Hindu and Muslim Women during the Period of Muslim Rule

buy custom Crosby Manufacturing Corporation essay

buy custom Crosby Manufacturing Corporation essay Wilfred Livingston, the president of Crosby Manufacturing Corporation convened a meeting to resolve a major problem concerning the companys management cost and control systems (MCCS). She stated that the company was having difficulties in meeting competition needs since the companys MCCS reporting procedures were outdated. Livingstone pointed that in the previous year, Crosby was considered nonresponsive to three large government contracts because it could not adhere to the customers financial reporting requirements. However, recently, the government showed renewed interest in Crosby. Therefore, Livingston wanted the company to replace its current computer systems with a more advanced model to update its MCCS reporting procedures. During the meeting, the MIS and EDP managers presented the procedures to be followed in implementation of the new computer model. However, at the end of the meeting, Livingston appointed Tim Emary as the project leader, despite the fact that he was not know ledgeable in computers. In my opinion, Livingstons decision to have Tim Emary as the leader of the proposed project was a mistake. This is because; one of the fundamental aspects of project management is use of the right personnel in managing a project (Hierarchy of Project Managers inProject Management, 2010). Studies indicate that there is a hierarchy of project managers in every project management. Depending on the size of a project, and the number of sub-projects in a given project, an organization may require several individuals to oversee implementation of the project in different stages. Generally, there are three levels of management, which are present in project management. The most senior individual in a project is a programme manager (top-level project manager) followed by a project manager, and then a project leader (Hierarchy of Project Managers inProject Management, 2010). A project leader is usually an individual who manages a specific stage in a project, or all stages in case of a small proj ect. He/she should possess particular skills or expertise, related to the project being executed. This overview of hierarchy of project managers in project management indicates that every management level in project management should be allocated to an individual who has the capacity to handle all the responsibilities involved in the specific level. It is therefore clear that Livingston made a mistake by appointing Emary to hold the position of project leader for the computer-upgrading project. In the case study, Livingston clearly stated that Emary was not knowledgeabe in computers as other individuals in the project implementation team. Based on our understanding of the requirements of a project leader, Emary was not the appropriate individual for the project leader position. In this specific project, a team leader should have been an individual with computer knowledge, specifically, MIS and MCCS. Emary belonged to the planning department and not the MIS or the EDP department. Therefore, he did not have the capacity to execute the responsibilities of a project leader in this sp ecific project. The most probable reaction of the functional employees to the appointment of Emary as the project leader would have been lack of commitment to the project. Since many of the functional employees may fear contravening the decision of the president, it is likely that they did not ask the president to reverse her decision by appointing a different person to that position. However, since they knew that Emary was not the right person for that position, they probably tended to disregard his directions or contributions in the project. This can be termed as lack of commitment to the project. Lack of commitment by the key personnel in the project may result into failure of the project (failure to achieve the desired business goals), or delayed completion of the project, thus utilizing more resources than scheduled for. This may be very expensive for an organization, especially where high-valued projects are concerned. Implementation of a project entails use of networking techniques such as critical path method and what-if analysis to generate project schedules (early and late starting and ending dates). The most common constraints in project scheduling are time and cost. These two constraints have a great impact on project scheduling. The scheduled project time may be adjusted using schedule compression techniques (Advanced scheduling techniques, 2010). Compressing a projects schedule means reducing the time taken to complete a project without interfering with its scope or objectives. Time constraint can be manipulated using a compression technique known as crashing (Advanced scheduling techniques, 2010). This involves undertaking a given project within a shorter period than the scheduled time. For instance, if a project was scheduled to take thirty weeks to complete, crashing can be applied to enable completion of the project within twenty weeks. However, crashing has a direct impact on cost. Usually, crashing is accompanied by incremental costs. This is because, for a project to be completed within the crashed duration without interfering with itss scope and objectives, it requires input of additional resources such as human resources (in case of labor-intensive projects), or machineries (in case of capital-intensive projects). Incremental resources results into incremental costs. Therefore, interference of time constraint in a project has an inverse impact on cost of a project. Time constraint can also be manipulated through fast tracking. This involves performing project activities in a parallel manner as opposed to sequential manner (Advanced scheduling techniques, 2010). For instance, in the case study, Crosby can start preparing flowcharts as it awaits receipt of bids on specs. However, fast tracking can result into rework, hence increasing the time taken to complete a project, as well as the cost involved. Generally, time constraint is very important in project scheduling. If compression techniques are applied, the cost of a project is usually impacted: reduction of project time results into increased project cost. In project implementation, time is one of the major constraints, which compromises project performance quality. During the implementation process, every activity is allocated specific time within which it should be completed. This is usually done through project schedule or work breakdown structure. Apparently, project time management has a lot to do with managing a project schedule (Evans, n.d.). This entails knowing how to utilize the allocated time to get the work done before or on the scheduled date. Lack of proper time management results into delayed completion of a given project, meaning more time is taken to complete a project. Consequently, an organization incurs more cost to complete a project if a projects completion time is delayed. Moreover, delayed completion time may result in increased competitive pressure and financial difficulties, thus affecting the quality of the project during the completion stage (Evans, n.d.). Interference of a projects quality during the completion stage has direct impact on the quality of the entire project. Moreover, lack of time management when implementing a project may affect the scope of a project (Evans, n.d.). For instance, if the completion period is delayed, the personnel involved in implementing a project may be tempted to overlook some of the aspects of the project in bid to avoid further delay. This may results into interference of the scope of a project, hence affecting the quality of a project. Moreover, interference of a projects scope means failure to achieve the goals for which the project was set to achieve. Buy custom Crosby Manufacturing Corporation essay

Substance Abuse Essay Example | Topics and Well Written Essays - 500 words - 1

Substance Abuse - Essay Example Some people argue that recreational use of drugs is not harmful, however studies show that use of recreational drugs leads to addiction and permanent usage of drugs. People who support the recreational use of drugs favor the use of Marijuana as they feel it is not harmful for people. However, recent studies show that marijuana is also harmful for human beings. According to National Institute of Drug Abuse, marijuana users become dependent on others. They find it hard to understand different aspects of life and others assistance on every aspect. It is also important to note that illegal drug is not the only thing that creates addiction in an individual. Things like medicine, alcohol, tea, coffee etc could also create addiction which may cause problems for an individual (á ¸ ²aminer, 2010). Treatment The aim of the treatment of patients for substance abuse is to take them to a point where they are free of the dependency and habit of using illegal drugs. Although, the patients may not get rid of the problem completely, but the negative effects of the use of such drugs may be negated from such treatment. Studies show that 60 out of 100 are treated with desired results, as the dependency of drug addict patients reduces with the treatment.

STRATEGIC REVIEW CASE ASSIGNMENT 1 THE EXCELLENT CONSULTING GROUP Essay

STRATEGIC REVIEW CASE ASSIGNMENT 1 THE EXCELLENT CONSULTING GROUP - Essay Example A thorough analysis of the external elements of the business as well as the current strategies has also been made, based on which a strong set of recommendations have been set down for the company. The next section will deal with the current situation of the company. Here we discuss the mission and vision of the company followed by the strategies that the company currently adopts. The company’s main objective is to grow to become the leaders in mobile computing. The company’s mission statement is â€Å"Our objective is to be the leader in mobile computing† (Palms Annual Report). The company’s vision statement has been noted to include a number of different areas, like, â€Å"a) Develop market-defining products that deliver a great user experience, b) Provide a choice of industry standard platforms, c) Differentiate our products through software and applications, d) Expand global presence and e) Build a brand synonymous with delightful mobile computing† (Palms Annual Report). It is evident that the company is focusing on becoming the world leaders and has taken all possible steps to ensure that they read their mission. As explained earlier, the company’s goal and objective is to become the world leaders in mobile computing. The company focuses on the providing the industry with a wide range of industry standard platforms (Palm Inc.). The company also focuses on ensuring that products and services provide a great customer experience and allow the customers gain the best of the industry. Based on the goals and objectives of the company, Palm Inc has been able to effectively develop a brand image, which has been consistent with one which provides high quality and excellent customer experience. The company has also been able to use the highest and best level of software and applications. The company’s main strength is the differentiation that the company has been able to achieve in the markets and the high choice of standard platforms that the

