An Examination of Pablo Neruda as a Character in Il Postino Essay

An Examination of Pablo Neruda as a Character in Il Postino - Essay Example This essay declares that the film presents the creation and growth of a relationship between the poet in exile and a temporary mail carrier who is an indigenous resident on the island. The link between the poet and the mail carrier present a story about a person who discovers oneself through poetry. The poetic perspective was previously alien, and the personal discovery was an induction of the poet. The mail carrier, Mario, becomes the hero of the film as a result of the teaching and resemblance of Pablo Neruda. The release of the movie was in 1994 whereby the movie had an international success in the art film industry recognition. One of the successes was the winning of various global awards. Some of the awards include two BAFTAS that include the awards for the best director award and best alien language flick.This research stresses that  Pablo’s character represents the rich in the social hierarchy but a character that has a longing for a general outlook. The ideology of t he character is that the resources should be under the ownership of the community and not the few who have the power and are in control. The nature of being audible about communist ideology and the sending of the exile of Neruda to Italy is only possible to a person who has a wide reputation. The Italian government even lets Neruda confide in the country by turning down the request by Chile to extradite Neruda for constitutional claims.

Role of Supreme Court in the Control of the Economic Legislation Essay

Role of Supreme Court in the Control of the Economic Legislation - Essay Example Premised on the said fundamental principle on the separation of powers, the Supreme Court in my opinion, should therefore, not be concerned with the wisdom or policy of legislation. The Supreme Court or the judiciary’s proper role should not comprise of economic control through judicial legislation but to properly interpret the law and if necessary to review if such a legislation is consistent with the Constitution. As Justice Harlan explains in his dissenting opinion in the case of Lochner v. New York, 198 U.S. 45 (1905), to which I believe should have been the correct opinion of the Court, â€Å"the state of New York should not be presumed to have acted in bad faith but presumed to have acted with due deliberation to the fullest attainable information and for the common good.†4 He further explained that the state alone should manage purely domestic affairs unless it appears that such acts of the state violated the Federal Constitution.5 Regulation of working condition s protecting and guarding the health and safety of the people in this case, is and should the primary concern of the state and to which the judiciary should not interfere with.6 As held in US v. Morrison, 529 U.S. 598, 120 S.Ct. 1740 U.S., 2000, the Supreme Court can invalidate a legislative enactment only upon a plain showing that Congress has exceeded its constitutional bounds.

