There are many types of investment vehicles, one of the vehicles that Essay

There are many types of investment vehicles, one of the vehicles that pay some of the highest returns - Essay Example In this part, the paper will discuss the compensation structure used by hedge funds. The discussion will include the rationale for this compensation structure, its mechanics and the agency issues that can be associated with the compensation structure. The hedge fund structure is usually composed of general partners who handle all the trading activity from the fund and limited partners who supply the capital that is invested in the fund. Other members include the portfolio manager, who is usually the owner of the management company. The investors in the portfolio are usually between 100 and 150 certified investors who are willing to let the portfolio manager manage their funds for profit. The administrators of the hedge funds maintain the books and records and process all the transactions in the funds. Since the investors are not involved in the day to day handling of the fund, it is up to the hedge fund managers to complete all the transactions in the fund and charge fees to the inve stors in form of compensation structures. As already stated, the compensation structures used by hedge funds are different from those used by normal mutual funds since they take more fees in a different manner. The managers in the hedge fund use different strategies to create profits from the funds, and the Limited Partners, also known as the investors receive a percentage of the profit. The compensation structure in hedge funds is usually set on two main types of fees; performance fees and management fees. The performance fee in a hedge fund refers to the fee in the investment fund that a manager charges investors as a percentage of the increase in value of the assets in which the funds are invested. The value of the funds investments is periodically calculated and the fund manager gets a performance fee, usually between 20 and 30% of the Net Asset Value, which is the increase in value. The performance fee in hedge funds is similar to that in mutual funds. However, other fees that are in the hedge fund and not in the mutual funds are the management fees. The management fee is usually 1 to 2% of the fixed fee of the assets in the mutual fund, and in addition, an incentive fee of between 10 and 30% of the assets in the fund is also charged. The contentious point about these fees is that the management fee is usually charged regardless of whether the fund has made any profits, which means that the managers will always earn profits even if the fund fails. However, the performance fee can only be charged if the fund makes a pre-specified level of return, which is usually set at a percentage or decided as an index. This level of return is referred to as an hurdle, and the managers strive to increase the level of performance of the hedge fund in order to earn extra fees. Hurdles typically reduce the size of performance fees and increase the reward for better management of the fund, a factor that accounts or its popularity with investors. Another terminology analogou s with the compensation structure of hedge funds is the high water mark, a term used to refer to the performance of the fund. The highest value of a hedge fund in a year is called the high water mark, and if the fund’s value falls in the subsequent year, the managers are not paid performance fees. This means that in subsequent years, if the funds increase in NAV but does not exceed the high water mark, no performance is also charged on the investors since they do not make any additional

Helping Children with Learning Disabilities Essay Example for Free

Helping Children with Learning Disabilities Essay Children with learning disabilities are smart or smarter than their peers, but may have difficulty with things like reading, writing, reasoning, and organizing information by themselves. A learning disability is a lifelong issue that cannot be cured or fixed with a snap of the fingers. Children who have the right support and intervention can succeed in school. Then later they will be able to go and be successful later in life. Children with learning disabilities need the support of parents, school and their community to be successful. Parents need to be able to encourage children with their strengths, know what their weaknesses are, and be able to understand the educational system to be able to work with professionals. Learning Disabilities cannot be categorized into one diagnosis. Learning disabilities are caused by biological factors that are caused by differences in the structure and functioning of the nervous system. Many people, both in the local and professional community, use the terms handicap and disability interchangeably, but they are not. A learning disability means that preschoolers are unable to complete tasks in a certain way. Children with learning disabilities have a hard time functioning in areas such as sensory, physical, cognitive, and other areas. Handicap means that preschoolers are unable to function and cope in their environment. These children have impairments such as cerebral palsy or down syndrome. In 1991, the federal government amended the disabilities label to â€Å"Individuals with Disabilities Act† (PL 102-119). This act allowed states to be able to not identify with one of the thirteen federal disability labels, but to classify preschoolers with special needs. (Kilgo, pg 27) With the new changes professionals were able to use new terms like developmentally delayed and at risk when identifying children. Developmentally delayed is determined on the basis of various developmental assessments and/or an informed clinical opinion. Children starting at the age of three years old can now be identified for services. Delays can be expressed in a difference between a child’s chronological age and his/her performance levels. Delays occur when a child does not reach his/her developmental milestones at the expected age level or time. If a child is slightly behind it is not considered a delay until he/she are lagging in two or more areas of motor, language, social or thinking skills. Developmental delays are usually diagnosed by a doctor or medical professional based on strict guidelines and take more than one visit to diagnose. Parents or childcare providers are usually the first to notice children not progressing at the same rate as other children. Testing will help to gauge a child’s developmental level. At risk describes children with exposure to certain adverse conditions and circumstances known to have a high probability of resulting in learning and development difficulties? (Kilgo, pg 28) These children have not been identified as having a disability, but as children who may be developing conditions that will limit their success in school or lead to disabilities. There are three factors that can result in a child’s environment. The first is established risk/genetic. This could be where a child is born with cerebral palsy, Down syndrome, or spinal bifida. Biological risk means that a child has a history of pre- or post- natal conditions that heighten the chance of development. These could be conditions such as premature births, infants with low birth weights, maternal diabetes, and bacterial infections like meningitis or HIV. Environmental risks are considered biologically typical, meaning they are environmental conditions that are limiting or threating to the child’s development. All three at risk factors can result in cognitive, social, affective, and physical problems. (Kim, pg. 4) Some signs of learning disabilities in young children are: †¢ A toddler may reach developmental milestones quite slowly. †¢ The child may have trouble understanding the concept of time. Is the child confused by the use of words like tomorrow, today, and yesterday? †¢ Young children have a lot of energy, but some have an excessive amount of kinetic energy, known as hyperactivity. †¢ A child that has difficulty distinguishing right from left may have difficulty identifying words. †¢ A child with a learning disability often masters several areas, while failing in two or more areas. A child that is perceived as disobedient may actually have difficulty understanding and following instructions. Once a child has been identified as having a possible learning disability, assessments need to be completed. An assessment is the process of gathering information for the purpose of making a decision about children with known or suspected disabilities in the area of screening, diagnosis, eligibility, program planning, and/or process monitoring and evaluation. (Kilo, pg. 90) During the assessment, evaluations should be accomplished with the e goal of identifying developmentally ppropriate goals, identifying unique styles and strengths, looking at parent goals and outcomes for their children, reinforcing family’s competence and worth, and creating a sense of shared commitment between families, schools, and professionals. Families possess a wealth of information and should play a very active role in the decision making, planning, and evaluations of their children. Schools are required to foster a child’s education, offering and supporting the needs of each child through a series of individualized instructions and interventions. School districts must provide documentation stating that the student has received the required instruction by qualified personnel. These interventions help teachers and staff to educate and foster the needs of children with learning disabilities. Assessments are an ongoing process. The initial assessment should be used to screen, diagnose, and check for eligibility for services. Ongoing assessments are to focus on a child’s skill level, needs, background, experiences, and interests, as well as the family’s preferences and priorities. Over the years practice has shown that there is a link between assessments and curriculum to provide for the needs of the child. It is important to keep records of a child’s progress. A very useful way is through portfolio assessments. These portfolios can be considered a looking glass into a child’s growth. Portfolios also help teachers and team members to keep observations and comments about a child’s activities and behaviors. The information collected can help meet many of the required criteria for planning and monitoring. An important responsibility of an educator is to have an environment that will both nurture and foster learning. When designing an environment childcare providers should use best practice guidelines from places like National Association of Education of Young Child (NAEYC) and National Association of Family Childcare (NAFCC). Environments should look at available space, age of children, visual appeal, safety and health, and organization. (Perri Klass, pg. 46) Always remember that environments exert powerful influences on children and help to play a vital role in children’s lives. Activity areas should include gross- motor, quiet/calm, discover, dramatic, therapeutic, and arts and crafts areas. Rooms should not have furniture that is used to separate centers or activities but should use things like lower lightening, parachutes hanging from the ceiling and area rugs to help children understand the use of different centers. The main goal of childcare providers and educators is to provide the best possible services for children with learning disabilities by providing services â€Å"as early and comprehensively as possible in the least restrictive setting†. Services and interventions should be supported in the most natural environments that will include the child’s primary care giver. Individual Education Plans (IEP) plays a large role in the education process of children with learning disabilities. These IEP’s require professionals, parents, and caregivers to work together as a team. They hold teams to accountability standards for the care of children with disabilities. A child’s IEP helps to furnish an instructional direction, sort of like a blueprint of care, to measure the effectiveness and progress of children. If an IEP is carefully written and appropriate goals are set, it will provide special education services to a child that will be reflected throughout his/her life. In the field of early childhood education, the definition of special needs has drastically changed for children with learning disabilities over the years. We live in a very diverse society of languages, foods, music, values and religious beliefs that brings us the strengths of our nation. Every day the makeup of our society changes and so does the needs of our children, especially those of children with learning disabilities. Our community is seeing a growing need for services for children with learning disabilities. Young children with learning disabilities need to receive services at the earliest age possible. Parents need to remember that learning disabilities do not go away overnight and for some children it takes years of recognizing, expressing, thinking, and problem solving to succeed at being the young adult that they are meant to be.

Chaucers Canterbury Tales - The Character of the Parson Essay

The Character of the Parson of Canterbury Tales      Ã‚   Geoffrey Chaucer is considered by many critics as the father of English literature.   His literary masterpiece was "The Canterbury Tales."   In these tales, Chaucer writes about pilgrims who are on a journey to Canterbury.   Each pilgrim has a tale that they tell on this journey.   Chaucer expresses themes and messages through the characterization of each pilgrim.   Through the Parson, one of the pilgrims, Chaucer is able to portray the life of a true Christian through the general prologue, prologue to the Parson's tale, and the Parson's tale itself.      Ã‚  Ã‚   In the general prologue, Chaucer introduces the reader to the Parson.   He is a "holy-minded man of good renown" (475).   The reader soon gets to know him as a devout, educated, altruistic, caring, gentle, humble, giving, and brotherly man through the general descriptions of who the Parson is and what he does.   The parson is "benign" and "diligent" (481) as well as being "holy and virtuous" (511).   Chaucer portrays this pious Christian through his reverent and venerable t...

Appearance Can Be Deceiving

The outer appearance of people is the first thing that can be seen in the beginning. However, when you meet someone you shouldn’t judge him only by the way he looks like, because most of the times it can be deceiving. The beauty of some people can be only a good mask for covering their real faces, their real characters. And the first question that we always ask ourselves when we see people like that is exactly – do they posses nobility, pure soul and intelligence? In some cases, they just glitter with false beauty and seek fools who will befriend them or even fall inlove with them. They have nothing to do with the purity of beauty. Just like beautiful roses which have thorns though and the beautiful and tasty but poisonous apple which the witch give to Snow White in the famous fairy tale of the Grimm Brothers. But in other cases, we can meet nowadays on the streets people who really posses high moral virtue, combined with beauty. Just like some beautiful models that have high education and take part in a lot of charity organizations. And what about the people who haven’t got beautiful outer appearance? Are they low-inteligente or intentioned? In some cases, they are. But in most of the cases, they have beauty inside. They compensate the lag of good outer appearance with the possession of sweet character, kindness and responsivness. Just like an ugly and abominable caterpillar which reveals to us that it is beautiful in its nature, when one day it becomes a gorgeous butterfly. However, we shouldn’t forget the most important thing that the beauty of the people is immeasurable and someone can be beautiful for you but not for the others. There is a good piece in everyone no matter where it is (in the outer appearance or on the inside) and it’s only waiting to be found out by someone. In conclusion, as people say: â€Å"All that glitters is not gold† and â€Å"The eyes lie† so never trust your first impressions, but use your mind and soul to determine whether some is a good person or not.