Hyperthyroid and Hypothyroid Disease Essay Example for Free

Hyperthyroid and Hypothyroid Disease Essay Hyperthyroid and Hypothyroid Disease Mischief just seems to follow wherever Dennis appears, but it is the product of good intentions, misdirected helpfulness, good-hearted generosity, and, possibly, an overactive thyroid The Merchant of Dennis the Menace.Hank Ketchum Additionally when comparing Hypothyroidism and Hyperthyroidism, it is useful to consider the symptoms, treatment, and life with the disease. The hidden truth about thyroid disease and what every person should know, how it affects not only the body, but also the affects that these diseases have on mental stability and memory is astounding. What everyone doesn’t know, but should know about these two diseases. Knowing more about the symptoms of thyroid disease is useful knowledge for any one person that has a family member with the disease or has concerns for them. Also thyroid disease can be hereditary, if a family member has the disease it is likely that another member in the family has it or will get it. Uncontrollable weight gain is of the most common symptoms, and most talked about for hypothyroid disease. What they don’t say is that losing the weight is next to impossible, and when the weight gain will stop. As one of the thyroid glands functions is to release hormones in the system to regulate the metabolism, if the metabolism isn’t regulated weight gain is inevitable, amongst this symptom are the uncommon symptoms of intolerance to cold, memory loss, dry skin, and hair loss, with hypothyroid disease the thyroid is no longer producing enough of this hormone for a healthy thyroid gland, compared to hyperthyroid the thyroid gland is over producing hormones, and this leads to uncontrollable weight loss even with a high caloric diet, weight loss will continue. The uncommon symptoms are depression, intolerance to heat, and again hair loss, however with both hypothyroid and hyperthyroid once treated these symptoms will start to lessen under a physician’s care. The treatment for hypothyroidism, depending on the severity of the disease, what form of hypothyroidism is diagnosed will be the deciding factor in how the disease is treated, for most the treatment is a Synthroid medication, how much medication is taken daily will depend on the TSH levels in the blood system, in order to find out what the TSH level is generally a blood test will revile the level, at the same time it will be recommended to continue having regular blood test ran as these levels can change frequently along with the amount of medication, having regular blood work done, along with regular visits to the treating physician will help with maintaining a healthy thyroid gland. However the treatment for hyperthyroid disease is completely different, still blood work will be needed to determine the over activity of the thyroids hormone release, since hyperthyroidism can be cured, furthermore this treatment will depend on the age of the person, their general health, and the condi tion of the thyroid gland. The most common treatment is an anti-hormone medication until the thyroid gland is functioning at normal hormones levels, in the same way treatment will be decided by the attending physician. Living with thyroid disease has its challenges, but is manageable as long as the individual follows the medical advice that has been given to them by their attending physician, although it is recommended to seek out a specialist in this area. Hypothyroid disease will require blood work maintence that should happen at a minimum of every six months to ensure the TSH levels are staying within the required levels, adjustments to the medication may be necessary until the right level is maintained for a minimum of six months or as recommended by the physician. During this time one will be overwhelmingly fatigued, but will get better as time goes on, and the treatment has been successful, there will be days when the body is full of energy on the other hand there will be days that more sleep is required than usual, getting out of bed will be a chore, bones and joints will be constantly sore and painful to the touch, nevertheless it is a manageable disease even though the treatment is time consuming, still it just will take perseverance and patience to make everything fall into place, also changing the daily diet, adding in super foods that can help with the thyroid function, such as eating more fresh fruits, grains, vegetables an d lean proteins in addition to changing regular cooking oil to coconut oil for all cooking that requires cooking oil. Coconut oil is better for thyroid  function, is doesn’t make food taste like coconuts, food won’t have that oil taste, is better for you, and will help elevate the thyroid in a more natural way. Cutting out white foods, such as sugar, white flour, dairy, and caffeine will also help with repairing the function of the thyroid gland. This will be a lifelong change for any individual that develops hypothyroidism since it cannot be reversed. The symptoms can change constantly; any change in the thyroid hormone will create changes in the symptoms for the better or worse, even though cutting out white foods and changing the diet, adding in super foods, medication cannot be skipped as it can have a negative effect on the system. Although living with hyperthyroidism in comparison is completely different, but changes will need to be made in the same way, such as learning to relax, take things in stride, at the same time look into taking up a meditation class, yoga class or get regular massages. Regular exercise is also recommended as doing any one of these daily regimens will help with the healing process of this disease. When the individual follows the treatment plan recommended and maintains a healthy balanced diet, hyperthyroid disease is reversible, and the thyroid will once again be thriving and healthy unlike hypothyroidism which cannot be reversed. Life is manageable with hypothyroid disease or hyperthyroid disease, once you have a clear understanding of the treatment, symptoms and how to live a healthy life with either of these chronic diseases. There is not enough getting done in the research industry to find the key to what is the cause of thyroid disease, and how we can create more viable medications to enhance the patient’s livelihood.

