Friday, December 27, 2019

Services Offered By Microfinance Institutions Finance Essay - Free Essay Example

Sample details Pages: 15 Words: 4405 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? In the last 5 Years the Indian Microfinance sector has witnessed tremendous growth, during which Microfinance institutions were subject to hardly any regulation. Most of the Microfinance institutions during that period were only subject to prudential requirements; but there was no regulation to address fair lending practices, pricing, or operations. The combination of minimal regulation and tremendous growth in the sector led to an environment where customers were increasingly dissatisfied with services offered by Microfinance institutions, culminating in the Andhra Pradesh crisis in the fall of 2010. Don’t waste time! Our writers will create an original "Services Offered By Microfinance Institutions Finance Essay" essay for you Create order Leading up to the Andhra Pradesh crisis, microfinance institutions were experiencing a huge influx of equity and debt investment from both Indian and Foreign Financial institutions. Some Microfinance institutions were doubling their book size each year, aiming to reach more areas and customers. As institutions started scaling up quickly, MFI employee hiring and training processes were less thorough, resulting in employees who were involved in inappropriate collection practices and lending models that led to customer over-indebtedness. In August 2010, SKS Microfinance held the first initial public offering (IPO) for a microfinance institution in India, raising USD 347 million and drawing attention to the potential profits of the sector. Media reports took different viewpoints on the IPO, some celebrating the sector, and others characterizing the profits as taking advantage of the poor. Further reports cited links between Microfinance Institutions (MFIs) lending and suicides in A ndhra Pradesh. The incident culminated when Andhra Pradesh Chief Minister passed the Andhra Pradesh Microfinance Ordinance 2010, which includes a number of measures that greatly restricts microfinance institutions operations. As a result of the ordinance, and the general attitude towards microfinance in Andhra Pradesh, loan repayments dropped dramatically. Due to low repayment rates, microfinance institutions, with exposure to Andhra Pradesh, suffered significant losses. Banks stopped lending to microfinance institutions all over India, for fear that a similar situation would occur elsewhere, resulting in a liquidity crunch for microfinance institutions, which are largely dependent on bank lending as a funding source. With the sector at a standstill, microfinance institutions, microfinance clients, banks, investors, and local governments were calling for new regulation to address the prominent issues of the sector. The Reserve Bank of India (RBI) responded by appointing an RBI sub-committee know as the Malegam Committee. This committee aimed to address the primary customer complaints that led to the crisis, including coercive collection practices, usurious interest rates, and selling practices that resulted in over-indebtedness. The existing regulations did not address these issues, thus, who should respond to these issues, and how they should respond, was uncertain. This prolonged the general regulatory uncertainty and the resulting repayment and institutional liquidity issues. The Malegam Committee released their recommended regulations in January 2011. These recommendations were broadly accepted by RBI in May 2011, though specific regulation was only released regarding which institutions qualify for priority sector lending at this time. Additionally, an updated version of the Micro Finance Institutions (Development and Regulations) Bill 2011 is in Parliament, which aims to provide a regulatory structure for microfinance institutions operating as societies, trusts, and cooperatives. Although this shows that regulators are taking steps to address the crisis issues and resolve regulatory uncertainty, banks have not resumed lending to microfinance institutions as of July 2011. In this paper, we will analyze the strengths and weaknesses of the current regulatory structure in India, including the pending Malegam Micro Finance Institutions (Development and Regulations) Bill 2011. We will perform a case study analysis regarding how microfinance institutions are viewing and implementing the new RBI regulation, and conclude by offering a perspective regarding the future of microfinance regulation in India. Existing Regulatory Framework The current regulatory structure currently consists of the regulation prior to the Andhra Pradesh crisis, various state legislations, and the partial implementation of the Malegam Report by RBI. This section will also include recent proposed legislation, including items from the Malegam Report that have not yet been addressed by RBI and the Micro Finance Institutions (Development and Regulations) Bill 2011. Legal Structure A microfinance institution acquires permission to lend through registration. Each legal structure has different formation requirements and privileges. Microfinance institutions in India are registered as one of the following five entities: Non Government Organizations engaged in microfinance (NGO-MFIs), comprised of Societies and Trusts Cooperatives registered under the conventional state-level cooperative acts, the national level multi-state cooperative legislation Act (MSCA 2002 ), or under the new state-level mutually aided cooperative acts (MACS Act) Section 25 Companies (not-for-profit) For-profit Non-Banking Financial Companies (NBFCs) NBFC-MFIs NGO-MFIs, Cooperatives, and Section 25 Companies Microfinance institutions operating as a non-profit company operate as either an NGO-MFI, Cooperative, or Section 25. Each is structured slightly differently in terms of ability to accept equity investments and dividends. There exists little regulation that applies to these structures, aside from registration requirements. NBFCs The mainstream financial sector in India is divided primarily into two categories, banks and NBFCs. Banks adhere to much more stringent regulation than NBFCs because they are permitted to accept public deposits and are considered to possess systemic risk. The NBFC encompasses many different types of financial companies, which are all subject to the same regulatory 4 requirements. Many microfinance institutions have recently registered as NBFCs to take advantage of access to capital markets. Microfinance institutions operating as NBFCs account for the great majority of the microfinance market in India, with about 50 NBFCs responsible for 80 percent of all microfinance loans (by outstanding portfolio)4. NBFC-MFIs For-profit institutions that qualify for priority sector lending funds are registered as NBFC-MFIs. This NBFC sub-category was created by RBI in May 2011 as a way to classify NBFCs operating as microfinance institutions which meet certain requirements. Currently, it is unclear how many NBFCs will elect to register as NBFC-MFIs, and how many will continue to operate as NBFCs. Current Regulation Very little regulation exists for NGO-MFIs and Cooperatives, aside from registration with a local or state authority. Currently there is no regulator that oversees NGO-MFIs, Cooperatives, and Section 25s. RBI is the regulator for NBFCs. NBFCs are subject to some prudential regulation, including a minimum capital requirement, a capital adequacy requirement, and foreign investment restrictions. Since NBFCs encompass many types of financial institutions, microfinance institutions operating as NBFCs are subject to no specific regulation relating to lending, pricing, or operations. Recent regulatory discussion surrounds the partial acceptance of the Malegam Report by RBI in May 2011, where RBI created the NBFC-MFI designation. RBI stated that it broadly accepts the Malegam Committee recommendations, although specific regulation was released only to determine which institutions qualify for priority sector lending. The new regulation from RBI, currently, only applies to the newly creat ed NBFC-MFI category. Microfinance institutions operating under other legal structures face minimal regulatory requirements, aside from registration, though recent drafts of the pending Micro Finance Institutions (Development and Regulations) Bill 2011, has put all microfinance institutions under the jurisdiction of RBI. There has been dramatic change in the regulation of microfinance institutions recently, with much more change expected to follow in the coming months. We will discuss major regulatory points, including priority sector lending, deposit mobilization, access to capital, the Money Lending Act, and state level regulation. We will also discuss pending regulation, including portions of the Malegam Report which have not been specified by RBI, and the Micro Finance Institutions (Development and Regulations) Bill 2011. Priority Sector Lending Priority sector lending is a government initiative which requires banks to allocate a percentage of their portfolios to investment in specified priority sectors at a reduced interest rate. Currently only microfinance institutions registered as NBFC-MFIs are designated as a priority sector. The number of priority sectors has recently been reduced, which suggests that banks will rely more heavily on lending to microfinance institutions to meet the priority sector requirements. In order to register as a NBFC-MFI, an institution must meet requirements specified by RBI5. RBI requires that a minimum of 75% of a NBFC-MFIÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s loan portfolio must have been originated for income-generating activities. Additionally, an NBFC-MFI must have 85% of its total assets as qualifying assets (excluding cash, balances with banks and financial institutions, government securities and money market instruments). A qualifying asset is a loan which meets the following criteria: Borrowers household annual income does not exceed Rs. 60,000 or Rs. 1,20,000 for rural and urban areas respectively Maximum loan size of Rs. 35,000 (first cycle) and Rs. 50,000 (subsequent cycles) Maximum borrower total indebtedness of Rs. 50,000 Minimum tenure of 24 months when loan exceeds Rs. 15,000 No prepayment penalties No collateral Repayable by weekly, fortnightly or monthly installments, at the choice of the borrower An NBFC-MFI must also adhere to the following pricing requirements: Margin cap of 12% Interest rate cap of 26% Only three pricing components Interest rate Processing fee (maximum 1%) Insurance premium No penalty for delayed payment No security deposit or margin can be taken Banks are responsible for ensuring that the institutions receiving priority sector funds adhere to these requirements, with verification through a quarterly Chartered Accountants Certificate. Securitized assets may also qualify as priority sector assets if an institution meets these requirements. We assume that NBFC-MFIs must also adhere to general NBFC requirements. Accepting Deposits Current regulation stipulates that only NBFCs and Cooperatives are permitted to accept deposits, though NBFCs must adhere to additional stringent regulations6 and Cooperatives are only permitted to accept deposits from their members, not the general public. The deposits limit for NBFCs is linked to the size of an institutions Net Owned Fund (NOF). No microfinance institution registered as an NBFC, currently accepts deposits because regulation requires that institutions must obtain an investment grade rating, which no microfinance institution has obtained. Uncollateralized loans are considered more risky by rating agencies, making it unlikely that microfinance institutions, utilizing joint-liability groups as collateral, or not requiring collateral at all, will be able to attain an investment grade rating. The Malegam Committee made no recommendations regarding deposit-taking, thus RBI is not expected to address this issue for NBFC-MFIs in the near future. Financing Restrictions Access to capital is determined primarily by an institutionÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s registration status. Some registration entities are better suited to access traditional financing, such as bank lending, equity, and more sophisticated financial products, while others obtain funds through donations, grants, or members. NBFCs can receive both equity and debt investments. NBFCs can raise foreign equity investment, though a minimum investment USD 500,000 restriction applies, which cannot result in more than a 51% stake in the institution. Grants and subsidized on-lending funds from domestic and foreign sources are not restricted provided that the foreign grants should not exceed the ceiling of USD 5 million per year. RBI regulates NBFCs that are not listed on a public stock 7 exchange. RBIÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s Foreign Investment Promotion Board (FIPB) has mandated the following foreign direct investment (FDI) for NBFCs: Maximum 51% FDI for companies with capitalization USD 500,000 or less Maximum 75% FDI for companies with capitalization USD 500,000 5 million No maximum FDI for companies with capitalization greater than USD 50 million Investors of foreign origin fall under the above restrictions for foreign capital, even if channeled through local semi-independent funds. Two of the main sources for domestic capital are currently SIDBI and NABARD, and emerging local microfinance focused funds such as Bellwether Microfinance Fund and Aavishkaar Goodwell7. NBFCs are also the only entities that attract more sophisticated financial options, such as securitization or non-convertible debentures, where additional RBI guidelines apply. RBI has not addressed any investment regulation regarding NBFC-MFIs, so at this point we presume that these institutions must adhere to the same requirements as NBFCs. Section 25 companies have difficulty attracting equity investments because they are unable to offer dividends and exit opportuniti es are difficult to predict. They can access External Commercial Borrowing (ECB) up to USD 5 million, though many Section 25s end up borrowing significantly less than the USD 5 million limit, due to leverage limitations. Other MFI forms cannot accept equity investments. Microfinance Institution Self-Regulation Microfinance institutions in India often voluntarily join an industry association, which acts as a commitment and guide for self-regulation. Microfinance industry associations have been developed to better discussion with policy makers, improve capacity building, and identify minimum standards of performance through institutional collaboration and commitment. An industry association will identify a code of conduct for its members, which will focus on fair practices with borrowers and among member organizations. This code of conduct will address lending methods, collection practices, institutional transparency, and training practices for member institutions. Often institutions will be required to develop their own code of conduct as well, which more specifically addresses how the institution will uphold the fair practices outlined by the industry association. Currently, the two biggest industry associations in India are the Microfinance Institutions Network (MFIN) and Sa-dhan. Both of these associations offer a great deal of resources, guidance, and forums for institution discussion so that the most pressing issues facing the industry can be collectively addressed. State Level