Wednesday, July 31, 2019

Independent Learning Essay

Why it is important that I understand what independent learning is? Independent learning is a learning method that can be used as a tool by students to help achieve their final goal. It is important for students to understand what independent learning is particularly when planning on pursuing higher education as they will be expected to use their own initiatives while learning a wide range of materials. However, while this essay is to argue the importance of independent learning, it is also important to note that working and sharing learning methods with and from peers also contributes to success. Independent learning can also be described as a method where students acquire a wide range of knowledge. Factors that contribute to this can be self-motivation, keen interest in specific subjects and ability to recognise the importance of success in life. This type of learning could also give students a chance to self-discover themselves and their individual needs as well as their potential s, strengths and weaknesses. Self-discovery is important in a student life specially while attending higher education as it will put things in perspective for the student and helps to set objectives towards improvements that need to be made. The idea of Independent learning should be encouraged more in schools as it could potentially save teachers time as well as give students flexible and more time to catch up on other work activities. In contrast, Independent learning shouldn’t necessarily be seen as a student just working in his/her own at all times (The Higher education academy, 2013). It should be made possible where a situation of group learning is put in place while at the same time individual goals can be reached independently by the students. Typically this way of learning can help students develop a trustful relationship with their mentor. It could also be a way to let the instructor know that his/her student is able to follow the agreed guidance or the type of help the student may require. This is also a complementary way for students to learn how to conduct a research on a specific topic and present their outcome. As a result, students can gain more depth of knowledge in the area of their interest as well as improve in their written and communication skills. Independent learning is also important in developing as well as improving organizational skills. As students are able to self-direct themselves while learning, they should also be able to plot their own path and value their own work in order to compare  themselves to their peers that are on the same level as them (Michie, 2013). Independent learning could also be seen as a way of preparing in advance for lectures or seminars. This as a result could benefit students. For example, it will allow them to focus on any extra or new materials that are covered in sessions as well as gives them the opportunity to ask questions on what they may not be clear about. Some students may argue that Independent learning don†™t work for them. However, it is up to their teachers or mentors to set some guidance to help students understand the importance. Teachers must be able to meet their students half way. It is important to look into their students’ needs and expectation. They should also allow students to perhaps have a trial session of independent study before expecting them to make a direct transition (The Higher education academy, 2013). Developing the habit of Independent learning early on is vital and becomes handy post-higher education. Many employers like to be assured that potential candidates are able to take their own initiatives in completing tasks and confident in working individually without much supervision. From personal experience, I found that Independent learning has been a great tool towards self-discovery and furthermore helped me challenge myself and continue to do so in day to day life; it gave me self-confidence because I found independent learning as a way and guide that puts new experienc e and learning materials into a more transparent setting. It is fair to say that the obvious life skills such as reading, listening, speaking, viewing and presenting are possible to achieve through Independent learning. However it is also possible to gain other personal skills that we could benefit from on day-to-day basis. For instance our social skills, thinking skills and information presenting skills that are vital in our world today. Most of us are able to use our social skills in order to work with others and contribute to our communities in a positive ways. Valuing the way we think is also very important to help us gain understanding and making good judgment and decisions in life. Finally, as an Independent learner it is easily discovered that information skills gained help us in various ways such as the ability to recognise information when needed, ability to ask relevant questions as well as reflect and evaluate our own learning skills. Independent learning simply deduced is learning that is self-directed. In most higher education institutions particularly at university, independent  learning is presumed to be the driving force behind the teaching-learning process (Moore, 1973, pp. 661–679). Students would be expected to dedicate more time studying on their own to get the most out of their learning experience. Furthermore, exemplifying this belief is the growth and success of institutions solely based on independent learning such as the Open University and other distance learning institutions. Thus it is very important to understand and consider this type of approach towards learning when pursuing higher education. Independent learning is also a great option for adult students who may find it difficult to go back to higher education. In today’s world where online courses are available to suite their flexibility and level makes it easier for them to achieve their goal in their own pace (Ictnz.com, 2013). Independent learning is not just limited to pre-lecture preparations or simply being ahead of one’s peers. Learning via this method could potentially help achieve greater academic and social as well as personal successes. These achievements could be in the forms of new research findings or just improving our personal skills while pursuing our passions at a greater level. Reference Ictnz.com. 2013. What are the sklls of an independent learner? [Online] Available at: http://ictnz.com/Inquiry%20Learning/independent%20learning%20skills.htm [Accessed: 25 Sep 2013]. Michie, J. 2013. What is Independent Learning? [Online] Available at: http://jamesmichie.com/blog/2011/10/what-is-independent-learning/ [Accessed: 24 Sep 2013]. Moore, M. 1973. Toward a theory of independent learning and teaching. The Journal of Higher Education, pp. 661–679. The Higher education academy. 2013. Untitled. [Online] Available at: (http://www.heacademy.ac.uk/resources/detail/internationalisation/isl_independent_learning [Accessed: 26 Sep 2013].

Tuesday, July 30, 2019

Leading Marines Essay

Originator: Lance Corporal Steven M. Spencer / 1262282666 / 0431 Task: Provide an essay summarizing MCWP 6-11 Leading Marines, also answer the question of, ‘Why did the Commandant of the United States Marine Corps want every Marine to read MCWP 6-11’, with 1000-1500 words. Method: By reading MCWP 6-11 Leading Marines, answer and write an analysis on the objectives given per instruction. End State: All guidelines will be followed to the highest standard and while answering these questions give support on the opinionating statements. Chapter 1: Our Ethos For anyone to understand the United States Marine Corps personally, they would have to go through the process of transforming into a Marine. The Marine Corps stands out from every other branch of the any military in the world with a tremendous amount of differences. Yes, we have rank, pay and differences in authority, but what makes Marines more proficient in anything they do more than anybody else? Whenever somebody sees the Eagle, Globe and Anchor instantly they think United States Marine Corps or just the â€Å"Marines.† We hold a standard that is not just known in the United States or is easily taught and absorbed, but known throughout the world. Even though we except having our name tapes on our uniforms receive recognition for reaching impossible goals, we expect to be known as a Marine more than anything. There is no such thing as being selfish in the Marine Corps because Marines are instilled and trained to care for their fellow brothers and sisters who are common, but the traditional way we care for each other is only known in the Marine Corps. A change can and usually only lasts for a short period of time, but a transformation into a Marine is worth a life time. Failure isn’t in the vocabulary of the Marine Corps so we are trained to fight first, never to back down and win. Chapter 2: Foundations Learning the ways to become a Marine and the ways of the Marine Corps will  evermore be the hardest lessons taught to you and to learn in life. No matter if you stay in for one enlistment or two, the depth of the Marine Corps is unknown so knowledge will continuously flow and it is endless. All Marines get taught the basics of being a leader in entry level training, but only a few can react to help form their trait into an elite skill only for them. In order to become the elite you have to build a â€Å"Foundation of Values† (pg.31) so that respect in all aspects will become evident between the followers and their leader(s). While setting the example it does not matter what rank you are, you still show that the standards that you hold will reflect on who you are as a person and a Marine. Each Marine chooses how their standards and ways will become beneficial not only to the Marine Corps, but to themselves also. Why do ethics make conducting a moment of decision making so har d? At some point and time every Marine will come to a point in their career or life where the grey area will be the path they choose, but will not think that it is the right way. Moral and ethic dilemmas are common more and more each day. Every Marine is taught to be the toughest both physically, and mentally. The most profound and scariest ability of a Marine is the Quiet Courage. Even though not everyday a Marine comes to that point, it is a skill that takes time, blood, sweat and tears to achieve. Physically saying something is important, but body language is the most important aspect in life no matter what the circumstance. Having the ability to act without either hesitating or thinking for more than a few seconds about the next step is horrifying. You never know how not only your destiny, but your nation’s destiny and the destiny of your peers will change on a split second decision in combat. That’s why having the brotherhood bond with your peers and showing the mutual respect to your fellow brothers and sisters will help you focus on everyday lessons. Life lessons are endless. Chapter 3: Challenges The uncertainty of making life, perception, war and a new way of life all come into one and into harmony will form friction. The way things throughout your life add up to will either be lessons being taught to yourself or failures for others. What is continuously coming towards Marines everyday is the way of challenging. There is more than one way to challenge you, but what way is that? There will always be challenges for your morals, attitude  and leadership throughout the Marine Corps. Exceeding any expectations will boost not only your moral, but the moral of your peers. Moral Courage is self-sustained, but can be turned on or off in an instant. If the standards cannot be met in tranquility then difficult decisions will become more evident not only in battle, but in peacetime or in peace. Controlling the way a battle goes mentally throughout your Marines is very important, but physical courage, the urge to keep pushing forward is what gave us every reason of why we are known today. Having both moral and physical courage are challenges to overcome, but if adapting to a life style of quick teaching is too difficult for you then unit cohesion or embracing leaders is an imperative move; Also the innovation, winning and being the best Marine you can be will never be applicable to your life. Question: Why did the commandant of the United States Marine Corps want every United States Marine to read MCWP 6-11 Leading Marines? Answer: The main purpose on why I think the commandant of the Marine Corps wanted every marine to read Leading Marines is not only the lessons on how to strive to become a better marine, the book teaches the aspects from the bottom up so a full transformation can be seen. The basics is where every Marine gets the skills to start out with, but then the article goes into depth of what can happen, why you think happens and why it actually happens. Having more than one type of ability all built into one is what sets United States Marines apart from anyone in the world. The focus, leadership and the drive among the elite is what had not just made history, but is currently and forever will be carving the way through the heart of the few and transforming the few to the proud then the proud to the well renown elite Marine.

