Strategic Aims and Objectives for Businesses

Setting up strategic aims and objectives is very helpful for the business, so that they will be able to measure their progress towards their stated goals for a particular business period of time. Aims indicate where the business wants to be in the future, whereas objectives set a clearly defined target for the business. For Merlin Entertainment business, their aim and objective is to be one of the leading entertainments in the world; just like what others aim to be. This aim can then be broken down into objectives. Their objective is to give the people the good service with a very low cost; to increase sales and at the same time meet the customers’ satisfaction. In business, a good set of objectives should be SMART:Specific – the objective must be clearly stated and focused. Measurable – in order for thee business to see how it is performing against its objectives, it needs to be able to quantify its performance. Achievable – for an objective to be useful, it needs to be something that the business is in a position to achieve. Realistic – it is no good for a business to set itself unrealistic goals because it will inevitably fail; this is bad for morale, and worse for share prices. Time-related – the objectives must be related to a timescale, otherwise there will be no real impetus behind the objective and measurements of the performance will be unreliable.For Merlin Entertainment, their objective is specific, being one of the leading entertainments in the world, it is easy to understand and everyone can tell that they have been successful in achieving it since in the beginning. Their objective is also measurable, within the period of time the growth of the number of people going to the Thorpe Park can said to be increasing as the year goes by, even when the year of the recession. There you can tell that it is progressing and is so close to their objective.Objective is achievable, many people already know about it and t hey enjoy going there. It is not impossible to achieve their objective to be the world’s leading entertainment since they provide good service and satisfactory. It is also realistic, it is already happening and everyone can tell that they are close in achieving their objectives. Being the best entertainment in the world can  be real if they continue to perform good services to the people and they maintain their good reputation. And lastly, the objective must be time-related, they should take into consideration that a deadline is also included so to make the objective measurable. That is the reason why the Merlin Entertainment has a clear understanding of their objectives to be aware of their roles and responsibilities in achieving them.

Business Ethics Reflection

When one is faced with ethical dilemmas he or she needs to look at the situation as a whole and determine what the outcome of the situation would be and to whom it may effect. As I remember facing a dilemma when asked to write this paper what came to mind was haven to decide how I was going to confront a fellow employee on knowing that she was stealing money and that she was abusing our friendship by coming into work late on a regular basis. She was a single mom of one and was struggling to make ends meet but that gave her no right to steal from the company and do not make it right to take advantage of our friendship. My dilemma was that of having to report her. This person took advantage of our friendship while working together and to me that makes it harder at times to report a person to those of authority. I looked at her situation but that did not make me change my mind to report her. First, I made sure that it was her taking the money and I monitored the money for a week to determine about how much she was taking from the register so that I was able to have something to follow up on when I reported her. I then went to my supervisor and reported the incident and asked that we both sit down and talk to her and explain what we know and how we know of her stealing money from the register. After the sit down with this employee we let her know that there were consequences of her actions and that she was going to have to be let go from the company. We could have pressed charges against her but we chose not to since the amount of money was not a large amount. The moral issue in this dilemma is that of a person taking advantage of one’s friendship and that of losing a close friend. This person put our being friends on the line and looked at our friendship as it was okay to take the money and that nothing would happen to her since we were friends. The issue I had to face here was that of our friendship and how it would affect our families and then I had the obligation of being the office manager of reporting her since I was the one in charge of the office and responsible of what goes on in there. I as the office manager had to make my priorities to the company since her taking money could possible affect business. Yes, the money was not a large amount but after taking money for a number of days or weeks it could potentially affect profits. This person to me did not value our friendship by doing what she did because if she had she would have not put me in that situation in the first place. She did not value our friendship and she did not value her job and not to mention the position that she had put me in. Also she did not value the job that she had and put her family in harm by possibly being sent to jail for stealing. To me she did not think that she had to follow the rules of the company and that she even though she did get caught was sorry but was she sorry for getting caught or was she sorry she was losing her means of getting extra money? I am not as close to this person anymore because if she could do that then who’s to say she would not try to steal from me and my family? Social pressure does affect how people put themselves in certain situations when it comes to business. This person used her struggling to raise a child on her own to think that it was alright to steal money to make ends meet. Instead of going to the boss and asking for extra hours or even a raise to make more money she decided to take it in to her own hands and to steal money. With how expensive it is now-a-days to make ends meet people do things that they would not normally do such as stealing but that does not make them morally right. If I were to be faced with this type of situation again I think I would have done the same thing and reported it to the proper authorities. I would not want to put my job on the line to make sure a friendship stayed intact. I would have probably try to see warning signs and ask that person if there was anything I could do to help out or try to get that person more hours at work. I work from home so right now I am not put in situations such as that but thinking back I would most definitely take the same actions. I would also make sure not to work closely with good friends so that I am not put in such a situation. Keeping a working relationship but not one of a social relationship outside of work will help to keep me from having to be put in the type of dilemma.

Putting Physical Activity Where It Fits in the School Day Essay

Putting Physical Activity Where It Fits in the School Day - Essay Example The intervention that was applied was the ABC (Activity Bursts in the Classroom) for Fitness, which was reported to incorporate brief bursts of activity in the classroom setting throughout the day at the discretion of the teacher. The results indicated that the proposed intervention, the ABC for Fitness Program, was effective in improving academic performance, physical fitness, reduce medication use, and even preserve teaching time. As disclosed, there were limitations in terms of the population not being an effective representative of the cross-section of the children; the use of a relatively small sample size; and virtually limited intervention and follow-up periods. Overall, the study provided relevant insights on the feasibility of classroom-based fitness program without impairment of academic instruction. The reporter found the study beneficial and useful to various academicians and health practitioners in terms of promoting health through the identified ABC for Fitness Program. Its applicability is relatively easy and would not hamper any existing instructional methods or the need to use special resources. As disclosed, the 30 minutes recommended daily physical activity could significantly improve identified crucial variables such as academic performance, physical fitness, and even the use of medications for ADHD and asthma. This study proves that through innovative techniques and with the assistance of dedicated and committed educators, the goals for health promotion programs (HPPP) could be achieved.  

Self-Analysis Paper Essay Example | Topics and Well Written Essays - 2500 words

Self-Analysis Paper - Essay Example It is a relatively common understanding that adjustment to society is different for each individual and, based on each person’s unique life experiences, people have created different coping mechanisms to deal with complicated life events or situations. With the aforementioned in mind, the pursuit of a counseling degree seeks to satisfy a personal need to take an individual who is confused, frustrated, concerned or otherwise unable to cope and help them to rationalize the specific reasons as to why others in society behave the way they do or why the individual requiring counseling should learn self-reflection to achieve their maximum capabilities. The end result of both casual and intensive counseling will only serve to provide society with a well-adjusted individual who is able to contribute successfully in areas of business, marriage, academics or in general society as a whole. Being able to take an individual who is experiencing life difficulties and assist them to become a well-rounded and thoughtful person is the very nature of counseling and is the largest rationale for the pursuit of this degree. From many viewpoints, this is the very nature of counseling: To create positive relationships and establish, within the individual , a sense of self-understanding which helps them to achieve in a variety of situations. This is what making a difference is truly all about. According to McCarthy and Leierer (2001), an ideal counselor consists of an individual who is dedicated to serving the public welfare and is willing to create deep, meaningful relationships with people who require a helping hand. Additionally, an ideal counselor maintains nurturing traits which involves a wide variety of listening skills, mature and thoughtful discussion, and remains focused on dedicating time and resources to a single individual in the pursuit of assisting in their own self-development. The very nature of seeking this

Critical Infrastructure Protection Essay Example | Topics and Well Written Essays - 750 words

Critical Infrastructure Protection - Essay Example c. Responsibilities-This particular unit performs various responsibilities pertaining to cross sector leadership and overarching leadership. The unit is also responsible for addressing all those broad complexities in relation to the federal system of the government (GAO, 2011; Homeland Security, 2009). 2. Explain what Critical Infrastructure Protection (CIP) initiatives are, what are protected, and the methods used to protect our assets CIP is referred to as a concept which signifies the responses that are made to tackle serious incidents involving the critical infrastructure in a particular region. In the concerned article of Government Accountability Office (GAO), CIP initiatives are: all round cyber security guidance in seven most vital sectors i.e. material, nuclear reactors, banking and finance, health care, information technology, water and solid wastes. The broad initiatives being rendered by CIP are specifically meant for protecting the above mentioned broad sectors. The meth ods used for protecting the assets included unique operations that mainly consisted of risk alterations (GAO, 2011; Homeland Security, 2009). 3. ... critical infrastructure. In relation to maintenance of critical infrastructure, the IS professionals need to consider the aspects of cyber security to a very large extent. Ensuring cyber security requirement of high level of technical knowhow inculcates accelerated level of critical thinking for analyzing the broad aspects of cyber security. The online atmosphere also consists of numerous amounts of hackers and malicious users who perform different illicit and unauthenticated activities in the web. They are also responsible for misinterpretation of facts and figures and gathers authenticated and restrictive information for the sole purpose of misuse. IS professional need to be well aware of such entities (GAO, 2011; Homeland Security, 2009). 4. Evaluate the Effectiveness of IS Professionals In Regard To Protecting the U.S.’S Critical Infrastructure The contributions of IS professionals in relation to protection of U.S.’s critical infrastructure is ideal in the context o f infrastructural development. The IS professional have greatly utilized the broad aspects of cyber security guidance in an in depth manner. This concept has been utilized not only in national but also in the international context, which is one of the broadest contributions that is served from the part of the IS professionals. In addition, they are also serving various purposes pertaining to the factors associated with improving the current Federal system in the U.S. All the activities reflecting from the parts of IS professionals aimed at a particular objective i.e. diversification of the infrastructural facilities and improving it thereby. The IS professionals are also responsible for improving the federal information systems, which is being carried out in alliance with National

