Human Resource Management for Service Industries Assignment - 1

Human Resource Management for Service Industries - Assignment Example It involves having the total responsibility of maintaining high-quality standards of the selected hotel. The job comes with comprehensive training activities, competitive benefits and handsome annual salary that relies on the market pay ranges. There is an additional monthly bonus. There is also room for personal career growth, as well as enough opportunity for steady progression. As a hotel manager, one is responsible for overseeing the daily operations of the hotel and management of the junior workforce. Also, guarantees that high-quality guest service, as well as the severe quality and cleanliness standards, are unfailingly sustained. One assumes the total ownership of the hotel premises, being able to carry out some minor maintenance and repairs, and ascertaining profitability of the business and that guests are satisfied with the hotel services. As a hotel general manager, one receives various economic and physical benefits. As the hotel industry experiences constant growth, it also provides an avenue for career growth. One also enjoys a fully paid comprehensive training that helps one achieve his credentials as a certified hotel manager. Furthermore, by being hardworking and a display of professionalism one receives handsome rewards with remarkable compensation and benefits. A hotel manager requires an individual with the ability of combining meticulous professionalism with a sociable, convivial and enthusiastic personality. Ones need to be outgoing, well presentable and able to usher in guests into the hotel as it were his home. Also, possess the ability to manage P&L and financials efficiently so as to ensure the continual profitability of the hotel. The employees play a critical role in the success of any business. Therefore, careful selection and recruitment of working personnel is essential for any organization, as well as the hotel industry. In order to get the required applicant pool that is diverse and talented a team

Analysing equality and diversity in social care

Analysing equality and diversity in social care Equality is about creating a fairer society, where everyone can participate and has the opportunity to fulfil their potential (DH, 2004). It is about identifying patterns of experience based on group identity, and the challenging processes that limit individuals potential health and life chances. For example, occupational segregation. Women make up almost 75% of the NHS workforce but are concentrated in the lower-paid occupational areas: nursing, allied health professionals (AHPs), administrative workers and ancillary workers (DH, 2005). People from black and minority ethnic groups comprise 39.1% of hospital medical staff yet they comprise only 22.1% of all hospital medical consultants (DH, 2005). An equalities approach understands that our social identity in terms of gender, race, disability, age, social class, sexuality and religion will impact on our life experiences. Diversity literally means difference. When it is used as a contrast or addition to equality, it is about recognising individual as well as group differences, treating people as individuals, and placing positive value on diversity in the community and in the workforce. Historically, employers and services have ignored certain differences. However, individual and group diversity needs to be considered in order to ensure that everybodys needs and requirements are understood and responded to within employment practice and service design and delivery. One way in which organisations have responded to the issue of diversity in recent years has been the development of flexibility in working practices and services. For example, an employer may allow an employee to work a flexible working pattern to accommodate child care arrangements, or a GP surgery may offer surgeries at the weekends in accommodate those who work full time during the week. These approaches recognise that in order to be inclusive and equal to all, organisations may need to respond differently to individuals/groups. Therefore, a commitment to equality in addition to recognition of diversity means that different can be equal. Learning outcomes Understand concepts of equality, diversity rights in relation to Health and Social Care. Equality and diversity is becoming more important in all aspects of our lives and work for a number of reasons. We live in an increasingly diverse society and need to be able to respond appropriately and sensitively to this diversity. Learners in the healthcare setting will reflect this diversity around gender, race and ethnicity, disability, religion, sexuality, class and age. Your organisation believes that successful implementation of equality and diversity in all aspects of work ensures that colleagues, staff and students are valued, motivated and treated fairly. Every member of society is likely, at some point, to be a recipient of health and social care. The Department of Health can only achieve its aim of better health, care and well-being for all, by building an explicit commitment to equality, diversity and human rights throughout the health and social care system. All public organisations including the Department of Health and public providers and commissioners of health and social care services have a duty to promote equality. Successfully delivering these duties is a core part of the health and social care systems objective to offer services that deliver high quality care for all. To do this, the diversity of the population has to be recognised, in policy development through to service delivery and patient care, acknowledging the diverse experiences, aspirations and needs of staff, patients and service. The Department of Health and local health and social care organisations continue to take proactive steps to address unequal access and outcomes experienced by some sections of the community. DH is working to ensure the principles and practicalities of fairness, equality, diversity and human rights are a central to the work of the Department. In 2007 the UK established a new single equalities body, to bring together the existing equality Commissions dealing with gender, disability, and race and ethnicity into a Commission for Equality and Human Rights. The promotion and enforcement of equality and diversity is one of the three duties of the new body. This paper briefly explores diversity in relation to the theory of gender equality and also examines developments in policy at the EU level, which has provided much of the impetus for change. Our focus is on the policy approach and the tensions that the policy documents reveal about the emphasis on equality and diversity approach, in particular the extent to which attention to gender issues may get lost in the diversity bundle, and the extent to which a focus on the individual may be strengthened over the group. This page lists some of the guidance materials produced by the former equality commissions and guidance produced by external organisations, who have given us permissi on to reproduce their materials on our site. Understanding how discrimination can impact on individuals lives is essential to prevent potential discrimination within in teaching and learning situations and ensure that you are confident in dealing with discrimination issues if and when they arise. While we can face discrimination because of any of these aspects, it is important that we also identify the links between social identities and individuality and/or a state and situation. Bad treatment can be multi-layered and occur because of: Since 1998 the UK has also included human rights within its legal framework. The Human Rights Act applies to all public authorities and bodies performing a public function. The Human Rights Acts places the following responsibility on your organisation. Organisations must promote and protect individuals human rights. This means treating people fairly, with dignity and respect while safeguarding the rights of the wider community. Organisations should apply core human rights values, such as equality, dignity, privacy, respect and involvement, to all organisational service planning and decision making. The Human Rights Act provides a complementary legal framework to the anti-discriminatory framework and the public duties. The legal context As a clinical teacher you will want to ensure that you understand the legal framework regarding equality, and that you can relate this framework to your everyday role. The UK framework has two elements to it: the anti- discriminatory framework (which gives individuals a route to raise complaints of discrimination around employment and service delivery) and the public duties (which place a proactive duty on organisations to address institutional discrimination). The SEN and Disability Act 2001 extended the Disability Discrimination Act 1995 to education with effect from September 2002. This act requires teachers to explore the provision of reasonable adjustments for students who may have disabilities, including learning disabilities, to enable them to participate effectively. Beliefs are the assumptions we make about ourselves, about others in the world and about how we expect things to be. Beliefs are about how we think things really are, what we think is really true and what therefore expect as likely consequences that will follow from our behavior. Since the last comprehensive review in 1974, the Health Belief Model (HBM) has continued to be the focus of considerable theoretical and research attention. This article presents a critical review of 29 HBM-related investigations published during the period 1974-1984, tabulates the findings from 17 studies conducted prior to 1974, and provides a summary of the total 46 HBM studies (18 prospective, 28 retrospective). Twenty-four studies examined preventive-health be haviors (PHB), 19 explored sick-role behaviors (SRB), and three addressed clinic utilization. A significance ratio was constructed which divides the number of positive, statistically- significant findings for an HBM dimension by the total number of studies reporting significance levels for that dimension. Summary results provide substantial empirical support for the HBM, with findings from prospective studies at least as favorable as those obtained from retrospective research. Perceived barriers proved to be the most powerful of the HBM dimensions across the various study designs and behaviors. While both were important overall, perceived sus ceptibility was a stronger contributor to understanding PHB than SRB, while the reverse was true for perceived benefits. Perceived severity produced the lowest overall significance ratios; however, while only weakly associated with PHB, this dimension was strongly related to SRB. On the basis of the evidence compiled, it is recommended that consideration of HBM dimensions be a part of health education programming. Suggestions are offered for further research. It is important for care workers to promote equality, value diversity and respect the rights of service users. There are various ways of how they can challenge discriminatory issues and practices in health and social care. One of the ways in which care worker can promote equality, value diversity and respect the rights of service users is to always put the patient/service user at the heart of the service provision. This means that the patients individual needs will be met and achieved Human rights are the basic rights and freedoms that belong to every person in the world. Ideas about human rights have evolved over many centuries. But they achieved strong international support following the Holocaust and World War II. To protect future generations from a repeat of these horrors, the United Nations adopted the Universal Declaration of Human Rights in 1948. For the first time, the Universal Declaration set out the fundamental rights and freedoms shared by all human beings. These rights and freedoms based on core principles like dignity, equality and respect inspired a range of international and regional human rights treaties. For example, they formed the basis for the European Convention on Human Rights in 1950. The European Convention protects the human rights of people in countries that belong to the Council of Europe. This includes the United Kingdom. Until recently, people in the United Kingdom had to complain to the European Court of Human Rights in Strasbourg if they felt their rights under the European Convention had been breached. for example; a personal eating plan to a specific individual. Putting the service user at the centre of the provision generally makes a happier and healthier patient in all areas. Care workers can help achieve this by: * Understanding what it is like to use those services * Involving those who use the services Another example can be quoted as, Rights of one patient will clash with the rights of another A patient has the right to watch TV or listen to the radio, while the patient in the next bed has the right the right to an undisturbed sleep the rights of these two patients clash. By providing earphones could help resolve this. If patients share a room one wants the door propped open and the other one doesnt although this is a clash of rights the rights of the patient who wanted the door closed would outweigh the other as propping open doors is a fire risk Care settings must provide services in such a way that all service users get equal benefit for them. For example a person who does not have English as their first language may require a translator in order to understand the services available and to express a choice about them. One of the most beneficial ways in which a social care setting can challenge anti discriminatory is through staff development and training this may be done formally through supervision sessions or more informally in the course of day to day working. The manager should supervise the work of their staff, offer advice and guidance in difficult situations and help the workers identify training opportunities to improve their practise.  