Regulation Various requirements have been enacted to restrict and control microfinance practices at the state level. The most prominent state level regulations are the Money Lending Act and the Andhra Pradesh Micro Finance Institutions (regulation of money lending) Ordinance, 2010. The Money Lending Act, though originally intended to restrict the interest rates charged by money lenders, has been applied to microfinance institutions in some states. The Andhra Pradesh Ordinance was enacted in 2010 during the repayment crisis in Andhra Pradesh (AP), greatly restricting microfinance institution operations by including measures such as district by district registration, required collection near local government premises, and forced monthly repayment schedules. Pending Regulation: The Malegam Report RBI broadly accepted the Malegam Report8 and specified regulation detailing the requirements and institution must meet to qualify for priority sector lending. RBI has stated that it will release m ore regulation in the coming months. Some of the new regulation for priority sector lending is exactly the same or very similar to the Malegam Report recommendations, while other parts of the regulation are entirely different than the committee recommendations. As a result, predicting the specifics of the new regulation is difficult, so below we have highlighted the drawbacks of major sections of the Malegam Report that have yet to be addressed. Over-Indebtedness A set of recommendations aims to enforce maximum indebtedness levels without the use of a customer credit information system. These include: MFIs can only lend to members of a Joint Liability Group (JLG) A borrower cannot be a member of more than one SHG/JLG Not more than two MFIs can lend to one borrower All of these limits restrict the choices of consumers. A consumer has the best knowledge of how much credit is he requires and how much he can repay. Though there is more individual risk, individuals will have more opportunities to meet their financial needs without these 9 restrictions. If this loan limit is imposed, the unmet demand from formal sources might force the consumers to borrow from money lenders and other informal sources with more severe consequences. Additionally, implementation of these requirements will be difficult since currently customers report their own indebtedness. Until a credit reference system is put in place, it will be impossible to accurately gauge household total indebtedness. Documentation and Transparency Documentation recommendations intend to increase transparency of product costs and risks, so that consumers are better informed to make decisions and compare products to those offered by other institutions. These include: MFIs must provide borrowers a loan card which shows the effective rate of interest, other terms and conditions of the loan, information which adequately identifies the borrower, and acknowledgements of payments received Effective rate of interest must be displayed in all offices, all literature, and on website Standard loan agreement These measures do increase product transparency and could greatly benefit the decision process of the consumer. The only concern is that when implemented, these requirements could potentially burden and slow the lending process, or provide too much information for less financially literate clients to interpret. Collection Practices Collection practice restrictions aim to stop coercive and abusive collection techniques, which were a major complaint of consumers leading up to the AP crisis. These include: Sanctioning and disbursement of loans should be done only at a central location Field staff should not be allowed to make recovery at customers place of residence or place of work All recoveries should be made at the group level More than one individual should be involved in sanctioning and disbursement Disbursement should be closely supervised MFIs and their management teams should be subject to severe penalties if coercive methods of recovery are used. Regulators should monitor systems for recruitment, training, and supervision of field staff Although these restrictions would reduce coercive and abusive collection techniques, they greatly restrict the operations of microfinance institutions, and may deter some lending methodologies that offer greater convenience to the customer. The r estrictions also do not allow for individual lending, which could be a beneficial product offering for customers. The best way to protect consumers from MFI collection malpractices is to have a well-functioning complaint redressal procedure, so that if inappropriate actions occur, the regulator and the institution can respond appropriately. Credit Information Bureau One or more Credit Information Bureaus should be established and operational as soon as possible All MFIs should be required to become members of a bureau MFIs are responsible for obtaining information from potential borrowers until bureau is functional The recommendations of the Malegam Committee focus on the important limitations of existing regulation. However, further amendments based on research and policy discussions must be made so that the regulatory framework optimizes the short and long term benefits to consumers and institutions. Pending Regulation: Micro Finance Institutions (Development and Regulations) Bill 2011 The Micro Finance Institutions (Development and Regulations) Bill 201110 is an updated version of an earlier bill drafted in 2007. The bill has been re-drafted several times, with the most recent draft released in July 2011 to consider the most recent RBI regulation. The bill addresses all legal forms of microfinance institutions, providing a comprehensive legislation for the sector. New regulation includes: Designation of RBI as the sole regulator for all microfinance institutions, Power to regulate interest rate caps, margin caps, and prudential norms All microfinance institutions must register with RBI Formation of a Micro Finance Development Council, which will advise the central government on a variety of issues relating to microfinance Formation of State Advisory Councils to oversee microfinance at the state level Creation of Micro Finance Development Fund for investment, training, capacit y building, and other expenditures as determined by RBI The designation of RBI as the sole regulator would be a positive step forward for the sector. Though the specifics of regulation are yet to be determined, having one respected regulatory who is acknowledged as in charge of all aspects of the sector would lead to a great reduction of regulatory uncertainty. If the bill passes, a greater challenge will remain; RBI must effectively regulate and monitor a great number of microfinance institutions that have previously been subject to very little regulation . Current Regulation Limitations Much of the new regulation following the Malegam CommitteeÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s proposals will be released in the coming months, so we will refrain from further commenting on the current lack of regulation relating to certain issues that will certainly be addressed. Rather, we will focus our analysis on the limitations of the regulatory structure to problems with enacted regulation and issues that we suspect that RBI will not address, specifically the lack of clarity regarding central and state regulatory jurisdiction, implementation of priority sector lending qualification, the margin and interest rate caps, institution funding restrictions, and the inability of institutions to take public deposits. State vs. Central Regulatory Jurisdiction Uncertainty A major limitation of the current regulation is the lack of clarity regarding central and state regulatory jurisdiction. During late 2010 and early 2011, both Andhra Pradesh and Gujarat passed legislation barring specific microfinance practices within the state, requiring specific consumer protection policies and capping interest rates. States currently have great discretionary power as to how to interpret the Money Lending Act. Stability and confidence will elude the sector until this regulatory ambiguity is resolved. Implementation of Priority Sector Lending Qualification A second limitation is the implementation of the new RBI requirements regarding priority sector lending, particularly with regard to borrower income and borrower indebtedness. Since there are no tax filings or credit reports for the majority of microfinance customers, this information is often reported by the customer. Thus, customers have incentive to misrepresent their income and indebtedness in order to qualify for a loan. Without a functioning credit bureau, these customer characteristics requirements are impossible to accurately enforce. Margin and Interest Rate Cap Another limitation is a universal margin and interest rate cap could be detrimental for the sector, since it would most likely result in the reduction of financial services in various areas and populations where returns would not justify the operating costs. An interest rate cap should take into account various factors that typically affect the cost of operation, such as area of operation, average loan amount, legal form, and size of the microfinance institution. When interest rate caps have been implemented on microfinance services in other countries, microfinance institutions have pulled out of rural areas, stopped serving the poorest of the poor, increased the average loan size, and have had difficulty remaining solvent11. Lack of Funding Diversification Lack of diversification of funding is also problematic for microfinance institutions due to current regulation regarding access to capital. Microfinance institutions are highly dependent on lending from Indian banks, which was problematic when all of the banks stopped finding microfinance institutions to be credit-worthy during the AP crisis. Though microfinance institutions may diversify lending amongst Indian banks, these banks tend to view the microfinance sector very similarly, resulting in a lack of diversification benefits. Finally, allowing microfinance institutions to accept public deposits would add a source of funding diversification and benefit the customer. Customers may be able to better smooth consumption and resist the temptation to spend if they have access to a savings product. Regulation should permit institutions that meet reasonable prudential qualifications to accept public deposits. An alternative to the current system would be to base the strength of a 13 microfinance institution on ratings that come from agencies or methods that specialize in the unique microfinance lending methodology12. MFI Response to New RBI Regulation The Centre for Microfinance interviewed over 30 MFIs in the summer of 2011i, asking them about their response to the recent regulation and their perspectives on the sector in general. In this section, we will generally review the responses, and look at three institutionsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸ responses to highlight some individual issues arising as a result of new regulation. Overview Overall, the surveyed MFIs reported that national regulation has been needed for a long time. They feel that the new RBI regulations are not clear or well communicated, and the banks that previously acted as sources of funding are more cautious and selective in offering financial support. However, MFIs felt the RBI regulation could protect MFIs against the implementation of restrictive state legislation. One of the primary concerns expressed by the interviewed MFIs involved how equitable the new regulations will be for institutions of different sizes. A Section 25 organization stated that the uniform policy would be more difficult for smaller MFIs to adapt and adhere to if applied to all, resulting in smaller institutions being pushed out of the market by more flexible larger organizations. There is also question over how difficult it will be for new start-up microfinance organizations to meet the demands of the market. Several MFIs have also expressed concern over the requir ement that a minimum of NBFC-MFIÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s loan portfolio must be used for income-generating activities. Several MFIs have recognized that a large proportion of clients use loans for consumption, rather than productive purposes. The MFIs responded with mixed opinions in regard to the interest rate and margin cap. While several of the institutions described the margin as reasonable, one MFI reported that these new restrictions on margins and interest rates are too stringent, and they will limit product innovation. Additionally, operating costs vary across regions, and these caps may not be high enough to support initiatives in remote areas. Another institution stated that the margin cap would act as an incentive for MFIs to scale up at a greater rate. One aspect of the regulation to which all MFIs responded positively was recommendation for the creation of a credit bureau and the mandatory membership of all MFIs. Currently, an appraisal of a clientÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s credit-worthiness is expensive, timely, and often inaccurate. Many MFIs felt a credit bureau could act as a more accurate tool for reviewing indebtedness and repayment history. The Future of Regulation The latter half of 2011 will be telling for the future of the microfinance regulatory regime as RBI further clarifies the acceptance of the Malegam Report and its role with regards to microfinance institutions operating as NGO-MFIs, Cooperatives, and Section 25s. Regulation will surely be 17 refined as microfinance institutions implement the new requirements and consumers and regulators see a theoretical framework put into practice. The initial round of RBI regulation in 2011 aimed to assuage consumer fears and create an environment where bank lending will presume by directly addressing borrower indebtedness and loan pricing. We suspect that as the sector returns to a state of normalcy, some of the more restrictive requirements will be lessened or eliminated. In the meantime, the regulation seems to heavily favor larger institutions who can adapt to the changes more easily due to economies of scale, advanced MIS systems, and higher operational efficiencies. As a result, we ma y see smaller institutions failing or consolidating in the near term. We may also see more innovative companies and microfinance models that aim to circumvent the new regulatory structure, especially since an institution can continue to lend to microfinance clients as an NBFC with no new regulation. Regulation will respond to these innovations as well, either by endorsing them or disallowing them, depending on fairness and the success of implementation. The great benefit of the Andhra Pradesh crisis and the resulting call for regulation is that the sector has seen the consequences of a model that is not customer centric. Institutions, investors, and regulators agree that though there is profit to be had, microfinance services are aimed at ultimately improving the status and livelihood of the poor population. As the sector develops, regulators must be sure to address the issues we have highlighted: implementation of priority sector lending requirements, diversification of fundi ng, and acceptance of public deposits. As we move forward, regulators will ensure that microfinance institutionsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸ operations and objectives are ultimately to serve and benefit the customer.

