New Outlook On Payouts And Dividend Policy Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2747 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Unlike during 1990s, when rise in share price is much more than the interim dividend payouts by the companies, dividends are one of the most important factors to consider these days for any investor who looks for rather stable less risky returns than going for aggressive investment strategies, while making their investment decisions. These dividends are the only income stream generated from the equity, representing its asset value, form the lions of share of 60% of the total returns. This can be proved by the marginal increase in LSE share prices over the last decade, with the FTSE All share Index climbing back to level of August 1997, compared to the dividend income from them being 19% if reinvested can say investors almost tripled their money in the last 10 years before the recession. Don’t waste time! Our writers will create an original "New Outlook On Payouts And Dividend Policy Finance Essay" essay for you Create order So, it does make sense for the investors to consider dividends seriously while making their investment decisions. The recent recession and the credit crunch have affected all walks of the economy with the more profound effect on the stock markets. The UK equity market has had a tough time during the last couple of years. Many of the high yielding blue-chip companies have proved to be cyclicals as market experts say, the best companies in last couple of years were generally the ones that suffered huge losses biggest share price falls. During the previous recessions, while the common stock market share values were going down, newer forms of investment options for the average investor were evolved in the form of mutual funds, Gold, ETFs, Commodities etc., These MFs in theory were supposed to perform well or even better than the stock market fluctuations due to its inherent advantages of enormous capital and the professional and knowledgeable fund managers. This myth of the performance of the stock mutual fund market also has been crumbled with the present recession. Most of United Kingdoms equity funds focussing on regular income to its shareholders through dividends are forcing a cut back on their income as most of them depended on the banking sector. With the near collapse of Royal Bank of Scotland, Halifax Bank of Scotland and the poor performance of Lloyds Bank, NatWest Bank, the banking sector has witnessed either a scraping of the dividends or slashing (Kelleher, 2009). Some of the investors have already started moving away from even the better considered income mutual funds to other type of investments, but retirees who need regular income for their subsistence face the burnt of the recession and the loss of income. Dividends are the payments issued by companies to its shareholders as a part of their after-tax profits on a timely basis. This is nothing but the partial disbursements of the profits of the company to its share holders. In UK, these divid ends are paid twice a year. They represent real cash unlike the stated profits, less volatile, and not subject to changing accounting policies so not subject to back adjustments revisions. Companies try to maintain a sustainable dividend payout level as a good share is one where the dividend has increased consistently. However, a good high dividend stock not only maintains consistency in payment of high dividends but also shows future growth in dividend payouts without constraining the future growth in the share price. In addition, the higher the dividend cover the better, as the company is more likely to maintain the dividend in future years even if profits drop. High yielding stocks paying dividends always outperform the lower yielding non-payers. Ex: FTSE 350 Higher yielding index rose 40% against 23% fall in lower yielding index over the last decade. The above chart plots the monthly close for the FTSE 100 Stock Index. However, the dividend payouts of the companies depend on their profits and require them to have strong balance sheets cash generation sources. According to Jane Zhou, Markits U.S. dividends manager, many considerations go into the decision-making of dividend payouts starting with an economic forecast followed by the general market conditions, company financial performance, with further drilling down to the proposed development options new revenue sources available to the company. The mutual funds, which invest in such dividend paying stocks, will pay out these dividends in the form of regular incomes to its shareholders. DIVIDEND HISTORY During the recession, many companies especially banks and financial institutions have seen their profits plunge share prices fall steeply and needed government support by way of cash injunction to run the company. Dividends paid by the companies in UK has dipped to around 36% from the end of 2007, and it will be even more down to a massive 50% if the dividends paid by Tobacco oil industries is excluded. Even the most defensive stocks have failed to sustain in these times give good returns. At these times, the dividend payouts have fallen from these companies. This has created a situation where the mutual funds, which focus on such established companies, have fallen in value, as they are not able to maintain their annual and regular dividend payouts to their shareholders. The investors who have invested in these funds on a long-term basis hoping for regular income from the funds are disappointed. The average FTSE All-Share return during the 10 years following decades of low re turns was a massive 14 per cent per year. Since 1962, the average annual return provided by UK shares has been almost 12 per cent (including reinvested dividends). The major companies, which pay dividends and wherein the income based mutual funds, are concentrated in the banking, financial oil sectors. During the early part of 2008, the financial crisis has affected this traditional dividend paying and well-established companies in a major way. While the banks in United Kingdom, United States and elsewhere have been affected very badly in 2008, the oil companies, which saw enormous profits due to rapid surge in oil prices, have seen profits fall in 2009. This compounding factor has led to the decrease in dividends received by an average investor. Dividend History of Banks (pence per share) Year Barclays RBS Lloyds 2000 12.1 23.5 30.6 2001 17.5 27 33.7 2002 16.5 31 34.2 2003 15.7 35.7 34.2 2004 15.75 41.2 34.2 2005 17.4 17.7 34.2 2006 20.5 22.1 34.2 2007 22.5 23.1 35.9 2008 11.5 0 11.4 2009 1 0 0 (Source- Lloyds TSB, Royal Bank of Scotland, Barclays) The above graph and data shows that the dividends from the banks have sharply fallen in the recession period from 2008. According to the experts in the stock markets, the gloom of the recession has almost ended and from 2010 onwards, it is going to be a good ride for the equity markets. The fall in oil prices and the pound-dollar conversion factors are pulling down the actual dividends from the oil sector. Dividend History of Oil Companies (pence/share) Year Shell BP Exxon Mobil 2000 98.1 14.2 55.6 2001 102.5 16.3 54.9 2002 106.2 15.4 55.6 2003 108.6 15.8 67.9 2004 110.5 16.7 69.1 2005 109.9 20.3 70.4 2006 108.6 20.8 79.0 2007 88.9 22.8 84.6 2008 98.8 32.3 95.7 2009 98.8 26.5 102.5 (Source Exxon Mobil, Shell, British Petroleum) The fall in dividends have not affected some of the companies such as Astra Zenca, Glaxo and BAT, as can seen from the below figures and graph, that they have actually increased. This has created further confusion among the investors. Dividend Yield History (%). Year Glaxo AstraZeneca BAT 2000 60.0 49.4 29.0 2001 27.0 43.2 32.0 2002 39.0 54.9 35.2 2003 40.0 55.6 38.8 2004 42.0 67.9 41.9 2005 43.0 69.1 47.0 2006 46.0 87.0 55.9 2007 50.0 108.2 65.7 2008 55.0 120.4 83.7 2009 61.7 129.2 87.8 (Source- Glaxo, Astra Zeneca, BAT) Story of 2009 The dilemma of the investors is also compounded by the confused signals emerging from the market. In the early part of 2009 itself, the mutual fund managers were predicting the return of increased dividends in the same year. This has not happened and more over the income yield of 80 percent of the mutual funds have fallen in 2009. The people who clung to the equity income mutual funds were loosing hope and the same story is again repeated in now by the fund managers even if their fundamentals remain the same. The same logic of return on capital, massive profit margins and better balance sheets of the companies were predicted by the mutual fund managers in early 2009 which did not happen and the same set of reasons are being portrayed by the managers for the increase in dividends in 2010. According to Mark (2008), the patience is the virtue required by the investor in an income mutual fund but this seems to have evaporated in 2009. But both the fund managers and the investors who cl ung on to their favoured stocks of banks, financial institutions have been disappointed. Even though the companies in the traditionally lower dividend disbursement areas of mining and energy sectors have performed well in 2009, the income funds did not have exposure to this area of the market. Traditionally equity income funds were seen as less risky but in 2008 the market scenario changed to make investment in income funds as risky. Some of the income mutual funds did yield over 6 percent yield like Liontrust, Standard Life Investment, and Schroders Far East Income etc. The dividends of funds that concentrate on stock markets outside the United Kingdom have seen a balancing and even in some cases an upward swing even though not according to the historical levels. The indication of the market and many experts is that the investors give more attention to the growing and strong Asian and European markets. As an example Newtons Asian Income fund registered a quarterly dividend yield of 5.18 percent and is about 10 per cent increase from last year and the 5.14 per cent quarterly dividend payout of Sarasin International Equity Income fund is an increase of 12.46 per cent (Kelleher 2009). Some of the other companies which are not affected by the recession is in the telecommunications, pharmaceuticals sectors. As an example Vodafone is expanding its markets in the asian region more than the European and American continents and seen the profits ad the corresponding dividends increase. Dividend history of Vodafone Year ended 31 March Interim Final Total Growth % 2010 2.66 3.5 2009 2.57 5.2 7.77 3.5 2008 2.49 5.02 7.51 11.1 2007 2.35 4.41 6.76 11.4 2006 2.2 3.87 6.07 49.14 2005 1.91 2.16 4.07 100 2004 0.9535 1.078 2.0315 20 2003 0.7946 0.8983 1.6929 14.99 2002 0.7224 0.7497 1.4721 5 2001 0.688 0.714 1.402 5.01 2000 0.655 0.68 1.335 4.95 1999 1.2720(1) 1.272 (Source https://via.vodafone.com/start/investor_relations/shareholder_services/ordinary_shareholder/calculator.html) Forecast for 2010 As per a recent report from Bloomberg News, a positive forecast of dividend payouts in the SP 500 is expected for the financial year 2010. Bloomberg noted that one in six members of the SP 500 may raise their next dividend payout while only 2 percent is going to cut it down compared to the previous payouts. Adding to this, SP also released a positive forecast for dividend increase of up to a 6.1% rise in 2010, after a massive decline of 21.4% in 2009. The total dividend cuts in 2009 were amounted to around $48bn, with 78 dividend cuts. But in reality, looking at the historical growth rate of dividend payouts of SP, being at 5.6%, and the huge losses downturn in business conditions due to recession in the last couple of years, the 2010 forecast doesnt project a much brighter image. Following the slightly settled conditions of the fallouts in 2009 the expected economic recovery in 2010, with companies slashing costs hoarding capital, a full-fledged comeback is not expected to h it until 2011. Following the near-collapse of the entire financial system across the world, companies have undertaken severe cost cuts highly conservative financing for healthy balance sheets improved profit margins. Most of the near-fallouts who were able to sustain through these times with the help of bailouts from the government have repaid their loans. However, the SP 500 companies will be cautious with dividend increases, with companies such as Telecom giants Verizon Communications ATT, IT companies like Intel Microsoft, which maintained a flat level in 2009, until the concerns over the recent regulatory changes, Income bonus payments, capital requirements etc clears. However, on the flipside, as per Markit survey, few companies like JP Morgan, Morgan Stanley, BBT etc, along with few IT companies, are not going to be held back by such concerns. Overall, the dividend recovery in 2010 financial year is going to be very gradual. Markit also expects the healthcare industry not to be concerned about cutting their dividend payouts due to the federal health care reform, rather this industry is going to see an upturn in the dividend payouts with companies like Pfizer increasing it to 12.5% (ie., 18 cents / share) and Johnson Johnson continuing with its historical pattern of increasing dividends. But, the recent recession, coupled with elevated unemployment rate is expected to hamper the dividend pay-outs in the retail industry, with only 9 dividend increases in the SP 500 for the 2010 year, but on the positive side, only one decrease no suspensions are announced till now. Also, the tax changes VAT rise hampered the consumer confidence to a greatest level. However, higher dividend payouts always lead to a fall in the company share price. The other two industries, which are believed to be cheaply valued are expected to perform well in 2010, are Pharmaceuticals Utilities. Market expects these other defensive sectors to show promising returns in 2010. The one sector in SP 500 that showed a consistent higher dividend payout is the consumer staples. Out of total 34 dividend declarations made by the companies in this sector, 33 were increases. This sector is again expected to take the lead continue giving higher dividend returns to its investors. Company Dividend Yield Altria 6.90% Kimberly-Clark 3.80% H.J.Heinz 3.90% Kraft 4.30% Oil-Dri 3.90% Data from Yahoo! Finance and CapitalIQ, a division of Standard Poors, on Jan. 5. The current yield on FTSE 100 is only at 3% but when the economy takes a full upward turn in 2010, with simultaneous rise in share prises, it is expected to yield a decent overall return in the coming years. Few stocks are expected to give long-term consistent higher dividends, while a few others will be focussing on initial dividend yields. So, the investors are advised to include both the types of stocks in their portfolios in order to achieve growth and stability of their dividend yields. Following five companies have proven to be yielding good long-term annual growth in dividends, with a fairly decent dividend cover forecast for 2010. Company Prospective Dividend Yield Annual Dividend Growth 5 years Prospective Dividend Cover Dominos Pizza (LSE: D OM) 2.7% 40% 1.7x Mitie Group (LSE: MTO) 3.2% 22.5% 2.3x Connaught (LSE: CNT) 1.0% 14.5% 7.6x Tesco (LSE: TSCO) 3.1% 11.8% 2.3x Imperial Tobacco Group (LSE: IMT) 4.4% 10.9% 2.1x On the other hand, the below table gives five stocks which are among those whose earnings are recorded to be stable. The forecast for them for 2010 is as good as the previous ones, as they can cover their dividends with ease. Company Prospective Dividend Yield Prospective Dividend Cover HMV Group (LSE: HMV) 7.8% 1.8x BP Group (LSE: BP) 5.7% 1.8x Vodafone (LSE: VOD) 5.6% 1.8x Vislink (LSE: VLK) 5.6% 3.7x Royal Dutch Shell (LSE: RDSB) 5.6% 1.8x Inflation is the other factor that will affect the dividend payout returns for investors. The increase in inflation will make the dividends even more attractive. As the UK dividends are taxed quite generously by the government, compared to ret urns on cash savings or FI based on the fact that the company have already paid tax on its earnings. However, the recent increase in tax from 32.5% to 42.5% for dividend income  £37,000, it is also expected to have a nominal effect on the dividend returns. As they are reading daily news about major companies slashing their dividends, Investors have lost confidence in the equity income market and equity dividend as they feel that it will be a while before the dividends of the companies start climbing up. The fund managers of equity income funds are really confident about the prospects of the markets and especially the dividends income they will be able to generate by restructuring their investment portfolio. The lack of investor confidence is the result of the fall in the average yield of United Kingdom stock market which is down by 3.5 percent. But investors are needed to clung on to their investments or start reinvesting for them to actualise the long-term average return. Conclusion During these uncertain economic scenario the investors and the fund managers need to change track if they have to keep their investments safe. The income mutual funds may see an increase in income due to the increase in dividends as the economic climate is slowly picking up. A certain level of uncertainity remains in the market and the confidence levels have not returned. The banking and financial sector is still weak and need further time for consolidation. Till that time it is expected that they will not be able to provide the kind of dividends they were paying the investors before. The mutual fund managers need to make change in portfolios to companies in the Asian and other emerging markets which are growing at an even pace. The companies in these markets have not been as affected by the recession as in the United Kingdom. The investors on the other hand might need to think about investments in growth oriented mutual funds to capitalise on the growth trend in the stock market.

