mothers handkerchief, and Othello’s past military training being resurfaced due to Iago’s lies, all lead Othello to his demise. Deception and betrayal are two of Iago’s worst traits when he is outranked by Cassio. Iago’s capacity for cruelty appears limitless, and no motivation he gives for his actions seems enough to explain the incredible destruction he wreaks on the lives of the people he knows best. His bitterness in not succeeding on becoming lieutenant is not a sufficient enough reason to match his countless acts of evil machinations. Iago uses a subtle approach when provoking Othello to become untrustworthy of Desdemona. He is able to hurt Othello successfully because he understands him so much. He grows closer to Othello as the plot progresses. In Act 2, scene 1 Iago states, â€Å"The moor, howbeit that I endure him not, is of constant, loving, noble nature†. These 3 adjectives indicate his awareness of Othello’s character. As Iago therefore continues to explain that he knows the noble moor would be a deserving husband of his wife, but then uses this knowledge to his power to play with Othello’s thoughts, using his strong love for Desdemona as a portal to self-destruction for all of those he knows best. He makes this statement in soliloquy after Othello and the entire company land on Cyprus. He is able to acknowledge that Othello is a worthy noble man, however, Iago reveals how evil and manipulating he can be, by wanting to utterly destroy Othello’s life and reputation. He is subbed when Othello gives the lieutenant’s position to Cassio. In return he makes ridiculous excuses that Othello slept with his wife Emilia, as another reason for revenge. It is all because of Iago’s cunning and evil power that he ruins these lives for his own sadistic pleasure. The noble moor is led to become the enraged murder when manipulative Iago tells Othello that Desdemona has given his mother’s handkerchief to Cassio. Act 3 Scene 3 is the beginning of Othello’s â€Å"handkerchief plot†, a seemingly insignificant event that becomes the means in which Othello, Desdemona, Cassio, Roderigo, Emilia and even Iago himself are completely undone. The handkerchief symbolizes love and with the manipulation of Iago, great depths of anger and untrustworthiness. Othello tells Desdemona that an Egyptian witch gave it to his mother, and it serves as a love charm. â€Å"Make it a darling like your precious eye. To lose’t or to give’t away were such a prediction as nothing else could match† Othello tells Desdemona. Othello’s simile here is an alarming one as it is evident that if Desdemona was to be unfaithful, the superstitious purposes can be equated in value for a precious bodily organ. Shakespeare cleverly allows this item to move amongst characters in the novel before Othello demands evidence of his wife’s disloyalty to him. Iago has already planned out his scheme before confronting Othello. â€Å"Tell me but this, have you not sometimes seen a handkerchief, spotted with strawberries in your wife’s hand?† Iago uses this rhetorical question as a persuasive technique to make his point more believable. He explains to Othello that earlier that day he seen Cassio wipe his mouth with the handkerchief. We know that Cassio has not seen the item, and it is in Iago’s pocket whilst he asks this question. Othello is so blinded by jealousy that he accepts Iago’s lie as the strongest possible evidence. Although he forgets Desdemona tried to bind his head with it at dinner. Through this imagery and plot device we see that the importance of the handkerchief assists the noble moor in becoming the enraged murderer in scene 5. Scene 5 sees the story unfold and the main characters undone. Othello enters the room as he hovers over Desdemona whilst he tries to prepare himself to kill her. â€Å"It is the cause; it is the cause, my soul, let me not name it to you, you chaste stars! It is the cause†. This use of repetition implies Othello’s constant thought process and how he knows in his mind she has done wrong. He feels as though he must put an end to her betrayal and disloyalty, if not for himself, but for future men she may do it to. His past military training makes the killing of his wife second nature, a routine manoeuvre that’s sees the horrible deed carried out far easier than the circumstances should have allowed. â€Å"Out, strumpet! Weep’st thou for him to my face?† Desdemona is questioned by Othello, asking if she is calling for Cassio right to his face. â€Å"Down, strumpet!†. Othello proceeds to call Desdemona a whore on numerous occasions. This dramatic visualization enforces the idea that Othello has been greatly manipulated. Iago’s words have pushed him to the extent that he can no longer see Desdemona the way he once used too. His second nature of killing and military training is evident when he does not give Desdemona that chance to say a last prayer. He tells her, â€Å"It is too late†, as he smoothers her with the pillow they once both lay on together. This cruel and unfair treatment comes from what he knows best. If in danger, you must protect yourself. Although he was not in physical harm, his heart was in a much deeper pain. He used his unique skills as his defence mechanism to kill. Othello has been considered one of the most painful of Shakespeare’s tragedies. It explores the collapse of a proud, honourable man, the killing of a beautiful, dedicated woman, and the unreasoning hate of a â€Å"motiveless† villain. The text has evoked terror and pity in audiences throughout the centuries. Othello however holds a power that is perhaps more abrupt and strongly felt for operating on the personal, human plane.

Medieval castles

Castles of the Middle Ages In the 1 lth century, castles were served as the homes and fortresses of monarchs or nobles. They were also huge protection camps for the kings; they included every kind of defense known to medieval man. Anything from a moat, to murder holes, to arrow loops and this was all for the safety and protection of royalty. Overtime, the material used to build these castles improved by the matter of defense. Their purpose was extremely reasonable and a threat to many, but it was the private esidence of a king, not only for his families, but his dependents as well.Castles were built mainly on steep hills or even on cliffs, they were surrounded by wooden palisades and had many tactics of defense. With all of these strategies built into the castles, it was nearly impossible for enemies or intruders to trespass. However, castles weren't always built so sturdy, or such a great idea at that matter, they used to be made of wood and earth. When people realized how much easi er it was for them to be destroyed simply by being burned to the ground, they were then pgraded to stone and led.Castles were rarely made to be a comfortable place to live, since their purpose was for safety. The average castle had over 20 rooms, and not one was made for comfort. The Ground Floor usually was Just the kitchen and the storage room, the first floor was usually known as The Great Hall used for celebrations and ballroom dances, and the top floors were occupied by the lord and his family members. The dungeon however, is the room most people are curious about. It was a room usually located underground under a tower.This room was ntended for keeping prisoners, and in the most extreme scenarios, used for torture. The reason for the location of the dungeon was because the screams and cries were hardly ever heard. The castles also contained small personal chapels but this was the only room that anybody was able to visit since the Medieval Christian Church took over the everyda y lives and religious views of all people; its purpose was for prayer and asking god for forgiveness. These chapels were often built with a horizontally divided nave and were usually two stories high.The nobles and dignitaries sat in the upper level and the servants would sit in the lower levels of the chapel. The chapel was possibly the most perfectly furnished, richly decorated, and colorful room in the building. Since the time spent on prayer was expected four times a day, the chapel was occupied upon rising, at noon, in the evening, and before bedtime. They also consisted of crystal-like windows, which each had a meaning or story to it. Whether it was an image of God, The Virgin Mary, or even Just the angels in whom they believed were everywhere watching over them.The outside of the castle wasn't so pretty however, it may have seemed nice and peaceful from the outside but it was quite a surprise for others who attempted to trespass. It all starts when the king or lord places 14- year-old boys under the supervision of knights so they can learn a thing or two about chivalry, how to defend themselves with a sword, how to ride the horses into the battles, and so forth; these along with watchmen, guards, knights, and a porter to open up the main door.They each had their own positions and their own skills to rely on, some were trained rossbowmen, archers, lancers, and some Just had swords to defend themselves. The castle guards had to spend all day in front of a castle and staying alert. Even though these castles were made of stone, there were still a couple of possibilities that the enemy couldVe destroyed at least a part of the castle if they intended to, but it was rarely accomplished considering how difficult it was.Not only were courageous men securing the building, but they were even made in a way that it would force the attackers to spend more time and money trying to destroy it. The first line of defense toward an enemy and his crowd were the archers at t he top of the castle. These men launched incendiary arrows with their bows, making the enemy's wooden catapults engulf in flames. Along with that, the second line of defense was the lancers. They were men, with a sword-like weapon, riding on their horses fighting through the opposing crowd going around the building, taking out those who were a threat to the castle.Last but not least, the knights were the soldiers that were, most of the time, ositioned at the front of the gate and drawbridge. Their weapons were usually swords and axes and their suits were made of armor, hence the reason they were strategically positioned near the gates in case of any attackers that got too close. There was a lot of effort and money put into these castles to get them to be almost indestructible and they were no doubt an important lifestyle to royalty. They were the palaces of the nobles and the monarchs; they were a place for the kings family and dependents to feel safe and powerful.

Research Paper Proposals Child Development

Research Paper Proposals Child Development Research Paper Proposals: Child Development One of the hardest tasks in writing a research paper is coming up with ideas. Child Development runs the gamut from birth to adolescence, so there are many topic options. Here are a few suggestions: Parenting Styles and Child Development There are countless parenting techniques and styles, some dating to the turn of last century and others are relatively new. Some include Attachment Parenting, Free Range Parenting, and Helicopter Parenting. Early Childhood Abuse and Teen Development Issues This topic looks at teenage development issues that may arise due to childhood verbal and physical abuse. Intervention Programs for Disabled Children Head Start and other programs offer early intervention strategies and have been proven to show a reduction in later learning issues. Childhood Behaviour Modification/Reinforcement Behaviour modification is proven to help children with autism or with emotional and/or behavioral issues; which programs and reinforcement schedules have the most success? Parental Involvement Research in early childhood parental involvement helps positive intellectual development. LGBT Families Do LGBT families face different challenges from households with parents of different sexes? What do studies show about the development of children raised by LGBT parents? Attachment Parenting Attachment Parenting is one of the newest parenting styles and can increase a childs self confidence and independence. Effects of Bullying on Childhood Achievement Does bullying teach children to become more resilient or are they more likely to give up on their goals and efforts? Direct Trial Training in Autistic Children Direct Trial Training or Analysis is a widely used behavior modification technique used for teaching daily skills. Importance of Play It has been said that â€Å"a childs play is his work.† What are the effects of play-based learning for children and their development? For additional child development essay ideas or help with other academic needs, contact at sales@masterwriter.ca. You can also