Thursday, December 19, 2019

Personal Narrative Personal Experience - 1768 Words

â€Å"What did she do this time?†, I asked myself, as I opened the door to the downturned face of our caseworker. I remember letting her inside angrily and returning to the task I had been attending to before I heard the knock at the door. I continued the search for diaper wipes, which I needed to change my brother’s diaper. As I did this, I thought about how I always seemed to be cleaning up my mother’s crap. My caseworker gave me the details that her presence alone had already given me. We were being removed from the home. There were six of us. Most of our relatives were estranged and no foster homes were willing to accept all of us. So, we were divided equally between two homes. My three youngest siblings, Natalia, Omaran, and Omari, were†¦show more content†¦Making decisions is difficult because I don’t know what I’m supposed to want. My sister laughingly calls me a people pleaser, but how could I not be? Getting out the same environment as my mother was an essential step in conquering the formidable challenge of rummaging through the contradictory thoughts inside my head. This situation supplied me with a therapist and that has been a helpful tool. I’m finally allowed to feel whatever I feel. One of the most distinguishing differences between the home of the Seitz’s and the house of my mother can be summarized with one word: stability. They have never yelled at me. They are consistently loving from one day to the next. I love my little siblings, but taking care of them made me feel like I was going insane. For what felt like the first time, I was allowed to truly be a kid. Living with my foster parents is a sigh of relief. The only expectations they have for me are that I make my bed and put my best effort into school. Being removed from my mother’s home gave me a chance to examine myself and figure out what I wanted, who I wanted to be, and what I valued, for the first time. Considering that I missed almost a month of school throughout my freshman year, it’s not shocking that my grades were awful. My sophomore year had barely begun when I was placed with Darren and Lisa. I hadn’t started out very strong and they asked about it in an encouraging, kind manner. The way in whichShow MoreRelatedPersonal Narrative : Personal Experience1174 Words   |  5 Pagesthe famous Sweet Auburn Market with my classmates, my mind was already racing. I couldn’t help but wonder how differently each one of us would experience and view the space. We all carry lenses through which we view the world with styles original to us. Amazingly we all come from an extremely diverse range of cultures, backgrounds, and personal experiences that would shape the connections we would soon make. I approached the plain brick building on the corner of Edgewood and Jesse Hill Jr. Drive,Read MorePersonal Narrative : Personal Experience1386 Words   |  6 Pagesarrived, we had to wait like 30 minutes until we finally got to our rooms. Before we entered our cabin, we went over the rules of the camp and we were getting assigned rooms. This is where I panicked. If I was in a room with people I dont know, my experience would be terrible because Im not very talkative. But thankfully, I was assigned in a room where I knew mostly everyone. When we went inside our cabins, I was shocked that there were no actual mattresses. There were only mats on bunks. We put ourRead MorePersonal Narrative Personal Experience1652 Words   |  7 PagesTears’ streaming down my sweat drenched face like Niagara Falls, numbed by the pain of a million knives stabbing into the upper back part of my leg, I had discovered I pulled my hamstring. â€Å"Lower limbs [being] accounted for 50% of all sports injuries†(Dhillion) it didn’t come as a surprise to the trainer. Unable to move, I was shocked by the pain and situation I had just been put in. My entire wrestlin g career flashed before my eyes as I took a big gulp and climbed on my teammates back to head toRead MorePersonal Experience : Personal Narrative1228 Words   |  5 Pagesin Walcott, creates a recipe for a teenager striving to find some form of independence. For me, this freeing feeling came through my trips to the town library over the summer. One Tuesday afternoon, I headed out my creaky front door with my own personal library card in hand made me feel as if I was holding a passport to jet off to any country in the world. The black ink signature stood out like the sun on a clear day. The sloppy, yet somehow beautiful, scribble of my name looked like it belongedRead MorePersonal Narrative : Personal Experience1400 Words   |  6 Pageslife, and it is far from easy. Never will I forget how scared he looked when he he discussed what it’s like to experience withdrawals. How his eyes glazed over as he remembered the years past. But what conquered both of those was the bravery he had. It isn’t easy to fight the stigma surrounding any mental illness. Between his knowledge from studying his own demons to his first hand experience fighting them, Neil opened my eyes. He taught me so much in those two hours. If it weren’t for him, I don’tRead MorePersonal Narrative : Personal Experience799 Words   |  4 Pagesbanner. A cracked coconut held over the ocean and I used the best picture I had of me to match my banner. I made a video showing my experience of meeting Joey Graceffa. I explained how Joey was my idol and showed our drive to San Francisco’s Book Passage near the Ferry Building. I showed how long the line was and my ticket to meet him and just explained my experience. At 8:11 pm I was scared, scared that someone would find my video and make fun of me for it but at the same time accomplished andRead MorePersonal Narrative Personal Experience740 Words   |  3 PagesMy heart began to beat a little faster as the sound of the plane engine rumbled throughout the cabin. The day I’d fantasized about for weeks had finally arrived. I was aboard a plane headed to Orlando for one of the biggest cheer completions in the U.S. As we taxied down the runway and my stomach tightened. Was it excitement, anxiety, or nerves? I wasn’t sure, but I embraced it all with a smile. The Florida heat followed me all the way to my hotel room. The flight was exhausting and long butRead MorePersonal Narrative Personal Experience1973 Words   |  8 Pageslifestyle a bit. I made a huge list in a green notebook on how I can change by drinking 3-4 bottles of water a day and drinking more healthy stuff like smoothies. Mostly cut back a little on the soda and junk food. All I knew was I never wanted to experience anything like that again. Every Time I even think about it I get a feeling of discomfort on my side. Habits can really effect your life in many ways I learned, but Changing those bad habits can affect your life life even more. Read MorePersonal Narrative : My Personal Experience1121 Words   |  5 PagesMy personal experience Put the gun down! Put the gun down! Pow Pow Pow. The gun shots cracked into the air as loud as thunder. One after another. We live day by day not knowing our end. In the blink of an eye our lives can be changed forever. Its life, yet even in knowing this we never expect tragedy to find us. We never expect it to affect our lives and the people we know and love. I’m going to share with you the day tragedy found my life. I was a junior at Panther Creek High School in Cary, NCRead MorePersonal Narrative : My Personal Experience1497 Words   |  6 PagesIt truly is astonishing how much we, as teens in the 21st century, take for granted. We go through our day, as if everything we do is a given right, rather than a privilege that we have. We don’t ever stop to think about how so much, could be taken away from us in an instant. It was Monday, June 5th, 2017. I had just come back from an invitational hockey camp in Canada and I was up bright and early that morning so that I could go to Westridge and take my last two finals of the year. By the time

