Impact Of Climate Change On Insurance

Change in clime is emerging up as a new type of issue in the security facet because of the manner it affects both the life and the wellbeing of homo ‘s in a extremely interconnected and delicate universe. ( Evans, 1994, 107-128 ) Changing clime is going a menace to the basic public assistance and survival demands of worlds across the Earth, including the production of nutrient, wellness, entree to H2O and the use of land. Environmental want lifting from different sorts of economical activities of worlds has increased the strength and frequence of natural catastrophes throughout the universe. Around the universe, there has ever been natural development in the conditions and clime events. In fact, the insurance companies have become experts in patterning the black hazards which has now become an integrated instrument in the insurance industry. This has helped a figure of concerns to digest the losingss from unexpected natural catastrophes without of import defaults. This has now led to the fact that insurance companies have become more refined in analysing, managing and understanding their recent hazards because of their natural catastrophes around the universe. Many of the companies in United Kingdom are observed to be bettering in pull offing and measuring their ways of covering with the hereafter tendencies and hazards of the industry. As a figure of UK insurance companies have started to observe it, depending on their old conditions conditions and forms for be aftering out schemes for future. For this, they must place the chance of losingss and additions related to endure conditions. The impact of clime alteration is on a really broad scope from increased sum of hurricanes, fires and inundations to wellness and life acquiring affected by altering forms of hot and cold conditions. ( Evans, 1994, 107-128 ) Physical impacts ‘ consequence on insurance companies: Companies of insurance and reinsurance are likely to confront the strong impact of the alterations in clime more than other parts of the fiscal concerns. There are a figure of illustrations where it is seen that that how highly upwind status can impact the insurance companies, the authorities and the sectors at catchers. Whilst there are illustrations of how the conditions alterations are impacting the insurance industry because of the flexibleness of the insurance sector, in other ways it is rather good positioned in accommodating the alterations in conditions events and forms. ( David, 2007, 28-38 ) Menace of clime alteration for insurance industry: The chief menace that is confronting the insurance industry is climate alteration. This menace affects both belongings and casualty insurance that the insurance people. Another concern: the two sectors will hold to accommodate to demographic alteration that is looming. This emerges from a survey by Ernst & A ; Young, in coaction with Oxford Analytica. Ernst & A ; Young has compiled a top 10 list of menaces that will face insurance companies after questioning 20 industry leaders worldwide. Harmonizing to Ernst & A ; Young, clime alteration tops the list because planetary heating is altering the clime and increases the likeliness of claims originating from inundations, hurricanes and other natural phenomena. â€Å" I ‘m non certain the industry is poised to get by with clime alteration, warned Tom Kornya, a spouse at Ernst & A ; Young, in an interview with Insurance Journal. Five old ages ago, this hazard was non even on the list. â€Å" Mr. Kornya adds that non merely the sector of harm insurance that will be affected by clime alteration, life insurance should besides cover with it sooner or later. Damage will come to insurance when clime alteration will ensue in air current storms and inundations. In life insurance, the effects will be gradual. With temperatures that may alter, life insurance companies will confront new jobs in wellness and mortality. So there could be different types of losingss. â€Å" The underwriting of these merchandises is dining and no 1 has yet measured that cause clime alteration. The success of the industry will travel through the development of advanced merchandises, which will confront great uncertainness, such as typing velocity and badness of clime alteration, â€Å" he said. The 2nd hazard that the industry faces is the demographic alteration with the reaching of the babe boomers retire, ensuing in new demands. Insurance companies would be under great force per unit area, they will necessitate to replace authoritiess. ( Rober, 2010, 34-33 ) In add-on to the force per unit area generated by this new function, insurance companies will besides cover than their rivals. â€Å" Banks, common fund companies and all fiscal establishments will fight to acquire the same dollar. There is a hazard at that place excessively. Insurance companies must stay advanced with their merchandises to maintain the advantage, â€Å" says Kornya. ( Rober, 2010, 34-33 ) â€Å" The environment in which insurance companies and pattern is invariably altering rapidly, † said Tom Kornya. We find that consumers are looking for simple, low cost merchandises and others who want more complex merchandises that are besides more expensive. A company that will non hold a multichannel entree could fall into the background if it does non utilize Internet, media and telephone. â€Å" The last two menaces on the list of the top 10 hazards of Ernst & A ; Young are the legal uncertainnesss and the possibility of geopolitical or macroeconomic perturbations. In the first instance, answerability and reform in footings of offense could take to fiscal losingss. For the 2nd, the house says that the menace of a terrible fiscal crisis due to derived functions and hedge financess could be damaging to the industry. Opportunities for insurance: Climate alteration nowadayss hazards but besides chances. The possible chances created by the effects of a altering clime may necessitate fostering through the dedication of attending and resources. Too frequently, intelligence coverage portrays climate alteration as a doom-and-gloom narrative of impending catastrophe. Surely, many of the possible impacts of clime alteration are likely to negatively impact us, and we must turn to them, but we should non disregard the possible chances that a altering clime could make in portion by proactively accommodating to them. Some economic sectors and concerns may make better because of the effects of clime alteration, and they should seek to place those new economic chances and put in prosecuting them. Turning back to the illustration the reduced trust on winter roads due to warmer mean temperatures disrupts supply ironss and increases costs for the excavation companies runing in the part. ( David, 2007, 28-38 ) . â€Å" It is a hazard for insurance companies, but besides a great chance, says Tom Kornya. There will be a great demand for pension merchandises. Baby boomers look for low-cost merchandises that generate gross. By cons, debate the function of authorities in the pension is non really advanced. Insurance companies will be required to take this topographic point and this is a new hazard to which they are unaccustomed. â€Å" Financing and advisory Companies in carbon-intensive sectors are already seeking finance to assist them diminish nursery gas emanations. In the populace sphere, big amounts of capital will be needed in the coming decennaries to develop, modify and regenerate cardinal energy, transit and inundation defence substructure across the universe. Climate alteration may look to be a slow burn issue for the fiscal sector, but companies would be wise to give it important attending, as much for the emerging tops of altering demand as for protecting themselves against the eroding of value in the long term. Hedging and trading The demand from the industry is increasing for a figure of hazard transportation instruments in order to protect the companies against the addition in the monetary values of energy, the altering forms of conditions and the likely failure of current freshly introduced engineerings. The happening of C among the trade goods that are tradable has grown higher to complex merchandises that are get downing to draw a big figure of fiscal organisations and let some farther misdemeanor and development of the merchandises. Consumer grosss The consciousness spread about the green issues encourages growing in socially responsible investings by the consumers and organisations likewise. Even though, the market for mortgages, insurance and loans that give wages to low C behavior is right now less, it may increase rapidly. Similarly, the increased consciousness of windstorms and inundations has started to increase the desire of clients who are at hazard for the belongings and casualty insurance. Deductions: There are a figure of activities that the insurance industry can make in order to better their apprehension of the impact and affects of alteration in clime, assist the society and authorities to understand in a better manner and fix for the hazards involved in the development in fire-prone or coastal countries and do points that could protect their clients from the harm induced by the climatic alteration. Following are some of the deductions in order to cut down the negative impact of the clime alteration on the insurance industry: ( Evans, 1994, 107-128 ) Most of the climatic scientists agree that the conditions conditions in future are most likely to differ that the old conditions conditions. Therefore, it will be reasonable for the insurance companies to understand in a better manner, what will be the hereafter if the anticipations of the scientists are true. Hazard theoretical accounts can be developed on the footing of these anticipations with the aid of expertness. We can besides set more possible for the research and surveies as they will supply more cognition and analytical capacity. It will besides assist in enabling the insurance companies to happen the concealed markets and new chances for their merchandises along with the hazard direction and educating consumers. ( Rober, 2010, 34-33 ) Work with the scientists in order to raise the economic relevance and accurateness for the climatic alteration mold. Disclose and acknowledge the hazards of climatic alteration in one-year security filings and by other concern communications. Should take a practical attack in order to act upon the planning and development of land usage, in fraction as most of the expected rise in the losingss are stemming out from the black events that could be prevented by good spacial planning. There are a figure of stairss that could be taken: 1 ) maintain the valuable belongings out of the hazard parts and 2 ) grant both the economic and environmental benefits.