AIDS/HIV :: essays research papers

Different people define success in many different ways. What is considered success by one person may be viewed as failure by another person. Randy Shilts, a homosexual newspaper reporter / author, attempts to make fundamental changes in America’s opinion on AIDS. In Randy Shilts’s essay, "Talking AIDS to Death," he speaks of his experiences as an "AIDS celebrity." At the core of Shilts’s essay is the statement, "Never before have I succeeded so well; never before have I failed so miserably"(221). Shilts can see his accomplishments from two points of view- as a success and as a failure. Despite instant fame, Shilts is not satisfied with the effects his writings has on the general public. Shilts’s "success" and reasons for failure can both be considered when one decides whether or not his efforts were performed in vain. From a superficial stand point Randy Shilts, without a doubt, has become a great success with the release of his book And the Band Played On. Almost over night, Shilts is emerged in all the luxuries of stardom. "I quickly acquired all the trappings of bestsellerdom: 60 Minutes coverage of my "startling" revelations, a Book-of-the-Month Club contract, a miniseries deal with NBC, translation into six languages, book tours on three continents, featured roles in movie-star-studded AIDS fund raisers, regular appearances on network news shows, and hefty fees on the college lecture circuit" (220). These benefits, along with numerous others, mark that of a "successful" person. Hopes 2 However, a deeper look into the expectations Shilts has for his book can offer an explanation to why Shilts was not a complete success. Randy Shilts set out to make monumental changes in the world’s perspective of AIDS. He planned to enlighten, motivate, and educate the population on this tragic disease that has already claimed so many lives. He believed that virtually all the misconceptions about AIDS would be corrected and the public would insist that more be done to stop the epidemic. "I had hoped to effect some fundamental changes. I really believed I could alter the performance of the institutions that had allowed AIDS to sweep through America unchecked" (220). Shilts’s immense expectations positioned him for his inevitable sense of failure. He did not accomplished all that he had planned. AIDS was still spreading and people were still dying. "The bitter irony is, my role as an AIDS celebrity just gives me a more elevated promontory from which to watch the world make the same mistakes in the handling of the AIDS epidemic that I hoped my work would help to change"(220).