The Challenges Faced In Employee Motivation Commerce Essay

The Challenges Faced In Employee Motivation Commerce Essay One question that is frequently asked by managers in many organisations is How do I motivate my emloyees? The concept of motivation is complex with numerous researches carried out and various theories put forward in order to explain and attempt to understand it. Many definitions exist for motivation, but the common definition is that motivation is a pychological process within an individual that drives a certain behaviour to achieve set goals. Currently, motivation is a source of frequent debates and is an issue of great significance and concern for both employees and organisations. Whilst reliable information systems and the latest technology are important, in todays expanding service industry, employees remain the most precious assets in any organisation. How well employees perform and their commitment at work are crucial factors to the success of their organisation; and in todays modern work, where there is increasing competetion worldwide, organisations simply cannot afford to ha ve a demotivated workforce or even lose good employees to poor motivation. Therefore, motivation of such employees is an essential role of any manager, yet it is also amongst the most challenging tasks to perform effectively. Managers must clearly understand and be aware of the sort of factors that define motivation of their workforce because, by doing this, they are able to focus employees efforts to work efficiently and effectively to achieve desired goals of the business. Managers must also be aware of the fact that each employee is different and unique in their own sense, hence they need to take account of these variations when motivating them. According to the Self-Determination Theory (2), a useful way to understand the concept of motivation is to divide it into extrinsic and intrinsic motivation. Extrinsic motivation relates to motivation coming from others and the environment, where the individual behaves in a certain way in order to get something (e.g. pay) or because of external pressures (e.g. managers instruction). Intrinsic motivation, on the other hand, relates to motivation coming from within onself (3), where the individual acts in a certain way because of and actual interest in the act itself (e.g. satisfying need for competence). Frederick W. Taylor, the father of scientific management, had greatly influential views about motivation of workers. He believed that paying employees high wages, which is one of the sources of extrinisc motivation, was a sufficient incentive to motivate them to work harder and be more productive (find ref). This was possibly the case when organisations generally only sought complianc e from their employees, and extrinsic rewards provided by managers were an easy answer to problems with staff motivation and ensuring they did their work and followed the rules properly . However, in todays world and in the modern workplace, where employees are expected to self-manage and have more responsiblities, issues with motivation have become much more complicated and demanding. Motivating staff is indeed a difficult taks and is normally easier said than done. Currently, many organisations are motivating their employees by using extrinsic motivators such as financial incentives. However, this is not always sufficient to maintain the right level of motivation, as it only satisfies them indirectly. For this reason, employers need to also pay attention to intrinsic motivators, which serve to satisfy the direct needs of the employee, and consequently encourage better performance on a particular task. Monetary incentives and other extrinsic rewards are no longer sufficient to main tain staff motivation since employees are now required to show more commitment and creativity (1) . This, in turn, would depend on deeper sources of satisfaction that are more meaningful to the employee that extrinsic rewards would generally fail to offer on their own. In todays work setting, intrinsic rewards have a vital part in staff motivation; these include psychological rewards such as recognition and a sense of appreciation, which provide employees with a greater incentive for higher productivity and achievement. For most, if not all employees, financial security is a strong motivator and will remain as such for a long time, but managers must be aware that it stops to be the only motivator at some point, and even could stop to be a motivator all together depending on an individuals circumstances and variations. The different factors that can motivate the employee in the workplace can be expressed as needs which subsequently become motivators for greater productivity when they are fulfilled. Different things can motivate different people and be given different priorities. The manager must identify and then fulfill the needs for the employee, in order to form an environment in the workplace that encourages motivation. The various needs and expectations at work can be categorised into extrinsic and intrinsic motivation: EXTRINSIC MOTIVATORS INTRINSIC MOTIVATORS Salary Sense of challenge and achievement Job security Receiving appreciation Promotion Positive recognition Contract of service Good treatment Work environment Growth and advancement Social interaction Responsibility Health benefits Extrinsic motivation relates to actual rewards such as salary, security, promotion, contract of service and work environment; these are often outside the control of an individual manager; intrinsic motivation relates to psychological rewards such as the sense of challenge and achievement, receiving appreciation, positive recognition and good treatment at work; these can usually be determined by the actions and behaviour of the individual manager(4). These sources of satisfaction differ from an individual to an individual and between different circumstances. They are interlinked, and therefore, cannot be isolated from one another, but must be used as a combination of motivators in an organisation. MOTIVATIONAL THEORIES For many decades, theorists have been trying to understand what motivates an individual to behave in a certain manner in the workplace. However, this is a subject that has seen many conflicting debates as some researches believed that individuals do not lack motivation but certain incentives that motivate them are missing, while others argue that motivation originates from within the individual regardless of the environment and other external influences (9). Theorists have researched the subject of motivation by addressing two main concepts. First is the content of motivation itself, which concerns factors within the individual and the work environment that define and shape certain motivated behaviour. Second is the process of motivation, which concerns the perceptive process that an indivdual has for motivation in a specific setting. This has led to the development of numerous content and process thoeries about motivation in the workplace. CONTENT THEORIES In the 1940s Abraham Malsow, a psychologist, developed the concept of Hierarchy of Needs (10), which later became one of the most popular and influential theories of motivation. He proposed that there are five levels of needs that existed in a specific order, and that each level must be satisfied in turn in order to motivate the individual to satisfy the need at the next level. His argument was based on the fact that Individuals always had the desire for more, and for an individual to be motivated to pursue the next step, the needs at the previous level have to be fully satisfied. Therefore, certain lower-order needs needed to be fulfilled before other higher-order needs became motivators for the individual. According to Maslows model, these needs are physiological needs (basics for survival, e.g. food or water), safety needs (physical and emotinal safety), social needs (sense of love and social belonging), esteem needs (sense of recognition, respect and value) and self-actualisation (achieving ones full potential) (11). (rbs full) In the context of the workplace, there are potential ways that could satisfy an employees needs: Self-actualisation includes providing challenging tasks that would promote creativity and evolvement. Esteem needs includes recognition, praise, social status, self-respect, delegating responsibility and accomplishment Social needs involves social interaction, group work and pariticipation. Safety needs include job security, financial savings and living safe working environment. Physiological needs include providing adequate breaks during work and a salary that allows workers to afford life essentials (4). There are a number of identified problems in applying Maslows theory to the work place. In reality, other areas of life, beside work, can add to the individuals satisfaction, therefore the manager needs to also have knowledge of the employees life outside work. Also, the fact that individuals are different means that they place different values on the same need; and that some rewards at work can satisfy more than one need, and not necessarily satisfy one need at a time (4). Additionally, it was criticised for having a rigid order of needs which possibly would not apply to everyone, because priorities are likely to vary in different individuals and even for the same individual over time (11). In spite of all these problems, Maslows hierarchy of needs model has been widely utilised in many organisations as a guideline for managers to use to motivate their employees. It provides a valuable insight for managers about the general needs that individual employees have, and what can be used to motivate them (12). In 1972, Clayton Alderfer further developed Maslows Hierarchy of Needs model by grouping the different levels of needs in the hierarchy into three sets in his ERG (Existence, Relatedness and Growth) theory. He placed the lower-order needs, physiological and safety, into existence needs; social and esteem needs into the relatedness needs; and finally, the self-actualisation need into growth needs. In addition, Alderfer put forward a regression theory to accompany the ERG theory, which states that when higher-order needs are not met, the individual will work harder to satisfy the lower-order needs in order to increase their chances of fulfilling these higher needs (21). For instance, an employee who is having difficulties satisfying their sense of full potential would then probably put more effort into increasing their pay through promotion in order to maximize their chances of achieving what they want. (20) However, according to (11) a common problem with both Maslow and Alderfers models of motivation is that they contain having descriptions of needs that are too vague, particularly safety and esteem needs, which would essentially cause difficulties to managers in interpreting them and using them to provide certain opportunities for motivating their employees. In 1961, David McClelland created the Acquired Need Theory which is based on three motivational needs including achievement, affiliation and power. He stated that all of the three needs are normally present in an individual to a certain degree, but only one of them usually dominates. This is mix of motivational needs characterises a persons or managers style and behaviour, both in terms of being motivated, and in the management and motivation others. Another theorist, Elton Mayo, has made significant influences on the concepts of human relations and motivation, through conducting large studies of workers in an electrical company in the United States between 1924 1927. His findings emphasised the importance of teamwork, communication and positive recognition on staff motivation. His studies have also led to the creation of a model called The Hawthorne Effect which shows that the degree of interest shown by the manager has a positive influence on an employees job performance (5). However his model has been criticised for placing too much emphasis and reliance on social contacts within the organization on employees job performance (6). Nevertheless, the impact of Mayos research was huge, as it opened doors for further research into the subject of motivation by other theorists. Frederick Hertzberg (1959) developed a two factor theory based on findings from a study conducted in the U.S. through interviews with employees from different industries, in which they were asked about specific things that pleased or displeased them at their workplace. From this, Herzberg realised that there were two different sets of factors, where one set caused satisfaction and the other one caused dissatisfaction. One set of factors, called hygeine or maintenance factors are concerned with the work environment; they do not result in higher level of motivation, but there absence would result in demotivation. These include extrinsic motivators such as salary, security and work environment. The second set of factors are the motivator or growth factors which are concerned with content of the job itself; they result in increased motivation if present. These include intrinsic motivators such as positive recognition, challenge and a sense of achievement. His research also concluded that some factors overlapped both sets but had a stronger emphasis in one of them. (7) The size of the bars represent the degree of concern that each of the factors has on job motivation or dissatisfaction. The reason why the bars for achievement and pay look different is because they both offer short term satisfaction, as there is a continuous need to search for them to lead to satisfaction. This theory has been frequently criticised by many researchers for its limited application and possibly biased methodology. However, continue from pg 266 on book Furthermore, it has been noted the theory does not allow for individual differences, such as particular personality traits, which would affect individuals unique responses to motivating or hygiene factors.[4] The theories of motivation that were put forward more than half a century ago are still evident and widely utilised in todays banking industry. Based on Maslows Hierarchy of Needs model, banks are constantly attempting to sustain a good level of motivation amongst their staff by understanding and fulfilling employees needs. At the physiological and safety needs levels of the hierarchy, basic needs such as food, shelter, warmth and safety are all provided by working in any bank through paying salaries and having a safe environment to work in. In terms of social and esteem needs, banks meet these by creating opportunities for employees to interact with each other and work in teams; in addition to good recognition of achievements through praising the employee or giving a bonus pay, both of which are only a few methods out of many more used by banks to give the employee a sense of value and appreciation. In terms of self-actualisation, banks meet this need by offering promotion opportuni ties to the employees, and giving them the chance to progress in their careers. The motivators that banks offer also cover the hygeine and motivator factors that were put forward in Hertzbergs motivational model. Expectancy theory is a general theory of motivation that is based on the concept that individuals are influenced by the perceived results of their actions. It argues that there are a number of inter-linking factors which determine the strength of an individuals motivation, such as the efforts expended, the expectation that rewards will be available, and that these rewards will be linked to their performance. In other words, the individuals level of motivation will depend on their perceived expectation that it will lead to the desired outcome. This theory has been approached by several different writers, namely Vroom, Porter and Lawler (HRM book). Vrooms expectancy theory is based on three factors: Valence the perceived gratification from a result. Instrumentality the degree to which a first level (performance-related) outcome, e.g. high productivity, leads to a second level (need-related) outcome, e.g. promotion. Expectancy the connection between a selected course of action and its expected outcome. The combination of valence and expectancy defines the level of an individuals motivation. Vrooms theory has been further modified by Porter and Lawler, to develop which takes account other factors besides motivation that could influence performance. These factors include individual skills, characteristics and role perceptions. These theories help managers to understand the nature of human behaviour and the complexity of motivation in the work setting; in addition to helping them recognise any problems with individual performance. They emphasise that managers should pay particular attention to factors such as an employees effort and performance, and use rewards whenever it is appropriate in order to maintain a good level of motivation amongst the employees; additionally, managers are advised to create methods of evaluating employees performance as a way to ensure that their workforce are constantly motivated. The Royal Bank of Scotland (RBS) offers its employees a package called Total Reward (rbs full). Besides salary, this includes flexible working hours, health and medical benefits, lifestyle benefits such as shopping vouchers, and certain financial products at special rates. It also offers monetary incentives such as bonus payments based on profit-sharing and individual-performance schemes; in addition to non-monetary incentives through recognition of good performance based on personal development plans, where the employee is given the opportunity for promotion. RBS gives the employees the chance to work flexibly through a variety of working practices including job sharing, compressed hours and home-working. In 2004, RBS won an award for its flexible working-hours program in the workplace (find ref). This enabled employees to achieve a work-life balance by choosing working hours that fit around their personal lives, which would have a positive influence on the employees commitment at t he workplace, and in turn results in better overall performance. This was highlighted in Elton Mayos studies on staff motivation in the 1920s that showed that staff tended to be more motivated and productive if they were feeling comfortable and satisfied with their work environment. In 1963, John Adams developed the Equity theory which is concerned with the employees perception of fairness in the workplace, in terms of treatment received compared to co-workers on the basis of inputs and outcomes. He argued that fair treatment is highly valued by individuals, and the feeling of inequity may have a negative influence on their performance. There are a number of factors in the workplace that play an important role towards the feeling of equity including pay, promotion and recognition. Employees would expect equal treatment based on their contributions and performance compared to other co-workers. This would subsequently result in a sense of satisfaction and would strengthen their relationship with the organisation and the team of employees, all of which is important for their motivation. Edwin Locke put forward a Goal theory of motivation in the 1960s, which is based on the idea that individuals goals have a significant influence on their performance. He argued that individuals who have specific and challenging goals set for them, to which they are committed to, would generally perform better, as they provide focus and motivation for the employee on the task given. The performance of the employee is further enhanced if this is coupled with clear and constructive feedback of the results, which provides greater focus and gives the employee a greater sense of satisfaction and motivation for the tasks set. In the 1960s Douglas McGregors developed Theory X and Theory Y, which are theories that define two different approaches towards motivation in the workplace. Theory X implies an authoritarian management style, where the employee is often regarded as relatively unambitious, lacks responsibility, tends to avoid work and change, and is often in need for some kind of direction at work in order to perform and progress. So in order to achieve the organisations goals, managers would adopt a stringent attitude towards the employee, in which they would often rely on threatening techniques of punishment to force the employee to comply with the organisations goals. Based on Maslows Hierarchy of Needs model, McGregor argued that most employees in this environment would only seek to satisfy their lower needs, such as money; however, since they are already satisfied they will not be a sufficient motivating tool for any longer. Therefore, this kind of management style would most definitely produce p oor results in terms of staff motivation, and ultimately meeting the organisations objectives. For this reason, McGregor put forward a Theory Y, which assumes a participative management style, where the employee is considered to be self-motivated, responsible, ambitious, and that they genuinely enjoy working. According to this theory, managers believe that employees are self-directed and motivated to perform well at work. This creates a work environment where managers are able to exercise delegation, collaboration and responsibility in decision making amongst their workforce. In this Theory Y environment, most employees are encouraged and driven to satisfy higher level of needs such as esteem and self-actualisation, which are not fully satisfied and would therefore keep them motivated for higher performance and productivity at the workplace. (8) McGregors model has been criticised for being too rigid and quite unrealistic in the way it depicts management and employees as being one of either two extremes in the workplace. Nevertheless, his theories continue to provide a guide to managers about the fundamentals of management styles, and the importance of maintaining a positive attitude to staff motivation, where employees feel that they are well-treated and valued as part of the of the organisation.

Should Quebec (or Other Provinces) Separate From Canada In Order To Be

Should Quebec (or other provinces) Separate From Canada In Order To Best Protect Its Constitutional Rights? In my opinion, all provinces in Canada, including Quebec should not separate. Quebec has been one of the provinces of Canada for a long period of time. Most people in the world view that it is one of the component in Canada. French-Canadian and English-Canadian seem to live together peacefully without conflict, even many people with different cultures and languages come to Canada in recent years. I thick Quebec has no reason to become independence from a multicultural nation. Some people who agree Quebec to separate state that separation can protect their French culture and language. I think it is an unacceptable reason in a multicultural nation. Multicultualism is a special identity of Canada. It allows people to maintain their own culture. If Canada does not have multiculturalism, there will be no Chinatown in most big cities in Canada. So it is not necessary to separate in order to protect French culture and language. Furthermore if French-Canadian wants to avoid any influence from other culture, France is the greatest place for them. Moreover, the Canada government will lose money if Quebec separates by dealing with the separation affairs, like to help people in Quebec back to Canada who do not want to separate. Separation also leads to the decreasing of trade in Canada, and even the whole world. Quebec is a big trade market in Canada. People will lose this big...