Monday, July 29, 2019

Building an Ethical Organization Essay

When building an organization the main focus will be to help the public with specific needs. We will have to build the business on ethics and human service laws. The main goal is to help those in need and do this with respect and caring. There are many ways to run an organization and we need to choose the right services to meet the needs in the community we serve. The organization is for the help for people living with Alzheimer’s and the people that love them. We will be there to offer services for the person suffering from the disease and their families. The services offered will be assistance at home, a live in if necessary, counseling for the family, and client, and a residential home. Services include shopping, sitting when a day out might be needed. We will offer a class to help the family understand the disease and its progression, and have group counseling to help them support each other. This is a not for profit organization. Helping people should be top priority over making money. Human services are about helping the people in our communities in need of services. The mission statement: To support and develop programs through education to teach how to live with the daily changes, and to strengthen family ties. We have to let them know they can count on us for understanding and support. This will support the ethical system by keeping the respect and dignity of our clients, supporting them in their time of need, and giving the family the support that is needed to face the day-to-day heartache that comes with watching your loved one suffer. The message that this mission statement will put out in the community is we will be there for them. We will not turn them away when the need is there. We have let the community know they can count on us to provide the necessary services to their loved ones, and also help them through a difficult time. Coping with this disease is not an easy thing to do. The services that will be provided will help the families understand  that this does not have to be a burden, and will help them to know that their loved one is getting the necessary care and love to help them in the progression of this disease. Having an ethical leader in the organization will help to have ethical social workers. Having a leader that is respected and trusted in the community will benefit the organization as well as the community and clients. The organization is only as good as its leaders. Our values in the organization will be: Commitment to the public, commitment to superior service and to maintain the publicâ₠¬â„¢s trust, and respect. Having empathy for our clients and their families, dignity and self-worth of all that seek help, and the importance of human relationships. Respecting the diversity of our clients and their families at all times, and we will not discriminate against anyone for any reason. Treating our clients with the dignity and respect that every human being is entitled to is what can be expected when they walk through the door. This helps support the vision that the organization has for its future. To have our clients and their families living with dignity and having control over a terrible disease, to have the community see and know that our clients receive the services to have as happy a life as possible. The staff will be highly trained in the area of Alzheimer’s to assist, and care for our clients, and be there to help the families with all the means available to the organization. We can put all this into action within the organization, and this will benefit the clients and community as well as the employees. We need an ethical leader who can set an example for the employees. The leader will need to always show their leadership with the ethics that we want to have within the organization. This will help teach the employees how to behave and always keep the mission in mind and work toward the vision that the organization has for the community and the clients. Abiding by the ethics laws and the hum an service laws will help with the code of conduct that is expected of all employees in the organization. According to Statement of values and code of ethics for nonprofit and philanthropic organizations (2004) â€Å"going through the process with the board and staff also begins to infuse into the culture of the organization recognition of how important it is to address issues of values and ethics on an ongoing basis†. All the employees need to be involved with the process so they fully understand what is expected of their behavior in the organization every day. When difficult situations arise with clients all  employees will handle the situation the same way, and make sure that the client has their needs met in an ethical and respectful way. Social workers have a code of ethics that are an important part of the job. According to NASW (2013) â€Å"social workers have an ethical responsibility to their clients, self-determination, competence, social diversity, privacy and confidentiality†. All laws will be posted around the organization so they will be seen daily and keep the mission in the minds of the employees daily. Our clients will respect the organization and the employees for always using ethical conduct and fairness when it concerns helping them find the right services that work. If more services are needed than we have to offer the clients they can have peace knowing they will be sent to an ethical place to have the services needed that will work together with what we offer the clients. When a social worker in the organizati on as not conducted themselves in an ethical way, and has caused problems will be reprimanded. The client’s dignity comes first in the organization. Dealing with a disease that has no cure is devastating to the family, and it is a horrific disease for the client to deal with. Having caring people treating them with love and respect makes a big difference in their world. Offering as much assistance as we can by the programs we have and services we offer will make a big difference in their day-to-day routine. Letting them know they are not alone, and we will be there to make it a bit easier to get through. References: Statement of values and code of ethics for nonprofit and philanthropic organizations. (2004). Retrieved from http://www.ncdsv.org/images/ NASW. (2013). Retrieved from http://www.socialworkers.org/pubs/cod

UK Retail Case Study Example | Topics and Well Written Essays - 3000 words

UK Retail - Case Study Example Appendix A illustrates the state of the international retail industry: Tesco's international expansion programs is not limited by its consumer businesses, they are aiming to launch extensive services and related markets into new markets because of two major motivations: establishing their leadership in these developing markets and maximizing existing capacities (Corporate Watch UK, 2004). Tesco, is a global leader in retailing that is based in Britain. Recent vertical and horizontal expansion of the company have now included in its portfolio agriculture, packing, merchandising and information technology (Tesco, 2006a). Next to only to Carrefour, it Europe's supermarket industry and is ranked eight in the global industry. Aside from its supermarket operations to has recently its retail interest expanded its retail interest to the convenience store industry. Among its outlets are Tesco Extra, Tesco superstores, Tesco Metro, Tesco Express and T&S (Corporate Watch UK, 2004). ... Table 1 details existing stores and projected openings for 2006-2007. It also is aiming to strengthen its market presence in the countries it is already in by increasing the number of stores in operation as well as increasing the volume of its products in the market (Johansson, 2001). . Tesco's overseas expansion is one of the major factors that have led to present growth trends. It has maintained its strategy of buying existing grocery chains instead of starting from scratch in new markets. This has allowed them to secure key locations and ease to the new market more easily (Corporate Watch UK, 2004). From current targets of Tesco, it expects to have to increase its stores by 26%, increasing its total number of stores to around 3,700 stores. Size and Formats Size of Stores is defined by the store format. The different categories of the store is part of the effort to capture various market segments and they may be located near each other and be considered as indirect competition of other category stores. Table 2 details the different store format and their respective sizing and selling areas. Tesco Extra stores first opened to the public in 1997 and carry the full range of products found in all Tesco stores. They are classified as hypermarkets. The first floor carries food products while the second floor caries non-food items. They are comparative in size and format with Wal-Mart Supercenters. An average of twenty Tesco Extra stores are opened annually (Tesco, 2006d). Tesco stores follow the traditional size and format of supermarkets and are the oldest format used by the company. It also the usual type of store opened overseas (Tesco, 2006a). Tesco Metro stores are less than

Sunday, July 28, 2019

Corporate Environmental and Social Management Essay

Corporate Environmental and Social Management - Essay Example Over time such problems gave rise to the growing consciousness of environmental protection and preservation. Business firms, governments and general public in the world started to seek for activities that are sustainable towards the environment. However, it was noted that the private and public authorities in the developed nations like U.S., U.K. and Japan were much more aware about the worth and importance of environmental protection that the individuals of the underdeveloped or developing nations like China, Pakistan and India. The level of literacy in the developed economies on average is more than 90%, on contrast to this figure approximately 40% of the individuals in the developing economies, are literate (Tantawi, 2009). Literate individuals in the developed countries understand the requirement of protecting the ecological balance in the globe in a much better manner compared to the illiterate individuals of the developing nations. The government authorities in the developing nations allocate maximum finance and awareness in activities directing towards economic growth. They are less concerned about the environment elated matters in contrast to the government authorities in developed nations. Like in all the Five Year Plans introduced by the government of India, very less importance is provided to matters relating to protection and preservation of environment (Vezzoli and Manzini, 2008). The population strength in the developed nations is lower compared to the developing countries. Excessive population pressure in the developing nations like China and India often degrades the quality of environment. This is because higher population generates large amount of water, air, thermal and noise pollution across these nations. On the other hand, the countries like Scotland, Switzerland and Finland are nations with low population

Saturday, July 27, 2019

Essay 1 prejudice Example | Topics and Well Written Essays - 1250 words

1 prejudice - Essay Example ly and I would characterize myself in a similar manner however I am proud to state that I have lived through various exciting experiences during the course of my life as well and have not devoted everything to academics. From Indonesia, I have come to the United States to study and make a name for myself resulting in most of my American friends characterizing me as every other Asian who goes to study abroad. Moreover, I have a hard working and professional attitude and the process of leaning interests me greatly. At the same time, I enjoy attending parties and family functions to the fullest and love to take a night off every now and then to let myself loose and have a good time and thus feel cornered when I am left out by some friends or considered as a person who does not enjoy having fun. It has happened a few times that my friends feel I am too religious as I follow Christianity, or that I would be immersed in my academic work and so they have not asked me out with them however that is not the case as this stereotype is quite different from my inherent personality. As a perpetrator of prejudice, when I first arrived at the United States and started attending my university, I only made friends with Asian people thinking that Americans would be too snooty or would not have an accepting nature with respect to other nationalities. I was under the impression that American people were a little difficult to be friends with as popular culture had taught me biased things for example Americans being too racist or discriminatory against people belonging to other countries. Furthermore, I was also under the impression that most Americans were not too fond of people from countries in Asia due to the fact that they were academically smarter and would thus get more educational as well as career opportunities in the country than Americans themselves. This led me to cut myself off from anyone who was not an Asian and as a result I wound up with very few people as my friends.

Friday, July 26, 2019

Building Personal and Professional Competency Essay

Building Personal and Professional Competency - Essay Example The researcher states that he has applied the Concept Mapping (CM) and the combination of CM and Stimulated Recall to help him detect the degree of his personal and professional development and subsequently adjust through vocational educations based on the comparison between CM and SR benchmarked against three elements of adequacy; content, richness and coherence that aids in determining the best personal professional theory to be applied in personal and professional development. As noted by the Maslow’s theory of needs, self-actualization is key to an individual’s life. The researcher has consequently realized that for him to develop a sound personal and professional proficiency, he must recognize and appreciate the need to self-actualize. Besides, the author has developed an insight into creative and critical thinking based on his realization the importance of a rational thinker in society. The researcher’s realization of individualization and individualism has subsequently shaped his ability to work with people and subsequently recognize to appreciate one’s viewpoint. Through his life, the author has been inspired to help people realize the impact of their thoughts, action as well as feeling to the society as a whole. The researcher has stressed to societal individuals within my reach that our actions should be well thought and 3-dimensionally driven. In so doing, the author has realized the persona in him based on the outstanding feature of the problem-solving individual. Professionalism involves working with people inter-dependently, and therefore, building a team through proactively empowering people to know what kind of objectives, values, goals, and policies is an inevitability for personal and professional competency buildup. The researcher has further showcased the outstanding of personal development and communicated such benefits as increased personal control, stress reduction, realistic and creation of system balance.

Thursday, July 25, 2019

Leadership and communication Essay Example | Topics and Well Written Essays - 750 words

Leadership and communication - Essay Example It is fair to say that how a leader communicates is dependent upon his or her generation. According to the article entitled â€Å"Communication and Leadership,† â€Å"Effective communication occurs only if the receiver understands the exact information or idea that the sender intended to transmit†(â€Å"Communication and Leadership,† 2010). In this case, the leader would be the sender, and their audience would be the receiver. The leader will need to be aware of how his or her generation chooses to communicate and modify their own communication to these specifications in order for the communication to be deemed effective. A leader speaking to a group from the 1950s would use markedly different communication than a leader speaking to a group in 2011. The characteristics of my generation today in terms of communication is fairly simple. My generation is one that believes in swiftness and efficiency. This is likely due to having grown up in a society where people ge t what they want when they want it, also known as a fast food mentality. This mindset has become a part of many other aspects of life including communication. People want to get their information quickly and with little hassle or confusion. An example of this type of communication can be seen in the emails and text messages that are used in a great deal of communication. The minimal size of text messages in particular has spawned a huge array of abbreviations and shorthand words in order to communicate in as few words as possible. Additionally, it is important to note that another characteristic of my generation’s communication is a certain boldness. This is due to the anonymity that many people have become accustomed to because of the isolation and separation from face to face interaction that technology gives. This has resulted in the development of new social problems such as cyber bullying and sexting. Leaders in my generation tend to be different as well. Today’s leader has to strike a fine balance between the qualities of intelligence and responsibility and a good personality. Other generations may not have found likability to be so important, but my generation definitely does. Additionally, looks play an important part as well. Good looking people tend to find themselves in leadership positions more often than those who are not as good looking. Strong speaking skills are also needed in order to be a leader in today’s world. Perhaps a prime example of this would be the current President Barrack Obama. He is a good speaker, well-educated, and a strong orator. He often goes on talk shows such as Jay Leno in order to showcase his personality and sense of humor. The role of president is perhaps one of the most valued leadership roles in the entire world. Modern presidents typically have these characteristics because today’s generation strongly respond to these qualities, and that is why these type of people tend to be elected into leadership positions. Technology and the Information Age have played a very large role in how leaders communicate today. Many of the most influential leaders of today have their own websites in order to present specific information to their audience. Additionally, the invention of such tools as Youtube, podcasts, and Skype have allowed leaders to reach their audiences in many different formats. For the most part, technology has given leaders easy access to their audience

