How do Bennett and Chaucer present women in ‘The Outside Dog’ in ‘Talking Heads 2’?

The primary female characters in these two writings are Alison in ‘The Miller's Tale' and Marjory in ‘The Outside Dog. ‘ However, it might likewise be conceivable to consider the noticeable female characteristics in Absolon, and furthermore Tina, the pooch in the Talking Heads 2' monolog. It can likewise be said that Stuart's casualties are apparently female. Alison, in ‘The Miller's Tale' is to a great extent introduced as the cliché youthful spouse, which follows the class of the story itself. The Miller says, ‘fair was this yonge wyf,' so the peruser quickly considers her to be the appealing and wonderful generalization, which is strengthened by the way that the Miller doesn't give her a name until line 258, adequately externalizing her as a character, giving her no uniqueness. Additionally, the reiteration of this title decreases her own character and causes her to appear to be practically similar to the property of her better half. Alison's two-dimensional picture is promoted by Chaucer's continuous references to shading, for this situation, high contrast. The hues typically depict what she is wearing, for instance, ‘a bamcloth eek as whit as morne milk' and ‘of col-dark silk. ‘ Chaucer sees Alison, and potential ladies when all is said in done, as a difference of highly contrasting; the white of her cover is differentiated to the dark of her hair and eyebrows. White is customarily observed as an unadulterated shading and dark's a dull, strange shading. This shows on a superficial level Alison might be wonderful, however she isn't so unadulterated and faithful to her significant other toward the end on the story. Chaucer might be summing up this to all ladies, recommending they can ‘put on a front' and be something they are most certainly not. Be that as it may, the straightforward, plain nature of the two hues presents her as a two-dimensional character with little profundity. Similarly, the character of Marjory is introduced as being very feeble and faithful towards her significant other. It is evident to Marjory that her better half is blameworthy for the homicides, however she doesn't utter a word to the police, and she conceals his pants, which would have been urgent proof, ‘I sneaked in and got a container pack and brought them inside. Marjory appears to be a significant inactive spouse, and acknowledges what her better half advises her, frequently without addressing him legitimately, ‘He took the van over to Rawdon the previous evening. Said it was Rawdon in any case. ‘ The doubt here is clear, however as she isn't introduced as an especially solid character, this doubt isn't voiced, or followed up on. This may propose commonly that ladies are the more fragile, increasingly inactive sex, and ought to be devoted towards their spouses, similarly that Marjory is. Marjory's fixation on cleaning says a great deal regarding the ‘role of ladies' in the home. She is depicted as the persevering housewife, which is by all accounts her principle and most significant job, ‘the police said not to contact anything other than I wasn't having the spot left annoyed that way so I set to and cleaned down†¦ ‘ This is likewise underlined by the manner in which Stuart thinks about the job of his better half. He says, ‘You're fortunate I do it by any means' when looking at washing his own garments. Like in ‘The Miller's story,' the female character is introduced as the run of the mill spouse, However, Marjory is the cliché faithful wife. The physical portrayal and physiognomy of the character of Alison is broad, and Chaucer is by all accounts caricaturing wonderful representations of the subjects of elegant sweethearts. He utilizes analogies to contrast Alison with the local and ordinary where the cultured writers would have picked extraordinary and important examinations. For instance, she is over and over contrasted with creatures, for example, ‘Winsinge she was, similar to a joly foal. ‘ These portrayals, despite the fact that they here and there express positive characteristics, for example, her vivacity, may likewise depict a negative picture of the ‘yonge wyf. ‘ For instance, it might be surmised here that she is very youthful. Alison's outward appearance is focused on, and as a peruser we don't get familiar with a ton about her character and qualities, recommending that she has minimal more than her looks in support of herself. For instance, ‘as any wezele hir body gent and little. ‘ This depicts Alison as being thin bodied in appearance. Chaucer presents ladies similar to an object of sexuality, and the story might be dominatingly for the diversion of a male crowd. This thinks about to Marjory and Stuart in ‘The Outside Dog' as Marjory is utilized as a sexual ‘object' by her significant other, found in the tome and language utilized, ‘he awakens me and he has another go. The tone here is very cavalier, with no inclination included, yet Marjory likewise appears to be very angry of her better half, as she is dealt with like it is her obligation as a spouse to comply with her significant other. She doesn't allude to Stuart by name, and by over and over utilizing the pronoun ‘he,' she shows him no acknowledgment, increasing her disdain of her significant other, and the far off relationship the two characters have. Chaucer utilizes solid descriptive words while introducing Alison as a guileful darling, she is said to have a ‘likerous ye' depicting her as being provocative and hot. She is additionally portrayed as a ‘wench', which is an extremely uncomplimentary term for a lady. This differences to her appearance and riches. Her eagerness to submit infidelity is found in her experience with Nicholas and from the outset her appearing reluctance to participate in any such conduct with Nicholas, ‘I will nat kisse thee, by my fey! ‘ However, inside five lines of the story, she has ‘changed her brain' and has been convinced by Nicholas. This depicts her as having not many ethics or assurance, and nearly ‘teasing Nicholas. ‘ Overall, the character of Alison isn't one in which a peruser can feel for, as she is to a great extent depicted in a negative light. Be that as it may, I feel that a peruser is bound to identify with the character of Marjory, as Bennett doesn't depict her similar to an especially ‘bad' or accountable character, and we may feel frustrated about her due to the treatment she experiences by her significant other. It additionally works in support of herself that the content is written as a monolog, in this manner the peruser is basically urged to identify with the character, as she portrays occasions from her own perspective. Nonetheless, as with Alison, as a peruser we don't generally concur with her activities, and may feel that she ought to be a greater amount of a functioning, instead of detached character. The character of Absolon is given extremely female characteristics by Chaucer. His depiction is extremely exact and broad in detail, for instance, ‘crul was his heer, and as the gold it shoon. ‘ His portrayal is fairly bizarre for a man, and carefully differentiations to the solid, masculine picture of the Miller. Absolon's character is to a great extent derided and rewarded as a figure of fun because of these delicate characteristics that he has. This again depicts womanliness in a terrible light, reducing the significance and status of ladies in the public eye, especially in the period wherein Chaucer composed the stories. The way that the canine in Bennett's monolog is female may likewise depict ladies in a negative way. Mutts are commonly seen as being faithful towards their ‘masters. ‘ This proposes the ace hireling relationship ought to be reached out to the couple, as Marjory is in rivalry with Tina for her better half's acknowledgment, ‘That pooch's not inside right? ‘ The casualties in this monolog are likewise ladies, which again presents ladies as being ‘helpless casualties' and open to maltreatment from men. Once more, the hidden subject of the inactive idea of ladies is investigated, as Stuart exploits this.