Heathrow Terminal-5

Heathrow Terminal-5 Heathrow Terminal-5 Case Study Executive Summary: Heathrow airport has been in operation since 1946 and is the UKs largest airport and the worlds busiest international airport, carrying over 60 million passengers and 1.3 million tons of cargo each year. Terminal 5 when constructed will be able to handle 30 million passengers per year, taking Heathrows total number of passengers to around 90 million. Heathrow Terminal 5 is the most multifaceted construction projects in Europe with good procurement and Supply Chain Management strategies in place. It is a multidisciplinary project consisting of civil, mechanical, electrical systems, communications and technology contractors over the entire phase of the project. The project is aimed at making Heathrow maintain its competitive position within Europe, retain its passenger capacity and also increase it by 30% over the next 10 years; this project when carried out will make Heathrow one the worlds busiest airport and a major source of income for the UK economy. It is estimated that the project will cost  £4.2B and have a payback period of 8 years. Since construction projects are prone to risks related to Environmental, legal and Supply Chain issues, the main aim is to maintain a synergistic relationship amongst all the stakeholders of the project with an effective communication strategy in place and to hire external consultants having expertise related to environmental (material risk, waste management, air quality, dust, noise and others) and legal aspects of the project. This helps in a smooth flow of the project coping with Environmental and legal standards set by the UK (Europe). This also favours in preserving the interests of local communities during the construction of this Terminal (Execution Phase). Some of the main multifarious challenges which are involved in the project phases would be: * Exhaustive Planning activities * Earthworks (Archaeology) * State of the Art design of the infrastructure (Buildings) * Twin river diversion * Rail and Road infrastructure projects. The main elements under T5 project includes construction of the Main Terminal building, two Satellite Terminals, Aircraft stands, an Air Traffic Control Tower, connections to Public Transport, Road works, Rails and Tunnels. The success of this project also depends on the lessons learnt from the following two stages: * Lessons learnt prior to this project from other major construction projects * Lessons learnt during the execution (construction) stage of the project. Therefore the project should be focussed on the first point than the second one and strive towards having minimal lessons learnt during the execution stage of the project. The main aim is to complete this project on time, within budget and with exceeding expectations of the quality from the customer. 1. Introduction: BAA is the worlds leading International airport group, responsible for managing the multifaceted Airport environment including safety and security, operation of air bridges, runways, environmental issues, shops and commercial facilities, airport systems which includes IT, information/ help desks and others. It owns, develop and manage 9 International Airports in total including Budapest (Hungary) and Naples (Italy). BAA serves more than 150 million passengers at its seven UK airports, including the worlds busiest international airport, Heathrow. It is involved with management contracts/ stakes in ten airports outside the UK and also has got retail management contracts at two Airports in the USA. BAA established airport privatisation and retailing, and is recognised for its efficient airport operations. BAAs achievements have been emphasized by its sustained effort towards managing environment and other impacts of aviation. It is also successful in maintaining a synergistic relationship amongst customers, employees and business partners in an efficient way. It constantly benchmarks itself against the demanding prolific standards of corporate roles and responsibilities. 1.1 Project Rationale: As Project Rationale describes about the basic reason for the accomplishment of the project, the major issues which Heathrow airport is facing are the escalation in the number of passengers and this is causing an increase in the congestion at the current terminals of Heathrow, due to increase in congestion it is difficult to provide the world class customer support/services effectively to the passengers and the airlines. An increasing global competition from other International Airports in the European region like inParis,AmsterdamandGermany proposed a threat to Heathrows revenues and position in aviation industry. There is a need to accommodate bigger planes like Airbus A380 and the effective air traffic monitoring system with the help of new Air traffic control tower. The above factor generates a need to expand the Heathrow airport for British Airport Authority (BAA) in the form of a new terminal named â€Å"TERMINAL-5†. 2. Definition British Airport Authority is one among the leading airport operator in the aviation industry, to provide the best customer service was one among the objective. To know the required improvement at Heathrow Feedbacks were collected by conducting a survey among the 70,000 passenger a year. The need of spectacular Heathrow Terminal-5 is to accommodate the increment of passengers without any congestion, better customer service and infrastructure (Modes of transportation to be developed for both Rail and Road, Sixty new aircraft stands which can adapt advanced and future aircraft like A380, Air traffic control tower to monitor it). 2.1 Scope The Scope of the project is to provide the best customer service and quality to the passengers at Heathrow by creation of state of art new terminal building which help toaccommodate30million passengers equipped with the modern modes of transportation without any congestion. Also to provide very good infrastructure facilities to the airlines operating from Heathrow by building sixty new aircraft stands and a state to art control tower (87m high air control tower) with all modern technologies. Scope Inclusion: *Main Terminal building *Two satellite building *87m high Air Control Tower *Sixty Aircraft Stands *Multi Storey car park *Twin river diversion *Road infrastructures *Rail infrastructures Scope exclusion:  ·Construction of a Runway at the Terminal  ·Maintenance of the Terminal after handing over to BAA 2.2 Objectives †¢ To Increase the capacity of passengers flying per year by 30 million. †¢ To construct a Terminal-5 building, inherits all modern facilities while meeting the Environmental standards. †¢ To construct sixty new aircraft stands inclusive of stands designed for the most advanced aircrafts like Airbus A380. †¢ To develop the Rail infrastructure by extension of Heathrow express, London underground Piccadilly Line and creating six platform Rail station. †¢ To construct a state of the art Control Tower, designed to meet the demands of Air traffic control at Heathrow in the future. †¢ To improve the road infrastructure, new spur road to the M25 linking the terminal to the national road network. †¢ To divert the two rivers around the airport by incorporating many ecological enhancements. 2.3 Deliverables †¢ Environmental friendly terminal-5 building with better quality and services. †¢ Sixty aircraft stands which can adopt most advanced aircrafts and runway connections †¢ Passenger capacity enhancement. †¢ Modern Air Traffic Control tower, new rail station and links to the central London with Heathrow express and Piccadilly line extension. †¢ The new spur road links to M25 motorway and its widening to reduce the traffic congestion. 3 Summary The concept of sustainability is one among the major considerations which is been identified and addressed for the proposed Heathrow Terminal-5. If any issue with respect to sustainability, the designed and approved sustainable frame work as to be applied at regular intervals. This is the proactive approach applied for sustainable issue. To overcome the communication T5 agreement Considerations * Sustainability of the Project in terms of environmental, social and economic factors. * Meeting the airline company Requirements and Standards, British Airways being the only airline operating from the Terminal at initial stages * Risk factors involved in the project (Economical, Political, Social, Environmental). * The effect of the T5 Project on the operations of the other terminals. 3.1 Assumptions * Terminal 5 has the potential to become a major Surface Access interchange or substitution by providing an important role in the South East transportation system of U.K. * Resource availability throughout the Life cycle of the Project. * Its assumed the derived T5 agreement will effectively work between BAA and suppliers, team work can be effectively achieved. 3.2 Constraints * The estimated Cost of the project may increase because of the macro economical factors like exchange rate, cost of the materials and workforce. * Estimated Schedule of the project can increase due to intense public enquiries and the political influence. * To meet the environmental standards and compensating the local residents plus the effect on the other four terminals. * The competition from the other contemporary rivals like Charles De Gaulle airport in Paris and * Frankfurt airport and Schiphol airport of Amsterdam. 