Wednesday, July 24, 2019

'Effective Finance Management in Small Business Restaurant in Ireland' Dissertation

'Effective Finance Management in Small Business Restaurant in Ireland' - Dissertation Example The literature review section reveals a comprehensive discussion on financial management and its role in small restaurant business. The role of The Restaurant Association of Ireland has been also included in order to several its contribution in context of financial management. The research methodology section has evaluated the ways of data collection for this study. For this research, questionnaire survey and focus group discussion has been used for collecting primary data from the financial managers in the chosen restaurants of Ireland and restaurant owners. It was found that these restaurants do maintain systematic accounting statements and the restaurant owners closely monitor the financial statements, transaction records, and inventory that remains in the restaurant. Due to fewer funds, the owners forecast sales per unit and cost and accordingly allocate their funds. Though it was found that the small restaurant owners in Ireland do follow financial management approaches to make the business a success, but it was recommended that yearly audit is done through external auditor to maintain transparent financial records and also involve the employees while taking financial management decisions, which affects all the other departments in the restaurant. ... The problem statement of this research study is related to the financial management framework of small restaurant during this financial crunch. 13 1.4 Rationale of the Study 13 Restaurant segment like the other sectors is a lucrative area of revenue generation for Ireland, where around â‚ ¬6 billion is spends by people annually in eating out (Kumar, and Subramaniam, 1997). However, during the financial crisis the profits have diminished considerably because of increasing level of unemployment in the country. It has been noticed that the small restaurants in Ireland were successful in reaping steady profits compared to the multinational food chains. This was an issue to be curious about, and research could be conducted on this aspect (Munro, 1997; Crick, 1997). It has been seen that in case of small businesses such as small restaurants, financial management framework is not so strong like that of big businesses such as big hotels or restaurant chains. 13 However, financial manageme nt binds every other segment in small businesses, unlike bigger ventures. In bigger ventures financial management is equally important like several other aspects, so the financial management approaches of small restaurant businesses of Ireland should be explore (Kumar, and Subramaniam, 1997). Efficiency of financial management in small business can be identified through comprehensive analysis of their financial management framework and strategies. This is the reason why focus has been made towards financial management of small restaurants as it forms the core of the business strategies in small strategies. 13 1.5 Research Question 14 1.6 Research Objective 14 1.7 Outline of the Study 14 CHAPTER II: LITERATURE REVIEW 15 2.1 Introduction 15

Tuesday, July 23, 2019

The World Bank and How It Shaped Public Policy In the Developing World Essay

The World Bank and How It Shaped Public Policy In the Developing World - Essay Example This research aims to evaluate and present the World Bank as an international financial institution whose avowed mandate is to support capitalist development in the third world by consciously steering developing countries towards international trade, liberalization and capital investment. Its World Development Report 2008: Agriculture for Development, signposts its shift to agriculture and rural development, primarily owing to â€Å"a greater recognition that improving agriculture performance is the most powerful tool we have available to reduce global poverty and hunger, both directly and indirectly†. By its own admission, its primary focus is market and investment oriented – â€Å"raising smallholder productivity, strengthening smallholder linkages with the markets, and helping better manage risks.†. Most relevant to this paper is its commitment to â€Å"develop a code of conduct for large scale foreign investment in agriculture to ensure equitable sharing of benefits.† The balance of power within the World Bank is historically overwhelmingly tilted in favor of the North. It was created during the Bretton Woods Conference in 1944, where negotiations were dominated by the United States and the United Kingdom. Critics have constantly railed against the World Bank’s so-called poverty alleviating measures that have only resulted in driving third world economies deeper and deeper into debt. Its interventions in agriculture and rural development have been said to be no different.... its primary focus is market and investment oriented – â€Å"raising smallholder productivity, strengthening smallholder linkages with the markets, and helping better manage risks.† (ibid). Most relevant to this paper is its commitment to â€Å"develop a code of conduct for large scale foreign investment in agriculture to ensure equitable sharing of benefits.† (ibid). The balance of power within the World Bank is historically overwhelmingly tilted in favor of the North. It was created during the Bretton Woods Conference in 1944, where negotiations were dominated by the United States and the United Kingdom. Critics have constantly railed against the World Bank’s so-called poverty alleviating measures that have only resulted in driving third world economies deeper and deeper into debt. Its interventions in agriculture and rural development have been said to be no different. In truth, however, the prescription package that is contained in these structural adju stment programs, particularly its explicit support for laissez-faire agrarian reform, have led to even deeper poverty and rural inequality. This is because land redistribution strategies that are not backed by coercive State power and only rely on the â€Å"efficiency of the market† are often hijacked by the elite and the dominant classes in the countryside. By its inordinate emphasis on land titling as the primary solution out of rural poverty, the World Bank has managed to reframe the land reform imperative in the developing world by obscuring core issues of systemic exploitation and social relations of production under the jargon of efficiency and equitable land markets. 1.2 Contextual Backdrop The global food crisis of 2007-2008, attended by a sudden and alarming spike in food prices and the skyrocketing costs of

PATCH ADAMS Essay Example | Topics and Well Written Essays - 500 words

PATCH ADAMS - Essay Example And even after being kicked out of school and sued in court, he manages to win the case. He eventually lays the groundwork for a medical clinic built around his philosophy. Over time, both patients and physicians become fond of him. The film ends with his graduation, where he receives a standing ovation for his innovative reforms in the field of medicine and health care. The filmmakers decided to choose a cast of different age groups and orientation. All through the film, you discover that the main character is much older than his fellow colleagues, but even that is justified in the story. Patch, unlike his friends, is not mindful of what others think of him. His younger colleagues seem to see things differently. They put their medical education in high regard, and they expect to conform to all the norms and practices of a professional doctor. But Patch sees growth and improvement within the profession. His care is patient-centered, and whenever he meets a patient in need, he comes u p with the proper and effective technique to care for him, regardless of the rules. In one of the scenes, Patch and the other students are being toured around the ward. Their clinical instructor seems oblivious to the patients’ needs. Patch sees this and takes the opportunity to say hi to her, which cheers her up. This ends up irritating the teacher. He then secretly enters the children’s ward and plays the part of a clown to cheer up the children. The nurses observing this, ask him to help them with one mentally ill man who the rest of the hospital staff fear to see, he bravely enters his room dressed as an angel and manages to soften up the man. He uses various therapeutic styles for different age groups, and they all prove effective.

Monday, July 22, 2019

ICT - Making a Database of Used Cars Essay Example for Free

ICT Making a Database of Used Cars Essay For my coursework, I am going to be making a database of used cars. The database is to help customers and staff to see what cars are available and specific information about them. Having a database file of the cars will prove beneficial to the staff as it would take less energy, time and money to search for cars than searching through paper based files. Paper based files can get lost or damaged much easier then electronic files. Electronic files can be copied, emailed, exported and backed up making it easier to organize for the business. This would be more efficient, because you can search specifically through the database to look for certain requirements to meet a customers need. In a database, you can add, edit, save, query and print records. These features are very simple for staff to carry out and are very effective. Using a database allows you to avoid errors through validation rules and input masks. A database can store a large quantity of records, which is also efficient for the business because they can store loads of information about customers. With using a database, you can also make reports, visualisations of data (graphs and charts), tables and data entry forms. This is useful to a growing business that also has a chain of shops/outlets in the country, because data can be emailed easily and the information would be sent in reports and visualisations so managers wont have to organize meetings and waste money. With a database you can combine different types data easily such as numbers and text. Data manipulation is performed by using queries. This is using a structured query language on an easy user interface to help search through records. This is beneficial for customers as well, because they can get a faster and more suitable service. Instead of waiting around for staff to find what they want, staff will be able to query the database in a matter of minutes. Overall, a database will help the business be more organized, have easy access to information and be more productive. Queries Another helpful tool that Access database has is the query tool. With this tool, you can search for anything in the database easily without spending a lot of time searching through records. This is very useful for a business as it saves a lot of time searching for cars or features that customers may ask for. Here are a range of questions that customers may ask: 1. Can you show me any blue Volvos? 2. Have you got any cars that are diesel? 3. Which four door cars do you have? 4. Which cars do you have that are below 5,000? 5. Which cars do you have that have done less than 7,000 miles? 6. Can you show me a list of black cars? Which of these cars are priced under 10,000? 7. Which Ford cars do you have? Which of these cars is priced 10,000 to 15,000? 8. Which cars do you have that have air conditioning? Which of these cars is under 10,000? 9. Which cars do you have that are over 20,000? Which of these cars are diesels? 10. Which blue cars are there? Which of these cars have 5 doors? 11. Can you show me a list of VW Golfs that have Air conditioning? 12. Which cars do you have that have 5 doors and are petrol? 13. Which Nissan cars do you have that have 3 or 5 doors, but are not petrol? 14. Which Vauxhall cars do you have that have 5 or 4 doors? 15. Which cars do you sell that have 2 doors and are petrol? Sources For my coursework, I used a range of sources for my database. These sources are all varied slightly according to the details that were present. These are the 3 different sources I used: Motor Point www.motorpoint.co.uk The Car Shop www.carshop.co.uk NK Motor www.nkmotors.co.uk (Sources are shown on the next three pages.) These sources seemed all accurate, and I decided on what field types I used based on the data present from these sources. I didnt use all the data from every one of these sources, as some seemed unnecessary or didnt include enough information. Example: One record only presented the make, litres and price and because it contained so little data, I did not use it. Some data, I did not copy down because I already had similar records present already: so I was looking for more of a variety. In a business, a car database will have numerous amounts of similar data for cars, but for my coursework I wanted to show as much variation as possible. Example: NK Motors: Vauxhall Zafira 1.8 Club Auto, 5 doors, Grey, 5495 The Car Shop: Vauxhall Zafira 1.8i Club Auto, 5 doors, Grey, 5995 These two records seem too similar, so I only used one of them. The method I used to collect the data was by looking at various different sources and deciding on all the data they had in common i.e. make, model, price etc. and copying down various information from each source. I double-checked all the information I copied and also made sure I did not copy down similar or same information. This method of collecting data is based on the output that I will be producing. The outputs are reports based on 5 different queries that customers may have about the cars. Reasons For Choice Of Software For my coursework I had to compile a database of second hand vehicles using current information from local garages, leaflets and newspapers. The database will be designed so that staff can obtain details of vehicles easily. After I gathered information about 50 vehicles, I decided to test the data with different softwares. These softwares were Access Database and Excel Spreadsheet. Access Database Advantages Disadvantages * Reduce errors in data with validation rules. * Data security by having the ability to put password protection on files. * Databases are designed for multiple users, and each user can have different data permissions. * Can perform many tasks efficiently reports, forms, graphs, queries etc. * Database systems are complex, difficult, and time-consuming to design. * Damage to database can affect the business greatly. * Extensive conversion costs in moving form a file-based system to a database system. * Initial training required for all programmers and users. Excel Advantages Disadvantages * Its easy to edit data and the software can instantly recalculate the total for you. * Simple layout. * A database can be quickly and easily created using Excel. * New columns or rows of information can be generated easily throughout the data entry process. * A spreadsheet is a useful tool for data management as it helps to manage and sort data i.e. alphabetically. * Updating multiple table links can require a lot of tweaking with a spreadsheet application. * With a spreadsheet, by default any cell can contain any kind of data cant control what users input. * This software can contain a lot of unknown errors. I decided to choose Access Database because it was the best software to produce the required outputs. The required output is a report based on information that is processed from the database and you cant produce reports easily in Excel which is one of the first reasons I decided to use Access. Its easy to setup and you can manipulate it to make sure there are no mistakes. Multiple users can access database files which is more efficient for a business that has a lot of staff and requires updates of records. You can query a database which is relatively easier then filtering spreadsheets. You can also do more complex queries in Access then in Excel. You can find information quickly and efficiently which reduces time and money in a business. You can control what is inputted in each cell and create validation rules and error messages to assist users i.e. staff. In Excel you cant control what you put in any cell, so if you make a mistake without realising, that mistake will remain unknown which can corrupt the data and cause there to be false records present. I personally prefer to use Access Database because of its easy user interface and setup. The data that the company will be using seems more compatible for this software as well, because some of the fields are Yes/No answers which can easily be inserted using a tick box. Overall, Excel spreadsheet does have its advantages, but compared to Access Database, it isnt as efficient as it could be.