Attitude of Young People of India Towards Luxury Brands Essay Example for Free

Disposition of Young People of India Towards Luxury Brands Essay Presentation: a few ages back, a run of the mill buy choice for the normal Indian would pick between, state, garments and electronic merchandise at whatever point they had a little money to save. Today, the customers’ predicament includes deciding among Prada and Gucci, Merc and Lamborghini. Marie Antoinette would state, â€Å"If they can’t have bread, give them marks! † In a generally brief timeframe range of 20 years, India has moved from asphalt markets to chic shopping centers, from parsimonious disapproved of purchaser to who need everything and from a populace to a great extent obessed with big name tattle to one which longs to pick up information. India is taking wing. It isn't basic since India is set to turn into the quickest developing significant economy on the planet. The blend of a huge youthful working populace, rising pay levels, overpowering customer positive thinking and progressively urbanized way of life is driving utilization development in India. The market capability of world’s second biggest populace has not gone unnoticed. Universal Luxury brands have India on the radar. As created showcase keep on doing combating financial unrest. India offers extravagance brand proprietors unparalleled development openings. The Indian extravagance advertise is anticipated to reach USD 14. 72 billion in 2015(CII and A. T. Kearny, 2011). It might speaks to just 1-2 percent of the worldwide extravagance advertise, yet its market development pace of in excess of 20 percent for every annum, guarantee positive returns for extravagance players. A progression of global brands from Giorgio Armani to Ferrari to Sofitel Hotel have entered the Indian market to guarantee a portion of the extravagance rupee. Numerous others are pausing, watching and getting ready. This isn't just about today’s advertise however a key market of things to come. Issue Definition: * Young shopper mentalities are basic for the advertisers to design their methodology in arriving at the objective purchasers. So in our examination we have centered to portion youthful shoppers as indicated by mentality factors. Destinations: * The point of the examination is to section youthful shoppers dependent on their three significant convictions parameters (certainty, trust, idealism) as we probably am aware convictions is a significant mentalities of purchaser Literature audit: 1. THE ROLE OF CONFIDENCE IN UNDERSTANDING AND PREDICTING BUYERS ATTITUDES AND PURCHASE INTENTIONS * Peter D. Bennett and Gilbert D. Harrell * Journal of Consumer Research * Vol. 2, No. 2 (Sep. , 1975), pp. 110-117 * Published by: The University of Chicago Press * Article Stable URL: http://www. jstor. organization/stable/2488752 This examination analyzes the job of purchasers trust in the arrangement of mentalities and buy goal. It underpins current purchaser conduct hypothesis which hypothesizes a positive connection between in general trust in a brand and aim to buy the brand. It likewise analyze purchasers trust in their own capacity to pass judgment on traits of brands. 2. Requirement FOR UNIQUENESS AND CONSUMPTION Behavior FOR LUXURY BRANDS AMONGST INDIAN YOUTH * Authors: Meenakshi Handa, Arpita Khare * JournalInternational Journal of Indian Culture and Business Management * Publisher : Inderscience Publishers * ISSN:1753-0806 (Print),1753-0814 (Online) * IssueVolume 3, Number 5/2010 * Pages489-502 The reason for this examination was to look at the Indian adolescents requirement for uniqueness (NFU) and their mentalities towards extravagance brand as a declaration of singularity. An essential research was directed among Indian University understudies to determine their NFU and view of extravagance brands. It was evident that while the NFU isn't exceptionally high among the Indian youth, extravagance brands do represent status and singularity to them and serve a worth expressive capacity. As the Indian social framework is seeing a progress from customary family determined qualities to a greater amount of western and individual-driven qualities, NFU and articulation of self-personality among Indian youth may likewise turn out to be increasingly stamped. While promoting worldwide extravagance marks in India, publicizing might be engaged towards passing on another personality to the customers yet keeping up an offset with customary standards and worth frameworks. 3. LUXURY’S NEW DESTINATION †CHANGING PARADIGMS OF THE INDIAN CONSUMERS †AN EMPIRICAL STUDY * DR. BUSHAN D. SUDHAKAR*; ARUN KUMAR. PARISE * International Journal of Multidisciplinary Management Studies * Vol. 2 Issue 1, January 2012, ISSN 2249 8834 * Online accessible at http://zenithresearch. organization. in/In this examination the analyst explore, Indian customer movement towards Luxury brands structure esteem center level brands. The discoveries recommend that there is critical distinction with the sexual orientation contrast, societal position, value, quality to buy an extravagance decent. There is a higher relationship between the yearly family unit salary and Purchase of extravagance products It obviously says that moderateness, quality, accessibility, big name, vanity, picture and societal position are the key drivers to the relocation of shoppers to Luxury brands from esteem center level marked merchandise. It affirms the view that brand discernment and buy esteem is, aside from socially situated thought processes of purchasing to intrigue others likewise influenced by money related, practical, and singular angles. Doubtlessly the measurements introduced in this paper are suitable factors for dividing the market for marked things. 4. Perspectives TOWARDS THE CONCEPT OF LUXURY: AN EXPLORATORY ANALYSIS * Bernard Dubois, Groupe H. E. C Gilles Laurent, Groupe H. E. C. * Asia Pacific Advances in Consumer Research Volume 1, 1994 * Pages 273-278 In this paper is the creator did an exploratory examination of the recognitions and mentalities joined to the word (and hidden idea of) extravagance. It is trusted that the outcomes introduced underneath will invigorate further research in the zone and in the long run add to the advancement of a hypothesis of extravagance securing and utilization conduct. Research Gap: The writing accessible on themes, for example, Need for uniqueness and utilization conduct for extravagance brands among Indian youth, luxury’s new goal †changing standards of the Indian purchasers †an exact examination, There is no investigation on demeanor (conviction like certainty, trust and good faith) of Young individuals of India towards Luxury brands, which will help in advertisers to design their procedure in arriving at these new and promising objective buyers. It is fundamental for the advertiser to see how customers think and worth an item. There has been a huge increment in the extravagance market and endeavors are being made to pull in the young through various promoting techniques. This exploration will distinguish the distinctive conviction parameter which is a significant disposition of youngsters of India which impact them towards extravagance marks and give data to better comprehension of youthful client. Research Design:. Test Design: Sample size: is hundred (100). Test procedures: it is critical examining these examples/respondents will be chosen from both NIFT understudies and youthful working professional’s for example youthful people’s working in organizations like TCS, Infosys and Wipro. Observational Design: This exploration dependent on essential optional information. The essential information are gathered through organized survey. Essential information for the most part implies those crude information which are dealt with first handedly and haven’t any past important understanding. Auxiliary information gathered from various diaries, book and web on subject of people’s perspectives and extravagance brands. Factual structure: we are going to portion youthful customers dependent on their three significant convictions parameters (certainty, trust, positive thinking) as we probably am aware buyer conviction is a significant factor of shopper mentality. Our proposed division instrument is Cluster investigation. We will utilize Hierarchical bunch with between bunches linkage as the grouping technique dependent on squared Euclidian separation. Wards Hierarchical Clustering Method: Ward considered progressive bunching strategies basedon limiting the loss of data from joining two gatherings. This strategy is typically executed with loss of data taken to be an expansion in a blunder total of squares basis. ESS. To start with, for a given group k, let ESSk be the entirety of the squared deviations of very thing in the bunch from the bunch mean (centroid). In the event that there are at present K bunches, characterize ESS as the aggregate of the ESSk or ESS = ESS1 + ESS2 + ESS K At each progression in the investigation, the association of each conceivable pair of groups is thought of, and the two bunches whose mix brings about the littlest increment in ESS (least loss of data) are joined. At first, each group comprises of a solitary thing, and, if there are N things, ESSk = 0, k = 1,2, , N, so ESS = O. At the other extraordinary, when all the bunches are consolidated in a solitary gathering of N things, the estimation of ESS is given by N ESS =j=1nxj-x(xj-x) where Xj is the multivariate estimation related with the jth thing and I is the mean of the considerable number of things. The aftereffects of Wards technique can be shown as a dendrogram. The vertical hub gives the estimations of ESS at which the mergers happen. Wards strategy depends on the thought that the bunches of multivariate perceptions are required to be generally circularly formed. It is a various leveled forerunner to nonhierarchical bunching techniques that enhance some model for partitioning information into a given number of curved gatherings. We talk about nonhierarchical grouping techniques in the following segment Proposed Questionnaire: 1=strongly concur 2=agree 3=neither concur or differ 4=disagree 5=completely differ Please tick which alternative you feel most†¦ Statement no 1: 3. 3. 2. 2. 5. 5. 4. 4. 1. 1. â€Å"I purchase extravagance items since great nature of product† Statement no 2: 3. 3. 2. 2. 5. 5. 4. 4. 1. 1. â€Å"Luxury implies some additional things which is including more an incentive than the customary brands

