Computer Integrated Surgery essays

Computer Integrated Surgery essays The ever-increasing requirement for intricate, meticulous, and minimally invasive surgery is driving the hunt for ways to use computers for linking preoperative plans and human tools. Computer-Integrated Surgery (CIS) systems transform preoperative images and other information into models of individual patients. Through the aid of CIS systems, clinicians are able to develop an optimized patient intervention plan, register preoperative data to the actual patient in the operating room, and then use a variety of means, such as robots and image overlay displays, to assist in the accurate execution of the planned interventions. CIS systems also perform complex postoperative analysis of these interventions. CIS systems are not designed to replace healthcare professionals, but to enhance surgeons dexterity, visual feedback, and information integration. In some cases, surgeons can supervise CIS systems that carry our specific treatment steps, such as inserting a needle or machining bone . In other cases, CIS will provide information to help surgeons execute tasks manually, such as using computer graphic overlays on a surgeons field of view. In the usual course of events, CIS systems are able to provide new capabilities that transcend human limitations in surgery. This paper will focus on the robotics technology and imaging involved with orthopedic procedures (eg. total hip replacement). The growing demand for intricate, exact, and modestly invasive surgery is driving the search for ways to use computers for linking preoperative plans and human tools. Computers, used in conjunction with advance surgical-assist devices, will fundamentally alter the procedures carried out in the future. Computer-Integrated Surgery systems log and track all relevant data, which lead to new levels of quantitative patient outcomes. CIS transcend human motor skills; enable less invasive procedures with real-time image feedback, and they s...

Early Inventors and Innovators of Electricity

Early Inventors and Innovators of Electricity The history of electricity begins with William Gilbert, a physician who served Queen Elizabeth the first of England. Before William Gilbert, all that was known about electricity and magnetism was that the lodestone possessed magnetic properties and that rubbing amber and jet would attract bits of stuff to start sticking. In 1600, William Gilbert published his treatise De magnete, Magneticisique Corporibus (On the Magnet). Printed in scholarly Latin, the book explained years of Gilberts research and experiments on electricity and magnetism. Gilbert raised the interest in the new science greatly. It was Gilbert who coined the expression electrica in his famous book. Early Inventors Inspired and educated by William Gilbert, several Europeans inventors, including Otto von Guericke of Germany, Charles Francois Du Fay of France, and Stephen Gray of England expanded the knowledge. Otto von Guericke was the first to prove that a vacuum could exist. Creating a vacuum was essential for all kinds of further research into electronics. In 1660, von Guericke invented the machine that produced static electricity; this was the first electric generator. In 1729, Stephen Gray discovered the principle of the conduction of electricity. In 1733, Charles Francois du Fay discovered that electricity comes in two forms which he called resinous (-) and vitreous (), now called negative and positive. The Leyden Jar The Leyden jar was the original capacitor, a device that stores and releases an electrical charge. (At that time electricity was considered the mysterious fluid or force.) The Leyden jar was invented in Holland in 1745 and in Germany almost simultaneously. Both Dutch physicist Pieter van Musschenbroek and German clergyman and scientist, Ewald Christian Von Kleist invented a Leyden jar. When Von Kleist first touched his Leyden jar he received a powerful shock that knocked him to the floor. The Leyden jar was named after Musschenbroeks hometown and university Leyden, by Abbe Nolett, a French scientist, who first coined the term Leyden jar. The jar was once called the Kleistian jar after Von Kleist, but this name did not stick. History of Electricity - Ben Franklin Ben Franklins important discovery was that electricity and lightning were one and the same. Ben Franklins lightning rod was the first practical application of electricity. History of Electricity - Henry Cavendish and Luigi Galvani Henry Cavendish of England, Coulomb of France, and Luigi Galvani of Italy made scientific contributions towards finding practical uses for electricity. In 1747, Henry Cavendish started measuring the conductivity (the ability to carry an electrical current) of different materials and published his results. In 1786, Italian physician Luigi Galvani demonstrated what we now understand to be the electrical basis of nerve impulses. Galvani made frog muscles twitch by jolting them with a spark from an electrostatic machine. Following the work of Cavendish and Galvani came a group of important scientists and inventors, including Alessandro Volta of Italy, Hans Oersted of Denmark, Andre Ampere of France, Georg Ohm of Germany, Michael Faraday of England, and Joseph Henry of America. Work With Magnets Joseph Henry was a researcher in the field of electricity whose work inspired many inventors. Joseph Henrys first discovery was that the power of a magnet could be immensely strengthened by winding it with insulated wire. He was the first person to make a magnet that could lift 3,500 pounds of weight. Joseph Henry showed the difference between quantity magnets composed of short lengths of wire connected in parallel and excited by a few large cells, and intensity magnets wound with a single long wire and excited by a battery composed of cells in series. This was an original discovery, greatly increasing both the immediate usefulness of the magnet and its possibilities for future experiments. Michael Faraday,  William Sturgeon, and other inventors were quick to recognize the value of Joseph Henrys discoveries. Sturgeon magnanimously said, Professor Joseph Henry has been enabled to produce a magnetic force which totally eclipses every other in the whole annals of  magnetism, and  no parallel is to be found since the miraculous suspension of the celebrated Oriental impostor in his iron coffin. Joseph Henry also discovered the phenomena of  self-induction  and mutual induction. In his experiment, a current sent through a wire in the second story of the building induced currents through a similar wire in the cellar two floors below. Telegraph A telegraph was an early invention that communicated messages at a distance over a wire using electricity that was later replaced by the telephone. The word telegraphy comes from the Greek words  tele  which means far away and  grapho  which means write. The first attempts to send signals by electricity (telegraph) had been made many times before  Joseph Henry  became interested in the problem.  William Sturgeons  invention of the electromagnet encouraged researchers in England to experiment with the electromagnet. The experiments failed and only produced a current  that weakened after a few hundred feet. The Basis for the Electric Telegraph However, Joseph Henry strung a mile of fine wire, placed an intensity  battery  at one end, and made the armature strike a bell at the other. Joseph Henry discovered the essential mechanics behind the electric telegraph. This discovery was made in 1831, a full year before  Samuel Morse  invented the telegraph. There is no controversy as to who invented the first telegraph machine. That was Samuel Morses achievement, but the discovery which motivated and allowed Morse to invent the telegraph was Joseph Henrys achievement. In Joseph Henrys own words: This was the first discovery of the fact that a galvanic current could be transmitted to a great distance with so little a diminution of force as to produce mechanical effects, and of the means by which the transmission could be accomplished. I saw that the electric telegraph was now practicable. I had not in mind any particular form of telegraph, but referred only to the general fact that it was now demonstrated that a galvanic current could be transmitted to great distances, with sufficient power to produce mechanical effects adequate to the desired object. Magnetic Engine Joseph Henry next turned to designing a magnetic engine and succeeded in making a reciprocating bar motor, on which he installed the first automatic pole changer, or commutator, ever used with an electric battery. He did not succeed in producing direct rotary motion. His bar oscillated like the walking beam of a steamboat. Electric Cars Thomas Davenport, a blacksmith from Brandon, Vermont, built an  electric car  in 1835, which was road worthy. Twelve years later Moses Farmer exhibited an electric-driven locomotive. In 1851, Charles Grafton Page drove an electric car on the tracks of the Baltimore and Ohio Railroad, from Washington to Bladensburg, at the rate of nineteen miles an hour. However, the cost of batteries was too great and the use of the electric motor in transportation not yet practical. Electric Generators The principle behind the dynamo or electric generator was discovered by  Michael Faraday  and  Joseph Henry  but the process of its development into a practical power generator consumed many years. Without a dynamo for the generation of power, the development of the electric motor was at a standstill, and electricity could not be widely used for transportation, manufacturing, or lighting like it is used for today. Street Lights   The arc light as a practical illuminating device was invented in 1878 by Charles Brush, an Ohio engineer and graduate of the University of Michigan. Others had attacked the problem of electric lighting, but a lack of suitable carbons stood in the way of their success. Charles Brush made several lamps light in series from one dynamo. The first Brush lights were used for street illumination in Cleveland, Ohio. Other inventors improved the arc light, but there were drawbacks. For outdoor lighting and for large halls arc lights worked well, but arc lights could not be used in small rooms. Besides, they were in series, that is, the current passed through every lamp in turn, and an accident to one threw the whole series out of action. The whole problem of indoor lighting was to be solved by one of Americas most famous inventors. Thomas Edison and Telegraphy Edison arrived in Boston in 1868, practically penniless, and applied for a position as night operator. The manager asked me when I was ready to go to work. Now, I replied. In Boston he found men who knew something of electricity, and, as he worked at night and cut short his sleeping hours, he found time for study. He bought and studied Faradays works. Presently came the first of his multitudinous inventions, an automatic vote recorder, for which he received a patent in 1868. This necessitated a trip to Washington, which he made on borrowed money, but he was unable to arouse any interest in the device. After the vote recorder, he says, I invented a  stock ticker, and started a ticker service in Boston; had 30 or 40 subscribers and operated from a room over the Gold Exchange. This machine Edison attempted to sell in New York, but he returned to Boston without having succeeded. He then invented a duplex telegraph by which two messages might be sent simultaneously, but at a  test, th e machine failed because of the stupidity of the assistant. Penniless and in debt, Thomas Edison arrived again in New York in 1869. But now fortune favored him. The Gold Indicator Company was a concern furnishing to its subscribers by telegraph the Stock Exchange prices of gold. The companys instrument was out of order. By a lucky  chance, Edison was on the spot to repair it, which he did successfully, and this led to his appointment as superintendent at a salary of three hundred dollars a month. When a change in the ownership of the company threw him out of the position he formed, with  Franklin L. Pope, the partnership of Pope, Edison, and Company, the first firm of electrical engineers in the United States. Improved Stock Ticker, Lamps, and Dynamos Not long afterward Thomas Edison released the invention which started him on the road to success. This was the improved stock ticker, and the Gold and Stock Telegraph Company paid him 40,000 dollars for it, more money than he had expected. I had made up my mind, Edison wrote, that, taking into consideration the time and killing pace I was working at, I should be entitled to $5000, but could get along with $3000. The money was paid by check and Thomas Edison had never received a check before, he had to be told how to cash it. Work Done in the Newark Shop Thomas Edison immediately set up a shop in Newark. He improved the system of automatic telegraphy (telegraph machine) that was in use at that time and introduced it into England. He experimented with submarine cables and worked out a system of quadruplex telegraphy by which one wire was made to do the work of four. These two inventions were bought by  Jay Gould, owner of the Atlantic and Pacific Telegraph Company. Gould paid 30,000  dollars  for the quadruplex system but refused to pay for the automatic telegraph. Gould had bought the Western Union, his only competition. He then, wrote Edison, repudiated his contract with the automatic telegraph people and they never received a cent for their wires or patents, and I lost three years of very hard labor. But I never had any grudge against him because he was so able in his line, and as long as my part was successful the money with me was a secondary consideration. When Gould got the Western Union I knew no further progress in telegraphy was possible, and I went into other lines. Work for the Western Union In fact, however, lack of money forced Edison to resume his work for the Western Union Telegraph Company. He invented a carbon transmitter and sold it to the Western Union for 100,000 dollars, paid in seventeen annual installments of 6,000 dollars. He made a similar agreement for the same sum for the patent of the electro-motograph. He did not realize that these installments payments were not good business sense. These agreements are typical  of Edisons early years  as an inventor. He worked only upon inventions he could sell and sold them to get the money to meet the payrolls of his different shops. Later the inventor hired keen businessmen to  negotiate  deals. Electric Lamps Thomas Edison set up laboratories and factories at  Menlo Park, New Jersey, in 1876, and it was there that he invented the  phonograph, patented in 1878. It was in Menlo Park that he began a series of experiments which produced his  incandescent lamp. Thomas Edison was dedicated to producing an  electric lamp for indoor use. His first research was for a durable filament which would burn in a vacuum. A series of experiments with a platinum wire and various refractory metals had unsatisfactory results. Many other substances were tried, even human hair. Edison concluded that carbon of some sort was the solution rather than a metal. Joseph Swan, an Englishman actually came to the same conclusion first. In October 1879, after fourteen months of hard work and the expenditure of forty thousand dollars, a carbonized cotton thread sealed in one of Edisons globes was tested and lasted forty hours. If it will burn forty hours now, said Edison, I know I can make it burn a hundred. And so he did. A better filament was needed. Edison found it in carbonized strips of bamboo. Edison Dynamo Edison developed his own type of  dynamo, the largest ever made up to that time. Along with the Edison incandescent lamps, it was one of the wonders of the Paris Electrical Exposition of 1881. Installation in Europe and America of plants for electrical service soon followed. Edisons first great central station, supplying power for three thousand lamps, was erected at Holborn Viaduct, London, in 1882, and in September of that year the Pearl Street Station in New York City, the first central station in America, was put into operation.