The necklace Assignment Example | Topics and Well Written Essays - 500 words

The necklace - Assignment Example The entire story is a symbol of amoral materialism and pettiness among the French bourgeois of 19th century. The necklace itself is a symbol of extravagance. The story tells the struggle of Mathilde to pay back for the necklace and the ten years spend by her for a necklace that is worth nothing The story has a moral which is that one should not desire for things which one cannot afford. In this story, Mathilde comes from a poor background. She is not satisfied with what she possesses. She in greed borrows diamond necklace from Madame Forestier and loses it and had to repay her a large amount. However the necklace was fake and Mathilde loses both money and peace in life. So greediness is an evil and people should be happy with what they have. The story teaches us not to borrow things or money unnecessarily. It is also not good to live a pretentious life. If we borrow things unnecessarily we may end up in trouble. Mathilde did not have the need to borrow necklace from her friend. She did because of her greed for wealth and attention. However she ends up in trouble for nothing. In an effort to impress others she and her family end up in problem. There is also a moral that pride goes before a fall. The story does not have a happy ending. In the end, when Mathilde realizes that the diamond necklace was fake, she feels that she lost everything because of her greed. She lost her money, house, and youth in greed of a necklace which was fake. She felt as if was she was deceived by her obsession for jewelry and wealth. She had a normal life before her debt but when she desired for the necklace she was putting herself in trouble. After she loses necklace she falls in debt of paying a huge amount to her friend. In the end she is only left with shame and regret. She is ashamed of getting cheated by her friend, ego and pride. The regrets for sacrificing her life in paying debt. In the end she is left with

Cultural Diversity Essay Example | Topics and Well Written Essays - 250 words

Cultural Diversity - Essay Example The Bia people, for instance, form a basis of tourists attraction through their cultural art products and cultural festivals.The Dia, like other cultures such as the Mosou, also enrich the Chinese tourism industry by adding to diverse cultural values. However, tourism management is significantly decentralized to the different cultural groups, governmental institutions together with the private sector have been keen on stimulating efforts to promote culture based tourism. This means that cultural diversity has been embraced in the country and used to promote tourism (Wale, 2011, p. 57- 68). Managing cultural diversityDiversity is a common occurrence in every society. In the United States, for example, immigration has infiltrated the job market with a diverse mix of people from different countries and cultures. This has created barriers to communication and operations in organizations. In order to harmonize potential threats of cultural differences, the American Management Association proposes a management approach that identifies different cultures in an organization. This can be achieved through statistical surveys within organizations. The identified cultures should then be publicized and embraced in the organization (AMA, 2006, P. 1). This theory of managing diversity is consistent with Greek’s approach to managing cultural diversity in its tourism. The approach has been successful in promoting the country’s tourism to international standards (Wale, 2011, p. 57- 68).

Officer Mohammed (Tribute Speech) Essay Example | Topics and Well Written Essays - 500 words

Officer Mohammed (Tribute Speech) - Essay Example He never hid his pride about me. He treated me different from all other grandchildren, always protected me, and taught me what it takes to succeed in this life. Even though he had his good and bad days, my grandfather was so sensitive to the needs and interests of those around him. His charitable deeds cannot go unnoticed. He extended his charitable hand to the needy, poor, and orphans. He taught me that success and good performance is rewarded by taking me and my brothers to Egypt and giving me monetary rewards for my academic excellence during his life years. His memories run fresh through my mind. When I almost lost my life he was there to save me. This was the time I almost drowned at sea. Luckily Officer Mohammed was there to rescue me. After that, he took it upon himself to teach me how to swim, so that in a repeat situation I can save myself or any other person in need of my help. Amid his outstanding character and personality, my grandfather had one critical weakness; he is not the listening type. Notably, listening skills are vital in any level of interaction between persons (Downs, 2008). His quest for adventure was only satisfied by driving around the city. My father’s concern over my grandfather driving himself landed on deaf ears. He needed not the services of our family driver. An effective and efficient communication (Wood, 2009) never existed in Officer Mohammed’s world. He said and did what he wanted. His poor sight resulted in a road accident that saw him in a coma for 3 days. When he regained consciousness, he asked my father and my uncles to pass his greetings to me and let me know that he was so proud of me. Sadly, these were the last words he uttered soon after the 3-day coma, and that marked the end of his life. This was hard for me to bear because I was in the U.S from 2009 to 2010. I never got to say Good Bye to my beloved

Work Based Practice Project Essay Example | Topics and Well Written Essays - 3000 words

Work Based Practice Project - Essay Example vascular dementia, medical conditions such as pick’s disease substance induced dementia must be first ruled out in order to com to this diagnosis. The accurate assessment of DAT is done through extensive testing Psycho – motor testing and neuroimaging as well as standard lab work to mention but a few deficits are found in the following areas. This study is based largely on experience gained through the ongoing with Care Company who wish to develop a training capability in Dementia care. This research will be involved working intensively in an Elderly Mentally Infirm registered residential home. The purpose of this research is to outline ways in which training can be use to help staff develop into reflective practitioners. This study concerns a case study examination of Care Company from which permission has been obtained. It is hoped that this research will contribute to the company’s development and implementation of health sector goals and objectives. Studies done have indicated the major signs of dementia are forgetfulness. A condition called mild cognitive impairment is observed first. This is the stage that describes the situation where one develops normal forgetfulness that is due to old age and the commencement of dementia. People that find themselves as victims of this MCI generally experience problems that are related with memory and thinking capacity. This however does not interfere with their daily undertaking. Several studies have been done to develop the major causes and symptoms that are associated with dementia. According to Biernacki (2007) the major cause attributed to Dementia is the damaged brain cells. Damage to the brain cells causes breakdown of communication making it impossible to translate the different undertakings of the body for instance thinking and behaviour. This can be explained by the through looking at the composition of the brain. From the studies done, the brain is made up of several distinct regions. Each region

Gender Differences in Discourse Essay Example for Free

Gender Differences in Discourse Essay The ability to communicate with our fellow human beings makes us distinct from other living beings. The chapter has made it very clear that speaking is not conversation. Conversation is a collaborative effort by both the speaker and the listener. Our success much depends on how well we can interact with people around us. It much depends upon understanding certain factors called ‘social dynamics’ in conversation. In the essay â€Å"Women Talk Too Much† Janet Holmes makes it very clear that it is a wrong notion to think that women talk more than men. She says it is an assumption based on stereotypes. On the other hand, she says that it is men who talk more. There is no proof to say that men are biologically programmed to talk more than women. It is just the social conditions that promoted the wrong notion that boys are more active than girls and they talk more. She says it is entirely disagreeable. I find quite interesting to know that it is boys who interact more in the class rooms than the girls. Then, the author claims, how it can be said that women talk more than men In the second essay of the chapter, Tony Kornheiser makes a distinction in the communication style of women and that of men. He feels that women are very particular about everything and they have more to say than men have. He makes a point saying that women do not think life is as simple as men believe it to be. A conversation that turns into a lecture is definitely boring as Deborah Tannen points out in the essay â€Å"I’ll Explain It to You†. The most frustrating experience for anyone is when a conversation turns into a lecture. I feel it is not only boring to women but also equally tedious to men. There has been much literature on gender biased language and there is a gradual change in the use of language to sound neutral. Ronald Macaulay also agrees with Janet Holmes and says that many of the notions are myth and they have no validity scientifically speaking. It is rather social conditioning that has played a key role in imparting opinions that have no basis. Clive Thompson’s essay on how computer software can identify accurately whether the writer is a man or woman is quite interesting, His questions the many of the commonly held ideas about the differences between the two sexes. (407 words) Chapter6: Media Speak. What we know about the world is from media only. Our perception of the world is influenced by the media which presents it. The billions of dollars spent on TV ads clearly indicate the power that the media enjoys. Undoubtedly, the advertisements that come on television and newspapers and magazines have tremendous influence on us. Within a span of a century there is a great change in the media. Now the world is increasingly dependent on oral media where as it was mostly written word in the beginning of the last century. With the aim of reaching more number of audiences, the quality of language used in TV news and shows has become very low. Neil Postman and Steve Powers, rightly point out that the dependence on the image has made a great shift in news making. The highly quality visuals have replaced good language with low level popular language. They argue that it is not just language but also our views and opinions about the world are getting corrupted. The general saying is â€Å"a picture is worth a thousand words† but in the present days when news is re-created or re-presented, it is equally true to say that â€Å"one word is worth a thousand pictures. † There is little doubt that the language used by the media is aimed at creating sensations to attract more audience. Then, I do believe that it is not exactly what happened i. e. news. The article ‘All the World in Pictures’ is very interesting and thought provoking. It has clearly explained how the language is used in mass media. It is aptly said that ‘Advertising is the driving force of consumer economy’. The world is filled with advertisements. Wherever there are people, there are advertisements. They appeal to all our weakness creating a world of fancy with eternal youth, power, enriched beauty, immediate happiness, and fulfillment of our inner needs. I feel the use of language in creating such emotional appeals is quite amazing. Advertising plays much on the psychology of people. A small fifteen second ad can effectively tempt the people appealing to their emotions by making fantastic appeals and promises. The article â€Å"With these Words, I can Sell You Anything† is very enlightening. It has made it clear how they twist the language to send their message effectively. It is a finely engineered language that creates strong images on the minds of audience. I have found it very exciting to know the how the advertisers play on the people with their language. (419 words) Chapter7: Censorship and Free Speech Freedom of speech is fundamental to American democracy. It enables every American to freely express his ideas, opinions and beliefs. Any limits to the freedom of speech are seen as a threat to the rights of Americans. It is interesting to note that the discussion lays emphasis on the equality in enjoying one’s rights. No man or woman has the right to hurt the feelings or sentiments of others. It is by respecting others rights that we can enjoy our rights well. The censorship is against the rights given in the constitution. However, it is required in some areas. The censorship and books, biased language and hate speech and certain limits on campus speech have lead to interesting debate. The first amendment has not only given the right to express ideas freely but it also has given the right to know others’ ideas. The censorship on books has been a much debated issue with different opinions. It is beyond my understanding why some books are banned totally and some are censored. When a book raises questions that lead to controversy and debate, it will help people to know what exactly the truth is. Banning is not the solution for it. The controversy over Harry Potter books, which have attracted millions of children all over the world, seems pointless. Censorship on books is dangerous as it blocks all new creative and original ideas. Censorship on biased language and hate speech is quite useful as it raises many questions in the practical use of language. It is very difficult and almost impossible to classify what makes a hate speech and biased language. I feel it is highly impossible to make a law in the absence of any valid principles regarding what comes under biased language and hate speech. Sometimes, the words may be good but the tone in which they are delivered could be full of hatred. Censorship on free speech on the campus has some good in it, as it reduces misunderstanding among the students who come different parts of the world. The campus is a place where tolerance is mostly needed. The rules prohibiting certain speech acts is good for the minority students. But it does not guarantee that no racist speech is ever heard on the campuses. (378 words) Chapter -8 The English Language Debate The debate whether English should be made official language of the US or not, is very interesting bringing out valid arguments on both the sides. The United States, the nation of immigrants, respects cultural differences of people coming from different countries. Respecting other languages, the US has not declared English as the official language. I find it very great quality of the American people for their respect other cultures. It shows their multi cultural tolerance and national unity. The unity of American people has come more from their like mindedness in political and social values and self respect than from having one language. The discussion on what is Standard English has made it clear how different forces work on language. Robert MacNeil has explored well what makes American English and what exactly it is. The argument for Standard English has its own merits with clear focus on clarity in thinking and what we are saying. It argues for care and caution in the use of language as it is central for identifying an individual. If a person neglects his language and uses it causally, it will not help him or her in the long run. As the author has rightly put it â€Å"casualization† everything in culture has led to casual attitude to language use as well. The ‘growing informality’ of language is one of the major concerns of linguists. The scholars and grammarians who prescribe rules on how language should be used are rightly called â€Å"Prescriptivists. † Especially, John Simon, who is called the Prince of Prescriptivists, holds the view that the present day language is poor, unhealthy and hopeless. He represents those who argue for perfect use of language as it helps you to communicate clearly what you are. It is with the use of language only that a person can show his distinction. If the distinction is lost, he or she will be among many who can not say clearly what they mean. It becomes a serious challenge. I feel there should be certain principles which can not be sacrificed in the use of language. The â€Å"Descriptivists†, on the other hand, just describe how the language is used by people. They do not dictate any rules regarding how English should be used. They are permissive and tolerate the new expressions and the informality in expressions. They argue that a language is called a living language only when it is spoken. When it is spoken it is natural to have changes in the language as no two people can pronounce the same word in the same way. They are free to allow new words into English as change the law of life and of language. It shows tolerance towards people who speak the same language with some regional differences. There are many examples when the language of the Black people is accepted by the grammarians and included in the dictionaries. It helps the language to grow and reflect the present day culture. The fears about what will happen to American English seem justified, but nobody can stop the changes that take place in society. I feel the changes in English are an indication of changes in society, and language is just reflecting the same. (534 words)

