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The Rights Of The Canadian Democracy - 1930 Words

The right to vote in a fair election is fundamental to Canadian democracy. While protected under law, there are tactics which have been used to prevent individuals from exercising this right. In the 2008 and 2011 federal elections, some voters received fraudulent â€Å"robo-calls,† instructing them to vote for candidates who were not running for election, or directing them to incorrect or non-existent polling stations. This was a calculated act of voter suppression presenting serious consequences for democracy in Canada. First and foremost, it was a deliberate attempt to deprive Canadians of their right to vote. As such, victims of these calls, as well as many other citizens, were left feeling disillusioned with our electoral system and mistrustful of politics in general. This has not been aided by the fact that only one person was ever charged in connection with the scandal. What that has proven, however, is that it is possible to utilize robo-calls to commit election fraud w ith relatively little consequence. The use of robo-calls poses a harmful impact to Canadian democracy by denying citizens their right to vote, fostering distrust in politics, and setting a dangerous precedent for future electoral fraud. For voters in the riding of Saanich–Gulf Islands, the 2008 federal election was, to say the least, unusual. The NDP candidate, Julian West, withdrew from the race after the media reported a bizarre incident from 1996, where it was alleged that West had exposed himself to aShow MoreRelatedThe Canadian System of Goverment863 Words   |  4 Pageswas a conservative approach to government and politics, although democracy was clearly lacking. Fast forward to modern Canada, where franchise has been opened to all citizens regardless of race, gender and sex and yet a true picture of democracy is often lacking amongst society. 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As a result, mandatory voting has gained the attention of many political scientists and political analysts. While there are good reasons to worry about Canadians’ diminishing voter turn-out, it is also fair to say that mandatory voting will not prove beneficial to the future of Canada’s democracy. Although mandatory voting will increase the voter turn-out, it will not create an informed voterRead MoreSummary of Two Articles : Democracy Canadian-style Part I and Coal India Ltd Floats Expression of Interest for Overseas Coal Assets749 Words   |  3 PagesDemocracy Summary In the article Democracy Canadian-style Part I: Abroad (Walberg, 2013) the Canadian democracy takes orders from its US-Euro masters to invade countries in order to set up mechanisms for elections when necessary. It uses its foreign diplomatic services to support the needs of Canadian corporations abroad and facilitate the efforts to produce profits. 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Core values of the democracy such as freedom, equalityRead MorePlato And Aristotle s Life And The Formation Of The Universe899 Words   |  4 PagesBefore developing one of the first democracies that existed on the earth, Athens had other forms of government, including monarchy (though that did not last very long). Even if there were other civilizations that were more established and advanced than the Greeks, they had produced â€Å"vast literatures on every human practice, as well as speculations about the origins of life and the formation of the universe†. But, tracing back to ancient Greek philosophers such as Plato and Aristotle, is the traditionRead MoreShould Public Voting Rights Be Allowed?1488 Words   |  6 PagesMadeline Gropman, 104354669 Dr. Collier 02-45-100 25 November 2015 Should Everyone in Canada Be Allowed to Vote? Voting rights have been historically considered the heart of democratic citizenship wherein they hold the value that those controlled by the law should have a say in its conception and establishment. I believe that permanent Canadian residents, who have not yet gained citizenship, should be allowed to vote in municipal elections because universal suffrage is considered one of the most

Capital Asset Pricing Model

Question: Discuss about theCapital Asset Pricing Model. Answer: Introduction: The Capital Asset Pricing Model (CAPM) is a model which is used to describe the relationship between the risks and returns for assets such as stocks. Therefore in theoretical terms it enables to assess the required rate of return from a particular asset. It basically helps the investors to analyse and assess the profits they may gain from assets such as securities and whether a particular asset should form a part of their diversified portfolio or should be sold off from their portfolio. Therefore the said model enables the investors to take more informed decision with regards the assets which are very sensitive to the market movement and these risks cannot be diversified also. What isCapital Asset Pricing Model Capital Asset Pricing Model (CAPM ) was introduced so as to enable determination of prices of individual stocks and a portfolio as a whole. It was formulated by Jack Treynor in the year 1961 1962, William F. Sharpe in the year 1964, John Lintner in the year 1965 and Jan Mossin in the year 1966. Thus it was introduced by four eminent economists separately. One more version of CAPM was developed named Black CAPM by Fischer Black in the year 1972. The CAPM is required by a portfolio manager who helps the investors decide about their portfolio. His main work is calculation of the equity capital to a company. Thus the said method enables quantification of the expected perils and thus enabling conversion of the possible risks to expected returns on equity. The theory has various assumptions to be taken into consideration while calculating the expected return from the risks that the securities possess. Firstly it assumes that the financial markets is full of investors who are well informed, highly educated and are prudent buyers and sellers. Second assumption states that the investors are very much concerned about their money and expect to earn a premium for the extra risks they assume while investing(Fama, French, 2004). Thirdly all the investors are considered to be moving ahead towards the same period for planning their investments. Fourthly there are no taxes or concessions or commissions applicable. Lastly it is assumed that there is just one risk free rate and the investors borrow or lend in that rate only (Mullins, 1982). The formulae for calculating the return from a asset from the expected risks is : r* =kRF+b(kM-kRF) r*= Required rate of return kRF= Risk free rate kM= Average market return b= Beta Coefficient of security (Wogner, 2015) The said formula is also known as Security Market Line Formula. Relationship Between Security Market Line (Sml) And Capital Market Line (Cml) The Security Market Line is a line which correlates the return an investment fetches in relation to the risks attached. The measurement used for risk by the SML is beta. The SML diagram below clearly indicates that the line begins with nil risk attached to an investment and as the line is moving diagonally upwards the risk attached to an investment increases with an increase in the risk also. Thus risk and return are directly proportionate to each other. Therefore an investor with a low appetite for risk would prefer investing at the beginning of the SML and those with a higher risk appetite would prefer to invest at the middle or above that of the SML. However a change in the SML line is caused due to the risk premium expected by the potential investors. Thus a shift in the SML can occur if there are changes in the expected economic growth on a real time basis, the capital market conditions and the inflation rate (-, 2014). Therefore it can be very rightly said that in the world wherein CAPM is applicable all the assets are a part of the SML. The Capital Market Line (CML) is a line which portrays the rate of return of an efficient investment portfolio after taking into account the level of risks attached for a market portfolio and the risk free rate of return. Therefore this line basically speaks about not only the risks attached to a particular stock i.e. unsystematic risks but also how the risks affect the functioning of the overall market i.e. systematic risk. Thus whenever an investor build up his investment portfolio his basic idea lies to gain the maximum possible return with minimum possible risk attached. But the said idea situation does not exist always because of the attached volatility and unexpected performances and movements of the stocks, therefore increased risk can also lead to magnification of losses. Therefore the CML can be described diagrammatically as under: From the above two definitions it is clear that there exists a relationship between the SML and CML in a Capital Asset Pricing Model. Both the concepts are related to the extend that many a times the SML is said to be a part of the CML while calculating the risks associated with securities. The CML connotes the risk and the return for the entire portfolio of stocks whereas the SML reflects the risk and returns associated with individual securities which form a part of the overall portfolio. The measurement basis of risk is however not same. The CML uses the standard deviation and the SML uses beta. Therefore the capital market line focuses mainly on the performance of the overall portfolio whereas the SMLs focus is narrowed down to only individual securities. Advantanges of Capm The Capital Asset Pricing Model theory has various advantages and uses that enables the investors to decide upon which securities to buy and how to build up a healthy and a profitable portfolio. They are: The calculations offered by this model is the simplest and stress tested which provides a wide array of outcomes. This in turn builds confidence amongst the investors to invest in a healthy portfolio. Presence of a diversified portfolio helps to eradicate the unsystematic risk. This is the only model which takes into account the systematic risk. It is important to consider the said risk is an unforeseen risk which should not be neglected or ignored and should form a part of the risk assessment theory. Thus this method is considered to be the most reliable amongst all as it enables comparison of the companys performance with regards the market performance as whole (Sigman 2005). Lastly the said method is useful for appraisal of the investment portfolio as a whole as the discount rates offered by the said model is superior than those offered by other models. Due to this it establishes a strong linkage between return an investor expects from his investment and the systematic risk attached to the investment. Disadvantanges of Capm However, the said model has got criticisms also due to some disadvantages attached to it. The same are as follows: The said model does not consider the volatile nature of securities and uses a commonly accepted risk free rate on short term government securities without factoring in the changes that place in the yield on a daily basis. The assumptions basis which the said model stands is unrealistic. Such as finding of a security which is free from all the risks is very difficult in todays scenario. The next incorrect assumption is that the lending and borrowing rates are same which is highly impossible. Thus in such situations CAPM may fail to capture the risk of investment with the help of beta (Lee, Su, 2014). Beta is used to measure basis the past information. Analysis has proved that the beta of individual assets is unstable thus the past data are not strong indicators of the risk that the securities would pose in the future. Alternative Models The CAPM model is highly regarded and accepted world-wide, but there are other methods also used to determine the return against the risks attached to investments. Such as the Gordon DDM (Dividend Discount Model), Multi-Beta Models and Market Price Based model. These methods offer better methodologies of measuring risks and returns of the investments. Gordon DDM or the Gordon Shapiro Model: As per the said model the price of the stock is determined by taking out the net present value (NPV) of the future dividends per share that is likely to accelerate at a constant rate and that the growth rate will remain unaltered. Thus this model cannot be used where the dividend of the companies are erratic in nature or where the companies do not pay dividend only (Damodaran, 2015). Multi-Beta Model: Two alternatives fall under the Multi-Beta Models. The Arbitrage Pricing Model which is similar to the conservative portfolio theory but unlike the CAPM theory it takes into consideration multiple sources of market risk and each risk as a separate beta estimated to it. The second alternative to it is The Multifactor Model which uses the past information of the stocks in question and relates it to the specific macro economic variables and thus assigns beta to the individual companies against these macro economic variables (Krause, 2001). Market Price Based Model: There exists instability in the estimation of Beta which is highly volatile in nature. One of the alternative is to let go of the correlation fully and then estimate the price of stock by dividing the standard deviation with the average of standard deviation across all stocks. This method is a more stable method than the CAPM which uses Beta. Conclusion Thus on a concluding note it is clear that CAPM is a very age old model which investors and the portfolio managers have been relying upon. Yet the same has some advantages and disadvantages to it which cannot be ignored. Being the most tried and stress tested model economists prefer it even though it is based on assumptions which may seem to be unrealistic. As per my recommendation although various other refined models have come up yet the CAPM dominates. According to me a portfolio manager should use Capital Asset Pricing Model and over and above the same he could use other methods as well. The alternate methods are also acceptable but no model is full proof each have their own pluses and minuses which should be considered while analysing a portfolio. References: Damodaran, A., (2015), The Dividend Discount Model, Available at https://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/ddm.pdf (Accessed 08th September 2016) Fama, E.F., French, K.R., (2004), The capital Asset Pricing Model: Theory and Evidence, Journal of Economic Perspectives, vol. 18, no. 3, pp. 25-46 Jylha, P., (2014), Margin Constraints and the Security Market Line, Imperial College Business School, Available at https://www.cbs.dk/files/cbs.dk/paper_petrijylha.pdf (Accessed 08th September 2016) Krause, A., (2001), An Overview of Asset Pricing Models, University of Bath School of Management, Available at https://people.bath.ac.uk/mnsak/Research/Asset_pricing.pdf (Accessed 08th September 2016) Lee, M.C., Su, L.E., (2014), Capital Market Line Based on Efficient Frontier of Portfolio with Borrowing and Lending Rate, Universal Journal of Accounting and Finance, vol. 2, no.4, pp. 69-76 Mullins, D.W., (1982), Does the Capital Asset Pricing Model Work?, Available at https://hbr.org/1982/01/does-the-capital-asset-pricing-model-work (Accessed 08th September 2016) Sigman K., (2005), Capital Asset Pricing Model (CAPM), Available at https://www.columbia.edu/~ks20/FE-Notes/4700-07-Notes-CAPM.pdf (Accessed 08th September 2016) Wogner, J., (2015), Capital Asset Pricing Model (CAPM): Definition, formula, Advantages and Example, Available at https://study.com/academy/lesson/capital-asset-pricing-model-capm-definition-formula-advantages-example.html (Accessed 08th September 2016)