An Analysis Of Jim Davison s The Ledge - 1504 Words

There are many people in the world that have been noted to be some of the most intelligent and educated people in the universe, but it seems that the idea of education is often mistaken with the idea of schooling. Being an educated person is not based off of how high one’s GPA is or how well one can write an essay. Rather it is how one lives their daily life and can overcome obstacles that lead oneself to the true understanding of experimental education. Education does not only exist in the academic world. Don t be fooled; education most definitely exists in the classrooms of a university but it also exists everywhere else. It is through experimental education and how one overcomes certain obstacles that one is truly shaped into an educated person. Experience is the basis of all knowledge. It is quite the chilling thought to grasp that at any moment, one’s life can change forever. Jim Davison’s story in The Ledge is one about self-reflection and conquering a phys ical and mental battle that many would be incapable of doing. Similar to Davison, John Locke’s theory of education deals with learning from the process of experience through sensation and reflection. Textbooks and professors can help students understand certain ways to read, write, and do math, but none of that knowledge becomes useful when life twists and turns and something unexpected happens. Students are not taught through a textbook how to react when a loved one dies or when a traumatic experience occurs.That

Edge of the Water Free Essays

On The Edge Of The Water Teens growing up in modern America face challenges daily that help them grow into a productive member of society. In the book, Edgewater Angels by Sandro Meallet, the story is set in the projects of San Pedro, California, a heavily gang influenced town that is a part of Los Angeles. The book exposes the youthfulness of Sunny Toomer, a mischievous teen always faced with the decision between right and wrong in a neighborhood where you can get jumped for walking on the wrong side of the street. We will write a custom essay sample on Edge of the Water or any similar topic only for you Order Now Sunny is just trying to find a way out of this life-style he was born into. Not such an easy task when you grow up with a single mother who works hard to provide for her son, and a father who has met his son only a few times. Sunny and his friends face a lot of challenges throughout the novel and they always manage to find a way to weasel themselves out of it with the help of Sunny’s cleverness and ability to think on his feet. Sunny Toomer’s goal that he wishes to achieve is to get out of San Pedro and live a good life. Edgewater Angels is both heartwarming and exciting because where the author set the story (San Pedro), the use of the character Tom-Su, and Sunny Toomer’s library that he spends most of his free time. The story takes place in the projects of San Pedro, California. San Pedro is known for gang violence and drug trafficking. The main character Sunny Toomer and his friends all live here. Having the story take place in such a low-income neighborhood really sets the tone for the whole book. It makes the reader really connect emotionally to Toomer because of his dream is to succeed in school and eventually live a better life. I feel bad for him because it’s hard enough to have goals and aspirations as a kid. It’s especially hard for Toomer because of where he lives. Basing the book in San Pedro also makes for a lot of entertainment for the reader. Toomer and his friends face problems and dilemmas throughout Edgewater Angels like when Beefy was about to fight Monet and the Sunny came up with the idea to have a swim off. That showed how even rival gang members in a diverse community can get together for some friendly competition. The way Sunny matures throughout the book intrigued me as a reader because I know that even though this book is fiction, there are situations like this in L. A. Meallet At the very beginning of the book, a character was briefly introduced but was significant. His name is Tom Su. Tom Su was a little weird but liked to hangout with the boys. So the boys let him hang out with them as a nice gesture. One day, they boys saw Tom Su standing outside his apartment with his dad. They were yelling back and forth for a while and then the dad hit Tom Su. This shocked the boys and they didn’t know what to do. They thought their parents were rough until they saw what Tom Su had to go through daily. Meallet included this character into the book because child abuse is a real problem in America but a lot of people either are not aware or do not do anything about it. Tom Su was a character but also a symbol because he represented all of the kids in America that are abused but do not speak up and get help. Sunny strives to be a good student and get good grades. So he spends a lot of time studying and reading. However, those things aren’t so easy to accomplish when you live where Toomer lives, so he had to find an alternate place to go when he needed to study. The library was that place for him because it was â€Å"a place where workers got happy-faced at the site of a young guy like me (Toomer) walking through the door†. (121) Toomer loved the library so much that he was in the library every chance he could get. The library was like the missing piece to his puzzle because he could get away from his mom’s boyfriend who he hated and get peace and quiet while he works on his studies. I have had ADD almost my whole life and it has really effected my studies and school work. I just couldn’t focus at home and that would result in me not finishing homework and then reflect poorly on my grades. Like Toomer, I also needed to find somewhere I could go to study and do homework. My mom works as an elementary school teacher and she has a huge classroom with an enclosed office space in the back. My mom would let me go in there whenever I wanted because that was the only place I could ever get anything done. After about a month of countless hours in the office space, I saw a huge improvement in my grades and I developed really good study habits. I really connected with this part of the book because I could relate to Toomer and his situation. Edgewater Angels painted a perfect picture of how it is to be a teenager and grow up living in the projects of L. A. This story was important because a lot of people are not aware of living conditions of the families living in the projects. Its not like they chose the gangbanging life, many teenagers were born into it and had family members in a gang. There are not a lot of options for them to get out and start a brand new life. So its rare to find a kid like Toomer, that had all the tools to become a delinquent and a so called â€Å"thug†, who strives to become a better student and live a better life. That is the overall message that Meallet is trying to display, If you work hard enough at something your passionate about, you can achieve it. This book has definitely opened my eyes to the world and spreads awareness of the living conditions some Americans live. 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Thailand and Hong Kong Religious Differences free essay sample

Compare the religion in Thai and Hong Kong Introduction Religion is a way to review the cultural system of a country, it relates humanity to spirituality. Hong Kong and Thailand have a distinct history background, which interpret the big difference in daily cultural practices. This essay aims to provide a brief introduction of the religion in Thailand and Hong Kong and compares their differences and similarities. It will start from the history background and general information to the details of religious activities. General In Hong Kong, people are protected by the Basic Law, they have the religious freedom. There is a wide variety of religious groups such as Buddhism, Taoism, Christianity, Islam and so on. With 150 years of rule as a separate British colony, although most Hong Kong people are ethnically Chinese, Hong Kong has a unique local identity. Elements of traditional Chinese culture combining western in? uences have shaped Hong Kong as a city with mixed culture. We will write a custom essay sample on Thailand and Hong Kong Religious Differences or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Apart from the Chinese and British cultural in? uences, Hong Kong is a free trade port with people from different countries staying there which have a large variety of religion beliefs and ways of thought. According to a Gullup poll in 2010, 64% of Hong Kong residents are either agnostic or indifferent towards religion. Buddhism and Taoism are the major religious with more than 1 million Buddhists and about 1 million Taoists. The second large religious group is Christianity, it has been in Hong Kong since 1841. There are about 843,000 Christians in Hong Kong, most of them are Protestant or Roman Catholic. Temples and churches are omnipresent and ubiquitous on the streets, few of them have been there for more than 700 years ago. Although Hong Kong is literally no religion background, there are some public holidays related to religious festivals such as Christmas, Easter and Buddha’s Birthday. Adherents hold special celebration or ceremonies on these occasions. Those major religious bodies have established schools, hospitals and provides social welfare facilities. Theomania is rare in Hong Kong, religion con? ict has never occurred so far. In Thailand, Buddhism has long been it national religion, about 95% of Thais are Buddhists of the Theravada tradition. In fact, there is no of? ial state religion in the Thai constitution, people are guaranteed to have religious freedom. However, Buddhism has spread widely in Thailand since 3rd century BC, it led the Buddha’s teachings becoming very famous. There is no of? cial state religion in the Thai constitution, which guarantees religious freedom for all Thai citizens, though the king is required by law to be Buddhist. According to the last census (2000) 94. 6% of Thais are Buddhists of the Theravada tradition. Muslims are the second largest religious group in Thailand at 4. 6%. There are more than 600 temples in the HKSAR. [5] The history of some of these temples can be traced back to more than 700 years ago, while some others have been built in recent years. Notable temples include the Wong Tai Sin Temple located in the Wong Tai Sin District in Kowloon. This popular temple is dedicated to the Taoist deity, Wong Tai Sin. Besides that, the Chi Lin Nunnery in Diamond Hill is a group of temple structures in the Tang Dynastys architectural style. It is now open to the public following the completion of its redevelopment in 2000.

Astronomers Have Announced That A Large Asteroid On A Trajectory Headi

Astronomers have announced that a large asteroid on a trajectory heading toward the vicinity of Earth will, in fact, pass no closer to the planet than about 600,000 miles (about 966,000 kilometers). The announcement brought sighs of relief to the general public and scientific community, both of which had been in a frenzy since an earlier announcement suggested the space rock would pass much closer and possibly collide with the Earth. Such an impact would have catastrophic implications for the planet. Much evidence exists to indicate that ancient bombardment of the Earth by asteroids and comets may have precipitated mass extinctions of dinosaurs and other species. An announcement on March 11 that the asteroid would pass within about 30,000 miles (48,280 kilometers) of the Earth in the year 2028 sparked fear among the public and debate within the scientific community. While the general public learned about the degree of devastation the impact of such an object would cause-including tidal waves, dust clouds that would cause significant global cooling, and disruption of agriculture-astronomers debated the probability of an earthly impact, while other scientists began to discuss the possibility of intercepting and destroying the space rock before it could cause damage. The initial announcement, made by Brian G. Marsden, director of the Central Bureau for Astronomical Telegrams in Cambridge, Mass., sparked a debate with a colleague at the Jet Propulsion Laboratory in Pasadena, Calif. Marsden, who is regarded as one of the leading authorities on the movement of asteroids, announced that the asteroid-which is called 1997 XF11-would come within 30,000 miles (48,280 kilometers) of the Earth on Oct. 26, 2028. It was further suggested that there was a strong risk of the asteroid hitting the Earth. His views were challenged by Donald Yeomans at the Jet Propulsion Laboratory, who claimed that his analysis of the path of the object indicated that it would pass no closer than about 54,000 miles (86,900 kilometers); Yeomans later recalculated the path of the object and announced an approach of no closer than about 600,000 miles (966,000 kilometers) from Earth. By the end of the week, photos of the asteroid that had been taken by a camera at the Palomar Observatory in 1990 helped both groups of astronomers to refine their estimates of the trajectory of the asteroid. By measuring the movement of the space rock between four points, they reached an agreement regarding the future behavior of the object, concluding that the asteroid would not come closer to the Earth than about 600,000 miles. This distance is more than twice the distance between the Earth and the moon. Scientists planned to continue to study the asteroid, but the next chance to measure it was not expected to take place until the year 2000, after the asteroid completed a 21-month orbit around the sun. The interim was to be spent studying the data already available, as well as debating strategies to possibly intercept the object if it does range too close for comfort.