The importance of the Stock Market to the Economy

The importance of the Stock Market to the Economy The stock market is an important part of the economy because it organizes the resources and channels them to useful investments, in order to perform this role it must have proper association with the economy. Capital markets are important elements of a modern market based economic system as they give out the channel for flow of long term financial resources from the savers to the borrowers of capital. Stock prices of oil sector have been considered for the study. It is the most growing and important part of the stock exchange because its prices are deeply affected by the macroeconomic variables. Investor of Pakistan who invests for long term and short run will get benefit from this research. According to most of the past studies which conducted on this topic shows that macroeconomic variables which include interest rate and exchange rate directly impact on the stock prices if any changes take place in them it will directly going to affect the stock price. Macro economic variables are inversely related to the stock price. In markets, investors provide long term funds in exchange for long term financial assets offered by borrowers. The stock exchange is an important part of any country in the sense that it organizes domestic resources and channels them to productive investments. However, for this purpose it must have important association with the economy. Capital markets are main elements of a modern market based economic system as they serve as the channel for flow of long term financial resources from the savers of capital to the borrowers of capital. Efficient capital markets are essential for economic growth. With increasing globalization of economies, the worldwide capital markets are also becoming increasingly incorporated, while such integration is constructive for global economic growth. Hussainey Ngoc (2009) examined the effect of macroeconomic variables on Ghana Stock Exchange. They found that macroeconomic indicators such as lending rates and the inflation rate affect on stock market performance. Their results suggested that macroeconomic indicators should be considered for investors in developing economies. This motivates us to examine the degree to which this conclusion is applicable to another emerging stock market in Viet Nam. Huberman Zhenyu (2005) investigated that market embrace both the new issues by primary market and secondary market. Such securities might be raised in an organized market such as the Stock Exchange. As a marketplace where securities include stocks, bonds and shares are bought and sold openly with relative ease, the stock exchange is very important to the investors. The existence of a stock exchange in a capital market helps to broaden the share possession of a company and evenly distribute the nations wealth by making it possible for people in different locations to own shares in a firm in another location by purchasing the shares, bond stock through the simple mechanism of the stock market. Kandir (2008) investigated the linkage between stock price and macro economic variables for some developing countries in Eastern Asia which examined the impact of macroeconomic risks on the equity market of the Philippines stock exchange. Findings show that financial fluctuations in exchange rate and political changes on owners of Philippine equities cannot be able to explain Philippine stock returns. Mohammad et el. (2009) investigated that Karachi stock exchange is largest and most active stock market in Pakistan, accounting for 65% to 70 % of the value of the country total stock transaction as on October 1, 2004, 663 companies were listed with market capitalization $23.23 billion having listed capital of us $ 6.59 billion. Pakistans industrial exports and foreign investment today are growing at the countrys fastest rate ever. The countrys foreign exchange reserves skyrocketed to $12327.9 million in 2003-04 from $2279.2 million in 1998-99. Similarly, several Pakistani stocks are now traded on international markets. Also, foreign brokerage houses are now being allowed through joint ventures with Pakistani investment bankers to participate in primary as well as secondary markets in Pakistan. The stock exchange is not only crucial but also central to the entire mobilization process. This is because it offers an opportunity for continuous trading in securities. The purpose is to examine the impact of the macroeconomic variables which includes interest and exchange rates on the stock prices of oil sector by using regression analysis. Seven year data of both dependent variable and independent variables has been used to determine the result. The macroeconomic variables would provide more information about the stock return economic activity relationship. This would also consider other firm characteristics in order to obtain a better insight about the return generation process. Chapter two consists of literature review where as chapter three consist of methodology and chapter four consists of results interpretations. Chapter 2: Literature review Roll Ross (1980) suggested that the arbitrage pricing theory is suitable alternative because it agrees perfectly on what appears to be perception behind a capital asset pricing model. The arbitrage pricing theory is based on the linear return and generating process at the first principle which require no utility assumption. It is also not restricted to a single period. This theory is applicable in both multi period and single period cases. Arbitrage pricing theory begins with an assumption based on return generating process. There are two major differences between arbitrage pricing theory and capital asset pricing theory, first arbitrage pricing theory allows more then one generating factors. Secondly arbitrage pricing theory demonstrates that any market equilibrium must be consistent with no arbitrage profit, every equilibrium will be characterized by a linear relationship between each asset expected return and its return response. After determination of the factors in asset returns other than the market returns, the arbitrage pricing theory was introduced in order to determine the association between variables used in the study, arbitrage pricing theory stated the use of variables without the need of pre specification of variables but it did not take too long before the criticisms to appear. One foremost criticism was that, the arbitrage pricing theory can not be able to specify the factors, but just explain them statistically. This inefficiency of the arbitrage pricing theory was established even in the first empirical arbitrage pricing theory study. Ammer (1993) investigated the empirical relation between macro economic variables and stock prices in ten different countries, with a main objective is to find a links between these vaiables. The stock price decomposition is used to find the ways through which negative stock prices is associated with a positive inflation which is because of decrease in dividends and increase in real equity returns. Ammer (1993) observed in the results that generally increase in the rate of macro economic variables are directly linked with decrease in dividends and also decrease in required real equity returns. This favors the corporate tax related theories in which any change in the tax related systems affect on an increase in the rate of inflation this helps the firm in raising their cost of their capital relative to the return that has been earned by investors in the firm. Ammer (1993) investigated that In the United States (US) and the United Kingdom (UK) the suggestion of the arbitrage pricing theory model with a conditionally heteroscedastic economic factor imply that macro economic variables may increased the average amount of capital. Kaul (1995) suggested the impact of changes in monetary policy regimes, expected macro economic variables and there impacts on stock prices. Post war evidence from four countries reveals a direct link between these relations and the central banks operating targets which include money supply, interest rates and exchange rates. Specifically, the post war opposing relation has been found between stock price and in expected macro economic variables are significantly stronger during interest rate regimes. Bonomo Garcia (1997) investigated a version of the conditional capital asset pricing model with respect to a local market portfolio, which provides alternative by the Brazilian stock index during the period of 1976 to 1992. For this purpose they had selected conditional arbitrage pricing theory model by using the difference between the 30 days rate and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. Bonomo Garcia (1997) used conditional capital asset pricing model and arbitrage pricing theory models in the formation of the portfolio that consist of twenty five securities exchanged on the Brazilian market, this played an important role for the appropriate pricing of the portfolios. It has been examined that the unconditional moments of the returns series for the stock market index taken from the IFC Emerging markets data base it shows an average return in US dollars of 21.15% and an average excess return in local currency of 28.82%. For industrialized countries standards, it has been observed that these returns are exceptionally high. According to the fundamental asset pricing models such as the capital asset pricing model or the arbitrage pricing theory considered that, high expected returns getting from the security are linked with high measures of risk with respect to a number of risk factors that are going to affect directly on market portfolio. According to the capital asset pricing model, the expected return getting from the portfolio of assets is because of the covariance of the portfolio return which consists of different securities from exchange with the market portfolio return. It has been examined that the while selecting any market portfolio Two different views can be undertaken: it has been considered that the Brazilian stock market is divided into different segmented and concentrate on local risk factors which consist of macroeconomic variables that help in explaining local returns of the stocks, another way to adopt the perspective is that, international investors diversifying their portfolios worldwide by investing their funds into different market of the world in order to reduce the risk from their portfolio because if they invest in only one market with out diversifying in this way risk is high because if decline in market takes place then the investor will directly going to suffer loss on investment. Bonomo Garcia (1997) examined that they adopt the view according to which the Brazilian stock market is divided and tests a description of the conditional capital asset pricing model with reverence to a limited market portfolio, characterized by the Brazilian stock index in the IFC database. The conditional capital asset pricing model is experienced on a set of size portfolios produced from a total of twenty five securities exchanged on the Brazilian markets. The IFC emerging markets data base of the World Bank provides data on stock prices and other financial variables for both the stock index and individual stocks in a series of rising and newly industrialized countries. The Brazilian stock market is subjected by individual investors. They characterize investors in the market with minute investment knowledge or experience, they speculate in the stock market in the absence of market experience. Stocks are often bought and sold on historical prices and on market news about stock pri ces, resulting in stock market mania. Bonomo Garcia (1997) selected the total list of twenty five common shares which were listed on the brazilian stock exchange from January 1976 to December 1992. To test this model the return on individual securities has been selected, but for the purpose of getting linear result they have limit the number of variables used in this process. Bonomo Garcia (1997) examined the degree of the covariance parameters which is small in absolute value but small in variance of the surplus return. The betas of the second and third portfolios got negative values in the outline followed by their magnitudes, which increases with the capitalization value. This specifies the hight of worth portfolios which offers the best hedge against the risk. It should be seen that, by adding a second factor, all the market portfolio betas becomes lower as compare with others portfolios. Altay (2003) suggested that a range of macroeconomic variables representing the essential indicators of an economy are employed in the factor analysis processes and factor realizations of principal economic phenomena. Arbitrage pricing theory has a serious disadvantage in defining systematic risk factors. In contrast to the Arbitrage pricing theory, the market portfolio as the only risk factor in the capital asset pricing model is clearly defined. Asset prices are supposed to respond to series of macro economic procedures. A number of macroeconomic alteration influence asset prices stronger than others and some do not even influence them at all. One of the most well known Arbitrage pricing theory tests on this topic was implemented and measured by a number of important economic variables to have systematic influence on asset returns. Arbitrage pricing theory is only focused on shaping the number of risk factors that systematically give details about the stock market returns by formulating factor analysis methods. Altay (2003) have chosen five factors from the New York stock exchange and AMEX which depend on the period length and the size of the stock groups under examination. In this paper they put into practice empirical analysis to both German and Turkish stock markets and economic data. It shows that Germany and Turkey are both European countries with dissimilar levels of economic development. There are numerous earlier empirical results of the Arbitrage pricing theory for the German and Turkish Stock Markets. Monthly returns of ninety three assets are put into practice, the principle components analysis method are used in order to test the arbitrage pricing theory. The accomplishment of the maximum likelihood factor analysis method used some macroeconomic variables as possible common risk factors in the analysis. The asset prices are supposed to respond to macroeconomic factors and unexpected changes in macroeconomic factors are estimated to be rewarded in stock markets. The factor structures of the German and Turkish economy are presented by employing the same eight macroeconomic variables and stock market proxies in the principle mechanism and maximum likelihood factor analysis. In each type of analysis of German variables, four factors are extracted while only three variables are derived from Turkish variables, representing dissimilar factor structures of these two economies. Javed Aziz (2005) suggested the development of financial equilibrium asset pricing models which has been the most significant area of research in current financial theory. These models are broadly tested for the development of the market. The strength of the Arbitrage Pricing Theory (APT) model on returns from twenty five aggressively trading stocks in Karachi Stock Exchange using monthly data from January 1997 to December 2003 had been examined. Arbitrage pricing theory suggested that there are a number of sources of risk in the economy that cannot be eliminated. Javed Aziz (2005) considered in relation to economy wide factors such as inflation, interest rate, exchange rate and changes in aggregate output. Instead of calculating a single beta, like the capital asset pricing model, arbitrage pricing theory calculates several betas by estimating the importance of an assets return to