Audit Research on Diversity

Performing research on one of the top 1 0 companies identified by Diversifying: as a company that demonstrates the business case for diversity, develop a criteria to measure the organization's diversity initiative against, some thoughtful questions on the epic of diversity that you will research about the company (you can use secondary data to assist you in formulating good questions) and conduct a preliminary literature review for their research of that company.The literature review should include sources (at least 6 in total and 4 of them scholarly) from scholarly and professional journals describing the performance of the organization as it relates to diversity, in addition to the organization's website that you are researching. The literature review should include a bibliography of sources and a brief paragraph describing the intents of the source. Part 2 is the final project paper (10 pages) – due (1 1/1 5/13) If you are using one of the Diversifying firms, include in you r research the criteria you developed, the questions you researched, the literature you used and the results of your findings.Your report should detail the strengths and weaknesses of the organization's diversity initiatives. List the criteria (one page), provide some company background/history (one page), evaluate the organization's efforts in terms of diversity, and make recommendations for improvement. Findings should include: The criteria you used for managing diversity in an organization. You can use secondary research to assist you. If you performed research on one of the top 10 business case for diversity, include a literature review of your research on that company.The literature review should include sources from scholarly and professional journals describing the performance of the organization as it relates to diversity, in addition to the organization's website that you are researching. The literature review should include a bibliography Of sources ND a brief paragraph de scribing the contents of the source. Include the list of the thoughtful questions regarding diversity used in the research. Indicate what the company newsletters, value statements, and so forth are.If you are using the Diversifying firms, include these in your research as well as any websites you visited in your research. Evaluate whatnot have learned about the company in terms of diversity, comparing it against the criteria you established. Be sure to pay attention to subtle cues (I. E. Is there evidence that they really do what they say they do). For example, a manager proudly pointed out that his large retail organization hired physically challenged workers.However, they were all assigned to work in the stockroom, where they were never seen by any customers. Or a company who is recognized for their hiring of the disabled, have no disabled employees Visible on their website. Feel free to add additional criteria that you did not think of after the interview/visit or research was co mpleted. Findings: Evaluate what you have learned about the company in terms of diversity, comparing it against the arterial you established. Be sure to pay attention to subtle cues (I. . Is there evidence that they really do what they say they do). For example, a manager proudly pointed out that his large retail organization hired physically challenged workers. However, they were all assigned to work in the stockroom, where they were never seen by any customers. Feel free to add additional criteria that you did not think of after the interview/visit. Prepare a 7-10 page paper which explains your findings in detail. The paper should be ere from spelling and grammatical errors.Make sure you cite all written web sources, journal articles and interviews in a bibliography, and contain exhibits, such as copies of the organizational value statements or company newsletters, if appropriate. To summarize, your report should detail the strengths and weaknesses of the organization's diversity initiatives. List the criteria (one page), provide some company background/history (one page), evaluate the organization's efforts in terms of diversity, and make recommendations for improvement.

A Nation of Idiots Analysis

What evidence does Moore offer to support his contention that America is a nation of idiots? Is calling us all a nation of idiots an effective way to get our attention and sympathies? Moore shares a number of personal experiences in this selection to dramatize his disgust with formal education. Overall, how would you characterize his attitude toward school and schooling? What textual evidence leads you to make those conclusions?What are the potential problems with using this kind of rhetorical or argumentative strategy in his writing? Moore offers evidence of public ignorance to support that America is a nation of idiots. He does this by stating, â€Å"Only 11 percent of the American public bothers to read a daily newspaper, beyond the funny pages or the used car ads† (Idiot Nation excerpt, Colombo, Cullen, Lisle, 129).This example is a good reflection of Moore’s attitude and style of grabbing the reader’s attention. He relates to the readers in simple terms, but always with a hint of sarcasm. I believe that calling America a â€Å"nation of idiots† is an effective way of getting us to listen. The way Moore sees it, schools have used various tactics to educate its students and politicians have used different forms of engaging the public, but the public is not interested.Moore states, â€Å"A nation that not only churns out illiterate students but goes out of its way to remain ignorant and stupid is a nation that should not be running this world – at least not until a majority of its citizens can locate Kosovo (or any other country it has bombed) on the map† (Idiot Nation excerpt, Colombo, Cullen, Lisle, 129). The potential problem with using this kind of rhetorical strategy in his writing is that the readers probably do not think of themselves as â€Å"idiots† and therefore will assume that Moore’s words do not apply to them and readers will tune out.Another problem is Moore will offend some of his audience and naturally these audience members will become defensive and disregard Moore’s current and future work. Moore does not see schooling in America as an effective way of educating the nation. He also views it as a very harmful environment that teaches children not to question authority and not to think, but rather do as they are told. â€Å"They learn that to rock the boat could get them rocked right out of school† (Idiot Nation excerpt, Colombo, Cullen, Lisle, 143).

Virtual Workshops Essay Example | Topics and Well Written Essays - 1750 words

Virtual Workshops - Essay Example My formal categories were designed to show frequency in the video that highlighted rage and hostility and frequency of video which illustrated sympathy or disturbed reactions to the verdict. The content analysis format allowed me to establish the precise number of times that the news organization opted to illustrate any of these factors. One of my categories dealt with the social status of the trial participants (career, relationship to Saddam, etc.), which achieved no results in trying to determine whether people varying social status held differing opinions about the death sentence. Other than Saddam and the presiding judge, I could make no determination about social status as the media opted not to offer background information regarding the other trial participants. This failure could be remedied in further analyses by formulating categories for research that can be more readily displayed in the chosen data used for observation. In terms of future research, I might suggest that us ing the category of "intensity" might offer further data regarding whether the instances of emphasizing a media agenda are witnessed in terms of how media interactions take place. For instance, facial grimaces or smiles (in this case applying to the Saddam verdict) and their frequency within a form of media might suggest the emphasis being placed on fulfilling a biased media agenda. Virtual Workshop 3: Observation This is a content analysis report based on the observation carried out on people using a public transport.

Property law Case Study Example | Topics and Well Written Essays - 750 words - 1

Property law - Case Study Example This means that with Barney as the surviving owner, the actual owner of the piece of land was Barney and not Opie. In effect, Opie did not have the right to use the property as collateral, and the lender did not have legal possession in the property for foreclosure to take effect. Generally, foreclosure is applicable because foreclosure applies as a legal right given to a mortgage holder, who in this case was the lender to take total possession of the property or sell the property out so as to use the proceeds to pay an outstanding debt (Alfredo, 2012). The lender therefore had no covering for this as he had used a property that was not the legal ownership of the borrower. Hitherto, the only form of plea that can be available for Andy’s son is for him to seek repayment negotiations with the lender with more favorable terms of payment. As Barney’s lawyer also, a direct claim shall be made on the property forthwith. Abandoning of property for 20 years According to Article 1 to 40 of North Carolina Adverse Possession Law, The person in possession thereof, or defendant in the action, or those under whom he claims, has possessed the property under known and visible lines and boundaries adversely to all other person for 20 years. What this means that as the lawyer of Barnie, the best form of legal redress that can be sought to incriminate Ernest of his actions and thus get Barney back as the legal owner of the piece of land is by investigating into the time that Ernest had actually started any work on the land. This is especially important as construction of a cabin has already started taking place on the land. Even though Kubasek (2012) explains that adverse possession entitles a person to acquire ownership of property, with neither protest nor permission for the real owner, the North Carolina adverse possession law seems to supersede this in interpretation by giving a definite time frame when adverse possession can take effect. As investigations go on to claim the land back, law suits will also be made against the approach used by Ernest, which could be said to be a threat on the life of Barney. Eviction from residence due to eminent domain The eviction that Barney faces from his Carolina Beach residence is not just an ordinary eviction from a property but one that is explained in legal terms as eminent domain. In simple terms, this is a situation whereby the government is given the right to takeover a private property, once payment has been done for a purpose that benefits the general welfare (Kubasek, 2012). Since government has showed evidence that the property that was to be taken was going to be used for a resort, which will clearly generate jobs and income for the area, it is strongly posited that Barney would have no legal justification to litigate the claim of the property. As the lawyer however, what will be done is to ensure that the government through the town attorney is taken on its words to ensure that Barney gets the full compensation that is due him. In the bargain for compensation, it will not only be the market value of the property that will be looked at but also the personal interest that Barney will loss in having to relocate to a totally new

Organizational Behavior Essay Example | Topics and Well Written Essays - 750 words - 4

Organizational Behavior - Essay Example From the start of its operation, the business organization has recognized that importance of their workforce in the attainment of their organizational goals. As one of their executives put it, â€Å"employees are at the heart of our results† (Newing 2007). In order to pursue employee excellence, the company commits its resources in ensuring the continuous communication between leaders and their staff. American Express strongly believes that it can uphold its tradition of excellence by enabling the staff to learn from the experience of their leaders. Thus, training programs include pairing up a newly hired staff to their business managers who will not only gear him with the skills that he needs in order to fulfill his tasks but will also oversee his growth and development within the organization. Aside from this, the company has also established larger group forums which invite employees to hone their skills. Higher level managers are often responsible in leading these groups. It should also be noted that even managers from another line of business participate in these activities. American Express also employs mentors which are usually executives in another line of business. Staffs are benefit from this coach as he â€Å"provides a strategic perspective on the organization and long-term support through their careers.† The company’s leaders have been active on this noting that constant communication between them and the staff will not only equip employees with the necessary skills but will help the business organization in the fulfillment of its goal of maximizing shareholder wealth. In order to gain feedback in the efficiency of these programs, American Express conducts an anonymous annual survey. The company’s programs appear to be successful indicated by the high participation rate of employees. The business arena has evolved pressuring business organizations to treat their employees as significant resources which

Lucent Technologies Case Essay Example | Topics and Well Written Essays - 500 words

