Operations management Assignment Example | Topics and Well Written Essays - 3000 words - 2

Activities the board - Assignment Example What's more, the London Ritz inn through their yearly help quality week grants the best worker generally through customer’s votes. The association gives a valiant effort as far as administration conveyance to the clients since they have faith in culture of representative fulfillment who later offers the equivalent to clients in building the hierarchical notoriety. The Ritz lodging in London is well known the world over because of its sorry as a vacation spot focus. It is highlighted among the top most the travel industry productive associations in the entire world, creating undetectable comes back to London and the United Kingdom all in all. For maintainable monetary advancement of this organization, the administration of Ritz inn has persistently put forth a valiant effort to improve the degree of polished skill and quality administration in its administrations by guaranteeing that the customers’ requests are met and the foundation remains the most serious in the administration business segment (Bamford and Forrester 2010). Besides, The Ritz lodging gives a valiant effort to guarantee that every one of its representatives and experts gets acknowledgment and elevated level of advantages as far as moral direct since any acts of the partners may expose the business to lose the notoriety it has worked over an extensive stretch of time in t his manner prompting a ruin in returns. Proposition: This report is created to decide the activity the executives methodologies that the Ritz Hotel in London has embraced to stay serious in the market. At the Ritz inn stock and resources, the board is considered as one of the most significant territories that requires sharp administration work force. This is on the grounds that the lodging goes through a great deal of cash to buy food things, the utensils and sanitaries, which are the generally utilized things. Hence, the inn has set up enough estimates that guarantee that serious resources the board framework

Project Management on World Trade Organization ministerial Conference of 2005

Official Summary The point of this report is to explore the venture the board viewpoints identifying with the World Trade Organisation’s (WTO) pastoral meeting in 2005. This report subtleties the issues identifying with venture the executives and the effect of the undertaking the executives rehearses on the result of the occasion. It recognizes the key partners in the task and the job they had in deciding the achievement/disappointment of the undertaking. This report further talks about the job of the administration and the powerful group building and the executives abilities and the amount of an effect these had in the fruitful undertaking conveyance. Presentation The World Trade Organization (WTO) Sixth Ministerial Conference which is truncated as MC6 and famously known as the Hong Kong Ministerial Conference was held between the thirteenth and eighteenth December, 2005 at the Hong Kong Convention and Exhibition Center. The absolute pivot expected for the meeting was agents from around 148 nations over the globe. The Hong Kong People’s Alliance drove a dissent on the WTO which chiefly comprised of ranchers from South Korea. The three fundamental assigned dissent zones included Wan Chai Sports ground and the locale around Wan Chai Cargo Handling Basin. The all out spending plan for the clerical gathering was Hong Kong $250 million (WTO, 2005).BackgroundThe most elevated dynamic body of the World Trade Organization is the Ministerial Conference that meets at least once at regular intervals. This ecclesiastical meeting furnishes the association with the course and aides in the dynamic procedure (HKPA, 2006). The gathering held from thirte enth †eighteenth December 2005 is the 6th pastoral meeting and was planned for settling on a choice about the advancement of homestead exchange and arriving at an understanding identifying with ranch endowments . It likewise focused on effectively finishing up the 2006 Doha Round (Target WTO, 2005).The job of the task managerThe venture director of the WTO gathering 2005 is answerable for the accomplishment of the undertaking and furthermore guaranteeing that the partners connections are all around kept up and that all the partners can adequately convey and share their thoughts regarding horticultural issues (Heydon, 2006). Given that the WTO clerical gatherings assume a significant job in the dynamic procedure and guaranteeing that multilateral exchange understandings are easily actualized, the job of the task administrator can't be disparaged (Alam, 2008). This report examines the job of the undertaking administrator in building up great partner connections and his job in the accomplishment of the project.Project Objectives and ScopeThe destinations and extent of the 2005 HK WTO gathering was to set up: Market get to †decrease in the levy of merchandise Domestic help †direct installments to be made to the ranchers and neighborhood makers Export Subsidies Services †expel limitations universally in different assistance parts and Singapore Issues †interest for straightforwardness parents in law, reasonable rivalry and so on. (UN, 2005) The extent of the undertaking the board arranging exercises included course of action of setting, security and crisis, association of coordinations, overseeing media, planning and hazard and possibility arranging (Alam, 2008). Partner Analysis This area of the report examines the key partners in the HK WWTO 2005 gathering, partner examination techniques to successfully speak with these partners so as to guarantee smooth correspondence. Partner Analysis is characterized as the action which examinations top to bottom the mentalities of all the key partners towards an undertaking (Goodpaster, 1991). Different definitions by analysts (Freeman, 1984) incorporate ‘a gathering of people who can influence or be influenced by the accomplishment of the association objectives’.Key StakeholdersThe key partners of the WTO incorporate the part countries, the sellers, tradesmen, ranchers and different classifications of exchange affiliations, the media, the general population, administering bodies, the universal exchange network. It likewise incorporates everybody and open that are influenced legitimately or in a roundabout way because of the understandings and game plans made by the WTO Ministerial gathering board of trustees (Alam, 2008).High Power , High InterestOne of the part countries that holds high force just as high enthusiasm for the World Trade Organization. There are a sum of 153 countries in the WTO and the USA draws in with different countries and plays a position of authority in the WTO pastoral. For example, USA assumed a key job in the Doha Conference and was a ccused both legitimately and in a roundabout way for holding up the discussions and the advancement of the meetings. Given the high force and intrigue it holds in the WTO, USA expects to help its fares. It assumes a significant job in the WTO dealings to upgrade its position in the WTO as a ‘leader’ and furthermore to utilize the chance to start chats with its exchanging accomplices like Japan and India. Given its capacity, most choices of the exchange adjusts are profoundly affected by the United States (BBC, 2013).High Power, Low InterestHong Kong as one of the key individuals from the WTO was the host to the fifth clerical gathering in the year 2005. In spite of the fact that being a key part, Hong Kong has not indicated a lot of enthusiasm for the exercises of the WTO and has not made any proactive strides in issue goals of the continuous issues of the WTO. Be it horticulture or natural issues,Hong Kong stays to be a quiet observer much of the time which obviously s hows the absence of enthusiasm for affecting the part states or controlling them to dynamic on explicit issues (BBC, 2013).Low Power, High InterestThe ranchers and the farming network worldwide have high enthusiasm for the exercises of the WTO as the exchange understandings that are arranged and settled upon have a genuine bearing on their occupation and concerns. There is a developing concern identifying with more pleasant exchange markets, food security and cultivating sponsorships. Despite the fact that there is a great deal of intrigue appeared by the cultivating network, they don't have the ability to talk and consequently don't have the affecting capacity. The expansion in the self destruction paces of ranchers is likewise credited to the disappointment of WTO to comprehend their interests and the absence of straightforwardness and imbalance in dealings of the WTO (Long, 2007; Shiva, 2014). Scientists likewise propose that there is an absence of comprehension from the WTO advi sory group individuals on the requirements of the ranchers and the choices made are not in accordance with their requests (Anderson and Martin, 2005).Low Power, Low InterestThe last sort of partners have the least force and are additionally not a lot of inspired by the exercises of the WTO. The residents of Hong Kong for instance, have a place with this partner gathering. Given that the multilateral understandings are colossal and complex, the specialists don't have the limit and ability to investigate the subtleties all things considered. Likewise, the specialists of a nation are not considered responsible for the arrangements and understandings marked. This causes them to lose intrigue given that they neither have the force nor the ability to impact the dynamic. Additionally there are limitations that preclude them from scrutinizing the power (Keohane and Nye, 2001; Scharpf, 2000). Partner Management Partner the board is fundamental for the smooth correspondence and working of an association and furthermore to guarantee that the targets of the association are accomplished. Partner the board ought to be in accordance with the key administration destinations of the association and the kind of the partner that should be fulfilled ought to be considered relying upon the association type so as to guarantee that these desires are met. It is fundamental to initially recognize the different partners, their job in the association, the dynamic position they have in the association and how much their thoughts or beliefs would influence the achievement of the association. Once these are recognized, it is basic to build up a partner the board procedure that is focused on fulfilling these partners as well as accomplishes the general goal of the association (Freeman, 2001). In a multicultural association or where the association is colossal and ranges across various mainlands and societies, the partner the board technique gets unavoidable. It characterizes the specialized techniques and helps understanding the do’s and don’ts in each geographic area. It likewise accomplishes straightforwardness in activities and encourages better investment of the partners in the dynamic procedure. More grounded business choices that are reasonable, long haul and moral are encouraged by a decent partner the executives approach (Carroll and Buchholtz, 2014).Communication ManagementResearchers accept that not all partners of an association have equivalent significance. For instance, in a non-administrative association which is planned for helping individuals, the pubic may be the key partner instead of a business association which targets fulfilling the essential needs of the investors. Subsequently, in an assorted existence where the requirements of the ass ociations contrast, it is fundamental to comprehend the essential partners who should be fulfilled and devise a correspondence the executives intend to guarantee that the correspondence to these partners are made in close to constant and in a compelling way (Podnar and Jancic, 2006; Jacobson et al, 2009).Tuckman’s Communication ModelBruce Tuckman formulated a five stage correspondence model in the year 1975. These five stages incorporates: Framing Storming Norming Performing and Adjourning Framing: This is the place the pioneer gives the direction to the group and the underlying stage in the correspondence procedure. This is where the jobs and duties are hazy Raging: Brainstorming exercises occur, bargains occur, lucidity increments and the colleagues get

Blog Archive MBA News Harvard MBA Willing to Shell Out $10K to Find a Girlfriend

Blog Archive MBA News Harvard MBA Willing to Shell Out $10K to Find a Girlfriend One of the well-known downsides of pursuing an MBA is the dent it puts in one’s social life. During the program, students are often too absorbed in case studies and clubs to date, and after graduation begins either a hectic career or a frantic job hunt. Although business schools are not exactly bustling with romantic opportunities, it seems as though love is lost in post-graduate life as well: a recent Harvard MBA graduate is offering a $10K reward for the lucky individual who introduces him to his next girlfriend. Ren You, who graduated from Harvard Business School (HBS) last year, has set up a Web site for his questâ€"aptly titled “Date Ren.” On his site, You says he moved to Birmingham, Alabama, after graduating from HBS and notes that while some might see his quest as odd, “if you work 12 hours/day, how would you want to spend the few waking hours you have left? Probably not standing around in a bar with your fingers crossed. This is way more fun for me.” Of course, in true MBA fashion, the deal has its conditions: the girlfriend must date You for more than six months before the cupid sees any cash. Share ThisTweet Harvard University (Harvard Business School) News