Value Analysis free essay sample

The value of a product will be interpreted in different ways by different customers. Value is subjective. Just as beauty lies in the eyes of the beholder, value is highly dependent upon perspective. Frequently, the analyst will discover that the different perspectives will lead to conflicting definitions of value. But usually its common characteristic is a high level of performance, capability, emotional appeal, style, etc. relative to its cost. This can also be expressed as maximizing the function of a product relative to its cost: Value = (Performance + Capability)/Cost = Function/Cost Value is not a matter of minimizing cost. In some cases the value of a product can be increased by increasing its function (performance or capability) and cost as long as the added function increases more than its added cost. The concept of functional worth can be important. Functional worth is the lowest cost to provide a given function. However, there are less tangible selling functions involved in a product to make it of value to a customer. INTRODUCTION TO VALUE ANALYSIS Lawrence Miles conceived of Value Analysis (VA) in the 1945 based on the application of function analysis to the component parts of a product. The technique simultaneously pursues two complimentary objectives: †¢Maximizing the utility provided by the product or service †¢Minimizing or eliminating waste. The analysts goal is to eliminate as much of the non-value-added elements as possible by reengineering the design of the product or process. Equally important, the analyst also considers the possibility of substituting functionally equivalent elements for the value-added elements of the product or process design. In the latter case, a substitution is justified when the functionality of the element is maintained or enhanced at a reduced cost to the producer. Value analysis may be applied to the design and redesign of products, services, and processes Component cost reduction was an effective and popular way to improve value when direct labor and material cost determined the success of a product. The value analysis technique supported cost reduction activities by relating the cost of components to their function contributions. Value analysis defines a basic function as anything that makes the product work or sell. A function that is defined as basic cannot change. Secondary functions, also called supporting functions, described the manner in which the basic function(s) were implemented. Secondary functions could be modified or eliminated to reduce product cost. Finally, design changes may be proposed to eliminate, reduce, or replace elements that fail to add sufficient value to the overall product or process. As VA progressed to larger and more complex products and systems, emphasis shifted to upstream product development activities where VA can be more effectively applied to a product before it reaches the production phase. However, as products have become more complex and sophisticated, the technique needed to be adapted to the systems approach that is involved in many products today. As a result, value analysis evolved into the Function Analysis System Technique (FAST) VALUE ANALYSIS METHOD: Identifying the function in the broadest possible terms provides the greatest potential for divergent thinking because it gives the greatest freedom for creatively developing alternatives. A function should be identified as to what is to be accomplished by a solution and not how it is to be accomplished. How the function is identified determines the scope, or range of solutions that can be considered. That functions designated as basic represent the operative function of the item or product and must be maintained and protected. Determining the basic function of single components can be relatively simple. By definition then, functions designated as basic will not change, but the way those functions are implemented is open to innovative speculation. As important as the basic function is to the success of any product, the cost to perform that function is inversely proportional to its importance. This is not an absolute rule, but rather an observation of the consumer products market. Few people purchase consumer products based on performance or the lowest cost of basic functions alone. When purchasing a product it is assumed that the basic function is operative. The customers attention is then directed to those visible secondary support functions, or product features, which determine the worth of the product. From a product design point of view, products that are perceived to have high value first address the basic functions performance and stress the achievement of all of the performance attributes. Once the basic functions are satisfied, the designers then address the secondary functions necessary to attract customers. Secondary functions are incorporated in the product as features to support and enhance the basic function and help sell the product. The elimination of secondary functions that are not very important to the customer will reduce product cost and increase value without detracting from the worth of the product. The cost contribution of the basic function does not, by itself, establish the value of the product. Few products are sold on the basis of their basic function alone. If this were so, the market for no name brands would be more popular than it is today. Although the cost contribution of the basic function is relatively small, its loss will cause the loss of the market value of the product. One objective of value analysis or function analysis, to improve value by reducing the cost-function relationship of a product, is achieved by eliminating or combining as many secondary functions as possible. VALUE ANALYSIS PROCESS The first step in the value analysis process is to define the problem and its scope. Once this is done, the functions of the product and its items are derived. These functions are classified into basic and secondary functions. A Cost Function Matrix or Value Analysis Matrix is prepared to identify the cost of providing each function by associating the function with a mechanism or component part of a product. Product functions with a high cost-function ratio are identified as opportunities for further investigation and improvement. Improvement opportunities are then brainstormed, analyzed, and selected. FUCTION COST MATRIX APPROACH: The objective of the Function Cost Matrix approach is to draw the attention of the analysts away from the cost of components and focus their attention on the cost contribution of the functions. The Function Cost Matrix displays the components of the product, and the cost of those components, along the left vertical side of the graph. The top horizontal legend contains the functions performed by those components. Each component is then examined to determine how many functions that component performs, and the cost contributions of those functions. Detailed cost estimates become more important following function analysis, when evaluating value improvement proposals. The total cost and percent contribution of the functions of the item under study will guide the team, or analyst, in selecting which functions to select for value improvement analysis. VALUE ANALYSIS MATRIX: A variation of the Function-Cost Matrix is the Value Analysis Matrix. This matrix was derived from the Quality Function Deployment (QFD) methodology. It is more powerful in two ways. First, it associates functions back to customer needs or requirements. In doing this, it carries forward an importance rating to associate with these functions based on the original customer needs or requirements. Functions are then related to mechanisms, the same as with the Function-Cost Matrix. Mechanisms are related to functions as either strongly, moderately or weakly supporting the given function. This relationship is noted with the standard QFD relationship symbols. The associated weighting factor is multiplied by customer or function importance and each columns value is added. These totals are normalized to calculate each mechanisms relative weight in satisfying the designated functions. This is where the second difference with the Function-Cost Matrix arises. This mechanism weight can then be used as the basis to allocate the overall item or product cost. The mechanism target costs can be compared with the actual or estimated costs to see where costs are out of line with the value of that mechanism as derived from customer requirements and function analysis FUNCTION ANALYSIS SYSTEM TECHNIQUE Function Analysis System Technique is an evolution of the value analysis process created by Charles Bytheway. FAST permits people with different technical backgrounds to effectively communicate and resolve issues that require multi-disciplined considerations. FAST builds upon VA by linking the simply expressed, verb-noun functions to describe complex systems. FAST is not an end product or result, but rather a beginning. It describes the item or system under study and causes the team to think through the functions that the item or system performs, forming the basis for a wide variety of subsequent approaches and analysis techniques. FAST contributes significantly to perhaps the most important phase of value engineering: function analysis. FAST is a creative stimulus to explore innovative avenues for performing functions. Bytheways set of original questions for FAST includes the following: 1. What subject or problem would you like to address? 2. What are you really trying to do when you? 3. What higher level function has caused to come into being? 4. Why is it necessary to? 5. How is actually accomplished or how is it proposed to be accomplished? 6. Does the method selected to cause any supporting functions to come into being? 7. If you did not have to perform, would you still have to perform the other supporting functions? 8. When you, do apparent dependent functions come into existence as a result of the current design? 