Carbon Dioxide Essay

Carbon dioxide is the main pollutant that warms our planet Earth. Living things produce carbon dioxide when they breathe. However, carbon dioxide is considered to be a harmful pollutant when linked with any vehicle, trains, power plants, as well as other various human activities that involve burning fossil fuels such as gasoline and natural gas. Studies have shown that In the past 150 years, such activities have released enough carbon dioxide into the atmosphere to raise its levels higher than they have ever been before. One of the most obvious consequences of carbon dioxide emissions is gray, muggy smog hanging over large cities. Smog creates many harmful health effects to human beings, it can cause anything from minor pain to deadly diseases such as lung cancer. When an area becomes covered in smog, people feel the effects immediately. But there are many different kinds of pollution, some visible, some invisible – that contribute to global warming. Generally, any substance that people bring into the atmosphere that has damaging effects on living things and the environment is considered air pollution. Other greenhouse gases include methane—which comes from such sources as swamps and gas emitted by livestock—and chlorofluorocarbons (CFCs), which were used in refrigerants and aerosol propellants such as hairspray, until they were banned because of their deteriorating effect on Earth’s ozone layer. Another pollutant associated with climate change is sulfur dioxide, a component of smog. Sulfur dioxide and closely related chemicals are known primarily as a cause of acid rain. But they also reflect light when released in the atmosphere, which keeps sunlight out and causes Earth to cool. Volcanic eruptions can spew massive amounts of sulfur dioxide into the atmosphere, sometimes causing cooling that lasts for years. In fact, volcanoes used to be the main source of atmospheric sulfur dioxide; today people are. Indus trialized countries have worked to reduce levels of sulfur dioxide, smog, and smoke in order to improve people’s health. But a result, not predicted until recently, is that the lower sulfur dioxide levels may actually make global warming worse. Just as sulfur dioxide from volcanoes can cool the planet by blocking sunlight, cutting the amount of the compound in the atmosphere lets more sunlight through, warming the Earth. This effect is exaggerated when elevated levels of other greenhouse gases in the atmosphere trap the additional heat. Most people agree that to put a harness around global warming, a variety of measures will need to be taken. On a personal level, driving less, (carpooling when you can, using mass transit systems as much as possible) recycling, and conservation reduces a person’s â€Å"carbon footprint†: the amount of carbon dioxide a person is responsible for putting into the atmosphere. On a larger scale, governments are taking measures to limit emissions of carbon dioxide and other greenhouse gases. One way is through the Kyoto Protocol, an agreement between countries that they will cut back on carbon dioxide emissions. Another method is to put taxes on carbon emissions or higher taxes on gasoline, so that people and companies will have greater incentives to conserve energy and pollute less.

Good Teacher Essay Essays - Educational Psychology, Teaching

Good Teacher Essay Essays - Educational Psychology, Teaching Good Teacher Essay Teachers have the very important responsibility of shaping the lives of young, impressionable children. With this responsibility comes great pride and joy. Therefore all teachers should strive for what can be considered to be a good teacher. A good teacher can be defined as someone who always pushes students to want to do their best while at the same time trying to make learning interesting as well as creative. A positive or negative influence from a teacher early on in life can have a great effect on the life of a child. Teachers, especially at the elementary level, must be very creative with their teaching styles. Not every child learns the same way, nor are they interested in the same things. It is difficult to keep the attention of 15-20 children under the age of ten. Classroom setup and design is a good way to get and keep the attention of students. Workstations are a good way to encourage different types of learning. By allowing children a chance to choose which activities they want to participate in, children are taking control of their own education. At the elementary level, children are always learning and sometimes dont even know it. When I was in kindergarten, I can remember playing at the different stations in the classroom. One station was for gardening and we could plant seeds and check them every day to see how much they had grown. Another station in that classroom that sticks out in my mind is the arts and crafts station. There was a large array of crayons, markers, scissors, construct ion paper and building materials we could use to make pretty decorations to give to our parents for our homes. By choosing which station we wanted to work at, we were becoming much more interested in what we were learning because we were doing what we wanted to do, not what we had to do. By setting high standards for a student, the teacher is encouraging the student to do the same and will eventually develop high expectations for him or herself. A teacher who is constantly looking for the best possible work from the child will force the child to try his or her hardest in order to please the teacher. Going along with this idea is the whole idea of the teacher being interested in the subject matter. If the students know that the subject they are studying is something that greatly interests the teacher, they will be motivated to try their hardest in order to please the teacher. My ninth grade science teacher is the best example of this type of teacher. I was only in her class for about a month or so but it was probably the most interested I have ever been in Science in my entire life. Whenever she would present ideas about prehistoric man, her eyes would light up and she would get so excited and I would be forced to listen to whatever she had to say. Everyone had told m e that she was a hard teacher but I just never saw it that way. She had done her homework so-to-speak and was very knowledgeable about the subject matter. When it came time to write a paper on my particular part of the evolution of man, I found myself trying harder than I ever had. I consider her to be a good teacher because even if she did not care too much about what she was teaching, she presented it in a way that made it seem like it was her life. This helped me to want to learn because I wanted to make her know that she really made me understand the subject that she had taught. Teachers must be open to many different types of people, ideas and cultures. They also must always try to respect the views of everyone. Children from lots of different backgrounds are going to be together in one classroom. The teacher must learn to incorporate everyones beliefs into the daily curriculum. All students must be aware of the differences in the world around them. The time in which it is most difficult to handle the differences in cultures is the holiday

Literary Research Paper Writing Prompts

Literary Research Paper Writing Prompts Literary Research Paper Writing Prompts Literary researches, though given not too much attention by many tutors and professors, form he greater part of the students’ writing assignments. To master the skills needed to conduct good literary researches, students need to be diligent and attentive to details. There are several important aspects which are to be constantly considered when composing a literary research. The present article would address them attempting t help students gain more knowledge on literary research writing. The foremost skills to be mastered when composing a literary research concerns proper choosing of the bibliographical sources. It is not a secret that the sources selected for this or that academic paper are to be credible and scientific, true and not out-dated. Thus, to select a literature source during the literary research, the student needs to pay attention to the author and volume of publication of this or that sources, as well as the publishing house and date. If all of these pieces of information seem credible and worth attention, then the student may proceed with referencing this or that work. What is more, the student should have knowledge on comparing the peer reviewed articles from those which are not. It is crucial for some academic papers to be citing only the peer reviewed sources, and many students find it difficult to distinguish between those. So, information and credible sources seeking is the foremost stage of every literary research written by a student. Another important step in composing a literary research concerns critical evaluating of this or that information found during the first phase of writing. The information presented in the literary sources, and in the Internet as well, may not always be true, and students blindly relying on it may sacrifice their academic reputation. Sometimes, they fail to prove the facts to be included into the research and thus, their paper could not be considered good as well. Students need to have the critical thinking skills as well as ability to apply the appropriate analyzing principles to identity if the given study is relevant, unbiased and valued for the further literary research. This is the skills which could not be grasped immediately, it usually takes long time before it is mastered. If you feel that you are not yet as good in literary research composing, as you’d desired to, you may always contact the customer paper writing agencies online for the help. The team of freelance writers working in such companies would help you define the credible sources for the literary research, as well as do the first step in composing of this academic assignment. Thus, their helping hand would be really of great value to such students who are not very familiar with the rules and procedures of literary research composing. At you can a great opportunity to buy research paper online, 100% custom written from scratch. Our experts will provide you with professional literary research paper writing assistance!

5 Questions Every Job Hopping Nurse Should Know How to Answer

5 Questions Every Job Hopping Nurse Should Know How to Answer The workforce is experiencing a somewhat generational shift in terms of job longevity at the moment- where the Baby Boomers had stability, the Gen Xers are in the middle of their careers, and Generation Yers are following their bliss. All these can lead to some â€Å"diverse† resumes. Maybe you came out of school and landed first at a hospital you hated; maybe you’re constantly in pursuit of the next best thing; or maybe other circumstances affected your job stability. Whatever your situation, you might be worried about how an employer will perceive a gap or frequent changes in your resume. Here are the 5 questions you should prepare to answer in any job interview- nail this, you’ll soothe any employers worried brow.1. How often are you changing jobs?An interviewer will see a yearly shift very differently than a new position every six months or less. Be able to articulate what you got out of each job before you left it and how what you learned will serve you well in the open position.2. Are you changing positions or just employers?Shifting positions within the same hospital, office, or institution shows that you’re expanding and developing your experience- changing employers that often shows you struggle to get along with people or don’t know how to improve workplace relationships. Look for different positions within the same group first if you need a change.3. How long have you been a nurse?You don’t want to seem impulsive or like this was an accidental career move. If you’re just beginning, try to avoid job gaps or short-term job hopping when you can, to sidestep these questions all together.4. What are your career goals?Does your resume reflect a systematic move from one specialty to another? Or are you moving more or less randomly from one available job to another? Have a 1-, 5-, and 10-year plan in your pocket, ready to bring up in any interview that might ask.And lastly, but most importantly:5. Why did you change jobs?Be able to account for the professional moves you made. Did you change for professional or personal reasons? Were you in search of a better opportunity or running away from a difficult situation? Even if you did jump ship because a work environment was toxic, do you have a diplomatic, growth-centric answer ready? Did you pursue positive solutions and wait for improvement? Did you understand your employer’s expectations? Did they appreciate your goals?See yourself as an investment- because that’s how your employer will see you- and be able to present yourself as a low-risk, high-reward prospect. That’s what any interviewer hopes to find!

Econometrics formative assignment Research Paper

Econometrics formative assignment - Research Paper Example -0.067 31.280 0.260 *|. | *|. | 28 -0.079 -0.077 32.913 0.239 .|. | .|. | 29 -0.020 -0.019 33.016 0.277 .|. | .|. | 30 0.029 -0.015 33.237 0.312 .|. | .|. | 31 -0.029 -0.035 33.462 0.349 .|* | .|** | 32 0.183 0.197 42.344 0.104 .|. | .|. | 33 -0.019 -0.013 42.444 0.126 .|. | .|. | 34 0.027 0.042 42.636 0.147 .|. | .|. | 35 -0.052 -0.047 43.368 0.157 .|. | *|. | 36 0.019 -0.072 43.470 0.183 Correlogram for Vodafone Date: 08/17/09 Time: 21:05 Sample: 1/01/1990 12/31/2008 Included observations: 224 Autocorrelation Partial Correlation ACPAC Q-Stat Prob .|. | .|. | 1 0.002 0.002 0.0007 0.979 .|. | .|. | 2 0.019 0.019 0.0826 0.960 .|* | .|* | 3 0.182 0.182 7.6489 0.054 *|. | *|. | 4 -0.061 -0.063 8.4992 0.075 .|* | .|* | 5 0.146 0.145 13.451 0.019 .|. | .|. | 6 0.015 -0.021 13.502 0.036 .|* | .|* | 7 0.088 0.116 15.322 0.032 .|* | .|* | 8 0.132 0.076 19.422 0.013 .|. | .|. | 9 -0.027 -0.009 19.596 0.021 .|. | .|. | 10 0.048 -0.006 20.139 0.028 .|* | .|* | 11 0.153 0.140 25.713 0.007 .|* | .|* | 12 0.115 0.116 28.881 0.004 .|. | .|. | 13 0.006 -0.033 28.889 0.007 .|. | .|. | 14 0.009 -0.041 28.907 0.011 .|. | *|. | 15 -0.032 -0.083 29.153 0.015 .|. | .|....The two vertical lines in the first column enclose the 95% confidence interval. Id k that extends past the broken line, reject the null hypothesis that k = 0 at 5% level of significance. Otherwise, do not reject the null hypothesis" (Danao). In this particular tests, the result for BARC, VOD and FTALLSH show that we do not reject the null hypothesis that k = 0. But for the GSK graph, the result is opposite. We have necessary proof to reject the null hypothesis. Decision Rule: "If the absolute value of the ADF Test Statistic is less than the value of the McKinnon Critical Values at the chosen level of significance, then the series has a unit root and is therefore non-stationary.