Free Essays on Lincolns First Inaugural

With any speech no matter the subject being addressed, the speech its self can be greatly affected by the conditions in witch it is conducted. Whether it is the time period, the surroundings, or the type of audience being addressed each speech must accommodate these factors. This importance is greatly magnified the larger the audience base you are working with. Quite possibly the toughest platform being that of the President of the United States where your every word is analyzed and criticized. Though to become the President in the first place one would have to be an effective communicator, some are better than others are. One of the most effective in our history was that of Abraham Lincoln. In Lincoln's first Inaugural Address we see start to see the great communicator he is and of his ability to speak accordingly to the situation at hand. In this particular situation Lincoln was coming into the Presidency at a time when the Nation was divided in two. Because of this He had to find a way in witch to appeal to both sides of the line, in this case it being that of the North and of the South. The major issue of the time was whether or not slavery was right or wrong, and whether or not it was the duty of a "free" state to return a runaway slave to their owner if found. With the Nation split as it was and on the verge of a Civil War Lincoln had to find a way in this first address to bring a sense of peace into everyone's mind about his being elected, while also trying to move towards National peace. He was very effective in this now very famous speech in doing just that. In this paper I will be analyzing a couple of the techniques He used to do so. First, He had to let the public know that he would only be concerned with one issue on that day while not giving the illusion that he didn't care about the other problems in the Nation. He did this by stating his intentions right off the bat. He started by saying, "I do not consider... Free Essays on Lincoln's First Inaugural Free Essays on Lincoln's First Inaugural With any speech no matter the subject being addressed, the speech its self can be greatly affected by the conditions in witch it is conducted. Whether it is the time period, the surroundings, or the type of audience being addressed each speech must accommodate these factors. This importance is greatly magnified the larger the audience base you are working with. Quite possibly the toughest platform being that of the President of the United States where your every word is analyzed and criticized. Though to become the President in the first place one would have to be an effective communicator, some are better than others are. One of the most effective in our history was that of Abraham Lincoln. In Lincoln's first Inaugural Address we see start to see the great communicator he is and of his ability to speak accordingly to the situation at hand. In this particular situation Lincoln was coming into the Presidency at a time when the Nation was divided in two. Because of this He had to find a way in witch to appeal to both sides of the line, in this case it being that of the North and of the South. The major issue of the time was whether or not slavery was right or wrong, and whether or not it was the duty of a "free" state to return a runaway slave to their owner if found. With the Nation split as it was and on the verge of a Civil War Lincoln had to find a way in this first address to bring a sense of peace into everyone's mind about his being elected, while also trying to move towards National peace. He was very effective in this now very famous speech in doing just that. In this paper I will be analyzing a couple of the techniques He used to do so. First, He had to let the public know that he would only be concerned with one issue on that day while not giving the illusion that he didn't care about the other problems in the Nation. He did this by stating his intentions right off the bat. He started by saying, "I do not consider...

Biography of William McKinley, 25th U.S. President

Biography of William McKinley, 25th U.S. President William McKinley (January 29, 1843–September 14, 1901) was the 25th president of the United States. Prior to that, he was a member of the U.S. House of Representatives and the governor of Ohio. McKinley was assassinated by an anarchist less than a year into his second term as president. Fast Facts: William McKinley Known For: McKinley was the 25th president of the United States; he oversaw the beginning of U.S. imperialism in Latin America.Born: January 29, 1843 in Niles, OhioParents: William McKinley Sr.  and Nancy McKinleyDied: September 14, 1901 in Buffalo, New YorkEducation: Allegheny College, Mount Union College, Albany Law SchoolSpouse: Ida Saxton (m. 1871–1901)Children: Katherine, Ida Early Life William McKinley was born on January 29, 1843 in Niles, Ohio, the son of  William McKinley, Sr., a pig iron manufacturer, and  Nancy Allison McKinley. He had four  sisters and three brothers. McKinley attended public school and in 1852 enrolled in the Poland Seminary. When he was 17, he enrolled in Allegheny College in Pennsylvania but soon dropped out due to illness. He never returned to college because of financial difficulties and instead taught for a while at a school near Poland, Ohio. Civil War and Legal Career After the Civil War began in 1861, McKinley enlisted in the Union Army and became part of the 23rd Ohio Infantry. Under Colonel Eliakim P. Scammon, the unit headed east to Virginia. It eventually joined the Army of the Potomac and participated in the bloody Battle of Antietam. For his service, McKinley was made a second lieutenant. He later saw action at the Battle of Buffington Island and in Lexington, Virginia. Near the end of the war, McKinley was promoted to major. After the war, McKinley studied law with an attorney in Ohio and later at Albany Law School. He was admitted to the bar in 1867. On January 25, 1871, he married  Ida Saxton. Together they had two daughters, Katherine and Ida, but both sadly died as infants. Political Career In 1887, McKinley was elected to the U.S. House of Representatives. He served until 1883 and again from 1885 to 1891. He was elected governor of Ohio in 1892 and held the post until 1896. As governor, McKinley supported other Republicans running for office and promoted business inside the state. In 1896, McKinley was nominated to run for president as the Republican Party nominee with Garret Hobart as his running mate. He was opposed by William Jennings Bryan, who, upon accepting the Democratic nomination, gave his famous Cross of Gold speech in which he denounced the gold standard. The main issue of the campaign was what should back the U.S. currency, silver or gold. McKinley was in favor of the gold standard. In the end, he won the election with 51 percent of the popular vote and 271 out of 447 electoral votes. McKinley easily won the nomination for president again in 1900 and was again opposed by William Jennings Bryan. Theodore Roosevelt ran as McKinleys vice president. The main issue of the campaign was Americas growing imperialism, which the Democrats spoke out against. McKinley won the election with 292 out of 447 electoral votes. Presidency During McKinleys time in office, Hawaii was annexed. This would be the first step toward statehood for the island territory. In 1898, the Spanish-American War began with the Maine incident. On February 15, the U.S. battleship  Maine- which was stationed in Cubas Havana harbor- exploded and sank, killing 266 of the crew members. The cause of the explosion is not known to this day. However, the press- led by newspapers such as those published by William Randolph Hearst- published articles claiming that Spanish mines had destroyed the ship. Remember the Maine! became a popular rallying cry. On April 25, 1898, the United States declared war against Spain. Commodore George Dewey destroyed Spains  Pacific fleet, while Admiral William Sampson destroyed the Atlantic fleet. U.S. troops then captured Manila and took possession of the Philippines. In Cuba, Santiago was captured. The U.S. also captured Puerto Rico before Spain asked for peace. On December 10, 1898, the Paris Peace Treaty was signed. Spain gave up its claim to Cuba and gave Puerto Rico, Guam, and the Philippine Islands to the United States in exchange for $20 million. The acquisition of these territories marked a major turning point in American history; the nation, previously somewhat isolated from the rest of the world, became an imperial power with interests around the globe. In 1899, Secretary of State John Hay created the Open Door policy, where the United States asked for China to make it so that all nations would be able to trade equally in China. However, in June 1900 the Boxer Rebellion occurred, and the Chinese targeted Western missionaries and foreign communities. The Americans joined forces with Great Britain, France, Germany, Russia, and Japan to stop the rebellion. One final important act during McKinleys time in office was the passage of the Gold Standard Act, which officially placed the United States on the gold standard. Death McKinley was shot two times by anarchist Leon Czolgosz while the president was visiting the Pan-American Exhibit in Buffalo, New York, on September 6, 1901. He died on September 14, 1901. Czolgosz stated that he shot McKinley because he was an enemy of working people. He was convicted of the murder and died by electrocution on October 29, 1901. Legacy McKinley is best remembered for his role in U.S. expansionism; during his time in office, the nation became a world colonial power, controlling territories in the Caribbean, Pacific, and Central America. McKinley was also the third of four U.S. presidents who have been assassinated. His face appears on the $500 bill, which was discontinued in 1969. Sources Gould, Lewis L.  The Presidency of William McKinley. Lawrence: Regents Press of Kansas, 1980.Merry, Robert W.  President McKinley: Architect of the American Century. Simon Schuster Paperbacks, an Imprint of Simon Schuster, Inc., 2018.Morgan, H. W.  William McKinley and His America. 1964.

The value of higher education in today's society Research Paper

The value of higher education in today's society - Research Paper Example Some people believe that higher education is expensive but it has to be noted that it is worth every penny that a person spends on it. This can be attributed to the fact education gives a student an opportunity to be employed in the best sector of the economy. Colleges have undergone tremendous changes over the years as they try to offer the best skills to their students (Byrne, 2005). Education is the key to the success of any given individual because it brings out the best in a person. Education cannot be ignored because of the fact that skills and other techniques, which are very important in life, are attained in school. Education comes at a cost, which means that every stakeholder in the industry has to play his or her part in order to ensure that all willing students have access to quality education. The governments of all various countries have to ensure that education is available and affordable to every person in the society irrespective of social status, race, gender, or ethnicity. This cannot be achieved if not all the people in the society value the benefits that come with good and quality education (Fa, 2007). American higher education system strengthens the economic and social sectors in the country. This can be attributed to the fact that individuals’ dreams and those of the society are met through a good and quality education. Although many people view education as a source of good livelihood to an individual, it has to be understood that the society benefits when its members are learned. The long-term benefits associated with a college degree are associated with what a person achieves in the future. Many students in college ask themselves whether they will be able to get a good job after spending all the money associated with higher education. The answer is yes because a college degree is a lifetime achievement that does not expire. College graduates are in a better position to make

Advertising Has Got Negative Influence to the Society Assignment

Advertising Has Got Negative Influence to the Society - Assignment Example Furthermore, advertisements are for willing people, nobody is forced to seek services or products in the adverts. Â  Speaker 1: Some adverts promote prostitution or other bad habits and behaviors in the society. For instance, we have seen innocent ladies trying the lifestyle of the models and artists they see on TV. Majority enter such life not knowing the consequences that could come with such. Take instance the adverts of women and female condoms, women explicit outfits and those with drugs meant for abortion among other unethical implications in the society. Young girls end up losing their virginity in tender age as they adopt such bad lives. Â  Speaker 2: It is a fact that the society has the good and bad side. The people on the bad also have the rights to live their lives provided they don’t disturb those on the better side. Those companies making condoms, explicit dresses and drugs have the rights to market their products; because it is through that that they can increase their sales and contribute to the national and international economy (Sawyer, 347). Remember those companies have legal rights to make whatever they are making; it means that the legal entity is satisfied with such companies’ operations. And again, nobody is forced to purchase such products. Blame the purchaser, not the seller or the adverts. Remember the adverts provide warnings so that the right audience can watch or hear the contents. Explicit adverts are aired at night when young society members are asleep. The advertisement companies provide employment to the people despised in the society because of their habits. For instance, dru nkards would be used to advertise alcoholic products and from here they can earn a living. The society would be boring if it only hades the good people. Â  Speaker 1: Some adverts are misleading to the consumers and this is common with mobile phones, computers, and tablets among other electronics.