Lucent Technologies Case - Essay Example In this context, multiple factors can be held liable that had been accountable for getting subjected to this setback. Within these identified factors, the profitability of the company along with the equity multiples are the major deterrents. Apart from these two, the asset turnover had also contributed within this ROE fall (Tagliani, 2009). From the above tables, it can be clearly observed that the asset turnover rate dropped down subsequently from 35.25% in 1998 to 25.64% in 2000. As a result, a drop in the level of ROE and Return on Assets (ROA) can also be estimated. Apart from all these, the company business functionality also appeared to have boosted the long-term debt aspect that in turn had negatively impacted the overall financial stability of Lucent Technologies. In a cause and effect manner, the company’s liquidity went down by drastic levels and thus, resulted in deteriorating the performance of the company in the years 1998, 1999 and 2000 (Palepu & Healy, 2007). Lucent Technologies appeared to have made drastic changes within a very short tenure. With the prime intention of attracting more and more investors, the company made significant amount of efforts towards making its annual statements more transparent and understandable. The table below projects a clear understanding of the types of changes identified in Sales, Accounts Receivable, Inventory and Gross Margin for the five quarterly periods i.e. from December 1998 to December 1999. From the above table, improvement in the sales figures of the company can be indentified during the quarter of March-June 1999 by 12 %. Although, the company attained a growth rate for the consecutive two quarters after the quarter of Dec’1998 to March’1999, but could not retain the growth pace in a sustainable manner. The percentage rate of receivables for the company also dropped subsequently. In term of inventory, it

Samsung Essay Example | Topics and Well Written Essays - 2500 words

Samsung - Essay Example It has been analyzed that the company has a high driving force to expand its business in the future. Thus, the researcher has decided to formulate a research proposal revolving around the scope of business expansion for Samsung through its Smart Phone Products in the global market (Dibb 166). Rational of the Research The states of business affairs for the modern multinational corporations have become highly complex after globalization of the world economy. In this epoch, the corporate firms must try to incorporate modern strategies in their business to effectively exploit the growing market demand for luxuries and comforts. This would help the firms to widen their economic surplus. With the rise in the living standard of the individuals in the global economy and a significant increase in the usage of internet media, the demand for smartphones in the contemporary business world has significantly increased. It is highly rational on behalf of the researcher to choose this situation as t he primary issue of the research proposal (Snowdon and Vane 155). This is because when the demand for smartphones in the global market is significantly increasing and therefore, a growth oriented company like, Samsung, should frame efficient business strategies to increase its smartphones sales in the market (Abideen and Saleem 60). Figure 1: Rise in the demand for Smartphones in the global Market (Source: â€Å"AFP†) The above graph shows that in the world market, the demand for smartphones have increased. Considering the smartphone products of Samsung, the essay will focus on the secondary research method to analyze the precise nature of Samsung smartphones in the industry. For conducting this analysis, the researcher would elaborate on the SWOT and Boston Consulting Group (BCG) analysis of the company, in view of the concerned product lines. SWOT Strengths The smartphones produced by Samsung are highly innovative in terms of design and technology. This is a unique strength of the company and helps the organization to maintain its high brand value in the market. With its quality products and good services, as recorded in 2012, the company has managed to generate a profit of 23.845 billion in the global market. The company enjoys a large share of market demand for its products and thus, has the benefit of economies of scale in production. This has helped the company to manufacture products at low costs. Figure 2: Rising Profit of Samsung (Source: â€Å"About Samsung†) As stated in the above graph, the increasing revenue of the company can be efficiently utilized to explore new business opportunities in future. Weaknesses Samsung does not have its own operating system. So, it needs to acquire an operating system from other companies. This in turn increases its cost of production to some extent. The company tries to increase its revenue by focusing on the improvement of all its products. This is not a strategic business decision. Opportunities The company should capture the growing market demand for smartphones in the emerging economies like, India and China. It will be able to obtain more business patents by making new acquisitions. It should take the advantage of the growing mobile advertising business industry. Threats High competition in the smartphone industry, have saturated the market demand of this

Capstone Experience (Employee Impact on the Plan )3 Assignment

Capstone Experience (Employee Impact on the Plan )3 - Assignment Example have a negative effect on the organizations performance as a whole. Bad behavior in an organization setting can emanate from the work groups, to which an employee belongs; bad or strict organizational culture and policies e.g. tight supervision; work attitudes; organizational politics e.g. favoritism in promotions, poor compensation policies, personal deviance e.g. verbal abuse, sexual harassment and endangering co-workers, etc. (Robbins and Judge, 2012). Deviant behavior has a negative effect on employee recruitment and training (Martinko, Gundlach and Douglas, 2002). For instance, deviant behavior can lead to favoritism during recruitment, demotivation of new employees, high employee turnover, resistance to change, unhappy workers, unsafe work environment, low employee production, hostile work environment, low-skilled workers due to lack of commitment from old employees to mentor and train new employees, dissatisfaction, etc. (Tina, n.d.). The overall ramifications of poor employee training like poor or low quality work processes can affect negatively on the overall performance of the organization leading to business failure. Therefore, it is imperative that negative behaviors in organizations are checked to ensure that employees are satisfied because the overall performance of the organization depends on the productivity of individual employees of the organization. Martinko, M., Gundlach, M., and Douglas, S. (2002). â€Å"Toward an integrative theory of counterproductive workplace behavior: A causal reasoning perspective.† International Journal of Selection & Assessment,

Construction Law Essay Example | Topics and Well Written Essays - 1250 words

Construction Law - Essay Example As the contractor was excluded from the design stage so the employer retains the risk for any mistakes or errors in the design (Gerrard, 2012). On the other hand, in the ‘Design and Build procurement’, the contractor is assigned the responsibility for both, designing and construction by the employer. All the Design and Build strategies have the same parameter, that the contractor will become responsible for design and construction of the project at a given point of time for a fixed amount of money. The client/employer is required to seek professional help for preparing a detailed statement of requirements before signing a contract with the contractor. Thereafter, the contractor will be liable for design, labour, material which will lead to a single point of responsibility. The contractor’s efficiency will escalate as he exercises control over design and construction. Moreover, any arguments over design will be between the contactor and professionals instead of the employer and professionals. 1.(b). Engineers are going to be appointed by the employer or contractor depending on the procurement model. A chief engineer should be nominated if several engineers from various fields are to be appointed. Engineers should be given authority and access if the design is based on a process of technology, to which the employer holds licence. Under the standard build procurement, an engineer is required to meet the employer’s needs for inviting tenders. On the other hand, in a design and build procurement, the role of an engineer is based on providing a performance specification, standards for material input and design which will be included in the Works Specification (NEC Contract, 2012). To be more precise, a structural engineer is responsible for designing the structure of a building together with drainage and installation. He will also provide professional and expert opinion to the client about the structure and cost of every part of the buildin g. His work must co-ordinate with the architect and services engineer. A services engineer’s role is to design and identify mechanical and electrical services keeping in view the employers specifications. They are to provide advice on matters like environmental issues, sustainability and cost. Following novation, engineers will be responsible to the contractor instead of the employer (APUC, 2012). 1.(c). Compensation events are those which do not arise because of a default on the contractor’s part and therefore entitle him to compensation in price and time. A resource forecast is used to assess the impact of any compensating event on cost and time. Compensation event pass through notification, quotation, revision and implementation stages. An event should meet the criteria mentioned in Clause 60 of NEC3 to be treated as a compensation event (Eggleston, 2006). Clause 60(1) states that: â€Å"A Project Manager gives an instruction changing the works information except: a. A change made in order to accept a defect or b. A change to Works Information provided by the Contractor for his design which is made either at his request or to comply with other Works Information provided by the Employer.† In this scenario, the Employer has instructed the Contractor to provide a design on an arch detail which was not included in the original