Reading response Essay Example | Topics and Well Written Essays - 750 words - 3

Reading response - Essay Example Pointing out what is wrong always with people or the work they perform will lead to people taking you for an unkind and unreliable individual. It is, therefore, expedient to understand that it people are not always necessarily wrong and a better look at things may reveal that you are the one on wrong. Understanding this possibility calls for intuitive desire to understand the other person’s point of view which gives us the cue of why the individual acted as s/he did. Such a mere action can go a long way into giving significant understanding of the other person. It is always a challenge for most people to see both their point of view and that one of the other party. A basic human need is the feeling of importance. Making someone feel important is a desirable way to start any communication. The person usually will be grateful for such acknowledgement establishing a good ground to get something in return for appreciation. That becomes a key strategy in business especially in marketing. Making the customer feel important to the business will foster a feeling of ownership and belongingness and increased confidence of the customer. Participation is encouraged when the party involved feels that they are considered intelligent or important. Someone will tend to like you the more for a positive complement. Continuous and constant acknowledgement and compliments will have a tremendous desirable outcome of the other party or even customer behavior. A business venture should strive to make customers feel important rather than insisting their importance to the customer. Such an act attracts respect from customers and automatically awards influence to the b argaining chips. Failure to appreciate others can provoke them to venture into extremes of behavior, become criminals and even insane. They will tend to live in their imagined worlds where they feel important rather than facing the rearing reality of

Interview based Analysis & Human Resource Management Essay

Interview based Analysis & Human Resource Management - Essay Example Her job profile is writing concepts and copy for all clients that come under her team. She is very reserved in nature and does not like intermingling, a reason for her seeming not to get promoted, even though she is well-qualified and her performance evaluations are good too. When asked about the situation, Sara claimed that she is a devoted employee and a hard worker, but her boss plays favorites and always gives her key assignments to Natasha, this lady who a year back was hired as an art director and started playing great politics with her by grabbing the conceptual bit of all main projects as well to take over the limelight which she successfully did and has been promoted as a team leader with a raise such that no one ever got throughout the agency’s history. Sara’s immediate boss, her group head though likes her work but still assigns an option of the work that he assigns Sara to Natasha as well and that is how she overshadows Sara through her ultra modern personal ity and dramatic presentation skills. Sara feels it is very unfair that all her opportunities are being transferred to Natasha and she is playing it all very smartly not refusing Sara’s work but utilizing it to gain the spotlight. When Sara found out that she was a victim of favoritism she did not cry out loud, instead taking it for over six continuous months went straight up to her group head and made sure to communicate to him her interest in taking on additional responsibility. She thought might be her head would have been waiting for her to show initiative but still over the months the same kept on happening. After very formally and positively venting out the situation to her immediate boss and not getting any results Sara went up to the HR manager of the agency and expressed her views. From her HR’s perspective politics is something so unhealthy and infectious that it kills an organization

Explain the significance of legal personality. as part of your Essay

Explain the significance of legal personality. as part of your explanation you should identify why certain categories of people - Essay Example Consequently, some humans are assigned the label of limited legal personality, having limited rights in comparison with other humans. For example, law does not allow a bankrupt to become a director of a company, or a magistrate or a Member of Parliament. Also, mentally ill person has an insufficient legal capacity; consequently, he or she is disallowed to enter into a contractual relationship with any party. In the following pages, this paper is going to explain natural and artificial legal personalities and limitations on some legal personalities. Natural legal personality with beginning and end of life A natural legal personality comes with certain legal rights and obligations. Such legal rights are assigned to natural persons who qualify to have a legal capacity. The legal capacity is considerably helpful while deciding the rights and duties; depending on different social roles such as father and husband, employer and employee, voter and householder. However, law on the basis of o ccupation, age, sex, income, nationality and other relevant identifications that can be considered appropriate and relevant by the law makers, ascertain legal rights and obligations. Legal rights can only be assigned to living persons. However, some law makers may argue that an unborn foetus can have life as he or she can breathe. But, still the law has not assigned the legal status to an unborn foetus of being a legal person. Law has not defined death. There is not an exact definition that can bring an end to a natural legal personality. In history, heart beating has been used to ascertain the occurrence of death when the heart beating stops. However, the latest medicine advancement has also ensured the functioning of heart with the use of machine. Case law: R v Malcherek and Steel [1981] 1 WLR 690 Facts: A woman was stabbed by a man. She was kept alive with the help of a life-support machine, however her brain was dead. Held: Lord Chief Justice Lane, in the Court of Appeal, define d death. In the verdict, the Lord Lane remarked that death legally occurs when by the irreversible death of the brain stem, whose function is to direct the basic body function like breathing. After death-legal personality Law has not defined an unlimited type of natural legal personality. And, this limited legal personality is relevant even after the occurrence of death. The testator, a person who wrote the will, may be allowed to receive the same legal rights after his or her death in case he or she wants to distribute property according to the wishes. The court will ensure the according implementation of the terms mentioned in the will document. In this way, a possibility of dispute is considerably reduced which normally occurs in the process of property sharing. Natural legal personality: limitations Some legal personalities have limitations. And these limitations do not allow them to have the same sort of legal rights and duties given to other persons. It is their insufficient l egal capacity that disallows them to enter into a legally binding contractual relationship. Bankrupts A person who is unable to pay liabilities is declared as bankrupt by the court. As a result of such bankruptcy, the person is disallowed to become an MP, or a magistrate, or a director of a company. Mentally ill Mentally ill person has an insufficient legal capacity to understand the resultant implications of his actions. Consequently, the law does not

Spiritual Belief Essay Example | Topics and Well Written Essays - 1000 words

Spiritual Belief - Essay Example In patience recovery, faith is important in contributing to the beliefs of the individual thus their ability to recover. The spiritual needs assessment of a relative to a patient helped reveal several demographic factors that may help devise proper psychological therapies for the patient thereby resulting in faster recovery. The assessment revealed that the patient had ardent faith in the Christian faith and was a staunch catholic. His beliefs were founded in the teachings of the Roman Catholic and so was his family’s. As a Christian ascribing to the doctrines of the faith, the respondent neither drinks nor smokes. Additionally, he portrays a social and loving personality often assisting those he interacts with whenever possible thus validating his support for the patient. The patient portrayed strong belief in the teachings of the faith thereby opting to live as per the demands of the Catholic Church. From the assessment, it became evident that one’s spiritual beliefs are important in determining their subsequent personalities. Religious beliefs contribute to the development of a personality within an individual as the interview portrayed. Most of the questions in the assessment tool sought to investigate the relationship between the faith and the social life of the individual. The respondent’s responses revealed a close relationship with the faith greatly influencing the social lives of the respondent (Reilly, 2011). Since the respondent is a catholic and that, the catholic teachings abhor alcoholism and cigarette. The respondent thus selects his social groupings carefully always avoiding smoker ad alcoholics. His religious beliefs thus influence the type of respondent’s lifestyle, such toxic substances as alcohol and cigarette affect health. By avoiding such for whichever reasons, one reduces chances of infections (Manent, 2011). Religious beliefs and the degree of beliefs in the teachings of a faith is a key factor that helps inf luence the type of lifestyle an individual leads. In this relation, religious beliefs thus influence the propensity of an individual being susceptible to certain lifestyle diseases such as those caused by alcohol, cigarettes and other religious contrabands. The assessment went well thereby revealing several important factors of religion that affect the health of an individual. Just as stated earlier, religion influences the relationship among people. The respondent’s belief in his faith that discourages discrimination resulted in an objective interaction between the respondent and the interviewer. The interaction was free and extremely interactive with the respondent opting to take the opportunity to pass some of his teachings to the respondent. The personal interaction between the respondent and the interviewer portrayed advanced development and maturity thereby leading to free flow of information from both sides. Such thereby contributed to the effectiveness of the study, w hich revealed several important facts about the relationship between religious belief, and lifestyle that is an important determinant of lifestyle diseases. Besides the personal relations between the respondent and the interviewer, communication between the two was effective a factor contributed to by several factors. The effectiveness of the interview ensured that the interviewee responded to all the questions and exhibited sincerity that improved the effectiveness of the study. The respondent owing to his inclination to his faith committed to the study and provided detailed answers to the questions in the tool. The free flow of information between the two permitted the respondent to provide examples of some of the issues he raised thereby developing factual relationship betw

Critical thinking Essay Example | Topics and Well Written Essays - 1000 words

Critical thinking - Essay Example And this has come with so much military concerns. In other words, religion has been a fundamental part in the organization of nations' military policies and military campaigns. This paper seeks to argue that religion is a major cause of war. In order to undertake this discourse, it is important to identify the origins of organized religion. This will provide the basis for the identification of the important variables and undertake a comparison of the era before organized religion and the era after organized religion. In providing a background to what we will call organized-religion today, Wilson identifies that â€Å"Jesus did not call what he taught Christianity nor did Buddha call what he taught Buddhism† (2011 p62). This implies that what we call religion today evolved years after the founders of those groups died. In other words, these great teachers in history lived for a given philosophy and idea that was meant to improve the lives of people and get human beings closer t o the Creator. However, after these exemplary teachers died, people who came after them sought to spread their creed and spiritual beliefs. These individuals are the ones who can institutionalize religions and make it imperative for people to adopt those religions and live according to these fundamental ideals. With time, these â€Å"religionists† philosophize and put religion in a context that binds all people and all members of the community. This is because they feel that the teachings of the founders of the sect are universal and every human being must be forced to comply with those religious ideals in order. A further analysis of the emergence of religion indicates that the founders of these religions were mainly individuals with very modest visions and modest views. However, after they died, some people believed in the institutionalization of the religious views and in doing this, they got closer to people in authority and created a symbiotic relationship that made reli gion self-serving and a tool for the control of the masses and the wider sections of the society (Gooding, 2006, p45). As Karl Marx opines, religion is the opium of the people (Ott, 2007). In his writings, Marx challenged the status quo and he identified a lot of things about the abuse of religion, power and authority. In doing this, he provides a thesis that religion is used by the people in power and the people in authority to control the masses and get them to do what the leaders want. This observation of Marx can be identified in many societies ranging from the Far East to the Atlantic and down to the southern tip of Africa and the southern continents. Religion was used by people in authority to guide and to control the minds of people in society. In notable examples, religion was used to organize Empires. Caroll writes that Emperor Constantine unified Europe and kept the Roman Empire alive through the adoption of Christianity as a state religion (2012). It is worthy to note tha t Christianity was an outlawed religion that came with a death penalty in the Roman Empire before Constantine came to power. However, realizing that there were economic challenges ahead and there was pressure and rebellion from the â€Å"barbarian† tribes in northern Europe, Constantine decided to adopt Christianity to unify the masses and create a single code. Thus, through the Church, an organized religion was formed in Europe and this helped