Analysing the Role of Government Intervention in Resolving the Financial Crisis The WritePass Journal

Analysing the Role of Government Intervention in Resolving the Financial Crisis Abstract Analysing the Role of Government Intervention in Resolving the Financial Crisis ). The main objective of the interventions, which was to stop the financial panic and bring back normality to the financial markets, was achieved. The intervention programmes were successful in helping financial markets to return to their normal functions (Webel Labonte, 2010). A more realistic way of evaluating whether the government had succeeded in its intervention efforts is to determine if financial normality was reinstated at the least cost to taxpayers. At the height of the crisis, non-intervention would have likely resulted in more costly losses for the national economy in terms of productivity and this would have worsened the government’s finances (Webel Labonte, 2010). Non-intervention could also prolong the crisis as successive bankruptcies may contract the economy. The government receives assets in return for interventions (i.e. recapitalization, guarantees, etc.). These assets provide the government with legal entitlement to the potential revenues of the companies it had assisted (Webel Labonte, 2010). Therefore, the interventions do not actually cause permanent losses to the government’s finances. These arguments put to rest the claim that the interventions should have not been made at the cost of taxpayers’ money. In defence of bailout packages Due to fears that the financial crisis would spiral out of control in September 2008, the leaders of western developed countries undertook radical measures to rescue financial institutions, which were in danger of collapsing. The US, in particular, embarked on the most extensive government economic interventions with the doling out of huge bailout packages for its beleaguered financial institutions. It was estimated that the US government spent USD $1.3 trillion on bailout packages; while European countries spent an aggregate amount of USD $2.8 trillion to rescue their financial institutions. This amounts to a combined total of USD $4.1 trillion (Aikins, 2009). The popular sentiment towards these government sponsored bailout packages is that it created a moral hazard because it only served to increase the risk-taking of banks. The argument is that by failing to penalize banks for their improper practices, banks may make riskier investments because their leaders believe that the government will always bail them out during the crisis (Poctzer, 2010; Norberg, 2009). Although this sentiment is understandable (and may even prove to be true in some cases), the primary purpose of the bailout packages was to restore confidence in the financial system in the short-term (Psalida, et al., (2009). From this standpoint it is apparent that government intervention had worked to stop or, at the very least slowdown, the crisis from escalating. More importantly, the public wanted to see that their government was doing something to resolve the crisis. Leaving the market to run free, in anticipation that it would inherently fix the imbalances by itself, might be difficult for most ordinary citizens to understand. At that point in the crisis, the lack of action by the government would be met with even more criticism by the public. (Aikins, 2009) Table 1. US Commitment to Financial Sector Bailout in USD $ billions (as of Nov 13, 2008)  Ã‚  Ã‚  Ã‚   Program Amount Description Troubled Asset Relief Program (TARP) 700.00 Intended for purchasing troubled mortgage-related assets; later on was used for cash injections on banks Commercial Paper Funding Facility 243.00 The Fed purchases commercial paper (short-term debts) from banks to help fund daily operations Fannie Mae/Freddie Mac 200.00 The Fed took control of mortgage firms; cash injections are used to keep them afloat AIG 112.50 Excludes $40 billion taken out from TARP; AIG successfully negotiated a bigger bailout package with easier terms Bear Sterns 29.00 Special lending facility that guarantees losses on portfolios of investment banks FDIC (Federal Bank Insurance Corporation) Bank Takeovers 13.20 The FDIC put up this fund to cover deposits on failed banks Total USD $1.3. trillion Source: (Aikins, 2010) Table 2. Western European Nations’ Commitment to Financial Sector Bailout in USD $ billions (as of Nov 13 2008) Country Amount Description United Kingdom 743.00 Half of the package is used to guarantee bank to bank borrowing; 40% was allocated for interim loans; and 10% is used for recapitalization Germany 636.50 Most of the amount is for undertaking medium-term bank borrowing; 20% is for recapitalization France 458.30 Majority of the fund is to secure bank debts; $50 billion is for recapitalization Netherlands 346.00 For guaranteeing bank to bank borrowing Sweden 200.00 For credit warranties Austria 127.30 For bank acquisitions, inter-bank borrowing, bank bond insurance guarantees Spain 127.3 For bank acquisitions; inter-bank borrowing; bank bond insurance guarantees Italy 51.00 Purchasing of bank debts Other countries 110.60 Total European USD $ 2.8 trillion Source: (Aikins, 2010) Poctzer (2010) also found that despite the possibility of increased risk-taking by banks after being bailed out, there are indications that recapitalization is an effective tool for stimulating lending, but it is most helpful for bigger banks and when implemented in combination with an asset purchase program. Figure 2 shows the comparison of risk taking by recapitalized and non-recapitalized firms. It can be observed that recapitalized firms tend to be more risk-taking compared to non-recapitalized firms. On the other hand, Figure 3 shows that recapitalized firms tend to increase their lending activities compared to non-recapitalized firms. Figure 4 illustrates that asset transfer firms have the most lending volume compared to recapitalized and non-recapitalized firms.    Figure 2. Time Series of Risk Measure between Recapitalized and Non-Recapitalized Banks    Figure 3. Time Series of Average Lending Volume between Recapitalized and Non-Recapitalized Banks Figure 4. Time Series of Average Lending Volume between Recapitalized Banks, Non-Recapitalized Banks, and Asset Transfer Firms Lessons learned The bailout packages served their purpose at the height of the crisis. However, the government cannot always employ capital injections to rescue financial institutions as this have implications not only on the issue of moral hazard (Poctzer, 2010), but more importantly, these have major impacts on the national budget and taxpayers’ trust (Webel Labonte, 2010). Breitenfellner Wagner (2010) recommend that only financial institutions that are non-liquid but solvent should be saved and the institution must pay significantly for the bailout. The authors also argue for stricter regulation, enhanced risk awareness, more advanced risk management, and a more effective alignment of interests among stakeholders. Gertler, Kiyotaki Queralto (2011) argues that a bank’s decision over its balance sheet is highly dependent on its risk perceptions, which in turn are dependent on major disruptions to the economy and their expectations on government policies. The authors also found that the incentive effects of risk taking may potentially diminish the benefits of credit policies that are intended to stabilize financial markets. It is therefore important to design appropriate and efficient macroeconomic policies to mitigate moral hazard costs. The role of the government in managing the economy cannot be overlooked. The lack of a suitable economic policy and regulatory structure will make the financial system vulnerable to recession and may jeopardize the stability of the whole economy. The government therefore should establish appropriate economic and regulatory policies: (a) to defend against market failure; (b) avoid political and institutional intrusions in the regulation of financial institutions; and (c) avert supervisory tolerance, arbitrage, and capture (Aikins, 2009). References Aikins, S. (2009). Global Financial Crisis and Government Intervention: A Case for Effective Regulatory Governance. International Public Management Review. 10(2), p.23-43. Breitenfellner, B Wagner, N. (2010). Government intervention in response to the subprime financial crisis: The good into the pot, the bad into the crop. International Review of Financial Analysis. 19(4), p.289-297. Gertler, M, Kiyotaki, N Queralto, A. (2011). Financial Crises, Bank Risk Exposure, and Government Policy. NYU and Princeton. Available: princeton.edu/~kiyotaki/papers/GertlerKiyotakiQueraltoJune7wp.pdf. Last accessed 23rd May 2013. Canova, T. (2009). Financial Market Failure as a Crisis in the Rule of Law: From Market Fundamentalism to a New Keynesian Regulatory Model. Harvard Law Policy Review. 3(1) Hodson, D Mabbett, D. (2009). UK Economic Policy and the Global Financial Crisis: Paradigm Lost. Journal of Common Market Studies. 47(5), p.1041-1061. Laeven, L Valencia, F. (2012). Resolution of Banking Crises: The Good, the Bad, and the Ugly. International Monetary Fund. Available: imf.org/external/np/seminars/eng/2012/fincrises/pdf/ch13.pdf. Last accessed 23rd May 2013. Norberg, J. (2009). Financial Fiasco: How America’s infatuation with homeownership and easy money created the economic crisis. Washington, DC: Cato Institute Psalida, LE, Elsenburg, W, Jobst, A, Masaki, K, Nowak, S. (2009). Market interventions during the financial crisis: How effective and how to disengage. International Monetary Fund. Available: imf.org/external/pubs/ft/gfsr/2009/02/pdf/chap3.pdf. Last accessed 23rd May 2013. Webel, B Labonte, M. (2010). Government Interventions in Response to Financial Turmoil. Congressional Research Service. Available: fas.org/sgp/crs/misc/R41073.pdf. Last accessed 23rd May 2013.

Should our food habits and eating preferences be guided by sense of Term Paper

Should our food habits and eating preferences be guided by sense of morality - Term Paper Example Maybe, what is intended is not that you are free to do whatever you want to the animals, morality states that we cannot treat animals with barbarity, brutality, savagery and truculence, but† since humans are made with more rationale than the rest of the animals on earth, it will be up to them to see that the animals are well cared for – humans shall not harm or kill them unless it is absolutely necessary." (Weil). It's not that I suppose ethics isn't an element in consuming creatures however, the cruel actuality of life is that with a explicit end goal to feed one form, some life, a living thing whether an animal, fish, bird or plant, must be given the ax. Every species has its own sort of sustenance that their physique needs in order to survive. Some individuals have the capacity to be solid on a veggie lover eating regimen, however numerous individuals go for vegetarian diets and sometimes their health deteriorates to dangerous levels. However, some individuals, regard less of the fact that their health suffers as a result of their veggie lover eating regimen, won't consume meat items in light of moral explanations. Endeavoring to go against what your physique needs in an exertion to be an "exceptional individual" is not ethics or morality, its silliness. It’s corrupt to damage yourself! Also, in the event that you don't think about yourself, and might rather spare a creature's existence than your own, that is one thing, however in the event that you have children or a companion, it would not seem to be a sensible, healthy and moral choice to give priority to an animal’s life over your own. You might be going overboard with your morality obligations because you have certain responsibilities regarding family and professional life. At the same time provided that you still consume meat from processing plants you have not, by definition, assimilated the actuality of atrocities committed by these plants. In the event that you legitimately comprehended the nightmarish fierceness of what happens inside these austere animal correctional facilities and butcheries, you essentially would not consume this meat (Walsh). Consider the fact that numerous individuals all over the world consume next to no meat and are among the planet's longest-living individuals, healthier by all intents and measure. Corporations that possess these horrific industrial facilities take agonies to keep their operations mystery, covered up behind showcasing symbolism (Weil). The even bigger concern is that, efforts to expose this gruesome and nightmarish abomination in exact, intentionally sourced profundity are not yet noticeably successful. Sacrificing your morality on the altar isn’t the only way of consuming meat, there’s a middle sensible path as well. It is quite clear that we see value in responsible farming on a diminutive scale. The logic behind this practice is that there is a considerable time period for an animal to become suitable for slaughtering. Assuming that individuals needed to raise all the creatures they consumed notwithstanding growing everything else they consumed, it is highly unlikely that they have the capacity to devour meat at the same rate most individuals do today, they'd

Organization of IT and information systems (Amazon company) Essay

Organization of IT and information systems (Amazon company) - Essay Example Computers, servers, and data management systems are some of the key components of an IT department. These components perform various complex functions related to management of information. IT department of a company plays a critical role in the success of the company in the 21st century. Today, there is hardly any company or organization, which does not make use of information technology for managing data and information in an organized way. Amazon is one of the leading global internet companies of the world. It is a platform for the sale of different kinds of products such as books, toys, furniture, and music CDs. Amazon holds the pride of being the largest retailer of America. Amazon Company was launched online by Jeff Bezos in 1995. Amazon S3 and Amazon EC2 are those products, which have contributed significantly to the success of the company. Farmer (2008) asserts, â€Å"Their core competency is their ability to develop and leverage their technology stack, including SimpleDB, EC2, and S3, towards making retail ultra-efficient†. Amazon Company has many competitors who are trying to snatch the market domination from Amazon but none of the competing companies has been successful in the purpose yet. Some of the major competitors of Amazon include Elastra, eMusic, and Alice.com. It is due to the implementation of an effective and efficient management information system that the company has achieved market dominati on in a very short span of time leaving behind all of its competitors. At present, Amazon is recognized as one of the largest online shopping companies of the world. In the later part of this report, we will discuss those factors that are driving use of the information system in the company. We will also analyze the impact of information system on the company in terms of benefits and limitations. Let us first get to know what management information system actually is in order to get a

Women's Labor Project Coursework Example | Topics and Well Written Essays - 250 words

Women's Labor Project - Coursework Example I have secured a new job in an apparel factory, many of the women that I work with are also from Italy so we get the opportunity to swap stories in our mother language. It is difficult to communicate with some of the other women because they often speak different languages and it is sometimes difficult to communicate in English. Nevertheless I have become good friends with a German lady who speaks English quite well, and even some Italian. It was not always easy for Aronne and I in our new life. Upon our arrival we had to live in a settlement house in the city and it was difficult for us to find good jobs. There was a lot of crime, in this new apartment complex but we life next to some good Italian people and we look out for each other. In the market it is easy to find some of the foods that we are accustomed to but there are a lot of people from very exotic places and it is always exciting to explore new areas. Recently some of the people at work asked me to join a union. I am reluc tant to come on board simply because the management is so strongly anti-union that I would fear for my job security and possibly even for my health and safety.