The relationship between changing of labor force(total labor number ) Research Paper - 1

The relationship between changing of labor force(total labor number ) and Unemployment rate - Research Paper Example A high population creates a ready labor market that leads to high unemployment rates since people compete for the scarce job opportunities that are available (STOICA, pp.29). Fang and Nie (2014) argue that changes in the American labor market were as a result of the Great Recession that was witnessed in 2007.They argue that the recession adversely affected the supply of the labor market a move that forced the unemployment rates to soar high. The two authors seem to differ with the premises of the researchers whose ideas have been presented among other things. They used the Mortensen-Pissarides model to explain the trend of the American labor market. Researchers agree that high unemployment rates are because of lack of proper transition during employment and retirement. However, they disagree on some factors that have been proposed to contribute to high unemployment rates in the US (Fang and Nie, p.1). Similarly, Hornstein (2013) attributes the 2007 Global Financial Crisis to the high unemployment rates in the United States of America. A majority of citizens were actively involved in the labor market something that had lead to a decline in the unemployment rates. However, due to the recession, most organizations were forced to cut their workforces to control their costs at a time when most of them were experiencing financial challenges. Recession in 2007 caused significant changes in the labor market. Most employees were laid off whereas others were forced to retire prematurely. In addition, employment opportunities were unavailable for fresh graduates. Consequently, the unemployment rates rose sharply during the period. In 2009 unemployment rate, had increased to 10% up from 4% in 2007.Interestingly, although economic recoveries have been made, the situation remains indifferent to the unemployment rate remaining at 7% despite the economic progress that has

Personal reflection - and academic literature to support that Essay - 1

Personal reflection - and academic literature to support that reflection - Essay Example As a secretary, I learnt a lot in regard to how a business is ran as will be discussed in the paper below. Personally, I believe that it is the places I have been working in that have a toll on how I make decisions. In this paper, we will be doing an academic reflection supposed to underscore the importance of available resources and disciplines. In today’s business world, being able to organize, plan, and being able to meet set goals are very important part of a job (Bryson & Alston 2011). In my case, I have worked as a secretary in an area that required such experiences. As the secretary of a robust enterprise, I was supposed to keep all leader board members and shareholders up to date with decisions and company policies. The reason is if people are not kept in the loop, they tend to waste a lot of time finding up what they are supposed to know yet the issue might be trivial. As a secretary, I was supposed to keep record of all financial transactions. In one way or another, such an attribute is fundamental in operabillity of a firm and should be bolstered (Zimmerman 2008). If a secretary is able to keep a clear record of what is happening in the firm, the manager will find it easy to follow up with progress of each department. Clearly, experience is a good teacher. I have worked in administrative roles before and that has helped me significantly in coping up with different tasks. My work as a committee secretary for 2 years has been a great part of my 15 year experience. While it may not seem as a big deal, the truth is that it is this type of experience that acts as way to learn. The experience was very important in my career as it allowed me understand what a business setup is and how it works. With the experience, I was able to understand the course a new business takes and at what timeframes this changes occur. Such a position also equipped me with other important tools in management a business. Some of the tools involve

History Essay Example | Topics and Well Written Essays - 3000 words - 2

History - Essay Example The sudden and drastic increase in the number of industries provided women with another opportunity to demonstrate their independence (Women and Family History in America - The 19th Century). The result of this industrialization was an increase in the number of women employees in factories and industrial production units Women assumed new responsibilities in the teaching profession as well as in the industry. They were no longer confined to their homes and eagerly sought outside work. These factors encouraged women to be independent and to improve their self – esteem. Several new trade unions were formed, in order to address women’s difficulties at the work place, and many women became active members of these trade unions (Women and Family History in America - The 19th Century). However, many of these women were compelled to relinquish their jobs after marriage and to take care of their family and children. Nevertheless, some of them, continued in outside employment even after marriage. Moreover, many women with a heightened sense of morality had established women’s associations to help women whose condition was miserable. These associations assisted distressed women in several ways, promoted religious ideals, attempted to eradicate prostitution and poverty, and sought to enhance self – esteem (Women and Family History in America - The 19th Century). These associations conducted rallies to pressurize the government to improve conditions in prisons, asylums and hospitals. These movements culminated in the subsequent movement to procure women’s suffrage under the leadership of Susan B. Anthony and Lucretia Mott. The nineteenth century witnessed two major movements, namely female suffrage and labor (Women and Family History in America - The 19th Century). The 19th Century Industrial Revolution drastically changed the economy and life of the people.

Instructional Technology Paper Essay Example | Topics and Well Written Essays - 1000 words

Instructional Technology Paper - Essay Example Specialized programs have facilitated the conduct of test that give valuable feedback on which to base further teaching schedules. This aspect - technology as an aid to testing - is discussed by Neal Starkman in a feature entitled 'Special Consideration' in the November 2007 issue of the periodical 'The Journal'. The present system of testing followed by most schools across the country is to give a comprehensive, all-encompassing test at the end of the school year. Students get this 'one-shot' opportunity to prove their worth. This can be quite intimidating for students, leading to a pressure to perform that can be quite stressful. Most students cannot cope with this kind of pressure, which reflects in their overall scores as well as on the schools record. Year end tests, being of necessity standardized in nature, also fail to assess individual skills that a child may possess, as they have to be administered to the entire class. Although slight variations exist in the form of semester tests or quarter wise testing, the concept is essentially the same. Students are administered a standardized test and have to wait for the papers to be corrected before they can learn their scores. This is usually in the form of a report card in which the student is also ranked in relation to his peers. Individ ual strengths and weakness are overlooked in this from of testing. This advent of technology that enables frequent, individualized testing makes the old system irrelevant. Schools that have embraced technology have shown substantive improvements in their results. One of the examples discussed by Starkman is of the Oklahoma City's 'Westwood Elementary School'. The school discovered that "one-size-fits-all tests"(Starkman) did not present an accurate view of students abilities. The school therefore introduced a variety of assessment programs such as Dynamic Indicators of Basic Early Literacy Skills (DIBELS), Gates-MacGinitie Reading Tests, Accelerated Math and Edusoft software in order to conduct frequent individual tests. The benefits of electronic testing are manifold. Not only do they determine a student's strengths and weaknesses but also suggest the direction future instruction should take, which can be a big help to a teacher. Moreover, since such tests are easy to conduct, they can be given as often as required so that students and teachers get feedback throughout the school year. The school's principal, Jan Borelli who introduced this technology in the school transformed the school from a low performing school to one in which, "student s scored in the top 10 percent on the Oklahoma Core Curriculum Tests" (Starkman). Some critics say that the school is going overboard by having far too many tests, but the results speak for themselves. Similarly, other schools that have introduced technology in their assessment methods are also reporting dramatic increases in student scores. Introduction of the A+nyWhere Learning System in one school resulted in a two-grade equivalent increase in reading standards. There are many factors behind this including accountability and the fact that students get immediate feedback. Moreover, a computer program merely gives the result. It does not judge or comment on the result and is thus not perceived by the students as a threat to their self esteem - the computer, "[is] not giving them attitude... [Students are] not worried about what their

History Essay Example | Topics and Well Written Essays - 3000 words - 2

History - Essay Example The sudden and drastic increase in the number of industries provided women with another opportunity to demonstrate their independence (Women and Family History in America - The 19th Century). The result of this industrialization was an increase in the number of women employees in factories and industrial production units Women assumed new responsibilities in the teaching profession as well as in the industry. They were no longer confined to their homes and eagerly sought outside work. These factors encouraged women to be independent and to improve their self – esteem. Several new trade unions were formed, in order to address women’s difficulties at the work place, and many women became active members of these trade unions (Women and Family History in America - The 19th Century). However, many of these women were compelled to relinquish their jobs after marriage and to take care of their family and children. Nevertheless, some of them, continued in outside employment even after marriage. Moreover, many women with a heightened sense of morality had established women’s associations to help women whose condition was miserable. These associations assisted distressed women in several ways, promoted religious ideals, attempted to eradicate prostitution and poverty, and sought to enhance self – esteem (Women and Family History in America - The 19th Century). These associations conducted rallies to pressurize the government to improve conditions in prisons, asylums and hospitals. These movements culminated in the subsequent movement to procure women’s suffrage under the leadership of Susan B. Anthony and Lucretia Mott. The nineteenth century witnessed two major movements, namely female suffrage and labor (Women and Family History in America - The 19th Century). The 19th Century Industrial Revolution drastically changed the economy and life of the people.

Endangered and Threatened Species of Wyoming Essay

Endangered and Threatened Species of Wyoming - Essay Example All grizzly bears have thick fur that shields them from cold and moisture (Potts, 1997, pp. 7-8). Figure 1. The grizzly bear has fur that has grayish tips. From â€Å"Grizzly Bear,† by J. Eastcott and Y. Momatiuk, n.d., http://animals.nationalgeographic.com/animals/mammals/grizzly-bear/. Copyright by J. Eastcott and Y. Momatiuk. Reprinted with permission. The adult grizzly bear has an average height of three to five feet when it is on all fours and six to 10 feet when standing. An adult grizzly may weigh from 600 pounds (Potts, 1997, p.4) to 800 pounds (â€Å"Grizzly Bear,† 2011), and even 1,400 pounds. When it comes to the physical description of the grizzly, it has flat feet and a muscular shoulder hump that powers the forelimbs for digging. Its head is round â€Å"with a concave facial profile† (â€Å"Grizzly Bear (Ursus arctos horribilis)†, 2011). According to the National Geographic, grizzly bears are â€Å"top-of-the-food-chain predators†. Alt hough they eat animals, surprisingly, grizzly bears are fond of fruits, berries, leaves and roots (â€Å"Grizzly Bear,† 2011). Potts (1997) reported that there are 40,000 to 50,000 grizzly bears living in the mountains and forests of Canada and Alaska. In the United States, particularly in the states of Montana, Washington, Wyoming and Idaho, the number of grizzlies is from 600 to 800 (p.5). In Wyoming, grizzly bears are recognized as threatened. Whitaker & Hamilton (1998) define threatened as the likelihood that a species become endangered in the future whereas an endangered species is in the danger of extinction throughout a part of its range (p.549). Due to burgeoning population, people occupy the territories of grizzly bears, driving them away from their home. When this happens, the food supply of these bears becomes limited; thus, grizzly bears go after the farm animals of the settlers. In turn, these settlers hunted the bears until they were almost extinct (Potts, 1997, p.13). Primarily, it was the dwindling number of existing grizzly bears that prompted their being threatened. In an article, it says that human activities that occur in the habitat of grizzlies also deprive these animals of territory and food supply. These activities include timber cutting, grazing, private land development and so on (Delvin, 1999). These grizzly bears have been recognized as threatened since 1967. Not surprisingly, humans bear greater responsibility in managing grizzly bears. It is the humans who pushed grizzly bears out of their territories. Due to growing population, some people settled in areas that are natural habitat to grizzly bears. Moreover, human influence has changed the bears’ natural ecosystems through the many activities such as timber cutting. Human contact has also led to some bears being hunted. For the past years, there were some debates whether grizzly bears should be delisted as threatened. Some experts disapproved, saying that bears are not ready yet to be delisted. However, there are some suggestions to improve the situation of grizzlies. First, there must be a law or policy that strictly prohibits the killing of bears. It is noteworthy that grizzlies were included in the threatened creatures list because of their dwindling number. Thus, for grizzlies to completely recover, humans must not kill them. Second, the government must provide a habitat with sufficient area where the bears are secured and have no way of venturing to where humans live. This is in relation to the fact that bears ventured out of Yellowstone that might â€Å"bring them into dangerous contact with humans† (Eilperin, 2005). Finally, the habitat of the grizzlies must be

