MRI Essay Example | Topics and Well Written Essays - 1500 words - 3

MRI - Essay Example Magnetic resonance imaging (MRI) produces detailed images of the body’s internal organs and problems associated with the organs. It is procedure that has typically no side effects and cast images with no fear of pain. The process uses magnetised radio radiations and draws the images when the waves reflect back to the scanner. It is different from the CT scan or CAT scan. An MRI scanner is composed of two donut shaped tubes that are joined by a hollow tunnel that holds a person. The donut shaped tubes produce powerful magnetized radiation. A sliding table holds patients and it slides into the tunnel of the scanner. However, some MRI centres have MRI scanner with larger openings to hold patients that are suffering from claustrophobia. Most hospitals now have MRI scanners; while dedicated MRI centres are also opened for the ease of patients. The MRI scanner generates powerful magnetic waves that interact with the atoms of the patient’s body. During interaction the magnetic waves makes the atoms of body to be in particular pattern. The pattern is observed by the powerful antenna and sent to the computed that draws an image with respect to the observed pattern. Computer converted image both in 2d and 3d formats. The results are viewed by the physician to diagnose the problem. Kindly bring other examination reports like X-ray, Ultra sound, CT scans, Nuclear Medicine Scans or previous MRI scan reports along with you, if you can. This may help the physician to make comparison between the reports. Kindly do not let your child to wear any type of metallic jewellery like chins, hair clips or rings as metals may disrupt the magnetic resonance waves. Check you child carefully before the examination begins. If the child’s physician recommends using dye to clarify the results, be sure that child’s takes nothing by mouth (NBM) several

Headhunters in Personnel Staffing Industry Dissertation

Headhunters in Personnel Staffing Industry - Dissertation Example Some businesses may require few replacements, and thus the cost of entering into such agreements is high when the commission charges are low. Further, signing written agreements to recruit workers with certain qualities comes as a contractual obligation that must be fulfilled. However, there are instances where headhunters may not find the ideal candidates, which puts their competitiveness at risk or risk legal action from employers. Employers also benefit from â€Å"gentlemen’s agreements†. There are instances where headhunters save businesses in dire need of employees. In these situations, the employers need urgent solutions that are easily found through â€Å"gentlemen’s agreements†. Designing and signing of a legal contract would be time wasting for both parties. In normal practice, headhunters may lure employees from competitors. Such actions cannot be easily put in legal terms. Thus, requiring headhunters to sign a written contract is detrimental to the personnel staffing industry.   An agreement between headhunters and businesses should be treated as a legal contract. Headhunters and employers would then be in a binding agreement. In addition, headhunters should clearly outline their charges and the modalities of their operations. Recruiting agencies are crucial in an enabling the meeting of employers and prospecting employees. For example, in the case, Cantell, et al. V. Hill Holliday Connors Cosmopulos, Inc., the recruiter enabled Hill Holiday to meet Nancy Lehrer, whom it employed later. Though there was no signed agreement, headhunters enabled Hill Holiday to secure an employee; thus, they ought to pay a commission since it is the only way recruiters make money (Conklin 25). I believe that the agreement between the plaintiff and the defendant in the case could be strengthened by clear guidelines in regard to the operations of the recruiter. In such a case, an employer can know that it owes headhunters for any communicati on it makes with their referral. Thus, the industry can continue surviving with its current simplicity.

Passenger To Freighter Conversion Of Aircrafts Engineering Essay

Passenger To Freighter Conversion Of Aircrafts Engineering Essay The purpose of the report is to provide detailed description for future aerospace engineers on how and why a P2F (also known as PTF or Passenger-to-Freighter) conversion is carried out. 1.2. Background Ever since the new millennium started, P2F conversions on aircrafts have become more common in the civil aviation industry. Major civil aviation industry companies (Airbus, Boeing, etc.) started researching with designs on how to modify an airframe structure of their ageing passenger jets to cargo freighters. In conjunction with the current economic situation, civil aviation logistic companies are trying to find ways to cut down expenses on replacing older cargo freighter aircrafts- buying P2F converted aircrafts. Furthermore, P2F conversions extend lifespan of passenger jets, providing first-hand quality P2F cargo aircrafts at second-hand cargo freighter prices. Since there is an increase in demand in the cargo freighter industry more companies will look at P2F conversions .Mainly because it is more economical for the company and they can gain the same amount of revenue at the same time. 1.3. Methodology The information was gathered from a few websites through the internet, books and magazine references .The content was retrieved from websites like http://www.eads.com , books like, magazines like. 1.4. Scope The Focused areas are mainly about the structural differences between a freighter aircraft and a passenger aircraft. In addition, the report will include structure of freighter planes. In addition, it will include the pros and cons of P2F and how the conversion is carried out. Lastly, this report includes the technical effects to the aircraft structure. 2. P2F Conversion Procedures There are various types of P2F conversion procedures. The various procedures are basically created by primary manufacturers (Boeing and Airbus) and assorted conversion companies (EADS (European Aeronautic Defence and Space Company) and SIAEC (Singapore International Airlines Engineering Company)).As a result , there are many different procedures for a P2F conversion to be complete. The following procedures will be according to the 4-month conversion of the Airbus A310 wide-bodied airliner into the Airbus A310-200F by Elbe Flugzeugwerke (EFW).In the following few paragraphs I will discuss about the different procedures carried out during a P2F conversion procedure. (SPG Media Limited, 2010. Airbus A310-200F Freighter Aircraft-Aerospace Technology [online]. Available from: http://www.aerospace-technology.com/projects/a310-200f/) 2.1. Preparation before conversion The airplanes paintwork is scraped off. Thereafter, a fraction of the passenger cabin is taken out. The aircraft is then jacked into a neutral stress point for 4 weeks for the modification of the airframe. With the plane partially empty it is jacked up into a neutral stress point for 4 weeks for the adjustment of the aeroplanes body. (SPG Media Limited, 2010. Airbus A310-200F Freighter Aircraft-Aerospace Technology [online]. Available from: http://www.aerospace-technology.com/projects/a310-200f/) 2.2. Plug windows Now that the aircraft does not carry any more passengers, windows in the aircraft are useless. The windows previously used for passengers to look out of the aircraft are now plugged (covered up). As u can see in the image below, there are no more windows in a freighter aircraft because it saves time on maintenance and for safety reasons. Therefore the windows are plugged.(Marcel van Leeuwen, 2006, Boeing 747 Large Cargo Freighter Arrives in Seattle [online]. Civilian aviation news. Available from: http://www.aviationnews.eu/2006/09/17/boeing- 747-large-cargo-freighter-arrives-in-seattle/) Figure 2.6: Plugging of Windows (Airbus Freighter Conversion, 2010) 2.3. Removal of unwanted material Anything in the aircraft that is not needed anymore is removed from the aircraft. Passenger- related facilities and structure (like seats and carpet flooring) is take out of the as it does not come in handy for a cargo freighter. This is to make room for the installation of the new freighter equipment. With the removal of redundant material it creates space for the cargo. (SPG Media Limited, 2010. Airbus A310-200F Freighter Aircraft-Aerospace Technology [online]. Available from: http://www.aerospace-technology.com/projects/a310-200f/) 2.4. Fitting of cargo door The front-end of the fuselage section is opened up in 2 stages for the installation of the cargo door. The upper frame shell is held at its position and is secured by riveting the frame to the fuselage. The old lower frame shell section is substituted with a new lower frame shell that is lowered into the prepared cut-out location and incorporated strongly to the airframe. The frames forward and aft of the cut-out are entirely replaced by reinforced frames. After the installation of the frames, electric components and hydraulic systems are added for the cargo door to operate with ease. (SPG Media Limited, 2010. Airbus A310-200F Freighter Aircraft-Aerospace Technology [online]. Available from: http://www.aerospace- technology.com/projects/a310-200f/) Figure 2.1 à ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Cargo door of Boeing 747-200BDSF http://www.iai.co.il/sip_storage/files/6/34576.wmv, 2002 2.5. Installation of new flooring The normal flooring on a passenger aircraft cannot be used. Hence, the flooring on a passenger plane has to be removed and reinforced with a higher strength floor to resist heavy cargo loads. To move the cargo in the aircraft easily, ball mats and roller tracks are installed onto the cargo flooring. With the new flooring the aircraft can carry more load and be tough at the same time and move the cargo within the aircraft easily.(SPG Media Limited, 2010. Airbus A310-200F Freighter Aircraft-Aerospace Technology [online]. Available from:http://www.aerospace-technology.com/projects/a310-200f/) Figure 2.2-cargo loading system of airbus http://www.eads.com/eads/int/en.html 2.6. Final checks after conversion Once the body of the aircraft has been converted and all thatà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s left to do is to do a final check on the whole aircraft. Firstly, the aircraft avionics is adjusted before tests are carried out. Thereafter, the customer inspects the flight to make sure everything is in working condition. However, before the aircraft is handed over to the customer the documentation for the conversion is finalised. With all these procedures done, the P2F conversion is complete. (SPG Media Limited, 2010. Airbus A310-200F Freighter Aircraft-Aerospace Technology [online]. Available from: http://www.aerospace-technology.com/projects/a310-200f/) 3. P2F conversionà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s cost impact 3.1 Replacement of ageing Freighters by P2Fs. Since the current condition for the economy is not at a very healthy condition, many aero- logistic companies would scout around for second hand cargo freighters. However, second-hand freighters have now reduced in numbers so drastically that most of them will stop flying within a few years. Hence, P2F conversions will help solve the problem of ageing cargo freighters in the near future. In 2009, airbus presented their 20-year forecast of their future freighter fleet. In their statistics shown in Fig3.1, Airbus emphasised on P2F conversions as the way to go to solve the problem of freighter insufficiency Therefore, by 2028 more than half the freighters around the world will be P2F converted. This is because P2F conversion requires low cost, shorter time and less material than manufacturing a freighter from scratch, making it a cost effective solution. (J. Leahy, L. Rouaud, 2009. Global market forecast 2009-2028 [online], 164.Avaialable from: http://www.airbus.com/en/gmf2009/appli.htm ?onglet=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=page= .) Figure3.1: graph of PTF in demand (Airbus 2009) http://www.airbus.com/en/gmf2009/appli.htm?onglet=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=page= 3.2. Demand of P2F aircrafts P2F conversion will take the freighter industry to a whole different level. In addition, the wider range of freighter types from P2F conversion will create a new generation of small jet freighters (e.g. Airbus A320 P2F).Besides that ,majority of Airbus freighter demand will be aided with P2F conversion as 96% of freighters in 2028 will be P2F aircrafts. This shows that the future of the P2F conversion industry will have a bright future. (J. Leahy, L. Rouaud,2009. Global market forecast 2009-2028 [online], 164.Avaialable from: http://www.airbus.com/en/gmf2009/appli.htm?onglet=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=page=.) figure3.2: graph on small jet freighters (Airbus 2009) http://www.airbus.com/en/gmf2009/appli.htm?onglet=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=page= 4. Benefits and limitations of P2F conversion Despite its many advantages such as its ability to save money time, material and manpower needed. Alongside, it helps extend an aircrafts life and replaces ageing freighters in the market. However, its disadvantages include acceptable use of market price as well as availability of aircraft. The next few paragraphs will explain and elaborate more on the benefits and limitations of P2F conversion. 4.1 Benefits 4.1.1 Saves cost Companies around the world who are looking to purchase freighter cargo aircraft would most likely try to save up on anything they can save on. One of the benefits of P2F conversions is that it helps companies save money. A P2F converted aircraft costs nearly one third of a freighter aircraft made from scratch. Since ità ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s just part of the aircraft that is reconstructed, it will help save cost on the amount of material used. When there is less work to be done, less manpower is needed. Hence; they can save cost by employing fewer engineers to work. Therefore, P2F conversions help save money for companies. (According to Phillip Securities Research (2005), initiating coverage Singapore) 4.1.2 Extends aircraft life A P2F conversion helps extend an aircrafts life span as well. When an aircraft is almost reaching its age of retirement it can either be scrapped or reborn again. In this case the aircraft is sent to companies that deal with conversions. The old structure is replaced with new structure in order for it to fly safely. Therefore, P2F conversions help extend the lifespan of an aircraft.(EADS media centre, Rising (like a phoenix [online], available from: http://www.contentforce.de/iptv/player/macros/_s_eads/_x_s- 35848193/mediacenter.html?height=500HYPERLINK http://www.contentforce.de/iptv/player/macros/_s_eads/_x_s- 35848193/mediacenter.html?height=500width=1024attrs=scrolling=noHYPERLINK http://www.contentforce.de/iptv/player/macros/_s_eads/_x_s- 35848193/mediacenter.html?height=500width=1024attrs=scrolling=nowidth=1024HYPERLINK http://www.contentforce.de/iptv/player/macros/_s_eads/_x_s- 35848193/mediacenter.html?height=500width=1024attrs=scrolling=noHYPERLINK http://www.contentforce.de /iptv/player/macros/_s_eads/_x_s- 35848193/mediacenter.html?height=500width=1024attrs=scrolling=noattrs=scrolling%3Dno) (SIA engineering company websiteprovides information on what P2F conversion is) 4.2 Limitations 4.2.1 Acceptable used market price P2F conversions serve as a form of investment for airline companies. If the cost of the conversion is more than the proposed price to sell the aircraft, the owner selling the P2F converted aircraft will incur a loss. In addition, different models of aircraft go through different kinds of conversion processes. Hence, the standard of quality and the workmanship to set prices for the P2F aircrafts vary widely, which might lead to underpriced P2F planes. (Hamilton, http://museair.googlepages.com/ThePassingofanUnrecognisedIndustryGi.pdf , 2007) 4.2.2 Airframe availability In order to perform a P2F conversion, there must be available airframes. The airframe needs to be from an airworthy passenger jet which is not in service anymore. If not, it would make no sense just to make an aircraft and convert it. Therefore, the number of used jets there are out there is limited to availability. (Hamilton, http://museair.googlepages.com/ThePassingofanUnrecognisedIndustryGi.pdf , 2007) 5. Conclusion The P2F conversion procedure may seem simple to digest. However, it is much more sophisticated compared to the other areas in the aeronautical market. Regardless, the freighter market is shinning their spotlight on P2F conversions to give old passenger aircrafts a second chance to fly again as freighters. In addition, P2F aircrafts are able to perform almost as well as new freighters made from scratch. No matter how advanced P2F conversion gets, there are limits for the acceptable used market price. Otherwise, the conversion will result in heavy loss financially. 6. Recommendations P2F conversion is a very profitable market to invest in. Companies dealing with P2F can take one more step by making use of more advanced technology when they are converting aircrafts. It can help save cost by using less material and maybe even with efficiency. Therefore P2F conversions can take one more step ahead by doing more research in this industry as there will be a rise in demand for freighter aircrafts in the future. III. References SPG Media Limited, 2010. Airbus A310-200F Freighter Aircraft-Aerospace Technology [online]. Available from: http://www.aerospace-technology.com/projects/a310-200f/ [Accessed 16 august 2010] Marcel van Leeuwen, 2006, Boeing 747 Large Cargo Freighter Arrives in Seattle [online]. Civilian aviation news. Available from: http://www.aviationnews.eu/2006/09/17/boeing-747-large-cargo-freighter-arrives-in-seattle/, [Accessed 16 august 2010] J. Leahy, L. Rouaud,2009. Global market forecast 2009-2028 [online], 164.Avaialable from: http://www.airbus.com/en/gmf2009/appli.htm?onglet=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=HYPERLINK http://www.airbus.com/en/gmf2009/appli.htm?onglet=page=page= .[Accessed 16 august 2010] like a phoenix [online], available from: http://www.contentforce.de/iptv/player/macros/_s_eads/_x_s-35848193/mediacenter.html .[Accessed 16 august 2010] SIA engineering company websiteprovides information on what P2F conversion is. [Accessed 16 august 2010] Hamilton,http://museair.googlepages.com/ThePassingofanUnrecognisedIndustryGi.pdf , 2007 [Accessed 16 august 2010]