Sunday, July 21, 2019

Gentrification of Urban Areas

Gentrification of Urban Areas Urban renewal is often lauded as a blessing by politicians and land developers; it is seen as a method of bringing economic and cultural growth to an otherwise stagnant community. It is a set of changes made in the hopes that new residents come in, more businesses open, and more capital flows into the area. However, redevelopment often results in the deconstruction and replacement of a pre-existing community, displacing the former residents and increasing their hardships rather than providing revitalization. Gentrification, the process in which more affluent residents move into a poorer area and change its social and economic dynamics, is a term that comes up in virtually every debate regarding urban redevelopment. In this paper, I will argue that the use of urban gentrification for utilitarian purposes is unfair and deceptive, and the Kantian idea that positive intent matters more than consequence provides an insidious leniency. I will show the detriment gentrification causes to loc al businesses and residents through examples from areas that have undergone the process, and compare the arguments for and against the practice; the effects of rising property values, the changes in a communitys businesses, and the changes in a communitys social makeup will be the main areas of focus. After the research is presented, I will explore the philosophical viewpoints of Kant and Mill, and contrast idealism with the reality that urban communities must face in dealing with gentrification. When affluent newcomers set up homes in a poor community, they often rebuild or otherwise modify the properties they buy; by doing this, shift the property values up accordingly. The property taxes and rent increase to match this up scaling of homes and apartments. These higher income families can afford these increased fees, and the extra tax capital flowing into the area generally pleases the local government. But for long-time residents, this shift in property values can be an unwelcome burden. According to an assessment conducted by Daniel Sullivan, longtime residents of a gentrified community tend to be poorer than newer residents. Consequentially, long-time residents often become displaced by the newer, richer residents. Koreatown, Los Angeles is a prime example of this consequence. In the study The Contested Nexus of Koreatown, Kyeyoung Park and Jessica detailed the changes the urban enclave experienced as restructured itself after the Los Angeles Riots. During the LA Riots, K oreatowns properties suffered damages that residents were hard-pressed to recoup from; many displaced residents abandoned the enclave altogether. Outside investment and urban revitalization seemed the only means to provide the relief Koreatown so desperately needed, but the researchers found its redevelopment paradoxical; while property values increased and the town experienced a remarkable recovery, established residents found themselves out on the streets because they were unable to afford the new rents and fees. These residents were mostly local workers making minimum wage salaries, who suddenly found their apartment complexes being bought out by development companies; the buildings would be renovated and refurbished, and the rents would be double the original cost. Gentrification had compounded the displacement of the original community instead of helping them get back on their feet. From the point of view of the established community, it is difficult to say that urban renewal p rovided any social good for them; they had been swapped out in favor of newer residents. As new higher-income residents come in, the types of businesses in the area change as well. These residents have more disposable income and the sorts of goods and services they desire differ from the other residents. The concentration of professional services and retail stores increase, while smaller, local businesses go into decline (Park and Kim, 2008). To meet with the demands of a changing community, some services become overabundant to the point of instability; local business owners find themselves lacking the resources to stay competitive and go out of business, resulting in further displacement of the established community versus the incoming community. In their study, Park and Kim stated there was over-saturation of pool halls, internet cafes, karaoke bars, night clubs, room salons, and liquor stores in Koreatown; while this gives the consumer more choice, the competition makes for a very hostile and unforgiving business environment. The new stores and services can oftentimes be inaccessible to the established residents, in terms of affordability and focus; it is a form of market positivism that takes only the concerns of the affluent into account. When Koreatown was redeveloped, the new services were centered towards attracting people to the nightlife with bars, clubs, and high-class restaurants; while these businesses were popular out-of-towners and the affluent, the majority of the local community had no use for such extravagant locales. Babylon Court, an upscale shopping center located in Hollywood, is also an example of dissonance between business and the community. The shopping center is a popular location for the upper class with its expensive retail stores and famous theaters, but it stand in stark contrast to the surrounding community of the homeless and relatively poor who cannot afford the offering of Babylon Court (Curtio, Davenport, and Jackiewicz, 2007). Once again, the machinations of the gentrification process have not helped the communi ty, but hampered it; outside investment and new businesses that were suppose to breathe life into a struggling community have instead alienated and beleaguered the long-time residents. When renewal is enacted for the good of a community, the existing community is seldom the beneficiary; instead, the community is steadily changed and replaced so that revitalization is a result of a new populace. Increased diversification and social mixture does not occur, but replacement and segregation are often the result when dealing with gentrification. In Gentrification and Social Mixing, Loretta Lees stated that middle newcomers into urban communities self-segregated themselves even though they polled in favor of diversity in a neighborhood. This process of gentrification is regularly aided by social policies created by the state. One example of that occurrence is Cabrini Green in Chicago. In 1994, it qualified the worst case of public housing in the US, and was subsequently given $50 million to redevelop; the demolition and vouchering out that followed displaced a significant portion of low-income tenants and recreated the community as a middle class neighborhood (Lees, 2008) . The UK developed similar policies; the London Borough of Brent New Deal for Communities project funded the demolition of tower blocks and created over 1500 privately owned units, but at the loss of 800 publicly owned units (Atkinson, 2008), displacing low-income residents. The pre-existing community is pushed out by the changes in the local economy, and an ever so subtle social cleansing takes place, while policy makers flaunt their love of social utility and the public good and claim they are alleviating the poverty of urban areas. A utilitarian action should result the greatest happiness for the greatest amount of people. J.S. Mill demanded empiricism in deducing what benefited the whole, but gentrification puts the happiness and experiences of distinctly different groups at odds. Does gentrification serve the happiness of the old residents or the new residents? Empirical examination of data tells me the old residents are simple refuse in gentrification and newer residents are primary concern. Is the greater happiness a matter of population quantity or is it a matter of population quality? Another empirical examination reveals gentrification is process that favors people of higher income, a matter of quality rather than quantity. My examination reveals gentrification results in the greatest happiness for the few, rather than the many. So I pose the following question: how does one justify gentrification as serving the greater good? Social policies advocating gentrification claim they have improved and revitali zed urban communities, when all they have done is displace the established low-income families to make it seem like they have reduced poverty in the area. This deception is something I take huge issue with; even Milton Friedman, a man who was likely supportive of urban renewal practices, spewed vitriol at using the excuse of social good to achieve a personal agenda. Gentrification in the name of social utility is a failure, but Immanuel Kant said noble intent matters more than consequence. However, noble intent is something subjective; what is noble to one person is not necessarily noble to another. The consequences of gentrification are dire and far-reaching and to excuse the process based on a subjective ideal is an indulgence too easily granted. In duty-based ethics, a person must consider his ideal as if it were a universal maxim; if it is contradictory, then it is a faulty ideal. Suppose everyone went around tossing people poorer than themselves out of house and home, destroying and rebuilding properties for their own use; this would result complete chaos, with people of all social standings in furious conflict with one another. Through policy making, proponents of gentrification have also reduced the idea of community to a region of a map rather than people; Kant would be taken aback by the lack of respect for the sovereignty of the indivi dual. Intent alone cannot save the policy of gentrification; it is something flawed by subjective agendas, and Kants objective ideals cannot be effectively applied to the realities of the situation. Gentrification carried out in the name of utilitarianism is a deception wrought upon troubled communities. It is too often that the promise of revitalization is made a cloak for a cleansing of a communitys social order. The residents suffer through a process of steadily increasing hardships and eventual replacement by the more privileged; its Invasion of the Body Snatchers, except with the bourgeoisie instead of aliens. With the increasing property values and magically disappearing poverty, statistics are made reinforce the idea that gentrification works wonders for communities. I cannot properly express my disdain for this sinister sort of planning; it is a type of dastardly deed fit for villains with long mustaches, twiddling fingers, and large hats. While I would vastly prefer investment and invigoration that allowed a community to become self-sufficient by its own efforts, I would simply settle for the sham of social good to be dropped from the pitch. If youre going to wipe out a nd rebuild a community, call it for what it is; theyre probably too poor and helpless to stop you. Works Cited Atkinson,Rowland. Commentary: Gentrification, Segregation and the Vocabulary of Affluent Residential Choice. Urban Studies V. 45 No. 12 (November 2008) P. 2626-36, 45.12 (2008): 2626-2636. Sullivan,Daniel Monroe. Reassessing Gentrification. Urban Affairs Review, 42.4 (2007): 583-592. Lees,Loretta. Gentrification and Social Mixing: Towards an Inclusive Urban Renaissance?. Urban Studies V. 45 No. 12 (November 2008) P. 2449-70, 45.12 (2008): 2449-2470. Curti,Giorgio Hadi, John Davenport, and Edward Jackiewicz. Concrete Babylon: Life Between the Stars. Yearbook of the Association of Pacific Coast Geographers, 69 (2007): 45-73. Park,Kyeyoung, and Jessica Kim. The Contested Nexus of Los Angeles Koreatown: Capital Restructuring, Gentrification, and Displacement. Amerasia Journal V. 34 No. 3 (2008) P. 126-50, 34.3 (2008): 126-150.