An Analysis of Becoming a Visible Man by J. Green - 879 Words

Becoming a Visible Man was an insightful and intriguing book to read for this course. It first caught my attention with the picture of the author on the cover smiling next to a billboard of a man bursting through water, almost as if he was being reborn. The process of being reborn was then seen as a common theme throughout the autobiography. The concepts of transsexualism caught my attention during class because I was least familiar with this sub population of individuals within the queer community. I strived to know more about the understandings of what it was like to go through changes in gender, its effects on relationships both sexual and non, as well as the emotional struggle that some people faced with themselves through the process†¦show more content†¦He had achieved the shock value not only with myself as the reader, but ultimately who he was addressing. Jamison had been an educator of trans people, speaking out to audiences of college students of all ages. His goal of educating the public stemmed from his own experiences with choosing to change genders as well as a broad overview of the ideas that surrounded transsexualism as a whole. He communicates well that his experiences do not encompass all transgendered people’s experiences and that transformation from male to female (MTF) is quite different from female to male (FTM) transformation. The societal complications from FTM are well examined from Jamison’s view. Many people believed that females that wanted to become males could By the time he was in his early 20s, Jamison knew he a part of him wanted to be transsexual, but he was afraid to acquire treatment because he was scared of what loved ones, strangers, and society would think of him. He believed the social mythology that one must be seriously psychologically imbalanced to perform such an act as actually changing ones sex (Green, 2004). Jamison did not want to risk losing all his social support that he had as an independent lesbian of his time. As Jamison later in life approached his mid-30’s he knew that he no longer wanted to live his life as a woman and he made the courageous step in seeking treatment for transsexualism. At the time Jamison was livingShow MoreRelatedBasella Rubra Fruit Extract2926 Words   |  12 PagesMaria Zennah Quinto, Camille Rosales, Ana Mariella Valmonte, Kyla Nicole Villalon, Gian Angelo 4MT-2 Statement of the Problem Can Basella rubra fruit extract be used as a counterstain in Gram staining? Introduction amp; Background According to H. J. Croxx, when microscopists first began to use stains in the sixties and seventies, the demand for dyes for this purpose was naturally too small to justify a special source of supply. They therefore had to make use of textile dyes, which were then veryRead MoreUnderstanding the Global Warming Debate2393 Words   |  10 Pages The first argument examined on the man-made global warming side will be the Union of Concerned Scientists personnel’s claims against the Competitive Enterprise Institute. Seth Schulman et al. claim that from 1998-2005 ExxonMobile gave about $16 million dollars to organizations that argued against man caused global warming. They state that these organizations have magnified the works of a small group of scientists which seem to show evidence against man caused global warming, which in turn, haveRead MoreThe Fashion Consumer’s Attitude Towards the Fashion/Lifestyle Brands Adopting Csr as a Part of Their Business Strategy9393 Words   |  38 PagesConsumer’s attitude towards the fashion/lifestyle brands adopting CSR as a part of their business strategy Author: Anjali Saini Fashion Marketing (2009-11) PEARL ACADEMY OF FASHION AIM OF THE PROJECT After all the harm that man has done to the planet Earth, the time has come for mankind to protect himself and the planet from further destruction and to save the planet. To solve this purpose, there is much talk about Corporate Social Responsibility (CSR) today. As Indian apparel/fashionRead MoreL’origine Du Monde. Courbet, 18662301 Words   |  10 Pagesrealistic manner this kind of practicing art. Considered as scandalous, the picture has remained hidden during almost one century until its being given to the Orsay Museum, which the piece of art enters on the 26th June 1995. Turning to a more precise analysis of the painting, the essay then emphasizes its ambiguity: although the aim of the painter was to represent the reality of a woman body, trying to reach objectiveness, there is also a will to make the audience react, mind about his relation to nudityRead MoreCorporate Identity10953 Words   |  44 Pagesidentity is assessed using the Balmer’s AC3ID Test of Corporate Brand Management. The test is a diagnostic tool for examining the relationships (and possible misalignments) between the six identities that are found within many organizations. Our analysis confirms the efficacy of Balmer’s AC3ID test for its diagnostic ability in detecting key identity issues, given that the test encapsulates multiple disciplinary roots and time frames. As we will show in the article, the early changes to the BA identityRead MoreBanana Used as Fertilizer11002 Words   |  45 Pagespeels, and  lignin  content increases with ripening (from 7 to 15% dry matter). On average, banana peels contain 6-9% dry matter of  protein  and 20-30% fibre (measured as  NDF). Green plantain peels contain 40%  starch  that is transformed into sugars after ripening. Green banana peels contain much less starch (about 15%) when green while ripe banana peels contain up to 30% free sugars. Banana peels are also used for water purification,  toproduce  ethanol, cellulase,  laccase  and in  composting. Banana peelRead MoreSustainable Supply Chain13609 Words   |  55 Pagessometimes not. When parties acknowledge this simple fact, it becomes easier to convince corporations to adopt (environmental and social initiatives) that are mutually beneï ¬ cial. This thinking moves us beyond the simple question, â€Å"Does it pay to be green?† A framework of SSCM 361 These research questions are also particularly relevant because supply chain professionals are in an outstanding position to impact sustainability practices. Activities such as reducing packaging, improving workingRead MoreSip Report on Real Estate Company10410 Words   |  42 Pagesentire term of the Summer Internship Program and taking care of even the smallest intricacies of the project. I also convey my gratitude to the Management of IMS NOIDA for providing the infrastructure to help me in accessing the necessary data for analysis purpose. Last but not the least; I extend my thanks to all my colleagues for the assistance, support and the suggestions, which have been valuable to me, and for providing a friendly work atmosphere with healthy competition throughout the projectRead MoreThe Relation Between Prostitution and Human Trafficking Essay2236 Words   |  9 Pagesto everyone throughout the world regardless of gender, race, religion, sexual orientation, or age. However, although we are born with these rights, there have been many cases throughout the world where people’s human rights have been violated. The analysis of this essay will focus on the sexual exploitation of women through trafficking and prostitution within Ireland, the Netherlands, and the United States of America. In 2006 it has been reported that out of the amount of people involved in globalRead MoreThe Physiological Effects of Spaceflight5829 Words   |  23 Pagesspace. Therefore there are many implications for the physical aspects of space travel. There will need to be many developments in the science of physiology in this frontier before long duration flights, such as a trip to Mars, becomes feasible. This analysis will provide a literature review of some of the issues regarding human physiology in this realm as well as one of the more fascinating microorganisms who have shown to be able to withstand some of the adverse effects that space can inflict upon them

Evo Devo in the Study of Biology

Have you heard anyone ever talk about evo-devo? Does it sound like some sort of synthesizer-heavy band from the 1980s? It is actually a relatively new field in the realm of evolutionary biology that explains how species, that start out so similarly, become so diverse as they develop. Evo devo stands for evolutionary developmental biology and has just started being included in the Modern Synthesis of the Theory of Evolution within the past few decades. This field of study encompasses many different ideas and some scientists disagree on what all should be included. However, all who study evo devo agree that the foundation of the field is based on the gene level of inheritance which leads to microevolution. As an embryo develops, certain genes need to be activated in order for the traits carried on that gene to be expressed. Most of the time, there are biological clues for these genes to turn on based on the age of the embryo. Sometimes, environmental conditions can trigger the expression of the developmental genes as well. Not only do these triggers turn on the gene, they also direct the gene on how to be expressed. There are subtle differences between the arms of different animals that are determined by how the genes that carry the trait for limb development are expressed. The same gene that creates a human arm can also create a sparrows wing or a grasshoppers leg. They are not different genes, as previously thought by scientists. Evo Devo and the Theory of Evolution What does this mean for the Theory of Evolution? First and foremost, it lends credibility to the idea that all life on Earth came from a common ancestor. This common ancestor had the exact same genes we see today in all of our modern species. It is not the genes that have evolved over time. Instead, it is how and when (and if) those genes are expressed that has evolved. Also, it helps to give an explanation for how the beak shape of Darwins finches on the Galapagos Islands could have evolved. Natural Selection is the mechanism that chooses which of these ancient genes are expressed and ultimately how they are expressed. Over time, the differences in gene expression led to the great diversity and large numbers of different species we see in the world today. The theory of evo devo also explains why so few genes can create so many complex organisms. It turns out that the same genes are used over and over again but in different ways. The genes that are expressed to create arms in humans may also be used to create legs or even a human heart. Therefore, it is more important how the genes are expressed than how many genes are present. Developmental genes across species are the same and can be expressed in a nearly unlimited number of ways. Embryos of many different species are nearly indistinguishable from each other at the early stages before these developmental genes are turned on. Early embryos of all species have gills or gill pouches and similar overall shapes. It is crucial for these developmental genes to be activated correctly at the right time and at the right place. Scientists have been able to manipulate genes in fruit flies and other species to make limbs and other body parts grow in different places on the body. This proved these genes control many different parts of embryo development. The field of evo devo reaffirms the validity of using animals for medical research. An argument against animal research is the obvious difference in complexity and structure between humans and the research animals. However, with such similarities on a molecular and gene level, studying those animals can give insight into the human, and particularly the development and gene activation of humans.