AI in Education

AI in Education Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!AI in EducationUpdated On 19/02/2020Author : HBB Guest AuthorTopic : TechnologyShort URL : https://hbb.me/2r2sCzY CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogArtificialIntelligence is making an impactinalmost everyindustry imaginable; theeducationindustry is no different. Anindustry that has followed a consistent method since centuries has recently seen some evolutioninterms of use of technology to makeeducationavailable to masses using online resources and other gadgets. However, there is still a lot that needs to be addressed to makeeducationmore accessible and digestible for everyone. Here is whereAIcan make an impact.AIis poised to transform modern societyinprofound ways. By leveraging the best attributes of machines and teachers, the adoption ofAIineducationwill bring great outcome for students.The state ofAIinEducationAIis already being usedineducationfor a wide range of t asks thatinclude, but are not limited to, creation of personalized content, automatic grading and feedback, and designing of courses that are comprehensible. Majorindustry players like Elemental Path and Volley Labs have alreadyinfused the power ofAIinto their teaching programs. There are several companies, such asContent TechnologiesandCarnegie Learning, currently developingintelligentinstruction design and digital platforms that useAIto provide learning, testing and feedback to students that gives them the challenges they are ready for, identifies gapsinknowledge, and redirects to new topics when appropriate.Other examplesinclude Cram101 which usesAIto make textbook contents more lucid and easier to navigate with summaries of the chapters, flashcards, and practical tests. It’s also being used toaid studentsinperforming their tasks. For example,IBM’s WatsonAnalytics is able to answer natural language questions aboutinfoincludedinitsdatabase, while Googles G Suite forEducationap p usesnatural language processingto write complex formulas at the request of students and teachers. Moreover, it alsoincludes tools that assistinmaking content more reachable. Tools such asPresentation Translator, a free plug-infor PowerPoint, creates subtitlesinreal time for what the teacher is saying.Trends of AI in EducationAmongst the numerous rolesAI’s playinginshapingeducation, the top trend I find is automation of administrative tasks. Checking homework, grading papers, looking through illness records and absence sheets, and preparing report cards are just some examples of the tasks where educators spend most of their time â€" tasks that anAIcan perform with almost no errorsinjust a few minutes. Educators spend a lot of their valuable time on these tedious tasks. Firms are now offering AI in education solutions that can automate these and many other admin tasks. This leaves teachers with more time to plan lessons and conduct one-on-oneinteractions with students. Moreover, p rofessors will have more time with their students rather than spending long hours grading them.AIis alsoinstitutions to minimize the time required to complete difficult tasks such processing of paperwork.InChina, semi-sentient robots are already being used to automate the grading process, reducing the workload for teachers. Their smart artificial minds can understand the general logic and meaning of an essay andgenerate an almost human-like judgmentabout its quality. At least 60,000 schools have already implemented them with reportedly great outcomes. WhileAImay not ever be able to truly replace human grading, it’s getting close.Challenges ofAIAdoptioninEducationA lot of effort is being putintoinfusingAIwitheducationand to make thisinfusion resourceful for bothinstructors and students, however, like other new technologies, its adoption won’t be simple. One of the biggest challenges to adoptAIis preparing teachers forAI-powerededucationand preparingAIto understandeducation. Teach ing and learning requirements may be substantially re-ordered and the dynamics of learning versus teachinginanAI-based system ofeducationwill be very different. This will surge requirements for modified teaching degrees and certificatesinthis new environment. Given the eventual widespread use ofAIinthe classroom, teacher training is therefore a critical aspect. To be able to useAI-enabled technologies effectively, teachers will also need assimilate new competencies, clear understanding of howAI-enabled systems can facilitate learning and possess research and data analytical skills, so that they caninterpret data provided byAI-enabled systems. Teachers can gain these skills at a data science bootcamp or other available courses. Furthermore, forAIto understandeducationsystems requires real-time data processingin theform of real-time feedback, quickerinterventions, andindividualizedinstruction by teachers. These are the challenges that will be faced early on and need to be tackled.READ Turkey Banned Video Sharing Website Vimeo?Benefits of AI in EducationForeducational content to be accessible and clear for students, learning content must be customized for each student. Students come from different backgrounds and possess different set of skills and abilities. A single type of unified content won’t be effective. Withthe introduction ofAI, teachers can perform much better by offering personalized recommendations to each pupil.AIcustomizesin-class assignments as well as final exams, ensuring that students get the best possible assistance. ThroughAI-powered apps, students get targeted and customized responses from their teachers. Over the course of a student’seducational career, they output an enormous amount of datainthe form of papers, exams, and classroom participation that rarely carries over to the next term. With these new tools, however, student data can be stored an analyzed over time to see what material they engage with more successfully and whateducatio nal deficits they may have hiddenintheir past work that might beinhibiting their future potential.AIhas also helped digitizetextbooks and create customizable smart content for students of all age ranges, helping them with memorizing and learning. One example isD2L, the maker of BrightspaceInsights, a suite of analytical tools for educators. Brightspace captures, aggregates, and analyzes data streamed from several different sources,including learning apps, online resources, publishers, and other learning management systems to build a complete model ofindividual student learning behavior. Over time, this can teach the teacher exactly what a student needs to succeed.The future ofAIineducationThe student of the future will be getting an  AI-based  educational experience where they will be exposed to an immersive, digital  education  heretofore unimaginable.  AI  will change where students learn, who teaches them, and how they acquire basic skills. It has the potential to radically chang e just about everything.  Educational programs powered by  AI  are already helping students to learn basic skills, but as these programs grow and as developers learn more, they will likely offer students a much wider range of services. On the other hand, as  AI  gets more sophisticated, it might offer services that were never thought of before, such as reading a students expression that  indicates they are struggling to grasp a subject and modifying the lesson to respond to that. While there are things that human tutors can offer that machines can’t, the future could see more students being tutored by digital tutors. Some of these programs  already exist and teach students fundamental content, but aren’t ideal for helping students learn complex concepts, something that real-world teachers can do. Yet that shouldn’t rule out the possibility of  AI  tutors being able to do these things  in  the future. With the speedy pace of technological progression, advanced tutoring systems may not be a dream.Rahim Rasool  is an Associate Data Scientist at Data Science Dojo (DSD) where he helps create learning material for DSD’s  data science bootcamp. He holds a bachelor’s in electrical engineering. He possesses great interest in machine learning, astronomy and history.

The Gangs in los Angeles California - 2967 Words

Executive Summary Security has always been of major concern in many institutions across the world. This is perhaps because the success of many activities is highly dependent on the security that they associate themselves with. This report focuses on the gangs in Los Angeles, California. This task in this region has been mandated upon the Los Angeles Police Department, popularly referred to as the LAPD. The major stakeholders are the competent and highly qualified staff members within the department who have the necessary capacity to deal with the violent criminal gangs. The main problem that is targeted is the eradication of the criminal gangs within the region. This is through the elimination of illegal firearms, elimination of drive-by shootings and enactment of anti-graffiti laws which promote the gang activities. The graffiti have been shown by recent research to portray the gang territories. Societal Problems Of great concern is the revelation that up to 37% of households possess firearms, whether licensed or not. The California Street Terrorism Enforcement and Prevention (STEP) Act is aimed at eliminating criminal gang conduct by focusing upon patterns of criminal gang activity and the organized nature of street gangs. The Penal Code provides that: 1. Participation in a criminal street gang with knowledge that its members engage in criminal activity is punishable as either a misdemeanor or felony. 2. Conviction for a crime or public offense which was committedShow MoreRelatedThe Crips Street Gang Essay552 Words   |  3 PagesThe Crips Street Gang How has the Crips Street Gang evolved since the 1960’s? Gone are the days when battles were over community control, when loyalty meant self- determination, not self destruction. In the 1980’s crack cocaine became a major source of income for many African – American gang members in Los Angeles. 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Self Assessment Of Leadership Behavior - 884 Words