Diversity in Society Essay Example | Topics and Well Written Essays - 2750 words

Diversity in Society - Essay Example This is evident from the legislative measures and Disabled Children Act 2000. According to Moss & Petrie, "Our construction of childhood and our images of the child represent ethical and political choices, made within larger frameworks of ideas, values and rationalities". (Moss & Petrie, 2002, p. 55) There is a need to ponder as to why such children suffers discrimination throughout their lives, what can be done morally and socially to detect the negative influences, how the outrageous behaviour can be avoided and what measures can be taken in order to accept them as a part and parcel of our society. We shall explore how the image, which we have created within our minds of the disabled child, can be changed and prolific while utilising the best of public policies and provisions for disabled children. According to Keogh's research, "we should look for subtypes of students with particular patterns of difficulty while examining social, cultural, and environmental explanations for these differences. If we are truly going to provide the most effective services for students and their families with special needs, it will only occur when we understand individual differences". (Bernheimer et al, 1999, p. 8) Developmental disabilities can affect individuals on a temporary or lifelong basis depending upon their capabilities or sometimes the positive utilization of those capabilities. Individuals (children) also move across the spectrum of disability or involvement in their lifetime, depending on several factors, which include the nature of the disability, developmental achievements, individual differences, rehabilitation services, and the environment in which they function and grow. Where individuals are in reference to the spectrum of their disability is an approach that social workers need to be adjusted to because individuals might need different services and support across the life span that vary in need and duration. This has implications for practice, programming, advocacy, and social policy. (Gitterman, 2001, p. 205) Like it is not necessary that every individual require the same kind of assistance and help from social workers, the requirement varies. Similarly the developmental disabilities that affect individuals and their families are not limited to particular ways, instead they affect individuals in different ways, ways that depend on the nature of the disability, ability level, coping and stress, individual differences, culture and belief systems, society's response to a specific condition, and attitudes and value system. (Gitterman, 2001, p. 205) Recent Services It is seen over the last few decades that individuals with developmental disabilities and their families have been profoundly affected by social, economic, philosophical, political, and scientific changes. These changes have included scientific discoveries about drug treatment and prevention of certain conditions, medical technologies to keep at-risk children alive, deinstitutionalisation of the disabled and mentally ill, cash benefits to the disabled and their families, physical and employment access to public places, public special education, legal protection of civil rights, and the rise of self-help movements for both the disabled and their families. (Gitterman, 2001, p. 206) The onus is on the shoulders of social welfare system to identify measures

Professional development, learning how to deliver Sport Education Assignment

Professional development, learning how to deliver Sport Education model - Assignment Example This study reviews all significant literature that is available in this field of professional development through sports education. The need to understand the impact of sports education on students is incomplete without a thorough understanding of how the education is provided to students in the first place. In a study to understand teaching processes, Curtner-Smith et al (2008), ran an experimental survey by interviewing six American and four British beginner level teachers of sports education. The paper is titled, â€Å"Influence of occupational socialization on beginning teachers’ interpretation and delivery of sport education†. The theoretical framework used to determine the course of action in the experimental study was the process of teachers engaging in sports education at the beginner’s level and then growing to become senior level instructors in one or more sports. To chart the journey of a teacher as he takes his job as a sports education provider seriously over PETE programmer, the different questions asked during the interview were based on three different phases of professional socialization which were acculturation, professional socialization and organizational socialization. The results found were based on all the here factors and would be considered influenced by organizational factors. The teachers were given individual space and interviewed one by one. Individual opinions were noted down and the data was collected from their comments, replies and observations. The procedures employed in the analysis included constant comparison and analytical induction. Most questions that were asked in the survey were directed towards assessing the level of occupational socialization and mode of teaching of sports education to students, which these teachers adopted. It was found that sports education was imparted to students in one of the three forms, namely, watered down version, cafeteria style and full version. The choice of teaching mode

