Incident report Essay Example | Topics and Well Written Essays - 1750 words

Incident report - Essay Example Knowledge results from the combination of grasping experience and transforming it† (Kolb 1984). I faced with small but diverse conflicts during my activity. There is a tendency that the middle managers have proven to be more mobile. So first of all I estimated the conflict in order to give an answer to the question of what we can change the current situation. The manager should properly analyze what the person needs or do not needs, and what will only confuse the worker, to be able to articulate the problem and extract the desired information (Aldair 2009). I was needed to think and act quickly in order to satisfy the tasks proposed, I used to concentrate and express my ideas and thoughts correctly in order not to offend anyone ant at the same time be understood by my interlocutors. Kolb proposed six main characteristics for experiential learning (Kolb, 1999), including the following points: His experiential learning theory was developed in order to give a model to develop our practice. This theory has appeared under the different titles like The Learning Cycle, The Kolb Cycle or The Experiential Learning Cycle. The Kolb Cycle is divided into four different stages and it is possible to start at any point, however the order of the stages of learning from experience must not be ruined to achieve the successful results. The Experiential Learning Cycle says that is not enough to get an experience in order of learning. The experience is essential thing when it is necessary to formulate generalisations and concepts, useful for the new situations. In order to prove the skills you should get to the new situations. According to the written above the idea is to link theory and action by planning with reflections back to the theory. In order to join it to my activity I need to open each category a bit more. Concrete experience is

