Money Motivates People More Than Any Other Factor at the Work Place

By all means yes, money definitely plays a major part in motivating human resource, as far as motivation factor is concerned, that too in the work place. It is only the need for the money, that makes people work, either it be for a thousand rupees or lakhs or corers, quantity doesn’t matter, but it is THE motivating factor. If there is plenty and more than sufficient any one would hardly want to work.It is definitely a point that, there are other factors such as, you feel proud when you work for a reputed company, you feel better at place where the work environment is better, your chest would go wide, when you know, you are working for a great or noble or innovative cause, but, when you don’t have enough to meet your needs, you definitely give priority to money first and work at a place, where you are paid more.So, it would not be wrong to say, that money definitely becomes the first priority and is the motivating factor to work, People pay more attention to work when t heir needs are met and when they are comfortable, they have a sense of commitment, when they know that the company they are working for bothers about them and their needs, they develop a sense of respect and love towards such a organization or company or people they are working for. So, money is the motivating factor at the work place and has a lot of influence on the people who are working.

The Following is an article about the FIFA Confederations Cup 2013

Headline: The 2013 FIFA Confederations Cup was the ninth FIFA Confederations Cup, and was held in Brazil from 15 June to 30 June 2013 as a prelude to the 2014 FIFA World Cup. The most recent winners of the six continental championships appeared in the tournament, along with hosts Brazil and UEFA Euro 2012 runners-up Italy, who were admitted because the Euro 2012 winners, Spain, had also won the most recent FIFA World Cup in 2010. Generating Ideas: (Points):[ Actually these are facts. But we can generate and customize our own ideas and create a healthy an article. ] Brazil successfully defended their title with a 3–0 win over Spain in the final. It was their fourth Confederations Cup title and third in a row, after previous wins in 1997, 2005 and 2009. #According to FIFA president Sepp Blatter, the 2013 FIFA Confederations Cup was the best version of the tournament ever played. The competition was the first national team tournament to employ goal-line technology, which will als o be used at the 2014 World Cup. #Italy was awarded a spot in the competition because Spain had won both the 2010 FIFA World Cup and UEFA Euro 2012. Since both competitions award their winners a place in the FIFA Confederations Cup, the runner-up of UEFA Euro 2012 received an invitation to the tournament. #six stadiums are used, each in a different city. #The Official Emblem of this tournament features a stylized interpretation of Brazil’s national bird, the Rufous-Bellied Thrush (Sabia-Laranjeira). The colouring of the bird is the result of a creative interpretation inspired by the colours of Brazil’s national flag, whilst simultaneously showcasing the country’s colourful fauna. The lightness of the bird’s flight symbolically eflects the warm, hospitable nature of the Brazilian people and acts as a reminder of their national pride. #Teams had to name a 23-man squad (three of whom must be goalkeepers) by the FIFA deadline of 3 June 2013. The squads were announced by FIFA on 7 June 2013. #the competition's dates were confirmed by FIFA on 27 July 2011 in the build-up to the draw for the 2014 World Cup's preliminary qualification rounds. #All eight teams entered the group stage. The group winners and runners-up advanced to the semi-finals, while the bottom two teams in each group were eliminated from the tournament. Prior to the opening ceremony at the Brasilia National Stadium on 15 June, demonstrations took place outside the stadium, organised by people unhappy with the amount of public money spent to enable the hosting of the FIFA World Cup. Police used tear gas and pepper spray to quell the protests. The demonstrations were part of wider unrest and rioting in Brazilian cities initially sparked by increased ticket prices on public transport, but growing to express deeper public disenchantment with the financial management of the country by its Government, specially due to the high inflation. In the knockout stage, if a match was level at the end of normal playing time, extra time would be played (two periods of 15 minutes each) and followed, if necessary, by a penalty shoot-out to determine the winner. #Fernando Torres was awarded the Golden Boot award on tie-breakers. Both he and Fred scored five goals and made one assist, but Torres was given the award due to having played fewer minutes over the tournament #The official match ball for the Cup was produced by Adidas. It was unveiled during the draw for the competition. The ball is named â€Å"Cafusa† #The FIFA Confederations Cup final attracted the largest sports television audience in Brazil this year, and topped 2013 viewing figures in Spain. #The 2013 FIFA Confederations Cup Final was a football match to determine the winners of the 2013 FIFA Confederations Cup. The match was held at the Estadio do Maracana, Rio de Janeiro, Brazil on 30 June 2013 and was contested by the winners of the semi-finals, Brazil and Spain. Brazil defeated Spain 3–0 with goals from Fred and Neymar, thus breaking Spain's record of 29 games without a defeat. #Neymar inspired Brazil to a crushing Confederations Cup victory over World and European champions Spain in the Maracana. The Barcelona superstar scored a stunning strike just before the break and his goal was sandwiched by two Fred goals early in each half, the first a scrappy affair and the second a neat curled finish. Spain did not help themselves, with Sergio Ramos missing a penalty before fellow centre back Gerard Pique was sent off.

American Psychological Association

The American Psychological Association is the largest scientific and professional organization representing psychology in the United States. APA is the worlds largest association of psychologists, with more than 134,000 researchers, educators, clinicians, consultants and students as its members. Our mission is to advance the creation, communication and application of psychological knowledge to benefit society and improve peoples lives. Our Work APA seeks to advance the creation, communication and application of psychological nowledge to benefit society and improve peoples lives. We do this by: Encouraging the development and application of psychology in the broadest manner. Promoting research in psychology, the improvement of research methods and conditions and the application of research findings. Improving the qualifications and usefulness of psychologists by establishing high standards of ethics, conduct, education and achievement. Increasing and disseminating psychological knowledge through meetings, professional contacts, reports, papers, discussions and publications. Strategic Plan Our strategic plan goals are to maximize the associations organizational effectiveness, expand psychologys role in advancing health and increase recognition of psychology as a science. Governance and Senior Staff Volunteer governance members play a key role in the direction and completion of APAs advocacy, publishing, member service and more. These groups include APAs: Council of Representatives, which has the sole authority to approve policy and appropriate the associations revenue. Board of Directors, elected by the membership, and which acts as the administrative agent of the Council of Representatives. APA president, elected annually by the membership to serve as the face of the association. Committees, boards and task forces, which focus on particular issues in the field. APAs daily operations are overseen by its senior staff at APA headquarters in Washington, D. C. Definition of Psychology Psychology is a diverse discipline, grounded in science, but with nearly boundless applications in everyday life. Some psychologists do basic research, developing theories and testing them through carefully honed research methods involving observation, experimentation and analysis. Other psychologists apply the disciplines scientific knowledge to help people, organizations and communities function better. As psychological research yields new information, whether its developing improved interventions to treat depression or studying how humans interact with machines, these findings become part of the disciplines body of knowledge and are applied in work with patients and clients, in schools, in corporate settings, within the Judicial system, even in professional sports. Psychology is a doctoral-level profession. Psychologists study both normal and abnormal functioning and treat patients with ental and emotional problems. They also study and encourage behaviors that build wellness and emotional resilience. Today, as the link between mind and body is well- recognized, more and more psychologists are teaming witn other health-care providers to provide whole-person health care for patients. APA History The American Psychological Association was founded in 1892 with 31 members and grew quickly after World War II.

Commercial Law Case Study Example | Topics and Well Written Essays - 2500 words

Commercial Law - Case Study Example When a company accepts to tranship the goods of a shipper, they must take due care in ensuring that the goods are shipped in time and reach the owner in good order and condition, which Andy's vessel company failed to ensure. The company failed to take due care of the goods entrusted to it. Edith can hold back his freight charges, which she was entitled to pay for the discharge of goods until such a time when the matter is settled and thereafter pay for the discharge of the goods. In this case, Barry is absolved from any ability since; he played his role by enduring all the three bills of lading to Edith, which shows that ownership has changed. The freight payable to the shipment company by Edith should be held by her until the matter is settled. Liability solely lies to the company since it is apparent good order and condition. This means that they were damaged while on tranship. To conclude, Edith has to sue the shipment company Andy's vessel for the loss caused to her arising from damage caused so her arising from the damage caused to her goods. In this case, she should leave the goods in possession of the shipment company until her claim is full settled and discharged. From the point or rule three above, the shipment company is liable to tranship and after reaching the destination, they will not be liable. In other words they accept liability of goods while on tranship. Same way problem or damage was done while on tranship. The damage caused resulting to loss by Edith has to be compensated for since liability arises as per the rules of the carrier. Edith can sue the carrier for the reckless of her cases. Barry should have complied with all the formalities in ensuring that the goods were despatched in good order and in time but the carrier, company had the dispatched the goods in good form only to reach Edith damaged. A similar case studied is that of: Tool Metal Manufactures Co Ltd v Tungsten Electric Co Ltd (House of Lords) In April 1938 the appellant made a contract with the respondent whereby they gave they gave the respondents a license to import, make, use and sell ' hand metal alloys' in accordance with the patent rights held by them. The respondents were to pay royalties on the materials made and compensation if in any one month they sold more than the stated quantity of the alloys. In 1942, following the outbreak of the Second World War, the appellants voluntarily agreed to suspend their right to compensation, it being contemplated that a new agreement would be entered into. In 1944, negotiations for a new contract begun but broke down and, in 1945, the respondents sued the appellants (inter alias) for breach of contract and the appellants counter-claimed for payment of compensation as from June 1 1945. The respondent's action was dismissed. Regarding the counter-claims, the Court of appellants counter-claimed for payment of compensation as from June 1 1945. The respondent's action was dismissed. Regarding the counter-claim, the Court of Appeal held that the agreement of 1942 operated in

Micro controller -2 Assignments Assignment Example | Topics and Well Written Essays - 6000 words

Micro controller -2 Assignments - Assignment Example A tool has been used to stipulate guidelines that guarantee little environmental collateral damage or harm at all, when implementing new development mechanisms. As such, it bears tremendous significance in exhibiting sustainable advancement (Cirp International Conference On Life Cycle Engineering, Nee & Ong 2013, 25). The Life Cycle Assessment is a cradle-to-grave technique that is used to assess and analyze the effect of production stages on the environment. It stipulates a detailed comparison of the services and products effects by making an analysis of the outputs and inputs alike. According to Baumann and Tillmann (2004, p. 1), it is an effectual technique that comprehends the environmental impact of a product through its Life-Cycle. The Life Cycle of a product hence starts from its phases of production, through to use with the eventuality of management of waste. The stages of the Life Cycle of a product/development are covered in the presentation below: Expression of the concerns of diminishing raw materials and sources of energy in 1960s led to the creation of LCA. The intent was to stipulate accounts for energy use in a cumulative manner and to give projections for the extensive future supply and use of resources. According to Schaltegger et al. (1996, 15), the first LCA publications presented by Harold Smith, covered calculations of requirements for cumulative energy for chemical intermediates production. The presentation was made at the 1963 Global Energy Conference. The later stages of the decade witnessed publications that made predictions into the repercussions of the changing populations of the world on the demand for energy resources and raw materials. Understanding the calculations of industrial energy use resulted from the predictions of the possibility of the depletion of the fossil fuel reserves and

International Terrorism as a Threat to the United Kingdom Essay

International Terrorism as a Threat to the United Kingdom - Essay Example Terrorist activities are now monitored very closely, and a significant improvement can be observed in the international cooperation of different countries for the sake of international security and safety. In midst of such opposition of international terrorism, terrorists are still at large and supported by different countries in the world. In the result, a number of countries are posing threats due to their involvement in War on Terror, and this paper will specifically discuss some of the significant aspects of international terrorism that have created threats for the United Kingdom. In brief, probabilities and possibilities of a terrorist attack are broadly identified by the creation of threat levels, and such creation is done by consideration of different factors that will be discussed in this paper briefly to understand the range of threat that is presently being posed by the United Kingdom from international terrorism. At present, a number of studies, and reports have indicated that severe threat is being posed by the United Kingdom from the international terrorists, and one of the major reasons of such threat is its closest relationship with the United States, which has been leading the combat against the terrorists in different parts of the globe. Briefly, available intelligence is one of the rare, but imperative factors that decide the extent of the threat. It is observed that fragment information is used by the experts to make their judgments related to such threats.