Human Resource Definition Essay Example for Free

Human Resource Definition Essay 1. Contingent workers- Someone who is not an employee, but a temporary or part-time worker for a specific period of time and type of work. Employee engagement- The extent to which individuals feel linked to organizational success and how the organization performs positively. Human capital- The collective value of the capabilities, knowledge, skills, life experiences, and motivation of an organizational workforce. Human resource management- Designing management systems to ensure that human talent is used effectively and efficiently to accomplish organizational goals Organizational culture- The shared values and beliefs in an organization. Productivity- Measure of the quantity and quality of work done, considering the cost of the resources used Sustainability-Being able to continue to operate, survive, and adjust to significant changes. - - Essay Questions: Answer the following essay questions based on the book and class discussions. 2. Ethical behavior in an organization is likely to occur when an ethics program includes these four elements: The four elements necessary to quantify an organizations ethics are 1) written code of ethics and standards 2) ethics training to executives, managers, and employees 3) availability for advice on ethical situations (i.e. advice lines or offices) and 4) systems for confidential reporting 3. What challenges face HR managers with regard to workforce availability and quality? What are potential solutions? Future supply of and demand for employees and the nature of workforce issues, including the retention of employees. These factors are used when recruiting applicants for job openings. The selection process is concerned with choosing qualified individuals to fill those jobs. 4. What are the three major roles of HR management? Which is/are the most affected by technology and outsourcing? Which roles are growing in importance? 1) administrative, 2) operational and employee advocate, and 3) strategic. 5. Identify the key competencies needed by all HR professionals, and the additional competencies needed by senior HR leaders. HR professionals need competencies in strategic knowledge and impacts; capabilities in legal, administrative, and operational areas; and technology knowledge abilities. Senior HR leaders need these areas plus others to be effective. - HR Headline: Read the following and then in teams, answer the following questions: HR Headline: The Challenges and Crises Facing HR Management Recent economic downturns, industry crises, bank failures, closing of plants and stores, changes in global operations, and other factors have significantly affected organizations, managers, and Human Resource (HR) management professionals. Some jobs are in high demand while others are being eliminated. According to surveys, some of the biggest problems include the following: 1) Adjusting benefits programs due to increasing costs; 2) Attracting and retaining key employees; 3) Planning for replacement of â€Å"baby boomers† when they retire; 4) Using talent management to train and develop capabilities of employees for future job needs; 5) Dealing with the expanded personal and organizational use of HR technology through blogs, wikis, twitters, text messaging, and other aspects; and 6) Complying with revised and changing federal, state, and local legal requirements affecting discrimination, treatment errors, unionization, and others. Questions for Discussion: 1. What do you think will be the most important change in the economy that will influence HR management operations? Explain. Their media tend to be a big part of it since that how things are function more. There are so many way to communicate and get things done faster and is more time saving. Also attracts different type of people with different types of skills. 2. How do you think technology changes will change the way HR professionals do recruiting and selection of employees? What are the pros and cons of any changes? It helps people have easier way to apply for jobs or to show their talents. Help HR find people with the skills that they are looking for. But it also disqualifies many people for the reason they are in the internet/ profiles. 3. The number of jobs in HR is predicted to increase between now and 2018. Explain why you think that is? They are going to need more people to be able to hire other that are right for the jobs rather than outsourcing. Since many people are baby boomer, there are going retired soon so that means many companies are going to need new heiress there need HR to be able to cover all the new people that are coming. HR Headline: The Challenges and Crises Facing HR Management Recent economic downturns, industry crises, bank failures, closing of plants and stores, changes in global operations, and other factors have significantly affected organizations, managers, and Human Resource (HR) management professionals. Some jobs are in high demand while others are being eliminated. According to surveys, some of the biggest problems include the following: 1) Adjusting benefits programs due to increasing costs; 2) Attracting and retaining key employees; 3) Planning for replacement of â€Å"baby boomers† when they retire; 4) Using talent management to train and develop capabilities of employees for future job needs; 5) Dealing with the expanded personal and organizational use of HR technology through blogs, wikis, twitters, text messaging, and other aspects; and 6) Complying with revised and changing federal, state, and local legal requirements affecting discrimination, treatment errors, unionization, and others. Questions for Discussion: 4. What do you think will be the most important change in the economy that will influence HR management operations? Explain. Their media tend to be a big part of it since that how things are function more. There are so many way to communicate and get things done faster and is more time saving. Also attracts different type of people with different types of skills. 5. How do you think technology changes will change the way HR professionals do recruiting and selection of employees? What are the pros and cons of any changes? It helps people have easier way to apply for jobs or to show their talents. Help HR find people with the skills that they are looking for. But it also disqualifies many people for the reason they are in the internet/ profiles. 6. The number of jobs in HR is predicted to increase between now and 2018. Explain why you think that is? They are going to need more people to be able to hire other that are right for the jobs rather than outsourcing. Since many people are baby boomer, there are going retired soon so that means many companies are going to need new heiress there need HR to be able to cover all the new people that are coming. - - Chapter Video—Fruit Guys: After the video, answer the following questions. 6. What do you think will be the most important challenges for HR at Fruit Guys in the next five years? SUMMARYIZED THE VIDEO: It was showing how people in business think in the way of rewarding people in different positions. People that are in a higher position that are being rewarded for their performance in money show there performance actually got worse compare to the people in lower positions that are getting paid less. The study show that the people that have cram time to do a project are more productive and they show more passion on their job. Also people tend to do thing for free in there space time and are more productive since they are not pressured or force to do something they tend to be more productive. 7. Based on the CEO and other manager in the video, it appears that HR at Fruit Guys is expected to be involved in all three roles of HR. Describe an example of HR activities at Fruit Guys required for each of these roles shown in Figure 1-9 in the text.