The Foreign Exchange Market

The Foreign Exchange Market The foreign exchange market is the market where one currency is traded for another. This market is somewhat similar to the over the counter market in securities. The trading in currencies is usually accomplished over the telephone or through the telex. With direct dialing telephone service anywhere in the word, foreign exchange markets have become truly global in the sense that currency transactions now require only a single telephone call and take place twenty four hours per day. The different monetary centers are connected by a telephone network and video screens and are in constant contact with one another, thus forming a single international foreign exchange market. However, the currencies and the extent of the participation of each currency in this market depend on local regulations, which vary form country to country. Chapter 1 deals with the introduction and conceptual framework of foreign exchange market in India. It also deals with the structure of Indian Forex Market. Chapter 2 deals with the literature review of organization and regulation of forex market as well as management of exchange risk, exchange rate mechanism. Chapter 3 deals with the methodology adopted in the research process outlining the objectives of the study, methods of data collection and limitations faced while conducting the study. Chapter 4 deals with the data analysis of the foreign exchange market in India. It covers the long term and short term factors which account to the problems. Chapter 5 deals with the conclusion, recommendations and future prospects of forex market in India. Chapter1 Conceptual Framework of forex Market Theory of Foreign exchange The term foreign exchange is normally used to denote foreign currency surrendered or asked for in any of its current forms, i.e. a currency note or a negotiable instrument or transfer of funds through cable or mail transfer or a letter of credit transaction requiring sale and purchase of foreign exchange or conversion of one currency into another, either at the local center or an overseas center. The banks, dealing in for exchange and providing facilities for conversion of one currency into another or vice versa are known as Authorized Dealers or Dealers in Foreign Exchange. A bank is said to buy or sell foreign exchange when it handles the claims drawn in foreign currency or the actual legal tender money, i.e., foreign currency notes and coins of other countries. The theory of Foreign exchange covers different means and methods by which the claims expressed in terms of one currency are converted into another currency and specifically deal with the rates at which such conversion takes place. With partial or complete exchange control, as exercised by countries since World War II exchange markets are no longer free. Exchange rates today are not entirely determined by market forces but are officially fixed and maintained by Central Monetary Authorities. Fluctuations in exchange rates are permitted by authorities only within narrow limits,. And official rates often very different to what they would be if natural forces were allowed to operate. Forex Markets The foreign exchange market, like the market for any other commodity, comprises of buyers and sellers of foreign currencies. The operations in the foreign exchange market originate in the requirements of customers for making remittances to and receiving them from other countries. But the bulk of transactions take place among banks dealing in foreign exchange for their own requirements as they do cover operations. Banks undertake large and frequent deals with other banks through the agency of Exchange Brokers, and it is these deals which give the market its significance. In addition, there are other transactions which take place in the foreign exchange market. All transactions of the exchange market may be divided into five categories: Transactions between banks and their customers. Transactions between different banks in the same centre. Dealings between banks in a country and their correspondents, and overseas branches. The purchase and sale of currencies between the central bank of a country and the commercial banks. The transactions of the central banks of one country, with central banks of other countries. There is not much difference between one market and another as far as the international transaction between markets at different centres is concerned. But local dealings, among members of the same market are organized in two different forms. One of them is the pattern adopted in Great Britain, U.S. A. and some other countries, where foreign exchange dealers never meet each other but transact business through a network of telephone lines linking the banks, with exchange brokers who act as intermediaries. In India also the foreign exchange market is organized on these lines. The other type is the markets in countries of Western Europe, where the dealers in Foreign exchange meet on every working day at a meeting place for business proposals-They fix the exchange rates for certain kind of business particularly with-customers. The foreign exchange markets in these countries are like commodity exchange or stock exchange. However, the global important of these markets, is comparatively smal l. Indian Foreign Exchange Market The Indian foreign exchange market, broadly concentrated in big cities, is a three-tier market. The first tier covers the transactions between the Reserve Bank and Authorized Dealers (Ads). As per the Foreign Regulation Act, the responsibility and authority of foreign exchange administration is vested with the RBI. It is the apex body in this area and for its own convenience, has delegated its responsibility of foreign exchange transaction functions to Ads, primarily the scheduled commercial banks. They have formed the Foreign Exchange Dealers Association of India which framers rules regarding the conduct of business, coordinates with the RBI in the proper administration of foreign exchange control and acts as a clearing house for information among Ads. Besides the commercial banks, there are money- changers operating on the periphery. They are well-established firms and hotels doing this business under license from the RBI. In the first tier of the market, the RBI buys and sells for eign currency from and to Ads according to the exchange control regulations in force from time to time. Prior to the introduction of the Liberalized Exchange Management System, Ads had to sell foreign currency acquired by them from the primary market at rates administered by the RBI. The latter too sold pounds sterling or US dollars, spot as well as forward, to Ads to cover the latters primary market requirements. But with the unified exchange rate system, the RBI now intervenes in the market to stabilize the value of the rupee. The second of the market is the inter-bank market where Ads transaction business among themselves. They normally do their business within the country, but they can transact business also with overseas bank in order to cover their own position. Through they can do it independently, they do it normally through a recognized broker. The brokers are not allowed to execute any deals on their own account or for the purpose of jobbing. Within the country, the inter-bank transactions can be both sport and forwards. These may be swap transactions. Any permitted currency can be sued. But while dealing with the overseas Ads, because the Indian market lacks depth in other currencies; the Indian banks can deal mainly in two currencies, viz, the US branches must cover only genuine transactions relating to a customer in India or for the purpose of adjusting or squaring the banks own position. Forward trading with overseas banks is also allowed if it is done for the above two purpose, that is for cov ering genuine transactions or for squaring the currency position, and does not exceed a period of six months. In case the import is made on deferred payment terms and the period exceeds six months, permission has to be obtained from the RBI. Cancellation of forward contracts is allowed in India, although it has to be referred to the RBI. Previously, the banks used to get the forward transactions covered with the RBI, but since 1994-95 the RBI has stopped giving this cover and has permitted the banks to trade freely in the forward market. Cancellation of a forward contract involves entering into a reverse transaction at the going rate. Suppose US $1,000 was bough forward on 1 February for three months at Rs. 40/US $. On 1 March, it is cancelled involving selling the US dollar at the rate prevalent on this day. If the exchange rate on 1 March is Rs. 39.50/US $ there will be a loss of Rs. 500 (the dollar sold for Rs. 39.5 minus dollar bought at Rs. 40.00). The loss is borne by the customer. If the value of the US dollar is greater on the cancellation day, the customer shall reap the profit. The third tier of the foreign exchange market is represented by the primary market where Ads transact in foreign currency with the customers. The very existence of this tier is the outcome of the legal provision that all foreign exchange transactions of the Indian residents must take place through Ads. The tourists exchange currency, exporters and importers exchange currency, and all these transactions come under the primary market Chapter 2 LITERATURE REVIEW Organization And Regulation of Forex Market The Foreign Exchange department, which is also being called as the International Banking Division, is one of the important departments of the banks operating in international market. In India also all scheduled commercial banks, both in the nationalized or non-nationalized sectors, do have Foreign Exchange departments, both at their principal offices as well as offices, in metropolitan centers. This department functions independently under the overall change of some senior executive or a senior officer well-versed in foreign exchange operations as well as in the rules and regulations in force from time to time pertaining to foreign exchange transactions advised by various government agencies. The principal function of a Foreign exchange department is to handle foreign inward remittances as well as outward remittances; buying and selling of foreign currencies, handling and forwarding of import and export documents and giving the consultancy services to the exporters and importers. Besides this, the department also gives the financial assistance in relation to the foreign trade, i.e., it gives assistance to the exporters by way of financing the exports and imports by giving them the financial assistance to clear the consignments or open a letter of credit. The department issues letters of credit for their importer clients and handles letters of credit received from overseas correspondents in favour of exporters from India. Issuance of Performance and the Bid Bond guarantees and tender document is also one of the important functions of the banks that are dealing I foreign exchange. In India, the banks doing foreign exchange business are issued a license to this effect by the Reserve Bank of India under Foreign Exchange Regulation Act, 1973. No bank, not having such license to deal in foreign exchange, can handle foreign exchange operations. Besides Authorized Dealers, licenses are also issued to the Dealers with limited powers to change foreign currency notes, coins and travellers cheques. Such licensees are known as Authorized Money Changers. 2.1 Organisation of A Foreign Exchange Department The foreign exchange department of a medium or large sized-bank can be divided into various department and sections such department are locked after by a senior person not lower than the category of a branch manager having both administrative and operational know-how as well as discretionary powers for advances required from time to time by the clients. The in charge of the department functions independently within the overall framework laid down by the Management of the bank. The in charge is assisted in hid day-to-day work by a team of officers, and workmen. One of the important functions of the Foreign exchange department, beside banking operations, is to maintain liaison and correspondence relations with overseas banks who may be their correspondents. SECTION OF THE FOREIGN EXCHANGE DEPARTMENT The Foreign exchange department is divided into number of sections, each one equally important and looked after by one officer or a department head. A particular section can be sub-divided into sub-section with specific duties allotted. The sections in Foreign exchange department can be broadly stated as under: 1. Dealers Section This section is the nerve of the foreign exchange department as the exchange rates are computed and advised by this section. The exchange rates are the on a foreign exchange and so any incorrect fixation of rates (price) will turn the profits of the bank into losses and instead of earning from the foreign exchange transactions, the bank may keep on losing. This section is headed by an officer who is called a Dealer. In the morning, before the banking hours begin, the exchange rates of various currencies are computed. The rates are computed on the basis of certain fixed principles which may by either market quotations or any such approved channel. In India, the Dealer works out the exchange rates on cross rate method based on the sterling rate schedule fixed and advised by FEDAI vis-à  -vis the previous days closing rates in London market. This department calculates and advised both the ready rates as well as forward rates as and when requested. Besides rate computation, it also look s after the foreign currency accounts of the bank and supervises the balancing position in foreign currency accounts maintained abroad. It also controls the exchange position of the department and reconciles the various entries put forth by other sections both for buying as well as selling of foreign exchange. In addition, the section also calculates and tabulates the statistical data required by the principal office of the bank concerned, as well as the Exchange Control Department of the Reserve Bank of India. Such statistics prepared by the bank are to be reported to the authorities on the prescribed forms at the prescribed intervals. This data is very essential and of prime important as the Balance of Trade and Balance of Payments position is arrived at only from the statistics provided by the banks. From the data available from the banks even the import policy is formed and other fiscal measure adopted by the monetary authorities from time to time depend. This section can be further sub-divided into following subsections: Rate calculation and advising Forward Exchange contracts Foreign currency Accounts Exchange position and control, and Reconciliation of Foreign Currency Accounts. 2. Foreign Remittances Section This section deals with the inward and outward remittances received in the country and sent outside, both on behalf of the transactions taken up by residents and non-residents. Foreign remittances are carried out in the form of cable transfers, mail transfers, demand drafts, travelers cheques and payment instructions by letters. All these forms are widely used both for inward remittances as well as outward remittances. The officer of this particular department has to be quite well-versed with various regulations in force from time to time and the amendments thereto as strict exchange control regulations are prevailing specially in case of outward remittances in developing and underdeveloped countries, due to the adverse balance of payments position, depleting foreign exchange reserves, and available resources required to meet with development programmes and national exigencies. This department also keeps Test Key arrangements used for transmitting the instructions by cable, as in cab le transfers no signature of the remitting bank is possible. So messages are computed with a particular number known as code or cipher. This code or cipher is recomputed at the other centre on the basis of the test arrangements exchanged between the two banks. In foreign exchange, whatever the reason may be irrespective of the amount, the entire gamut is focused around the inward and outward remittances and so this section is of prime importance. The remittances are converted into local currency in case of inward remittances and in foreign currency in case of outward remittances at the prevailing rate of exchange on the date of each transaction or a forward exchange rate if exchange rate if exchange is already booked earlier. So, the remittance department has to keep a close contact with Dealers section, both for getting the rates and also advising them the funds position which changes from time to time due to the remittances flowing in either direction. 3. Import Section Import section can be sub-divided into import letters of credit both opening and payment thereof, issue of Bid guarantees, performance guarantees and guarantees to Government agencies for release of import consignment, import documents received on collection basis and imports on consignment basis. Import section has to keep in touch with latest developments in international markets as well as the rules and regulations in force in various centres to take up the import business at right earnest without violating the rules and regulations. Both in developing and developed countries, there are Import and Export Trade Control Regulations and such regulations are enforced through a licensing procedure. Hence the Import section has to take care of the Import Trade Control Regulations as well as Exchange Control Regulations before allowing import transactions to be put through. 4. Export Section The section deals with various exchange operations arising out of export trade. The principal functions of this sub-section are: Advising and confirming letters of credit received from abroad: Extending financial assistance to exporters as and when required. Acting as an agent for collection on behalf of the clients; Negotiation of export bills drawn under letters of Credit whereby the dealer acts as an agent of overseas bank and facilitates smooth function/operation of international trade; and Acting as an authorized channel appointed by Central Banking Authority to receive the export proceeds. 5. Statistics Section This section collects the sales and purchase figures from various departments along with necessary exchange control forms, tabulates then and submits a periodical report by way of statements and returns to the Exchange Control Department of the Reserve Bank of India under whose authority it operates. This reports is also being submitted from time to time in one form or the other to the head office of the concerned bank to enable it to compile the overall position of the foreign exchange preferably of the bank as a whole. 2.2 Exchange Regulation in India Exchange Control Regulations were first introduced in our country on 3rd September, 1939 at the outbreak of World War II. The control was introduced under the guidelines of Bank of England and also as a measure under the Defence of India rules to conserve and augment the foreign exchange resources of India to meet the defence requirements for Britishers. It primary objective was to conserve the foreign exchange resources, which needed to be diversified due to changed circumstances. It was initially introduced as a temporary device to meet the emergency situation arisen due to Second World War. In May, 1944 the Defence of India Rules were lifted and all emergency provisions promulgated during the Defence of India Rules were ineffective. But the Government of India was not in a position to lift the Exchange Control Regulations due to the strain on the sterling balances; The Exchange Control Regulations were kept alive under a new law named as Emergency Provisions Continuance Act of 1994. The Exchange Control was put on a permanent Statute and the First Foreign Exchange Regulations Act came into existence on 25th March, 1947 as a full fledged foreign Exchange Regulations Act. The system of control adopted in 1947 was structurally identical to provisions laid down in 1939 at the inception of the control, but important changes in detail were introduced in FERA 1947 to meet the specific requirements of the situation and to protect the interests of independent India. The Foreign Exchange Regulations Act (FERA) of 1947 has now been replaced by the FERA, 1973. Basic structure of the Exchange Control Regulations is till not very much divergent that the earlier ones, but keeping in view the economic conditions and balance of payments positions, certain new provisions have been included and the control has been made more comprehensive. Under the Act of 1973, the Authorized Dealers have been given wider powers for releasing foreign exchange to the residents in India and a strict view has been taken of the non-resident interests. I) BROAD FEATURES OF EXCHANGE CONTROL There is an elaborate machinery to enforce Exchange Control Regulations in our country. The machinery comprises of the controller of the Exchange Control department of the Reserve Bank of India at the helm of affairs, which in turn has empowered the Banks dealing in foreign exchange to deal with general public for their foreign exchange requirements. This authority enforces the provisions of the Foreign Exchange Regulations Act and has the powers to deal with any infringement or violation of the provisions of the Act. II) THE FERA AND THE EXCHANGE CONTROL MANUAL All the provisions of the FERA have been transcribed in the banking terminology by the Reserve Bank of India to facilitate the day to day transactions between Reserve Bank, between the various dealers and the general public. Exchange control in India is administered by the Reserve Bank of India in accordance with the general policy laid down by the Union Government in consultation with the Reserve Bank. The Bank has an Exchange Control Department which is entrusted with this functions. Under the system, the Reserve Bank is authorized to license export of gold, silver, currency notes, securities, and a variety of other transactions involving the sue of foreign exchange. For foreign exchange transactions, which the general public conducts with the authorized dealers in foreign exchange, the Reserve Bank of India has laid down general instructions for the guidance of the latter. The directions cover all transactions relating to imports and exports, foreign travel payments, family maintenance remittances by foreign nationals, transfers of investment income, capital transfers by foreign and Indian Nationals and other invisible items. Some of these transactions particularly those pertaining to capital transfers, have to be referred by the authorized dealers to the Reserve Bank for its prior approval. Some remittances may, however, be made by the authorized dealers without prior approval of the Reserve Bank, such as those for foreign Nationals seeking to remit a part of their, earnings for the maintenance of their families abroad, provided the amounts are within limits specified by the Reserve Bank. The institutional framework of the exchange control system also compromised of a special machinery for enforcement and for dealing with any infringements of the provisions of the Act. The function is entrusted to the Directorate of Enforcement attached to the Union Ministry of Finance. The directorate deals with offenders who violate the control provisions and is authorized to take punitive action. It is also empowered to adjudicate in certain cases of infringement. III) Purchases and Sales by Authorized Dealers Authorized dealers purchase and sell foreign currencies in accordance with the regulations. Purchase: They purchase T.Ts., M.Ts., drafts, bill etc., freely from banks and the general public. The receipt of remittances from any country is free and banks are, therefore allowed to purchase freely. Purchase of foreign currencies is also done from their overseas branches and correspondents for the purpose of making rupee payments into non-resident accounts in India and also for making payments to residents. The authorized dealers and authorized moneychangers purchase foreign currency notes, coins, and travellers, cheques from travellers coming from abroad. The amounts purchased are endorsed on the reverse of the customs stamped currency declaration forms of the travellers. Foreign currency notes and coins are also purchased from other authorized dealers and money changers. Sales; Sales of foreign currency are made by authorized dealers subject to control regulations. No remittances may be made to countries advised from time to time and no transactions may be carried out with persons, firms or banks residents in those countries. For the purpose of sales persons, firms, and banks residents in Nepal are treated as non- residents. 2.3 Exchange Rate Mechanism in India India is a founder member of the IMF. It followed the fixed parity system till the early 1970s as a result which the value of the rupee in terms of gold was originally fixed as the equivalent of 0.268601 gram of fine gold. In view of Indias long economic and political relations with England and membership of the sterling area from September 1939 to June 1972, the rupee was pegged to the pound sterling. The exchange rate was thus remained unchanged but the gold content of the rupee fell to 0.186621 gram. Again, with the devaluation of the Indian rupee in June 1996 the gold content fell further to 0.118489 gram. The following year, the pound was also devalued. This devaluation did have an impact on the rupee pound link, but the rupee was kept stable in terms of the pound. The latter continued as an intervention currency. In August 1971 when the system of fixed parity was under a cloud, the rupee was briefly pegged to the US dollar at Rs. 7.50/US $ and this continued till December 1971. The peg to the dollar was not very effective as the pound sterling remained to continue as the intervention currency. In December 1971, the rupee returned to the sterling peg at a parity of Rs. 18.9677/ £ with of course , a margin of  ±2.2 S percent. After the Smithsonian arrangement had failed and the pound had began to float, the rupee tended to depreciate. The reserve Bank then had to delink it from the pound sterling in September 1975 and link it with a basket of five currencies; but the pound sterling was retained as the intervention currency for fixing the external value of the rupee. The weight of different currencies forming the basket remained confidential and the exchange rate continued to be administered. The administered rate did not keep pace with the growing rate of inflation and this resulted in a widening gap between the real and the nominal exchange rates that was more evident during the late 1980s and early 1990s. Thus, when economic reforms were initiated in the country, the rupee was depreciated by around 20 percent in two successive instalments in the first weeks of July 1991. In absolute terms, depreciation occurred from Rs. 21.201/US $ to Rs. 25.80 /US $ From March 1992 a dual exchange rate system was introduced, in terms of which 40 percent of export earnings were to be converted at the official exchange rate prescribed by the Reserve Bank and the remaining 60 percent were to be converted at market determined rates. The US dollar was he intervention currency. From March 1993 the receipts on merchandise trade account and some of the items of invisible trade account came to be convertible entirely at the market determined rates on all items of current account. The adoption of the unified exchange rate system form March 1993 means adoption of a floating-rate regime, but it is a managed floating and the reserve Bank of India intervenes in the foreign exchange market in order to influence the value of the rupee. In the first two years, the value of the rupee remained stable but the onward, it has been depreciating despite RBIs intervention. 2.4 Management of Exchange Risk Risk Hedging tools in Forex Market In recent years financial markets have developed many new products whose popularity has become phenomenal. Measured in terms of trading volume, the growth of these products principally futures and options has confused traditional investors. Although active markets in futures and options contracts for physicals commodities have only recently attracted Internet. Multinational Companies normally use the spot and forward markets for international transactions. They also use currency futures, currency options, and currency futures options for various corporate functions. While speculators trade currencies in these three markets for profit, multilingual companies use them to cover open positions in foreign currencies. 2.4 (a) Forward contract Forward Exchange Forward exchange is a device to protect traders against risk arising out of fluctuations in exchange rates. A trader, who has to make or receive payment in foreign currency at the end of a given period, may find at the time of payment or receipt that the foreign currency has appreciated or depreciated. Ifthe currency moves down or gets depreciated the trader will be att a loss as he will get lesser units of home currency for a given amount of foreign currency, which he was holding. Similarly, an importer, who was contracted to make payment of a given amount in pound sterling at the end of a given period, may find that at the time of payment, the rupee sterling rate is higher. He would then have to pay more in rupees than what it would have been at the time when the contract was made. To protect traders against such risks of appreciation and getting lesser amount of home currency, there is a device in exchange market of booking forward exchange contracts. The emergence of forward exchange contracts has been due to the rate fluctuations and possible losses that the traders might have to suffer in their foreign exchange business. The forward exchange transaction is an umbrella which gives protection to the dealers against the adverse movement of exchange rates. The forward exchange market in fact came into existence when the exchange rates were highly unstable following the abandonment of the gold standard by most of the countries at the end of first and Second World Wars. There are other means of taking care of the risks of the adverse effects of the exchange rate fluctuations such as including the Escalation Clause in the sale and purchase contracts entered between the buyers and sellers or fixing a parity rate between the home currency and foreign currency and an y variation in the fixed parity entered into between the importers and exporters, the exchange risks will be passed on as per the terms of the contract. Escalation clause is more adaptable in contracts amounting to a very large volume,. especially in contracts entered into on deferred payment terms. Forward Exchange Contracts Under option forward exchange contracts, the customers has an option to receive or deliver the contract