9. What or who actually? The FAST diagram or model is an excellent communications vehicle. Using the verb-noun rules in function analysis creates a common language, crossing all disciplines and technologies. It allows multi-disciplined team members to contribute equally and communicate with one another while addressing the problem objectively without bias or preconceived conclusions. With FAST, there is no right or wrong model or result. The problem should be structured until the product development team members are satisfied that the real problem is identified. After agreeing on the problem statement, the single most important output of the multi-disciplined team engaged in developing a FAST model is consensus. Since the team has been charged with the responsibility of resolving the assigned problem, it is their interpretation of the FAST model that reflects the problem statement thats important. The team members must discuss and reconfigure the FAST model until consensus is reached and all participating team members are satisfied that their concerns re expressed in the model. Once consensus has been achieved, the FAST model is complete and the team can move on to the next creative phase. A system exists because functions form dependency links with other functions, just as components form a dependency link with other components to make the system work. The importance of the FAST approach is that it graphically displays function dependencies and creates a process to study function links while exploring options to develop improved systems. There are normally two types of FAST diagrams, the technical FAST diagram and the customer FAST diagram. A technical FAST diagram is used to understand the technical aspects of a specific portion of a total product. A customer FAST diagram focuses on the aspects of a product that the customer cares about and does not delve into the technicalities, mechanics or physics of the product. A customer FAST diagram is usually applied to a total product. VALUE ADDED ASSESSMENT: The function of each design element is then reviewed against the operational definition of value to determine whether and how it contributes to the worth of the product or process. Although each situation is unique, several functions are commonly considered to be non-value-added. The following list is a small sample of highly suspect verbs: †¢Administration: allocates, assigns, records, requests, or selects. †¢Waiting or delay: files, sets up, stages, updates, or awaits. †¢Motion or transportation: collates, collects, copies, delivers, distributes, issues, loads, moves, or receives. †¢Oversight or control: approves, expedites, identifies, inspects labels, maintains, measures, monitors, reviews, or verifies. †¢Rework or repair: adjusts, changes, reconciles, repairs, returns, revises, or cancels However, identifying non-value-added design elements is only one aspect of the value assessment. The value-added elements should also be appraised. For example, assume that our evaluation has determined that the function of a bolt is to attach-component. Our initial analysis reveals that this is a secondary function that supports the overall operation of our product and is therefore value-added. However, during the information-gathering phase of our analysis we discovered that several warranty claims can be traced to the failure of this bolt. Based upon this information we should then consider whether a substitute component might provide a higher level of value. In this situation we might consider a bigger, stronger bolt. If the revised design leads to fewer failures, our customers might experience fewer field failures. In addition, even though the new component presumably costs more than the original, we may find the overall product profitability improved if the reduced warranty claims offset the higher production costs. We might also choose to extend our analysis to consider other functionally equivalent components to the original bolt. Returning to our example, the function of the bolt was to attach-component. Several other design elements might perform the same fastening function at either a reduced cost or improved performance level. A more complete analysis might consider substituting a screw, a rivet, adhesive, or even a weld for the troublesome bolt. Each potential substitution has its own implications for production costs and stakeholder satisfaction. VALUE ANALYSIS AND DESIGN PROCESS The analysis of value is intrinsic to the design process. Design professionals evaluate materials and systems as part of the process of responding to the clients needs. The resultant design is really a series of recommendations to the client that address constructability, program requirements, and life-cycle costs including operational and maintenance expenses. Generating alternatives to produce the greatest worth for the client often takes skill sets beyond those of design professionals. A team approach can best incorporate the expertise of value and constructability consultants into any analysis that the designers of record provide. Used properly, value analysis can increase the return on investment and create greater overall project value for the client. Assessing Functional Alternatives The basis of value analysis is an organized effort focused on achieving the lowest life-cycle costs consistent with required performance, reliability, quality, and aesthetics. This organized effort should acknowledge that the design teams participation will result in additional time and liability exposures, and the professional service fee should be increased accordingly. Usually, the best results are achieved when value analysis begins early in the design process. Beginning at the schematic design development phase, initial and long-term expenses as well as construction costs can decrease through use of more cost-efficient materials and reduction in construction time, increasing the clients profitable use of the facility. Avoiding the Cost-Cutting Mentality Mere cost cutting is not true value analysis. Cost cutting that results in a loss of quality and functionality does not qualify as the systematic identification of a components true function. And this does not provide a components essential function at the lowest overall cost. Most value analysis ideas involve some compromise on quality, but performance, quality, and cost must be weighed against each other before agreeing on changes. If the solution is developed early enough in the design process, the overall benefit to the client will be greater. Achieving True Benefits Reducing project construction costs, improving project schedules, and decreasing operational and maintenance costs can be a significant challenge. The first step in meeting that challenge is to make sure the client has a well-prepared budget and a clear program. Then the value analysis process, conducted early in the design phase, can have positive results. Gaps in the clients program or insufficient funding can lead to significant problems during construction if not addressed up front. Value analysis should not be a one-time effort, however. The design team must review and evaluate each proposal on the basis of project goals, technical considerations, implementation consequences, and both initial operations and life-cycle cost savings. The design team also is responsible for defending quality to the client and explaining the downside of any value analysis ideas. A client must be able to express informed consent when deciding on design team recommendations. All stakeholders in a construction project must understand the procedures and timing of value analysis if the process is to achieve a true benefit rather than illusory savings to the client. Value analysis is an important analysis tools. This methodology leads to improved product designs and lower costs by: †¢Providing a method of communication within a product development team and achieving team consensus †¢Facilitating flexibility in thinking and exploring multiple concepts †¢Focusing on essential functions to fulfill product requirements †¢Identifying high cost functions to explore improvements As organizations across the globe leverage mobile solutions to extend beyond their initial use for mobile email, significant opportunities for strategic differentiation begin to materialize along with tremendous quantitative and qualitative benefits. Such benefits bring exceptional value not only to the intended mobile user base but also to a larger set of workers across the organization in the form of streamlined workflow and improved business processes. SAP America created and deployed an extension of its mySAP Customer Relationship Management (mySAP CRM) application to its mobile sales force on their BlackBerry devices. This undertaking yielded the following results: An initial deployment of a Web-based portal provided the necessary gateway between desktop and the mobile application for many users. The visibility and usage of the portal allowed for a better overall understanding of business processes and ultimately contributed o increased adoption of the subsequent mobile application. The plan to use the SAP xApp Mobile Sales composite application on BlackBerry sought to present a My Opportunities view and enable updating of customer and company contact information, viewing and modifying of in-process opportunities, changing status and close date, adding members to a virtual account team, viewing an opportunitys internal order number, and providing revenue modification at the line-item level. The SAP team completed a rapid deployment and delivery cycle that brought mobile CRM to nearly 100% adoption in six months. An initial phase of deployment had yielded little adoption by the sales force due to slow performance and unwieldy security policies. Additional enhancements, such as single sign-on features and improved ease of use, significantly increased user adoption. Key hurdles to overcome included heavy reliance upon support staff, combined with inefficient communication and workflow mechanisms among account executives, managers, and virtual account teams.