changes in each factor. The arbitrage pricing theory assumes that a security return is a linear function. The arbitrage pricing theory thus specified that the risk premium for an asset is connected to the risk premium for each factor and that as the assets sensitivity to each factor increases, its risk premium will increase as well. The arbitrage pricing theory forecast that the prices of all sensitive assets in the economy conformed to the condition of no arbitrage. No arbitrage indicate that an individual investment in a well diversified portfolio could not receive any additional return merely by altering the weights of the assets incorporated in the portfolio, holding equally systematic and unsystematic risk constant. The arbitrage pricing theory stated that there is a set of fundamental sources that influence all stocks returns. The stock return is a linear function of a certain number of economic factors, while these factors are unnoticeable and not significant. In order to test the arbitrage pricing theory empirically, following approach has been used. It can simultaneously calculate approximately the asset sensitivities and unknown factors by examining factor analysis on stock returns. On the other hand, it identifies previous general factors that give details about the pricing in the stock market. Such macroeconomic variables can be those affecting either future cash flows on companies or future risk adjusted discount rates. These selected twenty four stocks are the most active stocks with just about 80% weight of aggregate market capitalization of KSE 100 index companies. In order to analyze the stability of the factors in the arbitrage pricing theory, the period is divided into two sub periods; monthly data had been selected for the purpose of examination. The schedule are reported approximately daily by the news media. The outcome specify that in the whole sample period only two priced factors are found to have exploratory factor analysis approach; in the first sub period none of the factors seems to be priced, and in the second sub period they discovered only one priced factor at the 5% level of significance. The number of priced factors seems to be very low and the consequences of this approach specify considerable instability of the explanatory power of the arbitrage pricing theory. The results of two different testing methods for the arbitrage pricing theory are nearly in the identical manner because in the whole sample period two priced factors are found. This is an encouraging result, which supports the theory. But the number of priced factors seems to be very low and the results of this approach point towards substantial instability of the explanatory power of the arbitrage pricing theory. The arbitrage pricing theory is an alternative for the Capital Asset Pricing Model in this way both shows a relation between assets returns and their covariance with other variables, where as capital asset pricing model focuses on the covariance of the market portfolio return. Huberman and Zhenyu (2005) suggested that the arbitrage pricing theory entails a procedure to identify at least some features of the underlying factor structure. Merely stating that some collection of portfolios (or even a single portfolio) is mean variance efficient relative to the mean variance frontier spanned by the existing assets does not constitute a test of the arbitrage pricing theory, because one can always find a mean variance efficient portfolio. Consequently, as a test of the arbitrage pricing theory it is not sufficient to merely show that a set of factor portfolios satisfies the relation between the return and its covariance with the factors portfolios. Gunsel Cukur (2007) investigated the performance of the Arbitrage Pricing Theory (APT) in London Stock Exchange for the period of 1980-1993 as monthly. The arbitrage pricing theory introduced by CRR (1986) involves identifying the macroeconomic variables which directly impact on stock returns. Thus macroeconomic behavior influence the returns on stocks and utilizing macro variables in the return generating process provided a basis to approximate stock returns. The simplest of theories of pricing a financial asset is by discounting future cash flows. Hence, the following exogenous variables that affect the future cash flows or the risk adjusted discount rate of a company must be measured. The reason is to recognize the macroeconomic forces that influence the stock market. For this purpose seven economic variables are examined. The model is designed in a way to test the two conditions. These conditions are economic conditions such as term structure of interest rate, inflation, money supply, the exchange rate, the risk premium and industry specific conditions, dividend yield and industrial production. Their result suggests that share prices are affected in a different manner than one described in CRR. This can be explained by the idea that other explanatory variable may be at work in UK or the CRR methodology is inadequate. They suggested that, interest rate, inflation and money supply were among the factors that are found to be significant. However, in this case unexpected inflation seems to be insignificant. Humpe Macmillan (2007) investigated the relationship between stock market and a series of different macroeconomic and financial variables through out the stock markets over a range of different time horizons. Presented financial economic theory proposes a number of models that gives a structure for the examination of this association. Arbitrage pricing theory is a one way of linking macroeconomic variables to the stock market where different kind of risk factors which affect market in a different ways can give details about asset returns. The early investigations related to arbitrage pricing theory focused on individual security returns, where as it may also be used in a cumulative stock market structure. In this way any changes in a given macroeconomic variable could be seen as reflecting a change in an underlying systematic risk factor influencing future returns. Many of the past empirical studies based on arbitrage pricing theory that links the state of the macro economy to stock market returns, are characterized by modeling a short run relationship between macroeconomic variables and the stock price in terms of first differences, assuming trend stationary. These papers found a significant relationship between stock market prices and changes in macroeconomic variables. An alternative, but not inconsistent, approach is the discounted cash flow or present value model. This model relates the stock price to future expected cash flows and the future discount rate of these cash flows. All macroeconomic factors that influence future expected cash flows or the discount rate by which these cash flows are discounted should have an influence on the stock price. This showed that long term moving average of earnings predicts dividends and the ratio of this earnings variable to current stock price is powerful in predicting stock returns over several years. The only negative coefficients are found on long term interest rates. Additionally, it has been examined that Europe an stock markets are highly integrated with that of Germany and also found that industrial production, stock prices and short term rates in Germany positively influence returns on other European stock markets (namely France, Italy, Netherlands, Switzerland and the UK). Humpe Macmillan (2007) draw upon theory and existing empirical work as a motivation to select a number of macroeconomic variables that might expect to be strongly related to the real stock price. They make use of these variables, in a co integration model, to compare and contrast the stock markets in the US and Japan. The aim is to examined whether the same model can explain the US and Japanese stock market while yielding consistent factor loadings. This might be highly relevant to private investors, pension funds and governments, as many long term investors base their investment in equities on the assumption that corporate cash flows should grow in line with the economy, given either a constant or slowly moving discount rate. Unanticipated inflation may directly influence real stock prices negatively through unexpected changes in the price level. Inflation uncertainty may also affect the discount rate thus reducing the present value of future corporate cash flows. Tursoy, Gunsel, Rjoub (2008) suggested that the reason of this study is empirically test the arbitrage pricing theory in Istanbul Stock Exchange for the period of February 2001 up to September 2005 on monthly base. The arbitrage pricing theory is a theoretical substitute to the capital asset pricing model which analyzed the strength of the arbitrage pricing theory in the US securities market. They used US macroeconomic variables as proxies for the underlying risk factors driving stock returns. Tursoy, Gunsel, Rjoub (2008) found that several of these macroeconomic variables to be important in explaining expected stock return, particularly in industrial production, changes in risk premium, and twist in the yield curve. Tursoy, Gunsel, Rjoub (2008) analyzed the empirical applicability of the arbitrage pricing theory is to price the Istanbul Stock Market, and to recognize the set of macroeconomic variables which communicate more closely with the stock market factors. There are list macroeconomic variables which were used to price the stock of Istanbul Stock Exchange which formed in eleven portfolios from the industrial sector because it represents the important segment of the traded stocks which consists of 174 out of 259 totally traded stocks. A higher index is reflected in higher values of these three variables, therefore, this indicates greater pressure on the exchange market depending on the nature of the involvement of the respective Central Bank. That is, speculative pressures are either accommodated by a loss of reserves or can be prevented by the monetary authorities through an increase in interest rates. Each portfolio may influence different industry in different manner by macroeconomic variables; a macroeconomic factor may affect one industry positively, but affect the other industry negatively. The regression results specify that there is no significant pricing relation between the stock return and the tested macroeconomic variables. This indicates that other macroeconomic factors affect the stock return in Istanbul Stock exchange or the multifactor arbitrage pricing theory with macroeconomic variables fails to explain the effect in stock market. The consequence found that there is no relationship between the macroeconomic variables and stock market return. Kandir (2008) suggested that by make use of statistical tools like factor analysis, arbitrage pricing theory provide guidance in the use of variables without the requirement of pre specification of variables but it did not take too long before the criticism to appear. One most important criticism was that, arbitrage pricing theory cant be able to properly explain the variables which are used in the study, but just derive them statistically. This insufficiency of the arbitrage pricing theory continues that the result obtained from factor analysis should be primary economic variables, such as gross national product (GNP) or interest rates. Additionally, in this paper they acknowledge that stock prices and stock returns are systematically affected by economic variables. For this purpose they have selected the data from July 1997 to June 2005 in order to analyze there impact. Their findings of suggested that there has been a significant relation between Macroeconomic factors and stock return in the countries examined. Kandir (2008) recommended that the examination of major economic factors that are alternate of the derived factors in the arbitrage pricing theory which is the first to employ specific macroeconomic factors as proxies for undefined variables in the arbitrage pricing theory. Expected dividends of a company can be directly affected because of increase in inflation rate, real production, oil prices and consumption. The new model has an explicit advantage over the arbitrage pricing theory. There is no theoretical framework for the selection of macroeconomic variables. Stock prices are found to share positive long-run relationships with industrial production and consumer price index. Whereas result they obtained has found to have a negative relation with money supply, interest rate and exchange rate. Kazi (2009) identified the significant risk factors for the Australian stock market by applying co integration technique. It is Relevant to previously used variables, which act as a substitute for Australian systematic risk factors. The linear combination of previous variables is found co integrated although not all variables are significant. The bank interest rate, corporate profitability, dividend yield, industrial production and, to a lesser extent, global market influence are significant for the Australian stock market returns in the long-run; while the stock prices are used in each quarter by its own market presentation, interest rate and global stock market arrangements of previous quarter. The sensible implications for both local and overseas investors as all investors now able to direct their investment risks better while considering Australian stocks into their portfolios through monitoring only 4 to 5 factors that are identified here. The relationship between kibor rates and stock prices of oil sector from the viewpoint of asset portfolio allotment is commonly negative. An increase in interest rates raises the necessary rate of return, which in turn inversely affects the value of the asset. Measured as opportunity cost, the nominal interest rate affects investors decision on stock holdings. A rise in the opportunity cost may, however encourage investors to find a substitute shares for other assets. Using co integration technique this paper performs an empirical analysis to identify the significant risk factors for the Australian stock market. In doing so it examines whether or not the selected a previous variables can give details about the return generating and pricing process of the Australian stock market. The results are in conformity with the current finance theory, yet interestingly different on some points. In long run, it is found that the Australian stock market prices are being influenced by only 4 or 5 systematic risk factors. Nguyen (2010) examined the stock price performance of an emerging stock market the Stock Exchange of Thailand, by applying a new equilibrium stock price theory. They have chosen the data for assessment during financial crises. The theory recommend stock market risks and returns are determined by essentials under a linear relationship recognized on the basis of a consistent multi factor model return generating process and the assumptions of perfectly aggressive and frictionless markets. The literature on asset pricing models has taken on original lease of life since the appearance of the Arbitrage Pricing Theory, is substitute theory to the renowned Capital Asset Pricing Model (CAPM). Being motivating in its own right the arbitrage pricing theory soon concerned a number of main financial economists and researchers which had yielded its several affect on different researches. The methodology for testing the strength of the capital asset pricing model can be functional for testing the weight of arbitrage pricing theory. The two pass test measures are applied in almost every test of the arbitrage pricing theory. The study on certain macroeconomic forces which are going to systematically affect the stock returns of certain stocks. Their result suggests industrial production; changes in a default risk premium, term structure, and unanticipated inflati