DC Motor Speed Control

DC Motor Speed Control Abstract The point of this paper is to comprehend the attributes of open loop and close loop speed control for a DC engine. It additionally intends to demonstrate the properties of a PID Controller. Introduction Open loop and close loop control are two unique sorts of controlling the speed of the engine we constructed. These two sorts of control each have positive points and negative points, which we will attempt to research all through this paper. Most importantly, an open loop system works regardless of the output of the function. In restriction, a close loop control system react depending on the input and output values. Utilizing an Arduino microcontroller, we will run tests on this motor by changing some variables. This permits us to concentrate data about the responses of the control system. P, D and I remain for: proportional gain, integral gain and derivative gain. Their particular elements show up in the following section. Theory The transfer function of a first order system is given by the equation: :. Knowing that (k/a) the final value in RPM, and that the time constant is   1à ¢Ã‚ Ã¢â‚¬Å¾a. The transfer functions of the system can then be determined. In principle, corresponding, integral and derivative gain cooperate with a specific end goal to keep up the output to a set value. The corresponding gain applies an exertion that is relative to how far the value is from the set esteem. In any case, the nearer the set and value are the less exertion it applies on the system. The basic pick ups part is to try and out the time spent on each side of the set point. Last, the derivative gain controls the overshoot and goes about as a dampener when the value changes violently. Results Open loop test Fig 1: Open loop test 1 Fig 2: Test 2 time series plot Fig 3: Test 3 time series plot Fig 11: Simulink model of open-loop system The realistic information demonstrates a delay of 0.1s and the time taken to achieve 63% of the last esteem is 0.5s for each test. So the time steady is 0.4s for each test. At that point the transfer function of each of these system can be resolved:    ,   , . When rescaled to RPM units, these transfer functions are all equal to: Toward the finish of this section, one noteworthy weakness of open loop control system shows up. The open loop system doesnt take a gander at the output value, so it cant correct itself. Despite the fact that the system works, it depends for the most part on the clients involvement to conform the PID controls to the correct qualities to acquire the best outcomes. The proportionnal gain role is to direct the final value that the system comes to (the higher the gain, the nearer to the set value the systeme will be). Closed loop system test In the test where kp=1 that appeares on figure 4, the set point was 1000 RPM. Not surprisingly for this low estimation of the proportionnal gain, the last value is just around 4000 RPM. So we will increse the Kp to see what it does to the system. At the point when the estimation of kp expands, the exactness of the system get higher. On figure 4 the red bend demonstrates the outcomes for kp=2, the last RPM esteem has expanded to 6000 with an overshoot to 8000. Figure 4 obviously demonstrates that the greater kp is, the nearer the last esteem is from the coveted set point. Expanding the estimation of the proportionnal gain enhances the precision of the close loop system. The system begins to sway unmistakably for a proportionnal pick up estimation of 15, with a time of around 0.5 seconds (reference: figure 4, kp=15). On figure 5, the system seems to stabilize at 1 second and then reaches the set point value of 10000 RPM a around 8 seconds. Lets try to understand what is the relationship between the Kp and the Ki. On figure 6, the system goes into overshoot before backpedaling to the fancied estimation of 10000 RPM. The framework takes roughly 2 seconds to settle to its last value. Figure 7 demonstrates se reaction of thew motor with kp set to 1 and ki set to 10. It is recognizable that for a higher ki value, the reaction (in RPM) is swaying around the chosen value (10000 RPM for this situation), expanding its exactness with each period. On the off chance that ki is expanded to a higher value, the oscillation dont enhance in exactness as observed on figure 8. After around 5 seconds, the Dc motor has balanced out; At this point, the card touches the flywheel (see figure 10). The reaction is prompt, and the system tries to remunerate the loss of RPM has returned to the sought estimation of 10000, which it settles again around 7 seconds after the card touched the framework. This test demonstrates the fundamental favorable position of a close loop system, which is that if the output is changed, the input changes likewise to go back to the initial value. these tests comprehended the parts of every PID control. By tweaking the numbers, it is conceivable to streamline the framework so that the reaction has a negligible overshoot and in addition the speediest settling time conceivable. By abusing the outcomes, unmistakably a shut circle control framework is the best for this circumstance. Figure 12 demonstrates the best outcome acquired in the lab for set estimations of the PID controller As it shows on figure 12, expanding the estimation of the derivative gain keeps the system from overshooting. With this estimation of the proportional gain, the DC motor can settle rapidly (in around 1.5 seconds) around the estimation of 10000 RPM. To further build the exactness of the motor, the integral gain was set to 1.4. This empowers the system to make little oscillation around 10000 RPM without losing any exactness. Planning a PI controller in like manner to this table brought about a system that has great attributes: little overshoot, quickly revised, quick settling time and just a small error on the last estimation of the system.This table is exceptionally helpful with regards to designing the motor. Be that as it may, outlining a PID controller with this table is trickier as the derivative gain affects the way the system carries on. It can dampen the motor excessively, or take a little unsettling influence for a major issue and the system wont be as productive. The key is not to utilize a lot of the derivative. Conclusion In conclusion, the less complex outline of the open loop system makes it simple and modest to make, all things considered. Notwithstanding, the way that open loop system dont adjust to unsettling influences in the output is a noteworthy disadvantage. The adequacy of these system depends on the qualities picked by the user for for proportional, integral and derivative gains. close loop system are vastly improved at keeping up a desired target, for this situation the speed of the engine. By tweaking the estimations of every parameter of a PID controller, it is for all intents to make the system do precisely what it is intended to.However, the three type og gain must be set for each exact system, which makes outlining the close loop system more complex to do. References Document on moodle Open loop systems http://www.electronics-tutorials.ws/systems/open-loop-system.html Understanding D in PID control http://www.controleng.com/search/search-single-display/understanding-derivative-in-pid-control/4ea87c406e.html electrical4u, 2013. Speed Control of DC Motor. [ONLINE] Available at: http://www.electrical4u.com/speed-control-of-dc-motor/. [Accessed 9 February 2017]. Bishop, R.H. and Richard C. (Richard Carl) Dorf (1998) Modern control systems. Available at: https://capitadiscovery.co.uk/greenwich-ac/items/337549?query=Modern+control+systemsresultsUri=items%3Fquery%3DModern%2Bcontrol%2Bsystems (Accessed: 17 February 2017).

Democracy Essay -- miscellaneous

Democracy This essay will now discuss the different forms of government, which are monarchy and aristocracy. In this essay I will also answer the question â€Å"Is Democracy the Best Form of Government?† My basic answer to that question is yes, I do think it is the best form of governments. I will be giving reason to back up my answer to this question. This essay will now discuss the different forms of government and the answer to the question â€Å"is Democracy the Best Form of Government?† in more depth and detail. One of the forms of government that we would be discussing is monarchy. A monarchy is a form of government that has a monarch as Head of State, political power which belongs largely to one ruler, generally called a king or queen, who receives his or her position by claim of divine or inherited right. This basically means that there is one ruler for the common good. An example of this is Saudi Arabia, Jordan and Monaco. However, the prevision of a monarchy is a tyranny. This happens when the one man who is a dictator governs for his or her self and not for the interest of the common good. An example of tyranny is Greece where Hippias (last tyrant of Athens) ruled. Another form of government is aristocracy. An aristocracy is a form of government in which rulership is in the hands of an "upper class" known as aristocrats. The aristocrats are a few of people which are the most elite of men that are chosen to run the country. The word aristocracy implies the meaning of...