Wednesday, December 11, 2019

Social Work Rationale Essay On Goals And Contexts Example For Students

Social Work Rationale Essay On Goals And Contexts 1. When analysing an artwork what is to be gained from considering the social context in which it was created? Are there possible drawbacks to this methodology? Provide clear examples to substantiate your argument. When analysing artwork, in any form, there are often times social contexts in which can be interpreted. Not always does the history behind the painting need to be revealed to fully understand the concept of the artwork, yet it is helpful in determining if the artwork is truthful in its representation. Although in analysing artwork it is likely that there are drawbacks to considering the social context. To illustrate this point, Im going to use the visual arts as my medium of choice. Understanding the social context can be an important tool. An advantage of knowing the history of the painting or sculpture can really enrich our knowledge, being in the 20th soon to be 21st century, about some of the social periods from previous times. It can demonstrate how traditions were carried out, how they had an impact on the different social classes. Its a visual teaching aid of a sort. Even in the time period of which the artwork was created can be used as a tool to show how the life was in different parts of the world. It was also used as a hammer in the realist movement to show the upper classes that life for the poor was horrible. The visual arts is the only medium in which the pictorial image creates a universal language in which anyone, regardless of nationality or social class can interpret. The text which is created by this language often creates a context which is left open to interpretation. Contexts are created by the artist, critics, judges, the public, essentially, any one who views the work and forms an opinion relating to it. The contexts stem from subject or content of an artwork, and are usually facts regarding the content. Yet, the contexts almost always have backgrounds themselves, therefore making the original contexts, texts. This will be more clearly illustrated later. The chain is seeming to be a never ending process. There are always more conditions to the previous ones. All context, therefore, is in itself, textual. This concept of all context in itself textual is a post-structuralist strategy. A man named Derrida is a man who has developed this idea that the post-structuralist concept of every statement made, can be interpreted in infinite ways, with each interpretation triggering a range of subjective associations. Every statement has an association, therefore its a sort of domino effect. He also says that no matter how precise a work strives to be, the absolute meaning can never be found due to this never ending sequence. To better illustrate this concept, I have chosen a painting from the mid-nineteenth century. It was painted by a french artist in 1854 named Jules Breton. It is called The Gleanersfigure 1. The gleaners were impoverished women who picked the left-over wheat from the farmers fields after they had been ploughed to bake bread for their families. In this painting there are numerous women whos arms are brimming with wheat. The women are beautiful, healthy looking. The children even seem happy running around playing next to their mothers. There are many contexts which can be extracted from The Gleaners. A major influence would be the revolution in France in 1848. Perhaps the gleaning laws enforced in 1851, even the physical health of the gleaners. For arguments sake, lets take the physical health of the gleaners to show how a statement can trigger other associations. The physical health of the gleaners in the 1850s could be researched in the reports from the army conscripts. The conscripts were usually poor men who wanted a secure and stable job. These reports showed that most of the men were of poor health and diseased. These reports can be associated with who was writing the reports, officers? The associations never cease. We can never fully determine what the health was of the gleaners because every context we take will lead to another context. The key point in this image is the womens arms being full of wheat. If I were a bourgeoisie in the 19th century viewing this painting, I would think very little of it. It is exceptional in technical accuracy. Lenacpeo: The Years Together (A Fictional) EssayFrom the formalist perspective we can look at everything but the content: colour, how the shapes relate to one another, do the forms fit in space, etc Yet another drawback. If the viewer is concerned with the context of the form and not the content, then the context is skewed again. The formalist perspective concentrates on form, basically. The curve of the gleaners backs bend with accuracy. The shadows created by the figures and the amount of wheat that they carry that the sun in setting in the west. We dont know for sure what Jules Breton wanted to convey when he painted The Gleaners. We can assume certain circumstances and backgrounds, but the key word is assume. When determining a social context of a work of art its strictly an assumption and is only one of the many, many contexts that can be derived. Yes, works of art, especially realist works, can give the twentieth century some sort of clue as to what life was like in the 1850s. Yet, we cant take everything we view as the truth. It has to be at face value. If one were to look at Bretons version of The Gleaners and then at Courbets version, we would see exceptionally noticeable differences. So what are we supposed to assume as the truth? The answer is we dont choose either one as the truth. We have to look in between and find a happy medium in which we can understand and be satisfied with by either doing background research on the painting or simply not regarding either to be truthful and just moving on. Its very hard, nearly impossible to fully understand a social context for a work of art. In this instance, with the gleaners, through documentation, we can determine which work of art was a little embellished towards pleasing the critics. Sooner or later we have to just look no further along the association line than is absolutely necessary. The vision can get too cloudy if the context wants to be understood completely. There are various and numerous drawbacks to considering the social contexts. The major one, being stated, is that all context is itself textual. Its too hard and labourious to attempt to comprehend the mannerisms and customs of the eighteenth century. We werent there to experience it so we have to be happy with just reading and viewing about it. Then there is the subjective aspect. There are different viewers, different intentions from the artist. Who determines what the message was? Is it the artist, or the viewer? Is one more important than another? Its all very subjective. Perhaps the artist intended one central idea yet the viewer captures another. Which one is more correct? The formalist perspective is the opposite to the post-structuralist concept. The formalist focuses on the form and colour, whereas the post-structuralist is based on concept and circumstance. So there is another way to look at things. These concepts can be applied to almost any art medium. It is not necessarily restricted to the realist period or even the visual arts. Literature is an art form which is easily examined and studied through these concepts. In fact, most of the philosophies and theories have been derived from and for literary sources. It is easy to juxtapose literary sources with visual art due to the visual arts being a wordless book. Many things can be said about a work of art without any facts being known about it. But the one thing that I am confident about, is the social contexts in which art works are created are complicated and subjective.

Tuesday, December 3, 2019

Venezuela Essays (1065 words) - Northern South America, Venezuela

Venezuela As early as 1522 Spanish invaders reported that the Carib tribes in Venezuela used a black, gooey substance for many purposes. The viscous material was crude oil. It was not until the 1950s, however, that oil production began in Venezuela. Oil accounts for a quarter of the nation's gross domestic product and three-quarters of export earnings, and Venezuela is South America's leading producer and one of the few non-Arab members of OPEC. There are also substantial coal reserves, and exploitation of the recently discovered Guasare Basin field is expected to add 10 million tons to annual production. The political instability of the early 1990s shook foreign investor confidence, but Venezuela has emphasized trade links with other South American countries. The mid- to late 1990s saw a series of public and private sector strikes for higher wages. In addition to participation in the G-3 agreement with Mexico and Colombia, Venezuela has a free trade agreement with Colombia and has expressed the desire to become part of the North American Free Trade Agreement between Canada, Mexico, and the United States. The election of Hugo Chavez as president of Venezuela raises the question of the unraveling of the political system in all of Latin America and reveals the disillusionment some are feeling about worsening social conditions that have not improved under democratically elected governments. Venezuela began its democracy 40 years ago with an unusual pact between the country's principal parties that guaranteed an institutional stability not known in the region at that time. But, at the same time, the leaders of the country never diversified the country's economy, instead choosing to rely heavily on its oil revenues. As a result, the Venezuelan economy is highly susceptible to the world market's price fluctuations and has not diversified enough to create jobs and allow for funds for programs of social support to combat the rising unemployment and levels of poverty in the country. Chavez's victory also reflects the growing discontent with Venezuela's traditional political system. But it also demonstrates a phenomenon that is happening in other parts of the continent where leaders with an authoritarian bent are also gaining support.? (Internet-Britannica) Imports: Machinery and transportation equipment, chemicals, basic manufactures, manufactured goods, foodstuffs, mineral fuels and lubricants, animal and vegetable oils. Total Imports: $10,827,000,000 (1996); $11,199,000,000 (1995); $8,277,000,000 (1994). Exports: Petroleum and refined oil products, aluminum, iron ore, bauxite, basic manufactures, chemicals, foodstuffs, machinery and transportation equipment. Total Exports: $23,149,000,000 (1996); $19,408,000,000 (1995); $16,560,000,000 (1994). Population: 23,242,000 (1998 estimate) Largest Cities: Bogota (capital), Cali, and Medellin Currency: Bolivares; 100 centimos = 1 bolivar Languages: Spanish is the official language, but Indian dialects are spoken by some of the 200,000 Indians in the remote interior region. Religion: Roman Catholic - 96%; Protestant - 2%; other - 2%. Location: Venezuela is located on the northern coast of South America; Colombia lies to the west, Brazil to the south, Guyana to the east, and the Caribbean Sea to the north. National Capital: Caracas Climate: The Venezuelan climate varies according to region, but ranges from tropical to moderate. The rainy season lasts from May through November. The average annual temperature in Caracas is 69 F. (internet-google) The things that I would like to do in Venezuela would include, watching a bull fight, go golfing, fish for peacock bass, eat a lot of good authentic food, and take a guided tour through the amazon. One of the favorite forms of entertainment is the "toros coleados", where two groups of expert brave riders compete with each other at downing a bull by catching it by the tail and throwing it to the ground. The competition takes place in a festive atmosphere, where music is played between bulls and abundant food and drink is served. Bullfights The "Nuevo Circo," in Caracas, is one of the four major bullrings in Latin America, where bullfighters must perform in order to be fully recognized. Many other "plazas de toros" (bullrings) are also very famous. Maracaibo, San Cristobal, Maracay, Valencia -among others of ten feature first-class bullfights during their festivities. It is sunshine in the afternoon at the plaza, teeming with people and "toreros" risking their lives in front of the bulls, accounts for an interesting experience. Venezuela has a very good breed of fighting bulls (Taurus) and excellent "toreros". The only Latin American bullfighter that has been immortalized in Spain is Jose Giron from Venezuela, who has a statue in Madrid. Giron was the first in a family of toreros who became a dynasty and even created a style of their own. (internet-infoseek) ?El Pavon,? the Peacock Bass in Spanish.