Daimler Chrysler Merger Essay Example for Free

Daimler Chrysler Merger Essay The DaimlerChrysler Merger (A): Gaining Global Competitiveness Question 1: What was the situation at Daimler and what was the situation at Chrysler before the merger? The situation at Daimler was difficult before the merger because Daimler experienced tremendous losses in the beginning of 1990s. Starting from 1995 when the new CEO came in place some changes were instantly done, for example, unprofitable business units were either closed, restructured or sold. Even though the new CEO had in mind how to turn the company around, the Japanese rivals competed really well by offering comparable products in the car industry at cheaper prices. In general, the auto industry was shifting, basically many of the luxury car brand merged with other bigger car companies around the world, and therefore, the number of luxury car brands expanded which also had a positive impact on the economy overall. Chrysler, on the other hand, also experienced a tough period during those two decades; the company was near the bankruptcy twice. Nonetheless, the firm shifted its focus in the direction of cars and light trucks. In the 1990s, Chrysler made significant shifts which ultimately led the company toward a stronger competitor in the car industry. Chrysler shifted its focus and headed for the cost-effective approach, thus the firm was known to be the leanest car manufacturer During the 1990s the company experienced positive changes which turned them into a strong player. The company was focused toward cost-effectiveness approaches which turned to be new world standards. The company was considered as the leanest manufacturer compared to the other participants of the Big3. Nevertheless, the company’s position in the market was weakening after its attempts to expand the company beyond NAFTA. Question 2: How does the external macro-environment look like for the automotive passenger car industry? To address this question I will use the PESTLE forces analysis. Political- the political factors were pretty much stable for the automotive car industry. At the time of the merger and in general, there was not perceived any political instability that would negatively affect this industry. Competition was solely based on the products that each of the companies produced. Economic- The economic factors of that time seemed to contribute positively to the success of the companies. During the 1970s car manufacturers were able to produce fuel-efficient cars due to the oil crises of that time. Countries such as Asia and Latin America were in the expansion nd developing phase and promised an attractive future for the car manufacturing industry. Nevertheless, economic difficulties due to currency volatility, high inflation and competitive pressure resulted in a negative impact for the companies in these markets. Production costs were reduced due to the low cost of raw materials that were set by the suppliers of that time. Socio-Cultural- Socio-Cultural factors of that time did not have a strong impact on the future of the industry. The biggest impact was due to the doubled world population which increased the number of cars purchased. Technological- these factors were the most influential for the future of the car manufacturing industry. The technological developments during the two last decades have shaped largely this industry sector by changing the production methods, affecting the production costs, and changing the working capacities and the employment levels. The companies were investing huge amounts of money in RD which was one of the most crucial aspects of their success. Authorities undertook various technological approaches by the use of computers to reduce the flow of traffic and pollution levels. Environmental- These factors were also crucial for the success of the companies as the world was becoming more conscious and aware for the negative impact that car emissions had on the environment. In order to reduce this impact, companies undertook actions to change the manufacturing process and produce more efficient cars with lower negative impact on the environment. As explained above, the technological developments also played an important role on the reduction of negative impact that cars had and still have on the environment.

Amish :: essays research papers

The Amish Who are the Amish? The Amish is a religious group, which lives in settlements in 22 states and Ontario, Canada. The oldest group of Old Order Amish, about 16-18,000 people live in Lancaster County, Pennsylvania. The Amish stress humility, family, community, and separation from the world. Although Lancaster Amish is Pennsylvania Dutch, all Pennsylvania Dutch are not Amish. The Pennsylvania Dutch are natives of Central Pennsylvania, particularly Lancaster and its surrounding counties. Unlike the Amish, they are not all one religion. Instead, their common bond is a mainly German background (Pennsylvania Dutch is actually Pennsylvania Deutsch, or German). They also have Welsh, English, Scottish, Swiss, and French ancestry. What is the history of the Amish? The Amish have their roots in the Mennonite community. Both were part of the early Anabaptist movement in Europe, which took place at the time of the Reformation. The Anabaptists believed that only adults who had confessed their faith should be baptized, and that they should remain separate from the larger society. Many early Anabaptists were put to death as heretics by both Catholics and Protestants, and many others fled to the mountains of Switzerland and southern Germany. Here began the Amish tradition of farming and holding their worship services in homes rather than churches. In 1536, a young Catholic priest from Holland named Menno Simons joined the Anabaptist movement. His writings and leadership united many of the Anabaptist groups, who were nicknamed "Mennonites." In 1693, a Swiss bishop named Jacob Amman broke from the Mennonite church. His followers were called the "Amish." Although the two groups have split several times, the Amish and Mennonite churches still share the same beliefs concerning baptism, non-resistance, and basic Bible doctrines. They differ in matters of dress, technology, language, form of worship, and interpretation of the Bible. The Amish and Mennonites both settled in Pennsylvania as part of William Penn's "holy experiment" of religious tolerance. The first sizable group of Amish arrived in Lancaster County in the 1720's or 1730's. Why don't the Amish accept modern ideas and innovations? The Amish seem stuck in history.