Estimating the Demand for Money Essay Example for Free

Estimating the Demand for Money Essay We all know that money employed in consumption sustains life and gives pleasure, but it does not lead to economic growth. Money employed for investment increases productive capacity, thereby increasing wealth available for consumption investment in the future. Use of money for both consumption investment leads to employment but later reaps future benefits. The quantity theory of money posits that the value of money is equal to the collective supply of goods and services in an economy. The value of money could be called the aggregate clearing price for the aggregate supply aggregate demand in an economy. A condition in which the aggregate clearing price is below the aggregate costs of production would be symptomatic of gross misallocations of resources in an economy but this kind of condition is not theoretically impossible. Ending of wars that includes cold wars are often associated with massive reallocations of productive resources and these reallocations can involve painful periods of readjustment. â€Å"Artificial bubbles† resulting from central banker manipulation of money and interest cause boom bust misallocations. Regarded money as nothing but a means to facilitate barter, the aggregate supply of goods and services represents the wealth of society. If everyone woke up one morning to find every dollar replaced by one hundred dollars, no one would be wealthier or poorer because wages and prices had two additional zeroes. Nor would there be any change in either aggregate supply or demand. The concept of aggregate supply to represent the wealth of society can be misleading. Most homeowners would sell their house if offered an outrageously high price for it. In that sense, nearly all existing homes are part of the aggregate supply. But in the normal course of events, homeowners are slowly consuming their houses by living in them and are not considering an immediate sale although the thought of eventual re-sale is usually in their minds. Similarly, most capitalists would sell their factories if offered a high price, but are primarily focused on increasing the productivity of those factories and ensuring that the factories produce goods for which demand is high. Money works magic in the minds of many economists which transform simple relationships into complex conceptual nightmares. Say’s Law one monetary interpretation holds that the costs of production (paid for labor, land and capital goods) results in the incomes essential for purchasing output. Moving this argument further, critics of Says Law express concern that all the income will not be spent concerning that some money will be saved or even hoarded. Thinking that it is better to save the money than to spend it that result to manufacturing decline, unemployment and recession. But the confident consumer who saves and invests actually benefits the economy more than the consumer who spends. Invested capital provides the means to hire labor and other factors of production that increase employment and wealth. Vision of economic activity as a circular flow of money between spenders earners blinded him to the nature of wealth-creation, productive incentives, productivity increase and economic growth. The economic benefits of savings should not be justified on the grounds that savings is another form of spending. On the contrary, savings is the source of capital accumulation. Capital technological progress is the source of economic growth. Capital means plant, equipment, technology, research and employees to make new products. Consumers can only keep an economy from recession if they are employed in productive activity. If unemployment is low and those employed are producing useful goods services, then an economy can remain healthy. High consumer spending is more an effect than a cause of the economic well-being associated with low unemployment. Consumer confidence is expected to be high if unemployment is low. Recession is not just a national bad mood. Unemployed consumers who spend money received from government destroy consume wealth without producing wealth. Economic growth occurs only if the consumer is also a producer. In empirical method it determines the relationships between economic variables through observation or experiment. The Baumol-Tobin model provides the foundation for most empirical studies of money demand. The Capital Asset Pricing Model, while important in financial economics, is viewed to be much less important in determining money demand. Most wealth is shifted under the speculative motive from long-term to short-term securities rather than money. The prices of short-term bonds do not change as much as long-term bonds and there is a default risk with money because of the limit to federal insurance on deposits. One of the difficulties in empirical work on money demand is that money demand adjusts to changes in income and interest rates with a lag. In other words, a change in income leads to a delayed change in money demand. Money demand may be slow to change because of adjustment costs, expectations may be slow to adjust or may hold that a change in income or interest rates is in part temporary. Consequently, empirical studies of money demand look at both short-term and long-term responses to changes in macroeconomic conditions. An increase in the interest rate reduces the demand for M1 money as expected, but the effect is small. An increase in the interest rate from 4 to 5 percent (a 25 percent increase) reduces money demand in the short run by 0. 5 percent (= 0. 02 x 25%). The long run response is about a 1. 25 percent reduction in money demand. An increase in the interest rate from 10 to 11 percent produces even smaller money demand responses. There is an extensive literature on the theory of money demand and the influencing factors. In general, the real money balances are related to some scale measure, such as income or wealth, and some opportunity cost measures, such as inflation, interest and exchange rates. There are various discussions on the form of the money demand function and the selection of the variables entering in the equation. Thus the choice of economic indicators varies in different country experiences due to the distinction in different financial systems. The choice of an appropriate monetary aggregate for the estimation of a meaningful money demand function is complicated. Either a broad or a narrow definition of money can be used as the monetary variable depending on the issue of the monetary authorities. Generally it may be thought that a narrow definition of money like monetary base or M1 tends to be more flexible and reactive to market operations and thus to interest rate policies. Narrow money can have a close relationship with prices since it can easily be influenced by economic variables, however it cannot always be adequate to capture all the information related to the financial system. Although narrowly defined aggregates are easy to control, their relationship with income appears subject to considerable variability. One main cause of this insufficiency is due to banking habits of money holders, as they wish to hold their savings not only in demand deposits, but also in time deposits or other different financial instruments. For that reason, a broader definition of money, such as M2 or M2X, can comprise a wider range of the financial system; however it may be less sensitive to the changes in the economy. The scale variable measuring the level of economic activity is the first determinant of the money demand function. The holding of money and thus the demand for money are related to the volume of the transactions, using the fact that the amount of the transactions is proportional to the level of income. Either a wealth variable or an income variable can be used as a scale variable. Generally, when wealth data is not available, an income variable like the Gross National Product or Gross Domestic Product can be taken into consideration. Money demand is directly proportional to income, but inversely related to market interest rates and yields on different financial assets. The interest rate concerning time deposits is thought to be the nominal return of holding money if the broad definition of money is considered, hence has a positive sign in the money demand equation. Another important variable which measures the rate of return of an opportunity cost is the interest rate on government securities. As currency substitution can occur either by switching into foreign denominated deposits or by switching to bonds or securities, the rate of interest on government securities is a measure of the rate of return of an opportunity cost, and its expected sign in the equation is therefore negative. The relationship between inflation and the demand for money has been studied widely. If there are high fluctuations in prices, the rate of inflation becomes an important determinant of the money demand function. Money demand is inversely related to predictable inflation rate since an increase in inflation increases the cost of holding money. Especially, in developing countries, the long run inflation elasticity is generally expected to be high as the range of financial instruments outside money is limited and real assets represent a substantial part of the public’s portfolio (Nachega, 2001). Like in Turkish economy that is subject to not only a high degree of price level but also a high variability in the prices, the price level has a considerable impact on the return of financial assets; as money holders will have difficulties in predicting the prices, the risk in saving money will raise and consequently the holding of money will tend to decrease. Since foreign exchange rate measures the rate of return on holding foreign currency, it is also an important determinant in the demand equation on holding foreign currency. The sign of exchange rate is negative since when the deposit holders increase their demand for foreign currencies, the domestic currency will depreciate. In an open economy, the return of foreign assets is usually denoted by some exchange rate variable, which may have an increasing role due to the high level of financial globalization. (Central Bank Review, 2002 pp. 55-65). Boughton (1992) presents the sources of disturbances that can affect the elasticities of variables in the long run equation. Inflation expectations varying over time is the first important factor that may affect real return of assets which is a vital element of the money demand equation. An inflationary expectation is generally proxied by the inflation rate, thus it is essential to examine the inflation data before inserting in the money demand equation. The change in exchange rate is the second important source of variability. Therefore the relationship between the exchange rate mechanism and the dynamics of real money balances is important, justifying the addition of the real effective exchange rate into the model.

