Oliver Twist Essay

In ‘Oliver Twist’ Bill Sykes carries dread to the novel, which adds to the tension and makes you need to peruse on. Bill Sykes is fierce which you before long acknowledge when he savors the experience of beating his canine or sweetheart, Nancy. Numerous books of this time were loaded with such characters and Dickens, a dramatist and an entertainer just as an author, knew then well. The vagrant Oliver Twist escapes from the workhouse by fleeing to London. Oliver is acquainted with Fagin who trains him to be a hoodlum and he is then taken on a theft with Sykes, Oliver recoups from being shot in the robbery and Nancy medical attendants Sykes back to full wellbeing. Sykes murders Nancy, which terribly affects him, and he later slaughters himself. Bill Sykes carries the genuine fear to the novel yet he is likewise very capricious. Once in a while he can appear to be very sensible and incidentally gives grace to his canine and lady friends, however by and large he keeps everybody in dread of what he will do straightaway. We see proof of this when Fagin says, â€Å"You won’t be too rough Bill? † This announcement shows that they have no trust in him. Bill Sykes additionally has an issue with liquor, he drinks a great deal excessively, and this likely records for a portion of his flighty conduct. We see proof of his drinking issue when he says, â€Å"†¦ to forestall my standing reward for a 16 ounces of so†¦. † This shows he imagines that he thinks drinking is a treat and doesn't himself believe that he tends to drink too much. Bill Sykes us the prototype Victorian scalawag. To be a genuine miscreant Sykes must show no empathy for anybody and we see that on numerous events. At the point when Nancy has breast fed him back to wellbeing, keeping awake for a considerable length of time taking care of him, he turns on her the second he awakens. This shows he is dissatisfied for any compassion given to him. â€Å"Illness had not improved Mr Sykes’ temper, for as the young lady raised him up and drove him to a seat, he struck her †¦. † He is likewise very prepared to send Nancy out to work and perhaps benefit from what she does. From the entirety of this we can accumulate additional proof that he is thankless for any assistance he got. Sykes treats his canine seriously, it gets normal kicks and is undermined continually. At one time when he was going to get away from he thinks about killing, â€Å"The hound, however. In the event that any portrayals of him were out, it would not be overlooked that the pooch was absent. † Sykes is a run of the mill menace who shows no regret for what he does to other people. We see proof of this when he takes Oliver on the thievery with him and couldn't care less whether Oliver gets harmed. Sykes has no regard for Fagin and you can tell this by the manner in which he addresses him. You can see Fagin fears him yet Fagin likes to have the final word. On the off chance that Sykes doesn't get his own specific manner he will go to savagery as we see with the contentions over Oliver, â€Å"†¦ taking a gander at him, and conspicuously passing a gun into an increasingly advantageous pocket. â€Å"That’s fortunate for one of us. † This shows again Sykes is flighty and a harasser and brings progressively strain. At the point when Bill Sykes sees Fagin, Fagin changes the tone of his voice on the double. Fagin is clearly terrified of the physical quality of Sykes however Sykes is as yet careful about Fagin.

Overpopulation and the Economi Essay Example For Students

Overpopulation and the Economi Essay Overpopulation and the Economi Essaycal Effects Presentation At present there are in excess of 6 billion individuals living on the planet and this number is relied upon to twofold in a brief timeframe. Numerous analysts and scholars feel that the world doesn't have a conveying limit with respect to this measure of individuals. The overpopulation of the world, brings a dread of congestion and an anxiety that the asset base will become to low, maybe even non-existent. In 1900, the total populace was 1.6 billion individuals. Contrasted with the 6.1 billion that it is today, that populace is miniscule. The populace is anticipated to arrive at 16.4, more than twofold todays populace continuously 2060. At this moment there are just around 30 million individuals in Canada, itself, though a nation like China is home to 1.2 billion individuals. As it is observed, China has an exceptionally enormous extent of the universes populace inside its own limits and this has made numerous issues all through the nation. It is conceivable, that with the information on the issue, with a training, framework, and a work aptitudes this issue can be convoluted. Creating Countries The creating nations, are the primary worries for congestion. 1996 insights show that 75% of the universes populace live in both Africa (13%) and Asia (63%). The overpopulation in these landmasses, is such a great amount of higher for a wide range of reasons. The primary explanation being society. When looking at a mainland like Africa, to a landmass like North America, there are various, recognizable, contrasts. A case of this being the ripeness rate. In Africas specific culture, having numerous youngsters rises to high richness rates and this, they accept, is an incredible gift from God. Likewise, here ladies are not taught, just as the created nations, and there is no or next to no information on contraceptives. (John L.Seitz Global Issues, an Introduction. Pg. 14) The creating nations impact both the worldwide and neighborhood financial matters. It impacts the nearby financial aspects, for basic reasons as, food deficiencies, lodging, or instruction. Food deficiencies are likewise a significant issue. Thomas Malthus, a scholar, accepts that the universes populace pairs at regular intervals, while the farming in one zone takes any longer than this to develop back. Along these lines, he accepts, that as the populace develops, there is a less methods for resource being created. Food deficiencies, could impact the economy a lot, as malady and ailing health would occur. (John L. Seitz. Worldwide Issues, an Introduction. Pg. 31) Alongside malady, there is the issue of sewage, in these overpopulated nations. The sewage could be methods for trash, or even of waste. The waste could cause a lot of issues, for example, ailment, rodents, sullying of water, etc. This could likewise cause a lot of death in the urban focuses. (John L.Seitz. Worldwide Issues, an Introduction. Pg.25) Another issue in the less evolved nations is lodging. As the populace thickness is very high in the third-world, there are numerous issues with lodging. These issues are that the amount and nature of lodging for urban individuals, shift. The normal thickness of a created nation lies between 3 600 and 7 200 individuals for every km2, while the thickness in Calcutta is 160 000 individuals for each km2. As a rule, 30% of the less evolved nations populace comprises of vagrants. Vagrants are illicit occupiers of land, and they live in territories called vagrant settlements. The vagrants, hurt the economy as they are not paying for any kind of lodging whatsoever. There are likewise involving land that doesn't have a place with themselves, which in not permitting individuals to utilize this land. More often than not, this land could be utilized for much better sources, for example, agribusiness, new lodging, production lines, and in any event, expanding the urban focuses limits. (Anne and Paul Erlich. The Population Explosion. Auntobiographical Incident - My Shahada Essay Pg. 36) In the less evolved nations there is an untalented work power, leaving the nation with a next to no pay, and this is the place overpopulation turns into an issue. This makes some significant snags of the arrangement for sufficient lodging. By virtue of the low earnings, there is normally just enough cash for basics and thusly can't bear the cost of better lodging. The less evolved nations face an absence of capital, .

6 Disappeared LinkedIn® Partner Applications and What to Do About Them Part IV TripIt and SlideShare

6 Disappeared LinkedIn ® Partner Applications and What to Do About Them â€" Part IV TripIt and SlideShare The saga of the disappeared LinkedIn Partner Applications continues with this weeks episode TripIt and SlideShare! For more LinkedIn tips please visit How to Write a KILLER LinkedIn Profile e-book! TripIt TripIt was an application that allowed LinkedIn users to report easily on their travel plans. Disclaimer: I questions the wisdom of publicizing ones travel to LinkedIn, since I’ve heard stories of people who post this type of information and whose houses get robbed while they are away. However, if you do feel comfortable letting the world know when you will be traveling, you might wish to follow these steps which were provided directly from TripIt: Dear Traveler, A friendly reminder to link your TripIt and LinkedIn accounts in order to continue accessing and sharing trips with your LinkedIn network. As you may have heard from LinkedIn, they have redesigned the LinkedIn profile page, which will no longer include your TripIt My Travel app. Dont lose your access: Link my accounts. We hope you like the new and improved experience! Learn more about TripIt and how it can help you organize all your travel plans into one master mobile itinerary. By the traveler, for the traveler, The TripIt team The basic idea here is that you can log your travel in TripIt and easily share it to your LinkedIn profile. You can even sign in to TripIt using your LinkedIn username and password! Once logged in, enjoy the magic and convenience of keeping all your travel information in one place (I havent used it fully yet but am intrigued by the possibilities! Theyve got a great video you can watch at https://www.tripit.com/trip/show/id/64396342. Happy travels! SlideShare In May 2012, LinkedIn acquired SlideShare for $118.75 million. Although the SlideShare application no longer exists, you can bet LinkedIn wants you to keep using this resource! You can log in to SlideShare with your LinkedIn username and password and import your LinkedIn profile information to complete your SlideShare profile. With a single click, you can follow all your LinkedIn contacts through SlideShare, thus ensuring that you receive notifications of their updated content and comments. When you add a new presentation, document or video to SlideShare, it will *automatically* post as an Activity Update on your LinkedIn profile! Plus, if your settings allow it, you can automatically post to LinkedIn when you “favorite” a SlideShare presentation. Heres what your update might look like in LinkedIn Signal: For details on the above tips, see SlideShare Content Sharing with your Professional Network on LinkedIn, posted on the SlideShare blog on January 9, 2012. Finally, you can always post the link to a SlideShare presentation to your Summary or Experience sections by clicking on the box with the blue + sign. Once you click on that box you will be brought to a box where you can paste a link: How do you get the correct link for your presentation? In SlideShare, go to your list of presentations: Click on one of the images and you will be brought to the page with the presentation: Copy the URL from the upper left corner and paste it into the box on LinkedIn. The presentation or video will then be part of your permanent LinkedIn profile until you decide to remove or change it! Next week: How to accommodate for the disappearance of the WordPress application. See you then!