Wednesday, November 27, 2019

Role of Moderates and Extremists in Indian Freedom Struggle free essay sample

Part Two: Moderates versus Extremists in the battle for Swaraj and Swadeshi Even as loyalist pressures cast a long shadow on political currents that were to influence the Indian elite of the late nineteenth century, rapidly deteriorating economic conditions also led to a heightened degree of radicalization amongst the most advanced sections of the new Indian intelligentsia.Ajit Singh in Punjab, Bal Gangadhar Tilak in Maharashtra, Chidambaram Pillay in Tamil Nadu and Bipin Chandra Pal in Bengal formed the nucleus of a new nationalist movement that tried valiantly, but mostly unsuccessfully to move the conservative leadership of the Indian National Congress in a more radical direction. Most charismatic amongst the new national leaders was Bal Gangadhar Tilak (b. 1856, d. 1920).Portrayed as anti-Muslim by the Muslim-League, maligned by Indias colonial rulers and British loyalists as an extremist, and misrepresented as a sectarian Hindu revivalist by some historians, Tilak was in fact, one of the leading lights of the Indian freedom movement. We will write a custom essay sample on Role of Moderates and Extremists in Indian Freedom Struggle or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Best remembered for his slogan Swaraj is my birth-right , he was one of the first to call for complete freedom from British rule, and fought a long and sometimes lonely political struggle against the forces of moderation that held sway over the Indian National Congress in the early part of the last century.After the defeat of 1858, one of the most significant challenges to British imperial authority in India had appeared in the form of Vasudeo Balvant Phadkes revolt of 1879, and amongst his many youthful followers and trainees in Pune was the young Tilak. Along with Chiplunkar, Agarkar and Namjoshi, Tilak initially concentrated on launching a nationalist weekly the Kesari (1881), the publishing house Kitabkhana, and developing Indian educational institutions such as the Deccan Education Society (1884). Tilak and his friends saw the right kind of education as being a crucial element in the task of national regeneration, and in this respect appeared to be continuing in the tradition of Jyotirao Phule (1827-1890) and Gopalrao Deshmukh (1823-1892) who was more known by his pen-name Lokahitwadi . Foremost amongst the social revolutionaries of nineteenth century Maharashtra, Phule and his wife Savitribai, had advocated a radical restructuring of Hindu society on the basis of equality of caste, gender and reed. Phule, (who belonged to the Mali caste) was unsparing in his criticism of Brahminical society that looked down upon the shudra jatis, prevented the atishudra (untouchable) jatis from attending school, and treated young widows (particularly Brahmin widows) as outcastes. One of the first to start a school for girls (1848), Phule went on to found the first school for the atishudras (1851), a home for young widows (1863), and also the first to open the family well to atishudra women (1 868).Social reformers in Maharashtra also emerged from the upper castes, such as Gopalrao Deshmukh, who although a Chitpawan Brahmin was a sharp critic of Brahminical society, and worked primarily through reformist middle-class organizations such as the Prasthana Samaj and the Arya Samaj to fight against caste inequities. But amongst Tilaks colleagues, not all were well-disposed towards Phule and Deshmukh (Lokahitwadi). Chiplunkar was particularly vitriolic in his criticism of Phule. Tilak, on the other hand, was not unsympathetic to the need for social reforms, and was opposed to evils like child-marriage, casteism and untouchability. Many years later, (at a conference in Bombay in 1918), he was to declare: If God were to tolerate untouchability, I would not recognize him as God at all. However, he was reluctant to give precedence to social reforms over political struggle, believing that social change ought to come gradually, through the growth of enlightened public opinion, rather than through the legislative authority of an alien government.He was convinced that no significant social progress was possible in a country that wasnt politically free. He was particularly critical of loyalist or moderate reformers who were unwilling to practice what they preached, yet frequently baited him as being against social reforms. Neither a sectarian religious revivalist in the mold of Chiplunkar, nor willing to confine himself exclusively to the cause of radical social refo rms like Agarkar, Tilak eventually parted ways with his colleagues in 1888.Working through the Kesari, (and later also the Maratha) he gradually developed a more advanced nationalist perspective based on the pillars of nationalist education, Swaraj (self-rule) and Swadeshi (self-reliance). One of the first to take the nationalist message to the Indian masses, he played a particularly important role in organizing western Maharashtras peasant and artisan communities during the 1897 famine under the auspices of the Sarvajanik Sabha. By 1905, popular resistance movements had developed in both Bengal and Maharashtra, calling for the boycott of British goods and non-payment of land revenues and other taxes.Between 1905 and 1908 the national movement intensified, workers participated in strikes and work-stoppages, women and students joined the boycott movements picketing at shops that sold imported goods, and an ever-growing mass of people began joining mass meetings and street processions. Only too aware of the economic devastation that British rule had brought on the country, Indias broad masses were responding eagerly to the nationalist message. But the nationalist movement was also becoming exceedingly divided between two poles representing radically different currents and tendencies.Whereas one side (even as it recognized the many negative aspects of alien rule) clung to the British umbilical chord, and attempted to restrict the national movement to a struggle for political reforms, the other side correctly saw British rule as an unmitigated disaster for the Indian people and called for the complete liberation from colonial rule. Tilak eloquently and succinctly summarized the sentiments of the new and increasingly militant national movement. He spoke of British rule as having ruined trade, caused the collapse of industry, and destroyed the peoples courage and abilities.Under the colonial regimen, Tilak asserted that the country was offered neither education, nor rights, nor respect for public opinion. Without prosperity and contentment, the Indian people suffered constantly from the three ds i. e. daridra (poverty), dushkal (famine) and dravyashosha (drain). And he saw only one remedy: for the Indian people to take political power without which Indian industry could not develop, without which the nations youth couldnt be educated, and without which the country could win neither social reforms nor material welfare for its people.

