A Spatial Median Filter for Noise Removal in Digital Images Essay Example for Free

A Spatial Median Filter for Noise Removal in Digital Images Essay With each snap of a computerized photo, a sign is transmitted from photon sensor to a memory chip installed inside a camera. Transmission innovation is inclined to a level of mistake, and commotion is added to each photo. Signi? cant work has been done in both equipment and programming to improve the sign to-commotion proportion in advanced photography. In programming, a smoothing ? lter is utilized to expel commotion from a picture. Every pixel is spoken to by three scalar qualities speaking to the red, green, and blue chromatic forces. At every pixel contemplated, a smoothing ? lter considers the encompassing pixels to infer a progressively exact adaptation of this pixel. By mulling over neighboring pixels, extraordinary â€Å"noisy† pixels can be supplanted. Be that as it may, anomaly pixels may speak to uncorrupted ? ne subtleties, which might be lost because of the smoothing procedure. This paper inspects four regular smoothing calculations and presents another smoothing calculation. These calculations can be applied to one-dimensional just as two-dimensional signs. Figure 1. Instances of normal ? ltering approaches. (an) Original Image (b) Mean Filtering (c) Median Filtering (d) Root Signal of Median Filtering (e) Component shrewd Median Filtering (f) Vector Median Filtering. The least complex of these calculations is the Mean Filter as de? ned in (1). The Mean Filter is a straight ? lter which utilizes a veil over every pixel in the sign. Every one of the parts of the pixels which fall under the cover are found the middle value of together to shape a solitary pixel. This new pixel is then used to supplant the pixel in the sign considered. The Mean Filter is poor at keeping up edges inside the picture. 1 N ? xi N i=1 MEANFILT ER(x1 , xN ) = (1) The utilization of the middle in signal preparing was ? rst presented by J. W. Tukey [1]. When ? ltering utilizing the Simple Median Filter, a unique pixel and the subsequent ? ltered pixel of the example contemplated are here and there a similar pixel. A pixel that doesn't change due to ? ltering is known as the foundation of the veil. It very well may be indicated that after suf? cient cycles of middle ? ltering, each sign combines to a root signal [2]. The Component Median Filter, de? ned in (3), additionally depends on the factual middle idea. In the Simple Median Filter, each point in the sign is changed over to a solitary extent. In the Component Median Filter every scalar part is dealt with freely. A ? lter cover is set over a point in the sign. For every segment of each point under the veil, a solitary middle part is resolved. These segments are then joined to shape another point, which is then used to speak direct in the sign examined. When working with shading pictures, be that as it may, this ? lter consistently beats the Simple Median Filter. At the point when clamor influences a point in a grayscale picture, the outcome is called â€Å"salt and pepper† commotion. In shading pictures, this property of â€Å"salt and pepper† clamor is run of the mill of commotion models where just a single scalar estimation of a point is influenced.

Food Web Case Study Essay Essay Example

Food Web Case Study Essay Example Food Web Case Study Essay Paper Food Web Case Study Essay Paper A supplement web is a kind of chart that delineates the connection between the quarry and the raiders. other than known as an arrangement of supplement ironss and how each other are connected. This can be better clarified as an association in a network. Food networks are of import since it is an immediate delineation of the connections among specific species inside a specific network. Directly off the diagram will reveal the kind of species. what they cooperate with. the development where the earth they are found. furthermore, demo the dealingss between every specie. Since it is known as a supplement web. the name has just demonstrated that the relationship that will be spoken to will be a relationship refering supplement. Inside some random supplement web. there can actually perchance be more than one supplement link situated within the existent supplement web itself. The various kinds of supplement networks will allude explicitly to that condition only. Environmental collaborations decide stream of the supplement web. Food networks will change from easy to complex dependant on the sort of supplement web being seen. Rivalry : â€Å"Animals need air to accept a breath as a start of supplement. to eat to flexibly certain minerals to gracefully a portion of the body’s requests and to assimilate ( BioTopic. com. 2014 ) . † Because the requests fluctuate starting with one animal varieties then onto the next. there comes the interest to strive for some things for the interest to last. Regardless of whether this implies the species themselves are viewed as bit of the supplement web as a repast for a bigger animal types. With non just the opposition to last to do it out alive through another twenty-four hours. there is the interest to make a family unit what's more happen a safe topographic point to populate ( BioTopic. com. 2014 ) . Since these invigorate creatures have couples to take consideration of. children to take care of. also, the interest to secure what is theirs comes a totally different meaning of the word rivalry. Numerous opponents inside the supplement link can now and again be after similar sorts of supplement. looking for a similar sort of asylum can do issues between non only species. in any case, the existence living beings that flourish inside these eco frameworks like workss. Plants are other than popular of assets ( BioTopic. com. 2014 ) . Despite the fact that their requests will contrast from most enliven creatures. they are constantly sought after of O during sunlight hours. Oxygen for workss is a start of nourishments and vitality that permit them to turn and blast. Assets that enliven creatures go after ( BioTopic. com. 2014 )1. Food2. Water3. Space4. The opportunity to have sexual relations Assets that workss compete for ( BioTopic. com. 2014 )1. The supplement that quicken creatures waste2. Some workss are pollinated by energize beings3. Water. Light. MineralsFood WebsBeginning web is a sort of supplement web where at least one kinds of quarry are eaten by their pirates, etc up the supplement web. A people group web will reveal an association of who chows who. Vitality stream web is a sort of supplement web that will picture the vitality among the purchaser of the vitality. also, the start where the vitality is originating from. A Sink web is a sort of web that shows this quarry eating another quarry. what's more, this quarry eating the accompanying quarry. furthermore, the accompanying quarry eating the accompanying quarry. Paleecological web will picture the biological system demoing pictures that portray all the way back to dodo. A practical web will look like in articulation to that of the network web. It will demo the dealingss between associations of predator/pre y. vitality streams. the littler supplement web inside the web. what's more, an anticipated structure for what sort of species need what kinds of supplement and common assets. The most widely recognized of the supplement web are the network web and the useful web. They are the sorts of networks that most clients are progressively acquainted with in footings of what they are called and what they involve. Boxicity Tropic Status Trophic degrees delineate how the makers. carnivores. what's more, the herbivore have comparable yet various kinds of taking care of spots. The First degree comprise of the workss. the second degree comprise of the herbivores. carnivores are firmly in the third degree and in some cases the fourth. At the point when one animal categories or being is situated in the supplement web. they are at long last take separating in supplement transportations. Which is supplement link going from species to species. or on the other hand being to being. Rose Plant gt ; Aphids gt ; Beetle gt ; Chameleon gt ; Hawk ( Bcb. com. 2014 ) . The representation recorded here is an extraordinary delineation to use since it shows one being eating another. Genuine Applications Creatures that treat the grass.Grass that utilizes daylight to turnAnimals that eat grass. also, in twist produce milk. meat. or then again their hide coat.I use myself for my last delineation. I am a person. situated inside my ain supplement web. I eat supplement that semen vitalize creatures. I need the O that excludes from trees and workss to last. I go to work each twenty-four hours to flexibly for my family unit so I can take care of them. At the point when I am utilizing for an occupation I am in rivalry with others that are hoping to take consideration of their families. in this manner we are in rivalry with one another. I expend the regular assets that my eco framework brings to the table. I eat energize creatures that in curve may eat other invigorate creatures. The picture above is other than an existent universe word picture that relates a coordinated multi diagram that is the supplement web to an existent universe situation to more readily comprehend the dealingss in a scientific way. MentionsBcb. com. Tropic degrees. Recovered on April 14. 2014. Recovered from:hypertext move convention:/www. bcb. uwc. Air conditioning. za/sci_ed/grade10/environment/trophics/troph. htm Biotopics. com. Rivalry. Recovered on April 14. 2014. Recovered From:hypertext move convention:/www. biotopics. co. uk/newgcse/Competition. hypertext markup languageFigures Retrieved From:World Wide Web. googleimages. comfile:/C:/Users/Green/Downloads/mth221_r2_food_webs_case_study. pdf McGuigan.Robert A. 13 Food Webs. Recovered on April 14. 2014. Recovered from:hypertext move convention:/highered. mcgraw-slope. com/locales/dl/free/0073383090/299355/Apps_Ch13. pdf

Our Seeple did some amazing things last year COLUMBIA UNIVERSITY - SIPA Admissions Blog

Our ‘Seeple’ did some amazing things last year COLUMBIA UNIVERSITY - SIPA Admissions Blog Two-thousand fourteen was an extraordinary year, and we can hardly wait to see what 2015 has in store for us. SIPA students, faculty and alumni are flourishing and are accomplishing so many great things across the globe.  Last year, SIPA welcomed some notable people to campus, our students explored climate issues abroad, and our staff and alumni even found  themselves  in the pages and on the teleprompters of the countrys leading media outlets. The New Year may be in full swing, but we dont want to forget about our accomplishments last year. So as you put away the twinkle lights, make lists for this years resolutions, and dream about tomorrow (and possibly a future at SIPA), we thought wed share some of our favorite Seeple (SIPA people) moments with you.  Heres a look at some of our favorite moments from 2014: Conferences and Speakers In January 2014, SIPA held its annual Washington, D.C. Career Conference where students networked with potential employers in the DC area and with SIPA alumni. Throughout the spring semester, the SIPA United Nations Studies Program (UNSP) held several working lunch events, which featured Ambassador Oh Joon, Permanent Representative of the Republic of Korea, and Ambassador Khalid Abdalrazaq Al Nafisee, Permanent Representative of Saudi Arabia, and allowed students to interact with the Ambassadors. In March, SIPA and the Harriman Institute convened six faculty experts for a wide-ranging discussion on the crisis in Ukraine. In April, SIPA hosted the 17th  Annual David N. Dinkins Leadership Public Policy Forum, led by former NYC Mayor David Dinkins, and featured current NYC Mayor, Bill de Blasio, SIPA ‘87. In May, Françoise Bouchet-Saulnier of Médecins Sans Frontières and Philippe Bolopion of Human Rights Watch discussed challenges in humanitarian law. Then, the following week,  SIPA held TEDxColumbia SIPA: Think Smaller  at Columbia Universitys Miller Theatre to discuss the notion that bigger is not always better. In December, Columbia’s Journal of International Affairs celebrated the launch of its Fall 2014 issue, “Breaking Point: Protests and Uprisings in the 21st Century,” at the biannual Thought Leadership Forum. And ending the year with a bang, Jason Bordoff, SIPA professor, appeared on the Colbert Report and discussed energy and falling oil prices. Student Spotlights Tsechu Dolma, MPA ’15, received the  Brower Youth Award  and was recognized for her work to build a community greenhouse in Nepali village. Moises Mendoza, MIA ’16, pursued a  Project on Statelessness. The  beta version of the multimedia website, Stateless Voices, is currently online. Rina Lila, MIA ’15, worked on the  Kosovo Diaspora Project. For last years  Workshop in Development Practice, 21 teams of SIPA students in the Economic and Political Development concentration pursued fieldwork in 18 countries. SIPA students participated in United Nations’ Conference of the Parties (COP 20) on climate issues in Lima, Peru. A delegation of SIPA students were joined by Dean Merit E. Janow at the 2014 conference of the Global Public Policy Network (GPPN), hosted by the Hertie School of Governance in Berlin. Following NYC Mayor Bill de Blasio’s election, five MPA students surveyed their classmates to develop policy recommendations for New York City’s new mayor in the key areas of housing, transportation, education, and economic development and sustainability and sent an open letter to Mayor de Blasio. Alumni Accomplishments Ella Watson-Stryker, SIPA ’09, was featured on cover of Time Magazine as Times Person of the Year. She was picked as the “Ebola Fighter” with fellow Médecins Sans Frontières  staff! Ashoka Mukpo, MIA ’11,  recovered from Ebola  and is doing well. Cris Stephen, MIA ’99, was  appointed coordination officer for the UN Mission for Ebola Emergency Response. Eric Garcetti, SIPA ’93, was elected Mayor of Los Angeles in November. Congratulations!  ***Cant get enough of 2014? Watch some of our greatest moments, featuring clips from SIPAs most-popular conferences, panel discussions and round-table events.*** Looking ahead to 2015 Julissa Reynoso, U.S. Ambassador to Uruguay, will teach a new course at SIPA on rule of law in Latin America (Seminar on Latin America: Challenges to Progress) this spring. Caroline Kennedy, U.S. ambassador to Japan and a 1988 graduate of Columbia Law School, will be the featured speaker at SIPA’s graduation ceremonies in spring 2015. and We will welcome a new class of SIPA students!! For prospective students interested in applying to Fall 2015, a friendly reminder that February 5, 2015 (at 11:59 PM EST) is the final application deadline. Good luck!