Management and Organizational Bahaviour Essay

Q.No.1.â€Å"The major challenge Management faces today is living in a world of turbulence and uncertainitywhere new competitions arrive daily and competitive conditions change.† Explain with an example of any one product or service in the market . Validate your answer with research findings /stastical data . What measures can be taken to meet these challenges? Ans 1.A Challenge of Change The organizations and the individuals working in the organizations have a great challenge to deal with the change. The principle of dynamism and the theory of ‘Ignore and Perish, Change and Cherish’ have come to stay and the organizations have to respond positively to the changing environment. The challenge of change demands that the organizations become more transparent and open and the employees are given more autonomy. The institutions have to more concentrate on the quality of its people than product. The wind of change is affecting the organizations all over,from north to south and from east to west. Managers must create a new organizational space where those (new) capabilities can be developed. There are three possible ways to do that. Managers can * create new organizational structures within corporate boundaries in which new processes can be developed, * spin out an independent organization from the existing organization and develop within it the new processes and values required to solve the new problem, * acquire a different organization whose processes and values closely match the requirements of the new task’ * Business Process Outsourcing is further going to gain importance and the various processes in the production are going to be narrowed down into various parts. * The experiences of mergers and acquisitions could be followed for better presence in the market. Example:Changing market scenario : Medical Devices Industry Medical device market is quite diverse which includes medical and diagnostic equipment; medical implants like heart valve and cardiac stents, pacemakers, cannulae, knee joints; and lower end plastic disposables, blood bags, IV sets, syringes etc.. Even within the same group of implants, there are diverse products which may have hardly anything in common: for examples, Intra-ocular lens and knee joints. According to one source, in 2012, the Indian medical devices and diagnostics market has been estimated to have reached Rs. 139bn ,that had potential to grow at a CAGR of 23.2 percent over the period 2009-13. It has been estimated the market will grow by an average of 15.6 row percent over the next few years, to around USD 4.8bn by 2015 . Increasing physicians’ awareness and increasing patients’ requirement to avail high quality care are amongst the driving force for such a growth rate. Figure: Indian medical devices market size and forecast (09-13) (USD mn) Source: KPMG-CII In India, there are around 700 medical device makers; however, major players remain the foreign companies. Few major players in medical devices industry include: B. Braun Medical(I)Pvt. Ltd; BL Life sciences Ltd; 8.3 Baxter India; Bayer Diagnostics India Ltd; Godrej Industries Ltd;Johnson & Johnson Medical India (JJMI) Ltd; Nicholas Piramal India Ltd; Opto Circuits (I) Limited; Philips Electronics India Ltd (Medical Systems Division); Roche Diagnostics India; Siemens India Ltd; Span Diagnostics Ltd; Trivitron Medical Systems; Wipro Biomed Ltd; Wipro GE Medical Systems. Coping with the Change * To constantly train people in new technology, new business practices and new paradigms. * Synergize organizational objectives with individual aspirations * Training Managers at all levels both in behavioral field as well as technical field as people are not going to be sitting face to face but will be connected mouse to mouse. * As the consumers are becoming more aware, the organizations have to train their employees for better customer relationship management (CRM). The individuals who are able to learn new competencies quickly are going to be valued more in this fast changing environment. Fundamentally, all organizations – from the military to schools to hospitals to private enterprises – need to dramatically increase the pace of change if they are going to thrive. * The organizations have to create an atmosphere where the employees from bottom level to the top level have a positive attitude towards change. * ‘Particular attention needs to be paid to young employees. They are a company’s long term investment. The contribution they make is dependent on how quickly they commit themselves to their work, and what they do about it’ . Three things can be said about change in today’s intense competitive environment: it’s hard, it’s necessary, and most people are bound to resist it. The question for leaders, then, is what actually makes change happen? Change is sensed as one of the most dynamic activity. It is more important to think about our roles in the changing environment rather than concentrating on what makes change happen. The fashion changes, individuals change, ‘only foolish and dead never change their opinion’ – so the opinions change, demands change, needs change and so does the market, trade and business and further so does our attitude change. â€Å"executives are recognizing that their most important need is to have ma nagers who deal with change and complexity by growing and by developing their capacities.† A Note for the Future Present organizational structure of course it has changed from what it was before 10 years but in coming few years it is further going to change. ‘As far as the interface of technology and business goes, it’s easy to predict what the characteristics of the next big thing will be; transparency, egalitarianism, immediacy, convenience, and economy. Nor is it difficult to hazard a guess on where its utility will be felt most; the way we work, the way we live; the way we interact; and the way in which we address larger problems related to the environment’. The future of work and the future of business is going to be decided by the methods and approaches followed by the organizations to face the challenge of change. The way the industry has reacted to the waves of change, we can expect that there is going to be better management of people and the human factor is going to be the most important factor in the coming days. The existence of knowledge society would certainly provide better outlook and perspective for thinking but the need is to be more cautious and more judicious in decision making for deciding the future course of action Q.No.3How can a leader transform potential into reality? What type of leadership is best suited in service providing units like healthcare centers? Give reasons for your choice. Ans.3. Introduction A leader is an individual who is able to demonstrate a specific set of roles, behaviours to influence the attitudes and behaviours of others. It is usually a group phenomenon. Two specific aspects of being a leader are: 1. The individual attributes or styles needed to be an effective leader. 2. The organizational skills required to manage the process of change Keys to Effective leadership Trust and confidence in top leadership was the single most reliable predictor of employee satisfaction in an organization. Effective communication by leadership in three critical areas was the key to winning organizational trust and confidence: 1. Helping employees understand the company’s overall business strategy. 2. Helping employees understand how they contribute to achieving key business objectives. 3. Sharing information with employees on both how the company is doing and how an employee’s own division is doing — relative to strategic business objectives. Turning potential into Reality : the Leadership challenge The leader must analyse the following issues while framing a vision of growth of organization: 1. Recognize the capabilities of the organization 2. Recognize the decisions that need to be made and the changes that must occur 3. Recognize the importance of people in achieving the vision 4. Recognize your needs in relation to the larger organization These four issues align with four phases for achieving the vision: Phase 1: Analyze your organization Phase 2: Develop your organization Phase 3: Value and develop your people Phase 4: Maintain and develop your sphere of influence Leadership Styles Leadership style is the way in which a leader accomplishes his purposes. It can have profound effects on an organization and its staff members, and can determine whether the organization is effective or not. Leadership style depends on the leader’s and organization’s conception of what leadership is, and on the leader’s choice of leadership methods. Depending how those fit together, a leader might adopt one of a variety styles, each reflected in the way the organization operates and the way its staff members relate to one another. * Autocratic – totally in control, making all decisions himself * Managerial – concerned with the smooth operation, rather than the goals and effectiveness, of the organization * Democratic – consulting with others, encouraging equality within the organization, but making final decisions herself * Collaborative – sharing leadership, involving others in all major decisions, spreading ownership of the organization. Other viewpoints of leadership styles are: * Transactional or autocratic (Burns, 1978). This might have been called in the past the ‘top down approach’ or autocratic leadership.* Transformational/interactional (Burns, 1978). Transformational leadership is aligned to democratic forms of leadership. It is a leadership style based upon embracing change and encouraging innovation. * Renaissance or modern (Cook, 1999 Renaissance leadership requires the effective use of power, influence and the ability to network to ensure key decision makers support changes. * Connective. There are similarities between both transformational and renaissance styles (Ewens, 2002) although this type of leadership is less likely to delegate in a way that empowers the workforce. The focus is that of building collaborative structures and networks to effect change 2. Defining the task: Focus on an objective that is SMART (specific, measurable, achievable, realistic and timely). Adaptive leadership for health care sector A new kind of leadership is needed for health care. It is both figuring out why the current approaches aren’t sufficient and surfacing how the forces at play in the system allow incremental efforts or the status quo to carry the day. It takes courage to identify the tough issues and create change, even when you are uncertain about the outcome. The adaptive nature of the challenges in health care demands that people see themselves as orchestrating conflict rather than resolving it, holding the attention of others to the harder issues rather than taking the burden off of their shoulders, confronting dearly-held legacy behaviors that prevent deep change from taking root rather than tolerating them, identifying and then letting go of values and behaviors that are getting in the way, and making your own adaptations. Currently Practiced Currently Needed Rely on tradition and past approaches Launch many experiments & identify emerging solutions Implement Best Practice Create â€Å"Next Practice†Overcoming Competing Commitments For people in senior authority, this type of leadership is different than what people expect You can develop these skills and apply them to a variety of adaptive challenges. Adaptation is more than surviving; it is about mobilizing people and creating environments that are more robust and resilient, environments for people to thrive. With the right focus, you can engage people in adaptive work and nurture the new DNA that will promote wellness and healing that brings your organization into the future Q.No.5. What are the indicators which tell you about the HRD climate in a healthcare centre? Ans 5. HRD stands for Human Resources Development in a business or an organization. Climate meant the atmosphere in the company, especially a supportive atmosphere that allows staff members to develop their skills for the benefit of the company. Management Indicators Ideally, HR and other management indicators are constructed from generally available data and describe constituents of organisational activity, namely inputs, processes and outputs. It is this data that managers use in monitoring and as a basis for decision making. The indicators are usually created by linking two separate pieces of data to form a ratio. The indicators literally provide an â€Å"indication† of the relative state of key determinants of efficiency and effectiveness in comparison to â€Å"norms† of organisational activity. These norms may be derived from: – external comparisons with other similar organisations; – internal comparisons with the previous performance of the organisation; – comparisons with some pre-determined standard. Indicators of HRD Climate in Health sector Indicators can be developed to examine all the different elements of organisational performance.The four main elements of performance which require management attention are illustrated here using indicators focused on HR aspects: †¢ Inputs: this covers the resources introduced into the health system. Human resources account for the majority of health service costs and are therefore the most significant input. In making comparisons between health system units or over time it is useful to be able to look at measures such as: -relative proportions of different staff types and grades; -staff costs in relation to the total health service expenditure; – numbers of staff relative to the local population. †¢ Processes: This looks at how the health service works as an organisation. In the HR dimension, process issues include organisational environment in which people work and the effect this might have on their performance, as well as more direct measures of HR efficiency with respect to the way the HR resources are used. Thus * staff turnover rates; the â€Å"actual to planned† staff ratio; the ratio of new staff recruited to new staff trained all give an indication of the quality of the organisational environment. * Bed occupancy rates to staff employed, on the other hand, provide a more direct relationship between HR and other resources inputs in the health care process. †¢ Outcomes: These are the products of the organisation. This is particularly difficult to measure in health service systems as there is little agreement on ways of measuring health outcomes (ie. the change in health status for a person having been in the health care system). Usually the best that can be managed are proxy measures such as overall population mortality rates to staff employed. †¢ Outputs: Outcomes are often expressed in so-called â€Å"intermediate† output measures such as the number of patients treated. This data can be more easily measured, but does not give an accurate picture of how health status is affected. Typical HR output measures could include: * the number of nurses per thousand clinic attendances; * trained nurses/ midwives per 1000 live births. Peters and Waterman (6) identify the â€Å"7Ss† – strategy, structure, skills, style of management, systems, staff, shared values – as key interrelated factors determining the performance of an organisation. The HR elements in this (staff, skills, shared values and structure) can be expected to play a significant role in changing organisational performance. The most common words used to assess the impact of these related elements are â€Å"efficiency†, â€Å"effectiveness† and â€Å"quality†.