Experience& self awareness

Furthermore I can assure you my service will be of benefit certainly look forward to hearing back from you soon. Kathy lacked sufficient emotional intelligence to be effective in her new project manager assignment by Self awareness: Kathy had a deep understanding of her strength not her weakness to have time to talk to her staff. There was also lack of empathy as she failed to have the â€Å"ability to recognise the feelings and expectations of others and take them into consideration† as they were also local residents. Poor relationship with the staff resulted to â€Å"a campaign of passive resistance to her leadership†. 2.The element she exhibit successfully were: Motivation: although the project became quickly bogged due to poor performance she still managed to motivate herself and â€Å"pushed her team hard†. Also by settling goals for staff and senior members of the project to â€Å"work long hours† to accomplish important milestones in order to comple te the assignment. B. Main methods of communication include: Verbal communication either through sound, work or speaking to other members of the project or recorded clips of the senior members.Also Written communication either emailing or letters with the use of computers and internet for emails. In addition visual communication through graphs from excel or video clips on YouTube or television therefore contributing to the IT and applications. C. 5 Traits of emotional intelligence me: Self awareness: In high school was given a presentation on Kidneys, a sensitive topic managed to trust my intuition& took control of my emotions as that was my weakness. Self regulation: one of my cousins used my bag without asking, i had to hink of how I was going to talk to them instead of fighting.Motivation: When given 2 or more assignments during college treated myself if i finished a day before the deadline& the days increased as the year progressed. Empathy: when my friend lost her Job& i had Ju st got a Job I helped her with some of her bills as I had been in a similar situation before. Social skills: I managed to build a good relationship with my new workmates as well as maintaining one with my friends and family. experience& self awareness By naume2

Tooth Fairy Belief

There have been so many things I have believed in since I was a child but have discovered they were not true as I grew up. Knowing that these beliefs are untrue has helped me form my opinions about life. The greatest myth I have believed in was the Tooth Fairy. However, I am glad I found out it was not real because it taught me that in life you have to work for what you want. I can recall a memory I have of when my first tooth fell out. I was five years old when I started to lose my teeth. I was so afraid to pull out my falling teeth but my mom would tell me that it was not that painful and that if I pulled it out I would see the benefits. Then she began to tell me the story about the Tooth Fairy and how she would leave a dollar under my pillow in exchange for my teeth. Of course I listened to my mom, I did as she said and twisted my tooth until it was really loose and pulled it out. I was so excited to get money so I quickly put my tooth under my pillow and went to sleep anxious to receive money the next morning. To my surprise I found a dollar in quarters the following morning. This made me believe that indeed the tooth fairy was real. Every time I would lose a tooth I wouldn’t be scared to pull it out anymore. In fact, it became an addiction for me because I wanted all my teeth to fall out quickly so I could receive more money. My experience with the Tooth Fairy made me believe that everything in life was free. This belief actually shaped my ideas of the world. For instance, I thought that good things could happen with a little bit of effort. By believing in the Tooth Fairy I thought that anything was possible without having to work hard. My discovery about the Tooth Fairy being untrue changed my life in a positive way. As time progressed and I matured, I realized that it was not the Tooth Fairy that put money under my pillow but instead it was my mom. The way I found that the Tooth Fairy did not exist happened one night I lost my tooth. I was very curious to know who the Tooth Fairy was; therefore I acted as if I was asleep. Soon I saw my mom enter my room and since I slept with a night light I was able to see her face. I didn’t make it obvious that I saw her because I did not want to embarrass her. I waited until the next morning to tell her that I had found out the truth. When I told her about my discovery, she denied it instantly. She said I must have dreamt that I saw her. Later when she had no other excuse, she admitted it. I understood her because she said that the story makes this sort of tradition more exciting. When you believe in a fairy or other things such as Santa Clause, it makes things seem more magical. It is a thrill to be anxious the next morning and receive money or gifts. It wouldn’t be so fun to know your parents are the ones who do all of these things for you because you see them everyday and can ask them for what you want. It wasn’t a deception to discover this was all a lie. In fact, I was grateful to know that the Tooth Fairy did not exist because I learned that things in life have to be earned. Some of my thoughts and opinions towards life changed for good after realizing that the Tooth Fairy was a myth. First, I used to live in a world of fantasy when I was younger. I also used to believe that I could get anything I asked for in life and that I had to put little effort to get the things I desired. Now that I am grown up I realize that it is not easy to get a mansion by asking for it but rather working hard for it. The way that I came into these opinions is by comparing how my life used to be before when I believed in the Tooth Fairy to now that I know the truth. When I used to think the Tooth Fairy would leave me money in exchange for my teeth , I used to think that I could just get things the easy way. It is very different now because I realized that there is not a Tooth Fairy giving me money to pay for my college books and tuition. The world we live in is very complicated to survive in if you do not occupy yourself into something that will help you succeed. Money will not rain from the sky or be left magically under a pillow. This is why it is important to work to achieve our goals! I believe that the more you try or the greater effort you put, the greater are the chances that you will get what you most desire. Parents should not tell their children false stories because sometimes those stories can affect them in their lives. Some stories affect children’s mentality because children are vulnerable. For example, some children that believe in the Tooth Fairy can take extreme measures such as trying to pull ut others teeth just to obtain money. This can be very harmful to other children because a child might harm another kid to try and knock their teeth out just for the sake of earning some money. I am aware that some parents tell their children lies to make them act right. However, parents need to take in consideration that children are not going to think about behaving well but rather do the things that benefit them. If they can g et money under their pillow just for a tooth they will beat up any other kid just too simply get their teeth. It seems insane but it is true that children go way beyond to get what they want. Finally, discovering that the tooth fairy was not real changed the person I am today. If I hadn’t believed in the Tooth Fairy I may not have learned so many lessons in my life. The greatest lesson I have learned so far is that nothing in this world is free. Life puts us through many challenges that we need to overcome in order to achieve those things we want. No matter how hard you have to work for something it will pay off in the end!

Hong Kong Disneyland Essays

Hong Kong Disneyland Essays Hong Kong Disneyland Essay Hong Kong Disneyland Essay Hong Kong Disneyland had mechanisms in place to adapt to local Hong Kong culture, yet these means appeared to be partially ineffective. Why? Despite hard efforts of management, during 1 year there were some difficulties Chinese Disneyland faced to. One of the biggest problems was the Lunar New Year Holiday. It took place when administration of park didn’t take into account some particularities of Chinese people consumption habits. This fiasco led to many complaints, ticket returns and, importantly, to lost customers. Analyzing this case, I can say, that the main difficulty was cursory examination of Chinese people culture and habits. Disneyland management didn’t look at the depth of Chinese people needs. It just tried to match some obvious traditions and didn’t think further. The examples of misunderstanding Chinese habits are following: lack of Hong Kong-themed attractions, small park size, long queues as a result. Another important issue was misconception of Chinese people relationship between each other. Their perception of strict rules is not the same as American. They treat each other in different way. The cases of mistreated quests in park are the best examples of my words. In addition, widespread bias about Chinese cheap labor force played bad joke with Disneyland management. Thinking that employees in Hong Kong can work really hard and for a low salary, administration made another problem for itself. Many complaints of line staff and even high turnover added additional bad reputation to the park. To conclude, I want to say, that in spite of Chinese people wants to connect with global popular culture and distance themselves from their previous collective poverty and communist dictate, these people has unique culture that should be learned over time by Disneyland’s management.

Tips for Submitting to Literary Magazines

Tips for Submitting to Literary Magazines As editor of the Maine Review, Im often asked what I look for in submissions. As a writer who has submitted to literary magazines, I know the process is fraught with anxiety, hope, and an occasional bit of dread. Its sad that theres no easier way for editors to discover excellent writing than through an impersonal submission process, and I hope that Let me say first that there would be no Maine Review, or New York Times, or Amazon.com without writers. Though writers often feel theyre at the bottom of the totem pole, the fact is that writing is actually the cornerstone of the entire industry. Be proud that youre a writer. As an editor, its a thrill for me to read a piece of writing that grabs me in the first paragraph, carries me along, and moves me in some waywhether to tears, laughter, or amazement that someone could so clearly express powerful feelings, ideas, and metaphors that I can deeply relate to as a fellow human being. Writing is powerful.   The process of writing can be powerful, healing, enraging, ennobling its one of the purest forms of self-expression because it comes straight from inspiration. What many writers ignore (or dont realize) is that theres a second part to the process, and that is craft. There are many excellent books on craft: Stephen Kings On Writing and Anne Lamotts Bird Over the years, Ive edited books in every genre, and Im amazed that some writers will write a novel without reading over it to tighten, focus, delete, and expand to make the book as compelling as possible.   Rewriting isnt always as fun as penning the first draft, but its what truly makes the story. That said, here are a few tips to keep in mind when submitting: 1. Find out what kind of work the lit mag publishes, and choose your submissions accordingly. You can often get a copy through your interlibrary loan system, or find previously published issues on the website. 2. Go deep. Readers love to experience what theyre reading, to relate to it on a visceral or emotional level. Gutsy writing is always appreciated. 3. Reading a piece through without noticing an error is a real joy for editors. I always suggest that writers have their work edited before submitting it anywhere. At least run the work through the spell checker, and fix what comes up. One or two typos doesnt mean the end of the world, but a piece that has numerous typos feels carelessly done, no matter how good the writing. 4. Follow instructions. Its amazing how many people, in every walk of life, fail to follow instructions. At the Review, we usually ask for a cover page along with a submission, so that we can easily keep track of a writers contact info. When were running a contest (deadline for the current contest is February 10th), we need a separate cover sheet to tag entries for the blind judging process. When we receive a submission that doesnt follow instructions, theres a tendency to assume that the writing might not be that good either even if thats often not true. Above all, enjoy the process of writing! Remember that editors love discovering the next great writer and it could be you. Good luck!