Financial Information for CRODA International Plc Essay

Financial Information for CRODA International Plc - Essay Example Industrial specialties- which includes base chemicals, home care, polymers and coatings, additives for polymers, lubricant additives, lubricants and processed vegetable oils. (www. investing.businessweek.com). Consumer care division which includes international business in health care, personal care, and crop care – engaged in all markets throughout the world with a thumbing need for sustainable ingredients and innovations. Further, Croda has an enterprise technology division (R&D) which recognizes and assimilates new technology into Croda’s international business set up. (www.croda.com). Croda was able to post pre-tax profits of 10.5% during the year 2008 in spite of the serious international economic recession. However, due to stable focus on new markets, product innovation and recession mingled with the instant reduction in cost have facilitated Croda to accomplish one more year of pre-tax revenue growth in spite of the worst scenario in the international economy. (Chairman speech, AR 2009). The salient feature of the business model of Croda is the capacity to offer a variety of products to a variety of customers all over the globe. Croda’s persistent focus on originality in specialties has offered them the capacity to derive the true value for their products. (CEO Speech AR 2009). Croda is in a true sense a really global company as it is having only just 7% sales in the homeland of U.K. All of its subsidiary company around the world has targeted sales, operating margin, profit growth targets that form fundamental to their strategic plans and budgets. Croda’s report their progress annually against five major financial performance parameters. According to Croda’s annual report 2009, Croda International Plc has prepared its financial reports as demanded by the Companies Act, 2006 of U.K and as provided by the U.K accounting.

Utopia Term Paper Example | Topics and Well Written Essays - 5000 words

Utopia - Term Paper Example As the definition says, most of these schemes are impractical. John Stuart Mill, an English philosopher and economist created the word â€Å"Dystopia† to represent the opposite of Utopia. Dystopian is defined as â€Å"an imaginary place or state in which the condition of life is extremely bad, as from deprivation, oppression, or terror.† In September 1836 Frederick Henry Hedge, Ralph Waldo Emerson, George Ripley and George Putnam formed a club for like-minded thinkers to meet and discuss their ideas. They called the club the â€Å"Hedges Club† because most meetings took place at Hedge’s home. It was the citizens of Concord who were not members who named the club the â€Å"Transcendental Club. They saw the members as being unworldly, detached from society and inactive. Other members included Henry David Thoreau and Nathaniel Hawthorne. The club was not like the usual club, holding only occasional, informal meetings. It closed after 1840, although the membe rs kept in touch. The Transcendentalists lived in a time of transition in the United States. It was the time between the Revolutionary war, and building toward the Civil War. As the country was moving towards the early 1850’s, America was in the period of the greatest prosperity prior to the Civil War. Several members of the club had very definite ideas of what an ideal society and individual should be, and several of the members tried building their own Utopian ideals, hoping they would be models for the developing new country. 2. Ralph Waldo Emerson Emerson was born on May 25, 1803, educated at Harvard College and taught at his brother’s school for young ladies in Boston after graduating in 1821. He returned to Harvard Divinity School in 1825. In 1829 he was ordained as a minister and married his first wife, Ellen Tucker. For three years he was a Unitarian minister at Boston’s Second Church. He left shortly after the death of his wife, and traveled to Europe, where he met English Transcendentalists Wordsworth, Coleridge, J.S. Mill and Thomas Carlyle. Ralph’s philosophy of life was influenced by his time spent with these men. When he returned to Boston, he began a new career as a lecturer and was very successful. He married Lidian Jackson in 1835, and together they had four children. Emerson relocated his family to Concord Massachusetts. Emerson is considered to be the leader of the Transcendentalist in Concord. His social ideal was a utopia based on private property, where each person could live a simple, solitary life of a farmer or craftsman. Self-reliance should be the goal of all mankind. Ralph believed in the importance of being in touch with nature. He felt that only in solitude was a man free to think freely. A deeply religious man, he left the church because he felt it was no longer relevant to the modern world of his day. He felt that the church had not progressed with man, and that it had become oppressive, deadening the spirit. In his speech to the Divinity School graduates, he asked the graduates to breathe new life into the old forms of their religion. He told them to be friends with, and set good examples for their parishioners. Emerson advised them to listen to their parishioners because each person had their own thoughts, liked to be recognized and their opinions heard. His views were not popular with the church, and he was

World War I Diaries Essay Example | Topics and Well Written Essays - 1000 words - 1

World War I Diaries - Essay Example Germany failed to attach because of its exhausted manpower reserves. However,, the German home front revolted forming a new German government which signed a conditional surrender called the armistice, terminating the war in November, 11, 1918. The world’s great powers were divided into allies involving the United Kingdom, France and Russia, and the central powers consisting of the triple alliance of Germany, Italy and Austria Hungary (Lymann 13-17). World War 1 was peculiarly a current affair. It was the first major contest of arms fought by large, centrally organised nation states since the dawn of the new revolution. Germany, Italy and Austria-Hungary were creations of the nineteenth century. The mechanized production of goods in vast quantities came from Europe and facilitated the pace of technological innovation. The scale of conflict heightened and fighting engulfed all the main states of the European continent as well as Britain, French and German imperial colonialists in Africa, Asia and pacific islands. It also raged the high sea sucked in the colonial peoples from Australia and Indochina to India and Canada and forced the distant and isolationist united states to undertake arms. Modern technology put unprecedented lethal arsenals at the army’s disposal: artillery that could propel explosives from distances up to seventy-five miles, poison guns, airplanes, dreadnoughts and submarines. Fought mainly by soldiers in trenches, the war saw an estimated death of 10 million military men (Browne and Snead 560). It was a world war battle fought between September 12-15, 1918, which involved the American expenditory force and French groups under US commander John J. Pershing against German troops. The Americans expenditory force consisted of 14 divisions (550,000) soldiers while the German fifth army and French army was made up of 10 and four divisions respectively. The United States army air service played a