4 Business Case A business case is required form of document, supporting an argument for a proposal of the desired Project like (Project Rationale, Scope, Objective, Deliverables, Assumptions, Considerations and Constraints, Financial Analysis, Critical Success factor, Option Appraisal). The business case is used as decision making tool for the Proposed project, whether the Project is feasible or not â€Å"Go/No-Go decisions†. Also acts as an approval document for the proposed Project. Please find the proposed business case for Heathrow Terminal-5 in the Appendix: 5 Project Structure The need of a Project Structure is to define standards to the team, which will be used during the Project life cycle. The standards include Communication, Documentation, Change control Procedure. Project structure includes both Organization structure and management structure. Traditional tree structure approach is implemented for Heathrow Terminal-5, find the organization breakdown structure in the Appendix 123245 5.1 Roles and Responsibilities Title Role Board of Director: Responsibilities †¢ Ensure the companies prosperity and Keeps the organizations mission, values, and vision. †¢ Deals with challenges and issues with regard to Corporate Governance, Corporate social responsibilities and corporate ethics. †¢ Reviews and approves the annual budget, Program plans and organizational policies. †¢ Attend monthly board and committee meetings, Annual General Meeting. †¢ Ensure the adequate resources (Financial, Expertise, Technology) are available to the organization. Title Role Chief Operating Officer: Responsibilities †¢ Managing day to day activities of the Organization and Operations Management ( HR, Admn, Finance and Purchase). †¢ Strategic Decisions maker, Ensures the ideas of the Team are understood, Implemented, Monitored, coordinated and Managed throughout the life cycle Title Role Project Head: Responsibilities †¢ Since its a mega project, the coordination Title Role Programme Manager: Responsibilities †¢ Overall management and co-ordination of the projects. †¢ Contributing to strategy, policy and procedure. †¢ Management of supplier/contractual relationships. †¢ Budgetary control of the projects. †¢ Monitoring of issues and responding at the programme level. Title Role Project Manager: Responsibilities †¢ Recruiting skill full Employees, Identifying the stakeholders, expertise as per the Project requirement. †¢ Managing the Stakeholders, Project deliverables, Develop and maintaining detailed Project Planning, leading the project team. †¢ Handling (Resolving, Escalating) the Project issues if encountered any during the Project life cycle, Updating to the action log as part of Lessons Learnt. †¢ Ensure the Scope of the project is achieved, if any variation order occurs proper planning to be done to overcome it. †¢ Monitoring the project progress and performance, Status report to the Stakeholders in the form of Newsletter/Email/PPT †¢ Make sure milestones and deliverables to be achieved as per schedule. †¢ Inputs from all the stakeholders to be considered and implement it when required record it. †¢ Defines the Project structure for the organization. †¢ Should encapsulate the roles of Contractors, Cost controllers, Schedulers, Risk manager, Operations and Control as an when required during the Project life cycle Title Role Project Leader: Responsibilities †¢ Act as Team leader Title Role Project Team Members: Responsibilities †¢ Level of participation as designed by Project Leader †¢ Executing Tasks and Deliverables Responsibility matrix for Heathrow Terminal in the Appendix 5.2 Methodology To communicate effectively with better understanding of the project among the Stakeholders, Project managers, Project team members there shall be standard procedures to be followed in a Project management context. The proposed standard form for Heathrow Terminal-5 â€Å"Association of Project Management†, which is been agreed and approved by the stakeholders for successfully achieving the Project. For example â€Å"The tools and techniques required for the respective phases† To have Heathrow Terminal-5 to be delivered successfully, British Airport Authority had come up with the introduction of T5 Agreement which is based on the commitment and involvement of both BAA and Stakeholders in achieving the deliverables while overcoming the occurrence of risk. By this agreement the BAA concentrates on the below:  § Focus on the managing the cause of problem not the effects from them.  § Work in integrated team irrespective of their different organizations.  § Focus on proactively managing the risk instead of avoiding the litigation. Effective agreement for HT-5 was achieved by using the Contract type â€Å" NEC3† 5.3 Control To overcome the uncertainty in a Project, flow of information should be addressed among the team members and respective authorities for controlling and monitoring. Find the proposed structure for Heathrow Terminal-5, Organization Breakdown structure, Work Breakdown Structure, Project Hierarchy structure, Gantt Chart in the appendix 1234456. Minutes of meeting played an vital role to monitor if any issues occurred. 5.4 Communication According to Lock (2007) the compliment of good management communications is the provision of adequate feedback paths through and across the organization. These will facilitate cooperation and coordination. Communication can also be defined as transfer of valid information from an entity to another, Purpose of a communication plan is to transfer of required information to the audience, associated with respect to those issue/updates/scenarios. Find the below communication flow among the Project team members for Heathrow Terminal-5, also find communication plan for find in the appendix Communication Plan: An effective communication strategy as to be plotted by project manager to have a better understanding and coordination among the team members and good Communication strategy plays a vital role among the Team members/Stakeholders/Customers/Clients. The purpose of communication plan is to overcome the communication breakdown among the project team members and also helps in monitoring the Progress and Difficulties of the Project. Hence the need of communication plan for Heathrow terminal-5 was determined on the basis of the activitys occurring and a definite completion of the task during the respective phases. The derived communication plan for Heathrow Termina-5 was structured on the basis of the below activities: Phase Who Type Purpose How When Whom Deliverables Phase: Indicates in which phase the meeting is going to occur. Who: who is going to conduct the meeting? Type: Indicates the subject of the meeting. Purpose: Indicates the topics to be discussed. How: Mode of medium used for the meeting. When: How frequently would the team members meet? Whom: who are the participants involved during the meet? Deliverables: The outcome during the discussion for that meeting. Please find the communication Plan in the appendix 12345 6 Risk Management Risk management is the act or practice of dealing with risk. It includesplanningfor risk,identifyingrisks,analyzingrisks, developingrisk responsestrategies, andmonitoring and controlling risks to determine how they have changed ( Kerzner 2009) The objective of risk management is to identify the potential problems which may occur during the project life cycle, so that risk can be Controlled and Monitored throughout the Project life cycle. Risk management is a constant process which as to be carried out throughout the project life cycle and its conducted in the planning phase. The combination of below process constitutes risk management: * Risk Identification * Risk assessment * Risk Mitigation Risk Identification: This process involves in identifying potential risk which affects the project, its further classified into Internal and External risk which affect the project in achieving the scope. Internal risks are the uncertainty which occurs by the organization or within the organization like communication and resources; these can be controlled and monitored by the project manager. External risks are the uncertainty which affects the organization/project by the external factors like environmental and downfall in the economy; these risks are uncontrollable by the organization which impacts the Scope. Keeping the above factors for Heathrow terminal-5 the below are identified and classified as Risk Assessment: They are requested to evaluate the magnitude of risk factors and influencing factors that appear in the risk mode, also assist in classifying the risk. Considering these the risk assessment is done for Heathrow Terminal-5:  § Adverse Publicity: Awareness of the Project to both the customers and stakeholders.  § Economic: Funding Issue throughout the Project Life Cycle, Uncertainty of the market (eg: Market Fluctuation, Inflation), Insufficient revenues to repay the debts after the Project Completion.  § Environmental: Diversion of two rivers round the west of the airport incorporating many ecological enhancements( eg: Water Quality), Failure to compliance the standards for environmental act (Misunderstanding of process and pathways of the environment), Failure to meet the standard of air quality which defined before the execution of the project, Failure to meet the standards defines in â€Å"Control of Pollution Act Section 61 agreement†, Improper waste management will increase the estimated budget( eg: use of recycled product)  § Local Community: Making sure the social activity of the people surrounding the construction site will not affect (eg: transportation, Traffic)  § Political: Failure to compliance the policies of the government (will affect the progress of Project), Change in Government could lead to change in foreign policies and affect the project  § Procurement: Delay of the services/materials from the Suppliers. Breaching the contract terms and conditions, due to illegal activity from Suppliers (Eg: Information leakage)  § Technology: Failure of techniques/technologies used in the project ( Eg: IT System, Design, Data Management)  § Airport Security: HT-5 being developed on such a large scale, proactive measures to be taken if any form of threat like Terrorist attack.  § Corporate Governance: Failure of align in meeting the interests of individuals and corporations. Failure to meet the relationship between the participants (chief executive officer, management, shareholders, employees) of the project in determining the direction and performance of project.  § Communication Plan: Delivering the required information to authorized people, also make sure there is no breakdown of communication between the two interface  § Contractual: Updation of the latest clauses if any during the review meetings, poorly written/executed contracts there is a risk to the organizations assets, property and reputation. Unauthorized employees signing the contracts, due to non-compliance of contract by suppliers and other contractors. Approving the contracts that are unfavourable to the organization, creating and/or signing contracts without advice/review by legal counsel. Misplacing the approved contracts, having inefficient and inconsistent contract policies and process across the organization. Confidentiality to be maintained by the respective authorities who manage the contract  § Resources: Ensuring proper flow of cash from the stakeholders throughout the life cycle, Risk of migration of skilful, resourceful, expertise employee of company to competitive organization, improper usage of limited resources by unskilled employee.  § Schedule: Risk of overrun of the budget due to improper scheduling, Risk of Schedule Slip. This can cause a change in scope of project.  § Cultural: Risk of differences in opinion. This leads to difficulty in negotiation between supplier and client, Risk of differences in business ethics leads to difficulty in decision making.  § Design: Risk of overseeing the specification, assumptions and requirement of the product during starting phase of design, Risk of including the extra cost due to complex design.  § Organizational Issues: Any issues with organization impact the progress and decrease in efficiency towards the project. Risk of losing the formed trust and good will from the client point, due to the organisational issues within the company. Risk Mitigation: The purpose of risk mitigation is to specify the criticality and priority of risk, what are the effects of the risks, occurrence of the risks and impact of the risk to the organization/people/environment. Acts as tool to Control the risks, like action taken towards a particular risk by choosing the appropriate â€Å"Avoid, Accept and Mitigate†, also provides that who is responsible for resolving the occurrence of the risk. A systematic reduction approach is being used for identifying the occurrence and/or exposure to a risk.On the above approach the Risk Mitigation has been plotted for Heathrow terminal-5, please find it in the Appendix 1234 Risk Matrix: The purpose of risk matrix is to determine the level of risk (High, Medium and Low), resulting provides information to both Stakeholders/Organization to concentrate and mitigate the identified risk. The rating for the below is derived on the occurrence of â€Å"probability and impact†. A contingency plan is also derived to mitigate the risk, below is the proposed Probability-Impact matrix for Heathrow Terminal-5: IMPACT RATING 4,5 3 1,2 HIGH MEDIUM LOW 4,5 HIGH Schedule, Communication Plan PROBABILITY 3 MEDIUM Economic Procurement Environmental Resources Organizational Issues, Airport Security 1,2 LOW Contractual Legal Issues, Technology, Corporate Governance Design Political, Cultural, Adverse Publicity 7 Work breakdown Structure As per PMBOK 3rd Edition work breakdown structure is defined as A deliverable-oriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables. The Purpose of Work breakdown structure in Heathrow Terminal-5, firstly it helps the project manager accurately in defining and organise the scope of the Project. This can be obtained by following the traditional method â€Å"Hierarchical tree structure†. At each level of tree structure breaks the Project deliverables and objectives to more specific and measurable packages/work packages. Secondly it helps in assigning roles and responsibilities, resource allocation to the Project. Also helps in monitoring and controlling the project throughout the Life Cycle, it helps in estimating the cost, schedule and risk involved in the project for each work packages. Finally, make sure that the deliverables are specific has per the stakeholders and helps in identifying whether the deliverables are repetitive and overlapping. Please find the proposed work breakdown structure of Heathrow Terminal-5 which mainly focuses on Execution phase with a budget of  £3120 million and  £300 millio n Kept apart for the contingency which may occur during the Execution Phase, please find the Work Breakdown structure in the Appendix 1.23 7.1 Gantt chart: The founder of Gantt chart â€Å"Henry Lawrence Gantt† used this tool to show the actual schedule and progress of the project was invented on 1920s and used on large projects from 1931. Gantt chart key feature is that it focuses on Systematic approach rather than algorithm approach, Gantt chart is most effective form of graphical representation hence for Heathrow Trminal-5 such an tool helps you out in sorting your. Gantt charts provide quick and easily understood means for describing the project activities, while network activities can also be determined like Critical Path and PERT. The activities/task may be listed in order of entry of Start date, Finish date, duration and Slack and appropriate to their graphical bars we can find the Start, Finish, duration and slack as well. Gantt chart are also used as project status report, it helps in the project manager in gathering the information have the deliverables met as per the baseline plan. The baseline plan includes both sched ule and resources, whether project is schedule overrun, resource allocation and budget status. The purpose of Gantt chart for Heathrow Terminal-5 is to provide a visibility of estimated schedule and project status for the assigned deliverables/tasks throughout the project life cycle. Also find the derived Gantt chart for execution phase by the team in the appendix 1.24, which includes Critical path method and Milestones. Critical Path Method: Critical path can be defined as the chain of events whose flat is equal up to zero, those events which occur in this path are critical to the successful achievement of the project within its earliest possible time. The activities lying on the critical path must to be given Priority by the management and supply resources if required. Heathrow Terminal-5-Landside civil- Site preparation-Pipelines for heat and power- Structure-Shops and commercial facilities- Safety and security-Testing of runways and building-Landscaping Mile stones: As per Dobie (2007), project must be divided into measurable a package, that is actions which will contribute to the achievement of objectives. The project phase as combined related project activities to achieve a logical outcome like major deliverables; these deliverables form the milestone throughout the lifecycle. Milestones are essential tools frequently used by project manager to control the progress of the project and manage the scope of the project. Also compare the actual costs and progress experienced with the costs and progress planned. The identified four major Milestones for Heathrow terminal-5 during the scheduling of execution phase Ø Milestone 1: Completion of landside civil process. Ø Milestone 2: Completion of Terminal 5 building. Ø Milestone 3: Completion of Airfield and runway. Ø Milestone 4: Completion of Rail and Road Infrastructure and Testing and Land scrapping phase. The deliverables identified in the Gantt chart are for Execution phase as below: 1) Landslide civil process 2) Terminal-5 building 3) Airfield and Runway 4) Air traffic Control tower 5) Rail Infrastructure 6) Road Infrastructure 7) Testing and landscaping 8) Site and logistics The detailed descriptions of the deliverables are as follows: Task Deliverables Targets Controls Dependency Schedule (Days) Resources Authorities 1 Landside civil Site preparation, Pipelines for heat and power stations, Twin river diversion (Construction of two channels, Maundering flow pattern, Maintaining eco balance) Piles method, Water quality, Waste Management 377 Programme manager, Project Manager, Site Engineer, Consultants, Designers, Manager, Team leaders, Labourers Programme Manager 2 Terminal-5 Building a) Exteriors (Structure, Bus station, Taxi Stands, Drop Off, Multi story car park) b) Interiors (Shop and Commercial Facilities, Elevators and Escalators, Conveyor belt for Handling baggage, Safety and Security, Tracked transit system) c) Satellite building, Energy centre and hotels Waste management and use of advance technology 1 853 Programme manager, Project manager, Architects, Software developers, Manager, Team leaders, Labourers Programme Manager 3 Airfields and runway 60 aircraft stands, Runway and earthworks Air Quality, Noise reduction 1

