Risk Management and Financial Institutions †MyAssignmenthelp.com

Question: Discuss about the Risk Management and Financial Institutions. Answer: Introduction The report here discussed about the effective management of risk through discussion of the concept of risk, processes adopted for measuring and ranking the risk and the strategies adopted for effective project risk management. There is also discussion about the appropriate practices responsible for minimizing the project risk with theories, examples and arguments. There is also a critical analysis of the theories, concepts and models for practicing the project risk and procurement management. Further, there is also discussion on how the knowledge from the theories of project risk and procurement management can be used for developing insights and sort out current problems. The report also gives an overview of the complex models of Project Risk and Procurement Management along with a systematic analysis and creative synthesis of ideas Identification, understanding and evaluation of risk are required in business management otherwise; businesses can undergo dreadful consequences. However, most people relate the concept of risk with health, death or injury but there are many other types of risk that business face (Aven 2012). Risk can be categorised as risk of harm and risk of detriment. The risk of harm often related with something that is living like the natural environment or a person. However, in business context, the risk of harm relates to an injury incurred by people involved with the business that can be people from the management or employees. The risk of detriment refers to some kind of economic loss that the business incurs (Halbert and Rouanet 2014). This kind of risk includes split in an organization, loss of property or loss of stakeholders. Detriment risk is therefore responsible for causing damage of a major kind. Thus, it is important for the managers of any business to manage and identify risk so that consequences of risk reduced. How Risk Is Measured and Ranked The basic step for measuring the risk for business is to have a clear understanding of the risk. Following the mentioned steps can help in measuring and ranking of the risk (Brownlees and Engle 2012): Identification of the risk: It is necessary for the business to identify the kind of risk it undergoes which includes strategic risk, compliance risk, operational risk, financial risk or reputational risk. Estimating the Likelihood of the Risk: After identification of the risk it is very necessary to identify its likelihood by measuring it on a five-point scale like quite unlikely, very unlikely, medium likely, quite likely and very likely. Estimating the Impact of the Risk: After the identification of the risk it is very necessary to estimate how the risk will affect business. Therefore, it is necessary to estimate whether the risk have minimal impact, low impact, high impact, medium impact and devastation impact. Through creating a Scorecard for the Risk: Creating a scorecard for the risk helps in summarising the risk and its relative impact on the business. Strategies for Project risk management adopted for preventing project risks from occurring and thus minimizing the impact on the project in case any kind of risk occurs. The existence of project risks attributed to uncertainty (Larson and Gray 2013). There always remains a possibility where something unknown or known might pose a hindrance in achieving the project goals. The strategies adopted can therefore, act as a rescue in handling such risks. The project manager should therefore undertake four basic strategies for effective project risk management. These are as follows: Identification of the Risks: The identification of any risk that might have an impact on the business is very necessary. Possibility of any risk can be identified either by brainstorming, interviewing, going through risk profiles, going through historical data, through assumption analysis and through work breakdown structure analysis. Assessment of the Risk: Once the potential project risk identified it is very necessary for the project manager to determine the risks that need to be managing on an immediate basis since these are the risk that will have major impact on the project. Along with this, the manager also needs to identify its likelihood. Identifying Risk Response Development: There are however four response strategies for every risk that includes: By avoiding the risk: There are certain changes needs to be made in the project plan for avoiding risk. For instance, this can be done by either shortening or extending the schedule, reducing scope or changing the strategy of the project. Transfer the Risk: This involves passing of the risk to a third party. However, it does not change the nature of the risk but the responsibility of managing the risk goes to some other party. These include insurance, warranties, guarantees, performance bonds and fixed price contracts. Mitigate the Risk: This implies reducing the impact or probability of risk event. Risk mitigation may be done by simplifying the processes, safety training and choosing stable supplier Through Accepting the Risk: This is a scenario when the project team does not undertake any changes in the plan in dealing with the risk. In such cases, the manger is also unable to choose appropriate response strategies for the event Ensuring Monitoring and Controlling Risks: This involves implementation of the risk response strategies, monitoring the events that are responsible for the trigger, tracking the identified risk and identification of new risk. Appropriate Practices for Minimizing the Project Risk There are huge benefits of risk management in a project as it allows the business from unnecessary monetary loss (Kerzner 2013). In addition to this, minimizing the threats to projects also allows the project manager to ensure timely delivery along with quality results demanded by the sponsors. There are however, certain golden rules which if followed can minimize the project risk. These are as follows: Making Risk Management a Part of the Project: For minimizing the impact of project risk it is important to ensure that risk management becomes a part of the project plan. This will not only save