Inter-cultural and cross-cultural management Essay Example

Inter-cultural and cross-cultural management Paper This paper is about the development of a deep understanding of the concepts of international business and global management by giving a broaden exploration of inter-cultural and cross-cultural management and the idea of doing business across cultures. The paper presents a brief commentary on the broad range of issues facing firms doing business across cultures and, in particular, the obvious differences observed or/and encountered in doing business in United States as opposed to doing business in Europe-including some cross-cultural communication issues, management development issues, interacting with American customers and ethical issues. In fact, this document attempts to compare how business is done in the US to how business is done in Europe. The paper borrows mainly from Elishmawi (2001), Francesco Gold (2005) and from several other sources that are indicated at the end of this document in the List of References. 2. Managing Cross-Cultural Differences in International Business Elishmawi (2001), Czinkota et al (2002), and Mead (2004) claim, separately, that as companies become increasingly global, clashes between managers of different cultures are occurring with greater and greater frequency. Many of these clashes could be avoided if people were simply more aware of how people from other cultures perceive them and how those cultures differ from one another. Two distinct tasks become necessary: First, to understand cultural differences and the ways they manifest themselves, and, second, to determine similarities across cultures and exploit them in strategy formulation. Success in new markets is very much a function of cultural adaptability: patience, flexibility, and appreciation of others beliefs. We will write a custom essay sample on Inter-cultural and cross-cultural management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Inter-cultural and cross-cultural management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Inter-cultural and cross-cultural management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Laroche (1999) and Elishmawi (2001) warn that differences in approaches, values and expectations between customers, suppliers and team members with different cultural backgrounds have lead to many projects failures. Laroche (1999) insists that miscommunication across cultural lines is usually the most important cause of cross-cultural problems in multinational projects. Elements of culture are language (verbal and non-verbal), religion, values and attitudes, manners and customs, material elements, aesthetics, education and social institutions. Different scholars, including Laroche (1999), Elishmawi (2001), Czinkota et al (2002), and Francesco Gold (2005) agree on six fundamental patterns of cultural differences: Different communication styles, different attitudes toward conflict, different approaches to completing tasks, different decision-making styles, different attitudes toward disclosure, and different approaches to knowing. They give some guidelines for inter-cultural success: learn from generalizations about other cultures, but dont use those generalizations to stereotype, write-off, or oversimplify your idea about others. Practice, practice and practice; that is the first rule in order to get a better cross-cultural communication. Dont assume that there is one right way (yours!! ) to communicate or to do business. Dont assume that breakdowns in communication occur because other people are on the wrong track. Listen actively and empathetically. Try to put yourself in the other persons shoes. Use this as an opportunity to develop an understanding from the other point of view. Remember that cultural norms may not apply to the behavior of any particular individual. We are all shaped by many, many different factors. Be aware of possible current power imbalances-and have openness to hearing each others perceptions of those imbalances. It is necessary to understand each other to work together. 2. 1 National Culture, Attribution and Ethics: Gopalan Thompson (2003) assert that cross-cultural management researchers have observed that when presented with similar ethical dilemmas, managers raised in different cultural environments exhibit divergence in their perceptions, interpretations, and eventual solutions. Cross-cultural management scholars have noted that managerial values, beliefs, norms, and attitudes are impacted by national culture causing managers to conceptualize human natures, relationship to natures, work, time, inter-personal relationships, space, and language very differently (Adler 1986, Hofstede 1993, and Francesco Gold 2005). It works as follows: Source: Figure 1: Gopalan Thompson 2003, page: 314 2. 2 What international business managers should do: International business managers should understand that cultural competence must be recognized as a key management skill. Cultural incompetence, or inflexibility, can easily jeopardize millions of Euros or dollars through wasted negotiations, lost purchases, sales, and customers; and poor customer relations. Cultural risk is as real and vital as commercial or/and political risk during expansion and beyond expansion of international firms. Ethical issues are differently perceived from one culture to another. And ethical issues may really affect business and other management aspects. 3. Psychological Contracting and Human-Resource Development. Sparrow 1998 explores the role of human-resource development managers in defining and maintaining employees psychological contracts. This approach has received a great attention, mostly in US and UK, because it was discovered that cross-cultural differences in HRD processes are associated with contracting. Studies of the psychological contract tend to raise as many questions about the dynamics of employee behavior as they answer. And, they provide a good tool for understanding the management of workforce across cultures. Failure to insure internal work cohesion may destroy any firm. Rousseau 1990 defines the psychological contract as the set of expectations held by the individual employee that specifies what the individual and the organization expect to give and receive in the working relationship. Contracts are open-ended agreements concerned with the social and emotional aspects of exchange between employer and employee. They represent a set of unwritten reciprocal expectations. And, they are viewed increasingly as deep drivers of motivational theories because changes in the contract are assumed to have implications for employee behaviors in response to organizational attempts to manage careers, rewards, and commitment. Therefore, the issue for HRD practitioners is no longer just one of managing careers, but one of dealing with breaches in the psychological contract (Rousseau, 1995). 3. 1 . The Psychological Contract in its Broader Social Setting: Rousseau 1995 claims that the impact of national culture and institutions would be normally equated to the notion of social contract. However, even at the individual level, the content of psychological contract and the management frames of reference that create, socialize, sustain, or breach it clearly bear an impact of each societys social contract. 3. 2 . Cross-Cultural Differences: Lachman (1997) demonstrates how culture acts as an explanatory factor. His work gives a proof that Sparrows approach is scientific and that the contracting model and concept deserves our serious attention. And that the same approach can be applied even to any other business management across-cultures. Comparative HRD academics draw attention to some marked social differences in the expected attractiveness of the concept. There are three most distinctive European Management Models: Anglo-Saxon, French and Germanic. To a common perceived threat, the main European national business systems will follow different trajectories of response. Sparrow 1998 asserts that within Europe, the strong and culturally distinctive (homogeneous) management models in France, Germany, and Scandinavia stand opposed to the Anglo-Saxon model. The Anglo-Saxon model would include UK, US and Canada. However, example e in 5. 1 (Kim Samuel Johnson of Canada) demonstrated that we must be careful because there exist differences within the Anglo-Saxon countries, themselves. In fact, as Elishmawi (2001) advises us clearly, there are no two identical business models between two countries. Some brief examples: 1. Scholars, including Elishmawi (2001) and Sparrow (1998) claims that in the US and UK, management is seen as essentially an interpersonal task focusing on getting things done. In rejection of elitism, people are seen as having primary importance as individuals. Personal experience rather than experience codified in the national culture forms the basis of effectiveness and performance. 2. Lawrence (1993) argues that German managers have difficulty with the idea that management is something that can be analyzed and generalized across the whole firm. So, they do not manage in general, but are instead seen to manage something. They like formal authority and value very mach technical competence and functional expertise. 3. Sparrow (1998) sustains that French organizations are staffed by a highly bright cadre of technical experts and are managed by the application of rationality. They apply less charisma, pugnacity, capacity to communicate and motivate. 3. 3 Recommendation to International Managers There are different and distinctive management models within Europe, itself, and between Europe and US. Furthermore, the internal efficiency of Argogen Biotech SA may be weakened if managers and workers in the new markets are not on the same wavelength. The firm should take those differences into consideration when expanding. The French model will never work in US, if unchanged and re-adapted. It would not work in the rest of Europe, England, Japan or Canada, either. 4. Different National Cultures and Diversity Francesco Gold (2005) assert that some countries, such as the United States, have a long history of dealing with people who are different, and as a highly individualistic country, US values these differences. Other countries, such as Japan, have been isolated from other cultures, and today are relatively homogeneous. Elishmawi (2001) notes that doing business with Europeans requires many skills: proper etiquette, a keen business sense, and the ability to read nuances of verbal and nonverbal communications, to name a few. In addition, the diversity of European cultures forces the foreign businessperson to acquire skills they possibly never had before. It might seem for many that dealing with all Europeans is the same. It is definitely not however, as for example, French, German, British, Italian, Swiss, Dutch cultural values are very distinctive. Strangely, for example, Americans, French and Russians highly value self-reliance, while Germans, Swiss and Spanish place high emphasis on reputation! Thus, when dealing with Europeans, it is useful to be aware they are various. 4. 1 Recommendation to International Managers: The firm Leadership needs to know that the perception of diversity in each of its new foreign markets is different. Failing to make required strategic arrangements to utilize diversity as a competitive advantage may end up with considerable losses of money, time and deals for the firm. In the United States, there are fundamental traditions of valuing equality and equal opportunity. And, although relationships among members of different racial and ethnic groups have not been always harmonious-and are not even today-law, social, and corporate policies over 50 years have made numerous attempts to address equity and diversity issues. So, the US legal system has more experience in dealing with racial and ethnic issues than most of European countries. 5. Doing Business with Americans and Expanding into US Market Elishmawi (2001) finds that since the end of the Second World War, US have played an important and influential role in the development of the global economic system. Consequently, American cultural values are prevalent throughout the globe, and countries and cultures that have wanted to do business with or compete against American companies, have sometimes found it necessary to adopt American business culture values and norms. Elishmawi (2001) argues that doing business with Americans, however, or adopting American methods of conducting business, is not always easy. Czinkota et al (2002) assert that the significant importance of the US economy and the subsequent respect for the US economic model has been accompanied by a corresponding fall-off in the efforts by US companies and their managers to understand and respect other ways of conducting business. Misled by the sense that the world is becoming even more American and reassured by the increasingly universal ability of counterparts to speak English, many US managers do not fully comprehend how cultural misunderstandings can sour relationships and sabotage deals.

An Old Woman. Essay Example

An Old Woman. Essay Example An Old Woman. Essay An Old Woman. Essay The poem is highly symbolic and very common placed in its subject matter. The poet was impressed by the temple of Kandoba at Jajori and the poem is thus against this setting. An Old Woman is a graphic picture of a beggar woman. Having lost the promises of her past, she is reduced to her present state. As the speaker views her squarely, he, in a sort of revelation, becomes aware of the decay which has set in her person and which is extended to the decaying tradition symbolized by the hills and the temples. Without using many words, the old woman forces the narrator to look at her from closed quarters. It is then that he realizes the hypocrisy of society and the decadence of the social system that has ruined the old woman to a beggar. he finds that the social fabric is destroyed, architectural features go into ruins. Human values are forgotten. The old womans condition reduces the narrator to a small status when he feels as insignificant as that small coin in her hand. This poem humbles us to remember our responsibility to society. It reveals the callousness, a failure on our part to take care of the elderly, protect our heritage and preserve our values. In the rush of materialism and the desire to achieve, one takes all that one can from society, but giving the same back is largely forgotten. So the cracking hills, crumbling temples, crumbling of social order is directly a result of our negligence, our failure to act responsibly. Somewhere, the materialistic world has made man selfish, trapping him in a race to accumulate. When society has to face this onslaught, cracks appear, but selfish man forgets to repair the cracks, forgets to salvage lost values, thereby creating a dilapidated social fabric.