Effects Of Watching Too Much Television - 883 Words

Ambe Emmanuel Prof. Anne O bryan ENGL101 29 Jan, 2016 Effects of Watching Too Much TV The world has recently increase drastically with technological advancements. People have turn to rely on television to be the only source of awareness and information. Television is one of the most popular pastimes in the world. Both adults and children have fallen deeply into this technological advancement. In some homes, families own more than two television sets. Researchers have conducted a study which shows that an average American watches forty two hours of television a week. This is so much time wasted which could be directed to doing other productive activities. The overall fact of the matter is that too much television can negatively affect people in numerous ways. Some damaging effects of watching too much television include health concerns due to less physical activities, misleading information, lack of concentration and social interaction, and bad moral behaviors acquired from television. Watching too much television can have effect on people every day life; it can caus e health issues due to less physical activities. Watching television is associated with adult and childhood obesity. Watching too much television discourages and prevents people from exercising â€Å"A recent meta-analysis of the evidence found that time spent watching television was consistently linked with overweight†(Hancox 171). â€Å"Previous studies have reported that increased television watching correlatesShow MoreRelatedThe Effects of Watching Too Much Television767 Words   |  3 PagesSince the 60’s, television has become an essential part of the American lifestyle. It is very easy to find a TV almost anywhere. For example, the grocery store, gas station, restaurants, and even hospitals! There is always a screen playing some reality show, or informing people of the day’s weather. Without even noticing, people are taking in all of the light, sound, and pictures. After the whole day, people retire to their homes, only to continue the trend; staying up all hours of the night becauseRead MoreTelevisions Effect on Families as Expressed in Marie Winns Article The Trouble with Television883 Words   |  4 PagesIt may be hard to admit, but television has become an intricate part of our everyday lives. People children often find themselves sitting in front of the television screen for a longer period of time than before and this has evolved immensely over the past few years. In this article, â€Å"The Trouble with Television,† by the author Marie Winn, mentions that addiction of television is negative effects on children and families. It keeps the families from doing other things and it’s a hidden competitorRead MoreEssay on We Need Less Television and More Play1202 Words   |  5 PagesWe Need Less Television and More Play In today’s world, society’s focus is not getting out in the environment and enjoying nature. 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Yes, children may learn to say words they hear on t he television, but they will not know how to socialize with otherRead MoreEssay on Negative Effects of Tv on Family Life1130 Words   |  5 PagesNegative Effects of TV The television has many effects on family life and the individual, causing family bonds to unravel and the individual to become naà ¯ve of their surroundings. The TV keeps one hooked for hours on end, causing family relationships to diminish and personal relationships to weaken. Not only does the TV seem to be a good alternative to conversations and interactions amongst one another, but it also helps to create a gap between the fictional world of TV and reality. Since theRead More Television and Society Essay763 Words   |  4 PagesTelevision and Society In Marie Winn’s Essay â€Å"Television: The Plug In Drug,† she states, â€Å"Television’s contribution to family life has been an equivocal one.† Winn focuses on the issue of televisions influence in the lives of American families. Her emphasis is on the mediums influence on children. Although she makes a strong case for the negative influence of television, she fails to consider all of the benefits television has brought to American families. On its own, the television is neitherRead MoreReview of Television Addiction is no Mere Metaphor Essay examples603 Words   |  3 PagesTelevision Addiction Is No Mere Metaphor Have you ever heard the expression love hurts? Sometimes its the things that we want most that can hurt us. In Television Addiction Is No Mere Metaphor, an article published in Scientific American on February 23, 2002 by Robert Kubey and Mihaly Csikszentmihalyi, we see how this expressions meaning has some truth to it. The things that we are addicted to are not necessities but are desires instead. Kubey and Csikszentmihalyi give the best exampleRead MoreMedia Effects On Children And Adolescents1521 Words   |  7 Pageseverything; such as watching television, using the computer, and talking on the phone. On the media we could learn and find out the information that we need. And we can also share our personal information on the media. Media gives us a lot of convenient in our life, but there are also some negative impacts. Media has a lot of negative impacts which it could be affected on children and adolescents. The article â€Å"Media and Risky Behaviors† by Escobar-Chaves is discussed about the media effects that cause theRead MoreEssay about The Effect of Television on a Childs Attention Span1497 Words   |  6 PagesThe effect of television on a childs attention span Samantha Martin COM/156 May 6, 2012 Jodi Galvan Axia College of the University of Phoenix The effect of television on a childs attention span In watching my 13-year-old daughter, and constantly trying to get her to complete the simplest of tasks such as loading the dishwasher. I have often wondered if watching too much television has anything to do with her inability to complete the smallest of tasks. Some people think thatRead MoreThe Effect of Television on a Childs Attention Span1497 Words   |  6 PagesThe effect of television on a childs attention span Samantha Martin COM/156 May 6, 2012 Jodi Galvan Axia College of the University of Phoenix The effect of television on a childs attention span In watching my 13-year-old daughter, and constantly trying to get her to complete the simplest of tasks such as loading the dishwasher. I have often wondered if watching too much television has anything to do with her inability to complete the smallest of tasks. Some people think

A Mechanistic Mode Of Organization Business Essay - Free Essay Example

Sample details Pages: 7 Words: 2090 Downloads: 5 Date added: 2017/06/26 Category Management Essay Type Narrative essay Did you like this example? The structure of any organization has a clear impact on both employee behaviour and its performance Organizational Structure as Determinant of Organizational Performance: Uncovering Essential Facets of Organic and Mechanistic Structure. On the other hand, an organizational structure provides an overview about the hierarchy of levels, roles and responsibilities, authorities, communication channels, etc. Mechanistic organizational structure has a certain amount of bureaucratic features such as being a rigid structure, centralized in decision making, having well defined job roles and well-defined communication channels. Don’t waste time! Our writers will create an original "A Mechanistic Mode Of Organization Business Essay" essay for you Create order These features ensure high efficiency in strict processes and procedures. Furthermore, it reduces flexibility and learning opportunities. The success of the mechanistic structure depends largely upon the external environment and also effectiveness in increasing organizational performance. It is of utmost importance to understand the definition of the organizational structure since it affects both employee behaviour and organizational performance (Organizational Structure as Determinant of Organizational Performance: Uncovering Essential Facets of Organic and Mechanistic Structure). Organizational structure is understood as a method consisting of responsibilities and power allocated amongst members and how work procedures are carried out among them. (Nahm et al., 2003). It also includes the layers of hierarchy, centralization of authority, and horizontal integration. However, an organizational structure is a multi-dimensional construct which illustrates the division of work (roles or responsibilities including specification), departmentalization, centralization, complexity, communication or coordination mechanisms including standardization, formalization and flexibility (How does organizational structure influence performance through learning and innovation in Austria and China). Two main types of organizational structures can be identified as mechanistic and organic. The next paragraph would provide an overview of the mechanistic organizational structure whilst discussing its nature and characteristics. Mechanistic structure is  hierarchical  and bureaucratic by nature. Its structure, processes and roles are considered as a machine where each part of the organization does what it is intended to do. Three main features could be identified. Namely highly centralized  authority, formalized procedures and  practices specialized functions (Businessdictionary.com). Thus, a mechanistic structure has a clear, well-defined, centralized , vertical hierarchy of command, authority, and control. It achieves efficiency and predictability through specialization, standardization, and formalization. Rigidly defined jobs, technologies, and processes are outcomes of such mechanical organizational structure. Mechanistic structure aims to achieve efficiency thorough tight control (Enotes/Studymaster). Characteristics for mechanistic organizational structure are listed below: Stable environment This organizational structure works best when the environment is relatively stable. Low differentiation of tasks Tasks will not be differentiated much, because each subtask is relatively stable and easy to control. Low integration of e.g. departments and functional areas Due to the stability of tasks, there will be low integration between departments and functional areas, because tasks stay relatively stable, and because the functional areas are not heavily dependent on each other. Centralized decision-making When the environment is stable, there is no need for complex decision-making that involves people at lower levels. Therefore, decision-making is centralized at the top of the organization. Standardization and formalization When tasks are stable, tasks should be standardized and formalized, so that operations can run smoothly without breakdowns. Source : https://www.businessmate.org/Article.php?ArtikelId=44 Mechanistic organizations prefer formalized structure due to two main reasons. It reduces the variability within the organization and enhances predictability in the organization rather than being ambiguous (Mintzberg, 1979). A highly formalized mechanistic structure demands nearly all processes and procedures to be administratively authorized. On the other hand, it considers processes and procedures outside to those authorized protocols as variances which should be brought under control meaning that decision making in all dealings should be done by applying such provid ed procedures, policies, rules or instructions (Enotes/Studymaster). A mechanistic structure enables employee behaviour more predictable while enhancing standardization within the organization. For example, an employee is well aware of handling customer sales returns or accepting credit card payments. Formalization enables organizations to improve performance (Hahn, 2007). In contrast, it also curbs any opportunities for innovation and fresh ideas, since variations are not allowed or encouraged. Consequently, a mechanistic structure does not support or adapt quickly to changes in the external environment. Hence a mechanistic type of organizational structure is best suited for large organizations which operate in more stable environments where it helps to maximize the organizational efficiency while minimizing the cost through formalization and centralized decision making (Carpenter et al, 1969). Classical management theories perceive an organization as a machine (Fayol, 1949; Tay lor, 1911). Classical theories emphasis the need for bureaucracy within organizations resulting the lack of space towards creativity and innovativeness. Thus, Classical management theories encourage a mechanistic type of an organizational structure (Organizational Structure as Determinant of Organizational Performance: Uncovering Essential Facets of Organic and Mechanistic Structure). However, organizations that operate in a rapidly changing environment requires to frequently change their processes and procedures with the changes that take place in the external environment. Moreover, it requires taking action according to the situation in order to enhance adaptability to environment. Thus, formulation and authority which exist in mechanistic structures does not encourage deviating from defined processes and procedures. Therefore, mechanistic kind of organizational structure is not effective for organizations that operate in a dynamic environment. It can be seen, that mechanist ic organizations increase efficiency when tasks and technologies are relatively stable.  Meaning that stable environments and technology allow work to be clearly defined and differentiated. A scientific method should be used to separate work process to identify precise tasks, assign tasks in order to employees and monitor employee performance (Fayol, 1949; Taylor, 1911). Work activity of a mechanistic organization is separated into specific tasks. A specialized job position is created by assigning one or more specific tasks which requires rigidly defined set of skills, methodology and procedure to perform jobs. Furthermore, specific responsibilities or authority is assigned to each job function. Line managers and lower-level staff are to strictly perform assigned tasks according to strict procedures whereas few higher level managers monitor their performance. (Organizational Structure as Determinant of Organizational Performance: Uncovering Essential Facets of Organic and Mec hanistic Structure). Managers perform as planners and monitors in a mechanistic type of organization. This leads to high levels of efficiency by clear instructions to perform specific tasks. On the other hand, it provides fewer opportunities for innovation. Thus, innovation is restricted to achieve efficiency in the processes. However, this can be more suitable to improve efficiency in a stable environment rather than depending on innovative ideas. For example, Few customers, for instance, would want a McDonalds employee to use creativity in preparing their hamburger. Instead, the repetitiveness and stability of the procedure needed to cook a hamburger is more efficient when the employee follows established procedures and customers can trust that each hamburger they purchase will taste the same (Enotes/Studymaster). In contrast, a rapidly changing external environment requires innovative ideas to face external environment demand. Furthermore, it requires more flexibility in proce dures and processes to meet demands from the external environment. Employees would be given more flexibility to deal with their customers meaning that lower level employees would have a certain amount of liberty to make certain decisions in order to face the situation and solve problems. Thus, the mechanistic structure is less effective for organizations that operate in challenging environments. Centralized decision making in mechanistic type organizations enable few higher management personnel to actively be involved in decision making. Clear communication channels allow formal communication or information flows from top to bottom or vice versa. Classical theorists provides a view point that centralized decision making increases organizational efficiency and definitely results in better organizational performance (Gulick and Urwick, 1937; Weber, 1947). Classical theorists focus was more on hierarchical authority and pays less or no attention to the degree of employee participati on in decision making. Employee involvement in decision making is definitely an important aspect of any organizational structure and which directly influence organizational performance (Carter and Cullen, 1984; Khakani et al, 2012). Furthermore, centralized decision-making leads to the effective and efficient functioning of any bureaucratic structures (Goodsell, 1985). Scientific management of organizations is possible only if decision-making is restricted to few employees (upper level management) within organizations as discussed in the concept of Taylor (1911) (Mansoor, Aslam (2012). However, centralized decision making is more suited for stable and large organizations. Thus, in highly dynamic external environments, organizations require to act fast in order to survive within the in environment in which it operates. Therefore, certain amount of decision making power is required to decentralize and empower lower level employees. This helps them to react to quick changes that occ ur in the external environment. It is evident that the mechanistic type of structure would not sufficiently support organizations up to expectations when they are engaged within challenging external environments. Therefore, the extent to which formalization exists within an organization depends on the technology, size and the organizations traditions (Robbins 1990, Burton and Obel, 1998 (Mansoor, Aslam (2012). In a mechanistic structure, the clear distance between employees and management provide fewer opportunities to bring in new ideas by subordinates. Moreover, those who bring change can be threaded according to the X theory of Douglas McGregor. Therefore, resistance to change is high and innovation is not so much encouraged in organizations having a mechanistic type of organization hierarchy. (Armstrong, 2008). However, organizations face immense competition in todays challenging and dynamic external environment. Therefore, organizations with mechanistic structure face variou s difficulties when introducing quick changes due to the highly formalized nature of the hierarchy itself. However, learning is a critical factor that affects organizational development. The below diagram displays steps that are adhered to in single loop learning. Source : https://www.cognitivedesignsolutions.com/KM/Learning.htm Mechanistic type of organizations can use this model to improve efficiency in their processes. The single loop model focuses on analyzing actions and feedback to identify the gap between where we are and where we need to be. Therefore, changes are implemented as actions but not as governing variables (Create advantage). Kolbs (1984) classic interpretation of learning concisely describes the single-loop learning process and is considered a simplified version of the scientific method (Kolb 1984, Armstrong 2008).  Ãƒâ€š As discussed above, learning and implementing change requires flexibility within systems and procedures. The rigid structure in mechanistic organizations does not facilitate comfortable implementation of changes. A well-defined structure demands authorization of all changes and formal communication within organizations. In mechanistic type of structures communicating and formalizing all necessary changes takes a considerable effort and time where dynamic exte rnal environment demands quick changes. Therefore, companies face various challenges in adjusting to the external environment. Furthermore, implementation of change requires modifying tasks or roles where employees resist since their knowledge is more specific to a task or set of tasks. On the other hand, change may require training needs and considerable time to adapt which intern has an impact on efficiency of processes. Moreover, the amount of bureaucracy seen in mechanistic structures makes it difficult to introduce change. In conjunction, it reduces participation opportunities for employees in lower levels when deciding on changes. Clear distance between hierarchical levels of the organization and communication lines reduces awareness about such changes. Therefore, employees fear change and resist to innovation. It is of utmost importance to consider the rate of changes in technology and the external environment while deciding on the amount of formalization and specializatio n used within the mechanistic structure. Considering all these factors it can be decided that a mechanistic structure provides less space for rapid changes. Therefore, it is more suitable for large organizations operating in comparatively stable environments. Moreover, the type of organizational structure cannot be precisely identified as good or bad since it depends on the firms internal and external environments. An organization structure that suits a specific industry will necessarily be suited for another industry owing to many external factors such as competition and technological impacts. A mechanistic structure by nature is highly formalized and specialized with well defined procedures, processes and roles. Centralized decision making is one of the main features in a mechanistic structure. Higher level managers are involved in decision making whereas their subordinates are expected to carry out specific task or tasks within the department. Therefore, the mechanistic struct ure provides fewer opportunities for learning. However, the flexibility in the structure is a key to promote learning. Learning and innovation is highly required when dealing with changing and dynamic environments. Mechanistic structure does not provide enough flexibility to change or modify decision making according to situations. Therefore, a mechanistic type of structure is highly efficient for an organization which operates in a more stable environment. These features of mechanistic structures reduce opportunities for learning. Altering the level of mechanistic characteristics will help a firm to increase learning opportunities to some extent.