Foreign exchange risk Essay

Toyota Motor Corporation is the world’s third largest automaker. It was established in Japan on 28 August 1937. Apart from its 12 plants in Japan, Toyota has 54 manufacturing companies in 27 countries, employs 246700 people and markets vehicles in more than 160 countries. Its capital as at March 2002 was 397 billion yen. Toyota is exposed to the fluctuation in foreign currency exchange as it operates mainly in America, Continental Europe and Britain. It is therefore affected by the fluctuation in the value of the US dollar, the Euro and to a lesser extent the British pound. Toyota’s consolidated financial statements, which are presented in the Japanese yen, are affected by the foreign exchange fluctuation, as all the amounts in the various countries’ currencies have to be translated into yen. Toyota’s primary markets based on unit sales for vehicles for financial year ended March 31 2002 were Japan (40%), North America (32%) and Europe (13%). Toyota is listed on the London, New York and Tokyo stock exchanges. In the normal course of doing business, Toyota employs derivatives financial instruments, including forward contracts and foreign currency options to manage its exposure to fluctuation in foreign currency exchange rates. Toyota does not use derivatives for speculation and trading. (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002) The profitability of Toyota’s operations is affected by many factors including the changes in the value of the Japanese yen against other currencies which Toyota does business. The financial year for Toyota is from 1 April to 31 March. IMPACT OF FOREIGN EXCHANGE RISK ON OPERATION The value of the Japanese yen has fallen generally for the past three years against the dollar and the Euro though there had been periods of  fluctuations. (http://pacific.commerce.ubc.ca/xr/data.html accessed on 14th November 2002). Changes in foreign exchange rate affect Toyota’s revenue, gross margins, operating costs, operating income, net income and retained earnings. Toyota’s cost and liabilities are affected by transaction exposure which relates primarily to sales proceed from Toyota’s non domestic sales produced in Japan. It is also affected to a lesser extent sales proceed from Toyota’s continental Europe sales produced in UK. Toyota’s use of forward exchange rate contracts and currency options is to hedge foreign exchange risk associated with trade receivables denominated primarily in U.S. dollars. Toyota also engages in foreign currency settlements with domestic counter parties. The company enters into forward contracts and purchases currency options (principally euro and dollar) to hedge certain portions of forecasted cash flows denominated in foreign currencies. Additionally, the Company enters into forward exchange contracts to offset the earnings impact relating to exchange rate fluctuations on certain monetary assets and liabilities. The Company enters into forward exchange contracts as hedges of net investments in international operations. This reduces foreign exchange risk and transaction costs in those settlements by handling receipts in the foreign currencies in which they are denominated. Toyota buys supplies from Peugeot in France and is therefore exposed to the Euro exchange rate. It also manufactures engines in Japan for BMW. These inflows and outflows as a result of dealing with these European companies expose Toyota to foreign exchange risks. Cars produced in Japan and other production sites are shipped to Europe and America, which are the major market for Toyota. Toyota has to make a decision as to which currency to price the cars. If the cars are priced in yen in order to avoid foreign exchange risk, Toyota will not be competitive in those markets, as it would have shifted the risk to its customers. If the price is in the domestic currencies Toyota will be exposed to foreign exchange risk. When there is a depreciation or appreciation of the currencies in relation to the yen, Toyota will be torn between changing the price to reflect the change in the exchange rate. This decision will depend on the price elasticity of demand  for cars among other factors. Toyota manages these risks by using forward contracts, money market hedging and option market hedging. Toyota also enters into currency borrowing to address a portion of its transaction risk. Foreign exchange forward contracts are used to limit exposure to losses, resulting from changes in foreign currency exchange rates on accounts receivable and transactions denominated in foreign currencies. Foreign exchange forward contracts, which are designated and effective as hedges of currency, risk on existing assets and liabilities are included as an offset to foreign exchange gain or loss and recorded on the existing assets and liabilities. Foreign currency option is to reduce the risks that are likely to be incurred on account receivable and anticipated transactions denominated in foreign currencies. This has reduced, but not eliminated, the effects of foreign exchange fluctuation. The preparation of Toyota’s consolidated financial statements is in conformity with accounting principles accepted in the United States of America. All assets and liabilities of foreign subsidiaries are translated into Japanese yen at the appropriate year end current rates and all income and expense accounts are translated at rates that approximate those prevailing at the time of the transaction. Toyota therefore uses the temporal method of translation. The resulting translation adjustments are included as a component of accumulated income. Toyota is exposed to translation risk when the results of subsidiaries are translated into yen. The value in yen may not reflect the true value of the subsidiary, as it will also depend on the exchange rate between the two countries at the time of the translation. This can distort significantly when results of different periods are being compared and among various geographical markets. The yen has been stronger in fiscal year 2000 as against 1999. According to Toyota’s Annual Reports, net revenue increased by 6.1% in 1999 and decrease by 0.4% in 2000. If the difference in yen used for translation purposes are eliminated, net revenue would have increased by 5.9% in 1999 and increased by 11.2% in 2000 (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002). Thus, even though the consolidation figure showed a decrease in net revenue in 2000, it was mainly due to the strengthening of the yen in 2000, which made dollar values smaller after translation. The value of the yen against the Euro and the dollar fell generally for the past three years. The fall of the yen for the past three years has made Toyota reported profit when it is translated into yen though in actual fact it may not have been so. Toyota’s net revenue for fiscal year 2002 showed a 9% increase over the previous year. This is because of the weakening yen and the translation effect. If the difference in yen value used for translation purposes is eliminated, Toyota showed only 2.8% increase. Net revenue increased by 15.5% in North America, 24.8% in Europe and 0.4% in Japan, for fiscal 2002 compared to 2001 after consolidation. If translation effect is eliminated, the net revenue in North America increases by only 2.2% and 12.9% in Europe (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002). There was a double digit devaluation of the yen to the dollar in the business year ended March 31 2002. Toyota gained 70 billion yen from favourable exchange rate. The US dollar rose to about 127 yen from about 123 yen a year ago. A strong dollar helps the earning of Toyota by boosting the value of overseas revenue when converted into yen. However, translation effect is a reporting consideration and does not affect Toyota’s underlying operation. Toyota does not hedge against translation risk. Toyota manages its operating exposure by diversifying its operation and financing. It has localised much of its production by constructing production units in most of the countries in which it operates. Local operation allows Toyota to purchase most of its supplies and resources used in the production process in currencies that matches the currencies of local revenue with local expenses. Toyota has asked its UK suppliers to settle all bills using Europe’s single currency, the euro (http://news.bbc.co.uk/1/hi/business/873840.stm accessed on 16th November 2002). This reduces its exposure to changes in the value of the pound. Toyota has diversify its finance base by being able to raise funds in more than one place and thereby take advantage in interest rate differentials. Toyota can therefore borrow in Japan, United States of America or Europe to take advantage of interest rate differentials. With the expected fall in the American Interest rate as against the Japanese interest rate, Toyota can borrow in dollars so as to take advantage of the fall in interest rates. The  expected fall in American interest will lead to a fall in the value of dollars in relation to the yen. This fall will make loans and other commitments denominated in dollars less expensive in yen terms. Toyota will therefore gain from the expected depreciation of the dollar. The most obvious source or determinant of economic currency exposure comes from firms having revenues or costs denominated in foreign currencies. These direct or transaction effects are relatively easy to identify and manage. In addition, firms that also have foreign-based operations will have translation exposures that arise from consolidation. At the same time, there are also a number of indirect effects, which can be just as important and apply both to firms engaged in international business and to domestic firms, but which are substantially more difficult to recognise. This indirect economic currency exposure arises from unexpected movements in foreign exchange rates changing the competitive situation of the firm and which affect the firm’s future cash flows (and hence value). GLOBAL ECONOMIC FORECAST INFLATION DIFFERENTIALS The exchange rate stated simply is the price of one currency in terms of another currency. Exchange rate can therefore be expressed in terms of the law of one price which states that â€Å"in the presence of a competitive market structure and the absence of transportation cost and other barriers to trade, identical products which are sold in different markets will sell at the same price in terms of a common currency† (Pilbeam, K. (1992) International Finance, Macmillan). Relative purchasing power parity says that the change in the price level of commodities in one country relative to the rate of change in price levels in another country determines the exchange rate between the two countries. This in other words means that the rate of inflation in one country relative to another determines the rate of change in their respective currencies. (Ross et al, 1999). Thus if there is higher inflation in one country in relation to others, prices of goods and services will increase in th at country in relation with others and exchange  rates have to change accordingly in response to inflation differentials. According to the World Economic Outlook of the International Monetary Fund (http://www.imf.org/external/pubs/ft/weo/2002/02/pdf/appendix.pdf accessed on 14th November 2002), inflation is expected to move from -1.40% in 2002 to -1.2% in 2003 in Japan. This is 14.3% rise in inflation in Japan. Inflation in United States of America is expected to move from 1.2% in 2002 to 1.9% in 2003. American inflation is expected to increase by 58.3% whereas inflation in the Euro area is expected to decrease by 17.4%. This means that prices of goods and services in America will increase more than prices in Japan whiles prices in Europe is expected to decrease. The expected increase in the prices in America will lead to the depreciation of the dollar against the yen in order to maintain the purchasing power parity. The relative decrease in the level of inflation in Europe as against Japan will lead to the appreciation of the Euro against the yen. The yen is therefore expected to appreciate against the dollar but depreciate against the Euro. This will affect Toyota’s revenues and profits, as whatever amount is translated from dollar to yen will be lower comparatively. However, it will gain when the Euro is translated, as values will be higher after translation. BALANCE OF PAYMENT Balance of Payment measures the flow of economic transactions between the residents of a given country and the residents of other countries during a certain period of time. The use of balance of payment data to forecast foreign exchange rates assumes a fixed exchange rate regime. The balance of payment suggests that the current account get worse as national income rises. This is because the increased income will lead to increased income will lead to increased demand for goods and services including foreign products. This will lead to an increased demand for foreign currencies and a decrease in the value of the domestic currency. The basic tendency is for domestic currency to weaken to pay for the increased imports. In a fixed exchange regime, when this falls below certain limits the domestic government will have to intervene by selling resaves of foreign currencies in the foreign exchange market (Buckley, A. 2000). The same is with surplus where instead of selling foreign currencies, the government will buy foreign  currencies. This will increase demand or supply of foreign currencies and therefore affect the price i.e. the exchange rate. Thus if domestic income levels were to rise, the increase will lead to transaction demand for money which means that if the money stock and interest rates are held constant, the increased demand can only come about through a fall in domestic prices. The fall in domestic prices will then requires a depreciation of the currency to maintain purchasing power parity. However, an increase in foreign income levels leads to a fall in foreign prices level and therefore a depreciation of the home currency to maintain purchasing power parity (Pilbeam 1993). If there is increased demand for Japanese goods and services by Americans and Europeans then the yen is likely to appreciate, as the demand for yen will increase. However, under a floating exchange system, the government has no responsibility to peg the exchange rate. The fact that the overall balance does not sum to zero will automatically alter the exchange rate in the direction necessary to obtain a Balance of Payment close to zero (Eitman et al). If the country is running a substantial current account deficit whilst the capital and financial account balance is zero, it will have a deficit Balance of Payment. There will be excess supply of domestic currency and the market will rid itself of the imbalance by lowering the price through the depreciation of the currency. INTEREST RATE DIFFERNTIALS The interest rate parity theorem implies that if interest rates are higher domestically than in a particular foreign country, the foreign country’s currency will be selling at a premium in the forward market; and if interest rates are lower domestically, the foreign currency will be selling at a discount in the forward market (Ross et al 1999). The link between interest rate and exchange rate is explained by the International Fisher Effect, which holds that the interest rate differential is an unbiased predictor of future changes in the spot exchange rate (Rugman et al 2000). This differential is also important in determing forward exchange rates because this rate would be that which neutralises the difference in interest rates between the two countries. If the interest rate of one country is expected to fall in relation to another country, this will make the demand for  financial instruments denominated in that currency to fall. This fall in demand for financial instruments will lead to a fall in demand of that currency and therefore a depreciation of that currency. However, if interest rates are expected to rise in relation to other countries, there will be an increase in demand for financial instruments denominated in that currency and an appreciation of the currency. In practical terms, the international fisher effect implies that while an investor in a low interest country can convert his funds into the currency of a high interest country and get paid a higher rate, his gain (the interest rate differential) will be offset by the expected loss because of foreign exchange rate changes. The recent announcement of a fall in the American interest rate whilst the Japanese interest rate remain constant will lead to a fall in the demand for dollar denominated instruments and therefore a fall in the value of the dollar in relation to the yen. The Euro interest rate is not expected to change and therefore the exchange rate between the yen and the Euro may not change on the basis of interest rates. RISK MANAGEMENT STRATEGIES â€Å"Toyota uses a value-at-risk analysis (â€Å"VAR†) to evaluate its exposure to changes in foreign currency exchange rates. The value-at-risk of the combined foreign exchange position represents a potential loss in pre-tax earnings that are estimated to be  ¥25.2 billion as of March 31, 2001 and  ¥24.0 billion as of March 31, 2002. Based on Toyota’s overall currency exposure (including derivative positions), the risk during the year ended March 31, 2002 to pre-tax cash flow from currency movements was on average  ¥25.0 billion, with a high of  ¥26.7 billion and a low of  ¥22.9 billion. The value-at-risk was estimated by using a variance/ covariance model and assumed a 95% confidence level on the realization date and a 10-day holding period. Toyota changed the model used for calculation of value-at-risk from â€Å"variance/covariance† method to â€Å"Monte Carlo Simulation† method because Toyota introduced a new system, which Toyota considers more effective for risk management purposes. The prior year amounts have been restated to the fiscal 2002 presentation.† (Toyota Annual Report 2002) LEADING AND LAGGING. Larger, more centralized corporations have additional options that may be employed to help control the foreign exchange risk of inter company transactions. One effective and potentially profitable approach involves leading (prepaying) payments when the payer’s currency is devaluing against the payment currency and lagging those payments if the payer’s currency is appreciating. Lagging is when a company pays its financial commitments late so as to take advantage of a devaluing currency. Leading on the other hand is paying early before a currency devalues. It serves as a means of shifting liquidity between subsidiaries to avoid bid – ask spreads and take advantage of interest rate differentials (Clark E. et al 1993). Toyota should take advantage of the fall in the interest rates in United States and subsequent expected fall in the value of the dollar. The American subsidiary should pay early all monies owned to the parent company in Japan. This will give a higher value than waiting for the dollar to devalue before paying. From a company wide standpoint, the treasurer can direct leading and lagging policy in order to take advantage of the favourable effects of exchange rate fluctuations. Additionally, leading and lagging policies may be used to shift funds from cash-rich to cash-poor affiliates, thereby improving short-term liquidity. However, leading and lagging is only possibly when the company has 100% ownership of the subsidiary. This is because the effect of an extended or reduced payment date alters the relative rate of return of each subsidiary. This is unfair to minority shareholders, as they do not necessarily benefit from such a practise that benefits the multinational as a whole. (Eiteman et al 2001). Toyota’s subsidiary in the US has minority shareholders like General Motors and these will be at a disadvantage if Toyota should use leading and lagging to manage its exposure. Inequality may arise unless the adjustment is made to reflect a subsidiary’s sacrifice. NETTING. Netting inter company transfers is another form of international cash management strategy that Toyota can employ. It requires a high degree of centralization. The basis of netting is that, within a closed group of related companies, total payables will always equal total receivables. Netting is useful primarily when a large number of separate foreign exchange  transaction occur between subsidiaries (Eiteman et al 2001). Thus instead of Toyota paying monies owed to and by each subsidiary, the subsidiaries can net off each others debt and thereby not deal in the foreign exchange market. In order to reduce the bank transaction cost, such as spread between foreign exchange bid and ask quotations and transfer fees, Toyota should establish an in house netting centre. The exposure that remains–net payments to payees–can then be hedged in the forward market if desired. The advantages of netting are  · A reduction in foreign exchange conversion fees and funds transfer fees as commissions on foreign exchange transactions and funds transfer are drastically reduced.  · A quicker settlement of obligations reducing the group’s overall exposure. REINVOICING. Reinvoicing goes one step beyond the centralized approach of multilateral netting by way of a clearing centre. A reinvoicing centre buys goods from the manufacturing subsidiary or parent, without taking possession, and reinvoices other company affiliates or third parties when it sells the goods. By conducting all transactions in the affiliate’s functional currency, the reinvoicing centre bears all currency risks. This prevents the FC exposures from distorting the subsidiary’s operating profit (loss). In addition, the reinvoicing centre allows for centralized cash flow management, increase international business expertise and opportunities for arbitrage. The centre also improves and centralizes banking relationships and acts as a central purchasing agent for subsidiaries. Most important, the reinvoicing centre can assess its net position on all inter company transactions and hedge in the forward market accordingly. Problems with reinvoicing centres are * Some countries prohibit reinvoicing centres, as well as any third-party billing (for example, France, Spain,). * They are very expensive to set up because sophisticated information systems and legal and tax expertise are required. BACK TO BACK LOANS Back to back loans is when two firms arrange to borrow money in each others currency so as to avoid the risk associated with exchange rate fluctuation. Toyota can enter into an agreement with an American company that has a subsidiary in Japan. Toyota can then lend yen to the Japanese subsidiary of the American company and the American company in turn lends Toyota’s American subsidiary money in dollars. This will reduce the risk that Toyota will have had if it had lend the money to its American subsidiary as the expected fall in the value of the dollar will have reduced the amount of yen to be received. The advantage with back to back loan is there will not be the need to change currencies as loans will have been contracted in the functional currency of the subsidiary and therefore there will be no risk. However it is very difficult to get a partner who will be prepared to enter into such an arrangement. NATURAL HEDGING Natural hedging is to manage an anticipated exposure to a particular currency by acquiring a debt denominated in that currency. Thus if a firm has a long term inflow in one currency, the firm can acquire an outflow in the form of a loan in the same currency and use the inflow to service the debt. Since Toyota’s main markets are the USA and Europe, it can take out loans in Euro or dollars and use the proceeds from its operations to pay for the loan. Toyota will then not have to bother about the exchange rate fluctuation, as it will be paying the loan from proceeds generated from local operations. Toyota is also asking its British suppliers to bill them in the Euro so as to reduce the risk. This is effective in eliminating currency exposed when the exposure cash flow is relatively constant and predictable over time (Eiteman et al 2001) FORWARD CONTRACT Forward contract is an agreement to exchange currencies of different countries at a specific future date and at a specific forward rate (Eiteman et al 2001). If Toyota has receivables denominated in US dollars in the form of loans owed to the parent company, it can enter into a forward contract to hedge against the expected fall in the value of the dollar. When the value of the dollar depreciates, Toyota will therefore not be at risk. However, should the predictions not come true and the dollar rather appreciates, Toyota would have lost the opportunity of earning more on the spot market. REFERENCES 1. BUCKLEY, A. (2000) multinational finance. 4th ed., Harlow : Financial Times Prentice Hall. 2 CLARK, E. LEVASSEUR, M. ROUSSEAU, P. (1993) international finance, London : Chapman and Hall. 3 PILBEAM, K. (1992) international finance, Basingstoke : Macmillan Education. 4 RUGMAN, A. M. (2000) international business: a strategic management approach, 2nd ed., Harlow: Financial Times/Prentice Hall. 5. EITEMAN, D.K., STONEHILL, A.I., MOFFETT, M. H. (2001) Multinational business finance, 9th ed., 6.ROSS, S.A., WESTERFIELD, R., JAFFE, J. (1999) corporate finance, 5th ed., London: McGraw Hill. 6. (http://www.imf.org/external/pubs/ft/weo/2002/02/pdf/appendix.pdf accessed on 14th November 2002), 7. (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002) 8. (http://pacific.commerce.ubc.ca/xr/data.html accessed on 14th November 2002) 9. (http://news.bbc.co.uk/1/hi/business/873840.stm accessed on 16th November 2002)