Napster Essays -- essays research papers

Napster: The Debate Over Copyright Infringement In early 1999, Shawn Fanning, a Northeastern University freshman, created Napster software. That summer he made it available for free through his Napster.com website. Napster is a peer-to-peer technology, which makes it possible for users to freely share their music files through the internet with other users all over the world. Specifically, this is how Napster works: 1.)  Ã‚  Ã‚  Ã‚  Ã‚  A user sends a request for a song. 2.)  Ã‚  Ã‚  Ã‚  Ã‚  Napster checks its database of music to see if the song is on the PC hard-drive of another Napster user whose computer is turned on (Note: No music is stored on Napster servers). 3.)  Ã‚  Ã‚  Ã‚  Ã‚  Napster finds the song. 4.)  Ã‚  Ã‚  Ã‚  Ã‚  Napster sends the song in MP3 format to the user who requested On December 6, 1999 the record industry sued Napster in Federal District Court for copyright infringements, and petitioned that court to shut down Napster. On July 26, 2000 the judge issued a temporary injunction to shut down Napster, and the next day Napster appealed the ruling before the U.S. Court of Appeals in San Francisco. The following day the Appeals Court granted Napster temporary reprieve against injunction so they could further review the injunction request. On October 2, 2000 the opposing parties presented their supporting arguments before the Court. The case was finally resolved on February 12, 2001 when a ruling by the District Court of Appeals upheld the original ruling that Napster was aware its users were swapping copyrighted materials. Subsequently, Napster was ordered to stop allowing its millions of users to swap copyrighted material without a fee. There are several ethical issues involved in this case. First is the theft of the copyrighted music produced by artists who have not given Napster the right to transmit their music. Secondly, is the right of Napster to provide a legitimate service to consumers, and how that right has been attacked by artists in the recording industry. There are, indeed, two sides to this story. The stakeholders involved in this case are the artists, the recording industry as a whole, retailers, and consumers. All of these stakeholders are affected equally in this matter. The artists, recording industry, and music retailers face substantial loss of income if c... ...g they need to do, considering the investment in the company. Perhaps the optimal solution for Napster’s dilemma is the possibility of a cable TV type payment. Users pay a certain monthly fee for all the downloaded music they wanted. They could chat with their favorite artists, get first claim on concert tickets, and browse possible downloads by genre. The new system would pay the artists their royalties and sell millions of older titles that at present are sitting in vaults because no stores will give them shelf space. This option has the advantages of cooperation between the music industry and Napster. Napster users will have the same type of service as they do now, with extras so they won’t have to turn to no-fee options (Gnutella and Freenet). Music companies will be able to use the Internet for sales of all their merchandise. If music companies can package a better experience people will pay for it. In a recent survey of college students more than two thirds of the respondents would be willing to pay for a $20 dollar monthly fee of a similar service. The only foreseeable disadvantage of this solution is the plausibility of the record companies cooperating in such an effort.

Cohesion in English Essay

The study of cohesion in English is concerned with a relatively neglected part of the linguistic system, which is the formal understanding of text construction and the ways in which parts of the text are interrelated so that meaning can be understood as one in relation to another. It is an interesting way to see the ways in which the sentences are constructed in order to avoid ambiguity and turbidity of the conveyance of meaning (Halliday and Hasan 1976; Taboada 2004). A principal component of the study of ‘cohesion’ is that which arise from semantic relations between sentences. Reference from one to the other, repetition of word meanings, the conjunctive force of ‘but’, ‘so’, ‘then’ and the like are considered. The work describes a method for analysing and coding sentences, which is applied to specimen texts (Halliday and Hasan 1976; Taboada 2004). According to the work of Hasan and Halliday (1976) about the heuristic and semantic study of language, in terms of how the texts cohere, there are five devices of cohesion that govern the unity of a passage, sentence or an idea. The five categories of the devices of cohesion in English are namely: reference, which can be anaphoric, cataphoric and exophoric; substitution, ellipses, conjunction and lexical cohesion. These types or rules are inherent in most of the ways compositions are constructed in order that they will achieve a certain degree of unity and fluidity. In many ways, the models of cohesion, the devices and rules, allow for a mathematically tautological description of text with regards to its natural relation to some of its other parts contained within the same (Halliday and Hasan 1976). In the text provided below for analysis, the five types of cohesion occur several times if not in a lot of occasions. However, prior to dissecting the passage into any of these tools of cohesion, it is important to understand what the text is entirely about in order that the main idea is revealed to serve as guide to the discovery of the aforementioned categories of cohesion. It would appear that the passage is an autobiographical account of someone’s experiences and observations of previous visits and stay in Birmingham. On this particular occasion the author confides his own impression of the kind of hustle and bustle the city is known for and how he relates it to the image of teenager’s bedroom. Along with descriptions of disarray yet harmonic organization of the city, he recalls one of the times he has been in the city. At that point, he starts to talk about the meeting with a friend. He moves then from a general view of Birmingham into a more specific locale of the city: the neighborhood of his friend Mike Walter. Through this, the author was able to explain more of what Birmingham is like by going in-depth. Furthermore, the author tells us about the kind of culture they have in Birmingham, for instance, how the locals are ‘affectionately’ called—the ‘Brummies’, and likewise, their love for autos and highways. It is obvious the author tries to keep within his central idea or thesis in the entire narrative. He did not stray far afield his main topic, albeit some of his digressions were a bit lengthy and varied. Instead, each side-note and anecdotes only improves and completes the image of what we have about Birmingham city thus far. To go into technicalities, we now look at the model of cohesion in English. There are five devices in the model. The first device of cohesion is called reference, which has three subcategories, namely the 1) anaphoric, 2) cataphoric, 3) exophoric references. The first can be characterized as the device of reference which occurs when the writer points back to an already named or identified object with another word to avoid repetition. Instead of saying the particular term over and over, another word is used in the next phrases to mean the very same thing or object. For example, the author’s view of Birmingham is referenced by the word ‘that’ – ramshackle of factories, warehouses, container yards, transport depots, workshops, chunneys, tower blocks, offices – which are ‘all’ thrown together as if by accident. The word ‘that’ referred to the view of Birmingham, likewise, the word ‘all’ referred to the images concomitant to such a view. The second is quite like the reverse of the first where the object that is being referred to comes after the use of the word that refers it. The use of cataphoric reference is seldom used. It is usually employed to achieve a dramatic effect as if the purposeful delay in disclosing the information would heighten the feeling of suspense and intrigue (Hoey 1991). The object is introduced by a word that is general and later is clarified by naming the object itself. At the first paragraph, the sentence employs the same cataphoric effect in withholding whatever that ‘it’ means. Later on, its reference is revealed at the end of the paragraph whereby the ‘it’ becomes the â€Å"train† (the turn of phrase is therefore imbued with an enhanced degree of dramatic delay). The third type of reference cohesion is the exophoric—literally meaning ‘coming from the outside’. In other words, the reference is neither contained in the passage nor will the reader ever find out for certain what, who, when and where the reference word is referring to. Although the third bears some similarities with the cataphoric reference cohesion, it is largely set apart and differentiated to such by the very fact that in this device of cohesion, the reference is usually general and broad in character. Unlike cataphoric reference, exophoric takes the intrigue, so to speak, to another level by using abstract and vague terms that practically would mean anything or everyone, as the case may be. The reader will never be able to identify the object being referred to in so far as an exact name or category is not given (Hoey 1991). The phrase â€Å"there were very few of us there† in the subsequent paragraphs is a good example of exophoric reference. While the reader may infer that the word ‘us’ refers to the people whom the author met in an assembly called the Birmingham Rep—where ‘they’ exchanged casual chit-chat and intellectual ruminations to pass the time, it is never sure what sort of bunch the word ‘us’ is actually composed of. With only the exception of author himself and his friend Mike Walters, ‘us’ could virtually mean any group of two or more persons with varying and distinct personalities and localities, and perhaps hailing from across different parts of the country. All of which the author fails to mention in exact details. Another device of cohesion is called an ellipsis. It is a device that could either enhance the reader’s understanding of the text or it could perhaps confuse it. Ellipsis occurs when after a more specific mention some words are stricken off when the phrase needs to be repeated. Accordingly, long lists of the same class to describe an object may be stopped short or left to hang in the middle of the sentence thereby suspending the train of the thought of the reader and allowing him to imagine for himself the next logical addition (Hoey 1991). Following the ellipsis is the device cohesion that is a bit similar to the ellipsis but instead of leaving out the word completely, a substitute word is used. Take for instance the phrase â€Å"cities are cities, and in this one there is a lot to see†. The word ‘one’ effectively substitutes the word city and that city would refer to Birmingham. Notice that ‘one’ is general yet it still is able to represent Birmingham by means of the preceding information about cities being cities. Substitute cohesion is a double reflection of a general reference of a specific object. Put differently, substitution is two degrees away from the original object as it only substitutes, perhaps, the anaphoric reference cohesion, for example, in a text. The fourth device of cohesion is conjunction, or words that connect or divide phrase by relating them to one another through a temporal, causal, coordinating, adversative, additive or discourse markers. These are the points of the texts which prompts the reader that the following passages are merely continuation of or branches to the previous statements (Hoey 1991). Even with the usage of punctuation marks and sentence gaps, the reader is guided through the next sentences or paragraphs because of the conjunction markers. Furthermore, conjunctions are used to make sure that the sentences cohere and are not left a stranger of sorts to the other. Conjunctions connect them all in one unified piece (Hoey 1991). Conjunction occurs often times in any text. In the particular text that is to be analyzed here, the words ‘before’, ‘always’, ‘and’, ‘also’, ‘first’, ‘just as’ and so on are used generously in the entire narrative. This is so because the entire text does not disassemble itself with loosely or unconnected thoughts and ideas. Otherwise, some of the digressions would be seen as impertinent and meaningless. And lastly is the lexical device of cohesion. This is the repetition of words throughout a text, or even in a single sentence, that are ejusdem generis or under the same class or category. It can form relational patterns through the entire passage which would help the reader clearly perceive a singular theme that the author wishes to present. In most cases, this construction of the text is akin to the ideas of rhetorical parallelism, wherein repeated or similar words are said in a way that will sound naturally cohesive and unified (Hoey 1991). This device is used well in the assigned text wherein the ‘view of Birmingham city’ is referred to repeatedly as an image, example and representation. It becomes clear that the whole passage revolves around Birmingham city, and it does not lack in describing in full detail how it looks and what it is like to the author. Lexemes, in the manner it was used, made the passage appear as a solid and complete whole without insufficiencies or other facts that beg further clarification. All in all, the five devices of cohesion in the English language are excellent tools for both the writer and the reader to come up with a crystal clear understanding and appreciation of any composition with the proper use of logical connectives and semantic devices as those discussed. These rules of cohesions also help in correcting certain logical errors and clarifying ambiguities, on top of making sure that the text is readable and understandable. What is to be avoided are entire sentences and paragraphs that do not appear to belong together simply because they do not cohere. In other words, cohesion in English will prevent nonsensical and shoddy writing above and beyond anything else. However, there is the question of whether or not these devices of cohesion may be able to account for the different idioms and the modern slang of English. While it is true that the puritans have a point in preserving the formal qualities of the language, it is inevitable that certain phrases and sentence construction will evolve into strange forms of communication, conveyance and presentation which could well probably be just as comprehensible and clear as its regular counterpart in formal composition. The slang and idiom are major limitations to the model of cohesion in English precisely because they do not follow a strict logical pattern. Moreover, their usages vary from across different subcultures and multi-contexts. It would be interesting indeed to find out how these devices and categories will still be able to keep up with the ever-changing rules on grammar and semantics. Perhaps other additions to the categories would be necessary in the future to make for a better way to read and write in English. Just as other languages like Russian, German, French, Spanish (Taboada 2004) or even Chinese do not possess all of the inherent idiosyncrasies of the five categories of cohesion and may even employ other styles not mentioned by the work of Halliday and Hasan (1976), English slang may have its own nuances and jargon that must also be respected and welcomed in formal, modern rhetoric. It now remains a novel and intriguing question how this is to be achieved.