The Effects Of Stress, Alcohol Outcome Expectancies, Gender, Coping St :: essays research papers

The Effects of Stress, Alcohol Outcome Expectancies, Gender, Coping Styles, and Family Alcoholism on Alcohol Consumption Abstract One large component of American popular culture today is alcohol. A common stereotype for the effects of alcohol is that as a drug it acts as a stress antagonist. This theory was introduced by Conger (1956) as the Tension Reduction Hypothesis (TRW). It states that alcohol's sedative action on the central nervous system serves to reduce tension, and because tension reduction is reinforcing, people drink to escape it (Marlatt & Rehsenow, 1980). Why do we drink, when do we drink, and how much do we drink? This research will determine the correlation between total weekly consumption of alcohol and perceived stress, alcohol outcome expectancies, gender, coping styles, and family history of alcoholism among undergraduate students. Do people drink more or less when stressed? Do alcohol outcome expectancies lead to higher or lower consumption? Is a history of family alcoholism positively or negatively correlated to personal consumption? Do the tested variables play mediating or moderating roles in stress-related drinking? This research will determine the answers to these questions, and determine the strength of the correlations, if any. Introduction The main question that this statistical model will answer is as follows: Is there any correlation between drinking and gender, alcohol expectancies, family alcoholism, stress, and coping styles? Gender It has been demonstrated that significant differences exist between the drinking patterns of men and women (Hilton, 1988). In a survey of US drinking habits conducted in 1988 by the US National Center for Health Statistics, Dawson and Archer (1992) showed that there are three areas illustrating gender differences. The first is the actual number of male and female drinkers. The study showed that 64% of men versus 41% of women were current drinkers. Second, men were more likely to consume alcohol on a daily basis (17.5 grams of ethanol per day versus 8.9 grams for women). Third, men were more likely to be classified as heavy drinkers. In fact, when the classification measure of a "heavy drinker" was changed from five drinks or more per day to nine drinks or more per day the ration of male to female heavy drinkers increased by a factor of 3. Stress Are the theories mentioned above about stress-induced drinking accurate? There have been studies which disprove the Tension Reduction Hypothesis. For instance, in a study by Conway, Vickers, Ward, and Rahe in 1981 it was found that "the consumption of alcohol among Navy officers during periods of high job demands was actually lower than the consumption during low-demand periods." Additionally, some drinkers have been known to consider alcohol as a tension

Microeconomics Market Structures

According to the principles of microeconomics market structures can be identified as perfect competition, oligopoly or monopoly. In our society today and the way business is conducted, market structures are not strictly defined by on of these particular types. They can be composed of a mix of them. A market structure that has a higher level of competition can be more efficient than those that have lower levels of competition. We know this since lower competition increases the producer’s surplus; in return it decreases the consumer surplus.The loss in the consumer’s surplus is means it will be greater than the increase in the producer’s surplus. This leads to what we have learned as a deadweight loss. A perfect competitive market can also be thought as the most efficient form of market, where consumers are the most beneficial. Realistically it is difficult to identify and choose a perfect competitive market. Perfect competitive markets have the following character istics: * No entry or exit barriers: These markets should have their structures set up with no entry or exit barriers.Simply meaning that new suppliers can invest in their company without any significant capitol or risk. They can also exit the industry without facing any significant loss. *Infinite buyers and sellers: the markets have unlimited or infinite amounts of producers that are willing to sell their products to an unlimited or infinite amount of buyers. This is to ensure that there is no supplier or buyer has a significant market share. This is to prevent others in the market from being able to determine the market price. Perfect Information: This is when all competitors in the market have to provide and share equal information among/between each other. Suppliers and buyers alike, go forward and profit from having full and complete information, just like the other suppliers and buyers in the markets. The above conditions benefit consumers as these firms develop and become pr ice takers. The price of the product will be decided by the supply and demand. The equilibrium point is where the supply curve and demand curve intersect and establish the market price of the product.Therefore, in all aspects of business the price is equal to marginal cost. If we look at the short-term affects then there is the possibility for a firm to make a profit. However, this is not the traditional outcome and will quickly attract other firms in the industry. In turn it will elevate the level of supply demands. As a result of this increase, the products price will decrease. Simply meaning that in a perfect competitive market it is not feasible for a firm to profit in a long-term aspect.This doesn’t necessarily mean that a firm will not earn any profits. It means that the profit earned covers all the costs to produce the goods. This can include interest and liability. In turn, the long-term outcome for the firm in a perfect competitive market will earn a normal profit. T he profit will always be significantly less then firms in a monopoly or oligopoly would earn. Capitalism is based on the principles of the free market. In free markets the supply and demand variables help determine the quantity of the goods produced along with its market price.There are many foreign countries and their firms that have tried to implement free markets but have not been very successful because there has never been that type of market in international transactions. This is because global trade and national trade are derived from the same principles. The foundation of international trade is the principle of comparative advantage. Each country has different sets of resources. These variables are different because some countries have large populations, which influence the labor pool, especially when some people have specific developed skills in a one industry.For example, if people in Antarctica wanted to drink coffee that would have to or import them since the climate is not conducive to growing it. If Antarctica decided not to use international trade, they would either have to go without coffee or grow it in an un-natural environment. The cost of growing and providing coffee would increase the market price. Instead since Antarctica participates in international trade, they have the ability to focus and provided coffee to its countries consumers. Simply meaning that countries that have comparative advantages get it from their products for which has the lowest opportunity cost.If these countries focus on products that create their comparative advantages then the total output would be greater for the consumers of the world than if each country tried to individually produce everything. The marginal cost or the cost of producing a new product usually cost less than the average cost of producing a good. This is because the additional production usually is achieved without making any substantial new investments. (V,Kumar, 2008). Globalization allows produ ction to shift to the people and places that are in a position to produce the best products at the most competitive price (V,Kumar, 2008).When the total supply demanded is more, the consumers will benefit since the price will be lower. Simply meaning that in the absence of international trade, consumers around the world ended up having fewer suppliers who could provide the necessary good to produce their products and meet their demands. Ultimately letting the supplier controls the market and its price. If we consider an assignment we have earlier in this class, let us consider the automobile industry of the 1950’s and the present industry. In the 1950’s there were only three companies who produced and sold cars in the United States.Based on what we learned in this class it is defined as an oligopoly. The automobile industry was a highly profitable industry in the 1950’s. When international cars were imported in to the United States, they were competitively price d much lower than the cars produced on home soil, and the imported goods had better quality with more fuel efficiency. In turn consumers quickly shifted their interests and money to the imported vehicles. This caused local producers to be forced to lower their prices and improve their standards in order to stay competitive.International trade brought more options to consumers. It’s providing higher levels of competition and improved quality and efficiency. With free international trade, producers can provide and compete for customers across the world. Consumer surplus is defined as, â€Å"An economic measure of consumer satisfaction, which is calculated by analyzing the difference between what consumers are willing to pay for a good or service relative  to  its  market price. A consumer surplus occurs when the consumer is willing to pay more for a given product than  the current market price† (Investopedia: dictionary).When the number of suppliers in the indust ry increases it leads to higher levels of competition, and these market conditions found in a perfect competitive market end up being more profitable to consumers. Social cost are one of the variables that lack in all studies of economy however, as our society advances, so do social costs and this is reflecting in the markets. We have learned a lot about comparing the cost of a product and revenue generated from it In turn if we take into account the growing effect of social costs and the social benefits that can emerge from this trend.We cannot forget that there are also marginal social costs. The marginal social cost becomes greater with each additional thing that happens that is considered undesirable or also knows as un-anticipated cost activity. For example, an oil company that is drilling must extend its hours on Friday to reach the minimal amount of oil harvested. This will mean there will be a marginal cost for each additional hour the oilrig must operate to reach its quota. Marginal social cost would be the upward slope that shows the cost increasing with each additional output.Marginal benefits would be the opposite as marginal social cost with a downward slope. Environmental factors show the relationship connections between marginal social cost and marginal social benefit. Lets assume that all firms are constantly trying to reduce the level of pollution that they create. This is not an over night process and it does require a significant amount of capitol. This would affect the marginal benefit. Now on a different hand lets assume that a company has been cited for not following the regulations that govern company’s pollution control. This company is now required to get up to code.They are going to have to buy the new equipment that is required. This will inflate company’s costs and may affect the company’s ability to produce their products competitively. This could create many problems for the company but will ensure they are fo llowing required rules. Since it is for the good of society it means that the marginal social cost is beneficial than the marginal social benefit. Proving that marginal social cost and marginal social benefit lines cross where the two are equal. This class have class has taught many aspects and principles of microeconomics.It began with supply and demand and ended with marginal costs and benefits. All of the principles affect local and international firms, as well as consumers that are in both places. These studies will continue to evolve as business and society moves forward in the future.Work Cited * V,Kumar, VK. (2008, July 28). Globalization:who benefits from it. Retrieved from http://www. helium. com/items/398030-globalization-who-benefits-from-it * Investopedia: dictionary. (n. d. ). Retrieved from http://www. investopedia. com/terms/c/consumer_surplus. asp

A Synopsis of the Movie Twilight: New Moon

Twilight: New Moon *Mise*-en-scene Title: Twilight: New Moon Year: 2009 Director: Chris Weitz Writers: Stephanie Meyer (novelist) and Melissa Rosenburg (screenplay) Actors/Actresses: Robert Pattinson-Edward Cullen, Kristen Stewart-Bella Swan, Taylor Lautner-Jacob Black, Ashley Greene-Alice Cullen Synopsis This movie is the sequel to Twilight, which was a major hit in 2008. In the first movie Bella Swan falls in love with a vampire. The vampire, Edward Cullen, is very protective of Bella and tries to keep her safe. In New Moon Edward feels that the only way to protect Bella is to break her heart so she won’t follow him. However after Edward leaves Bella comes face to face with danger and the only protection she has is her long-time friend Jacob who she realizes is a werewolf. By the end of the movie Bella is torn between her love for the werewolf and the vampire. Analysis My focus is on scene nine where Bella is confronted by the Cullen’s vampire rival, LaRon. LaRon’s intent is to kill Bella now that Edward has left her defenseless. The scene is set in the meadow where Edward first appeared to Bella in his true form. When the sunlight shined on Edward his skin glistened like diamonds. At that time the meadow was beautiful, the grass was green, the flowers were in vibrant full bloom, and the sunlight shined down so bright. Now that Edward has left the meadow is dead, the grass has turned brown, all the flowers are gone, and the lighting is low and gloomy. I like to think of this as a metaphor to Bella’s spirit how it was alive and vibrant with Edward’s presence and is now dull and a part of her has died. Also you see her in a dangerous position being face to face with LaRon without Edward being there to protect her like before. Then Jacob appears in the scene in his werewolf form to protect Bella. However at this moment she does not realize it is Jacob. Here we are seeing Jacob in his true form appear to Bella just as Edward did for the first time and in the same location. It almost seems as though Jacob has taken on Edward’s role in Bella’s world. There is one shot where the rest of the wolf pack proceeds on to kill LaRon and Jacob stops and turns his focus to Bella for one moment and then moves on. At this moment Bella is mere feet away from this massive wolf but she stands there and looks back at the creature. The up-close shot of the wolf’s eye as he is gazing at Bella shows her reflection and you can feel his harmless nature. This is where it all came together for me and I thought Bella had pieced together the clues but I wasn’t until two scenes later that she realized it had been Jacob that rescued her. In one still frame the full shot conveyed danger, protection, love, and loss. This was a very well-organized scene and I think it worked well in the movie and added drama and thrill for the audience.