The Emh, the Financial Crisis and the Behavioral Finance

The EMH, the Financial Crisis and the Behavioral Finance 1. Introduction The Efficient Market Hypothesis (EMH) that was first proposed by Fama (1965, 1970) is the cornerstone of the modern financial economic theory. The EMH argues that the market is efficient and asset price reflects all the relevant information concerned about its return. The genius insight provided by the EMH has changed the way we look at the financial crisis thoroughly. However, the confidence in the EMH is eroded by the recent financial crisis.People can not help to ask: if the market is efficient and the price of assets is always correct as suggested by the EMH, why there exists such a great bubble in the financial market during the recent financial crisis? Apart from that, the EMH has even been criticized as the culprit of the recent financial crisis. (See Nocera, 2009 and Fox, 2009) Actually after the EMH was proposed, many anomalies have been found in the financial market and financial economists have develo ped many theories in order to explaining these anomalies.Among these the most influential one is the so called behavioral finance, which argues that the complex human behavior plays an important part in determining asset prices. The rest of the essay is arranged as follows. Section 2 explains what the EMH implies and its limitations. Section 3 emphasizes on explaining the usefulness of the EMH in the context of the recent financial crisis. Section 4 focuses on interpreting the behavioral finance. Section 5 concludes the essay. 2. The implications of the EMH According to Ball (2009), the implication of the EMH can be summarized as follows.The implication of the EMH can be decomposed into two parts. The first insight of the EMH is related to the most profound insights of classical economics, that is, there is no excess profit in a complete market, which is due to the fierce competition in the market. If there exists excess profit in such a market, then the entry of new producers will eventually eliminate it. The second insight is that information is symmetric dissemination, which implies that information can flow freely in the market without cost and time lag.Putting these two parts of insights together, the EMH implies that the market is efficient and asset prices reflect all the relevant information concerned about its return, and that investors can only get commensurate return with the cost of exploiting information due to the competition in the market. According to the EMH, people can only expect to get average return in the stock market and it is impossible to beat the market continuously. Note that it is futile to exploit information in order to get abnormal return does not mean that no one should act to exploit information.As a matter of fact, the EMH is a natural result of the fierce competition in the market—if there is no competition in the market, the market can not be efficient. In other words, asset price can not reach its equilibrium level a utomatically. Ice-cream producers face fierce competition from other producers in the market and it is impossible for them to get abnormal profit, but it is foolish for ice-cream producers to stop making ice-cream because they will get nothing if they do not work.Fama (1970) classifies the market into three categories: the weak form efficiency, the semi-strong form efficiency and the strong form efficiency. In the weak form efficiency market, asset prices reflect all the historical information, so it is impossible to obtain abnormal return using historical data and technological analysis is useless. In the semi-strong form efficiency market, asset prices reflect all the information that is publicly available, and thus it is impossible to get abnormal return using publicly available information.In the strong form efficiency market, asset prices reflect all the relevant information, including all publicly available information and inside information, so investors can only get average return and it is impossible to beat the market. 3. The performance of the EMH in explaining the recent financial crisis During the recent financial market, the stock market fell sharply, banks went bankrupt and the financial system was damaged seriously. This financial crisis has eroded the confidence in the EMH.The validity of the EMH and the existence of the efficient market are questioned broadly. If asset prices are always correct and reflect all the relevant information concerning about its return just as the EMH has suggested, why there exists such a great bubble in the financial market during the recent financial crisis? If the market is efficient, why the market fails to predict the collapse of Lehman Brothers, Bear Stern and other large financial institutions? Overall, the EMH fails to answer such questions.Moreover, the EMH also performs poor in explaining other financial crisis. One example is the Tulipmania that occurred in the 17th century. The prices of the tulip bulbs reached extremely high level which seriously deviates from its fundamental value that was suggested by the EMH. This apparent bubble is contradicted with the prediction of the EMH. In fact, the explaining power of the EMH becomes pale when confronting financial crisis. The EMH does not assume that investors are rational, but the EMH does assume that the market is efficient. But the reality may not be that simple.Investors may exhibit a lot of irrational behaviors in the real life, such as overconfident in their ability, following others readily, making wrong decisions when in exuberant state, and so forth. These irrational behaviors of investors without doubt will weaken the explaining power of the EMH. Apart from that, the EMH assumes that information is symmetric dissemination and can flow freely without cost and time lag, but information in the reality may not be symmetric disseminated, information may not be able to flow freely, this will also affect the validity of the EMH in explaining asset prices in the real life.Besides, factors such as sociological factors also play a part in determining asset prices. In author’s opinion, asset price is just like a glass of beer. At the lower part of the glass is the real beer, representing the intrinsic value of the asset that can be explained by the EMH. At the upper part of the glass is the foam, representing values that can not be explained by the EMH. In other word, the EMH can not explain bubbles, which is the systematic deviation of asset prices from their fundamental value.The EMH has even been criticized as the culprit of the financial crisis. In Nocera (2009) and Fox (2009), both of them believe that the notion of efficiency was responsible for the financial crisis. They argue that since the market is efficient and asset prices reflect all relevant information, the investors and supervisors feel it is unnecessary to look into the intrinsic value of assets, and so fail to be aware of the asset price bubbles, thus the financial crisis occurs.Actually, not soon after the EMH was first proposed, scholars have found many anomalies that contradict with the prediction of EMH. De Bondt and Thaler (1985, 1987) found that investors tend to overreact to unexpected news and events and such irrational behavior affects stock prices; Jegadeesh and Titman (1993) found that investors using trading strategies that buying past winners and selling past losers can get abnormal returns during the period 1965 to 1989. De Long, Shleifer, Summers and Waldman (1990) argue hat some anomalies such as the excess volatility of asset prices, the mean reversion in stock prices, and so forth, can be explained by the notion of noise trader risk. These studies have challenged the validity of the EMH. 4. The behavioral finance As has been described before, there are many anomalies that can not be explained by the EMH. Objectively speaking, these anomalies give impetus to the development and breakthrough of finan cial economic theories. Scholars so far have developed many models so as to explaining there anomalies, among which the most influential one is the behavioral finance.The behavioral finance takes psychological factors into account when determining asset price. According to Fuller (2000), the behavioral finance can be described in three ways. In the first way, he thinks that the behavioral finance is the integration of psychology and decision making science with the classical financial economic theory. In the second way, he views the behavioral finance as an attempt to explain the anomalies that have been observed and reported among current literatures in the financial market.In the third way, he thinks that the behavioral finance is a discipline that studies how investors make ‘mental mistakes’ in investment decision making process. The traditional asset pricing theories are developed under the assumption that investors are rational and thus can make right decisions, th at is, investors will not hurt themselves when making decisions. But the behavioral finance theory is developed under the assumption that investors are not always rational and human behavior is irrational at some time and that the financial market is sometimes inefficient.This assumption is much more reasonable than that of the traditional asset pricing theories. Ritter (2003) summarizes some irrational behavior of human beings, such as people tend to follow ‘heuristics’ or rules of thumb, which sometimes lead to biases, people are overconfident about their abilities, people act slowly to adjust to changes, people sometimes separate decisions which should be combined together in principle, and so forth. He argues that these irrational behaviors of investors will lead to misevaluation.Another important assumption made by the behavioral finance is the limits to arbitrage. In a market where arbitrage can be carried out without limitation, mispricing of asset will be elimin ated quickly. But if there are limits to arbitrage, for instance, short sale is not allowed in the financial market, the misprcing of asset may not be eliminated. Under the circumstance that the mispricing of asset is seriously, arbitrager will even choose to give up arbitrage due to the huge risk involved in the arbitrage.This assumption implies that the market is inefficient when there are limits to arbitrage. De Long, Shleifer, Summers and Waldman (1990) maintain that in an economy where rational and irrational traders are mixed, the behavior of noise traders can have huge continuous impact on asset prices, because the huge risk arbitragers confront made arbitrage less attractive. The first scholar who stresses the importance of psychological factors in investment decision making is Keynes.Keynes argues that the ‘animal spirits’ of investors is the psychological foundation of irrational exuberance and crash. Kahneman and Tversky’s (1973, 1979) description on t he belief and preference of investors under uncertainty lays the theoretical foundation for the behavioral finance. After that, the behavioral finance develops rapidly and gradually become the most important branch of financial economics.By economic intuition, since that the behavioral finance takes psychological factors into account when determining asset prices and that these factors do have important impact on the decision-making behaviors of investors, we can say that in the short run the behavioral finance provides a better for the behavior of investors and the financial markets than the EMH. But in the long run, investors will eventually realize and correct their irrational behavior, and the EMH will perform better than the behavioral finance. . Conclusion Under certain assumptions, the EMH maintains that asset prices reflect all the relevant information about the asset, thus it is impossible for investors to get abnormal return and beat the market. The EMH implies that there is no unexploited profitable opportunity in the financial market. Although the EMH provides a useful insight through which we look at the financial market, the EMH fails to explain the more and more anomalies in the financial market.The EMH provides little useful explanation about the recent financial crisis. The validity of the EMH is questioned and the confidence in the EMH declines. Moreover, the EMH has even been criticized as the culprit of this financial crisis. Given the criticism the EMH suffers, scholars have developed varieties of theories so as to explain the anomalies in the financial market. Among these the most influential one is the behavioral finance.The behavioral finance studies how the behavior of human beings affects asset prices and the financial market. Based on the assumption that investors are sometimes irrational and the market is inefficient and that there are limits to arbitrage, the behavioral finance overall gives better explanations concerning the anoma lies in the financial market than the EMH. The behavioral finance is a rapidly developing field in the financial economics. Reference Ball, R. 2009) ‘The global financial crisis and the efficient market hypothesis: What have we learned? ’, forthcoming in Journal of Applied Corporate Finance, Electronic copy available at: http://ssrn. com/abstract=1502815 (Accessed: 10 March 2010) De Bondt and Thaler (1985) ‘Does the stock market overreact? ’, Journal of Finance, Vol. 40, No. 3, pp. 793-805 De Long, Shleifer, A. , Summers, A. S. and Waldman, R. J. (1990) ‘Noise trader risk in financial market’, Journal of Political Economy, Vol. 98, No. 4, pp. 703-738 Fama, E.F. (1965) ‘Random walk in stock market prices’, Financial Analyst Journal, Vol. 21, No. 5, pp. 55-59 Fama, E. F. (1970) ‘Efficient market hypothesis: A review of theory and empirical work’, Journal of Finance, Vol. 25, No. 2, pp. 383-417 Fuller, R. J. (2000) Ã¢â‚¬Ë œBehavioral Finance and Sources of Alpha’, forthcoming in Journal of Pension Plan Investing, Vol. 2, No. 3 Fox, J. (2009) ‘The Myth of the Rational Market: A History of Risk, Reward and Delusion on Wall Street’, New York: HarperCollins Jegadeesh, N. and Titman, S. 1993) ‘Returns to buying winners and selling losers: Implications for stock market efficiency’, Journal of Finance, Vol. 48, No. 1, pp. 65-91 Kahneman, D. and Tversky, A. (1973) ‘On the psychology of prediction’, Psychological Review, Vol. 80, pp. 237-251 Kahneman, D. and Tversky, A. (1979) ‘Prospect theory: An analysis of decision under risk’, Econometrica, Vol. 47, pp. 263-291 Nocera, R. (2009) ‘Poking holes in a theory on markets’, New York Times, June 5, 2009 Ritter, J. R. (2003) ‘Behavioral finance’ ,Pacific-Basin Financial Journal, Vol. 11, pp. 429-437

