Monday, September 30, 2019

Financial Environment and Interest Rate and Inflation

An Assignment of Business Finance Course Code: FIN -2101 Submitted To: Md. Monzur Morshed Bhuiya Associate Professor Department of Finance Jagannath University, Dhaka. Submitted By: Md. Mazharul Islam. Group Representative of Finance Interface B. B. A, 3rd Batch (2nd Year, 1st Semester) Session: 2008-2009 Department of Finance Jagannath University, Dhaka. Date of Submission: 25-10-2010 Department of Finance Jagannath University 1|Page 1 Sl. No. Name 01. Md. Mazharul Islam. (Group Representative) 02. Khadizatuz Zohara. Roll No. 091541 091526 Department of Finance Jagannath University 2|PageTable of Contents Sl. No. 2-1 2-2 2-3 2-4 2-5 2-6 2-7 2-8 2-9 2-10 2-11 Contents Problems Yield Curves Yield Curves Inflation and Interest Rate Rate of Interest Real Risk-Free Rate, MRP and DRP Exam-Type Problems Expected Inflation Rate Expected Rate of Interest Expected Rate of Interest Interest Rate Interest Rate Expected Rate of Interest Ending Part Formula and Necessary Illustration for Calculat ion Summary of the Assignment Page No. 5 6 7 9 10 12 13 14 14 15 16 17 18 Department of Finance Jagannath University 3|Page The Financial Environment: Interest Rates Problems 2-1:Suppose you and most other investors expect the rate of inflation to be 7 percent next year, to fall to 5 percent during the following year, and then to remain at a rate of 3 percent thereafter. Assume that the real risk-free rate, k*, is 2 percent and that maturity risk premium on treasury securities rise from zero on very short-term bonds ( those that mature in few days) by 0. 2 percentage points for each year to maturity, up to a limit of 1. 0 percentage point on five year or longer-term T-bonds. a. Calculate the interest rate on one, two, three, four, five, 10 and 20 year Treasury securities, and Plot the yield curve. .Now suppose IBM, a highly rated company, had bonds with the same- maturities as the Treasury bonds. As an approximation, plot a yield curve for IBM on the same graph with the Treasury bon d yield curve, (Hint: Think about the default risk premium on IBM’s long-term versus its short-term bonds. ) c. Now plot the approximate yield curve of Long Island Lighting Company (LILCO), a risky nuclear utility. Solution 2-1: Requirement ‘a’: Expected Annual Inflation Rate 7% 5% 3% 3% 3% 3% 3% Real Risk-free Rate (k*) 2% 2% 2% 2% 2% 2% 2% Average Expected Inflation Rate or Inflation Premium (IP) = 7% 1 =7% 2 = (7%+5%) ? 2 = 6% 3 = (12%+3%) ? 3 = 5% 4 = (15%+3%) ? 4 =4. 5% 5 =(18%+3%) ? 5 = 4. 2% 10 =(21%+3%? 5) ? 10=3. 6% 20 =(36%+3%? 10) ? 20=3. 3% Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Average Nominal Interest Rate = k* + IP 9% 8% 7% 6. 5% 6. 2% 5. 6% 5. 3%Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Maturity Risk Premium (MRP) 0. 2% 0. 2%+0. 2% =0. 4% 0. 4%+0. 2% =0. % 0. 6%+0. 2% =0. 8% 0. 8%+0. 2% =1. 0% 1. 0% 1. 0% Department of Finance Jagannath University 4|Page And Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond The yield Curve: + 9% + 0. 2% 8% + 0. 4% 7% + 0. 6% 6. 5% + 0. 8% 6. 2% + 1. 0% 5. 6% + 1. 0% 5. 3% + 1. 0% Interest Rate (k) 9. 2% 8. 4% 7. 6% 7. 3% 7. 2% 6. 6% 6. 3% 10. 5 10. 0 9. 5 9. 0 8. 5 Yield (%) 8. 0 7. 5 7. 0 6. 5 6. 0 5. 5 5. 0 0 2 4 6 8 Yield Curve LILCO IBM T – Bonds – Bonds T 10 12 14 16 18 20 Yield of MaturityRequirement ‘b’: The interest rate on the IBM bonds has the same components as the Treasury securities, except that the IBM bonds have default risk, so a default risk premium must be included. Therefore, = * + IP + MRP + DRP For a strong company such as IBM, the default risk premium is virtually zero for short-term bonds. However, as time to maturity increases, the probability of default, although still small, is sufficient to warrant a default premium. Thus, the yiel d risk curve for the IBM bonds will rise above the yield curve for the Treasury securities.In the graph, the default risk premium was assumed to be 1. 2 percentage points on the 20-year IBM bonds. The return should equal 6. 3% + 1. 2% = 7. 5%. Department of Finance Jagannath University 5|Page Requirement ‘c’: Long Island Lighting Company (LILCO) bonds would have significantly more default risk than either Treasury securities or IBM bonds, and the risk of default would increase over time due to possible financial deterioration. In this example, the default risk premium was assumed to be 1. 0 percentage point on the one-year LILCO bonds and 2. 0 percentage points on the 20-year bonds.The 20-year return should equal 6. 3% + 2% = 8. 3%. ————- Problem 2-2: The following yield on U. S. Treasury securities were taken from The Wall Street Journal on January 7, 2004: Term Rate 6 months 1. 0% 1 year 1. 2% 2 year 1. 6% 3 year 2. 5% 4 year 2. 9% 5 year 3 . 7% 10 year 4. 6% 20 year 5. 1% 30 year 5. 3% Plot a yield curve based on these data. Discuss how each term structure theory mentioned in the chapter can explain the shape of the yield curve you plot. Solution 2-2: 5. 35 5. 30 5. 25 Yield (%) 5. 20 5. 15 5. 10 5. 05 5. 00 4. 95 4. 90 4. 85 0 5 Yield Curve 10 15 20 Maturity (years) 25 30 ———— Department of Finance Jagannath University 6|Page Problem 2-3: Inflation currently is about 2 percent. Last year the Fed took actions to maintain inflation at this level. However, the economy is showing signs that it might be growing too quickly, and reports indicate that inflation is expected to increase during the next five year. Assume that at the beginning of 2005, the rate of inflation expected for the year is 4 percent; for 2006, it is expected to be 5 percent; for 2007, it is expected to be 7 percent; and, for 2008 and every year thereafter, it is expected to settle at 4 percent. a.What is the average expected inflation rate over the five year period 2005-2009? b. What average nominal interest would, over the five-year period, be expected to produce a 2 percent real risk-free rate of return on five-year Treasury securities? c. Assuming a real risk-free rate of 2 percent and a maturity risk premium that starts at 0. 1 percent and increases by 0. 1 percent each year, estimate the interest rate in January 2005on bond that mature in one, two, five, 10 and 20 years and draw a yield curve based on these data. d. Describe the general economic conditions that could be expected to produce an upward-sloping yield curve. . If the consensus among investors in early 2005 is that the expected rate of inflation for every future year is 5 percent ( = 5% for t = 1 to ? ), what do you think the yield curve would look like?Consider all the factors that are likely to affect the curve. Does your answer here make you question the yield curve you drew in part c? Solution 2-3: Requirement ‘a & b’: Expected Annual Inflation Rate 4% 5% 7% 4% 4% 4% 4% Real Risk-free Rate (k*) 2% 2% 2% 2% 2% 2% 2% Average Expected Inflation Rate or Inflation Premium (IP) 1 = 4% 1 =4% 2 = (4%+5%) ? 2 = 4. 5% 3 = (9%+7%) ? 3 = 5. 33% 4 = (16%+4%) ? =5% 5 =(20%+4%) ? 5 = 4. 8% 10 =(24%+4%? 5) ? 10=4. 4% 20 =(44%+2%? 5) ? 20=4. 2% Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Average Nominal Interest Rate = k* + IP 6% 6. 5% 7. 33% 7% 6. 8% 6. 4% 6. 2% Requirement ‘c’: Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Department of Finance Maturity Risk Premium (MRP) 0. 1% 0. 1%+0. 1% =0. 2% 0. 2%+0. 1% =0. 3% 0. 3%+0. 1% =0. 4% 0. 5%+0. 1% =0. 5% 0. 5%+(0. 1%? 5) =1. 0% 1. 0%+(0. 1%? 10) =2. 0% Jagannath University 7|PageAnd Bond Type 1st year bond 2nd year bond 5th year bond 10th year bond 20th year bond The Yield Curve: 9. 0 8. 0 7. 0 6. 0 5. 0 4. 0 3. 0 2. 0 1. 0 0. 0 0 2 4 + 6% + 0. 1% 6. 5% + 0. 2% 6. 8% + 0. 5% 6. 4% + 1. 0% 6. 2% + 2. 0% Estimated Interest Rate (k) 6. 1% 6. 7% 7. 3% 7. 4% 8. 2% Yield Curve Yield (%) 6 8 10 12 14 Years to Maturity 16 18 20 Requirement ‘d’: The ? normal? yield curve is upward sloping because, in ? normal? times, inflation is not expected to trend either up or down, so IP is the same for debt of all maturities, but the MRP increases with years, so the yield curve slopes up.During a recession, the yield curve typically slopes up especially steeply, because inflation and consequently short-term interest rates are currently low, yet people expect inflation and interest rates to rise as the economy comes out of the recession. Requirement ‘e’: If inflation rates are expected to be constant, then the expectations theory holds that the yield curve should be horizontal. However, in this event it is likely that maturity risk premiums would be applied to long-term bonds because o f the greater risks of holding long-term rather than short-term bonds: Yield (%) Actual yield curveMaturity risk premium Pure expectations yield curve Years to Maturity Department of Finance Jagannath University 8|Page If maturity risk premiums were added to the yield curve in part e above, then the yield curve would be more nearly normal—that is, the long-term end of the curve would be raised. ————- Problem 2-4: Assume that the real risk-free rate of return, k*, is 3 percent, and it will remain at that level far into the future. Also assume that maturity risk premiums on Treasury Bonds increase from zero for bonds that mature in one year or less to a maximum of 2 percent, and MRP increases by 0. percent for each year to maturity that is greater than one year – that is, MRP equals 0. 2 percent for a two-year bond, 0. 4 percent for a three year bond, and so forth. Following are the expected inflation rates for the next five years: Year Inflat ion Rate (%) 2005 3 2006 5 2007 4 2008 8 2009 3 a. b. c. d. What is the average expected inflation rate for a one, two, three, four and five year bond? What should be the MRP for a one, two, three, four and five year bond? Compute the interest rate for a one, two, three, four and five year bond?If inflation is expected to equal 2 percent every year after 2009, what should be the interest rate for a 10 and 20 year bond? e. Plot the yield curve for the interest rates you computed in parts c and d. Solution 2-4: Requirement ‘a’: Expected Annual Inflation Rate 3% 5% 4% 8% 3% 2% 2% Real Risk-free Rate (k*) 3% 3% 3% 3% 3% 3% 3% Average Expected Inflation Rate or Inflation Premium (IP) 1 = 3% 1 =3% 2 = (3%+5%) ? 2 = 4% 3 = (8%+4%) ? 3 = 4% 4 = (12%+8%) ? 4 =5% 5 =(20%+3%) ? 5 = 4. 6% 10 =(23%+2%? 5) ? 10=3. 3% 20 =(33%+2%? 5) ? 20=2. 65%Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Requirement ‘b†™: Average Nominal Interest Rate = k* + IP 6% 7% 7% 8% 7. 6% 6. 3% 5. 65% Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Maturity Risk Premium (MRP) 0% 0%+0. 2% =0. 2% 0. 2%+0. 2% =0. 4% 0. 4%+0. 2% =0. 6% 0. 6%+0. 2% =0. 8% 0. 8%+(0. 2%? 5)=1. 8% 2% Department of Finance Jagannath University 9|Page Requirement ‘c & d’: Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond 6% + 0% 7% + 0. 2% 7% + 0. 4% 8% + 0. 6% 7. 6% + 0. 8% 6. 3% + 1. 8% 5. 65% + 2% Interest Rate (k) 6% 7. 2% 7. 4% 8. 6% 8. 4% 8. 1% 7. 65% Requirement ‘e’: Yield Curve 9. 0 8. 5 Yield (%) 8. 0 7. 5 7. 0 6. 5 6. 0 5. 5 5. 0 0 2 4 6 8 10 12 14 16 18 20 Years to Maturity ————Problem 2-5: Today’s edition of The Wall Street Journal reports that the yield on Treasury bills maturing in 30 days is 3. 5 percent, the yield on Treasury bills m aturing in 10 years is 6. 5 percent, and the yield on a bond issued by Nextel Communications that matures in six years is 7. 5 percent.Also, today the Federal Reserve announced that inflation is expected to be 2 percent during the next 12 months. There is a maturity risk premium (MRP) associated with all bonds with maturities equal to one year or more. a. Assume that the increase in the MRP each year is the same and the total MRP is the same for bonds with maturities equal to 10 years and greater that is, MRP is at its maximum for bonds with maturities equal to 10 years and greater. What is the MRP per year? b. What is default risk premium associated with Nextel’s bond? c. What is the real risk-free rate of return? Department of Finance Jagannath University 0 | P a g e Solution 2-5: Requirement ‘a’:Since MRP associated with all bonds with maturities equal to one year or more, so with Treasury bills maturing in 30 days, 0% MRP is associated, then k = k* + IP ? 3. 5% = k* + 2% ? k* = 3. 5% ? 2% ? k* = 1. 5% At the 10 year bond: k = k* + IP + MRP ? 6. 5% = 1. 5% + 2% + MRP ? MRP = 6. 5% ? 1. 5% ? 2% ? MRP = 3% As MRP at 10 year bond is 3%. So MRP per year is (3? 10) = 0. 3%. Requirement ‘b’: Since 30 days T-bond and 10 years T-bond fulfills the equations:- K = k* +IP +MRP, We have to calculate DRP from 6 years Nextel Bond: k = k* +IP +DRP +MRP ? 7. 5% = 1. 5% + 2% + DRP + (0. % ? 6) ? 7. 5% = 3. 5% + DRP + 1. 8% ? DRP = 7. 5% ? 3. 5% ? 1. 8% ? DRP = 2. 2% Requirement ‘c’: Now real risk-free rate of return k* = 3. 5% – IP = 3. 5% – 2. 0% = 1. 5% ————- Exam-Type Problems 2-6: According to The Wall Street Journal, the interest rate on one-year Treasury bonds is 2. 2 percent, The rate on two-year Treasury bonds is 3. 0 percent, and the rate on three-year Treasury bonds is 3. 6 percent. These bonds are considered risk free, so the rates given here are risk free rates ( ). The one-y ear bond matures one year from today, the two-year bond matures two year from today and so forth.

