Being a Good Friend

Mean Girls Friends are very important because your life would be miserable without them. You need people to talk to sometimes. Sometimes when you’re lonely you just need a friend. Friends are there for you, they need you and you need them. Friends make your life enjoyable. Going behind someone’s back is very wrong and happens at Peters Township sometimes. It can ruin friendships if people find out about their friends doing such a thing.You can lose other friends and people may not like you if they found out what you did. When new kids come to school they don’t really fit in. We need to help them fit in and make new friends. New students usually don’t have any friends before they get to a new school. When a new student arrives we should make them feel welcome and have a day to know them. If you’re getting bullied all you have to do is bring a baseball bat to school.Then hit the people bullying you with it. They won’t bully you anymore. You cou ld tell a teacher instead, but I support the baseball bat idea. To maintain a healthy relationship you have to be honest, respectful, and nice. If you’re not honest they can’t trust you. You have to respect them and they will respect you. If you’re not nice they won’t want to be friends with you. You need to do a lot of things to have a healthy relationship, but there easy and simple things.

Corporate Governance And Shareholders Commerce Essay

Corporate administration and stockholders ‘ wealth have been closely related in history. The two constructs are closely related with different bookmans coming up with their impacts in the organisation. Corporate administration refers to a systematic method of supplying inadvertence and way to the mode in which an organisation operates. Harmonizing to Ruiz-Porras and Lopez-Mateo, corporate administration is concerned with duties and rights of an organisation ‘s direction, stockholders and other stakeholders such as clients and employees. Corporate administration impacts investing determinations of an organisation. Therefore, effectual corporate administration maximizes stockholders wealth and has to be considered when puting. Additionally, Michaelas et al pointed out that effectual corporate administration manages the company internal and external factors which contribute to stockholders ‘ wealth. The writers argued that, houses with effectual corporate administratio n prosper in planetary and domestic market whichultimately maximize stockholders ‘ wealth ( Michaelas, et Al, 1999 ) . Premier Oil is involved in the production of oil and gas, geographic expedition and development. The company is interested in oil and gas in North Sea, Africa, Asia and the Middle East. It has its central office in the UK, London, and has 638 employees by December 2011. It recorded ?827 million as gross in the financial twelvemonth stoping December 2011, an increase of 8 % as compared to twelvemonth 201, besides made a net income of ?175 million in the twelvemonth 2011 an increase of 38 % as compared to twelvemonth 2010. And a net net income of ?171 million during the twelvemonth 2011, an increase of 32 % as compared to twelvemonth 2010. This study is looking at if corporate administration maximizes stockholders wealth of the Premier Oil PCL and its public presentation over a period of four old ages that is 2008 through 2011. This is done by seting in to consideration the company ‘s balance sheet, income statement, hard currency flows statement and the ratios statement. Over the old ages at that place has been recorded an betterment in the hard currency influxs verses escapes every bit good as an improved net income and company liquidness ( Aswath 2007 ) . Even if liabilities as compared to capital increased, during the old fiscal twelvemonth to 44 % , the company is within the Gas, Consumable Fuels and Oil industry ‘s norms. Second, although the liquid assets can non fulfill current liability duties, the Net incomes that were realized are equal to provide for the debts. Harmonizing to the hard currency influxs recorded the company is effectual as in comparing to others in that industry. By December 31 2011, the company had ?205M as ungathered receivable ( Doyle Et Al. 2000 ) . Corporate administration The stakeholders of this company are the stockholders, debitors, creditors, direction, the Board of Director, providers, clients the authorities, and the general populace. Each of these has a distinguishable function to play, as per the organisation ‘s policies. Premier company is a profit-making organisation whose primary end is to maximise the wealth of the stockholders. Therefore, the stockholders have to guarantee that they have met the company ‘s capital part demands. In other words, a portion from supplying fundss, they straight and indirectly take part in the direction procedure of the company. This implies that they oversee the enlisting procedure for the executive and non-executive managers. At the same clip, it is their duty to do effectual and executable determinations in the company ( Graham 2010 ) . As already highlighted, the company has an Executive Board of Directors. This is under the chairmanship of Sir David John. This is the top most organized portion in this organisation, which is carefully appointed by the stockholders. Their major function is to supply the organisation with professional and experiential advice before doing any major determination which affects the full company. This is a baronial thought, because it provides the organisation with the ability to get the service of these experts cheaply. Prosecuting them as parttime workers enables the company to bask such services, which would otherwise be so expensive. The executive board works in concurrence with the non-executive board, which is headed by Mike Welt and Joe Darbi ( Mintzberg 1994 ) . At the same clip, Premier Company regards the involvement of other participants, every bit good. Although, the major aim is to maximise net income, it has become the company ‘s policy to safeguard the involvement of all the other stakeholders. Therefore, in its administration, the company consults groups like the providers, clients, public, and authorities. Oil and gas trade is going really moneymaking. Therefore, it has attracted a batch of participants doing competition stiffer than of all time. In this respect, the company ‘s direction involves each of these in major decision-making. The providers are seasonably and efficaciously paid their dues ; no clients are given measure merchandises as per their outlook. Meanwhile, authorities policies are implemented to avoid legal hassle ( Larson et al. , 1996 ) . Co-operate Governance Theories The theories discussed below give an penetration in corporate administration. Agency Theory In the Premier Company, stockholders are the top most decision-making parties. As the investors, they have a direct control in all the coevalss of the organisation. Because of this, they have felt it better to co-operate with agents to move on their behalf. In the construction of the organisation, there is the Board of Directors ; the Chief Executive Officer ( CEO ) and regional and state managers. Under them, there are the departmental directors oversing the operations of the finance, legal, human resource, gross revenues, selling, buying, operations, and geographic expedition sections ( Doyle Et Al. 2000 ) . These are the professionals specialized in the countries in which they are attached. All of them are given a full clip occupation, so as to acquire adequate clip to to the full dispatch their responsibilities with less restraint. In order to see the answerability and quality end product, direction has come up with schemes to transparently engage them on virtue, supervise, proctor, and actuate them. Each of them is entitled to a good working conditions and attractive wage bundles. Besides, they are involved in a batch of bureaucratic processs to see their boundaries are clearly outlined to do certain that there is harmoniousness and cooperation in all the sections. This is a good motivation because it has helped to actuate these executives. Hence, they have got satisfaction in functioning this organisation. This has motivated them to be focused on the achievement of the organisation ‘s ends ( Brassington & A ; Pettitt 2006 ) . Resources Dependence Theory Premier Oil Company besides relies on the Non-Executive Board. The determination to integrate non-executive squad has helped this company a great trade. It was the stockholder ‘s position that such a board would dwell of high export from different Fieldss after carefully being selected. They would steward the company towards accomplishing both its long and short-run ends. However, in order to make this, they would be expected to demo their dedication and committedness in whatever activity they undertake. It was aware determination because it has enabled the company recognize a enormous growing. The Non-executive Board advises and counsels the Executive Board. Furthermore, in the association of this company, personalities like Welton have enabled it to reconstruct its repute. Therefore, it has won the assurances ( Becht et al. 2003 ) . Decision Premier Oil is an energy company to think with. Its model administration has expanded it from a mere public company to a transnational. The engagement of all the stakeholders in its personal businesss has enabled it to set up a good relationship with all of them. As a consequence, it has managed to enormously turn, therefore crushing all the odds and ends up being one of the bluish bit companies in London. As per the ratios the premier oil company can be said to be sound in its liquidness although is debitors ratios were negative. In footings of Capital it can besides be said to be making good. The company is in a good status to put in for the investors. Recommendations Admiting the successes of the corporate administration, it would be wise to seek and implement the undermentioned recommendations. The direction should see diversifying its activities. Specializing in oil and gas distribution map jeopardizes the fiscal stableness of the company. Alternatively, it should see embarking in other merchandises, such as excavation. This would enable the company to manage the hazards that would happen impacting specifically the energy industry. Premier Oil Company should non merely concentrate on the stockholders as the lone of import participants in its operation. Alternatively, there should be a displacement from this height. The stockholders should non necessary play a dominant function through. The administration scheme of this company should be reviewed. It should non be merely task-oriented. Alternatively, there should be a more human oriented attack, so as to give the work force free infinite to show they creativeness, fresh linguistic communication, and entrepreneurial accomplishments.