Automated Car Parking System

Barchester City Council in the center of Barchester manages seven car parks. The Council is in need of a car parking system to automate daily operations of car parking like controlling barriers, handling payment and issuing tickets. Core activities aside, the council also wants to automate car parking management like problem recording, monitoring service level agreement with the security pany that provides a guard at the car parks and issuing season tickets. This report provides the analysis of the functionality, possible ou es, risks of taking information systems and the resources required to implement it. To automate daily car operations and its management tasks, the following areas are proposed to integrate into the new system. The new car park system will operate payment for car parking and entry and exit of the car from the car park. Car parking will be of two different types – ordinary customers, who will be able to pay for the parking when they are using it. Seasoned ticket holders, who will have the privilege to park in designated areas from Monday to Friday, and an advance has to be paid by them which can be for three, six or twelve months (Sabnam, Das, & Kashyap, 2016). While nearing the entry barrier, a sensor placed under the road will detect and the control pillar will display ‘Press Button.' For the regular customer, the ticket will be printed within five seconds after the button is pressed, and a ‘Take Ticket’ text will be visible. Pulling the ticket will raise the barrier. In case the park is full, no tickets will be issued. During exit, the ‘Press Button’ display will be activated if there is a car waiting (Dong, Jin, & Hou, 2014, p. 1770). In the case of seasoned ticket holders, the user inserts the season ticket which checks for some conditions like if it is the weekday, the validity of tickets, among others. The barrier is raised only when all checks are passed, and the checking operation should not take more than five seconds (Sumathi, Varma, & Sasank, 2013). The time of entry is also recorded. The ticket issued will have a barcode which will include date, time and number of the entry to the car park and th e same information will be printed on the ticket in human readable form (Mahmud et al., 2013, p. 722). As Tsang & Leung (2013) stated, for payment, the regular customer has to go to the pay station for payment when the customer is about to leave. The automated system will pare the information on the ticket's bar code with the stored information. If a date is matched, then the barrier is raised, and if not then the display tells the customer to visit the office who will manually check the ticket (Agerholm et al., 2014). As expressed by Jog et al., (2015), the customer while approaching the exit barrier, the sensor detects the vehicle and the control pillar displays ‘Insert Ticket' to the customer. The barrier opens only when the time does not exceed more than 15 minutes between payment of the ticket and checking of the ticket. If more than 15 minutes has passed alarm rings and the customer can then speak with the office attendant by showing the ticket (Baglane, 2014, p. 75).  Ã‚   The Council has tied up with security panies to inspect the car parks periodically. The security guards have a card which when punched to the card reader at the car park office, the arrival and departure time is recorded. It works almost the same way with seasoned ticket holders (Mohammed, 2015). The car parking management system handles all the other tasks that are not managed by the regular operation system. Security SLA is similar to service level agreement the council has made with the security panies. An exception report is generated monthly which tells if the number of visits or the duration of the visit of the security pany is lesser than the minimum required as laid out in the contract (Whaiduzzaman, 2014, p. 330). As stated by Kenaid & Ali (2016), for selling season tickets a sub-system is required. The season ticket is issued to either a pany or an individual's name, and the contact details on the pany are recorded. The ticket will carry the issue and expiry date and will be valid for three, six or twelve months. The information on season tickets has to be made prior available to the operation systems (Ang, 2013, p. 5). A renewal form is also sent to the season ticket holders two weeks before their cards’ expiry date. Renewing before the expiry date will set the season ticket valid for another three, six or twelve months. A record also has to be maintained which will show the usage of the season ticket as pared to the ordinary customer for the same period regarding costs (Hanche, 2013). According to the Washington, DC: U.S. Patent and Trademark Office (2015), the fault recording system will record any problems related to car parks. Faults can include things such as doors and windows to equipment such as security cameras, card readers, and barriers. Reported time and date of fault is recorded for service level agreement. As stated by Washington, DC: U.S. Patent and Trademark Office (2014), in case the fault lies with any aspect of the operational system, then the maintenance pany has to be notified immediately. Council’s direct labor organization will be notified of any other issues. A monthly statistical report is required to show records of the date and time the fault is fixed, the panies that were allocated and the time taken to set (U.S. Patent No. 8,624,756, 2014). A record is necessary which will keep track of all the tickets issued in a year for the Council to carry out the annual review of ticket costs, to estimate revenue for the next year. For the proposed Information System of the automatic car parking external resources that are required are: The operating system version can be Unix, Linux, Mac or Windows (Patterson & Hennessy, 2013).   It is necessary for the employees to interface with the Parking Management System with their personal puter (Mienkina et al., 2015). As opined by U.S. Patent Application No. 13/748,152 (2013), it is required for employees to access their accounts and for administrators, manage payments and generate reports. Local Area Network munication interface via Ethernet (U.S. Patent Application No. 14/454,440, 2014). Computers used must be at least Dual Core machines for a system to work optimally. The design needs to be flexible and modular enough for the structure to be upgradable or changed as per design requirement (Wong, 2015, p. 600). As stated by Saware (2016), certain risks e with integrating information system in car parking system. It can be confusing for those who are unfamiliar with the system and have a fear of the system's breakdown. At high peak hour volume, the system may break down or may not be able to cope (Wang, 2014, p. 975). With the emergence of newer technology, the existing system will b e quickly outdated and replacing the system will result in a higher cost. There is also the uncertainty that the building department may not review or approve the process (Ferreira, 2014, p. 475). With the proposed system in place, there will be a better perception of security as customers would not step out of their space. This system will be beneficial to tight parking spaces where ramped parking structure cannot be a modated. As the parking space will be utilized to the maximum, the parking efficiency will be very high regarding space and costs. The mon problem with looking for parking space will be solved, and since the cars would not roam around for available space, therefore, emissions will be reduced. Less chance of any vehicle mishaps since at every step the system will guide the car. Familiar parkers will require less intervention of the office staff. pared to the bined walking time/parking/driving in conventional ramped parking structures, the retrieval time will be much less with the automatic car parking system. Openings in exterior walls or ramping floors would not be required, and facade integration will be easier. To implement the automatic car parking system the proposal made was to divide the system into two parts – Operational System and Management System. Operational System operates with payment related operation for car parking. Tickets issued are mainly two types – ordinary customers for those using the parking space on a usage basis, and season ticket holders, who possess a ticket for three, six or twelve months and get designated car parking space on weekdays. Operations included in the Operational System includes payment at the pay station, opening, and exit of barriers of the car park, issuing tickets and recording of security visits by security guards. Management Operations include those services which are not handled by the Operational System.   It includes making reports on service level agreements, a sub-system for selling and renewing tickets, fault recording with faults related to the doors and windows to the equipment of Operational System. The various risks as sociated with implementing an automatic car parking system includes incurring huge costs on moving to a new technology, the unfamiliarity of users with the new parking system, system breakdown and issues during high volume of traffic. The proposed ou e is said to be quite positive as it will be a definite upgrade over mon ramped parking spaces regarding space and cost efficiency, less emission, better security and easier navigation.   Agerholm, N., Lahrmann, H., Jà ¸rgensen, B., Simonsen, A. K., & Tà ¸fting, S. (2014). Full-Automatic Parking registration and payment. In  Proceedings–10th Its European Congress. Ertico-ITS Europe. Ang, J. T., Chin, S. W., Chin, J. H., Choo, Z. X., & Chang, Y. M. (2013, June). iSCAPS-Innovative Smart Car Park System integrated with NFC technology and e-Valet function. In puter and Information Technology (WCCIT), 2013 World Congress on  (pp. 1-6). IEEE. Baglane, S. B., Kulkarni, M. S., Raut, S. S., & Khatavkar, T. S. (2014). Parking Management System.  International Journal of Modern Engineering Research,  4(2), 72-77. Berman, S. B. (2014).  U.S. Patent Application No. 14/454,440. Brandmaier, J. A., Gillespie, J., Hughes, S., Koza, D., Loo, W., & Lowry, F. (2015).  U.S. Patent No. 9,019,092. Washington, DC: U.S. Patent and Trademark Office. Brandmaier, J. A., Gillespie, J., Hughes, S., Koza, D., Loo, W., & Lowry, F. (2014).  U.S. Patent No. 8,799,034. Washington, DC: U.S. Patent and Trademark Office. Dong, H. R., Jin, S. T., & Hou, Z. S. (2014, June). Model Free Adaptive Control for automatic car parking systems. In  Intelligent Control and Automation (WCICA), 2014 11th World Congress on  (pp. 1769-1774). IEEE. Ferreira, M., Damas, L., Conceià §ao, H., d'Orey, P. M., Fernandes, R., Steenkiste, P., & Gomes, P. (2014, June). Self-automated parking lots for autonomous vehicles based on vehicular ad hoc networking. In  2014 IEEE Intelligent Vehicles Symposium Proceedings  (pp. 472-479). IEEE. Ganot, Z. (2014).  U.S. Patent No. 8,624,756. Washington, DC: U.S. Patent and Trademark Office. Hanche, S. C., Munot, P., Bagal, P., Sonawane, K., & Pise, P. (2013). Automated Vehicle Parking System using RFID.  Volume-1, Issue-2. Jog, Y., Sajeev, A., Bidwans, S., & Malick, C. (2015). Understanding Smart and Automated Parking Technology.  International Journal of u-and e-Service, Science and Technology,  8(2), 251-262. Kenaid, B., & Ali, S. (2016).  U.S. Patent No. 20,160,110,926. Washington, DC: U.S. Patent and Trademark Office. Mahmud, S. A., Khan, G. M., Rahman, M., & Zafar, H. (2013). A survey of intelligent car parking system.  Journal of applied research and technology,  11(5), 714-726. Mienkina, M., Circello, J. C., Mei, W., & Xiao, Y. (2015).  U.S. Patent Application No. 14/708,969. Mohammed, T. S., Al-Khairi, W. K., Al-Jubouri, A. T., & Shamas, O. S. (2015). Development and Implementation of an Automated Car Parking System.  Applied Mechanics & Materials. Patterson, D. A., & Hennessy, J. L. (2013). puter organization and design: the hardware/software interface. Newnes. Raleigh, G. G., Tellado, J., Green, J., Lavine, J., James, J., Nguyen, L. A. M., & Carter III, R. B. (2013).  U.S. Patent Application No. 13/748,152. Sabnam, M., Das, M., & Kashyap, P. A. (2016). Automatic Car Parking System.  ADBU Journal of Engineering Technology,  4. Saware, N., Waje, S., Kore, M. M., Patil, T., & Nanaware, P. (2016). Perspicacious Vacant Car Parking Detection System. Sumathi, V., Varma, N. P., & Sasank, M. (2013). Energy efficient automated car parking system.  International Journal of Engineering and Technology (IJET),  5(3), 2848-2552. Tsang, C. L., & Leung, Y. W. (2013, July). Automatic Redemption of Free Parking in Shopping Malls. In puter Software and Applications Conference PSAC), 2013 IEEE 37th Annual  (pp. 286-287). IEEE. Wang, W., Song, Y., Zhang, J., & Deng, H. (2014). Automatic parking of vehicles: A review of literatures.  International Journal of Automotive Technology,  15(6), 967-978. Whaiduzzaman, M., Sookhak, M., Gani, A., & Buyya, R. (2014). A survey on vehicular cloud puting.  Journal of Network and puter Applications,  40, 325-344. Wong, K. S. L. (2015). Flexible design principles.  Facilities,  33(9-10), 588-621. With a decade's experience in providing essay help,