Sunday, September 29, 2019

Burt’s bee – an American company

Burt’s bee is an American company that deals into personal care products. It has differentiated its self on the basis of ‘Earth Friendly, Natural Personal Care Company’. Their products are being made from beeswax, natural oils, herbs and minerals (Smith, Dulcinea Norton, 2008, March). This company begun its operations in the year 1984 when Roxanne Quimby and Burt Shavitz an ex-couple living in Maine started making candles. They were made from they by-product of beeswax obtained from Burt’s honey business. This invention made sale up to $20,000 by the end of first year. Soon they product earned recognition and got orders form a boutique in New York. They added many organic beauty products to expend this line. In the year 1991 they added their best seller product lip balm. Soon they discontinued their famous candle production and concentrated on personal care items. Currently their product line includes face, body, men’s grooming, baby care, hair, lip care and outdoor remedies product. Their products are being sold in different countries of the world including United States, United Kingdoms, Canada, Ireland, Hong Kong and Taiwan. Retail Experiment Burt’s bee distinguished itself on the basis of organic and eco friendly products. It created a niche for it’s product by targeting people who are more inclined towards purchasing and using less chemical oriented products. Retail business can be explained as sale of goods or merchandises directly to customers through a fixed point. Availability of logistics and expansion plans play a vital role in deciding either a company should move into retail business or not. When a profit bearing company like Burt’s Bee plans to expand its operation they have to make an appearance in shelves of different departmental stores, malls, grocery stores even drug stores to be more visible over other competitor products. Making such strong appearance is not possible by limiting it’s self to being a manufacturer and a direct seller. Looking at online shopping websites (which is also a part of retail business) it brings products at a click of one button. It also saves human resource and middle man profit. It gives endless shelf-space to a manufacturer to display its products. Burt’s bee was already selling their product through QVC and making handsome amount of profit on it. It was time to get into physical retail business to increase their profitability. Retail business has many different advantages. If one person is out to buy grocery for home might also want to purchase any product that he sees on shelves. We all try to experiment with new products. This experimental nature is at peek when we go out of the house to do a week’s shopping. Instead of going at one particular shop to buy a specific product we all prefer one place stop that has all the products. It’s an era of expediency and we enjoy taking advantage of it. Retail business aids in saving time for a lot of customers. People are so busy in their personal and professional lives they prefer buying all what they need from one places rather than visiting different shops for specific products. Retail business also gives an edge over all those strong products available only at their dedicated shops. Their presences can be easily overlapped with a product that is available at every nook and corner. People usually go out with friends to malls for shopping. Strong word of mouth can also play a heavy role in increasing sales. Burt’s bee has a reputable name in the market and a loyal set of customers. Changing brand habit should not be a difficult task for them once the presence of their product becomes prominent. Appearance of Roxxane Quimby at different retail shops once in a while will add to customer satisfaction. When she started the business by selling beeswax candle she realized that most of her customers looked at the bottom of it to check its finishing. Costumers are very particular about quality maintenance. Heavy marketing can attract more customers to meet the proud owner of the product they are using. The fear of being discontinued from the end users can also be minimized through this strategy. This can also be done through comment cards. People can fill them and send it to her to give her. Retail business enables a customer to compare products at the location. This comparison can be made on the basis of ingredients, prices and packaging. Burt’s bee has the competitive advantage of being organic and less chemically treated product over others. It has gain popularity for being made from natural oils unlike other products available in the market. Conclusion Thus opting for a retail business will help them achieve desired target in a given time period. It becomes difficult to be a direct seller and expend to different countries. Though sales and revenues increase can not be separated from good marketing campaign. Promotion incentives like free samples can also be used to help purchase of new products and attract more customers. Heavy ATL (Above The Line) and BTL (Below The Line) marketing can also increase product awareness and spread the brand name amongst non users. Product availability will have a proportionate effect on increase sales. With higher demand price can also be increased. People are ready to pay a high amount but do not believe in compromising in quality. They will always choose convenience of purchasing ten things from one shop then roaming around 10 shops to buy one thing.

Saturday, September 28, 2019

Negotiations Journal Essay Example | Topics and Well Written Essays - 7500 words

Negotiations Journal - Essay Example The landlord was of course reticent to do this because he was not fond of the idea of spending more money in order to rent the apartment. From his perspective, other renters who were not so picky would take the apartment as is. However, having viewed several similar apartments that day, my friend and I were fully aware of the fact that for the same money that this particular apartment was renting for, it would be possible to rent a substitute. However, the issue was that we both loved the location, enjoyed the layout, neighborhood, and floor plan etc. Therefore, both of us were interested in trying to negotiate some type of satisfactory deal with the landlord. However, either as a result of our weak negotiating skills or the landlord’s refusal to give any leeway at all with regards to the price and/or condition of the current amenities, we were finally forced to take another apartment as our negations did not make any headway whatsoever. In the end, a host of factors contribut ed to this. These will be discussed in some greater detail and at length further in this worksheet. EXERCISE 2.1 Continued Creating and Claiming Value 2. Rate yourself from 1 to 10 on how well you created value in that negotiation, where 1 is "created little or no value" and 10 is "created a great deal of value." My effectiveness in creating value in my last negotiation was: ______4________. 3. Next, rate yourself from 1 to 10 on how well you claimed value in your last negotiation, where 1 represents "obtained little or no value for myself' and 10 represents "obtained a great deal of value for myself." My effectiveness in claiming value in my last negotiation was: ______1_________. The next step is to study how you create and claim value in your next three negotiations. This will help you determine your own pattern in creating and claiming value. To be an effective negotiator, you have to be good at both creating and claiming value. The following form has been designed to help you e xamine your own pattern of creating and claiming value. CREATING/CLAIMING VALUE FORM 1. Briefly summarize a second negotiation that you participated in on a separate sheet attached hereto as "Exercise 2.1: Attachment B." In the past, I was involved in quite a lengthy negotiation with my employer as how I might change my working hours so that they would be more amenable to my new schedule. This was a unique negotiation because it had varied interests involved in the mediation process. Firstly, and most obviously, there was the selfish interest that I had in order to make my work hours more convenient for me so that I could more easily enjoy my time, not have to wake up at an inconvenient hour, and spend more time concentrating on my studies etc. Likewise, from the employer’s perspective, the negotiation was centered around the fact that they could either deny the request and risk angering the employee (me) or grant it and work to find other personnel who could cover for the ti me gap that this would create. In order to facilitate the process of understanding and create value in the eyes of the employer, I worked to emphasize the many benefits that my employment brought to the company; as well as some of the many highlights of my career up until that point that were highly beneficial to the firm and their profit margin. Although it was a low paying job, my approach was to convince the employer, without appearing arrogant, that they would have a hard