The Imagery of Othello Essay -- Othello essays

The Imagery of Othello Talks  Ã‚        Ã‚  Ã‚   In the tragedy Othello the Bard of Avon uses imagery to talk between the lines, to set moods, to create a more dramatic impact on the mind of the audience, and for other reasons. Let’s consider imagery in this essay.    A surprising, zoo-like variety of animal injury occur throughout the play. Kenneth Muir, in the Introduction to William Shakespeare: Othello,   explains the conversion of Othello through his increased use of animal imagery:    Those who have written on the imagery of the play have shown how the hold Iago has over Othello is illustrated by the language Shakespeare puts into their mouths. Both characters use a great deal of animal imagery, and it is interesting to note its distribution. Iago’s occurs mostly in the first three Acts of the play: he mentions, for example, ass, daws, flies, ram, jennet, guinea-hen, baboon, wild-cat, snipe, goats, monkeys, monster and wolves. Othello, on the other hand, who makes no use of animal imagery in the first two Acts of the play, catches the trick from Iago in Acts III and IV. The fondness of both characters for mentioning repulsive animals and insects is one way by which Shakespeare shows the corruption of the Moor’s mind by his subordinate. (21-22)    Just how strong a force is the imagery in this drama? Is it more powerful than the chorus in ancient Greek tragedy? H. S. Wilson in his book of literary criticism, On the Design of Shakespearean Tragedy, discusses the influence of the imagery of the play:    It has indeed been suggested that the logic of events in the play and of Othello’s relation to them implies Othello’s damnation, and that the implication is pressed home with particular power in the imagery.... ...enhaven Press, 1996. Reprint from Shakespeare: The Pattern in His Carpet. N.p.: n.p., 1970.    Heilman, Robert B. â€Å"Wit and Witchcraft: an Approach to Othello.† Shakespeare: Modern Essays in Criticism. Ed. Leonard F. Dean. Rev. Ed. Rpt. from The Sewanee Review, LXIV, 1 (Winter 1956), 1-4, 8-10; and Arizona Quarterly (Spring 1956), pp.5-16.    Mack, Maynard. Everybody’s Shakespeare: Reflections Chiefly on the Tragedies. Lincoln, NB: University of Nebraska Press, 1993.    Muir, Kenneth. Introduction. William Shakespeare: Othello. New York: Penguin Books, 1968.    Shakespeare, William. Othello. In The Electric Shakespeare. Princeton University. 1996. http://www.eiu.edu/~multilit/studyabroad/othello/othello_all.html No line nos.    Wilson, H. S. On the Design of Shakespearean Tragedy. Canada: University of Toronto Press, 1957.      

College Admissions Essays - Something Daring and New -- College Admiss

College Admissions Essays - Something Daring and New Think about something you never did in high school but wish you had done. Now imagine your time at college. Propose taking up something daring and new, and describe how it might affect your life. For years I have harbored a secret desire to become a cheese aficionado. This is not entirely arbitrary. Cheese, as an independent entity outside of any broader alimentary context, is at once worldly and whimsical. It provides the ideal complement to that side of my personality which has historically been dominant. My experiences have been largely rooted in the world of the abstract and the intellectual. Mathematics, music, writing, and the like have given me a certain sense of detachment from reality. While I have historically enjoyed this detachment, there is always a desire to diversify. Eating cheese is a direct immersion in the world of the senses, where things are taken at face value. You don’t analyze cheese, you just eat it — a refreshingly simple outlook on life. At the same time, cheese offers the oppo...

Growth of Online Shopping Around the World Essay -- Technology, Amazon

Introduction When Amazon.com launched its online retailing strategy in 1995 and began to reap benefits, many analysts viewed doing business and shopping online with great optimism (Denise, 2004). They anticipated for a day when people would be able to order their shopping items from the comfort of their homes. Consequently, customers would see little or no need at all to physically visit traditional in-stores to make their purchases. It is now a decade and a half down the line and online shopping has taken the business world by storm with more and more companies opting to test the sweet waters of online retailing. Analysts foresee a rapid growth of online shopping in the next decade or so though some reports still show a significant number of consumers across the world who have never attempted to do their shopping online. The growth in popularity of online shopping points to the presence of certain advantages, which are not available in traditional shopping. At the same time, it alludes to the existence of differences between the two types of shopping. This paper shall discuss the growth of online shopping around the world and provide statistical evidence of this growth in the United States, Australia, and the United Kingdom. It shall also elucidate the differences between online shopping and traditional shopping. The Internet has significantly transformed how consumers shop for goods or services. While traditional in-store shopping still dominates in some industries in various countries, it has done little to increase convenience, efficiency, and ease of shopping and making travel arrangements. According to a survey conducted by the Nielsen Company in March 2010, there are some products that are universally bought online ... ...d shoppers have to keep themselves up to date with the ever evolving technology. On the other hand, technology used to facilitate traditional in-store shopping has remained the same for many years and does not change as often as is the case in online shopping. Online shopping is not dependent on geogaphical location as transactions can take place across borders. Consequently, access to items offered by retailers is not impeded by factors related to geographical location. In other words, consumers whether local, regional, or international can shop anywhere in the world through the Internet. On the other hand, traditional shopping is limited by geographical considerations. As a result, the number of customers who are able to access the premises may be greatly determined by the location (Differences Between Online Retail & Traditional Retail Businesses, 2007).