Melbournes Weather And Climate Environmental Sciences Essay

Weather affects everybody. Consequently it is of involvement non merely to occupants of an country, but besides to visitants. The undermentioned information is designed merely as a general study ; one to give occupants more cognition of their environment and tourists an thought of what can be expected. Melbourne enjoys a temperate clime with warm-hot summers ; spring and fall are balmy and mild, the winters cool. Melbourne is rarely unbearably cold or unbearably hot, temperature extremes when they do happen see the hotter kingdom of the thermometer doing more jobs than the colder. There is a repute for rain in the metropolis, which is statistically baseless as Melbourne receives merely 50 per centum of the mean rainfall of either Brisbane or Sydney. Possibly it can sometimes be a small unpredictable, nevertheless, it is a comfy environment to be in whatever the season. In fact it is a great topographic point to watch the seasons change, they are so clearly defined and so extremely ocular within the many Parkss and gardens of fall and spring, giving rise to all of natures dramatic beauty and appeals within the confines of a great metropolis. Melbourne lays within the southern hemisphere where the seasons are reversed to those in Europe, North America and most of Asia. Melbourne ‘s alterations of seasons are renown for get downing late, the â€Å" functionary † first twenty-four hours of summer is 21st December, but it seldom feels like summer until mid January or even later. During the summer months out-of-door activities in peculiar the fabulous Melbourne beaches are popular with both locals and visitants.Melbourne ‘s conditions by the monthJANUARY & A ; FEBRUARYIt is high summer in Melbourne during January and February, a typical twenty-four hours is warm and cheery with a refreshing sea zephyr geting from the South in the afternoon. A few yearss are cool and cloudy, a maximal temperature below 20 °C being recorded about one time a hebdomad. There are ever hot yearss and the twelvemonth ‘s highest temperature of about 40 °C is normally recorded during these two months. Some of the hot years s are accompanied by an unpleasant North air current, which can be rather strong. Largely there are merely one or two hot yearss in a row. Occasionally hot conditions may go on for three or more yearss, when the day-to-day visual aspect of that cool refreshing, north bound sea zephyr in the afternoon, becomes that twenty-four hours ‘s most welcome visitant. The twelvemonth ‘s warmest dark, with a minimal temperature of about 24 °C, is besides recorded during these two months. Hot weather usually ends with an disconnected cool alteration when the quicksilver may fall by 10 °C in merely 20 proceedingss. Some of these alterations are dry and waterless ; showers and electrical storms accompany others. High degrees of humidness create uncomfortableness on really few yearss, largely towards the terminal of a hot enchantment. It is non uncommon for a two weeks to go through without rain. On occasions prolonged heavy rain can fall.MarchMarch is a transitional month between s ummer and fall. Hot conditions can be experienced in the first two weeks, when the month ‘s highest temperature of about 35 °C is normally recorded ; it may good be accompanied by a strong northwards air current during the twenty-four hours. The hot conditions normally comes to an terminal with a crisp air current alteration to the sou'-west and a rapid autumn in temperature. Humidity is uncomfortable on about one twenty-four hours merely. Many yearss are mild and cheery although some yearss are cool and cloudy. A maximal temperature below 20 °C is recorded about twice a hebdomad. The afternoon sea zephyr is non near every bit strong as in mid-summer. Nights are perceptibly cooler than in the predating month. Towards the terminal of March, it is rather common for the nightlong temperature to fall below 10 °C on one or two occasions. The month is reasonably dry nevertheless drawn-out heavy rain, falls on occasion.AprilApril is a pleasant month, frequently with enchantment s of all right cheery conditions enduring several yearss during which the temperature on occasion exceeds 25 °C. Every 2nd twelvemonth 30 °C is exceeded. The darks are rather cool with temperatures falling below 10 °C several times a hebdomad. Once in every five old ages an nightlong minimal temperature below 5 °C is recorded. Fog occurs during the early forenoon on a few occasions but clears to a cheery twenty-four hours. There are normally several yearss of strong air current ; largely from the North but the mean wind velocity of 9 kilometers per hr is the lowest of any month. Prolonged heavy rain falls on occasion. In April 1960, 172 millimeter fell within three yearss. On the other manus, April 1923 is the lone rainless calendar month on record.MAYMay is an appreciably cooler month. The last case until spring of temperatures in the low 20s normally occurs in the first two weeks. In May 1904 the temperature exceeded 20 °C on all but two of the first 15 yearss. The first hoars of the twelvemonth occur in the outer suburbs tardily in the month. In the metropolis itself, the coldest dark of the month normally has a minimal temperature of 4 °C, a small excessively high for hoar. Fog occurs on several forenoons but both frost and fog are normally followed by a all right and cheery twenty-four hours. This late fall, early winter period is noteworthy for drawn-out periods of really light air currents in Melbourne, although there are a few yearss of strong air current, largely from the North. Cloudy and showery conditions may prevail for some yearss at a clip, but prolonged heavy rain is rare.JuneThe conditions in June is cold, frequently with enchantments of all right and unagitated conditions. There are more yearss with really light air currents in June than in any other month. It is besides the foggiest month. Fog normally forms in the late eventide and clears by mid-morning, on occasion it may prevail for most of the twenty-four hours. Many yearss a re nebulose, June being the cloudiest month of the twelvemonth. Nights are cold with occasional hoars, largely in the outer suburbs, the lowest temperature for the month in the metropolis normally being about 2 °C. Rain falls on one twenty-four hours in two and sometimes it is in the signifier of mizzle in the forenoon which clears to a all right twenty-four hours. Heavy rain is rare.JULY & A ; AUGUSTThe windiest clip of the twelvemonth in Melbourne begins in July. There may be several yearss in sequence of strong, cold North to northwest air currents, frequently with cloud and some light rain. The conditions is often cold and cloudy. The few yearss of unagitated cheery conditions are accompanied by cold darks with hoar or fog. Fog normally forms late in the eventide and clears by mid-morning, but on occasion persists for the whole twenty-four hours during July. There are normally a few really cold yearss with strong southern air currents and showers, light snow may fall on the hi lls within 35 kilometer of the metropolis Centre. On rare occasions, snow even falls in the metropolis. The twelvemonth ‘s coldest twenty-four hours, with a maximal temperature of about 9 °C, normally occurs during July. Some rain falls on an norm of one twenty-four hours in two ; on some of these yearss there may be merely a small mizzle or a light shower. The highest figure of wet yearss in any one-month in the metropolis is 27, in August 1939. However, heavy rain is rare at this clip of the twelvemonth. In late August there are some warmer yearss, when the temperature normally reaches 20 °C for the first clip since May.SeptemberSeptember is the first month of spring, which is the most mutable season of the twelvemonth. A full scope of conditions may be experienced within a few yearss, from warm, unagitated and cheery to cold, windy and showery. There are several cloudy to cloud yearss. September is another blowy month. Most strong air currents are from the North, these frequently occur on the heater yearss. There besides are on occasion strong cold sou'-west air currents with showery conditions. The temperature normally reaches the mid-20s for the first clip since April. Nights are cool, hoar is reasonably rare, and the lowest temperature for the month in the