Effectiveness of a Country’s Educational Provision Essay Example for Free

Effectiveness of a Country’s Educational Provision Essay Introduction In the last quarter of the twentieth century, an increasing consensus developed concerning the link between economic prosperity and effectiveness of a country’s educational provision. As globalization gathered pace dramatically in the 1980’s and 199’s, this link became more overt as the comparison and competitiveness between nations inevitably increases. At the heart of the argument for the link, is the need for an educational workforce, without which a country’s economy will not keep pace.1 In the World Conference on Education For All, which assembled Jomtien, Thailand, it was recognized that the current provision of education seriously deficient and that it must be made relevant, qualitatively improve and made universally available to enable every person, child, and adult to meet the basic learning needs. These needs comprise both essential earning tools such as __________________ 1 David Middle Wood and Carlo Cardno, â€Å"Managing Teacher Performance. and the learning content (such as knowledge, skills, values and attitudes) required by human beings to be able to survive, to develop to their full capacities to live and work with dignity, to participate fully in development, to improve the quality of lives, to make informed decisions and to continue learning. 2 Education is the vital key to national development. More important is the training and development of human resources of teachers who are the frontiers of our educative pursuit. American may continue to lead the word of science and technology but its record of educating its citizens in those subjects is fairly dismal. An NSF panel has spent 128 months examining the state of Science, Mathematics,  Engineering and Technology (SME) and at the undergraduate level and reviewing hundreds of comments from academic. The overwhelming consensus is that most of the SME courses acts as filters. They screen out all but the promising students- those embarking on __________________ careers, leaving majority of the graduates with litters understanding of how science works. This worries the policy makers because many disgruntled students become teachers with little enthusiasm for the subject perpetuating a cycle of scientific and technological.4 Ana Marie Pamintuan, in her column entitled â€Å"Sketches†, in the December 12, 2000 issue of the Philippines Start stated: â€Å"In a season of bad news, there was one item I found particularly depressing. Filipino first year high school students ranked 36th among 38 countries in the Third International Mathematics and Science Studies (TIMSS). According to result, in the latest TIMSS, Japan ran fifth in Mathematics and fourth in Science. It can be expected that many people will really blame the education system for the Filipino students’ dismal performance. Although the schools along with the curriculum, teacher, supervisor, administrators and other elements that comprise the input components of the school as a social system, should take part of the blame. 5 __________________ 4 National Science Foundation, 1999). 5 Aquino, G. Effective Teaching. EDCOM reports that teacher is poorly trained. Many teachers at all levels do not have the optimum qualification for teaching. The proportion of high school teachers of science and mathematics, for example, do not have even  the minimal preparation for the teaching ranges from 54.6 percent to 5 percent. IN the 1991 DOST test given to both teachers and students in first year of the Second Education Program (SEDP), the total mean percentage score (54.08) of the first year high school teachers was only 8.79 points higher than those of the students (42.29). This deplorable performance can be traced to poor teacher training and the low quality of students enrolled in the teacher training.6 To further upgrade the standard of science education in the Philippines, the Department of science and Technology (DOST), University of the Philippines Science and Mathematics Education (UP-SMED) now National Institute for Science and Mathematics Education (NISMED), the Department of Education (DepEd) and the Japan International Cooperation Agency (JICA) have launched a joint project, the purpose of which is to __________________ 6 (EDOM: 1995). develop human resources which would ultimately enhance and upgrade the capabilities of science and mathematics teachers. The core program was the development of thinking skills through practical work and laboratory experiment.7 These are challenging times for the country’s educational system Cooperative efforts at all levels of instruction are directed towards common goal to improve the quality of education. Much more evident are such efforts aimed at reform in Science Education. Varied approaches and techniques have been pioneered to make classroom filled with fruitful investigations to uncover new and useful informations. A great variety of instructional materials and facts intended for daily classroom instruction have been assembled utilizing the indigenous resources of the community. Innovative procedures of presenting learning tasks have been tried to make every teaching-learning situation, encounter more exciting and hallenging.8 Of the 50 schools tested, ___________________  it was revealed what students from 20 schools did not master the topic taught, 27 schools nearing mastery, and only 1 school reported mastery level.9 The low performance of students in science also became the justification for the formulation and launching of the Science and Technology Education Plan (STEP) with Project RISE (Rescue Initiative for Science Education) as one of its project under the manpower development component. One of the major problems cited in the Accomplishment Report prepared by STEP stated, â€Å"every little was done about following up the trainees on in their use of their acquired skills.10  The problem reported b the STEP, prompted the researcher, being one of the trainors of the program, Project RISE, at the Regional Science and Teaching Center (RSTC-UEP) to assess the accomplishment of Project RISE, as to whether it achieved the goal and objectives set for – the training of science teachers to ___________________ improve their teaching competencies and raise the performance levels of the students in General Science. Statement of the Problem This study will try to assess the effectiveness of Project RISE in the Secondary Schools in the Division of Northern Samar, using the DOST-SET Monitoring and Evaluation Forms from its implantation in 1998. Specifically, this study will try to answer at the following questions. 1. What is the extent of accomplishment of Project RISE in terms of: 1. Objective of the program 2. Course content 3. Participants’ profile 4. Trainers profile 2. What is the status of the processing variables such as the following: 1. Teachers 1. Attitude towards teaching General Science 2. Content knowledge and laboratory skills 3. Classroom management 4. Time management 5. Teaching strategies 6. Skills in the utilization of instructional material 7. Skills maintaining classroom discussion 8. Skills in motivating 2. Administrators 1. Administrative support 3. Student 1. Attitudes towards General Science 3. What is the status of Project RISE on the following: 1. Teaching competencies of the teacher-participants as observed and evaluated by the principal. 2. Teacher’s perception on how the training improved their competencies. 3. Student’s performance in General Science/ Theoretical Framework The framework for the evaluation of Project RISE in the Division of Northern Samar particularly in General Science, will make use of the system theory propounded by Millilin. System theory engages a process of examining a school system or educational system (for a program or project), not by piecemeal approach where every element of the system stand independent of the others, but as an organic group of elements, as a system with interaction subsystems inside the school system (social, economic, cultural, political and technological), a system that contributes to society through its outputs the same society from which the school received its inputs, and  layer on as a system that receive feedbacks from the society as to the defined â€Å"value added† through outputs.11 Moreover, that the system theory gives a holistic view of advocating its internal efficiency as well as its external productivity: it calls for an interdisciplinary approach which mean that I considers how all the various system are interrelated, and it is a _________________  self-connective approach because it considers and profits from feedbacks received from its environs.12 The appraisal process using the system theory is hinged on the input, throughput and output concepts. The input includes the setting of verifiable objectives that become standards: the throughputs refers to the actually performance of the organization that is being evaluated; the outputs include the measuring of performance against standards such as the formal type of comprehensive review. A build in feedback mechanism pinpoint the flaws or errors in program implementation. Then corrective actions for undesirable deviation from standards are formulated. The system of evaluation is cyclical in nature consistent of formulation, implementation, monitoring and feedback pointing to the continuous assessment for program revision and improvement. Whichever is pinpointed as error implementation become the focus corrective decisions and actions and for program revisions. The advantage of the system evaluation concept lie in its ability to correct program errors at their earliest stages. Early direction and correction of ____________________ 12 Ibid. program implementation errors diminish the possibilities of incurring financial losses and unnecessary waste of efforts by the personnel implementing the program.  Therefore, assessing Project RISE, specially those having bearing on its accomplishments and innovations achieved by the teacher trainees in General  Science six year after might be a sound decision. This study is also supported by Bautista’s theory on evaluation, which shed light to the program design, assesses the implementation in terms of results of long effects. It is evaluation that provides timely and realistic feedback to the change agents, making the maximization of fiscal manpower resources possible. Programs are not evaluated attend to maintain a status quo to stagnate subsequently. One type of evaluation is the ex-post evaluation or impact evaluation. This is undertaken to determine whether the program or project merits expansion or replication in other areas and ascertain what aspects can be modified to improve implementation in other area. This study is then called an impact evaluation because it with try to assess the _________________  status of Project RISE teachers’ train on their overall performance as General Science Teachers. Carino’s theory, also sustains that accountability is a central problem of the government. The activities of civil servants and public agencies must follow the will of the people to whom they are ultimately responsible. The public ness of their employment and goals therefore prescribe their behavior and circumscribe their choice. Therefore, all individuals and office continue to have a range of options as to how they would act. The evaluation of whether such action would be within the bounds of their authority is referent to the concepts of accountability. Accountability focuses on the following: 1) regularity of fiscal transactions and the faithful compliance as well as adherence to legal requirements and administrative policies; 2) efficiency and economy in the use of public funds, prosperity manpower and other resources; 3) concerned with the results of government operation; 4) human resources accounting and the __________________  analogies of economics and social impacts of programs, and 5) emphasizes  procedures and methods operation and on the transformation of inputs to outputs.15 This study is an assessment of a project, which derives its finances from government funds, therefore projects implementers and all those involved in it are accountable to the people and the society. Another theory to support other variables identified in this study, such as attitudes and values of teachers, is that one advocated by Thorndike. The connectionist theory or the Stimulus-Organism-Response (SOR) theory. This view was based on the concept that bonds or connections are formed between situations and suppose. Thordike advocates the idea that learning results from translating sense impressions and impulses to action learning occurs through change in connection between particular stimulus and a response, hence, connections are the key to understanding a learning task. ___________________ 15 Carino, Ledevina, â€Å"Administrative Accountability: A Review of the Evolution, Meaning and Operationa-lization of a Key Concept in Public Administration). 16 Gregorio, Hernan, â€Å"Principles and Methods of Teaching†. In the same manner, the personal attitudes and values of the teachers may have much to do with their teaching effectiveness because they could be the basis for their behavior, decisions and choice. This is so because â€Å"values are deep-rooted motivations of behavior. They defined what is important to the individual.16 In this study, it may be stated that the attitudes and values of the General Science teachers will have bearing with their work as teachers. What they believe in and what they consider important will influence their decisions and choices. Conceptual Framework The framework for the evaluation process has three components: inputs, throughputs and outputs. A built-in-feedback mechanism is the place to  derived information for project revision or improvement. Following the evaluation process, the inputs of Project RISE in Region VIII in general and in the Division of Northern Samar in particular are the objective of the program, course content, participants, trainers, and training ___________________  procedures. The actual performance in the implementation of Project RISE will be expresses in terms the throughout or processes. These consists of the teachers’ attitude towards teaching General Science, the General Science content knowledge and skills, classroom management, time management, appropriateness of teaching strategies, skills in the utilization of instructional materials, and skills in maintaining classroom discussions and skill in motivating. It will also include the teachers’ teaching competencies in teaching General Science as perceived by the principles, the teachers’ own perceptions on how the Project RISE training improved the competencies as observes by their principles and the students’ performance in General science as measured by a test in General Science.