Ageing Is A Biological Process Sociology Essay

Ageing Is A Biological Process Sociology Essay Ageing is a biological process, which is universal phenomenon and inevitable for all. As Heidegger states, â€Å"We are born, we live, we die.† (Featherstone Wernick, 1995: 1) Pilcher (1995) argues, ‘like class, ethnicity and gender, age is a social category through which people define and identify individuals and groups within society. Age is both an important part of how we see ourselves and how others see us. Age has various connotations, varying according to historical periods and culture. â€Å"Older adults [in industrialized countries] tend to be marginalized, institutionalized, and stripped of responsibility, power and, ultimately, their dignity. It wasnt always thus. In most prehistoric and agrarian societies, older people were often held in high regard. They were the teachers.† (Nelson, 2005) Unfortunately in contemporary society, especially the Western world, ageing has become perceived as an illness.   Biggs (1989) states that we are living in an age ist society where it is believed that a ‘predominant attitude towards older people is coloured by negative mixture of pity, fear, disgust, condescension and neglect. The elderly have become victims of their own survival. The number 65 has been regarded as the beginning of old age. Old age is referred to a time of life which is ‘bleak and hopeless (page 16) Many deny the notion of being ‘old in spite of this but a majority of the elderly are still affected by the very fact of being over 65. Society is also against people with mental illnesses. Just as the elderly are discriminated due to their, people with dementia are discriminated due to their illness. Dementia is said to be a second childhood, but it is not. It is said to rob the mind, but it does not. It is said to affect the elderly over 65, but it can affect a person from early as their forties. Ageism is part of the stigma that people with dementia suffer from. Ageism is deeply embedded within our society, and is very widespread. It is difficult to tackle as it is an unconscious process and often unnoticed. In 1969 Butler coined the term ageism to describe the process of systematic stereotyping and discrimination against older people. Cuddy Fiske (2002) argue that ageism is pervasive, affecting social interactions, housing, health care, employment, and social policy. Quadango (2008) refers to ageism as ‘the stereotyping of and discrimination against individuals or groups because of their age. It s a set of beliefs, attitudes, norms and values used to justify age based prejudice and discrimination. Kite and Johnson (1988) define ageism as ‘beliefs about elderly as unable to contribute to society, and hence as dispensable members of a community. These stereotypes arise from negative cultural attitudes. From these definitions, ageism can be defined to consist of three elements: prejudicial attitudes, discriminatory practices and i nstitutional practices. Traxler (1980) outlines four factors which contribute to ageism. Firstly, there is a fear of death. Secondly, there is an emphasis on youth culture. Thirdly, there is an emphasis on productivity. Fourthly, the research carried out on ageing. These elements can be reflected when analysing dementia. Many fear the symptoms of dementia, as there has been an association that dementia is ‘as if your dead. However, the fear has been exaggerated as ‘dementia is not normal dying (Murphy, __ : 13) There is an assumption that people with dementia cant participate in research or are unable to share their views and experiences. This becomes evident with the fact that dementia has been underfunded. Few resources have been allocated, as dementia in the elderly is not seen as a priority and they are not seen as worthy. Clearly, ageism is part of the social system. Perceptions of aging are formed as early as childhood.   We are surrounded with images of the elderly as a homogenous group that is dependent, lonely, frail and incompetent. These perceptions do not apply at a young age, and do not impact identity formation and therefore negative schema are more likely to be accepted without testing or questioning (Levy et al., 2002) Children hold their own expectations and perceptions about their aging process due to internalized ageing stereotypes. In a study, children were asked how they would feel about becoming an elderly person, of which 60% of these children gave responses rated as negative, including ‘‘I would feel awful (Seedfeldt et al., 1977: 509). Another study found that among children aged four to seven, 66% mentioned that they prefer not to become an elderly person (Burke, 1981). It is evident that children hold discriminatory attitudes towards the elderly, but these attitudes are internalised through socialisation, of where socialisation institutions such as families, media, and education play an important role. Adults hold negative attitudes towards the elderly, which impact the elderly in a destructive way. Palmore (1990) identified nine negative stereotypes associated with â€Å"the elderly.† These included illness, impotency, ugliness, mental decline, mental illness, uselessness, isolation, poverty and depression. One theory argues that perceptions and evaluations regarding ageing have been socially constructed. Social constructions reject ageing as natural and argue that individuals are moulded by socio-cultural factors. According to Berger and Luckman (2002), the social construction of reality relies upon a three-stage process. The first process is where people create culture. The second process involves these cultural creations becoming a reality, and is granted as natural and inevitable, where the third process involves reality being absorbed as valid by following generations. All of these negative attitudes create a new set of exclusions for the elderly person. As a result, the elderly are treated differently as a person and are often treated as ‘the others.   They are viewed and associated with labels such as ill health, poverty, passive and dependent. Heise (1984:__) argues that one stereotype of the elderly is that of a ‘weak and frail elderly. Butler (1987) argues that due to ageism, the elderly are seen as senile, rigid in thought and manner, and old-fashioned in morality and skill. There is a notion that the elderly go into a second childhood. This notion removes their adult status, and their personhood, undermining their worth and value. The elderly are reduced by their physical attributes, where there is a failure to see beneath the surface. They are seen in a state of remediable decline.   ‘Mask of ageing is a term of where the body betrays the person, as the body is unable to adequately signify the individuals inner self, l eaving a misrepresentation and imprisonment. One area that comprises of age-discrimination is seen in the workplace. Some positive stereotypes are associated, including the elderly being more loyal, reliable, experienced and responsible. However, there are also negative stereotypes found within the workplace, including being less adaptive with new innovations and changes. These stereotypes are continually perpetuated despite the fact that there is evidence for a correlation regarding their absenteeism, productivity, or competence. Mandatory retirement may be the most pervasive form of age-discrimination. Media can be seen to be the most pervasive for promoting ageism. It is clear to see how society values characteristics such as youth, autonomy and independence. Popular culture and the consumer culture such as magazines and politics consist of images of youth and beauty which encourage stereotypes of the elderly, of which these images are dominant. Furthermore, the elderly are significantly under-represented across all media.   Levy (2002) found that older people with positive perceptions of aging lived seven and a half years longer than those exposed to negative images of aging. Levy acknowledged that media is not solely to blame for promoting ageism, but it is the most identifiable source. Another area where ageism is pervasive is within the healthcare system, where they often receive inferior health care or are denied access. Within the healthcare system, the elderly are less likely to be referred for screening and treatment, likely to receive more medication prescriptions than younger people for equivalent symptoms, and misdiagnosed with symptoms accounting for ‘normal ageing.Alliance for Aging Research (2003) concludes that the elderly are less likely than younger people to receive preventive care, less likely to be tested or screened for diseases and other health problems, often ignored from proven medical interventions which in turn leads to them being given inappropriate or incomplete treatment, and also consistently excluded from clinical trials, despite being the largest users of approved drugs. They conclude that ageism within the health-care system â€Å"hurts everyone, because it leads to premature loss of independence, increased mortality and disabil ity, and depression in adults who might otherwise continue to lead productive, satisfying and healthier lives† (Alliance for Aging Research, 2003) â€Å"Our health care systems are unhealthy and unsustainable; we focus on the wrong conditions,† with dementia not being a focus. (Whitehouse, 2007: 63) Ageism within the health care system adds further impacts with those who have dementia. the report(irish study) indicates there is structural and organisational discrimination which highlighted a failure to prioritise dementia in terms of policy and resource allocation. As Neil Hunt, the chief executive of the Alzheimers Society states, There is no place for ageism in todays NHS. One in three over 65 will die with dementia yet we know only a third of people will ever receive formal diagnosis. People deserve to be treated with respect and equality regardless of age especially where assessment of symptoms and ongoing care are concerned. Not all people with dementia receive fa ir treatment. Dementia patients often need support of many kinds, frequently without knowing who to ask or what support to ask for. Despite this awareness, a majority of peoples needs are not met. Early symptoms are dismissed as ‘ageing, which delays diagnosis. It has also been found that health professionals lack the knowledge and training for dementia. Illife (1994) argues that GPs attitudes tend to nihilistic and many believe that nothing can be done. He found that 60% of GPs lacked confidence in making a diagnosis of early dementia and many found it difficult to advise about support services or to coordinate such services. The Audit Commission (2000) found fewer than half of general practitioners said they had received sufficient training. It also found that less than two thirds felt they had ready access to specialist advice, of which it required on readily access upon diagnosis. There is further conclusive evidence that there is an under-diagnosis and inadequate manageme nt towards dementia. A recent survey found that nearly two-thirds of general practitioners did not give a memory test and around 40% did not offer a diagnosis when consulted by patients with memory problems. Out of a sample of approximately 700 GPs, 71% felt that they did not have adequate training in and more than half were dissatisfied with community services for dementia. Another study found that most GPs felt they had little to offer dementia patients, early referral was unhelpful, and that the problem was mainly a social problem. Although these studies lean towards the negative aspect of treatments towards those with dementia, the same study found that 52.3% of GPs felt that early diagnosis was beneficial and 54.4% felt diagnosis of early signs of dementia was important. Furthermore, the study is questionable as the data is based on questionnaires. (Renshaw, 2001: 37) It is not only the elderly with dementia that are discriminated again. Ageism works both ways, affecting not only the elderly but also young people. Reverse ageism is where the young people are marginalised. There is little awareness or understanding of people who develop dementia at an early age, and this makes it difficult for younger people with dementia to access ample support. Many dementia care services have a minimum age requirement of 65, and therefore are not available to younger people. When services are available and accessible to younger users, they tend to be inappropriate to their needs. As a consequence, the younger people feel that they are made to fit in to a service, rather than the service fitting their needs. Iliffe (2003) found that 60% of GPs lacked confidence in making a diagnosis of early dementia. Ageism is a major issue that needs to be addressed in order to ensure the elderly are in receipt of fair treatment. Since the 1960s attempts have been made to eliminate age discriminations, with groups such as the Grey Panthers and Help the Aged.   In 2006 a ban on discrimination within the workplace was introduced with the UK Age Discrimination Act. This law makes it unlawful for employers and other staff to discriminate against a person on the basis of his/her age. The Act adopts four definitions, including direct discrimination, indirect discrimination, harassment and victimisation. As for the health care system, recent allegations claim the NHS to be institutionally ageist, and in response The Equality Bill has been debated about and proposes to eliminate the discrimination rooted within staff and the funding surrounding their care. The Green Paper talks about elderly care and dementia care, arguing that the current system needs amending as there is not insufficient money to pr ovide enough quality care and meet the needs. It acknowledges that an increase in funding is necessary, and to introduce a minimum care entitlement so that receives some Governmental support. An extract from the Green Paper states ‘the Governments vision is for a system that is fair, simple and affordable for everyone, underpinned by national rights and entitlements but personalised to individual needs. In the new National Care Service, everyone should be able to get really good care wherever they live and whatever they or their family need Due to ageism, the elderly and in particular people with dementia are faced with barriers and inequalities within society, which has been acknowledged and attempts have been introduced to eliminate and reduce them. On the one hand there are theories that there is a great lack of understanding about the realities of ageing, and on the other hand, there are theories that the fears of ageing are exaggerated. Ageism does exist, and there have been responses to eliminate these negative attitudes toward age. As mentioned, ageism exists within the health care system, and those who have been diagnosed with dementia not only suffer from the illness, but also suffer from ageism.