metropolis being about 4 °C. Fog is uncommon. Rain is higher in spring than in winter, falling on one twenty-four hours in two. There are yearss with merely a small mizzle or a light shower but heavy rain falls on occasion.OctoberThe mutable conditions of spring continues in October, there is greater contrast between the heater and colder yearss than in the predating month. The maximal temperature exceeds 25 °C one time a hebdomad. However, it besides fails to make 15 °C one time a hebdomad. There are several cloudy to cloud yearss and many yearss are blowy. Most strong air currents are northwards and warm, but there are on occasion strong cold sou'-west air currents conveying rainy con ditions. Warm windy conditions may be followed by a sudden alteration to colder conditions with showers. Rain falls on about one twenty-four hours in two, some of it heavy.NovemberMutable and blowy conditions continues in November. There is frequently great contrast in the temperature from twenty-four hours to twenty-four hours. Warm to hot and cheery yearss and cold and rainy yearss may follow each other in rapid sequence. There are besides some cloudy to cloud yearss. Nights are normally mild. Many yearss are blowy. Most strong air currents are northwards and warm, nevertheless cold showery conditions with strong southern air currents can happen. The month ‘s warmest twenty-four hours registers a maximal temperature of about 34 °C while the month ‘s coldest twenty-four hours experiences a maximal temperature of merely 16 °C. Some of the most terrible storms with gales and rain have occurred at this clip of the twelvemonth.DecemberThe conditions is less mutable in D ecember than it is in November, although it still can be rather varied. Cool and cloudy conditions can predominate for some yearss at a clip during which the temperature remains below 20 °C. There are besides some hot yearss, temperatures transcending 30 °C on about six occasions, but hot conditions does non frequently last for more than two yearss at a clip. There have, nevertheless, been occasions when it persisted for much longer. Hot yearss are sometimes accompanied by an unpleasant North air current, which can be rather strong. On about two yearss high temperatures are associated with high humidness and there may be electrical storms in the late afternoon on these occasions. Hot weather frequently comes to an terminal with an disconnected cool alteration when the temperature may fall by approximately 10 °C in 20 proceedingss. Some of these alterations are accompanied by showers and electrical storms so followed by strong and cold southwesterly air currents. Nights are nor mally mild yet during hot weather the temperature overnight may non fall below 20 °C. Heavy rain falls on occasions. Like many urban environments, Melbourne faces some important environmental issues, many of them associating to the metropolis ‘s big urban footmark and urban conurbation and the demand for substructure and services. One such issue is H2O use, drouth and low rainfall. Drought in Victoria, low rainfalls and high temperatures deplete Melbourne H2O supplies and clime alteration may hold a long-run impact on the H2O supplies of Melbourne. [ 96 ] Melbourne has been in a drouth since 1997. [ 97 ] In response to low H2O supplies and low rainfall due to drought, the authorities implemented H2O limitations and a scope of other options including: H2O recycling strategies for the metropolis, inducements for family H2O armored combat vehicles, greywater systems, H2O ingestion consciousness enterprises, and other H2O salvaging and recycle enterprises ; besides, in June 2007, the Bracks Government announced that a $ 3.1 billion Wonthaggi desalinization works would be built on Victoria ‘s south-east seashore, capable of handling 150 billion liters of H2O per twelvemonth, [ 98 ] every bit good as a 70A kilometer ( 43 myocardial infarction ) grapevine from the Goulburn country in Victoria ‘s North to Melbourne and a new H2O grapevine associating Melbourne and Geelong. Both undertakings are being conducted under controversial Public-Private Partnerships and a battalion of independent studies have found that neither undertaking is required to provide H2O to the metropolis and that Sustainable Water Management is the best solution and in the interim, the drouth must be weathered. [ 99 ] In response to Attribution of recent clime alteration, the City of Melbourne, in 2002, set a mark to cut down C emanations to net nothing by 2020 [ 100 ] and Moreland City Council established the Zero Moreland plan, nevertheless non all metropolitan municipalities have followed, with the City of Glen Eira notably make up one's minding in 2009 non to go carbon impersonal. [ 101 ] Melbourne has one of the largest urban footmarks in the universe due to its low denseness lodging, ensuing in a huge suburban conurbation, with a high degree of auto dependance and minimum public conveyance outside of interior countries. [ 102 ] Much of the flora within the metropolis are non-native species, most of European beginning, and in many instances plays host to invasive species and noxious weeds. [ 103 ] Significant introduced urban plagues include the Common Myna, [ 104 ] Feral Pigeon, [ 105 ] Brown Rat, [ 106 ] HYPERLINK â€Å" # cite_note-106 † [ 107 ] European Wasp, [ 108 ] Common Starling and Red Fox. [ 109 ] Many outlying suburbs, peculiarly towards the Yarra Valley and the hills to the north-east and east, have gone for extended periods without regenerative fires taking to a deficiency of saplings and underbrush in urbanized native bushland. The Department of Sustainability and Environment partly addresses this job by on a regular basis firing off. [ 110 ] HYP ERLINK â€Å" # cite_note-stateoffire-110 † [ 111 ] Several national Parkss have been designated around the urban country of Melbourne, including the Mornington Peninsula National Park, Port Phillip Heads Marine National Park and Point Nepean National Park in the south E, Organ Pipes National Park to the North and Dandenong Ranges National Park to the E. There are besides a figure of important province Parkss merely outside Melbourne. [ 112 ] HYPERLINK â€Å" # cite_note-112 † [ 113 ] Duty for modulating pollution falls under the legal power of the EPA Victoria and several local councils. Air pollution, by universe criterions, is classified as being good. Summer and fall are the worst times of twelvemonth for atmospheric haze in the urban country. [ 90 ] HYPERLINK â€Å" # cite_note-113 † [ 114 ] Another recent environmental issue in Melbourne was the Victorian authorities undertaking of channel intensifying Melbourne Ports by dredging Port Phillip Bay – the Port Phillip Channel Deepening Project. It was capable to controversy and rigorous ordinances among frights that beaches and marine wildlife could be affected by the perturbation of heavy metals and other industrial deposits. [ 74 ] HYPERLINK â€Å" # cite_note-114 † [ 115 ] Other major pollution jobs in Melbourne include degrees of bacteriums including E. coli in the Yarra River and its feeders caused by infected systems, [ 116 ] every bit good as litter. Up to 350,000 coffin nail butts enter the storm H2O overflow every twenty-four hours. [ 117 ] Several plans are being implemented to understate beach and river pollution. [ 74 ] HYPERLINK â€Å" # cite_note-litter1-117 † [ 118 ] In February 2010, The Transition Decade, an enterprise to passage human society, economic sciences and environment towards sustainability, was launched in Melbourne. [ 119 ] Melbourne has a repute for its mutable conditions. A tip for any visitant is to be prepared for anything – take an umbrella and wear beds that can be worn or removed as needed! As a general regulation, Melbourne enjoys a temperate clime with warm to hot summers, mild and sometimes barmy springs and fall, and cool winters. While Melbourne has a repute for rain, the metropolis really receives less rainfall than either Brisbane or Sydney. Melbourne is an first-class topographic point to see the seasons change. In summer, most people head out to see our aureate beaches. In fall, see the glorious leaf of the many European-style Parkss that fringe the CBD.A In winter, Melburnians enjoy the heat of cozy coffeehouse and bars. Spring is a clip for reclamation – a great clip to head back into our Parkss and revel in our beautiful gardens.