Facility Planning-Part I Essay Example | Topics and Well Written Essays - 750 words

Facility Planning-Part I - Essay Example d.). 9.1% and 6.2% of the population are persons above 65 years and under 5 years respectively, which are the age groups most susceptible to lifestyle and infectious diseases (‘Lee County, Alabama’, 2012). The community takes pride of its education, with a well-supported K-12 system and a successful Auburn University (‘About Us’, n. d.). In fact, 85.2% of persons above 25 years are high school graduates, and about 30% of this population has college diplomas. It is a very good residential location, as it is close to major markets in Atlanta, Birmingham and Montgomery (‘Lee County Tourbook’, n. d.), although 19.2% of the population are below the poverty line (‘Lee County, Alabama’, 2012). Local businesses also flourish in the area (‘Lee County Tourbook’, n. d.). Meeting more than 100 patients a day and 45, 000 visitors a year (Andrus, 2012), the emergency department of the East Alabama Medical Center needs to meet the varied complaints of its numerous patients. In fact, the number of patients of emergency departments in United States hospitals increased dramatically (26%0 in ten years since 1993 (Versweyveld, 2006). The most common emergency situations involve injuries, cardiac cases, as well as chest and abdominal pain (Otto, 2011). The changes in emergency room implemented most recently were motivated by the desire to hasten the turnover time among hospital departments, to decrease mortality from sepsis and to minimize hospital expenditures (Andrus, 2012). Because of the vast number of patients that visit the emergency room each year, the administration of EAMC wanted to increase the efficiency of health care in the emergency department by decreasing the number of patients that should be attended by a health care provider at any one time. One of the ways that this was done was through the establishment of a remote

Starbucks Case Study Example | Topics and Well Written Essays - 4750 words

Starbucks - Case Study Example The first Starbucks store was established in the 1971 in Seattle by three friends Jerry Baldwin, Gordon Bowker and Zev Siegl. These three individuals were high school teachers of English and History. They got their inspiration to open their own coffee shop from a Dutch business man named Alfred Peet (Coffee, 2014). The Starbucks as we know today is quite different from what it was during the time of its inception. At first the store only sold raw coffee beans and coffee machines and equipments, which changed over a decade as the company also started to sell coffee drinks. A decade later the company appointed Howard Schultz as the head of retail operations. He was overwhelmed by the idea of espresso bars in Italy and asked the owners to apply the concept of coffee house in Seattle. This experiment was quite successful and it marked the beginning of the famous Starbucks coffee beverages. Howard found a company named Il Giornale, which later on acquired Starbucks (Starbucks, 2011). The acquisition of Starbuck was financially supported by a lot of local investors and the name of the company was officially changed to Starbuck Corporation. The company decided to make geographical diversification and opened up stores in Vancouver and Chicago. By 1987, the total number of Starbucks outlet was 17, which increased to 55 by 1989 and 84 in the next year. In the year 1992, the company went public and it was able to expand its business from the $27 million gathered from the stock prices (Grant, 2013).

Prisoner of War Camps in United States during World War 2 Essay

Prisoner of War Camps in United States during World War 2 - Essay Example Describing the typical disorientation and vulnerability of these German prisoners, historian Ron Robin writes, "Captivity destroyed all remnants of their predictable routine and hurled the surrendering troops into a maelstrom of disorder, uncertainty, and disgrace. . . . At every stage of the arduous journey from the temporary stockades in Europe and Africa to POW camps in the United States, the prisoners were systematically deprived of all remaining symbols of their past, pride, and identity." (Ron Robin, 1995) American and German prisoners experienced vastly different traveling conditions en route to their permanent camps. American captives were either marched on foot or jammed into "40-and-8" railroad box cars. Prisoners were sometimes locked in these cars for days, without food, water, or any kind of sanitary facilities. The result, according to ex-POW Kenneth Simmons, was "a trip that would turn men into swine." (Simmons, 1960). Compounding the danger was the "friendly" fire of Allied planes that had no way of knowing who was trapped inside their targets. It is no exaggeration to compare this harrowing experience to the notorious "Middle Passage" endured by captive Africans on their way to slavery in the New World. German prisoners initially suffered similar dangers, but once safely on board ship creature comforts greatly improved, although they did face the possibility of being sunk by their own U-boats. Once they had landed safely in the United States, German prisoners were amazed to discover the comfort of a Pullman car. The POW camps in U.S. were all over the country, while largely in Michigan, due to the warm, mild climate. Starting with Michigan, POWs were generally at Fort Custer. They had all these POWs and there must have been 400-500 camped in there. Although in the camps, the POWs' work was to make Gerber baby food. They sowed all the vegetables and after that grounded them into Gerber baby food. They were good workers. Two of such camps were Camp Owosso and Fort Custer in Michigan: Camp Owosso in Michigan: The U.S. Government, during WWII setup a Prisoner of War Camp at the corner of M-21 and Carland Rd. The area was used as a dirt race track, but since it was not used during the war, it served as Camp Owosso. The prisoners were captured on the battlefields of Europe and Africa and after being brought to Owosso, were allowed to work on area farms, the Roach Canning Factory at Owosso or the Aunt Janes Pickle Factory on Easton Rd. near New Lothrup. Under the Emergency Farm Administration Labor Program, most prisoners chose to work and get paid, over staying confined in camp. The prisoners preferred working at the farms, as they given extra food and there had to be one guard for every 3 prisoners. They earned about 80 cents a day. The first prisoners were typical Nazis, but the later ones of 1945 had a different attitude. They preferred farm work if they had a chance. At the Canning Factory, corn, peas and tomatoes were canned there and the prisoners were transferred by truck to and from the plant each day. As they rode through town, they would sing and holler and wave to anyone they saw. They apparently enjoyed being prisoners, far from