Friday, September 27, 2019

Art management essay Example | Topics and Well Written Essays - 1750 words

Art management - Essay Example On the same legal issue, during the tenure of the US president George W Bush, there was a tightening of restrictions around the Cuba embargo and it became a bit harder for US citizens especially to access artwork from Cuba freely as had been the case before. This was also as a result of lobbying by some members of families who had had their art confiscated by the Fidel Castro regime when he took power (Yulia, 2010). This is particularly true with the case of the Billionaire Fanjul family that had a vast collection confiscated and later sold by the Cuban government. They lobbied to have anyone trading in their artwork declared to be in violation of trading with the enemy laws put in place to prevent trade with Cuba but under which artwork was exempted. Another law that the Fanjuls and others are relying on in their quest to recover their lost artwork is the Helms- Burton Act which blocks people that deal in Cuban confiscated property and their immediate families from entering the United States and also opens them up to payment of potential damages. In this case there is the Argentinean art dealer Bruno Sciaoli whom they have ascertained to have in his possession one of their lost art pieces known as the Malaga Porta painted by Joaquin Sorolla y Bastida. This Act was however not acceptable to the European Union which then passed a resolution which prevents its enforcement within the EU. The issue of the law not being enforceable in the EU arises from the fact that the EU recognizes Cuba as a sovereign nation as well as its decision to nationalize assets which includes the confiscated art work. In the US its embargo laws prohibit trade in the confiscated properties from Cuba. If the state department tries and finds the art dealer Bruno Sciaoli guilty, then they will have opened a whole new era in the sales of this art works. It will have complicated any sales of artwork sourced from Cuba which is going on at

Thursday, September 26, 2019

Eating Attitude Test Research Paper Example | Topics and Well Written Essays - 2000 words

Eating Attitude Test - Research Paper Example A changed nutritional condition in individuals with eating disorders arises from the irregular or unusual eating patterns and attitudes and cognitive changes associated with the weight and food that are the main attributes of such disorders. Since eating attitudes and related behaviors differ considerably across patients and disorders, nutritional condition and consequent problems show significant variation. Nevertheless, a model for carrying out and assessing the nutritional evaluation of these patients can be helpful. Such a feature of assessment is a major part of the diagnosis for it allows continuous observation of the outcomes or impact of the intervention. Furthermore, it could help in the timely diagnosis of an emerging eating disorder or an at-risk person and hence could contribute to prevention. Due to the dominant belief that medical interviews are needed for diagnosis, self-assessment questionnaires evaluating such areas could be most helpful when used as screening instruments, as quantitative measures of the extent of eating-connected symptoms, and as indices of treatment effects and advancement. Among the instruments utilized for assessing eating-connected symptoms are Eating Attitudes Test (EAT); the Binge Eating Scale; and the EDI Symptom Checklist. Each instrument has been used in both research and medical settings and has been proven valid and reliable. The EAT was initially constructed to evaluate behaviors and attitudes typical of anorexic people. It not merely differentiates anorexic subjects from control groups but also differentiates bulimic ones from controls.  

Wednesday, September 25, 2019

Drug Debate Essay Example | Topics and Well Written Essays - 1250 words

Drug Debate - Essay Example The divide came into sharpest focus in 1997 when Australian Federal Government decided to withdraw government support to methadone treatment in Australia as an antidote to heroin addiction (Bush and Neutze 2000). Prevailing moral attitudes towards drug use Moral positions vary widely from individual to individual. Those who have had no direct interactions with drug users and have no clear idea about the menace have developed some sort fear and abhorrence about it and hence consider drug abuse as something which is grossly immoral. As a corollary of this attitude, all drug addicts in their eyes are people devoid of either ethics or morality and all those who help these drug addicts in having their daily dose are equally immoral and corrupt. But those who have been in close contact with drug addicts have a much more sympathetic attitude about the issue of heroin maintenance (Dingelstad, et al. 1996). There are basically four different moral viewpoints about this issue: The first group believes that it should be permitted as long it does not inflict any harm on others. The second group believes that this is the only possible means to keep drug addicts alive and gradually improve their health and would in some distant future also help them to get rid of this habit completely. o The third group believes that this method would not help the drug addicts at all and therefore disapprove heroin maintenance claiming that there definitely should be some other option for improving the health of drug addicts and helping to get rid of the habit. o The fourth group believes that this is nothing but an excuse to continue with drug addiction and is therefore strongly opposed to it (Alcorn and Brady 1999). Thus, it seems the possibility of a rapprochement between these widely differing positions is rather remote. But all hope need not be lost as groups holding different attitudes can be questioned regarding the basis of their stands and we can reach a broad area of compromise. The first group, we may term them libertarians, might be questioned that though each individual should have freedom of choice but prolonged use of amphetamine might lead to sudden acts of intense aggression which could surely harm others. Thus, there should not be any blanket freedom in use of drugs. The fourth group consists of those that are strictly against use of any drugs. They are probably confused between use and abuse, since all drugs are used by medical practitioners in restricted doses to cure one ailment or the other. This brings us to the question how much use can be construed as abuse and this genuinely opens up the entire issue. The second and the third groups occupy a middle position as both these groups accept administration of drugs at permissible levels can be allowed provided it helps the drug users to finally overcome the habit and if that is the only way out. It is extremely necessary to bring the two extreme opinions closer to each other as public policy towards drug use must have the support of the majority for it to be a success. The middle ground should ideally be that drug use par se cannot be construed as immoral but if such use harms an individual or adversely affects community welfare, then such is to be restricted, if necessary by terming it as a criminal act (Martin 1999 ). This debate is further marked by what may be termed as

Tuesday, September 24, 2019

Coursework Example | Topics and Well Written Essays - 1000 words

Coursework Example Higher interest rates mean that lenders in a particular economy are able to enjoy higher return, more that in countries where there are low interest rates. Further, high interest rates are able to attract foreign capital and lead to high exchange rates. The effects of high interest rates are solved if inflation in a particular country is slightly higher than in other countries. There are also cases whereby the impact of high interest rates can be mitigated through other factors that function to lower the currency (Madura, 1998: 14). Effective exchange rates are usually used to determine country’s currency value in relation to other strong currencies in the index. Some of the world’s currency indexes include the U.S dollar, Japanese Yea and the euro. These currencies are adjusted to lower the effects of inflation in some countries. In addition, effective exchange may also refer to the value consumers are likely to pay for an imported commodity. The price usually comprise s of any tariffs and other costs incurred as a result of the process of importation (Somanath, 2011: 220). 2. Inefficiencies in Exchange Rates and Arbitrage Profits Arbitrage profits are made when traders purchase and sell their assets so that they can take advantage of the difference in the price. In particular, arbitrage profits arise due to the exploitation of price differences and takes place in similar financial instruments. In addition, prices can be exploited on different markets as well as in different ways. Arbitrage profits arise due to the efforts geared towards ensuring that prices do not fall from fair value over long periods of time (Clark and Ghosh, 2004: 2). Further, arbitrage refers to the simultaneous buying and selling of a commodity or asset in different markets with the main aim of making profits from the difference in buying and selling prices. For example, the dollar price of a British pound may be 1.70 pounds in London but 1.40 pounds in Paris, a trader can b uy 1 pound in Paris then sell that pound in London and make some profit (0.3) per pound sold. If the trader buys 10 million pounds, 3000,000 pounds profit will be realized before any transaction costs, if any exist (Clark and Ghosh, 2004: 2). Arbitrage can be seen as an exploitation of the misalignment of market quotes. In a perfectly competitive market, the evident price differentials that lead to arbitrage profits cannot exist. In essence, arbitrage profit is as a result of market imperfection in which traders buy cheap and sell expensively. In foreign exchange markets, traders have the opportunity to buy and sell continuously. This takes place through the exchange of one currency for another and again for another currency, finally getting back to the original currency in the series of instantaneous transactions, and thus leading to profits (Clark and Ghosh, 2004: 2). 3. Problems of Making Payment in a Foreign Currency in the Future The demand of a foreign currency will certainly affect the price of products to be purchased from that country. Trader therefore, needs to know demand on foreign currencies. The cost of a product may be higher compared to domestic substitutes when the demand of a foreign currency is high. Further, the choice of foreign currency also depends on the investment opportunities available in the particular country and those available in the domestic market. A trader will demand a foreign currency if he or she can transact business cheaply. The demand of a

Monday, September 23, 2019

Business Strategies Assignment Example | Topics and Well Written Essays - 1500 words