Powerful Women and Submissive Women in Njals Saga and the...

Powerful Women V. Submissive Women by Sean Conolly Ancient societies and their cultures traditionally provided women with no access to power. It was nearly universal for women to be treated as subservient to men while being expected to behave mildly and submissively. The New Testament makes no exception. The Apostle Paul explains that through Christ, women are absolved of constraints that the social hierarchy imposes on them, but he later goes on to explain that even in Christ a religious hierarchy still exists. By acknowledging that women are inferior to men in both the social and religious circles, Paul presents women as subordinates. This contrasts with Njal’s Saga. Through the saga’s characters Gunnhild, Hallgerd, and Bergthora,†¦show more content†¦This suggestion is eventually confirmed when she successfully convinces the King to accept Hrut as a bodyguard (Njal’s Saga, 8). Even though the King is the superior, Gunnhild still possesses the ability to influence him. Her influence demonstrates her ab ility to assume and exercise a degree of power. It is through her power that Gunnhild goes on to instigate a chain of events. After having Hrut as a lover for several seasons, Gunnhild reasserts her power when Hrut asks to return to Iceland. Though she lets him return, she sends a curse along with him. She says, â€Å"If I have as much power over you as I think I have, then I cast this spell: you will not have sexual pleasure with the woman you plan to marry in Iceland, though you’ll be able to have your will with other women. Neither of us comes out of this well, because you did not tell me the truth (Njal’s Saga, 13).† The curse she places on Hrut actually comes true (Njal’s Saga, 16). Hrut cannot please his wife and Gunnhild’s desire to hold a degree of dominance over Hrut is fulfilled. Because Hrut wants to please his wife but cannot, his desires are unfulfilled. This suggests that Gunnhild’s demands and desires are superior to those of men. It is the demands and desires of a woman t hat instigate events. The author immediately presents Gunnhild in the very first significant

How Gender Role Socialization Effects Girls More...

Adolescents are faced with many difficult life decisions which, when coupled with their lack of self-knowledge, cause identity crises. Not secure in themselves, teenagers must make decisions concerning how they will act, with who they will associate with, and what life decisions they will choose. Ultimately, the progression by which they determine their identity must inevitability be one of trial and error. In the book Reviving Ophelia, clinical psychologist Dr. Mary Pipher discusses the social and cultural pressures faced by today s adolescent girls based on her individual clients’ stories. This paper will examine how gender role socialization effects girls more specifically, depending on the teenage girls’ developmental level. Another crucial theme to be analyzed is the idea coined as lookism and the American culture, which according to the book is a determination of a woman s value based solely on appearance. Another common factor in each of the case studies p resented by Pipher is the theme of resisting authority and shutting out parental guidance substituting help with media and peers. By analyzing these young girls’ stories, it is clear to understand why young girls find themselves going down the wrong path growing up. As girls enter adolescence they are forced to decide who they want to become and how they want to be seen. Young girls growing up are under extreme pressure to conform to the ideals that society has deemed appropriate. In Reviving Ophelia,Show MoreRelatedComputer and Internet in Education13526 Words   |  55 Pagesatrisk teens. Abstract The increasing amount of time children are spending on computers at home and school has raised questions about how the use of computer technology may make a difference in their lives—from helping with homework to causing depression to encouraging violent behavior. 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A Worn Path Free Essays

â€Å"A Worn Path† describes the journey of an elderly black woman named Phoenix Jackson who walks from her home to the city of Natchez to get medicine for her sick grandson. The landscape as Phoenix perceives it becomes a primary focus of the vividly evoked narrative; nature is depicted as alternately beautiful and as an impediment to Phoenix’s progress. As she walks, she struggles against intense fatigue and poor eyesight, as well as such obstacles as thorn bushes and barbed wire. We will write a custom essay sample on A Worn Path or any similar topic only for you Order Now The combined effects of her old age, her poor vision, and her poetic view of the world heighten the lyricism and symbolism of the narrative. For example, she mistakes a scarecrow for a dancing â€Å"ghost† until she draws close enough to touch its empty sleeve. A particularly tense episode occurs when she encounters a white hunter who appears friendly at first, but then makes a condescending suggestion that she is probably â€Å"going to town to see Santa Claus. † When he inadvertently drops a nickel, Phoenix distracts him and manages to pick it up, feeling that she is stealing as she does so. The hunter suddenly points his gun at her, and while he may have seen her pick up the nickel, it is unclear what his actual motivation is for this threatening gesture. Phoenix, however, does not appear afraid; the hunter lowers his gun and she manages to continue on her way unharmed and without returning the nickel. Finally reaching the â€Å"shining† city of Natchez, Phoenix enters the â€Å"big building†Ã¢â‚¬â€presumably a hospital—where a nurse questions her about her grandson, asking if he has died. Phoenix remains strangely quiet at first, as if deaf to the nurse’s questions. She then apologizes, claiming that her memory had suddenly failed her—that for a moment, she could not remember why she had made her long journey. The story concludes with Phoenix’s heartfelt description of her grandson, whose throat was injured several years ago when he swallowed lye. She declares that he is not dead, receives the medicine for him, along with another nickel, with which she decides to buy him a Christmas present—a â€Å"little windmill. â€Å" How to cite A Worn Path, Essay examples

Contemporary Ethical Dilemma

Question: How are recent developments in IT creating challenges for ethical behaviour? Can IT be used to make people and or organisation behaviour more ethical? Answer: Challenges for ethical behaviour in recent development of Information Technology (IT) In these modern days, information technology is the soul for every people as well as business. The business organisation uses information technology to provide information to other, transaction of online purchase, communicate customers, etc. Apart from that, people use information technology in order to make an integral connection with the relatives. However, Schneider (2012) argued that lack of responsibility as well as rights in developing Information Technology in business creates ethical dilemma. The contemporary ethical dilemma in recent development of IT affects badly to the business especially in their capital outlays. Following are the ethical dilemmas that rise in recent development of IT in business Intellectual Property: Fathian and Akhavan (2006) suggested that in order to success in business, creation of intellectual property is an effective method. Therefore, business success closely depends on the intellectual property for business marketers regarding development of IT. Through IT, organisation can able to take ideas from others in terms of improving business. However, McMillan (2005) cited that hacking of information of the companies creates difficulties to utilize. Software privacy: It is the key challenges as the growth of IT is high. Aronson et al. (2008) depicted that use of illegal copies of software increase higher. Due to lack of privacy, software industry in United State faces total $18 billion in 2010. Computer Crime: In these present days, IT used widely with emergence as well as development of computer technology. Therefore, several attackers programmed different types of virus in order to create illegal activities such as theft of information, financial fraud, online harassment, sabotage, virus infection to personal computer, etc. According to the research report of Swindall (2010), in 2008 there was 85 percentage victims who faced computer crime in different ways. Job Displacement: This is the most important and worried ethical dilemma of development of IT. Development growth of IT in this present days decrease the man power in business. As a result, the population in the world faced difficulties to get job. Use of IT forced the business organisation in decreasing their staffs from workplace that is one of the great examples of ethical dilemma of recent development of IT. However, Herman (2012) argued that lack of sufficient resources especially human resources creates difficulties to manage the overall organisational process properly. Use of IT for organisational of peoples Ethical behaviour Aronson et al. (2008) presumed that use of IT could allow the people or organisation in business more ethical in terms of improving. Information Technology has several aspects that make the people as well as organisation more ethical such as gain time to focus on function of core business, increasing purchasing and scale power, improve monitoring and control, reduce extra costs, etc. For example, use of SAP ERP or Oracle Advance Control can make the organisation in attaining more ethical behaviour towards business such as SAP ERP allows organisation to connect stakeholders in one system. Thus, management or the administration department can track the entire working process from one place. It not only helps in increasing performance, but also helps in monitoring the key issues that faced by the organisation. Reference List Aronson, Z., Reilly, R. and Lynn, G. (2008). The role of leader personality in new product development success: an examination of teams developing radical and incremental innovations. International Journal of Technology Management, 44(1/2), p.5. Fathian, M. and Akhavan, P. (2006). Developing a conceptual model for the assessment of intelligence in buildings. Facilities, 24(13/14), pp.523-537. Herman, C. (2012). Time for a New Standard In Developing Standards. Biomedical Instrumentation Technology, 46(2), pp.152-152. McMillan, J. (2005). Ethical review and ethical behavior. BMJ, 330(7489), pp.473-473. Schneider, M. (2012). Developing Entrepreneurial Leaders. Organization Management Journal, 9(4), pp.280-280. Swindall, W. (2000). Clean technology and communication. Clean Products and Processes, 2(2), pp.0075-0075.