Orientation Phase of Nursing Essay Example | Topics and Well Written Essays - 500 words - 17

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Problems and recommendations for Merit Pay system at Konica Minolta Essay

Problems and recommendations for Merit Pay system at Konica Minolta Business Solutions - Essay Example The project provides examples of the compensation structures in other organisations providing the respective pros and cons of the same. Finally, it recommends a suitable compensation structure for Konica Minolta Business Solutions along with its probable impact on the organisation. Compensation structure in Wal-Mart The organisation chosen for the purpose of this research is Wal-Mart. The reason for choosing this company is that it would be a perfect example to show how a poor compensation structure could lead to serious damage for the organisations. It would also be possible to show how restructuring of the pay structure would benefit the employees and the organisation. The organisation is one of the retail giants in the world. However, the compensation structure is seen to be unfavorable for the employees. Research revealed that â€Å"Walmart CEO's hourly wage equals one year salary of new employees† (Brainz, 2010). It demonstrates a great extent of disparity among employees in the organization. It was seen that the CEO of the company earns an amount of $35 every year, which is an hourly earnings of $16,826.92. On the other hand, the newly employed worker earns only $8.75 in an hour. His gross income in a year amounts to $13,650 only. The figure is quite low for a newly recruited employee in comparison to the revenue that the company generates. It also reflects the lack of concern of the employer towards its employees. This is the cause of the high rate of attrition in the organisation. According to the reports published by the company, it was estimated that there were 74,300 workers occupying positions in Florida Wal-Mart in a quarter. The number of workers leaving the organisation in the next quarter amounted to 15,500. 2900 more number of workers was recruited. This represented that the quarterly rate of turnover was as high as 17.3%. It was estimated that if this figure remained unchanged then out of every six recruitment, one would leave the organ isation in every three months (WARN, 2005). Compensation in other organisations- Review of success and failure Proctor and Gamble was one company which was considered to be one of the most favorable companies to work for. The company demonstrates very low rate of attrition because of its favorable pay structure. The voluntary turnover rate in the company is only 2% per year. The popularity of the organisation gets depicted from the fact that it receives more than 125,432 US applicants every year (CNN Money, 2011). The company’s present human resource development structure is highly attractive which makes it one of the most employers of recent times. The average annual pay for the most common salaried job in the organisation is $87,000, while the average hourly payment for the most common hourly paid job is $48,673. For example, a person holding the managerial position in the production department gets an average annual salary of $87,000. On the other hand, a technician whose wage is calculated on an hourly basis gets an average annual payment of $48,673 (CNN Money, 2011). The figures demonstrate that the employees are adequately compensated which can be accounted for

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Final research project Paper Example | Topics and Well Written Essays - 1750 words

Final project - Research Paper Example We use plastics, as we turn on the television, microwave oven and the list could go on endlessly. We are on an era of plastic. Plastics are very convenient to use. It is cheap and durable. One time use plastic wares are convenient to both ‘on the go’ buyers and storeowners. It is cheaper to produce and to transport because of its weight lightness. However, plastic garbage is becoming a nightmare and a great waste of energy. After we’d use those plastic products it end up on our garbage bins and so long plastic garbage. Very few of us ever care where it ends up after the garbage trucks collect it. Who cares, as long as we are having a convenient life? But folks, I think it is high time we analyze our lifestyle and how do we contribute to the overwhelming plastic garbage in our society and in the entire world. Plastic waste constitute the majority of the world’? garbage and its becoming a threat to both human and marine life. The Extent of Plastic Waste Plast ics have only been in circulation in the last 100 years, but its harmful effect on the health and lives of people and marine life is increasingly becoming severe. Globally, it is estimated that more than 500 billion of plastic bags are consumed every year. Currently, in the United States alone, Americans are throwing 100 billion plastic bags every year which is roughly equivalent to 12 million gallons of oil as plastic are made from carbon drawn from petroleum (Mcnamee). Moreover, it is estimated that more than 350 tons of plastic waste are disposed directly into the sea world wide. A single plastic bag takes more than a hundred years before it breaks down. It is durable and very convenient to use and seemingly very harmless. Ironically, the single plastic bag, which was use to put on the classy shoe or bag that we purchase on the mall can cause the lives of several animals. Can we imagine how much damage the billion of plastic bags and other plastic waste can do to marine lives and to our own health? Plastic Waste as Threat to Marine life In 1997 during a Transpacific Yacht Race, between California and Hawaii, Captain Charles Moore accidentally discovered what is now known as the TRASH VORTEX or the Great Pacific Garbage Patch in the Pacific Ocean. The trash vortex is approximately twice the size of Texas and four times the size of Germany in Pacific Ocean which is filled with various floating plastic waste from old toys, golf balls, kayaks, plastic bottles and a lot more which will not be able to decay in our lifetime. Besides to the floating trash vortex, it is assumed that 70% of the plastic waste sinks into sea bottom. According to Greenpeace, approximately 110 pieces of plastic waste were to be found per square kilometer at the sea bottom. It is calculated that a total of 600,000 tons of plastic waste are found at the bottom of the North Sea alone (Greenpeace). Plastic bags entangle birds which eventually strangled them death as they are unable to free t hemselves. Sea animals and other marine mammals have mistakenly eaten plastic, which causes their eventual death. According to a study conducted by marine biologist at the University of Kiel in Germany, 93% of the 180 dead birds which has been collected along the German shoreline, has been found to have plastic waste inside their stomachs (Altnau).In Australia, a crocodile named Whitey, which was part of a government wildlife tracking program was found dead and upon autopsy was

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Final research project Paper Example | Topics and Well Written Essays - 1750 words

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Economics of Education Essay Example for Free