Study On Primary And Secondary Storage Computer Science Essay

Study On Primary And Secondary Storage Computer Science Essay Primary storage is also known as Immediate Access Storage and is where data is stored on the main computer memory. An example of primary storage is RAM (Random Access Memory otherwise referred to as RWM (Read Write Memory). RAM is the memory chip stored within the computers motherboard, where data can be read, stored and edited. RAM is extremely fast and is where programs are usually installed, due to its ability to run programs quickly and more efficiently than Secondary storage facilities. Secondary storage is where software and some documents or spreadsheets are stored onto a hard drive or externally onto a device such as a disk, which is easily accessible when required, via any computer or laptop and easily transportable. This is a much slower form of storage but popularly used, as the computers CPU (Central Processing Unit) memory is limited in size and its storage capacity. The information is usually stored on CD ROM; external hard drives; flash memory or USB Pen drives. Secondary storage is permanent and only becomes obsolete in time (when it eventually wears out or is replaced by new and improved technology). Complex functions such as translators for high-level languages and operating systems are placed on ROM memory. (Comp Wisdom, 2006). The ROM memory chip is a viable permanent storage facility for manufacturers, as users are unable to overwrite the information stored on this device. Off-site data storage is non-volatile and is where information is stored at an other location away from the computer, which is accessible from a direct call or via the internet. Off-site data storage is beneficial as a backup if complications arise with the onsite computer system. (No-Moa Publishers, 2000) Table 1-Differences between Primary and Secondary Storage. (Integrated Publishing, 2010) Primary Secondary Volatile Temporary Non-Volatile Permanent Fast memory therefore expensive Slow memory therefore cheaper Smaller storage capacity (L2 Cache = 2MB) Larger storage capacity Closer to CPU or internal so faster Connects to the CPU so slower performance Examples PROM Programmable Read Only Memory, already programmed by the manufacturer, non-editable. Needs a device to burn to disk and if mistake made cannot be corrected. EPROM Electronically Programmable Read Only Memory. Holds data no power supply, electrically reprogrammed up to 100 times. Stores Calibration data in real time clocks. Other types: DRAM,SRAM, MRAM Other types: ROM cane be read but not overwritten Hard drive, CDs, DVDs, Flash Memory, Magnetic tapes, Offline storage, EEPROM. Figure 1 Image of Primary and Secondary Storage. 2. Virtualization (or hypervisor) is similar to simulation where an identical copy of an operating system is made.Virtualization can be formed for various systems such as: Networks; Platforms; Applications; Desktops; servers and storage devices. This means that multiple virtual machines can be run on a single host (via virtualization),containing its own resources; operating systems and hardware, reducing the risk of software applications from causing complications with each other due to incompatibility errors or conflict. This functionality has also been developed for wireless technology including mobile phones. The benefit of mobile phones having this functionality is that the virtualized environmentà ¢Ã¢â€š ¬Ã‚ ¦would be open to developers or open to the user to add and install applications to customize the phone as they wantà ¢Ã¢â€š ¬Ã‚ ¦ without disrupting the carrier network.(Hazelton, Nov 2008). Figure 2: Virtualization Image Blue Whale Web Inc, 2010 3. The Home Theater receiver, also referred to as an AV receiver or Surround Sound Receiver, is the heart of a home theater system and provides most, if not all, the inputs and outputs that you connect everything, including your television, into. An AV Receiver provides an easy and cost-effective way of centralizing your your home theater system. Part One discusses the audio factors to take into consideration. 4. The cloud in network systems is an abstraction of the real system and itscomplex infrastructure. It hides the actual processes and network connections to the user such as servers, routers hubs, switches, cabling and storage (the points of entry and exits) that enable data processing.(Wiley Publishing Incoporated, 1998)The cloud represents the communications network such as network cables, which connect to various devices in order to communicate over short distances or over a large geographical area, similar to that of a telephone infrastructure. 5a. PDF known as Portable Document Formatis a system by which files can be displayed on various applications which is independent of à ¢Ã¢â€š ¬Ã‚ ¦software, hardware and operating systems which they originated from and the computer or printer from which the output originated.(Adobe Systems Incorporated, 2006, p. 33). PDF files have a sophisticated imaging model derived from PostScript page description language (Adobe Systems Incorporated, 2006)which has been redefined to incorporate binary format.PDF files contain universally accepted format of arrays; syntaxes; graphics; imagery and text containing specified instructions objects that allows outputto be consistent across un-similar devices. b. The format for storing, page layout and managing objects is compressed in PDF files via means of fixed, two-dimensional PostScript document.The advantages of using PDF files rather than HTML are:- Files can be encrypted and cannot be tampered with; can have a digital signature which can be for legal issues; images and information can be used as evidence in court, whereas HTML has no security controls. PDF have a low risk of being contaminated by a virus. A PDF file can be password encrypted. PDF reader software which is free of charge whereas HTML requires a Browser window. Font is embedded in a PDF file ensuring that layout and appearance remains intact, whereas HTML font and appearance is defined by the creator which can appear differently depending on browser functionality used. PDF is designed to take appearance of documentation into consideration, whereas HTML concentrates on structure. PDF files hold large data compared to that of HTML.(Adobe Systems Incorporated, 2006) c. PDF has a font embedded system allowing font programsto travel with the document, which are interpreted at the destination by the data structure, which is built into the application or by means of an external font file. This transfers the information into a character which is a graphical shape known as a glyph. The file compresses information which preserves data and maintains the integrity of the original document including its fonts and graphics. (Chuck Geschke, 2004, p. 24) d. A PDF contains 5 object types in relation to graphics, which are embedded into the file and transported with the document these being:- Path Text Inline Shading These objects define the position, orientation, size of text, graphics and bitmap imagery that appear on the page by means of appropriate shading, structure, syntax, colour fill and line strokes. The cleverly designed graphical parameters allow conversion and compression files to make certain discreet changes to the graphics without changing the surrounding environment.The filedetermines the imagery and displays it in the exact layout and position. This is known as the Cartesian co-ordinate system. (Adobe Incorporated, 2006) A vector (object) image is handled similarly, as paths are made up of lines called Bezier curves. (Adobe Systems Incorporated, 2006)The path object transfers these into paths that can be stroked and filled. The output format is then transferred with the file to cater for the imagery. e. There are a number of limitations that a PDF has on the end user these being:- Graphic recognition is time consuming to process documents containing Vector graphics Documents holding certain layouts like magazines and newspapers cannot be deciphered correctly. The documents are un-editable which could affect documents pertaining to lawyers, that require proofreading and alterations by the client. Due to new versions being released on a regular basis with new functionality, causes incompatibilities with documents created by earlier versions. Converting a PDF file back into a formatted word document asPDF does not recognise paragraphs, formatting, headers, footers, indentations, and line breaks. (PDF Tools, 2005) 6. A computer network is divided physically as well as logically. A collision domain (Ethernet segment) is where two or more devices are attempting to transmit packets of data at the same time and are usually contained within a broadcast domain. Devices that are attached to a hub or a switch are within a collision domain. Collision domains are usually divided by a switch or bridgesand use a collision -sensing protocol called CSMA/CD. The basic strategy for this protocol is it detects imminent collisions by abnormalities in the voltage, which occurs in the computer rejecting the corrupted frame (runt). (CISCO, 2006) A broadcast domain (Ethernet LAN) is a logical part of the network that emits data to another device.(Symatech, 2010) Figure 3 This diagram shows the 2Broadcast domains in Green and the 5collision domains in Red. Table 2 This table shows the ISO-OSI layers and the domains. Layer ISO-OSI Layers Whats processed Domain Devices 7 Application Layer Ports, sockets Interaction 6 Presentation Layer Format, encoding Translation 5 Session Layer Messages, communication Controls Dialogue 4 Transport Layer TCP segment Data transfer 3 Network Layer IP Packet, IP Address Broadcast domains. Layer 3 devices stop the flow of broadcast domains IP address, Router, level 3 switch 2 Data Link Layer Frame, Interface cards, adapters Single separated Collision, one single broadcast domain also created. Layer two network devices can divide collision domains. Switches, Bridges 1 Physical Layer Bit Stream Single Broadcast and Collision HUB, Repeaters 7. Von Neumanns architecture comprises of the four main components,see diagram below. This is used in current computers lay the foundation to what is known as the Little Man Computer'(Englander, 2010)the essential criteria for this architecture is the memory which has a stored program concept (Englander, 2010) which allows the programs to be edited. It stores the address in a sequenced address order which has its own memory slot and traced by unique location number. Memory- consists of RAM to store programs and data Control unit is used to fetch information from memory and decodes it and performs operations to complete the task Arithmetic unit performs mathematical calculations Input/output is the interface with the human operator Figure 4- diagram of Von Neumanns Computer Architecture http://computing.llnl.gov/tutorials/parallel_comp An example of entering and adding two numbers is as follows: Take first number and input (the number is now stored in the calculator) store the number (this is stored in memory slot and number is left on calculator) -Input second number (2nd number replace first in calculator) Add first number to second (fetch 1st number from stored address location and add to number in calculator) Display/output result 8. 32 bitswide or 4 Bytes can address 4Gigabytes of memory = 4 (232 = 4,294,967,296). AMD introduced the first 32 bit flash memory device on 5th August 2001 which would allow systems to run 8 x faster than those using standard flash memory. (Advanced Micro Devices Incorporated, 2010). 9. Volatile memory is a term derived from the Latin word volatilis which translated means to fly. This terminology is applied to something that is unpredictable; subject to change; unstable or hostile. The RAM (Random Access Memory) in a computer istemporary (volatile storage), as the information stored is obliterated when the power is either switched off or interrupted, as power is required to retain information stored on the machines memory. Non Volatile memory (NVRAM) is not deleted when the connection between the memory and the CPU (Central Processing Unit) is lost. Devices such as memory disks or hard disk drives store information permanently until it is no longer required by the user. RAM, DRAM, SRAM are all forms of volatile memory and ROM and Flash memory are non-volatile forms of memory. Flash memory is widely used in the Automobile manufacturing industries, for car applications to work efficiently. Some cars contain MCUs chips (Microcontrollers), where program functionality are stored using non-volatile memory on the MCU, allowingcar functionality to work correctly such as Cruise control, air bag safety mechanism, engine controls and temperatures.(International Engineering Consortium, 2006)It could be crucial if this information plus vital safety checks were erased every time avehicle is switched off! 10. Figure 5 Data Flow Diagram showing Mixed number in a base other than 10 converted to a Decimal. (Englander, Number Systems, 2010) Display Answer Display Integer and Decimal parts together Convert Fractional Part to base 10 Convert Integer part to decimal Split into Integer number and Fractional parts Start with Mixed number Mixed Number = whole number + fraction Another way to convert a mixed number into a decimal is as follows:- Answer = 2.88 Round answer to two decimal places 2.875 23/8 To get Decimal Divide numerator by denominator Rewrite improper fraction with numerator on top 8 x 2 x 7 Turn mixed number into improper fraction 2 7/8 Start with Mixed number Mixed Number = whole number + fraction

Dell Business Analysis :: GCSE Business Marketing Coursework

Dell Business Analysis Where are we going? Dell is currently migrating to new technology. They have opened new facilities in Europe and North America to help customers and independent software providers with next generation Internet technologies. They also are gaining rapid experience and know-how into applying the rules of business. Dell has created valuechain.dell.com, which provides suppliers with secure access into Dell’s operations. They have also secured deals with BellSouth DSL and Samsung which will be made public later. Financially speaking, Dell is expecting revenue to total 8.5-8.6 billion dollars, which is a 26 percent increase from one year ago. Net income is also expected to rise 10 to 20 percent. Per share earnings will likely reach 18 to 19 cents. How will we get there? In order for Dell to achieve its goals, they must just continue to provide the service that they are. They are trendsetters in the industry because of their specialized service, and I think that more customers will attract to them because of that. However, an obstacle that Dell will have to overcome is the fact that memory cards can be purchased from any retail store (i.e. Staples, Office Max). This eliminates the need for customers to upgrade their systems. Perhaps, a specialized chip can be created and sold specially by Dell that will prove to be more advantageous to Dell customers. How will we know? Dell Computer Corporation will know that they are there if their success is continual. They are already dominant in the market, so true success will be proven if it is continued. Short term, quarterly, realistic goals need to be set, and if/when achieved, Dell will know that they have â€Å"gotten there.

THE SOUTH :: essays research papers

THE SOUTH   Ã‚  Ã‚  Ã‚  Ã‚  The south can be defined in many ways depending on the person’s feelings toward it and that of which they have experienced. To me the south has to be the best place to live in all the United States.   Ã‚  Ã‚  Ã‚  Ã‚  One of the things that stick out in my head about my beloved birthplace that will never be forgotten, because they’re held so dear to my heart, are the smiling faces that you see everywhere you look. I’m telling you; people here are so nice that you would be lucky to find someone rude towards you within a week’s period. That can only be best described just as plain ole’ southern hospitality. I mean the dialect of all the southerners is so comforting, it just reassures you that your plenty welcome all the time. The thing that gets me and always makes me appreciate the southerners’ lingo is the great analogies used by them. Seriously, For every situation you can think of there’s got to be about five southern phrases used to describe that very thing.   Ã‚  Ã‚  Ã‚  Ã‚  Another thing that defines the south is its culture. Where else can you find a garage sell at every turn. I mean where else is there a state park that hosts a gathering of country folk to sell all there junk to another southerner who in turn will be right back at that same place with a stand of their own trying to get rid of the dang thing they bought just a few weeks ago. The funny thing is, if you ever decided to take a drive through the south, you would probably mistake some southerner’s land as a yard sell or junkyard for that matter. Most southerners aren’t surprised when they see they’re friends yard covered with old tires, rusty cars, broken chairs, and all of these things just swallowed in 3 foot of grass that hasn’t been cut since little Bo wrecked the tractor used to bush hog the thick stuff. I mean there’s just no telling what you might find in that very grass. All southerners love wearing boots and I can surely see why, because every yard you walk through you’ll soon stub your toe on just about anything from a old toilet to some scrap metal that’s going to be used to put a roof on a shooting house whenever winter blows in.   Ã‚  Ã‚  Ã‚  Ã‚  The atmosphere down here is great also.

Eleanor Of Aquitaine Essays -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Eleanor was one of three grandchildren born from the dishonest relationship between William IX of Aquitaine and Dangereuse, wife of the viscount of Chà ¢tellerault. William IX had stolen Dangereuse from the viscount, and even though the two could not officially marry, they had allowed their oldest children to marry each other. Dangereuse’s oldest daughter Aenor had married William IX’s oldest son, William X. They had three children, two daughters, Eleanor and Petronilla, and a son, William Aigret. Of the three, Eleanor was unique in that she resembled her grandparents more than she did her parents. She had the same traits of an iron will, gaiety, restlessness, and intelligence possessed by her grandparents. These are the trains which will help her become the queen of two nations in medieval Europe.   Ã‚  Ã‚  Ã‚  Ã‚  Eleanor of Aquitaine has been a very influential person in medieval Europe. Though her name and accomplishments are not universally recognized, they were nevertheless important in shaping Europe into the continent today. She had been born into wealth, and it had never left her side.   Ã‚  Ã‚  Ã‚  Ã‚  Eleanor had been married to King Louis VII of France, which was when she had received her first taste of great powers. However, after several years of debilitating problems, the marriage had obviously come to its end. Eleanor had requested an annulment from the church so that she and Louis VII would still remain r...