One basic assumption of Black-Scholes model Essay Example Essay Example

One basic assumption of Black-Scholes model Essay Example Paper One basic assumption of Black-Scholes model Essay Introduction One basic assumption of Black-Scholes model is that the stock price is log-normally distributed with constant volatility. However, in option market, does this assumption hold? In our paper, we try to show how wrong Black-Scholes is by challenging this assumption and illustrate the difference between Black-Scholes and real world. Method used to exam mispricing problem of Black-Scholes model About Mixlognormal: The probability distribution of the stock price might be made up of a mixture of two lognormal distributions, one for the possibility of an increase in share price and the other one of a decrease. In this way, we can capture the empirical distribution of stock price; its shape must be more accurate and accordingly more likely to be the same as the distribution of the company’s share price in the real world. One basic assumption of Black-Scholes model Essay Body Paragraphs (Precisely, if we can employ more lognormal distributions to obtain the possibility for the movement of share price, we would get better distribution to describe real world.) Therefore, we could simply test the accuracy of Black-Scholes model by comparison. About Data: We chose Six Continents as our target company to do our analysis and made a comparison between its mixlognormal distribution and Black-Scholes lognormal distribution. We chose Feb 19th as the big event date for the company, because there was a takeover bid from the management of Pizza Express on that day. The share price of Six Continents jumped more than 10% on Feb 19th and the trading volume increased more than 200%. The dates before and after the big event date are Feb 18th and Feb 20th respectively. Following this way, the mispricing drawback of Black-Scholes might be detected more easily due to the noise of big event. Interpretation of the results Using the Excel VBA programme, we got the Black- Scholes lognormal distribution and mixlognormal distribution for these two particular days. The lognormal distribution of Black-Scholes is shown in blue and the mixlognormal distribution is shown in pink. Figure 1 Mixlognormal distribution and lognormal distribution for Six Continent options on 18th, Feb 2003. Figure 2 (Figure 1 and 2 are consistent with each other. Both illustrate the option is mispriced by Black-Scholes.) Comparing these two distributions (i.e. figure 1) of the date of Feb 18th, we find that: 1, the mixlognormal distribution has a fatter left tail and thinner right tail than the lognormal distribution (This phenomenon is also supported by empirical evidence when some people analysed the S;P 500 index), and 2. Both sides of the tails in mixlognormal distribution are longer as well. 3. The right tail is longer than the left tail. For the first finding, it means that in the more accurate scenario, the volatility used to price a low strike price option (i.e. a deep-out-of-the-money put or a deep-in-the-money call) is higher than that used to price a high-strike-price-option (i.e. a deep-in -the-money put or a deep-out-of-the-money call). The second finding means that the Black-Scholes lognormal distribution chops some small probability events, but in fact, these small probability events do exist in real world. The explanation of the third finding is that the bid proposal for Six Continent leaked before the announcement date. Investors have taken the probability of takeover into consideration and predict the price will go up. The probability of the share price going up is bigger than the probability of its going down, the right tail is longer. Figure 3 Mixlognormal distribution and lognormal distribution for Six Continent options on 18th, Feb 2003. Figure 4 Comparing the mixlognormal figure with the lognormal one (i.e. figure 3) of the date of Feb 20th, we find that: 1. This relationship of the two distributions is similar to those of the date of Feb 18th. 2. The left tail is still a little bit fatter and the right side a little thinner in the mixlognormal than that of lognormal. 3. The right tail is longer than of the left tail. The interpretations of this figure are the same to the above ones. From the above comparison and analysis, we can find the reason that Black-Scholes model is often shown to misprice out-of -the money and in-the-money options relative to their at-the-money counterparts: the assumption, which states that future stock price have a lognormal distribution and equivalently future returns have a normal distribution (which both results from the assumption of stock prices following a geometric Brownian motion.), is invalid. If this assumption is neglected, the risk neutral probability density does not necessarily fall into the family of lognormal distributions but can be shaped differently. This implies, that lognormal parametric estimation of risk-neutral probabilities leads to wrong result. When we move the two mixlognorma l distributions (i.e. figure 6) together and also the two Black-Scholes distributions (i.e. figure 5) together, it is obvious to find that beside the mean of the share price moving to high level, the volatility shape changes a little. The left tail of figure before the big event dates is much fatter than the left tail of the figure after the big event date. Figure 5 Lognormal distributions of Six Continent options on 18th and 20th of Feb 2003. Figure 6 Mixlognormal distribution of Six Continent options on 18th and 20th of Feb 2003. This is understandable if we accept the explanation for the volatility smile when concerns leverage. It says that as a company’s share price declines in the value, the company’s leverage increases. Thus the equity of the company becomes more risky and its volatility increases. When the company’s share price increases, leverage decreases, then the equity become less risky and its volatility decreases. Since the bid for the Six Continen ts was accepted as favourable news for the shareholders, the share price had a big jump. According to the above explanation, its shares become less risky and thus lower volatility, so the left tail becomes thinner. Conclusion We estimated risk neutral density of equity option prices and compared mixlognormal distribution and lognormal distribution before and after big event. We found that the assumption (stock prices are log-normally distributed) of Black-Scholes does not hold in the real world and this hole can make the options mispriced. Appendix 1: The raw data of lognormal distribution for Six Continent options on 18th, Feb 2003. Trade 18-Feb-03 Maturity 16-Apr-03 r 0 T 0.1561644 F 554.5 sigma 0.4091905 mkt call strikes BS theory Sq Error moneyness weigted sq error 196 360 194.58 2.01 194.5000 0.0103 166.5 390 164.89 2.59 164.5000 0.0157 138 420 135.86 4.57 134.5000 0.034 101.5 460 99.5 3.98 94.5000 0.0421 69 500 67.93 1.14 54.5000 0.0211 38 550 37.88 0.01 4.5000 0.0032 17.5 600 18.77 1.62 45.5000 0.0356 7 650 8.34 1.8 95.5000 0.0188 2.5 700 3.36 0.75 145.5000 0.0051 1 750 1.25 0.06 195.5000 0.0003 0.5 800 0.43 0 245.5000 0 18.53 0.1862 Appendix 2: The raw data of lognormal distribution for Six Continent options on 20th, Feb, 2003. Trade 37672 Maturity 37727 r 0 T 0.15068493 F 615.5 sigma 0.36813434 mkt call strikes BS theory Sq Error moneyness weigted sq error 256.5 360 255.5013903 0.997221354 255.5 0.003903019 227 390 225.5132704 2.210364876 225.5 0.009802062 197 420 195.5835263 2.006397745 195.5 0.010262904 157.5 460 156.0819138 2.010968563 155.5 0.012932274 119.5 500 118.0715084 2.040588233 115.5 0.017667431 76.5 550 75.70383997 0.633870793 65.5 0.009677417 42.5 600 42.91727918 0.174121912 15.5 0.011233672 21 650 21.38061239 0.144865789 34.5 0.004199008 9 700 9.401761762 0.161412513 84.5 0.001910207 3.5 750 3.688784898 0.035639738 134.5 0.000264979 1 800 1.308782808 0.095346823 184.5 0.000516785 0.5 850 0.425705755 0.005519635 234.5 2.35379E-05 10.5163 1797 0.082393295 Appendix 3: The raw data of mixlognormal distribution for Six Continent options on 18th, Feb, 2003. Trade 18-Feb-03 Maturity 16-Apr-03 r 0 T 0.1561644 F 554.5 F1 613.42684 sigm1 0.0050015 F2 545.13413 sigma2 0.4331614 p 0.1371431 Cmarket X Cimplied (Cmarket-Cimplied)^2 Implied sigma by BS 196 360 194.6650299 1.782145105 0.605651935 166.5 390 165.1475618 1.82908915 0.53766516 138 420 136.4577704 2.378472184 0.502173454 101.5 460 100.7421585 0.574323782 0.454991983 69 500 69.60810609 0.369793012 0.424942163 38 550 38.86792249 0.753289445 0.410555737 17.5 600 17.00376787 0.246246324 0.393289282 7 650 6.928636732 0.005092716 0.38547187 2.5 700 2.914632833 0.171920386 0.382378979 1 750 1.14301875 0.020454363 0.394114927 0.5 800 0.422795028 0.005960608 0.417111769 8.136787075 Appendix 4: The raw data of mixlognormal distribution for Six Continent options on 20th, Feb 2003 Trade 20-Feb-03 Maturity 16-Apr-03 r 0 T 0.1506849 F 615.5 F1 631.64945 sigm1 0.005 F2 613.47651 sigm a2 0.3942533 p 0.1113462 Cmarket X Cimplied (Cmarket-Cimplied)^2 Implied sigma by BS 256.5 360 255.5039835 0.992048772 0.684121728 227 390 255.5291768 2.163320768 0.634591317 197 420 195.6487533 1.825867624 0.544725925 157.5 460 156.3364319 1.353890697 0.457835271 119.5 500 118.6654525 0.696469529 0.411053745 76.5 550 76.50974266 9.49E-05 0.380098628 42.5 600 42.7445391 0.059799374 0.363618501 21 650 20.42471433 0.330953606 0.363939585 9 700 9.572591543 0.327861075 0.362150688 3.5 750 4.077689599 0.333725272 0.363395708 1 800 1.597153827 0.356592693 0.351554917 0.5 850 0.581926491 0.00671195 0.376206304 8.447336279 We will write a custom essay sample on One basic assumption of Black-Scholes model Essay Example specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on One basic assumption of Black-Scholes model Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on One basic assumption of Black-Scholes model Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