cost but also lead to successful execution of the project. Most professional companies make risk management as a part of their day-to-day operations Identification of the Risks in the Early Stage of the Project: Identification of the risk at the initial stages of the project also helps in minimizing the project risk (Kendrick 2015). In order to do so, the manager must interact with the team members and other people outside the project who might help in risk identification due to experience in a similar scenario. Ensuring Proper Communication about the Risks: There should be a constant communication about the risk with the team members. This will allow the members of the team to understand its importance and impact and discuss any new risk that they can observe. Considering Both the Opportunities and Threats: There have been instances when modern risk approaches have focused on positive risks that have lead to project opportunities. Therefore it is necessary on the part of the managers to not only identify the project threats but also the opportunities as they make the project more profitable, better and faster. Clarifying Ownership Issues: The task of the manager does not end with the identification of the risk. The project manager in order to minimize the risk must assign a risk owner who will undertake the responsibility for optimizing the risk. Prioritising Risk: There are certain risks that have higher impact than others. Therefore, it is very necessary to prioritize the risk that causes bigger losses (Osei-Kyei and Chan 2015). The risk with lesser impact can be prioritizes based on a criteria or sometimes gut feeling. Through Analyzing the Risk: The project manager should risk analysis at various levels of the project. A detailed analysis of the risk helps the manager to understand the magnitude of the impact on cost, product and quality Planning and Implementing Risk Responses: Implementation of risk response activity that adds value to the project. This act of the manager will not only prevent the occurrence of threat occurring and at the same time minimize negative effects. Registering Project Risk: The project manager must maintain a risk log that enables him in viewing the progress. This method also acts a communication tool for informing the stakeholders and team members and stakeholders about the whereabouts of the project. Tracking Risk and Associated Risk: Through tracking of risk the project manager can actually focus on the current situation of risks (Klauer et.al 2014). This will help him to identify the risk that and affect the project value. Theory versus Practice of Project Risk and Procurement Management Project risk management is a thoughtful process of decision-making. The alternative being the scenario that involves reckless decisions making not based on careful observation of facts and involves risk (Alexander 2013). Thus, management of risk requires a methodical approach. Therefore, project risk management defined as a formalized disciplined approach that includes a set of processes for sound decision-making. On the other hand, procurement is a process that is usually adopted in private and public sector organizations. There process of procurement also involves five different categories of risk that includes (Hayes 2014): Technological Risk: These risks involve non-completion, under performance or false performance of the service procured due some technical glitch. Societal or Organizational Risk: Societal risk refers to the lack of acceptance of change by the users within the society. Organizational risk on the other hand refers the failure of the organization that undertakes the process of procurement. Market Risk: This refers to the risk involved in the demand and supply side. Financial Risk: In public procurement the financial risks are of twofold, first refers to the uncertainty in achieving target cost and the second refers to the ability of securing funds. Turbulence Risk: This risk refers to those that emerge from an unpredictable situation that forces the managers to reassess, prioritise and change expectations. This may lead to further dysfunction. The case study here discusses about the conduction of a risk management workshop by risk manager of a project (Kerzner, 2013). Thus, a meeting was held between the project manager and risk manager to undertake discussion on the project scope, project objectives, process incorporated, efficiency, deliberation and workshop participants. Based on the discussion risk identification which depends on the following factors like the time allotted for the project, number of participants and quality of participants, the project manager, scope of risk management. The risk manager developed a risk rating matrix after discussion with the project manager which enabled him to analyse the qualitatively. This approach of analysis is not only simple but also quick. However, the members of the workshop also readily accept the qualitative approach. The purpose of analysis of the risk is for prioritizing risk so that the higher ranking risk can be effectively taken into account by the management. In this case study, it was found that members of the workshop could determine strategies for treating high and extreme risks only. However, expectation for low or moderate risk can be effectively be handled by the management based on instinct or certain business criteria. Theory and practice matches in terms of use of source as common risk classification structure and effectiveness of group process. Therefore, in contrast to the theory, the practice needs to segment objectives of the project into product factors and process, use checklist after undertaking the process of brainstorming and the depend of risk on various factors. There is also need for interchanging the ability of events and causes on a frequent basis, greater weight age on consequences than the likelihood, carrying out partial analysis in exact circumstances since risk depends on various factors. Thus, the theory however clearly put an emphasis on the need for flexibility in one of its approaches allotted for the process of risk management (Haimes, 2015). Applying Knowledge of Project Risk and Procurement Management for Developing Insight and Solve Problem The theory and practice