Business Strategies - Assignment Example The target market of a company is women aged from 25 to 54 who have children and a sufficient income to spend on their products. The company strategic approach is built around the convenience and price suitable for its customers. Under this strategy, company has built its stores in a boxlike structure where shoppers can use carts to browse throughout the stores. Strategic management strategy of Kohl’s Corporation plays a vital role in maintaining the company’s profitability even in adverse situations. The customer’s taste and preferences are changing regularly, which can directly affect the business. To avoid certain situation, it is necessary to review the external trends of the market regularly in order to take strategic actions on time. For this purpose, the strategic manager needs to review the internal and external environment of the company. It involves the process of job scanning, addressing external environment and trends, and identification of opportunit ies and threats. External trends for Kohl’s Corporation The manager at Kohl’s Corporation has to face various external trends that mainly concern external business environment. The profitability of the company is based upon these internal and external factors existing in the business environment. ... Economic factors. In the past few years, there has been a decline in general economic condition of the country that leads to reduce the customer demand for merchandise. It also leads to reduce the sales and gross profit margins of the company. According to the case, the company’s present economic condition is quite well, and it is able to compete with its competitors, but for future prospective, company must keep track of functional and technological changes in the retail industry so that managers can take decisions on time (Jeffs, 44). Technological trends. At present, there are various technological trends entering the retail and departmental store industry that can affect the consumer taste and preferences such as shopping malls, where various brands can open their store under one roof. According to Kohl’s business strategy, they operate their stores in three settings: the stand alone buildings, the big box mall and the lifestyle center. These three kinds of stores a re able to create an environment that is convenient, friendly and exciting for their customers. It gives a unique feature to its business strategy. Governmental factors. What concerns the political situation, governmental policies and political system of the country are extremely uncontrollable, and it can adversely affect the consumer confidence. The outbreak or escalation of war, the occurrence of terrorist’s acts and the other hostilities of the political system can lead to a decrease in spending by consumers. Socio-cultural factors. Socio-cultural factors include the knowledge, art, beliefs, morals, laws and customs of the society. The choices and purchasing habits of the customers are largely influenced by the socio-cultural factors, and it changes over time. Kohl’s Corporation

Sunday, September 22, 2019

Comparisons between two retail organizations namely JC Penney and Research Paper

Comparisons between two retail organizations namely JC Penney and Kohls - Research Paper Example Furthermore, the state of New York has been chosen as a base location for comparison between these two organizations. One store from each organization has been chosen for contrasting between the retailers. ABOUT JC PENNEY AND KOHL’S The business of JC Penney comprises selling various products like apparel, shoes, accessories, jewelry, beauty items and home decoration products along with delivering different services such as salon, photography and decorating among others to the customers by its departmental stores. Since the foundation of the organization, JC Penney has grown to about 1104 departmental stores in 49 states of the US (JCP Media Inc., â€Å"J. C. Penney Company, Inc.†). On the other hand, Kohl’s also provide apparel, footwear, accessories, home products and house wares among others. By the end of the year 2012, Kohl’s has nearly 1146 stores in the entire US region (Kohl's Illinois, Inc., â€Å"Kohl’s Corporation†). SHOPPING ITEMS The shopping list on which the comparison will be made comprise rings from jewelry and watches category, bath towels from bed and bath category, bedroom furniture from furniture category, women dresses from women category and men athletic shoes from shoes category. Appendix 1 would show the list of the selected items along with price range and average price (JCP Media Inc., â€Å"Free Shipping Everyday†; Kohl's Illinois, Inc., â€Å"Kohl’s Expect Great Things†). ... In this context, it can be viewed that JC Penney and Kohl’s have considerable number of stores in New York City. With respect to JC Penney, the closest store is located at Serramonte Center with distance of 8.9 miles from the city, hence this store has been chosen for the study (JCP Media Inc., â€Å"Find A Store†) Concerning Kohl’s, closest mall is Jersey City Mall which is situated at distance of 2.64 miles from the New York City and has been selected for the analysis (Kohl's Illinois, Inc., â€Å"Store†). Customer Service: With respect to customer services, it can be apparently observed that the services of Kohl’s are superior to JC Penny. The stores of Kohl’s are opened longer then JC Penney i.e. in weekdays, the stores of Kohl’s are opened from 8 am to 10 pm, whereas the stores of JC Penney are opened from 10 am to 9.30 pm. In Sunday also, the stores of Kohl’s remain open for longer hours than JC Penney. On the other hand, it can also be observed that it takes much time to talk with the customer service representatives in JC Penney than Kohl’s. However, in JC Penney, the employees are quite able to handle customer service related issues with courtesy and competence. On the other hand, employees of Kohl’s are able to provide support in understanding the cause of any kind regarding customer related issues and provide solutions to the problems. The employees of JC Penney also possess strong knowledge about product features than the employees of Kohl’s (JCP Media Inc., â€Å"Find A Store†; Kohl's Illinois, Inc., â€Å"Store†). Store Layout: The store layout of JC Penney is concentrated on representing a streamlined visual display for the customers. JC Penney restricts the number of displays in the stores and it replaces the inventory

Saturday, September 21, 2019

The kinetic theory Essay Example for Free

The kinetic theory Essay In this investigation, I will be studying the factors that affect the rate of reaction. In this case, the reaction between hydrochloric acid and sodium thiosulphate. Na2S2O3 (aq)+ 2HCl(aq) 2NaCl(aq)+S(s)+SO2(g) When hydrochloric acid is added to sodium thiosulphate, the chemicals react giving solid sulphur as one of the products. This is a precipitation reaction. By watching the speed at which the sulphur has formed, we can find out the rate of reaction. A cross can be marked on a piece of paper, and a flask of sodium thiosulphate can be placed on top. By adding hydrochloric acid to the sodium thiosulphate, we can time how long it takes for the view of the cross to become obscured by the sulphur. We can then find out the rate of the reaction. What is Rate? Chemical reactions can be seen everywhere, whether an explosion, which is extremely fast, to something very slow, like the rusting of a metal. It is not enough just to know whether something is fast or slow however. Rate is a measure of the change that happens in a single unit of time. For example, if a car travels 40 km in half an hour, it is travelling at 80 km/h. For a chemical reaction to take place, some bonds in the reactants must be broken. The colliding particles must have enough energy to break these bonds. This minimum amount of energy is called the activation energy. Only the very fastest moving particles have enough energy to break bonds. In gases, liquids and in solution, the particles move at a range of speeds. Some are moving very slowly and others are moving very fast. To react, particles must collide with enough energy and in the correct orientation for bonds to be broken. If there is not enough kinetic energy, the particles barely touch, and the reaction does not happen. If the kinetic energy of the particles is just right, they hit each other and form new bonds. For a reaction to take place, the alignment of the molecules must also be correct. If two or more molecules collide, but are not orientated correctly, a reaction cannot take place. Variables Concentration of Thio If the concentration of thio is increased, the rate of reaction is also increased. This is because in dilute acid, there are not many acid particles. This means there is a more remote chance of an acid particle, hitting a sodium thiosulphate particle. In a more concentrated acid, there are more acid particles. There is now more chance of an acid particle colliding with a sodium thiosulphate particle, and so more chance of a collision. I have chosen this variable to use, as it will be possible to get a wide range of results with relative ease. I also feel that there will be a significant enough range of values in the results to make an effective graph. I could change this variable by adding water to the sodium thiosulphate to make it less concentrated. I will need to keep the volume constant throughout the experiment, so I could, for example use 40 cm3 of sodium thiosulphate and 10 cm3 of water, and then 30/20 etc. Temperature At low temperatures, particles of reacting substances do not have much energy. However, when the substances are heated, the particles take in energy. This causes them to move faster and collide more often. The collisions have more energy; so more collisions are successful. Therefore, the rate of reaction increases. This is called the kinetic theory. A reaction goes approximately twice as fast when the temperature is increased by 10 degrees. This is why it is important to keep this variable constant . To do this; I will need to do the experiment on the same day if possible. This ensures that the differences in room temperature, however small, do not affect the rate of reaction. Surface Area In a reaction containing a solid, its surface area has a large effect on the rate of reaction. If the surface area of the solid is small, the acid particles can only collide with the atoms in the outer layer of the solid. But if the solid has a large surface area, much more of the atoms are exposed, so there is a greater chance of one of these atoms colliding with an acid particle, and increasing the rate of reaction. However, in my experiment, I will not be using any solids, so this variable will not affect my experiment. Use of a Catalyst A catalyst is a substance that changes the rate of a chemical reaction but remains chemically unchanged itself. It does this by lowering the activation energy; this is the amount of energy needed in order to achieve a successful collision.