The Nine Nations of North America

The Nine Nations of North America The 1981 book The Nine Nations of North America by Washington Post reporter Joel Garreau was an attempt to explore the regional geography of the North American continent and assign portions of the continent to one of nine nations, which are geographic regions that have consistent qualities and similar features. The nine nations of North America, as proposed by Garreau include: The FoundryMexAmericaThe BreadbasketEcotopiaNew EnglandThe Empty QuarterDixieQuebecThe Islands What follows is a summary of each of the nine nations and their qualities. Links in the titles of each region lead to the complete online chapter regarding that region from the book The Nine Nations of North America from Garreaus website. The Foundry Includes New York, Pennsylvania, and the Great Lakes Region. At the time of publication (1981), The Foundry region was in significant decline as a manufacturing center. The region includes the metropolitan areas of New York, Philadelphia, Chicago, Toronto, and Detroit. Garreau selected Detroit as the capital city of this region but considered Manhattan an anomaly within the region. MexAmerica With a capital city of Los Angeles, Garreau proposed that the Southwestern United States (including Californias Central Valley) and Northern Mexico would be a region onto itself. Stretching from Texas to the Pacific Coast, MexAmericas common Mexican heritage and the Spanish language unite this region. The Breadbasket Much of the Midwest, stretching from northern Texas to the southern parts of the Prairie Provinces (Alberta, Saskatchewan, and Manitoba), this region is essentially the Great Plains and is, according to Garreau, the heartland of North America. Garreaus proposed capital city is Kansas City. Ecotopia Named after a book of the same name, Ecotopia with a capital city of San Francisco is the liberal Pacific Coast from southern Alaska to Santa Barbara, including the Washington, Oregon, and Northern California metropolitan areas of Vancouver, Seattle, Portland, and San Francisco. New England Consisting of what is traditionally known as New England (Connecticut to Maine), this region of the nine nations includes the Canadian Maritime provinces of New Brunswick, Nova Scotia, Prince Edward Island, along with the Atlantic province of Newfoundland and Labrador. The capital of New England is Boston. The Empty Quarter The Empty Quarter includes everything from about 105 degrees west longitude to Ecotopia on the Pacific Coast. It also includes everything north of the Breadbasket so it includes all of Alberta and Northern Canada. The capital city of this sparsely populated nation is Denver. Dixie The Southeastern United States except for Southern Florida. Some refer to Dixie as being the former Confederate States of America but it doesnt travel directly along state lines. It includes southern Missouri, Illinois, and Indiana. The capital city of Dixie is Atlanta. Quebec Garreaus only nation that consists of a single province or state is Francophone Quebec. Their constant efforts at succession led him to create this unique nation out of the province. Obviously, the capital of the nation is Quebec City. The Islands Southern Florida and the islands of the Caribbean comprise the nation known as The Islands. With a capital city of Miami. At the time of the books publication, this regions main industry was drug smuggling. The best available online map of the Nine Nations of North America comes from the cover of the book itself.

Strategy- the question below Essay Example | Topics and Well Written Essays - 500 words

Strategy- the question below - Essay Example expected to rise gradually and record a steady flow of revenue, the economy is going to recover, and consumers are going to have more disposable income available for purchasing both premium and private label brands. This will enhance the average transaction sizes for grocery stores and supermarkets. According to Quelch, the Supermarkets and Grocery Stores Industry, which is in the mature stage of its life cycle, will be in the next couple years preceding 2019.The supermarkets and grocery industry contribution to the GDP of the economy is predicted to remain flat. An industry’s contribution to the economy is measured by the industry’s value added or simply (IVA).However, the country’s GDP is expected to rise to an estimated average level of 2.5% annually despite the fall in the growth of the supermarket industry. According to Korda, 2012, an industry is terms as declining when its growth falls below the GDP’s annual growth level. This should however not ala rm you because supermarkets and groceries have in the past-recorded low profit margins leading to a lowering of the whole’s industry contribution to the economy. Other factors contributing to the industry’s slow growth include the intense competition in the food retailing industry which cays a reduction in the profit margins of the retail stores. The introduction of new entrants to the industry (Edli and Aldi) are bound to result in lower profit margins for our company in the future if necessary measures are not taken like adopting a cost advantage strategy. There are a number of reasons why the supermarket should adopt the cost advantage strategy. Berinstein, 2003, argues that a firm pursuing a cost-leadership strategy attempts to gain a competitive advantage primarily by reducing its economic costs below its competitors. Wm Supermarket is a big supermarket. It therefore has the advantage of economies of scale. The supermarket has a very high level of production and is therefore able to buy and use

Response Paper Essay Example | Topics and Well Written Essays - 250 words - 4

Response Paper - Essay Example The eye determines what it should see depending on the prevailing circumstances. A photographer has to ensure that the environment is conducive in order to take a high quality picture. It is true that some backgrounds such as metal work, jewelry, and precious stones have a big impact on the gaze of people (2). In order for people to have a good gaze, they need to wear unique clothes and ornaments that can easily attract the eyes. The mobility of the camera makes viewpoint clear on film and television. In modern days, there are big and sophisticated cameras that can take view from any angle. The sophisticated cameras ensure that images are viewed very clearly and allow easy capture of objects (4). Mirrors played a big role in the design of cameras; mirrors reflect gazes and eyes of individuals who are looking at them. The continuous change in technology has transformed the world of gaze and surveillance. In modern days, there are more powerful cameras that take both still images and videos in an easy way. Cameras have been imbedded in phones, meaning that any person can take pictures without necessarily having photographic