Decision Making Assessment of your organization Term Paper

Decision Making Assessment of your organization - Term Paper Example The problem needs to be defined first and there should not be any type of disagreement between the stakeholder and the decision maker. The criteria, requirements and goals need to be set properly. For effective decision making the problem should be first defined. The problem statement should clearly state the initial and desired conditions. The root cause along with the limiting assumptions needs to be identified. The second step of decision making is to set the requirements clearly. By requirement it is meant that conditions that are the acceptable solution to the problem must meet. Again solution to the problem must meet the requirement. The third step of decision making deals with setting up the goal. Goal does not only mean requirement to be met but it means clearly defining the wants and desires. The forth step defines identification of the alternatives. The alternatives should be close to the requirements of the condition. It transforms the initial condition into desired condit ion. The fifth step is to clearly define the criteria for the problem solution. For judging the effectiveness of the alternative, setting of criteria becomes important. Whether the alternative properly achieves the goal or not is dependent on the definition of criteria. For solving the decision problem proper tool needs to be used. Selection of proper tool is a challenging task and depends on the decision of the decision maker. In the seventh step the alternatives are mapped with the criteria to see whether the alternatives are in sync with the criteria. After this evaluation is done the decision maker now ranks the alternatives and chooses the most promising alternatives. In the final step the alternatives chosen by the decision maker needs to be validated with the requirement and goal of the problem (Fulop, n.d., pp. 1-3). This study assesses the decision making process of US Army Corp Engineer and helps the senior leaders in understanding the decision making culture of the organi zation. Decision making environment US Army Corp Engineer has a large team of dedicated soldiers and civilians who are delivering engineering services to their customers. Environmental sustainability is the guiding principal of the organization, which encourages the employees to work diligently and efficiently to strengthen the communications of United States by building proper infrastructure. US Army Corp aims towards promoting stability and improving quality of life. Developing the waterways of America is one of the chief mottos of US Army Corp. By doing this they aim to energize the economy of the nation by improving the movement of the commodities and providing recreation opportunities to the lakes and marinas. Therefore most of the decision making process involves the procedures related to the development of the waterways (About Us, 2013). Behind any decision taken by the US Corp Engineers the main reason is to â€Å"strengthen the security system, energize the economy and red uce the risks from disasters† (Mission & Vision, 2013). For this motive a group of skilled individual is constantly working to provide innovative and sustainable solutions (Mission & Vision, 2013) In the policy of the US Army Corp a special guidance to the planning of integrated watershed and coastal system has been found. The development clearly states that civil works planning must incorporate watershed whether the planning involves project viability study or

