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.