Today’S Classroom Visit Was Quite Different Than Any Other

Today’s classroom visit was quite different than any other time that I have been in Mrs. Kingston’s class. Due to the fact that March is Reading month is coming to a close tomorrow, Mrs. Kingston had to adjust her schedule for today and tomorrow because the students have an assembly and book buddies that they have to participate in, which are not normal Friday activities. All of this to say that today was a treated more as a catch up day. Students spent most of the morning catching up on their handwriting, morning work, and any other work that is missing or was not finished throughout the week. Since today was a catch-up day, we did not see Mrs. Kingston present any lessons, which was very strange. I. Instructional Practice Even though†¦show more content†¦Section two had the students working on syllables. They were asked to determine where two syllable words were split apart. The third section was where the students read a small passage about the lady who was trying to train her cat. The students read this passage and answered ten questions about what they read. Most of the questions had the students focusing on main ideas, supporting details, and even a little bit of sequencing. The final portion of this assessment encouraged the students to write about the characters thoughts about whether the bird that they were talking about was a chicken or an eagle. Mrs. Kingston made content explicit today by explaining to the students why today needed to be a catch up day. However, she was not specific about explaining why handwriting was important or why completing missing work was important. Even though, Mrs. Kingston was not teaching a lesson, I think that if she would have taken a minute to explain why this day was dedicated to catching up, that the students would have been more appreciative of the time that they were given. She also explained her expectations for the students, which included the students’ do now’s and may do’s, which were very similar today. For the do now’s, the students were expected to finish their handwriting and any unfinished work. If they had successfully accomplished these assignments, then they have the opportunity toShow MoreRelatedThe Great Gatsby By F. Scott Fitzgerald1278 Words   |  6 PagesToday, F. Scott Fitzgerald continues to stun audiences of all ages with his magically written novel about romance, money, and despair. Though The Great Gatsby was not very popular when it was first released it has made up for lost time and is now one of the greatest classics in American literature and being read in classrooms all across the United States. What actually denotes a book as a classic or great, though? In my opinion, a lot of it has to do with what a person needs at the time. AccordingRead MoreThe National Africana Studies Association Essay1988 Words   |  8 Pagestraveling around the United States in an effort to educate today’s youth about the complexity, diversity, and pure beauty that is defined by Africa. I have been sent to speak to you by the National Africana Studies Association as part of a campaign to promote the study of â€Å"Africa in the classroom.† Throughout the course of my journey, I’ve seen how obvious it is that the high schoolers across the country have little to no knowledge about Africa. Quite frankly, I feel that the lack of African knowledgeRead MoreAmerica s Education System Systems1804 Words   |  8 Pageseducation systems around the world are all comparatively very different from each other. Because countries all have different beliefs, moralities, and cultures, this can have a drastic effect on their education systems and how it is unique to their region and/or country. For example, the UK education system is very different from the American education system. Over the past several decades schooling has developed more and more in other countries, such as Finland or Switzerland, and have changed forRead MoreI am Responsible for My Students Education2295 Words   |  9 Pagesfundamental. I have an obligation to ensure all students receive a fair chance and are shown no prejudice irrespective of race, socio-economic standing or creed. UNESCO postulates, Education is a fundamental human right and essential for the exercise of all other human rights. It promotes individual freedom and empowerment and yields important development benefits. Yet millions of children and adults remain deprived of educational opportunities, many as a result of poverty. The beliefs of a teacher frequentlyRead More Students With Auditory Challenges and Mainstream Schools Essay2264 Words   |  10 PagesStudents With Auditory Challenges and Mainstream Schools Hearing-impaired and deaf students can better succeed in life when educated in mainstream schools than being segregated in special schools because though they have special needs, they learn to communicate better with hearing individuals and can still attend special programs where teachers with special training can help them in their educational journey. Heather Whitestone, a deaf ballet dancer from Alabama, became the firstRead MoreHow to Write at 9 Level9946 Words   |  40 Pagespart, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the written permission of the author, Ryan T. Higgins. Complete copies of this book may be retained For more information electronically only by those who have purchased it from Ryan T. Higgins. on how to obtain an electronic copy, please visit http://www.englishryan.com. This entire work is copyright  © 2010 by http://www.englishryan.com. on many different budgets. Please don’tRead MoreLanguage Barriers2910 Words   |  12 PagesBarriers in NC Pre-K Classrooms How to Overcome Language Barriers in NC Pre-K Classrooms FCS 711- Research and Inquiry in Family and Consumer Science Dr. Rosa Purcell Meisha Conrad April 28, 2014 Introduction Being a teacher at a Head Start/ Early Head Start program I have experienced the language barriers between teachers and students from different ethnic groups. I canRead MoreDrugs in High School Essay2607 Words   |  11 Pagesadministrators to prevent drug usage in the school as to stop the spread of any conflict (namely any characteristically delinquent behaviors such as interpersonal violence and school dropout) that they could potentially cause. However, it is also imperative to maintain some level of privacy so that students do not lash out against the administrators and school-wide morale remains fairly high. Numerous students and other relevant candidates have been interviewed, and a unanimous response has beenRead More Character Building in School Essay2748 Words   |  11 PagesCharacter Building in School In a society with a vast array of different beliefs and mediums through which these beliefs are presented, children can get lost in an overwhelming sea of influential ideas and concepts not necessarily intended for their eyes and ears. Character education is a concept that calls for teachers and school curriculums to guide students in learning what Edward F. DeRoche and Mary M. Williams (2001, p. 25) described as â€Å"core values held sacred by a democratic society.†Read MoreImpact of Movies2263 Words   |  10 Pageswhich ultimately affects the society as a whole. NEGATIVE IMPACT VIOLENCE: While violence is not new to the human race, it is an increasing problem in modern society.  Ã‚  While the causes of youth violence are multifactorial the research literature is quite compelling that childrens exposure to media violence plays an important role in the etiology of violent behavior. How does violence in movies result in aggressive behavior? Some researchers have demonstrated that very young children will imitate aggressive

Investment Analysis and Portfolio Management Growth Stocks

Questions: 1) How did the researchers in the article Rethinking Stock Returns define value versus growth stocks? What relevance did their findings have on investing? 2) What factors did Fama and French examine that may explain stock returns? 3) The CAPM is built on a single measure of risk that explains asset returns. What measures of risk did Fama and French conclude were necessary to explain stock returns? 4) Describe the CAPM model and the Fama and French model and the implications of these models for investors. 5) Finally download an academic paper of your choice from the last five years posted on the Financial Economics network of the SSRN website (https://www.ssrn.com/en/index.cfm/fen/). The academic paper must use the Fama-French model in its analysis. Provide a 1000 word summary of the objective of this academic paper of your choice and the reasons why the Fama-French model was used in the paper. Answers: 1. Fama and French provided an adequate model for analysis of returns considering multiple factors being used in the analysis of risk. According to the Fama French model, the value stocks are the high ratios of the book value in comparison to the market value whereas the growth stocks are the low ratios of the book value in comparison to the market value. The relevance that the Fama and French have given in their findings is their different viewpoint of the growth stocks. This implies that the dividend is not the only consideration which measures the returns to investors but they have also evolved that the growth returns also plays a significant role in the investment decisions of the investors (Chen, Novy-Marx Zhang, 2011). 2. The factors which are used by the Fama and French model for explaining the stock returns are beta, size and value. Beta is the factor which is used to measure the changes in stock in relation to the market. When one beta will change then the stock will also change. Further it is depicted that the when the beta of any stock is higher than the changes expected are also higher whereas when the beta of any stock is lower than the expected changes will also be lower. The second factor is the size of the company also matters here as when the small company stocks and large company stocks act indifferent to each other because of their capital. In the long-run the companies with small capital stocks will earn larger returns in comparison to the companies with the large capital stocks. The third factor is the value which relates to the growth in earnings and dividend (Forbes, 2013). 3.CAPM is the model which measures the risk based on the single factor i.e. beta. Beta represents the changes in the stocks returns due to changes in the overall market index (Levy, 2011). Therefore; the CAPM model measures the risk on the basis of only one factor which not appropriate to analyse the overall risk of the security. The factors which the Fama and French have explained that are necessary other than beta in analysing risk of stock returns. They included two more factors that are size and value which contributed to the implication of the risk analysis (Chen, 2016). 4. The Fama and French model have been evolved to overcome the limitations of the Capital Asset Pricing Model (CAPM). The CAPM discussed about only one risk factor i.e. beta whereas the Fama and French model used two more factors i.e. size and value other than beta (Meyers, 2010). The investors need to analyse the risk thoroughly before taking final decision to invest in a particular stock. In this regards, the CAPM model can be considered to be less effective as it takes into account only the systematic risk (beta). However, the investors need to analyse the unsystematic risk also to make the final choice. The analysis of unsystematic risk provides full coverage to the risk analysis of security (Ang, 2014). In this connection, Fama and French moved forward by including two more factors such as size and value in analysing the risk 5. The following answer will address the summary of the chosen article namely, The Fama French Model or The Capital Asset Pricing Model: International Evidence. Further the answer will also cover the reasons why the Fama and French model has been used in the chosen paper. The chosen article discusses the comparison between the Fama and French model and the Capital Asset Pricing Model (CAPM). The paper states the usage of the Fama and French model in place of the CAPM model for both the high and small book value to the market stocks of the firms. As the international factors increases the trustworthiness of the stock returns (Alves, 2013). The papers objective is to enlarge the base of the CAPM model by adding on the size and value factor which will analyse the market risk. As they found that relying upon only one factor i.e. beta will not rightly analyse the risk of the stocks. In addition to this, it is also dependent on some more factors to measure the changes occurring in the market related to the securities. This paper also expands the Fama and French model by taking into account the international and local factors. The central idea of the paper is to compare the CAPM and Fama and French (FFM) models (Alves, 2013). The size factor introduced by the FFM is related to the profitability. The small stocks results in less earnings as compared to the large stocks but in the long run the small stocks earns a higher return because the market undervalues these stocks in the initial phase of listing. The paper has carried out the research by taking a sample of different firms from ten countries in order to evaluate the two models (Alves, 2013). This article states that model provided by Fama and French is superior to the CAPM model because the CAPM model does not consider the premium for additional market risk. Avles criticised the use of CAPM model in analysing the risks of securities because assessment of risk based on only one factor is not considered appropriate. The author identified the Fama and the French model overcoming the limitation of CAPM model in realtion to the risk analysis. There was three factor model used by Fama and French which covered the risk analysis comprehensively. Three factors used in the Fama model were beta, size and value. In this model, beta covered the risk pertaining to market; size and value covered the risks specific to the company. Therefore; in this way the Fama and French model has expanded the scope of CAPM model (Alves, 2013). The empirical work carried out by the author in this article is based on the experimental data methodology (Alves, 2013). In order to carry out the experiment the author selected a number of firms from various countries. Further, the firms selected for analysis are different from each other based on their respective market capital. The sample selected for analysis comprised of firms from large to medium to small market capital. The methodology adopted by the author appears to be appropriate for the purpose. However; there are certain limitations of the research work carried out by the author. The author has not taken into account a common basis while choosing the sample of countries which may lead to inaccurate results of the analysis (Alves, 2013). The reasons why the Fama and French model has been used in this paper is as it covers the factors affecting the market risk of securities better than that of the CAPM model. The FFM model has taken into consideration more than one factor which the investors care about. The motive of the model is to explain the performance of the beta i.e. the market, size and value which. For the investors the performance of the security is judged by its price. The reason behind the usage of the FFM model is that the stocks which are from book to market value stocks are the most powerful ones that tells about whether the stock is high book to market or low book to market. The Fama and French give a reason to the investors to choose between the small stocks or the large stocks. They are able to reason because the FFM model defines the size premium (Alves, 2013). The FFM model takes into account the market premium i.e. beta, the size premium, the value premium, zero risk return, impact of the management i.e. considered alpha here and the random error as all these are taken into one picture before investing into any particular security. All the factors of the market are not in the favour of the investors all the time therefore; the model has provided that the consideration of the three factors is very important to draw the attention of the investor in order to get good returns from the stocks (Alves, 2013). The paper also mentions that the FFM model is preferred over the CAPM model because it is more reliable when it comes to the functional aspects are to be taken into account. The paper also includes the involvement of the international factors as the sample taken in the paper is from different countries. Therefore; the researcher knows that it is needed to include the international factors other than the three factors because they might also increase the dependability of the expected stock returns. Hence, it is found more advantageous to apply the Fama and French model to the researcher (Alves, 2013). The conclusion drawn from the whole paper is paper is that the main motive of the researcher is to throw some light on the functional aspects of the CAPM and FFM models as it will explain the global functional form and the reliability of the models. The sample of the big firms has led to the undertaking of the two models and the comparisons between them. References Alves, P, 2013, The Fama French Model Or The Capital Asset Pricing Model: International Evidence, The International Journal of Business and Finance Research, 7(2). Ang, A, 2014, Asset Management: A Systematic Approach to Factor Investing, Oxford University Press. Chen, L., Novy-Marx, R. and Zhang, L., 2011. An alternative three-factor model. Chen, M, J, 2016, Postmodern Portfolio Theory: Navigating Abnormal Markets and Investor Behaviour, Springer. Forbes, 2013, Fama-French Three Factor Model, viewed 25 February 2017 from https://www.forbes.com/sites/frankarmstrong/2013/05/23/fama-french-three-factor-model/#3fd25fd326b3. Levy, H, 2011, The Capital Asset Pricing Model in the 21st Century: Analytical, Empirical, and Behavioural Perspectives, Cambridge University Press. Meyers, R, A, 2010, Complex Systems in Finance and Econometrics, Springer Science Business Media.