Audit-Risks Essay Example | Topics and Well Written Essays - 1000 words

Audit-Risks - Essay Example the core operating system has been replaced by a new one that is expected to provide highly efficient and secured transactions from the following three points of sales of the Bank: (a) Inherent Risk: The federal government withdrew funding from the sustainable living program that was launched by the bank on discounted lending rates. The impact of Bank business is not direct because the funding from government was directly to the borrowers (this is an assumption here!!). However the discounts offered by Bank now will not be adequate to reduce cost to consumers which means the applications of Home Loan will reduce once again. The withdrawal of its funding by the Government was a measure to cut expenses which was unexpected and hence the Risk is taken as Inherent. The risk, however, is proposed to be converted to an Empirical Risk and logged under the known Business Risks whereby the methodology will be addressed by the audit team. (b) Technology outage in one of the locations: This outage caused inconsistency in the bank transactions and unwarranted embarrassment to the Customers. A Technology Risk that directly impact Customers has cascaded effect on reputation loss and hence causing exposure to a business risk. The incident analysis, root cause analysis, corrective actions and preventive actions performed by the Bank pertaining to this incident is proposed to be assessed by the audit team. The Technology Risks will be assessed by the auditors to verify the proactive controls in place and the control effectiveness measurement shall be undertaken (Basel Committee on Banking Supervision, 2003). (c) Money Laundering by one of the employees and more cases of Money laundering suspected in the Bank: This event has brought to surface gaps in management of economic risks, business risks, & audit risks due to weakness in control & detection of risks due to fraudulent activities. The bank has lost money and lost reputation in market (can cause impact to business) due to

Case study Research Paper Example | Topics and Well Written Essays - 750 words - 4

Case study - Research Paper Example The attending physician decided to put her to sleep by administering sedative. Not wanting to give sedative for fears of developing addiction, the doctor advised Angel’s parents to consult a psychologist. During the talk with the psychologist, the couple narrated that their daughter only manifested this reaction once, a day after they came back from the hospital because Angel was confined when she sprained her left ankle due to a biking accident. The couple also reported that their daughter had previous episodes of being tachypnic upon the sight of injection and fainting shortly afterwards, even after the administration of shot. The couple thought these were because of Angel’s diabetes, and did not pay any attention to them. Because of Angel’s young age, the pain might be the major contributing and the primary factor for her trypanophobia (Deacon and Abramowitz, 2006). However, the fear of fainting might have exacerbated the condition, and may have made the fear of needles more life-threatening (Du et al., 2008). Because of this, it is the fear of pain that should be important to be addressed first. Angel might have been classically conditioned of experiencing pain with her every injection. The classical conditioning theory suggests that the fear of needles is actually a protective response against pain. In this scenario, the elicited response is fear. The unconditioned stimulus causing fear is when Angel feels pain, and the conditioned stimulus is the sight of syringes. Thus, after classical conditioning, Angel already associates pain with the syringes, and thus fears seeing syringes already (Scott, 2009). To reverse the fear brought about by classical conditioning, a classical extinction should be performed. In this method, the unconditioned stimulus, which is pain, should be unlinked to the sight of the syringes. This can be performed by vicarious learning approach, in which Angel will learn not to fear the syringe by looking at

Battle between the Pluralist and Unitary of Reference in Australia Essay

Battle between the Pluralist and Unitary of Reference in Australia - Essay Example The most commonly discussed frames of references for analyzing the employee relations include the unitary and pluralist perspectives. These two concepts bear contrasting differences with respect to each other and help the management deal with situations and conflicts in an effective manner. This paper shall discuss the workplace relations in Australia with respect to the unitary and pluralist frames of reference. 2. Differences between Unitary and Pluralist Perspective The unitary perspective includes the concept of shared goals and unified vision among all the employees and employers. According to Agarwal (2008), the believers of this perspective are under the impression that success can be attained only if the members of the organization possess the same views and business objectives, in spite of their differing job descriptions and nature of tasks. Whereas according to Edwards (2003); some school of thoughts believe that unitary frame of reference bears minimal degree of practical ity for most situations since it holds the assumption that all employees are loyal to the organization and the management makes all decisions in accordance with the best interests of their employees. Such organizations do not promote the concept of trade unions, rather stress on the efforts involving team building and management. Trade unions are discouraged so that the probability of occurrence of conflicts is minimized. Budd and Bhave (2006) explained that any conflicts that may arise in the organization will be simply an outcome of poor management or misunderstanding, rather than conflict of interests. In the modern times, human resources management has taken over to monitor the employee relations of organizations. On the contrary, pluralist frame of reference caters the self-interests of employees that might cause competition and motivation of fulfillment of personal goals more than harmony and common interests. Individuals with common goals and interests may develop unions to s upport each other in the presence of conflicts. Edwards (2003) stated that whenever different sources of authority are present, the probability of greater conflicts is witnessed. Some of the conflicts of interests might arise due to the employees’ demand for higher salaries and employers’ demand for lower wages etc. The conflict of interests creates dissimilar visions and objectives and thus, ends up affecting the productivity and revenues of the organization. The management (of such frame of reference) is often witnessed to serve more time in coordination and motivating employees, rather than controlling and improvising. 3. Workplace Relations in Australia Australia is counted amongst the regions that had been under the affect of plurality frame of reference since the initial years of the twentieth century. This was the time when unions played a vital role in influencing the structure of the employee and industrial relations. Leigh (2005) provided an estimate to highl ight the degree of integration of unions in Australia at that time; at least 2 from 5 employees were known to be a part of some union in their organization. The gradual introduction of policies and systems by the government caused changes in the traditional structure of Australian employee relations; their intervention has resulted in the

Visual Analysis Assessment Form of Figurative Work Assignment

Visual Analysis Assessment Form of Figurative Work - Assignment Example In this painting, Hockney uses a collection of watercolors to create a deep impression of the skies at night. In addition, David uses five watercolors to paint a picture of the seas and atmosphere at night. The blue colors in the foreground give a feel of cool seawater at night. Cool colors and the foreground give an illusion of calmness in the sea at night. David also manages to paint brown watercolors to describe the rocky mature of the seabed (Castillo 77). A collection of brown rocks beneath the sea gives a different texture from the calm, smooth waters of the blue sea. David Hockney manages to paint the reflection of the sun on the blue sea. A mixture of orange and yellow colors is used to create a perfect reflection of the sun on the waters. The artist uses yellow colors towards the inside of the sun to indicate high intensities of heat. Orange reflections toward the periphery of the reflection indicate that the sun is less hot on the outside part. In this painting, there is a great aspect of tonal range. Bright colors including orange and red have been used in the sky. Orange color shows the intensity f brightness of the sun. The clouds n the sky are painted red to show that they are closely associated with the sun (Fichner-Rathus 71). The reflection of clouds in the blue sea has a brown color showing a reduction in tone. In this painting light seems to be coming from the sky. There is total darkness at the vanishing point between the sky and the sea. There are certain striking features about this picture. What has caught my attention most is the yellow and orange reflection of the sun I the foreground. David Hockney gives an impression of a brighter sun in the sea than at the sky level. The intensity of brightness of the sun is greater at the water level than at the sea. This piece of artwork manages to create movement. David Hockney uses waves and water reflections to create movement in the picture. Brown

Product Designs & Development Dissertation Example | Topics and Well Written Essays - 1750 words

Product Designs & Development - Dissertation Example As the report declares each and every product in business is offered with an intention of making profits as it fulfills the consumer’s need. As such, a well conceived product is bound to sell more, have wider reach, increase market share, improve profit margins and possibly carve out new opportunities for the business. In other words product design is a crucial element in the production or manufacture, and by extension marketing of physical products. A product should be designed to meet specific needs of the society with other factors taken into due consideration. There is therefore a correlation between product development, social culture and business success. According to the essay findings China as a country has for long maintained its culture of Confucianism and Socialism even in the business environment. Confucianism demands submission to authority and near absolute obedience in every situation. This culture of course has its pros and cons when adopted in the business setup. While several independent surveys have been conducted concerning product development and people’s culture, none has been conducted to establish the relationship between the two. This study seeks to bridge this gap with focus on art and craft businesses in China. This study will be limited to art and craft businesses within the borders of China and will hence preclude any businesses engaging in art and craft or DIY products outside the country.