Friday, September 20, 2019

The Industrialised Building System

The Industrialised Building System This chapter will explain in details and provide the literature review of Industrialised Building System (IBS). Besides that, it will also cover the literature review of building system. Usually, the contents of this chapter are including definitions of IBS, history of IBS in public housing, types of IBS, benefits and barriers of using IBS in public housing, classification of IBS, characteristic of IBS, IBS Roadmap 2003-2010 and IBS scoring system. 2.1 Definitions of IBS Until the present time there has been no single commonly-approved definition of IBS. IBS can be different industry players to define different things. However, there are difference resources to define the several definitions that reflected the concept of IBS which widely accepted by the construction industry. According to CIDB Malaysia (2001) defines IBS as a construction technique in which components are manufactured in a controlled environment (on or off site), transported, positioned and assembled into a structure with minimal additional site works. As such, components that are being prefabricated in a controlled environment on site are also considered as IBS. While there are numerous descriptions of the IBS concept by local researchers, all of the definitions stressed on prefabrication and mass production. In other definition by Warswaski (1999), the IBS can be defined in which all building such as walls, slabs, beams, columns and staircases are mass produced either in factory or at site factory under strict quality control and minimal wet site activities. Industrialisation process is an investment in equipment, facilities and technology with the objective of maximising production output, minimizing labour resource and improving quality while a building system is defined as a set 10 of interconnected element that joint together to enable the designated performance of a building. Based on Lessing et al (2005) explained IBS as an integrated manufacturing and construction process with well planned organization for efficient management, preparation and control over resources used, activities and results supported by the used of highly developed components. Rahman et al (2006) defined IBS as a construction system that is built using pre-fabricated components. The manufacturing of the components is systematically done using machine, formworks and other forms of mechanical equipment. The components are manufactured offsite and once completed will be delivered to construction sites for assembly and erection. 2.2 History of IBS in public housing IBS in Malaysia has began in early 1960s when Ministry of Housing and Local Government of Malaysia visited several European countries, at the same time evaluates their housing development program. (Thanoon et al, 2003). In the year 1964 and after their successful visit, the Government had launched pilot project on using IBS to speed up the delivery time and built affordable and quality houses. The first pilot project was constructed at Jalan Pekeliling in Kuala Lumpur and about 22.7 acres of land was dedicated to the project comprising four blocks of 4-storey flats and seven blocks of 17-storey flats and comprising total about 3,000 units of low cost flats for the low and median income group and 40 units of shop lots. This public housing project was undertaken by Gammon/ Larsen Nielsen and this project are using the Danish System of large panels in a industrialised prefabricated system. The construction for public housing project was complete from 1966 until 1968 (around total 27 months) including the time taken in the construction of the around RM 2.5 million casting yard at Jalan Damansara (Thanoon et al, 2003). In 1965, the Government of Malaysia launched a second project, is a three blocks of 18-storey flats and six blocks of 17-storey flats and comprising total about 3,699 units and 66 units of shop lots along at Jalan Rifle Range in Penang. The public housing project was awarded to Hochtief/ Chee Seng and this project are using French Estoit System (Din, 1984). This public housing project was complete within 27 months. If we are reference to the two pilot projects, a performance comparison between the IBS and the conventional system has been carried in terms of cost, productivity, quality, and time. According to the research, the first pilot project incurred 8.1% higher costs than a similar building and using conventional construction method, while the second pilot project was lower. In term of total construction speed, both of the public housing project required total 27 months to complete the whole project, inclusive of time required to set up the recasting factories. The total quality of building finishes was also found to be better than the using conventional construction method. Another earliest using IBS in public housing project was at Taman Tun Sardon in Penang. These using IBS in public housing project total all about 1,000 units of 5-storey walk up flat and this project are using IBS precast component and system. The IBS precast component and system in the housing project was designed to the low cost housing by British Research Establishment and especially for the low and median income group. According to the research of Construction Industry Development Board Malaysia (CIDB) 2006, almost at the same time at Edmonton in North London, there are using similar system was constructed and total amount about 20,000 BRECAST dwellings were constructed throughout UK from 1964 until 1974. The total all building design was very basic and quite simple and not considering the aspect of serviceability such as the local or user needs to have wet toilet and bathroom (Rahman and Omar, 2006). According to the CIDB (2006), many constructions in the following years using precast wall panel system. Low cost high rise residential building is one of the processes to observe that IBS was engage at first place in the construction to overcome the increasing demand for public housing needs. For all that, in the earlier stage was never sustained for the industrialisation of construction. Failure of early closed fabricated system made the industry afraid of changing their construction method. The information was based on the CIDB (2005), using IBS in construction were also found not be so suitable with Malaysia climate and social practices especially for the foreign systems that were introduced during the late 60s and 70s. Introduced than in the market were constantly being newer and better technologies. Based on CIDB (2005), identified to be more suitable to be used in our tropical climate is the wet joint systems and it was also better to using in the bathroom types which were relatively wetter than those in the Europe. Another about 1200 units of housing using prefabrication technology were is launched by the Penang State Government in 1978. After two years later, the Ministry of Defense to be build around 2800 units of living quarters and adopted large prefabricated panel construction system in Lumut Naval Base (Trikha and Ali, 2004). Increase the using of precast concrete system in high rise residential building during the 90s; this is because total demand for the new township has seen to increase. According to the research, Perbadaan Kemajuan Negari Selangor (PKNS) as a state Government development agency acquired precast concrete technology from Praton Haus International based on Germany to build low cost houses and high cost bungalows between 1981 and 1993 for the new townships in Selangor (Hassim et al, 2009 and National IBS Survey, 2003). It was recorded then; total around 52,000 housing units was constructed and using Praton Haus system. In this booming period of Malaysia construction 1994 to 1997, hybrid IBS application used in many national iconic landmarks such as Petronas Twin Towers (steel beams and steel decking for the floor system). In Malaysian construction industry, the use of IBS as a method of construction is evolving. Nowadays, more local manufacturers have established themselves in the market. Many had acquired enough knowledge through technology transfer to build up own capacity in IBS technologies and this research are base on PKNS Engineering, and Setia Precast and Global Globe. The current stage of IBS used in Malaysia housing projects can be classified into four categories such as large panel systems, steel frame, precast frame and formwork system. It was reported that at least 21 manufactures and suppliers of IBS are actively promoting their systems in Malaysia. IBS move to the next step of the development through the establishment of IBS Centre at Jalan Chan Sow Lin, Cheras in Kuala Lumpur. Using IBS in the construction is to improve the total performance and quality in construction, as well as to minimize the unskilled foreign labour in the construction market. 2.3 Classification of Building System There are four types of building system currently available in Malaysias building system classification and this are according to Badir Razali (1998). The building system can be namely as a Conventional Column-beam- slab frame system with timber and plywood; Cast in-situ system with steel or aluminium as formwork; the Composite building system and Prefabricated system and this four types of building system is shown as below. Each building system is represented by its respective construction method which is further characterised by its construction technology, functional and geometrical configuration. There from the four systems, are identified as IBS excluding conventional building system. Building System Conventional Column-beam- slab frame system with timber and plywood. Cast in-situ system with steel or aluminium as formwork. Composite building system Prefabricated system Table Form Tunnel Form Panel system Frame system Box system Flow Chart 1: Type of building system in Malaysia. 2.3.1 Conventional Construction Method Conventional construction method is defined as components of the building that are prefabricated on site through the processes of timber or plywood formwork installation, steel reinforcement, and cast in-situ. This construction method is mostly built of reinforced concrete frames for conventional building. Using the wooden formwork mainly is for the traditional construction method and need take some time to construct the formwork before concreting. This construction method is much more costly for construction which is need includes total labour requirement, raw material, transportation and very importance once is low speed of construction. 2.3.2 Cast In-Situ Construction Method This cast in-situ construction method is more suitable for a country where the unskilled labour is limited. There construction method is not a using heavy machinery or high technology involved. The system is technically and applicable to almost all types of building design. The formwork is used as a mould where wet concrete is poured into a temporary system. The temporary system also acts as a temporary support for the structures. The main objective of a cast in-situ construction method is to weed out and reduce the using traditional site-based trades like traditional timber formwork, brickwork, plastering and to reduce foreign workers requirement. A carefully planned in-situ work can maximise the productivity, speed and accuracy of prefabricated construction. Cast in-situ method uses lightweight prefabricated formwork made of steel or fibreglass or aluminium that is easily erected and dismantled. The steel reinforcement is placed within the formwork after finishes construct the formwork. After placing the reinforcement they are being erected and concrete is poured into the mould. When the concrete is set and according to the required strength, the moulds are dismantled. The workers can be easily trained to erect the moulds and set the steel reinforcement. These construction methods are required limited labour and it will reduce the total labour need. Its advantages over the conventional construction method in clude, low skill requirement, speedy construction, low building maintenance, durable structure and less construction cost. 2.3.3 Composite Construction Method The main objectives of composite construction method or call partially prefabricated are to improve quality of components, reduce construction cost, and shorten total all construction time. It is used to describe a manufacturing or production strategy that selectively uses some industrialising aspects, while avoiding or postponing the use of others. The concept of composite construction method is derived from the composite nature of full industrialisation. The prefabricated construction method is combined in such a manner that the features applied could be prominently demonstrated, especially composing various works such as temporary facilities, building frames, building finishes, and equipments. 2.3.4 Prefabricated Construction Method In this prefabricated construction method, all structural elements can be standardised are prefabricated in the factory. Usually, this construction method would involve the assembly of precast elements such as floor slabs, in-filled walls, bathrooms, staircases, and etc. into place for incorporation into the main units, columns and beams. This method of construction will increase the productivity of the industry and it will reduce the amount of site labour involved in building operations. Precast building systems can overall reduce the duration of a project if certain conditions are met. The last three construction methods (from the flow chart 1) are considered as a non conventional construction methods. These types of construction are specifically aimed at increasing performance of construction. Through the use of better construction machinery, equipment, technology and materials and it will increase the productivity and total quality of work. 2.4 Classification of IBS and Apply to Public Housing According to Badir et al. (1998), IBS can be classified according to several aspects:- Classification according to structural system. Classification according to material. Classification according to relative weight of components. 2.4.1 Classification According to Structural System According to Abraham Warszawski (1999), IBS can be classified according structural systematic aspects. IBS can be classifies into three categories as:- Frame System. Panel system. Boxes system. Figure 1, 2, and 3 shows the concept of the system as classified above. Figure 2: Panel System Figure 3: Box System Figure : Frame System 2.4.1.1 Frame System According to Badir (1998), linear and frame system is system that use main structure such as column and beam where columns and beams support all the building weight. The walls need to be light and easy to install and concrete panels are introduces as flooring element. 2.4.1.2 Panel System According to Badir (1998), in panel system, loads are distributed through large floor and wall panels where walls support the building weight. This system is applicable to buildings which functionally require a large number of walls such as apartment house, hotel and hospital. This system is not applicable to buildings with large spans or many stories. 2.4.1.3 Box System According to Badir (1998), the rectangular or three dimensional systems or boxes system include those systems that employ three dimensional modules or boxes for fabrication of habitable units that is capable of withstanding load from various directions due to their internal stability. 2.4.2 Classification According to Material 2.4.2.1 Timber The timber have a two types of prefabrication which is ready-cut plus shop fabrication of joints this mostly for the columns and beams and another is structural panels where there are only for walls and floors without columns and beams. 2.4.2.2 Brick and Block work Laying of brick or block work are carried out in a mass at factory and transported to site or on site construction. Besides the, building are under construction in the form of panel and then erected. 2.4.2.3 Steel Steel construction essentially contains factors of prefabrication which is one of the criteria of IBS. Elements are jointed by welding, riveting or bolting on site. The large proportion of the strength to the weight allows a long-span or high-rise building. 2.4.2.4 Reinforced Concrete There are two basic directions in development of reinforced concrete IBS component which is panelised components such as walls and floors and precast frame members such as columns and beams. The characteristic of reinforced concrete has high degree of availability, low material cost, durability, and fire resistance. Jointing at site is the key issue of this system. 2.4.3 Classification According to Relative Weight of Component The IBS components can be classified according to their relative weight as show in Table 1 below. Relative to weight of component should be used as a basic for building classification due to the factor of weight has significant impact on the transportability of components and has influence on the production method of the components and their erection method on site. No General System System Production Material 1 Frame System Light weight frame Wood, light gage metals Medium light weight frame Metal, reinforced plastics, laminated wood Heavy weight frame Heavy steel, concrete 2 Panel system Light and medium weight panel Wood frame, metal frame and composite material Heavy weight panel (factory produced) Concrete Heavy weight panel (tilt up-produced on site) Concrete 3 Box system (modules) Medium weight box (mobile) Wood frame, light gage metal, composite Medium weight box (sectional) Wood frame, light gage metal, composite Heavy weight box (factory produced) Concrete Heavy box (tunnel produced on site) Concrete Table 1: Building system classification according to relative weight of component. (Majzub, 1977) According to CIDB (2003), the IBS is a construction process that using techniques, products, components, or building system which involve prefabricated components and on-site installation. Base on the structure aspects of the system, IBS can be identified into five major groups:- Precast Concrete Framing, Panel and Box Systems Precast concrete elements are the most common type in this area. There are precast concrete for columns, beams, slabs, walls, lightweight precast concrete, and permanent concrete formwork. This all item are consider using precast method. Besides that, it is also consist of 3D components such as balconies, staircases, toilets, lift chamber, refuse chambers and etc. This precast method is more famous for the construction industry, especially for the public housing when construct using the IBS. Using this method can saving the total construction time if compare to the using conventional method. Figure 4: Precast concrete wall Steel Formwork Systems This is the system formwork which designed by manufacturer to replace a conventional timber formwork. It can be described as a mould which the wet concrete can be poured into the mould and form the required shape. These steel formworks systems are subjected to structural quality control and generally involve site casting. So, this type of IBS method is considered as the low level or least prefabrication in the construction industry. However, this steel formwork systems does offer fast construction and construction time saving and at the same time will provide high quality of finishes with less site labour and material requirement. These steel formwork systems will include table forms, tunnel forms, tilt-up systems, beam and columns moulding forms and permanent steel formworks like metal decks and etc. This steel formwork system also one of the famous system used by the contractor during the construction. Figure 5: Steel formwork system Steel Framing Systems These steel framing systems have always been the popular choice and used extensively in the fast track construction projects and this system commonly used with precast concrete slabs, steel columns and beams. Current stage of development in this type of IBS includes the increased usage of light steel trusses. It is consisting of cost-effective profiled cold-formed channels and steel portal frame systems as alternatives to the heavier traditional hot-rolled sections. Nowadays, this method are more useful for the housing project, especially apply for the steel roof trusses (show as below figure 6). This is because the timber roof trusses need the labour to take some time to construct it and lastly need the anti-termite for the timber roof trusses. Figure 6: Steel roof trusses Prefabricated Timber Framing Systems. These prefabricated timber framing systems is using the timber in the construction industry for construct building. Usually the timber framing system are consists of timber building frames and timber roof trusses (show as below figure 7). While the steel framing systems have been the more popular choice on construction industry, but the timber roof truss system also have its own market where it is offering interesting designs from simple dwelling units to buildings requiring high aesthetical values such as chalets for resorts. This prefabricated timber framing system we can see in the traditional building. Figure 7: Prefabricated timber framing system for double storey house Block Work Systems. By using this effective alternative system, the tedious and time-consuming traditional brick laying tasks are greatly simplified. The construction method of using conventional bricks has been revolutionized by the development and usage of interlocking concrete masonry units (CMU) and lightweight concrete blocks and etc. This is one of the more useful methods to construct the low cost public housing project. Figure 8: Lightweight concrete blocks are used for wall construction Characteristics of IBS for public housing According to Warszawski (1999), the main features of an IBS are as follows:- As many of the building elements are prefabricated off site, at a central facility, where specialized equipment and organization can be established for this purpose. The various building works are incorporated into large prefabricated assemblies with minimum erection, jointing and finishing work onsite. Materials and component handling onsite is extensively mechanized; in concrete work, large standard steel forms, ready-mixed concrete, and concrete pumps are used. Design, production, and erection onsite are strongly interrelated. They must be viewed therefore as parts of an integrated process which has to be planned and coordinated accordingly. According to CIDB (2001), IBS has its own characteristics which are differ itself from conventional method. There characteristics of IBS are as follows:- Industrial production of components though prefabrication; or highly mechanized in situ processes. Reduced labour during prefabrication of components and site works. Modern design and manufacturing methods which has the involvement of Computer Aided Design (CAD) and Computer Aided Manufacturing (CAM). Systematic Quality Control such as ISO 9000 principles. Open Building concept where it is permitting hybrid applications, adaptable to standardization and Modular Coordination (MC). Advantages of IBS for public housing There are many advantages of implementing IBS. According to CIDB (2003), compares to conventional construction method. Following are brief descriptions on a number of advantages where using IBS for the public housing:- Advantages Description Less total construction time. Using IBS will making the construction process faster. Because casting of precast element at factory and foundation work at site can occur simultaneously and work at site is only the erection of IBS components. So, the project can complete much earlier that using conventional method and handover to the owners. Cost saving. Faster to the turnover of working capital and also save in the lifecycle costs of the finished buildings. The formwork of IBS components are made of steel, aluminums or other materials that allows for repetitive use and this leads to considerable cost savings. Using IBS will reduce the construction wastage and increasing the cost saving. Saving in labour. Because the IBS components are produced in factory and higher degree of using machine so the use of labour will be reduced and lead to saving in labour cost. According to Abraham Warszawski (1999), the labour savings in prefabricated elements may amount to about 80% of their conventional requirement. So, will reduced the total foreign workers need in the construction industry. Less labour at site. Using IBS will reduce the construction process at site and consequently reduce the number of labour required at site. Using the IBS will saving of the labour in the masonry, plastering, formwork, tiling and pipe laying such as electrical and water supply at site. Optimised use of materials. Using machine during the production of IBS components lead to higher degree of precision and accuracy in the production and consequently reduce material wastage. So, the wastage at site will be reduced if using the IBS. High quality and better finishes. Quality control is an ever-increasing requirement in all construction. Due to the careful selection of materials and use advanced technology, so the IBS components will provide higher quality and better finishes. Better quality control since production in factory is under sheltered environment. Better quality will reduce the maintenance expenses because prefabricated components require less repair and preventive maintenance. Construction operation less affected by weather. The effects of weather on construction operation are less due to the fabrication of IBS components is done in factory while at site is only erection of the components. Faster project completion due to rapid all weather construction. Flexibility. Different systems may produce their own unique prefabrication construction methods. IBS will provide more flexibility in the design of precast element. Increase site safety and neatness. This method will lead to the neater site condition and increase safety. Using IBS components leads to less construction process especially for the wet work at site. Disadvantages of IBS for public housing Although there are a lot of advantages of IBS, however there are limitations for this system to be use too. Nothing in this world is perfect, so as using IBS. Disadvantages of IBS are as follows:- Advantages Description High initial capital cost. The initial capital cost of IBS is usually higher that conventional method. The initial cost is including the cost of constructing the factory, casting beds and support machinery. This method only can be achieved when undertaking large demand for public is housing projects. Problem of joints. These method are very sensitive to the errors and sloppy work. This joint problem will be the water leakage and is often the major problem in building constructed where using IBS. This problem is clearer in Malaysia where raining occur rapidly throughout the year. Sophisticated plants and skilled operators. The prefabrication system relies heavily on sophisticated plants, which have to be well coordinated and maintained by skilled operators. Breakdown in any one section would hold-up the entire production line. Site accessibility. Site accessibility is one of the most important factors of the implementation of IBS. IBS requires adequate site accessibility to transport IBS components from factory to the site. According to Abraham Warszawski (1999), the transportations cost of prefabricated elements from plant to their construction site, amount to 3% to 5% of their total cost for distances not exceeding 50km to 100km. Large working area. Building construction using IBS requires a large working area for the factory, trailers, tower-cranes and storage for the IBS components. Most construction sites especially in cities are often congested and unable to provide the area required. Hence, prefabrication is at disadvantage when asked to complete for work at locations far from the fabrication yard. Table 2 shows as the relative advantages and disadvantages of industrialization under various conditions. Table 2: Relative advantages and disadvantage of industrialization under various conditions. IBS Roadmap 2003-2010 Prefabricated construction in Malaysia started way back almost fourth years ago with the completion of the Tunku Abdul Rahman Public Housing Estate or commonly known as the Pekeliling Flats. No proper plan was formulated by the government for the industrialisation of construction and until the inception of the IBS Roadmap 2003-2010. This is a master plan to facilitate the transformation the Malaysian construction sector was formulated with inputs from industry and endorsed by the Cabinet back in October 2003. Known as the Industrialised Building System (IBS) Roadmap 2003-2010, the master plan is based on the 5-M Strategy (Manpower, Materials-Components-Machines, Management-Processes-Methods, Monetary economic and financial and Marketing promotion) with the target of having an industrialised construction industry as well as achieving Open Building by the year 2010. The transformation of the construction sector is crucial in ensuring the successful achievement of Vision 2020. The objectives of IBS Roadmaps 2003-2010 are:- To reduce the percentages of foreign workers from the current stage is 75% to 55% in 2005, 25% for 2007 and 15% for 2009. Increasing the percentages of using IBS for the Government Building Project from the 30% to 50% for 2006 and 70% for 2008. To increasing the quality, productivity, safety and competitiveness in the construction sector. To reduce the total percentages of foreign workers especially involved in wet trades. Using modular co-ordination (MC) based on MS 1064 through Undang-undang Kecil Bangunan Seragam (UKB