Netflix Case Study 5 Essay Example

Netflix Case Study 5 Essay Example Netflix Case Study 5 Essay Netflix Case Study 5 Essay Netflix is a subscription based video rental company and has become the frontrunner in the video rental industry since it was founded in 1997 and the launching their online segment in 1999. The industry as a whole has only a few competitors with a handful dominating the market (Netflix, Red Box, Cable TV Video on Demand and Pay-Per-View). By 2010 Netflix had evolved into the world’s largest subscription service for DVD rentals by mail and streaming both movies and TV episodes over the internet; its subscription base had grown to 15 million. By the second quarter of 2010 revenues totaled 519. 8 million which represents a 27 percent year-over-year growth from the second quarter of 2009. Further analysis showed the company’s net income had increased by 94. 2 million from 2004 to 2009 which represents an annual growth rate of almost 40 percent. Netflix profits were soaring at a time when the â€Å"more traditional† video industry was struggling and suffering severe losses. How was it that Netflix was experiencing record breaking profits and growth when competitors like Blockbuster were crashing? In its infancy Netflix developed a competitive advantage by being one of the first in the video rental industry to realize that technology was changing, the world was changing and with that the wants and needs of the people were changing. To address these changes they created a convenient, low cost, flat rate product that allowed people to rent an unlimited amount of movies from the comfort of their own home. With competitors quickly following suit Netflix had to foster innovative ways to preserve and expand their subscription base and to maintain their competitive advantage. It was always the goal of Netflix founder and CEO, Mike Hastings to outcompete the competition with a later goal to become the world’s best internet movie service; that said it is discernible that he had a strategy to sustain their competitive advantage. Aside from the low cost flat rate subscription plan the Netflix strategy is to provide an excellent customer experience/value. Netflix leverages this experience/value by providing a comprehensive library of videos with convenient and easy to use software selection; Netflix later utilizes these to further strengthen their competitive advantage by building on them. Netflix is cognizant of the fact that if a customer perceives the selection to be poor or too small they may opt to try the competition or leave the market entirely. In an added effort to provide a good experience/value and retain their customers Netflix attempts to predict what types of videos their customers prefer to watch. They do this by referring to the massive amount of customer data that is generated by their library and software, and orders that are placed. Each time a customer places an order the information is stored, complied and compared to other customer’s accounts that viewed the same or similar movies; recommendations for future viewings are then made based on the comparisons. This facilitates customer retention, by showing they have a large selection of videos that is to the customer’s liking at a low cost (great experience at a low cost = great value). Their strategy goes well beyond the retention of current customers Netflix has an aggressive marketing and advertising program in place using the internet, radio, direct mail, and third party promotions to acquire new customers. Strategies include, but are not limited to free trials and placing ads in locations when internet searches are done on the competition. The Netflix strategy has been both successful and lucrative; they have distinctively positioned themselves by providing subscription services that other providers do not, they have a vast library, many video/movie agreements, large data base for recommendations and software, which would be costly for a competitor or new entrant to duplicate. Netflix still sees the mail order DVD market as feasible for the near future, but realizes that advances in technology will drive industry change and will eventually drive down the demand for this segment of the company. One recommendation that I would make is for Netflix to continue the strategy for transitioning from the mail order segment to the internet/video on demand segment. They should still continue the mail segment for markets that don’t rely on the internet, but should focus on other ways to make the experience/value better than the competition to help offset shrinking advantage of the mail delivery method. This could be accomplished by, offering video game rentals, health or educational options or lowering subscription costs. Another option or recommendation to lowering subscriptions and retaining customers would be to offer incentives for customers that sign up for longer terms. Signing up for three to six months at time would deter the number of cancellations and still not burden customers with a long term contract of one/plus years. The last recommendation would be to continue developing relationships with technology leaders such as Microsoft, Sony, and Apple (as well as others). It is a technology driven market and they need to be certain they have agreements in place and are always current with new technology. As technology continues to advance toward video on demand and the desire for instant delivery so will the trials in the marketplace, and they will need to be ready. Overall the Netflix strategy has been incredibly successful, and I believe as long as they continue to give their customers a great experience/value, stay current with technology they will continue to be an industry leader.

How To Use Adverbial Phrases in Spanish

How To Use Adverbial Phrases in Spanish Native Spanish speakers often prefer phrases that act like adverbs over the corresponding adverbs themselves. Using Phrases That Function as Adverbs Heres why:  Adverbs can often be formed in Spanish by adding -mente to many adjectives, just as -ly can be used to form adverbs in English. But the creation of adverbs using -mente has its limits. For one, there are plenty of times where one needs an adverb (a word that modifies a  verb,  adjective, other adverb or an entire sentence) when theres no adjective that will do as a root word. Also, sometimes for no apparent reason, some adjectives in Spanish simply arent combined with -mente. Finally, many Spanish speakers  tend to frown on the use of several -mente adverbs in one sentence, especially in writing. The solution is one that is also used in English: use of an adverbial or prepositional phrase. These phrases are typically formed by using a preposition and a noun, sometimes including an article. For example, we might say anduvo a la izquierda for he walked leftward or he walked to the left. In that case, a la izquierda and to the left are adverbial phrases. The difference is that in Spanish, there is no one-word adverb that can be used. Adverbial phrases seem to be more common in Spanish than in English. In many cases, the same thought can be expressed using either an adverb or an adverbial phrase. Spanish tends to prefer the phrase, while English tends to prefer the simple adverb, even though both are grammatically correct. For example, it is possible to say either ciegamente or a ciegas for blindly or in a blind manner. But Spanish more often uses the phrase, English the one word. Even so, in most cases there is no practical difference in meaning between a -mente adverb and a corresponding adverbial phrase, so they are freely interchangeable. In many contexts theres no distinguishable difference, for example, between perfectamente (perfectly) and sin errores (without mistakes). What can be particularly confusing for Spanish students who have English as a first language is that the two languages frequently have similar phrases that use different prepositions. For example, the phrase for on horseback is a caballo, not the en caballo you might expect if translating the English on literally. Similarly, the phrase for kneeling or on the knees is de rodillas, not the en rodillas that might seem logical. Common Adverbial Phrases Spanish has countless adverbial phrases. Here are some of the most common, as well as some that are included simply because theyre interesting or could be confusing for the beginner, or because they provide examples of alternative ways to translate English adverbs: a bordo - on boarda caballo - on horsebacka carrera abierta - at full speeda chorros - abundantlya conciencia - conscientiouslya continuacià ³n - right afterwarda destiempo - inopportunely, at a bad timea empujones - pushingly, intermittentlya escondidas - covertly, secretlya gatas - on hands and kneesa la derecha - rightwarda la fuerza - necessarilya la izquierda - leftwarda la larga - in the long runa las claras - clearlyal fin - finallyal alimà ³n  -   jointly, togethera lo loco  -   like a crazy persona mano - by hand, manuallya mquina - by machinea matacaballo - at breakneck speeda menudo - frequentlyante todo - primarilya pie - on foota quemarropa  -   at point-blank rangea regaà ±adientes - unwillinglya sabiendas - knowinglya saltos - jumpinga solas - alonea tiempo - on time, in timea todas horas - continuallya veces - sometimesbajo control - under controlbajo cuerda - underhandedlycon ansiedad -   anxiouslycon audacia - daringl ycon bien - safelycon cuentagotas - stingilycon esperanza - hopefullycon frecuencia - frequentlycon prisa - hurriedlycon valor - courageouslyde buena gana - willinglyde continuo - continuouslyde costumbre - customarilyde frente - head-onde golpe - suddenlyde improviso - unexpectedlyde inmediato  -   immediatelyde locura - foolishlyde mala gana - unwillinglyde memoria - by memorydentro de poco - shortlyde nuevo - again, anewde ordinario - ordinarilyde pronto - suddenlyde puntillas - on tiptoede repente - suddenlyde rodillas - kneelingde seguro - certainlyde veras - trulyde verdad - truthfullyde vez en cuando - occasionallyen balde - pointlesslyen broma - jokinglyen cambio - on the other handen confianza - confidentiallyen la actualidad - presently, nowen particular - particularlyen secreto - secretlyen seguida - immediatelyen serio - seriouslyen vano  -   vainlyen voz alta - loudly (said of speaking)en voz baja - softly (said of speaking)p or ahora  -   for nowpor cierto - certainlypor consiguiente - consequentlypor fin - finallypor la puerta grande  -   in grand stylepor lo contrario - on the contrarypor lo general - generallypor lo regular  -   regularlypor lo visto - apparentlypor suerte - luckilypor supuesto - of coursepor todas partes - everywheresin empacho - uninhibitedlysin reserva - unreservedlysin ton ni son  - without rhyme or reason