puts forward important techniques and concepts that are necessary for understanding the core competencies of risk related to project management and procurement management (McNeil, Frey and Embrechts 2015). This will enable project managers in preparing an accurate plan for risk and procurement management for their project. The managers will also be able to put use the techniques and tools for identification and resolving risk in their projects. They will also develop an ability to link risk and procurement concepts to the framework of the project. In other words, proper knowledge will also ensure them to adopt a reflective and professional approach for managing their project (Hull 2012). The knowledge will also enable the managers in effectively using oral and written communication about the risk factors of the projects at a professional level. Further, proper knowledge will also enable managers to critically think and synthesize any complex data related to th e project. Nowadays, project risk and procurement management considered important for an organisation because without proper understanding of it, a firm is not being able to define the objectives of project for the future (Fernndez-Diego 2013). However, if the project objectives of a company are determined without considering risks then there might be chances of losing the direction whenever a risk strikes. Therefore, in recent years companies have incorporated risk management departments. The role of the team working for the department is to come up with strategies that help in guarding the risk, identification of the risk, execution of the strategies and motivating employees in cooperating with the strategies (Caron 2013). Larger organisations face more risk so they should have strategies that are sophisticated. Moreover, they should also allow their risk management team for accessing the risk that might pose as a hindrance to the business. These risks cause adverse affects to the business and therefore needs prioritization and treatment accordingly (Taylor, Artman and Woelfer 2012). Therefore the goal of the risk management team is thus to ensure that the company only opts for risks that will not pose a barrier in achieving the primary objectives. Critical Analysis of Project Risk and Procurement Management in Complex Projects Complex projects in the field of aerospace, nuclear power, transportation and information technology brings in substantial challenges. The challenges include cost escalation, technical problems and legal disputes. These projects are therefore, quite vulnerable when it comes to performance (Pryke and Smyth 2012). The complexity arises due to multiple stages of design, procurement, construction, testing, changing requirements of the customers, performance priorities, government regulation and standards and delays in discovering rework. The complex projects are so much in trouble due to their complexity and hence are difficult to handle even under suitable circumstances. Due to the uncertainty factors these factors also involve certain amount of risk. The challenge of risk management in dealing with such complex projects includes systematic analysis of the risk, incorporating strategic control in exposing the project risk and undertaking a continuous learning process (Thamhain 2013). Until recently, it was found that there was insufficient systematic analysis of past problems related to complex projects. Even the project managers lacked tools used for analyzing and controlling such projects. The outcome of a complex project measured in terms of technical performance, timeliness, cost, quality, social impacts and value for money. However, the sources of risk for such projects depends substantial impact on the project outcome and the surrounded uncertainty (Kendrick 2015). Thus, to ensure project risk management of complex projects systems dynamics used as a powerful tool assessing the performance (Wilensky and Stroup 2013). Thus, through the adoption of system dynamics techniques, computer simulation models of various projects developed. However, system dynamics not only addresses the dimension of the complexity explicitly but also provides an answer to many critical questions related to performance. The scopes provided by the system dynamics methodology not only make it an effective but also an appropriate tool for strategic risk management. Thus, system dynamics model can act as the basis for identification and control of significant project risk (Flyvbjerg 2013). The steps however includes: simulation with a previous project, establishment of a baseline for performance for the project under consideration, identification of the sensitivities of the performance, identifying the major risk sources, analysing the sources that would lead to reduction of the risk, evaluating tradeoffs for performance /risk, preparation of contingency plans. However, the manager of such projects admitted that another category of risk is quite prevalent in such projects (Yoo et.al 2013). This includes, lower than expected availability of labour regionally, high attrition rates amongst workforce, slower delivery of vendors, slower perception of the management in dealing with the variations in actual productivity, slower rate of rework wherever required. Thus, such projects the managers can reduce risk through identification of five potential areas (Iossa and Martimort 2012.). These include proper scheduling, proactive workforce management, pursuing of aggressive test program, building customer relationship and incorporate improved technology. Conclusion The report ends with a critical analysis of project risk and procurement management for complex projects. Here the report discusses how complex projects have higher risk due to uncertainty. The report also deals with a section where the knowledge of the project risk and procurement management used for developing insight and solving current problems. The report also discusses about theory versus practice of project risk and procurement management. Further, there is discussion about the appropriate practices adopted for minimizing the project risk. There is also discussion about the effective risk management along with an explanation of the concept of risk, ways for measurement of risk and