Global Financial Crisis: Causes and Effect Essay

The financial crisis that began in 2007 spread and gathered intensity in 2008, despite the efforts of central banks and regulators to restore calm. By early 2009, the financial system and the global economy appeared to be locked in a descending spiral, and the primary focus of policy became the prevention of a prolonged downturn on the order of the Great Depression. The volume and variety of negative financial news, and the seeming impotence of policy responses, has raised new questions about the origins of financial crises and the market mechanisms by which they are contained or propagated. Just as the economic impact of financial market failures in the 1930s remains an active academic subject, it is likely that the causes of the current crisis will be debated for decades to come. Financial Crisis The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Major causes of Financial Crisis Imprudent Mortgage Lending: Against a backdrop of abundant credit, low interest rates, and rising house prices, lending standards were relaxed to the point that many people were able to buy houses they couldn’t afford. When prices began to fall and loans started going bad, there was a severe shock to the financial system. Housing Bubble: With its easy money policies, the Federal Reserve allowed housing prices to rise to unsustainable levels. The crisis was triggered by the bubble bursting, as it was bound to do. Global Imbalances: Global financial flows have been characterized in recent years by an unsustainable pattern: some countries (China, Japan, and Germany) run large surpluses every year, while others run deficits. The U. S. external deficits have been mirrored by internal deficits in the household and government sectors. U. S. borrowing cannot continue indefinitely; the resulting stress underlies current financial disruptions. Securitization: Securitization fostered the â€Å"originate-to-distribute† model, which reduced lenders’ incentives to be prudent, especially in the face of vast investor demand for subprime loans packaged as AAA bonds. Ownership of mortgage-backed securities was widely dispersed, causing repercussions throughout the global system when subprime loans went bad in 2007. Lack of Transparency and Accountability in Mortgage Finance: Throughout the housing finance value chain, many participants contributed to the creation of bad mortgages and the selling of bad securities, apparently feeling secure that they would not be held accountable for their actions. A lender could sell exotic mortgages to home-owners, apparently without fear of repercussions if those mortgages failed. Similarly, a trader could sell toxic securities to investors, apparently without fear of personal responsibility if those contracts failed. And so it was for brokers, realtors, individuals in rating agencies, and other market participants, each maximizing his or her own gain and passing problems on down the line until the system itself collapsed. Because of the lack of participant accountability, the originate-to distribute model of mortgage finance, with its once great promise of managing risk, became itself a massive generator of risk. † Rating Agencies: The credit rating agencies gave AAA ratings to numerous issues of subprime mortgage-backed securities, many of which were subsequently downgraded to junk status. Critics cite poor economic models, conflicts of interest, and lack of effective regulation as reasons for the rating agencies’ failure. Another factor is the market’s excessive reliance on ratings, which has been reinforced by numerous laws and regulations that use ratings as a criterion for permissible investments or as a factor in required capital levels. Mark-to-market Accounting: FASB standards require institutions to report the fair (or current market) value of securities they hold. Critics of the rule argue that these forces banks to recognize losses based on â€Å"fire sale† prices that prevail in distressed markets, prices believed to be below long-term fundamental values. Those losses undermine market confidence and exacerbate banking system problems. Some propose suspending mark-to-market; EESA requires a study of its impact. Deregulatory Legislation: Laws such as the Gramm-Leach-Bliley Act (GLBA) and the Commodity Futures Modernization Act (CFMA) permitted financial institutions to engage in unregulated risky transactions on a vast scale. The laws were driven by an excessive faith in the robustness of market discipline, or self-regulation. Shadow Banking System: Risky financial activities once confined to regulated banks (use of leverage, borrowing short-term to lend long, etc. ) migrated outside the explicit government safety net provided by deposit insurance and safety and soundness regulation. Mortgage lending, in particular, moved out of banks into unregulated institutions. This unsupervised risk-taking amounted to a financial house of cards. Non-Bank Runs: As institutions outside the banking system built up financial positions built on borrowing short and lending long, they became vulnerable to liquidity risk in the form of non-bank runs. That is, they could fail if markets lost confidence and refused to extend or roll over short-term credit, as happened to Bear Stearns and others. Government-Mandated Subprime Lending: Federal mandates to help low-income borrowers (e. g. , the Community Reinvestment Act (CRA) and Fannie Mae and Freddie Mac’s affordable housing goals) forced banks to engage in imprudent mortgage lending. Excessive Leverage: In the post-2000 period of low interest rates and abundant capital, fixed income yields were low. To compensate, many investors used borrowed funds to boost the return on their capital. Excessive leverage magnified the impact of the housing downturn, and deleveraging caused the interbank credit market to tighten. Financial Crisis & U. S economy In 2008, the United States experienced a major financial crisis which led to the most serious recession since the Second World War. Both the financial crisis and the downturn in the U. S. economy spread to many foreign nations, resulting in a global economic crisis. On September 15, 2008, Lehman Brothers, one of the largest investment banks in the world, failed. Over the next few months, the US stock market plummeted, liquidity dried up, successful companies laid off employees by the thousands, and for the first time there was no longer any doubt a recession was upon the American people. Eleven months after the fall of Lehman Brothers, the U. S. remains in a state of limbo. Proposals for stimulus packages and other bailout plans have provided some relief, but it seems the most effective remedy thus far has been time. The facts are that approximately 6% of all mortgage loans in United States are in default. Historically, defaults were less than one-third of that, i. e. , from 0. 25% to 2%. A huge portion of the increased mortgage loan defaults are what are referred to as ‘sub-prime’ loans. Most of the sub-prime loans have been made to borrowers with poor credit ratings, no down payment on the home financed, and/or no verification of income or assets (Alt-A’s). Close to 25% of sub-prime and Alt-A’s loans are in default. These loans increased dramatically as a 9/30/99 New York Times article explained, â€Å"In a move that could help increase homeownership rates among minorities and low income consumers, the Fannie Mae Corp. is easing the credit requirements on loans that it will purchase from banks and other lenders. † To allow Fannie Mae to make more loans, President Clinton also reduced Fannie Mae’s reserve requirement to 2. 5%. That means it could purchase and/or guarantee $97. 50 in mortgages for every $2. 50 it had in equity to cover possible bad debts. If more than 2. % of the loans go bad, the taxpayers (us) have to pay for them. That is what this bailout is all about. It is not the government paying the banks for the bad loans, it is us!! Principally Senate Democrats demanded that Fannie Mae & Freddie Mac (FM&FM) buy more of these risky loans to help the poor. Since the mortgages purchased and guaranteed by FM&FM are backed by the U. S. government, the loans were re-sold primarily to investment banks which in turn bundled most of them, taking a hefty fee, and sold the mortgages to investors all over the world as virtually risk free. As long as the Federal Reserve (another government created agency) kept interest rates artificially low, monthly mortgage payments were low and housing prices went up. Many home owners got home equity loans to pay their first mortgages and credit card debt. Unfortunately home prices peaked in the winter of 2005-06 and the house of cards started to crumble. People could no longer increase their mortgage debt to pay previous debts. Now, we taxpayers are being told we have to bail out the banks and everyone in the world who bought these highly risky loans. The politicians in Congress (mostly Democrats) do not want you to know they caused the mess. In the 2006 elections, the Democrats took control of the House and Senate. There are plenty of videos on the Internet showing many Democrats including Senate Banking Committee Chairman Democrat Christopher Dodd and House Banking Committee Chairman Barney Frank, responsible with overseeing FM&FM, assuring us that there were no problems with FM&FM right up to their collapse. Not surprisingly, virtually all the investment banks that are in trouble and being bailed out are run by financial supporters of Obama and other Democrats. Secretary of the Treasury Paulsen was head of Goldman Sachs. The new head of the $700 million bailout is also from Goldman Sachs. This is like letting the fox be in charge of hen house security. It was announced that our government will infuse capital into the troubled banks. This gives whoever is in power of our government the ability to force the same kind of abuses that have caused this massive banking crisis in the first place. Barack Obama has received more campaign donations that any other politician in the past three years from Fannie Mae and Wall Street. FM&FC have been virtually private piggy banks of campaign contributions for Democrats for the past 10 years. Yes, a token amount went to some Republicans. And there is plenty of blame to go around in this financial crisis, but the reason it happened was 100% caused by a Democrat run government that forced a liberal policy initiated by President Clinton and reforms primarily blocked by Democrats. One would never know this by watching the news or reading newspapers. Until the majority of our citizens understand whom (government liberals) and what (liberalism/socialism) caused this mess, we will allow our elected officials, through massive inflation, to lower the standard of living of those of us who are financially prudent and give our earnings to those who are not prudent. The big excuse for the bailout is that credit markets have frozen up. But it is not true. There is plenty of credit available for good credit risks. The only way this can be rectified is to allow the people who made the mistakes to take their losses. It is called taking personal responsibility for one’s actions. Already we see that the bailout has had virtually no effect on the markets other than to cause huge sell offs because smart investors see that the U. S. is adopting failed liberal socialist policies. Our government is following in the footsteps of Hoover and Roosevelt. We do not need to have another depression, but the government is taking the steps to make it happen. The taxpayer financed bailout should be reversed immediately as it will only encourage more irresponsible fraudulent behavior. Impacts of Financial Crisis on Global Economy For the developing world, the rise in food prices as well as the knock-on effects from the financial instability and uncertainty in industrialized nations is having a compounding effect. High fuel costs, soaring commodity prices together with fears of global recession are worrying many developing country analysts. Asia & Financial crisis Countries in Asia are increasingly worried about what is happening in the West. A number of nations urged the US to provide meaningful assurances and bailout packages for the US economy, as that would have a knock-on effect of reassuring foreign investors and helping ease concerns in other parts of the world. India and China are the among the world’s fastest growing nations and after Japan, are the largest economies in Asia. From 2007 to 2008 India’s economy grew by a whopping 9%. Much of it is fueled by its domestic market. However, even that has not been enough to shield it from the effect of the global financial crisis, and it is expected that in data will show that by March 2009 that India’s growth will have slowed quickly to 7. 