Write Up on Detection of Fraud

DETECTION OF FRAUD (A Study on the Relations of Fraud Detection, Redress and Reporting by Auditors, Protecting against Fraud Detection: the Case of Auditors and the Effect of Auditors Personality) Prepared by:- _________________________________________________________________________ PREFACE The objective of this assignment is to promote critical thinking on to what extent auditors comply with auditing standards once they encounter fraud and auditors’ compliance on managing fraud, the debate on auditors’ negligence when it comes to fraud and the side effects of fraud detection towards personality.A selection of three articles that were chosen in identifying and subsequently analyse the impact of fraud towards an individual, group or within an organisation. The three articles are:- * Protecting against Detection: The Case of Auditors and Fraud? * Fraud detection, redress and reporting by auditors, * Fraud Risk Assessment and Detection of Fraud: The Moderating Effect of P ersonality. The objective for this assignment is to aim on the relationship between the auditors’ ability to assess fraud risk and the ability to detect the likelihood of fraud.Also, this study considers the overall trend of development and the prospects for future changes regarding the auditor’s fraud detection responsibilities. INTRODUCTION Most of the individuals feel that auditors fail to comply with some important elements of fraud standards. Fraud represents a significant and challenging issue throughout the accounting profession practically almost everywhere in the world.Dramatic financial scandals often takes place as soon after companies received apparent â€Å"green light† from their auditors have kept the issue of fraud and the responsibility for its detection closely relate to auditors in particular. Auditors are required by the auditing standards to provide reasonable assurance that the financial statements are free from any misstatements. Inability to accomplish so particularly fraud may expose the auditors to litigation. The detection of fraud is the most important portion of the auditor’s duties.Therefore, auditors should assiduously cultivate this branch of their activities. (Dicksee, 1990). Whenever there is a sudden alarm and collapse within the company, people tend to assume that the auditors negligently failed to spot something was wrong and the auditors failed to solve the issue. Detection of fraud is no longer the principal audit objective but rather the subsidiary to the determination of the truth and fairness of corporate financial statements.This development in stated audit objectives is often portrayed as a process of natural, uncontroversial evolution in which professional guidance came to meet changing public expectations and circumstances (Tricker, 1982). The growth in the size of business, the assumption of corporate management of a greater responsibility for fraud detection and a broad acceptance of t he increasingly uneconomic nature of audit-based fraud detection are usually identified as the main causes of the changing nature of audit responsibilities (CACA, 1986).CENTRAL ISSUES & PROBLEMS When it comes to redress, it relates to the auditee taking measures situations where fraud has been detected. Given the existing standards on the role of auditors in fraud situations, the existence performance gap in this context can be due to several factors, including the lack of knowledge or competence on how to act once corporate fraud is detected, lack of care in following protocol or the lack of independence of the auditor possibly because conflicting of interest.Given the sensitive nature of fraud reporting towards the society’s expectations, compliance with fraud standards is crucial nowadays. 56% from recent surveys said that expectations of auditors rely on the auditor’s duty to detect fraud, while 42% believed that it is the responsibility to search actively for frau d (Steen, 1990). The issue of fraud is very essential for public accountants and auditors because litigation actions may be taken against them should they not be able to detect fraud during the conduct of the audit.Take for example when Xerox was sanctioned for overstating earnings by US$3 billion, its auditor KPMG was liable for US$22 million in penalties (Ettradge, Sun, Lee & Anandarajan, 2005). The present scenario is an extension whereby study shown that the effect of the auditors’ ability to assess fraud risk on their ability to detect the likelihood of fraud. High fraud risk scenario, the auditors’ ability to assess fraud risk has positive effect on their ability to detect the likelihood of fraud, whereas in a low fraud risk scenario not.Adding to that study, another factor which is the personality may affect the ability to detect the likelihood of fraud. The study predicts that there might be other factor that affects the auditor’s job performance that is in the ability to detect the likelihood of fraud. LITERATURE REVIEW The present study predicts that personality might have only moderating effect on the fraud detection ability.The present study illustrates and examines Big-5 factors of personality that are neuroticism, extraversion, conscientiousness, openness to experience and agreeableness because these factors are the basic dimensions of personality and it is predominantly viewed that many personality traits are subsumed under these five categories. This shows that personality does influence job performance and by investigating the moderating affects of the personality factors on the relationship between the auditors’ ability to assess fraud risk and their ability to detect the likelihood of fraud.Attribution Theory This theory suggests that the level of future expected performance, in a particular task depends mainly on the particular causes to which prior success or failure in the same task is attributed. This theory i s appropriate because there is a need to assess the causal attribution of the auditors’ performance, i. e: ability to detect the likelihood of fraud. With this study, the level of the future expected liability to detect the likelihood of fraud is attributed by the auditors’ prior ability to assess the level of fraud risk.Five-factor Theory 1. Neuroticism as a personality trait * This study shows that auditors who are high on neuroticism will not be able to perform effectively in their job as compared to those who are low on neuroticism, because those with high neuroticism tend to show negative attitudes. With such attitudes demonstrate, the auditors may not be able to appropriately detect the likelihood of fraud. In any fraud situation, high on neuroticism would diminish the relationship between the ability to assess the risk and the ability to detect fraud altogether. . Extraversion as a personality trait * When a person is experiencing positive emotions, it may influ ence them to perform well in their job. In any risk situation, high on extraversion would have positive influence on the relationship between the auditors’ ability to assess fraud risk. 3. Conscientiousness as a personality trait * Individuals with high level of conscientiousness may be able to perform well in the job because of the characters such as organized and reliable are important facets for carrying out the audit work. 4.Openness to experience as a personality trait * An auditor is more open to experience; he/she should be more able to detect the likelihood of fraud. Possessing traits such as intellectually curious, behaviorally flexible and nondogmatic in attitude and values can be considered as essential to conduct risk. 5. Agreeableness as a personality trait * Auditor who demonstrates high level of agreeableness in his/her personality such as cooperativeness, trustfulness and adaptability would make them more competent in performing the jobs.METHODOLOGY The inform ation pertaining to the study on the role of auditors in fraud cases, survey was conducted among audit partners of Dutch firms. The questionnaire contained three questions which were:- 1. Questions relating to the features of the fraud cases auditors had experienced in the period. 2. Questions on the reporting and redress of the fraud cases 3. Questions on the perceived role of auditor in the redress process. The overall respond is satisfactory, especially considering the sensitive nature of the study.Secondly, in the study of the personality traits, two levels of ability to assess fraud risk and two levels of each dimension of personality factor. The factors of personality are neuroticism, extraversion, conscientiousness, openness to experience and agreeableness. The study also practicing the independent auditors registered in Malaysia, designated as audit partner or audit manager who are attached to the auditing firms in Malaysia. FINDINGS Most auditors who do have experience elim inated fraud believe that fraud detection and process are often significant in order to minimize risk.Auditors reporting of fraud according to the fraud standards and regulations are defined as below. 1. Reporting to management. – As soon as auditors detect fraud or receive signals that could interpret as such, the auditor needs to report this to management in writing. 2. Reporting to the supervisory Board. – auditing standards explicitly required certain types of fraud to be reported in writing to the supervisory board such as cases of management fraud, cases of material fraud, and cases whereby management refuses to redress the fraud. 3.The redress process. – when the auditor has detected fraud and management has not yet taken appropriate steps to redress the effects of fraud, the auditor is required to demand that the fraud be redressed, i. e. the consequences of the fraud have to be rectified as far as possible and recurrence needs to be prevented. 4. Audito r resignation. – The auditing standards allowed auditor to resign from the assignment of the fraud but required the auditor to resign if the case of material fraud was not redressed. 5. External reporting of fraud. Finally, the auditing standards state that when material fraud discovered during a statutory audit has not been redressed by the audit client within a reasonable time frame, the auditor is not only required to resign from the engagement, but also to notify the dedicated government agency. Such procedure also plus the expansion of auditor’s fraud detection responsibilities by assuming of willingness to play more active role in assessing and reporting on the adequacy of the company’s system and internal controls.Matters that should take into consideration when considering the disclosure is justified in the public interest may include: * Fraud irregularities is likely to result in material gain or loss that effect a large number of people, * The extent t o which non-disclosure of fraud is likely to enable it to be repeated with impunity, * Whether there is general management ethos within the entity of flouting the law and regulations, * The weight of evidence and the auditor’s assessment of the likelihood that fraud has been committed. CONCLUSIONIn attempting to interpret and understand changing audit responsibilities, there would appear to be much to be gained by moving beyond traditional rationalizations of a profession responding directly to public demands. Various changes can be regarded as reflective of the conflicting, political nature of a self-regulated accounting profession and the outcomes dependent on the profession’s pursuit of professional interests and the profession’s attempts to manage the interplay between its own interests and any competing public duties and obligations.It is right to acknowledge that public expectation that auditors should report suspected fraud was reasonable. It is recommend ed that auditors should be given greater encouragement to report whatever that is necessary and fit in reporting fraud detection. Additionally, it emphasized the role of internal control in the prevention and detection of fraud and suggested that where there was a legal responsibility for internal control systems, auditors should have a formal duty to report on their adequacy.Changes in the law would have a statutory duty to report suspected fraud at the same time. It stated that auditors should be left at â€Å"liberty to report cases of fraud to the authorities without statutory backing† and that any change in the current position could be accomplished through revising the ethical guidance to auditors on professional conduct. Auditors have the duties to the rest of the community of which they are part and they owe to the community a more compelling duty which must on occasion take first place.Public expectation must be given full weight in all matters (Accountancy Age, 12 D ecember 1985). In developing auditing guidance concerning to fraud, three considerations have proved dominant: * The relative responsibilities of management and auditors for the prevention and detection of fraud, other illegal acts and irregularities and errors; * The conduct of an audit in order to have a reasonable expectations of detecting significant misstatements; * The action to be taken when errors are discovered.With respect to the prevention and detection, all proposed guidance has emphasized the paramount responsibility of management, with the auditor’s responsibility being couched consistently in terms of materiality and the truth and fairness of the financial statements. The role of auditors is to properly plan, perform and evaluate his/her audit work so as to have a reasonable expectation of detecting material misstatements in the financial statements, whether they are caused by fraud, irregularities or errors.LIMITATIONS Auditors in any circumstances have no dut y to act as an informer to the extent where it would jeopardise or destroy the trust and confidentiality on which it felt that auditing depended. The use of word â€Å"informer† indicates a somewhat dismissive attitude to the possibility of breaking the confidential relationship with the management or public’s expectation.Considerable resistance among auditors to the ideas that they should accept a general responsibility to detect fraud or extend their reporting responsibilities in the interest of the public. Whether changing audit responsibilities concerning detection of fraud come voluntarily or statutorily, such changes need to be based on greater awareness and continuing public investigation of the operation and capabilities of the audit function is this regard. Otherwise, it would anticipate that the position in the future will be with nfortunate, be little different in the roles and responsibilities of the accountancy profession towards the public interest. REFER ENCES 1. Fraud Detection, Redress and Reporting by Auditors by Harold Hassink, Roger Meuwissen and Lauren Bollen. 2. Protecting against Detection: The Case of Auditors and fraud? By Christopher Humphrey and Stuart Turley. 3. Fraud Risk Assessment and Detection of Fraud: The Moderating Effect of Personality by Nahariah Jaffar, Hasnah Haron, Takiah Mohd Iskandar and Arfah Salleh.