Effect of Patient Preferred Music on Pain in Postoperative Patients

The relief of acute pain in adult postoperative patients continues to be a common problem despite the use of pharmacologic therapies. Unrelieved pain can cause various effects including: increased heart rate and blood pressure; increased need for oxygen; tachypnea; increased susceptibility to infection; and anxiety/fear (Swift, 2018). Nurses strive to provide the best care for their patients and this includes finding alternative ways to help with unrelieved pain. Providing music as an adjunct to the standard of care for pain has been shown to reduce acute pain in postoperative patients (Comeaux & Steele-Moses, 2013; Nilsson, Rawal, & Unosson, 2003; Zografakis-Sfakiankakis et al., 2017). The following research proposal intended for the institutional review board (IRB) will discuss the purpose of the study; background and significance; participants and methodology; recruitment; participant confidentiality; participant safety; consent process; risks and burdens; benefits; cost and payment; data and document security; and follow-up and dissemination of results.Purpose of StudyThe purpose of this study is to determine whether allowing patients to listen to their preferred choice of music compared to providing them with pre-selected instrumental music is more effective, when used as an adjunct to the standard of care for pain, on reducing the perception of pain in the adult postoperative patient.Background and SignificanceThe review of literature w as conducted by utilizing the following databases: Cumulative Index to Nursing and Allied Health Literature (CINAHL), Google, Nursing Times, and Research Gate. Search terms included: music therapy, music, acute pain and postoperative pain. The review of literature proved that music, when used as an adjunct to pharmacologic therapy, is effective in reducing postoperative pain. Pain is an expected outcome of a surgical procedure, however unrelieved postoperative pain can lead to complications, delayed healing and, if not dealt with effectively, can become chronic (Swift, 2018, p. 25). According to Nilsson, Rawal, and Unosson, (2003) the best practice for postoperative pain control management should include both pharmacological and non-pharmacological methods (p. 700). Comeaux and Steele-Moses (2013) reported â€Å"According to the Joanna Briggs Institute (2009), music therapy as a non-pharmacological adjuvant to opioid analgesia is best practice in the management of pain and anxiety† (p. 313). In their own study, Comeaux and Steele-Moses (2013) found that the use of music therapy improved patient satisfaction of pain management in the postoperative period (p. 314). Another study also found that using music as an intervention tool in the acute postoperative period could be useful in promoting patient's comfort and improving perception of pain (Zografakis-Sfakiankakis et al., 2017). Nilsson et al. (2003) reported that â€Å"Music is a non-pharmacological technique, that is inexpensive, non-invasive and has no side-effects that have been shown to reduce postoperative pain† (p. 700). Music therapy has been beneficial in treating patients with a wide range of diagnoses and is effective in reducing patients' perception of anxiety and pain as well as the need for analgesia (American Music Therapy Association, 2010). While it has been proven that music can reduce postoperative pain, the preceding studies used pre-selected instrumental or classical music, there is limited research available in the clinical setting on the effects music has on pain with regards to providing patients with preferred music choices compared to providing them with pre-selected music. inlay and Anil (2015) conducted a cold pressor test study to induce experimental pain to determine the impact of music type on pain and stated that â€Å"Simply listening to music may not be sufficiently effective for managing pain if the music is not enjoyable for the listener†¦the more likable the music is to the individual, the better the effects of music listening on the pain† (p. 56). Therefore, it is important for nurses to know which type of music to implement, preferred or pre-selected, as an adjunct to reduce unrelieved postoperative pain.Participants and MethodologyThis study will be conducted as an experimental prospective randomized clinical trial in a Level II Trauma Center that has a complete team of general, specialty and trauma surgeons who perform a broad range of multiple surgeries daily. The anticipated number of participants is between 150 and 200 in a 2 month period. The inclusion criteria includes all patients age 18 or over who will be having an ele ctive surgical procedure done, have an anticipated stay of 3 days or more, are alert and oriented and able to read and write English (for questionnaire purposes). Exclusion criteria includes any patient with hearing loss or hearing deficit making it difficult to hear the music. Data will be collected by placing participants into two study groups, the study group (preferred music choice) and the control group (pre-selected music). Using Zografakis-Sfakiankakis' (2017) random selection algorithm participants, if they meet the inclusion criteria, will be selected by the following: on a typical surgical day, half of the patients, the 1st and 3rd patient or every other, will be included in the study group and then the 2nd and the 4th and so on will be included in the control group. A questionnaire will be given to all participants, since both groups with be listening to some type of music, and will include questions about demographic data including: gender, age, race, type of surgical procedure. The remaining questions will ask the participant to rate their pain using the numeric rating scale (0-10) before the start of and after listening to at least 30 minutes of music; what type of analgesic what administered for their pain; If any other non-pharmacologic intervention took place (i.e. repositioning or application of ice); what was the patient doing before, during and after listening to music (i.e. lying in bed, up in chair, walking in room/hall, talking with visitor, reading etc.); and the date and total time listened to music between each pain medication administration (with at least 30 minutes per session). The study group will be given an easy to use MP3 player with FM radio capability and will also be able to request their preferred songs and music to be downloaded to the device by the nurse researchers. The control group will also be given an easy to use MP3 player, without FM radio capability, that is loaded with pre-selected, by nurse researchers, instrumental/classical music. All groups will be provided with earphones to use in order to prevent disruption to other patients.RecruitmentUpon check-in at the hospital for their elective surgery prospective participants, who meet the inclusion criteria, will be asked if they would like to be involved in a voluntary research study during their hospitalization. The researchers will introduce themselves, including their credentials, and will verbally inform the individual that the study is trying to determine the effects that music has, in addition to receiving the standard of care for pain, on reducing postoperative pain. They will be informed that MP3 players as wells as earphones will be provided to them and that they will be required to fill out questionnaires during the study. Participants will be informed on how their information will be kept confidential, the risks and benefits of this study and after which will be encouraged to ask questions.Participant ConfidentialityTo ensure participant confidentiality and anonymity participants will be assigned a number that will be included on their questionnaires. The number that they are assigned will be determined by the order in which they leave the post anesthesia care unit (PACU). When leaving the PACU the nurse will give the known participants a manila folder that will contain the numbered questionnaires, MP3 player and instructions on use. The first paper that the participant will see when opening the folder will include a statement to them ensuring that the information that is collected from this study from them will not be divulged to others without permission. The instructions will inform the participants to place all questionnaires and MP3 player back in the envelope upon discharge, seal it and then leave it in the designated locked box at the nurses' station.Participant SafetyListening to music is beneficial, not harmful and non-invasive. Participants will still receive the standard of care for pain. Therefore, in this study there is no risk for harm or harmful deception as both groups will be provided with a music intervention, either preferred choice or pre-selected, along with the standard of care for pain. There is no anticipated adverse events seen in implementing the intervention of music listening.Consent ProcessAs part of the recruitment process, which includes providing information about the study, its pr ocedures and allowing for questions, participants who have met the inclusion criteria will be informed that their participation in this study is voluntary and that if they choose to participate that they can withdraw at any time without consequences. The other components of the informed consent will include: basis for selection; duration of participation; risks and benefits; confidentiality of records; names of investigators and contact person; statement of voluntary participation and then signature lines which will indicate consent. Even though signatures will be obtained at the time of recruitment for informed consent, the researcher will not know the identity of the participant once the study begins as they will be assigned numbers randomly as they leave the PACU. All participants will be alert and oriented consenting adults. The participants will also be informed that once this study is finished that it is the goal to have it published in a journal for medical professionals to use as evidence for best practice.Risks and BurdensAs stated earlier, there is to harmful effects or risks in the intervention of listening to music. However, potential burdens of this study could possibly occur when filling out the questionnaire. The participants will have to take time and effort to fill out the questionnaire each time they use the music therapy along with taking prescribed medication. This can pose as a possible inconvenience for them as they will be in a perceived state of pain.BenefitsThere are many potential benefits to the participants who take part in this study. As stated earlier music therapy has been beneficial in treating patients with a wide range of diagnoses and is effective in reducing patients' perception of anxiety and pain as well as t he need for analgesia (American Music Therapy Association, 2010). According to the American Music Therapy Association (2010) in addition to the reduction of pain and anxiety participants may experience: improved respiration, lower blood pressure, improved cardiac output, reduced heart rate, and relaxed muscle tension (p. 4). Furthermore, the results of this study can be beneficial in providing nurses and other healthcare providers with knowledge about the best type of music to use, along with the standard of care, in reducing unrelieved pain for their patients. This information can be shared and may be beneficial as an alternative to reducing pain in various other types of patient populations as well.Cost and PaymentThere will be no cost to the participants of this study as the MP3 players and the earphones will be provided to them by the researchers. No incentives will be given in recruitment or for participation in this study.Data and Document SecurityDocuments for this study will be kept by the patient in the provided manila folder. Once the par ticipant is discharged the sealed manila folder will be turned in by placing it in the designated locked box at the nurses' station. The folders will be picked up on a daily basis. Only the nurse researchers will have access to the locked box as well as the questionnaires. All questionnaire collected from the hospital will then be kept in a locked filing cabinet when not being used by the researchers. The data collected including informed consent will be kept for a period of 3 years.Follow-Up and Dissemination of ResultsParticipants will be given the researchers contact information and will have the option to contact the researchers after 3 months to either get the results of the study or be given an approximate date of when the results will be available. Upon completion of this study the aim is to present the research results at various presentations, submit the research results for peer review and then ultimately spread the knowledge and the evidence-based intervention through publication in a peer-reviewed journal.ConclusionIn conclusion, we have discussed the purpose of the study; background and significance; participants and methodology; recruitment; participant confidentiality; participant safety; consent process; risks and burdens; benefits; cost and payment; data and document security; and follow-up and dissemination of results. Researchers involved in this study welcome the critical evaluation of the IRB in order to ensure that the study will be conducted in a strong, ethical and legal manor.

cloning is morally wrong essays

cloning is morally wrong essays Cloning is an issue that touches upon the most profound ethical issues. If humans even consider cloning each other then they should revise what is morally and ethically right and wrong. The cloning of any species, whether its human or non-human is by all means wrong. Denmarks Minister of Research agrees to the idea of cloning, or at least starting the cloning experiments. By votes of 11 to 5, the pro side has won the argument for cloning research. According to The Lancet magazine, researchers are about to be ready to start cloning as soon as legalization is drawn up. I personally think that should there be a universally unethical act, it should be cloning. If we want to look for a clear reason to why we should not clone, we should apply this to our selves. Imagine if there is a clone of you 20 or 30 years from now? Doesnt that shake the idea of the self? Identity is then no longer valid. On top of all, according to most religions, cloning would interfere with the will of God. Creation of human beings is a natural process that God has blessed us with. Interfering with this natural cycle is just like telling God: NO! Some people do not believe in morality in the first place. Others do not believe in the existence of God either. To those people, the simplest reason to why we should not clone humans would be the great risk of producing deformed humans. Then those who would survive will have to live with a defect for the rest of their lives without a reason. Secondly, if technology is able to develop human organs in animals, then what would be the line between human and non human. As a conclusion, cloning is interfering with lifes natural cycle and is a morally incorrect process. I think humans should start thinking of what they are doing before taking action ...