1%. Although this is a very impressive growth figure even in good times, the speed at which it has dropped—the sharp slowdown—is what is concerning. China similarly has also experienced a sharp slowdown and its growth is expected to slow down to 8% (still a good growth figure in normal conditions). However, China also has a growing crisis of unrest over job losses. Both have poured billions into recovery packages. China has also raised concerns about the world relying on mostly one foreign currency reserve, and called for the dollar to be replaced by a world reserve currency run by the IMF. Of course, the US has defended the dollar as a global currency reserve, which is to be expected given it is one of its main sources of global economic dominance. Whether a change like this would actually happen remains to be seen, but it is likely the US and its allies will be very resistant to the idea. Japan, which has suffered its own crisis in the 1990s also faces trouble now. While their banks seem more secure compared to their Western counterparts, it is very dependent on exports. Japan is so exposed that in January alone, Japan’s industrial production fell by 10%, the biggest monthly drop since their records began. Japan’s output for the first 3 months of 2009 plunged at its quickest pace since records began in 1955, mostly due to falling exports. A rise in industrial output in April was expected, but was positively more than initially estimated. However, with high unemployment and general lack of confidence, optimism for recovery has been dampened. In recent years, there has been more interest in Africa from Asian countries such as China. As the financial crisis is hitting the Western nations the hardest, Africa may yet enjoy increased trade for a while. These earlier hopes for Africa, above, may be short lived, unfortunately. In May 2009, the International Monetary Fund (IMF) warned that Africa’s economic growth will plummet because of the world economic downturn, predicting growth in sub-Saharan Africa will slow to 1. 5% in 2009, below the rate of population growth (revising downward a March 2009 prediction of 3. 25% growth due to the slump in commodity prices and the credit squeeze). Some African countries have already started to cut their health and HIV budgets due to the economic crisis. Their health budgets and resources have been constrained for many years already, so this crisis makes a bad situation worse. Due to its proximity to the US and its close relationship via the NAFTA and other agreements, Mexico is expected to have one of the lowest growth rates for the region next year at 1. 9%, compared to a downgraded forecast of 3% for the rest of the region. Europe & Financial crisis In Europe, a number of major financial institutions failed. Others needed rescuing. In Iceland, where the economy was very dependent on the finance sector, economic problems have hit them hard. The banking system virtually collapsed and the government had to borrow from the IMF and other neighbors to try and rescue the economy. In the end, public dissatisfaction at the way the government was handling the crisis meant the Iceland government fell. The EU is also considering spending increases and tax cuts said to be worth â‚ ¬200bn over two years. The plan is supposed to help restore consumer and business confidence, shore up employment, getting the bank’s lending again, and promoting green technologies. Russia’s economy is contracting sharply with many more feared to slide into poverty. One of Russia’s key exports, oil, was a reason for a recent boom, but falling prices have had a big impact and investors are withdrawing from the country. Africa & Financial crisis Perhaps ironically, Africa’s generally weak integration with the rest of the global economy may mean that many African countries will not be affected from the crisis, at least not initially, as suggested by Reuters in September 2008. In recent years, there has been more interest in Africa from Asian countries such as China. As the financial crisis is hitting the Western nations the hardest, Africa may yet enjoy increased trade for a while. These earlier hopes for Africa, above, may be short lived, unfortunately. In May 2009, the International Monetary Fund (IMF) warned that Africa’s economic growth will plummet because of the world economic downturn, predicting growth in sub-Saharan Africa will slow to 1. 5% in 2009, below the rate of population growth (revising downward a March 2009 prediction of 3. 25% growth due to the slump in commodity prices and the credit squeeze) African countries could face increasing pressure for debt repayment, however. As the crisis gets deeper and the international institutions and western banks that have lent money to Africa need to shore up their reserves more, one way could be to demand debt repayment. This could cause further cuts in social services such as health and education, which have already been reduced due to crises and policies from previous eras. The current crisis The housing bubble started to burst in 2006, and the decline accelerated in 2007 and 2008. Housing prices stopped increasing in 2006, started to decrease in 2007, and have fallen about 25 percent from the peak so far. The decline in prices meant that homeowners could no longer refinance when their mortgage rates were reset, which caused delinquencies and defaults of mortgages to increase sharply, especially among subprime borrowers. From the first quarter of 2006 to the third quarter of 2008, the percentage of mortgages in foreclosure tripled, from 1 percent to 3 percent, and the percentage of mortgages in foreclosure or at least thirty days delinquent more than doubled, from 4. 5 percent to 10 percent. These foreclosure and delinquency rates are the highest since the Great Depression; the previous peak for the delinquency rate was 6. 8 percent in 1984 and 2002. And the worst is yet to come. The American dream of owning your own home is turning into an American nightmare for millions of families. Early estimates of the total number of foreclosures that will result from this crisis in the years to come ranged from 3 million to 8 million. So far (as of January 2009), there have already been almost 3 million mortgage foreclosures. Another 1 million mortgages are ninety days delinquent and another 2 million were thirty days delinquent. Therefore, a total of about 6 million mortgages either have already been foreclosed, are in foreclosure, or are close to foreclosure. Six million mortgages are about 12 percent of all the mortgages in the United States. The situation could get a lot worse in the months ahead, due to the worsening recession and lost jobs and income, unless the government adopts stronger policies to reduce foreclosures. Defaults and foreclosures on mortgages mean losses for lenders. Estimates of losses on mortgages keep increasing, and many are now predicting losses of $1 trillion or more. In addition to losses on mortgages, there will also be losses on other types of loans, due to the weakness of the economy, in the months ahead: consumer loans (credit cards, etc. ), commercial real estate, corporate junk bonds, and other types of loans (e. g. redit default swaps). Estimates of losses on these other types of loans range up to another trillion dollars. Therefore, total losses for the financial sector as a whole could be as high as $2 trillion. It is further estimated that banks will suffer about half of the total losses of the financial sector. The rest of the losses will be borne by non-bank financial institutions (hedge funds, pension funds, etc. ). Therefore, dividing the total losses for the financial sector as a whole in the previous paragraph by two, the losses for the banking sector could be as high as $1 trillion. Since the total bank capital in the U.  S. is approximately $1. 5 trillion, losses of this magnitude would wipe out two-thirds of the total capital in U. S. banks! * This would obviously be a severe blow, not just to the banks, but also to the U. S. economy as a whole. The blow to the rest of the economy would happen because the rest of the economy is dependent on banks for loans—businesses for investment loans, and households for mortgages and consumer loans. Bank losses result in a reduction in bank capital, which in turn requires a reduction in bank lending (a credit crunch), in order to maintain acceptable loan to capital ratios. Assuming a loan to capital ratio of 10:1 (this conservative assumption was made in a recent study by Goldman Sachs), every $100 billion loss and reduction of bank capital would normally result in a $1 trillion reduction in bank lending and corresponding reductions in business investment and consumer spending. According to this rule of thumb, even the low estimate of bank losses of $1 trillion would result in a reduction of bank lending of $10 trillion! This would be a severe blow to the economy and would cause a severe recession. Bank losses may be offset to some extent by â€Å"recapitalization,† i. e. by new capital being invested in banks from other sources. If bank capital can be at least partially restored, then the reduction in bank lending does not have to be so significant and traumatic. So far, banks have lost about $500 billion and have raised about $400 billion in new capital, most of it coming from â€Å"sovereign wealth funds† financed by the governments of Asian and Middle Eastern countries. So ironically, U. S. banks may be â€Å"saved† (in part) by increasing foreign ownership. U. S. bankers are now figuratively on their knees before these foreign investors offering discounted prices and pleading or help. It is also an important indication of the decline of U. S. economic hegemony as a result of this crisis. However, it is becoming more difficult for banks to raise new capital from foreign investors, because their prior investments have already suffered significant losses. In addition to the credit crunch, consumer spending will be further depressed in the months ahead due to the following factors: decreasing household wealth; the end of mortgage equity withdrawals and declining jobs and incomes. All in all, it is shaping up to be a very severe recession.