Concepts and Theories of Supply, Demand and Price

Concepts and Theories of Supply, Demand and Price Economics Coursework Paper Introduction This essay looks at the fundamental elements of economics. Economics covers the area of human activity that deals with how people provide for their material wellbeing. It looks at the complex sets of transactions that take place around the world every day. These transactions decide on the global allocation of raw materials and capital. It also looks at the decisions individuals make when they decide how to prioritise their needs and wants and how to spend their money. It can vary in scale from how one person or family will organise its activities to how nations and societies should or can be organised. Economics therefore deals with an enormous subject matter; it offers a way of understanding practically all human activity at any level of detail. The way in which it can do all this, and still remain united as a single science, is to adopt various principles which will apply to a school child buying his lunch, multinational companies merging on the stock market, or nations competing f or trade. In this paper I will look at some of these principles and how they relate to various examples.[1] Supply, Demand and Price You would be correct to assume that economics is interested in the price of things. While this is the main issue for most economic actors such as individual consumers, companies or countries, for economists, this is neither where the story begins nor ends. It is in fact just one of many details that will fit in to an overall economic picture. It is a well known fact that house prices usually rise. It is just as well known that computer prices keep falling. Economics explains these price movements by looking at and understanding their respective markets. The methods used to analyse a market are; understanding the motivations of the various participants in the market; the factors that control how much the consumers in the market wish to buy; the factors that control how much sellers wish to sell; how the price is set; and the institutional structures that also influence the price. When looking at markets in this way, the various actors in the market, or agents, are assumed to be rational, that is that they want to maximise their gains or get the best deal possible. This is known as ‘maximizing utility’ in economics. When speaking of demand, we are not concerned with how much of a product is actually bought, but of how much the consumers in the market would like to buy. The amount demanded is expressed as a flow, which means we look at how much of a product is demanded over a particular period, and at a particular price. For example, if milk costs  £1 per litre, there is a demand for 1 litre of milk per day, or 365 litres of milk per year. In basic demand theory, there are a number of factors that can go into increasing or decreasing the amount demanded. For example, if you advertise the health benefits of milk, the consumer may decide to drink more. Also if there was a shortage of orange juice, consumers might drink more milk to make up for the difficulty of getting orange juice. Making milk cheaper will also increase the demand for it. Therefore, demand is something that can altered and, to an extent, controlled by the seller. One of the key functions of economics is to narrow down and explain the various factors that will effect demand, supply and price. Economists wish to be able to measure exactly how these three variables will interact. If they can do this effectively, they will be able to manipulate the three so as to arrive at a level of supply, and a price, that will maximise the profit, or utility, for the producer. And the reason they can do this is because of the one certainty of economics, which is that the consumer will also be seeking to maximise his utility under the options available to him. Demand and Price While it may be impossible to know exactly when and how much a given consumer will feel like drinking with his breakfast each morning, there are things we can no. One of them is that, in general, the lower the price of a product, the more of that product will be demanded, assuming all other things remain equal. This principle is so dependable it is known as the law of demand. This is because all wants can be satisfied by a number of products. For example, if you are hungry at school, you will have a want, namely lunch. This want can be satisfied by a sandwich, an apple, a bag of crisps, a chocolate bar, etc. Even if you look at the sandwich, you can have ham, cheese, salad etc. The chocolate bar can be a Snickers, Mars, Twix etc. If you suddenly double the price of cheese sandwiches while everything else remains the same, the demand for cheese sandwiches will go down. Some people will still buy the same amount of cheese sandwiches, others will buy less cheese sandwiches and opt for o ther types of sandwiches or maybe and apple or chocolate bar, and some will completely stop buying cheese sandwiches. No one will buy more cheese sandwiches than they did before. Therefore, as price increases, demand will continue to decrease.[2] Economists can demonstrate this using a demand schedule. This shows the demand for a product at various prices. Example of a demand schedule The demand schedule will then be used to plot a graph, or demand curve. The price will appear on the Y-axis and the quantity demanded on the X-axis. This curve will show the complete relationship between demand and price. Example of a demand curve This above schedule and demand curve show how demand for milk will vary according to price. As the price increases from  £0.50 per litre to  £3.00 per litre, the consumer decreases the amount they drink each day from 1.4 litres to just 0.2 litres. This example shows a relatively simple relationship between price and demand. In real life, there are many more factors at work that will dictate the demand for a product. While price is certainly one very important variable, the demand will also depend on the price of other alternative products. So if the price of orange juice for example were suddenly to increase, you would probably notice an increase in demand for milk, even though the price of milk did not change. That is because orange juice is an alternative product to milk. Also, if consumers were to get richer, they would be willing to buy more milk, or pay more for the amount they wanted, and again this would have a significant effect on the demand curve. Similarly, if consumer’s tastes were to change this would effect the demand curve. So if the milk producer was to start advertising the health benefits of milk this might increase demand even though there was no change in price. In practice there are actually an infi nite number of variables that will effect the demand for a product, but this does not mean that the basic law will not always hold. No matter how attitudes to a product, for example milk, change over time, it will always be the case, according to the law of demand, that an increase in price will lead to a decrease in demand and vice versa. Supply Simply finding the demand curve for a product is however not enough. You might expect that it would make good business, as well as common sense, to decide your supply based on current market demand. If consumers want 1 litre of milk per day, and they are willing to pay  £1 per litre, and say there are 1,000 consumers in the market, then why not simply produce 1,000 litres of milk per day. Well first of all, we can see that this tells us nothing about the profits of the producer. If you found out milk costs  £1.50 a litre to produce, would you still recommend that the producer try to sell 1,000 litres at  £1 per litre? Obviously not, therefore our picture is incomplete as it takes no account yet of the suppliers side of the bargain. The economic hypothesis that explains supplier behaviour is that if all other things remain equal, the quantity that they are willing to produce is positively related to the product’s own price, or the higher the price, the more they are willing to produce. This is basically because increasing production costs money, and the more you increase production, the more it costs, so firms will only increase production for as long as the price they can get for the product justifies the increased cost of production. Just like when measuring demand, a supply schedule is used to compare different price levels with different levels of production. Example supply schedule The supply curve shows the different amounts the producer would be willing to supply at different prices. As can be seen, the supply increases as price increases. Example of a supply curve Using these two graphs, economists can find the most efficient price for milk in this market. For example, if milk was priced at  £0.50 per litre, consumers would be willing to drink 1.4 litres per day, but the producer would only be willing to supply 0.41 litres per day. Clearly there is waste at this price. Likewise, if the price was set at  £3.00 per litre, the producer would be happy to supply 4.66 litres to each consumer, however they would only be willing to buy 0.2 litres per day. So a balance must be found somewhere in between. To find this point, economists will plot both the supply and demand curves on the same graph and find the point at which they intersect. This is the most profitable and efficient level at which to set production and price. The graph below shows that in this market, the supply and demand curves intersect at the price of  £1 per litre of milk. This is therefore the level at which the price would settle under normal market conditions. Price Elasticity The value of being able to analyse markets in this way, and understand how the price will settle is not solely theoretical. Businesses want to use this information to maximise profits. Therefore, theories on how to manipulate the above graphs are extremely important. One aspect if this is known as price elasticity. This is the theory that will explain how changes in price affect the quantity demanded. In the above example, the consumers would be willing to drink 1.4 litres of milk per day if it cost  £0.50. Imagine if you could get the same consumers to continue demanding this quantity of milk at a cost of  £3.00 per litre. This would mean a huge difference in profits for the producer. While it may not be possible to affect this change, having a greater understanding of the demand curve will allow detection of greater profit potential. Likewise, if you identify the causes for supply variation with changes in price, you may be able to improve the efficiency of your own business an d move the point of intersection of supply and demand curves to a more profitable position. The change in demand with price is known as price elasticity of demand. The change in supply with price is known as price elasticity of supply. Elasticity cannot simply be judged by looking at the curves on graphs. This is because the shape of the curve depends as much on the scale of the graph as on the responsiveness of the demand or supply to changes in price. Therefore, elasticity is measured by a mathematical ratio. This is the percentage change in quantity demanded divided by the percentage change in price that caused it. If you get a value for price elasticity of demand of zero this means that the quantity demanded does not change at all as the price changes. Such products are known as perfectly inelastic. There are very few products that would give this result. Even products such as bail to get out of jail pending trial will depend on the consumers ability to pay, and taxes, which supposedly offer no choice to the consumer, are also somewhat elastic as tax evasion has been shown to increase as tax rates rise. If the value is a fraction, between zero and 1, the quantity demanded will change but at a lower rate than the price changes. This is known as inelasticity. So if you were to increase the cost of the good by 50%, demand would decrease, but by less than 50%. This is generally observed in products that are deemed vital or necessary to people, but which are supplied without much competition. It is most typical in monopolies. So for example, if there is only one electricity or phone company, an inc rease in prices will lead to less usage, but people cannot wholly stop using such goods and so the usage will only decrease by a small amount. Likewise, goods such as housing, basic foods, or fuel, even though there may be a variety of providers, will generally be of low elasticity because people are forced to buy a certain amount of these products no matter what the price may be. In these situations, it is common to find government regulation to guarantee fairness of the market. If the elasticity is 1, then the demand and supply change at the same rate as price. This is known as unit elasticity. An elastic good will be one where the value will be greater than one. This means that the quantity demanded will change by more than the price changes. So for example, if there were two identical farms selling identical apples, both located next to each other, and both sell apples for 10p each, you might expect that 50% of customers will go to each farm. However, if one of the farmers was t o increase his price to say 12p per apple, the vast majority of customers will now go to the other farmer. He will lose more than 20% of his customers for a 20% rise in price. This is most likely in markets of high competition. If the value for elasticity is infinity, then the product is perfectly elastic. There is only one acceptable price. Purchasers will buy everything you have at one price, but if you increase it by even the tiniest fraction, they will buy none at all. This exists in theory, and in some highly automated and computerised financial markets. Computers will dictate prices according to precise calculations and then will not deviate from this. Market structures The above explanation for elasticity shows the nature, and ultimate difference in the characters of different markets. One way you can classify various markets is by the price elasticity they will give. It may seem surprising that the huge differences between the New York stock exchange and school children spending their pocket money in a sweet shop, or between modern capitalism, Soviet style communism, and primitive barter based trading systems comes down to the issue of price elasticity, but this is one way of classifying markets and judging the degree to which they are similar or dissimilar. A person shopping for bread in the old Soviet Union, and a person waiting to be granted bail by a judge may appear to be in very different circumstances, but according to this market view, their position economically is very similar, they will accept what they are told, with little regard to price. However, future’s traders in global financial centres, spending billions or ever trillion s of dollars every day, are revealed to have a lot in common with children in a sweet shop, weighing the various combinations of price and utility that different choices will provide them. They will ruthlessly abandon a product that doesn’t pull its weight on their cost/ utility calculation. Conclusion Using these few principles that lie at the foundation of economics, and a few simple examples, we can see how economic principles can explain a huge variety of social situations and human interactions. This is why economics claims to be able to offer an understanding of all human activity and why some criticise its growing influence as painting a false or inappropriate picture of humanity. While economic principles can be applied to children making friends, people acting with kindness or religions offering comfort and guidance, the question is not whether economics can provide answers, but whether the answers it provides are appropriate. Bibliography Lipsey Chrystal, Economics, 10th ed. 2004, Oxford University Press Grant, Stanlake’s Introductory Economics, 7th ed. 2003, Longman Footnotes [1] Lipsey Crystal, p. 40 [2] Grant, p. 77

Does Improved Technology Mean Progress? :: Argumentative Persuasive Essays

Does Improved Technology Mean Progress? I feel that there is progress happening everywhere in the world today. Not all progress is from new advancements in science and technology but a lot of it is. There is so much knowledge held amongst people to allow such advancements to occur. Having knowledge is a great tool because without it, there would be no progress of any sort. People need to learn that they should study as much as possible so maybe one day they can contribute to making more progress happen. Achieving progress is a helpful way of improving our standard way of living. Even though progress is a good thing, I also feel that it can cause problems too. People just need to realize that in order to produce new and better things we might have to go through some rough times on the way. New advancements will continually be arising in the future and hopefully somebody one day will find away to make it so these new advancements will not contain new problems. Machinery today keeps on getting better and better. New discoveries in technology allow us to improve the quality of our machinery so their performance level is better than some might have expected. These new technologies also make it a lot easier on people in the workforce. New technologies have a huge affect on society. Farmers, for example, have it a lot easier now than they did in the early 1900's. More advanced farm equipment is the reason for this. Aside from all the good things that arise from new machinery, there is also a few down falls. Many people loose their jobs because of all the new high-tech machinery. For this reason, I am sure some believe that progress is not always for the better. What if in the future, machinery started dominating everyone's job, what would we do then? Also at certain times, new advancements are used in the wrong way. For example, it was stated in Leo Marx's article that because of these new technology advancements, "Hiroshima and the nuclear threat; pollution and other kinds of damage inflicted upon the environment by advanced industrial societies; spectacular accidents like B-mile Island, Bhepal, the explosion of the space shuttle Challenger.