What Is a High School Exit Exam How Do You Pass

What Is a High School Exit Exam How Do You Pass SAT / ACT Prep Online Guides and Tips Many states use high school exit exams as a means of maintaining graduation standards across public high schools. In these states, exitexams are required for all public school students, and you must pass them to earn your high school diploma. It may sound scary, but they're really not all that bad. In this article, I'll go into detail on what exit exams are, what they're like, and how to make sure you pass! What Is a High School Exit Exam? A high school exit exam is a test that you must pass to receive your high school diploma.These exams typically includea math section as well as an English language arts section that incorporates reading and writing skills.Some include science and social studies sections as well.Sometimes states have a series of standardized exams administered throughout high school rather than just one.These are often called â€Å"end-of-course exams† because students are required to take them upon completion of specific high school courses in various core subjects. There are some states that require students to pass a set of end-of-course exams in addition to a comprehensive exit exam. Exit exams are popular because they provide proof that a state's high school students are meeting basic educational standards. On a school-by-school basis, they are also sources of information about the quality of education at different high schools. Exit exam results can inform educational policy decisions at the state and national level. Of course, there are those who dispute the merits of exit exams, arguing that they impose unnecessary stress on students and are essentially meaningless assessments. These detractors might make some good points about the dangers of placing too much value on exit exams, but most students still have to come to terms with the realities of testing requirements. Twenty-four states administered exit exams for the Class of 2014, but policies change from year to year.Some of these states plan on eliminating their exit exam requirements (like California, which recently suspended its administration of exit exams), whileother states plan on adding exit exams to their educational policy in the next couple of years.With the recent implementation of new Common Core Standards, there are lots of changes happening with these tests.Many states are moving towards making exit examsmore challenging to align with new curriculum benchmarks. Alas, the sun has set on the California high school exit exam (or CAHSEE). How Do Most States Administer These Exams? Each state has its own assessment system, and tests may be administered earlier or later in high school depending on the state.As an example, Texas requires students to pass two types of exit exams. The first is the Texas Assessment of Knowledge and Skills (TAKS), taken in 11th grade. There is alsothe State of Texas Assessments of Academic Readiness (STAAR), which is a set of end-of-course exams taken at various times depending on when a student finishes a course.The TAKS has sections testing language arts, math, science and social studies.The STAAR includes tests in the following subjects: English 1, 2, and 3; Algebra 1, Geometry, and Algebra 2; Biology, Chemistry, and Physics; World History, US History, and World Geography. Another example is Massachusetts, which has fewer requirements than Texas.Students are expected to pass the Massachusetts Comprehensive Assessment System (MCAS) test in English language arts and math in 10th grade.Students are also required to take one end-of-course exam in biology, chemistry, introductory physics, or technology/engineering in either 9th or 10th grade.Most of these states have basic exit exams that cover math and language arts, but many of them also add end-of-course exams in other core subjects as requirements for students.I’ll discuss general exit exams in the next section (math, reading, and writing tests) that are common across all of these states. Lovely Boston, Massachusetts, proud home of the MCAS (and PrepScholar). Is It Hard to Pass an Exit Exam? Typically, high school exit exams are not very demanding tests.In most states, 80-90% of all students pass these exams.In one analysis of exit exams in Florida, Maryland, Massachusetts, New Jersey, Ohio, and Texas, it was found that the tests mostly covered material in math and language arts that students should have learned in 7th through 9th grade.Passing cutoffs are also very forgiving. You shouldn’t worry too much about your state's testif you’ve been doing well in high school.Unless you’re in the lowest 5-10% of students in your class GPA-wise, it’s highly unlikely that you will fail your exit exam. I’ll give a quick overview of what the material is like and why an exit exam isrelatively easy to pass. For math, you’ll need to know basic algebra and geometry.Most of the questions on the math sections of these tests ask you to perform a certain operation rather than challenging you to develop your own mathematical model to solve a problem.This can vary slightly across states, but, in general, the math skills required to pass are not at the more advanced level that many students reach by the end of high school. For the reading components of these exams, the focus is on basic reading comprehension, including the understanding of main ideas, vocabulary, and details in a passage. Exit exams tend tohave very few questions that require deep analysis (which is troubling considering how important this skill is for college!).For the most part, questions test lower-level reading skills like making basic inferences and recalling information from the passages.Passages typically consist of both literary and informational texts that are written at an accessible level for the majority of high school students. In the study mentioned above, across the different states, the difficulty of reading material on exit exams was roughly equivalent to that of the material on the ACT’s assessment for 8th and 9th graders.Some of it was at the same level as the 10th grade ACT assessment, but none of the questions were on par with the material tested on the real ACT. Separate writing sections are also a component of exit exams in certain states.Some states choose to assess writing skills purely by giving students an essay prompt and grading them on their responses.Many also include multiple choice questions that test basic skills in grammar and sentence structure alongside the essay requirement. Exit exams can be a hassle, but they shouldn’t stress you out if you’re doing all right in your classes.They are far less challenging than standardized tests like the SAT and ACT, and the passing cutoffs are generous. Much more generous than these cutoffs, I'll tell ya that much. What Happens If I Don’t Pass My Exit Exam? Different states have different policies for students who fail these exams.Sometimes, students are allowed to submit high school â€Å"portfolios† of their work in place of a passing score on the exam.In the majority of states, remedial instruction is offered to students who fail the exams along with retesting opportunities.Remedial classes may be held during the school day or in the summer.In most cases, students will have up to four chances to retake the test. If you're curious about the options you have if you fail your exit exam, ask a guidance counselor or teacher how your school handles these situations. How Can I Make Sure That I Pass My Exit Exam? The best way to ensure a passing score on your exit exam is to stay on top of things in your core high school classes.If you’re performing at an average level or higher (B average or greater) you should have absolutely no problem passing the exam without any preparation. If you’re worried that you’ve forgotten some of the skills that will be tested, you can always go back and review material from previous classes. For example, you might want to revisit certain algebra and geometry concepts that you learned earlier in high school.You could look over common geometrical terms and formulassince questions about how to find angle measurements within triangles and how to calculate the distance between two points (the distance formula) are common.Topics in algebra such as the properties of exponents, factoring, and properties of functions also show up on these tests. You can take a high school exit exam practice test anddo practice questions online for most of the state assessments. Ask a teacher or academic advisor for information on practice materials for your state assessment.This will help you to get a better sense of what the tests are like and how worried you should be about them.If you’re concerned about the reading and writing sections, you could try writing a practice essay based on an old prompt and doing official practice reading questions.This will help you get more familiar with the types of passages that are on the test and know how tostructure your workflow for the essay. You can practice reading the passages more efficiently if you tend to run out of time, but keep in mind that you don’t need to earn a perfect score.Unless the questions make you feel completely lost, you will probably pass your state's exit exam! As long as you have a basic sense of direction, you won't get lost. What's Next? Already thinking about your college prospects? Find out which year of high school is most important to colleges in the application process. If you're concerned about your current GPA, read my strategy guide for some pointers on how to improve. If you're working on figuring out your schedule, read this article for some advice on which high school classes you should take. Want to improve your SAT score by 240 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Pricing derivatives using Monte Carlo Techniques Essay

Pricing derivatives using Monte Carlo Techniques - Essay Example In practice generic Monte Carlo pricing engines face computational problems in the presence of discontinuous payoffs options, because of above stated time consumption limitation but also due to poor convergence with its finite difference estimates and brute force perturbation. Benhamou (2001)[3] following Fourni et al. (1999)[4] use Malliavin calculus to smoothen the simulation function. Benhamou(2001)[3] assumes that the functions are smooth enough to be able to perform the different computation following technical assumptions enunciated earlier, in particular the assumption regarding uniform ellipticity of the volatility operator, in Benhamou (2000-i)[5] (2000-ii)[6] and Fourni et al. (2001)[7]. Benhamou (2001)[3] further states when using finite difference approximation for the Greeks, with jumped price and taking the sensitivity issues into account, errors on numerical computation of the expectation via the Monte Carlo, and another one on the approximation of the derivative funct ion occur. Analysis ends up approximating the second order derivative of the payoff function .An approximation is obviously very inefficient for very discontinuous payoffs like for binary, range accrual, barrier and other type of digital options. To reduce this inefficiency, Broadie and Glasserman (1996)[8] suggested using the likelihood ratio method. Benhamou says," All Greeks can be written as the expected value of the payoff times a weight function and thee weight functions are independent from the payoff function implying that for a general pricing engine, such as Monte Carlo, using certain (numerical) criteria of smoothness, one can branch on the appropriate method. Because it is in a sense independent from the payoff function, the general implementation is simpler that the one of variance reduction technique that only apply to very specific payoff (like the use of control variate).Also no extra computation is required for other payoff function as long as the payoff is a functi on of the same points of the Brownian trajectory. This can be cached in memory to make it efficient Benhamou (2001).Thus Mallavian calculus promises savings in terms of computations, complexity, cache memory and in time though it may produce some noise. The formidable amount of literature exists which intends to suggest analytical pricing formulae for single asset American options. It includes Carr(1998)[9], Grant et al(1997)[10], Bunch and Johnson(2000)[11],Huang et al(1996)[12], Geske and Johnson(1984)[13] and Barone Adesi and Whaley(1987)[14].One can even refer to older constructs like the binomial model of Cox et al(1979)[15].Many of these constructs deploy elaborate mathematical tools, like recursive integration schemes or

Understanding the Court System Essay Example | Topics and Well Written Essays - 1250 words

Understanding the Court System - Essay Example This paper endeavors to help in understanding the United States of America court system. To achieve this, the paper will discuss the case of Riley v. California heard in the Supreme Court. The Supreme Court determination in this case considered two individual cases. Both cases involved cell phone searches during arrest without a warrant of search. One case involved David Leon Riley stopped in San Diego by a police officer in 2009 for having expired car registration tags (Harvard Law Review, 2014). The police towed the vehicle and searched it. During the search, they discovered two handguns hidden under the boot of his car. The police seized his phone without warrant and searched it. The phone records showed that Riley was part of a gang known as the Lincoln Park gang the evidence from the phone also placed him at a crime scene three weeks before and his made the prosecution used this evidence to build a case of assault and attempted murder against Riley (Harvard Law Review, 2014). During the trial, the judge upheld that the evidence from Riley’s Smartphone was admissible because it fell under the exceptions provided by search-incident-to-arrest provisions. The trial led to the conviction of Riley and the California court of appeal upheld this ruling (Harvard Law Review, 2014). The second case involved Brima Wurie arrested by a police officer who observed him participating in drug trade. During the arrest, the police officers confiscated two mobile phones from him (Harvard Law Review, 2014). After searching the call log, they determined the location of a caller and traced it to a location where they seized drugs, firearms and cash. The prosecution charged Wurie with drug and firearm possession. The district court declined to declare the evidence from the mobile phone as inadmissible since the police acquired it without a warrant. However, the first circuit court overturned the decision by the district court citing that mobile

Paper on Freeman Dyson's Technology and Social Justice Essay

Paper on Freeman Dyson's Technology and Social Justice - Essay Example As a matter of fact, he effectively counters the arguments of some sections of the society maintaining that technological sophistications have in fact led to a rise in social injustice and inequalities. Dyson elaborates this by coming out with a real-life example. He states that, the invention of diverse household appliances have enabled the advent of a scenario where, the need for servants was eliminated. In addition, sons and daughters of servants have been enabled to pursue higher education, and thus get elevated to middle class. (1) Dyson considers that as a vivid reflection of a key facet of social justice: the segment that was hitherto downtrodden has now been empowered by the knowledge gained through education. And according to him, that became possible solely because of the advent of the aforesaid technologies (domestic appliances). (1) Dyson emphatically argues that technology should be more focused on meeting the needs of the poverty-stricken people, rather than providing m ore luxuries for the affluent. He goes on to add that poverty could be eliminated by appropriately combining the technologies of genetic engineering, solar energy and Internet. In this context, he strengthens his argument by focusing on the fact that there is plenty of untapped solar energy in some zones of the Globe where, severe poverty is the order of the day.

International Trade Finance Essay Example | Topics and Well Written Essays - 2500 words

International Trade Finance - Essay Example This report looks into various aspects of international trade finance in relation to Stainless Cookware Ltd. The report will first analyse import/inward documents against payment collection in international trade since the company also engages in inward trade that requires inward financing and documentation. The report will also identify an appropriate banking product that Mr. Gupta, the director of the company can use to finance imports. The Incoterm that is currently used in the Saudi contract will also be evaluated, and recommendation will be given on whether another alternative may be used. Furthermore, the report will highlight how else the bank may protect the company. Advantages of invoicing using the USD will also be discussed while at the same time providing the three quotes alongside their sterling equivalent. This will demonstrate a deep application of international finance in the case study. There are also some documentation and other e-commerce financial aspects that can be used in international trade. Methods of payment in international trade will further be analysed. The Stainless Steel Cookware records its imports on documents against payment (DP) collection. The DP mechanism involves the release of import documents upon payment by the buyer. It is a crucial method of payment in international transactions which can enhance faster and effective payment for Stainless Steel Cookware. In this mechanism, the exporter asks the bank to present shipping and title documents to the importer only when he pays for the bill of exchange or draft. This is cash against documents, and it ensures that the importer pays for the goods as he takes possession of them (Carr & Stone, 2013). DP is therefore an effective method of payment for Stainless Steel Cookware because it ensures that the importers of its goods pay for their imports as

Capacity & Forecasting of Green Valley Bakers Research Paper

Capacity & Forecasting of Green Valley Bakers - Research Paper Example It takes a lot of time, effort and skills to plan out the start of operations, from where the inventory will come, how and when sales will be made and at what margins, so that some profit is left over to compensate the businessman and other stakeholders of the business, if there are any, after the costs and expenses of the bakery have been paid out. Forecasting must also take into account the current and future environment as regards legal, technological, social and other phenomena such as changes in Government policy regarding taxation on bakeries, prices of inventory items, changing tastes of consumers and improvements in baking technology. We will consider all these as we evolve a strategy for capacity utilization and demand and sales forecasting at Green Valley Bakers. Discussion Capacity utilization has been one of the main concerns of entrepreneurs and industrialists right from the very beginning of organized business enterprise. In fact the start of the Industrial Revolution s aw much of the population of villages move to the cities, lured by the prospects of gainful employment and higher and more consistent wages, thereby leading to a better lifestyle and social progress. Imagine their predicament when they were forced to move into often cramped and squalid living quarters, eating meager rations and toiling long hours in factories and mills that sought only to gain the most advantage from this situation. It was only after the refusal of workers in Chicago to continue to work under these appalling conditions that the world has moved towards respecting the rights of the workers. Even the economists of old regarded Labor as but a factor of production. As regards capacity, J.B Say remarked that Supply would create its own demand. And the production concept in marketing so popular in the 1950s enunciated that if one built a better mousetrap (meaning product), people would flock to your door to buy it. Even today there is a debate among economists as to whethe r Full Employment or Partial Unemployment is better for the economy. The Marxists would say that nothing has really changed, in this class-ridden society; it is just the capitalist or rich class or bourgeoisie taking advantage of the proletariat or worker class, as it always has. Capacity utilization and forecasting trends are as important for a bakery as an airline or engine manufacturer (Croft, 2010). In the world of accounting, costing techniques have been applied to industrial production to determine the cost per unit of production. Indeed, there have been instituted wage rates per unit of output produced by the worker. In other words, the total cost of a product has been broken up into components of direct materials, direct labor and factory overheads (meaning other costs that cannot be directly apportioned to a product). Thus an amalgam of these costs divided by the number of units products over a specific period of time give a standard cost per unit for a particular batch of bread. This is much like the batch manufacturing processes at pharmaceutical industries and Green Valley Bakers could also adopt this method of identifying production of different batches of bread. It would be invaluable in also judging whether the best-if-used-by-date for a particular unit had passed or not. As explained in earlier assignments, the maximum shelf life of breads at normal room temperature tended to