Concept of Risk in Construction Industry

Concept of Risk in Construction Industry 3.1 General risks The meaning of risk changes when time goes on and the meanings differ when they are at the specific socio-cultural and historical contexts which we are located in. (Deborah Lupton, 1999) Risk is exposure to the possibility of economic or financial loss or gain, physical damage or injury, or delay, as a consequence of the uncertainty associated with pursuing a particular course of action (Cooper, Chapman, 1987). According to Cornelius Keating, risk is not the present problem which should be immediately addressed, but it is considered as future issues that can be avoided or mitigated. Risk is considered as a situation which may lead to negative consequences. Generally, six major categories of risk can be identified as the most important concerns for the majority. They are: Environmental risks, including pollution, radiation, chemicals, floods, fires, dangerous road conditions and so on; Lifestyle risks, which related to the consumption of such commodities as food and drugs, engagement in sexual activities, driving practices, stress, leisure and so on; Medical risks, which related to experiencing medical care or treatment. Such as drug therapy, surgery, childbirth, reproductive technologies and diagnostic tests; Interpersonal risks, related to intimate relationships, social interactions, love sexuality, gender roles, friendship, marriage and parenting; Economic risks implicated in unemployment or under-employment, borrowing money, investment bankruptcy, destruction of property, failure of a business and so on; and Criminal risks are those risks emerging from being a participant in or potential victim of illegal activities.(Deborah Lupton, 1999) 3.2 Risks in Construction Industry 3.2.1 The Concept of Risk in Construction Industry The construction industry experienced a wide variety of risks which may occur in financing, designing, constructing and managing facilities of a project. There are different definitions of risk in construction industry. In order to understand the process of risk management, it is important to understand the basic concept of risk in all aspects. The international standard à ¢Ã¢â€š ¬Ã…“Project risk management à ¢Ã¢â€š ¬Ã¢â‚¬Å" Application guidelinesà ¢Ã¢â€š ¬? holds the theory of probability and consequence and defines risk as a combination of probability of an event which is occurring and its consequences to project objectives (IEC 2001). Ward and Chapman (2003) have made a broader definition of risk and suggest using a more general concept of uncertainty. They argue that risk is considered as threats but not opportunities and when it occurs it affects the project performance. Edwards (1995) points out that risks have a negative impact on the projectà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost, qual ity or time in most situations. These definitions have a common feature: they define risk in terms of uncertain events and may have positive or negative impact on a projectà ¢Ã¢â€š ¬Ã¢â€ž ¢s objectives. According to An (2010), risk interpretations can be considered as the following: The same as the word hazard The consequence of an unwelcome outcome or failure Chances of achieving a given outcome Signifies danger Taking a chance in an activity An (2010) argues the term risk can be defined in the two components: the probability of occurrence of the risk and the magnitude of the consequences if the risk happened. And the relationship is written in the formula: Risk = consequences x probability. The general trend of risks is shown in the figure 3.1 below. When the probability of occurrence is high, the consequences of risks seem to be low and vice versa. Risks with major or severity consequences rarely happen, but risks which are or have low consequences tend to happen frequently. Figure 3.1: Consequences versus probability trend (An, 2010) As mentioned above, the equation seems to be simple, however, the most important thing is to understand and calculate the probability of occurrence and the severity of consequences and express those using numbers. 3.2.2 Risk Classification Project risks can be categorized in a number of ways by considering the level of detail or a selected viewpoint. (Anna Klemetti, 2006) Categorizing risks will do help in identifying risks. According to the study of National Economic Development Office, construction risks can be broadly grouped in the following categories: Technical Risks include poor design, inadequate site investigation, and uncertainty over the source and availability of materials and appropriateness of specifications. Logistical Risks include availability of resources such as construction equipments, spare parts, fuel and labour and availability of sufficient transportation facilities. Construction Risks include uncertain productivity of resources, weather or seasonal implications and industrial relations problems. Financial Risks include inflation, availability and fluctuation of foreign exchange, delay in payment, repatriation of funds and local taxes. Political Risks include constraints on the availability and employment of expatriate staff, customs and import restrictions and procedures, difficulties in disposing of plant and equipment and insistence on using of local firms and agents. Both Smith (2006) and An (2010) argue that all project risks can be divided into three main categories: known risks, known unknowns and unknown unknowns. The difference between the categories is the decreasing ability to predict or foresee the risks. Table 3.1 presents a brief explanation about these three categories of risks. Table 3.1 Categories of risks (An, 2010) Known risks Including minor variations in productivity and swings in material costs. These occur frequently and are an inevitable feature of all construction projects. Known unknowns Including the risk events whose occurrence is predictable. Either their probability of occurrence or their likely effect is known. Unknown unknowns Those events whose probability of occurrence or their likely effect is unknown. Risk resources can also be divided into four elements: trivial, expected, hazard and risk management. Events with a low impact are not serious and can be divided into the elements of trivial and expected. For the high impact and low probability, these events are hazards which might occur but are too remote to be considered. (An, 2010)Taking into consideration of the probability of the occurrence and the consequence for project objectives, those events that have high probability and high impact are subjected to risk management. Figure 3.2 shows the classification of risk resources. Figure 3.2 Classification of risk sources (Smith, 2006) The causes of risk are various and depending on the size, complexity, novelty, location of the project as well as on the speed of construction and political or commercial plan. Long-term projects are thought to be more risky because the possibility of something going wrong is bigger to appear and the need for immediate plans of action that allow change is fundamental. The sources of risk are presented in Table 3.2. Table 3.2: Sources of risk (Thompson, Perry, 1992) Source Example Client, Government, regulatory agencies Bureaucratic delays, changes in local regulations Funding, fiscal Changes in government funding policy, liaison between several funders Definition of project Change in project scope Project organisation Authority of project manager, involvement of outside bodies Design Adequacy to meet need, realism of design programme Local conditions Local customs, weather windows Permanent plant supply Degree of novelty, damage or loss during transportation Construction contractors Experience, financial stability Construction materials Excessive wastage, quality, delivery Construction labour Industrial relations, multi-racial labour force Construction plant Resale value, spares availability Logistics Remoteness, access to site Estimating data Relevance to specific project availability Inflation Exchange rates Force majeure It is important to use the table as the first step in risk assessment process in order to identify all the relevant risks of the construction project. By identifying all the construction risks in the early stage of risk assessment process, successful risk management can be achieved. Failing to identify risks in the risk identification stage is a hazard to the risk management process. (Perry and Thompson, 1992) Moreover, risks can be classified based on the ability of the project to control them. A separation of risk as a local, global and extreme is based on the controlling ability of project parties on risks. As a result, this method helps to identify 80% of the risk, the last may not be worthwhile looking for, and a few of these risks could not be reasonably foreseen. (Smith, 2006) Figure 3.3 shows the hierarchy of identified risks. Figure3.3: Hierarchy of identified risks (Smith, 2006) Project parties have to manage the manageable risks by the settled frame and prepare to accept the challenges of the unmanageable risks. The preparation can reduce the losses caused by the unmanageable risks. Besides, some global risks can be reduced for sure. Categorization of risks would definitely help to identify risks. No matter what method is used to identify the risks, it is important that risks should be identified and assessed carefully, which is even more important in the early stages of the project since it will affect the decision making of the project participants. 3.2.3 Importance of Risk Management in the Construction Industry Change is inherent in construction work. When an uncertain event occurs, it will impact some of objectives such as the cost, schedule, and quality of the project. Construction projects often have a poor performance due to a lack of reasonable risk management process. (Liu Renhu, 2005) Many projects fail to meet deadline or cost and quality targets. As a result, risk management becomes an important part of construction management. Risk management intends to identify and manage those potential and unforeseen problems that might probably occur during the project implementation. And also, it tries to identify as many risk event as possible minimize their impact on the project, manage the responses to those events that are probably to materialize, and provide contingence funds to cover risk event that actually materialize. The essential purpose of risk management is to improve project performance via systematic identification, appraisal and management of project related risks. The focus o n reducing threats or adverse outcomes, which we might call downside risk, misses a key part of the overall picture. (Chapman, Ward, 2003) Changes cannot be eliminated, however, by applying risk management in project construction participates are able to improve the construction management. The benefit of risk management can be concluded as follows: Project issues are clarified, understood and considered from start; Decisions are supported by thorough analysis; The definition and structure of the project are continually monitored; Clear understanding of specific risks associated with a project; Build-up of historical data to assist future risk management procedures. (An, 2010) 3.2.4 Project Planning The control of time cannot be affected insulation from resources and costs. Project planning methods should consider the communication with all the parties in a project in order to identify sequences of activates and draw attention to potential problem areas. Careful and continuous planning contributes to successful construction project. Sequences of activities will be defined and linked to a time-scale to ensure that priorities are identified and efficient use of expensive or scare resources. However, since the uncertainty occurs during construction, the plan will always change and it must be updated quickly and regularly in order to maintain the most efficient way of completing the project. In developing a controlling plan, it is vital to distinguish between different categories of change and to fully instigate the formal aspect of the project. (An, 2010) All the parties and resources involved in construction have influences on project plan. However, project plan will change when uncertainty occurs. The purpose of planning is to persuade people to perform tasks before they delay. A framework of decision making in case of change occurs should be included in project planning. (Smith, 2006) 3.3 Risk Management in the Construction Industry 3.3.1 Risk Management strategy Both client and contractor are concerned about the projectà ¢Ã¢â€š ¬Ã¢â€ž ¢s risk allocation. Generally, the client or the project owner has an overall risk management strategy and policy included in the strategic documents and quality management system. Risk management strategy is shown in figure 3.4. Management of project risk Figure 3.4 Risk Management Strategy (Smith, 2006) The most important issues which the project owner concerned in risk strategy are risk ownership and risk financing. Risk ownership is explained as which party owns the risks and risks expose and transfer. Risk financing can be explained as how to include and use budget of risk allowance or contingency. The participants make decisions, which affect the responsibilities of the parties, to define the organization and procedures of a project. (An, 2010) It influences the construction, commissioning, change and risk of a project and this is how it affects the construction processes. (Smith, 2006) 3.3.2 Process of Risk Management 3.3.2.1 Introduction Risk management is one of the most critical project management practices to ensure a project is successfully completed. (Chapman, 1997) The goal of risk management in construction industry can be stated as following: à ¢Ã¢â€š ¬Ã…“To be competitive in meeting the clients specifications with solutions that are cost-effective at an acceptable level of riskà ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ (An, 2010). To successfully achieve the goals in any projects, the following four aspects need to be met: Competitiveness Specification Cost-effective Risks It is important to consider the four criteria as a whole. There are two major objectives managing risk: one is to avoid the downside risks and the other is to exploit opportunities. Risk management is a process of defining the need for identifying, estimating and evaluating risks in order to control them at an acceptable level. (An, 2010) The risk management system is shown is figure 3.5. Figure 3.5 risk management frame work (An, 2010) Four aspects are involved in risk management, which are hazard identification, risk assessment, risk reduce or risk response and emergency preparedness. These will be introduced in the following paragraphs. 