Historical Foundations in the Field of Psychology free essay sample

Abstract This final assignment is a reflective paper in which the historical, philosophical, and empirical foundations of the field of learning in psychology and its applications will be discussed. Additionally, there will be a discussion of the ways that history has helped to shape important contemporary learning theories and issues. Lastly, the paper will provide an explanation of how specific topics and information such as instrumental conditioning techniques and the usefulness of different learning styles may impact my personal and professional life and how the different aspects of the ield of learning have added value to my body of knowledge as a student and future professional in the field of psychology. Historical Foundations Of the Field of Learning Shaping Important Contemporary Issues It is a natural course of action for the field of learning to fall under the umbrella of the field of psychology. A branch of philosophy and science, the field of learning, Just as the field of psychology, was created through the movements of empiricism and rationalism, along with the development of evolution theory (Terry, 2009). We will write a custom essay sample on Historical Foundations in the Field of Psychology or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These movements fostered interest in scientific investigation thus giving way to pistemology, which means, theory of knowledge. Questions concerning nature and nurture sparked interest in how we came to have knowledge, which is the main tenet of the field of learning (Terry, 2009). In the field of psychology, the learning theories provide a way to explain how we learn and attain knowledge; how we think. While philosophers agreed with the basic definition of knowledge and learning, which is defined as the acquisition of knowledge, their opinions varied in how acquisition occurs (Terry, 2009). Descartes suggested that although we learn, other sources of knowledge exist. He introduced the ideas of nativism and rationalism. He proposed that we have innate knowledge of our ideas of God, infinity, and perfecton (Terry, 2009). Also, that other knowledge is derived by a reasoning, logical, and intuiting mind (Terry, 2009). Additioally, this knowledge is present and independent of particular experiences with the world (Terry, 2009). Therefore, he believed in the process of learning, but he didnt believe that all knowledge had to be learned. However, John Locke introduced the idea that knowledge is actually learned through our experiences, and through use of our senses, which is the idea of empiricism (Terry, 2009). This phenomenon is later known as cause and effect. The ideas of Descartes and Locke influenced researchers toward an empirical view of learning through seeking out how knowledge is acquired through what is experienced in the environment. This gave way to the scientific methods of association learning, conditioning, and verbal learning (Terry, 2009). Each of the historical thoughts on learning is continuous and useful in some way today. There are modern theories that have built upon the ideas of conditioning and behavior modifications, etc. One (2006), provide a modern approach to treating phobias, as well as other anxiety isorders. Their research starts with the traditional premise that what can be learned can be unlearned, and possibly prevented (Mineka Zinbarg, 2006). However, they support modern criticism that traditional learning approaches do not adequately account for the diverse factors involved in the origins of peoples anxieties. To support this claim they provide an example of two clients with phobias of dogs. The phobias were developed due to experiencing attacks by dogs. The first client actually was out walking her pet dog when she was attacked and later developed an infection due to the bite. However, the second client only experienced her clothes being torn before the owner was able to grab the dog before any serious injury occurred, although both clients developed phobias (Mineka Zinbarg). They argue that traditional learning approaches do not adeqatly explain why the client that was not bitten developed the phobia as well. Additionally, they provide another concern that traditional views do not explain why many individuals that have had traumatic experiences do not develop phobias. Furthermore, they go on to say that contemporary learning approaches are better grounded in the theories and ethods of experimental psychology, and they provide more comprehensive formulations of the etiology of anxiety disorders. Also, that they provide a more explicit analysis of factors promoting or inhibiting the deeopment of different anziety disorders (Mineka Zinbarg). With that being said, there have indeed been great advancements in the field of learning and psychology, along with growing technological advances. Learning involves observable changes in behavior; objective evidence, and traditional researchers such as Pavlov, Watson and Skinner have paved the way for providing a scientific foundation for psychology and learning. Psychology is a science because it is objective and quantifiable. Learning and memory themselves are not observed directly; they are processes that occur in the nervous system (Terry, pg. 5, 2009). Therefore, contemporary research has taken advantage of the use of PET scans and magnetic resonance imaging (MRI) to look at brain functions to explain behaviors ( Raichle, 1994). These modern avenues of research have allowed researchers to become a step closer to relating psychological theory to brain functions and research. For example, todays research may include brain scans and case studies of brain damaged soldiers. Even mor e so, recent research on post traumatic stress disorder examines the use of exposure therapy on preventing the reoccurenc of PTSD (Massad et. l, 2006). This research is most interesting because the researchers examine the understanding of reducing fear responses because associations with the stimuli are not unlearned. Their research concludes that unless exposure treatment regimens are maximized the risk of renewal of PTSD is high (Massad et. al, 2006). Such advances are very important to the quality of life that our existence depends upon. Knowledge is necessary for our daily lives even more so now than ever. This very research can be instrumental in a military soldiers life as we are currently in war time. The topics in the field of learning that have had the most impact on me personally include learned taste aversions and the development of specific phobias For probably will not cause the child to cry. However, through the pairing of the needle with the unpleasant sensation of having a vaccination the sight of the nurser may come to elicit symptoms of fear and anxiety, even if the child is not receiving a vaccination. I personally found this interesting Just because I am a mom and it is interesting to use such information while rearing children. The second type of learning that I found interesting in the behaviorist tradition is instrumental or operant, conditioning. This type of learning requires that an organism operate on the environment to achieve a goal (Terry, 2009). So then, behaviors are learned as a function of the consequences of those behaviors. Of course, this type of reinforcement is useful in the classroom as well as rearing children. Additionally, social learning theory focuses on observational learning, and modeling. Social learning researchers are concerned with how expectations, memory, and awareness influence the learning process (Berk, 2008).

The practice of budget in two entirely different businesses and working capital in a manufacturing company The WritePass Journal