Drones Essay

At one point in everyone’s life they have felt that they were being watched. Now that feeling may not be just a feeling anymore. The government uses aircraft drones to video and take pictures of other countries to spy on them. Although, the government has started using these drones and other spying devices to watch the United States as well. One day, you may observe a miniature helicopter with cameras or a small plane looking upon the houses of this country’s citizens houses. There is a very good use for these drones as well, â€Å"Police departments in Texas, Florida and Minnesota have already expressed interest in the technology’s potential to detect fugitives on rooftops or to track them at night by using the robotic aircraft’s heat-seeking cameras† (Reporter). The police have already started using helicopter drones to help search for suspects and criminals. The use of drones in residential areas needs to be limited to the use of police to find c riminals that have been sited or thought to have been in that area. The fact that using these drones is helping the police find criminals is good, but spying on the innocent people of the suburbs is an invasion of privacy and unneeded. During the event that the government starts spying on residence for no reason is when these drones become misused. â€Å"FBI director Robert Mueller told congress the agency owns several drones but has not yet formed policies or guidelines on their use. Confirmation that the U.S. is using the surveillance equipment to monitor its own citizens comes after the NSA phone tracking scandal rocked trust in the government† (Jerreat). The head of the FBI has admitted using drones to spy on U.S. citizens very solemnly but after the NSA tracking citizens cell phones without any kind of permission makes it very hard for people to trust anything that the government says. Drones being used violates the fourth amendment because of search and seizure. There is also a chance that these drones could be hacked and taken over. The United States could become a Communist Country if the government continues â€Å"watching† the people of this country with these drones. The government should not be able to spy on United States citizens because these actions violate the people’s rights as individuals. The Fourth Amendment is being violated if drones start flying around watching those who haven’t done anything. Core values such as privacy and protection from the government are always within its sweep. A continuing question, though, is how the demands of its protection apply to an ever-changing  society in which new and pervasive forms of technology are increasingly common.† President Obama signed an FAA bill into law that provides for the integration of â€Å"drones,† or more properly into the nation’s airspace. This has generated legitimate concerns that UAVs could be used by the government in ways that infringe privacy rights†(Villasenor) Although there are many rules and exceptions throughout the Supreme Court’s Fourth Amendment. In short, the Fourth Amendment regulates when, where, and how the government can conduct searches and seizures. The Supreme Court held that police wiretaps of the defendant’s home telephone did not constitute a Fourth Amendment search because the police did not trespass onto a persons property to intercept his or her conversation. One of the modern Fourth Amendment tests relied upon by courts in assessing whether government monitoring constitutes a search. The Court’s thinking at the time was that if the person’s home, property, or papers were not physically invaded, then no search in the constitutional sense occurred. It considers whether the person has a subjective expectation of privacy in the area to be searched and whether s ociety is prepared to deem that expectation reasonable. The technology used by UAVs may be a decisive factor considered by courts in determining whether individuals have an expectation of privacy in the object or area of the drone search. The question, is whether drones have the potential to be significantly more invasive than traditional surveillance technologies such as manned aircraft or low-powered cameras technologies in which have been upheld in previous cases. Some have asked whether using sophisticated digitized platforms on a drone is any different from attaching the same instrument to a lamppost or another traditional aircraft. Technological developments make it increasingly easy to share and acquire personal information about others, oftentimes without their direct knowledge or consent. â€Å"As the American Civil Liberties Union explained in its December 2011 report, the machines potentially could be used to spy on American citizens. The drones’ presence in our skies threatens to eradicate existing practical limits on aerial monitoring and allow for pervasive surveillance, police fishing expeditions, and abusive use of these tools in a way that could eventually eliminate the privacy Americans have traditionally enjoyed in their movements and activities† (Franceschi-Bicchierai). Currently, many states and municipalities employ automatic license plate readers, which are  usually mounted on police vehicles or stationary objects along the streets, to take a snapshot of a license plate as a car drives by, and store this information in a large database for possible later use by law enforcement. It is alleged that these devices can be used to track a person’s movements when police aggregate the data from a multitude of ALPR stations. A majority of the reviewing federal circuit courts have held that a person has no reasonable expectation of privacy in his license plate number. However, it appears th at no federal court has addressed the constitutionality of the use of ALPRs, as opposed to plate numbers collected by a human observer. Nonetheless, the question remains whether attaching an ALP, or any similar sophisticated technology to a drone would alter the constitutionality of its use by law enforcement. Some say yes, arguing that the sophistication of drone technology in and of itself is a unique threat to privacy. Drones are smaller, can fly longer, and can be built more cheaply than traditional aircraft. some drones could theoretically stay in the air forever. Unlike a stationary license plate tracker or video camera, drones can lock on a target’s every move for days, and possibly weeks and months. This ability to closely monitor an individual’s movements with pinpoint accuracy may raise more significant constitutional concerns than some other types of surveillance technology. With this increasing presence and usage of drones, a major concern is developing. Many people consider this advancement in technology as quite controversial. Many people believe that with drone technology in the governmen t’s hand, we will begin to lose our privacy. â€Å"A report on the military’s growing arsenal of unmanned aerial vehicles indicates that approximately 31% of all US military aircraft are now drones† (Boyle). if all of these drones that the military is using were hacked then who knows what might happen. With no restrictions on drones, governments have the power to monitor its citizens invading their privacy. Without any restrictions on drone technology, it can be expected that you will no longer have any privacy. Along with these privacy concerns, there are also great areas of concern in the subject of security and drones. Drones run the risk of becoming hacked therefore making them possible security risks. In a recent talk on National Public Radio, the topic of hacking of drones was brought up. The method called â€Å"spoofing† has been used to take control of helicopter drones flying over ones head.. Spoofing  is basically matching the signal of the actual controller and then increasing the strength of your signal allowing you to gain control. â€Å"Serial hacker Samy Kamkar turned up in an Arstechnica article yesterday with a pretty interesting hack. He’s put together a system of hardware and software that can be put together to build a drone. From there, that drone finds other drones out and about in operation, hacks the drone and then controls them. It is one of the most innovative drone hacks to ever come out, and it may have many people concerned about the potential malice that could be played out with such a capability† (Casaretto). The fact that it is easy for hackers to take control of these drones and use them for themselves and even take footage from them can be a very dangerous situation. this hacker could find out where you live, who your friends are, and who your family is. The increasing presence of drone technology in today’s society is quite evident. We hear on the news quite frequently of a drone bombing or spying on someone in the war. Not only do we hear about what drones do, we experience the benefits that they provide for us. When we listen to the weather there is a possibly the information is received from an actual drone. Despite the many different types of benefits drones present, drones still present a very serious security and privacy risk. Drone use violates the fourth amendment if used to spy on civilians without actual reason. If the person has an expectation of privacy then that person should have their privacy. The United States people will lose all of their privacy in a matter of years if we allow drone research to continue. One must decide whether the privacy and security risks outweigh the benefits. Works Cited Casaretto, John. â€Å"Drones That Hack Drones.† SiliconANGLE. N.p., n.d. Web. 13 Dec. 2013. Jerreat, Jessica. â€Å"FBI Director Admits Using Domestic Drones to Spy on US Citizens and Says Agency Has No Guidelines for Their Use.† Mail Online. N.p., n.d. Web. 13 Dec. 2013. Reporter, Daily Mail. â€Å"U.S. Government to Use ‘drones the Size of GOLF BALLS to Spy on AMERICAN Citizens'† Mail Online. N.p., n.d. Web. 13 Dec. 2013 Sifton, John. â€Å"A Brief History of Drones | The Nation.† A Brief History of Drones. N.p., n.d. Web. 10 Dec. 2013. Villasenor, John. â€Å"Will â€Å"Drones† Outflank the Fourth Amendment?† Web log post. Forbes. Forbes Magazine, 20 Sept. 2012. Web. 13 Dec. 20 Boyle, Ashley. â€Å"Drone Information Sources : Annotated Bibliography.† ASP RSS. N.p., n.d. Web. 13 Dec. 2013.

Themes in 1984 essays

Themes in 1984 essays 1984 is rather interesting as it contains many themes, mostly about society and control. It also warns us about the dangers of a totalitarian rule and what our world would become if a single authority ruled our entire lives. In this essay, I will express my opinions about and reactions to these themes. In the world of 1984, the world is divided into three superpowers: Oceania, Eurasia and East Asia. In the novel, Oceania is permanently at war with either East Asia or Eurasia, with constant air raids and bombings. It is not a pleasant view of the world and a picture that everyone feared greatly during the Cold War. Obviously, one of the major themes in 1984 is totalitarianism. In 1984, Oceania is controlled by the Party, which is symbolised by Big Brother. It is the perfect totalitarian society, a modern day example of a government with complete control on society. In the novel, Party holds complete control on the people of Oceania. Every single action is scrutinized and searched for a possibility of an act of disloyalty to the Party. The Party uses several ways to control the people, namely, psychological control, physical control and control of the media, language and technology, as described below: Psychological control is achieved by the means of enormous amounts of propaganda, spread through the telescreens in every home. Every single action by the Party, victory or failure is disguised as a success and blasted into the citizens minds, overwhelming the minds capacity for independent thought and creativity. The posters of Big Brother are another form of propaganda. The words Big Brother give a sense of someone who can be trusted and is close to you, yet Big Brother is watching you sounds like Big Brother is observing your every move and gives a warning not to break the law or cause trouble. Other ways of psychological control are the Junior Spies, where children ...

Spelling Review Exercises for Commonly Misspelled Words

Spelling Review Exercises for Commonly Misspelled Words Study  spelling rules and commonly misspelled words, then test your spelling skills by completing the following short exercises. In some cases, you will need to add a letter or two to complete the correct spelling of each word in parentheses. In other cases, the word in parentheses is correct as it stands. When youre done, compare your responses with the answers below. Group A: To E or Not to E? Some of the words in parentheses require the addition of the letter e; others are correct as they stand. Gus is (tru-ly) sorry for keeping you awake last night.We were criticized (sever-ly) by the sewing circle.The shed was (complet-ly) demolished.Merdine was (sincer-ly) grateful for the reprieve.The Simpsons are (argu-ing) again.They (argu-d) last night for hours.When is Mr. Wolfe (com-ing) home.Maya is (writ-ing) her autobiography.Mr. White is (judg-ing) the essay contest.Be (car-ful) when you light the furnace. Group B: IE or EI? Some of the words require the addition of ie; others require ei. Paint the (cling) before you paint the walls.Gus has been (recving) threatening e-mails.A (wrd) noise came out of the attic.I paid almost five dollars for that (pce) of pie.I dont (belve) in coincidence.The guests brought (thr) children to the wedding.(Nther) of us can help you today.The (nghbors) complained about our parents.Linda (wghs) less than her collie.We waited for the (frght) train to pass. Group C: I or Y? Some of the words require the addition of i; others require y. Have you (tr-ed) the dessert yet?The baby (cr-ed) throughout the church service.We compared two (theor-es) of evolution.Peggy felt (betra-ed) by her manager.You should be (stud-ing) for Fridays exam.(Lonel-ness) was never a problem for Henry.She (fl-es) on broken wings.I have always (rel-ed) on my friends.Please give Mr. Flannery my (apolog-es).It was a (pit-ful) sight. Group D: A, E, or I? Complete each word with the letter a, e, or i. I borrowed these flowers from the (cemet-ry).My parakeet eats huge (quant-ties) of bird seed.The tax cuts will (ben-fit) the wealthy.It was a (priv-lege) to meet you.He has a remarkably (unpleas-nt) disposition.We placed the puppies in (sep-rate) rooms.Henry is an (independ-nt) thinker.I found an (excell-nt) excuse to resign from the committee.She chose items from different (cat-gories).Professor Legree made another (irrelev-nt) remark. Group E: Single or Double? Some of these words require the doubling of a consonant; others are correct as they stand. The sun was (shin-ing) down like honey.The experiment was (control-ed) by a madman.The region is slowly (begin-ing) to recover.Doug (pour-ed) sugar over Yoddys oatmeal.She keeps (forget-ing) to call me.Gus (admit-ed) his mistake.They were (sweat-ing) in the classroom.That idea never (occur-ed) to me.The bunny went (hop-ing) down to the abattoir.His doctor (refer-ed) him to a dimple specialist. Group F: Letters Needed? Some of these words require the addition of one or more letters; others are correct as they stand. Marriage comes without a (g-arantee).Caley (su-prised) me.You are (prob-ly) going to be late.Does she (reali-e) that her socks dont match?(D-scribe) the man who hit you.We waited (until-) the mortician arrived.Merdine (recom-ended) a psychiatrist.Take two (asp-rin) and go to bed.She supports a strong (ath-letic) program.The (tem-rature) reached 109 degrees in Yuma. Group G: More Letters Needed? Some of these words require the addition of one or more letters; others are correct as they stand. She (a-quired) a good tan and a new boyfriend.Gus is (basic-ly) lazy.We must work together to improve the (envir-ment).I wish Hansel would just (dis-pear).Mr. Summers should attend to his (bus-ness).Alice Walker wrote an essay (sim-lar) to yours.The Red Sox have (fin-ly) won a ball game.I was (dis-appointed) by the cranberries in dill sauce.Doc Brown was working in his (lab-ratory).Baron Leibniz works for the (gover-ment). When youre done, compare your responses with the answers below. Answers Here are the answers to the Spelling Review Exercises, Groups A through G. ANSWERS- GROUP A1. truly; 2. severely; 3. completely; 4. sincerely; 5. arguing; 6. argued; 7. coming; 8. writing; 9. judging; 10. careful. ANSWERS- GROUP B1. ceiling; 2. receiving; 3. weird; 4. piece; 5. believe; 6. their; 7. Neither; 8. neighbors; 9. weighs; 10. freight ANSWERS- GROUP C1. tried; 2. cried; 3. theories; 4. betrayed; 5. studying; 6. Loneliness; 7. flies; 8.  relied; 9. apologies; 10. pitiful ANSWERS- GROUP D1. cemetery; 2. quantities; 3. benefit; 4. privilege; 5. unpleasant; 6. separate; 7. independent; 8. excellent; 9. categories; 10. irrelevant ANSWERS- GROUP E1. shining; 2. controlled; 3. beginning; 4. poured; 5. forgetting; 6. admitted; 7. sweating; 8. occurred; 9. hopping; 10. referred ANSWERS- GROUP F1. guarantee; 2. surprised; 3. probably; 4. realize; 5. Describe; 6. until; 7. recommended; 8. aspirin; 9. athletic; 10. temperature ANSWERS- GROUP G1. acquired; 2. basically; 3. environment; 4. disappear; 5. business; 6. similar; 7. finally; 8. disappointed; 9. laboratory; 10. government

History and Political Science Essay Example | Topics and Well Written Essays - 2250 words