Benchmarking and Paradigm Blindness Essays

Benchmarking and Paradigm Blindness Essays Benchmarking and Paradigm Blindness Paper Benchmarking and Paradigm Blindness Paper Essay Topic: Blindness Benchmarking Paradigm blindness Is a dangerous pitfall that any business can fall into. It effectively causes the business to become stagnant with lax management and a lack of fresh Ideas and Input by settling over business and lulling It with the thought of comfort In the routine. Paradigm blindness can be summarized Into something that is done best in a certain way, but the reasoning is for this is because it has always been done this way, not because it is the most efficient way to do it. To avoid paradigm blindness many businesses actively practice benchmarking. Benchmarking s a potent tool for company management, pushing them to explore new ways to organism the business and challenging previously set standards. The process of benchmarking was first utilized in the asses by Xerox. In an attempt to regain lost market share they actively compared themselves to rival companies in order to find some way in which to Improve their operations (Lempel and Catwalk, 1997). Benchmarking can be used both in short term and long term management, but finds particular value In strategic management where management can decide how best the business should be run. Although benchmarking may not be a constant management tool It Is a continual one with which organizations can fine tune their operations to suit market and environmental fluctuations. To date there has been no benchmarking method that has become universally adopted, the fact that different businesses require different approaches being one reason to this. However one of the first utilized was developed by Robert Camp, the core principles revolving around a twelve step methodology. 1 . Select subject ahead 2. Define the process 3. Identify potential partners 4. Identify data sources 5. Collect data and select partners 6. Determine the gap 7. Establish process differences 8. Target future performance 9. Communicate 10. Adjust goal 11. Implement 12. Review/recalibrate. (Camp, 1998). The general Idea behind the twelve step Camp method Is to focus on a specific area of the business, decide what sort of and how to collect data, analyze the results and then determine different processes that could be used to achieve the same task. As well as there being several different methodologies for benchmarking there are also several different types of benchmarking, this being the main reason that no one ethnology NAS Eden unalterably opiate I nee Deterrent types AT Demarcating are difficult to embrace through one method. The different types of benchmarking include process, financial, performance, product, strategic, and functional benchmarking. Businesses can implement several of these benchmarking types to help improve their productivity, although due to the costs of benchmarking smaller businesses may be limited to a few or one type of benchmarking. Process benchmarking involves the organization centering their examination and study of internal protocols. They will cross examine their results with observations with those room other benchmarking firms if possible, but otherwise conclusions can be drawn from purely internal results on activity in relations to cost and efficiency. The Camp methodology can fall under the category of process benchmarking; a real life application of it can be seen in fast food chains. Employees are pushed to consistently serve customers within a certain time frame and their performance is recorded. This allows the organization to cross reference their performance with environment and procedure factors, allowing the organization to trial different procedures and conclude which is the most efficient for different conditions. Financial benchmarking is more simplistic in nature in comparison to process benchmarking. Financial benchmarking involves making a financial analysis of the business and then making a comparison to the results of competitors to assess the business competitiveness in the market. This is generally achieved by using ratios such as acid tests, liquidity ratios and the like to determine the different financial capabilities of the business in comparison to competitors. In contrast to process benchmarking, which can be costly to perform due to needing specific equipment and personnel to collect otherwise irrelevant data. The data required for most if not all of financial benchmarking analysis can be found in the business financial reports and overviews. An example of financial benchmarking can be seen in the 2007 Games Workshop financial report. The company noted that they had been consistently posting lower profit margins over the last few quarters, and upon review had lost a fair portion of their market share to competitors such as Privateer Press miniatures. In reflection the following was printed in their 2007 financial report: We grew fat and lazy on the back of easy success. We forgot about customer service ND forgot that hard work is and always has been the route to success. We forgot that we are a company which pursues profit and likes paying surplus cash to its owners. (Kirby, 2007) Games Workshop acquired licenses from with New Line Cinema in to produce miniatures based upon the Lord of the Rings movies in 2001. During the period the movies ran, these were highly successful, but after they finished their sales rapidly fell. As chairman Tom Kirby states, the company fell into the trap of paradigm blindness by ignoring what was happening around them and continuing on with unchanged business operations. In response to this the normally slow moving company has picked up pace and released several expansions to their main game systems in a comparatively short amount of time, boosted advertising, and reorganized their management structure. Whether or not this has been successful remains to be seen. Performance benchmarking is used by businesses to assess their competitiveness in comparison to other businesses by comparison of their products and services. This can be done both internally and externally. An example AT external performance Demarcating can De Tuna In supermarket chains. Its not uncommon to see employees from rival chains wandering the aisles of their competitors and recording daily price changes and stocked goods, allowing them to decide whether or not to mark prices up or down in their own stores as well as an idea of what products are selling overall. An example of internal performance benchmarking can be found in fast food chains, such as McDonalds. McDonalds records employee service response times of each order placed and records them. By taking an average, the efficiency of an entire store is established and is compared to other stores within the franchise. The results of this are made known at employee meetings, and plans are made to improve the response times of those that are comparatively slow. This may include implementing further process benchmarking. One particular value of an established system like this is that employees can monitor themselves as they work through a display board playing an import part in performance quality improvement (Sinclair and Mohammed, 1995). Product benchmarking is somewhat similar to performance benchmarking except its less focused on competing goods and prices, and more on the actual goods and services homeless. It may go as far as reverse engineering, where the company pulls apart competing products and services and decides how best to emulate it themselves. As a real life example, this can often be seen in professional sporting teams. The team management will almost certainly examine and dissect the game play of leading teams, using them as a benchmark to improve the performance of their own team. However, product benchmarking can be taken too far to the point where it infringes copyrights and intellectual property laws. One such example is Smith Wesson. Using the highly successful Clock 17 series and its subsequent derivatives as a benchmark they released their own semi automatic handgun, the Sigma series. However the Sigma series bore so much resemblance to the Clock ass to the point where many parts were interchangeable, quickly earning them the moniker Shocks as well as a patent infringement lawsuit from Clock in 1994. Smith Wesson ended up paying an undisclosed sum of money out of court as well as making several modifications to the Sigma series. Strategic benchmarking is similar to product benchmarking in the fact that it involves observing how other companies compete. It isnt, however, limited to industry specific companies and usually involves observation of unrelated businesses to analyze whether or not any business practices can be adapted for use. Functional benchmarking can be considered extremely similar to process and performance benchmarking, however it differs by solely focusing on a single business function. The reason for this is that some parts of businesses such as Human Resources and Information Technology arent directly comparable in relation to efficiency, and thus isolating them for the purposes of observation improves focus pony problem areas. Examples of this can once again be found in fast food franchises, such as McDonalds. To allow management to isolate where problems are occurring separate response times for front counter staff and grill staff are kept. If a drinks machine is badly placed and causing congestion amongst employees behind the front counter, management will be become more aware of this because it wont be affecting grill staff response times, as they arent responsible for filling drinks. Benchmarking is an extremely valuable management tool for companies; it isnt intolerantly always a straightforward or easy task to unaware e I nee Key touching is performance measurement of the business no matter which part it is, or even whether it internal or external. The key to improving the business is measuring it so a benchmark can be ascertained (Bringing, 1992). The problem that arises from this is that businesses are extremely complex with hundreds of different factors and inputs. It becomes a question of exactly what to measure and how to measure it. The problem for managers is that they do not know exactly what inefficiencies they need o remove, and thus their chosen method of collecting data benchmarking may not reveal the problem. For example if the manager of a fast food chain competing with McDonalds decides to benchmark his businesses, he might choose to try and benchmark the business by comparing financial results and seeing how many sales he made in comparison to other fast food chains. Although this is a valid form of benchmarking, it doesnt reveal any specific problems if he finds himself underperforming in comparison. This is because hes allowed too many variables into the equation. The burgers could taste bad, the business could be in a bad location, another business might be selling their burgers cheaper, the grill staff might be inefficient or afore mentioned drinks machine could be placed extremely badly. Perhaps there might even be a combination of problems. Quite often benchmarking processes will identify that there is a problem(s) within the business but they wont identify what it is. Thus it may take the manager some time to trial several benchmarking methods to simply narrow down the field so he can draw conclusions from there and initiate responses. Because of the large amount of potential variables that increase even further with the size of the business, larger organizations often hire specific benchmarking firms who have a great deal of experience and knowledge stored in databases to perform benchmarking for them. The other problem associated with benchmarking is that its both costly and time consuming. Because of the amount of data that needs to be collated and analyzed, benchmarking is by no means an overnight process. It may require several employees to perform, taking them away from regular duties and forcing more employees to be hired. Or it could come to the point where using existing employees is so inefficient that a benchmarking firm is hired to carry out the process. In conclusion, while benchmarking is an extremely potent management tool it is by no means simple to use or fool proof.

Switch Statement in Ruby

How to Use the Case/Switch Statement in Ruby In most computer languages, the case or conditional (also known as  switch) statement compares the value of a variable with that of several constants or literals and executes the first path with a matching case. In Ruby, its a bit more flexible (and powerful). Instead of a simple equality test being performed, the case equality operator is used, opening the door to many new uses. There are some differences from other languages though. In C, a switch statement is a kind of replacement for a series of if and goto statements. The cases are technically labels, and the switch statement will go to the matching label. This exhibits a behavior called fallthrough, as the execution doesnt stop when it reaches another label. This is usually avoided using a break statement, but fallthrough is sometimes intentional. The case statement in Ruby, on the other hand, can be seen as a shorthand for a series of if statements. There is no fallthrough, only the first matching case will be executed. The Basic Form of a Case Statement The basic form of a case statement is as follows. As you can see, this is structured something like an if/else if/else conditional statement. The name (which well call the value), in this case inputted from the keyboard, is compared to each of the cases from the when clauses (i.e.  cases), and the first when block with a matching case will be executed. If none of them match, the else block will be executed. Whats interesting here is how the value is compared to each of the cases. As mentioned above, in C, and other C-like languages, a simple value comparison is used. In Ruby, the case equality operator is used. Remember that the type of the left-hand side of a case equality operator is important, and the cases are always the left-hand side. So, for each when clause, Ruby will evaluate case value until it finds a match. If we were to input Bob, Ruby would first evaluate Alice Bob, which would be false since String# is defined as the comparison of the strings. Next, /[qrz]./i Bob would be executed, which is false since Bob doesnt begin with Q, R or Z. Since none of the cases matched, Ruby will then execute the else clause. How the Type Comes Into Play A common use of the case statement is to determine the type of value and do something different depending on its type. Though this breaks Rubys customary duck typing, its sometimes necessary to get things done. This works by using the Class# (technically, the Module#) operator, which tests if the right-hand side is_a? left-hand side. The syntax is simple and elegant: Another Possible Form If the value is omitted, the case statement works a bit differently: it works almost exactly like an if/else if/else statement. The advantages of using the case statement over an ​if statement, in this case, are merely cosmetic. A More Compact Syntax There are times when there are a large number of small when clauses. Such a case statement easily grows too large to fit on the screen. When this is the case (no pun intended), you can use the then keyword to put the body of the when clause on the same line. While this makes for some very dense code, as long as each when clause is very similar, it actually becomes more readable. When you should use single-line and multi-line when clauses are up to you, its a matter of style. However, mixing the two is not recommended - a case statement should follow a pattern to be as readable as possible. Case Assignment Like if statements, case statements evaluate to the last statement in the when clause. In other words, they can be used in assignments to provide a kind of table. However, dont forget that case statements are much more powerful than simple array or hash lookups. Such a table doesnt necessarily need to use literals in the when clauses. If there is no matching when clause and no else clause, then the case statement will evaluate to nil.