Does ‘Better’ corporate governance cause better firm performance? Essay

A study had been generated and said that performance are affected either the implemented governance is good or bad: †¦ In summary, our results are as follows. First, we do not find significantly different firm performance between firms with â€Å"good† changes in governance and firms with â€Å"bad† changes in governance, except for isolated instances. This result holds for all the three samples (i. e. the Moderate Performance sample, the Abnormally Bad Performance sample and the Abnormally Good Performance sample). Second, both â€Å"good† and â€Å"bad† changes in governance are followed by positive as well as negative changes in industry-adjusted performance. Indeed, more than 50% of the firms with â€Å"good† governance changes exhibit negative industry-adjusted performance. Third, we find that both â€Å"good† and â€Å"bad† changes in governance lead to significant changes in performance. Therefore, if one restricts the analysis to only â€Å"good† changes in governance or only â€Å"bad† changes in governance, one would incorrectly conclude that changes in governance lead to changes in performance. Fourth, we observe that different firms vary in directions of governance changes when they experience the same direction in performance changes. A same firm also often simultaneously changes its different governance characteristics in conflicting directions (i. e. both â€Å"good† and â€Å"bad† governance changes). Last, our measure for Aggregate Governance Change confirms the first result for individual governance measure that the firms with â€Å"good† changes in governance do not have better performance than the firms with â€Å"bad† changes in governance. Our results present strong evidence against the null hypothesis that â€Å"better† governance causes better firm performance. Note that our results do not imply that governance is irrelevant. Instead, it implies that firms are endogenously optimizing their governance structure in response to observable and unobservable firm characteristics. These results are consistent with the strand of the literature that has shown each governance mechanism to be related to observable and unobservable firm characteristics. The statement proves that all decisions and change causes an effect to a business. This however means that every day, new challenge may face the company. It is normal for demands, and conflicts to happen. The thing that is important is the management and the organization as a whole would stand as one and face all the challenges with a positive outlook to solve it. From the study that we’ve conducted, the writer concluded that the main cause of business failure are the management’s negligence, improper planning. Conducting good and bad governance both causes changes in an organization so it’s better to be alert in all times. Decision making should be done carefully and the organization should choose the people who they will trust. Recommendations Having all the different factors of company failures and the experiences of the UK Industry Company and MISnet Inc. , the writer recommend that the top management should not take the needs of the company for granted but they should also be careful in giving. Decisions should be done care. The financial capacity must always be monitored and all departments must always be alert in all times. The management should encourage the workers to work with passion, be loyal to the company and work hand and hand to achieve all the goals that the company has. It is also important that the people working in the company are capable of doing their assigned job description. Workers are the company’s working hand. It is a must that the workers are at their best to bring the best product that the company wants to have. Investment has been always a part of life in a company. When it comes to people investment, the company must be sure that spending money for a person must be worth paying for. Hence, the company must be very careful of choosing the right people to trust and the right people for a certain job. Documentation is always a must. Never let any situation happen without any documentation. All reports and transactions must be done with papers and with the PIC’s (Person in Charge) signature to make it even more valid and powerful in meetings and agreements. Even important conversations must be recorded and documented to ensure understanding between parties. Meetings are also important and dissemination of information is a must. Memoranda should always be disseminated to all employees. Discipline has been an issue in all companies. The company must enforce a strict and fair rule and policies that the employees must do in order to organize a company. Make them come in the company on time and finish their work fast. Over time on work is not a measurement of quality service, it only show two things: its either the worker can’t handle too many work because of pressure or multi tasking or the worker can’t finish the work on time because he/she wasted it. The company should always have a room for improvement. Benchmarking or company observation is a big help to improve the company’s usual workflow and environment. People used to compare one thing to another. Make it a positive way of upgrading the company. Have a group of trusted people to assist the company to make improvements. Lastly, a company must have a goal or mission. No company must have an inspiration to look forward to. Set a series of mission, vision, the company’s commitment, core values and principles so that the workers will live by the company’s principles and for the company’s goal. There are series of ways and measurements that can be done through quality audits, and meetings. Implement good data management and all department management. Some analyst says that most business fails after its 8 years of operation it still depends on the teamwork of the people in an organization and its willingness to survive. Reference Websites N. K. Chidambaran, Darius Palia , Yudan Zheng , Does ‘Better ‘Corporate Governance Cause Better Firm Performance? , [2006], viewed on 28 January 2008. Greg Bustin, ‘Why Companies Fail? Take Charge! How Leaders Profit From Change’ [2005], viewed on 28 January 2008. Susan M. Heathfield, ‘Performance Management Process Checklist’ < http://humanresources. about. com/od/performancemanagement/a/perfmgmt. htm > viewed on 27 January 2008 ‘Management’, Wikipedia, the free encyclopedia viewed on 28 January 2008. NEERAJ BHARGAVA, ‘Good Governance is Good Business’, The Wall Street Journal, [2006] < http://online. wsj. com/article/SB115671755403846763-search. html? KEYWORDS=Good+Governance&COLLECTION=wsjie/6month > viewed on 29 January 2008 ‘Good Governance’ Wikipedia, the Free Encyclopedia viewed on 28 January 2008 Herb Greenberg â€Å"Corporate Governance as a ‘Risk Factor’. Finding Relationship between Performance and a company’s board of directors† [2007] < http://www. marketwatch. com/news/story/weighing-risk-factors-bad-corporate/story.aspx? guid=%7B55BF9816-8CC4-4570-8D6D-13EBD531F5CE%7D > viewed on 28 January 2008 ‘Process Audit’ viewed on 27 January 2008 Customer Audit < http://www. understanding. co. uk/customeraudit. htm > viewed on 27 January 2008 ‘Final Assembly Supplier Audit Report’ < http://images. apple. com/supplierresponsibility/pdf/Final_Assembly_Audit. pdf > (2007) viewed on 28 January 2008 West Cumbria Council for Voluntary Service, ‘Effective Meetings’ (2005) < http://www. westcumbriacvs. org. uk/docs/FactSheet4. pdf> viewed on 28 January 2008. Books Terry Collison â€Å"How to Write an Effective Business Plan in Just Three Hours†, 1993 Paul Todd, ‘Swot Equity and Trust (Swot)’(Gaunt; 5Rev Ed edition (October 1996)) Jeffrey Abrahams, ‘The Mission Statement Book: 301 Corporate Mission Statements from America’s Top Companies’ (TEN SPEED PRESS; Rev Sub edition (1999)) ARTICLES Evangeline Santos ‘How Failures Happen’ IT Tribune (Philippines December 2007) Bruce G. Posner ‘Why Companies Fail’ Inc. com Magazine (June 1993) Manuel Toledo ‘Coping With Business Failure: A Kaizen Approach’ Ginto (Philippines 2004) Term Papers. Hubert Ooghe, Sofie De Prijcker ‘Failure process and causes of company bankruptcy’ (Universiteit Gent) Wayne L. Welsh CPA, ‘Best Practices For Good Management’ Office of the Legislative Author General (2001) R Massey, J Widdows, K Bhattacharya, R Shaw, D Hart, D Law, W Hawes, ‘Insurance Company Failure’ < http://www. actuaries. org. uk/files/pdf/giro2002/Massey. pdf > viewed on 28 January 2008 Conference John Hunter, Natalia Isachenkova ‘Aggregate Economy Risk and Company Failure: An Examination of the UK Quoted Firms in the Early 1990s’ Department of Economics and Finance’ (Brunel University).