Thursday, September 19, 2019

My Super Sweet Sixteen :: Sweet 16 consumption Society Essays

My Super Sweet Sixteen â€Å"But mom, this dress is only seven thousand, three hundred and fifty dollars! It’s Louis Vutton, you know that’s a great deal.† In the long run, Sophie ended up with the wallet-denting designer outfit and didn’t even have to lift a finger. Instead of purchasing the Louis Vutton gown, her family decided upon the nine thousand dollar Chanel outfit! After cussing out the body guards for letting the â€Å"social rejects† in, her celebration had merely begun! She had pulled up to the most popular night club in the city (her family managed to rent for the night) in a Cinderella carriage for an unforgettable entrance. According to her, people would be talking about this party for the rest of their lives. Her get-together, complete with bouncers, go-go dancers, announcers, magicians, hip-hop dancers, and caterers running frantically in and out of the crowd, pleasing her every need seemed extraordinarily unrealistic. Remarkably, the only time we heard from Sophie was during her ridiculous tantrums, complete with excessive whining about everything that went amiss. Neither recognition nor thanks had been directed to her parents the entire night! In fact, her whole demeanor conveyed entitlement. â€Å"My Super Sweet Sixteen† is a new hit series highlighting various teenagers on their super sweet sixteenth birthdays. Unbelievably, these families were spending hundreds of thousands of dollars toward these astonishing celebrations. It was quite amusing, yet somewhat disturbing watching today’s youth lavishing in their conspicuous consumption. After some serious consideration, I realized that this alluring lifestyle, though appealing, was shallow, degrading, and a disgrace to society as a whole. Upon further self-reflection, I had to admit that I myself have been enticed by these materialistic desires. Yet, these extravagances were far more detrimental than desirable. I experienced an epiphany, at that very moment. Where was our appreciation? Where was our gratitude? Our graciousness had disappeared, replaced instead by indulgence, greed, and selfishness. The lack of appreciation and thankfulness is appalling! Nowadays, it seems that society hands everything to our youth without question.