History and Political Science - Essay Example There were many factors at the end of the 19th century that saw a shift towards American Imperialism. Kennedy Cohen-Bailey in his book, The American Pageant outlines the period and covers the various aspects that led to the Great War of 1914 and America’s involvement. This article reviews the book under the following subheadings: The Spanish American war and the aftermath. The legacy of President Roosevelt and the effect of his presidency on America A comparison of the presidency of Theodore Roosevelt. Taft and Wilson and who was the best among the three? The end of World War I and the decisive factors that lead to the end The Spanish American war and the Aftermath The US had for the most part of the 19th century strictly adhered to its non-colonization policies and even at the onset only acquired contiguous territories. Most of it was brought about by the need to expand the trade borders of the American people. America was linked in many ways to Cuba than just at the time of the war. Cuba was one of the major producers of sugar and major suppliers to the USA. The Wilson-Gorman tariff imposed on Cuba by America to protect the sugar growers in America invariably raised the price of sugar and the Cuban economy suffered as a result. The misrule by the Spanish of its colony in Cuba created a lot of unrest. The Cubans fought the 10year battle of independence from 1868 to 1878 and tried to drive the Spanish away by destruction of property including cane fields and blowing up of passenger trains. The situation peaked when Spain sent tyrant General Wyeley in 1895 to Cuba. Wyeley took it upon himself to crush the rebellion and opened up re-concentration camps, imprisoned and isolated the Cuban revolutionaries from the Filipino revolutionaries in their war of independence. Many perished and â€Å"died like dogs† (Bailey, 629). from unsanitary conditions in the camps. The American people rose against this atrocities to the Cubans and wanted war but the then president Grover Cleveland was against it and even motioned to strike against congress if they were to declare war against Spain and send troops to Cuba. This resolve however did not last very long as there were many other factors at stake than America was unwilling to admit to at that time. US also had a stake in the war because it was not really comfortable with having a European colony that close to its own borders. The unrest in Cuba was straining US trade relations in the region and threatening US investments in Cuba. There was also fear that its access to Panama would affect future sea trade routes. The anti-colonisation policies of the US went a long way in selling the concept of a free Cuba to the Americans. What cinched the deal however was the journalistic trend of the time, which focused more on justifying the concept of war. There started a spate of graphic imagery and reports of atrocities adding fuel to the situation and feeding the insatiable hunger of yellow journali sm. Eventually Wyeley was removed from his position and sent back home. In February 1988, the USS Maine, which was on a friendly mission to take Americans in Cuba to safety, blew up in the Havana harbour with the loss of 260 American lives. The cause for the explosion still remains unknown. Reports have even said that the blow up was due to mechanical failure and not a case of sabotage. But sensationalised news articles blamed the Spaniards for it and the fate of history was sealed, War had begun. President Mc Kinley forced by circumstances and party loyalty consented and under Theodore Roosevelt’s command of the military, the American’s over threw the Spanish from Tampa, Florida and gave armistice to the Cubans in August 12, 1898. The war was a forgone conclusion although not evident. Spain’

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

BP - Essay Example BP publishes a sustainability review report on a regular basis in which it focuses on building a safer as well as a stronger workplace. It does not have any designated Corporate Social Responsibility Officer (CSR) to oversee their CSR activities. The Chairman has the discretionary authority to look after their valuable social activities. In order to address ecological and social concerns, after the 2010 Gulf of Mexico oil spill case incident, BP has decided to pay around US$500 million within a period of 10 years towards supporting research activities for betterment of ecosystem in the Gulf region. In order to contribute to people, planet along with focusing on its long-term profitability, BP has decided to focus on ISO 14001:2004 standards for environmental management, which in turn can provide benefit to the people all over the world and can ensure its sustainability (BP plc, â€Å"Sustainability Review†). The company has recorded a huge number of environmental disasters wit h over 8,000 spills of oil, dangerous chemicals as well as gases. The states of Texas and Louisiana have been the worst hit with close to 3,000 cases being reported in those states. There occurred about 550 previous incidents in the Mississippi Canyon near the area where the current Deepwater Horizon disaster is unfolding. In the recent past, two major incidences have been reported in the city of Texas in which an explosion was registered in the major refinery of the company in the year 2005 and oil spill at the Prudhoe Bay. The Texas explosion led to the death of 15 people while at the same time 170 people were severely injured. The root cause of the explosion was found to have been caused by temporary trailers that had been placed close to the volatile units which the company’s top management admitted to have been a measure taken to cut costs. It was further established that poor maintenance of the

Entrepreneurship Climate in the Organization Assignment

Entrepreneurship Climate in the Organization - Assignment Example How smart entrepreneurs harness the power of paranoia, n.d., p.62). The person who defines and designs various strategies is equally evaluated as for his forwarded strategies. The novel ideas arise from various innovations occurring to contemporary marketing and management necessities. Those identified new approaches are often accepted by almost every firm to a maximum extent as they wish to run with the pace of existing business scenario. But, it is a real-time fact that they are unable to implement those up to a cent percent limit; yet they are approaching of course. Innovation and changes are tried to be adapted and implemented to the organizational structuring and functioning because a delay to capture novel variations in trade sector will make position to be degraded from the current. Traditional approaches keep track of resources and their utilization and related strategic possibilities limited within themselves. This can never help a firm out to a higher status in a current market set up. â€Å"Opportunities are the focus of the entrepreneurially managed firm.† (What I worry? How smart entrepreneurs harness the power of paranoia, n.d., p.61). Organizations can meet their entire objectives only from chances they achieve in their field of play. So, it becomes to make up for an attitude to accept and work towards modernization and revolutionize organization’s age-old trends and approaches. Entrepreneurial culture can be cultivated to handle threats and challenges just to pace towards excellence of business and profit. The answer can be started with the words of Dave Lakhani who is the entrepreneur in Boise, Idaho saying â€Å"if you’re not a little bit paranoid, your complacent.....complacency is what leads people into missed opportunities and business failure.† (What I worry? How smart entrepreneurs harness the power of paranoia, n.d., p.61).  

The Psychological Effects of Ecological Disasters Essay Example for Free

The Psychological Effects of Ecological Disasters Essay The highly advanced technologies emerging nowadays bring many conveniences today that seemed impossible fifty years ago. Yet, such improvements and developments are expected to bear different consequences. Ecological disaster, although a natural phenomenon, is a consequence of man-made hazard. According to Kessler, Sonnega, Bromet, Hughes, and Nelson (1995), majority of the population have experienced â€Å"at least one traumatic event throughout their lifetime†. Although the frequency of traumatic events is high, many people, especially the adults, are able to survive from different forms of disaster and are likely to recover from any traumatic event. However, there are some who are unable to cope with the trauma from such events, such as the children who are prone to resilience. It is indeed a traumatic and stressful experience to be present in any occurrence of an accident, calamity, or a tragedy. Victims of disaster are likely to demonstrate some stress and emotional reactions such as grief, anger, fear, depression, anxiety, and somatization. Other victims of ecological disaster are observed to manifest behavioral expressions of stress which include changes in illness behavior, problems in role functioning at home and in work, troubles of substance abuse, and domestic violence. Moreover, people who are suffering from severe mental illness (SMI) are more prone to experience Acute Stress Disorder (ASD) and Post-Traumatic Stress Disorder or PTSD (Bromet Dew, 1995; Havenaar et al. , 1997). One of the most severe and traumatic disasters occurred on April 26, 1986 was the explosion of the Chernobyl nuclear power plant, which took place for almost 10 days. The explosion resulted in the enormous release of radioactive materials (e. g. iodine and caesium radionuclides) in the areas of Russian Federation, Ukraine, and Belarus. Such radioactive materials are known to cause thyroid cancer (The Chernobyl Forum, 2003-2005, p. 10). Approximately five million people living in Ukraine, Belarus, and Russia were contaminated with radionuclides. Most of them were emergency workers and on-site personnel including army, local police and fire services, and power plant staff. Some residents of the said areas were also affected. The disaster response actions of the authorities such as the evacuation of people from affected areas somehow reduced the health consequence of the radiation exposures. Aside from thyroid cancer which hit the affected population, there is a notable increased in psychological problems among the residents of affected areas. Such was the result of disturbance and trauma brought by the explosion. People experienced stress and anxiety because of the lack of information about the effects of such radiation and its consequences to social and economic security (The Chernobyl Forum, 2003-2005, p. 7). Until today, the concerned authorities are having difficulties in identifying and eliminating the psychological burden of the Chernobyl explosion. Meanwhile, many researches demonstrated that the occurrence of ecological disasters such as tragedy, terrorism event, traumatic accidents, and others could cause psychiatric disorders to human victims. Such disorders include depression, anxiety, somatization, ASD and PTSD. Accordingly, there are several factors that are believed to contribute to the cause of psychiatric disorder following the occurrence of ecological disaster. Some believe that the impact of psychological effects of disaster depends on the amount of information given to victims of traumatic events. Other researches identified that a victim with lower level of education is prone to experience psychiatric disorder after the occurrence of a disaster. In addition, people who experienced many negative events in life are more likely to manifest mental disorders brought by traumatic event. Meanwhile, other researches assert that people with positive and optimistic personalities are less vulnerable to psychiatric disorder. This research paper will delve into the psychological effects of ecological disasters and will highlight the various factors that affect victim’s psychological processing of Chernobyl explosion, particularly the residents of Former Soviet Union. Purpose of the Study The purpose of this quantitative study is to identify and explore the factors that affect the mental processing of the victims of Chernobyl explosion. Respondents for this study are the affected residents from Former Soviet Union. The analysis for this study will dwell on whether Post-Traumatic Stress Disorder and resilience can be predicted using variables such as participant’s age, gender, distance from disaster site, educational level, fewer life stressors, positive personality traits, and empowerment from having more information about the disaster. Moreover, the researcher will attempt to identify those victims who are likely to experience psychiatric disorder after experiencing ecological disaster and those who are not prone to such psychological disorder. It will also attempt to enumerate the different ways and treatments which will be useful in preventing the psychological effects of ecological disaster. Statement of the Problem Generally, this research study aims to examine the factors that affect the psychological processing of the victims of ecological disaster, particularly the victims of Chernobyl disaster from Former Soviet Union. Specifically, this study aims to answer the following problems: 1. What are the possible psychological effects of ecological disasters? 2. Who are the victims of disaster that are likely to experience psychological disorder? 3. Who are the victims of disaster that are likely to cope from experiencing disaster thus overcoming traumatic and stressful obstacles? 4. How do other victims manage to overcome psychiatric disorder following the occurrence of disaster? 5. Why do other victims fail to overcome psychiatric disorder following a traumatic event? 6. What can be done to manage and prevent (if possible) the psychological effects of ecological disaster? 7. Who are the proper authorities responsible for addressing the psychological problems brought by the occurrence of ecological disasters? Hypotheses There are various factors that make the victims of ecological disasters more susceptible to psychological disorder, and these factors are the subject of hypothesis for this study. According to researches, the possibility for victims to develop a psychological disorder depends on the personality of the victims, level of education of the victims; amount of information given to victims of disaster; and quantity of negative events experienced by the victims. Based on the studies conducted by Aspinwall and Taylor (1992) and Scheier and Carver (1995), it was discovered that having a positive personality or being optimistic can contribute to the victims’ physical and psychological well-being. In addition, Scheier and Carver’s (1995) study reveals that optimistic people believe that they could overcome any adversity. Thus, instead of avoiding the obstacles and challenges, optimistic people use problem-solving skills to cope with difficulties (Scheier Carver, 1995). Furthermore, numerous research studies have found that dispositional optimism (positive reason for migration, American acculturation, mastered of English language, and overall life satisfaction) could also lessen the impact of stress to the experience of an individual (Ben-Zur, Rappaport, Ammar, Uretzky, 2000; Herman-Stahl Petersen, 1996; Aspinwall Taylor, 1992). People who have positive outlook are likely to use health care services following the experience of any traumatic disaster. Still, there are factors that contribute to positive personality of individual such as demographic and social aspect, attitudinal-belief, and other structural variables (Anderson Newman, 1973). The researcher assumes that people with negative view of life and are pessimist are prone to experience psychiatric disorder following the occurrence of a disaster. Meanwhile, results of the research studies conducted by Breslau et al. (1997), Kessler et al. (1995), and Kulka et al. (1991) demonstrated that people with lesser educational attainment are more likely to experience PTSD such that lesser educational attainment is correlated with increased level of PTSD. Yet, there are inconsistent results from the empirical literature regarding the psychological and mental health of elderly adults. Majority of the literature review indicated that older people have a greater risk for physical injury and monetary loss, and have fewer social support, which then suggest that elderly are more vulnerable to experience stress. Thus, this group is at a higher psychological risk of developing psychological disorder in the face of disaster (Krause, 1987; Phifer Norris, 1989). Therefore, the researcher presumes that people with high educational attainment and younger population are likely to be resilient to post disaster stress and trauma. Many research studies established that the individual’s perception of risk following a disaster can cause poor health effects which is either physical or mental illness (Kazakov, Demidchik, Astakhova ,1992; Baverstock, Egloff, Pinchera, Ruchti Williams, 1992; Moysich, Menezes, Michalek, 2002). Yet, not all individuals have the same perception on the impact of hazard as according to Lazarus and Folkman (1984), perception on risks varies differently from one another. However, the level of stress caused by any traumatic event to an individual depends on how he or she perceived the risk of a disaster. To elucidate, the amount of information available for the victims of disaster affects his or her perception of risk (Renn Rohrmann, 2000). It is important to note that risk messages enclose factual, value-related, inferential, and symbolic meanings (Havenaar, Cwikel Bromet, 2002). In the case of Chernobyl explosion, limited information about the consequences of the explosion was disseminated to affected residents. Thus, people who have little information following radiation disasters like Chernobyl are likely to experience PSTD. In addition, the perception of the exposure has a significant impact on women, especially women with young children. The researcher then presumes that people who are less informed about the possible effects of disaster such as women and children are likely to suffer from psychological disorder. Other researchers established that victims who are exposed to the most intense features of the disaster are likely to develop the most severe stress reaction and are likely to experience poor mental health outcomes (Weiss, Marmar, Metzler Ronfeldt, 1995; Goenjian et al. , 2000). The degree of exposure significantly affects mental health outcomes. Individuals who are often exposed to high levels of stress in their everyday lives have a higher risk of experiencing mental disorders. Thus, the researcher assumes that individuals who are furthest from disaster sites are more resilient. Rationale for the Study The incidence of exposure to disaster is more frequent than expected. According to result of the research study conducted by Kessler et al. (1995), majority of the population have experienced a minimum of a single traumatic phenomenon in their lifetime. Epidemiological studies conducted by different researchers and specialists have found that approximately, three quarters of the majority population in the U. S. has experienced a single traumatic phenomenon in their life (Green, 1994). To elucidate, approximately one billion people have been affected by natural disasters within the past 25 years (Weisaeth, 1995). Moreover, in a national morbidity survey, researchers found that 60. 7 percent of adult men and 51. 2 percent of adult women in the United States have been involved to at least one traumatic event or an ecological disaster (Kessler et al. , 1995). Meanwhile, in North America, an estimated 17 million people are prone to a natural disaster each year (Meichenbaum Fitzpatrick, 1993). Furthermore, in a meta-review of psychosocial consequences of disasters, it was found that approximately 11% of individuals are suffering from minimal impairments, 50% from moderate impairments, while 21% and 18% are experiencing severe and very severe impairments respectively (Norris, Friedman, Watson, 2002). With these data, we could affirm that disasters are common events or phenomena. Since majority of the population are prone to experience traumatic events such as accidents, tragedy and other ecological disaster, it is important that people have enough understanding and are knowledgeable about the possible psychological or mental health consequences caused by these traumatic events.