Economics of Education Essay This project, critically reviews the sources of revenue at Kinondoni Municipal along with the budgetary allocation to secondary educational sector. It provides the major sources of revenue which include Central Government revenue, Basket fund (Donors) and Local government revenue which constitute revenue from city service levy, property tax, advertising and bill boarding fees, compensation revenue, and cost sharing. It identifies that education is the priorities to which the council does consider much in allocating their funds. The project reveals the background on the system of financing education as an essential and critical kind of investment in developing countries particularly Tanzania. It has shown its significances with respect to running the system (government) in general. The significances give the stand to which the Government should take into consideration on allocating funds in secondary educational department. More over the project has identified the objectives for analyzing the sources of revenue and educational budgetary allocation. These objectives have been stated in such a way that, it shows the directory as guidelines for reaching targeted goal(s) for sustainable development. Nevertheless, case study method and documentary review as well as interview techniques were employed. The data have been analyzed using tables and figures. 1.0. Introduction and Background. Kinondoni Municipal is located in Dar es Salaam City in Tanzania. It is bordered by Indian Ocean to North East, Ilala Municipal to the South, Bagamoyo District to the North, Kibaha District to the West and Kisarawe District to the South West. The Municipal has number of matters and services to be done/ provided to the community. Among others being education, health services, road construction and maintenances, water services, urban agriculture, power and energy supply and others of alike. All these services need money to run in effective way so that, the community members could appreciate the concern of the government for their well-being. The Municipal has vision and Mission which the study was interested with, to check out whether are just worded or are real in practical terms. The study eyed particularly to its Mission statement â€Å"Provision of quality services to the community through effective and efficient use of resources, capacity building, good governance and rule of law hence improve the living standard of people†. The project (study) was done at this Municipal to identify the sources of revenue for the Municipal to curter and serve the community effectively and efficiently. Another purpose was to check out, how the Municipal allocate its funds (Revenue) to secondary educational sector. A source of revenue is a critical problem in running several activities to an individual, family, community and national level respectively. Moreover, despite the scarcity of fund (resources) in servicing the community, there is a problem on proper plans and allocating the present resources in optimal manner. Thus, the wise decisions on how to use the present resources in its scarcity is very important particularly for developing countries like Tanzania. Another aspect towards this study (project) was to determine the way the sources of revenue are collected. On this activity, it is the point at which monitoring of revenue collection should be taken into consideration for effective performance. Furthermore, this exercise needs humanitarian aspiration than personal essence so that, the fruits will be for the community as large. There are two significances of doing this project. First was to determine the sources of revenue to the Municipal in order to understand the position of Municipal and the Government in general in its strengths and weaknesses so as to address recommendations to be taken for better performance in future. Second was to assess the allocation of the funds in secondary educational sector. From this, allocation of fund will realize the choices for most of the councils in Tanzania and the way investment aspects are taken into account especially educational investment, hence improvements to be made in a long run. The objectives of this project were as follows i) To determine the sources of revenue for Kinondoni Municipal. ii) To assess the budget allocation to Secondary educational sector in Kinondoni Municipal. The project presents various literature reviews in respective to the study (project). The literature review is mostly on sources of revenue, financing systems, administration, roles of the state and recommended suggestions. Galabawa (1985, p. 1) claimed that, â€Å"Tanzania’s plan for extending educational opportunities and improving the quality of education are often hampered by the limited resources to educational industry†. This realizes that, the problem resources in provision of education in Tanzania is a problem that exists and needs a solution on how to go about in order to reduce the burden from the government to ensure more educational opportunities and improve the quality of education. More emphasis on quality of education has been described by Michaelowa. The author tried to identify the areas which need to be checked to ensure that are taken into considerations for the consequences in anyhow. The author argued that, â€Å"The number of days teachers are absent from school (ABSENCE), and teachers’ self reported job satisfaction (MOTIVATION) have significant coefficients of the expected negative and positive sign respectively† (Michaelowa, 2001, p. 1707). If the education industry is running short of resources to improve access and quality of education, and if the responsible persons needs to be motivated for effective teaching, means this industry need to be financed. The financing can be determined by number of factors as quoted from the article that, â€Å"The policies of financing education in any country reflect the country’s ideology. Although Tanzania’s education policies emphasized quality of opportunity and access, they also vary from environment prevailing at specific time† (Galabawa, 1994, p. 37) This literature review has contributed much on this project since objectives stated can be revealed particularly on sources of revenue. According to Galabawa (2007, p. 3), There are various sources of education revenue. These sources can be divided into four broad categories: Fiscal sources; ser charges including various forms of cost recovery and cost sharing; student loan when constituted as a revolving fund which generates income out of which loans are offered to students and various forms of community contributions. The fiscal sources include general taxes; earmarked taxes; taxes on With regards to education as an investment, and sources of educational revenue, the government has to play its role for sustainable development Galabawa (2007, p. 2) portrayed that, â€Å"The price of education can, therefore be influenced by the government decision which impinge on issues of supply of education services; the allocation and distribution of resources between different levels or different courses; the choice between different methods of financing education and student support or even between different methods of schooling†. Therefore, this clarifies the position of the Government in provision of education in the country to assure access and proper allocation of funds in different sectors. Property; salaries and sales; and different types of levies. For all matters being discussed concerning sources of revenue, educational revenue, budgetary allocation and the role of the government on educational investments and other sector, to have sustainable implementation of plans and to build capacity on fund management, accountability, effective audit and formula funding to generate consistent and reliable disbursements† should be taken into consideration for sustainable development. Besides literature review, case study was employed during the project. The study was done in Kinondoni Municipal. Therefore purposeful sampling technique was used. The project had two variables namely, dependent variable which is budget allocation, and independent variable which is source of revenue. With these variables the hypotheses of this project were as follows; (i) There is a significant relationship between sources of revenue and budget allocation in secondary educational sector (Alternative hypothesis). (ii) There are no basic criteria guiding for sources of revenue and budget allocation in secondary educational sector (Null hypothesis). Field visit, discussion and interview. The list of tools used to collect information and guide the field interview and discussion were documentary review and Interview. The targeted personnel were Municipal economist and district secondary educational officer; these were obtained using purposeful sampling in order to get correct information. The documentary review involved reviewing various documents concerning sources of revenue and general allocation (budget) of the fund to secondary educational sector. Also an interview was conducted in brief way with the Municipal economist and district secondary educational officer. The interview was basically on the way they get fund for running the Municipal to curter and serve the community. Moreover, the questions on what are the major criteria for allocating the fund and challenges they face on all matters concerning sources of revenue and allocation of fund in general were asked.