As I reflect back on my Air Force career, especially my current duty position as the Section Chief of the Small Air Terminal at Hill Air Force Base. I realized that I am a Management by Exception-Active (MBE-A) this came to me after I reviewed my Electronic Self-Assessment of Leadership behavior. At my current assignment I keep my subordinates and processes in control and I enforce all the Air Force standards as well as local policies in my organization. When it comes to the mission I avoid unnecessary risks and always ensure the mission is complete. My goal for the next three to five years is to improve my leadership effectiveness and become a transformational leader using the five most valuable concepts I learned in Course 15. These concepts are avoiding conflict, cognitive flexibility, communication, subordinate-centered communication and mediation. The first step to achieving my goal of becoming a transformational leader is for me to be a more assertive and active leader in my unit. In order to reach that, I need to stop my avoidance of conflict. This is going to take me voicing my opinion as well as challenging any decisions made from my supervisor that could potentially impact my section negatively and I will also encourage my subordinates to do the same. This is going to allow me to analyze all the current processes and streamline them as I see fit, without being afraid of getting into conflicts with my leadership and peers. This will help me with myShow MoreRelatedLeadership Self Assessment : Current And Aspired Leadership Behavior2726 Words   |  11 Pages Leadership Self-Assessment Current and Aspired Leadership Behavior I am a very goal oriented person and will help people to achieve my goal or theirs if I can. Everything I do is because of a goal that was set either by myself or by a situation. 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Informative Speech Presentation Of Self - 1698 Words

Journal #2 – Lesson 18 – Presentation of Self in Everyday Life The ‘Presentation of Self’ reading lead to a lot of interesting discussion in class about how much of a person’s personality is actually their own and how much of it is just being made up as we go in order to fit in or to appear how we want others to see us. In many ways it is similar to the organizations as theater concepts, not surprisingly, but it also has a much larger emphasis on the actual thought processes of individuals as opposed to how a leader or organization member might act in order to achieve a goal. Presentation of self has a lot to do with creating a positive image of oneself and avoiding a negative one, tying in well to the previous lesson readings on organization citizenship and achieving desired images. Much like the sentiment of a few members of the class, I personally felt that it was more peculiar for someone to go so out of their way to appear in a certain light t o other people. After reviewing the additional readings, I didn’t view it so negatively because in many situations it does take a degree of theatrics to make an organization or relationship run smoothly. The impression management techniques are surprisingly prevalent in any organization once they are recognized and, while they seem shallow, it is often necessary to use such techniques to create an environment where goals are accomplished in order and with more efficiency. The example of the teacher and mental institutionShow MoreRelatedSpeech Preparation Essay586 Words   |  3 PagesSpeech Preparation Reflection Alicia Ramos COM/110 April 25, 2016 Linda Price Speech Preparation Reflection The best way to prepare for a presentation, one must consider the best method, the type of presentation and the audience for a given topic. There are four different types of presentation methods they are; Impromptu, Extemporaneous Speaking, Using a Manuscript, and Memorization. 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Cigarette smoking is the greatest preventable caus Essay Example For Students

Cigarette smoking is the greatest preventable caus Essay pope of disease and premature death in the United States. Secondhand smoke causes numerous lung cancer deaths annually. Measures have been taken in both workplaces and public places to limit exposure to secondhand smoke. The economic cost of smokers to society is phenomenal. It includes monetary costs, lost workdays and shortened work lives. Many states are establishing and maintaining comprehensive tobacco-control programs to reduce tobacco use. They provide education to our youth to prevent them from ever starting and smoking cessation programs for individuals that currently wish to stop smoking. Education and support are known ways to eventually prevent smoking in the future. Efforts to increase the public perception of the harmful effects of tobacco must utilize a comprehensive approach that affects policy development, education strategies and health care systems. Smoking is becoming more and more unfashionable as time goes on. There are many studies conducted showing that secondhand smoke is a health hazard to both the smoker and anyone that relies on the same air supply, not to mention the unpleasantness and discomfort it causes those that do not smoke. The Environmental Protection Agency reports that it is estimated that secondhand smoke that emerges from exhaling and burning cigarettes causes approximately 3,000 lung cancer deaths and 37,000 heart disease deaths in nonsmokers each year. (Nolo, 2002). According to a 1998 Gallop poll, 94% of Americans, including both smokers and nonsmokers, agree that companies should either ban or restrict smoking to properly ventilated areas. Another Gallop poll indicates that 95% of nonsmokers, and 69% of smokers, think Californias ban on smoking in almost all workplaces is positive. Some companies are now refusing to hire anyone who admits to smoking on a job application because of higher healthcare insurance, absenteeism, unemployment insurance and workers compensation insurance associated with these individuals. (Nolo, 2002). Those that do not smoke feel it is an infringement of what they consider to be a reasonable right not to have to breath other peoples cigarette smoke while at work. During the 1970s the dangers of secondhand smoke were beginning to amass and a movement for nonsmokers emerged. When it was proven that secondhand smoke was harmful to nonsmokers who inhale it passively, (Koop, C. Everett et al. 1996), the public became less tolerant of smoking in the workplace as well as public places. Exposure to tobacco smoke remains a health hazard that is completely preventable. Many state and local laws for clean indoor air reduce but do not eliminate nonsmokers exposure to secondhand smoke and smoking bans appear to be the most effective method of reducing exposure to secondhand smoke.Although there are no federal laws that directly control smoking in the workplace, (Nolo, 2002) many city and county ordinances ban smoking in the workplace. On the other hand, half of the states make it illegal to discriminate against those who smoke during non-working hours. However, many states protect employees from unwanted smoke on the job. Workplaces nationwide have gone smoke free to provide clean indoor air to protect employees. Tobacco smoke contains thousands of different chemicals (ASH, 2001) know to be carcinogens (cancer causing substances) that are released into the air as particles or gases. To date, workers have been awarded unemployment, disability and workers compensation benefits for illness and loss of work due to exposure to secondhand smoke. Twenty states and the District of Columbia limit smoking in private worksites and forty-one states and the District of Columbia have laws restricting smoking in state government buildings. In 1997, President Clinton signed an executive order requiring federal buildings to become smoke-free. Simply separating smokers and nonsmokers within the same airspace reduces, but does not eliminate, exposure of nonsmokers to secondhand smoke. California banned smoking in public places in 1998 and recently both the Delaware State Senate and House of Representatives passed Senate Bill 99, making Delaware one of very few states in the nation to enact a comprehensive and landmark smoking ban that includes restaurants and bars. Governor Ruth Ann Minner signed the bill into law on May 31, 2002 and the bill will become effective on November 27, 2002. .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 , .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .postImageUrl , .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .centered-text-area { min-height: 80px; position: relative; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 , .ucf6b7dc23fc3b4be3c6d5e923f91f8a3:hover , .ucf6b7dc23fc3b4be3c6d5e923f91f8a3:visited , .ucf6b7dc23fc3b4be3c6d5e923f91f8a3:active { border:0!important; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .clearfix:after { content: ""; display: table; clear: both; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3:active , .ucf6b7dc23fc3b4be3c6d5e923f91f8a3:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .centered-text-area { width: 100%; position: relative ; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3:hover .ctaButton { background-color: #34495E!important; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3 .ucf6b7dc23fc3b4be3c6d5e923f91f8a3-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ucf6b7dc23fc3b4be3c6d5e923f91f8a3:after { content: ""; display: block; clear: both; } READ: Human Evolution Essay (State of Delaware, 2002). When a bill of this nature becomes effective, it should eliminate the need of local governments to enact workplace-smoking restrictions within their jurisdictions. Many smokers agree that the restrictions on smoking are reasonable and even helpful as smokers try to quit or cut down on their smoking. Some have questioned if common courtesy would resolve the smoking problem and, if that were the case, we would not need any laws at all. However, people can be discourteous and inconsiderate and nonsmokers should not have to ask total strangers to stop smoking for exposure to a healthy environment. Once the Government passes such a law, a considerable amount of money and time is spent developing the regulations and determining the penalties, fines and actions against repeat offenders. It needs to be determined who will decide the amount of the fines, what the cost of the fines will actually be and who will be responsible for enforcing the law. There are many ways to educate individuals who currently smoke with regard to prevention and support. As a result of the health and economic consequences of cigarette smoking, states are establishing and maintaining comprehensive tobacco-control programs to reduce tobacco use among youth. There are seven recommendations for school health programs to prevent tobacco use and addiction. They include developing and enforcing a school policy on tobacco use, providing instruction regarding the short and long-term negative effects and social consequences of tobacco use, tobacco use prevention education in kindergarten through 12th grade, in which should be most intensive between junior high or middle school and then reinforced in the high school years, provide education to the teachers, involve parents and families in support of school-based tobacco prevention programs, support cessation efforts for students and teachers who use tobacco and assess the tobacco use prevention program regularly. Most of the United States public strongly agrees with policies that help prevent youth from starti ng in the first place. (MMWR. 1994). Cigarette smoking as well as smokeless tobacco use are always almost started and established during adolescence. The tobacco industry spends approximately $4 billion per year to promote and advertise cigarettes. Current research shows that universal tobacco promotion creates the perception that more people smoke than actually do, and it attempts to project that smoking is cool. Cigarettes smoking among our youth have not declined over the past decade and 28 percent of the nations high school seniors currently smoke cigarettes. Preventing cigarette smoking among our youth is the means in which to end the epidemic of tobacco use in the United States. Lee, P. (1994). According to the Centers for Disease Control (MMWR, 1994) 83% of current smokers wish they did not smoke and nearly one-third of all smokers quit for at least one day each year. 93% of smokers who try to quit start smoking again within one year. There are many medications to help those that want to quit smoking. They include oral medications, nicotine gum, a nicotine inhaler, nicotine nasal spray or a nicotine patch. Most can benefit from using a medication and all of these medications can as much as double ones chances of quitting and quitting for good. There are three treatment categories for smokers that clinicians should consider when determining a strategy. First, those who smoke cigarettes and are willing to quit should be treated using the 5 As (Ask, Advise, Assess, Assist, and Arrange). Secondly, those that smoke cigarettes but are unwilling to quit should be treated with the 5 Rs motivational intervention (Relevance, Risks, Rewards, Roadblocks, and Repetition). Thirdly, those who have recently quit using tobacco should be provided relapse prevention treatment. Studies have shown that the five keys for quitting include getting ready, getting support, learning new skills and behaviors, getting medication and using it properly and be prepared for relapse or difficult situations. (U. .uac4dbad0e795bd9ae7067d1ca1018b78 , .uac4dbad0e795bd9ae7067d1ca1018b78 .postImageUrl , .uac4dbad0e795bd9ae7067d1ca1018b78 .centered-text-area { min-height: 80px; position: relative; } .uac4dbad0e795bd9ae7067d1ca1018b78 , .uac4dbad0e795bd9ae7067d1ca1018b78:hover , .uac4dbad0e795bd9ae7067d1ca1018b78:visited , .uac4dbad0e795bd9ae7067d1ca1018b78:active { border:0!important; } .uac4dbad0e795bd9ae7067d1ca1018b78 .clearfix:after { content: ""; display: table; clear: both; } .uac4dbad0e795bd9ae7067d1ca1018b78 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uac4dbad0e795bd9ae7067d1ca1018b78:active , .uac4dbad0e795bd9ae7067d1ca1018b78:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uac4dbad0e795bd9ae7067d1ca1018b78 .centered-text-area { width: 100%; position: relative ; } .uac4dbad0e795bd9ae7067d1ca1018b78 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uac4dbad0e795bd9ae7067d1ca1018b78 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uac4dbad0e795bd9ae7067d1ca1018b78 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uac4dbad0e795bd9ae7067d1ca1018b78:hover .ctaButton { background-color: #34495E!important; } .uac4dbad0e795bd9ae7067d1ca1018b78 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uac4dbad0e795bd9ae7067d1ca1018b78 .uac4dbad0e795bd9ae7067d1ca1018b78-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uac4dbad0e795bd9ae7067d1ca1018b78:after { content: ""; display: block; clear: both; } READ: Diary Of Anne Frank EssayS. Public Health Service, 2000). The costs to both society and individuals that smoke are phenomenal. Approximately 60% of the direct health cares costs in the United States are used to treat tobacco