strategies for project risk management References: Alexander, K. ed., 2013.Facilities management: theory and practice. Routledge. Aven, T., 2012. The risk concepthistorical and recent development trends.Reliability Engineering System Safety,99, pp.33-44. Brownlees, C.T. and Engle, R.F., 2012. Volatility, correlation and tails for systemic risk measurement.Available at SSRN 1611229. Caron, F., 2013. Project Risk Management. InManaging the Continuum: Certainty, Uncertainty, Unpredictability in Large Engineering Projects(pp. 67-74). Springer Milan. Fernndez-Diego, M., 2013. Project Risk Management. InProject Management for Environmental, Construction and Manufacturing Engineers(pp. 75-90). Springer Netherlands. Flyvbjerg, B., 2013. From Nobel prize to project management: getting risks right.arXiv preprint arXiv:1302.3642. Haimes, Y.Y., 2015.Risk modeling, assessment, and management. John Wiley Sons. Halbert, L. and Rouanet, H., 2014. Filtering risk away: Global finance capital, transcalar territorial networks and the (un) making of city-regions: An analysis of business property development in Bangalore, India.Regional Studies,48(3), pp.471-484. Hayes, J., 2014.The theory and practice of change management. Palgrave Macmillan. Hull, J., 2012.Risk management and financial institutions,+ Web Site(Vol. 733). John Wiley Sons. Iossa, E. and Martimort, D., 2012. Risk allocation and the costs and benefits of publicprivate partnerships.The RAND Journal of Economics,43(3), pp.442-474. Kendrick, T., 2015.Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn. Kendrick, T., 2015.Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Klauer, S.G., Guo, F., Simons-Morton, B.G., Ouimet, M.C., Lee, S.E. and Dingus, T.A., 2014. Distracted driving and risk of road crashes among novice and experienced drivers.New England journal of medicine,370(1), pp.54-59. Larson, E.W. and Gray, C., 2013.Project Management: The Managerial Process with MS Project. McGraw-Hill. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press. Osei-Kyei, R. and Chan, A.P., 2015. Review of studies on the Critical Success Factors for PublicPrivate Partnership (PPP) projects from 1990 to 2013.International Journal of Project Management,33(6), pp.1335-1346. Pryke, S. and Smyth, H., 2012.The management of complex projects: A relationship approach. John Wiley Sons. Taylor, H., Artman, E. and Woelfer, J.P., 2012. Information technology project risk management: bridging the gap between research and practice.Journal of Information Technology,27(1), pp.17-34. Thamhain, H., 2013. Managing risks in complex projects.Project Management Journal,44(2), pp.20-35. Wilensky, U. and Stroup, W.M., 2013, April. Networked gridlock: Students enacting complex dynamic phenomena with the HubNet architecture. InProceedings of the fourth annual international conference of the learning sciences(pp. 282-289). Yoo, Y., Boland Jr, R.J., Lyytinen, K. and Majchrzak, A., 2012. Organizing for innovation in the digitized world.Organization Science,23(5), pp.1398-1408.

Othello shows weak human judgement free essay sample

I agree with the statement that Shakespeare’s play Othello demonstrates the weakness of human judgement. The demise of both Othello and Iago is due to each one’s weak judge of character, and poor judgement of situations. Othello falls from a position of power and nobility to a debased shadow of his former self, as a result of Iago’s cunning plans. Yet had Othello a better sense of judgement Iago’s schemes would not have worked. One of Othello’s biggest flaws is his poor judge of character. Othello is convinced of Iago’s honesty right up to Iago’s final moments of freedom. He is a complete dupe to Iago’s plans. He immediately turns to Iago for answers when Cassio stabs Montano,  Ã¢â‚¬Å"I know, Iago Thy honesty and love doth mince this matter, Making it light to Cassio.† Othello wrongly judges Iago’s stories to be true and doesn’t even think of questioning anyone else. We will write a custom essay sample on Othello shows weak human judgement or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He foolishly believes that Iago is an honest and honourable man, and is too blind to see through Iago’s faà §ade. This display of weak human judgement ultimately leads Othello to wrongfully murdering his wife. Naivety and ignorance is shown constantly by Othello when he foolishly accepts Iago’s ‘proofs’ of Desdemona’s infidelity without question. He is so enraged and jealous at the notion of his wife sleeping with someone else that he looses his sense of judgement and rationality. This could be considered a relatively natural reaction to such a situation, but it ultimately shows a weakness in the human psyche. Again Othello shows poor judgement by not confronting Desdemona about these claims and instead contents himself with Iago’s word. He convinces himself that he is acting in Desdemona’s best interests and wrongfully assumes her to be the â€Å"cunning whore of Venice†. Again Othello shows a very weak sense of judgement when he places Cassio in a position of power by telling him to ensure that celebrations didn’t get out of hand. He judges Cassio to be a trustworthy and responsible person. Cassio is aware of the fact that he does not take to alcohol very well, yet he is easily coaxed into drinking by Iago, â€Å"I’ll do’t, but it dislikes me† As a result of the drinking, Cassio becomes involved in an argument and fatally stabs Montano. The fact that Cassio is aware of his drinking problems but still gives in to having a drink so easily is a damning indictment on his character, and shows how some people can be easily manipulated because of their poor sense of judgement. Jealousy is one of mankind’s greatest flaws, as shown by Othello. Jealousy consumes Othello and turns his love for Desdemona to hatred and contempt. It sends him into such blind anger that he loses all sense of rational judgement, causing him to make impetuous and impulsive decisions. Such so that he publicly disgraces Desdemona and feels content to murder her for the good of mankind, â€Å"Yet she must die, else she’ll betray more men† This jealousy causes Othello to act impulsively on circumstatial evidence, and results in him making fatal judgements. Othello is not the only flawed character in the play, Iago shows