Describe how the web(www.gilt.com ) is used by a real corporation Assignment

Describe how the web(www.gilt.com ) is used by a real corporation - Assignment Example The website offers various discounts to its customers and only those customers can access these discounts who have subscribed with the website. There are various ways in which the website can be helpful for various brands located within and outside United States. Real world organizations such as Saint Laurent and various other organizations can benefit from Gilt Groupe in several ways. Gilt Groupe website is similar to the local small sized retail stores that are located in various areas. These stores purchase various products from different manufacturers at discounted prices and then they sell these products directly to the customers. In return the manufacturers selling their products derive many benefits including advertisement benefit, research benefit, cost cutting benefit and targeting benefit. The organizations that connect with the Gilt Groupe website can obtain same benefits from the website (Ostapenko 64). One way through which high end brands such as Saint Laurent can use the Gilt Groupe website is that such brands can directly reach their target market without compromising the image they had developed over the years. The members who are subscribing with Gilt include individuals who are educated and at least have a bachelor’s level degree and belong to higher income earning groups (The Business of Fashion 1). Brands such as Saint Laurent sell their offerings at very high prices and the customer base of Gilt are the main target markets of these brands. Another benefit that brands including Saint Laurent can benefit from Gilt website is that they can reach a higher consumer base and can easily attract new consumers that had been previously shopping with their competitors. The target market that is catered by Gilt mostly includes those consumers who are very brand loyal and only purchase from a certain brand. But organizations such as Saint Laurent can sell their products through the Gilt website and even gain the attention of customers who

Capacity & Forecasting of Green Valley Bakers Research Paper

Capacity & Forecasting of Green Valley Bakers - Research Paper Example It takes a lot of time, effort and skills to plan out the start of operations, from where the inventory will come, how and when sales will be made and at what margins, so that some profit is left over to compensate the businessman and other stakeholders of the business, if there are any, after the costs and expenses of the bakery have been paid out. Forecasting must also take into account the current and future environment as regards legal, technological, social and other phenomena such as changes in Government policy regarding taxation on bakeries, prices of inventory items, changing tastes of consumers and improvements in baking technology. We will consider all these as we evolve a strategy for capacity utilization and demand and sales forecasting at Green Valley Bakers. Discussion Capacity utilization has been one of the main concerns of entrepreneurs and industrialists right from the very beginning of organized business enterprise. In fact the start of the Industrial Revolution s aw much of the population of villages move to the cities, lured by the prospects of gainful employment and higher and more consistent wages, thereby leading to a better lifestyle and social progress. Imagine their predicament when they were forced to move into often cramped and squalid living quarters, eating meager rations and toiling long hours in factories and mills that sought only to gain the most advantage from this situation. It was only after the refusal of workers in Chicago to continue to work under these appalling conditions that the world has moved towards respecting the rights of the workers. Even the economists of old regarded Labor as but a factor of production. As regards capacity, J.B Say remarked that Supply would create its own demand. And the production concept in marketing so popular in the 1950s enunciated that if one built a better mousetrap (meaning product), people would flock to your door to buy it. Even today there is a debate among economists as to whethe r Full Employment or Partial Unemployment is better for the economy. The Marxists would say that nothing has really changed, in this class-ridden society; it is just the capitalist or rich class or bourgeoisie taking advantage of the proletariat or worker class, as it always has. Capacity utilization and forecasting trends are as important for a bakery as an airline or engine manufacturer (Croft, 2010). In the world of accounting, costing techniques have been applied to industrial production to determine the cost per unit of production. Indeed, there have been instituted wage rates per unit of output produced by the worker. In other words, the total cost of a product has been broken up into components of direct materials, direct labor and factory overheads (meaning other costs that cannot be directly apportioned to a product). Thus an amalgam of these costs divided by the number of units products over a specific period of time give a standard cost per unit for a particular batch of bread. This is much like the batch manufacturing processes at pharmaceutical industries and Green Valley Bakers could also adopt this method of identifying production of different batches of bread. It would be invaluable in also judging whether the best-if-used-by-date for a particular unit had passed or not. As explained in earlier assignments, the maximum shelf life of breads at normal room temperature tended to

Spirituality and Art Essay Example for Free

Spirituality and Art Essay â€Å"Spirituality is such a vibrant and integral part of our lives that even our changing times and all the apparent obstacles have not stifled the powerful partnership of spirituality and art in the modern era† Lynn M. Herbert. This essay will assess and discuss three contemporary artists that address the idea or concept of ‘spirituality’ in their work. Spirituality is a term that lacks certain defiance or a definitive definition, although social scientists have defined spirituality as the search for ‘the scared’; which is broadly defined as that which is set apart from the ordinary. The term has changed throughout modern day society that it can now be classes as a separate entity from religion itself. Three key contemporary artists that use their works to convey the message of spirituality are; Alex Grey- The Artists Hand, 1997, oil on wood, 1616 inches; H. R Giger The Spell I, 1973, Acrylic, ink on wood 240x280cm and Cosima Lukashevich – The Oracle, 2009, Painting, Pastel on canvas 16 x 21. 9 inches. Each one of these three pieces has a different take on what the artist personally believes spirituality is. Alex Grey is that of a visionary artist best known for his depictions of the human body. The multiple layers of reality, revealing the complex integration of body, mind, and spirit has become his trademark in the 90’s. His paintings have been featured on various covers of albums and have been exhibited throughout the world. (Hagerty, 2006) The artist’s hand, 1997, holds a powerful instrument, here symbolized by a â€Å"Vajra brush,† is a means to awaken people to their own essence through the light of higher power. The history of art is an expression of universal creativity that invisibly surrounds and supports every creative action. The Vajra is a spiritual device, a thunderbolt scepter owned by the Hindu god Indra and adopted by the Buddhist sages as a symbol of the diamond-like clarity and brilliance of the mind’s true nature. (Alex Grey) This is a key point in Greys piece along with his signature of the human body. The Artists Hand shows the layers of a human body each layer showing a new represtation of it. The vajra has ightning potruding from it and the figureines in the background are all that of superstious being either being a direct decent of a religion or an ancient civilization. The incorporation of the eye is one that with background research tells of a clarity to the artists beliefs. Grey’s interpreataion of spirituality in which his pieces show that his definition comes from the human body and key chakra elements. To Grey it seems that spirituality comes from within the human body rather then of a religious origin. Giger however uses his interpretation of the relationships that the body has, The Spell I (1973) by H.  R. Giger shows the relationship between man and machine. Through Giger’s artwork the idea of Biomechanics is understood to bring the human structure to the next level, allowing evolution to take place with the existing aid of machinery. The visuals presented in Giger’s artwork tell the story of how humankind is affected by its surroundings and what we take for granted. This is Giger’s idea of our future and if we keep relying on a machinery to complete our tasks we will become one with machine living in a cultureless society. Mark, 1982) Unlike Grey, Gigers use of the human body is more conceptual in a mechanical way; he utilizes the concept of the matrix in his piece alonlg with key spirituality symbols like the horned female and the skull. Even though futruistic his take on spirituality is that of a symbolic method. Cosima Lukashevich is a well-rounded spiritual artist who is said to be artist of the world – who unlike Giger and Grey is inspired by life and the cultural heritage and ancient symbols. Her pieces are of less refinance and are that of an expletory piece. Lukashevich channels her spirituality through nature and meditation; her piece uses ancient symbols and meanings. Her interpretation of The Oracle, 2009, is that of a dreamlike appearance. Her use of position allows the viewer to focus of the clarity of the eyes in the piece. The use of her medium is crucial in this piece and so is the symbolic meaning behind it. Comparing this piece to Giger’s and Grey’s it is clear that it is more earthy then the two others. Grey and Giger have a precision to their pieces that Lukashevich does not capture however each artist expresses in their own way what they think spirituality is. Giger and Grey even though having slight common grounds take very different paths with their concepts. The use of the human body has been a key feature throughout each of these three pieces and shows that the human body is a crucial piece in the journey through spirituality. Spirituality is still a term that lacks certain defiance or a definitive definition, although social scientists have tried to define spirituality as the search for ‘the scared’; which is broadly defined as that which is set apart from the ordinary. The term itself still remains broadly defined; however you may choose to argue the points that of the artists, Alex Grey, H. R Giger and Cosima Lukashevich each convey through their works as the definition. Each has tried to convey their own definition of spirituality though their own works. But at the end of the day spirituality is something that one defines within themselves through their beliefs, attitudes and values; it is something that will remain till the end of time as an undefined term that through various artistic channels many try to seek its true origins. Artists at the dawn of the 21st Century have had the unique opportunity to create a universal spiritual art. This art will be born from visions of sacred archetypes common to all mystic paths. The spirit of the times will choose artists sufficiently prepared for this task. The challenge to an artist today is integrating the vast visual legacy of human culture with their own deepest and highest personal insights, distilling that into works of art and making a living at it.