Ethical Decisions in the Medical Health Profession Essay

Ethical Decisions in the Medical Health Profession - Essay Example Any violation of these judgments and opinions characterizes unethical conduct and could lead to justification of disciplinary actions like censure, expulsion or suspension from the medical field society membership. Over the years medical practice has been evolving in ways that draw attention to the significance of ethical decisions and issues. Medical science has gotten involved in practices that were previously not possible such as stem cell and genetics research, the modern day patient is better informed, lawsuits are quite common which means medical practitioners have to be generally more aware of their medical decisions and cost implications of their services to society. They have a huge task of juggling their obligations to hospitals, the regional health and the government of the day. Ethics broadly deals with what is right or wrong, or basically what we are supposed to do and what we ought not to do. Medical ethics decisions therefore concerns how to make judgments on how to deal with moral issues arising out of caring for parents and such decisions therefore have to make a consideration of just more than the patient’s current medical condition. Ethics is just not just a medical field thing; there are also other disciplines that are concerned with these issues such as theology and law which also prescribe to certain behaviors set aside by their respective governing councils. Medical ethical decisions, values and laws are mostly closely related; however medical ethical responsibilities exceed legal obligations. In some instances, the law may allow unethical conduct. In several instances when medical practitioners hold the belief that a certain law is not just for their making critical decisions, they then ought to start working towards changing that law. In very unique cases regarding unjust laws, the prevailing ethical responsibilities

Art and gender assignment Essay Example | Topics and Well Written Essays - 750 words

Art and gender assignment - Essay Example Women are the objects that are looked† (Finzsch). In Mulvey’s male gaze, the male’s patriarchal role is extended to the film where the male imposes a hegemonic gaze to the women as mere objects of desire. Thus, it produces an imbalance relationship as women are reduced to an object of two distinct modes of male gaze where they became Madonna’s in male perspective (voyeuristic) or whores (fetishistic). In her work, viewers tend to identify with the protagonist of the film who is typically a male and thus, the perspective conveyed by the film is that of a man and it follows that women will be looked upon as an object of desire. Another view that I would like to point out about gaze in art that breeds oppression is the binary and heterosexual nature of gender orientation of gaze which alienates sexual orientation that is not heterosexual. By defining sexual desirability to merely exist between men and women as often observed in gazes in art, it unconsciously negated the existence of other sexual orientation and sense of desirability other than heterosexual relationship and thus, the assertion itself produced another type of oppression – that is, discrimination against heterosexual orientation and their preferences. Good artworks are not only in museums. They can also be found in other places and the experience is just as exhilarating as going to a museum. Art after all are not created just be placed in museums and galleries but to be appreciated and to bring joy and uplift its audience. Thus, I would like to discuss about graffiti or murals painted on the many walls of San Francisco, California. It is painted on a brick or wooden wall by combination of spray and brushed paint. There may be people who would disagree in this in art form calling it as vandalism but for me, its art and it reflects my state of feeling. I would rather call it as urban painting rather vandalism that instead of using canvass shown in the restrictive

Philosophy of Economics Assignment Essay Example | Topics and Well Written Essays - 750 words

Philosophy of Economics Assignment - Essay Example spect Theory is the value function which is "normally concave for gains, commonly convex for losses, and is generally steeper for losses than for gains (p. 263)† (Kahneman, 2002). According to Prospect theory, decision weights sometimes systematically differ from actual probabilities (Kahneman, 2002). For instance, there is always overweighing of very low probabilities thereby gambling on a rather unlikely event may become an attractive option. Prospect Theory uses empirical data to prove its argument (Kahneman, 2002). In trying to make the predictions, Kahneman and Tversky undertook a survey. They presented the data where a clear majority-taking consideration of two choices between two hypothetical prospects-preferred a predicted alternative even in times when strict economic rationality would clear favor the other (Kahneman, 2002). For instance, the two proponents of Prospects Theory asked their subjects to between these two economic choices. The neoclassical economics generally focuses on the choices that individuals make for purposes of consumption of goods and services (Kleinaltenkamp, & Ehret, 2006). Neoclassical focuses on the individual choices, preferences, and beliefs as well as the allocation that individual place on alternative choices (Kahneman, 2002). Through demand and supply, neoclassical economics have a standard approach to individual’s rationality in his or her ability to maximize utility or/and profit. The basis of neoclassical economics approaches are guided by three assumptions: As much as neoclassical and Prospects Theory are both economic theory and concepts, they have some different arguments (Kahneman, 2002). Neoclassical economics argues that preferences between two commodities do not depend on the consumer’s current entitlements. This behavioral concept forms the difference between these two theories (Kahneman, 2002). The neoclassic argue that Individuals maximize utility of the goods and services they consume while firms on the

The Wide Definition and Scope of Public Relation Essay

The Wide Definition and Scope of Public Relation - Essay Example Ewen, S. (1996) in his book titled PR: A Social History of Spin defines public relation as â€Å"the art and science of managing communication between an organization and its key public constituents to build, manage, and sustain its positive image’. Personally, I would define public relation as a process of supervising and ensuring effective communication between an organization and its targeted audiences with a major aim of developing, administering and sustaining a good image. All the above definitions have one thing in common in that they are all talking about building good public relationships through proper communication skills. Their main aim is securing a good public image so as to earn mileage from the general public on matters relating to effective communication. They also have differences for example, Edward B. (2001) sees public relation as a function of the management that defines procedures policies so as to earn the expected acceptance and understanding from the general public, Ewen, S. (1996) sees public relation as an art and science that manages communication transpiring between a given organization and its people with the aim of directing and maintaining a good image within the organization. For Ewen, he views public relation as something that will help as in maintaining a good public image while Edward opinion is that public relation will help us in obtaining acceptance and understanding from the general public. Cutlip, S (1994) views public relation differently as a designed attempt on influencing opinion via responsible actions and a good personality to gain satisfaction in two way systems.

Factors Of Selecting A Destination Coursework Example | Topics and Well Written Essays - 2500 words

Factors Of Selecting A Destination - Coursework Example Issues concerning the safety of tourists are as engrossing as they are profound. Most studies that examine the relationship between tourism, terrorism and political stability likewise yield issues that arise due to war and crime. The inquiry remains, notwithstanding, whether these studies shed sufficient light on the current understanding of how global tourism survives in political violence or terrorism. Without any doubt, â€Å"even its active and valuable economic impact does not shield global tourism from the vile force of terrorism† (Buhalis et al., 2006, p.33). While many natural or human-caused events can altogether effect the growth of tourism, security issues, and political turmoil scare potential tourists. The relationship between tourism and terrorism involves many aspects: possible interventions to curb security risks, effects of terrorism on tourism demand, and motives of targeting certain tourists. The trepidation of unexpected terrorist activities is not new, but rather the attention it has commanded traces back to ten years ago. In recent events, â€Å"the 1991 Persian Gulf War and other related global worldwide terrorism refocused consideration on the subject† (Sà ¶nmez, 1998, p.1). On various occasions, terrorist assaults have been experienced in other parts of the world. These violence activities have pushed the tourism and travel industry to come up with travel paradigm shifts hence making tourism security a fundamental consideration for all tourists. Vital inquiries remain: how do places characterized political difficulties handle the negative image? How does the tourism industry at large deal with the emergence of political turmoil? By what method would governments use to curb terrorism and political instability? Subsequently, this paper endeavors to discuss factors to be considered by tourists while selecting a destination. Politics is a major risk

Monetary Policy in an economy Essay Example | Topics and Well Written Essays - 2000 words

Monetary Policy in an economy - Essay Example However, the effectiveness of monetary in controlling the economy is real terms remains to be a debatable issue. If Central bank attempts to control economy by implementing monetary policy through varying interest rates, it can have some indirect impacts on the overall economic activities that might lead to problems. This paper illuminates the theoretical foundations upon which the monetary policy rests. It discusses the various methods utilised to determine and implement the monetary policy in an economy on the part of Central banks. The paper also elaborates the effectiveness of monetary policy in controlling economy and critically discusses its effectuality in meeting the intended economic ends such as controlling inflation and maintaining price stability. Developing and implementing monetary policy happens to be the most crucial responsibility of a Central Bank. Monetary policy refers to the strategies of Central Banks implemented for the purpose of controlling various economic factors such as inflation and employment etc. Bofinger, Schchter and Reischle propound that "the main aim of monetary policy is a control of final targets of the economic process (price stability, real growth, full employment), which have been set in such a way as to maximise the ultimate goal of social welfare."1 Theoretically, there are four equations that are used to evaluate the impact of money or monetary policy on the overall economy. The aggregate demand function emphasises the impact of total demand on interest rates which consequently affects inflation. The 'Philip-Lucas supply curve' or the supply function relates the total output in an economy to the rate of inflation. The third equation relates the demand of money in an economy to total expenditure as well as the interest rates. The fourth equation of monetary policy relates it to the supply of money in the economy on the part of Central Bank.2 The theoretical foundations of monetary policy rest on the fact that money plays a great role in the economy of a country. Therefore, various economic factors, in particular, the inflation rate and employment level can be controlled by an effective monetary policy. King also propounds that "money growth is higher, the higher is the inflation rate".3 The growth of money or credit in an economy goes a long way in determining the prevailing inflation rate and employment level in the long run. Monetary policy helps Central banks to achieve the goal of economic stability and inflationary targets. Mahadeva says that "Central banks have always been in the forefront of those that promote low inflation or price stability as a or the goal of monetary policy."4 It is because of the fact that controlling inflation or maintaining a desired level of prices is considered to be the important functions of monetary policy and crucial aims of a Central bank. Central banks influence the supply and growth of money in the economy by changing interest rates in order to affect the aggregate demand. Arestis and Sawyer delineate the rate of interest as, "the Central Bank rate can be viewed as the key rate on which all other interest rates are based-often explicitly so as in the case of the interest rates charged by banks on loans and paid by banks on deposits" (2004, p443). Hence the Central bank influences the supply of mon

Factors Of Selecting A Destination Coursework Example | Topics and Well Written Essays - 2500 words

Factors Of Selecting A Destination - Coursework Example Issues concerning the safety of tourists are as engrossing as they are profound. Most studies that examine the relationship between tourism, terrorism and political stability likewise yield issues that arise due to war and crime. The inquiry remains, notwithstanding, whether these studies shed sufficient light on the current understanding of how global tourism survives in political violence or terrorism. Without any doubt, â€Å"even its active and valuable economic impact does not shield global tourism from the vile force of terrorism† (Buhalis et al., 2006, p.33). While many natural or human-caused events can altogether effect the growth of tourism, security issues, and political turmoil scare potential tourists. The relationship between tourism and terrorism involves many aspects: possible interventions to curb security risks, effects of terrorism on tourism demand, and motives of targeting certain tourists. The trepidation of unexpected terrorist activities is not new, but rather the attention it has commanded traces back to ten years ago. In recent events, â€Å"the 1991 Persian Gulf War and other related global worldwide terrorism refocused consideration on the subject† (Sà ¶nmez, 1998, p.1). On various occasions, terrorist assaults have been experienced in other parts of the world. These violence activities have pushed the tourism and travel industry to come up with travel paradigm shifts hence making tourism security a fundamental consideration for all tourists. Vital inquiries remain: how do places characterized political difficulties handle the negative image? How does the tourism industry at large deal with the emergence of political turmoil? By what method would governments use to curb terrorism and political instability? Subsequently, this paper endeavors to discuss factors to be considered by tourists while selecting a destination. Politics is a major risk

Inflation Essay Example | Topics and Well Written Essays - 1500 words - 4

Inflation - Essay Example The general price level remains low or affordable to the average consumer and stays that way for a long period of time. Thus, stability of prices within an economy is more of a concept than anything else. Moving on to the demand for and supply of goods in the market, there might be a number of fluctuations with regard to the customer’s needs and wants as well as the producer’s. This makes it a little difficult for the overall price values within the market or economy to be comprehended with ease by both parties. And therefore, for this purpose, a general price level or the concept of price stability is adopted in order to reflect the entire impact that the market has had on each of the different and individual units. Thus in order to understand better, price stability is simply a term or concept used to realize the stability or balance that the general price level or market forces have rather than the actually fixed prices on goods and services in the market. Price stability may also be understood as a period in the economy when it does not face inflation or deflation. In order to understand this, the term inflation has been emphasized upon in this paper. Inflation takes place in an economy when the actual aggregate demand within the economy is greater than the required level of aggregate demand for full employment equilibrium. Full employment equilibrium on the other hand is a situation when all the resources within an economy have been utilised in a full and efficient manner, and the demand curve cuts the 45 degree line or supply curve at this point. However, if the demand curve exceeds the point of full employment equilibrium, it leads to an inflationary gap in the economy. This has been better explained with the help of a diagram; Here the C+I (Total consumption plus investment expenditure) is the aggregate demand (point B) which should have been the situation for an ideal level of equilibrium in the