pretension and poor judgement in his dealings with Emilia. Iago appears to have everyone under the influence of his schemes and is confident of his success, yet he completely overlooks his wife. He believes her to be a simple woman that will do his bidding despite how she is treated. This is a fatal judgement by Iago as Emilia is the one who exposes Iago’s plans and ultimately dooms him to die, â€Å"Disprove this villain if thou be’st a man† Iago’s arrogance causes him to judge Emilia wrongly and discount her from his otherwise successful plans, showing weakness in his character. Love is also a consuming force and in this play it causes Roderigo to act completely irrationally. He pays Iago with heaps of money to help him woo Desdemona. Roderigo is obviously blinded into thinking that Iago is a trustworthy and honest person. He becomes so debased by the fact that Desdemona keeps turning him away that he agrees to murder Cassio for no apparent reason â€Å"I have no great devotion to the deed,   and yet he has given me satisfying reasons† Roderigo shows no moral standards and places no value on human life. This shows us that love and rejection are have big effects on human judgement. Racism is a glaring problem amongst the characters of the play. Othello is clearly affected by it and feels that he must prove himself equal to everyone else. Iago cleverly feeds Othello’s insecurity by constantly reminding him that he is racially distinct. He points out the obvious differences between Othello and Desdemona. He tells Othello that Desdemona will eventually regret that she hasn’t chosen someone of her own ethnicity and will desire someone,  Ã¢â‚¬Å"of her own clime, complexion and degree† This overt racism towards Othello shows how judgemental and prejudiced people can be and is certainly a naive and ignorant disposition. Clearly weak human judgement can be seen throughout this play by all the characters which shows that everybody is flawed and weak human judgement can be seen in anyone.

Archetypes of the Lion King free essay sample

The unconscious is a psychological concept that is interpreted differently by many psychologists. Sigmund Freud interprets the unconscious as a place where thoughts, feelings and memories are kept, and cannot easily be brought into the conscious mind. However, some neo-Freudians, such as Carl Jung, thought differently. Jung believed that there was not only a personal unconscious, which is what Freud describes, but a collective unconscious as well. The collective conscious contains universal human memories, ideas and patterns of thinking called archetypes. Some archetypes include the anima/animus, (which is the feminine side of a man/the masculine side of a female), the hero and the villain, among many others. The characters in the movie, The Lion King display a diverse variety of archetypes through their own character traits. Simba, the main character and protagonist of The Lion King, shows a number of archetypes throughout the course of the film. The film starts at his birth and shows his experience as a lion cub. We will write a custom essay sample on Archetypes of the Lion King or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page His behavior as a youth attributes to the child archetype, in which he is many of the things a young child is. Simba is outgoing and curious and explores wherever he can, even going places as dangerous as an elephant graveyard. He is also tricky and rebellious, as he goes outside the areas of Pride Rock, even when his father, Mufasa, strictly tells him not to. These are all traits that would normally be associated with children or teens. As Simba grows older, he starts showing different traits. Specifically, the older Simba displays the hero archetype. Feeling he was responsible for his fathers death, Simba leaves Pride Rock in shame. However, upon learning of the state of Pride Rock under his uncle Scars rule, he goes on the journey back to save his kingdom, which is something heroes typically do. Simba also goes on an internal journey of discovery and redemption with Rafiki, who had known Simba since he was born, to regain his confidence and eventually sees that his fathers spirit will always be inside him. Simba returns to Pride Rock and confronts Scar in the final battle and shows mercy by sparing him, another trait of a typical hero. Scar is another character that displays different archetypes in The Lion King. He is Mufasas cynical brother who was meant to be the Pride Lands king after Mufasa, until Simba was born. His character traits throughout the movie give him the villain archetype. Not only is he bitterly sarcastic, he deceivingly follows Mufasa, only to plot his demise and usurp the place as king of Pride Rock. Scar takes his cruel plan as far as killing him in a stampede and making Simba believe it was his fault. He is deceiving and a liar, even until the point where Simba spares his life. Not only is he deceiving, he is also traitorous when he blames the destruction of the Pride Lands on his army of loyal hyenas. These actions clearly show the villain archetype. Another archetype Scar shows is that of a dictator. He takes over the entire Pride Lands and terrorizes its inhabitants with his hyena army. He rules with an iron fist, and eventually begins to starve the other animals with little sympathy. These are the traits of a dictator, and they are prominent in Scar. Its clear that the characters in The Lion King display various archetypes through their individual traits. However, other archetypes exist in the movie in other forms, such as the environment and music. The movie opens with a scenic view of a sunrise, which is commonly associated with new beginnings or birth. When Simba is born, the animals all rejoice, and their cheering is an archetype for a joyful event. Later in the movie, Scar is seen constructing his army of hyenas. During these scenes, everything is straight and orderly, and the hyenas are marching in a uniform fashion. These styles are an archetype to dictatorship, specifically alluding to the style Adolf Hitler led the German army. The archetypes, and the ways they present themselves in The Lion King add a level of depth in the interpretation of the film, and overall makes for a more interesting experience.