Benefits of Continuous Workplace Training

Benefits of Continuous Workplace Training Abstract Training is widely used as a learning process whereby employees acquire new skills, knowledge and competence. In this fast changing world, training can be both an anchor and a lifeline. An anchor if it has a clear, focused objective, and a lifeline if it enables employees to keep up with the pace of change and allows companies to survive or even succeed. However, investment in training appears to be under-utilized. Many companies do not evaluate the impact of training programs. Many Human Resources Department (HRD) believe that they have fulfilled their duty of care after organizing training courses for employees. After an extensive literature search, it was found that many companies do not have a system of evaluation or follow-ups to ensure that trainees put into practice the knowledge and skills acquired during training programs. Human Resource (HR) managers believe that it is the responsibility of the trainer and the Head of department to ensure that employees put the learning into practice. But both of them deny this responsibility and hold the HRD accountable. It is in this context that the aim of this study is to investigate the effectiveness of training at the Hong Kong and Shanghai Banking Corporation Ltd (HSBC). This study uses exploratory as well as descriptive research designs. Survey research was conducted by way of a questionnaire among a sample number of employees who followed training courses and a face-to-face interview with the Recruitment and Development manager. The interview was audio taped, and the data obtained from the questionnaire was analysed using Statistical Package for the Social Sciences (SPSS) version 16. The study reveals that while the employees including the Recruitment and Development manager acknowledge the importance of training, unfortunately there is not a specific evaluation system and follow-ups ensuring that the learning is transferred back into the workplace. It is also discovered that while HSBC is planning to use more e-learning as a method of training, most employees prefer classroom-based, raising serious concerns over training effectiveness at HSBC. Focusing only on this study, it can be concluded that training at HSBC is not completely effective. However more in-depth research could be conducted to compare the effectiveness of different training methods available at HSBC 1.0 Introduction A hundred years ago, change was slow, like the steady flow of an untroubled river. The world is now a much different place to what it was even ten years ago. Most of the time the changes are unpredictable. The current global financial crisis is a vivid proof that the world does not stand still. With approximately eighteen banks currently operating in Mauritius, the banking sector is exposed to increasing levels of international and domestic competition. To innovate and become competitive, its human resources have to innovate in everything they do, be it their minds, their thinking, their skills and competence. While in the manufacturing sector, employee performance failures end up in the reject pile, in the service sector such as the banking sector; employee performance failures are external failures. Those mistakes are visible to the customer and thus every failure has a direct impact on customer satisfaction. Therefore, investing in people through training is a prerequisite. Employees who have the necessary skills can create powerful business advantages that can be very difficult for competitors to duplicate. Countries like Japan are trying to substitute human beings with robots. Indeed, human beings are non substitutable because they possess intelligence and potential that can never be equaled and their inventions proved it. The Taj Mahal, the Eiffel Tower, the Pyramids, the Great Wall and now the computer are all the creation and invention of humans. In Mauritius, government wants to make the Knowledge Hub another pillar of the economy. However, Mauritius is currently suffering from a massive brain drain. Many who are emigrating are highly skilled, such as Doctors, Accountants and IT Developers. School leavers who go abroad for further education rarely come back. As such, the best and brightest are lost to their home country, resulting to a lack of young and skilled people to drive the expanding market place. Therefore, the Human Resources Development Council is offering training grants where employers can recover up to 75% of training costs to encourage companies to provide training to a maximum number of employees. However, it is still debatable whether the training grant is being used effectively since measuring training effectiveness has often been neglected. But simply having all employees attend a training event does not necessarily translate into an improved workplace. The main challenge for any training program is to ensure that the learning is transferred back into the workplace. 1.1 Structure of Dissertation This study is structured as follows: Chapter 1 provides a small overview of HSBC. Chapter 2 offers a theoretical and critical background of the literature review. Chapter 3 summarizes the research approach to conduct the study. Chapter 4 provides a thorough analysis of the data obtained from the survey. Chapter 5 consists of recommendations and provides concluding comments. 1.2 Benefits of the Research The findings of this study are of major importance to HSBC as well as other companies as they assist them in adding value to their company by improving their position as an employer of choice through the delivery of effective training. The findings may also prove useful to lecturers, university students and anyone else with an interest in effectiveness of training programs. 2.0 Company Background 2.1 The HSBC Group HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers from around 9,500 offices in the main regions of the world such as Europe, Asia-Pacific, America, Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the worlds largest banking and financial services organizations. In 2002, HSBC launched a campaign to differentiate its brand from those of its competitors, with that pithy phrase: â€Å" The worlds local bank†. In July 2009, HSBC was named â€Å"Best Global Bank† by Euromoney magazine. In addition, HSBC was awarded the â€Å"Best Global Debt House† and the â€Å"Best Global Transaction Banking House†. 2.2 HSBC in Mauritius In Mauritius, HSBC operates 11 full-service branches and an offshore unit, which for many years has played a leading role in facilitating cross-border investment activity. It offers a wide range of products and services to diverse domestic and cross border customer base, from accounts services to credit cards, savings, investments, loans and custodian services. Through its locally incorporated subsidiary, the HSBC Bank (Mauritius) Ltd (HBMU), the bank is able to offer many of its global customers more sophisticated financial products and structures that benefit from the extensive range of international double taxation avoidance treaties that Mauritius has negotiated. In addition, HSBC Mauritius is a leading provider of financial services to local companies across the whole spectrum from SMEs to local Top 100 companies as well as locally listed conglomerates. For three consecutive years, 2005-2007, HSBC has been bank of the year. It is also the second largest credit card issuer in Mauritius. As HSBC Mauritius continues to expand, it has decided to bring together all its non-retail operations under one site in the fast growing Ebene Cybercity in 2008. In May 2009, HSBC Mauritius has launched two Islamic banking products. It becomes the first bank in Mauritius to offer Syariah-compliant banking services. HSBC vision: To be a key value creator by identifying, developing, designing and delivering learning and employee development solutions for business success. HSBC mission: Partnering with our business lines to create value for our shareholders and our external customers. Maintaining a learning culture that energizes and motivates employees to maximize their full potential. Aligning training and employee development support with HSBC strategic imperatives. Core business principles: Outstanding customer service Effective and efficient operations Strong capital and liquidity Prudent lending policy Strict expense discipline HSBC Values: Perceptive Progressive Responsive Respectful Fair 3.0 Literature Review 3.1 Definition of training Training has been defined many times over the years. The Manpower Services Commission (1981 cited by Armstrong 1999) defined training as a planned process to modify attitude, knowledge or skills to achieve effective performance. Similarly, the Chartered Institute of Personnel and Development (CIPD) defined training as â€Å"an instructor-led and content-based intervention leading to desired changes in behaviour.† For Armstrong (2003, p.549), training is â€Å" the use of systematic and planned instruction and development activities to promote learning.† Moore (2005) found the importance of retaining staff through training by defining training as not only a way to achieve a specified standard of staff competence, but also about investing in employees to retain them. Similarly, Cartwright (2003) viewed training as an investment in people. 3.2 Definition of effectiveness Being effective implies producing powerful effects. According to Bartol et al. (1997), effectiveness is the ability to choose appropriate goals and to achieve them. Similarly, Fraser (1994) defined effectiveness as a measure of the match between stated goals and their achievement. Often, there is confusion between â€Å"effectiveness† and â€Å"efficiency† because there is a degree of inter-relationship. This relationship can best be understood by considering effectiveness as doing the right thing and efficiency as doing things the right way. According to Hunter (2005), efficiency and effectiveness are often mutually exclusive. The latter viewed efficiency as a measure of speed and cost and effectiveness as a measure of quality. For Hearn Wendy, effectiveness comes from taking the time to stop and evaluate, rather than running faster and faster. According to her, people should work smarter not harder. Similarly Ferriss (2007) believed that what people do is more important than how they do things. He also saw efficiency as useless if it is not applied to the right things. 3.3 Objectives of training Business Environment Changes and Challenges Learning Implementation Business Excellence The main aim of training is to bring about suitable changes in employees to equip them with the skills required to do their work properly. According to Armstrong (2003) the main objective of training is to achieve companies human resource development strategies by ensuring that the employees have the skills, knowledge and competence to meet present and future needs. 3.4 Importance of training Training is crucial to a companys success. It plays a large part in determining the effectiveness and efficiency of the establishment (Sharma 1997). The latter agreed that training is a must and that management has no choice between training and no training. According to him, the only choice is to select a suitable training method. Similarly, Truelove (1997) believed that workplace skills have to be refreshed from time to time just as professional soldiers and top sports people train regularly to maintain their skills. Bird (1993) also saw training as important to give employees the necessary knowledge to bring about quality improvement across the company. Batten (1992 cited by Vermeulen and Crous 2000, p.61) described the importance of training by the following words: â€Å" Train, Train, Train!† If people are to do things better, they must have the skills and knowledge to do so. If employees cannot do their jobs because they have not been trained, that will reflect in the departments performance. This is supported by Miller et al. (1998 cited by Moore 2005, p.200): When good training is lacking there is likely to be an atmosphere of tension, crisis and conflict all the time, because nobody is quite sure how the various jobs are supposed to be done and who is responsible for what. Similarly, Smith et al. (2003) viewed training as an essential ingredient for the success and longevity of teams. Eder (1990) wrote about the successful opening of the Mirage mega-casino in Las Vegas due to the training imparted to employees months before the opening of the casino. Clegg (2000) believed that developing staff to their full potential is important and is doubly required during hard times. According to an article published in the journal of â€Å" Development and Learning in Organizations† in 2004, it is exactly when times are tough and businesses are sailing through rough seas that companies need to update employees skills since to do otherwise is like throwing the lifeboats overboard to save on weight. Yet, despite a higher profile for training, there is still little evidence showing that a large number of employers accept the importance of training to organisational success. According to Clegg (2000, p.2), employees are unlikely to mention training as the most important department of the company. The author observed that: Many training departments have a bad image. Many companies will say that training is among their top priorities but almost always they change their mind when money is short. Too much training that is currently undertaken has very little impact on what the trainees do when they return to the workplace at the end of the course. Too much training is uninspiring. As rightly said by Hallier and Butts (2000, p.397), in many companies â€Å" Training is perceived to be a less varied sphere of activity and not necessarily essential to the running of the organization.† Indeed, in any economic environment, it makes no sense to throw money at training because training is still regarded as an unnecessary function. 3.5 Benefits of training Even though training costs money, in most cases the benefits outweigh the costs. Sloman (2005) believed that investing in staff through training bring long-term benefits. Sharma (1997) inferred that training provides the following benefits: Increase in productivity Improve individual and business performance thus obtaining a competitive edge. Improve morale of employees. Reduce supervision Reduce dissatisfactions, complaints, absenteeism and turnover Less accidents and wastage Enable employees to obtain job satisfaction and to progress within the organisation, thus helping the organisation to retain its workforce. Increase in organisational stability and flexibility. Avoid human obsolescence 3.6 Training: an investment or a cost? Sutherland (1999) stipulated that the most important of all capital is that invested in human beings. Law (1998), Vermeulen and Crous (2000) and Sloman (2005) took a position very similar to Sutherland (1999) by stating that people are indeed the most valuable asset of any enterprise. Sharma (1997, p.244) rightly stated: â€Å"There is no greater organizational asset than the trained motivated personnel.† Buzan and Keene (1996) in their book â€Å" The Age Heresy† argued that humans could appreciate in value whilst machinery depreciate in value fast and become redundant. Simarly, Law (1998) commented that human capital is more valuable than property or fixed assets. In contrast to many authors opinion about employees being the most important asset, many companies still consider the development of people as a discretionary cost rather than a necessary investment. For many economists, the worth of something is not determined by its purpose but to its price. Prahalad (1972, p.169) rightly stated: â€Å" To most line-managers, training has been by far an optional extra, to be indulged in when profits are good and to be dispensed with during lean periods.† He further added that traditional accounting practices considers all intangibles such as â€Å" organizational capability and worth of human resources as expenses† but all tangibles such as investment in plant and equipment as investment. Cunningham (2002, p.90) commented that for many organisations training is â€Å" nice to have†, but not an essential. The training budget is the easier option when a company has to reduce costs. As such, companies tend to cut corners which render the training ineffective (Clements and Josiam, 1995). This is an oxymoron. On the one hand, we have companies stating that employees are the most important assets but on the other hand, the same companies contradict themselves by viewing training as a cost rather than a worthwhile investment. All companies talk a lot about people development. But the moment things get tough; companies reduce training budgets, which may be a very short-sighted policy. If companies really believed about employees development, this is the one thing they would ring fence (Clegg 2000). Managers often complain about giving them a better class of workers and their problems will go away. Brown (1992) argued that employers are already equipped with a pretty good class of workers since after all they chose them. Indeed it is managers responsibility to help employees improve. The contributions of employees are often taken for granted though employees contribute a lot. Managers tend to believe in things that are visible to them but those whose contributions they cannot see tend to be neglected by them. Cartwright (2003,p.6) rightly stipulated: Consider what Mickey Mouse is worth to Disney or what a gifted program writer is worth to Microsoft. The value may be impossible to calculate in absolute terms, but it is likely to be many times the conventional worth of either asset. Barrows and Power (1999 cited by Moore 2005, p.200) believed that the alternative to training, that is not to train may even be more expensive because this lead to poor customer service. A lost customer may never return. As such, the lost revenue from poor service exceeds the costs of training a worker properly. 