Historical Themes Schindler’s List Essay

Light can still be found even in the darkest of times; Oskar Schindler shows this through his actions during the Holocaust. In the novel Oskar Schindler’s portrayed his motives and ways one man can help thousands of the struggling Polish Jews. What he did absolutely contradict what his country and leader wanted; they were planning to eradicate all Jews from the face of the Earth. By using his factory as a place for the helpless Jews to work, he avoided thousands from being sent to the concentration camps where they would work as slaves and eventually die. At first Schindler liked the idea of Polish workers but after he found out what Hitler’s true intentions were he quickly felt remorse for them and determined himself to save as many as humanly possible. He began employing more and more Jews, he saved thousands of lives but ruined his business in doing so. Schindler’s List by Thomas Keneally brilliantly portrayed the courage and human spirit in one man in the midst of terrible evil. Schindler proved the difference that one man can make by using his wit against the Nazis. Without the historical validity incorporated into the novel, the themes and overall story would not be up as great as it is already. Hitler’s Nazi regime ran a dictatorship with Adolf Hitler at the very head of the tyranny. Hitler’s master plan led to hopefully conquering the world and creates his version of society with perfect people and culture. Starting with the invasion of Poland he took Jews from their homes and forced them to do tedious work as slaves in concentration camps claiming that it was for their own protection. He tore families apart, and treated them with indignity in the camps by giving them very little food and forcing public nudity. Entire clans or families died at the order of the Nazis and no mercy could be seen from them as they killed the Jews in ways which would be seen as cruel and evil, even to humans. These events led to the deaths of six million Jewish citizens during World War II. Jews’ murders took place in many various ways; one way was in gas chambers disguised as showers. Corpses and left over residues burned in huge infernos that made it snow ashes of people. Human remains were also being used for the benefit of the Nazis; they used skin and lamp shades, hair as insulation, and skin also as a type of paper. Many Jewish families were desperate to not find themselves in the terrible camps that they did everything they could not to be captured and sent to their demise. Thomas Keneally describes the setting of Germany in the novel very accurately to the time period, and also the social status that some people had at the time. Germans lived being treated very normally by all soldiers of Hitler’s rule, but all others were treated as second class citizens or actually sub human. In the eyes of the Nazis Jews must be the lowest of the low to the, they were considered not as human but as some kind of sub species below all other humans. This aspect that was included in the novel is very true to history in Germany for 1943. Owning businesses or running one was against the law for any Jewish citizen. Many businesses burned down to the ground at the hand of the soldiers, ruining even wealthy land owners and workers. During World War II over six million Jews were killed by the Nazis and that is a fact included into the novel also. After the rest of European Jews heard about the genocide of Jews they and many others began hiding and helped hide people to avoid capture. People did everything to save themselves and others, some hid in the attics of Germans or in the barn of farmers. They started to become desperate to hide; Oskar Schindler used his very own factory where he produced pottery as a way to protect the Polish Jews. Oskar Schindler’s career led him to becoming a business man and entrepreneur in the pots and pans industry. His factory had become very successful because of the labor force provided by the Jews that were crowded into cities by the Nazis. In 1942 the Nazis really did begin to round up all the available Jews into ghettos or slums in the city to contain them like in the concentration camps. At the same time as Oskar Schindler a lady named Irena Sendler helped to save over two thousand Jewish children from the ghettos that the Nazis set up for them. . She and many others helped humanity by using their intellect, courage, and resources. If an event like this happened in any other time period it just would not be the same. Thomas Keneally’s Schindler’s List showed how one person can make a giant difference for many people. His novel’s historical aspects were accurate in most ways, it helped to enforce the themes in the story of the human spirit and one man can make a change. Throughout history it has been proven that if one person does one change it can help thousands of peoples’ lives forever. Adolf Hitler and his attempt to eradicate the Jewish population is the darkest time in history of humanity. But still, light can be found in the midst of total darkness and evil.

Biography of Eminem

Biography of Eminem Free Online Research Papers â€Å"And get that motivation to not give up, and not be a quitter, No matter how bad you wanna just fall flat on your face, and collapse† (Mathers). Does this sound like the words of a leader? Marshall Mathers, otherwise known as Eminem, on November 12, 1996, changed the rap world forever. Eminem, the man who George Bush once called, â€Å"the most dangerous threat to American children since polio,† is a leader nonetheless (Eminem: Unlikely Leader). Not every leader has to change the world like Oprah or Rosa Parks. Not every leader has to appeal to everyone, and some people have to have a different outlook for their point to make sense. In Determining the effects Emenem has had on today’s society, it is necessary to look at his early life, musical life, and his life now. Eminem was born Marshall Bruce Mathers III on October 17, 1972 in Saint Joseph, Missouri, the only child of Deborah Nelson Mathers-Briggs and Marshall Bruce Mathers, Jr. Deborah was only 15 when Marshall was born and his father abandoned the family when Marshall was 18 months old. Solely his mother in poverty raised him. By the age of 12, Mathers and his mother had moved between various cities and towns in Missouri, before they settled in Warren, Michigan. Mathers never spent more than three months at a time in one school, due to bullying. After failing the ninth grade for three times in a row, he quit school, but it is noted that he does not consider himself stupid and does not advise that people should follow his example. On December 25,1995, with long time girlfriend Kim Scott, his daughter, Hailie Jade Scott was born. Having nothing to lose at all, flat broke and not knowing where he would be living the next week, Marshall set out to rant about life in general, the set quickly ca ught the ear of hip-hop underground. Being a rap fan for most of his life, Marshall began rapping at the early age of four. Rhyming words together, battling schoolmates in the lunchroom brought joy to what was otherwise a painful existence. At the age of 14, he began to get very serious about his rapping but it wasnt until he was 17 that he actually made a name for himself, becoming MM, which he would later respell as Eminem.† Being rejected by most fellow rappers because of his race, Marshall grew an anger that flows through his music to this day. Half the people that have heard his music call it nothing but profanity, but he just says what everyone else is to scared too. Forcing himself on radio shows, freestyle battles, Marshall threw himself head first into the rap game. Being turned down left and right he had to literally fight to make things happen for him. His very first album was titled Infinite and, while the album sold less than a thousand copies, it was the gearing up stages for the rapper who later bec ame a millionaire. What came out of this was the Slim Shady EP (single); the early work for the later Dr. Dre revised Slim Shady LP (long play). Down to nearly his last dime, he went into the 1997 Rap Olympics in Los Angeles, basically hoping to win the $1,500 cash price, which he and his family badly needed. After battling for an hour and throwing back every race diss thrown at him, Marshall made it to second place losing in a slip up. Furious that he had lost, Marshall did not even notice that he had been spotted. In the crowd were a few producers from Interscope, and they were handed a copy of the Infinite tape by way of a demo. Dr. Dre got to hear it, and eventually tracked him down. The two instantly hit it off, recording four songs in their first six hours of working three that made it to his first LP. After the album was finished, Dr. Dre asked Marshall to come work with him on his new album. He helped produce several tracks and was on the best songs of the album. Mathers di d not except anyone to just give him anything. He knew that whatever he wanted he had to fight for, and everything that he had earned he went through blood, sweat, and tears to get. The start of 2000 showed really just how well Eminem was doing when he was nominated for 2 Brit Awards, won 2 Grammy Awards for Best Rap Solo Performance and Best Rap Album and won another 4 awards The Online Hip-Hop Award for Best Artist Web Site, Best New Artist, Hottest Music Video and a Detroit Music Award for Outstanding National Album. He would now release his next LP The Marshall Mathers LP which flew off the shelves selling over 1.7 Million copies in the first week making a new record for a solo artist. This album did not come without any controversy. His mother filed a defamation lawsuit against him for 1 million dollars, which would end up being dismissed and accusations of homophobia and sexism mostly centering on the songs Kill You and Kim would be an ongoing battle over Eminems lyrics even today. Within a month The Marshall Mathers LP went five times platinum and topped the pop LP charts for eight weeks, the RB LP charts for 4 weeks and the internet album charts for two weeks. At the end of the year The Marshall Mathers LP went seven times platinum and was recognized as the second biggest selling LP in the United States with sales of over 7.9 million copies. In 2001 The Marshall Mathers LP went eight times Platinum and Eminem released his next LP, The Eminem Show which sold over 1.3 Million copies in the first week and went four times Platinum within two months by the end of the year The Eminem Show was the top selling LP of the year with over 7.6 million sales. He would now go into the movies and started filming 8 Mile which pulled in $54 Million in the first weekend after its release in October. Eminem would then go on to release a further two LPs, Encore and Curtain Call and would be presented with tons of awards for his music. Today most could say Eminem is probably one of the greatest rappers in the game. He dose not just rap about â€Å"bitches and hoes† and â€Å"getting money† like other rappers, but about his life experiences and the controversy with his music. Despite the controversy he sold millions of records around the world, and no; he is not a â€Å"wigger,† he is not trying to act black, he just raps. Who ever said that only black people could rap? Eminem has earned the respect of millions. Looking at it from a different point of view one could say it is like Jim Braddock in Cinderella Man. Braddock starts fighting again to support his family during the depression, because it is all he knows. He had nothing else to lose he was broken-down, beaten-up and out-of-luck. He had only one fight at first, one opportunity. He ended up losing, but he did not just lose he lost with pride he earned respect. Giving up was not an option. After that one fight more opportunities came about , and this forty-year-old man ended up coming out on top of the fighting industry. Eminem came from nothing and paved his own way for success. Irony at its finest, a white person ruling a predominantly black industry, just like an old man ruling an industry manly led by younger men. People can say Jim Braddock was a leader but then they will say Eminem is not. They were both working to supporting their family, but they took different approaches toward accomplishing it. They both did what they knew how. â€Å"Eminem: Unlikely leader.† Military Photos. Net. 29 Oct.2004. Online Mathers, Marshall. â€Å"Till I Collapse.† The Eminem Show. 2002. CD Research Papers on Biography of EminemHip-Hop is ArtPersonal Experience with Teen PregnancyTrailblazing by Eric AndersonBook Review on The Autobiography of Malcolm XWhere Wild and West Meet19 Century Society: A Deeply Divided EraThe Masque of the Red Death Room meaningsThe Spring and AutumnEffects of Television Violence on ChildrenNever Been Kicked Out of a Place This Nice