Sunday, November 24, 2019

Risk Management in a Project

Risk Management in a Project Introduction The concept of risk management is crucial in any project management. Risk management entails measures that are taken to ensure timely completion of a project without many complications.Advertising We will write a custom report sample on Risk Management in a Project specifically for you for only $16.05 $11/page Learn More Fertis, Baes and Là ¼thi (2012, p.663) define risk as a potential hazard that may emerge and cause difficulties and hence make it impossible to accomplish set objectives in a certain project. From this definition, it can be deduced that threats are uncertain events that have negative effects on a particular endeavor (Gray Larson 2010, p. 17). There are numerous internal and external factors within a project environment that may instigate risks. Hence, mitigation measures should be put in place in order to identify, analyze and manage such hazards (Fang Marie 2012, p. 635). It is against this background that this paper intends to analyze and discuss the benefits of managing risks, the evaluation process for effective risk management and recommendations on how risk management can be carried out. Importance of risk management in a project environment Risk management is a process that entails analysis of risks in order to devise appropriate management strategies, a factor that enhances success of a project. Additionally, there are myriads of benefits that occur when such perils are managed (Fang Marie 2012, p. 635). Nevertheless, there exit numerous misconceptions on risk management. In fact, some organizations often regard is as a costly and time wasting activity. To some extent, some organizations perceive that the costs of mitigating certain risks are higher than those of maintaining the resultant effects.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Consequently, they end up starting up projects that are never accomplished (Madadi Iranmanesh 2012, p.751). Notably, when risks are managed properly, it helps to minimize the operational costs. For instance, whenever a certain risk is identified it should be mitigated before it begins to affect the entire project. In this case, the organization does not have to incur extra cost of managing the risk and repairing the damages caused at the same time (Sorin Serghei 2012, p. 249). Another potential benefit is that it helps to proactively tackle project’s risk factors. In most cases, there are types of risks in projects that are often ignored yet they can adversely affect the progress of a project (Madadi Iranmanesh 2012, p.751). Therefore, management of risks provides a forum to decimate the major and minor risks. Additionally, risk management helps to motivate and boost the performance of workers and other stakeholders. From a careful review of literature, workers often get discouraged by the impending risks. Dorfman (200 7, p. 4) argues that nobody would sacrifice his or her effort on a project which is bound to fail. This implies that whenever risks are managed, it creates an assurance of success for the project. Consequently, workers and stakeholders get committed to the project. Fang and Marie (2012, p. 635) elucidate that risk management promotes a collective team identity and also boosts the morale and spirit of members while tackling difficult tasks. In line with the above benefits, Jebrin and Abu-Salma (2012, 289) highlight that risk management is one potential way of managing crisis that occurs and which may often results into failure of a project.Advertising We will write a custom report sample on Risk Management in a Project specifically for you for only $16.05 $11/page Learn More In other words, this practice improves the strategic planning and management of a business since it ensures that it will be able to withstand prevailing challenges. Sorin and Serghei (20 12, p. 251) note that managing risks in a project calls for teamwork. Besides, Dorfman (2007, p. 4) acknowledges that risk management in a project creates awareness on how to tackle possible errors in future. Fertis, Baes and Là ¼thi (2012, p.663) assert that some risks are concurrent and therefore, once the stakeholders note the trend of certain risks, they should create awareness to team members on how to respond to such risks. Besides, this practice also fosters effective use of resources. Empirical studies have shown that some of the risks that face projects occur due to inappropriate use of resources. In any project, there are numerous types of resources such as finances, labor and fixed assets (Madadi Iranmanesh 2012, p.751). Once these resources are mismanaged, the project cannot be successful due to shortages. Therefore, it requires team members to use available resources appropriately in order to overcome shortages that can lead to failure of accomplishing the set objecti ves. Studies have shown that management of risks call for the need to grasp new opportunities. For example, an investment might not be attractive in a given season while there may be an opportunity for investing elsewhere. In this case, the team members can partition some resources and invest them in separate projects. Whenever the main investment improves, it will be an added advantage since the project will have expanded. Abdullah and Verner (2012, p.1930) highlight that this enhances continuous improvement of the project especially when external investments boost the main project. By so doing, the project will experience minimal instabilities (Besner Hobbs 2012, p. 241). In a shift of focus, it is important to know that in risk management, no one is sure of what might come up. Therefore, this calls for a sensitive decision making process in order to increase the likelihood of project success.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Project evaluation It is important to note that evaluation of risks in a project helps one to determine the degree of success and possible failures (Vose 2000, p.5). A project should employ evaluation since it helps to measure the effects of possible risks. In this case, there are numerous ways through which evaluation is conducted during risk management process. One of the possible ways is to rank the risks in order from the most injurious to the least. In addition, the consequences of each hazard can also be considered as an evaluation criterion. Needless to say, Fertis, Baes and Là ¼thi (2012, p.663) observe that other than the consequences, one can use the probability criterion to conduct an evaluation. It is important to note that numerous organizations usually apply the two criteria in order to assess and manage risks facing their projects. That notwithstanding, one can use a business plan to evaluate the mode of risk management (Vose 2000, p.5). For instance, in a business p lan, there are various risks that are been considered. For example, one can refer to the risk map to evaluate the likelihood of a certain hazard to occur. From a careful review of literature, there are several tools that can be used in an evaluation process. For instance, there are maps that are constructed to indicate the likelihood of a risk to occur. As such, the risks are ranked depending on their significance to the project (Madadi Iranmanesh 2012, p.751). Furthermore, other tools that can be applied include SWOT and scenario analysis. The latter may help to explore diverse encounters of a business in future (Besner Hobbs 2012, p. 243). Additionally, projects can also employ evaluation process to devise strategies that can possibly neutralize or even predict possible hazards. An evaluation can also be employed to determine whether to move on or terminate a given project (Gray Larson 2010, p. 57). This is due to the fact that some of the risks can cause more harm while they a re inevitable. For instance, during the current economic recession, some of the investment strategies were heavily affected by the crises. In this case, conducting an evaluation would help one to foresee the inevitable dangers and determine whether to progress with the investment or not (Fang Marie 2012, p. 635). Other than neutralizing and anticipating risks, evaluation process can be employed to estimate risks. In most cases, team members in a project are quick to identify risks yet they are not able to estimate their impacts. Project managers can also use evaluation process to determine the possible changes within the project’s environment. This entails planning on how to cope with competitors, market changes and diverse government policies (Madadi Iranmanesh 2012, p.751). It is imperative to note that failure to conduct an evaluation might destabilize a project especially if it is not able to withstand government policies and other factors in the immediate environment. Therefore, evaluation can be employed to identify abstract threats (Besner Hobbs 2012, p. 245). Recommendations It is important to note that the benefits of managing risks in a project are numerous. Therefore, there are several recommendations that can be implemented in order to ensure an effective and workable risk management plan in any given project. 1.It is recommended that stakeholders should make risk management process to be part of the project and that they should not be ignorant of anticipated risks (Jebrin Abu-Salma 2012, 289). This will enable the team to derive full benefits. For instance, depending on the nature of the project, some members in a team may fall ill, get injured, die or even lose their individual properties. Such threats are often ignored yet they are inevitable. Reviewing the risk analysis record is crucial since it acts as a leeway to risk management. This cannot be possible without an efficient evaluation procedure. 2. Basically, team members should i dentify the possible risks early enough in order to develop a clear mindset to face them. This will help to identify available opportunities that can be utilized to decimate the discovered risks. Fertis, Baes and Là ¼thi (2012, p.663) note that diverse risk identification methods should be employed in order to cover a wide range of unexpected risks. This implies that correlating the probability of the event with the cost incurred is vital. Therefore, whenever an evaluation is done, it is important to come up with a risk impact versus probability chart that gives the project a fine focus (Vose 2000, p.5). 3. Abdullah and Verner (2012, p.1930) recommend that it is vital to provide information on the risks facing a project. In most cases, managers may identify a risk but fail to include the workforce. Risk communication enhances team building and hence individuals pull their efforts collectively in one direction (Madadi Iranmanesh 2012, p.751). Notably, communication helps to expose bigger risks that can easily go unnoticed. As a matter of fact, risks that cannot be noticed easily may often pose the worst threats to an organization before they are eventually identified. This explains why a smooth flow of information and communication should be enhanced whenever any project is being undertaken. 4. Fertis, Baes and Là ¼thi (2012, p.663) are quite unanimous that projects should not merely consider the threats. Opportunities should also be put in mind when undertaking projects. In any case, not all risks may lead to failure of a project. For example, it is worth noting that some risks have positive effects in the sense that they can be turned into viable opportunities towards the successful completion of a given project. For instance, Abdullah and Verner (2012, p.1930) assert that risks create dynamism especially in cases whereby stakeholders struggle to utilize every opportunity to accomplish a project. This kind of dynamism is indeed crucial if a project is to r ecord any significant level of success. 5. Risks facing a project should be prioritized since some have adverse effects than others. Needless to say, those that are more perilous to the project should be ranked top and addressed first while the least should be given the last priority. Nevertheless, prioritizing risks does not imply that the less risky ones should be ignored. Additionally, Fertis, Baes and Là ¼thi (2012, p.663) recommend that risks should be evaluated in order to set preconditions for valuable responses. Evaluation of risks should be conducted in different level and the outcomes should be reviewed in order to foster effective risk management strategies. References Abdullah, L Verner, J 2012, â€Å"Analysis and application of an outsourcing risk framework.† The Journal of Systems and Software, vol. 85 no.8, pp.19-30. Besner, C Hobbs, B 2012, â€Å"The paradox of risk management; a project management practice perspective.† International Journal of Mana ging Projects in Business, vol.5 no.2, pp.230-247. Dorfman, S 2007, Introduction to Risk Management and Insurance, Prentice Hall Press, New Jersey. Fang, C Marie, F 2012, â€Å"A simulation-based risk network model for decision support in project risk management.† Decision Support Systems vol. 52 no.3, pp.635-637. Fertis, A, Baes, M Là ¼thi, H 2012, â€Å"Robust risk management.† European Journal of Operational Research vol. 222, no.3, pp. 663-665. Gray, C Larson, E 2010, Project Management: The Managerial Process, 5th International, McGraw-Hill, London. Jebrin, A. Abu-Salma, A 2012, â€Å"Conceptual Knowledge Approach to Operational Risk Management (A Case Study).† International Journal of Business and Management vol. 7 no.2, pp.289-302. Madadi, M Iranmanesh, H 2012, â€Å"A management-oriented approach to reduce a project duration and its risk (variability). European Journal of Operational Research vol. 219 no.3, pp. 751-755. Sorin, P Serghei, F 2012, â€Å"A typology of unexpected events in complex projects.† International Journal of Managing Projects in Business vol. 5, no.2, pp.248-265. Vose, D 2000, Risk Analysis: A Quantitative Guide, John Wiley Sons, New York.

Thursday, November 21, 2019

Problem of free will Essay Example | Topics and Well Written Essays - 1000 words

Problem of free will - Essay Example Determinism poses some threats to the concept of free will. The first threat is the ability to choose between alternatives. Acting with free will requires the possibility of alternatives but determinism argues that there is only one possible outcome to an event based on interceding events. The second threat concerns control in shaping events. Free will requires control of an individual’s events through choices. Determinism, on the other hand, holds that past events and the laws of nature provide a casual correlation to the events of an individual and therefore lack control over the events. The problem of free will is to reconcile determinism with free will in a state of with cause and effects where events have a casual chain. To settle this problem, it is necessary to reject some concepts or demonstrate that all the concepts of free will and determinism are consistent (Rauhut 2010). Now that we have established the problem of free will, I will argue that we must reject the concept that free will is not compatible with determinism and endorse compatibilism. This argument will demonstrate that there is a deterministic connection between and individual’s actions and will. This connection enables one to take responsibility for actions such as taking blame or credit. An individual who is free from coercion possess the freedom of action, which is identifiable with free will. This view recognizes the casual chain of events, which relate back to an indefinite time and consistent with the laws of nature and with the design of an omniscient God. Because will is included in the chain of events, individuals have free will. Accordingly, people choose according to their greatest desire, which is guided by their moral nature. In essence, this means that individuals are free to choose but these choices are determined by the condition of the mind and heart. Compatabilism maintains that if there is the choice of