Organisms Physiology Essay

Organism Physiology is the method in which many diverse living organisms are considered to have developed from earlier forms during the history of the earth that can be defined as Evolution. Several organisms have evolved as a result of environmental changes within their habitats. Example is a diagram of a whale and details about how the whale has evolved physiologically and has become adapted to fit the environment. Kingdom: Animalia, Phylum: Cordata, Class: Mammalia, Order: Cetacea, Sub-order: Odontoceti, Family: Delphinidae, Genus: Orcinus, Species: Orca. Whales occupy all oceans and major seas, even some are in larger river systems. They are very large animals. They can grow up to 100 ft. or more in length. They can weigh up to 200 tons or more. Whales live in families called pods. These pods vary in numbers and consist of family members and family friends. Whales live in these families their whole life. Group living is safer when other whales or sharks attack. It also makes it easier to find food. Whales are always migrating. They travel to find food, breed and have young. Whales do not have eyelids. They rely on thick oily tears to protect their eyes. Whales hear from little holes behind their eyes. They talk to each other by making high pitched sounds like whistles, clicks, squeaks, rattles, and groans. Whales inhabit all oceans and the seven seas; some also inhabit larger river systems. They are extremely social organism and use communication for the function of hunting, defense, and reproduction. In general a dolphins live pods of up to a dozen individuals. Dolphin pods can emerge temporally forming a super pod the emerging pods may exceed thousands of dolphins. Attachments in pods are not set; interchange is regular. On the other hand, whales can generate great social bonds; they will remain with wounded or individuals in poor hea lth, even assisting other whales to breathe by bringing them to the surface if required. Whales arewidely classed as predators, but their food ranges from microscopic plankton to very large fish. Males are called bulls; females, cows. The young are called calves. Because of their environment, whales are conscious breathers: they decide when to breathe. All mammals sleep, including whales, but they cannot afford to fall into an unconscious state for too long, since they need to be conscious in order to breathe. Whales also communicate with each other using lyrical sounds. Being so large and powerful these sounds are also extremely loud depending on the species. The most dangerous predator for the whale is mankind and climate change. Man slaughters whales for their meat, fat, and for being in the same location where they fish. There studies at this time being done to evaluate the influence of pollution in the water and the effects on whales. Whales are threatened by climate change and global warming. As the Antartic Ocean warms, krill populations, that are the main food source of some species of whales, reduce dramatically, being replaced by jelly like salps. . Whales give birt h to live young, and the mother nurses the calf with her milk and provides care. The calf is nursed by the mother for one and one half years to three years and a mother will stay with her young three to eight years. Whales are thought to live about 40-80years. Whales vary basis of their ecosystem and what is necessary for them to survive in their ecosystem (Getten, 2006). All whales, dolphins, and porpoises species are related. Fossil data has been discovered from the early Eocene epoch that point toward information that whales were already aquatic 45-50million years ago. It is thought that animals that spent a great amount of time hunting for food around water areas and went through a period in an amphibious stage before becoming adapted to live in the water and the animal became dedicated to the water. Records show that by in their teeth it took millions of years for true cetaceans to develop (Brakes, Simmonds 2011). The whale has adapted to the environment in many ways from the once amphibious animal it is thought to have evolved from. Fossil evidence reveals that after prehistoric whales decided to be aquatic, it did not take long for bones of the hind limbs to disappear. The front limbs evolved into flippers and the powerful tail is their most important forward motion mechanism. Anatomically, dolphins’ bodies have adapted to become more efficient to move in the water. Whales, like dolphins are m arine mammals and like all mammals they require oxygen to  survive. Unlike other sea creatures such as fish, a whale would suffocate in water if it did not have a blowhole for oxygen. The blowhole is situated on or near the top of their head and acts as an airway passage for breathing. Whales cannot breathe through their mouth because the esophagus (food passage) and trachea (oxygen passage) are completely separated from each other. Although whales must breathe oxygen they can spend up to 90% of their lives underwater. The eyes of a whale are relatively small when compared to the rest of its body. Their eyes are well adapted to aquatic life and secrete oil used to lubricate and protect their eyes from debris and other chemicals in the ocean. They are not capable of secreting tears as humans do, but their cries can be heard vocally from many miles away. They have a condensed body with a somehow a tapered head that caused the vertebrae neck to fuse together. Instead of a main blood supply to the brain on the exterior of the neck, the whale blood flows through an artery in the vertebrae that supply a continuous supply of blood, which is most vital when diving into the depths of the ocean. The skin of a whale is extremely smooth, hairless, dense, and not do have glands. Their skin is kept smooth by continuously sloughing off and being restored. On average their skin is restored at a speed nine times faster than a human. Whales have a tendency to depend on their sense of hearing to survive. Other senses have had to adapt for survival in the blackness of the ocean’s deepness. The structure of the whale’s melon (the fatty tissue in front of the blow whole) functions as a lens to direct sound when the dolphin generates high pitched clicks for echolocation. When the sound echoes back the small bone under the chin, called trepan bone, receives the sonic report and stimulates the brain by means of the inner ear. By means of echolocation, whales can estimate distance by measuring the time between releasing the clicks and the return of echoes. Through this incredible ability, whales can consider the size, shape, direction of movement, and distance of objects in the ocean water (Getten, 2006). In conclusion dolphins have adapted agreeably to survive in the depths of the ocean, seven seas and in large rivers systems. They have evolved in structure and ability to reproduce successfully and flourish. Having the intriguing ability of echolocation provides whale’s considerable advantage while feeding in the environment in which they live. They are extrem ely energetic, gentle, and intelligent. The only main threats to whales are humans through various ways and climate change. If whales are left alone in their ecosystems their species would be able to survive successfully. References Brakes, P., & Simmonds, M. P. (2011). Whales and dolphins: Cognition, culture, conservation and human perceptions. London, UK: Earthscan. Getten, M. J. (2006). Communicating with orcas: The whales’ perspective. Charlottesville, VA: Hampton Roads Pub. Co. Whales and Dolphins Website : Whales. (2011, March 11). Retrieved December 7, 2013, from http://dolphins-and-whales.zoomshare.com/11.html

The Nature of Business

The Nature of Business – IMAX This business report will analyse and explain certain significant areas in business environment in reference to the Sydney IMAX Theatre. We will look at the business life cycle, the main elements of the business’s environment, the internal and external influences on the business and the social responsibilities of the business. 1. Classify the business and summarise its stage in the business life cycle, include a brief history The Sydney IMAX Theatre is a large privately owned business. IMAX is a proprietary limited business; this means that IMAX has a separate legal existence, distinct from its owners, managers and operators. It also has its own income tax liability, separate to your personal income tax. Effectively, a company has the powers of an individual and can: †¢Own and dispose of property and other assets †¢Enter into contracts †¢Sue and be sued The Sydney IMAX Theatre is currently in the maturity stage of its product life cycle. As the business was officially opened in 1996 it has well surpassed its Establishment and growth phase. The company is keeping its sales steady by taking advantage of its homogeneous product and the inelastic demand for its product. IMAX is currently owned by Worlds Biggest Screens Pty Ltd. The history of Sydney IMAX Theatre all starts with the IMAX Corporation that was established in 1967. IMAX Corporation started out as the industry leader in the creation and production of high end rides, attractions and projection technology. The company then went on to be a world leader in the production and design of surround sound technology. The Sydney IMAX Theatre was opened in 1996 and was instantly booming with a very short establishment phase. IMAX very quickly became a tourist attraction and a must see for all people living in the Sydney area. IMAX then saw a large chain of theatres open all over Australia in 4 years putting a great strain on the company. As a result Cinema Plus Ltd was liquidated in 2000 because of cash flow problems. This Liquidation saw all cinemas except Sydney close and saw World’s Biggest Screens Ltd devote all its time and energy on Sydney’s IMAX theatre. 2. The Main Elements of the business environment The Sydney IMAX Theatre is located in on the waterfront in the heart of Sydney’s Darling Harbor. This location has many benefits as it is an entertainment hotspot. The attractions include many restaurants, bars and cafes, the Sydney Aquarium, Sydney Wildlife World, The Australian National Maritime Museum, The Chinese Gardens of Friendship and The Powerhouse Museum. IMAX uses its unique location to its advantage by building special relationships with other businesses nearby therefore providing extra advertising and offering customers special deals that will provide extra sales. The IMAX provides its customers with the biggest cinema screen in the world. With this large screen comes a vast array of new possibilities that enhances the picture quality and the viewer’s experience. This is the reason for the logo†¦ Movies show you, IMAX takes you there. The IMAX provides customers a wide variety of films that are from many different genres. This wide variety increases the target market therefore having a larger and broader variety of people. The IMAX also includes a snack bar located in the facility that provides consumers with food and drink. This not only increases profit per person but also attracts unintended customers. 3. Internal and External influences on the Sydney IMAX Theatre External influences: Influences that a business cannot control †¢Financial markets: exchange rate changes impact profit income as film costs and royalties are based in US dollars †¢Economic factors: An economic downturn can influence people to save and not spend. People cut costs on going out therefore reducing the amount of people going to IMAX. An economic downturn also reduces the amount of tourists in the theatre Technological: advances in IMAX technology may produce whole new range of films that may or may not attract new audiences. †¢Social: changing patterns of leisure will impact greatly on attendance; varies also with the time of year and cycles of school holidays. †¢Geographic: changes to theatre access, parking or public transport will impact on attendance †¢Consumer: flexibility in scheduling allows the t heatre to respond to changing consumer demand for films (reputation and word-of-mouth is very important is influencing the success of any new film) Internal Influences: Influences that a business can control †¢Technological: expansion of e-commerce in marketing activities for example the online ticket purchase system has been extremely effective since its introduction at the start of 2004. †¢New Systems & procedures: introduction EFTPOS and credit card payment has increased sales. New timetabling methods allow teaches to give their students more time in the theatre. †¢Financial: New budgets will affect how a new film is marketed and how much advertisement it gets Product: changes in programming and film selection will influence attendance levels. The development of new products such as education talks will broaden the theatre market. The widening of the target market can potentially create new streams of people visiting the theatre. Both the Internal and external influences on a business are very important in a business’s survival. The IMAX needs to focus on improving their internal weaknesses without forge tting to figure out a way to stabilise its strengths. Only then will the business succeed. 4. The Ethical and Social Responsibilities of The Sydney IMAX Theatre The main purpose of business is to generate maximum returns for its owners and shareholders. So therefore the business has the responsibility of pursuing all activities that enhance profitability and increase the value of the business for the owners and shareholders. But a business also has responsibilities to their consumers, local communities and society as a whole. It is not right just to operate within the letter of the law. Businesses should also try and serve their local community and help its mployees lead better lives. IMAX has the social responsibility for all of its actions, their consequences and impacts on the community and the business itself. IMAX should examine every decision they make not just based on profitability but on long term ethical business value and social responsibility. The Sydney IMAX Theatre has the responsibility of introducing policies in place that take care of your employees and the l ocal community, long term this will still enhance their business brand and over time lead to higher profitability. The IMAX shows its ethical responsibility by only partnering with business’s that are also ethically and socially responsible. As a business ethical and social responsibility is a great way to serve the community, advertise and plan ahead for the future. In recent studies it is shown that quite frankly ethical and social responsibility sells. Conclusion In conclusion The Sydney IMAX Theatre is in its maturity phase of the business life cycle, it is a large privately owned proprietary limited business. Its vast array of films caters for a wide variety of target markets therefore increasing entries. The IMAX uses internal influences such as product and financial influences and is faced with external influences such as financial markets and economic factors. IMAX as a whole is slowly working towards gaining the public’s respect through ethical and social responsibilities which include pairing up with other ethically and socially responsible businesses, taking consequences for its actions and creating policies that specifically intend to take care of employees and the local community.