Rethinking The Deterrence Theory Criminology Essay

Rethinking The Deterrence Theory Criminology Essay With much popular appeal, the concept of deterrence has been widely accepted and understood, by judges and parliamentarians alike, to be a central tenet in the principles of sentencing and the wider penal system in England and Wales. Significantly, section 142(1) of the Criminal Justice Act 2003 expressly enjoins sentencers to take account of deterrence as one of the purposes of sentencing when determining what and how severe the appropriate punishment in a given case should be. In practice, as deterrence is widely perceived by judges, not only in the English and Welsh jurisdiction, but also elsewhere in the common law world, as a primary means through which to afford public protection, in many cases involving adult offenders, precedence has tended to be given to deterrence over other considerations in the interest of the community.  [3]  Nevertheless, tensions are palpable between deterrence and other sentencing aims.  [4]  The question of, for instance, whether punishment s hould be an end in and of itself, or whether it ought to be understood as a facilitator of the ideal of offender rehabilitation, remains in the front line of critical discourses into sentencing in the contemporary era.  [5]  Thus, it has become increasingly necessary to deliberate upon the worthiness and value of deterrence not only in the context of sentencing but also to the purpose of the entire penal system. Within this context, the following essay will proceed by first providing an overview of the paradigm of deterrence within the broader framework of the contemporary penal system. It will then attempt to identify and question the moral and empirical underpinnings thereof. Further, it argues that from a criminological or sociological perspective, efforts to achieve deterrent effect, in particular where the individual offender is concerned, are in large part counterproductive. Finally, this essay observes, whilst arguing that deterrence as a penological theory is morally and empirically unsound, that it would be impractical to assume that deterrence will be abandoned altogether in English sentencing law in the near future. Rather, the more prudent and reasonable way to approach the matter would be to continue to observe the constantly evolving concept in an era of significant social, cultural, political and economic change. In conjunction with other penal theories, elements of deterrence will appear to remain a highly influential sentencing tool. Exposition of the deterrence theory Deterrence is one of the oldest paradigmss in the history of criminological and jurisprudential inquiry. As early as in the early eighteen century, the primary purpose of state imposed punishments was said to be the reduction of crime, by means of terrifying [potential offenders] into obeying the law.  [6]  The punishment of prison and the deterrence it brings about, by the relinquishment of the fundamental freedoms, were onceived of as the best means of reducing offending in modern society  [7]  . Johnson defines the verb deter as to discourage by terror, to fright from anything.  [8]  Deterrence can also be defined as including two separate aspects, depending on the class of people being directed at, namely individual (specific) deterrence and general deterrence.  [9]  Translated into judicial language in the specific context of sentencing, a Hong Kong judge, HHJ Ching Y Wong SC, drew the distinction thus: A deterrent sentence may be in personam [that is, individual] or in rem [that is, general]. Normally if the circumstances that pertain to an offender are such that the court is of the opinion that it must be brought home to him that he is not to commit such offences again, for example, a repeat offender, a deterrent sentence  in personam  is proper. When an offence is, inter alia, so prevalent or is so serious within its class, and the court is of the opinion that those of like minds are to be strongly discouraged from committing the same or similar offences, then a deterrent sentence  in rem  is called for.  [10]   In simpler terms, specific deterrence is directed at the offender in question and is expected to prevent her from reoffending by the imposition of punishment; general deterrence, on the other hand, focuses on the public at large, and prevents potential offenders from engaging in criminal conduct in the first place.  [11]   With its roots in the classical and utilitarian thinking of crime,  [12]  the deterrence theory is often compared to a cost-benefit analysis performed in the economic field.  [13]  Underlying the theory is the assumption that all offenders, and potential offenders, are by nature rational, the hallmark of their actions being the pursuit of maximum pleasure and minimum pain. It follows that, as offenders choose, rationally and voluntarily, to commit crime, they respond readily to the perceived costs and benefits of their actions.  [14]  As Lundman explains, If their calculations suggest that perceived benefits will exceed possible costs, then rational [offenders] commit [crimes] in anticipation of enjoying rewards. However, if these calculations lead [criminals] to conclude that costs will exceed rewards, then the rational course of action is to seek gratification in ways other than [criminality].  [15]   In other words, if the calculation of the consequences of offending leads to the conclusion that there is more to be lost than there is to be gained from committing crime, the potential offenders should be naturally deterred.  [16]  Thus, within the utilitarian framework criminals are invariably errant, though still rational, individuals whose perversity or anti-social self interests serve to offer some perceived benefits of offending.  [17]  It is in this light that Bentham passionately argues for the usefulness of deterrence, on the ground that the threat of punishment is the force employed to restrain [possible offenders] from commission of crime, from which the pain of punishment might result.  [18]   Underlain by these ideas of rationality and self-interest, for deterrence theorists there are certain qualities necessary to an effective deterrent punishment. As Newburn elaborates on these qualities first enunciated by Beccaria  [19]  , punishment must come with certainty and be enforced consistently, and that it does should be acknowledged by the offender; there must be celerity in the law, with punishment coming as promptly as possible, in order that both the public and the offender himself could see the relationship between the punishment and the offence as inevitably causal; and finally, it must be properly proportionate to the crime, namely one that is relatively mild and moderate and inflicts pain just exceeding the advantage derivable from the crime.  [20]   Moral problems with the deterrence theory An emphasis on deterrence often leads to a harsher sentence than the offender would otherwise be deemed to deserve.  [21]  The Court of Appeal has held, relying on the Strasbourg jurisprudence, that the legitimate object of deterrence can, in appropriate cases, amply justify such sentences.  [22]  It seems apparent that in such cases the sentencing aim of deterrence can be paramount. Whilst weight would, in theory, have been accorded to the interests of the offender, where the alleged crimes are considered as threatening the wider community, the utilitarian theory of deterrence demands that individual rights and proportionality, in its narrow sense, subsume under the societal interests.  [23]   Young is critical of this judicial use of deterrence as a sentence enhancing factor.  [24]  He argues, not unconvincingly, that the theory is arguably inconsistent with fundamental notions of justice.  [25]  Indeed, why a persons liberty need be sacrificed for the educational impact it will have on others is a legitimate question to pose. This concern has been shared by del Vecchio, who emphatically stated that the human person always bears in himself something sacred, and it is therefore not permissible to treat him merely as a means towards an end outside of himself.  [26]   A more fundamental moral weakness of the notion of deterrence pertains to the coherency of its ideological premise rationality. As in the analysis in Part I, deterrence has traditionally built upon the premise that individuals will desist from reoffending because of the fear inherent in the discipline and punishment meted out by the state. In a moral sense, then, a semblance of common reasoning is central to the application of the utilitarian understanding of deterrence. Yet, as the famous philosopher John Rawls persuasively argues, there is no reason to assume that our sense of justice can be adequately characterised by familiar common sense precepts or derived from the more obvious learning principles.  [27]   It seems indeed somewhat simplistic to assume offenders as rational beings before or in the course of committing a crime. As the Home Office rightly conceded in 1990, offenders very seldom weigh up the possibilities prior to their conduct and typically do not act only after on rational premeditation.  [28]  In many instances criminals need to take their decisions hastily. Two young males fighting in a public street, for example, are unlikely to have ever thought about the consequences of their actions in the heat of the moment.  [29]  Moreover, as Cornish and Clarke argue, the decision-making process of offenders is remarkably limited in their understanding of possibilities, potentials and consequences.  [30]  For instance, most petty criminals are often badly informed about the criminal liability, let alone the penalties, associated with the crimes they commit.  [31]  As a result, even accepting that offenders are rational, it would be difficult, if not impossible, f or offenders to have accurately balanced the costs and benefits of the commission of the criminal act.  [32]   The weakness becomes even more obvious in the case of such rarer but usually more horrendous crimes as those involving violence, the offenders of which are characteristically not reasoning. Hudson plausibly argues that crimes of such kind are usually committed without a prior careful calculation of risk.  [33]  Most killings, for instance, are not rationally planned, but are impulsive and driven by strong emotion.  [34]  In other instances, such are crimes that involve intentionality where offenders commit crime regardless of the risk.  [35]   Interestingly, probably comprehending the moral difficulties existing therein, English courts have rarely invoked deterrence as a standalone ground for an otherwise disproportionate sentence. It is often relied on in conjunction with other penal theories. Deterrence has, according to the jurisprudence of the European Court of Human Rights, customarily been recognised as the twin of punishment.  [36]  Thus some commentators have gone further in contending that, in fact, punitiveness resides in the epicentre of the contemporary penal policies supposedly informed by the utilitarian principles of deterrence.  [37]  For them, the current political discourse and policy initiatives [blame] the offenders, [silence] excuses à ¢Ã¢â€š ¬Ã‚ ¦ and [see] the punishment of the wrongdoer as the proper response.  [38]  Deterrence, then, has not been upheld on any principled basis, but has rather been reduced to a morality that has to be upheld whatever the functional benefits.  [39]   As a result, from a philosophical perspective, classical utilitarianism upon which the theory of deterrence is based would seem quite unable to do justice to the mode in which many of our actual ends matter to us.  [40]   The epirical (in)validity of the deterrence theory It seems fair, to say that the empirical literature examining deterrence has not yielded enormous success different studies often tend to contradict each other, on occasions directly and completely.  [41]  Some evidence suggests that swift punishments do not abate the incidence of subsequent crimes any more than delayed punishments, owing to the cognitive capacity of humans to imagine.  [42]  More research efforts have been put into the consideration of the other two aspects of deterrence. By and large, there is some evidence, albeit anecdotal in one way or another, showing that certainty of punishment has a greater deterrent effect than does severity of punishment.  [43]   However, even this is more than what Radzinowicz and King have been prepared to accept. They quite sensibly argue that, more precisely, it is the certainty of detection or intervention, not of punishment, that is the more crucial element in deterrence.  [44]  Lending support to this view, commenting on figures in the United States, Cornish and Clarke suggests that offenders are more likely to be put off by the immediate fear of exposure and being caught, as opposed to the threat of some penalty relatively remote in time.  [45]  Thus it may not be any surprise when Gough concludes that deterrence should only be a minor consideration, if occupying a role to play at all, for the purposes of sentencing.  [46]  What is needed, in Goughs opinion, is tougher enforcement and targeted strategies that increase detection certainty, rather than any toughening of sanctions. On the other hand, there is a more critical view that the reduction of crime in these studies cannot be ascribed to deterrence. What have been influential might well have been the incapacitating effect of the punishment or other myriad variables quite apart from the risks of punishment, including the motive for the crime, the strength of the temptation, the strength of inhibitions or moral revulsion against it.  [47]   In any case, all these studies, deriving as they do from crime statistics, must be interpreted with caution, whether they be supportive or dismissive of the deterrence principles. After all, there are no such things as empirical truths as such.  [48]  In determining whether or not deterrence should be regarded as being beset by empirical difficulties, the entire discussion would prove moot if one does not appreciate the problem of interpreting crime statistics in the first place. Notoriously, any organised way of understanding about crime, criminals and crime control framed in definitional and empirical terms is intricately problematic.  [49]  Ultimately, criminality is a natural by-product of such industrial, capitalist experience as economic growth, the easier availability of social opportunities, and the increased recognition of individual liberties.  [50]  It is essentially a social construct, varying as it does across time, place and people.  [51]  Viewed from such a perspective, deterrence is but part of a means devised by the state to statistically manage the social problem of crime.  [52]  Put in this wider social and political perspective, the extent to which deterrence is, just as punishment, thought to be a fundamentally important social theory inescapably reflects the broader political economy of the urban society in which one lives.  [53]   As such, although crime data and criminal statistics are ostensibly transparent and open manifestations of offending patterns, to divorce the quantifiable empirical data from the broader politicisation of crime would be an unrealistic exercise provided the complex settings in the modern liberal democracy such as this country, in which crime, sociology and political economy are inextricably intertwined.  [54]  Doubts have therefore historically been cast onto the verity of the official figures with the most pessimistic criminological interpretations suggesting that crime statistics are universally doctored, and thus of limited worth to the understanding of the relationship between crime, the state and punishment.  [55]  In the final analysis, imagining crime figures as being free from bias would be to ignore the tension between broad generalization and the specification of empirical particulars,  [56]  and the interpretation thereof will inevitably entails an overly object ive view of an inherently subjective phenomenon.  [57]   The anti-deterrent effects of punishment: a criminological perspective Some criminologists do not merely dismiss deterrence as unconvincing, but have gone further in arguing that, quite far from producing the intended result, fear of punishment might sometimes lead directly to the commission of crime. It is possible that a criminal who has already offended, but not yet apprehended, feels that they have little to lose from further offending, because they have to be punished anyway. As Taylor cites as a striking example, at some point in the last century, a substantial minority of unmarried women in Scotland have been driven to commit infanticide exactly because of the fear of being publicly humiliated as a punishment for adultery.  [58]   For those who have been apprehended and punished, further offending behaviour is still not impossible under the labelling theory, under which criminality is to be thought of as a quality created inevitably when punitive sanctions are applied to behaviour considered to be offending.  [59]  The offender takes on a criminal identity when he is labelled as such by a range of social reactions, including and following the imposition of an official sanction, which has the effect of isolating her from society.  [60]  Her opportunity to live by legitimate means whilst being labelled criminal would quite conceivably be reduced considerably, and resort might then have to be had to illegitimate ways of life. In this way the label is dramatised to the extent that it becomes entrenched and internalised.  [61]  In this light, the labelled, stigmatised and socially isolated, have to accept their status as criminals and rebuild their lives accordingly, leading to a greater degree of devia nce.  [62]   In this sense, punishment within the context of deterrence may in truth be counterproductive in reducing incidence of recidivism.  [63]  With all the negative social interactions that punishment entails, a sentence which speaks to the deterrence of the individual offender appears to reinforce the self-prophecy of criminality, render reintegration into the conventional world difficult, and a criminal career almost inevitable.  [64]  Thus punishment with a deterrent element may ironically result in the promotion of the kind of activities that it is designed to prevent. Conclusion: Abandoning deterrenceà ¢Ã¢â€š ¬Ã‚ ¦or not? Deterrence has for the most part been discounted as an effective and justifiable approach to sentencing by academics, in particular criminologists, who are often more willing to consider the causes in addition to the consequences of criminal activity.  [65]  However, the popular appeal of the notion as a commonsense approach to sentencing appears to persist to this day. Given the important case of Attuh-Benson,  [66]  it seems unlikely that attempts, however able and sincere, to bring the criticisms levelled against the usefulness of deterrence before the courts would be of any avail. There the Court of Appeal forcefully pronounced that [i]f a different approach is to be adopted it should be in response to guidance from the Sentencing Guidelines Council who may wish to consider this matter.  [67]  After all, it is important to bear in mind that the way in which the state responds to criminality has always constituted an inexorably divisive conundrum with hardly any consensus as to what ought to represent a just punishment.  [68]  And sentencers, even those of the eminence and seniority of the Lord Justices of Appeal, will understandably consider and defer to the legislative objectives set forth in the Criminal Justice Act 2003, one of those being deterrence. Indeed, according to established principles of the common law, this is not an ar ea in which the court should, in the words of Borins DCJ, sitting in the Canadian Supreme Court, pass on the wisdom of Parliament.  [69]  As such, discourses of deterrence are likely to remain a distinguishing feature of the English sentencing policy, as in elsewhere in the world. (4172 words) Table of cases: Canada: Ciccone  (1974) 7  SASR 11  October, 113 Guiller (1985) 48 CR (3d) 226 Luxton  (1990) 58 CCC (3d) 449 Smith (1987) 34 CCC (3d) 97 England and Wales: Attuh-Benson [2004] EWCA Crim 3032 Bieber [2008] EWCA Crim 1601 Brown v Stott  [2001] 2 WLR 817 Holloway  (1982) 4 Cr. App. R. (S) 128 Howells  [1999]  1 All ER  50 Sargeant (1974) 60 Cr App R 74   Zampa  (1984) 6 Cr. App. R. (S) 110 European Court of Human Rights: Ezeh Connors v. United Kingdom  (2004) 39 EHRR 1 Hong Kong: AG v Tang King-ming  [1986] HKLR 211 HKSAR v Hiroyuki Takeda [1998] 1 HKLRD 931 Secretary for Justice v Ma Ping-wah [2000] 2 HKLRD 312