Wednesday, September 18, 2019

Sun Tzus The Art of War Essay -- Sun Tzu Art War Essays

Sun Tzu's The Art of War   Ã‚  Ã‚  Ã‚  Ã‚  The translation of the â€Å"Sun Tzu: The Art of War† ancient Chinese text has been given by many different writers. Samuel B. Griffith, Brigadier General, retired, U.S. Marine Corps; is a proven strategist that studied the English commandoes war fighting skills as a Captain. As a Major, Griffith was hand picked to serve as Executive Officer under the command of Lieutenant Colonel Merritt Edson of the 1st Raider Battalion, one of the battalions that perfected the amphibious landings during World War II. Samuel B. Griffith gives his in-depth study on â€Å"Sun Tzu: The Art of War† and how Mao Tse-tung used the strategies and teachings of Sun Tzu while commanding the Red Army of China. Griffith’s translation of Sun Tzu’s work is written in three parts: Introduction, Translation, and Appendix. PART 1: INTRODUCTION   Ã‚  Ã‚  Ã‚  Ã‚  In his first chapter of his study titled The Author, Griffith gives many different possibilities as to who the actual author of the writings is. Griffith sites many theories from other sources trying to validate the origin of the author, but settles on one basic theory for the text. The Art of War was written by a single author probably around the time of the Warring States and during the periods from 400-320 B.C. (p. 11) Furthermore, Griffith states that there is not enough evidence to positively say if a person named Sun Tzu actually wrote the book or if it was written as a tribute to him, and the case of the authorship remains unsettled.   Ã‚  Ã‚  Ã‚  Ã‚  The second chapter, The Text, of Griffith’s study focuses on the text itself. There has been debate about how many chapters were originally in â€Å"The Art of War†: Eighty-Two or Thirteen. (p. 13) Griffith gives a sound theory that the current thirteen chapters were the only writings. Based on copywriting errors, the eighty-two chapters were probably written into thirteen categories (or chapters) while trying to transcribe written work onto paper from silk or wood. Griffith also asserts that the text was used for entry-level war fighting studies in early Chinese military academies.   Ã‚  Ã‚  Ã‚  Ã‚  The Warring States is the subject and title of Griffith’s third chapter, which gives an enlightening look at the life and times in China after the defeat of the rule of Chin at Ching Yang in 453. (p. 20) The country was divided into eight individual warring sects (with the exception of Yen... ...g for you. An expendable agent is given false information on purpose. And a living agent is one that returns to the commander with information. PART III: Appendix   Ã‚  Ã‚  Ã‚  Ã‚  Griffith’s study also includes four different appendixes. The first is A Note from Wu Ch’I, the second is titled Sun Tzu’s Influence on Japanese Military Thought, the third is Sun Tzu in Western Languages, and the fourth appendix is Brief Biographies of the Commentators.   Ã‚  Ã‚  Ã‚  Ã‚  Samuel B. Griffith’s translation of â€Å"Sun Tzu: The Art of War† is an inside look at military practices of today. I did not find one technique that is not or would not be utilized in modern military maneuver, leadership, or training. The most astounding fact is that the Art of War was written well over two thousand years ago, even at the most conservative date. Although most of the techniques in this text are already in practice today, the value of â€Å"The Art of War† is a never-ending treasure chest of knowledge, and it deserves a place as a required reading for anyone seeking knowledge about war fighting or the history of war. Works Cited Sun Tzu: The Art of War, Ed. By Samuel B. Griffith (New York:Oxford University Press, 1963)

Tuesday, September 17, 2019

Business Report Essays -- Business and Management Studies

This report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: Growth Performance Management REPORT- SOFTWEAR SYSTEMS Executive Summery In this report I have given a lot of research into the relevant subjects. I think that the way I have looked at the possibilities will help Helen Marsh and Brian Taylor overcome some of the obstacles in their organisation in order to make there business successful. Suggestions on what you should be specifically looking at in order to make your business a success, in my view would be the try to improve employee attitudes and training for employees. I think I have covered all the points that you have given me in depth if I have not apologies on my behalf. Introduction- Aims of the Report The aim of this report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: * Growth * Performance Management * Performance Appraisal Systems and Motivation * Motivation * Rewards * Employee Turnover/Retention * Training and Development * Communication Growth To consider the growth of Brian and Helens company, we will look need to examine into the PEST (Political, Economical, Social and Technological factors) and SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for this company, this will help us identify if the company should continue to grow. By understanding about the SWOT and PEST analysis this will show us key information and help us identify some of the problems with the business. SWOT Analysis: SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Carrying out an analysis using the SWOT framework helps you to focus your activities into areas where you are strong and where the greatest opportunities lie. SWOT Analysis is a strategic method for identifying your businesses' Strengths and Weaknesses, and to examine the Opportunities and Threats. These are just some of the Strengths, Weaknesses, Opportunities and Threats there may be more if you feel that there are, pleases do not hesitate to call me w... ...owledge. You should also try to offer recognised qualifications. * Communication- look at Appendix 2 I recommend that you try to bring in the process of complete network communication. There are numerous factors that help conclude an organisation’s ability and skill in maintaining the stability and organisation among its employees/members, one of these factors includes attaining an organisational communication process through effective communication skills. References Recommend looking at this text: ORGANISATIONAL BEHAVIOUR: INDVIDUALS, GROUPS AND THE ORGANISATION I. Brooks (1999) 1st Ed, Pub: Financial Times HUMAN RESOURCE STRATAGIES Salman, (1998) Pub: The Open University MANAGING PEOPLE R. Tompson, 2nd Ed, Pub: Institute of Management ORGANISATIONAL BEHAVIOUR: A MANAGEMENT CHALLENGE G.B.Northcroft & M.A.Neale (1990), Pub: Ronda Colour PERSONNEL MANAGEMENT GA Cole, 4th Ed (1997), Pub: Ashford Colour Press MANAGING HUMAN RESOURCES J. Weightman, 2nd Ed, (1996), Pub: Cromwell Press The following Web-Sites are useful also: www.bized.com www.hrmang.co.uk www.humanrecourses.co.uk/text/hrissues www.resourcemanage.co.uk Business Report Essays -- Business and Management Studies This report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: Growth Performance Management REPORT- SOFTWEAR SYSTEMS Executive Summery In this report I have given a lot of research into the relevant subjects. I think that the way I have looked at the possibilities will help Helen Marsh and Brian Taylor overcome some of the obstacles in their organisation in order to make there business successful. Suggestions on what you should be specifically looking at in order to make your business a success, in my view would be the try to improve employee attitudes and training for employees. I think I have covered all the points that you have given me in depth if I have not apologies on my behalf. Introduction- Aims of the Report The aim of this report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: * Growth * Performance Management * Performance Appraisal Systems and Motivation * Motivation * Rewards * Employee Turnover/Retention * Training and Development * Communication Growth To consider the growth of Brian and Helens company, we will look need to examine into the PEST (Political, Economical, Social and Technological factors) and SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for this company, this will help us identify if the company should continue to grow. By understanding about the SWOT and PEST analysis this will show us key information and help us identify some of the problems with the business. SWOT Analysis: SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Carrying out an analysis using the SWOT framework helps you to focus your activities into areas where you are strong and where the greatest opportunities lie. SWOT Analysis is a strategic method for identifying your businesses' Strengths and Weaknesses, and to examine the Opportunities and Threats. These are just some of the Strengths, Weaknesses, Opportunities and Threats there may be more if you feel that there are, pleases do not hesitate to call me w... ...owledge. You should also try to offer recognised qualifications. * Communication- look at Appendix 2 I recommend that you try to bring in the process of complete network communication. There are numerous factors that help conclude an organisation’s ability and skill in maintaining the stability and organisation among its employees/members, one of these factors includes attaining an organisational communication process through effective communication skills. References Recommend looking at this text: ORGANISATIONAL BEHAVIOUR: INDVIDUALS, GROUPS AND THE ORGANISATION I. Brooks (1999) 1st Ed, Pub: Financial Times HUMAN RESOURCE STRATAGIES Salman, (1998) Pub: The Open University MANAGING PEOPLE R. Tompson, 2nd Ed, Pub: Institute of Management ORGANISATIONAL BEHAVIOUR: A MANAGEMENT CHALLENGE G.B.Northcroft & M.A.Neale (1990), Pub: Ronda Colour PERSONNEL MANAGEMENT GA Cole, 4th Ed (1997), Pub: Ashford Colour Press MANAGING HUMAN RESOURCES J. Weightman, 2nd Ed, (1996), Pub: Cromwell Press The following Web-Sites are useful also: www.bized.com www.hrmang.co.uk www.humanrecourses.co.uk/text/hrissues www.resourcemanage.co.uk