Wednesday, November 20, 2019

Corporate Governance & Social Responsibility Essay - 1

Corporate Governance & Social Responsibility - Essay Example For any company wishing to be listed on a stock exchange, it is important that it define its corporate governance policy. Corporate governance is described as a system where companies are managed and directed. Clark (2004) asserts that, corporate governance influences how particular company objectives are achieved and set, how risk is assessed and monitored as well as how performance is optimized. It is quite observable that good structures of corporate governance encourages employees and general companies to create value , control system in relation to risks involved and provide accountability. There is need for this International Extractive Company to adapt specific corporate governance principles in dealing with actability, disclosure to shareholders, fiduciary duty, and mechanism of control and auditing (Clark 2004). It is very important for this International Extractive Company to understand the right of shareholders and key ownership functions. It is essential for international extractive Company to adapt corporate governance that protect and facilitate shareholders rights. OECD (2004) asserts that, shareholders rights need to include; safe and secure methods of ownership registration, transfer or conveying of shares, timely receive relevant information about the company, allowed to participate in voting during shareholder meeting and finally, be free to either elect or remove member of the board. By so doing, it is evident that shareholders will be able to follow company’s performance in an efficient and transparent manner. The other principle that needs to be adapted is building on corporate governance which recognizes the rights of the stakeholders which should be established through mutual agreements and law as well as encouraging active co-operation between stakeholders and the corporation in creation of jobs, wealth and sustainability of the company financially stable enterprises(OECD 2004). By so doing, it is quite evident that stakeholder’s interest is protected. Further, adaptation of this principle ensures that performance-enhancing mechanisms are adopted through the creation of a proper and efficient employee engagement. If these two principles namely; role of shareholders in corporate governance and rights of shareholders and key ownership function are adopted by this company, the company will be able to perform well within the stock exchange and it will enhance efficiency in its corporate governance(Clark 2004). Question 2: Recommended Corporate Social Responsibility Initiatives that the Board the Board Should Adopt In addition to adapting the above mentioned corporate governance principles, it is important for International Extractive Industry to engage in various corporate social responsibility initiatives. According to Lee (2008), corporate social responsibility is a type of corporate self-regulation normally integrated into a business model. Engaging in corporate social responsibilities will enable this company to have a commitment towards the contribution of sustainable development through working with employees, their families and the general community (Strike et al 2006). It is important for the company to accept various duties presented to it such as sponsoring national and international sporting team. Here, social responsibility will widely be manifested in its legal, corporate, and economic systematic action in recognition on a particular communal responsibility and its attempt to meet the designed social need. There are various key drivers for CSR namely; social investment, transparency and trust, enlighten self-interest and increased public expectations. Enlighten self-interests is important in creating a synergy of ethics which ensures that a cohesive society

Sunday, November 17, 2019

Using cognitive learning theory to explain what is involved in Essay

Using cognitive learning theory to explain what is involved in learning in particular learning activity - Essay Example This paper briefly analyses the cognitive learning theory and various cognitive functions with respect to a learning activity; â€Å"using a computer application†. I960’s have witnessed the incorporation of cognitive skills to the learning theories. Edward Tolman was the first one who proposed the importance of cognitive functions in learning activities. Even though he was a behaviourist, he has given more preference to the internal mental phenomena and postulated that; Behavior should be studied at a local level; Learning can occur without reinforcement, Learning can occur without a change in behavior; Intervening variables must be considered; Behavior is purposive; Expectations of fact behavior; Learning results in an organized body of information (Cognitive Learning Theory, n.d) Gestalt psychology, Piagets developmental theory, Vygotskys developmental theory etc are some of the well known cognitive learning theories. Gestalt psychologist emphasized the importance of organizational processes of perception, learning, and problem solving. They believed that individuals were predisposed to organize information in particular ways Piaget considered people as active processors of information. In his opinion, knowledge can be described in terms of structures that change with development and cognitive development results from the interactions that children have with their physical and social environments. Vygotskys developmental theory emphasized the importance of social activities in mental development. He believed that children can often accomplish more difficult tasks when they have the assistance of other people more advanced and competent than themselves. (Cognitive Learning Theory, n.d) The propositional knowledge is the knowledge of facts that such and such is the case. For example, the knowledge that MS word is a product of Microsoft (which is evident from the name itself) is a propositional knowledge. Propositional

Friday, November 15, 2019

Financial Statement Analysis

Financial Statement Analysis Financial performance, as a part of financial management, is the main indicator of the success or failure of the companies. Financial performance analysis can be considered as the heart of the financial decisions. Rational evaluation of the performance of the companies is essential to prepare sound financial policies and to attract potential investors. Shareholders are interested in EPS, dividend, net worth and market value per share. Management is interested in all aspects of financial performance to adopt a good financial management system and for the internal control of the company. The creditors are primarily interested in the liquidity of the company. Government is interested from the regulatory point of view. Besides, other stakeholders such as economists, trade associations, competitors, etc are also interested in the financial performance of the company. Therefore, all the stakeholders are interested in the performance of the companies but their perspective may be different. Financial analysis helps to highlight the financial performance of the company. It is the process of identifying the financial strength and weakness of a firm by properly establishing the relationship between the items on the Balance Sheet and those on the Profit and Loss Account (Pandey 1992, p109). It is a general term referring to the process of extracting and studying information in financial statements for use in management decision making, for example, financial analysis typically involves the use of ratios, comparison with prior periods and budget, and other such procedures. Financial appraisal is a scientific evaluation of the profitability and strength of any business concerns (Jain 1996, p36). It seeks to spotlight the significant impacts and relationships concerning managerial performance, corporate efficiency, financial strength and weakness and creditworthiness of the company (Srivastava 1985, p59). The objective of financial analysis is a detailed cause and effect study of the profitability and financial position (Hingorani and Ramnthan 1992). According to Hampton, â€Å"Financial Analysis is the process of determining the significant operating and financial characteristics of a firm from accounting data and financial statement. The goal of such analysis is to determine the efficiency and performance of the firms management, as reflected in the financial records and reports†(Hampton 1986, p85). Financial statements are such records and reports, which contain the data required for performance management. It is therefore important to analyze the financial statements to identify the strengths and weaknesses of the company. The financial statements of a business enterprise are intended to provide much of the basic data used for decision making, and in general, evaluation of performance by various groups such as current owners, potential investors, creditors, government agencies, and in some instance, competitors (Benjamin et al 1975, p412). Financial statements are the reports in which the accountant summarizes and communicates the basic financial data. The financial statements provide the summary of a accounts of the company- the Balance Sheet reflecting the assets, liabilities and capital as of a certain date and the Profit and Loss Account showing the results of operation during a period. The financial statements are a collection of data organized according to logical and consistent accounting procedures (Hampton 1986, p85). The function of financial statement is to convey an understanding of some financial aspects of the company. Financial statement analysis involves appraising the financial statement and related footnotes of an entity. This may be done by accountants, investment analysts, credit analysts, management and other interested parties. Financial statements indicate an appraisal of a companys previous financial performance and its future potential (Shim and Siegel 1989, p197). The analysis of a financial statement is done to obtain a better insight into a firms position and performance (Munakarmi 2000). Analyzing a financial statement is a process of evaluating the relationship between component parts of financial statement to obtain a better understanding of the firms position and performance (Metcalf and Titard 1976, p157). The financial analysis is thus the analysis of the financial statements, which is done to evaluate the performance of the company. Ratio Analysis, Trend Analysis, Comparative Financial Statement Analysis and Common Size Statement Analysis are the major tools of the financial an alysis. Financial statement analysis involves the computation of ratios to evaluate a companys financial position and results of operation (Shim and Siegel 1989, p196). Ratio is an important tool of financial statement analysis. The relationship between two accounting figures, expressed mathematically is known as financial ratio (Pandey 1992, p110). â€Å"Ratio used as an index of yardstick for evaluating the financial position and performance of the firm. It helps analysts to make a quantitative judgement about the financial position and performance of the firm. It uses financial reports and data and summarizes the key relationship in order to appraise financial performance (Munakarmi 2000). Ratio analysis is such a powerful tools of financial analysis that through it, the economic and financial position of a business unit can be fully x-rayed. Ratios are just a convenient way to summarize large quantities of financial data and to compare the performance of the firms (Brealey and Myeres 20 03). Ratios are exceptionally useful tools with which one can judge the financial performance of the firm over a period of time (Srivastava 1985, p63). Performance ratio can provide an insight into a banks profitability, return on investment, capital adequacy and liquidity (Clark 1999, p257). The above theories suggest that financial analysis helps to measure the performance of the companies. Different analysts desire different types of ratios, depending largely on whom the analysts are and why the firm is being evaluated. Short-term creditors are concerned with the firms ability to pay its bills promptly. In the short run, the amount of liquid assets determines the ability to pay off current liabilities. They are interested in liquidity. Long-terms creditors hold bonds or debentures; mortgages against the firm are interested in current payment of interest and the eventual repayment of the principal. The company must be sufficiently liquid in the short-term and have adequate profits for the long-term. They examine liquidity and the profitability. Stockholders, in addition to liquidity and profitability, are concerned about the policies of the firms stock. Without liquidity, the firm could not pay the cash dividends. Without profits, the firm could not be able to declare d ividends. With poor policies, the common stock would trade at a lower price in the market (Hampton 1986, p124). Analysis of the financial statement of a company for one year or for a shorter period would not truly reflect the nature of its operations. For this, it is essential that the analysis reasonably cover a longer period. The analysis made over a longer period is termed as Trend Analysis. Trend Analysis of the ratio indicates the direction of change (Pandey 1992, p51). This method involves the calculation of percentage relationship that each item bears to the same item in the base year. Trend percentage discloses the changes in the financial and operating data between specific periods and makes it possible to form an opinion as to whether favourable and unfavourable tendencies are reflected by the data. Comparative Statement Analysis is another method of measuring the performance of the company. It is used to compare the performance and position of the firm with the average performance of the industry or with other firms, such a comparison will identify areas of weakness which can then b e addressed to rectify the situation. From the above discussion, it is clear that performance is the result of various financials variables. Analysis of performance is not limited to analyzing one or two variable(s). it could be analyzed with the help of various financial indicators. Most of the studies, however, devoted to measure the performance in terms of profitability, stock returns, and turnover, risk adjusted returns on investment, dividends, growth of sales, market capitalization. Analyzing stock return constitutes market price per share and dividend per share. The trend of such variables over the period and comparison of the results with the results of the same variables of another firm or another industry indicates the relative performance of the firm or industry.