3.7 Effective Training Porter and Parker (1993,p.19) identified four features for successful training: Training must be viewed as a continuous process. Training must be focused so that people receive appropriate courses at the appropriate level of their needs. Training must be planned for the future to include the development of total quality skills and techniques. Training materials must be made customized to suit the particular organization. Organizations tend to believe that training â€Å" delivered en masse will mean that they have fulfilled their duty of care† (Shuttleworth 2004,p.62). The symptoms of ineffective and poor training are many. The most self- evident are dissatisfied customers, haphazard work, performance and quality standards not met, untidy work, low productivity, high production costs, excessive waste, employee dissatisfaction, poor discipline and high labour turnover. In fact, the most effective way to develop people is quite different to conventional skills training, which let us face it most employees regard as a pain in the neck. Clegg (2000) argued that it is no longer good to rely on the way things have always been done and the only way to make training more effective is to be creative. Sloman (2005) suggested that if an effective training program is in place, it could help employees realize their potential and thus benefit both the employees and the organization. According to Vermeulen and Crous (2000), for training to be effective, it must not only be planned in a systematic and objective manner but it must also be continuous to meet changes in technology, changes involving the environment in which an organisation operates, its structure and most important of all, the employees who work there. However, Harris (1995) concluded that managers tend to select training programmes according to budgets and time available, but not according to the needs of employees. Conversely, Cunnigham (2002) argued that if training remains focused on the needs of employees, important changes in developing the performance of the organization might be missed out. As such, it can be inferred that creating effective training programs require balancing the needs of the learner and the needs of the organization. In addition, Sloman (2005, p.349) commented: Training is not about constructing courses based on identified training needs. It is about making a whole series of interventions that encourage a climate in which committed learners are willing and able to acquire relevant knowledge and skills. If employees take part in training half-heartedly, it may prove costly for the organization. Even the best-planned training sessions may prove ineffective if employees are unwilling to participate. Similarly, Barrett and OConnell (2001) observed that a company can provide training to its employees, but the extent to which the training courses are then applied at work depends on the extent to which employees devote effort to learning and apply the new skills. The values projects model of learning also emphasized the importance of motivation, where the employees are willing to implement their learning. I do (Action) I will (Motivation) I Can (Skills) I Know (Knowledge) 3.8 Training Cycle For training to be effective, companies must complete the full training cycle. But as Beardwell and Claydon (2007) rightly said, the popularity of the training cycle is more evident in the rhetoric of the literature than in organizational reality. Stage 1 Identification of Training need Stage 4 Evaluation of training Stage 2 Plan of training required Stage 3 Implementation of training 3.8.1 Identification of training needs Arthur et al. (2003, p.236) stated that it is important to carry a Training Needs Analysis (TNA) before providing training because â€Å"it provides a mechanism whereby the questions central to successful training programs can be answered.† Prior to training, companies must have a clear idea of what it wants to achieve (Shuttleworth 2004) and whether the organisations needs, objectives and problems can be addressed by training (Arthur et al. 2003). Matens (HRfocus 2005b, p.11) suggested that companies should ask these key questions: Where are we now? Where do we want to go? How do we get there? How can we get commitment from key individuals? McGehee Thayer (1961) recommended a three-tier approach to determine training needs. Arthur et al. (2003) three-step process for assessing training needs is similar to McGehee Thayer (1961). They are as follows: Organisational analysis: Where training should be emphasized within the organization and which organizational goals and problems can be achieved and solved through training. Operational analysis or Task analysis: The skills, knowledge and attitudes necessary for employees to perform their jobs at the desired level. Man analysis: How well the employees are performing their tasks, who needs to be trained and for what. In the process of TNA, managers have to identify relevant training needs through the use of annual performance appraisal procedure to examine the individuals aspirations, how their jobs may change and what training is required (Hallier and Butts 2000). According to HRfocus (2005b), companies should get input about what employees want to be trained in. Although TNA is time-consuming and expensive, it provides greater financial, organizational and individual benefits. Also, training must be top-down, starting with the top team and cascading down the organization to show management commitment and to create an effective, healthy and versatile workforce. While in some organisations, training is considered to be for managers only, in other organisations managers think training is only relevant to workers, but not for them. Indeed, both these attitudes are wrong because training is for everybody (Reynolds, 1994). Similarly, Matens (HRfocus, 2005b) agreed that commitment and support from top management is vital. According to him, management has to show up for classes too. 3.8.1.1 The skills gap It is important for managers to identify skills gap, which is the difference between the skills needed to perform the required task and the skills employees already possess. The Skills Gap Skills needed Skills already acquired 3.8.2 Plan of training required Using a variety of training methods, the skills gap can be filled. In fact, Barrett OConnell (2001) observed that different training methods could encourage or discourage employees to participate in training programs. Similarly, The Learning and Skills Council (2004 cited by Beardwell Claydon 2007, p.317) commented that companies tend to choose inappropriate training methods which are â€Å" costly, time consuming, have a deleterious effect on employees perceptions of the value of training† and ultimately do not lead to increase skills levels in organizations. 3.8.2.1 Matching skills or tasks and training delivery methods Skills and tasks can be classified into three broad categories (Farina and Wheaton 1973; Fleishman and Quaintance 1984; Gold-stein and Ford 2002; cited by Arthur et al. 2003, p.236): Cognitive This relates to the thinking, idea generation, understanding, problem solving, or the knowledge requirements of the job. Interpersonal This relates to interacting with others in a workgroup or with clients and customers, which entails a variety of skills including leadership, communication, conflict management and team-building. Psychomotor This relates to physical or manual activities involving a range of movement from very fine to gross motor coordination. For a specific skill or task, a given training method may be more effective than others. This relationship has been backed by studies from Wexley and Latham (2002) who emphasized on the need to consider skills and task characteristics required to determine the most effective training method. 3.8.2.2 Training techniques On-the-job It is the most popular training method because it is job-specific, relevant, immediate and flexible. A 2006 study by CIPD conveyed that 56% of learning and development professionals agree that on-the-job training is the most effective way for people to learn in organizations (Beardwell and Claydon 2007,p.308). Conversely, Smith et al. (2003) commented that training delivered internally by employees who carry other duties apart from their responsibilities of training might lead to ineffective training because they have not received much training in how to train. On-the-job training includes the following: Demonstration It involves telling or showing trainees how to do a job and then allowing them to get on with it. It is the most commonly used training method (Armstrong 2003) because it is immediate and accessible to most employees. This method is effective if the person giving the demonstration clearly defines what results have been achieved and how they can be improved. However this method can result in the passing of bad or even dangerous working practices. Also, it does not provide a structured learning system where trainees understand the sequence of the training they are following. Job rotation The aim is to increase employees experience by moving them from job to job or department to department. It can be an inefficient and frustrating method of acquiring additional knowledge and skills if it is not carefully planned and controlled (Armstrong 2003). For this method to be effective, a program has to be designed stating what trainees are expected to learn in each department or job. Also, there must be a suitable person to assess whether the trainees are given the right experience and the opportunity to learn. Coaching It is a person-to-person technique to develop individual skills, knowledge and attitudes (Armstrong 2003). It can be very effective if it takes place informally as part of the normal process of management. Coaching consists of providing guidance on how to carry out specific tasks to help individuals learn rather than force-feeding them with instructions on what to do and how to do it. Mentoring It is the process of using specially selected and trained individuals to provide guidance and advice to develop the careers of the employees (Armstrong 2003). The aim is to complement learning on the job. The mentor provides personal support and should not be an immediate superior to enable the employees to talk openly about problems and discuss any concerns frankly. Secondment or attachment It involves the employees widening their skills or learning other skills by visiting other departments. It can also be used to increase awareness and understanding of other departments roles and concerns. Off the job It usually takes place in training areas or centres, away from the employees immediate work positions. It includes lectures, case study, seminars and role-playing amongst others. This method is mainly theoretical. As rightly criticised by Beardwell and Claydon (2007, p.322) this method is frequently pigeon-holed as the old way of doing things and typified as teacher centred, classroom based, process-focused and providing learning that is difficult to Benefits of Continuous Workplace Training Benefits of Continuous Workplace Training Abstract Training is widely used as a learning process whereby employees acquire new skills, knowledge and competence. In this fast changing world, training can be both an anchor and a lifeline. An anchor if it has a clear, focused objective, and a lifeline if it enables employees to keep up with the pace of change and allows companies to survive or even succeed. However, investment in training appears to be under-utilized. Many companies do not evaluate the impact of training programs. Many Human Resources Department (HRD) believe that they have fulfilled their duty of care after organizing training courses for employees. After an extensive literature search, it was found that many companies do not have a system of evaluation or follow-ups to ensure that trainees put into practice the knowledge and skills acquired during training programs. Human Resource (HR) managers believe that it is the responsibility of the trainer and the Head of department to ensure that employees put the learning into practice. But both of them deny this responsibility and hold the HRD accountable. It is in this context that the aim of this study is to investigate the effectiveness of training at the Hong Kong and Shanghai Banking Corporation Ltd (HSBC). This study uses exploratory as well as descriptive research designs. Survey research was conducted by way of a questionnaire among a sample number of employees who followed training courses and a face-to-face interview with the Recruitment and Development manager. The interview was audio taped, and the data obtained from the questionnaire was analysed using Statistical Package for the Social Sciences (SPSS) version 16. The study reveals that while the employees including the Recruitment and Development manager acknowledge the importance of training, unfortunately there is not a specific evaluation system and follow-ups ensuring that the learning is transferred back into the workplace. It is also discovered that while HSBC is planning to use more e-learning as a method of training, most employees prefer classroom-based, raising serious concerns over training effectiveness at HSBC. Focusing only on this study, it can be concluded that training at HSBC is not completely effective. However more in-depth research could be conducted to compare the effectiveness of different training methods available at HSBC 1.0 Introduction A hundred years ago, change was slow, like the steady flow of an untroubled river. The world is now a much different place to what it was even ten years ago. Most of the time the changes are unpredictable. The current global financial crisis is a vivid proof that the world does not stand still. With approximately eighteen banks currently operating in Mauritius, the banking sector is exposed to increasing levels of international and domestic competition. To innovate and become competitive, its human resources have to innovate in everything they do, be it their minds, their thinking, their skills and competence. While in the manufacturing sector, employee performance failures end up in the reject pile, in the service sector such as the banking sector; employee performance failures are external failures. Those mistakes are visible to the customer and thus every failure has a direct impact on customer satisfaction. Therefore, investing in people through training is a prerequisite. Employees who have the necessary skills can create powerful business advantages that can be very difficult for competitors to duplicate. Countries like Japan are trying to substitute human beings with robots. Indeed, human beings are non substitutable because they possess intelligence and potential that can never be equaled and their inventions proved it. The Taj Mahal, the Eiffel Tower, the Pyramids, the Great Wall and now the computer are all the creation and invention of humans. In Mauritius, government wants to make the Knowledge Hub another pillar of the economy. However, Mauritius is currently suffering from a massive brain drain. Many who are emigrating are highly skilled, such as Doctors, Accountants and IT Developers. School leavers who go abroad for further education rarely come back. As such, the best and brightest are lost to their home country, resulting to a lack of young and skilled people to drive the expanding market place. Therefore, the Human Resources Development Council is offering training grants where employers can recover up to 75% of training costs to encourage companies to provide training to a maximum number of employees. However, it is still debatable whether the training grant is being used effectively since measuring training effectiveness has often been neglected. But simply having all employees attend a training event does not necessarily translate into an improved workplace. The main challenge for any training program is to ensure that the learning is transferred back into the workplace. 1.1 Structure of Dissertation This study is structured as follows: Chapter 1 provides a small overview of HSBC. Chapter 2 offers a theoretical and critical background of the literature review. Chapter 3 summarizes the research approach to conduct the study. Chapter 4 provides a thorough analysis of the data obtained from the survey. Chapter 5 consists of recommendations and provides concluding comments. 1.2 Benefits of the Research The findings of this study are of major importance to HSBC as well as other companies as they assist them in adding value to their company by improving their position as an employer of choice through the delivery of effective training. The findings may also prove useful to lecturers, university students and anyone else with an interest in effectiveness of training programs. 2.0 Company Background 2.1 The HSBC Group HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers from around 9,500 offices in the main regions of the world such as Europe, Asia-Pacific, America, Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the worlds largest banking and financial services organizations. In 2002, HSBC launched a campaign to differentiate its brand from those of its competitors, with that pithy phrase: â€Å" The worlds local bank†. In July 2009, HSBC was named â€Å"Best Global Bank† by Euromoney magazine. In addition, HSBC was awarded the â€Å"Best Global Debt House† and the â€Å"Best Global Transaction Banking House†. 2.2 HSBC in Mauritius In Mauritius, HSBC operates 11 full-service branches and an offshore unit, which for many years has played a leading role in facilitating cross-border investment activity. It offers a wide range of products and services to diverse domestic and cross border customer base, from accounts services to credit cards, savings, investments, loans and custodian services. Through its locally incorporated subsidiary, the HSBC Bank (Mauritius) Ltd (HBMU), the bank is able to offer many of its global customers more sophisticated financial products and structures that benefit from the extensive range of international double taxation avoidance treaties that Mauritius has negotiated. In addition, HSBC Mauritius is a leading provider of financial services to local companies across the whole spectrum from SMEs to local Top 100 companies as well as locally listed conglomerates. For three consecutive years, 2005-2007, HSBC has been bank of the year. It is also the second largest credit card issuer in Mauritius. As HSBC Mauritius continues to expand, it has decided to bring together all its non-retail operations under one site in the fast growing Ebene Cybercity in 2008. In May 2009, HSBC Mauritius has launched two Islamic banking products. It becomes the first bank in Mauritius to offer Syariah-compliant banking services. HSBC vision: To be a key value creator by identifying, developing, designing and delivering learning and employee development solutions for business success. HSBC mission: Partnering with our business lines to create value for our shareholders and our external customers. Maintaining a learning culture that energizes and motivates employees to maximize their full potential. Aligning training and employee development support with HSBC strategic imperatives. Core business principles: Outstanding customer service Effective and efficient operations Strong capital and liquidity Prudent lending policy Strict expense discipline HSBC Values: Perceptive Progressive Responsive Respectful Fair 3.0 Literature Review 3.1 Definition of training Training has been defined many times over the years. The Manpower Services Commission (1981 cited by Armstrong 1999) defined training as a planned process to modify attitude, knowledge or skills to achieve effective performance. Similarly, the Chartered Institute of Personnel and Development (CIPD) defined training as â€Å"an instructor-led and content-based intervention leading to desired changes in behaviour.† For Armstrong (2003, p.549), training is â€Å" the use of systematic and planned instruction and development activities to promote learning.† Moore (2005) found the importance of retaining staff through training by defining training as not only a way to achieve a specified standard of staff competence, but also about investing in employees to retain them. Similarly, Cartwright (2003) viewed training as an investment in people. 