John Stuart Mill Essay

British philosopher, John Stuart Mill, served many years as a member of parliament and worked diligently to bring forth liberal ideas. Amongst these ideas was the distinction of utilitarianism, or the act of doing what is right for the greatest number of people. Yet, just discussing the idea of right versus wrong for the masses was not enough, Mill’s determined there were two forms of utilitarianism; act, the direct form, or sanction, the indirect form. Much like formal logic with deductive and inductive reasoning, act and sanction utilitarianism strive for the same goal but have different ways of reaching it. Both forms of utilitarianism are seeking to find the best possible outcome for the largest number of people and using that as a measure of right versus wrong, yet by examining the differences of act utilitarianism and sanction utilitarianism, it will become clear that sanction utilitarianism is superior and more easily attainable. Focusing on act utilitarianism, this direct form works in maxims, expanding the contrast between right and wrong. â€Å"An act is right and just in its consequences for human happiness are at least good as any alternative available to the agent† (9). Thus, it is your duty to do the optimal act in a situation because anything other than the best act is a wrong act. Furthermore, Mills also comments that it is considered a â€Å"righteous† act if the consequences are just as good or better than any other action. Staying within the ideas of right or wrong, or when decisions seem to commonly be referred to as â€Å"black or white,† there is also an ideal of proportions to consider. Remember that the act is right is if brings happiness to the most people, but one is incapable of pleasing every person in every situation. Thus, Mills refers to the â€Å"Proportionality Doctrine† to tell what makes an act right or wrong. The Proportionality Doctrine states that acts are right if they promote happiness, or acts are wrong if they promote sadness. In act utilitarianism, each person is held to a duty to always make the best choices and perform the best actions. What that does though is â€Å"imply that I do wrong every time I fail to do the very best action, even when the suboptimal act that I perform is a very good deed. That may seem harsh and overly demanding† (11). Act utilitarianism is very demanding, having to always do the best thing all the time. What direct, or act utilitarianism implies is that if you fail to do the most optimal act then what you did was wrong, which is not always the case. In contrast to act utilitarianism, sanction utilitarianism allows gray space in between the black and white ultimatums. Mill’s writes: â€Å"because it makes the rightness and wrongness of conduct depend upon the utility of sanctioning that conduct in some way, we might call it sanction utilitarianism† (11). Here, Mill’s almost accepts that there are situations that will never be distinguished as exactly right and exactly wrong. Yet, Mill’s also struggles to let got of act utilitarianism since there usually are only two options. Thus, indirectly, an act is right if and only if its optimal to apply sanctions to its omission, whereas applying sanctions is right if and only if it is optimal is a direct action. â€Å"The only difference is that whereas sanction utilitarianism ties rightness and wrongness to praise and blame, act utilitarianism does not† (12). There are four kind acts that fall under sanction utilitarianism: 1. Wrong of forbidden acts are those whose performance it is optimal to blame 2. Permissible acts are those whose performance it is not optimal to blame 3. Obligatory acts are those whose omission it is optimal to blame 4. Supererogatory acts are permissible acts that are especially expedient (11) Here, these four actions seem to take on new meanings: while of course forbidden acts are optimal to blame negative reactions on (they are forbidden for a reason), it is now possible to see that the blame has a purpose behind it since the act caused proportionally the most damage. Unlike act utilitarianism, sanction utilitarianism is clear about which acts are sanctioned and which ones are not. In comparison, both forms of utilitarianism tend to seek the best possible outcome for he highest number of people, yet they have varying degrees of severity. People feel that when it comes to act utilitarianism, if you are not doing the best action each end every second, then whatever else you do is considered wrong. Living with the constant fear that your every action is scrutinized leaves those who practice act utilitarianism demoralized and deflated. It is also exhausting to have to be doing the best thing all the time and society does not naturally possess the ability to be a â€Å"hero† every waking moment. It would seem that sanction utilitarianism is more probable because it promotes a more feel good way of life. Your actions are all driven by a desire to do the right thing, but if you fail from time to time, as long as the intention was there, you are doing all right. â€Å"In arguing sanction utilitarianism, Mill’s claims that it allows him to distinguish duty and expediency and claim that not all inexpedient acts are wrong; inexpedient acts are only wrong when it is good or optimal to sanction them† (11). This means that sanction utilitarianism is more preferable and attainable than act utilitarianism when it comes to acts of duty. Therefore, a person would see this flexibility in sanction utilitarianism as a way to be seeking the righteous actions while being less demanding than act utilitarianism. Sanction utilitarianism is a superior alternative to act utilitarianism because it is flexible, forgiving and attainable. Humans are one of the most imperfect species on the planet and with highly evolved social politics; it is completely impossible to please everyone at the same time. Take into consideration the very foundation of democracy, selecting the best candidate for the job based on a populous vote. If everyone were voting under the basis of selecting the best person for the most number of people, then they would all vote for the same person. There has never been an election where a single candidate won every vote, and thus it proves that humans are incapable of behaving under complete act utilitarianism. On the other hand, it is good to hold yourself to the highest standards and expect the most out of yourself and think that you should always be doing the best thing. The flexibility of sanction utilitarianism is that individual morals and ethics come into play for each person, allowing them to wander between right and wrong finding the best outcome that may be a blend of the two. Take for instance the selection of which college to go to: your personality, likes, dislikes and more come into consideration and while the student wants to find a reputable school, they also have to find a place to call home for four years. If the student chooses the wrong location, it makes their lives miserable, their roommate’s life unbearable, and the family’s life saddened. Thus, the student had to balance every option and maybe give in on reputation for the best social fit, whereas under act utilitarianism, they would have picked a school solely on reputation alone since theoretically, that would lead them to the best possible outcome. Also, under sanction utilitarianism, if a choice is made and it turns out to be wrong, a new choice can be made to counteract the first giving sanction utilitarianism a sense of forgiveness. Combining these two ideals, flexibility and forgiveness, sanction utilitarianism reins superior over act utilitarianism because it is attainable. While both forms of utilitarianism are seeking to find the best possible outcome for the largest number of people, through examining the differences of act utilitarianism and sanction utilitarianism, it became clear that sanction utilitarianism is superior through its attainable qualities. In act utilitarianism the path for right over wrong is very demanding, requiring someone to always do the best thing all of the time. Ultimately, what direct utilitarianism implies is that you fail when what you did was wrong, which may not always be the case. Unlike act utilitarianism, sanction utilitarianism is clear about which acts are sanctioned and which ones are not, which allows someone to strive for their best but not harm them if they fail. Sanction utilitarianism is more preferable and attainable than act utilitarianism when it comes to acts of duty because a person would see the flexibility in sanction utilitarianism as a way to be seeking the righteous actions while being less demanding than act utilitarianism. While humanity is incapable of following act utilitarianism, the forgiveness built into sanction utilitarianism is preferred, since if the choice made turns out to be wrong, a new choice can be made to counteract the first. Combining these two ideals, flexibility and forgiveness, sanction utilitarianism becomes attainable for humanity and it rises in superiority over act utilitarianism.

Flip Flops †My Favorite Shoes †Creative Writing Essay

Flip Flops – My Favorite Shoes – Creative Writing Essay Free Online Research Papers Flip Flops My Favorite Shoes Creative Writing Essay As I was picking through my shoes, I came across a pair of slightly beat up flip flops. I had unwisely bought the cute white pair, but after wearing them for three days straight in Sydney and the beach, they had turned from a bright white to a dull grayish brown. This was a disturbing thought because I had never realized how dirty my feet got in the city. They were great to walk around in beacasue they were bendy and flexible, and my feet and toes sunk into them, making me feel like I was in barefeet without walking on the scalding pavement. The bad thing about these shoes was that they gave me angry red blisters that throbbed. The plastic part of the shoe that anchored my foot to the bottom is what caused the blisters. Soon after the blisters formed, they would peel away and leave no remnant except a flake of skin that had partially come off. So, I would forget all about the pain they caused and wear them again. I repeated this cycle throughout my three week stay in Australia. By the end of my trip, my skin had toughened up and I felt nothing at all. Proudly and painlessly, I wore them on the plane trip home. . Never beforehad I taken such a long trip. I now realize that the number one priority when travleing is comfort. I discovered this soon after arriving at the Detroit Airport. If you do not like crowds of people, then the airport is not the place for you. People with luggage twice their own weight, with crying children, bored of waiting in line, people exasperated with life and with the ticket people who were constantly clattering away on their keyboards, relaying information at top speed. I became hot and sweaty in my jacket while waiting in line. My bookbag, filled with 14 hours of entertainment (hopefully), dug torturously into my shoulders. I could not take off my jacket because already I was carrying the bookbag, my purse, my e-tickets, and a small bag around my neck that held money for emergencies. If I took off my jacket, it would just be one more thing to carry. I smiled suddenly as the wafting smell of gooey cinnamon came towards me. I looked around, hopeful for a Cinnabon pl ace, my mouth already watering at the thought of the melted white icing, the warm, soft dough and sticky and sweet cinnamon. My smile quickly left and a frown took place as I saw the person behind me in line pull out the bun, and sinking his teeth joyfully in it. Oh, progress! The line had moved forward a half an inch. I was starting to feel intensly claustorphobic. Not only were all my bags pressing into me, but I was surrounded with people on all sides, chattering in multiple langueages and different pitches ranging from the extremly high voiced woman on my left to the deep voiced man two suitcases behind me who looked, frankly, like a lion. My hair was in my eyes and face, making it hard for me to breath and see. My watch seemed to restrict the movement of my wrist. Noticing the discomfort my watch was causing me, I glanced down at it. Two more hours til we departed from the metropolis of Detroit! Fast foward that scene an hour and a half. Amazingly, in a mere ninety minutes, I had progressed through the entire ticket line, the line in the airport restaurant for breakfast, and made it through the maze of escalators and moving sidewalks to securtiy. Airport security always has a specail talent for making you feel like a potential bomber, or someone who has stuck a knife down your sock, waiting for the opportune moment to attack the pilot. Pious-looking officials call you through the metal detector, and will pull you aside if you have so much as nailclippers, or, if you are like the little old lady in front of me, small scissors used for cutting thread. Or possibly, according to security, kill the flight attendents, pilot, and take control of the plane. Aside from feeling like I was going through an x-ray, I got through security with no trouble at all. Finally.the waiting room! Through the large windows, I could see the plane I was going to be a passenger on. It was a smaller plane, taking me from Michigan to Dallas, and then from Dallas to California. I waited through the P.A. annoucements that first class should board. Then more people with better tickets than I. Then finally, I was called to board. I got my bags, and headed through the suspended hallway to the planes entrance. I was greeted with a courteous smile from the attendants and wished a safe and happy trip. Two plane trips across America later, and I was on the Quantas flight, heading farther away from my home then ever before ! I was awed as I walked onto the plane. It was much larger than I had ever expected. I am sure my mouth was hanging open as I boarded. As soon as I stepped foot on the plane, I heard an important electonical buzzing sound, that continued throughout the rest of the trip. It sounded something like a very loud air conditioner. I think now it may have been the engine. The seats in economy were nice and plush, and I was given a thin, pancake like pillow and an equally thin blanket. A TV screen was on the seat ahead of me, with a selection of radio, music, movies, and Australian TV. I could also view the time, temparatue, distance from my locatation, and the remaing amount of time. After the chaotic moments of everyone trying to simaltaneously shove their too large bags into the overhead compartments, things settled down and various announcements about safety were mad e. Then, we began our trip! We cautiously wheeled out onto the take off strip, following the little men clothed in violently orange vests. The plane gathered speed, and we lifted off ! I felt slightly queesy. My ears started to pop, which was very annoying because I felt cut off from the rest of the world, like I am deaf. I can ownly partially hear other people and as a resualt I start to talk very loudly, in addition to obnoxiously popping gum and dramitcally yawning to get my ears back to normal. When we approached our steady hieght, my ears went back to normal and I realized I was insanely exhausted. I put on my headphones and drifted off into sleep. Research Papers on Flip Flops - My Favorite Shoes - Creative Writing EssayThe Spring and AutumnThe Hockey GameCapital PunishmentUnreasonable Searches and SeizuresThe Masque of the Red Death Room meaningsPersonal Experience with Teen PregnancyWhere Wild and West MeetBionic Assembly System: A New Concept of SelfNever Been Kicked Out of a Place This NiceMind Travel