The practice of budget in two entirely different businesses and working capital in a manufacturing company Introduction The practice of budget in two entirely different businesses and working capital in a manufacturing company IntroductionTraditional Budgeting in Static BusinessRelated Introduction This paper outlines the practice of budget in two entirely different businesses and working capital in a manufacturing company. The first part of this paper describes how budget exercised in these two companies, which are one in a static condition and another in a dynamic driven. Traditional approach of budgeting and budgetary control is still commonly used by most companies in the world despite of its limitations. In current rapidly changing environment, traditional budgeting no longer the only budgeting approach to be exercised in a company. There are some alternatives such as beyond budgeting, Zero-Based Budgeting, Activity-Based Budgeting, etc. which would be explained further in this paper. The second part of this paper describes how working capital holds major role in a company and how to improve each element in it. Working capital which generally consists of trade debtors, trade creditors, cash and stock can be improved individually to achieve optimal profit for the company.  Ã‚  Ã‚   Part A â€Å"A budget is a plan, expressed in financial and/or more generally quantitative terms, which extends forward for a period into the future† ((Gowthorpe, 2003) Cited from DocShare.com). The traditional budgeting typically developed from the review of past years budget with addition of extra value of changing factors, such as growth and inflation, from assumptions by the business. It is basically a fixed annual plan and tie managers to predetermined actions. It is based on hierarchy and centralized leadership (Stewart, 2004). It has offered many contributions over the years, but it seems unsuitable for the modern business (DocShare.com, 2009). Serven (cited in Banham, 2000) argued, â€Å"The customary system of trying to accurately predict what will happen in 12 months and budgeting accordingly is an exercise in futility†. It is nonflexible to utilize the traditional budgeting in today business environment. â€Å"The business budget today generally used as a tool to formulate intelligent decisions on the management and growth of a business venture, enabling business to set priorities monitor progress toward both financial and non-financial goals.† (Hyperion, 1998) Most budget processes are inefficient and costly. It is complicated and it takes too long to be completed, by the time its finished the business environment has changed and the budget prepared no longer applied. According to Stewart (2004), there are ten reasons why budget cause problem, as it summarized in the next figure. Though traditional budgeting have such crucial weaknesses, but most companies still rely on it because its history and their un challenged position in the top division of accepted management practices (Hope Fraser, 1999). Source: www.BusinessSculptors.com Therefore many companies now seek to find alternatives of traditional budgeting, even some attempt to abandon it. However, some analysts estimate that as many as half the companies that attempt the overhaul become so exhausted they give up and go back to traditional approach (Banham, 2000). Traditional Budgeting in Dynamic Business In a business that operates in a very dynamic, rapidly changing, and innovative environment, traditional budgeting is inappropriate to exercise. Budget is a barrier for the business because the vibrant market demands flexibility, fast response, innovation, process improvement, customer focus, and shareholder value (Daum, 2001). And it is the limitation of the traditional budgeting not to be able to fulfil these demands. The dynamic driven business should keep up with the change and adaptive to recent development to achieve success. Hence Beyond Budgeting approach introduced. Daum (2001) argued that, â€Å"The Beyond Budgeting Model is designed to overcome traditional barriers and to create a flexible, adaptable organization that gives your local managers the self-confidence and freedom to think differently, make decisions rapidly, and collaborate on innovative projects with colleagues in multifunctional teams both within your company and across its borders.†Ã‚   Exercising beyond budgeting may have become the turnaround for many companies of their budgeting problems. Beyond budgeting is about a performance management system, made up of a series of interdependent and interlocking process (Verlag, 2005). The objective is to create an adaptive system to the real world that ideally develops the business plan from the environment, i.e. growth of markets, performance of competitors, etc. Then, instead of trying to meet a negotiated number in the budget, business should try to beat this performance standard (Verlag, 2005). Thus it would not make managers feel undervalued. The process of beyond budgeting is portrayed in 12 principles of Beyond Budgeting (BBRT, 2005). The first six ‘process’ principles is concerning performance management systems that allows employees to response faster to customer needs and competitive environment. The second six ‘leadership’ principles provide a decentralization framework of responsibility to employees to facilitate them adapting quickly to potential events and improves their relative performance. Beyond budgeting can be exercised successfully by applying these principles and the business can be adaptive to the rapidly changing environment. 12 principles of Beyond Budgeting Beyond Budgeting Process Principles 1. Targets   Set aspirational goals based on continuous relative improvement not fixed targets 2. Rewards   Base rewards on relative performance with hindsight not on meeting fixed targets 3. Planning Make planning an inclusive and continuous process not an annual event 4. Resources Make resources available on demand not through annual budget allocations 5. Coordination   Coordinate cross company actions dynamically not though annual plans and budgets 6. Controls   Base controls on KPIs, trends and relative indicators not variances against plan Beyond Budgeting Leadership Principles 1. Governance Base governance on clear values and boundaries not on detailed rules and budgets 2. Performance    Build a high performance culture based on relative success not on meeting targets 3. Freedom to act   Devolve decision making authority to frontline teams don’t micro-manage them 4. Accountability   Create a network of small units accountable for results not centralized hierarchies 5. Customer focus Focus everyone on improving customer outcomes not on meeting internal targets 6. Information    Promote open and shared information don’t restrict it to those who ‘need to know’ The benefits of beyond budgeting is it will examine targets, strategies, action plans, forecasts and management reports. Comparisons might also be made against competitors and past-year performance. It will concentrate on the key drivers of business performance. The purpose is to be alert and take advantage of new opportunities and respond to potential threats by using an advanced information system to make decisions early. Speed of action and good decisions are the result of beyond budgeting. (Hope Fraser, 1999) The major change required by beyond budgeting will raise some resistance to change (Verlag, 2005). Organisations will differ in scale, culture and business context. It would be challenging to demonstrate to key stakeholders that control can still be achieved without a budget (Max, 2005). Beyond budgeting may raise issues such as doubt of loosening control, giving front-line people decision-making authority, and trusting people to act in the best interest of the business that is not easy change to contemplate (Hope Fraser, 1999). However if these issues can be handled, the business may gain success in long term. For example, the companies that have successfully practised beyond budgeting and abandoned the traditional budgeting system are Volvo (one of Europes most profitable car manufacturers), IKEA (the worlds largest furniture manufacturer and retailer), etc. (Hope Fraser, 1999). Many organizations that have gone beyond budgeting found that their performance has improved once the budgeting process was abandoned in favour of more relative and adaptive means of planning, evaluating performance and control (Stewart, 2004). Although beyond budgeting is the most updated method, but not all companies can adapt to it. Thus the other alternative for the dynamic driven business is Activity-Based Budgeting (ABB). It focuses on generating a budget explicitly from activities and resources (Hansen, Otley, et all., 2003). It creates an operationally feasible budget before generating a financial budget. Advantages of ABB approach is it allows better product, process, or activity costing and decision making, and better resource allocation to support organizational priorities. It identifies capacity issues and makes adjustment earlier in the budgeting process than under traditional budgeting which does not track resource consumption patterns. It enriches managers ability to respond to contingencies and also improves performance measurement, evaluation, and decision making (Hansen, Otley, et all., 2003). ABB can be a proper alternative for the dynamic company since it will provide more accurate analysis to quickly forecast the next budget compared to the traditional budgeting. However, ABB is not without problems. According to Barret (2003), ABB can be difficult to understand about the rules relating outputs to resources and costs. Consequently business managers tend to be doubtful of the approach. Although ABB directly relates increase in the volume of an output with increases in certain activities, it does not help in linking activities with resources. Thus any application of one of these alternatives, whether it is beyond budgeting or ABB, must be considered thoroughly subject to the business current condition. Traditional Budgeting in Static Business In a business that operates in a very stable and static market place, where there is slight change in either products or demand every year, traditional budgeting still can be appropriate (Daum, 2001). Static business would not need to take a risk to change their invariable budgetary plan as it would cost higher and consume more time than usual. However if this condition continuously persisted, the business will never develop more than its current position. It could lead to boredom for the employees who seek for challenge. As it is argued by Hope Fraser (1999), â€Å"Budgets are well known for reinforcing the command and control culture, constraining freedom and autonomy, and stifling the very challenges that excite prospective managers†. As an alternative to the static business, Zero-Based Budgeting (ZBB) is introduced. ZBB refers to proposals by Pyhrr (1973); Cheek (1977) et al. to modify the traditional budgeting process in organizations in which budgeting is an incremental process in relation to the prior years actual expenditures. The proposed ZBB process requires each manager to justify the budget request approximating the organizational functions were starting from â€Å"ground zero†. It entails clarifying the goals of an organizational unit as well as identifying the functions and projects it proposes to perform in order to achieve its goals. These activities are then ranked in order of importance (Flamholtz, 1983). Basically it is a systematic logical approach to allocate limited resources where they will be best used. Benefits of ZBB are cost saving, improving services, increase self-discipline in developing budget, reduce the entitlement mentality with respect to cost increases and make budget discussions more meaningful during review sessions (LaFaive, 2003). On the contrary ZBB also can cause problems for example, may increase the time and expense of preparing budget, may be too radical a solution for the task at hand, and can make matters worse if not conducted accordingly. Moreover a substantial commitment must be made by all sectors involved to ensure that the change is followed through (LaFaive, 2003). ZBB is recommended for the static businesses in order to improve performance. It can be useful for shaking up a process that may have grown stale and counterproductive over time (LaFaive, 2003). Variance analysis is still the most common tools to calculate the mismatch between the planned budget and the actual performance. Based on the survey by Sulaiman, Ahmad Alwi (2005), the common practice among local Japanese (about 71%) and local Malaysian companies (about 64%) is to investigate variances only when the variance exceeds a certain percentage. This is a typical characteristic of traditional budgeting. However it is inadequate to be used in today modern business. Thus Ramsey (1999) introduced diagnostic variance analysis, where budget variances are analysed in terms of the activity-based components that make up the variance, and evaluated in light of overall business performance. As a result of this analysis, the underlying cause of the variance is revealed, providing the necessary business insight to support strategic decisions. In conclusion, traditional approach cannot be abandoned completely. Budgeting is still very important in the company and need serious attention in the organization in spite of its complication (France, 2006). Zero-Based Budgeting and Activity-Based Budgeting are only improvement of traditional approach. In a dynamic driven business that evolve in rapidly changing environment like today modern business ambience, beyond budgeting can be the suitable alternative with proper handling in the organization. As for the static business, ZZB can assist the breakthrough in the organization so that the business will develop more and achieve success in the future. Part B Working capital management is