Effective, Efficient, Effectual, and Efficacious

Effective, Efficient, Effectual, and Efficacious Effective, Efficient, Effectual, and Efficacious Effective, Efficient, Effectual, and Efficacious By Maeve Maddox My recent post on cost-effective and cost-efficient garnered a couple of emails from readers who suggested that I might not be aware that effective and efficient have different meanings. Despite the difference between the words effective and efficient when used alone, once the word cost is added to them to produce cost-effective and cost-efficient, the meaning of both compounds appears to be economical or cost-saving. I’d welcome the input of an economist who could provide contexts to show a difference in meaning between the compounds, if one in fact exists. Effective and efficient, on the other hand, belong to a group of adjectives relating to the idea of getting results. Their similarity in meaning is clear in these OED definitions: effective: Powerful in effect; producing a notable effect; effectual. efficient: Productive of effects; effective; adequately operative. effectual: That produces its intended effect, or adequately answers its purpose. efficacious: That produces, or is certain to produce, the intended or appropriate effect; effective. Like the readers who wrote to me, I see a significant difference between effective and efficient. I understand efficient to mean, â€Å"marked by ability to choose and use the most effective and least wasteful means of doing a task or accomplishing a purpose.† For example, burning the house down to get rid of termites would be effective, but not efficient. Here are some examples of suggested usage based on a note in the Oxford American Writer’s Thesaurus: Use effective to describe something that produces a definite effect or result. Antony proved that he was an effective speaker by rousing the rabble against the men who killed Caesar. Use efficient when the intention is to imply skill and economy of energy in producing the desired result. In less than a year, the new treasurer’s efficient management resulted in the elimination of the organization’s enormous debt. Use effectual to describe something that produces the desired result in a decisive manner. Destroying the bridge proved to be an effectual strategy for stopping the invaders. Use efficacious to describe something that produces the desired effect. Ginger is an efficacious remedy for an upset stomach. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:12 Types of Language7 Patterns of Sentence StructureShore It Up

Homicide - Black males age 17-25 Research Paper

Homicide - Black males age 17-25 - Research Paper Example In history, premeditated or deliberate killing of an individual by another was termed as Felonious homicide which is related to murder. The biggest percentage of homicide committed in the United States is done by victims’ intimate partners. In the recent years, the overall rate of homicide in the US has been reported to remain constant. However the there has been an increased homicide among young black males aged between 17 and 25. Generally between 1999 and 2005 homicides rate in the US remained at around six deaths per one million people as suggested by Anderton, Barrett and Bogue (1997). However there was an increase in 2001 as a result of terrorist attacks which happened during this period. Homicide committed by the use of the gun occurred mostly around metropolitan areas. Homicide rates increased in the past one decade in most of the US cities with some experiencing around one thousand homicide per one million people. This situation was experienced in Richmond and Washing ton in 1994 among the black males aged between 18 and 24. In the subsequent years the homicide levels in the same age range in Washington, Richmond and New Orleans were twice those of other cities. The prevalence of homicide in metropolitan areas of the US in 2005 was twice that in non-metropolitan areas. ... Trait Theory Trait theory is a theory which explains matters of crime with regard to the individual. It was developed by Lonnie Athens explaining how parents or peer brutalization in childhood results to violent crimes later in life. In trait theory, the psychological perspective focuses on behavioral, personality and cognitive processes related to homicide. Individuals at the o age of 17-25 are associated with a lot of emotions which account a lot to their behavior and decision making. In United States this can be seen in the black males at this age group and it is attributed to their increased incidence of homicide. Personality disorders may result from brutality in adulthood and according to trait theory. This is because such disorders affect the way the individual perceives others in the society and above all how to react in pressure. For instance a child brought up in a society where there is a lot of crime he may end up committing crimes. This dictates why black males at the ag e of 17-25 in the United States due are likely to engage in homicide. This is associated with terrorist incidences which have affected the country leading to young individuals engaged in war. Trait theory also upholds homicide especially in United States, due to the children’s early age exposure to guns according to Levinson (2002). In United States due to development, possessing a gun it is not big deal which perceived as an item for solving conflicts. In connection with this, at the age of 17 to 25 individuals are said to be anxious in facing reality. As a result, as learned in childhood individuals at this age especially male as they are said to be more aggressive may engage homicides in solving conflicts. Personal traits such as social isolation and aggression also commuting to