Spiritual Belief Essay Example | Topics and Well Written Essays - 1000 words

Spiritual Belief - Essay Example In patience recovery, faith is important in contributing to the beliefs of the individual thus their ability to recover. The spiritual needs assessment of a relative to a patient helped reveal several demographic factors that may help devise proper psychological therapies for the patient thereby resulting in faster recovery. The assessment revealed that the patient had ardent faith in the Christian faith and was a staunch catholic. His beliefs were founded in the teachings of the Roman Catholic and so was his family’s. As a Christian ascribing to the doctrines of the faith, the respondent neither drinks nor smokes. Additionally, he portrays a social and loving personality often assisting those he interacts with whenever possible thus validating his support for the patient. The patient portrayed strong belief in the teachings of the faith thereby opting to live as per the demands of the Catholic Church. From the assessment, it became evident that one’s spiritual beliefs are important in determining their subsequent personalities. Religious beliefs contribute to the development of a personality within an individual as the interview portrayed. Most of the questions in the assessment tool sought to investigate the relationship between the faith and the social life of the individual. The respondent’s responses revealed a close relationship with the faith greatly influencing the social lives of the respondent (Reilly, 2011). Since the respondent is a catholic and that, the catholic teachings abhor alcoholism and cigarette. The respondent thus selects his social groupings carefully always avoiding smoker ad alcoholics. His religious beliefs thus influence the type of respondent’s lifestyle, such toxic substances as alcohol and cigarette affect health. By avoiding such for whichever reasons, one reduces chances of infections (Manent, 2011). Religious beliefs and the degree of beliefs in the teachings of a faith is a key factor that helps inf luence the type of lifestyle an individual leads. In this relation, religious beliefs thus influence the propensity of an individual being susceptible to certain lifestyle diseases such as those caused by alcohol, cigarettes and other religious contrabands. The assessment went well thereby revealing several important factors of religion that affect the health of an individual. Just as stated earlier, religion influences the relationship among people. The respondent’s belief in his faith that discourages discrimination resulted in an objective interaction between the respondent and the interviewer. The interaction was free and extremely interactive with the respondent opting to take the opportunity to pass some of his teachings to the respondent. The personal interaction between the respondent and the interviewer portrayed advanced development and maturity thereby leading to free flow of information from both sides. Such thereby contributed to the effectiveness of the study, w hich revealed several important facts about the relationship between religious belief, and lifestyle that is an important determinant of lifestyle diseases. Besides the personal relations between the respondent and the interviewer, communication between the two was effective a factor contributed to by several factors. The effectiveness of the interview ensured that the interviewee responded to all the questions and exhibited sincerity that improved the effectiveness of the study. The respondent owing to his inclination to his faith committed to the study and provided detailed answers to the questions in the tool. The free flow of information between the two permitted the respondent to provide examples of some of the issues he raised thereby developing factual relationship betw

Micro analysis of Apocalyspe Now (1979) Essay Example | Topics and Well Written Essays - 1500 words

Micro analysis of Apocalyspe Now (1979) - Essay Example Inspired by the 1902 novel of Joseph Conrad, The Heart of Darkness, Apocalypse Now presents a story of a U.S. Army assassin, Captain Benjamin Willard in his final mission in Vietnam. Willard is tasked to take a voyage up the Nung River into Cambodia, for purposes of finding and killing a renegade Green Beret officer, Colonel Walter Kurtz. Kurtz, who is believed to have gone insane, leads a native Montagnard army in the commission of derange killings. The native army regards Kurtz as their ‘god’. Willard joins the troop of a Navy river patrol boat in order to reach Kurtz. As the journey of Willard continues, his crew comes across Lieutenant Colonel Bill Kilgore, chief of a U.S. Army helicopter cavalry group, who led the elimination of a Viet Cong colony to afford an entry point for the Patrol Boat River into the mouth of the Nung River. After several notable episodes of the journey, Willard finally reached the outpost of Kurtz, completing his mission and thereby gaining an acknowledgment of the natives as their new ‘god’. The chosen sequence depicts a part of the journey of battle-weary Captain Benjamin Willard to the ferocious profundity of war. The film sequence focuses on Willard’s mission to attack a Vietnamese village suspected of being an enemy stronghold, with the indispensable participation of Lieutenant Colonel Bill Kilgore, who takes Willard on an airborne foray utilizing several U.S. army gunships. The sequence begins on the sound of a trumpet signalling the commencement of the mission as depicted by the movement of the first helicopter gunship elevating from the ground, followed consecutively by the rest of the gunships. As the helicopters soar the sky, Wagner’s â€Å"Ride of the Valkyries† plays in the background. Here, the viewer is being initiated into the spectacle and awesome sight of war. As each of the helicopters ascends in the orange sky, showing overlapping shots of helicopters in tight formation

Altruistic Surrogacy Arrangements Essay Example for Free

Altruistic Surrogacy Arrangements Essay Couples around the world find out that they’re unable to conceive children. This is a very heart breaking and detrimental situation in anyones life who is trying to have a child. Infertility affects more than 7 million people in the United States, and about 12 percent of women of childbearing age are considered infertile. Most infertility cases are treated with drug or hormone therapies or surgery. However, about 3 percent of cases require more advanced techniques, such as surrogacy. A surrogate is a woman who carries a child for an individual or a couple. Stories of surrogacy reach back to the Bible with the story of Abraham, his wife, Sarah, and her handmaiden, Hagar. In this story, Sarah finds she is unable to conceive and arranges for Abraham to impregnate Hagar, who goes on to conceive Ishmael. There are two types of surrogacy options, one is traditional surrogacy and the other is gestational surrogacy. A traditional surrogate is a woman who donates her own egg and then carries the pregnancy. The surrogates egg is fertilized through artificial insemination with the sperm of the father or a sperm donor. Traditional surrogates are genetically related to the child because their own eggs are used in the process. A gestational surrogate or also known as a gestational carrier, are not biologically or genetically related to the child she carries. Gestational carriers become pregnant through the process of in vitro fertilization, where an embryo or embryos created from the eggs and sperm of the intended parents. Donor eggs and donor sperm are selected by the intended parents are implanted in the uterus for the gestational period of 40 weeks. Intended parents and surrogates have to consider what type of surrogacy arrangement they feel like they are comfortable with. There are two common types of arrangements pertaining to surrogacy, which are commercial and altruistic. In commercial surrogacy the surrogate is paid for her time and effort, any travel involved and related medical expenses not covered by insurance. The chosen surrogate and the intended parents usually dont know each other before the arrangement. In altruistic surrogacy arrangements, the carrier sees no financial gain, and the arrangements are commonly made with relatives or friends of the intended parents. Surrogacy is against the Church’s teaching, they teach that techniques that entail the dissociation of husband and wife, by the intrusion of a person other than the couple (donation of sperm or ovum, surrogate uterus), are gravely immoral. These techniques (heterologous artificial insemination and fertilization) infringe the childs right to be born of a father and mother known to him and bound to each other by marriage. They betray the spouses right to become a father and a mother only through each other (Catechism). The use of a surrogate mother is a process that is thousands of years old. This is proven in the writings of the Bible in the story of Abraham and his wife Sarah, she was infertile. At this time in the earths history, a woman who was childless was often at times shamed by her family and friends. These women would offer their servants to act as a surrogate. The Bible does not specifically forbid the process of surrogacy. The question that you must ask is, whether it is considered to be moral or ethical with keeping children conceived out of love, born from a married couple. The Bible has also been interpreted as stating that children are a gift, not a right. Therefore, God will bless some people with children and others not. Personally I believe surrogacy is an â€Å"okay† practice. Surrogacy ultimately brings joy to the couple and why would god not want us to seek happiness. Surrogacy may seem to be defying God’s will but I think it’s a way of making a precious life out of a bad situation. Being told you will not be able to have your own children is a heart breaking situation. You would never know how it felt until you experience yourself. What gives us the right to judge someone else for wanting a child from their own DNA. If Surrogacy can use one embryo and not kill of the others I think it should be allowed in the church.