important for XYZ Limited as a medium sized manufacturing business. XYZ Limited has most of their assets in the form of current assets and also current liabilities for their one of main external finances (Teruel Solano, 2007). Working capital components of XYZ are cash, debtors, stocks of raw materials, work in progress and finished goods and creditors. Each of these components can be improved as it will be discussed together with its implication to others. Working capital is the amount available in liquid that invested to build the business. In general, a company with surplus working capital will be more successful since they can expand and improve their operations (WebFinance Inc., 1999). Meanwhile companies with negative working capital may find difficulties to grow the business due to lack of funds. To improve working capital, XYZ Limited can choose between the relative benefits of two basic types of strategies for working capital management; to minimize working capital investment or to adopt working capital policies designed to increase sales. However, the management of XYZ has to evaluate the trade-off between expected profitability and risk before deciding the optimal level of investment in current assets (Teruel Solano, 2007). Profitability and risk have positive relationship. When company make decision that involve high risk, the expected profitability company will also increased. So does when company make decision that involve risk reduction, potential profitability of the company decreased as well. Minimizing working capital investment would increase company’s profitability by cutting the proportion of its total assets in the form of net current assets. However, if the inventory levels are reduced sigificantly, the firm risks losing increases in sales (Wang,2002). Moreover a significant cutback for trade credit granted may trigger sales decline from customers requiring credit. On the other hand, investing heavily in working capital may also result in higher profitability. Specifically maintaining high inventory levels cut down the cost of possible disturbance in the production process and loss of business due to the scarcity of products, reduces supply costs, and protects against price fluctuations, etc. (Teruel Solano, 2007) In addition, granting trade credit promote the company’s sales in various ways. Trade credit can perform as an effective price reduction, enhance customers order to acquire goods at times of low demand, allows customers to check that the goods they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out, and helps company to intensify long-term relationships with their customers. However, these benefits have to offset the reduction in profitability due to the increase of investment in current assets. (Smith, 1987; Ng et al., 1999) Basically if the company can obtain cash to move faster around the working capital cycle as it shown in figure 1 (e.g. by collecting payment due from debtors faster) or reduce the amount of cash tied up (e.g. reduce inventory levels relative to sales), the business will generate more cash or it will need less to fund working capital. (http://tutor2u.net/business/images/working_capital_cycle.gif) As a consequence, the company could reduce the cost of bank interest or it will have additional money available to support supplementary sales growth or investment. Likewise, if the company can negotiate improved terms with suppliers e.g. get longer credit or an increased credit limit; it will effectively create extra finance to help fund future sales. (PlanWare, 2009) The first component of XYZ working capital is cash. The cash conversion cycle was a key factor in working capital management (Gitman, 1974). It is a reflection of decisions about amount to invest in the customer and inventory accounts, and quantity of credit to accept from suppliers which represents the average number of days between the date when the company must start paying its suppliers and the date when it begins to collect payments from its customers (Teruel Solano, 2007). The only way to improve this component is to shorten the cash conversion cycle which lead to better operating performance based on research by Wang (2002). The second element is debtors. The objective is to obtain payment from debtors as fast as possible improving cash flow and minimising the risk of bad debts and not being paid at all (Cartwright, 2008). All staff in the company that dealing with the debtors should clearly understand the payment terms offered and ensure that debtors comprehend it as well. A cash discount system can be considered to encourage sales invoice to be paid faster. New debtors should go through a strict credit check to avoid incapibility to fulfill the payment. However, the company should not be too agressive to pursue the debtors because it may lead to antagonized debtors and loss of customers. (Boisjoly, 2009) The third component is stock or inventory, which divided to raw materials, work-in-progress and finished goods. Managing inventory is about timing and organizing performance. Excessive stocks can place a heavy burden on the cash resources of a business. Insufficient stocks can result in lost sales, delays for customers etc. The key is to know how fast the overall stock is moving or how long each item of stock need to be kept before being sold. Obviously, average stock-holding periods will be influenced by the nature of the business. (PlanWare, 2009) Meanwhile the work-in-progress is the stocks of unfinished goods. Work-in-progress can be sold out to customers as they will use it in their own production process or kept for XYZ’s production line. Keeping stocks of unfinished goods can be a useful way to protect production if there are problems down the line with other suppliers. As for the finished goods, the company may consider to stock up the finished goods when the demand is certain, goods are produced in batches and the company completing a large order. (Boisjoly, 2009) The quantity of overall stocks the business keep will affect the cash conversion cycle, thus there are several factors the company should consider to determined the quantity to keep. There are the realibility of supply and availability of alternative sources; the production and delivery terms (whether it is in batches or singles); demand; the stability of price; and the availibility of discount if the company purchase in bulk. (Boisjoly, 2009) These are the factors the company need to consider because the longer material kept in inventory before they moved to production process, the higher cost it will charge to the company. If XYZ can shift inventory faster, then company can cut unnecessary costs and allocate the available cash to other process. (PlanWare, 2009) In order to determine the quantity to keep in the business, nowadays, many large manufacturers operate on a just-in-time (JIT) basis whereby all the components to be assembled on a particular day, arrive at the factory early that morning. (Boisjoly, 2009) This helps to minimize manufacturing costs as JIT stocks take up minor space, minimize stock-holding and virtually eliminate the risks of obsolete stock. Company are able to conserve substantial cash because JIT manufacturers hold stock for a very short time. (PlanWare, 2009) It is the most common method to be used in certain industries if the business is in fast-moving environment. This method might suitable for XYZ if the company produce products with rapid development, where the stock is expensive to buy and store, and the goods are fragile or restocking goods is fast and effortless. The last factor is creditors. The idea is to extend the time allowed for payment of expenses the business incurs (Cartwright, 2008). If company get better credit in terms of duration or amount from suppliers, then they are able to increase the cash resources. However, slow payment may signal inefficiency of the company. Therefore it is important to look after the creditors. Working capital often assumed to be well improved by squeezing the suppliers. However, this approach might impair sales and damage relations. Thus trade credit is offered as alternative to solve this issue.   However it would depend on the industries involved. Some industries may need to improve their working capital by trade credit; some may not, because there are risks of competitive pressure, price discrimination and transaction pulling. Furthermore trade credit should not be done aggressively since it might damage the supply chain. When supply chain disrupted, the share price will drop. Applying the right mi x of trade credit strategies will improve working capital of the company. (Seifert Seifert, 2008) In conclusion, working capital is playing a major role in XYZ Limited as a medium manufacturing company. It is important to improve working capital to enhance the liquidity and profitability of the company with the existence of risk. The key to improve working capital is to shorten the cash conversion cycle. Therefore fasten collection payment from debtors, proper inventory management and squeezing creditors can be effective to boost the cash flow. Nevertheless too aggressive persuasion of payment and extending the time of credit may decline sales, break the supply chain, and lead to antagonized customers. Hence improvement approach should be done in order. Figure 1 The Working Capital Cycle Taken from http://tutor2u.net/business/images/working_capital_cycle.gif Word Count: 3,212 words References    Banham, Russ. (2000). Better Budget. Journal of Accountancy. Vol. 189. No. 2. Research Library   Ã‚   Barret, Richard. (2003). How Incorporating Drivers Can Revolutionize Budgeting and Re-forecasting. The Journal of Bank Cost Management Accounting. Vol.16. No. 1.   ProQuest Central    Beyond Budgeting Round Table. (2005). The Principles of Beyond Budgeting. [Internet] Available from:   [25 Mar 2010]    Cheek, L. M. (1977). Zero-Base Budgeting Comes of Age. AMACOM: New York.    DocShare.com. (2009). The Strengths and Weaknesses of Traditional Budgeting. [Internet] Available from:   [25 Mar 2010] Flamholtz, Eric G. (1983). Accounting, Budgeting and Control Systems in Their Organizational Context: Theoritical and Empirical Perspectives. Accounting, Organizations and Society Journal. Vol. 8. No. 2/3. Great Britain. France, Adrian. (2006). An Alternative Approach to Surveying Management Accounting Practices. [Internet] Available from:   [10 Mar 2010] Hansen, Stephen C., Otley, David T., Van der Stede, Wim A. (2003). Practice Developments in Budgeting: An Overview and Research Perspective. Journal of Management Accounting Research. Vol. 15. Research Library. Hope, Jeremy Fraser, Robin. (1999). Beyond Budgeting: Building a New Management Model for The Information Age. Management Accounting Articles. Hyperion Solution Corporation. (1998). Does Budgeting Have to Be So Problematic [Internet] Available from:  Ã‚   [25 Mar 2010] LaFaive, Michael. (2003). The Pros and Cons of Zero-Base Budgeting. Testimony by Director of Fiscal Policy. Mackinac Center for Public Policy.    Nolan, Gregory J. (1999). The End of Traditional Budgeting. The Journal of Bank Cost Management Accounting. Vol. 12. No. 2. ProQuest Central. Pyhrr, P. A. (1973). Zero-Base Budgeting. John Wiley Sons: New York. Verlag, Martin M. (2005). Life Beyond Budgets? An Implementation Story – Beyond Budgeting at Unilever. [Internet] Available from:   [10 Mar 2010]    Ramsey, Timothy L. (1999). Diagnostic Variance Analysis. The Journal of Bank Cost Management Accounting. Vol. 12. No. 3. ProQuest Central.    Sulaiman, M., Ahmad, N. N., Alwi, N. M. (2005). Is Standard Costing Obsolete? Empirical Evidence from Malaysia. Managerial Auditing Journal. Vol. 25. No. 2. ProQuest Central. [Internet] Available from:   [12 Mar 2010] List of references for Part B:   Ã‚   Boisjoly, Russell P. (2009) The Cash Flow Implications of Managing Working Capital and Capital Investment. Journal of Business Economic Studies. Vol. 15. No. 1.    Cartwright, Terry. (2008). Manage Debtors and Creditors to Improve Liquidity. Icthus.Net Communication. [Internet] Available from:  Ã‚   [30 Mar 2010]    Dunn, Paul Cheatham, Leo. (1993). Fundamentals of Small Business Financial Management for Start up, Survival, Growth, and Changing Economic Circumstances. Managerial Finance. Vol.19. No. 8. ProQuest Central.    Gitman, L.J. (1974). Estimating Corporate Liquidity Requirements: A Simplified Approach. The Financial Review. Vol. 9. pp. 79-88. Ng, C.K., Smith, J.K. and Smith, R.L. (1999), Evidence on The Determinants of Credit Terms Used in Interfirm Trade. Journal of Finance. Vol. 54. pp. 1109-29. PlanWare. (2009). Business Planning Papers: Managing Working Capital. Invest-Tech Limited. Dublin. [Internet] Available from:   [28 Mar 2010] Shukla, Arun. (2009). Working Capital Management’s Role in the Turnaround Engagement. American Bankruptcy Institute Journal. Edition: June 2009. Vol. 28. No.5. Research Library. Seifert, Daniel Seifert, Ralph W. (2008). Working Capital in Times of Financial Crisis: Three Trade Credit Strategies. Perspective for Managers Journal. No. 166. [Internet] Available from:   [25 Mar 2010] Smith, J.K. (1987). Trade Credit and Informational Asymmetry. Journal of Finance. Vol. 42, pp. 863-72.    Teruel, Pedro J. G. Solano, Pedro M. (2007). Effects of Working Capital Management on SME Profitability. International Journal of Managerial Finance. Vol. 3. No. 2. Emerald Group Publishing Limited.    Wang, Y.J. (2002). Liquidity Management, Operating Performance, and Coroporate Value: Evidence from Japan and Taiwan. Journal of Multinational Financial Management. Vol. 12. WebFinance Inc. (1999). Definition of Working Capital. WebFinance Inc. [Internet] Available from:   [25 Mar 2010] WebFinance Inc. (1999). Definition of Working Capital. WebFinance Inc. [Internet] Available from:   [25 Mar 2010]    Working Capital Model. (Unknown) [Internet] Available from: http://tutor2u.net/business/images/working_capital_cycle.gif [25 Mar 2010]