Saturday, July 20, 2019

Comparing the Stars of Bright Star and Choose Something Like a Star Ess

Comparing the Stars of Bright Star and Choose Something Like a Star Keats "Bright Star" and Frost's "Choose Something Like a Star" although similar in their address to a star differ in form, tone and theme. The latter contains an illusion to the former that brings Keats' themes into the poem. In order to compare these poems it is necessary to look carefully at their themes and constructions. "Bright Star" is a sonnet in traditional iambic pentameter. Its tone is elegiac as it celebrates the woman's beauty and his love for her in his plea for steadfastness. The poem opens with an apostrophe to the star which calls our attention to his plea. The verbs "would" and "were" indicate his wish to be like the star whom he addresses as "thou." The star is "hung" in the night, a pleasant image, and he uses a simile to compare it with Eremite, a hermit, who presumably sat apart from the world watching. The eyelids of this star (the star is given anthropomorphic qualities) are eternally apart -- always watching, "patiently" and "sleeplessly." Keats then enumerate s what this star watches. It watches water -- which is also steadfast as indicated by the comparison "priest-like." The waters that surround the land Keats says are performing ablutions or cleansings and blessings on the land. The star also gazes upon the snow. He uses the metaphor of snow as a "mask" (more personification) as it hides the mountains and moors. The "m" alliteration emphasizes the falling of the snow. The repetition of "of" underlines the parallel structure and idea of the two scenes the star regards. The rhythm of this 2nd quatrain is slow and peaceful like the scene. Then Keats puts a "No -- " w... ...t not only continues the "poetic tradition" but adds all the depth of meaning of Keats' poem to his own. The star doesn't want much of us -- only to stay above us. He says that "when the mob is swayed" or when social, political, or moral upheaval takes place and the norm is to be radical, the star likes being above it all, condescendingly regarding the earth. When this happens, we should "choose something like a star" and concentrate on it. In the final line the similarity between "stay" and "staid" emphasizes that we must emulate the star in being constant and moderate while society may revolve around us in social or political turmoil. This "staidness" is our key to survival like the stars'. Therefore, one can see that these poems although similar in their title and central image of the star differ in their themes, form and treatment of the author's ideas.

Teacher Expectations and Education Essay example -- Education Teaching

Teacher Expectations and Education One thing I’ve learned this year is that teachers must always strive to adapt to the wide range of individual student abilities, learning styles, and interests even within a single class, but still maintain reasonable expectations, especially if tracking is present in the school. Through my observations, it seems that teacher expectations for students became increasingly lower with each "track." Furthermore, minority, low socioeconomic status and learning support students most frequently appear, in the lower tracks. The low expectations in these classes may be reflected in the students as they leave the school and attempt to function in society. Research by NCTE suggests that ability tracking is detrimental to some groups of students and to many individual students. I will be exploring how low expectations may cause inappropriate behaviors, lack of interest in subject matter, and resistance to learning and how tracking exacerbates these problems. I think it is important, as I discuss expectations in different tracks, to show the composition of students that make up each of the classes that I observed and taught, as it appears that minority, low SES, and learning support students tend to make up the lower tracks. I remember feeling; both shock and surprise when I learned that State College still practices a form of tracking, but Regular, College Prep, and Advanced English seemed pretty harmless at first. The distinct difference between the curriculum and "types" of students from level to level, particularly from Regular to College Prep is what soon began to catch my interest. I should first point out that in the 9th and 10th grades there are only two tracks, Regular and Advanced. Juniors ... ... artwork.† I truly believe (and I’m sure this will be worked out of me at some point) that the moment a teacher says or even thinks that a student is incapable of some task, that is the moment that the student becomes incapable. So what’s the solution to being sensitive to student needs, yet not single them out, labeling, or lowering expectations? Maybe the CTI has some value. Why not simply have two tracks, Regular/College Prep and Advanced (as researched by The National Research Center on the Gifted and Talented Learner does show that gifted students benefit from tracking) but keep the CTI model of two teachers collaborating in some way and smaller class sizes? With fewer students, teachers would have more time to give individualized help without labeling or segregating certain students and it is less likely that expectations would be lowered unnecessarily.

Friday, July 19, 2019

The Road to the Cemetery :: Narrative Memoir Essays

The Road to the Cemetery The smell of cigarette smoke was strong; the leather couch reeked of it. Next to the couch was a nick-knack rack and on it were a little china girl, maybe Jill, and a little china boy, Jack; there was a glass wishing well near them too. Little glass dogs, a china cat, some shiny rocks, a little box, and a plastic Hawaii hula baby lived on the rack as well. Grandma opened the doors and all of the windows; today we were to begin cleaning out Aunt Beth's house. I looked out the front door, saw clouds were coming, and in the distance, I saw lightning flash. Today was nothing like those days nearly two weeks ago when Aunt Beth had died, and was then laid to rest. I remember the year my Great Great Aunt Beth died. Being little, people would speak quietly about her declining health and expect my cousins and I not to understand, thinking that they were sheltering us. "She isn't doing well," someone would say. "No She isn't," would be the reply, "and she refuses to take her oxygen when she goes out." "I know, she won't even have it on when someone visits." "It embarrasses her." "It shouldn't lots of people have to have oxygen" "She left it on when I went to visit her the other day, that proves that she's really not feeling very well at all." Another time I was told straight out, "Honey, Aunt Beth doesn't feel well, I don't know if she'll ever get better." This statement was wrong I was sure, she was my Aunt Beth and she would get well. I would look at her sometimes, trying to see why everyone thought she was unwell. She looked like she always had; maybe her back was a little more crooked she had Scoliosis. Her voice was just a little rough and perhaps she coughed a little more. She still gave me a sound hug when I saw her. Aunt Beth did not go on picnics with the family anymore, because she was to old Grandma said. I did know she did not feel well, but she never had felt well as long as I could remember. She did not try to shelter her many nieces, nephews, great nieces and great nephews she knew we would find out sooner or latter. She used to say "My bones ache, my hands hurt, my back aches, I have trouble walking so I had to get me a cane, and I can't sleep for coughing.

Thursday, July 18, 2019

Business and Administration Level 2 Unit 5 Essay

You should use this file to complete your Assessment. The first thing you need to do is save a copy of this document, either onto your computer or a disk Then work through your Assessment, remembering to save your work regularly When you’ve finished, print out a copy to keep for reference Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number. Please note that this Assessment document has 3 pages and is made up of 3 Sections. Name: Section 1 – Understand how to support the organisation of a business event 1. When organising a business event, describe the range of support activities that may be required. Finding and booking a cost-effective and suitable venue. Deciding on the appropriate attendees and sending out invitations and/or publicising the event. Organising/checking the appropriate licences and insurance cover. Organising refreshments – taking into account any special dietary requirements. Collating and printing off relevant paperwork/event packs. Organising guest speakers. Organising/hiring equipment and checking it before the event starts. Greeting attendees. Taking notes/minutes. Typing up and distributing notes/minutes after the event. Evaluating event. 2. Complete the table below by identifying two ways of providing support before, during and after a business event.    Section 2 – Understand the purpose of displaying professional and helpful behaviour whilst supporting a business event and how to do so 1. Explain the purpose of displaying professional and helpful behaviour when supporting a business event. The purpose of displaying professional and helpful behaviour is to encourage a positive image of a business and to ensure that the event is cost-effective and beneficial. If the staff support the event in a professional manner then it is more likely that the event will meet its objectives and be viewed in a more positive way ensuring future events will be well received and supported. 2. Describe ways of exhibiting professional and helpful behaviour whilst supporting a business event. . Examples of professional and helpful behaviour are: †¢Presenting a smart and clean appearance. †¢Being friendly and polite. †¢Using non-verbal communication such as smiling and making eye contact. †¢Speaking clearly and listening to attendees. †¢Being able to follow a procedure such as booking in attendees. †¢Being knowledgeable about the event as to answer questions from attendees. It may be useful to supply supporting staff with a check-list of expectations so that they have a clear picture of what is required of them throughout (and perhaps before and after) the event. Section 3 – Understand how to deal with problems encountered when supporting a business event 1. What are the main types of problems that may occur when supporting a business event? You should include at least three different types of problems in your answer. Many problems occur at business events if planning has been disorganised or incomplete, although sometimes problems occur despite the best of intentions. Prevention is better than a cure so the best way to deal with problems is to identify possible issues BEFORE an event and organise methods to reduce potential risks. Below are three different types of problems that could occur: 1) Equipment failure i.e. PowerPoint presentation does not run on projector. 2) Late attendees 3) No provision for an attendees dietary needs 2. Identify possible solutions for each of the problems you have listed in Question 1 above. A flexible and efficient approach to any problems will reassure attendees that you are concerned and trying hard to overcome the issue(s). Some solutions for the problems listed above are: 1) Print-offs of the PowerPoint presentation to distribute to attendees for reference. Asking the venue to supply back-up equipment in the event of failure. 2) To provide relevant paperwork for late attendees to enable them to ‘catch-up’ Ensuring that before the event attendees are given an appropriate method of contacting a nominated member of staff to notify of lateness. 3) To liaise with the venue and utilise available refreshment facilities. To be aware (and have contact details) of nearby businesses that could cater for a dietary need at short notice. Before an event it is valuable to prepare a risk assessment to access what issues have a high importance and risk factor then prepare a contingency plan to cover them. It is important to ensure that the ‘back-up’ plans are cost effective though! Once you have completed all 3 Sections of this Assessment, go to www.vision2learn.com and send your work to your tutor for marking.