Comparative Analysis of Forwards and Futures Contracts

Comparative Analysis of Forwards and Futures Contracts A Mauritian Perspective Abstract This research compares the OTC derivatives market with the exchange-traded derivatives market. Forwards contracts have been used as a representative for OTC markets and Futures for organised exchanges and the costs and benefits of each one have been analysed. This research has been done being with regard to the GBOT setting up in Mauritius. Forwards are frequently used contracts relative to others, in Mauritius. Hence, it is assumed that if the users have to shift to the GBOT, they will use futures contracts as a substitute for forwards since both have similar characteristics except that futures are more sophisticated than forwards. A survey has been done on the top one hundred and twenty companies in Mauritius out of which, only 70 have responded. The questionnaire aimed at determining the current derivatives position in Mauritius and a glance at the perception of the financial officers with respect to GBOT. Even though they believe that GBOT will benefit the country, they are unwilling to enter the market; while most of the respondents are unaware of GBOT and uncertain about the futures market and trade mechanism. Unexpectedly, it was found that some firms use futures for risk management. The results have been used to conclude whether it is viable for Mauritius to introduce an exchange and what measures can be taken to ensure that GBOT is successful. With respect to this research, it seems that the Mauritian market is not ready yet, to conceive this new development in its financial system but there are some measures that can be adopted to combat the inhibitors and there are much lessons to be learned from the record of derivatives mismanagement. List of Abbreviations AML Air Mauritius Company Limited CDS Central Depository and Settlement Company Limited CBOT Chicago Board of Trade CME Chicago Mercantile Exchange CFTC Commodity Futures Trading Commission EFP Exchange of Futures for Physical FSC Financial Services Commission FX Foreign Exchange GBOT Global Board Of Trade HSBC Hongkong and Shanghai Banking Corporation Limited MTM Mark-To-Market OTC Over-The-Counter SEM Stock Exchange of Mauritius STC State Trading Corporation S0 Spot price today ST Spot price at maturity USA United States of America 1.1 Introduction The presence of derivatives market has undoubtedly improved national productivity growth and standards of living. Alan Greenspan (Chairman of the US Federal Reserve System, 2005) Derivatives have gained prominence in the past few decades and are today a vital element in finance. Although they are the latest addition to the financial world, they have been witnessing a high rate of success. They have undergone constant innovation and active trade, notwithstanding the fact that they have led to a more complex form of hedging. Electronic trading and settlement facility has revolutionised the global financial and commodity markets by attracting international investors and increasing liquidity. 1.2 Background Theory 1.2.1 Hedging Hedging is a form of insurance that uses derivatives to absorb financial risk by locking in a price for a particular good. Its essence pertains to the uncertainties associated in prices of goods. Since prices of goods cannot be predicted with certainty, people speculate. Gol (1980) states that when everyone expects a price rise, all opinions seem to converge over a price rise, such that, if speculators enter the futures market, they would also be buyers rather than sellers and their buying activity may further aggravate the price rise. Speculation helps in effective risk management but sometimes backfires; for instance, many airlines speculated a rise in fuel prices and hedged their exposure with derivatives. Unfortunately, the financial crisis 2007-2008 caused fuel prices to decrease considerably in the spot market, but the airlines had the obligation to honour their derivative contracts at relatively higher prices. 1.2.2 Derivatives market Derivatives are financial instruments that derive their value from one or more underlying assets such as stocks, bonds, currencies, interest rates, commodities and market indices; for example, an oil futures contract derives its value from the price of oil- oil being the underlying asset. Derivatives are used extensively in financial and non-financial institutions. Forward contracts are the basic derivatives that stemmed from the goods market, and have thereupon paved the way for other derivatives. Some goods traded through derivatives are base metals, precious metals, agricultural products, energy products, foreign currencies, interest rate, and stock indices among others. Other includes contracts based on carbon, commodity indices, credit, fertilizer, housing, inflation, and weather. Source: Futures Industry Magazine 2009 For this research, commodities, assets, and goods are used interchangeably, irrespective of whether they are used in the financial, commodities or foreign exchange markets. 1.2.3 Types of derivatives There are two distinct groups of derivative instruments: forward-based products and option-based products. Forward-based products are termed linear derivatives as they offer a linear payoff and include futures, forwards, and swaps. Conversely, option-based products are non-linear derivatives since they offer a non-linear payoff and include puts, calls, caps, floors, and collars. Other derivatives, such as options on futures, swaptions, and forward caps, combine the features of both forward and option contracts. Derivatives trade in over-the-counter (OTC) markets or in organised exchanges. OTC trading occurs among a few dealers via phone or electronic messages. OTC contracts are mutual agreements made through private negotiations and transacted outside a trading platform. However, some OTC derivatives are cleared via exchanges (e.g. in the Chicago Mercantile Exchange). Swaps, forwards, and customised options are OTC contracts. Exchange-traded derivatives are standardised in terms of quantity and quality (the amount and quality of the good is fixed) and negotiation is not possible. Organised exchanges employ both open outcry system and electronic order matching systems and share similar purposes to securities exchanges. They design the contract terms and operate a clearinghouse, which acts as a guarantor, settles all contracts, and regulates trading. Large securities firms and commercial banks act as derivatives dealers. Futures and standardised options are traded on exchanges. 1.2.4 Players The three broad categories of traders in the derivatives market are hedgers, speculators, and arbitrageurs. Hedgers use derivatives to reduce the risks that they face from adverse movements in prices of goods while speculators take a position to realise gains with a relatively small initial outlay. Arbitrageurs enter the market to realise gains without risking their own capital. Conclusively, hedgers transfer their risk to speculators and arbitrageurs and thus, boost liquidity on the market. 1.3 Objective of Study A well-regulated organised derivatives market encourages a sustainable financial development and increases savings and investment in the long-run, thereby promoting economic growth. However, the concern is how and when to discern the time for its implementation in small economies. This dissertation aims at analysing the benefits and drawbacks of using forwards and futures contracts. Forwards contracts can be used by minority users, without major procedures and regulation. Contrarily, futures require significant concern and assistance of the government to support and ensure a good operating system. The research is carried out with regard to the commodities market being set up in Mauritius. Forwards laid the groundwork for futures, hence, both are treated simultaneously throughout this study. Futures (exchange-traded) are enhanced forms of forwards (OTC) but differing somewhat in the way they are traded. The costs and benefits of the two instruments are analysed and compared. This will indicate whether it is viable for Mauritius to introduce a derivatives exchange and suggests the measures that can be adopted to ensure that its objectives are attained. Swaps and options are excluded from the study because they operate differently and due to word constraint. Forwards and futures are relatively simpler and typically alike, thus, rendering comparison easier. 1.4 Overview of Remaining Chapters Chapter 2 deals with the literature review while Chapter 3 is an overview of the derivatives market in Mauritius. Chapter 4 covers the research methodology section. Chapter 5 presents the analysis and findings of the research, followed by Chapter 6, which concludes this study and includes some recommendations. chapter two: literature review 2.1 Importance of Derivatives Market Several factors such as size, leverage, asset-liability duration, and taxes amongst others, affect the hedging decision of a firm. The Miller and Modigliani theory posits that hedging is fruitless in perfect financial markets. In reality though, markets are imperfect and hedging alters a firms value by influencing its investment decisions. Bessembinder (1991) distinguishes that hedging corporate risk with forward contracts increases firms value by reducing incentives to under-invest. He also advocates that large institutions are more likely to use derivatives due to informational economies of scale. Likewise, Haushalter (2000) finds a positive correlation between hedging decision and total assets and characterises it as the economies of scale in information and transaction costs of hedging. Hedging also enables a firm to negotiate with its customers, creditors, and managers, which improves contract terms. A research on African countries suggests that volatile international capital flows have the tendency to destabilise shallow markets and precipitate a crisis if there is a change in investors appetite and urges adoption of stronger domestic policies and local derivatives markets for financial risk management purposes (Adelegan, 2009). Hedging is a zero-sum game; one does not gain from trade unless another faces a loss. The gain to the buyer will be exactly equal to the loss to the seller of the forward contract, whilst the gain to the seller will be exactly equal to the loss to the buyer. Hieronymus (1971) defines hedging as taking a position in a futures market that is equal in size and opposite to a predetermined position in the cash market. Hence, a loss in one market is offset by a gain in the other market. This principle works since cash prices and futures prices of a commodity are expected to converge as the contract reaches expiry. Anderson and Danthine ( 1981) define a pure hedge term equal to the risk-minimising futures position corresponding to a predetermined cash position. A hedger, thus, uses the possibilities offered by futures markets to minimise his risk. 2.2 Forwards Market A forward contract is a bilateral binding agreement to buy or sell a specific quantity and quality of an asset, at a pre-determined price and pre-determined future time. Normally, contracts specifying settlement in excess of 30 days after the trade date are forward contracts. Forwards are the first and simplest derivatives that sprouted in the sixteenth century in the agricultural markets, wherein they were used primarily to resist adverse price movements. Dong and Liu (2005) advocate that the equilibrium forward reduces commodity price risk; the buyer and seller will transact at the price specified in the contract, whatever the price of the underlying asset in the spot market at maturity. A forward agreement is somewhat like a legal contract, customised with respect to the needs of the particular buyers and sellers, obligating delivery of the underlying asset under the conditions specified in the contract. The buyers and sellers negotiate over the contract terms. Anderson and Danthine (1981) claim that, in the forwards market, speculators are assumed to be risk-neutral, bidding competitively to exercise arbitrage opportunities. 2.2.1 Benefits of Forward Contracts 2.2.1.1 Risk Management Typically, a forward contract alleviates financial risks, thereby protecting traders. There is no initial investment in the forwards market since cash changes hand only on settlement of the contract at maturity. This causes less volatility in cash transactions, rendering cash flows easy to manage. 2.2.1.2 Settlement Facility Cases wherein the seller defaults for some reason, contracts may be mutually settled in cash. Duffie (1989) finds that in practice, only a small fraction of forward positions are actually delivered while most are closed out before delivery by a cash settlement. Sometimes, initial traders are able to transfer their contracts to someone willing to take their obligation. Per se, it offers a certain degree of flexibility. 2.2.1.3 Trade Linkages and other benefits Forwards allows negotiation on the contracting terms, which benefits traders, builds up trust, and strengthens trade links between parties. Wolak (2007) analyses an electricity company and concludes that forward contracts reduce the cost of production as well as its volatility, and increase pro?t. Likewise, Dong and Liu (2005) show that forward contracts in non-storable goods benefit both producers and suppliers. 2.2.2 Costs of Forward Contracts 2.2.2.1 Counterparty Default Risk Forward contracts mitigate financial risks but give rise to counterparty risk (risk of default), which is one of the prominent risks in OTC derivatives. Counterparty risk can cause huge losses. 2.2.2.2 Transaction Costs In order to ensure guaranteed deals, parties with good credit ratings should be identified, which is a very costly task. Nevertheless, these firms do have a possibility to default for reasons such as insolvency or bankruptcy. An ideal illustration is the collapse of the Lehman Brothers investment bank that has created the biggest turmoil in the worlds history; following which, more concern has shifted to the OTC market. 2.2.2.3 Legal procedures Once the terms and conditions of the contract are accepted, they must be adhered to otherwise legal procedures may entail. Forwards market is an unorganised form of trade with no ability to deal with conflicts other than seeking legal recourse that may be too costly. Influential and wealthy parties only may recourse to such practices. Besides, it causes damage to the dealers reputation. 2.2.2.4 Liquidity and Transparency issues There is no possibility of closing out or reversing a forward contract. Thus, forwards lack flexibility and liquidity and forward delivery is not guaranteed in the absence of a regulator. Additionally, since the contract involves only two entities, there is reduced transparency and possibility of mispricing the goods since not all the forces are at work. 2.2.2.5 Market Power and Bargaining Power Market power and bargaining power affect the capacity for negotiation along with the forward equilibrium price. As such, small investors with lesser power may suffer. Dong and Liu (2005) show that the forward equilibrium moves in favour of the participant with high market power, such that he gains from the contract. However, when negotiation costs are very high, both producers and buyers face a loss regardless of market power and use forward contracts for risk management rather than for gains. 2.2.2.6 Informational Inefficiency A study by Mahenc and Meunier ( 1983) stipulates that there is no proper information dissemination in the forward market but under conditions of imperfect information, forward trading indirectly creates efficiency in the spot market. The necessity to deal with the shortcomings of forward contracts led to the emergence of the futures market. 2.3 Futures Market A futures contract is an agreement between two parties to buy or sell a fixed amount of an asset at a pre-decided price and date. In this respect, futures share the same characteristics as forwards; for instance, they help buyers and sellers with long term planning by locking in a price. However, futures are more sophisticated than forwards. Financial futures were traded on shares of the Dutch East India Company in the seventeenth century, but modern futures markets originated in Japanese rice futures, which were traded in Osaka in the eighteenth century. Futures emerged with the grading system, which purported to ensure that at maturity, the quality of goods delivered was as specified in the contract, which eventually led to standardisation of futures contracts. Futures are standardised contracts in respect of quantity, quality, delivery date, and location. They trade on organised exchanges, which are responsible for setting the quantity, quality of the underlying asset in the contract. Moreover, the exchange sets the terms and conditions of the contract, which are non-negotiable by the traders. All investors are treated equally; small investors are also able to hedge without difficulty. 2.3.1 Structure of the Futures Market Futures exchanges share the same purpose as securities exchanges. They usually have an integrated clearinghouse for clearing and settlement facility. Brokers, who are also members of the exchange, are responsible to match the buy and sell orders without buyers meeting sellers and vice-versa. Only members are allowed to trade on the platform, thus, a non-member wishing to deal in futures, should trade through a broker. The exchange connects buyers and sellers worldwide, communicates and keeps parties joint and ensures compliance with the terms and conditions of the contracts. Exchanges use open outcry in pits or electronic order matching systems or some use both, such as The Chicago Mercantile Exchange. Some authors argue that the open outcry system is more liquid and transparent than the automated system. Traders need to deposit a margin with the exchange prior to trade. The demand for margin (a percentage of the value of the contract) is referred as collateral or as a good faith deposit (Gay, Hunter, and Kolb 1986). All traders are required to have a minimum stated sum of money in their accounts. Contracts are settled on a daily basis: the mark-to-market system (MTM) which affects the contract price. If price of contract increases on a particular day, the holder makes a profit, which he can withdraw from his account, whereas if price decreases, he makes a loss and the amount is deducted from his account. As such, he is required to deposit a margin, referred as a call margin, to replenish his account to the threshold level, known as the variation margining system. Futures contract protect the value of inventories and partly finances the cost of storage since the future price of a commodity is dependent upon its cost of carry (Future price = cash price +cost of carry). This helps to improve marketing policies, financial planning, and long-term forecasting of prices. If ST is expected to be higher than current S0, then the current futures price will be set at a high level relative to the current S0. Likewise, if ST is expected to be lower at maturity, current futures price is set low. 2.3.2 Benefits of Futures Contracts Fundamentally, futures market confers two main purposes: price discovery and price risk management. The market provides protection against default, manipulation, and abuse. 2.3.2.1 Risk Management and Settlement Guarantee Moser (1998) reckons that futures contracts counteract default risk and protect traders through a set of rules. Firstly, standardisation protects traders as it ensures that the quality of the goods delivered is as specified in the contract. Moreover, the exchange can order its members to produce their financial accounts for inspection if their solvency is doubted. In 1873, the CBOT decided to expel any member who refused to abide by this rule (Andreas 1894). The margining and MTM system also contribute to curtail counterparty default risk as traders are called to supplement their account for the losses incurred on their contracts within 24hours; failure to do so causes their positions to be liquidated. There is a settlement guarantee in case of default while a tight regulation ensures that manipulation and abuse is virtually absent. 2.3.2.2 Price Discovery Futures market is transparent; pricing of commodities are fair and manipulations very difficult. Electronic trading on the exchange platform pools together all forces affecting the price of a commodity, leading to price discovery mechanism, which improves efficiency and lowers costs. Technology renders the exchange highly competitive since the market reacts very fast; prices and transactions are monitored constantly while information is captured continuously and incorporated in the intrinsic value of a good. Telser and Higinbotham (1977) concur that, futures market pools trade from diverse area into a central market, thereby increasing the heterogeneity of potential transactions. They proclaim that futures are liquid as transaction occurs readily at mutually acceptable prices and that homogenisation and clarity of the terms and conditions boost liquidity. 2.3.2.3 Liquidity One need not possess the underlying asset to sell futures while one may not be in need of a commodity to buy futures. Speculators and arbitrageurs enter the futures market without possessing or the intention of buying the commodity. Thus, the transfer of risks to different players in the market increases liquidity and maintains the equilibrium in demand and supply. Telser and Higinbotham (1977) statistically demonstrate that as the number of traders in the market increases, the market clearing prices become normal. Futures can be squared-off (reverse a position) without negotiation, thus making delivery non-mandatory. Positions can also be rolled-over. If period for hedge is later than the expiry date of the current futures contract, the hedger can rollover the hedge position by closing the existing position in a futures contract and simultaneously taking a new position in another futures contract with a latter expiry date. 2.3.2.4 Transactional and Informational Efficiency Futures market increases the informational efficiency of cash market and promotes import and export competitiveness. Cox (1976) empirically demonstrates that futures trading increases traders information about forces affecting supply and demand. His analysis rejects the claim that futures trading impose costs on producers, consumers, and others who handle the physical commodity. Additionally, evidences from more fully informed traders suggest that futures trade increases efficiency in spot markets. 2.3.2.5 Increase Export Competitiveness When entering forward contracts, exporters do not, usually, possess the entire stocks for export. Futures market enables them to hedge their projected purchase, until they have to buy in the physical market for exporting. Taking a position in the futures market will help to offset the gain/loss in the physical market; that is, at maturity the net loss/gain in futures market offsets the gain/loss in the physical market. Thus, exporters can accept contracts with longer duration and increase their competitiveness. 2.3.2.6 Offsetting gains and losses in the physical market Futures market also allows a hedger to take a position in the futures market opposite to the position he takes in an over-the-counter market. Such a transaction is termed: exchange of futures for physical (EFP). The OTC and futures positions should be for the same underlying assets or at least similar in terms of value and quantity. This results in the flexibility of customising the physical market with respect to the needs of traders, parallel to the OTC market and at the same time enjoying settlement guarantee in an exchange. Usually, margin requirements for EFP transactions are lower. EFP may seem appealing but is inefficient in fair pricing. Exchange Officials apprehend that EFPs would harm the futures market by reducing volume and liquidity and inhibit fair price discovery. 2.3.2.7 Diversification of portfolios Futures on commodities serve to diversify portfolios, since they are less volatile than financial securities. Bodie and Rosansky (1980) report an average excess return of 9.5% per annum for an equally weighted portfolio of commodity futures between 1950 and 1976. Their analysis reveals that equities are riskier than commodity futures. Furthermore, total return of the equally weighted commodity futures was negatively correlated with the return on long-term bonds, suggesting that commodity futures are effective in diversifying equity and bond portfolios. The benefits of diversification from commodity futures tend to be larger for longer holding. A similar analysis carried out by Gorton and Rouwenhorst (2005) confirms that commodity futures returns have been effective in providing diversification of both stock and bond portfolios. Weiser (2003), on the other hand, contends that commodity futures returns vary with the stage of the business cycle. He finds that commodity futures usually perform well in the early stages of a recession while stock returns are generally disappointing and in later stages of recessions, commodity returns fall while equities perform well. 2.3.3 Costs of Futures Contracts 2.3.3.1 Complexity Despite appealing benefits, futures contracts inherit some costs and the prime one is the complexity of handling them. Futures were generated to deal with the limitations of forwards but, in so doing, they brought a more complex form of hedging. Proper knowledge of the market is crucial; otherwise, hedgers may face unwanted losses. 2.3.3.2 Basis Risk Basis risk (the difference between spot and futures price) is inbuilt in futures market. Hedge positions are usually not perfect due to this difference. Working (1962) emphasises that the existence of basis risk prevents the elimination of all risks. Brorsen (1995) finds that changes in basis can cause forwards to be cheapest in some periods and futures to be cheapest in others. Therefore, the benefits of hedging can be enjoyed when the market is well understood. Advanced futures concepts about hedge positions, hedge ratios, and types of hedges should also be mastered as they benefit hedgers differently in different markets. 2.3.3.3 Mark-to-Market System (MTM)-cash drain out The transaction costs involved, such as, initial margin and variation margin in the MTM system freezes up working capital that could have yielded interest. Furthermore, the margin call should be paid before next opening of the market- a very short delay. These daily settlements make transactions volatile and cash flows cumbersome to maintain. Margin costs and brokerage commission discourage some investors, especially small traders, to enter the market. Williams (1986, 1987) shows that risk-neutral firms will hedge if transaction costs are lower in the futures market than in the cash market. Moreover, instances of dual trading exist, whereby brokers trade on behalf of their clients to earn a commission, without improving the customers position. 2.3.3.4 Large Number of Participants needed Futures contracts fail for lack of interest by market participants, that is, a low trading volume. Telser and Higinbotham (1977) statistically demonstrate that the benefit of an organised market is an increasing function of the number of potential participants and hence, an increasing function of the turnover of the potential participants in that market. They conclude that an organised futures market survive only if it is perfectly competitive, which is achieved when there are many participants. If the open interest (number of contracts outstanding) in the futures market declines, the volume of trade falls relative to the open interest. The commission and the margin are raised consequently. They even assert that there is a cost to the emergence and survival of an organised exchange. 2.3.3.5 Standardisation issues Standardised nature of contracts may cause over-hedging or under-hedging. For example, a contract specifies  £1000 to be sold while a hedger may need only  £800. Therefore, he over-hedges by  £200. Conversely, say a hedger needs  £1100, he under-hedges by  £100. 2.3.3.6 Uninformed Investors Increase Volatility Uninformed investors may increase price volatility in the futures market. If the market is inefficient in information, futures prices become biased predictors of future spot prices and causes cash prices and future prices to diverge rather than converge. Usually, futures contracts with longer maturity are closer to spot prices since time is required to assimilate unanticipated shocks. However, Kaminsky and Manmohan (1990) suggest that it is impractical to make any generalisations about the short-term and long-term horizons in commodity futures market. They find that for longer periods several markets are not fully efficient. In addition, Chernenko et al. (2004) study a wide range of futures and forward rates from financial markets and conclude that forward and futures prices are not generally pure measures of market expectations; per se, they may not be an efficient forecast of the future prices of assets. 2.3.3.7 Losses Faced By Investors Other studies indicate that large scale, professional speculators can profitably forecast commodity prices, but small traders cannot. Stewart (1949) considers futures-trading accounts for small-scale speculators and discovers that they face huge losses. Moreover, Houthakker (1957) and Rockwell (1967) find that large speculators earned profits and small speculators incurred losses for a particular set of data. Similarly, Working (1931) estimated that speculators in wheat futures, incurred losses. Empirical research shows that, for cattle and wheat producers, futures markets have lower transaction costs than forward contracts, while for small firms like farmers, the contracting costs might be higher because of opportunity cost of time in learning about futures, setting up a brokerage account, and managing margin calls. It would be unnecessary for small groups of traders, well acquainted with each other to transact among themselves than use futures. 2.3 Derivatives Mishaps The history of derivatives has witnessed some spectacular losses in the derivatives markets, which includes losses made by both financial (e.g. Amaranth hedge fund, Barings Bank) and non-financial institutions (e.g. Orange country, Shell, Metallgesellschaft). The Metallgesellschaft (MG) is a German oil company, which used futures to hedge its exposure in its early 1990s. MG hedged its position with long positions in short-dated futures contracts that were rolled forward. However, the price of oil fell and then came the margin requirements, which caused short-term cash flow pressures. Members of MG claimed that these were short-term cash outflows and in the long-run, there would be a cash inflow. However, this led to a serious issue as huge cash was drained out of the system. Consequently, MG executives closed out all their hedged positions. Therefore, one lesson to be learned is to be alert at all ti