Consumer Behavior Is Essential For Effective Marketing Marketing Essay

Consumer Behavior Is Essential For Effective Marketing Marketing Essay Introduction: A Consumer is somone who acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing process. (Investor words, 2010). We can classify consumers in two categories: (i) personal consumers / retail consumers, and (ii) organisations as consumers. In each case bahaviour is analysed differently. I will concentrate in this essay on personal consumers and their behaviour and its implications for effective marketing. Consumer behaviour is the process individuals or groups go through in recognizing needs, finding ways to solve these needs, making purchase decisions (e.g., whether or not to purchase a product and, if so, which brand and where), interpret information, make plans, and implement these plans. Understanding customer perception and motivations has tremendous implications for selling and marketing, process improvement and, in turn, reaching targetted consumers and make rewarding profit. With the Consumer-Centered era long gone, in the New Era orentation to enable long-term bonds with consumers it is essential to study consumer behaviour and to understand more of the customers psychology, their internal and external motivations, preferences, limitations, and actions to be able to provide a tailored value proposition. As a discupline, this is referred to as customer relationship management (CRM). Diagram showing consumer behavior, measures, and marketing actions. (graph from: Norton, 2005)Consumer attitude: The process of purchase is largely influenced by consumer attitudes. In the context of marketing, it is towards: product, brand, place (eg retail store), etc.  Consumer attitudes are a composite of a consumers (1) beliefs about, (2) feelings about, (3) and behavioural intentions.   These components are viewed together since they are highly interdependent and together embrace the forces that influence how the consumer will react to the object.(Perner, 2008) Beliefs: Consumer beliefs can be positive (e.g. chocolate tastes good) as well as negative (e.g., chocolate makes me fat).   In addition, some beliefs may be neutral (chocolate is a treat), and some may differ depending on the person or the situation (e.g., dark chocolate gives a lot of energy and stimulatesgood when you need to study or boost your energy level, but not good just before sleep time).  Often consumer believes can be inaccurate (e.g. pork is healthier than chicken). Feelings/Affect- is the consumers feelings toward a brands product or service.   Sometimes these feelings are based on the beliefs (e.g. a person feels nauseated when thinking about a hamburger because of the amount of fat it contains), but there may also be feelings which are relatively independent of beliefs (e.g.  I like ice cream) Behavioural intention.   Is what the consumer plans to do with respect to the object (e.g., buy or not buy the brand).   This can be a logical consequence of beliefs (or affect), or may reflect other circumstancese.g., although a consumer does not really like a bar/restaurant, he or she will go there because it is a hangout for his or her friends. (Perner, 2008) Changing behaviour of customers can be challenging because people like to believe that their behaviour is rational; thus, once they use our products, chances are that they will continue unless someone is able to get them to switch (Perner,2010). Consumer Choices: The comonly accepted and studied path of consumer choices, also illustrted in Elliot (1997), includes 5 main steps: Need/ opportunity recognition 2. Information Search 3. Evaluation of alternatives 4. Purchase 5. Outcome of purchase/feedback Need/opportunity recognition. Consumers recognize a need for a product/service when they percive a gap between their current state and their desired state. This can be either because of a change for the worse in their current state (need recognition) or when the desire seem to be further away (opportunity recognition). ( Elliot, 1997). That can be as easy as concluding that we need milk because we have just run out and cant make a cake without it. Or when a mother decides that buying an Armani top for her son would probably make her family more recognisable and admirred. Information Search. After identifying a product which will satisfy the need or opportunity gap, it is assumed that a customer will search for information to help him make a decision. Here it has been established that there are two ways in which information search takes place. Those are internal and external searches. Internal vs. External Search(Perner,2008) Internal search involves the consumer identifying alternatives from his or her memory/experience. Internal search is influenced by motivations, attitudes, personality, age, lifestyle, perception and learning/ experience.   This is often the only search method used for low involvement products or fast moving consumer goods (FMCGs), thus building top of mind awareness is crucial task for marketing communications especially in hose low-involvement products categories (Elliot, 1998). External search involves information from environment that influences the purchase decisions. Those external factors influencing decision process include situational influences, such as, physical environment and time, and social influences such as advertising as well as culture, subculture, social class, group membership, family, friends, work/school peers, co-workers, people from the same sports/hobby clubs, neighbors etc. There are various referent groups that people consciously or unconsciously consider during their search. Those include; membership, aspiration, avoidance, word of mouth, opinion, leadership. Despite consumer interests and beliefs, they will strive to conformity and thus usually the internal search has to compete with their external influences because they want to belong to, and be accepted by, people from their direct environment. Consumers are more likely to use an external search for high involvement products.   For instance before buying a house, the consumer is more likely to ask friends opinions, read reviews in Consumer Reports, consult several web sites, and visit several property offices.   Thus, it is extremely important that firms that offer products that are selected predominantly through external search invest in advertising and marketing to ensure having information available to the consumer in need-e.g., through brochures, web sites, or news coverage. Evaluation of choices: The evaluative criteria are the product attributes, functional, symbolic and emotional, on which the relative performance of the competing alternatives will be compared (Elliot 1998). Decision rules can be: I. Compensatory, when a poor performance on one attribute can be offset by good performance on other attribute. (e.g. one car is not as fast as other but its cheaper.   If the price is sufficiently inexpensive, the consumer may then select it over a car with better acceleration that costs more) II. Non-compensatory, when only one standard is used and alternatives which dont measure up are eliminated. (e.g. when a customer wants to have a UK-branded product, lets say cereal, although there will be many other cereals with same ingredients and good taste they wont be considered) Considering that human beings seek to reduce cognitive efforts, often the way for choice evaluation are rules of thumb, e.g. cheapest is best, or known brand is always better than unknown, etc. Unfortunately this type of thinking often lead to systematic bias when compared with the rational decision making model of economic theory. Those would be believes that e.g. if an item is on sale it must be a good deal, or all branded products are of the same quality. Purchase: Purchased is often influenced by time, the more time between the intention to buy and the purchase the more opportunity for change in original intention. But in many instances a conscious purchase intension is not formulated prior to the purchase act and in this case a display of product may trigger impulse purchase. US studies show that 83% decisions to purchase of snack foods take place in the supermarket itself rather than prior to shopping. Obviously higher involvement products are more likely to be pre planned than lower involvement products. (Elliot, 1998) Outcomes of Purchase: These have important implications for the future purchase decisions. The cognitive approach points to importance of prior expectations as a determining how well consumer will evaluate the purchase experience. The lower the expectations the less dissatisfaction on poor product performance, and the more satisfaction on good product performance is seen. Consumer Involvement: The amount of effort a consumer puts into searching depends on a number of factors. There is a classical model to measure consumer involvment in purchase decision. This model shows that involvmnet depends largly on: price, type of product, frequency of purchases, symbolic meaning, social visability, time commitment, potentiality for harm, potentiality for poor performance of product/service etc. (Elliot, 1998) In practice the price or high significance will mostly effect the involvement of consumers. E.g if we buy boat or house we are more likely to put more effort in research than when we buy washing powder. The same is true for highly life significant products such as computer or medications, which tend to be given more attention than lets say notepad or pen. (where you shop, ease / proximity of parking, ambience, safety, provision of child care, etc) Influences on Consumer Behavior(Perner 2008) The Life Cycle. Individuals and families tend to go through a life cycle: The simple life cycle goes from    http://www.consumerpsychologist.com/images/cb/Simple_FLC.png (Perner 2008) In real life however, there are many more complications possible, such as couples undergo divorce, single parents run house or remarry or become involved in other non-marital relationships, or stay on their own etc. Integrating all the possibilities gives a depiction of the Family Life Cycle to the one below: http://www.consumerpsychologist.com/images/cb/Family_Life_Cycle.png (Perner 2008) Obviously young singles with still little cash and highly influenced by their peer environment will have different needs, and make different purchases to young couples, and young couples will greatly vary in their customer behaviours to full nest families. Then again there is a significant difference in amount, type and variety of products purchased between Nest I, Nest II and III families, since different age of children in the family will have various demands / needs, and the older the children the more influence they will have on parents and their purchase decisions themselves. Empty nest family with no children in the house often can afford more luxurious items than before. They will frequently look for comfort and durability and high quality of goods. Older singles will have similar needs, but if retired or lonely may not be able to afford as high standards of products as empty nest and thus minimalistic approach can be seen in their purchase behaviour. Apart from differences in customer behaviour arising from Family Life Cycle it is also important to mention that behaviour changes with age, health, career and financial status. Older people tend to have greater income but also greater obligations such as mortgages, children, and spouse. Different ages are concerned with different financial rewards and obligations. That often leads to different consumer behaviour. Figure 2.5 Consumer life events Understanding the life event triggers behind the big decisions that consumers make, assists information providers in targeting information at the times and places in peoples lives when they most need it. (Australian government, 2010) Family decision making model: Another relevant consideration includes the Family decision making model. It is important to realise that it is not only the decision maker(s) in the family that count during the decisions processes of the family. Although they decide where and which product, brand to buy, there are also initiator, ultimate users, the information gatherers/holders- who seek out information about products of relevance, Influencers- who do not ultimately have the decision power, but they may make their wishes known by asking for specific products or causing embarrassing situations if their demands are not met. And then again all those have different role to that of the purchaser. (Perner, 2008) It was measured that parents under childrens (age 4 -12years) influence in US purchase products worth apporximately $4,400 per year per child. This comprises nearly $150 billion annually in US market alone. (McNeal,1997). This statistic is even more prominent if we look at China and heir one child policy and the six-pocket syndrome (where all 4 grandparents and parents can cherish and spoil 1 child only (Goll,1995) From the marketing point of view, family decision-making model introduces some problems since the purchaser can be targeted by point-of-purchase (POP) marketing efforts that cannot be aimed at the decision maker, or influencer. It should also be noted that family decisions are often subject to a great deal of conflict. The reality is that few families are wealthy enough to avoid a strong tension between demands on the familys resources. (Perner, 2008) Family decision making model can be observed in nearly any shop. This will take place when a family is out and about maybe doing grocery shopping and then suddenly one of the children will point to a toy or Christmas tree that courts its attention (that will be the initiator). There will be various criteria to consider: maybe some information provided on the spot about this particular Christmas tree; the fact does the family have already one or not and in what condition it is, also time of the year will have influence on the decision making process. The user or a Christmas tree is the whole family but especially children. Mother of the family will often be the decider who will try to satisfy the whole family and purchase something that is practical and safe a s well as will look representative in the home surrounding. Father will often pay for the tree and make the purchase thus in this scenario will be the buyer. This issue is addressed by many shops by offering extensive displays o f child-attractive items, together with parent-satisfying product descriptions to fulfil needs of the decision maker, and not infrequent value deals to finally convince the ultimate buyer. The Means-End Chain. Is another model of consumer behaviour where consumers buy products not because of their attributes per se but rather because of the ultimate benefits that these attributes provide, in turn leading to the satisfaction of ultimate values. An important implication of means-end chains is that it is usually most effective in advertising to focus on higher level items. (Green Book, 2005) This can be illustrated on example of UHT milk. A consumer may not be interested in the process and chemistry of ultra high temperature process of milk preservation, but might reason as follows: Self satisfaction/esteem Kids will continue to get all calcium and vitamins required for growth and strong bones, and he milk is there whenever needed Children can safely use the milk when they need it without a need to go back to a shop for weeks at a