The Future of Online Advertising essays

The Future of Online Advertising essays The growth and revenue that comes from online advertising will never change, but the ways and strategic process will. Along side the fact that visibility, portability, and impact of the message being portrayed will advance but the measure of Internet advertising will be dramatically be different. The commercial domain is by far the largest and fastest growing on the World WideWeb. It appears thatbusinesses are increasingly taking part in the new marketing forum available on the Internet. Yet, many companies that are growing disillusioned with thecommercial possibilities of online advertising, some have suggested that theInternet is better suited for advertising and commercial sitesrather than personal sites. Executives are questioning whether 'the potential of future Internet advertising is a risk to take due to the growing competition. Agencies areconsidering decreasing or removing their investment in online advertising but are considering the loss of consumers (Schumann 41). For bu sinesses, advertising on the Internet offers potential benefits that are not available through traditional advertising media. This new medium has caught the attention of advertising and marketing experts in several fields. The online advertising that will have the most dramatic changes in the future will be paid search, video advertising, and display advertising. As the search engine marketing continued to grow, the fast pace of paid search and its cost resulted in marketers having to think more about strategic application of search into a marketing plan. There are 3 types of paid search, Paid For Placement (PFP), allowing advertisers to bid for position and obtain a position at the top of major search portal listings by paying a penny more than their competitors regardless of the quality of their sites content for the search engine spiders. The future in the PFP will have affect on the quality of the top websites and the staring...

Call to reaction Essay Example | Topics and Well Written Essays - 1250 words

Call to reaction - Essay Example Some of the water from fracking always resurface and should be treated. Fracking affects underground water. The water becomes unfit for drinking due to large amounts of methane dissolved. People who live near the fracking areas are at greater risks. Continuation of the fracking process may lead to higher rates of water pollution in future. Some of the chemicals resulting from the process are carcinogenic and are most likely the cases of cancers may increase in the near future. Carcinogens released from the fracking process may also evaporate and cause air pollution. Pollution in the air may spread to other areas (Spellman 78). Based on the facts gathered about pollution regarding fracking, the cases of cancer will increase. Climate change may also occur as a result of the release of methane gas to the environment. Fracking produces mainly natural gas and oil. It is more expensive to use oil in production of electricity. Natural gas can not be used to fuel cars. It is therefore not ne cessary to boost the production of oil and gas from hydraulic fragmentation (Spellman et al 122). Several measures can be taken to limit the effects of fracking. Wastewater from the fracking process must be properly disposed. The disposal process should also include storm water and other wastes emanating from hydraulic fracturing processes. The waters should not be released to the environment before treatment. Water-treatment technology is recommended as it limits the pollution effects of the fracking process. The major objecting is to carry out the process of fracking in an environment friendly manner (Graves 321). Improved water treating method makes it possible to teat the wastewaters at the fracking sites. This saves the costs involved in transport of the water to disposal wells or water treatment facilities located. During fracking process, large amount of water under high pressure is pumped underground to release oil and gas trapped. Water that flows back to the ground is load ed with remnants of toxic chemicals used to fasten the fracking process and those released from the cracked rocks. This water is often recycled in the fracking process. Eventually, the water can not be recycled anymore. It is therefore necessary to transport the water to treatment plants usually located away from the fracking sites. This is expensive and the spills may cause pollution. At times, the water is injected deep into the ground. The underground injection causes earthquakes in the area. The proposed new technology eliminates the need to transport the water to treatment plants away from the fracking site. The technology works on the principle of desalinization using and low pressures to separate water and salts in the wastewater. The water comes out as vapour leaving behind salts. Waterless fracking technology is used as an alternative process to extract oil and gas trapped in rocks. The method uses a thick gel consisting of propane into the ground. The gel extracted from li quefied propane gas (LPG) turns into vapour while still underground then returns to the ground in a recoverable form. The gel does carry with it the toxic chemicals used in the fracturing process or those released from the cracked rocks. The waterless fracking technology is expensive but can be used as an alternative to the ordinary fracking process due to less impact it has on the environment. The information about the toxic chemicals that have been established to be preset in the cracking process is always hidden from the

The Apology Essay Example | Topics and Well Written Essays - 500 words - 1

The Apology - Essay Example 33. This paper evaluates Socrates’s reaction. An important philosophical issue raised here is whether the teachers can charge the students for their service of transferring knowledge to them?, because charging students for teaching them was one of the accusations made on Socrates. 34. Another philosophical issue is that if only the believers who consider their wisdom worth nothing are wise, then how do atheists compare with the believers who think that they are wise? Finally, if an individual is an expert in a field, can he be considered wise even if he has no expertise in other fields at all? According to Socrates, there is nothing wrong with a teacher taking money for passing knowledge onto the students. 34. Socrates has drawn upon the examples of numerous philosophers and educationalists like the Gorgias of Leontium who were paid teachers. 34. According to Socrates, atheists and believers who think that their wisdom is worthy belong to the same category of unwise people. 36. It is not about the presence or lack of belief in gods as gods are out of the equation. Socrates does not consider an individual who is expert in a specific field but not in others wise. 37. Socrates’s reaction seems to be based on a self concocted story. It seems like a joke that an oracle declared Socrates as the wisest person on Earth. Socrates might not have found them but we know many people who underestimate their knowledge even when they know much more than others do. Secondly, belief in Socrates’s story necessitates an assumption that Socrates was a know-it-all kind of person. Probably the poets had made the correct interpretations and explanations of their poetry but Socrates was too naà ¯ve to understand that depth and in turn, declared that the poets did not understand their own poetry. Although I do not quite believe in the story Socrates narrates in his defense, yet I support