Bank6003 Notes

BANK6003 Final Exam Notes TOPIC 4A ackat onceledgement peril Estimating oversight Probabilities Overview * Theory of honorable mention danger little(prenominal) of the essence(p) than var establish seats of commercializeplace place check chances. * Much less amenable to precise pulsationment than food securities industry place place venture oversight probabilities be frequently to a greater extent difficult to measure than dissemination of commercializeplace movements. * Measurement on single(a) loanwords is important to FI for pricing and setting limits on doctrine bump photo. remissness hazard Models 1. Qualitative Models * Assembling relevant reading from private and extraneous sources to compensate a judgement on the fortune of slight. Borrower de so-and-so factors (idiosyncratic or specific to individual adopter) embroil reputation, leverage, volatility of boodle, covenants and confirmatory. * grocery place-specific factors ( arranging atic factors that impact solely borrowers implicate) descent unit of ammunition and side pull back score takes. * FI passenger vehicle weighs these factors to come to an boilers suit reference decision. * unverifiable 2. credence Scoring Models * Quantitative regulates that work cultivation on observed borrower characteristics to draw a bead on a score that represents borrowers ascertain of omission or sort borrowers into distinguishable dis see happen categories.Linear Prob energy Models (LPMs) * econometric baffle to explain re defrayal set about on past/old loans. * lapse model with a dummy qualified variable Z Z = 1 c belessness and Z=0 no neglect. * Weakness no guarantee that the imagined oversight probabilities entrust always lie surrounded by 0 and 1 ( supposititious flaw) Logit and Probit Models * real(a) to quash weakness of LPM. * explicitly restrict the estimated regulate of non fee probabilities to lie between 0 and 1. * Logit as ne rvees prospect of neglect to be logistically distri just now ifed. Probit deports chance of scorn has a accumulative frequent distri unlession function. Linear Discriminant synopsis * Derived from statistical technique called multivariate analysis. * Divides borrowers into high or suffering oversight luck classes. * Altmans LDM = most famous model developed in the late 1960s. Z 1. 8 (critical rate), in that location is a high chance of default. * Weaknesses * solo considers devil extreme cases (default/no default). * Weights gather up non be stationary over prison term. 3. New consultation hazard E military rank Models Newer models concur been developed utilise financial theory and financial marketplace data to make inferences about default probabilities. * to the highest degree relevant for evaluating loans to large corpo sure borrowers. * Area of very active go along research by FIs. realization Ratings * Ratings kind comparatively infrequently objective of pay cross offs stability. * only when chance when there is reason to reckon that a long-term form in the familys doctrineworthiness has taken place. * S&P AAA, AA, A, BBB, BB, B and CCC * dismals Aaa, Aa, A, Baa, Ba, B and Caa Bonds with valuations of BBB and above ar considered to be investment grade Estimating Default Probabilities 1. Historical info * Provided by rank agencies e. g. cumulative average default place * If a comp any(prenominal) starts with a * rise up- persuaded assent rating, default probabilities run away to addition with age. * Poor recognize rating, default probabilities t kibosh to decrease with cartridge clip. * Default Intensity vs imperious Default Probability * Default fanaticism or hazard rate is the fortune of default conditional on no earlier default. * Unconditional default chance is the opportwholey of default as seen at time zero. Default intensities and unconditional default probabilities for a Caa rated club i n the trine twelvemonth * Unconditional default hazard = Caa defaulting during the 3rd year = 39. 709 30. 204 = 9. 505% * Probability that Caa allow for survive until the end of year 2 = vitamin C 30. 204 = 69. 796%. * Probability that Caa bequeath default in 3rd year conditional on no earlier default = 0. 09505/0. 69796 = 13. 62% Recovery Rate * ordinarily defined as the wrong of the dumbfound 30 long time after default as a percent of its cheek valuate. * Recovery rate % = 1 LGD% * be of bails * ripened Secured * Senior Unsecured Senior Subordinated * Subordinated * Junior Subordinated realisation Default Swaps * dick that is very go forful for estimating default probabilities is a CDS. * Buyer of the restitution obtains the right to handle attachs issued by the play along for their face take to be when a acknowledgement event occurs and the vendor of the insurance agrees to buy the affixations for their face quantify when a course trust event occurs. * The get along regard as of the gravels that rotter be change is know as the CDS notional principal. * sum up amount salaried per year, as a percent of the notional principal, to buy fortress is known as the CDS dish out. Buyer of the official document acquires aegis from the deal outer against a default by a peculiar(a) company or realm (the reference entity) * ensample emptor pays a premium of 90bps per year for $ hotshot Cm of 5-year breastplate against company X. * Premium is known as the ac commendation default air. It is paid for the life of campaign or until default. * If there is a default, the buyer has the right to plow bonds with a face jimmy of $100m issued by company X for $100m. * Payments atomic number 18 comm exclusively made quarterly in arrears * In the event of default, there is a last accrual payment by the buyer * Attractions of the CDS market Allows honorable mention seeks to be traded in the same way as market chances * Can be a pply to enrapture mention jeopardizes to a third ships company * Can be put ond to substitute ascribe gamble point of reference Indices * Developed to track recognition default trade turn outs. * Two important bar portfolios be * CDX NA IG, portfolio of one hundred twenty-five investment grade companies in North America * iTraxx atomic image 63, portfolio of one hundred twenty-five investment grade companies in atomic number 63 * Updated on March 20 and phratry 20 all(prenominal) year. * workout * 5 year CDX NA IG indi give the gatet is statement 165bp, offer 166bp. Quotes mean that a monger laughingstock buy CDS resistance on all 125 companies in the index for 166 basis points per company. * Suppose an investor wants $800,000 of protection on all(prenominal) company. * The total bell is 0. 0166 x 800,000 x 125 = $1,660,000. * When a company defaults, the investor receives the usual CDS homecoming and the one-year payment is reduced by 1,660,000/125 = $1 3,280. * Index is the average of the CDS beams on the companies in the underlying portfolio. exercise of Fixed Coupons * more than than(prenominal) and more CDS and CDS indices trade like bonds so that the periodical protection payments re important fixed. A voucher and a recovery rate is condition. * Quoted pass around coupon, buyer of protection makes an initial payment. * Quoted circularise coupon, seller of protection makes an initial payment. reference work facing pagess * Extra rate of interest take onful by investors for perambulator a leaveicular conviction chance. CDS Spreads and Bond Yields * CDS can be employ to hedge a prospect in a bodied bond. * Example investor buys a 5-year incorporate bond gentle 7% per year for its face value and at the same time enters into a 5-year CDS to buy protection against the issuer of the bond defaulting. CDS mobilize is 2% p. . Effect of the CDS is to convert the corporate bond to a unhazardous bond. If the bond issuer does not default, the investor earns 5% per year. If the bond issuer defaults, the investor exchanges the bond for its face value and this can be invested at the put on the line-free rate for the balance of the five years. The fortune of painting-Free Rate * The run a fortune-free rate used by bond traders when quoting mention spreads is the Treasury rate. * Traditionally used LIBOR/ flip-flop rate * Normal market conditions peril free rate is 10bp less than the LIBOR/ craft * punctuate conditions, the gap is more high Asset Swaps Provide a direct estimate of the excess of a bond yield over the LIBOR/ switch rate. * Example addition swap spread for a particular bond is quoted as 150 basis points. 3 achievable situations 1. Bond sells for its par value of 100. partnership A pays the coupon and companionship B pays LIBOR plus 150bp. 2. Bond sells at a lower place par, conjecture 95. go with A pays $5 per $100 of principal at the outset. After that, union A pa ys the coupon and Company B pays LIBOR plus 150bp. 3. Bond sells above par, asseverate 108. Company B pays $8 per $100 of principal at the outset. After that, Company A pays the coupon and Company B pays LIBOR plus 150bp. Therefore, the present value of the addition swap spread is the present value of the personify of default. CDS-Bond Basis * CDS-Bond Basis = CDS spread minus the bond yield spread * Bond yield spread is ordinarily calculated as the asset swap spread * Should be close to zero, but there are a sum of reasons why it deviates 1. Bond whitethorn sell for a harm momentously polar from par (above par = positive basis, below par = negative basis) 2. There is counterparty essay in a CDS (negative direction) 3. There is a cheapest-to-deliver bond option in a CDS (positive direction) 4.Payoff in a CDS does not acknowledge accrued interest on the bond that is delivered (negative direction) 5. Restructuring clause in a CDS symmetrynalize may lead to a payoff when t here is no default (positive direction) 6. LIBOR is greater than the peril-free rate assumed (positive direction) Estimating Default Probabilities from Credit Spreads * Average hazard rate between time zero and time t * s(t) = reference spread, t = maturity, R = recovery rate * s = 240bps, R = 0. 40, hazard rate = 0. 04 = 4% corporeal World vs Risk-Neutral Default Probabilities * Real populace = backed out of historic data Risk-neutral = backed out of bond monetary values or credit default swap spreads * set out very diametrical entrusts. Why? * integrated bonds are relatively illiquid * Subjective default probabilities of bond traders may be such(prenominal) higher than the estimates from Moodys historical data * Bonds do not default independently of each other. This leads to systematic risk that cannot be diversified away. * Bond ingatherings are highly skewed with limited upside. The non-systematic risk is difficult to diversify away and may be priced by the market. * Use real world for calculating credit volt-ampere and scenario analysis. Use risk-neutral for valuing for credit derived functions and PV of cost of default Option Models * establish on the subject that uprightness prices can suffer more up-to-date information for estimating default probabilities. * put on option pricing methods e. g. KMV. * Used by umteen of the largest wedges to monitor credit risk. Mertons Model * 1974 companys equity is an option on the assets of the company. * Equity value at time T as max(VT D, 0) * VT is value of the firm * D is the debt repayment take * Option pricing model enables value of a firms equity today to be connect to the value of its assets today and the volatility of its assets. present also Recording General pedigree Operating Budget and Operating TransactionsVolatilities * comparability together with the option pricing descent enables value and volatility of assets to be mulish from value and volatility of equity. Example * Comp any equity = $3m * Volatility of equity = 80% * Risk-free rate is 5% * Debt = $10m * prison term to debt maturity = 1 year * harbor of assets = $12. 40m * Volatility of assets = 21. 23% * Probability of default is 12. 7% * Market value of debt = $9. 40m * PV of payment is 9. 51 * pass judgment makeiness 1. 2% * Recovery rate 91% Use of Mertons Model to estimate real-world default probability (e. g. Moodys KMV) * look at time view elaborate cumulative obligations to time persuasion (D) * Use Mertons model to calculate a theoretical probability of default * Use historical data to develop a matched mapping of theoretical probability into real-world probability of default. * Distance to default TOPIC 4B Credit Value at Risk footing * Credit risk is the risk of expiry over a certain time period that will not be exceeded with a certain self-assurance take aim. * Calculate credit risk to determine whatsoever(prenominal) regulatory groovy and stinting seat of government. * cartridge clip vista for credit risk volt-ampere is often longer than that for market risk. Market risk commonly one-day time localize and then scaled up to 10 days for the calculation of regulatory cracking. * Credit risk VaR, for instruments that are not held for trading, is usually calculated with a one-year time position/ * Historical simulation is the main to a faultl used to calculate market risk VaR, but a more elaborate model is usually necessity to calculate credit risk VaR. * de ancestryate aspect is credit correlation. Defaults (or downgrades or credit spread changes) for different companies do not happen independently of each other. * Credit correlation ontogenys risks for a financial fundament with a portfolio of credit movies. intro * natural sparing groovy parcelings against credit risk are based on banks estimate of their portfolios probability parsimoniousness function of credit losings. * Probability of credit losings exceeding approximately l evel, introduce X, is equal to the shaded sweep under the PDF. * A risky portfolio is one whose PDF has a relatively long, fat tail i. e. where there is a significant likelihood that actual losings will be substantially larger than expect losings. * Target insolvency rate = shaded area under PDF to right of X * Allocated stinting big(p) = X pass judgment credit expirationes Expected vs Unexpected Credit vent Expected = amount of credit detriment expected on credit portfolio over the chosen time horizon * Unexpected = amount by which actual credit dismissiones exceed expected credit loss. Economic working capital letter storage allocation * Economic capital = estimated capital embroil to support credit risk ikon. * sue is similar to VaR methods used for allocation of capital for market risk. * Probability of unthought-of credit loss exhausting economic capital is less than the banks quarry insolvency rate. * Target insolvency rate usually consistent with desired credit rating. * AA rating implies a 0. 