Supporting Organizational Strategies Essay Example | Topics and Well Written Essays - 500 words

Supporting Organizational Strategies - Essay Example According to a survey conducted by New Zealand’s Business NZ and the Industry Training Federation in 2003 (Jeremy et al, 2003), 55% responding firms indicated that the need to continue to provide training, or begin providing training, within the enterprise depends on shortage of skilled workers and if suitable courses to meet such training needs were available. Other important drivers for training were identified as customer requirements (49%), a desire to growth within the enterprise (48%), skill shortages in the industry (where these exist) (48%), and actual growth in the enterprise (47%). All in all, it was realized that firms involved in training and skill development gained much from the training. When firms take on extensive training and skill development, there is that tendency that quality of output will improve. Employees who have gone through such training learn new ways of production and ameliorate their ideas of the whole production process. Looking at theories of motivation, employee motivation leads to survival and positive productivity within the firm (Smith, 1994). It is absolutely important for managers to understand what makes employees motivated, because employee motivating factors are complex and change everyday (Bowen and Radhakrishna, 1991). Therefore, just that aspect of recognition within the industry to undergo training and skill development to some employees is a motivating factor (Vroom, 1964). When employees are motivated, there is increase in productivity and consequently growth in the business. Therefore through skill development and training programs, there is obviously employee motivation and increase knowledge in knew production skills and consequently, business growth. When employees gain new skills, there is considerable positive effect on health and safety of the enterprises. This is because, when new skills are gained, the company stands a better competitive place on the market with her competitors

Fossil Fuels: Causing Climate Change

Fossil Fuels: Causing Climate Change The problems of all of humanity can only be solved by all humanity. -Swiss author Friedrich DÃ ¼rrenmatt Generally, the climate of our planet has always changed over the time since many years ago. However, Climate change has recently become a common issue in our daily lives. It has gained much attention from worldwide countries as it has affected many regions in the form of disasters. In most of the time, climate change is brought about by an increasing of greenhouse gases in the atmosphere especially CO2. NOAA whose measuring location is Mauna Loa Observatory in Hawaii shows that the level of atmospheric CO2 keeps increasing every year. For example, it rose from 387.74ppm to 390.09ppm between 2009 and 2010 (NOAA, 2010). And this is resulted from different kinds of human activities which released CO2 into atmosphere every day. As a result of that, it has brought up a question which remains debatable among the society; is the climate change mainly induced by human? Due to the greenhouse gas emissions by human activities such as burning fossil fuels, deforestation and growing world population, it is beyond doubt that climate change is mainly caused by human. This report will indicate the greenhouse gas emissions by human activities can induce the change in global climate. Furthermore, the research results are related to the United States of America, China and some European countries, because these countries are considered as worlds significant emitters of greenhouse gases. 2.0 BODY OF REPORT 2.1 Fossil fuels share a large proportion in greenhouse gas emissions Fossil fuels are materials of biological origin occurring within the Earths crust that can be used as a source of energy, such as coal, oil, natural gas etc (fossil fuel, 2010). The burning of fossil fuels emits greenhouse gases directly to the atmosphere and are mostly used for the purpose of energy production, transportation, manufacturing and home or buildings heating. In addition, fossil fuels are the key source for human to generate energy; it provides 80% of the commercial energy supply. It is also a significant anthropogenic factor of greenhouse gases emissions. Most of global greenhouse gases are emitted by fossil fuel production and consumption. For instance, fossil fuels account for 70% of carbon dioxide (CO2), 29% of methane (CH4) and 20% of nitrous oxide (N2O). (Dawson Spannagle2009, p.184) At the same time, industrial Revolution is known as a starting point for the fossil fuel era, it induces a rapid rise in greenhouse gases in the air. Some believe that climate change is not necessarily caused by fossil fuels because more than half of the current changes occurred before the Industrial Revolution. There is no doubt that most of the changes existed before the Industrial Revolution. However, by looking at the rate of greenhouse gas emissions over the years after the Industrial Revolution, it indicates that fossil fuels have to be responsible for the change in global climate. This can be proved by Archer and Rahmstorf (2010); they claimed that due to an increase in the fossil fuel consumption by human, there is a rise in the rate of atmospheric CO2 by 20% higher than the rate before the Industrial Revolution, so do the other greenhouse gases such as methane (CH4). Hence, fossil fuels share a large proportion in greenhouse gases emissions. For example, Chinas economy has grown quickly since 2000, and China has become one of the most noticeable emitters of C02 due to a persistent increase in fossil fuel consumption for energy production. The energy consumption in China increased by 14% in 2004, 15% in 2005 and 11% in 