Marketing Management Strategic Issues Blue Dart Express

Marketing Management Strategic Issues Blue Dart Express On a beautiful sunny afternoon in April 2012, Ketan Kulkarni, Vice President and Head of Blue Darts Marketing, Corporate Communication Sustainability division, was waiting in the plush conference room of Blue Darts head office in Mumbai. As he waited for Tulsi Mirchandaney, Managing Director and Accountable Manager for Blue Dart Aviation, he once again looked at the notes on proposed future plans of marketing strategy and wondered whether the companys plans to address the intense competition will be enough to meet 2012s target. Looking outside through the clear windowpanes, Ketan thought about remarkable journey of Blue Dart. Blue Dart was the leading express company in India, engaged in door to door pick up and distribution of packages, documents, and shipments in India and overseas. From its inception in 1984, in its first decade Blue Dart became the dominant player in the courier industry and in the next decade it surpassed all the competition and became South Asias premier number one express company in air and integrated transportation, distribution and logistics. In India, Blue Dart was the only company providing an array of services in air express (both domestic and international through DHL), air freight, ground and charters. It was a one stop solution for any logistical requirement. Blue Dart enjoyed a 45.9% market share and gained a significant increase in both, volumes and value. In the ground segment, the company garnered a market share of 12.4%. Blue Dart not only offered secure and reliable delivery of consignments, but also managed to deliver impressively on the financial front with the help of its widespread infrastructure network and aggressive growth strategies. Rs.10 billion in annual revenues is a remarkable landmark for any logistics company. Blue Dart managed better, leaping over the 11-digit barrier to record Rs. 14.89 billion in top line during FY2011. The company was established with a vision to be the best and set the pace in the express air and integrated transportation and distribution industry, with a business and human conscience. A people-first company, Blue Dart continued to deliver value to its stakeholders through its people philosophy and corporate governance, based on distinctive customer service, business ethics, accountability and profitability. Blue Darts core competence lies in the business of superior express delivery services, maintaining reliability levels of 99.96%. With a dedicated air and ground network optimized by cutting-edge technology, Care Customer Addition, Retention Empathy summed up the marketing strategy of Blue Dart. Company History In November 1983, three young entrepreneurs, Clyde Cooper, Tushar Jani and Kushroo Dubash identified tremendous opportunities in Indias expanding exports market and came up with an idea of delivering small packages and samples. On that date, Blue Dart was established in a space of 200 square feet under a staircase, with a capital of Rs. 30,000. Grit, determination and hard work would propel the fledgling from sorting and delivering a few dozen packages outside Mumbai airport on that first night, to handling nearly 200,000 shipments each day through rain, hail, earthquake and snow. In a study conducted by Dhristi Strategic Research Services in 2007, Blue Dart emerged as one of the strongest brands in India with amongst the highest top of mind recall. In its early days, Blue Dart forged ties with Gelco Express International, UK to introduce an international air package express service from India and thus enhance the value offered to its customers. In 1993, foreseeing the potential in I ndia, Blue Dart decided to shift focus from international to domestic service. It went on to become the first Indian courier company to conceptualise domestic on-board couriers with a guaranteed 10:30 am delivery to major metros. In 1994, the company went public with an IPO of 2.55 million shares. In the same year Blue Dart launched its multi-modal, premium package delivery service DartApexà ¢Ã¢â‚¬Å¾Ã‚ ¢ (Air Package Express) and COSMATIIà ¢Ã¢â‚¬Å¾Ã‚ ¢, an advanced tracking and ERP system that redefined the industry. In that year, too, Blue Dart Aviation, a 100% subsidiary of Blue Dart Express, was incorporated and became the first private company to receive government approval for the operation of cargo aircraft in the country. In 1995, Blue Dart Aviation acquired two B737 aircraft and developed SMART (Space Management Allocation Reservations and Tracking), the first cargo reservations systems in India. The following year, Blue Dart launched the first jet express airline and also became the first express company to receive an ISO: 9001 Certification. 1995 was also momentous because in that year Blue Dart crossed Rs. 100 crore (US$ 25 million) in turnover for the first time. 1997 witnessed the launch of domestic charter operations and the signing of interline agreements with international airlines for distribution of bonded cargo within Blue Darts network. Today, these have extended to 26 operators and include bonded warehousing and transhipment facilities. In 1998, the company developed Indias first Load and Trim software for its aircraft, reducing handling time by 80%. In 1999, Blue Dart moved to its state-of-the art administrative, technology and operations Super hub and Headquarters, the Blue Dart Centre, in Mumbai. In 2001, a third Boeing 737 was added to the Blue Dart fleet. A year later, Blue Dart entered into a sales alliance with global leader DHL Express Worldwide. Today, DHL owns 81.03% stake in the company. In 2002, Blue Dart was re-certified as one of a handful of Indian companies to the new global ISO 9001 2000 standards for Design, management and operations of countrywide express transportation and distribution service within the Indian Subcontinent and to international destinations serviced through multinational express companies. Blue Dart signed a path-breaking Sales Alliance with the Worlds No. 1 international air express company, DHL Worldwide Express. Blue Dart also crossed 1,00,000 shipments per day. The fourth aircraft joined the fleet in 2004 and Blue Dart became the first private operator in India to receive approval from the Director General of Civil Aviation (DGCA) for undertaking heavy maintenance D-checks on its aircraft. Two B757 freighters the first in the Indian skies joined the Blue Dart fleet in 2006. In an effort to fortify its unique capability of offering the entire gamut of end-to end distribution solutions, Blue Dart launched its ground express service Dart Surface Line in September 2007 and inducted the third B757 freighter. By 2011, Blue Darts infrastructure comprised a fleet of three Boeing 737 and four Boeing 757 freighters operating each night to the 7 main metros in India and offering a revenue payload of over 370 tonnes per night. It owns a flotilla of over 6,272 vehicles, 365 facilities including 7 aviation hubs and bonded warehouses, 56 domestic warehouses and 12 express hubs delivering excellence. Current Operations Blue Dart is the largest player in the domestic segment of documents and non-documents with 26 per cent market share in terms of tonnage. In terms of overall (domestic plus overseas) market share, it is the largest express company in India with a share of about 45.9 per cent. The company had a turnover of Rs 14.89 billion in 2011 and has had an annual growth rate of about 50 per cent while the industry growth rate has been hovering around 35 per cent. Table 1 presents the breakup of revenues and costs for the year 2010-11 (see Exhibit 1). Administratively, the company is organized into regional centres at six major cities namely, Ahmedabad, Mumbai, Delhi, Chennai, Bangalore, and Calcutta. Each regional centre is responsible for a number of branch locations under which there are area locations. The company currently employees around 7,800 people. Each major branch has a team of operations personnel who manage the entire network, transportation and tracking of shipments. They also liaison with airline and transportation agencies and take care of scheduling out-bound couriers. Other responsibilities of the operations department include routing, sorting, security checking, fleet management, and customer billing. Commercial functions like finance and marketing are centralized at the head office in Mumbai. Its international out-bound gateways function at Dubai, Singapore, London, and Mumbai. The in-bound international gateway is at Mumbai which receives packages from London, Frankfurt, Singapore, and Dubai. The Company offers secure and reliable delivery of consignments to over 35,902 locations in India and to over 220 countries and territories worldwide through its integrated air support and ground network group company DHL Express. In 2011, Blue Dart operates through 1,342,677 sq. ft. of facilities and carried over 988.5 lacs domestic shipments and over 8 lacs international shipments weighing over 423,000 tonnes. The core function of Blue Dart is the physical transportation of a shipment from its origin to the destination which is performed by the operations department. The distribution system follows the hub-and-spoke concept, i.e., shipments picked up at a particular origin location are transported to the nearest hub, which in turn routes these shipments to the hub to which the destination location is attached. The destination hub routes the shipment to the specific destination location where the staff deliver the shipment to the consignee. (see Exhibit 2) The Express Industry Addressing a changing market The express industry is a key enabler in facilitating trade and commerce because of the time-sensitive nature of most goods and the increasing demand for reliability, efficiency and speed. The opportunities are aplenty for the express industry in India as the current logistics spend in India is 13% of the GDP compared to a notably lesser percentage of the same in more developed economies. The need for the highest levels of efficiencies still exists. The demand for express services is surging with each passing year and customer expectations have also risen tremendously. Today, the Indian express industry provides integrated, value-added, time-bound, door-to-door delivery of documents, parcels and merchandise. It supports industries such as electronics, telecommunication, IT, banking, retail, auto-components, textiles and apparels, gems and jewellery and pharmaceuticals. Moreover, with India recognized as an outsourcing destination, manufacturing sectors such as textiles, automobiles and pharmaceuticals are likely to witness increased activities in the medium to long term. In order to maintain competitiveness, companies operating in these industries are expected to outsource their logistics requirements to third-party logistics service providers and concentrate on their core-competency of manufacturing and marketing. Besides, the opening up of banking, insurance, telecom and retail sectors would boost the demand for value-added express services in India, as these are major user industries. Anil Khanna, managing director, Blue Dart, conveyed the same sentiment. In his opinion, the growth in the Indian economy and the overall economic scenario, fuelled primarily by domestic consumption, is promising. The Indian economy is poised to record robust growth between 8 and 9 per cent in the financial year 2011-12, the Indian express industry is expected to register double-digit growth over the next few years. This in itself is a strong indicator of the potential of the express industry. The organised domestic air express market is pegged at around ` 1,500 crore, which grew at a CAG R of 7-8 per cent in the last five years, while the domestic organised ground express market is pegged at around 1,700 crore, which grew at a CAGR of 14-15 per cent in the last 5 years, Khanna pointed out. Blue Dart is in the process of rolling out several sector-specific, innovative products and services in a phased manner, in line with specific needs and requirements of different industries. These products provide the much-required flexibility to the shipper and consignee. Some recent additions to the companys product portfolio include Express Pallet, Smart Box: Ground Express, Time Definite Delivery, etc. In its journey of last 20 years, Blue Dart had evolved from a being a document centric service to a critically supply chain support service in. The annual turnover of express industry in India was estimated to be Rs 8000 million in 1994-95. The industry players can be categorized into (i) organized sector, accounting for 50 per cent market share, (ii) EMS Speed Post, accounting for 6.5 per cent, and (iii) the unorganized sector, making up the remaining 43 per cent. The courier industry in India has expanded its horizon to provide a wider range of services. Whereas it started initially as a service provider for the document and samples demand of industry, it is now viewed as an important part of the supply chain for industries, which demand speed, reliability, security and just-in-time distribution, Though this market is still in its infancy in India, it is growing Tulsi Mirchandaney, Senior Vice President, Marketing and Projects Competitive edge: Building IT for Business Agility Companys information technology infrastructure remains one of its key differentiators and enabler to values. Blue Dart was always in the forefront of technology and its technology innovations have played a key role in the companys premium positioning and in bringing global standards to the Indian customers doorstep. Blue Dart has become an important part of the supply chain of many companies by providing integrated services. Blue Darts in-house IT team has constantly developed technology solutions over the past seventeen years. Such has been the ramifications of these offerings that more than 79% of Blue Darts regular customers use it actively. These Home grown innovations include COSMAT IIà ¢Ã¢â‚¬Å¾Ã‚ ¢ (the tracking and ERP system), TrackDartà ¢Ã¢â‚¬Å¾Ã‚ ¢ (monitoring shipment status), MailDartà ¢Ã¢â‚¬Å¾Ã‚ ¢ (tracking shipments over e-mail), InternetDartà ¢Ã¢â‚¬Å¾Ã‚ ¢ (memory bank for shipments), PackTrackà ¢Ã¢â‚¬Å¾Ã‚ ¢ (tracking software for medium and large customers), ShopTrackà ¢Ã¢â‚¬Å¾Ã‚ ¢ (tracking and CRM tool for e-business portals), ImageDartà ¢Ã¢â‚¬Å¾Ã‚ ¢ (online download of proof of delivery challans/documents, to speed up the customers bill process, waybill issuance capability, customer directory, data upload and download of tracking information). The company also provides e conomical packaging that facilitates customers sending documents at a price that includes door-to-door delivery service within India. These innovation solutions have enabled the weaving of thoughtful information management to the logistics business. With this advanced technology support Blue Dart delivers door-to-door to over 13,000 locations in the country with an in-house team of experts to handle inter-state regulatory requirements. Quality levels are at 99.95% and are monitored daily. No one else in the country offers this kind of integrated delivery capability. Marketing Strategies A combination of new product launches and tactical shift in focus across sectors helped Blue Dart register growth in spite of an overall slowdown in the economy. For instance, in order to lessen the impact of the slowdown in client verticals such as automobile and realty, it consciously improved its focus on sectors such as health sciences and the spare parts segment of the auto sector. It also built on its