The Great Trade Collapse: What Caused It and What Does It Mean

The great trade collapse: What caused it and what does it mean? Richard Baldwin 27 November 2009 World trade experienced a sudden, severe, and synchronised collapse in late 2008 – the sharpest in recorded history and deepest since WWII. This ebook – written for the world's trade ministers gathering for the WTO's Trade Ministerial in Geneva – presents the economics profession's received wisdom on the collapse. Two dozen chapters, written by leading economists from across the globe, summarise the latest research on the causes of the collapse as well as its consequences and the prospects for recovery.According to the emerging consensus, the collapse was caused by the sudden, severe and globally synchronised postponement of purchases, especially of durable consumer and investment goods (and their parts and components). The impact was amplified by â€Å"compositional† and â€Å"synchronicity† effects in which international supply chains played a central role. The â€Å"great trade collapse† occurred between the third quarter of 2008 and the second quarter of 2009. Signs are that it has ended and recovery has begun, but it was huge – the steepest fall of world trade in recorded history and the deepest fall since the Great Depression.The drop was sudden, severe, and synchronised. A few facts justify the label: The Great Trade Collapse. It was severe and sudden Global trade has dropped before – three times since WWII – but this is by far the largest. As Figure 1 shows, global trade fell for at least three quarters during three of the worldwide recessions that have occurred since 1965 – the oil-shock recession of 1974-75, the inflation-defeating recession of 1982-83, and the Tech-Wreck recession of 2001-02.Specifically: †¢The 1982 and 2001 drops were comparatively mild, with growth from the previous year’s quarter reaching -5% at the most. †¢The 1970s event was twice that size, with g rowth stumbling to -11%. †¢Today collapse is much worse; for two quarters in a row, world trade flows have been 15% below their previous year levels. The OECD has monthly data on its members’ real trade for the past 533 months; the 7 biggest month-on-month drops among the 533 all occurred since November 2008 (see the chapter by Sonia Araujo and Joaquim Oliveira).Figure 1 The great trade collapses in historical perspective, 1965 – 2009 Source: OECD Quarterly real trade data. The great trade collapse is not as large as that of the Great Depression, but it is much steeper. It took 24 months in the Great Depression for world trade to fall as far as it fell in the 9 months from November 2008 (Figure 2). The latest data in the figure (still somewhat preliminary) suggests a recovery is underway. Figure 2 The great trade collapses vs. the Great Depression Source: Eichengreen and O’Rourke (2009), based on CPB online data for latest.It was synchronised †¢All 104 nations on which the WTO reports data experienced a drop in both imports and exports during the second half of 2008 and the first half of 2009. †¢Figure 3 shows how imports and exports collapsed for the EU27 and 10 other nations that together account for three-quarters of world trade; each of these trade flows dropped by more than 20% from 2008Q2 to 2009Q2; many fell 30% or more. Figure 3 The great trade collapse, 2008 Q2 to 2009 Q2 Sources: WTO online database.Figure 4 shows that world trade in almost all product categories were positive in 2008Q2, almost all were negative in 2008Q4, and all where negative in 2009Q1. The categories most marked by international supply chains (Mechanical and electrical machinery, Precision instruments, and Vehicles) saw some of the biggest drops, and detailed empirics in the chapter by Bems, Johnson and Yi finds that supply chains were hit harder controlling for other factors. The chart, however, shows that the falls were by no means extraordin ary large in these sectors.Figure 4 All types of goods trade collapsed simultaneously Source: Comtrade database. Manufactures and commodities Trade collapsed across the board, but it is important to distinguish between commodities and manufactures. The collapse in minerals and oil trade started from a boom time and fell faster than total trade (Figure 5). The reason was prices. Food, materials and especially oil experienced a steep run up in price in early 2008; the boom ended in mid 2008 – well before the September 2008 Lehman’s debacle. The price of manufactures, by contrast, was rather steady in this period (Figure 6).Figure 5 The great trade collapse and values: Food, oil, and manufactures Source: ITC online database. Since food, fuels, and raw materials make up about a quarter of global trade, these price movements had a big impact on aggregate trade figures. Countries dependent on commodity exports, in particular oil exporters, were among those that experienced t he greatest drop in exports (see the chapters Africa by Peter Draper and Gilberto Biacuana, and by Leonce Ndikumana and Tonia Kandiero, and on India by Rajiv Kumar and Dony Alex).The drop in manufactures trade was also massive, but it involved mostly quantity reductions. Exporters specialising in durable goods manufactures saw a particularly sharp decline in their exports (see chapters on Japan by Ruyhei Wakasugi and by Kiyoyasu Tanaka). Mexico, which is both an oil exporter and a participant in the US’s manufacturing supply chain, experienced one of the world’s most severe trade slumps (see chapter by Ray Robertson). Figure 6 The great trade collapse and prices: Commodity vs. manufactures Source: CPB online database. CausesThe great trade collapse was triggered by – and helped spread – the global economic slump that has come to be called â€Å"The Great Recession. 1 As the left panel of Figure 7 shows, the OECD nations slipped into recession in this per iod, with the largest importing markets – the US, EU and Japan (the G3) – seeing their GDP growth plummet more or less in synch. The US and Europe saw negative GDP growth rates of 3 to 4%; Japan was hit far worse. Figure 7 The current recession, OECD nations and G3, 2007Q1 – 2009Q2 Note: G3 is US, EU and Japan. Source: OECD online data base.Why did trade fall so much more than GDP? Given the global recession, a drop in global trade is unsurprising. The question is: Why was it so big? The chapter by Caroline Freund shows that during the four large, postwar recessions (1975, 1982, 1991, and 2001) world trade dropped 4. 8 times more than GDP (also see Freund 2009). This time the drop was far, far larger. From a historical perspective (Figure 8), the drop is astonishing. The figure shows the trade-to-GDP ratio rising steeply in the late 1990s, before stagnating in the new century right up to the great trade collapse in 2008.The rise in the 1990s is explained by a nu mber of factors including trade liberalisation. A key driver, however, was the establishment of international supply chains (manufacturing was geographically unbundled with various slices of the value-added process being placed in nearby nations). This unbundling meant that the same value-added crossed borders several times. In a simple international supply chain, imported parts would be transformed into exported components which were in turn assembled into final goods and exported again, so the trade figures counted the final value added several times.As we shall see, the presences of these highly integrated and tightly synchronised production networks plays an important role in the nature of the great trade collapse (see chapters by Rudolfs Bems, Robert Johnson, and Kei-Mu Yi, and by Andrei Levchenko, Logan Lewis, and Linda Tesar). Figure 8 World trade to world GDP ratio, 1980Q1 to 2009Q2 Source: World imports from OECD online data base; World GDP based on IMF data. Emerging conse nsus on the causes Economists around the world have been working hard to understand the causes of this unusually large and abrupt shut down of international trade.The dozen chapters in Part II of this book summarise all the key research – most of it done by the authors themselves. They do not all agree on all points, but a consensus is emerging. When sales drop sharply – and the great trade collapse was a gigantic drop in international sales – economists look for demand shocks and/or supply shocks. The emerging consensus is that the great trade collapse was mostly a demand shock – although supply side factors played some role. The demand shock operated through two distinct but mutually reinforcing channels: †¢Commodity prices – which tumbled when the rice bubble burst in mid 2008 – continued to follow world demand in its downward spiral. The price movements and diminished demand sent the value and volume of commodities trade diving. â⠂¬ ¢The production and exports of manufacturing collapsed as the Lehman’s-induced shock-and-awe caused consumers and firms to wait and see; private demand for all manner of ‘postpone-able’ consumption crashed. This second point was greatly amplified by the very particular nature of the demand shock that hit the world’s economy in September 2008. Why so big? This consensus view, however, is incomplete.It raises the question: If the trade drop was demand driven, why was the trade drop so much larger than the GDP drop? The answer provided by the emerging consensus is that the nature of the demand shock interacted with â€Å"compositional† and â€Å"synchronicity† effects to greatly exaggerate the movement of the trade-to-GDP ratio. Compositional effect The compositional effect turns on the peculiar nature of the demand shock. The demand shock was very large, but also focused on a narrow range of domestic value-added activities – the produ ction of â€Å"postponeable† goods, consumer durables and investment goods.This demand drop immediately, reducing demand for all related intermediate inputs (parts and components, chemicals, steel, etc). The compositional-effect argument is founded on the fact that postponeables make up a narrow slice of world GDP, but a very large slice of the world trade (Figure 9). In a nutshell, the common cause of the GDP and trade collapse – a sudden drop in the demand for postponeables – operated with full force on trade but diminished force on GDP due to the compositional difference.The large demand shock applied to the near-totality of trade while only applying to a thin portion of GDP. Here is a simple example. 2 Suppose exports consisted of 90% â€Å"postponeable† (consumer and investment electronics, transport equipment, machinery and their parts and components). GDP, however, consists most of non-tradeables (services, etc). Taking postponeables’ share in US GDP to be 20%, the pre-crisis situation is: When the sales of postponeables slumps by, say, half, the numerator falls much more than the denominator.Assuming that †other† continues growth in trade and GDP by 2%, the post-crisis trade to GDP ratio is Exports have fallen 44. 8% in this example, while GDP has fallen only 8. 4%. In short, the different composition of trade and GDP, taken together with the specific nature of the demand shock, has resulted in trade falling more than 5 times as fast as GDP. See the chapter by Andrei Levchenko, Logan Lewis, and Linda Tesar for a careful investigation of this logic using detailed US production and trade data; they find that the compositional effect accounts for most of the US trade drop.The chapter by Joseph Francois and Julia Woerz uses US and Chinese data to argue that the compositional effect is key to understanding the trade collapse. 3 Figure 9 Composition of world goods trade Source: WTO online database for 2007. Sync hronicity effect The synchronicity effect helps explain why the great trade collapse was so great in an even more direct manner; almost every nation’s imports and exports fell at the same time. There was none of the averaging out that occurred in the three other postwar trade drops. But why was it so synchronised?There are two leading explanations for the remarkable synchronicity. The first concerns international supply chains, the second concerns the ultimate cause of the Great Recession. The profound internationalisation of the supply chain that has occurred since the 1980s – specifically, the just-in-time nature of these vertically integrated production networks – served to coordinate, i. e. rapidly transmit, demand shocks. Even a decade ago, a drop in consumer sales in the US or Europe took months to be transmitted back to the factories and even longer to reach the suppliers of those factories.Today, Factory Asia is online. Hesitation by US and European cons umers is transmitted almost instantly to the entire supply chain, which reacts almost instantly by producing and buying less; trade drops in synch, both imports and exports. For example, during the 2001 trade collapse, monthly data for 52 nations shows that 39% of the month-nation pairs had negative growth for both imports and exports. In the 2008 crisis the figure is 83%. For details on this point, see Di Giovanni, Julian and Andrei Levchenko (2009), Yi (2009), and the chapters by Rudolfs Bems, Robert Johnson, and Kei-Mu Yi, and by Kiyoyasu Tanaka.The second explanation requires a bit of background and a bit of conjecture (macroeconomists have not arrived at a consensus on the causes of the Great Recession). To understand the global shock to the demand for traded goods, we need a thumbnail sketch of the global crisis. How the subprime crisis became the global crisis The â€Å"Subprime Crisis† broke out in August 2007. For 13 months, the world viewed this as a financial crisi s that was mainly restricted to the G7 nations who had mismanaged their monetary and regulatory policy – especially the US and the UK.Figure 3 shows that world trade continued growing apace in 2007 and early 2008. The crisis metastasised from the â€Å"Subprime Crisis† to the global crisis in September 2008. The defining moment came when the US Treasury allowed the investment bank Lehman Brothers to go bankrupt. This shocked the global financial community since they had assumed no major financial