Speech Essay Example | Topics and Well Written Essays - 250 words - 8

Speech - Essay Example Besides, organization of speech may enable a speaker easily trace themes that one has covered in case of queries from the audience. Transition statements perform various functions in a speech. For instance, they adds color to a speech thereby making it less boring. In this view, transition statements serve in engaging the audience throughout the speech. It is a proper habit of speech presentation to change one’s tone while mentioning transition statements such that an audience takes the cue while the speaker is moving into a new sub-topic (Griffin, 2012). In most instances, transition statements help the speech gallop from one discussion to the other. In this sense, the statements accord the speaker adequate time to reflect over subsequent discussions (BoveÃŒ e, 2003). Besides, transition statements act as break sessions in a speech. This is essential for preventing exhaustion as a speaker acquires some relief during the breaks. More essentially, transition statements provide flow and coherence to a speech. This means that it is difficult for a speech to make sense without transition

Children Are Not Little Adults Essay Example | Topics and Well Written Essays - 1250 words

Children Are Not Little Adults - Essay Example Children have frameworks in which adults must approach issues for their health and well being. Because children are not small adults, they must be approached with recognition of the differences in development on all levels of human experience. Physiology The physiology of a child is very different than that of a full grown adult. These differences can be observed through three distinct areas of concern. The first area is through developmental changes, the second area through dependency, and the third area is through patterns of illness and injury (National Research Council Board on children youth and families & Institute of Medicine (U.S.), 1996). Children and adults are very different in the way in which their bodies interact with the effects of life on their health. Children have a higher rate of susceptibility to toxins and viruses because their bodies are still forming and have not accommodated for environmental exposures (Ginsberg, G., Slikker, W, & Bruckner, J. (Feb. 2004). Chi ldren’s bones are more pliable than adults, thus much more force is required to break them, injuries in a child different than those in an adult as the space in physiology that allows for growth in all systems creates additional problems (Mooney & Ireson, 2009). Cognitive Development Infants and toddlers have limited capacities for realizing that objects and people exist outside of their immediate interaction with them. However, they still form attachments and are better when there is a consistency in the care that they receive. Children in the age range of three to five develop higher levels of attachment and have a cognitive awareness of the existence of people and things beyond their immediate interaction. Between the ages of six and ten, there is an observable expansion of relationships for children, with the beginning of an understanding of the world in relationship to their own place within it (Zemmelman, 2010). Children between the ages of ten and twelve will have a fi rm belief that the world is precisely the way they have envisioned it. However, in the teen years the world changes dramatically as children begin to form concepts of abstraction, seeing that the world may have differences within it that are not in line with their earlier point of view (Oestreicher & Rubin, 2009). Brain-training games can be useful in helping children to learn and gain knowledge so that they can use the level at which they able to learn to its fullest capacity. One example of a brain-training game can be seen in song-experience games. Children learn to â€Å"wait, participate, listen, think, move, time their response, learn to become interested in others, organize, strategize, predict, self-monitor and learn compassion and empathy† through folk songs that are chosen for their capacity to evoke identifiable parts and then relationships between the parts (Harris & MENC, 2009, p. 40). Children are given an opportunity to learn problem solving and to learn comple x information through discovering the associations between visual and auditory experiences. Brain-training games are intended to create methods for children to make increasingly more sophisticated connections through games that indirectly stimulate those connections. The example of the song-experience g