What You Dont Know About Personal Expressive Essay Topics

What You Don't Know About Personal Expressive Essay Topics The C'' Test Once your initial five essays are accepted, I'll provide you a permission slip to spend the C test. It is among the most frequent essays given as an assignment to students of distinct levels. Expressive essays are extremely popular for college entrance applications. Expressive essays unlike other sorts of essays need to have a rough draft which should be put off for many days before re-reading and re-writing it. Simply insert, your own make is definitely your own assurance to assist you an individual's consumer. The kind of experience doesn't really matter, so if well-written a bad or a very good experience may give your paper a top grade. The second kind of essay that you'll have to write for the test is the expository kind of essay. A well-written essay may be the most persuasive portion of a scholarship program, and that's why much time and attention needs to be put into its preparation. Narratives are targeted at telling about yourself. The multiple topics could possibly be found, for instance, in the dissertation abstracts international database. Format The essay should begin with an opening paragraph and end it using a closing paragraph. Description enables us to show as opposed to tell. Design layouts together with set up make principles only for your promotional materials. Deciding on a topic for an Expressive essay should be comparatively simple, if it's broken down into a procedure. Remember a superb descriptive essay should have flawless content. Before you work on your own personal essay, you ought to make certain that you perfectly understand what it means. If you don't find out how to compose an expressive essay, just bear in mind the subsequent. Essay writing differs for everybody. Essays, generally speaking, covers different topics. Very good essays don't have bad topics. Writing a superb persuasive essay is not a simple job, however, it's achievable. Ask three distinct experts what a personal essay is and you'll probably get three unique answers. You have the right to make because many requests for changes as you want to your draft to make sure that it fully satisfies your requirements. Only 40 answers count in every section. Look at these sources for additional assistance and inspiration about how to compose a descriptive essay. Once more, it's critical to remember that uniqueness is key and sure means of ensuring this essay doesn't become just an ordinary one. As you pay for homework, we provide those options at no cost. Some students find it hard to write about themselves, but others find it much easier to talk about their private life, as opposed to researching an assigned topic. But if you're not concerned that someone may read what you wrote, you might want to continue to keep your writing, so you may come back to it after you have finished the four-day exercise. Now, a reader could possibly be thinking Wow! You always intuitively understand as soon as an intriguing essay idea is really the very best idea for you. It ought to have a superior organization in order for the reader doesn't get confused about what it is you are attempting to say. Inside my experience, descriptive essays are only difficult in regards to deciding just what things to write about. The essay conclusion confirms to the overall writing style of the entire essay and repeats the principal points. Picking attention-grabbing personal essay titles is something which you ought to take under consideration. Whether there are a couple of choices for an essay, think about the sum of relevant details on each that could be included. When you're studying writing, you'll most probably be assigned to compose a personal response essay as a way to construct and increase your writing skills. Put simply, if you aren't sure about this sort of writing and you would want to make an exceptional descriptive paper about a person of place, then it's possible to seek out essay writing services that are available on the internet. It isn't easy to develop into successful and hardly anyone is really successful but it's a noble aim to strive for. When you arrive at a satisfactory way to solve the mystery, you are going to have the THESIS of your paper.