3.2 Definition of effectiveness Being effective implies producing powerful effects. According to Bartol et al. (1997), effectiveness is the ability to choose appropriate goals and to achieve them. Similarly, Fraser (1994) defined effectiveness as a measure of the match between stated goals and their achievement. Often, there is confusion between â€Å"effectiveness† and â€Å"efficiency† because there is a degree of inter-relationship. This relationship can best be understood by considering effectiveness as doing the right thing and efficiency as doing things the right way. According to Hunter (2005), efficiency and effectiveness are often mutually exclusive. The latter viewed efficiency as a measure of speed and cost and effectiveness as a measure of quality. For Hearn Wendy, effectiveness comes from taking the time to stop and evaluate, rather than running faster and faster. According to her, people should work smarter not harder. Similarly Ferriss (2007) believed that what people do is more important than how they do things. He also saw efficiency as useless if it is not applied to the right things. 3.3 Objectives of training Business Environment Changes and Challenges Learning Implementation Business Excellence The main aim of training is to bring about suitable changes in employees to equip them with the skills required to do their work properly. According to Armstrong (2003) the main objective of training is to achieve companies human resource development strategies by ensuring that the employees have the skills, knowledge and competence to meet present and future needs. 3.4 Importance of training Training is crucial to a companys success. It plays a large part in determining the effectiveness and efficiency of the establishment (Sharma 1997). The latter agreed that training is a must and that management has no choice between training and no training. According to him, the only choice is to select a suitable training method. Similarly, Truelove (1997) believed that workplace skills have to be refreshed from time to time just as professional soldiers and top sports people train regularly to maintain their skills. Bird (1993) also saw training as important to give employees the necessary knowledge to bring about quality improvement across the company. Batten (1992 cited by Vermeulen and Crous 2000, p.61) described the importance of training by the following words: â€Å" Train, Train, Train!† If people are to do things better, they must have the skills and knowledge to do so. If employees cannot do their jobs because they have not been trained, that will reflect in the departments performance. This is supported by Miller et al. (1998 cited by Moore 2005, p.200): When good training is lacking there is likely to be an atmosphere of tension, crisis and conflict all the time, because nobody is quite sure how the various jobs are supposed to be done and who is responsible for what. Similarly, Smith et al. (2003) viewed training as an essential ingredient for the success and longevity of teams. Eder (1990) wrote about the successful opening of the Mirage mega-casino in Las Vegas due to the training imparted to employees months before the opening of the casino. Clegg (2000) believed that developing staff to their full potential is important and is doubly required during hard times. According to an article published in the journal of â€Å" Development and Learning in Organizations† in 2004, it is exactly when times are tough and businesses are sailing through rough seas that companies need to update employees skills since to do otherwise is like throwing the lifeboats overboard to save on weight. Yet, despite a higher profile for training, there is still little evidence showing that a large number of employers accept the importance of training to organisational success. According to Clegg (2000, p.2), employees are unlikely to mention training as the most important department of the company. The author observed that: Many training departments have a bad image. Many companies will say that training is among their top priorities but almost always they change their mind when money is short. Too much training that is currently undertaken has very little impact on what the trainees do when they return to the workplace at the end of the course. Too much training is uninspiring. As rightly said by Hallier and Butts (2000, p.397), in many companies â€Å" Training is perceived to be a less varied sphere of activity and not necessarily essential to the running of the organization.† Indeed, in any economic environment, it makes no sense to throw money at training because training is still regarded as an unnecessary function. 3.5 Benefits of training Even though training costs money, in most cases the benefits outweigh the costs. Sloman (2005) believed that investing in staff through training bring long-term benefits. Sharma (1997) inferred that training provides the following benefits: Increase in productivity Improve individual and business performance thus obtaining a competitive edge. Improve morale of employees. Reduce supervision Reduce dissatisfactions, complaints, absenteeism and turnover Less accidents and wastage Enable employees to obtain job satisfaction and to progress within the organisation, thus helping the organisation to retain its workforce. Increase in organisational stability and flexibility. Avoid human obsolescence 3.6 Training: an investment or a cost? Sutherland (1999) stipulated that the most important of all capital is that invested in human beings. Law (1998), Vermeulen and Crous (2000) and Sloman (2005) took a position very similar to Sutherland (1999) by stating that people are indeed the most valuable asset of any enterprise. Sharma (1997, p.244) rightly stated: â€Å"There is no greater organizational asset than the trained motivated personnel.† Buzan and Keene (1996) in their book â€Å" The Age Heresy† argued that humans could appreciate in value whilst machinery depreciate in value fast and become redundant. Simarly, Law (1998) commented that human capital is more valuable than property or fixed assets. In contrast to many authors opinion about employees being the most important asset, many companies still consider the development of people as a discretionary cost rather than a necessary investment. For many economists, the worth of something is not determined by its purpose but to its price. Prahalad (1972, p.169) rightly stated: â€Å" To most line-managers, training has been by far an optional extra, to be indulged in when profits are good and to be dispensed with during lean periods.† He further added that traditional accounting practices considers all intangibles such as â€Å" organizational capability and worth of human resources as expenses† but all tangibles such as investment in plant and equipment as investment. Cunningham (2002, p.90) commented that for many organisations training is â€Å" nice to have†, but not an essential. The training budget is the easier option when a company has to reduce costs. As such, companies tend to cut corners which render the training ineffective (Clements and Josiam, 1995). This is an oxymoron. On the one hand, we have companies stating that employees are the most important assets but on the other hand, the same companies contradict themselves by viewing training as a cost rather than a worthwhile investment. All companies talk a lot about people development. But the moment things get tough; companies reduce training budgets, which may be a very short-sighted policy. If companies really believed about employees development, this is the one thing they would ring fence (Clegg 2000). Managers often complain about giving them a better class of workers and their problems will go away. Brown (1992) argued that employers are already equipped with a pretty good class of workers since after all they chose them. Indeed it is managers responsibility to help employees improve. The contributions of employees are often taken for granted though employees contribute a lot. Managers tend to believe in things that are visible to them but those whose contributions they cannot see tend to be neglected by them. Cartwright (2003,p.6) rightly stipulated: Consider what Mickey Mouse is worth to Disney or what a gifted program writer is worth to Microsoft. The value may be impossible to calculate in absolute terms, but it is likely to be many times the conventional worth of either asset. Barrows and Power (1999 cited by Moore 2005, p.200) believed that the alternative to training, that is not to train may even be more expensive because this lead to poor customer service. A lost customer may never return. As such, the lost revenue from poor service exceeds the costs of training a worker properly. 3.7 Effective Training Porter and Parker (1993,p.19) identified four features for successful training: Training must be viewed as a continuous process. Training must be focused so that people receive appropriate courses at the appropriate level of their needs. Training must be planned for the future to include the development of total quality skills and techniques. Training materials must be made customized to suit the particular organization. Organizations tend to believe that training â€Å" delivered en masse will mean that they have fulfilled their duty of care† (Shuttleworth 2004,p.62). The symptoms of ineffective and poor training are many. The most self- evident are dissatisfied customers, haphazard work, performance and quality standards not met, untidy work, low productivity, high production costs, excessive waste, employee dissatisfaction, poor discipline and high labour turnover. In fact, the most effective way to develop people is quite different to conventional skills training, which let us face it most employees regard as a pain in the neck. Clegg (2000) argued that it is no longer good to rely on the way things have always been done and the only way to make training more effective is to be creative. Sloman (2005) suggested that if an effective training program is in place, it could help employees realize their potential and thus benefit both the employees and the organization. According to Vermeulen and Crous (2000), for training to be effective, it must not only be planned in a systematic and objective manner but it must also be continuous to meet changes in technology, changes involving the environment in which an organisation operates, its structure and most important of all, the employees who work there. However, Harris (1995) concluded that managers tend to select training programmes according to budgets and time available, but not according to the needs of employees. Conversely, Cunnigham (2002) argued that if training remains focused on the needs of employees, important changes in developing the performance of the organization might be missed out. As such, it can be inferred that creating effective training programs require balancing the needs of the learner and the needs of the organization. In addition, Sloman (2005, p.349) commented: Training is not about constructing courses based on identified training needs. It is about making a whole series of interventions that encourage a climate in which committed learners are willing and able to acquire relevant knowledge and skills. If employees take part in training half-heartedly, it may prove costly for the organization. Even the best-planned training sessions may prove ineffective if employees are unwilling to participate. Similarly, Barrett and OConnell (2001) observed that a company can provide training to its employees, but the extent to which the training courses are then applied at work depends on the extent to which employees devote effort to learning and apply the new skills. The values projects model of learning also emphasized the importance of motivation, where the employees are willing to implement their learning. I do (Action) I will (Motivation) I Can (Skills) I Know (Knowledge) 3.8 Training Cycle For training to be effective, companies must complete the full training cycle. But as Beardwell and Claydon (2007) rightly said, the popularity of the training cycle is more evident in the rhetoric of the literature than in organizational reality. Stage 1 Identification of Training need Stage 4 Evaluation of training Stage 2 Plan of training required Stage 3 Implementation of training 3.8.1 Identification of training needs Arthur et al. (2003, p.236) stated that it is important to carry a Training Needs Analysis (TNA) before providing training because â€Å"it provides a mechanism whereby the questions central to successful training programs can be answered.† Prior to training, companies must have a clear idea of what it wants to achieve (Shuttleworth 2004) and whether the organisations needs, objectives and problems can be addressed by training (Arthur et al. 2003). Matens (HRfocus 2005b, p.11) suggested that companies should ask these key questions: Where are we now? Where do we want to go? How do we get there? How can we get commitment from key individuals? McGehee Thayer (1961) recommended a three-tier approach to determine training needs. Arthur et al. (2003) three-step process for assessing training needs is similar to McGehee Thayer (1961). They are as follows: Organisational analysis: Where training should be emphasized within the organization and which organizational goals and problems can be achieved and solved through training. Operational analysis or Task analysis: The skills, knowledge and attitudes necessary for employees to perform their jobs at the desired level. Man analysis: How well the employees are performing their tasks, who needs to be trained and for what. In the process of TNA, managers have to identify relevant training needs through the use of annual performance appraisal procedure to examine the individuals aspirations, how their jobs may change and what training is required (Hallier and Butts 2000). According to HRfocus (2005b), companies should get input about what employees want to be trained in. Although TNA is time-consuming and expensive, it provides greater financial, organizational and individual benefits. Also, training must be top-down, starting with the top team and cascading down the organization to show management commitment and to create an effective, healthy and versatile workforce. While in some organisations, training is considered to be for managers only, in other organisations managers think training is only relevant to workers, but not for them. Indeed, both these attitudes are wrong because training is for everybody (Reynolds, 1994). Similarly, Matens (HRfocus, 2005b) agreed that commitment and support from top management is vital. According to him, management has to show up for classes too. 3.8.1.1 The skills gap It is important for managers to identify skills gap, which is the difference between the skills needed to perform the required task and the skills employees already possess. The Skills Gap Skills needed Skills already acquired 3.8.2 Plan of training required Using a variety of training methods, the skills gap can be filled. In fact, Barrett OConnell (2001) observed that different training methods could encourage or discourage employees to participate in training programs. Similarly, The Learning and Skills Council (2004 cited by Beardwell Claydon 2007, p.317) commented that companies tend to choose inappropriate training methods which are â€Å" costly, time consuming, have a deleterious effect on employees perceptions of the value of training† and ultimately do not lead to increase skills levels in organizations. 3.8.2.1 Matching skills or tasks and training delivery methods Skills and tasks can be classified into three broad categories (Farina and Wheaton 1973; Fleishman and Quaintance 1984; Gold-stein and Ford 2002; cited by Arthur et al. 2003, p.236): Cognitive This relates to the thinking, idea generation, understanding, problem solving, or the knowledge requirements of the job. Interpersonal This relates to interacting with others in a workgroup or with clients and customers, which entails a variety of skills including leadership, communication, conflict management and team-building. Psychomotor This relates to physical or manual activities involving a range of movement from very fine to gross motor coordination. For a specific skill or task, a given training method may be more effective than others. This relationship has been backed by studies from Wexley and Latham (2002) who emphasized on the need to consider skills and task characteristics required to determine the most effective training method. 3.8.2.2 Training techniques On-the-job It is the most popular training method because it is job-specific, relevant, immediate and flexible. A 2006 study by CIPD conveyed that 56% of learning and development professionals agree that on-the-job training is the most effective way for people to learn in organizations (Beardwell and Claydon 2007,p.308). Conversely, Smith et al. (2003) commented that training delivered internally by employees who carry other duties apart from their responsibilities of training might lead to ineffective training because they have not received much training in how to train. On-the-job training includes the following: Demonstration It involves telling or showing trainees how to do a job and then allowing them to get on with it. It is the most commonly used training method (Armstrong 2003) because it is immediate and accessible to most employees. This method is effective if the person giving the demonstration clearly defines what results have been achieved and how they can be improved. However this method can result in the passing of bad or even dangerous working practices. Also, it does not provide a structured learning system where trainees understand the sequence of the training they are following. Job rotation The aim is to increase employees experience by moving them from job to job or department to department. It can be an inefficient and frustrating method of acquiring additional knowledge and skills if it is not carefully planned and controlled (Armstrong 2003). For this method to be effective, a program has to be designed stating what trainees are expected to learn in each department or job. Also, there must be a suitable person to assess whether the trainees are given the right experience and the opportunity to learn. Coaching It is a person-to-person technique to develop individual skills, knowledge and attitudes (Armstrong 2003). It can be very effective if it takes place informally as part of the normal process of management. Coaching consists of providing guidance on how to carry out specific tasks to help individuals learn rather than force-feeding them with instructions on what to do and how to do it. Mentoring It is the process of using specially selected and trained individuals to provide guidance and advice to develop the careers of the employees (Armstrong 2003). The aim is to complement learning on the job. The mentor provides personal support and should not be an immediate superior to enable the employees to talk openly about problems and discuss any concerns frankly. Secondment or attachment It involves the employees widening their skills or learning other skills by visiting other departments. It can also be used to increase awareness and understanding of other departments roles and concerns. Off the job It usually takes place in training areas or centres, away from the employees immediate work positions. It includes lectures, case study, seminars and role-playing amongst others. This method is mainly theoretical. As rightly criticised by Beardwell and Claydon (2007, p.322) this method is frequently pigeon-holed as the old way of doing things and typified as teacher centred, classroom based, process-focused and providing learning that is difficult to