Monday, September 16, 2019

Process Documentation: Creating a Flowchart for PI Badge Manufacturing Essay

In this reflection paper I will be reflecting on the process documentation assignment that involved creating a flowchart for the PI Badge Manufacturing Company (PIBMC). I personally have created a flowchart for the revenues and cash receipts part of the company and have reviewed two other flowcharts representing manufacturing and purchases. The two main points of this reflection paper will be describing how creating the diagrams altered my perceptions of a business and accounting for the business and I will also explain any differences in mindset in preparing versus reviewing flowcharts. I will start with the first important point. By creating the diagrams, my perceptions of a business and accounting have been altered in many ways. One of the ways my perception of accounting have been altered is it helped me understand what process is going after a certain process. For example, after the purchase order (PO) has been accepted, it will be prepared on electronic invoice/picking list. After electronic invoice have been created, one copy goes to the accounting department and another copy goes to a customer, which makes perfect sense. The one part that I missed originally is the picking list, which supposed to go to the warehouse from the sales department. But, the way I had it set up was that picking slip was send to the warehouse from the accounting department, which is not accurate. The reason it is not accurate is because the customer would be billed first, and only after that receive the product. It is also will take the process twice as long to carry out the transactions, because the warehouse would have to wait for the accounting department to get done. My perception of business was also altered. For example, I can now see that as a manager I could use a flowchart to assign duties to employees and employees will have a clear understanding of the reporting structure in an organization. This was the eye opening moment for me. Now, I will move on and talk about any differences in mindset in preparing versus reviewing flowcharts. The second main point of this reflection paper is to explain any differences in mindset in preparing versus reviewing flowcharts. One main difference between creating and preparing is the pressure that was hanging over me to get it right. For example, I didn’t know how to start or even how to attach the lines between the figures. It was challenging and really helpful experience to know for the business and accounting professionals. When I was reviewing flowcharts, I was using my knowledge to find any mistakes that have been created. For example, I moved the figures around to make sure the lines were attached. I checked to make sure the right figures were used for processes, and also checked make sure the flowchart is making any sense in general. Now, I will summarize what I have discussed in this reflection paper. In conclusion, this reflection paper explained two main points which are to describe how creating the diagrams altered my perceptions of a business and accounting for the business and explain any differences in mindset in preparing versus reviewing flowcharts. It is also important to note that creating a flowchart is not as simple as reading and editing already created flowchart. It is critically important for an organization to have a well-designed flowchart, because it is essentially a summary of the flow of a business processes. It is important to note that the speed, the accuracy, and the controls of the business depend on the processes summarized in a flowchart.

Sunday, September 15, 2019

Employee Monitoring Essay

Employee Monitoring: Employer Safeguard or Invasion of Privacy? Employee privacy has been a controversial topic especially with the rise in internet usage, the popularity of social media increasing, and the addition of GPS to mobile devices. With these advances in technology there are numerous ways for employers to monitor their employees’ time at work. According to Evans (2007) as many as eighty percent of the employers, who employ twenty percent of the American population, monitor employees’ telephone conversations, e-mails, and voicemails. Global Positioning Systems (GPS) technology has made tracking the whereabouts of employees easier rather than tracking only information passed between employees and other individuals. The United States does offer privacy laws to help safeguard employees’ expectations of privacy; however, the laws are formatted around the physical realm such as desk drawers or an employee’s home, not an employee’s computer files or even social networking site (Riego, Abril, & Levin, 2012). It has become apparent that social media is here to stay. Social networking sites such as Facebook and Twitter have changed how people communicate in their daily lives and even how organizations do business. Employers have begun using social networking sites not only to market themselves but also as a human resource tool, making themselves accessible to potential customers and employees alike. Some of the ways employers have begun utilizing social networking include orientation, training, faster innovation of products and services, and improved efficiencies of operations through employee collaboration (Mello, 2012). Although there are clear advantages for employers using social networking sites, there are some murky areas that are becoming increasingly common when using these sites as an instrument to monitor and screen employees as well as applicants. The Social Norm of Employee Monitoring In the digital era of today’s working environment, almost all employees are aware their employer is performing some form of monitoring with email monitoring being the most expected. However, the degree of monitoring employers partake in varies. With the lines between personal lives and the  work environment blurring, employers are taking advantage of the array of technology they have at their disposal. A heightened awareness of this blurring requires employers to become more probing towards their employees. This becomes apparent with the discovery of 85% of employers recognizing their employees’ use of social networking and personal internet usage during work hours (Mello, 2012). There are many ways that employers utilize applicable technologies, including GPS and social networking sites. GPS: Advantages and Disadvantages Employers have a legitimate reason to need and want to monitor their employees. GPS systems can be useful for organizations that have a mobile workforce. Installing GPS systems can be used to help cut cost as well as unauthorized usage of company vehicles (Towns & Cobb, 2012). Most GPS systems not only have the ability of pinpointing locations within 100 feet but also track speed and inform the drivers of the current speed limit. Major cost savings can be seen due to increased productivity of employees due to more effective usage of their time when employees are aware of employers tracking their movements. Likewise, when employees follow the speed limit it can be translated in savings in fuel costs and decreased number of accidents (Towns & Cobb, 2012). Like most advancements in technology, when there is a positive use there is also a negative misuse. While there is a potential for efficiency to increase with GPS usage, there is also the potential for employers to set irrational time frames and quotas to try to increase efficiency (Towns & Cobb, 2012). This can place unwarranted pressure on employees. Some employees start to be concerned about the lack of privacy with the use of GPS tracking. It is often a necessity for mobile workforces to use their company vehicle to facilitate breaks such as lunch. GPS systems have the potential to disclose personal information about employees when used during such nonworking hours. All travels tend to be recorded with the use of GPS tracking which can lead to an employer knowing detailed information about an employee’s personal life such as preferences or appointments. To avoid conflict with the use of GPS systems, Towns and Cobbs (2012)  suggests taking the following steps. Incorporate GPS usage with other policies by publicizing a policy limiting the use of company property, including electronic devices such as phones and computers as well as vehicles, to work related purposes. Combined with policies, employers should inform their employees of their right to monitor their usage of such property. However, employers should proceed with caution when monitoring with GPS technology by informing employees that GPS systems and tracking are specifically being used. Obtaining employees’ consent to use tracking systems can assist in preventing employees from feeling scrutinized. Limiting the use of GPS to working hours only will also help employers and employees alike. This can be done by placing a timer or an on/off switch on the device to prevent tracking when an employee is on personal time. Finally, maintain both equipment and records that pertain to GPS systems. Restricting access to these items will ensure privacy for the employee and continue a positive working relationship between employee and employer. The Use and Abuse of Social Networking Sites Most monitoring of employees is done electronically. Software programs are available to track time, content, and size of data being shared through e-mail or viewed on the internet alleviating the need for manual monitoring. The electronic monitoring that is being conducted manually is primarily done through search engines or social networking sites. According to Mello (2012), an average of 26% of human resource departments admit to using search engines while 18% use social networking sites to screen and disqualify applicants rather than recruit them. Riego, et al. (2012) discovered reports that many employers were requesting job applicants to make login and password information to their social networking sites available during the interview process. This kind of monitoring of employees and applicants is not only detrimental to morale and trust by making individuals feel violated due to lack of privacy but also can leave open a wide range of legal issues. The American legal system currently does not adequately regulate privacy issues as related to modern technology (Evans, 2007). US law and courts struggle with current privacy laws to incorporate employees’ rights to a  degree of privacy within such technologies and employer’s â€Å"legitimate interest, rights, and concerns† in obtaining relevant information (Riego, et al., 2012). However, questions as to the motivation of an employer’s searches into private lives of current and potential employees could come into play. When the information obtained from such monitoring is not job performance related, speculation starts to rise on how the information gathered is going to be used. Despite the cost effectiveness and ease of this type of monitoring, ethical issues also arise. Employers defending the appropriateness of these searches argue on behalf of due diligence and the desire to provide the fit for both applicant and the company (Mello, 2012). They use their right of having a legitimate business interest as grounds for justification due to the cost of recruiting, hiring, and training employees being too high if the working relationship is terminated by either party due to an improper fit. Organizations also claim this use of monitoring on current employees helps expose misconduct in the workplace during work hours. Global Stance The US is not the only country to face dilemmas posed by breaches of privacy by employers due to modern technology. However, most countries focus on the dignity of privacy rather than the physical aspect (Reigo, et al., 2012). The dignitarian approach emphasizes the fundamental human right to privacy with respect to their personal life (Evans, 2007). Due to this approach, most employers in other regions of the world have allowed for a certain amount of digital private space in the work environment if properly labeled as such. Some countries have gone so far as to issuing guidelines for social networking background checks, recognizing that the employees and employer are not equally leveraged once information from such searches has been ascertained. The ability of the US to use foreign regulation on privacy issues as related to technology in order to draft one of its own is feasible. Disclosure to applicants and current employees of social networking monitoring, both before and after the search, should be required just as it is for a criminal and credit background check. Provisions for â€Å"clear remedies and preventative  measures against such intrusions† (Reigo, et al., 2012) are an immediate necessity as more aspects of employees lives become digital. Conclusion Until there are clear rules and regulations put into place concerning privacy issues in the digital age of the work environment, employees and applicants alike should be aware of the potential use of their electronic data. If employees and employers are both willing to respect one another’s needs a mutual understanding can be easily reached. Employers have the right to know how their property is being used and where with the assistance of GPS tracking and software monitoring. Nevertheless, employers also need to recognize employees’ rights to maintain some autonomy in their personal life with concerns to their social media outlets. References Evans, L. (2007). Monitoring technology in the American workplace: would adopting English privacy standards better balance employee privacy and productivity?. California Law Revie, 95(4), 1115-1149. Retrieved from Business Source Complete database. Mello, J.A. (2012). Social media, employee privacy and concerted activity: brave new world or big brother?. Labor Law Journal, 63(3), 203-208. Retrieved from Business Source Complete database. Riego, A.D., Abril, P.S., & Levin, A. (2012).Your Password or Your Paycheck?: A job applicant’s murky right to social media privacy. Journal of Internet Law, 16(3), 2-3. Retrieved from Business Source Complete database. Towns, D.M. & Cobb, L.M. (2012). Notes on: GPS technology; employee monitoring enters a new era. Labor Law Journal, 63(3), 165-173. Retrieved from Business Source Complete database.