Ethics in Financial Planning Free Samples †MyAssignmenthelp.com

Question: Discuss about the Ethics in Financial Planning. Answer: Financial planning pertaining to a person is a process which determines various ways through which an individual can meet life goals by properly managing his or her financial resources. This definition has been put forth in the work of Rattiner (2009). It typically comprises six elements viz. establishing and defining the client-partner relationship; collecting data of clients which would include goals, analyzing and evaluating the financial position of the client; recommending a suitable plan to the client as per the needs and financial position of the client; implementing the financial planning recommendations, and monitoring the financial planning recommendations (Rattiner, 2009). A financial planner or a financial planning manager, to be a true professional, needs to have a strong ethical way of doing the things. Ethics is defined in different ways but it has got two main types of definitions based upon two rival philosophical doctrines- one is objectivism or realism, and idealis m or Interpretivism (Subba Rao Roy Chowdhury, 2013). Objectivism or realism believes in the existence of an external world governed by objective laws, and is accessible to human knowledge; idealism or Interpretivism is based upon the non-existence of any real world outside independent of human consciousness. This view has been expressed in the work of Subba Rao, and Roy Chowdhury (2013). Ethics enables a person in the workplace to adhere to the set of laws, and acts of that particular organization. A financial planner while dealing with a client should put the interest of his or her client first, and then think about his or her own target. The financial planning manager, to be a true professional, needs to develop moral sensitivity to know when they are facing a situation with an ethical component, moral imagination to help provide effective means to a resolution of the ethical situation, and moral judgment to enable him to evaluate various means to such resolution (Duska, 2017). Ethics has a direct association with the social welfare. It has been observed on many an occasion that people want to keep their financial status secret. A person when visits a financial planner or vice-versa takes it into account that the financial planner would keep their personal financial matters confidential. This has been stated in the work of Duska (2017). The ethics comes into the picture for a financial planner as it is an obligation on his or her part, not to disclose any confidential client information without the specific consent of the client (Duska, 2017). A financial planner must have sufficient information about the financial a ffairs of the client to offer an effective service but in most of the instances the clients deny such information fearing that the financial planner may not be able to keep the pertinent information secret. Often it has been seen that the financial advisor discloses the secret information which is nothing but the breach of ethics. On the flip side, there is a scenario when a planner needs to disclose certain conditions of the client during the time of underwriting which is often not done for the planners own benefits. This is a case of ethical breach and the concerned client faces the problems while settling the claims. A code of ethics has been an integral part of many organizations. The leadership of fledgling financial planning movement considered the fact that proper standards need to be enforced rather than lip, voluntary services (Brandon Welch, 2009). The major development that took place in the history of financial planning was the creation of CFP (Certified financial planner) Boards board of practice standards, charged with putting teeth into the professional code of ethics which came into the existence earlier. This has been mentioned in the work of Brandon, and Welch (2009). The breach of ethics on the part of financial planning manager has resulted in many financial planning scandals. The new requirements have come after series of financial planning scandals. The new requirements intend to transform advice into a profession by introducing codes of ethical conduct, and educational tools (Patten, 2017). It has been mandated for those Advisors who are already practicing till January 1, 2021 to pass a competency or registration exam and until January 2024 to obtain a relevant degree, or degree equivalent (Patten, 2017). Financial planners need to know the fact that selling planning outfits is often a long lasting affair and would sometimes take even five years to complete (Patten, 2017). DeArmond Durband (no date) emphasized that the client management qualities are the most important aspect in the process of financial planning. DeArmond Durband (no date) also mentioned that often, financial planners undermine the variable keeping the client informed and feels that placing the interests of the client before that of the planner is the most important client management quality. Interestingly it has been observed that money spent on sales technique and marketing were the least important contributors to success. Before the financial planning came into existence, the focus of financial advice was on investment advice as the traditional providers of financial services like bankers used to market their own banking products rather than identifying the needs of the clients (Brimble Murphy, 2012). The focus of the modern day financial planners has widened compared to the traditional providers. Clients are increasingly looking forward to them for general wealth creation advice, retirement planning, superannuation, taxation, investment, and debt and risk management advice (Brimble Murphy, 2012). Thus, it is important for them to be morally responsible towards their clients. An ethical breach can prove to be detrimental for the clients especially those who are retiring. The rationale for choosing this topic lies in the fact that there have been many incidences of corporate and financial scandals in Australia pertaining to the sale of financial products by financial planning managers which resulted in a loss of more than $500 million dollars of the investors (Smith, 2009). Many big names in the forms of WestPoint Group of companies, the Storms financial group, and many others came into the limelight. The saddest part was that most of the losses were incurred by the retiree investors who lost a majority of their savings. This view has been expressed by Smith (2009). All these happen for varied reasons; one of them is not adhering to ethics by the financial planner. There are reasons for that too. Financial planners have to deal with a range of ethical dilemmas on a daily basis which arises due to the involvement of multiple stakeholders, interests, and val ues in conflict (Smith, 2009, cited in Smith, Armstrong Francis, 2007). A high level of ethical reasoning is necessary for the financial planners to meet the professional obligations of the clients. Smith (2010) put forth that there are three ethical criteria viz. egoism, malevolence, and principle. On the part of an individual three traits are linked with egoism, malevolence, and personal morality simultaneously in the forms of self interest, friendship, and personal morality. An organizations ethical climate is important in determining the beliefs of the employees or financial planners in terms of the composition of ethical behavior; issues regarding decision making, and criteria and priorities to measure and resolve the issues (Smith, 2010, cited in Martin Cullen, 2006 Cullen, Parboteeah and Victor, 2003). A persons financial capacity gets diminished with the age. A proper financial management is required to solve such issues (Teale, 2015). If a breach occurs in this type of case for the personal benefit of the planner, a tremendous loss is incurred by the concerned aged person morally, financially, and psychologically. Thus, an adherence to the ethical code of conduct is a must. List of Papers and/ Publications:- Brandon, E, D, Jr., Welch, H, O., 2009. The History of Financial Planning: The Transformation of Financial Services. New Jersey: John Wiley Sons, Inc. Brimble, M., Murphy, B., 2012. Past, Present, and Future: The Role of Tertiary Education in Supporting the Development of the Financial Planning Profession. Journal of Business Ethics Education, 9, pp. 105-124. DeArmond, D., Durband, D. [no date]. Financial planner behavior impact on success in financial planning. Journal of behavior studies in business, pp. 1-11. Duska, R, F., 2007. Contemporary Reflections on Business Ethics. Dordrecht: Springer Teale, J., 2015. Challenges facing financial planners advising ageing clients with diminished financial capacity. Financial planning research journal, 1(1), pp. 7-18. Patten, S., 2017. Financial advisers need to shape up or ship out. Financial Review [Online]. Available at: https://www.afr.com/business/banking-and-finance/financial-services/financial-advisers-need-to-shape-up-or-ship-out-20170824-gy3e97 [Accessed: 18 September 2018] Rattiner, J, H., 2009. Financial Planning Answer Book. Chicago: CCH a Wolters Kluwer business. Smith, J., 2009. Professionalism and Ethics in Financial Planning. Victoria University, Melbourne, Victoria, Australia. Smith, J., 2010. Ethics and Financial Advice: The Final Frontier. Victoria University, Melbourne, Victoria, Australia. Subba Rao, G, Roy Chowdhury, P, N, 2013. Ethics, Integrity, and Aptitude. New Delhi: Access Publishing India Pvt. Ltd. For a financial planner it is important to get into a valid contract, and make a will. This may reduce the chances of any serious breach of ethical code of conduct. There should be an ethical leadership scale which would take into account various factors like rewarding people of integrity, strong code of conduct governing the license of the planner, i.e. an ethical breach may lead to cancellation of his or her license, etc and assign a score. It is very important on the part of financial planner to apply their moral code, personal values, and experience to resolve ethical issues; maintains adequate flexibility; apply relevant law or any professional code of ethics, and understanding that corporate culture may have on ethical behavior and decision making.

Peer Pressure Essays - Youth, Human Behavior, Habits, Management

Peer Pressure Peer Pressures of High School Glaring down at the reddish glow coming from the tip of the cigarette, I found out that I was in a peer pressure situation. Peer Pressure can be a huge problem for some young adults. It can sometimes be positive, but most of the time it's negative and destructive. Smoking is just one of the peer pressures someone can go through. Alcohol and staying out late can also be huge peer pressures in high school. I know this because I have experienced them for myself. Drinking, smoking and staying out late were constant peer pressures throughout my high school career. Looking down at the cigarette and being encouraged by my friend to take a hit off of it, I knew that smoking was not something I wanted to do at that time in my life. Although smoking wasn't a huge peer pressure for me, it can be for others. Some of my friends did give into the pressure and are now addicted to cigarettes, and wish they hadn't give in to that peer pressure in high school. I would have say that during high school, smoking was the most persistent peer pressure. It was at every party and gathering. Although it was there all the time sometimes alcohol would ?rear its ugly head? at some of the parties. Drinking was probably the most dangerous peer pressure. It was extremely illegal for an underage adult to be caught drinking during this time. I never experienced this peer pressure during high school because I didn't hang around those types of people during that time. They were the types of people who didn't think it was a ?party? unless there was alcohol involved. I have seen drinking totally deteriorate people, because it got the best of them. Some of my friends totally changed after they started drinking. At first it was just a social thing to do at parties, but then lead on to drinking during their ?spare time?. It affected their grades and their overall behavior. I do think this was the most dangerous peer pressure in high school, but there was always the pressure to stay out late. Staying out late was a peer pressure I gave into on several occasions during high school. I know it affected my grades many times, and also made me late for school more than once. In high school you could always spot the students who stayed out late. Those students were always the ones falling asleep in class. When I was hanging around with the ones who never did stay out late, I always got to school on time and never fell asleep in class. Peer pressure was not impossible to resist in high school. I found out in order to keep you away from certain peer pressures just stay away from those who you knew would try to influence you. Resisting peer pressure is all in whom you go out with, and whom you call your ?friends?. Peer pressure cannot be totally avoided, but staying away from situations where you know a peer pressure situation will occur, will help your odds.

French Expressions with Être

French Expressions with Être The French verb à ªtre literally means to be and is found in many expressions. Learn how to say thats right, here goes, so be it, and more with this list of expressions with à ªtre. à ªtre cà ´tà © de la plaqueto be way off the mark, to not have a clue à ªtre bien dans sa peauto be at ease/comfortable with oneself à ªtre bouche bà ©eto be flabbergasted à ªtre dans le douteto be doubtful à ªtre dans la mouise (familiar)to be flat broke à ªtre dans la panade (familiar)to be in a sticky situation à ªtre dans son assietteto feel normal, like oneself à ªtre deto be at/in (figuratively) à ªtre en train de infinitiveto be (in the process of) present participle à ªtre haut comme trois pommesto be knee-high to a grasshopper à ªtre sur son trente et unto be dressed to the nines en à ªtreto take part in à §a mest à ©galits all the same to me à §a y estthats it, its done cestit is (impersonal expression) cest dateits (date) cestdirethat is, i.e., I mean cest moi / toi / Paulthats mine / yours / Pauls cest à §athats it, thats right Cest cadeauIts free, on the house Cest dans la pocheIts in the bag, a sure thing, a done deal cest grà ¢ce its (all) thanks to Cest la vie!Thats life! Cest le piedIts great cest partihere we go, here goes, and were off Ce nest pas de la tarteIts not easy Ce nest pas graveIt doesnt matter, no problem Ce nest pas la mer boireIts not the end of the world Ce nest pas mardi gras aujourdhuiWhat youre wearing is ridiculous Ce nest pas terribleIts not that great Ce nest pas tes oignons!None of your business! Ce nest pas vrai!No way! I dont believe it! Youre kidding! est-ce queno literal translation; this expression is used to ask questions Le fond de lair est fraisTheres a chill in the air Honi soit qui mal y penseShame on anyone who thinks evil of it, This person has hidden evil intentions il estit is (impersonal expression), he is Impossible nest pas franà §ais (proverb)Theres no such thing as cant Je ny suis pour rienI had nothing to do with it nest-ce pas?right? isnt that so? nous sommes / on est dateits (date) Le nouveau est arrivà ©Its Beaujolais Nouveau Day Plus à §a change, plus cest la mà ªme choseThe more things change, the more they stay the same Quand le chat nest pas l, les souris dansent (proverb)When the cats away, the mice will play si ce nest pas indiscretif you dont mind my asking soitso be it, that is soit... soit...either... or... Tout ce qui brille nest pas or (proverb)All that glitters isnt gold

Shifting Paradigms In The Automotive Industry Essay

Shifting Paradigms In The Automotive Industry - Essay Example The reduction could be due to the combination of an increase in taxes and inflation with a decrease in the income levels. The cars could become less affordable and be perceived as luxury goods (Hubbard, 2004). For the people who have the ability to afford the automobile, they could require tailor made products that meet their needs. This could lead to the reduction of skilled labor with the expertise in the automobile industry. The market share could reduce, skilled labor shortage could occur, and there could be an increase in the demand of tailor made automotive products. The second scenario could be in the manufacturing of high tech automotive products. There could be a need to fit the automotive with devices that could allow drivers to access the internet. The consumers could want the automotive to have the software installed, which could allow them to personalize the interface features of the machine during driving (Ginsberg, 2008). The younger people who form a major part of mid dle-income earners could demand internet connectivity on their automobiles. This could be a compulsory feature for all the automotive if there is a need for a strong and large market share. There could be a need for the development of new business models aimed at the production of high tech automotive products. A valuable strategy for Better Place could better work for the company, in order to gain a large market share and for the production of high tech automotive (Automotive Industrial Strategy).