Great Study Tips for the GRE Vocabulary Section

Great Study Tips for the GRE Vocabulary Section If youre planning to apply to graduate school, youll need to pass the GRE General Test, which includes an extensive vocabulary section. Not only do you need to master the reading comprehension questions, you need to knock the sentence equivalence questions and text completions out of the ballpark. Its challenging, but with adequate preparation, you can pass. Getting Ready for the GRE The key to success is to allow yourself plenty of time to study for the GRE. This isnt something you can cram for a few days out. Experts say you should begin studying 60 to 90 days before the exam is scheduled. Start by taking a diagnostic test. These exams, which are very similar to the actual GRE, will allow you to measure your verbal and quantitative skills and give you a good idea of what your strengths and weaknesses are. ETS, the company that created the GRE, offers ​free review tests on its website.   Create a Study Plan Use your diagnostic test results to craft a study plan that focuses on the areas where you need the most improvement. Create a weekly schedule for review. A good baseline is to study four days a week, 90 minutes a day. Divide your study time into three 30-minute chunks, each that addresses a different topic, and be sure to take breaks in between each session. Kaplan, a company dedicated to helping students review for tests like the GRE, offers detailed sample study schedules on its website. Retake the diagnostic test after four, six, and eight weeks of review to measure your progress. Hit the Books and Tap the Apps There is no shortage of reference books available to help you study for the GRE vocabulary test. Kaplans GRE Prep Plus and GRE Prep by Magoosh are two highly rated prep books available. Youll find sample tests, practice questions and answers, and extensive vocabulary lists. There are also a number of GRE study apps available, too. Some of the best include GRE from Arcadia and Magoosh GRE Prep. Use Vocabulary Flashcards Another reason why you want to begin studying 60 to 90 days before taking the GRE is that theres a lot of information youll need to memorize. A good place to begin is with a list of the top GRE vocabulary words that appear most often on the test. Both Grockit and Kaplanoffer free vocabulary lists. Flashcards can be another useful tool. If you find yourself struggling to memorize a long list of words,  try memorizing word groups, a small list of words (10 or so) arranged by theme into subcategories. Instead of memorizing words like  acclaim, accolade  and  venerate  in isolation, youd remember that they all fall under the theme of praise, and suddenly, theyre easier to remember.   Some people find it useful to organize vocabulary words according to their Greek or Latin roots.  Learning one root means learning 5-10 words or more in one shot. For example, if you can remember that the root ambul means to go, then you also know that words like amble, ambulatory, perambulator, and somnambulist have something to do with going somewhere. Other Study Tips Studying for the GRE vocabulary test is hard enough by yourself. Reach out to friends who are taking the GRE or have taken it in the past and ask them if theyll spend time helping you review. Start by having them give you vocabulary words to define, then change it up by having them give you definitions and responding with the correct word. Vocabulary games can also be a novel way to review. Most GRE study apps incorporate games into their study plans, and you can find them online at sites such as Quizlet, FreeRice,  and  Cram. Are you still finding yourself getting stuck on certain vocabulary words? Try creating  picture pages  for the words that keep eluding you. Remember, studying for the GRE vocabulary test takes time. Be patient with yourself, take frequent study breaks, and reach out to friends for help if and when you need it.

How to Use Conjunctions As Far As, Since, and Even Though

How to Use Conjunctions As Far As, Since, and Even Though How to Use Conjunctions: As Far As, Since, and Even Though We use conjunctions (e.g., and or but) to build grammatical sentences, which in turn allows us to express ourselves clearly. Every conjunction has its own meaning though, so it’s a good idea to learn a few more! In this post, we take a closer look at three conjunctions that could help in your academic writing: â€Å"as far as,† â€Å"since† and â€Å"even though.† As Far As (To the Degree That) Used as a conjunction, â€Å"as far as† means â€Å"to the degree or extent that.† It therefore qualifies statements that apply only under certain conditions. The phrases like â€Å"as far as we know,† for instance, signals that something is based on incomplete information: The experiment poses no risk as far as we know. Here, â€Å"as far as† suggests the sentence is true to the best of our understanding. However, it leaves open the possibility that it is based on imperfect knowledge. Because â€Å"as far as† is a subordinating conjunction when used like this, it always joins a dependent clause (â€Å"as far as we know†) to an independent clause (â€Å"The experiment poses no risk†). Since (Time and Justification) Also a subordinating conjunction, â€Å"since† has two distinct uses. The first is to specify that something happened after a particular point in time: Since learning to dance, I’ve felt more graceful. In this case, â€Å"since† shows that the speaker started feeling this way only after learning to dance. The second meaning is to introduce a reason or justification for something (making it a synonym for â€Å"because†): Since we are interested in how people perceive retail experiences, we have adopted a qualitative research approach. Here, the word â€Å"since† joins a clause about the reason for picking a research approach to the main clause about the approach chosen. Even Though (Despite the Fact That) The term â€Å"even though† is used to introduce contrast in a sentence, like saying â€Å"despite the fact that†: Even though he was completely deaf from around 1820, Beethoven began work on his Ninth Symphony in 1822. The difference between â€Å"even though† and â€Å"though† is simply that â€Å"even though† is more emphatic. We therefore use â€Å"even though† when introducing a particularly surprising or unexpected contrast.

External reference pricing in pharmaceutical industry Essay

External reference pricing in pharmaceutical industry - Essay Example 2013). Under competition, marketers tend to consider the price of other competing product/ service whilst setting the new price and this strategy is called external reference pricing. According to Trivedi (2002), the idea behind this pricing strategy is that the price should not be too high or low to the competing products/ services. In the pharmaceutical industry, external reference pricing, is commonly applied in order for the government to tame the prices of pharmaceutical products that are protected by intellectual property rights and even enable the pharmaceutical companies to benefit from a created monopoly arising from the patented drugs. This present study seeks to investigate the flaws of external reference pricing strategy in the pharmaceutical industry from the point of view of PainCeptor Pharma in Canada, and it will seek to provide a recommendation to the Canadian government on whether to continue using this strategy or not in the pricing of pharmaceutical products. ... On the other hand, the Patented Medicine Prices Review Board (PMPRB) is an independent quasi-judicial body that was established by the Canadian parliament in 1987. Therefore, the board regulates the company’s pricing strategy and it recommends the prices for prescription and non-prescription drugs that are sold within the borders of Canada (Ruggeri and Nolte, 2013). One of the principles of pharmaceutical pricing in Canada by the PMPRB is that if a price is found to be excessive, the Board will call for a public hearing against the company and then order it to reduce its prices or offset some of the excess revenue earned (Ruggeri and Nolte, 2013). According to Ruggeri and Nolte (2013), the board applies external referencing pricing when a new drug is regarded as a major breakthrough, or there is a significant or moderate improvement on an already existing drug. In such scenarios, the board applies the median international price comparison test. This test considers the prices o f other related patented drugs that have the same dosage and strengths that are being sold in seven specific countries that include the United States, the United Kingdom, Germany, Sweden, Italy, France, and Switzerland. The median price calculated from these seven countries determines the maximum average potential price that the board will stipulate for the new or improved drug that has been manufactured by PainCeptor Pharma. If the drug is only in use in less than five countries, the international median price is calculated on an interim basis but it will be subject to a review after three years putting into consideration changes that have occurred on the consumer price index

Optional Essay Example | Topics and Well Written Essays - 500 words - 2

Optional - Essay Example The transistors in the processing chips have continually reduced in size leading to the possibility of measuring them on basis of atomic scale. According to Hagar, 2011, the atomic scale perception of transistors allows QC to deploy quantum mechanics that are governed by wave and relativity laws. While digital computing uses bits, QC uses qubits. A bit represents 0 or 1. A qubit represents 0, 1 and any other superposition possible from the qubit values. This implies that while bits can only contain a particular value, qubits contain a vast amount of values. It is worth noting that QC is capable of undertaking multiple calculations while conventional computing would only partake to one calculation at a time. In addition, QC processes large volumes of data at the same time. It swiftly and accurately solves large relative mathematical problems such as the nondeterministic polynomial (NP) calculations. Chemistry uses the computer to model medicine molecules that are very sophisticated. In order to achieve this, complex calculations (Schrodinger Equation) guide in developing the model structure. The complexity of the medicine structure doubles with each electron added to the basic structure, which is a building block, such that there is a limit past which the conventional computing mechanism is overwhelmed. Currently, computers are only able to model molecular structure not exceeding 300 electrons. Quantum computing can solve SE equations with more than 30 electrons due to its ability to integrate, float and portray basic vast values as mere constitutes to infinite combinations. Systems rely on certain features of data encryption to safeguard sensitive information in banking or transaction activities. RSA is the unbreakable encryption system recognized today because it uses about 300 character integers to encode data. Any attempts to deceiver the encryption require large

RBSs Internationalization Models Into Mexico As An Emerging Markets Essay

RBSs Internationalization Models Into Mexico As An Emerging Markets Using Country Of Origin Audit 2038 - Essay Example These are all factors and reasons that have necessitated the need for RBS to look for a new international destination where the company can continue its business in the manner that it has done in the British for years. But for the company to succeed with internationalisation, it is important that a market research will be conducted in the targeted market (Subhash, 2006). This market research proposal begins the process of actual market research of Mexico as an emerging market. When the need to adopt sustainability strategies as a means of avoiding possible decline of a product arises on a given market, there are several modalities that can be used to salvage the situation. Paul, Alan and Arun (2014) mentioned that companies can resort to the use of new product development as a means of responding to this situation. Another solution is internationalisation, which finds an entirely new market base for the product or service (Oviatt and McDougall, 2012). As RBS selects the use of internationalisation, there are some important questions that the company has to answer. These questions form the central problem of the research proposal. The first problem has to do with the country-based factors of Mexico that makes it either conducive or challenging for RBS. There is also the problem of banking industry based factors of Mexico that makes the country either conducive or challenging for RBS’s internationalisation ambition. Finally, there is the problem of s electing the best internationalisation model that meets the current internal position of RBS as well as the external factors the company is faced with as it seeks to enter Mexico. With the identified research problems given above, the market research will be performed with the aim of identifying the best means by which RBS can enter the Mexican market with all opportunities