Manufacturing Research Paper

Manufacturing Research Paper Introduction The main aim of the research paper is to ascertain the extent of participation, the types of alliances used and the problems faced by these firms which are basically into developing and manufacturing telecommunications, transport, information, lethal platforms, and components for the operation of these platforms for military organisations. Exposure to decreasing defence budgets of nations, global competition, and open market practices, has made the environment of the defence equipment manufacturing firms, which have constraints for technology transfers and use of popular corporate strategies due to the very nature of their business, unpredictable, uncertain, and a threat to their survival. In such a situation, strategic alliances are a good option for these firms. But given the political and commercial constraints, the best practices of the alliance formation may not be relevant to these firms. This paper looks at how these firms are practising strategic alliances. The Defence Industry Environment It appears that the issues facing the defence industry and the new emerging constraints have attracted a lot of attention of contemporary authors, but the responses to these issues and their effects are somewhat still unclear to the industry. Since the end of the cold war in early 1990s, the trend in Europe is that of declining defence expenditures, shutting down of many such defence equipment manufactures and the reduction of employees in this sector. Two other important factors that influence the sector are the decreasing control of the state in arms manufacturing and the break up of the military industrial complexes. Also, due to reduction in Russian threat, the customer base has reduced, but competition has increased. This has been highlighted by the example of the Aerospace industry, wherein only four models exist, but every contract is vital for the company’s survival. This condition has led to increasing alliances even between competitors in an attempt to prevent or rev erse poor performance. The authors have adopted Cosentino’s seven symptoms of change in the defence industry as more costly programs, cuts in military expenses, growing Asian markets, reducing government support, demand for return on investment, new competition, and demanding customer requirements. The globalisation of arms market and the diminishing national control over arms supplies has resulted in competitive disadvantages for firms which have persisted with purely national procurement and manufacturing strategies. The authors have summarised the reasons for the changes in the defence industry as declining budgets of governments, demand for greater accountability in defence procurement, growing demand for latest and best technology, declining market size, and increasing competition from global players. The authors observe that the conditions, which existed previously, have resulted in conditioning of employees of these firs to aberrant business practices. But this disadva ntage is negated by their common cultural backgrounds. Types of Strategic Alliances Strategic alliances are agreements between firms to cooperate with each other in some way for varying lengths of time. What differs is the degree of co-operation, structure and duration. Strategic alliances have gained popularity across many industries and the literature available or the studies conducted are not industry specific, but mostly cross-sectoral. There are many ways of classifying strategic alliances. They can be classified into four categories based on the nature of allying firms as pro-competitive (inter industry), non-competitive (intra industry, non competing), competitive (direct competitors), and pre-competitive (unrelated industries). They can also be classified as horizontal (between competitors), vertical (between members of supply chain), or diagonal (between firms in different industries). In any case, what is common to all these alliances is transfer of knowledge, which may or may not be equal in both directions for the allying firms. Strategic alliances inclu de collaboration, joint ventures, consortia, licensing agreements, offset agreements and essentially any form of co-operation or exchange of resources between two or more partners. Drivers of Strategic Alliance Formation The drivers of strategic alliance formation include global economic downturns, new economic opportunities, the need for survival within the firm and the collective fear of risk inherent in business. Also, the process of selection of the right type of alliance is a mix of selecting suitable ones and eliminating unsuitable ones. The process is also dependent on the dominant drivers during the alliance formation and the tailoring of the type of alliance is done to suit the needs and goals of the allying partners. The primary driver of strategic alliances seems to be globalisation, or the advent of global competition, due to which such alliances are observed commonly across various industries like automobile, pharmaceutical, aerospace, etc on a global level. What needs to be examined is whether firms are adopting this as defensive business strategy for survival, or proactive strategy to reduce competition. Motives of Strategic Alliance Formation The motives pertain more to specific sectors or firms within the industry as opposed to drivers, which create an overall need for change within the industry. It is necessary for the motives to fit into a strategic plan. Examples of motives are acquisition of technology, or resources, or attaining economies of scale, which seems relevant to the defence industry. If they do not fit into the strategic plan, they may pose hurdles in further strategic moves. Strategic Alliance Life Cycles The authors have adopted the concept from Doz and Hamel, who have developed a process for alliance formation which is classified under four headings as operational scope, configurations and contributions, alliance governance, and alliance interface. These are not unambiguous and the whole process can be looked at as a map of alliance formation, with different kinds of alliances having different starting and ending points. Learning, Trust and Culture Various researches have proved that a lot depends on the inter-relation of these three parameters in a strategic alliance. During the period of alliance, the firm that learns more from its partner, stand to gain more from the alliance. Hammel refers to this as internalisation of partner’s skills. Such internalisation is primary motive of many firms in entering alliances and on termination of the alliance, they are still successful in their motive. The most attractive resources to internalise are leading edge technology and management techniques. For such alliances, the structure, culture, and communication patterns are not as important as the learning process. The authors touch upon the issue of trust by mentioning that the best practices of interaction between senior executives of partnering firms, shared values, effective communication, and a multi-disciplinary effort between the firms is responsible for good trust building. Culture and its compatibility, especially in pooli ng of resources for research and development work is also an important aspect of strategic alliance, relevant to defence manufacturing industry. Defence Manufacturing and Strategic Alliances Not surprisingly, there is a tremendous growth in the strategic alliances in defence manufacturing industry as a result of the factors mentioned above. However, one factor that goes against this phenomenon is the sovereignty of operations as a result of the state determining supply and demand of this industry, which is a strategic economical d military asset. The advantages of such alliances have been adopted from Draper as acquisition of technological assets, lowering of unit costs, and vertical development of supply chain. The objectives of the nation to maintain its proprietary technology are contrast with the objectives of joint ventures, which are to gain technological resources for the second tier countries, and to gain access to cheaper manufacturing and sourcing for the first tier countries, besides the joint objectives of larger market access and amortisation of defence research. An option to full blown cross border mergers is collaboration which has the advantage of sharing of non-recurring costs, interoperability, economies of scale, lesser chances of scraping of projects amongst others. But the chief deterrent is the issue of sharing workload in proportion to investment made, leading to excessive capacities, complex industrial arrangements, and impedance to free technology transfer. Alliance Life Cycles Within the Defence Manufacturing Industry Due to the decline of number of firms in this industry, the firms lay emphasis on reputation and experience in strategic alliances as well as the technology to choose their partners from the limited pool. In the first phase of alliance formation, the opportunities from the business venture are checked for fit with the firm’s strategic plan. In the second stage, a cost benefit analysis is done. The further life cycle is very well demonstrated with a diagram, which highlights stages like Partner selection, Agreement on goals, Development of relationships, Binding initial agreement, and Ensuring equality. Also, this industry is characterised by typically high research costs and the risks were formerly covered by the large national defence budgets. But with reducing budgets and the demand for cutting edge semiconductor technology, this risk has now blown beyond proportion for firms to handle it alone. An unsuccessful bid may result in a financial hiccup whereas an uncompetitive pr oduct would result in shutting down of a large part of production units. Results of Empirical Investigations The formation of strategic alliances varies between the sectors within the industry due to varying corporate culture. The levels of cross border cooperation vary between sectors, with electronics leading the pack and ordnance and small arms lagging far behind. The structure of alliance depends on the size of the partners, with the SMEs preferring licensing agreements and the larger players preferring collaboration, for commercial and governance reasons. On the other hand, joint ventures allow the marriage of complementary competencies and provide an opportunity to gain contracts from the partners’ markets. In partnerships involving partners of unequal sizes, friction is caused due to different perceptions of life cycle and time. The development of the structure in the defence manufacturing industry depends very much on the position of the firms within the industrys hierarchy and its ability to select the best structure to fit into its overall group structure. Yet this is very much customer driven and depends on the governments, which are the major customers. If the goal of the alliance is knowledge transfer, there is a lot of communication at lower levels in the student teacher mould, and this diminishes with time. Also, it depends on the sizes of the firms. The nationalities of firms induce superiority or inferiority complexes in partners based on history. Relationship development is important and is demonstrated with the help of the example that though UK and US have compatible cultures and one would expect successful strategic alliances between them, that is not the case and there arise many misunderstandings between partnering firms. This also demonstrates the importance of cultural compatibilities and the need for the senior executives of the partnering firms to make conscious efforts to internationalise and remove cultural interpretative difficulties. Legality of the agreement is given particular emphasis because of the high cost of cutting edge te chnology and the sensitive nature of the industry. The agreements ensure that the resources promised by the partners are released, that the potential demands are not inflated and the technology is not sold to a rival government to be used against the firm’s nation. Firms use this initial period of agreement formation to try to identify any hidden agendas on the part of the prospective partner by analysing what the partner is looking for and why. Issues of equality of control and risk are sensitive to handle and have importance only in equity based alliances. In a working alliance, communication gaps are a major problem, owing to difference in language, culture and management styles. The degree of communication required depends on the type of alliance, being maximum in joint ventures and least in licensing. The older executives tend to neglect the market dynamics, owing to an orientation towards protected industry as it used to be. Also, it can be hypothesised that the degree to which an alliance is formally reviewed depends on the size of the firm. Contrary to the literature, which says that alliances in this industry are formed for operational reasons like gaining economies of scale and share risk, the research finds that the alliances are formed for strategic reasons like maintaining market share and market power. Discussion The authors say that contrary to the belief, globalisation is not the primary driver for alliances in the defence manufacturing industry, which is consolidating. They point out that the high technology, which is tools for many industries for operations, is the product for this industry and its expenses and relationships are well documented. To gain the advantages of controlling the partnership and the prevention of the partner’s internalisation of its competencies, the firms in this industry prefer collaboration, which are also easier to manage, and can be structured to accommodate legal changes to initial agreements, like workshare proportions, sales estimates, etc, including change of partners. The nature of the strategic alliances also depends on the nationality of firms, with the US firms showing significant orientation for collaborations and licensing agreements. Also, the US firms indulge in a lot of alliances and most of them are to gain technology which they have not a lready developed. But they later impose restrictions such that market development for their partners, using the US technology becomes impossible. UK, France and Germany are next in the number of alliances, with UK- France partnerships being primarily in electronics and Germany’s involvement in land vehicles, aircrafts, etc. The authors also point out that the effect of commercial practices on corporate culture needs to be investigated. The authors end with a note on convergence of mutual perceptions. The give examples of The US firms perceiving European short tem partners as less beneficial in the long run and UK experiencing competition from other European countries to partner with US. The authors are quick to point out that the future of European markets is difficult to predict and that a lot would depend on Government support and influence. Personal Opinion The drivers for change in the defence manufacturing industry have rightly been identified. In today’s world, no country has the economy to sustain long term war, except the US. Owing to this, the market for the industry in question is definitely reducing. The other observation is about government control over this industry. With the primary intention of building efficiencies in this industry and to incorporate accountability, the states are making conscious efforts to privatise the industry. As a result, the support which the industry had to cover financial risks is fast disappearing. Also, the sensitivity of the industry, makes it difficult for the players to operate in the open economy environment and to indulge in technology transfer. All these key issues have definitely made strategic alliances a key strategic policy. This also the reason why the industry is consolidating. Also, the issue of costs of research and development is another prime driver. But what needs a deeper thought is the way the companies exercise this strategic tool. For this analysis, the concept of life cycle of the alliance is very useful. But a detail study of some of the failures need to be done in the context of the lifecycle. What kind of partnership can go wrong at what stage with what kind of mistakes needs to be found out. The strategies for success, in this case lie in searching the reasons for failure. Also, the prices of most of these equipments is prohibitively high. So the strategic alliances for firms belonging to nations, which do not have the potential to buy the equipment, is a sensitive issue. It need to be found that what kind of companies look for partners in such countries. Are sourcing considerations the only ones for such alliances, and the benefits derived for the smaller partner need to be looked at. The other major consideration is the influence of European Council on such partnerships. Also, the organisations like NATO should have some effect on them. Wh at needs to be found out is the stage of the lifecycle in which these factors gain importance. Also, the extent to which these factors influence is not known. Another important part is that the customers drive the decision about the kind of alliance that the partners enter into. But does this not conflict with the aim of the organisations? This a question to which answers can be provided only by scrutinising case studies of attempts to form strategic alliances. The one other important issue is the legality of the agreements. The issues involved are sensitive and the partners try to make these as watertight as possible. The effect of this on the trust and information sharing between partners is of prime importance. The transfer of knowledge and it use later on is dependent on these agreements, and the US seems to be taking complete advantage of thefact for maximum benefit. And the final point that comes to the mind is the effect of such alliances on the relations between the nations of the partnering firms. In some cases, the relations between the nations have an effect on the strength and structure of partnerships. In some cases, it is the opposite, and the relations between the nations may be based on the strengths of the partnerships. Conclusion To conclude, I would like to say that the best practices for the success of strategic alliances are based on the structure of industries. It is pretty obvious that when it comes to defence industry, the structure is significantly different from the other industries. So, the best practices in other industries may not be viable in the case of the defence industry. But the recommendable practices need to be identified to help the industry benefit from the experience of the other firms in theprocess of such strategic alliances.