Essay --

Article Analysis The article I choose to write my analysis on is about a small study that found brain differences between social butterflies’ and isolated people. A study conducted by Maryann Noonan on 18 people ages 27-70 proposes that parts of your brain may in fact be different depending on how much you socialize , whether your what some people call a social butterfly or a lone wolf. The researchers asked the people how much they socialized during a time period of 30 days; the socialization consisted of anything from phone calls to face to face interactions. They then scanned the brains of the 18 individuals in the experiment looking for anything that people with similar amounts of socialization had in common. From the brain scans they discovered that in fact three parts of the brain seemed to be bigger, additionally it appeared that those parts were also more strongly connected to other regions of the brain in the people who had more social interactions compared to the people who stayed t o themselves. The results that the experimenters found also correlated with a previous study done on monkey that had similar results in the brains of monkeys who lived in larger groups. In the end this research may be hard to fully understand, because it is hard to conduct an experiment that follows people from a young age and if their socialization directly effects their brain growth. The results of the experiment are surprising to me and leave me to believe that it is unlikely to have a definitive answer as to how our behavior affects our brain structure, unless an experiment is conduct from the start of someone’s early childhood. This article leaves me with a few questions however; the first question is do people’s brains make them the per... ...nships. We all know that animals don’t get married but they can still have a life long relationship with another member of their species in which they have offspring and live their wholes lives together. Humans and animals have similar social patterns they just show it in different ways. This can occur because one of the huge differences in humans and animals in that they have different behavior development and evolution. Human behavior is heavily based off of social organization and social interaction. While animal’s behavior is only slightly based on social influence because their actions are based on instinct and reactions to their environment. From the research I did I found that there are similarities between human and animal socialization patterns, animals may do it in different ways but they are expressing the same social patterns and expressions as humans.