Evaluating Servant Leadership

What is servant leadership? When this question is asked, the first response that comes to mind is a leadership role in some sort of spiritual capacity. In actuality, this concept can be applied to both professional and spiritual roles of leadership. Robert K. Greenleaf’s theory of servant leadership includes qualities such as listening, empathy, healing, awareness, persuasion, conceptualization, foresight, stewardship, growth and building community (Greenleaf, 2002). Considering this description, when asked if the following statement, â€Å"although servant leadership is often associated with the Bible and Jesus Christ, it is totally compatible with most religions and theories of philosophy† can be viewed as true, it indeed can be confirmed for most. As servant leadership is actually a philosophy that emphasizes moral values and suggests leaders obtain desired results by focusing on and fulfilling the needs of others it is possible that it is compatible with other religious philosophies, though not all, as well. The very essence of leadership is finding effective ways to inspire and motivate others. A person’s particular style of leadership is influenced by the core values as well as the assumptions and beliefs of the individual. Effective leaders continuously learn from those around them and evolve their leadership style as needed to deal with diversity and changing situations. Strong leaders typically possess a combination of positive characteristics and moral values that form and define their leadership philosophy. Servant leadership emphasizes such skills as awareness, stewardship, persuasion, growth and building community. These skills are also important elements of most religious philosophies but specifically for the Christian and Unitarian Universalist philosophies. One Christian philosophy of leadership presented by David M. Turner, is that the characteristics of the leader should be in harmony with qualities described in Scripture (Turner, Unknown). The Christian leader should be a continual student that consistently strives for excellence, concentrates on the people, and coaches them become leaders as well. A similar philosophy of leadership as described by Unitarian Universalists is that leaders should find balance between concerns for getting the job done and concern for the people. The focus of the leader is to support and empower the individual to discover and explore their own faith. Both of these philosophies require their leader to practice listening, empathy, healing, awareness, persuasion, conceptualization, foresight, stewardship, growth and community in order to be effective. Perhaps the most important attribute of servant leadership is listening. In order to fulfill the needs of others, the leader must first identify the need and the only way to do that is to listen and truly hear what is being communicated. Irving Shapiro? former chairman of DuPont, perhaps described servant leadership best with his statement that â€Å"people who accomplish things do more listening than talking† (p. 1). During meetings at large successful organizations such as Radiall, Inc. , the most effective managers will often have very little to say yet their body language alone will convey the message that they are listening and evaluating every word being spoken. The manager may not offer suggestions at all at the initial meeting or perhaps will just ask more questions that will expand the groups thinking and possibly guide them toward their own desired result. While others have argued their point it seems as if the listening has given the leader some time to develop awareness of the needs and foresight to accomplish them. It is logical that effective servant leadership would require a higher level of emotional intelligence. Emotional intelligence is the skill level or ability to identify and manage emotions of self, others and of groups as well. People who possess a high degree of emotional intelligence will most likely be very self-aware and also be quite attuned to the emotions of others around them. Self-awareness is needed first in order to understand and be attuned with others. As stated by Daniel Goleman, â€Å"if your emotional abilities aren’t in hand, if you don’t have self-awareness, if you are not able to manage your distressing emotions, if you can’t have empathy and have effective relationships, then no matter how smart you are, you are not going to get very far† (Serrat, 2009). So what is servant leadership? It is a leadership role in some sort of spiritual capacity but it is a concept that can be applied both professional and spiritual roles of leadership. Greenleaf’s theory of servant leadership that includes qualities such as listening, empathy, healing, awareness, persuasion, conceptualization, foresight, stewardship, growth and building community (Greenleaf, 2002) encompasses qualities that are morally important but that can also be applied in professional situations. It is true that, â€Å"although servant leadership is often associated with the Bible and Jesus Christ, it is totally compatible with most religions and theories of philosophy†. Servant leadership is a philosophy that emphasizes moral values and suggests leaders obtain desired results by focusing on and fulfilling the needs of others and is completely compatible with other religious philosophies as well.

How to Install Ruby on the Linux Operating System

How to Install Ruby on the Linux Operating System Ruby is installed on most Linux distributions by default. However, you can follow the steps below to determine if Ruby is installed and, if not,  install the Ruby interpreter on your Linux computer. How to Install Ruby on Linux For an Ubuntu-based distribution, follow the following procedure to verify whether you have Ruby installed, and if not, to install it. Open a terminal window. One way open the terminal window (sometimes called a shell or bash shell) is to select Applications Accessories Terminal.Run the command which ruby.  If you see a path such as /usr/bin/ruby, Ruby is installed. If you dont see any response or get an error message, Ruby is not installed.To verify that you have a current version of Ruby, run the command ruby -v.Compare the version number returned with the version number on the Ruby download page.These numbers dont have to be exact, but if you are running a version thats too old, some of the features may not work correctly.Install appropriate Ruby packages.  This process differs between distributions, but on Ubuntu run the following command:sudo apt-get install ruby-full Verify That Ruby Works Correctly Open a text editor and save the following as test.rb. #!/usr/bin/env ruby puts Hello world! In the terminal window, change directory to the directory where you saved test.rb.  Run the command chmod x test.rb, then run the command ./test.rb. You should see the message Hello world! displayed if Ruby is installed correctly. Tips: Every distribution is different. Refer to your distributions documentation and community forums for help installing Ruby on distributions other than Ubuntu or its variants.For distributions other than Ubuntu, if your distribution doesnt provide a tool like apt-get then you can use a site such as RPMFind to find Ruby packages. Look for the irb, ri and rdoc packages as well, but depending on how the RPM package was built, it may already include these programs.

Observations on What Is Language

Observations on What Is Language Language- more specifically human language- refers to the grammar and other rules and norms that allow humans to make utterances and sounds in a way that others can understand, notes linguist  John McWhorter, an associate professor of English and comparative literature at Columbia University. Or as Guy Deutscher said in his seminal work, The Unfolding of Language:  An Evolutionary Tour of Mankinds Greatest Invention, language is what makes us human. Discovering what is language, then, requires a brief look at its origins, its evolution through the centuries, and its central role in human existence and evolution. Greatest Invention If language is mankinds greatest invention, it is supremely ironic that it was actually never invented. Indeed, both Deutscher  and McWhorter, two of the worlds most renowned linguists, say the origin of language remains as much as mystery today as it was in biblical times. No one, says Deutscher, has come up with a better explanation than the tale of the  Tower of Babel,  one of the saddest and most significant stories in the Bible. In the biblical fable, God- seeing that people of the earth had become skilled in construction and had decided to build an  idolatrous tower, indeed an entire city, in ancient  Mesopotamia  that stretched to the heavens- infused the human race with a myriad of tongues so that they could no longer communicate, and could no longer build a massive edifice that would replace the almighty. If the tale is apocryphal, its meaning is not, as Deutscher notes: Language often seems so skilfully drafted that one can hardly imagine it as anything other than the perfected handiwork of a master craftsman. How else could this instrument make so much out of three dozen measly morsels of sound? In themselves, these configurations of the mouth- But, if you run these sounds through the cogs and wheels of the language machine, says Deutscher, arrange them in some special way and define how they are be ordered by rules of  grammar, you suddenly have language, something that an entire group of people can understand and use to communicate- and indeed to function and a viable society. Chomskyan Linguistics If languages mysterious origin sheds little light on its meaning, it can be helpful to turn to Western societys most renowned- and even controversial- linguist: Noam Chomsky. Chomsky is so famous that an entire subfield of linguistics (the study of language) has been named after him. Chomskyian linguistics is a  broad term for the principles of  language  and the methods of language study introduced and/or popularized by Chomsky  in such groundbreaking works as Syntactic Structures  (1957) and Aspects of the Theory of Syntax (1965). But, perhaps Chomskys most relevant work for a discussion on language is his 1976 paper, On the Nature of Language. In it, Chomsky directly addressed the meaning of language in a way that foreshadowed the later assertions of  Deutscher  and McWhorter. The nature of language is considered as a function of knowledge attained...[T]he language faculty may be regarded as a fixed function, characteristic of the species, one component of the human mind, a function which maps experience into grammar. In other words, language is all at once a tool and the mechanism that determines how we relate to the world, to each other, and, even to ourselves. Language, as noted, is what makes us human. Expressions of Humanity Famed American poet and existentialist, Walt Whitman, said that language is the sum total of all that humans experience as a species: Language is not an abstract construction of the learned, or of dictionary makers, but is something arising out of the work, needs, ties, joys, affections, tastes, of long generations of humanity, and has its bases broad and low, close to the ground. Language, then, is the sum of all human experience since the beginning of humankind. Without language, humans would be unable to express their feelings, thoughts, emotions, desires, and beliefs. Without language, there could be no society and possibly no religion. Even if Gods wrath at the building of the Tower of Babel led to a plethora of tongues throughout the world, the fact is that they are still tongues, languages that can be deciphered, studied, translated, written, and communicated. Computer Language As computers communicate with humans- and with each other- the meaning of language may soon change. Computers talk through the use of  programming language. Like human language, computer language is a system of grammar, syntax, and other rules that allow humans to communicate with their PCs, tablets, and smartphones, but also allows computers to communicate with other computers. As  artificial intelligence  continues to advance to a point where computers can communicate with each other without the intervention of humans, the very definition of language may need to evolve also. Language will still always be what makes us human, but it may also become the tool that allows machines to communicate, express needs and wants, issue directives, create, and produce through their own tongue. Language, would then, become something that was initially produced by humans but then evolves to a new system of communication- one that has little or no connection to human beings.