Wings to Intellectual Cinema with a Mix of Excitement and Special Essay

Wings to Intellectual Cinema with a Mix of Excitement and Special Effects - Essay Example The text has an exquisite presentation of fiction and magic realism. This paper is aimed to review the short story, discuss its feasibility as a film, and explain the potential target audience. I feel that both the text and its cinematic adoption will have similar target audience. Review The text ‘A Very Old Man with Enormous Wings’ can be primarily classified under the category of magic realism. It is one of Marquez’s famous short stories written in 1955 that we find in the book Leaf Storm. The backdrop of the plot is set in a rural area. Pelayo and Elisenda is an impoverished couple who lived in a sorrowful state of extreme poverty. Their little son is badly sick. On a stormy afternoon one day, the couple finds a very old man who has huge wings attached to his body in their courtyard. When the couple tries to communicate with him, they find his language they do not understand. Pelayo locks the man in his chicken coop. From this point, the game of magic and reality begins. Magic being the arrival of the old man with wings, the reality is the manifestation of curiosity entrenched human minds. Hundreds of villagers now begin to visit the couple’s house to see the strange old man. Pelayo and Elisenda inform Father Gonzega about the man. Father Gonzega arrives and tries to communicate with the old man but fails. Marquez brings marvelous satire at this stage. Father Gonzega informs the Vatican about the old man, who in turn asks the priest to examine that whether the old man could be an angel or not. Father Gonzega acts accordingly and examines him. He finds that the old man does not know Latin, or Aramaic, is very frail, and has too many mortal features to be an angel. Father’s feedback to the Vatican leaves the Catholic Church a strange conclusion †¦ The old man is a Norwegian sailor! This satire shows that how unquestionable faith may create so much confusion that not even the bas ic elements of anomaly or wonder are distinguished. The intellectual content of the story increases along with its innovative unusualness when a young woman with human head and a body of a spider is introduced in the village. She says she had disobeyed her parents and hence she was punished by the means of such a strange transformation. In the meanwhile, Pelayo and Elisenda have become rich as they have been charging a fee from the visitors who come to see the old man in large numbers. However, with the appearance of the strange woman, visitors shift their attention to her. This is how the short lived excitement and inconsistency of human askance from one topic to another is exhibited. At the end of the story, the old man simply flies away. He had brought much fortune to the impoverished couple, but he faced unnecessary cruelty, and ultimately, negligence. Interpretation The overall message is mixed. There is religious satire that involves the Catholic Church and the power mechanism s of this institution. There are the inconsistencies of human mind and perceptions. There is a subplot of an interesting woman, who has the body of a spider. There is emotional tug of war at the end. So, the story has lots of intellectual substance. The tone is fluctuating from humor to fiction and satire to emotion. Marquez has not given any clear indication that for whom has he written this story. However, it appears to be appealing to a varied spectrum of audience. The characteristics of the story suggest that it is thought provoking, exciting, and sometimes, rather comic. Despite these qualities, it seems that too many ideas sometimes infest the plot and the developments in the text with absurdity. It is not good to