Capital Market Development Behavior Share Price In Nepal Finance Essay

Capital Market Development Behavior Share Price In Nepal Finance Essay The title itself justify the importance of the research for the finance degree, however, the previous research done in this filed in Nepal is not satisfactory. This is the reason that made researcher to do some research in this topic hoping the conclusion made would be beneficial for investors and fill the gap between the researches. Financial markets can also be defined as the centers or arrangements that provide facilities for buying and selling of financial claims and services. And the role of financial system in economic development has been a much-discussed topic among economists. Financial markets perform four important economic functions. First, they enable individuals to choose more effectively between current and future consumption. Borrowing enables individual to consume more, whereas leading enable them to postpone consumption. The economic units that have a surplus (investors) invest in those that have deficit (borrowers). This provides capital to companies in excess of those generated out to business income. Second, the interaction between buyers and sellers in a financial market determines the price of the assets, or alternatively, the return demanded by investors to invest in the company. Firms can raise further capital if the return on their investments exceeds the return demanded by investors. Third, financial markets provide liquidity to investors. That is, the owner of the financial asset can sell off the asset in the marketplace to realize cash whenever required. The degree of liquidity may vary from asset to asset and market to market. Fourth, financial markets can discipline under-performing managements. The prevailing stock price of a company reflects the opinion of all market participants regarding the outlook for the company under the current management. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Capital Market plays a crucial role in any modern economy as they allow investors fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). Money market may be defined as short-term financial assets market, which facilitates liquidity and marketability securities. Actually it is the market for short-term market instrument having less than one-year maturity period. The fluctuation of money market interest rates reflects the demand and supply of funds in competitive market. The development of an efficient money market requires the development of institutions, instruments, and operating procedures that facilitate widening and deepening of the market and allocation of shot-term resources with minimum transaction costs and minimum of delays. Thus, the money markets are the markets for short -term, highly liquid debt securities. Capital markets provide an effective way of procuring long-term funds by issuing shares and debentures or bonds for corporate enterprises and government and at the same time provide an investment opportunity for individuals and institutions (Adhikari 2004). Thus, the market place for these financial securities is called securities market which is further subdivided into the primary and secondary market. The former market denotes the market for newly issued securities to the public whereas the latter market refers to the market for secondhand securities, traded previously in the primary market . Capital market plays a vital role in the national economy. It renders very valuable services to the community by increasing the productive capacity of the country there by accelerating the ace of economic development. In short, the growth of economy is tied with the growth of capital market in the country. Capital market facilitates the allocation of funds between saver and borrowers. This allocation will be optimum if the capital market has efficient pricing mechanism. If the capital market is efficient, the current share prices of companies fully reflect available information and there is no question of share price being under- priced and over-priced. The phenomenon of under or over-valuation of shares is possible only in an inefficient capital market. As the capital market is concerned with long- term finance, in the widest sense it consists of series of channels through which the saving of the community are made available for industrial and commercial enterprise and public authorities. It is mainly concerned with those private savings, individuals as well as corporate; those are turned into investments through new capital issues and also new public loans floated by government and semi government bodies. In the capital market demand comes from agriculture, industry trade and government while supply comes from the individual or corporate savings, intuitional investors and surplus of governments. It comprises the savers- individuals and institutions and bodies through which these savings are mobilized. The saving instructions like banks, investment companies specialized financial corporations and stock exchange are some of the important constituents of capital market. An efficient capital market is an essential pre-requisite of economic development and the development of capital market in a country is dependent upon the availability of savings, proper organization of intermediary institutions to bring the investors and business ability together for mutual interest, regulation of investment etc. In an efficient capital market, liquid will channel quickly and accurately where it will do the community best. Such efficient market provides ready financing for worthwhile business ventures and drain capital away form corporations, which are poorly managed, or producing obsolete products. It is essential that a country should have efficient capital markets if that country is to enjoy highest possible level of wealth, welfare and education for its population (Bhalla, 1997, cited by Dangol 2008). Growth of industrial enterprise in a country is limited by the availability of savings. A well-developed capital market presumes the existence of not only the investors individual and institutional, but more significantly the existence of a network of specialized institutions and agencies, which are always on the look out for investment in new ventures. Purpose and Scope Development of capital is must for a sound industrial development of the country like Nepal where more than 85% of capital is raised from stock market. Stock Market are the catalyst for enchancing the operations of the entire domestic financial system and the Capital Market in particular (Kenny and Mosh 1998 cited by Obiakor and Okwu (2011). Capital market institutions help to mobilize the surplus unit to deficit unit for productive investments. As it mobilize the scattered resources and channels them in productive sector. It is an effective instrument of expanding productive capacities of the country. In Nepal, unfortunately, despite a history of half decade of planned economics activities to develop real sector of a country, little attention was paid to the development of financial sector. Over the past one and half decade financial sector, despite many problems, has developed significantly in Nepal. The growth of stock market is remained satisfactory because of low priority in the government financial reform policies. Stock Exchange in many countries has a long history of more than one century. For e.g. the India stock market has a history of more than 130 years. The stock exchange of Nepal has not so long history and it has faced so many ups and downs during this short history. However, gradual improvement in infrastructure and policy has given strong fundamental base for the Nepalese Capital Market. Establishment of NEPSE has given an opportunity to investors to invest in the enterprise sector and participate in the secondary market. Behavior of the stock prices shows the misevaluation of the stock price in the secondary market. The price earning information was not made available timely to the investors. The investors could not identify the good and bad stocks. So, the lack of value judgment to determine the stock price is the serious problem of the Nepalese stock market. This happens due to the inability of the regularity bodies of the stock market to regulate the market mechanism and failure to win the faith of the investors In the Nepalese context, there is the lack of wider investment opportunities, which provide good return. So, there has still been a huge amount of unutilized saving funds with public. But most of the public investors i. e. existing and potential are not well knowledgeable about the real financial strength and weakness of the public companies in which they are investing or going to invest their funds. Further they cannot well analyze and interpret the real financial position of a company on the basis of available data and information to reach the right conclusion. This study may help investors to think about restructuring their investment portfolio. Similarly potential investors may take better timely investment decision on the basis of the findings of the study. Capital market provides investors good investment opportunity with fair return and instant liquidity with minimum risk of loss it helps to mobilize financial resources for the investment in development project and thereby helps economic development of the country. The stock market also imparts liquidity to the securities holder. This offers an opportunity for investors to invest in long term venture, while market also enables to convert their securities into liquid cash before the maturity of the project. Furthermore they can invest their current income against their future income thereby achieve their time preference of consumption. The liquid market also promotes the primary issuances of share because investors participated in the issuance of share markets can get back the fund easily. The primary market is positively and highly elastic with the stock price and liquidity in the secondary markets. Usually the price of common stock in primary market is par value but in secondary market may be any price i.e. more than par value, less than par value and equal to par value. Stock price in secondary market is the main issue of this study. What could be the reasonable price paid for a stock in secondary market? What is the impact of the price trend, volume of stock traded and, Do the investors see the price trend, volume of stock traded and, others views while making investment decision? These are the burning issues regarding stock price determination of secondary market in Nepal. Capital market provides investors good investment opportunities with fair return and instant liquidity with minimum risk of loss. The stock market also imports liquidity to the security holders. Research Aims, Questions and Hypothesis The dissertation tries to help to create the importance of capital market and movement of share price. Efficient Market hypothesis assumes that investors behave on the same way as they get information from the market. To do justice with the study following aims and questions have been set as the predetermined requisition. Research Aims The aim of this research is to find out whether developed Capital Market brings any significant changes in share price and thereafter effect in NEPSE index. Research Questions What are the present state and status and elements that affect NEPSE index? Does developed Nepalese Capital Market follows the price behavior theories? Can financial literacy helps to create developed Capital Market? Research Hypothesis The dissertation formulates the following testable statement: H0: Capital Market has not developed in Nepal H0: There is no difference between NEPSE index before and after signaling factor H0: The successive or lagged price changes are independent Research Objectives The prime objective of the study is to analyze the movement of stock market and the effect of share price of sampled companies. However, the specific objectives of the study are as follows: To analyze the development /growth of Nepalese Capital Market and to examine if investors awareness help to develop capital market. To examine sector wise overall movement of NEPSE Sensitive index to find out risky sector To analyze the signaling factors and impact on stock price with the help of NEPSE index To analyze price behavior theories based on estimated multiple regression analysis and run test. Title Capital Market Development and the behavior if Share Price in Nepal Research Gap Although some very valuable researches in the field of Capital Market have been done so far, there is still a great deal of opportunity remained for researchers in the field in this area to explore and identity new facts and figures about the immature stock market of Nepal. This study will analyze the stock price determinants of common stock in secondary market of Nepal. Usually the price of common stock in primary market is par value but in secondary market it may be in any price. The price of common stock is largely influenced by different market related factors. Most of the studies on share price behavior conducted in the context of Nepal were based on secondary sources of information only. No study has been conducted on price fluctuation of stock price by using share brokers and individual investors as primary sources of information. There was a need to conduct a survey with the share brokers and individual investors who are the major stakeholders of the stock market, in order to find out more subjective facts on share price behavior, which cannot be testes through the use of the primary source of information. The earlier studies were done only in theoretical manner regardless of what the real market is going through while this study is analyzing the real market scenario like the impact of capital gain in the market or the impact of global recession on the Nepalese Security market. Nowadays, Nepalese share market has entered to the new horizon. Its size and market capitalization are growing day by day. New Bye laws are being established to control stock market price. But it is clearly realized that share prices are fluctuating abnormally. If earning, dividend and net worth are taken as the main determinants of price fluctuating, then why the share prices are increased without the increment in such factors. Therefore there is still lack of appropriate researches to find out the causes of volatility of share price in Nepalese share market. Therefore, this study is analyzing the various reasons on the fluctuation of price trend and the cause and effect of different signaling factors over stock price. In addition to this, it also tends to give some measures that should be taken by related parties to develop the Capital Market. Thus, the earlier studies on share price behavior needed to be updated and validated because of the many changes taking place in the stock market in Nepal. This study is an effort to attempt in the same direction. Chapter 2: Capital Market: Global Perspective Modern capital markets have two related parts: (1) the debt and equity markets that intermediate funds between savers and those that need capital, and (2) the derivatives market that consists of contracts such as options, interest rate, and