3.3.4.2 Hazard Identification Hazard identification is the first step of the risk management process. It is aimed at determining potential risks which may affect the project. Ideally, all the potential risks and hazards should be identified when the decision is being made so that the participants can deal with before they occur. However, although prevention is better than cure, no risk management system can identify all the risks and hazards in advance. (Martin Loosemore, 2006) In this way, hazard identification needs to be carried out carefully in order to reduce the potential risks in the project. As the first step of risk analysis, hazard identification is the most important one as it helps to identify the potential risks whose effects act as an impediment to the project, and this process will also help with risk mitigation and control. A general definition of hazard is stated as following: A hazard is an undesirable outcome in the process of meeting ant objective, performing a task or engaging in an activity (An, 2010). The undesirable outcome of a hazard could involve: Injury to personnel Damage to property Pollution to the environment and A combination of all the above (An, 2010) Risk identification is one of the most important steps of risk management because it makes the risks clearer. As a result, Chapman (2001) points out that the success of later risk management phases is directly affected by the quality of the identification phase. Risk identification procedure identifies and categorizes risks that could affect the project. This procedure includes discovering, defining, describing, documenting and communicating risks before they become problems and affect a project. (Barati, S.,  Mohammadi, S., 2008) Risk identification is a tool for identifying all the significant sources and causes of risk and hazards in a project. Numbers of methods and techniques are used in identifying the project risks (IEC 2001), including brainstorming, expert opinion, structured interviews, questionnaires, checklists, historical data, previous experience, testing and modelling and evaluating other projects. Perry (1992) points out the most popular methods of hazard identification. They are: Checklists prepared by experienced people that are involved in the project. Brainstorming sessions where groups of people are trying to come up with potential risks through conversation and exchange of ideas. Historical data of previous similar projects that can assist in the portraying of risks. Interviews of key participants of the project or experts involved with it. These techniques are to provide a systematic approach for identifying potential hazards in construction industry. (An, 2010) Empirical studies of risk management practice (Lyons, Skitmoreà ¯Ã‚ ¼Ã…’2004) show that the checklists and brainstorming are the most useful techniques in risk identification. And they also point out that risk identification often rely on individual judgments of the project participants. Another method applied for the identifying risk events is the HAZOP study (Hazard and Operability). This is a technique using à ¢Ã¢â€š ¬Ã…“guide-wordsà ¢Ã¢â€š ¬? in order to study deviation from the design objective of a project and its elements. (An, 2010) A helpful action would be to group the risks and separate them into specific categories after the first stage of risk identification. This would benefit the risk assessment process by applying a suitable technique to each category and furthermore in the selection of a risk management response for each type. (An, 2010) in construction industry three main types of hazards which need to be taken into account are the followings: Management Hazards: Associated with management and organizational issues, such as policy, commitment of funds for training, and the project of specific equipment and schedules to be met. Commercial Hazards: Arise from commercial considerations, and particularly associated with decisions on spending. A typical example is the selection of a less expensive material that just meets the minimum standard required instead of opting for the more expensive item with huge specification and a track record of high quality. Sometimes a contract is accepted as a cost below the desired level, and savings have to be made in order to complete the work. This in turn may lead to potential hazards due to commercial factors. Time Hazards: Many projects need to be completed by an agreed date. Delays due to the factors such as late delivery of materials, unforeseen production difficulties or failure to meet specification would affect the ability to meet deadline. As a consequence of failure to meet the deadline, it could affect future contracts and disrupt the schedules. All these events can be considered as hazards or time hazards. Each project has different associated hazards, which differ from various technology or organizations or anything else applied in the projects. A checklist of construction hazard drivers is shown: Financial Hazards Legal Hazards Political Hazards Social Hazards Environmental Hazards Communications Hazards Geographical Hazards Geotechnical Hazards Construction Hazards Technological Hazards Demand/product Hazards (An, 2010) After hazard identification, the potential hazards can be listed and grouped. Then, risk assessment method can be applied to build the risk level. 3.3.4.3 Risk Assessment Once risks have been identified, they must then be accessed. The sources of risks should be identified first, and then the effects of the risks should be assessed or analyzed. Risks can be assessed either using a quantitative or qualitative analysis. (Thompson, Perry, 1992) Qualitative Methods: The first step of the qualitative analysis is also the first step of risk assessment risk identification, which is described above as the first step of risk management. Then, an assessment of the probability of occurrence and impact of the risks should be taken out. Qualitative risk assessment usually includes the following issues: A brief description of the risk The stage of the project when it may occur The elements of the project that could be affected The factors that influence its occurrence The relationship with other risks The likelihood of its occurrence How it could affect the project (Smith, 2006) Using qualitative methods is the first step of risk assessment. Then, a quantitative assessment is only for the risks whose further information is required. These risks are usually serious and can jeopardise the project. Quantitative Methods: According to Barrow (2007), there are four reasons why risk should be managed: to minimize delays, to reduce cost, to improve return on investment, to increase the number of opportunity. Possible consequences of risk occurring are defined and qualified in terms of: Increased cost such as additional cost above the estimate of the final cost of the project Increased time such as additional time beyond the completion data of the project through delays in construction Reduced quality and performance such as the extent to which the project would fail to meet the user performance based on quality, standards and specification. (Smith, 2006) Several methods can be used in risk assessment and risk metrics method is going to be introduced. Risk metric is a two-dimensional presentation of likelihood and consequences using qualitative for both dimensions, event modelling is a systematic way to identify accident scenarios and quantify risk. (Ayyub, 2005) Estimating the probability and impact of risk in simple scales, such as from 1 to 5 or from high to low, is the most common way, and boundaries can also be numerically defined. Risk can be characterized by probability and consequence, and examples are given in table 3.3 and table 3.4. Probability of Occurrence Scale Descriptor 1 Rare 2 Unlikely 3 Possible 4 Likely 5 Almost Certain Table 3.3 Probability of Occurrence (An, 2010) Rating of consequences Scale Descriptor 1 Insignificant 2 Minor 3 Moderate 4 Major 5 Severe Table 3.4 Rating of consequences (An, 2010) As mentioned in pervious paragraph, Table 3.5 shows that risks can be allocated in three regions. Table 3.5 Risk Matrix (An, 2010) Consequence Probability 1 2 3 4 5 5 Tolerable Tolerable Intolerable Intolerable Intolerable 4 Negligible Tolerable Tolerable Intolerable Intolerable 3 Negligible Tolerable Tolerable Tolerable Intolerable 2 Negligible Negligible Tolerable Tolerable Intolerable 1 Negligible Negligible Negligible Tolerable Tolerable And this can also be replaced by two curves, as its shown in figure 3.6. Figure 3.6 Graphical presentation of risk regions (An, 2010) During risk assessment, identified risks are evaluated and ranked. The goal is to prioritise risks for management. The assessment of the risks leads the hazards to be classified in a region, which would determine the importance (risk level) of each hazard, and the possible regions are the intolerable, tolerable or the negligible region. Figure 3.7 shows the risks listed in the appropriate regions. Figure 3.7 Output of risk assessment element (An, 2010) The risks are allocated in three regions, after that, the risks should be selected the risk response to them. 3.3.4.4 Risk Response Once the risks are identified and assessed, the next step of the risk management procedure is to response to these risks. The nature of the response depends on the decisions made by the management team. In order to respond correctly, the team has to process the information available for the risk. There are two types of responses to risks: immediate response and contingency response. The immediate response mitigates or eliminates the risks through alterations of the project plan. The nature of contingency response is preparing a plan for an alternative course of action and implementing it when the risk arises. (An, 2010) There are four basic ways of responding to risk and they are risk retention, risk transfer, risk reduction and risk avoidance. In order to effectively manage a risk, it is necessary to adopt a combination of strategies to treat it. The selection process can be iterative until the most effective treatment strategy is developed. (Smith, 2006) Avoidance: Risk avoidance deals with the risks by eliminating the risks through changing the project plan or certain features. Another way of risk avoidance or reduction is re-design or changing the method of construction. (Perry, Hayes, 1985) However, there are only a few situations this response can be used. Reduce: Risk reduction aims at reducing the probability and consequences of a risk event. The measures should be taken with consideration of the value for money. Reducing the level of risks could raise the cost. Only when the value of the reduced risk is beyond the cost it caused, this method can be taken. Risks can be reduced by: Obtaining additional information Performing additional tests/simulations Allocating additional resources Improving communication and managing organisational interfaces(An, 2010) After risk assessment, hazards are allocated in the intolerable, tolerable and negligible regions. There are some guidelines for risk reducing. Hazard in the intolerable region: risks in this level should be eliminated or cost-effective cannot be achieved. As a result, the project should be considered for abandoning. Hazard in the tolerable region: to reduce risks in this region, two aspects should be considered. One is whether the risk is close to the intolerable region, the other one is whether it is a cost-effective reduction process. It is better to reduce the risk no matter how expensive it might cost in dealing with the first situation. For the second consideration, it is better to reduce the risk and checking carefully of its allocation. Hazard in the negligible region: it is recommended that these hazards should be left alone, since they are not worth to reduce. (An, 2010) Transfer: Risk transfer is to transfer risks from one party to another. This would happen between parties in a project or between one party in the project and one outside. (An, 2010) Some contractual obligation can also be used as risk transfer method, because no one is willing to accept a risk without any form of compensation. Generally, it is better to transfer the risks to the parties who can best control them. Acceptance or Retention: If the other methods fail to adequately or fully treat the risk, the project has to be prepared to accept the risk or any residual risk remaining after some initial treatment. The party which is holding a risk may be the only one that can manage the risk or accept the consequences. If the risk is under control of this party, the likelihood of happening or minimise the impact of the risk could be reduced. It is possible for a risk to have a number of potential treatment equally suitable but varying in cost. The selection of a final treatment must be made as cost-effective. The cost of managing the risk should be commensurate with the benefits obtained. The risk response process is directed at identifying a way of dealing with the identified and assessed project risks. Risk reduction is the most frequently used technique within the construction industry. Managing the risks of a project is a rather difficult task. Choosing any form of treatment may itself expose the project to additional risks. In this way, attention should be paid to ensure that the treatment strategy does not expose the project to greater risk than what the original risk was designed to treat. 3.3.4.5 Emergency Preparedness Even when the pervious risk management processes have been well applied, accidents happen occasionally. The goal of emergency preparedness can be concluded as the following: To be prepared to take the most appropriate action in the event that hazard becomes a reality so as to minimise its effects and, if necessary, to transfer personal from a location with a higher level to one with a lower risk level. (An, 2010) Regarding the management of risk, an emergency preparedness is the preparation of contingency plans and courses of action in case the risk arises during construction. The emergency preparedness could also be an alternative course of action prepared as a contingency plan. 3.4 Conclusion Risk management intends to identify and manage those potential and unforeseen problems that might probably occur during the project implementation. And it could identify as many risk event as possible, minimize their impact to the project, manage the responses to those events that are probably to materialize, and provide contingence funds to cover risk event that actually materialize. Precaution is better than cure. The same principle can be applied to risk management which should be a proactive approach rather than a reactive one. Risk management is a preventive process to ensure that negative impacts are reduced and that harmful consequences associated with undesirable events are minimized. Generally, the risk management process should include: risk identification, risk assessments, risk response and emergency preparedness. Once risk has been identified, they must then be accessed on their potential severity of loss and the probability of occurrence. Then through the following stag es such as risk avoidance, reduction, retention or risk transfer, the risks can be dealt with and its impact can be decreased to a certain extent.