Impact of Competition on Bank Performance

Impact of Competition on Bank Performance INTRODUCTION This study focuses on a research set forth to examine the linkage of competitive obsession and/or excessive competitiveness to financial impacts (credit boom/crunch) on the banking industry. Organisations concern for the survival of business at all costs has transformed into a strong credence that they can control and dominate human, physical, natural and intangible resources, thereby direct the business world now and in future. This has induced an underestimation of some immeasurable and unfathomable trends in business. Now the business world is being battered with harsh economic and financial struggle. Hence Ezer and Demetis (2007:57) states: â€Å"Our obsession with control has become part of our validation as a species.† At this time all countries and a huge number of firms has been impinged on, by recent the credit crunch. 1.1 Background There are huge reasons for the competitive activities of countries, banks and Multinational Enterprises (MNEs). Some of these reasons are to maximise wealth and minimise cost. In the 1970s the banks were not highly driven by competitive force (Black and Strahan, 2002). Countries and Multinational Enterprises take advantage globalisation and free trade. However, the banking industry today has become quite competitive and involved in subprime lending. The increase in competition among banks led to less proficient screening aptitude and credits granted to less worthy customers (Rajan, 2008). In addition, MNEs engage in drastic activities across nations termed as an abuse of free trade. The recent economic situation emerges quite troublesome for everyone. Credit concerns are now crucial and are imperative in ensuring successes in international business. This requires the aid of banks as MNEs are in battle with an unpleasant financial crisis. Nevertheless, would these banks who are also hit by the credit struggle, save themselves, talk more of aiding the MNEs or any other business and/or customers. The financial market crisis began early in 2007 and has resulted to losses in the market and loss of confidence in financial institutions across the globe (World Economic Forum, 2008).The causes of the credit crunch are traced to a number of identified causes (Johnson and Kwak, 2009). To mention a few are subprime investments, government neglect of banking activities, and the abuse of free trade, mainly but not wholly originating from the United States. Some of these causes are still in repetition dated back to 1966 and are yet to be eradicated. Financial crisis originating in the 1960s has been re-occurring in the 70s, 80s and of present, hence, it is not a novel issue. What is yet to be known is why the credit crunch keep re-occurring from similar causes, and the possible existence of a common element among these ‘causes which is unseen or rather covered in a veil, that could make or break the achievement of a Companys objective. This common element could be termed extreme competitiveness or competitive obsession. It is unknown if competitive obsession could have contributed to the credit crunch. A study and understanding of this problem could proffer solutions and thus, possibly promote international business and financial integrity on a global scale. 1.2 Research Purpose This research is not focused on identifying and putting blames on various organisations or their activitities that might have caused the credit crunch. The aim of this study is to identify the relationship between competitiveness- its obsession and the credit crunch, and to determine whether this competitive obsession is found within the activities of the organisations that might have caused the credit crunch. 1.3 Research Questions The questions to be researched will be principally concentrated on the grounds/motivations in which business, banks and regulators take drastic decisions and engage in dangerous activities that might have led to the credit crunch. The answers to find out will thus be: What this ground/motivation is? What is the existence of this ground/motivation among different institutions? What the relationship of this ground/motivation could have to the credit crunch? 1.4 Implication of the Dissertation This study develops a new theoretical model, which incorporates two â€Å"issues† which can be found today (competitive obsession and the credit crunch) in to the notion of global economic challenges in respect to nations and MNEs. The practical significance of this study involves proffering some guiding principle/course of action for globally competitive firms in the course of competitive/strategic decisions that is accountable. How firms react to the pressures of international competition and the chances of taking comparative advantage on the macro level has been deemed importantly stressed by Herrmann (2008), describing his research as only the beginning of a broader analysis. This study tends to continue from Herrmanns research, but relating it to the credit crunch. There are obviously exclusions in the literature, but the association of competitiveness and the credit crunch are very hardly studied in some intensity. This study tries to make the association of these two is sues overt. 1.5 The Structure of the Study 2.0 LITERATURE REVIEW 2.1 Introduction Competitiveness and the credit crunch are two different broad issues, which however are not new in the literature. Firms aspire to have a competitive advantage/edge to survive in the global market; nevertheless, the extreme cases of this competitiveness that could be very fruitful or drastic are not put in to so much consideration. Furthermore, the extreme cases of credit facility (over or under extending), might or might not have presented a favourable business condition. 2.2 Review of Studies An attempt to review the whole issues on competitiveness and the credit crunch would be a task of great difficulty, size and strength. Both subjects have been in academic and organisational practice for a very long time. Hence, the re-evaluation of literature will highly pinpoint a survey as well as case research done. Given huge amount of data and research carried out through the years, some important studies have been omitted. Apologies are made for such omissions while, other studies which might be perceived as of less significance, are been utilised. 2.3 Sections of Review There are large amounts of literature works significant to this study, however, this chapter will focus on: Background : History, Present Future Competitiveness and the Credit Crunch Defined Competitive Obsession- Favourable or Unfavourable National and firm competitiveness [Porters Diamond] Competition in the Banking Industry Government/country competitiveness 2.4 Background: History, Present and the Future The early years of this millennium has faced corporations with credit problems connected with the boom in the stock market. As this financial catastrophe receded, came the rise and boom of the housing sector, which subsequently transformed in to the unavoidable credit crunch (Cooper, 2008). Financial crises has always come and gone. the early crisis of 1990 affecting countries like Mexico, Russia, Norway and Sweden and the Asian crisis of 1997 involving countries like South Korea, Thailand, Indonesia, Malaysia, Philippines, Singapore and Hong Kong (Allen and Gale; 2007, Nesvetailova, 2007). The causes of these financial crises and/or credit crunch were sought after and found (Johnson and Kwak, 2009). Some of these causes were generic to some Nations while others were particular to a Nation. It is found common among nations that blames were laid on the inconsistent macroeconomic policies of government and financial institutions (Allen and Gale; 2007, Nesvetailova, 2007; Turner, 2008; Cooper, 2008). Some particular causes found in the nations like the United States (US) and United Kingdom (UK) are the sub-prime lending and housing boom (Rajan, 2008), the abuse of free trade by the promoters of free trade (Turner, 2008), and corruption in nations like Indonesia (Allen and Gale; 2007). Can the misdeeds of government and financial institutions be associated to competitiveness? Porter (1998) portrays that competitive advantage of nations convey new government and business functions for the attainment of competitiveness and success. Constantly, government is ineffectual in whatever it gets to do as she constantly fall short in her industrial policies and in tackling the issues of competitive lead (OShaughnessy, 1996). Hartungi (2006), stress the competitive impacts of globalisation among nations, in the flow of labour and capital. Thus, government of nations, especially the developing ones are being threatened by competition from other nations. In consequence, these governments deregulate and hence make weak their policies for fear of alien investors relocating their businesses to another nation (Hartungi 2006; Buiter, 2007). Turner (2008) on the other hand echoes the abuse of free trade as firms utilise the benefits of free trade by carrying their dealings across var ious nations, with the aim to maximise their profit at the least cost. Thus, while (Hartungi; Buiter) accuses the government, Turner accuses the Multinational firms. Notwithstanding, both government and Firms actions are rational justified to be a move to beat competition. The future of the economy, given this recent credit crunch is still bleak and insecure. There are no quick or magic solutions to this credit troubles. Most banks still hold back on granting credit and economic endeavors are still seriously threatened and extremely bad (Lorenzen, 2009). 2.5 Competitiveness and the Credit Crunch Defined Competitiveness, which is found at the heart of business firms and nations, has always been an inevitable desire, as firms and nations struggle for survival and to outperform one another by gaining a competitive edge, comparative/absolute advantage. Given different circumstances and/or surroundings, competitiveness itself, has defined and implied differently by academic scholars/ authors. Since the theories of Adam Smith in the 1770s and Ricardo in the early 1960s, the models of Porter (1980) and Krugman (1994) prior the other current ones, accentuated by Cao (2008) and Chikà ¡n (2008) national and firm competitiveness, given the global competitive force is still obsessive. The rationale behind competitiveness stays the same; changes are found to exist on strategies engaged to accomplish it, the means of maintaining competitiveness in a rapid and constant change of business environ and processes. In the literature, competitiveness has been widely defined. The Office of Competition and Economic Analysis (OCEA) (2009) echo, â€Å"Competitiveness means different things to different people. To an economist, it may mean how well a country is performing compared to other economies, as embodied in the standard of living and changes in national productivity. To a policy maker, it may mean how a new regulation changes the ability of affected businesses to compete. To a business owner, it may mean changes in profitability as reflected in market share for its goods and services in a low-cost market place.† Hence there are no specific or clear definition of competitiveness could be generally satisfactory, rather they are given different interpretations to best match ones requirements or task (Aiginger, 2006; Ketels, 2006; Siggel, 2006; OCEA, 2009). Garelli (2006: 3), from an economic and management perspective defines competitiveness as â€Å"a field in economics that reconciles and integrates several concepts and theories from economics and management into a series of guiding principles driving the prosperity of a nation or an enterprise.† With regard to the credit crunch, which is the second concern, finance and credit availability has always been the blood of every enterprise that ensures the running of its business operations. The credit crunch or credit crises, financial squeeze, or financial crises have been termed differently by different nations, firms, scholars and institutions. Some authors further use these terms sequentially. Hence, for example, the credit crunch might have resulted from a capital crunch or the financial crises have led to a recession. However, the implied meaning remains the same. This financial instability has long existed, as well as economic theories such as the efficient market theories (EMT), Keyness and the Minskyan theories and hypothesis. Watanabe (2007:642) defines the credit crunch as â€Å"the reduction in credit supply available to borrowers, particularly bank lending supply, for some lender specific reasons.† Watanabe further describes a difference between financial crisis and the credit crunch as thus: the financial crisis involving banks breakdown, financial mismanagement and volatility, while the credit crunch involving a incidental hindrance of banks lending activities, arising from capital shortage. Similarly, Ryder (2009:76) states, â€Å"The uncertainty in the global financial markets has led to a dramatic reduction in the availability of affordable credit, or credit crunch.† 2.6 Competitive Obsession- Favourable or Unfavourable The history of excessive competition is traced to the course of economic development and evolution of industrial formation in different countries in the globe, arising from changes in demand leading to a poor economic cycle or even recessions (Cao, 2008). One of the strong criticisms of competitive obsession is that of Krugman (1994) and (Cao, 2008) on excessive competition. Krugman bases his arguments on three points- (1) that apprehensions on competitiveness, are as an empirical issue, baseless; (2) that the definition of economic setback as one of international competition is nevertheless striking to lots of people. Finally, that obsession with competitiveness is incorrect, dangerous, distorting domestic policies and a threat to the international economic system. Hence, thinking competitively will one-way or the other lead to bad policy making. Both Krugman and Cao, stress the misinformed and common thinking in economic theory that intensification of competition can improve economic and social welfare. Aiginger (2006) in his competitiveness defined stresses its non-exclusion of strategies to harm neighbouring countries. Thus, assumptions have been made about obsession being a negative term (Dance, 2003). On the other hand, excessive/obsessive competitiveness has been identified to improve welfare (productivity and social) in an economy, as well as the possibility of positive externalities and spillovers (Brahm, 1995; Aiginger, 2006). Norcia and Flener (2008) in the retail experience, suggests that a means to not just survive but excel in the recent financial crisis is to become more obsessed, with the customer experience for example. Obsession with customer experience is further identified as Mr Philip Green, the owner of Bhs, achieved a historical largest profit for the company, by being obsessed with customer value, price, quality and market (Mazur, 2002). Identifying competitive obsession as good however, is dependent on it being properly focused (Dance, 2003). This research however, neither supports nor opposes the impact or effects of competitive obsession on firms as well as on the economy, but tries to find out if competitiveness and its obsession might have resulted to the recent credit crunch. 2.7 National and Firm Competitiveness [Porters Diamond] Chikà ¡n (2008: 24-25) presents the definition of both firm and national competitiveness: â€Å"Firm competitiveness is a capability of a firm to sustainably fulfil its double purpose: meeting customer requirements at a profit. This capability is realised through offering on the market goods and services which customers value higher than those offered by competitors.† And â€Å"National competitiveness is a capability of a national economy to operate ensuring an increasing welfare of its citizens at its factor productivity sustainably growing. This capability is realised through maintaining an environment for its companies and other institutions to create, utilize and sell goods and services meeting the requirements of global competition and changing social norms.† Chikà ¡n further stresses the existence of a structural homogeneity with the two definitions, as both are described as capabilities, sharing similar root in economic and social thinking, involving strategic governance and the thought of sustainability. Thus, Garelli (2006) stipulates that firms play their main role of achieving economic benefit, while nations provide the necessary framework to maximise the economic benefit, hence their fate is entangled and cannot be managed singly. The interconnection of competitiveness at national and firm level has been presented by Porters (1990) diamond framework. As concerns gaining sustainable advantage, Porter (1998:71) throws the question himself â€Å"which firms from which nations will reap them† Porters model is useful to analyse competitiveness and its various factors (Garelli, 2006; Chikà ¡n, 2008), thus, in this literature it will be used to analyse the banking industry. The different components of the diamond theory are used to summarise the activities of banks at national and firm level: Factor conditions: these are factors of production as well as infrastructure. Innovation and efficiency via technology are inputs for banks competitiveness (Berger and Mester, 2001; Black and Strahan, 2002; Balgheim, 2007). Demand conditions: customers are increasingly becoming more demanding of banks and less loyal (Balgheim, 2007). On the micro level, mainly households and businesses take on banking dealings, such as deposits, loans and other financial services (Goddard and Wilson, 2009). On the other hand, household in some countries avoid placing their savings in financial institutions and rather buy physical goods (Barth et al, 2006). Related and supported industries: this factor takes account of cluster theory, which endorses firms concentration. The banking systems are becoming more concentrated, and the correlation of this concentration and competition is becoming vague (Carbo et al., 2009). Firms strategy, structure, and rivalry: these are managerial actions and strategy in addition to domestic rivalry. as bankers detect a rival struggle to win in the inter-bank lending competition, they assume firms to show more potential than they had reasoned (Ogura, 2006) Government: is another factor considered to determine competitiveness based on its influence on social norms and macroeconomic policy (Ketels, 2006; Chikà ¡n, 2008). However, Michael Porter disbelieves government to be a fifth determinant of competitiveness (Garelli, 2006). Davies and Ellis (2000) summarised some of the limitations of Porters model- to involve omissions of object of analysis, that productivity at national level is confused with industry level success; confusion of trade factors with respect to comparative advantage; flaws in methodology and mode of reasoning; and a refutation of the assertions of the competitive advantage of nations. 2.8 Competition in the Banking Industry Competitiveness cannot extricate itself from the conception and veracity of competition (Herciu and Ogrean, 2008). Goddard and Wilson (2009) describes banking competition as vital because a failure in the market or an anti-competitive behaviour by banks could have extreme consequences on the productive effectiveness, the welfare of the consumer and the growth of the economy. This explains further the development of competition in banking to be a highly relevant exercise paving way for good policies that could effectively regulate and supervise the banking and financial services sector (Goddard and Wilson 2009; Carbà ³ et al., 2009). At the 1970s, there were little or no competitive strains on banks, favourable government ruling and strong barriers of entry into the industry (Berger and Mester, 2001; Black and Strahan, 2002). Nonetheless, by the early 1980s, government rulings no more favoured the industry, technology and policy changes reduced the barrier entry, and competitive strains were on the increase (Berger and Mester, 2001; Black and Strahan, 2002). The increase in competition has a two effect as depicted by (Black and Strahan, 2002)-limiting the credit accessibility to new and small businesses, while also increasing its credit accessibility to big firms that are credit worthy. In recent times, competition has become highly on the increase, banks loosen their creditworthiness assessment in sub-prime lending and non-worthy customers get access to credit (Marquez 2002; Ogura, 2006; Rajan, 2008). The consequence of this is of three ways- reducing the impact of observational learning; reducing the credit risk engaged by every bank, while on the other hand; increasing the total risk engaged by the whole banking industry (Ogura, 2006). 2.9 Government/country competitiveness Competitiveness is a crosscutting issue that is influenced by the decisions of many different government agencies and is subject to a strategic goal for foreign direct investment (FDI) attraction (Ketels, 2006). Siggel (2006); Herciu and Ogrean (2008) presents a view of a country competitiveness arising from the harbouring of internationally competitive firms, industries, as well as government policies and regulations. The central or apex bank of a country is an agent of government, thus, understanding the macro/micro level competitiveness and its inter-linkages to the credit squeeze would require a study of internationally competitive banks and the central bank. 3.0 RESEARCH METHODOLOGY 3.1 Macro Economic competitiveness- methods suggested by Authors National competitiveness has been measured with indicators such as business competitiveness index of the world economic forum (WEF) (Ketels, 2006; Herciu and Ogrean, 2008; Chikà ¡n, 2008). The world economic forum (WEF) which engages its competitive analysis on global competitive index (GCI), sets out 12 determinants/ and or pillars of competitiveness – Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher education and training, Goods market efficiency, Labour market efficiency, Financial market sophistication, Technological readiness, Market size, Business sophistication, and Innovation. 3.2 Firm Level – Competition in Banking- methods suggested by Authors The measure of competition in the banking industry is significantly subject to barriers on entry, internationally and at home (Barth et al, 2006). They stress- entry requirements and restrictions of foreign entry/ownership of domestic banks as two of the variables that could be used to qualitatively confine the degree to which competition in the banking sector is controlled. Nevertheless, some researchers [(Goddard and Wilson, 2007; 2009; Carbà ³ et al., 2009)] draw inference from the observations of firms behaviour derived from theoretical models. Furthermore, the measurement of competitiveness differs broadly in terms of definition, scope, drivers and geographical location (Ketels, 2006). Irrespective of the measures that are put in use, the important issue is ensuring that these different measures make similar suppositions about competitive behaviour (Carbà ³ et al., 2009). Various studies and research has been engaged to understand the credit crunch on a macroeconomic level and on the financial aspects of firm Kang and Sawada (2008). However, the researchers environment and sense of direction in identifying and resolving problems, as well as the interested organisation and society subscribing to it, determines his/her research process or methodology (Ghuari and Gronhaug, 2005). 3.3 Adopted Methods for this Study The main purpose of this present study is to examine the interrelationships of extreme competitiveness among firms and the financial impacts. This will be evaluated on a macro and micro level. The intended methodology will differ as well as emanate from the methodology utilised by the above reviewed researchers in a number of ways: On the macro level, the interrelationships of firms and financial institutions will be evaluated by drawing form secondary data (GCI published by the WEF for 2008/09). For this study, however, the interrelationships will be evaluated utilising only two (2) – Institutions and Financial market sophistication, of the twelve determinants of competitiveness, rather than the combination of all the 12 determinants of competitiveness. A collection of primary data via questionnaire: this questionnaire is intended not just to ascertain or measure competition on the bank firm level competition but going further to evaluate how this competition are driven by business factors such as changes in policy and business strategies. To support the data collected via questionnaire will engage in an interview to give room for some of the top bank personnel to justify and give opinions on the issue of competitiveness and the credit crunch. 3.4 TRIANGULATION This research will triangulate its primary and secondary data collection method qualitatively and quantitatively. This approach will be important when considering the reliability and validity of data, and in trying to find similarities and differences existent in these different sources of data. Thus, the result of one research strategy are cross checked against the result of another research strategy (Bryman and Bell, 2007; Saunders et al, 2007). Thus, the methodology utilised for this research will draw data qualitatively and quantitatively. Quantitative as it will engage in statistical measure and manipulations and qualitative as it will also engage in interviews and survey reports. 3.5 FIRMS AND FINANCIALINSTITUTIONS – A SECONDARY APPROACH The secondary approach utilised for the purpose of this research will draw data from the global competitive report of the world economic forum (WEF), as well as textbooks, articles and journals by electronic and manual means. Drawing data from secondary sources provides a channel as to the essential research work that needs to be carried out, as well as sufficient background information to ensure a direction for research (Cooper and Schindler, 2008). The GCI prepared by the WEF, derives its data from the executive opinion survey (EOS) as well as from other globally recognised data sources such as the International monetary fund (IMF), organisation for economic co-operation and development (OECD) and national sources. Institutions as described by the WEF, comprises the interaction of individuals, firms and governments to create wealth and income in the economy, thus, having a potent connection on development and competitiveness. Financial sophistication on the other hand, emphasises a thorough review of risk ensuring an appropriate creative channelling of resources use. In order to emphasise the connection and link of Institutions and Financial market sophistication, we adopt the correlation index calculation. A way of measuring the relative strength of correlation between two variables is done through a correlation coefficient (r) (Francis, 2004). Hence the product moment correlation coefficient formula: r = n∑xy- ∑x∑y √({n∑x^2 )- à £Ã¢â€š ¬Ã¢â‚¬â€œ(∑x)à £Ã¢â€š ¬Ã¢â‚¬â€^(2 )} {n∑y^(2 )- (∑y)^(2 )} Where r = product moment coefficient formula and is a number which lies between +1 and – 1 When r is far from zero (closer to +1 or – 1), there is a strong correlation When r is close to zero, there is a large dispersion and variables uncorrelated r= 0 signifies zero correlation r= 1 signifies strong/direct connection between variables. r= – 1 signifies strong/inverted connection between variables. Where x and y = variables to be measured, And n = number of (x, y) variables 3.6 Test of Robustness The essence of the robustness test is to check the stability of findings from secondary analysis done above, in the sense of whether smaller or larger deviations could prejudice performance of the model or data findings to a large extent. Thus, the existence of gross errors in a small fraction of observation is regarded as a small deviation, the main aim of robust measures being to preserve against errors (Huber and Ronchetti, 2009) Using a dataset of over 100 countries surveyed by the world economic forum, variables on a selected number of countries are drawn. To identify a relationship between competitiveness and the credit crunch (based on two pillars afore mentioned), this research uses the â€Å"robustness/ruggedness approach†, which has been effectual in Baxter and Kouparitsas (2004) in analysing its datasets of over 100 countries. Using this approach, a variable is identified to be a robust determinant of another vis-à  -vis the recent credit crunch, if the correlation coefficient of both variables is far from zero (0). 3.7 Secondary sample collection The systematic sampling method has been selected to take in to account a sample of 15 countries, which will be used for the measurement of connection between variables. This method of sampling has been found to create ease of use, especially where there is an inexistence of a sampling frame. The procedure of the sample systematically selected is as follows: A hundred and thirty- four (134) economies have been covered in the 2008-2009, global competitiveness report by the world economic forum (WEF). Thus sampling 15 countries will be a selection of every 134/15 (8.93th) country. If every eighth (8th) country is selected, 8 x 15= 120, so the last 14 countries will certainly not be selected. On the other hand, if every ninth (9th) country is selected, 9 x 15= 135, definitely the final country selected does not subsist(see appendix 2). One of the disadvantages of systematic sampling is that the sampling technique is not strictly random, since the selection of a random starting point would mean all subjects are pre-determined (Francis, 2004) However, for the sake of the study 8.93th will be approximated to 9th, as it is more free of bias compared to selecting every 8th country. The countries selected are shown in the table (1). Table 1 Column1 S/N Country Country Rank/no Random Starting Point 1 Japan 9 2 Australia 18 3 Saudi Arabia 27 4 Tunisia 36 5 South Africa 45 6 Latvia 54 7 Turkey 63 8 Ukraine 72 9 Egypt 81 10 Georgia 90 11 Algeria 99 12 Albania 108 13 Mali 117 14 Nepal 126 15 135 Source: reproduced from the global competitive report (2008-2009) 3.8 Primary Data Collection The purpose of the research is to identify the existence of competitive obsession or excessive competitiveness particularly on the actions and reactions of banks and the government on a macro and micro level interrelationship. To draw a wide range of data on competition among these institutions, the quantitative and qualitative approach is engaged. 3.9 Quantitative research: the questionnaire This research will use questionnaire administered on bank staffs to collect data for quantitative analysis. This aspect of research will engage its analysis univariately in frequency tables, diagrams and percentage of variables, using the Microsoft excel. Subsequent on that, the data findings will be endorsed with that of the qualitative and secondary data. The questionnaire is purposeful on the views of bank staffs relative to competitive actions that might have contributed to the credit crunch. The questions posed will therefore indirectly address the three (3) key research questions, then similarities and differences in answers triangulated with other research methods to be utilised in the