exposure to high-growth segments such as e-commerce and SMEs and high-growth potential Tier-II and III cities this year. These put together helped the company grow its revenues and profits by about 34 per cent and 42 per cent in the nine-months ended September 2011. On various other fronts the company has provided following marketing strategies. Offerings Blue Dart has a range of products and services that can be customised to address individual requirements. Blue Darts core business is domestic door-to-door and integrated (air and ground) express distribution. Each product has been developed with a customer centric approach. A combination of the right product mix and price has helped Blue Dart build a strong brand loyalty over the years. The products are ably supported by cutting-edge technologies. Blue Dart offers express, air freight, ocean freight, supply chain solutions, customs clearance, project handling, freight forwarding, and charters through its synergies with the three DHL Business Units DHL Express, DHL Global Forwarding and DHL Exel Supply Chain. The express services offer domestic priority for non-commercial domestic documents and small packages under 32 kilos. Dart Apexà ¢Ã¢â‚¬Å¾Ã‚ ¢ is a door-to-door, time-definite, supply chain and logistics distribution service for commercial shipments that require regulatory clearance. Smart Box is the convenient door-to-door service for cargo in two sizes 10 kilos and 25 kilos. Freight services include domestic, early morning airport-to-airport deliveries to the seven metros Mumbai, New Delhi, Kolkata, Chennai, Bangalore, Ahmedabad and Hyderabad serviced by Blue Dart aircraft. Charters offer palletised capacity for carriage of urgent and large volumes to eighteen airports in India and four international airports in the region. Blue Dart, in line with its focus on innovation, has also introduced several customised products -Rakhi Express and Student Express, for instance designed to meet specific needs. A recent addition to Blue Darts product portfolio is Import Express. It is the only service of its kind in India and offers door-to-door facility for importing shipments from over 200 countries. Services Blue Dart offers a range of services: Domestic Priority a fast reliable service for non-commercial documents and non-documents. Dart Apex to support reliable commercial distribution and supply chain requirements. Dart Surfaceline a reliable and secure surface option, and an airport to airport option which includes charter of our aircraft for large volumes and urgent shipments. Some of the best services offered by this company are: à ¢Ã¢â€š ¬Ã‚ ¢ Free computerized proof of delivery à ¢Ã¢â€š ¬Ã‚ ¢ Real Time tracking à ¢Ã¢â€š ¬Ã‚ ¢ Regulatory clearance à ¢Ã¢â€š ¬Ã‚ ¢ Free pick up from the location of the customer How does your service differ from competition? What added advantages do you provide your clients and what kind of message do you aim to send across? Blue Dart offer Solutions for Peace of Mind, and it has built extensively to deliver on that promise. Blue Dart are the only express cargo airline in the country today focused on handling packages. Connecting with Customers In an overcrowded, cluttered world, brand Blue Dart has exploited every opportunity to stand out. The core focus has been on strengthening customer relationship and on making more effective use of the 4800 plus vehicles as mobile touch points. Blue Dart constantly rolls out promotions for its customers to keep them updated on our various offerings. Apart from this, the company keeps on introducing several sector-specific, innovative products and services in a phased manner, in line with specific needs and requirements of different industries like BFSI, Pharmaceuticals, IT, Consumer Durables, FMCG, Automotive, Retail, Textiles, Telecommunications etc. The new initiatives will upgrade the product range and improve service quality, thereby offering customers state-of-the-art air and ground express solutions across the country. These products provide the much-required flexibility to the shipper and consignee. The most used features are real time tracking and Money Back Guarantee (MBG) offered on specific shipments. Company had a dedicated team of specialists who provide the expertise for customs as well as regulatory clearances at all States within the country, to support seamless service to the customer. India is known for its huge section of middle-class buyers. Blue Darts offerings though known to be reliable, are available at a higher price bracket. Isnt this an awkward pricing strategy for the Indian market Considering the fast paced, dynamic lifestyles our customers lead, Blue Dart deliver shipments as well as peace of mind. For our customers, aspects like service quality, consistency, responsiveness and reliability are of paramount importance because these dimensions directly impact their business outcomes. These values make excellent attributes to building a trusted brand. When our customers experience optimal service with Blue Dart, they do not mind paying a premium for our products. Customers Growth Strategy Our growth drivers are multi-dimensional but well defined. Blue Dart will be focusing on existing customers to scale our existing relationship with select high potential clients by offering them a lot more than what Blue Dart have been traditionally offering them. This will not only lead to revenue enlargement, but also give us an army of loyal customers. Positioning Designed to enhance the reliability of our operations and process efficiency, and add value to the customer through time and cost savings. The only one of its kind in the country today, that is focused on carriage of packages as its prime business, rather than as a by-product of a passenger airline. A dedicated aviation system to support Blue Darts services is self-sustaining, with its own bonded warehouses, ground handling and maintenance capability. Blue Dart envisioned itself as a warehouse in the sky creating a niche segment in supply chains that demand critical deliveries, low inventories and reliable and timely distribution. A strategic product mix, optimum utilization of aircraft space and committed people delivering at high reliability levels, Blue Dart is now strategically positioned as the market leader in the air express segment. Blue Darts competitive advantage lies in its vast and unparalleled Domestic Network Linked by some of the most advanced communications systems and positioned to offer a consistent, premium, standardized quality of service. Blue Dart is the only express carrier in the country today which offers an entire range of services that extend from a document to a charter-load of shipments Blue Dart has the only dedicated logistics infrastructure in the country today to provide a variety of logistics solutions for its customers. Blue Dart have an aviation system with an in-house ground handling and maintenance capability to provide confirmed uplift. Blue Dart have invested extensively in technology, currently the most advanced in the he domestic courier industry, for integration, data flow and customer software for greater customer convenience and efficiency. Blue Dart have stringent security and quality norms, our integrated network has the widest reach and our people are skilled and committed professionals. When others in the domain were still trying to find their bearings Blue Dart had already envisioned itself as a warehouse in the sky. It created a palpable differential for itself by arrogating a niche and a hard-to-emulate segment in supply chain management that demanded critical deliveries, low inventories and reliable and timely distribution. Your Company has been able to differentiate itself and has achieved scalability due to its focus on technology right from the early stages of its business. It is reflected in the way the Company moves its products, in a manner which is more cost-effective, more fuel-efficient and more environment friendly. Building strong brand Logistics or Couriers is a service industry where the service is the brand. The attributes of the product are not physically apparent. Demystifying each product to the customer and demonstrating, in simple terms, real benefits meaningful to him, therefore, assumes greater importance. This means translating each customer contact point into an experience representative of the brand. People who serve take on the mantle of the brand as opposed to an FMCG where you would buy your preferred cake of soap regardless of where or how it is served. Promotion Blue Dart is not known to be aggressive advertiser, but as aggressive marketer. Blue Dart has tried to focus on the total customer experience the brand tangibles such as the retail outlets (service counters), vehicles, signages, etc, as well as the intangibles at the customer contact point. Blue Dart has emphasized that the personal touch is essential and thus has also strengthened the areas of customer care centres. Even its TV commercials and print ads try to connect emotionally with customers. Blue Darts promotion method is to create a strong emotional connect with customers, in order to achieve brand strength, saliency and equity. Blue Darts prime communication vehicle is PR land direct mailers, with support from a large sales force across the country to directly engage the customer. Brand Values Blue Dart has always made a conscious effort to create a bond with its customers. Perhaps, because of this, the brand has, today, become synonymous with value, quality, speed, efficiency, responsiveness and service excellence. Financial credibility Fitch Ratings India Pvt. Ltd. has assigned the highest F1+ (Ind)[F one plus (Ind)] rating for their short term debt programme of Rs. 30crores. Further, ICRA Ltd. has also assigned the highest A1+ (pronouncedA one plus) Rating for their Commercial Paper Programme of Rs. 25 crores. New Areas Detecting opportunities vertical wise has helped us device sector specific solutions and this has helped the overall growth strategy of the Company, to a great extent. Demand for streamlined supply chains from the auto, pharma, hitech and retail sectors is expected to drive growth for us. Blue Dart perceive SMEs as an emerging opportunity and efforts have been underway to tap this segment across industry verticals, aggressively. In terms of new customers, tapping new geographies and segments continues to be our key focus area. New Products A combination of the right product mix and price has helped Blue Dart build strong brand loyalty over the years. Launching new products has been our response to any opportunity sensed in a new geography and new industry verticals. This approach has borne fruit. It pleases me to inform you that Blue Dart have successfully launched 25 new services since 2008. Some of our success stories in the Air Express segment include Time Definite Solutions (Domestic Priority 1030, Domestic Priority 1200, Dart Apex 1200) and Day Definite Solutions (Domestic Priority, Dart Apex, Dart Surfaceline). Packaging Solutions include Express Pallet: Air and Ground, Smart Box Air and Ground. The Company also offers Cargo Solutions like Airport to Airport, Interline and Charters besides offering Festive Solutions and discounted Student Solutions. Solutions like Temperature Controlled Logistics (TCL), Dart Surfaceline Plus, Point to Point (P2P) and a host of value added services like Demand Draft on Delivery (DOD), Freight on Demand (FOD), Freight on Value (FOV), Cash on Delivery (COD) etc. represent our tailor made services for specific industry requirements. Blue Dart will continue to focus on reach expansion, transit time improvements, small town (Tier-II and III) activation and strengthening channels. The strategy is in place to strengthen market share and deliver the Blue Dart promise. Achievements Attaining such stunning success wasnt easy. Along the way, Blue Dart endured formidable challenges and took bold steps to protect its hard-fought territorial gains. The list of awards and accolades is endless for Blue Dart. It has achieved many awards in all sectors such as Brand / Customer Service / Retail / Loyalty, Human Resources, Sustainability and Individual Blue Darts services have been recognized and rewarded time and again. Blue Dart was selected as a Business Superbrand from over 1,699 brands and received the Readers Digests Most Trusted Brand Award, for three years in a row and has been listed twice in the Dun Bradstreet top 500 companies in India. Blue Dart has been awarded the NDTV Business Leadership Award 2008 and the Asia Brand Congress Brand Leadership Award 2008. An Indian company benchmarked to international standards, Blue Dart has been recognised as one of the best and has been listed among the top 500 companies in India by Dun Bradstreet. Blue Darts aviation arm received the Centre for Asia Pacific Aviation (CAPA) Cargo Airline of the Year Merit Award in 2006. In the following year, Blue Dart was declared the Best Cargo Airline at the Express, Logistics and Supply Chain conclave. Over the years Blue Dart ha achieved SUPERBRAND Status, 6 times in a row, Pursuing Business growth and Expansion Blue Dart already has an aggressive market share plans which aim to increase its market share both in air and ground express divisions. For this, Blue Dart will have to grow faster than the industry. Blue dart has already identified some growth levers. One of these is adding lot of new products. The company has been regularly introducing new products such as the latest Go Green carbon neutral service and it intends to continue. The other growth lever is the sectoral focus there are certain sectors that do not get impacted by a slowdown sectors like health sciences and the spare parts segment of the auto sector. Third, Blue Dart is focussing on verticals which are high-growth verticals like e-commerce, where in it is targeting a large market share. Moreover, the company has also identified small and medium enterprises (SMEs) as another growth lever. For a company, which has probably focussed more on our large customers, SMEs thus offer an opportunity. Finally, the company is looking at geographic expansion. It intends to reach out to those towns and cities where it currently does not have any presence. Also, prior to this, in smaller cities, the company was more focussed on the in-bound side. It then realised that a lot of these tier-II and tier-III cities have a lot of out-bound potential. These provide additional opportunity for business expansion. Looking ahead Blue Dart Express net profit declines 19.47% in the March 2012 quarter Blue Dart faces the challenges of increase in fuel cost, inadequate infrastructure, and increasing competition. But of these the biggest challenges is Infrastructure of both air and surface. Space at airports, airside and city-side infrastructure are often inadequate. In addition, parking bays, air-side/city-side access and traffic congestion adversely impact costs as well as service quality. Air express companies are constrained by the sizes of the facilities at the airports, as they have remained the same while the loads have increased many folds. It is estimated that though 70% of the freight transportation in India is through roads, National Highways constitute merely 2% of the total road network in India. Fuel prices are also a concern. In an industry, where space is a highly perishable commodity, any disruption in services, due to either natural disasters or manufactured reasons, affects us adversely, as the days capacity inventory is lost forever. Exhibit Financial Summary of the last five years Particulars 2007 2008 2009 2010 2011 Income from Operati