Aims and Objectives of Woburn Safari Park and Thomas Cook Essay

How does Nolan’s the dark night use MELCS to good effect and what does this indicate regarding the films genre? Are there any social criticisms present? In this essay I will be explaining the way that different techniques are used, and what these show about the Dark Knight. I will be looking throughout the film at how Nolan uses various effects such as, colour, editing, lighting, camera, and sound. And how these things aren’t really what you might expect for the typical super hero film, but also how he uses them to subtlety criticize human nature. First of all I will talk about the colour used Nolan uses. Throughout the film the colour scheme always seems to be very dark but as well as this the things that are happening usually contrast this. A good example of this is at one point when the Joker is being questioned, all the lights go out and everything is pitch-black except the jokers white face. This is very effective as it really makes the joker stand out and means you can see every little detail of his face and facial expressions but don’t know what else is happening in the room. It therefore creates a whole lot of suspense about what’s going to happen next and where it’s going to come from whilst at the same time letting you see every detail of the jokers face and almost making you really understand what he’s thinking. Another point in which this contrast is shown is in Bat-mans hide away place. In there the floor is a dark dull grey/black, and the ceiling is all white lights. This is good because it makes the room seem endless and gives anything in it airs of importance and cleanliness like trophy shelves that are lit from above like the room or a dentist. This is good because in the room he keeps all his high-tech gadgets witch seem incredibly expensive and valuable when they are in the room, but then when Bat-man is using them he acts as though they are something that are disposable. Another way Nolan uses colour is in the costumes. The Joker is an especially good example of this as he wears a purple jacket, green hair, Green top, and bright red giant red lips. This shows us a lot about his character for example, purple stands for royalty and the joker becomes almost like a king by making everyone scared of him. Secondly the green stands for jealousy, and the Joker is very good at making people feel jealous and spiteful about other people. As well as maybe feeling slightly jealous at not being normal, and being unhappy himself. Lastly the joker is just completely crazy, and all his colours clashing certainly do emphasize this. Overall it is a brilliant way of showing his character and showing how different he is to everyone. I mean, you’d never miss him would you!? On the other hand the dark knight is completely the opposite of the Joker, and their clothing really shows this. As the knight is completely black it seems to show how he represents reality and order, but the joker stands for everything mad and chaotic as that is what he loves. As for the props Nolan uses, really they are quite simple. Even the high-tech gadgets batman uses all seem possible and there are no out of this world, impossible things. I think this is actually quite a good thing, as it means that it makes the whole play seem more realistic, and like something that could actually happen. Therefore it is all scarier in a slightly surreal way. Next I will look at how Nolan uses editing in the film and what effects this creates. When a lot of action is happening at the same time Nolan uses lots of quick shots of the action quickly cutting from one to the other. This is very clever as you think you’re just about to find out what’s going to happen when it cuts to the next scene which is also really tense and you want to know what’s going to happen there but it goes back to the one before. This creates lots of tension in the film and it is a bit like its flashing from scene to scene like your heart beat getting faster and faster. It also gives the sense of chaos and panic and shows you how every thing is happening at the same time. This is good as it makes you realise how hard it must be for the cops and detectives. Another similar thing he does is when two people and talking to each other about something in which one of them might react in a certain way he will keep cutting from one face to the other as you wait for the reaction to happen. This also creates tension and makes you wonder if they will react the way you think their about or not, then when it does its more of a shock. The lighting in the film is another very important element in the film. I have already explained some of it in the colour part. As with the colour most of the film is set in dark, low key lighting, with lots of shadows creating a spooky kind of atmosphere. Once again though like the colour, often he uses contrast. A place where this is very effective is when some people are looking for Bat-man and it is very dark so they all have very bright torches. All you can see is the torch light getting closer and closer towards you but nothing out of the light. This makes it seem very scary as all you can do is wait until he is in the torch light but by that time you know it will already be too late because they are too close. Another scene in witch the lighting used is very effective is in the bank robbery scene. It is once again very dark in the bank, but because this time it is lighter outside, and the room has very big windows, you get some patches of the bank where it is much lighter. This is really good because he then makes it so that when the action happens, it happens in the lighter places. This means you can clearly see what is happening in the light when something happens out of it your attention is not so focused on it so it is a surprise. Also the dim light coming from just the one side of the building creates big long spooky shadows to, witch adds nicely to the tense atmosphere. Nolan also uses camera techniques in an interesting way to create good effects. For example right at the beginning of the play there is an extreme long shot of a sky scraper. This is then slowly zoomed in; right up to one window and into an extreme close-up, then the glass in the window suddenly shatters. Nolan uses this a lot in the film with other things too, like some one face that once zoomed in you see their shocked facial expression. This creates the element of surprise means you know that something is going to happen to do with what they are zooming in on but not what exactly until your right there. It also creates tension on what that’s going to be. Another camera technique used is when something is happening the camera circles the action. This happens a lot and is good because it means you can see everything that is happening and all the reactions of people around it. In addition to this it can create serious tension and fear. A great example of this is when the Joker is about to slit the black mans mouth. The camera circles his head so that sometimes you can see his face with the knife in and sometimes just the back of his head and the Jokers facial expression. Every time the camera shows his face you wince and think, Oh no, is it going to happen now whilst I can see it. This happens over and over until eventually he slits his mouth when you can only see the Jokers expression but you know it’s been done because his face and its kind of a relief because at least you haven’t have had to watch. Lastly Nolan uses another successful effect by turning the camera around. He does this near the end when the Joker is hanging upside-down off a building. The camera is turned so that you see the Joker as if he was standing upright and it looks very strange as his hair is all over the place and his hand are waving about, but for some reason it kind of fits the Jokers. This is because the Jokers personality is all over and mad and it seems like that is where he belongs, in an upside-down world. It’s slightly ironic really. Moreover, it made it seem like the right place, and way for him to die. Another method Nolan uses to brilliant effect is sound, digetic, and non digetic. For instance throughout the film, when ever tension is building up the same music starts. It sets of quietly and slowly, building up, getting faster and louder until the pinnacle of the excitement then stops. This is very effective as it creates the feeling of panic and makes your heart start to race as you know that something’s about to happen. Sometime when this happens the non digetic sound is on its own building up until its apex when a sudden digetic noise will puncture it. This not only makes tension but also shock and fear. A good example of this is at the beginning when a window breaks. This is a great opening scene as the sound and the camera skill create loads of tension and anticipation. Nolan does another very clever thing with the sound at one point. Just after a massive explosion has happened he cuts the sound altogether, and although you can tell that really there would be loads of noise going on its silent. This is because after an incredibly loud explosion you often become deaf for a while. This is a very clever thing to do, and makes you feel like you really are part of the film. Further more without the sound you concentrate more on what you can see and all the facial expressions and whatever’s going on around. Another interesting point to think about in the dark knight is weather or not it is a normal film in the super hero genre. There are many things for and against this argument and I will look at them in this paragraph. First of all there is of course the super hero, and super villain, in this case, bat-man and the Joker. Both whom have very typical features of the super-hero genre but also some not so typical ones. To start with I will concentrate on Bat-man. Like most super heroes he is; quite wealthy, but has had a hard background and has had to build up that wealth from not very much. Is young and good looking with lots of strength and high tech gadgets. Has a different identity during the daytime, and fights crime at night, wearing a costume so no one knows who he is. Also, like a lot of super hero’s e.g. spider man he is based on some sort of animal. Lastly he has a very strong sense of right and wrong, for example his one rule never to kill anyone witch a lot of super her oes seem to have. On the other hand, although he seems to be a reasonably normal super hero, there are some things witch are slightly different. For example, a lot of the public don’t particularly like him, at one point they even try to send him to jail. Also unlike most super heroes, he doesn’t really have any sub natural powers, he just like a normal human in most ways. Also, a very big twist in the play is when the heroine dies, so like most super heroes bat-man does have heroine who he can’t really have yet. But, whereas usually at the end of the play they would get together, In Bat-man, about half way through she dies. Now as for the joker, is a bit different. Although like most super villains he is bad and has had a hard life. His attitude to life and Bat-man is quite different. Unlike most super villains, he does not really seem to hate Bat-man. Instead he sees him as game, and even when he has the chance to kill him says he is too fun to kill. This is very unusual and very different to how the baddy usually feels towards the hero. Furthermore, the reasons for the Joker to do what he does is rather strange too, because most villains do it for money or wealth or power, but the Joker doesn’t care about any of this, and just does it for fun. Overall I think that although The Dark Knight isn’t exactly what you would expect from a typical super hero movie, all in all its more that than anything else. I think that really Nolan has taken the super hero genre and added aspects from other things like horror to create a very successful, far more adult movie which will appeal to people who love all the super hero kind of movies, but also to those who usually find them a bit too childish and unrealistic.

Attribution Theory Definition

Attribution Theory Definition Attribution theory is concerned with how people interpret events and relate them to their thinking and behavior. It's a cognitive perception which affects their motivation. This theory was first proposed in a book called, The Psychology of Interpersonal Relations by Fritz Heider in 1958. According to Heider, men behave as amateur scientists in social situations. He also said that, we generally explain behavior in two ways; either we attribute the behavior to a person or a situation. Attribution literally means a grant of responsibility. Albeit, the theory was first proposed by Heider (1958), later Edward E.Jones (1972) and Harold Kelley (1967) developed a theoretical structure, which is now seen as an epitome of social psychology. The theory divides the behavior attributes into two parts, external or internal factors. Internal attribution: When an internal attribution is made, the cause of the given behavior is within the person, i. e. the variables whic h make a person responsible like attitude, aptitude, character and personality. External attribution: When an external attribution is made, the cause of the given behavior is assigned to the situation in which the behavior was seen.The person responsible for the behavior may assign the causality to the environment or weather. In 1967, Kelley tried to explain the way people perceive internal and external attribution. He tried this, postulating the principle of co-variation. This model was known as Covariation Model. The basic principle of the covariation model states that the effect is attributed to one of the causes which co-varies over time. It also means that the behavior at various occasions varies. The covariation model considers three major types of information to make an attribution decision and to observe a person's behavior.The three types of information are: Consensus information: This responds to the fact, how people with similar stimuli behave in similar situations. If mo st people behave alike, i. e. their reactions are shared by many, the consensus is high. But, if no one or only a few people share the reactions, the consensus is low. Distinctiveness information: This is about, how a person responds to different situations. There exists a very low distinctiveness if the person reacts similarly in all or most of the situations.However, if a person reacts differently in different situations, it is said that the distinctiveness is high. Consistency information: If the response of a person to different stimulus and in varied situations remains the same, then the consistency is high. But Kelly's covariation model has some limitations. The most prominent being that, it fails to distinguish between the intentional and unintentional behavior. Read more at Buzzle:  http://www. buzzle. com/articles/attribution-theory-of-social-psychology. html Kelley's Covariation Model Kelley’s (1967) covariation model is the best known attribution theory.He develo ped a logical model for judging whether a particular action should be attributed to some characteristic (internal) of the person or the environment (external). The term covariation simply means  that a person has information from multiple observations, at different times and situations, and can perceive the covariation of an observed effect and its causes. He argues that in trying to discover the causes of behavior people act like scientists. More specifically they take into account three kinds of evidence. Kelley believed that there were three types of causal information which influenced our judgments.Low factors = dispositional (internal) attributions. * Consensus: the extent to which other people behave in the same way in a similar situation. E. g. Alison smokes a cigarette when she goes out for a meal with her friend. If her friend smokes, her behavior is high in consensus. If only Alison smokes it is low. * Distinctiveness: the extent to which the person behaves in the same w ay in similar situations. If Alison only smokes when she is out with friends, her behavior is high in distinctiveness. If she smokes at any time or place, distinctiveness is low. Consistency: the extent to which the person behaves like this every time the situation occurs. If Alison only smokes when she is out with friends, consistency is high. If she only smoke on one special occasion, consistency is low. Let’s look at an example  to help understand his particular attribution theory. Our subject is called Tom. His behavior is laughter. Tom is laughing at a comedian. 1. Consensus: Everybody in the audience is laughing. Consensus is high. If only Tom is laughing consensus is low. 2. Distinctiveness: Tom only laughs at this comedian. Distinctiveness is high.If Tom laughs at everything distinctiveness is low. 3. Consistency: Tom always laughs at this comedian. Consistency is high. Tom rarely laughs at this comedian consistency is low. Now, if everybody laughs at this comedian, if they don’t laugh at the comedian who follows and if this comedian always raises a laugh then we would make an external attribution, i. e. we assume that Tom is laughing because the comedian is very funny. On the other hand, if Tom is the only person who laughs at this comedian, if Tom laughs at all comedians and if Tom always laughs at the comedian then we would make an internal attribution, i. . we assume that Tom is laughing because he is the kind of person who laughs a lot. So what we’ve got here is people attributing causality on the basis of correlation. That is to say, we see that two things go together and we therefore assume that one causes the other. One problem however is that we may not have enough information to make that kind of judgment. For example, if we don’t know Tom that well we wouldn’t necessarily have the information to know if his behavior is consistent over time. So what do we do then?According to Kelley we fall back on past ex perience and look for either 1) Multiple necessary causes. For example, we see an athlete win a marathon and we reason that she must be very fit, highly motivated, have trained hard etc. and that she must have all of these to win 2) Multiple sufficient causes. For example, we see an athlete fail a drug test and we reason that she may be trying to cheat, or have taken a banned substance by accident or been tricked into taking it by her coach. Any one reason would be sufficient.