A Rose For Emily by William Faulkner Essay -- A Rose For Emily, Willia

In the story â€Å" A Rose for Emily†, by William Faulkner the narrator introduces the reader to Emily Grierson, a sheltered southern woman who while alive struggled immensely with her sanity and the evolving world around her. Emily's father, a very prestigious man is the cause of Emily's senseless behavior. He kept her secluded from the rest of the town â€Å"We remembered all the young men her father had driven away...† (Page 3.) If Emily had been allowed to date and socialize with people her own age would she had turned out differently. Emily Grierson, the only remaining member of the upper class Grierson family refuses to leave the past behind her even as the next generation begins to take over. Miss Emily becomes so caught up in the way things were in the old South that she refuses to pay her taxes forcing the Board of Aldermen to pay her a visit. Upon entering her home the men realize that her house is still heavily furnished with old leather furniture. Another indication that Emily is clinging to the past by refusing to throw away the furniture even though it is ragged and useless. â€Å"Page 1: They could see that the leather was cracked; and when they sat down, a faint dust rose sluggishly about their thighs...† Holding on to these possessions reminds Emily of the way things used to be before her father passed away. The narrator also gives the reader it's first clue that maybe Miss Emily isn't mentally stable â€Å" Page 2: See Colonel Sartoris. I have no taxes in Jefferson.† Emily replied to t he men in regards to her non paid taxes even though Colonel Sartoris had been dead for over ten years. But why did Colonel Sartoris make up the false statement that Emily's father had loaned the town money in the first place? â€Å" Page 1: Colonel... ...decorated for a bride. Every thing that Emily had bought that day in town ( the toilet set, the men's clothing) was found in that room along with the body of an unknown man and a strand of gray hair on the second pillow next to the body. Was Miss Emily to blame for the death of Homer, or was it the town's fault for never interfering and trying to get her professional help? Every knew that insanity ran in her family but instead of helping her the town pitied Miss Emily and her situation grew out of hand. As a reader of this story I understand her taking Homer's life, she never had anyone to love and when she found Homer she thought he would be the man she would spend the rest of her life with. Works Cited Faulkner, William. â€Å"A Rose for Emily.† Literature: Reading Fiction, Poetry, and Drama. Ed. Robert DiYanni. 6th ed. New York: McGraw Hill, 2008. Print.

Promotion and Retention of Women in Mathematics :: Mathematical Careers Education Essays

Promotion and Retention of Women in Mathematics How do we interest and retain more women in the field of mathematics? "Women now make up nearly half the undergraduate math majors in the U.S. (1993 Annual Survey of the American Mathematical Society and the Mathematical association of America); yet in graduate math programs, only about one-quarter of the American students are women" (Adhikari & Nolan, 1997, p. 17). For women who choose SME (Science, Mathematics, Engineering) majors, persistence rates in the major are significantly lower than that of male peers. (Seymour, 1995, p. 438) I am interested in the topic because I am a female who experienced pursuing undergraduate and graduate mathematics degrees. I want to know what I can do to help motivate other women in mathematics. While reading the literature, I became aware of subtle personal experiences that paralleled common experiences of women pursuing mathematics majors. Whereas I had informally considered my attempts at fair, consistent treatment for all students to be po sitively related to motivating women (and other minorities) in mathematics, upon reading the literature a strong case is made for additional support to different groups. Although I will focus the majority of the paper on college experiences that influence women in SME majors, literature also points to the influence of pre-college coursework. â€Å"Maple and Stage (1991) found that students who took more science and math courses in high school were significantly more likely to choose science and math majors in college† (Trusty, 2002). Farmer, Wardrop, Anderson, and Risinger (1995) found taking elective science courses in high school had a moderate direct effect on persistence for women in science-related careers, but taking elective math courses did not. (p. 163) Although in this research taking elective math courses was not found to effect persistence of women in science-related careers, I contend that math courses are still critical as they are prerequisites for science electives of chemistry and physics. The National Science Foundation has reported, â€Å"young women have lower interest in math courses and take fewer advanced math courses† (Farmer, Wardrop, Anderson and Risinger, 1995, p. 157). In addition, Seymour and Hewitt (1997) found the effects of inadequate high school preparation to be the most common contributor to early decisions to switch from SME (science, mathematics, engineering) majors to non-SME majors (p. 79). Seymour (1995) also points out that studies have noted â€Å"the subtle deterrents to active participation in mathematics and science which bear upon precollege girls† (p.

Employment Law Essay -- UK Employment Law

In order to discuss and analyse the above statement, in depth reference will be made to various documents which can in some circumstances relate to contracts of employment and whether those particular documents which are not contractual can be incorporated into a contract, creating legal enforceability for employers and employees. Firstly it must be established what exactly is a contract of employment. A contract of employment is an agreement between an employer and employee, forming the basis of an employment relationship; enforceable by law. Contracts of employment may be given orally or in writing: Employment Rights Act 1996 s 230(2) and commence immediately. Actual written contracts require an employee's signature and the signature of a company representative. Contracts of employment can involve both express and implied terms and can appear in many forms. The express terms, being those which both parties have agreed to, whether by signing a contractual document or acting in a particular way are seldom found in just one document. Terms are repeatedly found in an array of documents, whether they be from the actual formal contract, written statements or an employee handbook. The two latter documents are just some examples of prima facia non contractual documents. In reality very few employees have a formal written contract of employment , but to whom the act does apply: must receive a statement setting out the key particulars of their employment in writing within two months of commencing employment . Written statements are known as the Terms and Conditions of Employment: essentially evidence of the contract, providing clarity for both employee and employer but it is not the actual contract of employment per se. A written statem... ...ent of an employment contract. This is likely to be troublesome point for some time to come and likely to work on case by case basis. Works Cited Employment Rights Act 1996 s 230(2) (n1) s 1 Ian Smith and Aaron Bake, Smith and Wood’s Employment Law (10th edn Oxford University Press, Oxford 2010) 80 [1974] ICR 420 CA Smith and Baker (n3) 81 John Bowers, Bowers on Employment Law (6th edn, Oxford University Press, Oxford 2002) 39 [1972] 2 QB 455 Smith and Baker (n3) citing Lord Denning MR per (n7) [2006] EWCA Civ 1277, [2006] IRLR 961 Slade and 11 KBW, Tolley’s Employment Handbook (24th edn, LexisNexis 2010) citing (n9) (n9) University of London External Programme ‘Chapter2 The contract of employment’ http://www.londoninternational.ac.uk/current_students/programme_resources/laws/subject_guides/labour_law/lablaw_ch2.pdf