foreign exchange swaps, typically associated with these underlying debt and equity instruments. The debt and equity markets help allocate capital within an economy. The derivatives market helps investors and borrowers to manage the risks inherent in their portfolios and asset/liability exposures (Dudley Hubbard, 2004) In the United Kingdom and in the United States, both of these parts have grown very rapidly over the past few decades. The capital markets in the United Kingdom and the United States dominate these countries financial systems, in marked contrast to France, Germany, and Japan, where banks are more important. Regardless whether one examines the UK or the US over time, or compares the performance with other developed countries on a cross-sectional basis, the conclusion is unmistakable. Capital markets have been the driving force behind the development of the UK and US financial systems. In the US, the capital markets have become the dominant element of the financial system in three ways. First funds raised in US debt markets now substantially exceed funds raised through the US banking system (McKinsley company, 2011) Second, more 36% of US households owned equity in some form ( The Big Picture, 2012) Third, the derivatives market has grown extraordinarily rapidly. The notional value of derivatives securities outstanding rose to $244 trillion September 2011(Mann,2011) from about $6.7 trillion at year-end 1990. Intrest rate swaps has an estimated of 82.1% of derivatives representating the biggest share of this market 10.6% in foreign exchange rate swaps, 6.1 % in credit derivatives, and 1.2 % are in commodities and equity contracts(Comptroller of Currency Administrator of National Banks, 2012) Figure look at PC Source: The Big Picture, 2012 . The global capital market is gaining depth every day. Along with the development of this market, the liquidity is also growing at a rapid pace. financial stocks are growing worldwide and their growth rate is much higher than that of global gross domestic products (AllianceBernstein,2012)   Capital market represents the securities market where stocks, bonds, and several other derivatives are traded, and both long and short-term debts are raised here. This market provides companies, as well as governments with necessary funding, and, simultaneously, grants investors with the opportunity to make regular income (Dodoo,2007).   the size of stock and bond markets around the world in August 2011, shows that global capital market has reached all time high with $ 212 trillion of which about 75% consists of bonds ($175 trillion) and about 25% of stock ($54 trillion) ( McKinsley company, 2011) and the total derivatives has reached to $700 trillion at the end of August 2011(Mann, 2011) The development of the global capital market can also be traced by the fact that the financial holdings of the world is growing quickly. The global stock of debt and equity grew by $11 trillion in 2010 (McKinsley company, 2011) and this amount is expected to cross the $250 trillion mark before the end of 2015 (finance, maps of world, 2012), where as the value of the global market increased by 5% in 2010 to $ 54.9 trillion following a 45% rise in the previous year (Maslakovic, 2011) separate data from SIFMA, puts the US bond market at just under $37 trillion (63.4%) as of the end of 2011 and Bloomberg puts US stocks at about $ 21.4 trillion (36.6%) by the end of April 2012 ( qvmgroup,2012). In these circumstances, the US is playing a vital role in the development of the global capital market and, alone, is the destination of 85% of the net capital flow of the entire globe. Britain also plays a significant role in the market. (McKinsey Company, 2011) Development of capital market Market capitalization of listed companies (% of GDP) Picture lookat PC Source: World Bank 2012 and the Author Capital Market: Asia In the past few decades, Asian countries have experienced a tremendous economic growth, although temporarily interrupted by the Asian financial. Along with the strong economic growth, capital markets in this region have shown a rapid expansion, and have played an increasingly important role in fostering economic development (Hsu, 2000). Hsu further explains, Asian countries have enjoyed abundant savings. Some countries in this region have domestic savings rates of more than 30 percent. In no other regions in the world do countries have such large reservoirs of domestic savings at their disposal. Asians high savings rates have provided the platform for robust capital markets. While Asia has been preoccupied with economic recovery and financial reforms over the past few years, the economic structures of most Asian countries have been gradually modified, and their capital markets are also in the process of transformation. Along with these changes, several key trends are emerging in the regions capital markets. First of all, Asian capital markets are expected to continue to grow and their market capitalization is expected to increase further, as the Asian economy is expected to recover steadily and require increasing capital to meet its investment needs. Also, in some Asian countries, technology-intensive industries have developed rapidly and hence a large sum of capital is needed. The acceleration of privatization programs will also increase market capitalization in this region. The floatation of large state-owned enterprises will generally be the largest new issues on Asias stock markets. In addition, because of easier practices for companies to go public, IPO ¼Ã‹â€ initial public offering ¼Ã¢â‚¬ °issues will flourish and increase market capitalization further. The world of investment is set on a path of rapid change cutting across culture, time and language barriers. We are looking at a new era of deregulation and the standardization of the regulatory environment, together with the introduction of international accounting standards (Takaya, 2000). However there is an argument that asias capital market is no expection to Global markets as it had a risk off 2011. Investors search for safe havens has left Asian market in a muddle state with equity capital volumes slumping to lows not seen since 2009 (Keohane, 2011). Equity Capital market (ECM) in Asia (excluding Japan) have had a dismal fourth quarter so far, rainsing just $22 billion, their worst result since the first quarter of 2009($14 bn) and year to date, ECM volume is down 44 percent from 2010 issuance of $291.1 bn to just 162.4 bn (Keohane, 2011) Picture look at PC Source : Dealogic cited by Keohane, 2011. Capital Market: Nepal Institutional development of securities market in Nepal started from the year 1976 when Securities Exchange Centre (SEC) was established under the companies act with the joint capital contribution of Nepal Rastra Bank Nepal Industrial Development Corporation. The Industrial Policy of the government also encouraged the promotion of securities exchange activities in Nepal. Nepal government under a program initiated to reform capital market converted securities exchange centre into Nepal Stock Exchange (NEPSE) in 1993. NEPSE is non-profit organization, operating under Securities Exchange Act, 1983. Nepalese capital market was given proper structure in June 1993 with the establishment, SEBON as the market regulator. Since its establishment, SEBON has been concentrating its efforts on the legal and statutory frameworks, which are the bases for the healthy development of capital market. SEBON Nepal is the supreme body to regulate the Nepalese securities market (Bhusal 2010, Gurung 2004 and Dangol 2008). As a part of its continuous efforts to build a sound system, the securities exchange act, 1983 was amended for the second time on Jan 30, 1997. This amendment paved the way for establishing SEBON as an apex regulatory body as it widened the horizon of SEBON by bringing Market intermediaries directly under its jurisdiction and also made it mandatory for the corporate bodies to report annually as well as semi annually regarding their performance. After the inception of the Securities Exchange Center, shares of various manufacturing, trading and banking companies became listed. Interestingly, the listed shares were dominated by public enterprises during this stage. Between 1984 and 1990, 42 companies were listed, out of which more than 25 companies had some form of government ownership (Bhusal 2010, Gurung 2004 and Dangol 2008). However, after the democracy the trend has totally changed and the listed number of companies reached at 207 by the end of Fiscal Year (FY) 2010/2011  [1]  , while the government ownership companies had decreased due to the privatization that took place in different planning stage of privatization act. The main objective of SEBON is to promote and protect the interest of investors by regulating the securities market, to monitor and control the entire capital market, sale and distribution of securities and purchase, sale or exchange of securities. SEBON was established with the objective to render contribution to the development of capital markets by making securities transactions fair, healthy, efficient and responsible. Whereas, its main function are to provide licenses to stock exchange and securities business person and to monitor the activities carried by NEPSE to know if they are in accordance with the law or not (SEBON Annual Report 2010/11) Despite this, Nepalese stock market is still underdeveloped and there is lot of shortcomings in Nepalese stock market. Hence, the present study is conducted on Nepalese stock market in order to find out its potential of development, major problems and prospects by using secondary as well as primary data. Karla (2006) defines capital markets as the market which specializes in giving long term loans to the industry. In broad sense capital market incorporates intermediary institutions, capital formation, mobilization anf channeling of long term capital, as well as regulatory authorities. ( Obiakor Okwu, (2011). Alile (2007) calrifies that the capital market is made up of markets and institutions which facilitate the issuance and secondary trading of long term financial instruments. Aligning with this, Osaze (2007) simply sees it as the market responsible for long-term-growth capital formation. Ologunde, and Asaolu (2006) conceptualize capital a collection of financial institutions set up for the granting of medium and long-term. Further, they considered the stock market as single nor even a dual market but rather a network of specialized financial institutions which, in various ways, help to bring together suppliers and users of long-term capital fund. The capital market is one of the most vital areas of the economy as it provides companies access to capital, and investors with a slice of ownership in the company and the potential of gains based on the companys future performance( Ujunma Modebe,2012), The capital market is unique in a countrys financial system because of its peculiar role in the economy. Levine(1991) cited by (Ujunma Modebe,2012) identified these roles as: raising capital for business, mobilizing savings for investment, facilitating companys growth, redistribution of wealth, promotion of corporate govemance, creating investment opportunities for small investors, government capital raising avenue for development projects and being a barometer of the economy. Improving the efficiency of the capital market has become a recognized means of meeting national objectives such as etihancing productivify and competitiveness, reducing local environmental costs associated with capital market transactions, promoting savings and investment on economic wide basis (Mark, 2011). At intemational level, it is considered a key element of sfrategy to mitigate the risk of capital flight associated with lack of intemational investors confidence in the market. In this context, improving capital market efficiency in the developing and transitionhig countries is particularly important because these countries exhibit considerable potential for such improvement and, in the case of the developing countries, since they will contribute increasingly to the fiiture of the capital market as their economies grow (Ujunwa and Salami, 2010). On the other hand, The capital market is a collection of financial institutions set up for the mobilization and utilization of long-te rm ftmds for developing the long-term end of the financial system (Ologunge; Elumilade and Asaolu, 2006). In this market, lenders (investors) provide long-term funds in exchange for long-term fmancial assets offered by issuers. The market is an important institution for capitalist countries because it encourages investment in corporate securities, providing capital for new businesses and income for investors (Ujunwa, 2008). Capital Market Development Indicator There has been numerous research regarding to measure capital market development. Most of these research tried to like with economic development. Yet there is not any standardize indicator to do so. A study by Applegarth (2004) on levels of capital market development and economic growth in Asia and Sub-Saharan Africa shows that capital markets in Asia which continued to add several hundred companies to their exchanges annually experience sizeable increase in the momentum of private sector development, while the reverse was the situation in Sub-Saharan Africa that added fewer than 10 to their exchanges, except South Africa. Thus, using private sector development, liquidity. local savings, bank competition, remittances, corporate govemance, and enhanced economic policy as capital market development indicators, he showed that capital market development drives economic growth. Adeyemi (2009), using gross capital formation and number of quoted companies as measures of capital market development, found that capital market development has positive significant impact on economic growth. Basically, a more reliable measure of the relationship would need inclusion of appropriate stock market development indicators since, according to Obiakor Okwu (2011). on their study they included other indicator than mentioned above such as gross domestic product, value of shares traded, market capitalization, gross capital formation, and foreign private investment in the functional relationship. Udegbunam (2002), in an attempt to estimate the impact of openness to trade and stock market development on industrial growth in Nigeria for the period 1970-1997, related industrial output growth to openness to world trade, stock market development and a set of control variables in a simple model he adapted from the stock market and economic growth model formulated independently by various previous researchers done during 1995 and 1996. Udegbunams empirical evidence strongly suggests that openness to world trade and stock market development are among the key determinants of industrial output growth in developing economy. By implication, this translates to economic growth via sustained increases in GDP. However, he identifies other important factors as human capital input, non-military expenditure, and inflation. The variables included in his model were industrial output, stock market capitalization- GDP ratio. Non-military expenditure-GDP ratio, school enrolment, inflation rate, ma