Human Resource Management at Hewlett Packard

Summary of Mike Rose Essays

Summary of Mike Rose Essays Summary of Mike Rose Essay Summary of Mike Rose Essay Mike developed an interest in psychology early in life. Mike attended college where he studied social and physiological sciences and taught for a period often years. Mike describes cultural beliefs such as; intelligence being a measure of ones level of education, or a Job title defining a persons intellect. Our culture would have us believe a physically demanding Job to require less intelligence. Mike recalls his mother, Rosier Rose, at work in a local restaurant. Observing customers actions and DOD language allowed Rosier to recognize a customers dissatisfaction with a meal or need for some additional item. Rosier could multi-task, communicate orders in short form and created her own memory strategy so she could remember individual orders. The physical aspect of the Job was tasking to Rosier so she worked smarter, grouping Jobs and eliminating wasted time. Mikes observations of his mother at the work, to him, defined the adult worker. Joe, Mikes uncle, dropped out of school in the ninth grade and started work for the railroad. He Joined the navy, returned to the railroad, and later Joined his brother at General Motors. Joe was very good at recognizing problems and developing solutions to correct them. Joe relates the shop floor to being at school, a continuous learning environment. Joe became foreman and got promoted to supervisor of the paint and body department. Joe found ways to improve the efficiency and developed a new spray nozzle design. To ease the stress associated with the repetitive activities, Joe implemented Job rotation. For eight years, Mike studied the thought process of workers such as Rose and Joe. Mike recognized the use of creative thinking and its affect on the worker. Mike describes how easily we can overlook the remarkable cognitive abilities of the blue collar worker. Mikes study of the workers brings to light many activities, mental and physical, not typically associated with occupations we believe to be menial. Clearly, intelligence and cognitive ability cannot be defined by a title or Job function.

Marsh's Metals Case Study Example | Topics and Well Written Essays - 1000 words

Marsh's Metals - Case Study Example By choosing this alternative, the company can maximize their possible profit to about $51,250,000 (or more) as against selecting the alternative to sell the rhenium to Fleishman and making a possible profit of $45,000,000 (or more). Marsh’s Metals, a privately held metals broker in Prescott Florida, has acquired 10,000 kilograms1 of partially refined rhenium ore (Re) from the Niger government for $8,000 per kilogram. Bob Marsh, the owner of Marsh’s Metals, estimates that he would be able to sell all the ore for $12,000 or more per kilogram. Bruce Fleishman Jr., president of the Fleishman Refining Company based in Walla Walla (WA), who is an old friend with whom Bob Marsh has done business in the past, has contacted him about purchasing 5,000 kilograms of rhenium ore for his specialty metals company. Bruce has offered a $1,000 premium per kilogram over the normal $12,000 Bob is asking for the ore. At about the same time Huffman Smelter and Minerals from San Antonio TX called to order 4,500 kilograms of the rhenium ore for their immediate needs and are willing to pay $14,500 per kilogram for the ore. He is leaning on selling to Fleishman because he is a repeat customer at a 70% probability, but could be convinced to sell to Huffman if the monetary figures work out. Bob has two alternatives, sell the 5,000 kilograms rhenium to Fleishman or 4,500 kilograms to Huffman, and then later sell the remaining ore on the open market. Bob wants to maximize his profit by choosing an alternative. A Precision tree is constructed for the given scenario using two possible alternatives, sell the rhenium to Fleishman or to Huffman, and sell the remaining ore on the open market. The branch with the maximum Expected Monetary Value (EMV) will determine the possible alternative. Marsh’s Metals has two alternatives, sell to Fleishman or to Huffman. This

Reading Reflection Essay Example | Topics and Well Written Essays - 750 words - 1