Strategic Development Case Study Example | Topics and Well Written Essays - 2000 words

Strategic Development - Case Study Example The techniques which support strategic development and have been selected to be focused on in this paper are the balanced score card technique and that of SWOT analysis and TOWS matrix. The balanced score card approach is a performance management tool which measures the small scale operation activities of an organization and aligns the objectives to the vision and the min strategy of the organization. "Balance score card is a tool designed to give companies the right information to effectively manage the tactics that support their business strategy. It is divided into four areas, the financial, customer, learning and growth perspectives, and internal business process." (Pangarkar, & Kirkwood, 2007) Through the methodology of the balanced score card the perspectives of the business or the organization are divided into four different perspectives which have been highlighted as the financial,, the customer, the internal process and the innovation and learning perspectives. Each perspective is then assigned various key point indicators which can be used to measure the performance. These can include cash flow, ROI, financial result, return on capital, and return on equity for the financial perspective, delivery [performance to customer, quality performance to customer satisfaction rate, customer loyalty and customer retention for the customer perspective. The internal business process perspective can include KPI's like number of activities, opportunity success rate, accident ratios and overall equipment effectiveness, while the KPI's for the learning and growth perspective include the investment rate, the illness rate, the internal promotions, the employee turnover, and any gender racial ratios. Case Summary The case that has been selected is that of Neilson Manufacturing Incorporated. The company has employed the balanced score card approach for determining the strategy for improving the performance of the suppliers for the lean manufacturing organization. The case puts forward the mechanism employed, and the score card methodology used to improve the performance of its suppliers. The specific steps that are taken by the company to improve the supplier performance pertain to designing and implementing a score card based supplier performance model for the metal fabrication manufacturer. The score card is developed as a three part score card at the site of the case study. The case also provides the challenges that are present for the designing and the implementation of the strategy for development and improvement of supplier performance. Neilson manufacturing incorporated is a medium sized metal fabricator operating from Salem in "NMI is ISO 9001:2000 certified and offers high flexibility fabrication services including laser cutting, punching, forming, welding, printing, and silk-screening. The company's primary focus is in the electronics industry. Products produced by NMI include mainframe server cabinets; high end test cabinets for wafer, chip, and circuit board test equipment; enclosures for clean room applications and telecommunications

Describe the methods used to calculate value added. How does value Essay - 2

Describe the methods used to calculate value added. How does value added contribute towards understanding the connections betwe - Essay Example Labor expenses also include all the salaries that are given in the form of cash to each and every employee of the organization2. All the outflows of cash in form of cash, assets, materials and wages are inculcated in labor expenses. The rest of the labor expenses include the extra money that is given by the organization if the employees are working on over time or in the form of extra working hours. This is necessary because each hand every hour that they are spending on the organization is also in turn being proved to be productive for the overall organizational perspective. The second component refers to all the capital generated in the form of cash or other items, this capital is the result of all work force and all the investments that are exhausted in the work machinery for generate the capital for the profit of the company. The result of the sum of both the factors yield something that can give a competitor’s advantage to an organization as value added has an alluring ef fect of giving performance more than expected. Value added includes those results, services or usage of the products that are beyond expectations of a client in the positive sense and this also increase the overall value of the services and goodwill of the company among the customers to increase revenue generation.3 A very important and mostly deployed method to calculate economic value added is as follows Economic value added = Current performance – base performance The current performance is the economic value added figures that will be used from the time period that is most recent or in which we are interested to calculate the value added. The company’s figures for all the years are written in tabular format and then a base line is selected. The base line refers to the standard year or time period from which the economic value added of the most recent time period will be compared. The comparison is mostly done in the form of ration and then it is calculated that wha t the current economic value of the company is. If the current performance is high then automatically then resultant factor will be high and we will say that the company us improving in the terms of value added services. If the resultant factor is zero then it means that there is no progress but there is no loss as well. The company should pay heed to cut the sunk costs in this case because the EVA must rise with every time period in order to gain profit and produce productive results. If the EVA factor is negative then this means that there is a serious problem in value added services of the company and there should be revision in policies to decrease the loss of the values of the products. The other method to calculate value added is to estimate the current overall costs that are being dissipated and squandered in the production of the products. After the careful estimation of costs, different measures must be taken in order to minimize the costs so that they overall production st eps cannot be effected badly for example the administration of a company can cut off the extra charges of transportation or they can reduce the work force from their company by introducing different automated system in their work environment. This will reduce the extra costs from the working environments and these extra costs can be taken into account for the production of

Commercialization of Organ Transplants Essay Example | Topics and Well Written Essays - 750 words

Commercialization of Organ Transplants - Essay Example This report manages to identify the main arguments for and against commercialization of body organs. The arguments for commercialization this paper identifies are, the need to save people’s lives through increased supply of the organs, and the need to find a body organ that is compatible with that of the patient. Arguments against commercialization that this paper identifies are, it leads to emergence of criminal activities like murder, and can lead to the health failures of the donor. From this report, we can learn that it is unethical to commercialize organ donation. This report uses the utilitarian perspective in justifying why organ donation is unethical. Utilitarian theory is concerned with the end results of an action, if the results can lead to happiness, then the action is justified. Commercialization of body organs does not lead to happiness, and therefore it is unethical. Commercialization of an individual’s body organ will most definitely lead to the loss of ethics, and integrity within the society. This report makes a conclusion that commercialization of an individual’s body organ can lead to the emergence of health risks to the person donating the organ. This is because people who are not fit to provide a donation of their body organ may be motivated by money, and thus donate their organs. Due to this inappropriate donation, the person selling his or her body organs might die due to health failures that occur as a result of the donation they made. On this basis, the government must regulate on who qualifies to donate their body organs. ... This is because people who are not fit to provide a donation of their body organ may be motivated by money, and thus donate their organs (Egendorf, 2009). Due to this inappropriate donation, the person selling his or her body organs might die due to health failures that occur as a result of the donation they made. On this basis, the government must regulate on who qualifies to donate their body organs. Commercialization of an individual’s body organ will most definitely lead to the loss of ethics, and integrity within the society. This is because people might coerce mentally unstable individuals to sale their body organs (Egendorf, 2009). This is because they are viewed as vulnerable, and easy to manipulate. It might also increase the rate of crime within a society. This is because criminals might resort to killing their victims, for purposes of removing their body organs for sale. There can also be a coercion and extortion of patients who are on the verge of death. This is in regard to selling their body organs, to other patients who need it (Wo?hlke, 2011). Medical practitioners can pressurize the patient to sale his or her body organs because they are dying and they won’t need them. But the money might be used to carter for their families. This is unethical practice in acquiring body organs for transplantation. My Position in regard to commercialization of human body organs: It is morally wrong and unethical to commercialize the donation of human body organs. This is because people will seek to sale their body organs, irrespective of their health abilities to make such a donation. Commercializing the sale of body organs will also lead to the rise of criminal

Describe the methods used to calculate value added. How does value Essay - 2

Describe the methods used to calculate value added. How does value added contribute towards understanding the connections betwe - Essay Example Labor expenses also include all the salaries that are given in the form of cash to each and every employee of the organization2. All the outflows of cash in form of cash, assets, materials and wages are inculcated in labor expenses. The rest of the labor expenses include the extra money that is given by the organization if the employees are working on over time or in the form of extra working hours. This is necessary because each hand every hour that they are spending on the organization is also in turn being proved to be productive for the overall organizational perspective. The second component refers to all the capital generated in the form of cash or other items, this capital is the result of all work force and all the investments that are exhausted in the work machinery for generate the capital for the profit of the company. The result of the sum of both the factors yield something that can give a competitor’s advantage to an organization as value added has an alluring ef fect of giving performance more than expected. Value added includes those results, services or usage of the products that are beyond expectations of a client in the positive sense and this also increase the overall value of the services and goodwill of the company among the customers to increase revenue generation.3 A very important and mostly deployed method to calculate economic value added is as follows Economic value added = Current performance – base performance The current performance is the economic value added figures that will be used from the time period that is most recent or in which we are interested to calculate the value added. The company’s figures for all the years are written in tabular format and then a base line is selected. The base line refers to the standard year or time period from which the economic value added of the most recent time period will be compared. The comparison is mostly done in the form of ration and then it is calculated that wha t the current economic value of the company is. If the current performance is high then automatically then resultant factor will be high and we will say that the company us improving in the terms of value added services. If the resultant factor is zero then it means that there is no progress but there is no loss as well. The company should pay heed to cut the sunk costs in this case because the EVA must rise with every time period in order to gain profit and produce productive results. If the EVA factor is negative then this means that there is a serious problem in value added services of the company and there should be revision in policies to decrease the loss of the values of the products. The other method to calculate value added is to estimate the current overall costs that are being dissipated and squandered in the production of the products. After the careful estimation of costs, different measures must be taken in order to minimize the costs so that they overall production st eps cannot be effected badly for example the administration of a company can cut off the extra charges of transportation or they can reduce the work force from their company by introducing different automated system in their work environment. This will reduce the extra costs from the working environments and these extra costs can be taken into account for the production of

Hofstedes framework Essay Example | Topics and Well Written Essays - 250 words

Hofstedes framework - Essay Example Ineffective management of productivity, on the other hand, deters productivity.The theory thus provides for effective ways of managing cultural diversity thus influencing the formation of an effective cross-cultural communication that will enhance the interaction in organizations. Culture is an important social feature that influences individual values; this implies that cultural conflicts are likely to result in the conflict of values a feature that will definitely affect the productivity at the workplace. In developing effective cross-cultural communication, Hofstede vouchers for an understanding of the cultural differences. A manager must understand the differences thereby understanding the differences in the values. This way, it becomes easier to appreciate and acknowledge cultural differences thus influencing the development of effective and considerate communication channels in the organization. Human resource managers must always strive to develop cohesive workforces that func tion seamlessly. Creating such a workforce requires the acknowledgment of the cultural differences since they influence the difference in the individual values. This way, the managers can readily discourage the manifestation of the negative personality features that may arise from the cultural differences. With such an in-depth understanding of the cultural differences, Hofstede asserts that it becomes possible for managers to barn particular behaviors while encouraging positive interpersonal skills that enhance productivity.