Henry Ford Paper

This paper will go into detail about the young life, career and adult life of Henry Ford. Henry ford’s young life, in this paper will consist of his childhood. The paper will then describe all of his education and early jobs. Finally, this paper will conclude with Henry Ford’s adult life and home life (what he did when he wasn’t working), his career’s work and the impact Henry had on American History. This paper should help the reader better understand the life of Henry Ford: Who he was? Who he is? And why he was so vital to our American History.Henry Ford, born July 30, 1863, was the first of William and Mary Ford’s six children. He grew up on a prosperous family farm in what is today Dearborn, Michigan. Henry enjoyed a childhood typical of the rural nineteenth century, spending days in a one-room school and doing farm chores. At an early age he showed an interest in mechanical things and a dislike for farm work. He instead preferred to work with m echanical objects, particularly watches. He repaired his first watch when he was thirteen. Fixing watches was something he continues to do as sort of a hobby for the rest of his life.Being a farm boy and working on a farm for most of his childhood taught Ford that working hard and being responsible was of great value. Henry attended school until the age of fifteen. He had little interest in school and had poor grades as a child. He never learned to spell or read well, so when he wrote he used extremely simple words in his sentences. At the age of sixteen, Henry left home for the nearby city of Detroit to work as an apprentice machinist, although he did sometimes return to do work on the family farm. Ford eventually went back to apprentice and stayed that way for 3 years until he returned to Dearborn.As an apprentice he received 2. 50 a week. He later worked for Westinghouse, locating and repairing road engines. Henry’s dad was persistent that his son should be a farmer and of fered him forty acres of timberland, provided he would give up machinery. Henry accepted his dad’s offer, but didn’t use the acres for farming. He built a first-class machinist’s workshop on the property. His father was disappointed, but Ford did use the two years on the farm to win a bride, Clara Bryant. They had one child:  Edsel Ford  (1893–1943). Ford began to work for the Edison Illuminating Company in Detroit.In 1891 he was gone and had left the farm for good. 1n 1893, he became chief engineer at Detroit Edison Company, where he met Thomas Edison who eventually became one of Henry’s closest friends. Ford used all of his money, from the promotion to chief engineer, and spare time in experimenting on an internal combustion engine. This engine was a type of engine where a combination of fuel and air is burned inside of the engine to produce mechanical energy to perform useful work. Ford completed his first car in 1896. It was a small car dri ven by a two-cylinder, four-cycle motor and by far the lightest made at the time weighing only 500 ponds.His first car was mounted on bicycle wheels and had no reverse gear. In 1899 Henry Ford was forced with the decision of choosing between his job and automobiles by the Detroit Edison Company. Without hesitation Ford chose cars and in that same year Ford formed the Detroit Automobile Company, which collapsed after he had a disagreement with his financial helpers. After the collapse of the Detroit Automobile Company, Ford tried again in the unsuccessful Henry Ford Automobile Company. Ford only had none successful car venture and that was through his racing cars, about 999 were sold one driven by the famous Barney Oldfield.After two unsuccessful attempts to establish a company to manufacture automobiles, Henry incorporated the Henry Ford Company in 1903 with himself as Vice President and Chief Engineer. At the start of the company it only produces a few cars a day. Groups of men, ab out two or three per group, were to work on each car one at a time. Henry Ford then realized the future of transportation was his dream and destiny. He later introduced the Model T, a reliable, easy to maintain vehicle that could handle off roads and immediately became a huge success.By 1918 half of the cars in America were Model T’s. The amount of cars being sold was so high that he had to build another factory in Michigan in 1910, to supply enough Model T’s to the customers. In Michigan is where Henry Ford combines precision manufacturing, standardized and interchangeable parts, a division of labor and, in 1913 a continuous moving assembly line. The assembly line was an essential part in revolutionizing American history. The assembly line was a way of manufacturing multiple cars all at once without having groups of men working on one car all at once.Workers remained in place, adding one component to each automobile as it moved past them on the line. Delivery of parts by conveyer belt to the workers was carefully timed to keep the assembly line moving smoothly and efficiently. The assembly line significantly reduced assembly time per vehicle, thus lowering costs. Ford’s production of Model T’s made his company the largest automobile manufacturer in the world. The company began construction of the world’s largest industrial complex along the banks of the Rouge River in Dearborn, Michigan, during the late 1910s and early 1920s.This massive plant included all the elements necessary to produce automobiles: a steel mill, glass factory, and the famous automobile assembly line. By 1926, flagging sales of the Model T finally convinced Henry to make a new model. He pursued the project with a great deal of technical expertise in design of the engine, chassis, and other mechanical necessities, while leaving the body design to his son. Edsel also managed to prevail over his father's initial objections in the inclusion of a sliding-shift transmission.The result was the successful  Ford Model A, introduced in December 1927 and produced through 1931, with a total output of more than 4  million. Subsequently, the Ford Company adopted an annual model change system similar to that recently pioneered by its competitor General Motors (and still in use by automakers today). Ford, like other automobile companies, entered the aviation business during  World War I, building Liberty engines. After the war, it returned to auto manufacturing until 1925, when Ford acquired the  Stout Metal Airplane Company.Ford's most successful aircraft was the  Ford 4AT Trimotor, often called the â€Å"Tin Goose† because of its corrugated metal construction. It used a new alloy called  Alclad  that combined the corrosion resistance of aluminum with the strength of  duralumin. Ford was a pioneer of â€Å"welfare capitalism†, designed to improve the lot of his workers and especially to reduce the heavy  turnover  that had many departments hiring 300 men per year to fill 100 slots. Efficiency meant hiring and keeping the best workers. Ford astonished the world in 1914 by offering a $5 per day wage ($120 today), which more than doubled the rate of most of his workers.The move proved extremely profitable; instead of constant turnover of employees, the best mechanics in Detroit flocked to Ford, bringing their human capital and expertise, raising productivity, and lowering training costs. Ford had opposed America's entry into World War II  and continued to believe that international business could generate the prosperity that would head off wars. Ford â€Å"insisted that war was the product of greedy financiers who sought profit in human destruction†; in 1939 he went so far as to claim that the torpedoing of U.S. merchant ships by German submarines was the result of conspiratorial activities undertaken by financier war-makers. The financier to whom he was referring was Ford's code for J ews; he had also accused Jews of fomenting the First World War. Following a series of strokes in the late 1930s he became increasingly debilitated and was more of a figurehead; other people made the decisions in his name. [47]  After Edsel Ford's premature death, Henry Ford nominally resumed control of the company in 1943, but his mental ability was fading.In reality the company was controlled by a handful of senior executives led by  Charles Sorensen, an important engineer and production executive at Ford, and  Harry Bennett, the chief of Ford's Service Unit, Ford's paramilitary force that spied, and enforced discipline, on employees. As Ford became increasingly sidelined, he grew jealous of the publicity Sorensen received; Ford forced Sorensen out in 1944. Ford's philosophy was one of economic independence for the United States. His River Rouge Plant became the world's largest industrial complex, pursuing  vertical integration  to such an extent that it could produce its own steel.Ford's goal was to produce a vehicle from scratch without reliance on foreign trade. He believed in the global expansion of his company. He believed that international trade and cooperation led to international peace, and he used the assembly line process and production of the Model T to demonstrate it. In ill health, Ford ceded the presidency to his grandson  Henry Ford II  in September 1945 and went into retirement. He died in 1947 of a  cerebral hemorrhage  at age 83 in  Fair Lane, his Dearborn estate. A public viewing was held at Greenfield Village where up to 5,000 people per hour filed past the casket.Funeral services were held in Detroit's  Cathedral Church of St. Paul  and he was buried in the Ford Cemetery in Detroit. Henry Ford had at least three major impacts on society. First, he introduced the assembly line. By breaking down production into very simple tasks, he lowered the skill level needed to work in a factory (any factory not just automobile s). This allowed huge amounts of products to be created at lower prices. Second, just as importantly, he introduced the living wage concept. Before Ford, most large companies based their pay structure on immediate cost needs.They paid their employees the bare minimum they could to get workers and control costs. Third, an unpleasant impact was that he reinvigorated anti-Semitism in America. Ford deeply disliked Jews. Before WWII, Hitler actually gave Ford a medal and celebrated Ford's birthday. Until America entered the war, Ford refused to produce or sell to the British war effort. His bigotry was oddly contradictory in that he was a great patron of Detroit's black community. Still, Ford was the most high-profile anti-Semite in the country.