Analysis of Global Corporate Strategies: Honda Case Study

Analysis of Global Corporate Strategies: Honda Case Study Introduction Honda may be the worlds leading automobile manufacturer, but the company is far more than cars. Some might assume that part of Hondas success came from its rich Japanese heritage and discipline, some might attribute the companys success to Hondas efficient and manufacturing and unique manufacturing system, which continues to turn out some of the industrys most impressive cars. However, thats only a very small part of the company strength. Managers who hope to emulate Hondas success must look beyond its administration and manufacturing system. The many pieces that comprise Honda from applications to management philosophies to products, combine to create a growth machine that is remarkably consistent. Therefore, this report is carried out to analyze the global corporate strategies adopted by Honda Motors and other world-class automobile makers. A) Compare and contrast the meaning of business level strategy and corporate level strategy in a global context. Business level strategy is a strategy that concerns developing competitive advantage. A firm must be able to supply a product or services more closely fitted to clients needs than rival firm. (De Witt and Meyer, 2004, pg. 667) By integrating and coordinating the sets of commitment and actions, a firm gains competitive advantage by exploiting core competencies in specific product market. In the Honda case study, it is clearly shown that Hondas strategy of right-first-time or build in quality give Honda the competitive advantage by going against the theory of the western management model which says that: high quality cost more and took longer, low cost meant low quality; fast delivery cost more and risked low quality. (De Witt and Meyer, 2004, pg. 667) By adopting the right-first-time strategy, Honda saves a lot of money and time due to the reason that less wastage will incur and also the save on the time of testing the product again after it was completed. With the money and time save d, Honda can concentrate on further research and development plans. Corporate Level Strategy on the other hand is mainly is concerned with what type of businesses the company should venture in to compete with the development and coordination of that portfolio of businesses. Corporate Level Strategy is made up of strategic plans at the highest organization and corporate level. It involves portfolio analysis, diversification and primary structure. It is not restricted to one particular area such as marketing, personnel, production/operational or financial implications, all the departments that were mentioned are all taken into consideration. For multi-business firms, corporate level established the allocation of resources such as cash, allocation of staff, equipments and other resources are being distributed. In addition, because market definition is the domain of corporate-level strategists, the responsibility for diversification, or the addition of new products or services to the existing product/service line-up, also falls within the realm of corpor ate-level strategy. The corporate level strategy that Honda adopted to venture in the automotive industry from a motorcycle manufacturer has shown result by being the top manufacturer in the world for economy and midsize cars, compact SUVs and midsize SUV. (http://google.mini20.com) B) Critically evaluate the process of reconciling dichotomies at Honda Motors with reference to the product-related core competencies versus process-related core capabilities dichotomy. The competitive advantage that Honda has over its competitors such as General Motor and Ford is its advanced internal combustion engines which can be found in all the various model of Honda Motors, which is an evident that Honda has successfully reconciled dichotomy. Let us take an example of the Honda case study, when all the players in the automotive industry are doing nothing to reduce pollutants due to the traditional view of pollutant can only be reduced by cleaning up the pollutant after combustion. Honda on the other hand did not believe on that view and after RD, came out with a CVCC (compound vortex controlled combustion) engine which will be able to reduce the pollutant in the internal combustion by lowering the maximum combustion temperature. At the same time, while its competitors do not believe in a car can be both fuel economy and engine power, again Honda do not believe in that and manage to introduce its VTEC (variable valve timing and lift electronic control) engine which in normal mode, the electronic controlled fuel injection system will control the fuel thin mixture which provide economy; while accelerating, the electronic controller will then allow a fuel rich mixture to provide significant more power. On the process related core capabilities, Honda has sought to combine the advantages inherent in what have normally been seen in the West as dichotomous. It is a norm for automotive manufacturer to produce with the traditional chain driven line which is controlled by a centralized system in the assembly line, which need very little skilled workers, what they needed is those workers that can obediently follow the instructions given to do the same job repeatedly to cut down on the cost of production. Honda on the other hand sees things differently. It has experimented on the free flow system which allows the worker to control the unit that is going to be assembled. The worker will confirm that the unit is in satisfactory condition before it will be sent to the next assembly point. That way, the cost of retesting the unit in later part will be eliminated. In addition to that, workers could be given a sense of control over the production process since they could make the decision that th e task has been carried out properly and should be sent to the next assembly point. In this way, efficiency and dignity can be combined. Again Honda has did things differently by over turning the traditional Western thinking that both efficiency and dignity could not exist at the same time. Another example of Hondas success is the production planning. Unlike its competitor which, completely adopting the large lot mass production production line system which, means that the production is organized to produce thousands of identical or virtually identical products in a row or series. In this system, at the expense of the product variety, cost reduction is achieved. Honda on the other hand, planned its production on a batch basis. Even though it is still implementing the large lot mass production, it had developed a small batch production system. With the system implemented, the units are sent down the assembly line in batches in which each vehicle is exactly the same including its colors. Workers therefore execute exactly the same task for each batch. Components are delivered to the assembly line in batches which exactly match the vehicles they will be fitted into. The objective is to combine the advantages of large lot mass production (simpler logistics and quality contro l, less error, and easier to program schedule) and small lot production (ability to offer a wider range of products to customers and greater worker involvement and satisfaction). Question 2 A) Too much Debt and Risk of Bankruptcy Mergers and acquisitions do not always benefits a company that initiates it. It will be very costly for a company if the decision of MA is made wrongly. Lets take Proton in Malaysia and QQ in China as an example; both are vehicle manufacturer in their respective country. QQ is not doing very well in China, but Proton is eyeing on the huge low cost vehicle will have in China market. Proton hopes to get into the huge low cost vehicle market in China by merging or acquiring QQ. The first obstacle could incur is the high legal expenses. Proton paid a huge amount of money for the legal expenses to acquire QQ and right after that the amount of debt that QQ is carrying will be transferred under Protons custody. Investment on RD is the next step in order to produce the right type of vehicle for the low cost vehicle market in China which may take a long time to develop, and then followed by the advertising and promotion. All the steps that were mentioned earlier will require a big amount of f unds that it is impossible for Proton to have. The only alternative is to seek back up from finance company. Adding up the debts that QQ is having previously and the exposure of Proton from the finance company, the debts are too much for Proton to handle. If the ROI was not realized as what Proton has forecasted, Proton will have a very high risk of being sued bankruptcy by the finance company or the debtors. B) Potential for Product Synergies It has long been viewed that product market synergies are key drivers of mergers. Mergers are a quick way to potentially increase product offerings if synergies arise from asset complementarities. One important dimension of synergies is the ability of merging firms to create new products and differentiate themselves from rivals when merging firms have complementary assets. Rhodes- Kropf and Robinson (2008) model similarity and asset complementarities as a motive for mergers but do not present direct evidence of their importance. In competitive markets, mergers are a quick way to potentially increase product offerings to increase product differentiation if synergies are important. Thus, firms may have incentives to merge with _firms that have different skills or technologies that increase the ability to introduce new products through synergies. However, because acquirers may be better at managing similar products due to managerial expertise and familiarity, mergers offering greater pr oduct similarity can also add value. There is thus a tension between merging with a firm whose product is very similar, and a firm whose skills or technologies are different enough from rivals to help differentiate the acquirer. C) Access to New Technologies and Emerging Markets Benefits such as access to new technologies and emerging market generate cost efficiency by having economies of scale and gain in market share can be obtained from having MA. For example, Chinas Chery and Japans Mitsubishi. If MA were to happen between this 2 company in 2 different country, it will be a win win situation for both parties. Firstly, Chery as a new player in the automobile industry would not have the technology to manufacture high performance engine, but by having MA Mitsubishis technology is accessible by Chery, in order to make sure that even Chery is a Chinese company but owns Mitsubishi technologies in its engine. It is very crucial to portray the image of Chery as a China product with Japans technology to ensure that a larger market share can be captured in China itself. Secondly, if Mitsubishi wanted to venture into China which is an emerging market it would not be easy due to the cost issue. To set up a manufacturing plan in China is the only way to deliver the v ehicle to the customer in the fastest way, but by doing that if the demand for their vehicle is not what Mitsubishi has forecasted, the will be in the financial upset stage. Therefore, by having MA, Mitsubishi can train the local staff to be more skillful to handle their assembly job. All they have to do is send in the parts for the local employees to assemble. In that way, the cost of operating a manufacturing plant can be eliminated and will be able to meet customer requirement of a shorter time to receive the vehicle that they have ordered. Question 3 A) Using information from relevant literature on Corporate Social Responsibility (CSR), and appropriate examples from global automotive makers and suppliers; explain the impact of CSR on organizational performance in both financial and non-financial areas. CSR is defined as open and transparent business practices that are based on ethical values and respect for the community, employees, the environment, shareholders and other stakeholders, in short is a form of corporate regulation integrated into a business model. CSR basically do not take into consideration that how a firm spends it money but what is the way used by the firm to make money. In financial areas for those who are in the automotive industry, the most impact that CSR will create lies within the environmental issue. All of us that are living in todays world are talking about environmental friendly. As all of us know that while fuels are burned to create energy to move a vehicle, it will create pollutant to our environment. Therefore, those who are in the automotive industry must seriously take this factor into account to improve on the technology of the engines to reduce the amount of pollutant being release by vehicles into our environment. In order to do that, it will req uire RD, and that will automatically require a lot of funds to be invested in. To recap on the above phase of what is the way used by the firm to make money, the way used by the firm to make money in this case is environmental friendly by investing in RD so that the engine will release lesser pollutant to be more environmental friendly. In addition to that, for those loyal and skillful staff, the company should send them for training in Head Quarters for their carrier advancement. That will at first cost funds from the company but once they are back from training, their productivity and skill will be improve and in other words will transfer into profit for the company. As for the non-financial areas, those companies which put weight on CSR will have a better reputation among the end user. For example, Honda organizes a one day activity for all his staff to help clean up the city or organize tour to visit old folks home and orphanage. As an end user, I will have a feeling that even t hough Hondas final objective is to make money but it did have the consideration to give it services back to the society. B) Compare and contrast Japanese and Western strategic leadership model by reference to Table 5 in the Honda case study. Explain which of the two model you prefer, and why? There are 2 different kinds of management models in the Honda case study. Let us now compare the 2 models and later part decides on which model is more suitable for todays business. Let us compare the two models by the category. In Western management system, the work process model shows that its employees are categorized in the are those employee who just do their daily job but do not have a thought of how to improve on their job and they poses no skill to do their job. The Japanese on the other hand will have workers that are the thinking type and are multi-tasking. The production organization and logistics in the western management model will produce large lot production and just in case logistics and uses the push system; where as the Japanese will only have small lot production and just in time logistics and uses pull system. In the organization, westerners practice vertical type of management, fragmented duties and individually responsible for the action they have done. Japanese on the other hand practice horizontal type of management, broad duties and the group will be responsible even if the actions are cause by individual doings. As for the labor relations, the westerners will be more on job control focus, cross-company unions and hire and fire. Unlike the westerners, the Japanese emphasize on employment condition focus, enterprise unions and job for life. In the industry organization set up, western management model separates firms and have a distant inter-firm relations. The Japanese on the other hand believe in Keiretsu families and close inter-firm relations. Overall, the western management model is based on mass, standardized and fordist; where as the Japanese is lean, flexible and post-fordist. In my opinion, both of the model has its pros and cons. Therefore, the best thing to do is to integrate both of them. For example, a firm should implement horizontal management style to allow more communication but individual for responsible so that employees will have the motivation to work hard to climb up the corporate ladder which will create value for the firm. For production and logistics, both large lot production and small lot production can be integrated so that no wastage of time if some of the parts are not supplied on time. When comes to labor relations, the firm should also uses both hire and fire and job for life. Hire and fire for those bad workers and job for life for those who is good and loyal. Therefore, no single management style is suitable for all kind of business. The important thing is to customize the theories to the type that best fits the business.