Effect of Public Squares on Social Interaction

Effect of Public Squares on Social Interaction SOCIAL COHESION AND THE ROLE OF THE PUBLIC SQUARE IN CONTRAST TO THE THIRD PLACE Social cohesion is a term used insocial policy, sociology and political science to describe the levels of social inclusion, integration, interaction and participation within a society, particularly in the context ofcultural diversity. It is associated the structural functionalism and political conservatism of the built environment, hence is directly affected by the process of Urban Design (). The concept of Urban Design as a construct of the 20th Century is ambiguous in its definition (Carmona, 2003, p. 3). It suggests addressing (for the better) the characteristics of a city, by proposing revised plans through a process of pattern making, sketching and planning. (Carmona, 2003, p. 3) However, the city in its own right is a complex organ which functions on multiple levels; economic, socio-cultural, political and environmental. The city as an organ is in a constant state of reaction, either to stimulus from within or external to its geopolitical confines (Lynch, 1990). Stated plainly, in order that a city performs successfully, it is necessary that it maintains or strives towards a state of dynamic equilibrium by simultaneously maintaining economic relevance to its wider context, and addressing the socio-economic needs of its citizens(). Consequently by understanding the city (its elements) as containers for human activities, it may be observed that the notion of urban design today has evolved from the initial creation of building masses and the consequent articulation of public space (Carmona, 2003, p. 3). It is now to a greater extent concerned with the creation of a physical and socio-cultural public realm which is primarily enjoyed by its users, but also creates a greater sense of social cohesion, necessary for good community living (Carmona, 2003). Hence it follows that if the primary aim for urban design today is making places for people (Project for Public Spaces, 2009), we should examine critically the performances of different forms of public place in terms of encouraging social interaction and thus social cohesion. First the public square, a familiar concept to the average man (French, 1978). Expressions of civic pride, public squares are generally typified by its accessibility, often dominated by a landmark or civic building (French, 1978). Their resulting high level of legibility increases the user base from local members of the community to include the wider public (Whyte, 1980).Thus creating a highly vibrant space conducive to social interaction (Whyte, 1980). By contrast, less familiar with the average man is the concept of third place (Oldenburg, 1999, p. 15). Oldenburg observed that multitudes shuttle back and forth from the womb to the rat race in a constricted pattern of daily life that easily generates the desire to get away from it all (Oldenburg, 1999, p. 9). It is this place of escape that he defines as the third place, while the first (womb) is the home and the second (rat race) is the workplace (Oldenburg, 1999, p. 9). This third place arises from the human need for a routine recreation space, which serves as an intermediary between the activities of living and working.() Although generally an interaction space for members of a local community, it exists in a variety of forms ranging from the more easily identifiable cafes, pubs, libraries; to the not so obvious independent traders such as barbershops and cybercafà ©s (Oldenburg, 1999). Injecting such program within the urban fabric facilitates the notion of socio-cultural belo nging (Jacobs, 1993). It serves as neutral ground for the emergence of conversation across demographic profiles, and thereby the birth of friendships based on the common ground of community (Oldenburg, 1999, p. 169). This essay discusses in greater detail the characteristics of both the public square and the third place. It highlights the distinctions in the levels of social interaction that each of these spaces encourage. To illustrate these points this essay uses Hackney Central, London as a case study. City lights and gleaming windows Built in to fantastic shapes Overlook sounds of Vietnam Viaducts and artist landscapes Historic clues, canals and terraces Hint of workers struggle to survive Melting now into sound and colour, Sense the Caribbean come alive. Saturday debates in Kurdish cafes And shoppers choosing Turkish life. Mix with the sounds of synagogue To tell the stories of culture and belief. What we see is what we choose Inner soul or shabby shell outside. Downtrodden, dirty dereliction or a lifetime learning in a 15 minute ride. Gill Carter The east end is a much loved and much fabled part of London and Hackney at the heart of it. Hackney Central its administrative headquarters today possesses a culturally diverse demographic, with 65% of its population constituted of minority ethnic groups (Hackney Council, 2009). As home to the iconic theatre The Hackney Empire and birthplace to thespian and musical greats such as Harold Pinter and Leona Lewis, Hackney is witnessing a significant influx of creative industries, as part of a spill-over from trendy neighbours Shoreditch and Hoxton (Sergius, 2009). The spotlight again is turning towards Hackney as it is located on the principal axis for development culminating at the 2012 Olympic site in Stratford (Hackney Council, 2009). Despite its rich cultural heritage and promising future prospects, Hackney is still very much plagued by a reputation as being a deprived and unsafe neighbourhood, with a propensity to breed crime (Wikipedia, 2010). With these two conflicting views in mind, I visited Hackney for the first time. The Squares two primary elements are gardens symmetrically laid out on either side of the central walkway on the east-west axis which continues on to the Town Hall entrance. The main-stream of visitors to the Square access it via this central walkway. The gardens are almost completely enclosed by a wall measuring approximately half a metre in height. Although it is unknown whether this was the initial design intention for the wall, its height is conducive for sitting and is often used accordingly by visitors to the Square in the absence of any alternative seating. Undoubtedly, this results from the human inclination to seek comfort, the accommodation of which should be a priority in the design of a successful square (Project for Public Spaces, 2009). Yet it may be observed that the use of the garden walls to satisfy this basic human inclination actually negatively impacts the social dynamics of the space. In his studies of human interaction in plazas Whyte (Whyte, 1980, p. 227)observed that people exhibit a tendency to self congest, being attracted to spaces that are significantly occupied by other people. This behaviour is socially motivated and logically has the potential to facilitate social interaction in public spaces. However, although visitors do self congest generally within the Hackney Town Hall Square, the aforementioned lack of specifically allocated seating areas causes them to do so haphazardly, clustering together and sitting in groups of acquaintances (Whyte, 1980, p. 227). This actually discourages social interaction between strangers, fragmenting the visiting population (Whyte, 1980, p. 227). Furthermore, the majority of seated visitors tend to sit either side of the mainstream of pedestrian flow, the central walkway (Whyte, 1980, p. 228). However, despite this prevalent self congestion, the walkways significant width does not facilitate communication between users seated on opposing garden walls. Instead this layout encourages people-watching, as seated users watch passers-by along Mare Street and along the central walkway Arguably the Square also attempts to encourage ground floor activity by housing mass-appealing attractions and facilities as the Library Cafe and Hackney Empire bar (Project for Public Spaces, 2009). However the positive effects of these venues are negated by the introduction of side streets Wilton Way and Reading Lane between the Square and both Hackney Empire and Library respectively. These two boundaries are connected by a service road in front of the Town Hall. This U-shaped enclosure discourages pedestrian movement as there is no clear indication as to whether pedestrian or motorist has right of way. This adversely affects the ambience of the Square by reducing the pedestrian footfall. Consequently, as the inclination of the individual to self congest prevails, pedestrians are attracted toward the dynamic buzz of Mare Street, and proceed to converse in the mainstream of its pedestrian flow (Whyte, 1980, p. 227). Thus the Square underperforms as a vehicle for social interaction a nd indeed performs less effectively than Mare Street. The limitations that the layout of the Square places upon the scope of the social interactions within itself are apparent in the limited variety of visitors that the Square attracts (Whyte, 1980, p. 226). IMG_1886.JPG The Squares clear site lines and is easy access (as previously explained)are intended to broaden its portfolio of visitors from members of the local community to the wider public who may not be as knowledgeable of their local environs. Whyte (Whyte, 1980, p. 226) deduced from his observations that public square users usually have a short commute distance, usually from nearby places of work or are visitors to attractions on the square. Although it was not possible to verify the work place of all Town Square users, I did identify an influx of construction workers on a break from nearby works taking place on Morning Lane. I also observed that the majority of the users were visitors to the main attractions on the Square the Hackney Library and the Hackney Empire. Undeniably the location of a bay of bus stops along Mare Street east of the Square attributes to its function as an orientation space. Hence we see that the Square mainly attracts users that are more likely to be non-residents of the area. Whether day tourists, theatre clientele or workers that may not necessarily be very familiar with the area, non-local users of the Square are more inclined to keep their social interaction within the confines of their group (Whyte, 1980, p. 227). Social interactions within the Square can therefore serve to largely exclude the local community and hence the Town Hall Square is limited in promoting social cohesion (Oldenburg, 1999, p. 14). It would indeed take a very vibrant Square to facilitate the rare occurrence of conversation between strangers (Whyte, 1980, p. 228), and this is clearly not the case with the Town hall Square. Owing to shortcomings in its layout, and lack of adequate sitting areas, the pedestrian footfall does not achieve its potential capacity. Arguably, The Town Hall Square therefore serves more efficiently as a lobby for visitors to Hackney Central. Its functio n to the visitor is adaptable certainly. It can serve as an orientation space from which the rest of Mare Street may be articulated, as a resting place for visitors to nearby attractions or indeed a meeting place for friends before an evening outing (Whyte, 1980). However, what it fails to do is encourage interaction between the local community and tourists (Oldenburg, 1999, pp. 10-11). The Square in announcing all that Hackney Central holds dear neglects its greatest asset its people. The people of Hackney Central are unique to their London context in that they exist as a close-knit community. This is no doubt as a result of the proliferation of the third place in the local neighbourhood (Oldenburg, 1999, p. 162). Greasy Spoon Cafes, barbershops and pubs make up the fabric of Hackney Central. These independent traders line the main routes through the district; Graham Road, Amherst Road, Morning Lane with their greatest concentration on Narrow Lane. Walking up Narrow Lane the bustling street showcased wares and cuisine from all over the world converging in a unique communal existence in Hackney Central. I began to understand with greater clarity the nature of the neighbourhood that poet Gill Carter described when she spoke of ; debates in Kurdish cafestelling stories of culture and belief.'(Op Cit) It is in these spaces described by Carter that the people of Hackney Central seek respite from the monotony of daily work and home life (Oldenburg, 1999, p. 163). There is a fundamental need for people to enjoy the company of neighbours on neutral ground, however neutral ground outside the cash nexus is preferred (Oldenburg, 1999, p. 13).Thus, the emergence of St John Churchyard Gardens as the primary third place in Hackney Central. The St. John Churchyard Gardens is a large expanse of urban green that runs parallel to Narrow Lane. A park green of such significant size usually has a high propensity to develop in to an urban vacuum, as it requires a lot of activity in order for it to remain convivial (Jacobs, 1993). However, despite this disadvantage the Park works quite effectively as a public space. The park has a homely quality to it that does not exclude any particular member of the community.() Its weathered grave stones and worn flagstones give it a lived-in feel, hence it is perceived as a more informal public space an extension of the local users homes. These are all qualities highlighted by Oldenburg in his argument for the third place (Oldenburg, 1999, pp. 163-169) Again in line with observations by Jane Jacobs in her studies of American neighbourhoods, the parks rim is articulated with a zone of dense mixed use program varying from residential to retail, which encourages a significant pedestrian footfall (Jacobs, 1993). It may also be observed that the park as a whole, although of considerable size, is in essence a collective of several green spaces, each with its own focal point. CHURCH.jpg his.jpgFirst is the garden in the forecourt of the St Johns Church, which is a lobby space for the Church with clearly designated seating areas. Second is the Walled Garden, this enclosed space provides an intimate and safe area for young families to use the designated playground. Third is the central park green, where the routes converge (Jacobs, 1993, p. 136). Finally, fourth is what I refer to as the Historical green, so called because it serves as the foreground to historical landmarks St Augustines tower, the old town hall and the preachers corner. This subdivision of the park in to four smaller gardens reduces the perceived circumference of enclosure. This promotes self congestion as, users of the park can asses their level of comfort based on the congestion level of the garden that they are in at any one particular time. his.jpgAnother advantage posed by creating varied functions for the different gardens, is that the user base is varied. A heterogeneous user base helps to keep the park active at different times throughout the day (Oldenburg, 1999, p. 167). This user base is thereby structured into subcategories of users who share common ground (Oldenburg, 1999, p. 164). For instance a high proportion of the walled gardens users tend to be young mothers with their children using the play ground areas. Their children serve as icebreakers as the mothers sit in the allocated adult supervision area and share anecdotes on childcare and childs play. Never delving too deep in to their private lives, these friendships amongst the parents are groomed until the children are mature enough to conduct their own excursions to the park (Oldenburg, 1999, p. 166). Similarly the elderly and indigent folk congregate in the historical green, waiting to hear the assertions of whoever decides to lead the sermon on preachers corner, hoping of course to offer their own pearls of wisdom (Jacobs, 1993). The possibility of encountering a familiar friendly face, for a helping of entertaining conversation, transporting you if only momentarily from the mundanity of daily living, according to Oldenburg is one of the greatest allures of the third place (Oldenburg, 1999, p. 167). Indeed users are more inclined to use the park as they are assured that it will be accessible at any hour during the day and the specific subcategory of user has an idea of when to catch a particular crowd at the park (Oldenburg, 1999, p. 167). Whether young mothers, street preachers, early morning joggers or even the lunch breakers, each category of user has a specific pattern of time and location (Oldenburg, 1999). The charm of the St Johns Garden as third place is in no way exclusive to the local user, it also appeals to the day tourist (Oldenburg, 1999, p. 167). Its unassuming appearance inspires the reminiscent, instilling a confidence created by the feeling of having visited a place a number of times, but in reality no times at all. ()Its well lived-in look, clear paths and colourful characters awaken the inner explorer in a bid to discover the true nature of Hackney Central (Oldenburg, 1999, p. 168). Even the regulars submit themselves to be explored (Oldenburg, 1999, p. 167). In fact it was while visiting the historical green on my photographic excursion of the district that I would garner firsthand this most bizarre of experiences. I was trying to set up the perfect angle for a shot of the St Augustines tower, when a gentlemans voice from behind me suggested that I move back and angle my camera closer to the ground, in order to capture the grandeur of the tower. As is customary British politesse, I smiled sweetly said nothing in response and instead turned back to my assignment, whilst seemingly taking on board some of his suggestions. He clarified that he was a cinematographer, although his appearance would infer otherwise. He then elaborated on a plethora of other principles that I should take in to account such as the rule of thirds. This tutorial would slowly melt in to a brief summation on what had brought our paths to cross. I spoke briefly of my university assignment and career aspirations. He recounted stories from his past, and what he had hoped then for his future, all the time using Hackney Central as the backdrop to his tales.  ­ Now I must clarify that this would not be the first time I have ever had a polite conversation, what was unique to this encounter was the manner in which this gentleman approached me. He was warm and welcoming, to what he had obviously assumed as his territory (Oldenburg, 1999, p. 167). He moved towards me, and by reducing the radius of personal space he required more than just a smile, his intentions were to engage me in a conversation (Oldenburg, 1999, p. 167). Having lived in central London for a number of years, I had become accustomed to averting eye contact and maintaining a guarded silence even in the most uncompromising confines of the tube during rush hour. Yet I would encounter this bizarre urban behaviour repeatedly throughout my tour of the third place. Evidently, the St Johns Gardens as a third place serves as a vehicle of social cohesion as it is inclusive of visitors from all backgrounds, encouraging social participation on a plateau of social equality (Oldenburg, 1999, p. 169). Its location opposite to the train station, parallel to commercial Narrow Lane and residential areas ensures that it is easily accessible to both locals and tourists thus creating potential for encounters between the two groups (Oldenburg, 1999, p. 166). The absence of commercial function and its unpretentious physical structure, ensures that people of modest means feel comfortable to use the space (Oldenburg, 1999, p. 168). This further widens the scope of its user base to include the indigent a significant proportion of the districts population (Oldenburg, 1999, p. 168). To the tourist the park reveals the true nature of Hackney Central, showing its historical heritage, its cultural and socio-economic diversity and moral views all in a days visit. Admittedly, as with most third places, (depending on the sensibility of the tourist) St Johns gardens aesthetic quality and its eclectic selection of regulars may prove daunting (Oldenburg, 1999, p. 168). They would rather a public space void of character that showcases all the exploits of a consumer society (Whyte, 1980)(. The elegant architecture of the Hackney library and recognisable global franchises such as Subway, situated around the Town Hall Square cater to such needs. Conversely, this constricts the user base to exclude to a large extent the average resident of the district. Thus, I refer to my initial question, if the priority of urban design is making places for people, should we not be encouraging effective social interaction in order to establish social cohesion and par venture should the promotion of third place not be our goal? However a district operates similar manner to a city, hence is governed by similar rules. Consequently (as earlier stated) the district needs to maintain economic relevance to its wider context, whilst addressing the socio-economic needs of its inhabitants. Hence, I conclude. It would seem that there is argument for the role of both the third place and the public square in facilitating social cohesion. The third place acts directly as the vehicle for social cohesion by keeping the community together and preserving its identity. Conversely, the public square acts indirectly by catering for the tourist, thereby maintaining the districts economic relevance to its wider context. In so doing, it makes it economically viable for a community such as in Hackney Central to even exist. CITED WORKS Carmona, H. O. (2003). Public place Urban Spaces Dimesnsions in Urban Design. Oxford: Architectural Press. French, J. S. (1978). Urban Space- A brief History of the City Square. Iowa: Kendell Hurt Publishing Square. Hackney Council. (2009, December 22). Retrieved December 22, 2009, from Hackney Council Website: www.hackney.gov.uk Jacobs, J. (1993). The Death and Life of American Cities. New York: Random House. Lynch. (1990). City Sense and City Design. Massachussets: MIT Press. Oldenburg, R. (1999). The great good place. New York: Manlowe and Company. Project for Public Spaces. (2009). Ten Principles for creating successful Squares. Retrieved December 14, 2009, from www.pps.org: http://www.pps.org/squares/info/squares_articles/squares_principles Sergius. (2009). Areas of London Hackney. Retrieved December 24, 2009, from Areas of London: http://www.areasoflondon.com/ Whyte, W. (1980). The Life of Plazas. In W. William, The Social Logic of Small Urban Spaces (pp. 227-229). Washington DC: Conservation Foundation. Wikipedia, C. (2010, January 2). London Borough of Hackney. Retrieved January 4, 2010, from Wikipedia: http://en.wikipedia.org/w/index.php?title=London_Borough_of_Hackneyoldid=335464346 BIBLIOGRAPHY BOOKS Carmona et al Public Places Urban Spaces Jane Jacobs The Economy of Cities Jane Jacobs The death and life of American Cities Ray Oldenburg The Great Good Old Place Tridib Banerjee Beyond the Neighbourhood Unit Lynch et al City Sense and city design William Whyte The Social Logic of Small Places Jere Stuart French Urban Space: A brief history of the City Space Adisa et al Hackney my Hackney: An Anthology of Poems and Photographs Lil Smith The Good Old Bad Days PUBLICATIONS Tridib Banerjee Urban Experience and the development of city image: A Study in Environmental Perception and Learning Hackney Council Local Development Framework: Draft Interim Hackney Central Area Action Plan Phase 1 Masterplan WEBSITES http://www.areasoflondon.com/hackney.html http://www.stjohnathackney.org.uk/ http://www.hackney.gov.uk/