Assessing The Capacity Planning For Bmw Business Essay

Assessing The Capacity Planning For Bmw Business Essay First of all, capacity refers to the upper limit or ceiling on the load that an operating unit can handle. And the load might be number of physical units produced or number of service produced. (Stevenson, 2009).According to Eng. Abdel Moniem shehata, he said that capacity is always something to manage. He added that capacity planning is not necessary to be time consuming or expensive. And any company will use the capacity planning depending on its tools and resources. According to BMW, the Company owns workers, machines, tools, engineering and materials and etc, and they have to use all this resources to maximize productivity and take full advantage of it to reach high capacity. When Mr. Abdel Moniem shehata was asked about the importance of capacity decisions towards BMW he said that the more capacity the more profit the company will gain and the expenses will be decreased as BMW involves manufacturing so it is important to set a capacity planning because the source of income of BMW comes from selling cars. However, Capacity is important because it deliver benefits and profits much more than what was expected. Mr. Abdel Moniem shehata said that capacity is very important as it affect and have impact on BMW as a Company and its cars. It also affects competitiveness and he said that he thinks that the most near competitors to BMW are Mercedes and Volkswagen as the three brands are Germany and the factories are located near to each other. On the other hand, the firm that has more capacity will have an advantage of delivery speed. He added that capacity decision affects the Operating costs by helping in minimizing operating cost. There are two different ways to measure capacity which are design capacity and effective capacity. The design capacity is the output rate while the effective capacity is the design capacity minus allowances. According to BMW Eng. Abdel Moniem shehata says about the ways BMW use to measure capacity, that at the beginning of any business a Feasibility study is very important to start with and study it very proper and ensure that it is right to reach the profit which the company needs. Afterward things that is essential for production comes after like machines, inventories, workers, engineering, and equipment all these kind of resources which will help in achieving high capacity. Then the budget of the production is putted which consists of income and outcome. Income like assets and expenses while outcome like revenue and profit that is received. Mainly BMW measures capacity by multiplying the number of machines or workers with the number of shift, with utilization and with efficiency. According to the determinants of effective capacity there are factors that influence capacity. The design of BMW is important including the shape and the size. Also the design can have influence on capacity. According to BMW it is important to produce cars with the same range other than different ones. He added that quality of the car is an important part in the determinants of effective capacity. As by increasing quality the capacity will increase as well. And other external factors like safety, purchasing decisions and inventory stocking decision, all these factors have a great impact on capacity. Any company or organization has a capacity formulation bases its capacity strategy on assumptions and prediction. Strategy formulation consists of 3 primary stages which are leading, following and tracking. Leading helps in building capacity in a hope of future demand increases. While following start building capacity when demand increases current capacity. Finally tracking keeps capacity to keep demand increase (Stevenson, 2009). However, BMW can measure the success of its new process by tracking how long it takes for one car to be built from the very beginning until its all done. If vehicles take different of times to be built then it is a sign of uneven flow of materials to the production line. Another way is looking at the number of vehicles that are returned for warranty work. This measurement looks at the final product. If suppliers are hurried to complete orders, they might reduce the quality of the products that they are supplying to BMW. Once those low quality parts are used in the manufacturing of a new car, the customer will find it unsatisfying and it will be returned back to be corrected. The capacity planning is done by the general manager and other people that are responsible for the materials and engineering as well. There are six steps of capacity planning. The first step is to Estimate the future capacity requirements, the second step is to evaluate existing capacity, the third step is identify alternatives, the fourth step is to conduct financial analysis, the fifth step is to assess key qualities issues, while the six step is to implement alternative chosen, finally, the six step is to monitor results.(Stevenson, 2009). But Eng. Abdel El Moneim said that BMW makes the capacity planning in 3 simple steps. The first step is determining service level requirements; as they categorize the work done by systems and quantify customers expectations for how those works get done. The second step is to analyze the current capacity which is important to analyze it to see how it is meeting customers needs. The third step is planning for the future, by forecasting BMWs future business activity and determining it. However, Implementing is important as it ensure that the available capacity will be enough even if any changes happened if the future. Finally, when coming to the evaluation of the capacity planning at BMW Mr. Abdel Moniem shehata said that Evaluations carried out to learn lessons that can be used to improve ongoing or future capacity planning efforts are of potentially greater value. Unfortunately, improvement-oriented evaluations are seldom carried out. This is a serious shortcoming of evaluation practice, since capacity-development efforts involve a great deal of experimentation, and managers need to know the results in order to sharpen or reformulate objectives and reorient their activities in appropriate ways. In conclusion, for any company to achieve a successful planning capacity is to set goals and define objectives.   The company must also ensure that the planning process is carefully recognized.   And if the company found any mistake in the plan or the plan is not working, it doesnt mean that the organization has to start the planning from the beginning but only to correct or improve the parts which include the mistake. BMW creates their capacity planning at least once a year and sometime every six months. Reference Page: Trading eBook. (2010). , AL: Scribd. Retrieved May 3, 2011, from http://www.scribd.com/doc/36253765/bmw-case. kern, H. (2008). , AL: Tech Republic. Retrieved May 3, 2011, from http://www.techrepublic.com/blog/10things/10-ways-to-build-a-solid-capacity-planning-effort/370 (2010). , AL: Carzy. Retrieved May 6, 2011, from http://carzy.co.in/blog/car-news/bmw-india-expand-capacity-8000-units-early-2011.html/

Essay --

It should be necessary to provide hydrogen in an enormous amount at a great price. However, it is possible to accept if hydrogen is produced without CO2 emission because CO2 elimination is energy demanding and costly process related with environment problem, such as greenhouse effect. Unfortunately, currently conventional process of hydrogen production is the steam reforming process which has highly CO2 emission. Currently, approximately 48 % of hydrogen derives from natural gas by steam reforming process, 30 % from oil reforming in the chemical manufacturing and 18 % from coal gasification.3 It replies that 96 % of the hydrogen production derives from fossil associated with a huge amount of CO2 emission. Only 4 % of hydrogen production is come from water electrolysis.4 It also expected that hydrogen production without CO2 technologies are the great wish for the future of a sustainable hydrogen economy. Zero CO2 emissions are possible when the raw materials are from renewable source such as bio-gas. For instance, water electrolysis with renewable electricity and thermo-chemical cycle processes using renewable heat are the representative hydrogen production without CO2 emission.5, 6 However, the cost of hydrogen production using renewable processes is currently prohibitive cost. Thus, a changeover to a hydrogen economy would probably start with hydrogen produced from fossil fuels, especially natural gas (NG). Steam reforming of natural gas process is the most efficient and generally used process for the hydrogen production in commercial field.7 Steam reforming process is basically the transformation of methane and water to hydrogen gas and carbon oxides, and has two main reactions, as shown in Fig. X:7 Synthesis gas genera... ...ches have a catalyst deactivation problem related with the carbon, which come from methane decomposition, can be covered on the catalyst surface. Therefore, it needs the burning process17 or gasifying with steam18 for removing carbon on the catalyst surface. However, gasification or combustion of carbon residues on the catalyst surface causes to produce a huge amount of CO2 as byproduct. So, there have been researched the concurrent production of hydrogen and nanostructured carbon by Ni-and Fe- catalyst for decomposition of methane.19, 20 Also, another group reported the possibility of using carbon materials as catalyst for thermal decomposition.21, 22 They reported carbon catalyst is an environment-friendly method to the production of hydrogen and carbon. Carbon is precious byproduct of the thermal-catalytic process. It could reduce the cost of hydrogen production.

Carandiru - Movie Overview Essay examples -- essays research papers

Carandiru The adaptation of Carandiru Station, a best-seller by Drauzio Varella, Carandiru proposes diving into the heart of SÃ £o Paulo's prison, the largest in Latin America with approximately 7,000 prisoners with a capacity for 4,500. Guided by a humanist doctor (the author) who has an affection for the prisoners, the audience shares in the daily life of the condemned before the massacre perpetrated on October 2, 1992 by the police force following a riot. The film opens with a settling of scores by Ebony, a prisoner in charge of the kitchens. While the director quickly arrives on the spot, Ebony doesn't let go of the reins of the situation. He's understood: in Carandiru, the voices of management and prisoners rise in a choir and vibrate in diapason, in order to maintain a balance and precarious order, essential for the place to function well. The armed sentinels carrying out their rounds along the ramparts, always discrete, only represent only the last resort in case of outbursts. What's immediately striking about Babenco's film is the details used to account for the tacit rules laid down in this place of imprisonment. Killers, robbers and rapists seem to cohabit by enacting their own rules, often transpositions of the law of the street, with its codes, duties, rights and punishments. Between the walls of the various wards, one witnesses the everyday life of a city totally apart, with its neighborhoods, trades, residences. No cell is closed: the impression...