Pros and Cons of Drugs

The Pros of Illegal Drugs Many countries along with the United States have laws forbidding the possession, sale, and use of certain drugs ranging everywhere from marijuana to heroin. Though many countries classify these drugs as illegal, I believe certain ones are not as bad as people portray them as. In my mind, the illegal drug cannabis, also known as marijuana should be legalized since it can not only improve the economy but its side effects are not that foreign to other legal drugs. I believe marijuana should be legalized considering its side effects are not too extreme.Drugs such as heroin, cocaine, and methamphetamine should not be legalized. These drugs carry strong side effects and are damaging to the body, resulting in damage to the human body. A debatable point on the matter is the money these drugs produce. Some believe that legalizing these certain drugs will in turn help the suffering economy we are now facing. Though this may be true in some aspects, it is an awful idea in others. Yes, legalizing these drugs would bring in a large profit considering how pricy they are, however it also would be very harmful to the people using them.These drugs can be overdosed on very easily, and if so it can result in severe harm or even death. Marijuana on the other hand can also produce a large profit without those severe consequences. Side effects of marijuana are quite minor compared to other illegal drugs. It speeds up the user’s heart rate and causes physical impairment. The worst of its side effects are breathing difficulties and the increase in chances of getting lung cancer. These side effects are exactly the same as those of cigarette consumers.Smoking tobacco cigarettes carries the same side effects plus even more due to the buildup of tar it causes in the lungs and yet the sale and consumption of such a product is still legal. I see the use of marijuana as a combination of the consummation of alcohol and cigarettes at the same time. These side e ffects are not that bad compared to those of more potent drugs such as heroin, cocaine, and methamphetamine. The sale of an illegal drug such as marijuana could really boost the already struggling economy.If the government were to contribute to the sale of marijuana by adding a sale tax to it, it could provide the government with much needed money. The legalization of such a drug would create a high supply and demand for the product, which would allow the government to modern its sale and production. It would also provide the economy with more jobs. It would open up more employment for those suffering from the economy’s state considering the product would need to be produced and grown in large amounts.Along with the help the sale of marijuana could produce towards the economy, it would also eliminate the â€Å"forbidden fruit† variable. Young adolescents tend to be drawn into actions that they are forbidden to do. Legalizing marijuana would end that and would in turn e ven keep the use to a minimum for many individuals. There are many pros to legalizing certain illegal drugs within the United States. Legalizing marijuana would help more than it would do harm.Other drugs such as heroin, cocaine, and methamphetamine should not be legalized due to their harmful side effects, even though they would bring in a large profit. Though marijuana would not produce quite as much profit as those more potent drugs, it would still contribute greatly to the economy. It would not only provide the government with money if it was taxed, but it would also contribute to the work force. The high demand for the product if legalized would create jobs for unemployed persons. The legalization of a drug such as this would contribute to the U. S. ’s struggling economy.