Satire in Jonathan Swifts Gullivers Travels :: Gullivers Travels

Satire in Gulliver's Travels  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚        Ã‚  Ã‚   On the surface, Jonathan Swift’s Gulliver's Travels appears to be a travel log, made to chronicle the adventures of a man, Lemuel Gulliver, on the four most incredible voyages imaginable. Primarily, however, Gulliver's Travels is a work of satire. "Gulliver is neither a fully developed character nor even an altogether distinguishable persona; rather, he is a satiric device enabling Swift to score satirical points" (Rodino 124). Indeed, whereas the work begins with more specific satire, attacking perhaps one political machine or aimed at one particular custom in each instance, it finishes with "the most savage onslaught on humanity ever written," satirizing the whole of the human condition. (Murry 3). In order to convey this satire, Gulliver is taken on four adventures, driven by fate, a restless spirit, and the pen of Swift. Gulliver's first journey takes him to the Land of Lilliput, where he finds himself a giant among six inch tall beings. His next journey bring s him to Brobdingnag, where his situation is reversed: now he is the midget in a land of giants. His third journey leads him to Laputa, the floating island, inhabited by strange (although similarly sized) beings who derive their whole culture from music and mathematics. Gulliver's fourth and final journey places him in the land of the Houyhnhnm, a society of intelligent, reasoning horses. As Swift leads Gulliver on these four fantastical journeys, Gulliver's perceptions of himself and the people and things around him change, giving Swift ample opportunity to inject into the story both irony and satire of the England of his day and of the human condition. Swift ties his satire closely with Gulliver's perceptions and adventures. In Gulliver's first adventure, he begins on a ship that runs aground on a submerged rock. He swims to land, and when he awakens, he finds himself tied down to the ground, and surrounded by tiny people, the Lilliputians. "Irony is present from the start in the simultaneous recreation of Gulliver as giant and prisoner" (Reilly 167). Gulliver is surprised "at the intrepidity of these diminutive mortals, who dare venture to mount and walk upon my body" (I.i.16), but he admires this quality in them. Gulliver eventually learns their language, and arranges a contract with them for his freedom. However, he is bound by this agreement to protect Lilliput from invasion by the people of Blefuscu.