Background of American Airlines

American Airlines is the world's largest airline. American, American Eagle and the AmericanConnection ® airlines serve 250 cities in over 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American's award-winning Web site, AA. com, provides users with easy access to check and book fares, plus personalized news, information and travel offers.American Airlines is a founding member of the oneworld ® Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve more than 600 destinations in over 135 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation.Based on People’s Daily online dated Tuesday, April 10, 2001, American Airlines became the world's largest air carrier and grounded a venera ble competitor after acquiring the assets of bankrupt Trans World Airlines. Based on SKYTRAX which operates the Star Rating system for the world airline industry, having introduced the programme in 2000, American Airlines is a 3-Star Airline. Star Grading awarded to airlines supplying a fair quality performance that conforms to an industry â€Å"average† – when assessing all areas of competitive ranking.3 Star ranking signifies a satisfactory standard of core Product across most travel categories – but may reflect less consistent standards of Staff Service / Product delivery either Onboard or in the Airport environments. Vision, Mission, Goals and Values of the Company Vision: Customer Commitment American Airlines is in business to provide safe, dependable, and friendly air transportation to our customers, along with numerous related services. We are dedicated to making every flight you take with us something special. Mission and Goals:At American Airlines, we: †¢ Evaluate products and services on their merits, giving fair and impartial consideration to all suppliers †¢ Award contracts based on the highest quality and best delivery combined with the most competitive cost to the corporation †¢ Review constantly the performance of our suppliers and contractors to enhance their ability to provide products and services that exceed industry standards †¢ Assure inclusion of minority and women-owned companies in procurement and construction opportunities across American Airlines. VALUES :The Company is committed to maintaining the highest standards of business ethics and complying with both the letter and the spirit of the law in everything that we do and in every country in which we do business. Doing so will also maintain the hard-earned respect that we have established over the years with our customers. Consequently, employees are prohibited from participating in or condoning illegal or unethical activity. Remember that ill egal acts by employees can cost the company millions of dollars in fines, and the penalties for corporations convicted of federal crimes are severe.And employees who violate the company’s ethical standards will be subject to disciplinary action up to and including termination. To ensure compliance with this company policy, we have adopted these Standards of Business Conduct for all employees. These Standards also apply to all agents, consultants, contractors, and others when they are representing or acting for the company. We expect our vendors and suppliers to be guided by these principles. We have developed a Business Ethics & Compliance Program to educate you about the laws that affect our business and to provide the necessary channels to seek advice and report possible misconduct.(www. aa. com) Quality Goods and Services Marketed in the Global Economy American Airlines sources the best quality products and services to provide to our customers. Aside from their flight, car , hotel, vacation package and cruise reservations, they also have the following services and products: -Net SAAver and Special Offers -Fare Sales -Special Offers (Bonus Miles and Percentage and Great Savings) – RSS Service Really Simple Syndication is a technology for sharing and distributing the latest web content such as fares, news, and offers.It's an easy way to receive up-to-date information without having to search the Internet. -Last Minute Packages Bookings -Email Subscription Service – AAdvatage Service The AAdvantage ® program is American's travel awards program. It was the original travel awards program, established more than 20 years ago, and today is the world's largest program. -Admiral Club Membership There are some people that are impossible to shop for and for them, there's the Admirals Club ® membership or the Admirals Club One-Day Pass. It's thoughtful, inspired, and a gift that they will not only use, but enjoy as well.-Offer Gift Card -Trip Ins urance Offer Purchasing a flight shouldn't trigger undue stress. When customers purchase Trip Insurance through Access America, they can receive a refund for the pre-paid, non-refundable portion of they travel costs should your trip be cancelled or interrupted for a covered reason. – The AmericanAirlines Credit Card (no annual fee) -TrAAvel Perks ® program which is a travel club with some fantastic member benefits. —- Business ExtrAA program which offers more variety, more choice and more flexibility than any other airline incentive program for businesses.-Corporate Booking American Airlines is leading the way in providing practical, cost-efficient solutions for managing corporate travel booking with CorporateAAccess. comSM. They have designed a functional, easy-to-use online booking product at the request of many corporate customers, one that brings the best of business travel planning together in one web site. – The AmericanAirlines AAirpass program protects the customers against fare changes and helps them manage their travel by providing prepaid unrestricted air travel at a fixed rate – all while they enjoy VIP privileges and benefits.With this, they can travel anytime, even at a moment's notice, to any of the more than 250 worldwide destinations served by American Airlines, American Eagle ®, and AmericanConnection ®, including the U. S. , Canada, Europe, Japan, the Caribbean, Central and South America, and Mexico. -Incentive Programs AmericanAirlines Incentive Travel ® products support all of their promotional objectives from acquiring new customers to instilling consumer loyalty to rewarding employee performance. Destinations and Routes of American AirlinesAmerican Airlines fly in 10 major destinations including Africa, Asia, Australia/ New Zealand, Carribean, Central America, Europe, Eurasia, Middle East, North and South America. Its worldwide destinations include Dallas/ Forth Worth, India-Delhi, Ireland- Dublin and Shannon, Japan-Tokyo, Norfolk- Virgina and Shanghai, China. Shares Of AMR Common Stock Based on the Corporate Press Release, AMR Corporation allows 4. 5 percent Senior Convertible Notes due 2024 have become convertible into shares of AMR common stock.As provided in the indenture under which the Notes were issued, the Notes have become convertible because the sale price of AMR’s common stock for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended Dec. 31, 2006, was greater than 120 percent of the conversion price per share of AMR common stock. The Notes are convertible into common stock at the conversion rate specified in, and otherwise in accordance with the terms of, the Notes and the indenture under which the Notes were issued, and they will remain convertible for so long as they are outstanding.Financial Profitability of the Company for the Past Three Years According to AP Associate Press, AMR Cor poration reported that they loss $387 Million in the fourth quarter of 2004, or $2. 40 per share. This compares to last year's fourth quarter loss of $111 million, or $0. 70 per share. For the year, AMR posted a net loss of $761 million, compared to 2003's loss of $1. 2 billion. Fourth quarter 2004 special items totaled a net gain of $86 million, or $0. 54 per share, and primarily included a $146 million gain on the sale of American's interest in Orbitz, $42 million in severance charges, and $21 million in aircraft charges.Despite its profit loss, I can still affirm to the fact that the company is financially profitable. According to AP Associate Press dated July 19, 2006, American Airlines’ profit rise sharply. It ahs been further reported that a sharply higher profit for the second quarter, helped by full airplanes and higher fares at the start of the peak summer travel season. AMR said it earned $291 million, or $1. 14 per share, in the three months ended June 30, up from $58 million, or 30 cents a share, a year ago. Revenue rose 12. 5 percent to $5. 98 billion from $5.31 billion a year ago and slightly higher than the $5. 93 billion that analysts had expected. AMR increased its cash and short-term investments to more than $5. 1 billion, excluding restricted balances. The buildup is a legacy of the company’s brush with bankruptcy in 2003. The above facts by AP Associate Press only proved the financial profitability of the company. Hedging Technique and Stategic Plans The company used a â€Å"classic† sort of hedge. It is also known in the industry as a â€Å"pairs trade† due to the trading on a pair of related securities.American Airlines oneworld is a hedging strategy wherein they made partnership with the seven of the world's leading airlines – Aer Lingus (through March 31, 2007), British Airways, Cathay Pacific Airways, Finnair, Iberia, LAN1 and Qantas Airways. The investors of American Airlines become more sophisticate d of using various models. These strategies protect the company in currency fluctuation and it look for a spread between market value and theoretical or â€Å"true† value, and attempt to extract profits when the values converge.AA has also a Customer Service Plan which is one of their strategic moves. This Customer Service Plan addresses a number of the service goals they have defined. This plan includes lowest fare availability, baggage delivery, baggage liability, guaranteed fares, ticket refunds, accommodation of customers with special needs, essential customer needs during extraordinary delays, etc. They are constantly reevaluating their customer service goals, and they intend to update this Customer Service Plan when appropriate.Every customer is important to American Airlines and American Eagle. The customer’s safety, comfort, and convenience are their most important concerns. Human Resource Management American Airlines supports the communities they serve through out the world, bringing people together and providing opportunities for economic improvement†¦making American a good neighbor. They are committed to diversity. With diversity comes opportunities for success which are good for their employees, their customers, communities, and ultimately their business.They also do more than state our commitment to diversity. Their commitment is displayed in numerous ways and frequently sets the standard for other companies. Human Resource Management and Employee Resource Groups are an important part of AMR's efforts to foster an inclusive work environment. Through their Human Resource Management and Employee Resource Groups, they have created opportunities for employees to have a voice in business, support each other and share their unique perspectives, cultures and experiences with employees.Issues of Employees Regarding Their Compensation: Based on USA Today dated June 22, 2004, officers of American Airlines, along with union leaders and empl oyees from all work groups rallied against the company regarding pension reform. The company, on behalf of its 80,000 employees and together with its unions, also placed a full-page ad in USA Today. The ad thanks Congress for doing their part to support pension reform legislation that â€Å"makes funding employee pensions more affordable and more flexible — without the transfer of these obligations to the government.† Citing a reduction of $4 billion in annual operating costs through operational and efficiency improvements and changes to wages, benefits and work rules, the ad also underscores that American Airlines, its employees and its unions have made sacrifices and are â€Å"working together† to do their part to ensure a profitable company in order to improve shareholder returns, build financial stability and â€Å"help maintain our defined benefit pension plans. † Commitment Towards DiversityAmerican Airlines proudly support and encourage employee in volvement in any of their Employee Resource Groups such as African-American Employee Resource Group, Asian Cultural Association, Caribbean Employees, Christian Resource Group, Employees with Disabilities, Gay, Lesbian, Transgender and Bisexual Employees, Indian Employees, Jewish Resource Group, Latin Employee Resource Group, Muslim Resource Group, Native American Employee Resource Group, Women in AAviation, Work and Family Balance, 40 Plus/Senior Employees.They value a just and fair treatment of their employees in overseas or wherever parts of the world. Plans for Expansion Based on Corporate Press Release dated March 30, 2007, AMR Corp. , the parent company of American Airlines, Inc. , provides an update on actions taken in the first quarter of 2007 as part of its ongoing efforts to strengthen its balance sheet and build a stronger financial foundation.AMR said that American Airlines has paid in full the $285 million principal balance of its senior secured revolving credit facility , which had been fully drawn since its establishment in December 2004. AMR’s $444 million term loan facility remains outstanding. The Company said that the revolving credit facility may be redrawn, subject to certain conditions, and repaid from time to time depending on various factors, such as economic and industry conditions and the Company’s financial condition. AMR anticipates ending the first quarter of 2007 with approximately $5.8 billion in cash and short-term investments, including a restricted balance of nearly $500 million, compared to a cash and short-term investment balance of $4. 8 billion, including a restricted balance of $510 million, in the first quarter of 2006. AMR also said that it expects to complete by mid-April the refinancing of $350 million in municipal bonds that originally were issued in 1990 to help fund the development of American’s Alliance Maintenance and Engineering Base in Fort Worth, Texas .The closing of the transaction is subj ect to certain government approvals. The refinanced bonds, to be issued by AllianceAirport Authority, Inc. , will have a blended interest rate of 5. 46 percent, down from a rate of 7. 5 percent in the current bonds, and a final maturity of Dec. 1, 2029. AMR estimates that by paying down the revolving credit facility balance, prepaying the aircraft debt and refinancing the maintenance facility bonds, as described above, it will eliminate approximately $15 million of its annual net interest expense.Other examples of AMR’s balance sheet improvement include: †¢ AMR has raised more than $1. 1 billion through three equity issuances in the past 17 months, including the sale of 13 million new shares in January that raised approximately $500 million. †¢ AMR reduced its total debt, which includes the principal amount of airport facility tax-exempt bonds and the present value of aircraft operating lease obligations, to $18.4 billion at the end of the fourth quarter of 2006, co mpared to $20. 1 billion a year earlier. The Company expects to end the first quarter of 2007 with total debt of approximately $17. 6 billion. †¢ AMR reduced its net debt, which is defined as total debt less unrestricted cash and short-term investments, from $16. 3 billion at the end of 2005 to $13. 6 billion at the end of 2006. The Company expects to end the first quarter of 2007 with net debt of approximately $12. 3 billion.