Anthrax :: essays research papers

1. The anthrax bacillus is considered the first "germ" proved to cause human disease. In 2001, Anthrax was deliberately spread through the postal system by sending letters with powder containing anthrax. This caused 22 cases of anthrax infection. 2. Anthrax is a serious disease caused by Bacillus anthracis, a bacterium that forms spores. There are three types of anthrax: skin (cutaneous) lungs (inhalation) digestive (gastrointestinal) 3. Anthrax is not known to spread from one person to another. Humans can become infected with anthrax by handling products from infected animals or by breathing in anthrax spores from infected animal products (like wool, for example). People also can become infected with digestive anthrax by eating undercooked meat from infected animals. 4. The symptoms (warning signs) of anthrax are different depending on the type of the disease: Cutaneous: The first symptom is a small sore that develops into a blister. The blister then develops into a skin ulcer with a black area in the center. Gastrointestinal: The first symptoms are nausea, loss of appetite, bloody diarrhea, and fever, followed by bad stomach pain. Inhalation: The first symptoms of inhalation anthrax are like cold or flu symptoms and can include a sore throat, mild fever and muscle aches. Later symptoms include cough, chest discomfort, shortness of breath, tiredness and muscle aches. 5. Antibiotics are used to treat all three types of anthrax. Early identification and treatment are important. Treatment is usually a 60-day course of antibiotics. Success depends on the type of anthrax and how soon treatment begins. 6. Vaccination. There is a vaccine to prevent anthrax, but it is not yet available for the general public. 7. Those who are often exposed to animals, or those in developing countries, especially those without strong veterinary public health programs. 8. The bacterium's destructive properties are due largely to toxins, which consist of three proteins: protective antigen, edema factor, and lethal factor. Protective antigen (PA) binds to select cells of an infected person or animal and forms a channel that permits edema factor and lethal factor to enter those cells. Edema factor (EF), once inside the cell, causes fluid to accumulate at the site of infection. EF can contribute to a fatal buildup of fluid in the cavity surrounding the lungs. It also can inhibit some of the body's immune functions.