Strategic Planning

â€Å"Tomorrow is built today† – Each of us knows very well that our decisions and actions or non-actions of today will shape our future tomorrow. The collective consciousness of this fact and our efforts in the direction of a better future can definitively work in order to make the future what we like to see – the future can be provoked! Mind rules not only heart and body but all the respective issues in this world. The strategies of life are created by man with his ideas and approaches. â€Å"Think twice before you speak† is a familiar term in day to day life, this statement has got a deep meaning within itself, i.e., before you are about to say something think bout what you are going to speak and what would be it's outcomes later on. It is well said that if you want to achieve something in life, dream for it and plan how to achieve that goal or objective once getting started. Things always gets complicated for a person if the tasks involved in it are not familiar to that very person who was suppose to finish it off. It's always said that, two are better always rather then working single because two people working together makes things possible easily n quickly, thinking bout it's outcomes in advance and the result that comes out is always systematic and best possible. Some human beings follow others footsteps and some create their own ideas and work hard effectively and efficiently for attainment of their goals and objectives. Achievements never knocks at the door after dreaming bout them. One has to work out in real to achieve such tasks. As our day routine gets started we do look for a change so that the coming day should be better in comparison to the previous one. The major aim of most of the people in today's world is profit(monetary) and goodwill and yes definitely a long term well know never ending name in the market place just not in their country but most of the parts of the world. Future remains in hand if a task or work is performed efficiently and effectively keeping in mind all the basic operations which are supposed to be included in that known task. Life has changed a lot with real life competitions and challenges coming up day by day. Whatever step one moves should be effective and well balanced as the other could be smarter and experienced then what he/she is. Challenges not only arise within individuals but also within group of people and competitors. Each and every movement should be well planned and then only should be undertaken for its progress. For the highest level of stability one has to adopt advance skills and objectives as these only help in attainment of goals and objectives. STRATEGIC PLANNING Strategic planning is a management tool, period. As with any management tool, it is used for one purpose only: to help an organization do a better job – to focus its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization's direction in response to a changing environment. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. A word by word dissection of this definition provides the key elements that underlie the meaning and success of a strategic planning process: The process is strategic because it involves preparing the best way to respond to the circumstances of the organization's environment, whether or not its circumstances are known in advance; nonprofits often must respond to dynamic and even hostile environments. Being strategic, then, means being clear about the organization's objectives, being aware of the organization's resources, and incorporating both into being consciously responsive to a dynamic environment. The process is about planning because it involves intentionally setting goals (i.e., choosing a desired future) and developing an approach to achieving those goals. The process is disciplined in that it calls for a certain order and pattern to keep it focused and productive. The process raises a sequence of questions that helps planners examine experience, test assumptions, gather and incorporate information about the present, and anticipate the environment in which the organization will be working in the future. Finally, the process is about fundamental decisions and actions because choices must be made in order to answer the sequence of questions mentioned above. The plan is ultimately no more, and no less, than a set of decisions about what to do, why to do it, and how to do it. Because it is impossible to do everything that needs to be done in this world, strategic planning implies that some organizational decisions and actions are more important than others – and that much of the strategy lies in making the tough decisions about what is most important to achieving organizational success. The strategic planning can be complex, challenging, and even messy, but it is always defined by the basic ideas outlined above – and you can always return to these basics for insight into your own strategic planning process. Strategic planning is only useful if it supports strategic thinking and leads to strategic management – the basis for an effective organization. Strategic thinking means asking, â€Å"Are we doing the right thing?† Perhaps, more precisely, it means making that assessment using three key requirements about strategic thinking: a definite purpose be in mind; an understanding of the environment, particularly of the forces that affect or impede the fulfilment of that purpose; and creativity in developing effective responses to those forces. Strategic planning has also been described as a tool – but it is not a substitute for the exercise of judgment by leadership. Ultimately, the leaders of any enterprise need to sit back and ask, and answer, â€Å"What are the most important issues to respond to?† and â€Å"How shall we respond?† Just as the hammer does not create the bookshelf, so the data analysis and decision-making tools of strategic planning do not make the organization work – they can only support the intuition, reasoning skills, and judgment that people bring to their organization. Finally, strategic planning, though described as disciplined, does not typically flow smoothly from one step to the next. It is a creative process, and the fresh insight arrived at today might very well alter the decision made yesterday. Inevitably the process moves forward and back several times before arriving at the final set of decisions. WHAT DO YOU THINK THE FUTURE MIGHT BE? WHAT KIND OF FUTURE WOULD YOU LIKE TO SEE? Competitions and challenges in the market or in a working concern is the primary aspect .it bothers all the managers of a growing concern in way or the other. Whether, it is the product (which they deal in or going to launch in the market), price (what should be the price related with other substitutes available in the market), longevity (what would be its demands in future), uniqueness (how it would be different from the other products) and rather endless number of features. Production is concerned with costumers, their tastes, choices. Mood differs from one body to the other. Nobody have the same kind of needs or wants. Thereby products also vary in prices, weight and size. Production is always carried out keeping in mind the perfect market situation. The basic aim of every individual is to earn profit and goodwill in the market. The stability and up-to-date growth is a must concern. To achieve all the goals and objectives all the plans are well made and accordingly strategies are designed. A strategy not only helps in a unique start of work but also gives the best outcomes of the efforts made for future. It takes years to earn goodwill in the market; therefore it is a must to make plans whatever is effective for the start-up of the work. End numbers of features are taken in consideration by any of the famous well-known company or industry whoever are the known leaders in the market. Sum of the known features are: * Members: the number of people who are going to lead the environment and the owners of the business concern. Most of the business concerns have partners. They have to aim at the goals and objectives, moreover, decide what their future would be. They are the only leaders to decide the nature of their business and what would be the size and how globally it should be recognised. They look out for not just competitors but also have to follow some law and orders of the government. These owners employ experienced staff as managers to work under them and employees to work under managers known as subordinates. Owners are the decision makers. * Capital: investments or the amount to be engaged into the business is one of the important feature without which nothing could be worked out. * Product: plans are made regarding the product that has to be brought up in the market. number of issues are considered like, costumers and their choices, other resembling or same usage products that would come up or already exists in the market,. The managers have to decide, how their products would be unique and how it would be better then the rest of the companies' products available in the market. How it would be cheaper and what goodwill would it bring to the company. Whether it has the future or not in the major aspect considered. * Market: strategies relates to market size and its globalization as well. One has to think bout customers and tends and fashions in the market. Managers have to plan out for the best market for their companies' products and its variations. * Machinery and equipments: new methods of production are used with new techniques available so that product could be easily made with less time consumption. Therefore, experienced and well defined staff is appointed and supervisors always motivates the employees and brings in new innovative ideas regarding production. * Available resources: A strategy not only helps in effective production but also helps in usage of resources available. Less wastage results in more profit and best outcome. * Employ welfare: Board of directors gives utmost respect to their employees and take care of their employees whether they are managers or subordinates by providing them with comforts and teaching them the new innovative ideas. They also give them bonus for their effective and efficient hard work they put on for production. * Exports-Imports: strategies are designed on the matter for exports of products and markets for trade are searched in a way or the other to earn profit and goodwill. They also take care of the importers from whom they have to but the raw material and stuff for production. A strong relation could only be maintained if the company have well detailed strategies regarding their work performance. * Strengths and Weaknesses: managers or the board of directors make plans to overcome the weaknesses whatever they could be. The strategies are designed in such a way that it lasts long and have enough strength to overcome every declining effect. A long lasting performance can only be obtained if the growing concern gets hold of their weaknesses. * Web page: as internet has proved to be one of the best sources in business relationships of most business companies. Owners make it a point to design their company's web page in such a manner that each and every product and its features along with price details are easily understandable. Strategies are made to achieve goals and targets not only through internet but also globally. Concluding with an Example: Longview Solutions and Marks & Spencer Take Planning to New Heights THIS IS MARKS & SPENCER Marks & Spencer is one of the UK's leading retailers of clothing, foods, homeware and financial services. Operating within approximately 12.5 million square feet of selling space, serving ten million customers a week in over 340 UK stores, Marks & Spencer employs more than 67,000 people. The company also trades in wholly owned stores in the Republic of Ireland and Hong Kong, and has over 150 franchise stores in 28 countries operating through a network of partnerships. In 2002/2003, Group turnover was in excess of à ¯Ã‚ ¿Ã‚ ½8 billion. SITUATION With extensive operations in the United Kingdom, Marks & Spencer required a financial planning, actual reporting, and reforecasting solution to be used by all stakeholders in the planning process across all business units, service areas, and stores. There was a requirement for consistent, cohesive data that could be viewed and reported upon at various levels of summarisation from individual budget holders to a consolidated Group position. BUSINESS CHALLENGE The Marks & Spencer objective was to approach the planning process in a professional manner, passing accountability to individual commercial budget holders. The existing process was spreadsheet-driven and time-consuming with a heavy reliance upon the Finance Group to manipulate and consolidate the data, leaving less time for challenging and detailed analysis. SOLUTION Marks & Spencer considered five critical factors in its decision process – Product, People, Policy, Principles, and Price. Marks & Spencer selected Corporate Performance Management (CPM) application Khalix(r) by Longview Solutions because it best met their needs on all five key performance criteria. Khalix was able to: * Provide Marks & Spencer with a single, accurate version of the financial truth through one central repository of data * Delegate ownership and accountability for budgets and plans back to the commercial budget holders * Reduce the overall time required to achieve an approved, realistic budget * Meet Marks & Spencer's need for a flexible solution that could adapt and grow with the company * Perform â€Å"what-if† analysis during budget creation, to facilitate better decision-making and minimise risk * Provide Marks & Spencer with a solution that would fit with their corporate technology standards and future requirements * Achieve consistency of reporting across similar business units RESULTS With Longview Solutions' Corporate Performance Management application, Marks & Spencer is able to provide excellent service to internal customers and has achieved the following results: * Speedier and more accurate budgeting and planning process, with an overall reduction in process time. * High visibility of consistent, accurate data which is accessible to all – â€Å"One version of the financial truth† * Successful ownership for budget-setting to the appropriate level and clear visibility of ownership and accountability