Currency Risk Management Essay

Currency or Exchange rate risk management is an integral part in every firm’s decisions about foreign currency exposure. Currency risk hedging strategies entail eliminating or reducing this risk, and require understanding of both the ways that the exchange rate risk could affect the operations of economic agents and techniques to deal with the consequent risk implications. Selecting the appropriate hedging strategy is often a daunting task due to the complexities involved in measuring accurately current risk exposure and deciding on the appropriate degree of risk exposure that ought to be covered. The need for currency risk management started to arise after the break down of the Bretton Woods system and the end of the U.S. dollar peg to gold in 1973. The issue of currency risk management for non-financial firms is independent from their core Business and is usually dealt by their corporate treasuries. Most multinational firms have also risk committees to oversee the treasury’s strategy in managing the exchange rate (and interest Rate) risk. This shows the importance that firms put on risk management issues and techniques. Conversely, international investors usually, but not always, manage their exchange rate risk independently from the underlying assets and/or liabilities. Since their currency exposure is related to translation risks on assets and liabilities denominated in foreign currencies, they tend to consider currencies as a separate asset class requiring a Currency overlay mandate. It can be argued that prudent management of multinational firms requires currency risk hedging for their foreign transaction, translation and economic operations to avoid potentially adverse currency effects on their profitability and market valuation. DEFINITION AND TYPES OF CURRENCY RISK A common definition of currency risk relates to the effect of unexpected exchange rate changes on the value of the firm. In particular, it is defined as the possible direct loss (as a result of an unhedged exposure) or indirect loss in the firm’s cash flows, assets and liabilities, net profit and, in turn, its stock market value from an exchange rate move. To manage the exchange rate risk inherent in multinational firms’ operations, a firm needs to determine the specific type of current risk exposure, the hedging strategy and the available instruments to deal with these currency risks. Multinational firms are participants in currency markets by virtue of their international operations. To measure the impact of exchange rate movements on a firm that is engaged in foreign-currency denominated transactions, i.e., the implied value-at-risk (VAR) from exchange rate moves, we need to identify the type of risks that the firm is exposed to and the amount of risk encountered. The four main types of currency / exchange rate risk that exist: 1. Translation risk: A firm’s translation exposure is the extent to which its financial reporting is affected by exchange rate movements. As all firms generally must prepare consolidated financial statements for reporting purposes, the consolidation process for multinationals entails translating foreign assets and liabilities or the financial statements of foreign subsidiaries from foreign to domestic currency. While translation exposure may not affect a firm’s cash flows, it could have a significant impact on a firm’s reported earnings and therefore its stock price. Translation exposure is distinguished from transaction risk as a result of income and losses from various types of risk having different accounting treatments. Translation gives special consideration to assets and liabilities with regards to foreign exchange risk, whereas exposures to revenues and expenses can often be managed ex ante by managing transactional exposures when cash flows take place; 2. Transaction risk: A firm has transaction exposure whenever it has contractual cash flows (receivables and payables) whose values are subject to unanticipated changes in exchange rates due to a contract being denominated in a foreign currency. To realize the domestic value of its foreign-denominated cash flows, the firm must exchange foreign currency for domestic currency. As firms negotiate contracts with set prices and delivery dates in the face of a volatile foreign exchange market with exchange rates constantly fluctuating, the firms face a risk of changes in the exchange rate between the foreign and domestic currency. Firms generally become exposed as a direct result of activities such as importing and exporting or borrowing and investing. Exchange rates may move by up to 10% within any single year, which can significantly affect a firm’s cash flows, meaning a 10% decline in the value of a receivable or a 10% rise in the value of a payable. Such outcomes could be troubl esome as export profits could be negated entirely or import costs could rise substantially; 3. Economic Risk: A firm has economic exposure (also known as operating exposure) to the degree that its market value is influenced by unexpected exchange rate fluctuations. Such exchange rate adjustments can severely affect the firm’s position with regards to its competitors, the firm’s future cash flows, and ultimately the firm’s value. Economic exposure can affect the present value of future cash flows. Any transaction that exposes the firm to foreign exchange risk also exposes the firm economically, but economic exposure can be caused by other business activities and investments which may not be mere international transactions, such as future cash flows from fixed assets. A shift in exchange rates that influences the demand for a good in some country would also be an economic exposure for a firm that sells that good; and 4. Contingent Risk: A firm has contingent exposure when bidding for foreign projects or negotiating other contracts or foreign direct investments. Such an exposure arises from the potential for a firm to suddenly face a transactional or economic foreign exchange risk, contingent on the outcome of some contract or negotiation. For example, a firm could be waiting for a project bid to be accepted by a foreign business or government that if accepted would result in an immediate receivable. While waiting, the firm faces a contingent exposure from the uncertainty as to whether or not that receivable will happen. If the bid is accepted and a receivable is paid the firm then faces a transaction exposure, so a firm may prefer to manage contingent exposures. MEASUREMENT OF EXCHANGE RATE RISK After defining the types of exchange rate risk that a firm is exposed to, a crucial aspect in a firm’s exchange rate risk management decisions is the measurement of these risks.   Measuring currency risk may prove difficult, at least with regards to translation and economic risk. At present, a widely used method is the value-at-risk (VAR) model. Broadly, value at risk is defined as the maximum loss for a given exposure over a given time horizon with z% confidence. The VAR methodology can be used to measure a variety of types of risk, helping firms in their risk management. However, the VAR does not define what happens to the exposure for the (100 – z) % point of confidence, i.e., the worst case scenario. Since the VAR model does not define the maximum loss with 100 percent confidence, firms often set operational limits, such as nominal amounts or stop loss orders, in addition to VAR limits, to reach the highest possible coverage. VALUE-AT-RISK CALCULATION The VAR measure of exchange rate risk is used by firms to estimate the riskiness of a foreign exchange position resulting from a firm’s activities, including the foreign exchange position of its treasury, over a certain time period under normal conditions. The VAR calculation depends on 3 parameters: †¢ The holding period, i.e., the length of time over which the foreign exchange position is planned to be held. The typical holding period is 1 day. †¢ The confidence level at which the estimate is planned to be made. The usual confidence levels are 99 percent and 95 percent. †¢ The unit of currency to be used for the denomination of the VAR. Assuming a holding period of x days and a confidence level of y%, the VAR measures what will be the maximum loss (i.e., the decrease in the market value of a foreign exchange position) over x days, if the x-days period is not one of the (100-y)% x-days periods that are the worst under normal conditions. Thus, if the foreign exchange position has a 1-day VAR of $10 million at the 99 percent confidence level, the firm should expect that, with a probability of 99 percent, the value of this position will decrease by no more than $10 million during 1 day, provided that usual conditions will prevail over that 1 day. In other words, the firm should expect that the value of its foreign exchange rate position will decrease by no more than $10 million on 99 out of 100 usual trading days or by more than $10 million on 1 out of every 100 usual trading days. To calculate the VAR, there exists a variety of models. Among them, the more widely-used are: (1) the historical simulation, which assumes that currency returns on a firm’s foreign exchange position will have the same distribution as they had in the past; (2) the variance- covariance model, which assumes that currency returns on a firm’s total foreign exchange position are always (jointly) normally distributed and that the change in the value of the foreign exchange position is linearly dependent on all currency returns; and (3) Monte Carlo simulation which assumes that future currency returns will be randomly distributed. The historical simulation is the simplest method of calculation. This involves running the firm’s current foreign exchange position across a set of historical exchange rate changes to yield a distribution of losses in the value of the foreign exchange position, say 1,000, and then computing a percentile (the VAR). Thus, assuming a 99 percent confidence level and a 1-day holding period, the VAR could be computed by sorting in ascending order the 1,000 daily losses and taking the 11th largest loss out of the 1,000 (since the confidence level implies that 1 percent of losses – 10 losses –should exceed the VAR). The main benefit of this method is that it does not assume a normal distribution of currency returns, as it is well documented that these returns are not normal but rather leptokurtic. Its shortcomings, however, are that this calculation requires a large database and is computationally intensive. The variance – covariance model assumes that: (1) the change in the value of a firm’s total foreign exchange position is a linear combination of all the changes in the values of individual foreign exchange positions, so that also the total currency return is linearly dependent on all individual currency returns; and (2) the currency returns are jointly normally distributed. Thus, for a 99 percent confidence level, the VAR can be calculated as: VAR= -Vp (Mp + 2.33 Sp) Where, Vp is the initial value (in currency units) of the foreign exchange position Mp is the mean of the currency return on the firm’s total foreign exchange position, which is a weighted average of individual foreign exchange positions Sp is the standard deviation of the currency return on the firm’s total foreign exchange position, which is the standard deviation of the weighted transformation of the variance-covariance matrix of individual foreign exchange positions While the variance-covariance model allows for a quick calculation, its drawback includes the restrictive assumptions of a normal distribution of currency returns and a linear combination of the total foreign exchange position. Note, however, that the normality assumption could be relaxed. When a non-normal distribution is used instead, the computational cost would be higher due to the additional estimation of the confidence interval for the loss exceeding the VAR. Monte Carlo simulation usually involves principal components analysis of the variance-covariance model, followed by random simulation of the components. While it’s main advantages include its ability to handle any underlying distribution and to more accurately assess the VAR when non-linear currency factors are present in the foreign exchange position (e.g., options), its serious drawback is the computationally intensive process. MANAGEMENT OF CURRENCY RISK After identifying the types of exchange rate risk and measuring the associated risk exposure, a firm needs to decide whether to hedge or not these risks. In international finance, the issue of the appropriate strategy to manage (hedge) the different types of exchange rate risk has yet to be settled. In practice, however, corporate treasurers have used various currency risk management strategies depending, ceteris paribus, on the prevalence of a certain type of risk and the size of the firm. A. Hedging Strategies Indicatively, transaction risk is often hedged tactically (selectively) or strategically to preserve cash flows and earnings, depending on the firm’s treasury view on the future movements of the currencies involved. Tactical hedging is used by most firms to hedge their transaction currency risk relating to short-term receivable and payable transactions, while strategic hedging is used for longer-period transactions. However, some firms decide to use passive hedging, which involves the maintenance of the same hedging structure and execution over regular hedging periods, irrespective of currency expectations—that is, it does not require that a firm takes a currency view. Translation, or balance sheet, risk is hedged very infrequently and non-systematically, often to avoid the impact of possible abrupt currency shocks on net assets. This risk involves mainly long-term foreign exposures, such as the firm’s valuation of subsidiaries, its debt structure and international investments. However, the long-term nature of these items and the fact that currency translation affects the balance sheet rather than the income statement of a firm, make hedging of the translation risk less of a priority for management. For the translation of currency risk of a subsidiary’s value, it is standard practice to hedge the net balance sheet exposures, i.e., the net assets (gross assets less liabilities) of the subsidiary that might be affected by an adverse exchange rate move. Within the framework of hedging the exchange rate risk in a consolidated balance sheet, the issue of hedging a firm’s debt profile is also of paramount importance. The currency and maturity composition of a firm’s debt determines the susceptibility of its net equity and earnings to exchange rate changes. To reduce the impact of exchange rates on the volatility of earnings, the firm may use an optimization model to devise an optimal set of hedging strategies to manage its currency risk. Hedging the remaining currency exposure after the optimization of the debt composition is a difficult task. A firm may use tactical hedging, in addition to optimization, to reduce the residual currency risk. Moreover, if exchange rates do not move in the anticipated direction, translation risk hedging may cause either cash flow or earnings volatility. Therefore, hedging translation risk often involves careful weighing the costs of hedging against the potential cost of not hedging. Economic risk is often hedged as a residual risk. Economic risk is difficult to quantify, as it reflects the potential impact of exchange rate moves on the present value of future cash flows. This may require measuring the potential impact of an exchange rate deviation from the benchmark rate used to forecast a firm’s revenue and cost streams over a given period. In this case, the impact on each flow may be netted out over product lines and across markets, with the net economic risk becoming small for firms that invest in many foreign markets because of offsetting effects. Also, if exchange rate changes follow inflation differentials (through PPP) and a firm has a subsidiary that faces cost inflation above the general inflation rate, the firm could find its competitiveness eroding and its original value deteriorating as a result of exchange rate adjustments that are not in line with PPP. Under these circumstances, the firm could best hedge its economic exposure by creating payables (e.g., financing operations) in the currency that the firm’s subsidiary experiences the higher cost inflation (i.e., in the currency that the firm’s value is vulnerable). Sophisticated corporate treasuries, however, are developing efficient frontiers of hedging strategies as a more integrated approach to hedge currency risk than buying a plain vanilla hedge to cover certain foreign exchange exposure. In effect, an efficient frontier measures the cost of the hedge against the degree of risk hedged. Thus, an efficient frontier determines the most efficient hedging strategy as that which is the cheapest for the most risk hedged. Given a currency view and exposure, hedging optimization models usually compare 100 percent unhedged strategies with 100 percent hedged using vanilla forwards and option strategies in order to find the optimal one. Although this approach to managing risk provides the least-cost hedging structure for a given risk profile, it critically depends on the corporate treasurer’s view of the exchange rate. Note that such optimization can be used for transaction, translation or economic currency risk, provided that the firm has a specific currency view (i.e., a possible exchange rate forecast over a specified time period). B. Hedging Benchmarks and Performance Hedging performance can be measured as a distance to a given benchmark rate. The risk embedded in the hedge is usually expressed as a VAR number that will be consistent with the performance measure. Hedging optimization models, as methods for optimizing hedging strategies for currency-denominated cash flows, help find the most efficient hedge for individual currency exposures, while most of them do not provide a hedging process for multiple currency hedging. Thus, both performance and VAR are measured as effective hedge rates, calculated for each hedging instrument used and the risk in terms of a confidence level. A single optimal hedging strategy is then selected by defining the risk that a firm is willing to take. This strategy is the lowest possible effective hedge rate for an acceptable level of uncertainty. In this way, when the firm’s currency view entails a perception of volatility, options generate a better or similar effective hedge rate at lower uncertainty than the unhedged position. Furthermore, when local currency has a relatively high yield and low volatility, options will almost always generate a better effective hedging rate than