Reading Reflection - Essay Example It helps bring out the element of suspicion in the story. When one is reading any literary work, it is necessary for the reader to shift from the real world to the imaginary world where he understands the story better (Guerin, 2005). The title of the book piqued my interest to know what Walter might be doing in the secret world and hiding it away from the real world. In his daydreams, Walter is portrayed as a man of high esteem. It would therefore be necessary for me as the reader to know the secret behind Walters’ high esteem. In the first instance of his daydream, the crew insinuates that the, â€Å"old man will get us through, he is not afraid of hell†. This instance creates an image of a man who is not afraid of situations. It is also interesting to know why other members hold the man in such a high esteem in his group. The scenes portrayed in the daydreams sustain my interest in the story. The first instance of a daydream Walter is a commander, the second daydream he is a famous surgeon attending to a millionaire. The last second daydream Walter is a witness in a courtroom whereas the last instance of a daydream, he is a captain of a warplane. My interest in this story was driven by the desire to know whether Walter wanted to become some of the people described in the daydreams in his real life. ... The reader should account his feelings with certain aspects in the literary work that makes him have the feelings. This approach requires the reader to connect with the story, and assess the insight that the connection with the story brought (David, 1984). It is also paramount for the reader to consider the connection with the story and other stories that he has read. He should then evaluate if the connection added anything new to what he already knew. In this story, there is a connection with the Walter’s day dreaming behavior. The daydreams in this story, which help the reader to connect with the story, enable one to understand the meaning of the story. Walter’s daydreams are all frenzied ranging from flying in the middle of a deadly storm, working with faulty machines in surgery room, as well as facing a firing squad boldly. It is evident that the daydreams may be prompted by the chaos in his life brought about by his relationship with his wife. His wife is portrayed as a person who always quarrels with Walter over one thing or another. The aspect of Walter daydreaming is a means of escaping tribulations in his real life. He wants to escape to a world where he is in control of his own situations. He escapes from the real world to an imaginary world where he is in control of his own affairs. It is however worth to note that his escapism leads him to more troubles. In one instance as he is daydreaming, he is unable to pack the car correctly only to be assisted by the packing attendant. While heading to town with his wife, he daydreams and ends up over speeding the car. His daydreaming behavior also makes him forgetful. He forgets what his wife requested him to buy before they left home. The style of telling the story helps us to