Hearing Loss Attributed to the 21st Century use of Personal Music Player Essay Example for Free

Hearing Loss Attributed to the 21st Century use of Personal Music Player Essay In the recent few years leisure noise has become one of the threats to the hearing as it can reach high volumes and an increasing number of people are exposed. The danger is not only exposed by the music from the clubs but also it has been extended to the new generation of music players which are known to produce sounds at high volumes. Across Europe it is estimated that millions of people are using personal music players on a daily basis and in most of the cases these gadgets are being used inappropriately putting the user at a great risk of ear damage. This is a serious concern as the emerging technology may cause numerous problems to the people who are fond of using these entertainment gadgets. To add salt into the injury the users are exposing themselves to this particular danger for a long time as they are spending substantial time listening to music using ear phones. The amount of time one exposes to the sound of loud music from the personal music players increases the chances of hearing loss. The children and the youth are at risk as they have been noted to constitute the highest proportion of users. In this paper I will discuss the dangers involved in the use of personal music player and at the same time bring into the understanding who should be blamed for the hearing loss as a result of the constant use of these gadgets. Is it the makers of the personal music players or should we blame the users for putting their life at risk? A scientific study that was carried out for the European Union revealed that noise from the personal music players is a routine pollution for many people. It threatens permanent damage of the ear to as many as hundred million people in Europe and other parts of the world. The report indicated that those people who listened to the music for a continuous five hours per week on high volume were exposing themselves to high noise than it is allowed in the factory work places. This means that users of the personal music player who prefer to listen to their music on high volume are at a worse position than workers who are located in a noisy factory in an industrial hub. (Linkov,I and Steevens,J 2009 359) Experts argue that the maximum volume from these equipments can generate as much noise as an aero plane that is taking off. That kind of noise is enough to make a person have a quick and permanent hearing loss. The worst thing according to this report is that the users do not realize the problem until very late. This is the time when the damage has already been caused and nothing can be done about it. It is a very sad situation where a young person with bright future prospects losses his or her ability to hear at such an early age, it can be a very devastating experience but whom do we blame? Do we pass the buck to the manufacturer of these gadgets fro their neglect or do we blame the users for sometimes knowingly exposing themselves to dangers through their constant use of the music players. (Jameson,P and Romer,D 2008 347) The MP3 generation is headed for permanent hearing impairment in the cause of their lives. The youth are at the greatest risk as well as the older people too, in twenty seven countries across Europe it is estimated that fifty to a hundred million people out of five hundred people may be listening to a portable personal music player at any given time. Equivalents of five percent listeners who expose themselves to these new generation entertainment gadgets for more than one hour are at the greatest risk. These statistics have raised fears among some people prompting them to take some actions so as to avoid a future generation which has numerous problems which has been caused by things which can only be described as luxurious. In the year 2006 a man in Louisiana sued one of the manufacturing firms, The Apple claiming that this company had failed to take enough steps to prevent the problem of hearing loss among the users of one its popular product, the iPod. The suit which was filed in a federal district court in California city of San Jose claimed that iPod produces a sound which is as loud as one hundred and fifteen decibels when the maximum sound that is considered safe for listening is eighty five decibels. To this man the Apple Company was to blame for the problem that is threatening to have millions of deaf people in some years to come. I tend to disagree with his sentiments as it is clearly evident that the ipods sold by this company and many other manufacturer comes with a warning in the manual where the users are warned about the dangers they expose themselves into through playing the music in high volumes from their personal music players. It is blatantly clear that the users expose themselves to the risk of hearing loss through ignoring the warnings given by the manufacturers. The companies can not escape blame too, such warnings are printed using very tiny fonts such that not all the users might get a chance to read the small inscriptions which are usually placed on a page where the user might not even see. (Kirk,R and Mayshork,C 2007 73) The risk involved do not only come from ipods, the portable phones and personal stereos pose a similar problem as their earphones leads to a high sound exposure than any other type of a listening device. It has been stressed that young people who continue to expose themselves through listening to the high volume music from their music devices usually run into the risk of developing some hearing complications by the time they hit their twenties. Problems such as persistent tinnitus which is induced by high volume music has been reported common among the people in their youth and are constant users of the personal music devices. Despite this problem the same people continue using these devices. Therefore the problem squarely lies with the users, they are clearly aware of the risks involved, they have gone through numerous problems which have been as a result of their insatiable appetite for entertainment but they still continue to expose themselves to the risk. This can only be termed as deliberate move by these users to harm themselves and it is for this reason we can not blame the companies for the problems that are being experienced by the MP3 generation. The manufacturing firms only came to fill the gap that existed; they offer satisfaction to the people who are keen on entertainment especially when they are on move. They have clearly indicated the dangers one can expose him or herself to if the device is not used properly, that is if it is put on high volumes but the users choose to ignore such information for their personal reasons. (Tulchinsky,T and Varavikova,N 2000 285) The choices we make in life determine the direction we head, if we make the right ones we will always be on the right direction, if we happen to take the wrong choices as we mostly do then we are bound to blame others for the trouble we may get ourselves into later in our lives. It is extremely important for us to make the right decision as pertaining what we do as the opposite can lead to devastating effects. People have a choice of either buying a personal music player or any other similar device, they make a choice as to whether they will listen to the music high or low, it is basically a matter of choice. There is nothing about MP3 technology that can directly lead to hearing loss. It is the choice we make. For those users who choose to always put their devices at manageable and recommended sounds the problem of hearing impairment might not affect them but for those who choose to ignore the warnings given by the manufacturers, this problem will affect the rest of their lives. They just make a mistake of listening to the music on loud volumes for too long therefore exposing themselves to al manner of dangers associated with the noise. (Chan,S and Kwok,S 2003 34) The European Union is planning to regulate the volumes on personal music players and other stereos due to the fears that usage of these devices is causing the damage to the ears. This action has been precipitated by the findings of the scientific commission which was given a task of coming out with ways in to which this problem that is threatening the ability of million to hear can be tackled. In normal circumstances the personal music players are allowed to go up to one hundred decibels but when it used with an inbuilt headphones the sound can go up to one hundred and twenty. This is way above the recommended safe sound volumes which are close to eighty five. The recommended sound levels by the European Union committee are eighty, a figure which has been pointed out as safe enough to warrant any fears. This clearly points out that it is only a matter of educating the users on how they are supposed to go about listening to music using their sophisticated technology. If someone decided to ignore the message, he or she can not blame the manufacturing company for the problems that hearing problems which might occur later in life due to inappropriate use of the device (Linkov,I and Steevens,J 2009 359) For the sake of those who ignore the information given by the manufacturers, the makers of these devices should be advised to limit the volume levels so that they do not exceed the recommended limits. Though this might affect their sales it is the right thing to do as it will save those who have a problem following the given instructions. The company will in the short term suffer minimal losses but in the long term they will have more users as they will have expanded the markets as the effects of these devices to the ears will be minimal. The users will have won the confident of the music players as they have been set according to the standards which are considered safe for average use. (Davis,G 2004 40) The government can not limit the time a given person will spend on the personal music player. This is an individual choice; we spend as much time as we can get on these entertainment gadgets. Therefore it is up to the users to limit themselves as to how long they are going to be exposed . The user should ensure that they spend less time listening to the music through their devices to minimise the risk involved. All these points indicate that the manufacturing companies have no role to play as far as the usage of the personal music player is concerned. Their duty is to inform the users of the dangers involved through playing it loud and continuos exposure over a long period. The rest lies with the person using the gadget to decide how much time he or she is going to spend listening and on what volume they will get their music. If one decides to put his or her health at risk you can not turn at the company and blame it for the presonal problems which were as aresult of own volition. The government has the responsibility of ensuring that the manufacturing company follow the standards as far as making of the personal music players is concerned. This will go a long way in saving the users who are conscious about their health. The recommeded standards should include limiting the volume settings to a particular level which can not harm the user even if the decide to ignore the warnings. People need to take a responsibility as far as their actions are concerned. There is a need for every user to take precautiosn as far as usage of these devices is concerned. Inappropriate use can lead to devastatiting health effects which would have been prevented if the user was careful. Technology advancement has come to make our lives easier and more enjoyable. This can only be achieved if we use this technology appropriately,use of personal music player beyond the recommended sound volume can lead to seroius effects which are not related to the manufacturing. The user have all the responsibility to ensure that this piece of sophistication does not harm him or her rather it serves the right purpose which is entertainment. (Markel,G 2007 25) The manufacturing company should carry a warning on the users who violate the instructions which comes along with the product. They have a responsibility to save the end users from their own ignorance. They can do this through offering and sponsoring sessions where users get to be taught on the proper methods of handling these entertainment equipement. This can help save some people but the biggest part should be played by the end user,they must use the device responsbly so as to avoid complications that might be brought by high sound volumes besides the time spent listening to the music at the expense of other important actiivities such as studying. The sole responsbility of the hearing loss as a result of inappropriate use of the personal music player and other related devices lies squarely on the user. He or she has the ability to control its use and therefore ealding a healthy life. (Anderson,B 2004 103) Work Cited Tulchinsky,T and Varavikova,N The New Public Health:An Introduction for the 21st Century,Academic Press (2000) Linkov,I and Steevens,J Nanomaterials ,Spring Publishers (2009) Davis,G How to do Everything with your iPod and iPod Mini,Mac Graw Hill Professionals (2004) Chan,S and Kwok,S Culture and Humanity in the new Millenium:the Future of Human Value Chinese University Press (2003) Kirk,R and Mayshork,C Personal Health in Ecological Perspective,Mosby (2007) Markel,G Defeating the 8 Demons of Distraction,Geraldine Markel (2007) Jameson,P and Romer,D The Changing Portrayal of the Adloescents on the Media Since 1950,Oxford University Press (2008) Anderson,B Bringing Business to Life:Achieving Corporate Social Responsibility,ASQ Quality Publishers (2004)