institution would be allowed to go under. Many of the remaining financial institutions were essentially bankrupt in an accounting sense, so no one knew who might be next. Bankers stopped lending to each other and credit markets froze.The Lehman bankruptcy, however, was just one of a half dozen â€Å"impossible events† that occurred at this time. Here is a short list of others:4 †¢All big investment banks disappeared. †¢The US Fed lent $85 billion to an insuran ce company (AIG), borrowing money from the US Treasury to cover the loan. †¢A US money market fund lost so much that it could not repay its depositors capital. †¢US Treasury Secretary Paulson asked the US Congress for three-quarters of a trillion dollars based on a 3-page proposal; he had difficulties in answering direct questions about how the money would fix the problem. The hereto laissez-faire US Securities and Exchange Commission banned short selling of bank stocks to slow the drop in financial institutions stock prices. It didn’t work. †¢Daniel Gros and Stephano Micossi (2009) pointed out that European banks were too big to fail and too big to save (their assets were often multiples of the their home nations’ GDPs); †¢Congress said â€Å"no† to Paulson’s ill-explained plan, promising its own version. As people around the world watched this unsteady and ill-explained behaviour of the US government, a massive feeling of insecurity formed.Extensive research in behavioural economics shows that people tend to act in extremely risk averse ways when gripped by fears of the unknown (as opposed to when they are faced with risk, as in a game of cards, where all outcomes can be enumerated and assigned a probability). Fall 2008 was a time when people really had no idea what might happen. This is Ricardo Caballero’s hypothesis of â€Å"Knightian Uncertainty† (i. e. the fear of the unknown) which has been endorsed by the IMF’s chief economist Olivier Blanchard. Consumers, firms, and investors around the world decided to â€Å"wait and see† – to hold off on postponeable purchases and investments until they could determine how bad things would get. The delaying of purchases and investments, the redressing of balance sheets and the switching of wealth to the safest assets caused what Caballero has called â€Å"sudden financial arrest† (a conscious reference to the usually fatal medi cal condition â€Å"sudden cardiac arrest†). The â€Å"fear factor† spread across the globe at internet speed. Consumers, firms and investors all feared that they’d find out what capitalism without the capital would be like.They independently, but simultaneously decided to shelf plans for buying durable consumer and investment goods and indeed anything that could be postponed, including expensive holidays and leisure travel. In previous episodes of declining world trade, there was no Lehman-like event to synchronise the wait-and-see stance on a global scale. The key points as concerns the trade and GDP collapse: †¢As the fear factor was propagating via the electronic press; the transmission was global and instantaneous. †¢The demand shock to GDP and the demand shock to trade occurred simultaneously. â€Å"Postponeable† sector production and trade were hit first and hardest. There are a number of indications that this is the right story. First, g lobal trade in services did not, in general, collapse (see the chapter by Aditya Mattoo and Ingo Borchert). Interestingly, one of the few categories of services trade that did collapse was tourism – the ultimate postponeable. Second, macroeconomists’ investigations into the transmission mechanisms operating in this crisis show that none of the usual transmission vectors – trade in goods, international capital flows, and financial crisis contagion – were esponsible for the synchronisation of the global income drop (Rose and Spiegel 2009). Supply-side effects The Lehman-link â€Å"sudden financial arrest† froze global credit markets and spilled over on the specialized financial instruments that help grease the gears of international trade – letters of credit and the like. From the earliest days of the great trade collapse, analysts suspected that a lack of trade-credit financing was a contributing factor (Auboin 2009). As the chapter by Jesse Mora and William Powers argues, such supply-side shocks have been important in the past.Careful research on the 1997 Asian crisis (Amiti and Weinstein 2009) and historical bank crises (see the chapter by Leonardo Iacovone and Veronika Zavacka) provide convincing evidence that credit conditions can affect trade flows. The Mora and Powers chapter, however, finds that declines in global trade finance have not had a major impact on trade flows. While global credit markets in general did freeze up, trade finance declined only moderately in most cases. If anything, US cross-border bank financing bounced back earlier than bank financing from other sources.In short, trade financing had at most a moderate role in reducing global trade. Internationalised supply chains are a second potential source of supply shocks. One could imagine that a big drop in demand combined with deteriorating credit conditions might produce widespread bankruptcies among trading firms. Since the supply chain is a cha in, bankruptcy of even a few links could suppress trade along the whole chain. The chapters by Peter Schott (on US data), by Lionel Fontagne and Guillaume Gaulier (on French data), and by Ruyhei Wakasugi (on Japanese data) present evidence that such disruptions did not occur this time.They do this by looking at very disaggregated data (firm-level data in the Fontagne-Gaulier chapter) and distinguishing between the so-called â€Å"intensive† and â€Å"extensive† margins of trade. These margins decompose changes in trade flows into changes in sales across existing trade relations (intensive) and changes in the number of such relations (extensive). If the supply-chain-disruption story were an important part of the great trade collapse, these authors should have found that the extensive margin was important.The authors, however, find that the great trade collapse has been primarily driven by the intensive margin – by changes in pre-existing trade relationships. Trad e fell because firms sold less of products that they were already selling; there was very little destruction of trade relationships as would be the case if the extensive margin had been found to be important. This findings may be due to the notion of †hysteresis in trade† (Baldwin 1988), namely, that large and sunk market-entry costs imply that firms are reluctant to exit markets in the face of temporary shocks.Instead of exiting, they merely scale back their operations, waiting for better times. Protectionism is the final supply shock commonly broached as a cause of the great trade collapse. The chapter by Simon Evenett documents the rise in crisis-linked protectionist measures. While many measures have been put in place – on average, one G20 government has broken its no-protection pledge every other day since November 2008 – they do not yet cover a substantial fraction of world trade. Protection, in short, has not been a major cause of the trade collapse so far.Prospects The suddenness of the 2008 trade drop holds out the hope of an equally sudden recovery. If the fear-factor-demand-drop was the driver of the great trade collapse, a confidence-factor-demand-revival could equally drive a rapid restoration of trade to robust growth. If it was all a demand problem, after all, little long-lasting damage will have been done. See the chapter by Ruyhei Wakasugi on this. There are clear signs that trade is recovering, and it is absolutely clear that the drop has halted. Will the trade revival continue?No one can know the future path of global economic recovery – and this is the key to the trade recovery. It is useful nonetheless to think of the global economic crisis as consisting of two very different crises: a banking-and-balance-sheet crisis in the over-indebted advanced nations (especially the US and UK), on one hand, and an expectations-crisis in most of the rest of the world on the other hand. In the US, UK and some other G7 na tions, the damage done by the bursting subprime bubble is still being felt.Their financial systems are still under severe strain. Bank lending is sluggish and corporate-debt issuances are problematic. Extraordinary direct interventions by central banks in the capital markets are underpinning the economic recovery. For these nations, the crisis – specifically the Subprime Crisis – has caused lasting damage. Banks, firms and individuals who over-leveraged during what they thought was the †great moderation† are now holding back on consumption and investment in an attempt to redress their balance sheets (Bean 2009).This could play itself out like the lost decade Japan experienced in the 1990s (Leijonhufvud 2009, Kobayashi 2008); also see the chapter by Michael Ferrantino and Aimee Larsen. For most nations in the world, however, this is not a financial crisis – it is a trade crisis. Many have reacted by instituting fiscal stimuli of historic proportions, but their banks and consumers are in relatively good shape, having avoided the overleveraging in the post tech-wreck period (2001-2007) that afflicted many of the G7 economies.The critical question is whether the damage to the G7’s financial systems will prevent a rapid recovery of demand and a restoration of confidence that will re-start the investment engine. In absence of a crystal ball, the chapter by Baldwin and Taglioni undertakes simple simulations that assume trade this time recovers at the pace it did in the past three global trade contractions (1974, 1982 and 2001). In those episodes, trade recovered to its pre-crisis path 2 to 4 quarters after the nadir.Assuming that 2009Q2 was the bottom of the great trade collapse – again an assumption that would require a crystal ball to confirm – this means trade would be back on track by mid 2010. Forecasts are never better than the assumptions on which they are built, so such calculations must be viewed as what- if scenarios rather than serious forecasts. Implications What does the great trade collapse mean for the world economy? The authors of this Ebook present a remarkable consensus on this.Three points are repeatedly stressed: †¢Global trade imbalances are a problem that needs to be tackled. One group of authors (see the chapters by Fred Bergsten, by Anne Krueger, and by Jeff Frieden) sees them as one the root causes of the Subprime Crisis. They worry that allowing them to continue is setting up the world for another global economic crisis. Fred Bergsten in particular argues that the US must get its federal budget deficit in order to avoid laying the carpet for the next crisis.Another group points to the combination of Asian trade surpluses and persistent high unemployment in the US and Europe as a source of protectionist pressures (see the chapters by Caroline Freund, by Simon Evenett, and by Richard Baldwin and Daria Taglioni). The chapter by O’Rourke notes that avoiding a protectionist backlash will require that the slump ends soon, and that severe exchange rate misalignments at a time of rising unemployment are avoided. †¢Governments should guard against compliancy in their vigil against protectionism.Most authors mention the point that while new protectionism to date has had a modest trade effect, things need not stay that way. The chapter by Simon Evenett is particularly clear on this point. There is much work to be done before economists fully understand the great trade collapse, but the chapters in this Ebook constitute a first draft of the consensus that will undoubtedly emerge from the pages of scientific journals in two or three years’ time. Footnotes 1 See Di Giovanni and Levchenko (2009) for evidence on how the shock was transmitted via international production networks. This is drawn from Baldwin and Taglioni (2009). 3 Jon Eaton, Sam Kortum, Brent Neiman and John Romalis make similar arguments with data from many nations in an unpublished manuscript dated October 2009. 4 See the excellent timeline of the crisis by the New York Fed. 5 Caballero (2009a, b) and Blanchard (2009). References Auboin, Marc (2009). â€Å"The challenges of trade financing†, VoxEU. org, 28 January 2009. Baldwin, Richard (1988). â€Å"Hysteresis in Import Prices: The Beachhead Effect†, American Economic Review, 78, 4, pp 773-785, 1988.Baldwin, Richard and Daria Taglioni (2009). â€Å"The illusion of improving global imbalances†, VoxEU. org, 14 November 2009. Bean, Charles (2009). â€Å"The Great Moderation, the Great Panic and the Great Contraction†, Schumpeter Lecture, European Economic Association, Barcelona, 25 August 2009. Blanchard, Olivier (2009). â€Å"(Nearly) nothing to fear but fear itself†, Economics Focus column, The Economist print edition, 29 January 2009. Caballero, Ricardo (2009a). â€Å"A global perspective on the great financial insurance run: Causes, consequences, and solutions (Part 2)†, VoxEU. rg, 23 January 2009. Caballero, Ricardo (2009b). â€Å"Sudden financial arrest†, VoxEU. org, 17 November 2009. Di Giovanni, Julian and Andrei Levchenko (2009). †International trade, vertical production linkages, and the transmission of shocks†, VoxEU. org, 11 November 2009.Freund, Caroline (2009a). â€Å"The Trade Response to Global Crises: Historical Evidence†, World Bank working paper. Gros, Daniel and Stefano Micossi (2009). â€Å"The beginning of the end game†¦Ã¢â‚¬ , VoxEU. org, 20 September 2008. Kobayashi, Keiichiro (2008). Financial crisis management: Lessons from Japan’s failure†, VoxEU. org, 27 October 2008. Leijonhufvud, Axel (2009). â€Å"No ordinary recession†, VoxEU. org, 13 February 2009. Rose, Andrew and Mark Spiegel (2009). â€Å"Searching for international contagion in the 2008 financial crisis†, VoxEU. org, 3 October 2009. Yi, Kei-Mu (2009), â€Å"The collapse of global trade: Th e role of vertical specialisation†, in Baldwin and Evenett (eds), The collapse of global trade, murky protectionism, and the crisis: Recommendations for the G20, a VoxEU publication.