2006, therefore, fossil fuel consumption also increased which leads the amount of atmospheric CO2 to rise. (Dawson Spannagle2009, p.21) Similarly, according to Environmental Protection Agency (2010), the main source of greenhouse gases emissions especially CO2 is from fossil fuels combustion. The process of electricity generation accounts 41% of the CO2 emission in the United States, whereby the transportation is the second largest source. In addition, the industrial process and product uses can also produce the greenhouse gases such as carbon dioxide (CO2), nitrous oxide (N20) and other gases in the form of by- product. Some have argued that fossil fuels would not be blamed for the climate change because the consumption of fossil fuels has improved our living standard and the development of the economy. However, as the fossil fuels continue releasing a vast amount of greenhouse gases into the air, it will eventually affect human society and economy earlier than what it is expected to be. Intergovernmental Panel on Climate Change (IPCC) stated that the fossil fuel consumption is expected to increase and the atmospheric CO2 concentrations will reach 550 ppm by 2035- 2040 which will result in serious climate change (Dawson Spannagle2009, p.186). In conclusion, fossil fuels are definitely a main cause of climate change by releasing a vast amount of greenhouse gases into the atmosphere. Clearly, humans are responsible for the climate change. Maglev trains: An analysis Maglev trains: An analysis MAGLEV trains are a form of transportation that includes science of magnets and implies the future of transportation technology. So what are MAGLEV trains? MAGLEV stands for magnetic levitation which means it uses magnetic forces to move and travel. Even though this technology might seem very futuristic, it has a history that goes back to 1900s! It didnt start at 1909 but an American rocket scientist by the name of Robert Goddard thought of transportation system vehicles that levitated for high speed transport. Also a French engineer, Bachelet, built a model train that levitated using similar designs today. Even though these early scientists thought of this idea, they couldnt find out a way to make this kind of transportation. It wasnt until at around 1960s MAGLEV transportation research resumed. This was when technology had been more modern. James Powell Gordon Danby developed designs for MAGLEV trains. By early 1970s, the States had began testing reduced scaled models of magnetic levitation. Finally, Stanford Research Institute had tested a half-ton vehicle for magnetic levitation, leading to construction of more advanced technology. This eventually lead to invention of a MAGLEV train that could aboard people safely. In 1984 the first commercialized Maglev train was officially open in England. In Japan, 2 trains were constructed and they held the fastest speeds yet, 581 km/h (2003). The maglev trains were and still are, built throughout the world and still they are being redesigned to make it faster and better. So, after reading about the long history of this fascinating technology one thing sticks in mind, 581 km/h?! Yes, this is not some false calculation or something of that sort. So if this train can go 581 km/h then what is it made out of? This technology can be simple or very complicated, remembering that scientists Robert Goddard and Bachelet couldnt find out the formula of this system. So how does it work? The title says it all, magnetic levitation, magnets that are repelling each other so that there can be levitation. It cant be any simpler than that, but this is what the title means. Lets see how the technology works throughout the process. If you ever played with magnet before, then you should know by now that opposites attract and alike repel. This is the basic principle of electromagnetic propulsion. This is what the train is using in basic terms. On the maglev track, there is a magnetized coil going along the track which repels the large magnets on the train. This allows the train to levitate from between 1 to 10cm above the coil or guideway. As the train is levitated, a unique system is created of magnetic fields that pull and push the train along the track as power is supplied to the guideway. The power or electric current that is supplied to the coils is constantly alternating to change the polarity, causing the magnetic field in front of the train to pull and the magnetic field begin to push. Maglev trains float on a thin layer of air which eliminates friction. This makes the trains speeds go more than 500 km/h. This brief explanation of how it works probably helped why it went so fast and also how the system works. This train might sound all very good and youre probably thinking why doesnt everybody get this? Well there are the negative sides to this too. The probably #1 for most problem is the cost. These trains can get very handy and also are very eco-friendly to the environment just that they are close to 4~5 billion dollars to build one train system in each section. So, that is probably why this train is not in every country. Also the maglev trains have other issues like no magnetic data storage- hard drives, credit cards, separation between train and guideway has to be monitored at all times because of instability of electromagnets, and etc. Even though the trains seem to be fine in the present right now, there are still more being built and more to come. There are many maglev systems being proposed in North America, Asia and Europe. Also there are at least 10 plans for separate U.S lines in the systems. The technology is slowly being developed everyday and so are maglev trains. There are many new theories and new developments being made and thought for the maglev systems still today.