of planned performance at all levels of business * Ability to spend time analysing and challenging the plan, removing risk, and exploiting opportunities to achieve a realistic plan * Strong relationship between the Longview Solutions and Marks & Spencer teams, which has resulted in a high level strategic partnership that is helping shape future product direction * Ease of maintenance for database changes and reporting Thus Strategic planning brings in longevity and prosperity for modern corporations. Bibliography: TEXT BOOKS: -Strategic Management Business Policy by Thomas L. Wheelen and J. David Hunger. (Ninth edition). -Strategic Management by John L Thompson. -Strategic Management-An Introduction by Ronald Rosen. -The Strategy Process-Concepts, Contexts, Cases by Henry Mintzberg and James Brian Quinn. -Strategic Management by Cardiff Business School Cardiff University. -Sir John Harvey- Jones, Past chairman ICI, 1987 WEB: -http://www.longview.com/customersuccess/M&S.asp -http://www.lordofthewebs.com/portfolio/StrategicPlanning.asp Strategic Planning Strategic Planning MGT3880: Leadership for Organizations George Henson Strategic planning is a process of optimism by an organization. It anticipates the future of the organizational goals and strategically plans how the organization will achieve those goals. Strategic planning involves several steps in its process those steps are; (1) strategic thinking including external analysis, (2) internal analysis, (3) identifying key strategic issues, (4) developing viable strategic alternatives, and (5) choosing the best strategy using as criteria whatever the company defines as â€Å"success† (Abraham, 2012).The â€Å"Opening Bell Cafe† requires a strategic plan to ensure effectiveness so that new clientele, products and profits are within reach in the near future. The â€Å"Opening Bell Cafe† is a new organization and a revised strategic plan can assist with tackling new goals and growth for the organization over the next three years. This organization is very distinct because it offers services and products that exclude them from other leading competitors. In particular, the organization is responsible for employing individuals with great customer service and providing the client with quality individuals and extraordinary services.Also, the organization capitalizes on its stellar training of culinary and customer service skills which separates it from other competitors. The organization members are required to understand the organizational policies and are the first to ensure that the employee’s and client’s needs are addressed. The managers of the organization are responsible for deciding the direction in which the department should go, what the company should produce, and hence in what industry it competes (Abraham, 2012).Understanding the organization’s competitors, identifying the customers, rather they can provide and how the company will continue to remain profitable is the management’s responsibility. In order for the strategic plan to be effective the direction of the company must be understood. The student believes that the current direction is understood but is not being implemented correctly. The company knows what they want to offer; good products and great services this will allow the organization to compete with leading competitors.The menu of this organization differs from the cafe products to catering services and menu. The organization is aware of who the customer is but is unaware of how to meet them which is a weakness of the organization. During this strategic planning process a SWOT analysis must be completed to understand the organizations strengths, weaknesses opportunities and threats of the organization. The SWOT analysis is a straightforward model that provides direction and serves as a basis for the development of marketing plans (Danca, 2012).The SWOT analysis is being conducted for the benefit of meeting certain goals, the organization has to address the strengths an d weaknesses internally and the opportunities and threats externally. The â€Å"Opening Bell† has several strengths but the employee relations and effective differentiation are two of the organizations strengths. Opening Bell Cafe is a respectable employer and values its employees. They ensure that the employees feel a part of the team which increases employee relations so that everyone has a pleasant experience with Opening Bell Cafe.Effective differentiation is the second strength of the organization. Effective differentiation permits the organization to study the competition and questions if they offer the same as competitors. While studying the group has to be realistic about behaviors that will allow the organization to compete with leading brands while identifying ways to improve. These strengths allow the organization to offer well trained employees and recognize products the competitors do not offer. Exploiting the strengths give the Opening Bell the ability to market and promote ahead of the competition.Weaknesses of the organization need to be understood in order for the organization to have growth and tackle goals. One weakness of the organization is the narrow product line and poor marketing skills. Having a narrow product line limits this company from competing with other cafes’ that offer a selection of breakfast, and lunch. Poor marketing skills limited the organization from reaching millions of potential customers. Just recently the organization established a website which means the people who do not go utilize their stores or catering was unaware that the organization exists.Strategically the company can avoid these issues by planning for new menu items and developing a marketing strategy. If the company can begin to offer more products and reach potential clients the organization can increase growth, revenue and earnings. Capitalizing on opportunities can be beneficial to the organization as well. The opportunity has a specific technical definition; it is a product-market issue (Abraham, 2012). The company can address this situation by creating a new product for an existing market. Opening Bell can also, expand the market for an existing product.Creating new products and expanding on existing products can bring about new clients which can offer the organization appeal from their competitors. Such small changes can be huge when competing with leading brands such as Starbucks or Dunkin Doughnuts. Threats can be unfavorable to any company however identifying threats can help the company when strategizing. The threats for the Opening Bell consist of competitors having stronger brand names and the downturn in the economy. All consumers are currently aware of the leading brand names of Starbucks and Dunkin Doughnuts.Since Opening Bell is aware of these leading brand names they have to offer variations of products and experience. The leading brands do not offer delivery which means that local companies can phone in orders or even order online. Experts say that, â€Å"a downturn in the economy can mean that customers are spending less† (Anonymous,1990). After the threats are identified the organization can work towards increasing customer relations. After conducting the SWOT analysis the student has identified areas that are crucial toward the strategic planning process.The crucial areas are employee relations, poor marketing skills, expand the market for an existing product, and expanding on new products. If these areas are continuous strengths of the organization the organization can focus on other areas that may need restructuring. Employee relations are a part of the operational aspect of the business. Managers are required to guarantee that the organization employees know what to do and how to do it. For this aspect to remain an organizational strength it is essential that all employees know how to communicate effectively.One expert states, â€Å"In order to cope with competitio n, technological developments and customer demands, managers seek different solutions and tools to manage the unstable, rapidly changing, and never predictable situation which involves communicating effectively† (Johansson, 2008). This statement shows the organization that in order to continue growth in the industry the organization should continue focusing on employee relations. The organizations poor marketing skills have to be addressed in order for the strategic plan to be effective.It seems that at the present time the organization does not possess a marketing team or manager. The Opening Bell cannot dismiss what marketing the organization can do for the growth of the company. Having a marketing team who can promote the organization and improve customer relations will be valuable for the organization. The organization should put a budget together that permits marketing opportunities. This issue cannot be overlooked any longer the â€Å"Word of Mouth† marketing stra tegy has gotten the organization so far and now the growth is at a cessation.The organization has to utilize the tools of the internet and television to compete with the leading brands. Having a marketing team who can create promotional opportunities for customers can increase customer acquisition. The strategic plan has to improve the marketing skills of the organization. Expanding the market for an existing product can be challenging but the organization can grow from improving something that is already prevalent for other brands. Since, the organization utilizing fresh ingredients there is nothing like freshly baked cookies and homemade hot chocolate.There is already a market for these items and making them fresh to order with like a fifteen minute wait time would be fulfilling for the consumer. The hot chocolate would be a great in markets where the winters are cold and something warm is always desired One expert states that, â€Å"In fact, line extensions may be the answer to building sales and moving your company in a whole new direction† (Mischina, 2004). Being able to expand can open a whole new avenue for the organization that has not been offered by the leading competitors.Expanding on a new product for an existing market can create long-term growth for the organization. In today’s world of healthy eating offering gluten free product or even allergen free products on the daily menu can set the organization apart from leading competitors. These new products can provide a much needed solution to a giant problem that others have not offered yet. The previously mentioned areas are essential to the strategic plan of the Opening Bell because they provide an avenue on what is being done and what can be done to further advance the organization.The external analysis which entails observing, analyzing, and understanding what is changing in a company's external environment to anticipate what the future might hold has been completed (Abraham, 2012) . Secondly, the internal analysis involves knowing analyzing, and understanding everything about the company itself, especially what makes it a strong competitor or why it isn't as strong as it could be (Abraham, 2012). Both of these steps in the strategic planning process have been completed. The key strategic issues have been identified and managers are working on resolving the issue.Annual objectives will be set also, to measure these critical challenges. To measure the success of the strategic plan the Opening Bell will utilize the metrics of revenue growth and the return of investments. These two measuring tools can allow the organization to measure the success or failures of the organization. Revenue growth is used more often when a firm's revenue growth has been inadequate or flat, or when issues of market share and market positioning are strategically significant (Abraham, 2012,).The organization must measure the growth of revenue to warrant an effective strategic plan. Meas uring revenue growth allows the leader to be aware of rather the organization is prepared monetarily for the strategic plan that has been set forward. Also, the strategic plan sets forward what the allotted monies will be used for and how. Secondly, the return of investments can measure the success of the strategic plan. A ROI is a profitability measure. When utilizing the ROI managers should be aware that ROI can measure the performance of the organization, managers and its business units.Lastly, the strategic plan should include strategic implementation because it’s the only way to boost ROI and increase your chances of success (Evans, 2012). Both of these metrics are capable of measuring the success of the strategic plan which can help any adjustments that need take place to guarantee the company is headed toward success. For an organization such as the Opening Bell Cafe a strategic plan will help to provide sustain the ups and downs of this uncertain economy.Planning stra tegically can ensure that the organization meets goals that they have established. All of the strategic planning process steps have been addressed and will be implemented in the near future. Effectiveness is only possible when all employees are on the same page with one another and when a directive is put into place for all to follow. Indeed, the organization is new to the industry but they have found that revising the strategic plan can lead to growth for the organization. Reference Abraham, S. 2012) Strategic Management for Organizations. San Diego, CA: Bridgepoint Education, Inc. Retrieved from: https://content. ashford. edu/books Anonymous. (1990). 1990 SWOT Analysis. Retrieved from: http://som. csudh. edu/depts/cis/meyadat/ClassesPage/CIS502/casestudies/SWOT Danca , A. (2012). SWOT Analysis. Retrieved from; http://www. stfrancis. edu/content/ba/ghkickul/stuwebs/btopics/works/swot. htm Evans J, (2012). 8 Steps to Boost the ROI of Your Strategic Planning Efforts. Retrieved from: http://www. vancarmichael. com/Management/5844/8-Steps-to-Boost-the-ROI-of-Your-Strategic-Planning-Efforts. html Johansson, Catrin (2008). Speaking of change: three communication approaches in studies of organizational change. Corporate Communications 13. 3 Retrieved from: http://search. proquest. com/docview/214190184/ Mishina,Y. (2004), Are more resources always better for growth? Resource stickiness in market and product expansion. Strat. Mgmt. Retrieved from: http://onlinelibrary. wiley. com/doi/10. 1002/smj. 424/abstract

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