time. Milk can be stored longer without taste and properties change, Long life properties of UHT milk UHT milk producers use this model and emphasise the long life properties of milk, and thus in consumer perception this is the main focus point. They often dont make further investigation to find out that UHT milk has sufficiently less vitamins and minerals then fresh milk, and frequently make decision to buy long life milk instead of fresh milk. Diffusion Curve Model: And last but not least we should note that not all consumers will choose to buy new products at the same time. Dependingly on their education, experience, capacity to purchase and desires we will be able to identify Innovators who buy first but comrpise less than 5% of consumers, e.g. people who follow the latest releases of technology/fashion engineering and will purchase the products as soon as they reach the market even if they dont necessary need it, and it means paying premium price for those goods. After the first purchases by Innovators, the Early adpoters will show their interest. They benefit form using the product and want to maintain an edge over the rest of their peer group / consumers at large. However the vast majority of the curve ignores most marketing efforts at the earliest stages until they are convinced that the product or idea is not a fad. Successful new products, the hits, are most sought by Innovators and Early Adopters soon after introduction: and then Early majority will follow the trend to purchase. After some time the later majority will make the decision to buy, and then when the products/ services are no longer considered new by majority of population the laggards will come to belive it is ecessary for them to aquire this product. Possibly that will take place after the older model they owned is no longer functioning and it is necessary for them to replace it. Those clients frequently benefit from large discounts, since new more desirable models are often already available on the market. The described above model is commonly known as Diffusion Curve model or 5 segments model, and can be illustrated as bellow (actual percentages will vary according to the product / sector / consumer mix): Viral Marketing and Consumer Behavior (Graph from; Braziel, 2007) This model doesnt equally apply to all products, it is mostly used for electronics, computers, fashion clothing, house appliances such as AGD (white goods) and RTV (audio / visual electronics) products. Thats because we cant really talk about innovative products when it comes to FMCGs like bread, milk, butter. Also it would be hard to talk about laggards when the product of concern was something everyone needs in day to day life. Knowing about the diffusion curve model and the fact that new products are usually initially adopted by a few consumers and only spread later, and then only gradually, to the rest of the population, companies learned that to introduce new products they must be well financed so that they can stay afloat until their products become a commercial success by generating self-sustainable profit. They also realize that it is very important to please initial customers, since they will in turn influence many subsequent customers brand choices. That is why many brands use post-purchase evaluation forms and ensure quick response to any dissatisfaction, so consumers feel understood, respected and powerful. This helps in creating good overall impression about the product or brand, which is likely to be passed on to Early adopters and beyond. Discussion: There are two main applications of consumer behavior in marketing: (Perner 2005) Using consumer behavior to make better marketing campaigns. For example by understanding that consumers are more receptive to food advertising when they are hungry, food/snack companies learned to schedule snack advertisements late in the afternoon. As a result of increased receptiveness consumers are more likely to memorize the items and either buy there and then or next time when they see the product on the supermarket shelf. by understanding that new products are usually initially adopted by a few consumers and only spread later, and then only gradually, to the rest of the population, companies learned that (1) to introduce- new products must be well financed so that they can stay afloat until their products become a commercial success. (2) it is very important to please initial customers, since they will in turn influence many subsequent customers brand choices. Social marketing involves getting ideas across to consumers rather than selling something. E.g. To reduce the incidence of transmission of diseases through illegal drug use the best solution, obviously, would be if we could get illegal drug users to stop. This, however, was deemed to be infeasible. It was also determined that the practice of sharing needles was too ingrained in the drug culture to be stopped. As a result, using knowledge of consumer attitudes, Dr. Fishbein created a campaign that encouraged the cleaning of needles in bleach before sharing them, and this marketing campaign was hugely successful (Syed, 2009) Attitude research has shown that consumers often tend to react more favorably to advertisements which either: Admit something negative about the sponsoring brand (e.g., the Volvo is a clumsy car, but very safe), this approach makes consumer perceive the advert more reliable, and will pay off by their better attitude towards brand/product advertised. OR Admits something positive about a competing brand (e.g., a competing supermarket has slightly lower prices, but offers less service and selection).   Two-sided appeals must, contain overriding arguments why the sponsoring brand is ultimately superior-that is, in the above examples, the but part must be emphasized. (Perner, 2008)   Again this two side appeal gives consumer perception of rational, reliability and this type of advert is more likely to be listened, believed in and remembered. Knowing it is generally very difficult to change beliefs that people hold, some companies try to change the importance of beliefs by decreasing them or by strengthen them by advertising e.g. milk company can emphasise on the importance of milk ingredients such as; calcium and iron for the health being of people, and thus increase the perception of importance for milk in consumer eye, which will then lead to increased milk sales. Companies can also add to consumer beliefs, e.g. Cereal makers can add beliefs that their cereal are more convenient and healthy than other cereals, which sounds quite plausible to some people if the advert uses enough credible terms for ingredients. Thus consumer perceive those cereals more appropriate for breakfast than others and are more likely to purchase them when next time see them in the shop. Using consumer choices model described in the introduction, some companies will seek to create in the eyes of target consumers a perception of need of e.g cooking spice, by advertising it as a miracle mix which will make every dish you make tasty and desirable by all family members. That perception of opportunity may trigger the consumer purchase decision. Knowing that information search for FMCGs is mostly internal, food producers try to make impression on the consumer e.g by making tomatoes look more healthy and appealable to potential consumers e.g we can see tomatoes with green stems or big organically grown sign on the packaging that will trigger the consumer desire to eat healthy and even though those tomatoes may not be any healthier than the other 5 types that sit on the shelf. The perception of healthy / organic will arise in consumer mind and thus he will be more likely to purchase them. In relation to purchase decisions of consumers, many companies, especially those selling low involvement goods, use a marketing strategy which is directed at one of humans basic motivation:- curiosity. By packaging a product with interesting and/or innovative pictures and images, they try to wake up consumer curiosity and in this way win the consumer interest and encourage impulse to buy. Knowing that fulfilling original expectations of consumer will often lead to repeat purchase some products e.g Heinz Ketchup by introducing a claim of great thickness and delivering on it better compare to other brands, can win consumer because consumer attention is drawn towards thickness only and satisfying this attribute alone give consumer overall perception of good performance. Emphasising consumer brand loyalty, many shops introduce loyalty cards, which give additional credits for shopping in particular shop, such as entitlement to discounts and promotions. Loyalty cards databases on the other hand enable understanding the clients better and give offers that best suit their behavior/habbits. Its a win-win situation for seller and buyer: the consumer has a perception of being special/appreciated and can see the reward for loyalty, while the shop has more information about the customers. For example, it was established that a buyer of full fat milk is 2.5 times more likely to purchase children orientated products. That is because a lot of parent buy full fat milk for their kids, and having kids means we buy for them more than just milk. Knowing that, a shop/company can send kids products brochures only to those people buying full fat milk rather than spend money on approaching adults who dont have kids and are unlikely to purchase childrens products. All the models described above are important to know and consider; to help spot emerging patterens and trends relative to the marketing and branding process. However they seem to be slightly overcomplicated and we need to realise that every day consumer patterns as well as practical marketing often varies from the theoretical models. To support this view we dont need to look far, we read from countless articles e.g McCole (2004) suggests that there exists a sizable gap between the worldviews of academics and practitioners. And Brennen (2004, p. 492), in his editorial comments in a special issue that explored the nature of the academic-practitioner divide, notes that a consensus seems to be emerging that much, or perhaps most, of work done by academics is of limited relevance to practitioners. (Syed H. Akhter, 2009). Also there are numerous studies which show that a large percentage of consumers dont research their purchases or limit the research to minimum, e.g. on average 52% of peo ple in US obtained no independent information on products/services purchased and even for purchase of a new car, more than 30% of people visit only one car dealer.(Elliot, 1998). A lot of those theoretical models, together with practical / anecdotal experience, indicate that decisions made by customers are mostly emotion-driven or impulse driven. The purchase decisions often depend on curiosity, value perception (an approximation of reality), brand loyalty or rules of thumb , rather than research, and that is why marketing, branding and advertising need to enhance value perception for the customer and take care of a good purchase experience rather than just focusing on the purchase product/service. Conclusion: To conclude this paper on dynamics of consumer behaviour in practical marketing, I decided to look into Early Learning Center (ELC) brand and their marketing strategies. With their consumer base largely being 0-6 year old children, specifically I sought evidence of ELCs marketing efforts reflecting a sound understanding of the behavior of their target customers, the adults who buy those goods on childrens behalf Early Learning Centre (ELC) ~ Toy Sale Now On Early Learning Centre (ELC) is essentially a marketing and distribution company, but one that also designs and commissions the manufacture of its own-branded products.It was established in 1974 as a mail order firm, and was an early adopter of direct sales through the Internet the website www.elc.co.uk was first launched in 1999 and proved to be successful in its first year in terms of profit generated on internet-driven purchases.. In 2007 Mothercare plc acquired Early Learning Centre for  £85m ( £49m plus  £36m debt). Mothercare is one of the most familiar names in UK retailing, and is probably the first store that comes to mind when thinking of the needs of pregnant women, babies and children up to the age of 10. There is a lot of overlap with ELC in the post-natal market and so their merger and co-location of stores makes sense from a business perspective. Today there are over 225 ELC stores in the UK, and 115 stores internationally operated by franchise partners in locations including UAE, Hong Kong, Australia, New Zealand, Malaysia Ireland, and Poland. Catalogues sales have remained a core part of the business. [Early Learning Centre prints and distributes over 4 million catalogues in the UK alone each year.] Over 80 percent of the products sold by Early Learning Centre are own brand. ELC operate through three distinct channels to market; UK stores, Direct (internet-based businesses and catalogue mai l order), and International.(ELC, 2008) The Early Learning Centre brand provides eight major categories of toys and games primarily for children in the 0-6 year age range. They segregate their items based on sex and age of children for whom the toys are designed. This approach helps greatly during customers search through the products. As a result customers can put less effort into the search process and it adds to their overall shopping experience. Knowing that changing attitude of consumer is generally very difficult. Instead ELC try to influence feelings, either by advertising itself to create pleasant, warm feeling about products, and hope that will be enough to make customer like the product, or they use classical conditioning by e.g. showing happy, stress free children playing with ELC toys. the great outdoors!!! acctive play and fresh air fun! (pictured copied from: http://www.kidstart.co.uk/partner/ELC.aspx) Another strategy of ELC involves exposure effect. By providing advertisement and pictures outside the store and in magazines known to be popular amongst parents of 0-6 year old children and those adults likely to buy presents for such children, ELC ensures customers are more familiar with the product and thus more likely to purchase it. Aware that changing behaviour of customers can be challenging, one strategy employed by ELC is to introduce seasonal price discounts to justify in consumer minds the switch, based on a good deal principle. After the switch if a customer was more satisfied with the ELC product than with a previously used brand, there is a large likelihood that he or she will stick with the ELC products for future purchases even when the price goes back to normal. Another marketing strategy employed by ELC is engaging the convenience mindset of their target audience. ELC stores are usually located in big shopping malls, specifically in those locations in the mall that are frequently used/passed by customers on their way in or out. Not only are toys displayed, many toys at the entrance, but also throughout the store, are out of their packaging to enable better investigation of product prior to purchase. This is also a great way to attract the children of passing shoppers mothers, families into the shop to play. When this happens parents will be forced to come into the shop and during that time possibly will purchase one or more of the toys that their children were attracted to, or indeed other