3% chance of default. necessitate enough economic capital to be 99. 97% certain that credit losses will not cause insolvency. * Based on two inputs 1. vernaculars target insolvency rate 2. Banks estimated PDF for portfolio credit losses * Two banks with akin portfolios could see very different economic capital for credit risk, owing to 1. Differences in attitudes to risk taking (reflected in target insolvency rates) 2. Differences in methods of estimating PDFs (reflected in credit risk models) Measuring Credit privationes * Credit loss = certain value proximo value at the end of most time horizon. Precise definition of current/ coming(prenominal) values contingent on specific credit loss paradigm. * occurrent generation of credit risk models employ either of two conceptual paradigms 1. Default-Mode (DM) paradigm * Most common. * Credit loss arises only if default occurs within the time horizon. * Two-state model only two outcomes, default and non-default. * If borrower defaults, credit loss = banks credit exposure present value of in store(predicate) net recoveries ( change payments less workout expenses). * on going values are known but succeeding(a) values are uncertain. omen joint probability distribution with respect to 3 types of random variables 1. Associated credit exposure 2. Indicator denoting whether installation defaults during homework horizon 3. In the event of default, the loss stipulation default (LGD). Unexpected losses tone-beginning * Assumption that PDF is rise up-approximated by mean and quantity deviation. * Set capital at some multiple of estimated standard deviation of losses. * Requires estimates of expected and unexpected credit loss from default. * Expected loss (? ) depends on 3 backbone components 1. LGD = loss given default, expressed as a decimal . PD = probability of default 3. EAD = expect credit exposure at default. * Standard deviation of portfolio credit losses * i = stand-alone standard deviation of credit losses from ith facility * i = correlation between credit losses from ith facility and those on the overall portfolio 2. Mark-to-Market (MTM) Paradigm * Credit loss can arise in response to diminution in credit risk fictional character. * Multi-state model default is only one of several(prenominal) possible credit ratings a loan could migrate to over the horizon. * Credit portfolio mark to market at the beginning and end of planning horizon. Likelihood of a node migrating from its current risk rating to any other category within the planning horizon is typically expressed in terms of a rating handing over matrix. Row = current rating tug = prob of migrating to another risk grade * labyrinthian estimation need to estimate credit risk migrations at end of horizon as well as future credit spreads (risk-premium associated with end-of-period credit rating). * Two memory accesses 1. Discounted contractual cash die hard (DCCF) approa ch 2. Risk-neutral valuation (RNV) approach an option valuation framework. In each methodology, a loans value is constructed as a discounted PV of its future cash flows. * Approaches differ mainly in how discount factors and yield spreads are estimated or calculated. TOPIC 5 OPERATIONAL chance Overview * Definition the risk of loss resulting from incompetent of failed intimate processes, people and systems or from outdoor(a) events. * Harder to quantify and manage functional risk than credit or market risk. * FIs make a conscious decision to take a certain amount of credit and market risk but operative risk is a obligatory part of doing commerce. Operational risk has become a more significant issue as a result of * change magnitude use of highly automated technology and forward-looking systems * Growth of e-commerce * New wave of M&A * Increased risk mitigation techniques that may produce other risks * Increased prevalence of outsourcing * Over 100 operating(a) loss even ts exceeding USD 100m since the end of the mid-eighties * Internal tosh * External fraud * Employment practices and workplace safety * Clients, crops and problem practices * Damage to physical assets * Business din and system failures Execution, delivery and process counseling Regulatory not bad(p) for Operational Risk * Three methods which represent a continuum of approaches characterised by increasing sophistication and risk predisposition 1. rudimentary Indicator Approach (15% of crude(a) income) 2. Standardised Approach (different % for each business line) 3. ripe(p) Measurement Approach 1. Basic Indicator Approach * KBIA=GI ? ? GI = average annual gross income (net interest income + non-interest income) ? = 15% 2. Standardised Approach Bank activities divided into 8 business lines. large(p) lade for each line is calculated by reckoning its gross income by the denoted beta. Total capital charge KTSA= (GI1-8 ? ?1-8) To qualify for use of this approach, a bank essen tial(prenominal) satisfy, at a minimum Its mature of directors and senior attention, as assign, are actively refer in the oversight of the functional risk counselling framework It has an operational risk commission system that is conceptually sound and utilize with integrity. It has sufficient resources in the use of the approach in the major(ip) business lines as well as the go over and scrutinise areas. 3.Advanced Measurement Approach (AMA) * Regulatory capital requirement is determined using the duodecimal and qualitative criteria for the AMA. * Banks can only use this approach if their local regulators/supervisory government activity nourish provided approval. * Qualitative Standards 1. Bank must be read independent operational risk counseling function that is responsible for the programme and capital punishment of banks operational risk centering framework. 2. Banks intragroup operational risk bar system must be closely integrated into the periodical ris k counselling processes of the bank. 3.There must be symmetrical reporting of operational risk exposures and loss experience to business unit management, senior management, and to the board of directors. 4. Banks operational risk management system must be well documented. 5. Internal and/or outside(prenominal) auditors must set regular check outs of the operational risk management processes & measurement systems. * Quantitative Standards 1. Banks must award that its approach stimulates likelyly severe tail loss events. 2. Required to calculate regulatory capital requirement as the sum of expected loss (EL) and unexpected loss (UL) 3.Must be sufficiently granular to capture the major drivers of operational risk. 4. Operational risk measurement system must include the use of inner(a) data, relevant external data, scenario analysis and factors reflecting the business environment and congenital control systems. Distributions important in estimating electric potential operati onal risk losses 1. Loss frequency distribution * Distribution of number of losses observed during the time horizon (usually 1 year). * Loss frequency should be estimated from the banks own data as remote as possible. One possibility is to assume a Poisson distribution only need to estimate an average loss frequency. 2. Loss rigorousness distribution * Distribution of the sizing of a loss given that a loss has occurred. * Based on both internal and external historical data. * Lognormal probability distribution is often used only need to estimate mean and SD. AMA * The two distributions above are combined for each loss type and business line to determine the total loss distribution. * monte Carlo simulation can be used to combine the two distributions. Four elements specified by the Basel Committee 1. Internal selective information Operational risk losses have not been recorded as well as credit risk losses * authorised losses are low-frequency high-severity losses * Loss frequen cy should be estimated from internal data 2. External data * Data sharing or data vendors * Data from vendors * Based on publicly lendable information biased towards large losses * Only be used to estimate the relative size of the mean losses and SD of losses for different risk categories. 3. Scenario Analysis * Aim is to generate scenarios covering all low frequency high severity losses * Can be based on both internal and external experience Aggregate scenarios to generate loss distributions 4. Business Environment and Internal throw Factors * Takes account of * Complexity of business line * Technology used * Pace of change * Level of inadvertence * Staff overturn rates causation Law * Prob (v x) = Kx-a * advocator law presents well for the large losses experienced by banks. * When loss distributions are aggregated, the distribution with the heaviest trail tends to dominate. This means that the loss with the lowest alpha defines the extreme tails of the total loss distrib ution. Insurance * Important decision re operational risk is the extent to which it should be insured against.Moral estimate * Risk that the goence of the insurance contract will cause the bank to behave differently than it otherwise would. * Example a bank insures itself against robberies. As a result of the insurance policy, it may be tempted to be lax in its implementation of warrantor measures making a robbery more likely than it would otherwise have been. * root word * Deductible bank is responsible for bearing the first part of any loss * Coinsurance provision insurance company pays a predetermined percentage of losses in excess of the deductible. * Policy limit on total liability of the insurer.Adverse Selection * This is where an insurance company cannot distinguish between steady-going and bad risks. * To overcome this, an insurance company must try to understand the controls that exist within banks and the losses that have been experienced. Sarbanes-Oxley * Sarban es-Oxley dress passed in the US in 2002. * Requires board of directors to become much more involved with day-to-day operations. They must monitor internal controls to ensure risks are beingness assessed and handled well. * Gives the siemens the power to censure the board or give it additional responsibilities. A companys auditors are not allowed to need out any significant non-auditing go. * scrutinise committee of the board must be made aware of alternative be treatments. * CEO and CFO must return bonuses in the event that financial statements are restated. TOPIC 6 LIQUIDITY chance Overview * fluidity refers to the ability to make cash payments as they become due. * Solvency refers to having more assets than liabilities, so that equity value is positive. Types of liquid state Risk * liquidness trading risk markets can become illiquid very quickly.Cannot unwind asset position at a jolly price fire sale prices. * perspicuousity accompaniment risk risk of being unable to service cash flow obligations. liquid necessarily are uncertain. runniness Trading Risk * Price genuine for an asset depends on * The mid market price * How much is to be sell * How quickly it is to be interchange * The economic environment Bid-Offer Spread as a Function of Quantity * Dollar bid offer spread, p = Offer price Bid price * There is a spread which is constant up to some quantity. After a critical level (size limit of market makers), the spread widens.Proportional bid-offer spread= Offer price-bid priceMid-market price * exist of settlement in normal markets i=1n12si? i * N is the number of positions, alpha is the position of the instrument, s is the proportional bid-offer spread for the instrument. * Spread widens if market is in emphasiseed conditions. * Cost of liquidation in punctuateed markets i=1n12(? i+ i)? i * Mean and SD, lambda is compulsory confidence level Liquidity set VaRLiquidity-Adjusted Stressed VaR VaR+i=1n12si? i VaR+i=1n12(? i+ i)? i Unwinding a Position optimally (Two Options) Unwind quickly trader will face large bid-offer spreads, but the potential loss from the mid-market price moving against the trader is small. * Unwind over several days bid-offer spread each day will be lower, but the potential loss from the mid-market price moving against the trader is larger. Liquidity Funding Risk * Sources of liquidity * Liquid assets * Ability of liquidate trading positions (support risk and trading risk are inter tie in) * wholesale and retail deposits * Lines of credit and the ability to borrow at short circuit notice * Securitisation * telephone exchange bank borrowing (lender of last resort) Basel tercet Regulation * Liquidity Coverage proportionality designed to make sure that the bank can survive a 30 day period of acute centering * Net inactive Funding ratio a longer term measure designed to ensure that stability of funding sources is consistent with the permanence of the assets that have to be funded. Liquidity Black Holes * Occurs when most market participants want to take one side of the market and liquidity dries up. demonstrable and prohibit Feedback Trading * Exacerbates the direction of price movements * Positive feedback trader buys after a price increase and sells after a price decrease. Negative feedback trader buys after a price decrease and sells after a price increase. * Positive feedback trading can create or accentuate a black hole. Reasons for Positive Feedback Trading * computer models incorporating stop-loss trading. Stop-loss trading = discarding position to prevent come on losses. * Dynamic hedging a short option position. Example if you have sold an option cover yourself by going long i. e. buy underlying asset when price rises and sell when price decreases. * Creating a long option position synthetically * Margin calls The Leveraging CycleThe Deleveraging CycleIs Liquidity improving? * Spreads are narrowing but arguably the risks of liquidity black hol es are now greater than they used to be. * We need more diversity in financial markets where different groups of investors are acting independently of each other. Principles for Sound Liquidity Risk circumspection and superintendence (June 2008) * GFC regulators responded by undertaking a fundamental review of existing counselinging of liquidity management and issued a rewrite set of principles on how banks should manage liquidity. important Principle for the Management and Supervision of Liquidity Risk 1.Sound management of liquidity risk robust risk management framework. formation of Liquidity Risk Management 2. clear articulate a liquidity risk tolerance 3. Strategy, policies and practices to manage liquidity risk 4. Incorporate liquidity costs, benefits and risks for all significant business activities. Measurement and Management of Liquidity Risk 5. Framework for comprehensively inter fleet cash flows arising from assets, liabilities and OBS items. 