Ellen's analysis speech Essay Example | Topics and Well Written Essays - 500 words

Ellen's analysis speech - Essay Example The speech was well organized because it began on a light note with humor and proceeded to more serious sections of illustrations and facts before it ended with jokes and humor. The impact of this style enhanced the aesthetics of the speech. It also contributed to the aspect of memorability. The transitions were evident in the course of the speech. They were mainly noted in the rising and falling of pitch in different parts of the speech. Parts of humor were highlighted in a high pitch while factual parts were captured in a low and serious pitched voice. The effect was to capture and retain the attention of the audience. The speaker’s introduction was effective. She began the speech on a high note and enlisted humor to capture the attention of the audience. The introduction prepared the audience for the captivating details in the rest of the speech. The speaker’s conclusion was effective because it provided a summary of the major themes discussed. The conclusion also eased the attention of the audience through the relaxation of tone and mood. It also involved some sense of humor through the jokes used. Credibility of the story was used through reference to personal experiences. It was also enhanced by incorporating details of current affairs and information. This combination enhanced the factual representation of the core issues of the speech. The speaker’s facial expression and body movement were consistent with the verbal aspects of the speech. She did not exaggerate her gestures and appeared to command some balance in the aspect of presentation. However, her last minute dancing seemed to go slightly beyond expectations. The speaker was effective in her facial expressions. She changed her facial expressions at different parts of the speech to demonstrate change of tone and mood. This strategy provides the means of adjusting the expectations and concentration of the audience. The speaker was sufficiently effective in her vocal

Surrealism Movement Essay Example | Topics and Well Written Essays - 500 words

Surrealism Movement - Essay Example The paper "Surrealism Movement" concerns the movement of surrealism. The movement is all about freedom: the creator is free to create whatever s/he wants with no regard to aesthetics, morality or even reason. Interestingly enough, Breton, in the First Manifesto clarified that the basic tenets of surrealism are not limited to art only, but can also be applicable to all of our lives. So it can be assumed that whenever one is liberating one’s imagination, one is engaging in surrealism. A movement of complete freedom, the only thing forbidden in surrealism is to forbid any form of expression. Whether it is discontinuity, or placing completely incompatible objects together, or using fantastical creatures or imagery, everything is acceptable and legitimate in surrealism. Some artists even took to a technique called automatic drawing, whereby they let their hands draw on paper without any conscious thought, however, they did admit that the process was not entirely without conscious e ffort as they had to render it to be comprehensible on a certain level. Among the more famous of the proclaimed Surrealist artists are Max Ernst, Salvador Dali, Kansuke Yamamoto, and MÃ ©ret Oppenheim. However, there are many artists who have dabbled in surrealism without really proclaiming themselves to be surrealists, for instance, Pablo Picasso. When it comes to surrealist writers, most people find it difficult to understand them, because there is no sense of continuity in them. However, such writers lay more emphasis on the poetic undertones.

Mother Tongue Essay Example | Topics and Well Written Essays - 1000 words - 2

Mother Tongue - Essay Example For those people who use English as their second language it is particularly difficult because their imperfect expressions of their thoughts often limit their opportunities in a given situation. Despite all difficulties, Tans story proves that good knowledge of English is really important for everyone because it goves more life opportunities and makes it easier to communicate with representatives of other cultures. Learning language is totally different from hard science as it is always certain; all people know that there is only one right solution in algebra but there are several ways to render the same thought in speech. Amy Tan uses this line of reasoning to explain why her grades in hard science have always been higher than her average achievements in English. Her explanation applies to my case as well. I find it easier to learn some historic dates or facts than language. Learning English as my second language is difficult because it presupposes a bit different way of thinking. When I use my native language, I rarely think about formulations because I make up phrases automatically. It is really different with English because there are many synonyms that have slightly different meanings. Native speakers can easily differentiate emotional connotation of particular words, but it is rather difficult for me. As a result, sometimes I use some words in the context which is not really appropriate for them. Language people use with their loved ones is always different from one they use in public. It is the reason why Amy Tan confesses that she uses the same language as her mother when she communicates with her. Even her husband speaks the same way as it is a sign of intimacy between them. The language I use in my family or with my friends is also different from one I use in writing. When I have to write an essay, I think carefully about words I use to express my thought to make them as clear as

Philosophy of Healthcare Essay Example for Free

Philosophy of Healthcare Essay This paper analyzes seven view points on the topic of Philosophy of Healthcare. The seven view points are blended into this paper by discussing what factors highly influenced my decision to choose healthcare as my set profession in life. Also discussing the Nature of Mankind, stating a few qualities that are highly important in our society and give examples of how it is used in our everyday life. This paper will further discuss the Brokenness of Mankind and what I believe are my most important qualities that I will be able to bring into the medical field. Discuss different ways how handle conflict and stress that can someday lead to â€Å"burnout† in healthcare. Along the topic of talking about the Brokenness of Mankind, I will debate if there is a difference between healing and curing. Last, I will altercate the Value of Mankind and in what ways this could be appropriate for faith to play a part in giving care in healthcare. Keywords: none. Philosophy of Healthcare Final Project Seven Points of Philosophy of Healthcare Back when I was a young child in elementary school, my first grade teacher asked me and all my other classmates, â€Å"What do you want to be when you grow up?! One girl said a private eye investigator; a boy who played on the peewee football team for our city said he wanted to be the quarterback of any NFL team. When it was finally my turn to say what I wish to do for the rest of my life, I said I wanted to be a professional ice skater! I came to realize six years later that that was never going to be my reality and I had to think about what really would interest me. One good quality everyone said I obtained was caring for others and how I always am the first to aid someone in need. I spent most of my time in the hospital visiting my grandmother and I always thought it was amazing to see the doctors rush to a patient or watch the nurses do their rounds. I told my mother I wanted to work in the hospital as a volunteer and she said I should so I did and I fell even more in love. Seeing all of the things going on in the hospital influenced me to really pursue this profession. What also influenced me was seeing how my pediatrician cared for other kids and was always taking good care of not only myself, but others as well. In this profession people need to possess very important virtues. Some of my personal virtues are dedication, caring, and also integrity. I believe that being dedicated is a cogent virtue to have in general, but specifically as a healthcare professional. While working in the medical field you have to give time and effort to your patients and show them that you care as well. Caring would have to be another virtue that I portray and that is also very good to have. For example, if you have a patient that has been there for a long period of time, you have to show them that you care and put yourself in their position. Philosophy of Healthcare Final Project You have to show that you care, because if you don’t things will only be negative and later on will become complicated and stressful. Integrity is a very strong virtue that anyone can have because it shows that you can be trusted and that you are a very honest person. Nowadays, they have a system called HIPAA, which is used in hospitals nationwide. HIPAA is used for patient confidentiality and is an agreement that you will not discuss why a patient in there in the hospital and what is wrong with them with anyone else. This is why I believe everyone needs to have integrity. Discussion There is a plethora of ways that my top three virtues could be demonstrated. To start off, we will talk about dedication. Dedication can be shown in the medical field by setting aside time to get certain tasks done by a specific time or day. For example, if a nurse has to clean up after a patient, they have to set aside time to aid them and also be dedicated to doing it, along with that, they have to care for the patient while doing this specific task. Caring is another one of my top virtues. Caring is shown in many ways in this specific field. For example, caring for a patient while they are in the hospitality suite is extremely nice. When I did my volunteer service back in Orlando Regional Medical Center, I spent most of my time in the hospitality suite making sure every patient waiting to return home was doing okay and assisting them get into their cars and giving them anything while they waited patiently to leave. Also, integrity is highly demonstrated in healthcare. As I have stated earlier in this paper, HIPAA is a very good example of how integrity can be shown in healthcare. Philosophy of Healthcare In addition, what I believe would be my important qualities that I can bring to healthcare as a professional would have to be my ability to be loyal and true to everyone including my co-workers, the patients, and of course myself. To me, loyalty and being trustworthy are the biggest qualities that anyone can pertain in life because without it, no one can depend on you to accomplish things or to confine things either. Today in the field of healthcare, there are many cases that are conflicting and stressful. Many people try to climb their way out of this by doing numerous of strategies to get themselves out. The best thing to do is to focus on the positive and try to think of ways to make things better. Do not try to blame others for wrong doings and try not to say the first things that comes to mind in a bad situation because that only makes things worse. â€Å"In the hospital or any medical setting, you will be faced with problems and challenges almost every day. † (www. zinearticles. com). Also, building a strong communication with your colleagues can become a great advantage and can cause less burnout in the field. â€Å"Another important way to combat stress is to sharpen ones communication skills. † (www. fdu. edu). everything nowadays is communicated via e-mail, pager, text, or even social networks to try and get into contact with one another. If you have to talk to someone about a problem, simply approach them and talk face to face and not try to chase down a text or e-mail to have proof of something you said. Discussion Many people say that there is an antithesis between healing and curing. In my opinion I believe that they are both different. â€Å"Healing is a natural process and is within the power of everyone. Curing, which is what doctors are called upon to do, usually consists of an Philosophy of Healthcare Final Project external treatment; medication or surgery is used to mask or eliminate symptoms. † (www. beliefnet. com). Healing is done by our Lord and Savior, Jesus Christ. It takes time for this to happen and it takes a lot of faith to make it possible. On the otherhand, you can show up to a physician’s office or the hospital and say â€Å"Take the pain away! † and it will be gone within the hour thanks to technology today. With healing, you need to have a very positive mind set and pray to our Father in heaven to cure us with his tender loving care, instead of depending on society to cure us. â€Å"The first step is having the intention to heal, to come back into balance. † (www. stepsonthepath. com).