The History of Candy Canes

The History of Candy Canes Almost everyone alive grew up familiar with the hard red-and-white candy with the curved end known as a candy cane, but few people realize just how long this popular treat has been in existence. Believe it or not, the origin of the candy cane actually goes back hundreds of years to a time when candy-makers, both professional and amateur, were making hard sugar sticks as a favorite confection. It was around the beginning of the 17th century that Christians in Europe began to adopt the use of Christmas trees as part of their Christmas celebrations. The  trees were often decorated using foods such as cookies and sometimes sugar-stick candies. The original Christmas tree candy was a straight stick and completely white in color. Cane Shape The first historical reference to the familiar cane shape though goes back to 1670. The choirmaster at the Cologne Cathedral in Germany first bent the sugar-sticks into the shape of canes to represent a shepherds staff. The all-white candy canes were then given out to children during the long-winded nativity services. The clergymens custom of handing out candy canes during Christmas services would eventually spread throughout Europe and later to America. At the time, the canes were still white, but sometimes the candy-makers would add sugar-roses to further decorate the canes. In, 1847, the first historical reference to the candy cane in America appeared when a German immigrant named August Imgard decorated the Christmas tree in his Wooster, Ohio home with candy canes. Stripes About 50 years later, the first red-and-white-striped candy canes appeared. No one knows who exactly invented the stripes, but  based on historical Christmas cards, we know that no striped candy canes appeared prior to the year 1900. Illustrations of striped candy canes didnt even show up until the beginning of the 20th century. Around that time, candy-makers began adding peppermint and wintergreen flavors to their candy canes and those flavors would soon become accepted as the traditional favorites. In 1919, a candymaker named Bob McCormack began making candy canes.  And by the middle of the century, his company, Bobs Candies, became widely famous for their candy canes. Initially, the  canes  had to bent by hand to make the J shape. That changed with the help of his brother-in-law, Gregory Keller, who invented  a machine  to automate candy cane production. Legends and Myths There are many  other legends and religious beliefs surrounding the humble candy cane. Many of them depict the candy cane as a secret symbol for Christianity during a time when Christians were living under more oppressive circumstances. It has been claimed that the cane was shaped like a J for Jesus and that the red-and-white stripes represented Christs blood and purity. The three red stripes were also said to symbolize the Holy Trinity and the hardness of the candy represented the Churchs foundation on solid rock. As for the candy canes peppermint flavor, it represented the use of hyssop, an herb referred to in the Old Testament. However, no historical evidence exists to support these claims, although some will find them pleasant to contemplate. As noted earlier, candy canes werent even around until the 17th century, which makes some of these claims improbable.

Service Marketing Research Paper Example | Topics and Well Written Essays - 1000 words

Service Marketing - Research Paper Example Commonwealth Bank has become the leading mortgage lender in Australia. Positioning strategy is a part of service marketing1. The organization has effectively gain believes and trust of the customers through their effective positioning strategy of services. The strategy and effective service process will be discussed later in the study. The literature review will give a clear idea that what is the positioning strategy and how this strategy helps organizations2. The positioning strategy only relates to the level of a particular service or a product. Major of the theories, academic studies and concepts revealed that a product or service can be positioned on the basis of its needs to satisfy, quality, specific service features and benefits to be delivered. In terms of services, market performance is computable implementing the behavioural objectives and deemed to be implementable and appropriate for banking services. Loyalty is considered as the intended behaviour that involved the depositions of users or the customers of bank in terms of intention and preference that play a key role in order to determine the market performance. It is a type of attitude that reflected in the eagerness in order to recommend the service provider to people or an actual observed behaviour in terms of repurchase. Strong positive connections between loyalty and image have been reported broadly in the area of service marketing. Moreover, it is reported that customer objectives to implement service encouraged by the advantages and benefits that they expect through the service. It is being embedded in the thoughts and believes about the service performance. People are more likely to consume or purchase a service or a product if it is perceived to have key attributes that deliver advantages and benefits3. However, several academics have found a positive relationship between the market performance and the perceived