6. Actively monitor and control liquidity risk exposures and funding needs within and across legal entities. 7.Establish a funding strategy that provides useful diversification. 8. in effect manage intraday liquidity positions and risks to meet payment and settlement obligations. 9. Actively manage collateral positions. 10. Conduct stress tests on a regular basis. 11. Formal contingency funding plan (CFP) in case of emergency. 12. prolong a cushion of unencumbered, high quality liquid assets in case of stress scenarios. Public Disclosure 13. Publicly undo information on a regular basis The Role of Supervisors 14. Regularly serve a comprehensive assessment of a banks overall liquidity risk management framework. 15.Supplement point 14 by monitoring a gang of internal reports, prudential reports and market information. 16. Should throw in to require stiff and timely alterative action to address liquidity deficiencies. 17. Should communicate with other regulators e. g. central banks cooperation TO PIC 7 CORE PRINCIPLES OF EFFECTIVE BANKING SUPERVISION Overview * Most important global standard for prudential regulation and oversight. * Endorsed by vast volume of countries. * Provides benchmark against which supervisory regimes can be assessed. * 1995 Mexican and Barings Crises Lyon Summit in 1996 for G7 Leaders. 1997 chronicle drafted and endorsed at G7 meeting. Final version presented at annual meetings of World Bank and IMF in Hong Kong. * 1998 G-22 endorsed * 2006 Revision of the meaning Principles * 2011 Basel Committee mandates a major review, issues revised consultative paper. The magnetic core Principles (2006) * 25 minimum requirements that need to be met for an effective regulatory system. * May need to be supplemented by other measures. * seven-spot major groups * Framework for supervisory mandate Principle 1 * Licensing and structure Principles 2-5 * prudent regulations and requirements Principles 6-18 *Methods of ongoing banking supervision Principles 1 9-21 * Accounting and revealing Principle 22 * Corrective and alterative powers of supervisors Principle 23 * Consolidated and cross-border banking Principles 24-25. * Explicitly recognise * Effective banking supervision is essential for a strong economic environment. * Supervision seeks to ensure banks operate in a safe and sound manner and nail sufficient capital and reserves. * Strong and effective supervision is a public in force(p) and critical to financial stability. * While cost of supervision is high, the cost of poor supervision is even higher. Key objective of banking supervision * Maintain stability and confidence in the financial system * Encourage rock-steady corporate governance and recruit market transparency Revised stub Principles (2011) * Core Principles and assessment methodology merged into a single document. * Number of core principles increase to 29. * Takes account of several key trends and developments * imply to deal with generalally important b anks * Macroprudential focus (system-wide) and systemic risk * Effective crisis management, recovery and occlusion measures. Sound corporate governance * greater public disclosure and transparency enhance market discipline. * Two broad groups 1. supervisory powers, responsibilities and functions. Focus on effective risk-based supervision, and the need for early intervention and timely supervisory actions. Principles 1-13. 2. prudential regulations and requirements. Cover supervisory expectations of banks, emphasising the enormousness of good corporate governance and risk management, as well as form with supervisory standards. supervisory powers, responsibilities and functions 1.Clear responsibilities and objectives for each potence involved. Suitable legal framework. 2. Supervisor has operational independence, transparent processes, sound governance and fair to middling resources, and is accountable. 3. Cooperation and collaboration with domestic authorities and foreign supervis ors. 4. Permissible activities of banks is controlled. 5. Assessment of bank self-control structure and governance. 6. Power to review, reject and overthrow prudential conditions on any changes in ownership or controlling interests. 7. Power to approve or reject major acquisitions. 8.Forward-looking assessment of the risk profile of banks and banking groups. 9. Uses admit range of techniques and tools to implement supervisory approach. 10. Collects, reviews and analyses prudential reports and statistical returns. 11. Early address of grievous and unsound practices. 12. Supervises banking group on fused basis (including globally) 13. Cross-border sharing of information and cooperation. Prudential regulations and requirements 14. Robust corporate governance policies and processes. 15. Banks have a comprehensive risk management process, including recovery plans. 6. Set prudent and becharm capital adequacy requirements. 17. Banks have an passable credit risk management process. 18 . Banks have sufficient policies and processes for the early identification and management of problems assets, and maintain adequate provisions and reserves. 19. Banks have adequate policies re concentration risk. 20. Banks required to enter into any transactions with related parties on an arms aloofness basis. 21. Banks have adequate policies re country and transfer risk. 22. Banks have an adequate market risk management process. 23.Banks have adequate systems re interest rate risk in the banking book. 24. Set prudent and appropriate liquidity requirements. 25. Banks have an adequate operational risk management framework. 26. Banks have adequate internal controls to establish and maintain a properly controlled operating environment for the bring of their business. E. g. delegating authority and responsibility, separation of the functions that involve committing the bank. 27. Banks maintain adequate and reliable records, bring up financial statements in accordance with score p olicies etc. 8. Banks regularly publish information on a unite and solo basis. 29. Banks have adequate policies and processes e. g. strict node due diligence. Preconditions for Effective Banking Supervision 1. furnish of sound and sustainable macroeconomic policies. 2. A well established framework for financial stability policy formulation. 3. A well developed public infrastructure 4. A clear framework for crisis management, recovery and small town 5. An appropriate level of systemic protection (or public safety net) 6. Effective market discipline 001 IMF and World Bank breeding on Countries Compliance with Core Principles * 32 countries are pliant with 10 or few BCPs * Only 5 countries were assessed as fully compliant with 25 or more of the BCPs. * Developing countries less compliant than advanced economies. * Advanced economies generally accept more robust internal frameworks as defined by the preconditions 2008 IMF Study on BCP Compliance * Based on 136 complaisance asses sments. * Continued work needed on strengthening banking supervision in many jurisdictions, particularly in the area of risk management. much than 40% of countries did not conform to with the essential criteria of principles dealing with risk management, consolidated supervision and the abuse of financial services. * More than 30% did not possess the necessary operational independence to perform effective supervision nor have adequate ability to use their formal powers to take disciplinary action. * On average, countries in Western Europe demonstrated a much higher degree of compliance (above 90%) with BCP than their counterparts in other regions. * Africa and Western Hemisphere weak. Generally, high-income countries reflected a higher degree of compliance. TOPIC 8 CAPITAL ADEQUACY Overview * Adequate capital better able to withstand losses, provide credit through the business cycle and help promote public confidence in banking system. Importance of Capital adequacy * Absorb una nticipated losses and bear on confidence in the FI * Protect uninsured depositors and other stake blockers * Protect FI insurance notes and taxpayers * Protect deposit insurance owners against increases in insurance premiums * To acquire real investments in order to provide financial services e. . equity financing is very important. Capital Adequacy * Capital too low banks may be unable to make high level of losses. * Capital too high banks may not be able to make the most cost-effective use of their resources. Constraint on credit availability. Pre-1988 * Banks regulated using balance weather sheet measures e. g. ratio of capital to assets. * Variations between countries re definitions, required ratios and enforcement of regulations. * 1980s bank leverage increased, OBS derivatives trading increased. * LDC debt = major problem 1988 Basel Capital Accord (Basel I) * G10 agreed to Basel I Only covered credit risk * Capital / risk-adjusted assets 8% * stage 1 capital = sharehold ers equity and retained earnings * degree 2 capital = additional internal and external resources e. g. loan loss reserves * Tier 1 capital / risk-adjusted assets 4% * On-balance-sheet assets assigned to one of four categories * 0% cash and government bonds * 20% claims on OECD banks * 50% residential mortgages * 100% corporate loans, corporate bonds * Off-balance-sheet assets divided into contingent or guarantee contracts and FX/IR forward, futures, option and swap contracts. Two step process (i) infer credit equivalent amounts as product of FV and conversion factor then (ii) multiply amount by risk weight. * OBS market contracts or derivative instruments = potential exposure + current exposure. * Potential exposure credit risk if counterparty defaults in the future. * Current exposure cost of replacing a derivative securities contract at todays prices. 1996 Amendment * Implemented in 1998 * Requires banks to measure and hold capital for market risk. * k is a increasing fact or chosen by regulators (at least 3) VaR is the 99% 10-day value at risk SRC is the specific risk charge Total Capital = 0. 08 x Credit risk RWA + Market risk RWA where market risk RWA = 12. 5 x k x VaR + SRC Basel II (2004) * Implemented in 2007 * Three pillars 1. New minimum capital requirements for credit and operational risk 2. Supervisory review more thorough and same 3. Market discipline more disclosure * Only applied to large outside(a) banks in US * Implemented by securities companies as well as banks in EU Pillar 1 minimum Capital Requirements * Credit risk measurement * Standardised approach (external credit rating based risk weights) * Internal rating based (IRB) Market risk = unvaried * Operational risk * Basic indicant 15% of gross income * Standardised multiplicative factor for income arising from each business line. * Advanced measurement approaches assess 99. 9% flog case loss over one year. * Total capital = 0. 08 x Credit risk RWA + market risk RWA + Operatio nal risk RWA Pillar 2 Supervisory refresh * Importance of effective supervisory review of banks internal assessments of their overall risks. Pillar 3 Market discipline * Increasing transparency public disclosure Basel 2. 5 (Implemented 2011) * Stressed VaR for market risk * incremental risk charge Ensures products such as bonds and derivatives in the trading book have the same capital requirement that they would if they were in the banking book. * Comprehensive risk measure (re credit default correlations) Basel III (2010) * Considerably increase quality and quantity of banks capital * Macroprudential get over systemic risk * Allows time for still transition to new regime * Core capital only retained earnings and common shares * Reserves increased from 2% to 4. 5% * Capital conservation buff 2. 5% of RWA * Countercyclical capital airplane pilot * analyze/monitoring of liquidity funding Introduction of a maximum leverage ratio Capital Definitions and Requirements * Common eq uity 4. 5% of RWA * Tier 1 6% of RWA * Phased implementation of capital levels stretching to Jan 1, 2015 * Phased implementation of capital definition stretching to Jan 1, 2018 Microprudential Features * Greater focus on common equity * Loss-absorbing during stress/crisis period capital conservation airplane pilot * Promoting integrated management of market and counterparty credit risk. * Liquidity standard introduced introduced Jan 1, 2015 Introduced Jan 1, 2018 Available Stable Funding FactorsRequired Stable Funding Factors Macroprudential Factors * Countercyclical buffer * Acts as a brake in good times of high credit growth and a decompressor to restrict credit during downturns. * Within a range of 0-2. 5% * Left to the discretion of national regulators * Dividends limit when capital is below required level * Phased in between Jan 1, 2016 Jan 1, 2019 * Leverage ratio * Target 3% * Ratio of Tier 1 capital to total exposure 3% * Introduced on Jan 1, 2018 after a transition p eriod * SIFIs * Required to hold additional loss absorbency capital, ranging from 1-2. 5% in common equity