Agriculture and Tractor

The tractor industry reported a strong 28. 3% growth in sales volumes during 2009-10, thereby ending the phase of cyclical correction that had pulled down tractor sales during the preceding two years (200709). Significantly, the revival of 2009-10 happened despite the droughtlike conditions in many States during the kharif1 season dampening sentiments.The key factor enabling the demand growth of 2009-10 was strong rural liquidity, which in turn was sustained by several factors, including: higher minimum support price (MSP) for crops; greater ability of farmers to make cash purchases (including the usage of Kisan Credit Card which are increasingly being used to part-finance tractor purchases); enhanced employment opportunities (with rural employment schemes being implemented by the Government of India); an improved credit environment; and continuance of replacement demand.These factors apart, non-agricultural use of tractors (for haulage in construction and infrastructure projects) co ntinued to increase, benefiting tractor demand. Also, with infrastructure projects and rural employment schemes increasing employment opportunities, availability of labour for agricultural activities continued to decline, persuading even farmers with medium-sized land holdings to either rent or purchase tractors. On a regional basis, the performance of the eastern, northern and western parts of the country was robust during 2009-10 in terms of tractor demand, while that of the southern region was moderate.A strong growth in tractor volumes, albeit on a low base, was witnessed in the eastern States, including Bihar, Orissa and Jharkhand, which had a good paddy crop. Tractor volumes in the northern and western regions also reported strong growth during 2009-10, especially in the second half (H2) of the year, benefiting from a low base (H2, 2008-09) and a satisfactory kharif crop in some States. The southern region reported moderate performance in terms of tractor demand (growth of 11. 9% in 2009-10), being impacted largely by the de-growth in Andhra Pradesh (AP)—a key southern market—where rainfall was irregular in 2009-10.However, in Karnataka and Tamil Nadu, higher MSPs for rice along with some revival of interest of public sector banks (PSBs) in tractor financing led to strong tractor sales volumes. Historically, tractor demand has been fairly volatile, being influenced by cyclical trends, availability of finance, and crop patterns (monsoon). After four years of strong growth during 2003-07, the fiscal years 200708 and 2008-09 both reported a marginal decline in tractor sales volumes, largely reflecting cyclical corrections.In addition to the cyclical dips, during H2, 2008-09, the industry also had to cope with the 1 Kharif season in India is during the south-west monsoon (June-October) ICRA Rating Feature Tractor Industry: An ICRA Perspective liquidity crunch, which pushed up interest rates, even as financiers resorted to more stringent lending norms in the face of rising non-performing assets (NPAs). However, the situation improved during 200910 as credit availability improved on the strength of greater liquidity in the banking system.While tractor financing has traditionally been done by PSBs, of late, private banks and non-banking finance companies (NBFCs), despite their higher interest rates vis-a-vis the PSBs, have been able to increase their penetration of this market on the strength of faster loan processing and use of more liberal credit norms. Overall, with tractor demand being closely linked to agricultural output, growth in farm mechanisation and farmers’ remuneration, the long-term demand drivers for the industry remain robust.The currently low levels of tractor penetration in India, strong Governmental focus on availability of finance for agriculture mechanization tools and on rural development, increase in the use of tractors for nonagricultural purposes, and the growing emphasis on tractor exports au gur well for the industry. Background Chart 1: Annual Trends in Tractor Sales Volumes Chart 2: Monthly Trends in Tractor Sales Volumes Source: Industry, ICRA’s estimates Source: Industry, ICRA’s estimates The tractor industry reported a compounded annual growth rate (CAGR) of over 20% in volume terms during the period 2003-07.The long up-cycle in demand was supported by several factors, including excise duty exemptions on tractors (2004-05), thrust on rural development, improved availability of finances for tractor purchase, and low interest rates. The growth also came on a low base, with the preceding three fiscal years (2000-03) having witnessed a prolonged phase of volume correction. The cyclical correction during 2000-03 had been aggravated by the build-up of channel inventory with the major players having pushed aggressively for larger sales.In contrast to this phase of cyclical slowdown, the one that happened during 2007-09 was less severe, with volumes declining by around 3%, despite the intermittent tightening of the liquidity situation during H2, 2008-09. The demand slowdown during H2, 2008-09 also impacted the profitability of the original equipment manufacturers (OEMs), that is, the tractor manufacturers, because of the high price inventory they were carrying. However, the situation improved on the cost structure front in H1 2009-10 with the softening of commodity prices preparing the ground for the industry to earn higher profitability margins.The pickup in volumes also lowered the overhead expenses for the tractor manufacturers, boosting their profitability. While the OEMs did not lower the listed sales price of tractors, the benefit of lower steel prices was passed on to the end customers via discounts. This is an accepted practice in the industry; given that once prices are lowered it is difficult to raise them subsequently. However, during H2 2009-10, the tractor majors increased the prices with the reversal of commodity prices an d the discounts have also come down. ICRA Rating Services Page 2 ICRA Rating FeatureChart 3: Trends in Profitability Margins of Select Players Tractor Industry: An ICRA Perspective Source: Company releases, ICRA’s estimates; refers to Profit before Interest and Tax (PBIT) and volume in the tractor segment Capacity utilisation in the tractor industry had hit a low during 2002-03, following large capacity additions and a volume slump. After that, capacity utilisation improved steadily, but remained moderate at around 50% during 2008-09. In 2009-10, the tractor volume growth has helped the OEMs improve their capacity utilizations; however, there is still excess capacity in the industry.Thus, over the medium term, most tractor manufacturers would not need to make any significant capital investments in building capacities. As discussed, the domestic tractor industry has to cope with demand volatility on account of cyclical trends and the strong linkages it has with agricultural pr oduction and monsoon rains. Many of the industry players have thus diversified into related products, including generator engines and cranes, besides focusing more on exports, to gain some insulation against the volatility in domestic tractor demand.As for tractor exports, while a major part of that currently goes to USA, the OEMs are now exploring various other markets across Europe, Asia and Africa for future exports. Industry Trends by Region The biggest markets for the tractor industry include States like Uttar Pradesh (UP), Andhra Pradesh (AP), Madhya Pradesh (MP), Rajasthan, and Maharashtra, which together accounted for around 50% of the total tractor sales in India during 2009-10. The tractor industry witnessed a strong y-o-y growth of 28. 3% during 2009-10, with most of the States reporting positive growth during the year.Chart 4: Trend in Tractor Sales across regions Chart 5: Trend in Tractor sales across States Source: Industry, ICRA’s estimates Source: Industry, IC RA’s estimates The northern region remains the largest tractor market in India with sales of around 1,67,000 units as of 2009-10. This region reported a growth rate of 35. 7% in volume sales in 2009-10 over the previous fiscal, with the key contributors including UP, Punjab, Haryana and Rajasthan. The northern region benefited from higher MSPs (for crops), limited availability of labour (forcing higher mechanisation), and increasing non-agricultural use of tractors.Additionally, increased infrastructure development activities (especially highways) led to appreciation in land values and use of tractors for non-agricultural purposes. In some cases, farmers also received compensation for the Government’s acquisition of select land patches (adjoining highways), which increased the availability of cash with them. Feedback from industry players ICRA Rating Services Page 3 ICRA Rating Feature Tractor Industry: An ICRA Perspective suggests cash purchases (including purchases u sing Kisan Credit Card) in some northern States increased to 35-40% of the total tractor volumes in 2009-10 from 10-15% in the past.Tractor volumes in UP grew by 42. 7% during 2009-10, with H2, 2009-10 reporting particularly strong growth (around 51% y-o-y) mainly on the back of high sugarcane prices for the kharif crop and improved irrigation facilities. In the case of Punjab, tractor volumes remained strong for the fifth straight year in 2009-10 (y-o-y growth of 42%). In Rajasthan however, growth in tractor volumes was relatively subdued in 2009-10 (around 24% y-o-y) as compared with the figure for the northern region as a whole.Tractor sales in Rajasthan were especially low in H2, 2009-10 versus H1, 2009-10, due to lower kharif output on account of deficient rains and inadequate financing availability. In the eastern region, tractor volumes continued to report strong growth in 2009-10, albeit on a small base, and went up by 53. 8% over 2008-09, being driven mainly by the higher M SPs announced for paddy. Within the region however, many financiers remained reluctant to finance tractor purchases in some States like Bihar. Nevertheless, in Bihar, tractor volumes grew 66% over 2008-09 to around 29,000 units in 2009-10, thereby accounting for over 50% of the totalsales in the eastern region. The Bihar market, where tractor penetration had been low historically, has shown sustained growth over the last few years and become one of the important markets for the tractor industry. Overall, in the eastern region, growth in tractor volumes is expected to moderate, going forward, as the benefit of a low base get diluted gradually. The western region reported sales of around 92,000 tractor units during 2009-10—a growth rate of 35. 7% over the previous fiscal—benefiting particularly from the strong performance that Maharashtra, Gujarat and MP posted during H2, 2009-10 (55% y-o-y growth over H2, 2008-09).The factors contributing to the strong growth in the reg ion during H2, 2009-10 included a benign base effect, higher crop prices (of sugarcane and cotton in Maharashtra, and of cereals and soyabean in MP), and greater availability of retail finance. The performance of the southern region in terms of tractor sales was relatively modest during 2009-10, with the growth rate being around 11. 9% over the previous fiscal. While most States in the region reported healthy growth, AP, which is the largest tractor market in the south, de-grew by 10. 4% in 200910.The AP market has been undergoing a volume correction since 2007-08, with the preceding four to five years having witnessed a large and sustained volume growth; this factor apart, the de-growth of 2009-10 was also aided by irregular monsoons. The other big market in the southern region, Karnataka, reported growth of 74% in tractor volumes in 2009-10 mainly on the strength of higher MSPs for rice; however, volume growth is expected to moderate in 2010-11 because of the base effect. In Tamil Nadu, tractor sales were flat during H1, 2009-10, but the performance improved in H2, 2009-10 mainly because of improved retail financing by the PSBs.Industry Trends by Tractor Horse Power (HP) The Indian tractor market has traditionally been a medium HP market, with 31-40 HP tractors accounting for around 47% of the total industry volumes. In 2008-09, the 31-40 HP category had reported sales of 157,602 tractor units, which was about the same as the previous year’s figure but lower than the 2006-07 statistic by 7%. In 2009-10 however, this category reported a strong revival, with the volume growing by 22%2 over 2008-09; the revival was led by UP, Karnataka and Madhya Pradesh. The other major segment in theIndian tractor market is the 41-50 HP range, which accounts for around 23% of the total industry volumes. This segment grew by around 10% during 2009-10, thereby underperforming the growth in overall tractor volumes (around 19%) that year. The main reason for this underperf ormance was the low growth that the southern region, the biggest market for this segment, reported in 2009-10. 2 The HP wise y-o-y growth rates are based on 9M 2009-10 tractor volumes. Page 4 ICRA Rating Services ICRA Rating Feature Tractor Industry: An ICRA PerspectiveThe >51 HP segment of the Indian tractor market also underperformed the industry growth rate in 200910 mainly because of the de-growth in the exports which is a key demand area for these high HP tractors. Some Long-Term Demand Drivers for the Industry Low penetration of tractors in Indian agriculture: Indian agriculture is characterised by low farm mechanisation, fragmented land holdings, and high dependence on monsoon rains (in the absence of adequate irrigation facilities). Tractor penetration in India is low at around 13 tractors per 1,000 hectares as against the global average of 19 and the US average of 29.While this does indicate the relative backwardness of Indian agriculture, it also points to the significant scope that exists for raising tractor penetration, which bodes well for tractor demand over the long term. Government support for the agricultural sector: Although agriculture contributes just around 20% to India’s GDP, it provides employment to a large rural population, which is why the sector remains a strong focus area for the Government. The tractor industry benefits significantly from the Governmental focus on agriculture, with measures such as nil excise duty ontractors (even the excise duty on tractor parts has been lowered from 16% to 8%) and inclusion of tractor financing under priority sector lending (by PSBs) serving as long-term demand drivers. Financing of tractor purchase is of great significance for the industry, it being a key demand facilitator. Export of tractors: Indian tractor manufacturers have been increasingly targeting the international markets over the last few years. The industry exported a total of around 37,900 tractors during 2009-10, with the USA , Africa, South America, and some Asian countries being the top destinations.The industry leader, Mahindra and Mahindra (M&M), has acquired Yancheng Tractors, the fourth largest tractor manufacturer in China (in terms of FY2008 volumes), to improve its presence in the country. In the developed markets, Indian tractors have a relatively marginal presence, with sales being largely restricted to the hobby farming segment. Outlook Tractor sales are expected to remain healthy in fiscal 2010-11, given the good rabi crop this time around, the continuing firmness in the prices of agricultural products, and the healthy monsoons anticipated during the coming kharif season.Moreover, improving farm mechanisation levels (with labour availability in rural areas declining), increasing non-agricultural use of tractors, higher credit disbursements for agriculture, and sharper Governmental focus on the farm sector (larger budgetary allocations) are also expected to encourage tractor sales. The indust ry’s profitability is however expected to remain moderate in the medium term, considering the high competitive intensity and low capacity utilisation levels, although larger players could benefit from scale economics.As for margins, while they have seen an improvement in 2009-10, they would remain vulnerable to adverse changes in commodity prices. While some States in the northern region have achieved high levels of tractor penetration and farm mechanisation, on an all-India basis, the penetration remains low, which along with the current shortage of farm labour and consequently rising labour costs, may be expected to lead to greater mechanisation and use of tractors.The long-term prospects for the Indian tractor industry hinge on agricultural growth and Government support in areas such as financing availability, tax exemptions, and fiscal stimulus for rural development. Overall, ICRA expects the long-term growth rate for the Indian tractor industry to trend around the histor ical average of 6-8%, supported by increasing tractor penetration. ICRA Rating Services Page 5 ICRA Rating Feature Tractor Industry: An ICRA Perspective Annexure I: Structure of the Indian Tractor IndustryThe Indian tractor industry has around 13 national players and a few regional players. The industry is dominated by Mahindra and Mahindra (M&M) with a market share of around 41. 1%, followed by Tractors and Farm Equipments TAFE, which holds around 22% of the market. The other major players include Escorts (12. 1%), L&T-John Deere (7. 8%), and International Tractors Limited (8. 9%). During the last few years, the industry has seen some consolidation with M&M acquiring Punjab Tractors (PTL) and TAFE acquiring Eicher Tractors.Most of the tractors sold in India are in the 21-50 HP range, with the 31-40 HP category alone accounting for around 50% of this. The long-term prospects of the Indian tractor industry are highly dependent on Government policies for the agriculture sector. Histor ically, most tractor sales are done on credit even as over the last few years financial institutions, facing an increase in their non-performing assets (NPAs), have resorted to some tightening of credit norms. Also, during 2009-10, there has been a sharp increase in cash purchases, reflecting the rise in disposable incomes in the rural markets.Most of the tractor financing done by banks comes under priority sector lending, a directed-lending mechanism of the Government of India. In terms of volume, India is one of the largest tractor markets in the world, besides China and the USA. The prospects of the domestic industry are highly linked to monsoon rains, which remain a key factor in determining agricultural production. Better irrigated States like Punjab and Haryana have a high tractor density (over 100 per 1,000 hectares), while States like Rajasthan, Gujarat, Himachal, Tamil Nadu, Maharashtra, Andhra, MP and WestBengal have low levels of tractor penetration—a pointer to th e substantial growth potential that the latter set offers. On an all-India basis, tractor penetration remains low at around 13 per 1,000 hectares. Besides being used in farming, tractors find application in activities such as harvesting and irrigation, land reclamation, drawing water and powering agricultural implements. In addition, lately, the tractors are also being used for non-agricultural purposes including haulage in construction and infrastructure projects which has expanded the tractor market.The Indian tractor market, thus, is expected to grow in future and remain one of the biggest tractor markets in the world. Chart 6: Trend in State wise market share Source: Industry, ICRA’s estimates Annexure 2: Region-wise Market Shares of Various Players The market shares of the top four players in the Indian tractor industry did not change much during 200910 in comparison with 2008-09. M&M remained the market leader with around 41. 1% market share, followed by TAFE with a mar ket share of around 22%, Escorts with around 12. 1%, and International Tractors (ITL) with around 8. 9%.ICRA Rating Services Page 6 ICRA Rating Feature Tractor Industry: An ICRA Perspective Chart 7: Movement in Regional Market Shares of Select Players 2009-10 vs. 2008-09 (bps) Source: Industry, ICRA’s estimates M&M remains particularly strong in the southern region (50. 4% market share during 2009-10). However, L&T John Deere (LT-JD) was able to increase its market share in the region by around 250 bps in 2009-10, mainly at the expense of M&M (market share down by 140 bps) and Escorts (down by 140 bps).In the western region too, LT-JD performed well in 2009-10, increasing its market share by 190 bps, even as TAFE lost market share by around 90 bps there. In the northern region, where M&M has been traditionally weak, the company increased its market share by 140 bps during 2009-10, even as ITL and Escorts lost market shares by around 90 bps and 60 bps respectively, there. In t he eastern region, M&M was able to raise its market share by around 140 bps in 2009-10 at the expense of Escorts and TAFE.ICRA Rating Services Page 7 ICRA Rating Feature Tractor Industry: An ICRA Perspective ICRA Limited An Associate of Moody's Investors Service CORPORATE OFFICE Building No. 8, 2nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon 122 002 Tel: +91 124 4545300; Fax: +91 124 4545350 Email: [email  protected] com, Website: www. icra. in REGISTERED OFFICE 1105, Kailash Building, 11th Floor; 26 Kasturba Gandhi Marg; New Delhi 110001 Tel: +91 11 23357940-50; Fax: +91 11 23357014Branches: Mumbai: Tel. : + (91 22) 24331046/53/62/74/86/87, Fax: + (91 22) 2433 1390 Chennai: Tel + (91 44) 2434 0043/9659/8080, 2433 0724/ 3293/3294, Fax + (91 44) 2434 3663 Kolkata: Tel + (91 33) 2287 8839 /2287 6617/ 2283 1411/ 2280 0008, Fax + (91 33) 2287 0728 Bangalore: Tel + (91 80) 2559 7401/4049 Fax + (91 80) 559 4065 Ahmedabad: Tel + (91 79) 2658 4924/5049/2008, Fax + (91 79) 2658 4924 Hyderabad: Tel +(91 40) 2373 5061/7251, Fax + (91 40) 2373 5152 Pune: Tel + (91 20) 2552 0194/95/96, Fax + (91 20) 553 9231  © Copyright, 2010 ICRA Limited. 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