The Importance Of Export Diversification

The Importance Of Export Diversification Earlier a countrys economic development was based either on the degree of specialization or diversification of a countrys production and trade structure. Based on Adam Smiths concept towards division of labour and specialization for economic growth and development to Heckscher-Ohlin Samuelson (HOS) model of international trade, countries should specialize in producing and specializing in the goods in which they have a comparative advantage. However, after the Second World War, the idea was that economic growth and development may be achieved by export diversification (not specialization). There were active efforts by the government to promote industrialization and economic growth. Export diversification is often the primary objective of many developed countries. Export diversification is also equally important for many developing countries. Some of the developing countries are dependent on relatively small range of products, generally agricultural commodities. In other words, primary products constitute a large percentage of their overall export earnings. Some economists such as Prebisch have even suggested that there is a long term tendency for primary product prices to decline vis-à  -vis those for manufactured goods. Countries that are commodity dependent or have a narrow export basket usually faces export instability which arises from inelastic and unstable global demand. This can consequently have a significant adverse impact on the macro economy of least developed economies in terms of investment and employment. Thus export diversification is one means to alleviate these constraints. Export diversification refers to the move from traditional to non trad itional exports. Developing countries should diversify their exports since this can; for example, help them to overcome export instability. Diversifying the export portfolio could intensify and accelerate the economic growth. Export instability could discourage necessary investments in the economy by risk-averse firms, increase macroeconomic uncertainty and be damaging to longer term economic growth. Export diversification could therefore help to stabilize export earnings in the longer run (Ghosh and Ostry, 1994; Bleaney and Greenaway, 2001). Countries with the slightest level of export diversification are those which face instability in export earnings. Some examples of countries which have instability in export earnings due to very heavy reliance on exports of one or two commodities are Kiribati, Samoa, Tuvalu and the Marshall Islands. Reasons for export diversification Export diversification may be an important issue for developing countries for several reasons. First, a diversified bundle of export products provides a hedge towards price variations and shocks in specific product markets (Bertinelli et al., 2006; Levchenko and di Giovanni, 2006). Second, the type of products exported might affect economic growth and the potential for structural change (Hausmann et al., 2007; Hausmann and Klinger, 2006; Whang, 2006). Third, export diversification in the direction of more sophisticated products may be beneficial for economic development. Given these potential benefits of export diversification, an important policy question is what a country can do to diversify its exports. For poor countries to grow rich, it is important for them to modify the composition of their exports which will enable them to look more like that of rich countries. For over 50 years, economic and export diversification has been given high importance on the list of priorities for development policy. The argument was based on the observation that dependence on primary commodity production and exportation by developing countries expose them to commodity shocks, price fluctuations and declining terms of trade. As a result, a countrys foreign exchange reserves and the ability to have funds for imported inputs become subject to instability and uncertainty. The debates about the Prebisch-Singer hypothesis (1959) and the need for industrialization gave priority to diversify economies away from primary commodities because of unfavorable and declining terms of trade, slow productivity growth, and relatively low value added. There are several reasons for developing countries to have export diversification. Firstly, diversifying their bundle of exports will protect them from the risk of unpredictable declining trend in international prices of primary exportable commodities that, in turn, lead to unstable export earnings. Export diversification could therefore help out to stabilize export earnings in the longer run (Ostry, 1994; Greenaway, 2001). FAO (2004) maintains that due to the absence of export diversification in developing countries, decline and fluctuations in export earnings have negatively influenced income, investment and employment. Diversification provides the opportunities to extend investment risks over a wider portfolio of economic sector which eventually increase income (Acemoglu and Zilibotti 1997). Romer (1990) believes that diversification can be seen as an input factor that has an effect of increasing the productivity of other factors of production. Through exports it is also possible to build an environment that creates competition and as a result acquire new skills. Overall economic growth and acquisition of human capital may be slow if there is the absence of pressure from outside competitive forces (Husted and Melvin, 2007). Diversification helps countries to hedge against adverse terms of trade shocks by stabilizing export revenues. It enables them to direct positive terms of trade shocks into growth, knowledge spillovers and increasing returns to scale. Other industries in the country can also gain as export diversification can lead to knowledge spillovers from new techniques of production, management or marketing practices (AminGutierrez de Pineresand Ferrantino, 2000). Furthermore economic growth and structural change depends upon the type of products that is being traded (Hausmann et al., 2007; Hausmann and Klinger, 2006; Whang, 2006). Thus through export diversification, an economy can progress towards the production and exportation of sophisticated products which may highly contributes towards economic development. Export diversification allows the government of an economy to achieve some of its macroeconomic objectives namely sustainable economic growth, satisfactory balance of payment situation, employment and redistribution of income. Strategies to promote export diversification As we see there are potential benefits of export diversification, but the question remains that what a country can do to diversify its exports. Potential determinants of export diversification, such as country size and level of development, trade costs, international distance, and the costs of domestic entry are all potentially associated with larger diversification. What can encourage export diversification? All successful high growth economies have had strategies to promote export diversification. These strategies include: 1. Financial sector development and Foreign Direct Investment (FDI) Harding and Javorcik (2007) consider financial sector development and Foreign Direct Investment (FDI) can be helpful in promoting diversification. FDI can encourage exports of host countries by boosting domestic capital for exports, serving to transfer technology and new products for exports, making access to new and large foreign markets easy and improving technical and management skills. 2. Reduce Costs The main debate is associated to cost as export diversification is rather sensitive to costs. Kehoe and Ruhl (2003) with episodes of trade liberalization across 18 countries found variable trade costs to be related with extensive growth margin. Lower cost means that there are fewer obstacles for domestic firm when exporting. The World Bank Doing Business survey through its Trading Across Borders section has included information on the number of procedures required for importing and exporting, as well as the time taken to comply with them. It also included trade costs such as document costs, inland transport costs, customs costs, ports costs, administrative costs and so on. In broad terms, for the promotion of export diversification there must be incentive to make improvement on trade facilitation, i.e. set policy measures to reduce costs. Such policy measures include lowering domestic barriers to entry; facilitate company registration by reducing number of procedures and applying a f ixed registration fee, and removing the need for pre-tax payments. 3. Lowering barriers Lower barriers to firm entry and lower international trade costs, constitutes an important way in which developing countries can help diversify their export baskets. Export margin can be affected by changes in tariff rates and preferences (Debaere and Mostashari, 2005). In policy terms, one efficient way for developing countries to promote export diversification is to center regulatory reform efforts on making entry procedures simpler and less expensive, as well as on trade facilitation measures. 4. Learning-by-doing The endogenous growth model states that exports can be more diversified through learning-by-doing and learning-by-exporting and by adopting practices of developed countries (Pineres and Ferrantino, 1997) 5. Role of Government The government of an economy should play a leading role in the promotion of export. Investment should be directed into various sectors of industry. In so doing, the Government can make sure that investment is not being undertaken on more than just one specific sector so that a diverse industrial base can be built. The Government should provide a favorable environment to attracting new investment in the country. There may also be provision for favorable tax treatment to firms, tax holidays for export oriented undertakings, input used in the production of exports can also be exempted from value-added tax. Subsidies play an important role in promoting exports. Government can introduce cash incentive scheme which may benefit firms such as providing them with subsidies which will consequently encourage trade.. 6. Research and Development Efforts can be put into the RD activities to upgrade the level of industry. This can be done by the help of fiscal and financial incentives which will stimulate RD and technological innovation activities. Besides the Government, the banking system and other financial authorities should offer services to diversify and strengthen a countrys export. The banking system can facilitate diversification by its loan patterns. Schemes to diversify and promote exports need to be complemented by a suitable combination of fiscal, monetary and exchange rate policies in order to be successful. 7. Variation in the structure of demand Imbs and Wacziarg (2003) proposed that a growing demand for a range of goods followed by an increase in a countrys income may lead to diversification. In other word, variation in the structure of demand leads to change in a countrys production pattern. Constraints to export diversification In spite of the liberalization in the export sector, there are still the presence of certain issues which limit export diversification especially in least developed countries. Klinger and Lederman put together on Hausmann and Rodrik (2003) to investigate a causal relationship from market failures to inadequate diversification. There may be clash with other national policies in an attempt to promote exports. Export diversification at times may be hindered by a number of factors: Low income elasticities of Demand Some developing countries are failing to export primary products due to the low income elasticities of demand for their primary products. Furthermore, prospects for developing countries to provide manufactured exports are poor because of the competition faced with the industrialized countries. Lack of finance Lack of adequate export finance is identified as a major constraint. Small and medium exporters tend to be more severely affected by this constraint. A fundamental problem of export diversification is the lack of adequate investment in the country, both domestic and foreign. Exporters may face the problem of acquiring export finance. High rate of interest on bank capital is also a constraint since it discourages them to take loan. In other words, exports are being restricted due deficiency in financing of trade by the countrys banking system. Lack of Adequate Infrastructure Efficient infrastructure is the pre-condition for good export performance. Inadequate functioning of infrastructure may adversely affect enterprises in many ways. There may be difficulty in the transportation of goods due to limitations in infrastructure. It obstructs production activities, delays movement of goods and passengers, leading to delay in the delivery of goods. It adds to business uncertainty and risk and imposes additional costs. Bureaucracy and market access Government rules and regulations relating to exports are complicated and too much paper work is needed. Considerable time is spent and officers should be appointed for sorting out matters with the government and agencies. Market access issues are complex. The major market access problems relate to i) non-tariff and para-tariff barriers, ii) stringent quality and standard requirements, iii) stringent rules of origin, iv) labour and environmental standards. Environmental conditionalities are a kind of new protectionism which can hamper market access. Tariff and non-tariff barriers also obstruct market access. Lack of strength in the public institutions The World Bank noted that the lack of strength in the public institutions hinder private sector activities. There is the weakening of sound policy-making and public management, frustration of private entrepreneurship, prevention of competition and rising of corruption due to heavy regulatory and judicial systems and loss-making state-owned enterprise. Private investment can be deterred due because of poorly regulated and undercapitalized commercial banks, problem of telecommunications, infrastructure and law and order problem. Dearth of Skilled Manpower Other constraints include domestic resource scarcity, shortage of skilled labour, and lack of professionalism. There may be lack of skilled manpower in some sectors. Lack of skilled manpower has resulted in under utilization of potential export of services through manpower export as they are catering to only unskilled and semi-skilled needs. Economic growth Economic growth is a long run concept. It is usually defined as an increase in real gross domestic product (GDP), that is, GDP adjusted for inflation. In other words, it is as an increase in the real value of goods and services produced in the economy. For comparing one countrys economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries. Economic growth can be shown by an outward shift of the Production Possibility Curve (PPC). Economists see dissimilarity between potential and actual growth rates. Potential economic growth represents maximum efficiency with resources. It is determined by the factors of production that a country has as its command. However, actual growth represents resource utilization in practice and shows the result. This is determined by how effectively factors of production available to a nation are developed and combined. There are many factors which determine economic growth in a country. Determinants of economic growth Natural Resources Countries which are gifted with natural resources are expected to have rapid economic growth, assuming that these resources are employed for the production of goods and services. However a large amount of natural resources