1984 Quote Journal Essay

â€Å"On each landing, opposite the lift shaft, the poster with the enormous face gazed from the wall. It was one of those pictures which are so contrived that the eyes follow you about when you move. Big Brother Is Watching You, the caption beneath it ran. † (Orwell 5) This quote is an example of how effective and convincing The Party can make a simple poster. The Party has put posters everywhere constantly reminding the Party members that they are being watched. Being watched played a major role in every Party member’s life in the book. Winston who was constantly scared of doing things, such as having a face of anxiety or not cheering with as much enthusiasm in the two minute hate. Everything that Winston did throughout the novel that he thought was not seen by the Thought Police was seen by them. Winston even tried to make sure that his diary was not bothered with so he sprinkled some powder on the corner of the book. That powder was carefully replaced as if it was the same as when it was first put there, by the Thought Police, that is how watchful and investigative the Thought Police is. The Thought Police are continuously spying on the Party members through the televisions, hidden microphones throughout Oceania, and spies of their own. The Party wants to keep an eye on their Party members to have control over them. They have no freedom. Winston can’t even take a walk on a good day with out suspiciously being watched. Winston and Julia underestimate the power of the Party. Julia thinks that she has got the Party and Thought Police figured out. She believes that she can hide from the Thought Police. Yet when her and Winston think they have beaten the Party and were working and representing the real brotherhood. Though in the end they were the ones that were actually figured out, by the Thought Police. The Thought Police are actually watching, when least expected. The Party watches the people of Oceania as to control them. This quote basically shows that there is no freedom or privacy in Oceania. That people in Oceania live afraid to take a walk on a good day. All of this connects to the theme of the book. Orwell made the novel to show people what would happen in the future, or 1984, if the west turned into a totalitarianism government. This quote shows one of the dangers of the government controlling everything. â€Å"He discovered that while he sat helplessly musing he had also been writing, as though by automatic action. And it was no longer in the same cramped awkward handwriting as before. His pen had slid voluptuously over the smooth paper, printing in large neat capitals-DOWN WIH BIG BROTHER† (Orwell 19) The quote is an occurrence of what happens to Winston when he dazes off while writing in his diary. Since Winston wrote this, there is obviously a part of him that hates Big Brother. Of course Winston is afraid of what he has written. Because the Thought Police can catch someone even because of their thoughts. Since the dairy itself was already a risk now what he wrote was a risk. And even if he didn’t write it just thinking about it was a risk. Why would he write this? The Winston that was writing this was his real conscious. His mind realizes that what the government does doesn’t seem to be right. Like the constant watching. He notices that he had before been brainwashed to accept Big Brother. Though in the back of his mind he always knew that something wasn’t right. And now his back thoughts have came forward by writing â€Å"DOWN WITH BIG BROTHER†.