Foreign Exchange Risk in Pakistan Financial Institution

Foreign Exchange Risk in Pakistan Financial Institution Abstract Companies especially multinational companies and financial institutes like banks and insurance companies are now exposed to foreign currency risks caused by unexpected movements in exchange rate. In order to survive in this competition age companies have to manage this foreign exchange risk in a planned and good manner. The purpose of this study is to describe the different types of risks faced by financial institutions in Pakistan. These risks may include translation risk, transaction risk and operating risk. Research also includes the management and measurement of foreign exchange risk and studies the different methods of hedging this risk. The research was conducted through internet, analyzing the financial reports of different financial institutes and face to face interviews conducted from different executives of different financial institutes. Foreign exchange risk has a great impact on the cash flows and operating profits of an organization while doing business abroad and organizations have to familiar to manage and hedge this risk by using different derivatives and choose the best method that is suitable to organization. Managing the foreign exchange risk through hedging and use of derivatives is very common in these days. Organization often uses leading and lagging technique and less uses the swaps and invoice currency methods. 1- Introduction In this section the back ground of the research will be presented. On the basis of back ground we will make a research question and then followed the proposition for a financial institutions foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70s of last century, today companies operate in as integrated world marketplace. The international market produces the global producer, supplier, customer and also global competitors. Now a days money has no national boundaries. Meanwhile the increasing global business has brought many new problems and opportunities for organizations. They also facing different kinds of risks involving operation risk, investment risk and financing risk etc. to be familiar with those risks and how to hedge and control these risks is very important for organizations. Especially the foreign exchange risk is placed at the top of the risks to be concerned for an effective management. Multinational corporations and multinational enterprises are the entities that operate in at least two countries in both ways i.e production and rendering services. Recently foreign exchange risk has got the increasing importance in both sectors corporate and literature. Focusing on different aspects, a no of studies have been done in order to develop the theory and provide the facts of corporate sector in foreign exchange risk. Some of them like Charles, Ronald and Herman tried to study the exchange rate behavior and others like Anderson Bollerslev, Diebold and Paul attempted to study the volatility of exchange rates. Present monitory system is illustrate by a mix of floating and managed exchanged rate policies that every country perused in its best interest. Any appreciation of a currency against other will bring export down and vise versa. Financial institutions must understand the foreign exchange risk in order to compete, survive and grow in their business of exports and to avoid from competition in imports. ________________________________________________________________________ http://en.wikipedia.org/wiki/Multinational_corporation 1.2 Research questions What exchange risk does a financial institute face and whether they hedge it or not. Whether these institutions used derivatives instruments to hedge exchange rate risk or not. What derivatives are used by these financial institutions in order to hedge the exchange risk? How these organizations measure the exposure of foreign exchange. What would be the objectives of foreign exchange risk management in financial institutions in Pakistan 1.3 Purpose Main purpose of this research is to describe the actual condition of foreign exchange risk in financial institutions in Pakistan. And how these organizations manage this risk and what efforts are done by these organizations to hedge the risk. 1.4 Disposition Chapter one: Introduction Content: This part is that where the research topic was introduced along with the importance of the foreign exchange risk management, the background of study and our purpose of study. The research problem and questions has been brought up, and we provide reader with our research purpose. Chapter two: Literature review Content: it is the literature review part. It will include the theory of foreign exchange risk management concepts of foreign exchange risk, its classification, characteristics, and different methods and techniques to manage and hedge this risk. Chapter three: Research methodology Content: This part is about the methods and techniques used for research purpose that how the data will be gathered analyzed and how to reach the conclusion. Chapter four: Empirical findings Content: In this part of thesis research will be done with the help of annual reports of different organizations. The study will help in analyzing that how these organizations manage this risk and what techniques are used by them. Chapter five: Comparative Analysis Content: In this chapter we will compare the data gathered from different financial institutions and find out the managing methods used by them. Chapter six: Conclusions and Recommendations Content: this part will contain the summary of our findings, implication and results answering the research questions of existing theory. It will also contains the recommendation for future research that may evaluate this research 2. Literature Review It is the review of literature regarding the foreign exchange risk management. It also includes the concepts, characteristics by types and different methods of hedging this risk. 2.1 Foreign exchange risk 2.1.1 The concept of foreign exchange risk What is foreign exchange risk? Different authors and researchers define exchange risk in different ways. Niso abuaf defines à ¢Ã¢â€š ¬Ã…“foreign exchange risk is the chance that fluctuation in the exchange rate will change the profitability of a transaction from its expected valueà ¢Ã¢â€š ¬?. (P.29)This definition is in terms of financial risk. Cornell and Shapiro (P.45) also define foreign exchange risk as à ¢Ã¢â€š ¬Ã…“variability in the value of a firm as measured by the present value of its expected future cash flows, caused by uncertain exchange rate changes. In this definition both the researchers emphasize the firms cash flows. Hekman (60) defines exchange risk in terms of control of firms as the possibility that operating and financial results may exceed or fall short of budget. Foreign exchange rate risk is the potential gain or loss resulting from a change in exchange rate. It is the risk arising from the adverse movements in exchange rate to the earnings and capital. It is the impact of adverse movement in currency exchange rate on the value of open foreign currency position. Banks faced this risk that arises from maturity mismatching of foreign currency positions. Banks also face the risk of failure to pay of counter party in foreign exchange business. While such type of risk crystallization does not cause primary loss, bank may undertake new transaction in cash/spot market for replacing the failed transactions. ____CGAP Portfolio, à ¢Ã¢â€š ¬Ã…“Are MFIs Hedging Their Bets? Issue 1, April 2005 Major categories of exchange rate changes are given as follow: Depreciation: it is the ongoing decline in the value of currency in the relevance of another currency. Devaluation: it is the sharp fall in the value of currency in comparison of another currency. Appreciation: it is the gradual increase in the value of currency in comparison of another currency. For example, a financial institution that has not managed its foreign exchange risk will Lose money through currency depreciation when the value of local currency falls as compared to the currency in which the liability is held. That is, if a financial institution say bank has borrowed in US Dollars and giving debt in local currency PKR will suffer a loss if the value of rupee falls against Dollars. It must have more PKR to service the Dollar based debt. 2.1.2 Classifications of foreign exchange risk Ankrom (1974) was the first writers who classify the foreign exchange risk in different categories. Many other writers and researcher also classified foreign exchange risk in different types. These authors include Walker (1978), Whilborg (1980), Dumas (1984), and Shapiro (1989). Following are three main kinds of foreign exchange risk, Translation exposure Transaction exposure Operating exposure These risks are further defined by Shapiro in 2006. à ¢Ã¢â€š ¬Ã…“Translation exposure, also known as accounting exposure, arises from the need for purpose of reporting and consolidation, to convert the financial statements of foreign operations from the local currency (LC) involved to home currency (HC). If exchange rate has changed, liabilities revenues, expenses, gains and losses that are denominated in foreign currency will result in foreign exchange gain or loss.à ¢Ã¢â€š ¬? This exposure generally affects the balance sheet and those items of income statement that already exist. à ¢Ã¢â€š ¬Ã…“Transaction risk, result from transactions that give rise to know, actually binding future foreign-currency-denominated cash inflows or cash outflows. As exchange rate change between now and when these transactions settle, so does the value of their associated foreign currency cash flow, leading to currency gains or losses.à ¢Ã¢â€š ¬? This exposure affects the cash flows of an organization which can be the result of an existing contractual obligation. For example this risk may affect the transactional account like receivables (export transactions) and payables (import transactions) or repatriation of dividends. à ¢Ã¢â€š ¬Ã…“Operating exposure, measures the extent to which currency fluctuations can alter a companys future operating cash flows, that is, its future revenues and costs. The firm faces operating exposure the moment it invests in servicing a market subject to foreign competition or in sourcing goods or inputs abroad. This investment includes new-product development, a distribution network, foreign Supply contracts, or production facilities.à ¢Ã¢â€š ¬? This risk also affects cash flows but impacts revenues and costs associated with future sales. The combination of two exposures i.e transaction exposure and operating exposure is also called economic exposure as said by Shapiro. This economic exposure actually affects the firms present value of future expected cash flows from exchange rate movement. Economic risk concerns the effect of exchange rate changes both on revenues (domestic sales and exports) and operating expenses (domestic input costs and imports). It is very crucial for firms to establish a strategy of managing the foreign exchange risk as they have the clear identification of various types of currency risks along with their measurement. 2.2 Measurement of foreign exchange risk For the multinational firms, they must have to face the foreign exchange risk. It is very important for them to exactly measure the foreign exposure faced by their organization. 2.2.1 Measurement of translation risk History describes four principals method for translation. These are given as follow: The current/non current method The monitory/non monitory method The temporal method The current rate method These can be understood from following table: Note: while translating the income statement sales revenues and interests are generally translated at average historical exchange rate that prevailed during the year, whereas depreciation is translated at appropriated historical rate. Cost of goods sold and some general and administrative expenses are translated at historical exchange rate and other items are translated at current rate. à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬?= it stands for current rate. That means assets and liabilities are recorded at current prevailing rate. It is the rate at balance sheet date. à ¢Ã¢â€š ¬Ã…“Hà ¢Ã¢â€š ¬?= it shows historical rate. Assets and liabilities are recorded at historical rate that was prevailed during the period. After knowing all the methods of translating the issue arises is that which method should be used among these four methods while translating? Financial accounting standard board (FASB) in its standard 8 which relates to the governance of treatment of translation of foreign currency financial statements from 1975 requires that organizations should use the temporal method for translation of financial statements and the resulting gain or loss from translation should be included in income statement. But this treatment was argued that this produced gains or losses which were not the economic reality of the organizations business. So any hedging for this translation risk under this method seems not realistic meaning. From the invention of standard 52 published by Financial Accounting Standard Board to the end of 1981, which replaced the FAS 8, require that organizations must use the current rat method for translation purpose. FAS 52 introduced the functional currency, which is identified b y each organization for basic economic environment and selected for each of the organizations foreign entities. If the functional currency is foreign currency, the standard requirement is to use the current rate method for any translation gain and loss that is taken directly to the share holders equity. Whereas if the functional currency is the parents company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleys book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). http://pages.stern.nyu.edu/~igiddy/fxrisk.htm, à ¢Ã¢â€š ¬Ã…“The Management of Foreign Exchange Riskà ¢Ã¢â€š ¬? by Ian H. Giddy And Gunter Dufey 2.2.2 Measure of economic exposure as Adler and Dumas (1980,19840defined foreign exchange risk as the regression of assets value on the exchange rate and recommended that exchange rate risk of organizations can be calculated by the sensitivity of stock return to exchange rate activities. Many other researchers like Popper (1997), Bodnar and Gentry (1993) And recently Martin and Mauer (2003, 2005), have been done to explore the foreign exchange exposure. Whereas Holton (2003) indicated that when measuring the foreign exchange risk is difficult it is due to the difficulty of measuring the economic risk. For the measurement of economic risk the method used is value-at-risk (VAR). in broader sense value at risk is defined as the maximum loss for a given risk over a given period of time with z% confidence. This definition was given by micheal papaioannou (2006). 