is not adequate to guarantee economic growth. There are a number of less-developed countries which have high natural resources, but still due to various reasons, they have not been successful in exploiting them. To benefit from economic growth, these natural resources must be converted to useful forms, which will need people to be equipped with appropriate skills. Human Capital Human capital and education are considered to be necessary conditions for economic growth. Lucas (1988) focused on the impact of human capital on long-run growth. The rise in productivity needed for economic growth can be achieved by increasing domestic human resources through education and training. Skills acquisition and the ability to keep on learning throughout the lifecycle are needed to develop individuals. Developing human resources through education and training is considered to be a long term process which will upgrade the innovative capacity of an economy. Apart from affecting factor of production, education and human capital can also have impact on factors such as physical capital and natural resources (Bravo-Ortega and De Gregorio 2002. Azariadis and Drazen (1990) proposed that an economy can experience long-run economic growth if the government designs policies toward the promotion of education and human capital. Lucas (1993) pointed out, the accumulation of human capita l specially, knowledge is a key factor in explaining the growth experiences of countries. Capital Accumulation Capital accumulation refers to buildings, machinery, infrastructure and the amount of tools available to the economy. A necessary prerequisite for economic growth is a large capital stock. Developed countries do spend a significant amount on capital formation. For example, in UK in the year 1998 and 1999, 12% of annual GDP was spent on fixed capital. Capital is a major factor affecting growth. The more an economy has as capital, the more it can produce and the higher will be real income. If there are few machines available, a nation will be able to make fewer goods and services. More machines will mean more income can be generated. Therefore, the larger the capital stock, the larger is the potential income. In short, we can say that investment in capital should increase the productive potential of an economy. Young (1994) found that Asian tigers success resulted from rapid accumulation of capital (through high investment). The Solow model predicts that investment rate is a key determ inant of whether a country is rich or poor. Fingleton (1999) found capital accumulation as being the determinant of European region productivity growth. Technology The most important determinant for an economy to grow is associated to its pace of technological progress. This is because with technology, we can obtain more output from same amount of input as before. Neoclassical economists regarded technological progress as a critical source of economic growth. Romer (1990), Aghion and Howitt (1992), Grossman and Helpman (1994) and Basu and Weil (1998), among others, concentrated on the role of innovation and technological progress on long-run growth. Economies must invest in knowledge just as they must invest in fixed capital. The productivity of capital can be increased if machinery is updated so that firms use the latest technologies available. Technological advances are encouraged when there is investment in research and development. De Long and Summers (1993) has shown that the only variable that have a significant positive effect on growth of less-developed economies is the investment in equipment Technological progress, along with accumula tion of human and capital, is essential in determining a nations rate of growth. For example, the large growth in the U.S. economy during the introduction of the Internet and the technology that it brought to U.S. industry as a whole. The Solow-Swan Growth Model which entailed a series of equations shows the concept of growth as an increased stock of capital goods. According to this view, the role of technological change became crucial, even more important than the accumulation of capital. (e) Openness Openness to international trade accelerates productivity and promotes export as well as economic growth. Romer (1989) stressed on the issue that growth in the volume of trade is positively correlated with the growth of output for a country. Edwards (1993) and Rodriguez and Rodrik (2001) also carried an extensive review of the empirical literature on the growth effects of openness. Increasing importance is being attributed to the opening up of the world economy. Globalization is seen to be good for the Worlds economy. Detailed studies suggest that there is a positive correlation between trade liberalization and an increase in per capita income. In other words, the more an economy is open, the higher is rate of growth. Development in Eastern Europe and the World Trade Organization highlight that during the last twenty years, more and more areas of the world economy have been brought into the competitive market-place. Such openness to trade, investment and competition are clearly import ant determinants to productivity growth. For example until 1858 Japan was inaccessible to world trade. The Japanese Government banished the trade restrictions which allowed trading with the rest of the world. Consequently this had lead to a 65% rise in real national income (Huber, 1971; Husted and Melvin, 2007). FDI Inflow There are various channels through which FDI can positively affect economic growth: technological transfer, capital accumulation, access to international markets, managerial and marketing practices and employment (Lall [2000], Te Velde [2001], Borensztein [1998]). FDI can increase competition which will eventually make domestic companies more efficient and encourage diversification. FDI benefits economic growth at large as it contributes to the domestic accumulation of resources. Many studies have been carried out which demonstrated a positive link between FDI an economic growth. Campos and Kinoshita (2002) examined the effects of FDI on growth for 25 Central and Eastern European and former Soviet Union economies and found a positive relationship between them. However there are certain studies which are undertaken that do show any influence of FDI on economic growth for example, Carkovic and Levine (2002), Bacha (1974), Saltz (1992) and Alfaro et al. (2002). Inflation There are many evidence which suggest that sustained high rate of inflation can be detrimental to real economic growth even in the long run. Fisher (1993) found negative links between inflation and growth in pooled cross-section, time series regressions for a large set of countries. Investors may face uncertainty about future profitability of investment projects. Barro (1995) put forward that inflation diminishes the propensity to investment which eventually decreases growth. Inflation may also have a negative impact on the balance of payments as it reduces a countrys international competitiveness by making export dearer. Inflation can affect growth by altering borrowing and lending decisions. However whether inflation is good or bad for economic growth depends on its degree. That is, at lower rates of inflation, the relationship is not significant or even positive; but at higher rates, inflation has a significantly negative effect on growth. In their analysis, Bruno and Easterly (19 98) showed that some countries did not go through adverse consequences even if they were experiencing sustained inflations of 20% to 30%. On the other hand, once the rate of inflation go beyond certain critical level (which Bruno and Easterly estimated to be about 40 %), this causes negative effect to growth. However besides the factors mention above, there are also other factors that affect growth. Non-economic factors such as political and social factors too play an important role. The geographic location of a country may also affect economic growth. Government also can adopt both demand and supply-side measures in order to stimulate economic growth. Factors such as population growth, rapid growth of manufactured exports, stable macroeconomic and institutional environment creating confidence in policy makers, exchange rate, and labour force can affect growth in an economy. Link between economic growth and export diversification Policy-makers have tended to emphasize the potential benefits that export diversification can bring to the host economy. One of the main advantages which has been put forward by economists is that export diversification tends to increase economic growth in the host economy. There has been little empirical research on the relationships between export diversification and economic growth. There are two essential questions that the literature on this matter has tried to answer: Does export diversification affect long run economic growth? Can a country improve its economic performance by exporting different types of goods? (Gutià ©rrez-de-Pià ±eres and Ferrantino, 2000). The primary questions are why do countries diversify their exports and does it always benefit countries economic growth? Export instability can adversely affect growth in an economy. Countries which are dependent on a limited amount of commodities may suffer from export concentration. This is because commodity products are often subject to volatility in market prices leading to swings in foreign exchange revenues. Volatility and instability can thus discourage investment in an economy by risk adverse firms, reduce import capacity, increase macroeconomic uncertainty and thus be detrimental to longer-economic growth. There are several channels through which diversification may influence growth. It is therefore essential to make a difference between horizontal and vertical diversification. Both of them are positively related to economic growth. Horizontal diversification means the alteration of the primary export mix in order to neutralize the volatility of global commodity prices. Horizontal export diversification benefits an economy in such a way that it diminishes dependence on a narrow range of commodities that are subject to major price and volume fluctuations. Dawe 1996, Bleaney Greenaway (2001) discovered that horizontal export diversification may present considerable development benefits as this may lead to well-directed economic planning and also contribute towards investment. Vertical export diversification on the other hand refers to contrive further uses of existing and new innovative commodities using value-added venture such as processing and marketing. The Prebish-Singer thesis is o f the view that a tendency towards declining terms of trade of primary products (Athukurola 2000) may make vertical diversification into manufactures more useful. By highlighting the role of increasing returns to scale and dynamic spillover effects (Amin Gutià ©rrez de Pià ±eres and Ferrantino 2000), the endogenous growth theory suggested that it can be assumed that export diversification affects long-run growth. Export may benefit economic growth through generating positive externalities on non-exports (Feder, 1982), increased scale economies, improved allocative efficiency and better ability to produce dynamic comparative advantage (Sharma and Panagiotidis, 2004). Esfahani (1991) concluded that export enables developing countries to alleviate the import shortage they may face up to. Speaking differently, revenue from exports can fill the foreign exchange gap which is identified as barrier to growth. A number of empirical studies have shown that export diversification is contributing to higher per capita income growth. The main theory is that, compared to nations with concentrated export structures, those countries with more diverse economic structures have greater possibilities to sustain periods of high economic growth. Love (1986) suggest that a country should avoid heavy dependence on limited products as it diminishes a countrys potential of partially offsetting fluctuations in some export sectors with sectors in which stability prevails. In his study, Al-Marhubi (2000) put forward that market investment becomes riskier because instability in export earnings is a main cause of economic uncertainty in many commodity-exporting nations. In other words, this may adversely affect investments and in turn negatively impact economic growth. Using a cross-country sample of 91 countries for the period of 1961-88, Al Marhubi concluded that there is a positive and strong relationship bet ween export diversification and economic growth. His regression was undertaken by adding different variables affecting export concentration to the basic growth equation. Regressions on cross-sections of countries (Sachs and Warner 1995, or more recently Gylfason 2004) and panels (de Ferranti et al. 2002) proposed that export concentration is certainly statistically related with slow growth, mostly when export concentration reflects the high proportion of primary products. A broad literature review on export diversification and economic growth was offered by Hesse (2008), where he estimated a simple augmented Solow growth model to examine the connection between export diversification and income per capita growth. There was strong support in Hesses findings that export concentration, measured by a Herfindahl index, is harmful to economic growth in developing countries. The relationship between a countrys productivity and sectoral export variety was studied by Feenstra and Kee (2004). From an estimation of a translog GDP function system for a sample of 34 countries going from 1984 to 1997, they found that a 10 percent boost in export variety of all industries leads to a 1.3 percent increase a countrys productivity. Moreover another model of export diversification and economic growth was developed by Agosin (2007) where countries which lack technology, expand their comparative advantage by learning from and adapting to existing products. The cross-sectional regression of Agosin (2007) found that export diversification strongly affect economic growth. In addition, models in the product life cycle literature (Vernon, 1966; Krugman, 1979; Grossman and Helpman, 1991) gained variety of export products by advancement made by the North and consequently the South adopting and exporting the products from countries where labour cost are low. In his cross-country panel model, Lederman and Maloney (2007) concluded that one cause of diminution in growth prospects is the concentrations in export earnings. The advantages of export diversification for economic growth have been examined both empirically and theoretically in a new literature by Hausmann and Rodrik (2003), Hausmann, Hwang, and Rodrik (2006), and H ausmann and Klinger (2006). Their studies demonstrated that comparative advantage do not lead to economic growth. Instead, growth is achieved when countries diversify their investments into new or a range of activities. The model of Hausmann and Rodrik (2003) explained that there are various uncertainties related to cost in the production of new goods. They believed that the government should help in industrial growth and structural transformation by encouraging entrepreneurship and providing incentives to motivate entrepreneurs to invest in a new range of activities. Hausmann, Hwang, and Rodrik (2006) developed an indicator (EXPY) that determines the productivity level related with a countrys export basket. This measure is significantly affecting economic growth. Faster growth is achieved by countries that produce high-productivity goods than countries with poorer productivity growth. Economic growth is experienced when a country shift its resources from lower-productivity to highe r productivity goods with elastic demand of these goo