Food and Beverage Services Essay

FOOD & BEVERAGE SERVICE The Hotel Industry – Introduction Definition and Origin of the Hotel Industry otel is defined as â€Å"A place where a bonifide traveller can receive food and shelter, provided he is in a position to pay for it and is in a physically and mentally fit conditioned to be receive, â€Å"Hence, a Hotel must provide food and beverage, lodging to travellers on payment and has, in turn, the right to refuse if the traveller is drunk, disorderly, unkept, or not in a position to pay for the services offered. The most important function of a hotel is to provide Food and shelter to prospective guest. To provide food & shelter, there are number of departments or Ares, who all functions together round-the-clock inside hotel premises. All departments are broadly categorized in two parts: 1. OPERATIONAL DEPARTMENT (CORE DEPARTMENT): †¢ Front office (revenue center) †¢ Food & Beverage service (revenue center) †¢ House keeping (cost center) †¢ Food production (kitchen) (cost center) 2. ADMINISTRATIVE DEPARTMENT (NON-CORE DEPARTMENT) †¢ Maintenance department †¢ Account department †¢ Human resource department †¢ Electronic data processing department †¢ Communication department †¢ Security department †¢ Purchase department †¢ Stores. †¢ Sales & marketing department FOOD & BEVERAGE SERVICE FRONT OFFICE: The main function of the department is: †¢ To allot the room to the guest, called as check-in. †¢ To maintain the room records for reservation and allocation. †¢ To collect the room charges and other miscellaneous charges for various services used by guest during his/her stay at the hotel, at the time of departure of guest. Back Office †¢ Reservation desk: this section is used for taking booking for rooms. †¢ Telephone operator: this section is used for attending all phone calls land up in the hotel or for providing trunk dial facility to guest. †¢ Business center: this section is used for secretarial job of guest. Food & Beverage service department: The main function of this department is: †¢ To provide food & beverage facilities to the guest. †¢ To provide food & beverage for groups, conferences, meetings, theme parties etc. FOOD & BEVERAGE SERVICE HOUSEKEEPING DEPARTMENT The main function of this department is: †¢ To take care of the cleanliness of rooms, and the hotel building and its furniture and furnishings. †¢ To maintain the linen room for maintenance of room linen, restaurant’s linen etc. †¢ To maintain the gardening work of hotel. †¢ To maintain guest laundry facility for room guest staff laundry facility for staff of hotel. FOOD & BEVERAGE SERVICE MAINTENANCE DEPARTMENT The main functions of this department are: †¢ To maintain all the equipment s placed inside or related with the hotel. †¢ To be responsible for smooth supply of electricity, water, and smooth function of air conditioning unit. †¢ To be responsible for AMC of important and expensive equipments. †¢ To maintain all the furniture and fixtures of rooms and other area of hotel. ACCOUNT DEPARTMENT The main function of this department is: †¢ Preparation of budget and allocation of revenue and expenditure for various department †¢ Maintain all account related books as accordance to the government rules and regulations. †¢ Preparation of balance sheet of the company. †¢ Liaising with Govt. offices for tax and revenue related matters. †¢ Collection of revenue from guests, companies etc. †¢ Giving salaries to employees. †¢ To keep check on the food & beverage cost. †¢ To keep check on the purchase and sale of alcoholic beverages for the property. †¢ To keep the account orevenue generated and expenditure under various heads for each department. HUMAN RESOURCE DEPARTMENT The main function of this department is: †¢ Recruitment and selection of employee for hotel as per requirement. †¢ Training and development of employee †¢ Maintenance of attendance records, leave records etc. †¢ Maintenance of personal file for each employee with all details, for the purpose of periodically appraisal. FOOD & BEVERAGE SERVICE COMMUNICATION DEPARTMENT The main function of this department is: †¢ Maintenance of telephone connections for each room and other area of hotel. †¢ Maintenance of cable connections of televisions of rooms and other places of hotel. †¢ Maintenance of audio-visual equipments for conferences and parties. †¢ Maintenance of audio-visual equipments of the hotel. SECURITY DEPARTMENT The main function of this department is: †¢ To be responsible for safety and security of guests of hotel. †¢ To be responsible for safety of employee. †¢ To keep check on theft cases of hotel. †¢ To cooperate with staff for fire exit procedure. †¢ To keep record of received materials and dispatched materials of or for the property. †¢ To keep record of movement of fixed assets of property. †¢ To keep check on unauthorized entry of people. PURCHASE DEPARTMENT & STORES The main function of this department is: †¢ To purchase materials from the market as per requirement of various department of hotel. †¢ To purchase all types of equipments and materials for hotel. †¢ To liaison with different companies or vendor for supply of perishable or non-perishable goods. †¢ To liaison with different dealers for provision of non- vegetarian items (chicken, mutton, fish, beef, etc. ) †¢ To store all the purchased items properly as per basic rule (F. I. F. O. ). †¢ To issue the material to the user department of hotel after making proper record. †¢ To maintain the smooth flow of perishable and non-perishable goods for the department. SALES & MARKETING DEPARTMENT The main function of this department is: †¢ To sell the room nights and various conferences facilities to various clientele. †¢ To sell the room nights to individual guest for holiday purpose. †¢ To make the brand image of hotel in the market. †¢ To act as an agent for hotel and provide various information of changes and updating. FOOD & BEVERAGE SERVICE The different serviceareas are:- †¢ Restaurant †¢ Room Service department †¢ Banquet department †¢ Bar & lounge. †¢ Restaurants: this is also called as dinning room. Guest come inside the room. Order dishes as per choices and food is served to them. There are different types of restaurants: Coffee Shop A concept borrowed from the United States, distinguished by its quickservice. Food is pre-plate and the atmosphere informal. Table coverlayouts are less elaborate and have basic essentials only. Continental Restaurant The atmosphere is more sophisticated and caters for people who can eat at leisure. The accent is on good continental food and elaborate service. Specialty Restaurant The entire atmosphere and decor are geared to a particular type of foodor theme. Thus restaurants, which offer Chinese, Japanese, Indian cuisinewould be termed â€Å"specialty restaurants†. The service is based more orless on the style of the country from which the particular cuisine originates. Fast food joints The entire environment is characterized by high investment, high labor costs and vast customer throughput †¢ Room-Service: the department provides food & beverage service in the guest rooms †¢ Bar: this sub-department is responsible for service of Alcoholic beverage. This place are having special license to serve alcoholic beverage. †¢ Banquet: this sub-department is responsible for serving food & drinks to special groups having specific needs and demands. FOOD & BEVERAGE SERVICE The service of food and beverage may be carried out in many ways depending on a number of factors: †¢ The type of establishment †¢ The type of customer to be served †¢ The time available for the meal †¢ The turnover of customer expected †¢ The type of menu presented †¢ The cost of meal served †¢ The site of establishment Food & beverage service can be looked at from the customer’s point of view. Essentially, the customer enters a food service area, orders or selects his/ her choice and then is served (the customer may pay either at this point or later). Food and beverages are then consumed, following which the area is cleared. FOOD & BEVERAGE SERVICE Broadly we can categorize the service methods in five types: A. Table Service B. Assisted service C. Self- service D. Single point service specialized or in situ service A. TABLE SERVICE In this category, the guest enters in the area and is seated. Menu lists are given or displayed for orders. The orders are been taken by waiter/ess. Then the service is done a laid cover on the table. Following are the type of service come under this category: English Service: Often referred to as the â€Å"Host Service† because the host plays an active role in the service. Food is brought on platters by the waiter and is shown to the host for approval. The waiter then places the platters on the tables. The host either portions the food into the guest plates directly or portions the food and allows the waiter to serve. For replenishment of guest food the waiter may then take the dishes around for guests to help themselves or be served by the waiter. French Services: It is a very personalized service. Food is brought from the kitchen in dishes and salvers, which are placed directly on the table. The plates are kept near the dish and the guests help themselves. Silver Service: The table is set for hors d’oeuvres, soup, main courses and sweet dish in sterling silverware. The food is portioned into silver platters at the kitchen itself, which are placed at the sideboard with burners or hot plates to keep the food warm in the restaurant. Plates are placed before the guest. The waiter then picks the platter from the hot plate and presents the dish to the host for approval. He serves each guest using a service spoon and fork. All food is presented in silver dishes with elaborate dressing. American/Plate Service: The American service is a pre-plated service, which means that the food is served into the guest’s plate in the kitchen itself and brought to the guest. The kitchen predetermines the portion and the accompaniments served with the dish balance the entire presentation in terms of nutrition and color. This type of service is commonly used in a coffee shop where service is required to be fast. Russian Service: An elaborate silver service much on the lines of French service except that the food is portioned and carved by the waiter at the gueridon trolley in the restaurant in full view of the guests. Display and presentation are a major part of this service. The principle involved is to have whole joints, poultry, game and fish elaborately dressed and garnished, presented to guests and carved and portioned by the waiter. Gueridon Service: This is a service where a dish comes partially prepared from the kitchen to be completed in the restaurant by the waiter or, when a complete meal is cooked at the tableside in the restaurant. The cooking is done on a gueridon trolley, which is a mobile trolley with a gas cylinder and burners. The waiter plays a prominent part, as he is required to fillet, carve, flambe and prepare the food with showmanship. The waiter has to have considerable dexterity and skill. Snack-bar Service: Tall stools are placed along a counter so that the guest may eat the food at the counter itself. In better establishments, the covers are laid out on the counter itself. Food is either displayed behind the counter for the guests to choose from, or is listed on a menu card or common black board. B. ASSISTED SERVICE In this type of category, the guest enters in the dining area and assisted himself for getting the food, either from buffet counter or he may get served partly at table by waiter/ess and the extra need to be collected from counter by himself. Consumption may be done on either at table, standing or in lounge area/ banquet hall. Buffet Service: A self-service, where food is displayed on tables. The guest takes his plate from a stack at the end of each table or requests the waiter behind the buffet table to serve him. For sit-down buffet service, tables are laid with crockery and cutlery as in a restaurant. The guest may serve himself at the buffet table and return to eat at the guest table laid out. The waiter may serve a few courses like the appetizer and soup at the table. C. SELF SERVICE In this type of service, the guest enters in the dinning area, selects his own tray or from the food counter and carries food by himself to his seating place. D. SINGLE POINT SERVICE In this category, the guest orders, pay for his orders and get served at single point. There may be may not be any dinning area or seat-outs. The different types are: Take Away: Customer orders and is served from single point, at counter, hatch or snack stand; customer consumes off the premises. Food Court: series of autonomous counters where customers may either order and eat or buy from a number of counters and eat in separate eating area, or take-away. E. SPECIALISED SERVICE In this category the guest is served at he place, which is not meant or designated for food & beverage service (i. e. guest rooms or any special area). Grill Room Service: In this form of service various meats are grilled in front of the guest. The meats may be displayed behind a glass partition or well decorated counter so that the guest can select his exact cut of meat. The food comes pre-plated. F&B SERVICE PERSONAL & THEIR ATTRIBUTES All types of catering establishments require a variety of staff positions in order to operate effectively and efficiently. The food and beverage service department usually has the largest staff. Able leadership and supervision is required to effectively direct the department and guide the staff. The personnel in the food and beverage service industry require practical knowledge of operations as even a small error can cause displeasure to the guest. Coordination of activities of all outlets is essential to provide the guest with quality service at all times. Teamwork is the watchword in any food and beverage service department. A dedicated and committed team, with able leadership, under ideal working conditions, helps in fulfilling the establishment’s ultimate goal of guest satisfaction. Food and Beverage Manager The food and beverage manager is the head of the food and beverage service department, and is responsible for its administrative and operational work. Food and Beverage Managers direct, plan and control all aspects of food and beverage services. Food and Beverage Managers require excellent sales and customer service skills, proven human resource management skills, and good communication and leadership skills. In general, food and beverage manager is responsible for: i) Budgeting The food and beverage manager is responsible for preparing the budget for the department. He should ensure that each outlet in the department achieves the estimated profit margins. ii) Compiling New Menus and Wine Lists In consultation with the chef, and based on the availability of ingredients and prevailing trends, the food and beverage manager should update and if necessary, compile new menus. New and updated wine lists should also be introduced regularly. iii) Quality Control The food and beverage manager should ensure quality control in terms of efficiency in all service areas, by ascertaining that the staffs are adequately trained in keepingwith the standards of the unit. iv) Manpower Development The food and beverage manager is responsible for recruitment, promotions, transfers and dismissals in the department. He should hold regular meetings with section heads, to ensure that both routine as well as projected activities of the department go on as planned. He must alsogive training, motivate and effectively control staff. Assistant Food and Beverage Manager The assistant food and beverage manager assists the food and beverage manager in running the department by being more involved in the actual day-to-day operations. This position exists only in large organisations. An assistant food and beverage manager’s job includes: i) Assisting section heads during busy periods. ii) Taking charge of an outlet, when an outlet manager is on leave. iii) Setting duty schedules for all the outlet managers and monitoring their performance. iv) Running the department independently in the absence of the food and beverage manager. Restaurant Manager Therestaurant manager’s job includes: i) Setting and monitoring the standards of service in the outlets. ii) Administrative duties such as setting duty charts, granting leave, monitoring staff positions, recommending staff promotions and handling issues relating to discipline. iii) Training the staff by conducting a daily briefing in the outlet. iv) Playing a vital role in public relations, meeting guests in the outlets and attending to guest complaints, if any. v) Formulating the sales and expenditure budget for the outlet. vi) Planning food festivals to increase the revenue and organizing advertisement campaign of the outlet along with the chef and the food and beverage manager. Room Service Manager The room service manager reports directly to the food and beverage manager and is responsible for the room service outlet. The room service manager checks that the service rendered to the guests conforms to the standards set by the hotel. He also monitors all operational aspects of the outlet such as service, billing, duty charts, leave and absenteeism, in addition to attending to guest complaints regarding food and service. The room service manager is also in charge of the sales and expenditure budget. The room service is most liable to have problems. The room service manager should ensure coordination among the room service order taker, the captain and the waiter. Bar Manager Bar Manager organises and controls a bar’s operations. A bar manager arranges the purchase and pricing of beverages according to budget; selects, trains and supervises bar staff; maintains records of stock levels and financial transactions; makes sure bar staff follow liquor laws and regulations; and checks on customer satisfaction and preferences. Banquet Manager The banquet manager supervises the banquet operations, sets up break-down service according to the standards established by the hotel. He co-ordinates the banquet service in conjunction with other departments involved and prepares weekly schedules for the banquet personnel. He supervises the work of the banquet sales assistants, who do the banquet bookings and the captains and waiters who perform the food and beverage service activities under his guidance. He is responsible for organising everything right down to the finest detail. The banquet manager projects the budget of the banquets,and works in close coordination with the chef in preparing menus. He is responsible for making an inventory of all the banquet equipment and maintaining a balance between revenue and expenditure. Other Staff Designations at Various Levels The following are the various designations with their job specifications in the food and beverage department. i) Senior Captain or Maitre d’ Hotel The senior captain has overall responsibility for operations. He prepares the duty charts in consultation with the outlet manager. ii) Reception Head Waiter. This staff member is responsible for accepting any booking and for keeping the booking diary up-to-date. He / she will reserve tables and allocate these reservations to particular stations. iii) Captain / Chef de Rang This position exists in large restaurants, as well as in the food and beverage service department of all major hotels. The captain is basically a supervisor and is in charge of a particular section. A restaurant may be divided into sections called Sations, each consisting of 4 to 5 tables or 20 to 24 covers. A captain is responsible for the efficient performance of the staff in his station iv) Waiters / Commis de Rang / Server. The waiters serve the food and beverage ordered by a guest and is part of a team under a station captain. They should be able to perform the duties of a captain to a certain extent and be a substitute for the captain if he is busy or not on duty. They should; also be knowledgeable about all types of food and beverages, so that they can effectively take an order from a guest, execute the order and serve the correct dish with its appropriate garnish and accompaniment v) Trainee / Commis De Barraseur The trainees work closely with the waiters, fetching orders from the kitchen and the bar, and clearing the side station in a restaurant. vi) Wine Waiter / Sommelier Wine waiters have an important role to play in reputed establishments. Their job is to take orders for the service of wine and alcoholic beverages and serve them during the meal vii) Room Service Waiters / Chef D’etage Room service waiters work in the room service outlet, serving food and beverage to guests in their rooms. viii) Carver / Trancheur The carver is responsible for the carving trolley and the carving of joints at the table as required. The carver will plate up each portion with the appropriate accompaniment. ix) Floor Service Staff / Floor Waiter. The floor service staffs are often responsible for an entire floor in an establishment or, depending on the size of the establishment, a number of rooms or suites. Floor service of all meals and breakfast is offered either throughout the day or in a limited time depending on the size of the establishment. The floor service staff would normally work from a floor pantry or from a central kitchen with all food and drink reaching the appropriate floor and the required room by lift and in a heated trolley. x) Lounge staff / Chef de sale Lounge staff may deal with lounge service as a specific duty only in a first class establishment. The lounge staff is responsible for the service of morning coffee, afternoon teas, aperitifs and liqueurs before and after both lunch and dinner, and any coffee top ups required after meals. They would be responsible for setting up the lounge in the morning and maintaing its cleanliness and presentation throughout the day. FOOD & BEVERAGE SERVICE IMPORTANCE OF PERSONAL HYGIENE Hygiene involves care for the health of others and oneself. Waiters are involved in physical work, moving about, lifting trays. So look after your health; guard against leg or feet weakness; maintain good sight; and clean teeth and mouth. A balanced diet, fresh air, and suitable recreation help all. Service must be done in a clean way to protect guests against foodpoisoning or passages of disease. Dirt and dirty practices make dinning unpleasant as well as unsafe. Points to remember for maintaining of personal hygiene:A shower or bath should be taken daily. * Always use either deodorant or talcum powder. * Sufficient sleep (minimum 06 hours), and adequate healthy intake of food (more vegetable, less oil) and regular exercise will keep body healthy. * Always trim nails and keep hands clean. * Male should be clean-shaven with well-trimmed moustache. * Wear clean uniforms. * Daily wash your undergarments. Always wear clean undergarments. * Hair must at all times be clean and well groomed. * Always brush your teeth after eating breakfast, lunch, and dinner. * IF you are directly handling food, then follow these rules * Always wash your hands before touching food, and always after coming from toilet. * If you are suffering from any skin, nose, throat or stomach problem or trouble at work, tell your senior and don’t handle food. * Use waterproof dressings on cuts and sores. And remember to keep those dressings clean. * Be clean in yourself and in the clothes you wear. * Don’t smoke in a kitchen or dinning room. And never cough or sneeze over food. * Clean as you go in the kitchen, if anything get spilled, wipe it immediately. See that all utensils are kept clean. * Cover food, keep it clean, and serve it either cold or piping hot. when handling food, rather than your fingers. * Always keep the lid on a dustbin. * In restaurants, remember that clean, fully equipped, well-lit, and airy conditions are required for maintenance of hygiene. SERVICE EQUIPMENTS Food and beverage service equipment may be divided into glassware, chinaware and tableware which are further subdivided into flatware, cutlery and hollowware. GLASSWARE Glassware refers to glass and drinkware items besides tableware, such as dishes, cutlery and flatware, used to set a table for eating a meal. The term usually refers to the drinking vessels, unless the dinnerware is also made of glass. The choice of the right qulity glass is a vital element if the cocktail is to be invitingly presented and give satisfaction to the consumer. Well designed glassware combines elegance, strength and stability, and should be fine and smooth rimmed and of clear glass. CHINAWARE China is a term used for crockery whether bone china (expensive and fine), earthenware (opaque and cheaper) or vitrified (metallised). Most catering crockery used nowadays tends to be vitrified earthenware, which is very durable and haven been strengthened. Crockery is also usually given rolled edges to make it more chip resistant. Chinaware is made of silica, soda ash, and china clay, glazed to give a fine finish. Chinaware can be found in different colours and designs which are always coated with glaze. Chinaware is more resistant to heat than glassware. ed off carefully. TABLEWARE Tableware includes the dishes, glassware, cutlery, and flatware eating utensils (knives, forks, and spoons) used to set a table for eating a meal. The nature, variety, and number of objects varies from culture to culture, and may vary from meal to meal as well. Tableware may be categorised as follows: Flatware Flatware denotes all forms of spoon and fork. Flatware, especially that used by most people when they eat informally, is usually made of stainless steel. Cutlery Cutlery refers to knives and other cutting instruments. Holloware Holloware refers to table service items such as sugar bowls, creamers, coffee pots, teapots, soup tureens,or custard – based and Philadelphia – style.