2.3 Foreign Exchange Risk Management 2.3.1 Corporate Objectives of Risk Management After knowing the foreign exchange risk and its measurement faced by the organization, the company should choose to whether hedge this risk or not and further know how this risk should be managed. Oxelheim and wihlborg (1987) with mutual participation produced the idea of currency risk which is given as follow, à ¢Ã¢â€š ¬Ã…“Risk aversion: it relates to the desire of reduction of variability of cash flows in businessà ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“The target variable: in summaries form these are the efforts of the organization to maximize or to stabilize, measurement in accounting or cash flow, measurement in nominal or real terms.à ¢Ã¢â€š ¬? An effective foreign exchange risk management requires definite objectives viewing managements approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companys management towards exchange risk management. Hedging strategy varies from organization to organization. Whenever there is a risk the risk aversion companies try to hedge this risk whereas the risk taking companies leave this risk unhedged. This is the idea arises from management of financial risks that management of financial risk is unnecessary and the gain and loss is will at last equalize in term of equilibrium relationship in the international financial market. This idea was given by Dufey and Sirininasulu in 1984: à ¢Ã¢â€š ¬Ã…“Foreign exchange risk does not exist; even if it exists, it need not be hedged; even it is to be hedged, corporations need not hedge it.à ¢Ã¢â€š ¬? It is the general concept that the organizations invo lved in exports and imports should hedge the risk of foreign risk exposure as a risk averse attitude. In real terms companies prefer to manage the risk within an acceptable limit instead of adopting neither of the two attitudes. Management should be in charge for ensuring to take suitable and reasonable actions based on after-tax term to decrease the risk. 2.3.2 Theoretical appraisal of managing foreign exchange exposure it is the basic strategy of the organizations to hedge the foreign exposure that they increase hard currency assets and decrease the soft currency assets, at the same time decreasing the hard currency liabilities and increasing the soft currency liabilities. However, many debates relating to the hedge the translation exposure exist in finance literature. Pramborg (2002) pointed out that transaction exposure hedging comes to add value for Swedish companies whereas there is no value addition from translation exposure. Butler (1990) suggested that it support the general suggestion of the finance literature not to worry about this type of risk, so it might not be hedged. A reason for not hedging this risk is that translation exposure risk is uneconomic as it is based on historical book value and has no direct effect on organizations cash flows. Thus organization should concern to the exposure faced to the cash flows. Earlier experimental studies by Belk and Glaum (1990) and Aobo (1999) who have investigated the foreign exchange risk management in UK and US multinationals, show that the management of transaction exposure is the focal point of company exchange risk management for the transaction risk control the real cash flows. As compared to translation and transaction risk operating risk is less defined and more difficult to manage. It could be defined as the sensitivity of an organizations future cash flows to the unexpected change in foreign exchange rate and any change in aggressive environment caused by these currency movements. Belk and Glaum (1990) found that firms were less worried about the real impact of exchange rate varies on the competitive position of the companies. Bradley and Moles (2002) find that there is a strong relations ship between exchange rate sensitivity and the extent to which it sales, sources and funds itself worldwide. Shapiro (2006) argued that it could be concluded that organizations operating exposure is attributed to distinguish a companys product is, the internationaly expand its competitors is, the ability to shift production, the sourcing of inputs among countries, and the variation in real exchange rate. It is assumed that the firms more involved in foreign markets the greater would be the operating risk faced by the organization. Shapiro (2006) concluded that firms can easily hedge their transaction risk, competitive exposure (operating exposure) are long term and can not be dealt with exclusively through financial hedging techniques, they relatively require making the long term operating adjustment. Strategic reorientation of operating policies related to pricing, sources, location of production and financing needs not only financial managers but also requires the corporate managers. Moffet and Karlsen (1994) illustrate the use of production, financial and promotion policies to manage economic currency risk as natural hedging. Being a part of globalization business environment, diversification of international operations is very important for multinational corporations to handle operating risk. So this can give the companies to maintain competitive advantage and protective reactions to unfavorable exchange rate changes. Whenever service cost or domestic production cost is affected by exchange rate changes as compared to those of producing in foreign country, the firm can move product sourcing from those countries whose currency is devalued or plant transfered there. Strategic marketing and production regulations in general are for à ¢Ã¢â€š ¬Ã‹Å"cost-effective. Another operational process used to hedge operating exposure is financial management, which are formating the firms assets and liabilities. One option is to funding the portion of a firms assets used to create export profits so that changes in foreign assets values caused by an exchange rate change are compensate by virtual changes in the debt expense in the same currency. For example, a firm should hold debt in currency of a foreign country, in which the firm increases a considerable export market. Existing text such as Glaum (1990) suggests economic exposure management should be integrated into the long-range, strategic planning system of the corporation and included with all areas of corporate decision-making. Tools and techniques for foreign exchange risk management Nowadays foreign exchange risk could not only control a firms quarterly earnings, but Also decide its survival. A variety of financial implements come into sight as the financial markets require managing the different increasing exposure that firms face. For Managing foreign exchange risk, there exist internal techniques such as matching inflows and outflows, inter-company netting of receipts and payments, transfer pricing agreement, etc, and external hedging tools involve the usage of different sorts of derivatives including forwards, futures, debt, options and swaps. Each of these techniques differs to hedge different exchange risk in each company situation. There have been many studies concerned with the effect from the use of these Currency derivatives, e.g. recent study as Allayannis and Ofek (2001), Bengt Pramborg (2002). Foreign exchange forwards A forward foreign exchange contract is a contract to exchange one currency for another with a particular amount, where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a fixed date in the future. The predetermined exchange rate is also known as the forward exchange rate. The amount of the contract, the value date, the payments method, and the exchange rate are all mentioned in contract at the time of contract. Forward contracts in major currencies are available on daily basis with maturities of up to 30-, 90-, and 180-day. Two types of forwards contracts are often used: deliverable forwards (face amount of currency is exchanged on settlement date) and non-deliverable forwards (which are settled on a net cash basis). A currency forward contract is usually used to hedge exchange risks that ranges from short to medium term and whose timing is known for certainty. It is so important for Firms treasurers to deal in the forward market that they can fix the costs of imports and exports in advance for the payable or receivable amount and hedge the exchange risk. A lot of experimental researches such as Belk et al. (1992), Bodnar et al. (1995), Mallin et al (2000) and Pramborg (2002) pointed out that the most commonly used method is forward exchange contract. With forwards, the firm can be totally hedged. However, some exposures including settlement risk that exchange rate shift in the opposite direction as they predicted, and counter party risk which the other party is unable to perform the contract. Sometimes the high cost of forward contracts prevent Firms to implement this instrument to fully hedge their exchange exposure. For that reason, futures are more beneficial. Currency futures Currency future is another tool to decrease the exposure of foreign exchange instability It is an exchange-traded agreement specifying a standard amount of a particular currency to be replaced on a specific future payment date. It is likely to forward contract in a way that they permit a firm to buy or sell definite currency at a fixed price and at a future time. So far, there are some differences among these two sorts of practices. One of the futures distinctiveness vary from forward is that futures are standardized both for amount and payment date (normally March, June, September and December), whereas Forwards are for any amount and any delivery date upon which the two parties are agreed. One more difference is that forwards are dealt by phone and telex and are completely independent of locality or time while all clearing functions for futures markets are hold by an exchange clearing house. The biggest difference is in terms of liquidation that futures contracts are settled by balancing of gains and losses for each day, whereas forward contracts are settled by real delivery whether full delivery of the two Currencies or net value only at the contract maturity. Giddy and Dufey said à ¢Ã¢â€š ¬Ã…“This daily cash compensation attribute mostly eliminates default risk.à ¢Ã¢â€š ¬? Futures market and forward market both are of most important ways to hedge risk. David Tien (2002) pointed out à ¢Ã¢â€š ¬Ã…“Firms uncomfortable with the uncertainty involved in receiving a fixed payment in foreign currency can easily hedge the transaction using either futures or forward contracts.à ¢Ã¢â€š ¬? Some studise as Belk and Glaum (1992) establish that none of the firms which were talked used currency futures, because the standardized features of exchange traded futures most often do not enable the companies to hedge their positions completely. Mallin et al (2000) also found that only 9 companies out of 231 respondents to their survey used currency futures. Giddy and Dufey conclude that à ¢Ã¢â€š ¬Ã…“forwards and futures serve similar purposes, and tend to have identical rates, but differ in their applicabilityà ¢Ã¢â€š ¬?. The largest part of big companies use forwards; futures tend to be used whenever exchange risk may be a problem. Currency options A foreign exchange option which is dissimilar from currency forward agreements and currency futures is to give the possessor of the contract the right to buy or sell a definite amount of a certain currency at a prearranged price (also called strike or exercise price) until or on a specified date, but he is not bound to do so. The seller of a currency option has obligation to execute the contract. The right to buy is a call position and the right to sell is a put position. There is option premium required to pay by those who acquire such a right. The holder of a call option can take advantage from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to exercise the right when the price decreases (locked in loss of the option premium). Vice versa is the situation for the holder of a put option. For the advantages of simplicity, elasticity, lower cost than the forwards, and the expected maximum lossà ¢Ã¢â€š ¬Ã¢â‚¬ which is up to the premium paid to acquire the right , the currency option has become growing popular as a hedging tool to protect firms against the exchange rate movements. Whenever there is insecurity in the size of cash flows and the timing of cash flows, currency option agreements would be better to conventional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) observed the degree of derivative use and the motives for their use by carried out surveys in 250 large UK companies, found that a extensive use of both forwards and options(respectively 96% and 59%). They pointed that comparing the most important reasons for the use of forwards were company policy, business reasons and risk aversion, A good understanding of instrument, and price were prominent while the primary reasons to use option for company management. Currency swaps As a virtually new financial derivative used to hedge foreign exchange exposure, currency swaps have a rapid advancement. Since its introduction on a global scale is in the early 1980s, currency swaps market has turn into one of the leading financial derivative markets in the world. A currency swap is a foreign exchange agreement among two parties to exchange a given amount of one currency for another and, after a particular period of time, to give back the original amounts exchanged. It can be negotiated for a broad range of maturities up to at least 10 years, and can be regarded as a series of forward contracts. It is normally used under such circumstances that a firm functions in one currency but need to borrow in another currency. Currency swaps are frequently connected with interest rate swaps, as the common cross currency swaps the cross-currency coupon swap which is to pay fixed and get floating interest sum meantime buying the currency swap. Another generally used one is cross currency basis swap which is to pay floating interest in a currency and receive floating interest in another currency. The benefit of currency swaps is to facilitate each contracting part to borrow in their relative constructive market, and both parties can benefit from the swaps by lessening the borrowing costs. The use of swaps now has developed rapidly in western countries such as Grant and Marshall (1997) found that the use of swaps and forwards/futures is dominant in UK, Bodnar et al. (1995) found that swaps govern for interest rate risk management in US.