forward hedging. As part of the currency risk management policy, firms use a variety of hedging benchmarks to manage their hedging strategies effectively. Such benchmarks could be the hedging level (i.e., a certain percent), the reporting period especially for firms that use forward hedging to limit the volatility of their net equity (e.g., quarterly or 12-month benchmarks) and budget exchange rates, depending on the prevailing accounting rules. Moreover, benchmarks enable the performance of individual hedges to be measured against that of the firm. C. Hedging and Budget Rates Budget exchange rates provide firms with a reference exchange rate level. Setting budget exchange rates is often linked to the firm’s sensitivities and benchmarking priorities. After deciding on the budget rate, the corporate treasury will have to secure an appropriate hedge rate and ensure that there is minimal deviation from that hedge rate. This process will determine the frequency and instruments to be used in hedging. It should be further pointed out that persistent moves relative to the numeracies (functional) currency should be reflected in the budget rates, or strategic positioning and hedging should be considered. Firms have different practices in setting budget exchange rates. Many corporate treasurers of multinational firms prefer to use PPP rates as budget exchange rates, often with the understanding that tactical hedging may be needed over the short-term where the forecasting performance of the PPP model is usually poor.2 However, other multinational firms prefer to set the budget rate in accordance with their sales calendar and, in turn, with their hedging strategy. For example, if a firm has a quarterly sales calendar, it may decide to hedge its next year’s quarterly foreign currency cash flow in such a way that they do not differ by more than a certain percentage from the cash flow in the same quarter of last year. Accordingly, this will necessitate four hedges per year, each of one-year tenor, with hedging being done at the end of the period, using the end-of-period exchange rate as its budget rate. Alternatively, a firm may decide to set its budget exchange rate at the daily average exchange rate over the previous fiscal year. In such case, the firm would need to use one hedge through, perhaps, an average-based instrument like an option or a synthetic forward. This hedging operation will usually be executed on the last day of the previous fiscal year, with starting day the first day of the new fiscal year. Furthermore, a firm may also use passive currency hedging, such as hedging the average value of a foreign currency cash flow over a specified time period, relative to a previous period, through option structures available in the market. This type of hedging strategy is fairly simple and easier to monitor. The relative version of the PPP theory states that bilateral exchange rates would adju st to the relative price differentials of the same good traded in the two countries. Setting budget exchange rates is also crucial for a firm’s pricing strategy, in addition to their importance for defining the benchmark hedging performance and tenor of a hedge (as the latter generally match cash flow hedging requirements). However, the budget exchange rate used to forecast cash flows needs to be close to the spot exchange rate in order to avoid possible major changes in the firm’s pricing strategy or to reconsider its hedging strategy. In this connection, it should be noted that forecasting future exchange rates is a key aspect of a firm’s pricing strategy. Since it has been well-documented that forward rates are poor predictors of future spot rates, structural or time-series exchange rate models need to be employed for such an endeavour. This becomes evident if we compare a firm’s net cash flows estimated by using the forecast rate and the future spot exchange rate. For an investment in a foreign subsidiary, moreover, the budget exchange rate is often the accounting rate, i.e., the exchange rate at the end of the previous fiscal year. D. Best Practices for Exchange Rate Risk Management For their currency risk management decisions, firms with significant exchange rate exposure often need to establish an operational framework of best practices. These practices or principles may include: 1. Identification of the types of exchange rate risk that a firm is exposed to and measurement of the associated risk exposure. As mentioned before, this involves determination of the transaction, translation and economic risks, along with specific reference to the currencies that are related to each type of currency risk. In addition, measuring these currency risks—using various models (e.g. VAR)—is another critical element in identifying hedging positions. 2. Development of an exchange rate risk management strategy. After identifying the types of currency risk and measuring the firm’s risk exposure, a currency strategy needs to be established on how to deal with these risks. In particular, this strategy should specify the firm’s currency hedging objectives—whether and why the firm should fully or partially hedge its currency exposures. Furthermore, a detailed currency hedging approach should be established. It is imperative that a firm details the overall currency risk management strategy on the operational level, including the execution process of currency hedging, the hedging instruments to be used, and the monitoring procedures of currency hedges. 3. Creation of a centralized entity in the firm’s treasury to deal with the practical aspects of the execution of exchange rate hedging. This entity will be responsible for exchange rate forecasting, the hedging approach mechanisms, the accounting procedures regarding currency risk, costs of currency hedging, and the establishment of benchmarks for measuring the performance of currency hedging. (These operations may be undertaken by a specialized team headed by the treasurer or, for large multinational firms, by a chief dealer.) 4. Development of a set of controls to monitor a firm’s exchange rate risk and ensure appropriate position taking. This includes setting position limits for each hedging instrument, position monitoring through mark-to-market valuations of all currency positions on a daily basis (or intraday), and the establishment of currency hedging benchmarks for periodic monitoring of hedging performance (usually monthly). 5. Establishment of a risk oversight committee. This committee would in particular approve limits on position taking, examine the appropriateness of hedging instruments and associated VAR positions, and review the risk management policy on a regular basis. Managing exchange rate risk exposure has gained prominence in the last decade, as a result of the unusual occurrence of a large number of currency crises. From the corporate managers’ perspective, currency risk management is increasingly viewed as a prudent approach to reducing a firm’s vulnerabilities from major exchange rate movements. This attitude has also been reinforced by recent international attention on both accounting and balance sheet risks. HEDGING INSTRUMENTS FOR MANAGING EXCHANGE RATE RISK Within the framework of a currency risk management strategy, the hedging instruments allowed to manage currency risk should be specified. The available hedging instruments are enormous, both in variety and complexity, and have followed the dramatic increase in the specific hedging needs of the modern firm. These instruments include both OTC and exchange-traded products. Among the most common OTC currency hedging instruments are currency forwards and cross-currency swaps. Currency forwards are defined as buying a currency contract for future delivery at a price set today. Two types of forwards contracts are often used: outright forwards (involving the physical delivery of currencies) and non-deliverable forwards (which are settled on a net cash basis). With forwards, the firm is fully hedged. However, the high cost of forward contracts and the risk of the exchange rate moving in the opposite direction are serious disadvantages. The two most commonly used cross-currency swaps are the cross-currency coupon swap and the cross-currency basis swaps. The cross-currency coupon swap is defined as buying a currency swap and at the same time pay fixed and receives floating interest payments. Its advantage is that it allows firms to manage their foreign exchange rate and interest rate risks, as they wish, but it leaves the firm that buys this instrument vulnerable to both currency and interest rate risk. Cross-currency basis swap is defined as buying a currency swap and at the same time pay floating interest in a currency and receive floating in another currency. This instrument, while assuming the same currency risk as the standard currency swap, has the advantage that it allows a firm to capture prevailing interest rate differentials. However, the major disadvantage is that the primary risk for the firm is interest rate risk rather that currency risk. For exchange-traded currency hedging instruments, the main types are currency options and currency futures. The development of various structures of currency options has been very rapid, and is attributed to their flexible nature. The most common type of option structure is the plain vanilla call, which is defined as buying an upside strike in an exchange rate with no obligation to exercise. Its advantages include its simplicity, lower cost than the forward, and the predicted maximum loss—which is the premium. However, its cost is higher than other sophisticated options structures such as call spreads (buy an at-the-money call and sell a low delta call). Currency futures are exchange-traded contracts specifying a standard volume of a particular currency to be exchanged on a specific settlement date. They are similar to forward contracts in that they allow a firm to fix the price to be paid for a given currency at a future point in time. Yet, their characteristics differ from forward rates, both in terms of the available traded currencies and the typical (quarterly) settlement dates. However, the price of currency futures will normally be similar to the forward rates for a given currency and settlement date. Comparing currency forward and currency futures markets, the size of the contract and the delivery date are tailored to individual needs in the forward market (i.e., determined between a firm and a bank), as opposed to currency futures contracts that are standardized and guaranteed by some organized exchange. While there is no separate clearing-house function for forward markets, all clearing operations for futures markets are handled by an exchange clearing house, with daily mark-to-market settlements. In terms of liquidation, while most forward contracts are settled by actual delivery and only some by offset—at a cost, in contrast, most futures contracts are settled by offset and only very few by delivery. Furthermore, the price of a futures contract changes over time to reflect the market’s anticipation of the future spot rate. If a firm holding a currency futures contract decides before the settlement date that it no longer wants to maintain such a position, it can close out its position by selling an identical futures contract. This, however, cannot be done with forward contracts. Finally, since currency hedging is often costly, a firm may first consider â€Å"natural† hedging, such as (1) matching, which involves pairing suitably a multinational firm’s foreign currency inflows and outflows with respect to amount and timing; (2) netting, which involves the consolidated settlement of receivables, payables and debt among the subsidiaries of a firm; and (3) invoicing in a foreign currency, which reduces transaction risk related primarily to exports and imports. HEDGING PRACTICES BY U.S. FIRMS According to the BIS (see Tables 1-4) and the International Swap and Derivatives Association, the OTC derivatives market has experienced an exponential growth. Even with the recent slowdown due to the special disclosure requirements of FAS 133, derivatives continue to be the main hedging instrument for most firms. However, the increased availability of derivative instruments, coupled with the advent of mark-to-market hedge accounting (FAS 133 and IAS 39), implies a difficult to follow impact of derivatives on firms’ financial statements. Several surveys have shown certain characteristics and practices of U.S. non-financial firms using derivatives. Thus, the larger the size of sales of U.S. non-financial firms, the more likely is to use derivatives in their risk management. Foreign currency derivatives usage is most common, with almost three-fourths of the reporting firms taking positions. The primary goal of exchange risk hedging is the minimization of the variability in cash flow and in accounting earnings, arising from the firms’ operational activities and characteristics. Preoccupation with accounting earnings may be related to their role in analysts’ perceptions and predictions of future earnings and in management compensation. Furthermore, it is interesting to note that U.S. firms do not place high importance in minimizing the variation in the market value of the firm (the present discounted value of the stream of future cash flows) when they use derivatives in risk management. The choice of derivative instruments for foreign exchange management by U.S. firms is concentrated in simple instruments, with OTC currency forwards being by far the most popular instrument (over 50 percent of all foreign exchange derivatives instruments), OTC currency options being the second most preferred hedging instrument (around 20 percent of all foreign exchange derivative instruments) and OTC swaps being the third (around 10percent). Forward-type (volatility elimination) instruments are used to hedge foreign exchange exposures arising from U.S. firms’ contractual commitments (accounts receivable/payable, and repatriations), as recommended by the international financial literature. Option-type instruments, on the other hand, are used to hedge uncertain foreign currency-denominated future cash flows (usually, related to anticipated transactions beyond one year and to cover economic exposures). The tendency of US firms to use OTC currency forwards rather than OTC options or swaps should mainly be attributed to the relatively higher liquidity and depth of forward markets. The use of OTC instruments (forwards/swaps and options) dominates that of exchange traded hedging instruments, with currency futures being preferred by less than 10 percent of U.S. firms and currency options being preferred by a very small percentage of firms. The prevalence of OTC instruments should be attributed to firms’ very specific hedging needs that can primarily be accommodated in the more-flexible OTC market. The majority of U.S. firms with a set frequency for revaluing derivatives do so on a monthly basis, with a quarter of the total firms valuing their derivatives at least weekly and a very small percentage doing so only on an annual basis. Finally, the most common methods to evaluate the riskiness of their foreign exchange positions are stress testing of derivatives and VAR techniques. CONCLUSION Measuring and managing currency risk exposure are important functions in reducing a firm’s vulnerabilities from major exchange rate movements. These vulnerabilities mainly arise from a firm’s involvement in international operations and investments, where exchange rate changes could affect profit margins, through their effect on sources for inputs, markets for outputs and debt, and the value of assets. Prudent management of currency risk has been increasingly mandated by corporate boards, especially after the currency-crisis episodes of the last decade and the consequent heightened international attention on accounting and balance sheet risks. In managing currency risk, multinational firms utilize different hedging strategies depending on the specific type of currency risk. These strategies have become increasingly complicated as they try to address simultaneously transaction, translation and economic risks. As these risks could be detrimental to the profitability and the market valuation of a firm, corporate treasurers, even of smaller-size firms have become increasingly proactive in controlling these risks. Thereby, a greater demand for hedging protection against these risks has emerged and, in response, a greater variety of instruments has been generated by the ingenuity of the financial engineering industry. This paper presents some of the main issues in the measurement and management of exchange rate risks faced by firms, with special attention to the traditional types of exchange rate risk (transaction, translation, and economic), the currently predominant methodology in measuring exchange rate risk (VAR), and the advantages and disadvantages of various exchange rate risk management approaches (tactical vs. strategical, and passive vs. active). It also outlines a set of widely-accepted best practices in currency risk management, and reviews the use of some of the widely-used hedging instruments in the OTC and exchange traded markets. It also reports on the use of various derivatives instruments and hedging practices of U.S. multinationals. Based on the reported U.S. data, it is interesting to note that the larger the size of a firm the more likely it is to use derivative instruments in hedging its exchange rate risk exposure; the primary goal of U.S. firms’ exchange rate risk hedging operations is to minimize the variability in their cash flow and earning accounts (mainly related to payables, receivables and repatriations); and the choice of foreign exchange derivatives instruments is concentrated in OTC currency forwards (over 50 percent of all foreign exchange derivatives used), OTC currency options (around 20 percent) and OTC currency swaps (around 10 percent). From the available exchange-traded foreign exchange hedging instruments, currency futures is preferred by less than 10 percent of U.S. firms and currency options by around 2 percent. Overall, it should be noted that the data on U.S. firms are only representative of the reporting period that they refer to and are indicative of the level of sophistication of U.S. corporate treasurers and the level of development of local derivatives markets. By no means can these stylized facts be generalized for other time periods and countries, especially those with different corporate structures and capital market development. To form a better understanding of global firms’ practices in this area, more empirical studies would need to be undertaken to explore their exchange rate risk measurement and hedging behaviours.