Tuesday, November 12, 2019

NFO in law

June 2012 Question 4 Discuss the criminal liability of Jameela and of Leah arising out of the Incidents in the town. First ot all there is a battery with the initial contact that Jameela has on Ken. The AR of battery is â€Å"infliction of unlawful violence†. Battery is defined as being the slightest touch without permission as In the case of Cole v Turner, the knocking in to Ken is this touch without his permission. When she knocked into Ken this led to him to fall. This is an ABH as this battery led to further damage with Ken falling down.The AR of ABH Is â€Å"common assault occasioning In actual bodily harm†. Miller defines this as â€Å"any hurt or Injury calculated to interfere with the health or comfort of the V', in which the falling down would cause Ken to experience some discomfort with falling to the ground. However this fall resulted In Ken breaking his hip. This Is a GBH S20 as this break would have caused him to go to hospital. The AR of G3H S20 Is  "causing wound or G3H†. There isnt a wound and therefore there is only grievous bodily harm.The case of smith defines grievous as meaning really serious harm hich includes broken bones. The case of Bollom states that the seriousness of the harm scales with the age of the victim, as Ken in this scenario Is elderly man the seriousness of the fall was serious as his body Is weaker and therefore there Is more damage that is done, affecting the graveness of the injury. Therefore the AR of GBH S20 has been established. Then there Is the liability of the heart attack the Kens wife (Iris) suttered when he got knocked down.Again this is a G3H S20 and the AR is stated above. It is a GBH S20 as the harm that was caused was serious as it caused Iris many weeks to recover. Again the case of 30110m help as the age of Iris comes in to play when affecting the seriousness. There isn't any causation issues as the chain isn't broken as the thin skull rules that defects that werent known to he D, Haystead doesnt break the chain and therefore It doesn't matter that Iris may have had a bad heart there is still is a chain of causation.Even though Jameela didn't directly inflict the GBH S20 the case of Martin states that it can be caused indirectly in which watching her husband fall and get hurt indirectly caused her to have a heart attack. The AR of GBH S20 has been established for Iris The MR of GBH is â€Å"direct intention or subjective recklessness causing some harm†, defined by the case of Mowatt. Some harm can be Interpreted as anything as small as a battery. For the GdH s20 on Ken, subjective recklessness can be used as in the case of Cunningham. hich states that first there has to be and unjustified risk and that the D had taken this risk anyway. In this case Jameela was In a large crowd and started lashing out knowing that there would be a risk that she would hit someone and cause some of the harrn Jameela ould have perceived this risk as she was in a large cro wn knowing that this would make her panic because of the delusions that she has due to her paranoid schizophrenia.Transferred malice can be used as a way of proving the MR of G8H S20 on Iris as well. Transferred malice can only be used on person to person with similar crime, in which this scenario is and theretore it can be used. The case ot Mitchell can be used as it is similar as this case as the D as in busy place and the action that they took led to an old person breaking a hip. Transfer malice would be usband hurt on the floor and therefore the MR of the offence on Ken is transferred over to Iris as well.Therefore there is the MR of GBH S2 established for both Ken and Iris. When Leah intervened she would have first committed a battery as she would have had to grab hold of Jameela in some form. The AR of battery is stated above. The case of Thomas states that the slightest touch even of clothing is enough for a battery, in which Leah may have grabbed Jameela by the top as a way of trying to control her on which would be a battery. Then there is an ABH, again stated above, as

Sunday, November 10, 2019

Success Of National Skin Centre Health And Social Care Essay

This study provides an overview of the ways a third health care establishment works towards success to go the top tegument Centre in this part. National Skin Centre is the mark establishment. I will analyse and portion in inside informations on the ways NSC work towards success and be a prima tegument Centre in this part. This includes the assorted new and improved services and comfortss NSC had introduced over the old ages, and the different medical instructions NSC promotes to farther heighten its prima border. Besides, SWOT analysis will be included to analyse how successful NSC is, with recommendations on what NSC can better on. The information gathered and included in this study are collected from NSC web site, NSC recent corporate reappraisals and other utile web sites. Introduction 1.10 About the study 1.11 Objective The aim of this study is to supply an overview of the ways National Skin Centre win in developing itself into the top tegument Centre in this part, and how NSC maintains its fight. 1.20 About National Skin Centre 1.11 Background NSC is a authorities reorganized establishment and a subordinate of National Healthcare Group ( NHG ) . NSC was established on 1 November 1988 after taking over the intervention of tegument diseases from Middle Road Hospital and is presently located in Mandalay Road. Before the edifice of NSC, the intervention of tegument diseases was a chief undertaking of Middle Road Hospital for several decennaries. Over the old ages, it had observed increasing patient burden which caused significant emphasis on the bing infirmary installations. Therefore, in order to function the patients better, the authorities decided to halt runing the infirmary for good and switch its activities and resources devoted to dermatology to a new Centre which is the current NSC. NSC operates as an outpatient specializer dermatological Centre with a squad of advisers who are experienced in handling complex tegument conditions in their clinics. As a third health care establishment, NSC non merely provides specialised dermatological services, it is besides responsible in developing medical undergraduates and graduate students and undertakes dermatological research. General clinics in NSC are divided into private and subsidised clinics, with both of them supplying same professional services. However, the differences between both of them are that, in private clinics, patients are greeted with better atmospheres and are given the luxury of personalising their interventions. Patients in the subsidised clinics, without the privileges stated above, pay lower cost due to the interventions they receive being partly funded by authorities through one-year grants. In entire, NSC handles about 1000 patients day-to-day. Besides dermatology, NSC has an external clinic, Department of STI Control ( DSC ) which concentrates in dermato-venerology due to increasing STI incidence. The lone public specializer STI clinic in Singapore is DSC which offers assorted services at subsidised charges. DSC besides offers medical preparation to undergraduates and postgraduates physicians. 1.12 Mission and Vision Their mission is to be the national and regional Centre of excellence for the diagnosing and intervention of tegument diseases. They are committed to supply cost-efficient and specialised attention of medical tegument conditions in a scene of clinically relevant research, quality instruction and patient safety. Their vision is ‘Adding old ages of healthy life to the people of Singapore ‘ . 1.13 Goals National Skin Centre aims to concentrate people who are specialized and interested in the field of dermatology into one establishment, supplying sub-specialization and be the taking Centre for research, interventions and geting accomplishments on different facets of tegument diseases. NSC besides aims to win in supplying good services for both their patients and staffs. For their patients, NSC will make its best to react and run into the lifting outlooks and demands of persons by supplying the highest quality of medical intervention in a cheaper manner. For their staffs, NSC will make its best to let them to work in a more hearty environment with assurance and dignity, and travel on to better themselves depending on their capableness. Body 2.10 Services and Comfortss Although NSC has established itself as the top tegument Centre in this part, it invariably introduces new and improved services and comfortss to heighten its quality services in a positive manner. One of the major factors that marked the success of NSC is that it is the first health care establishment in Singapore to travel paperless in 2004, by implementing the Electronic Medical Records ( EMR ) system. This system allows patient minutess to be done electronically, get downing with on-line patient assignment, self-registration booths, electronic medical recordings, physician order entries for interventions, research lab trials and prescriptions, charge and pharmaceutics operations. Due to the increasing patient burden in recent old ages, NSC faced jobs impacting the overall service degrees. So as a consequence, NSC hopes to better the service criterions to their patients and with EMR, and therefore, jobs were minimized. Besides being environmental friendly, it ensures decrease in waiting clip, information fluxing seamlessly across the full Centre, and decrease of medicine mistakes due to intelligent cheques for prescriptions. Overall, this shows NSC attempts in minimising job s faced and increasing overall service degree. In 2006, NSC brought in a few new services and introduced a new clinic. One of the services introduced was Fractional Photothermolysis, a optical maser service that helps better certain skin conditions while another service was the Photodynamic Therapy which is an alternate intervention for patients who are non suited to travel for surgery that involves the application of a photosensitiser and an energizing visible radiation for handling certain tegument diseases. NSC was the first in the part to present the Total Body Photography service, an advanced engineering designed for observing early phases of tegument malignant neoplastic diseases. NSC besides introduced extensions of clinical and intervention Sessionss such as Saturday forenoon clinics for non-subsidized patients every two months, and Tuesday and Thursday eventide for intervention Sessionss, due to increasing petitions from working patients and NSC ‘s attempts to cut down waiting clip. There is another successful serv ice provided by NSC, which is the joint telemedicine undertaking with IMH. This undertaking works by holding unrecorded audio-visual connexion which allows physicians to follow-up with IMH patients, therefore cutting down costs and clip while retaining high clinical criterions. In add-on, a new agreeableness, Mandalay Clinic Laser Suites which is the largest aesthetic dermatology clinic in the part, was opened to supply wide-range of dermatological attention for patients with the latest and widest scope of dermatology optical masers and other equipments. In the undermentioned twelvemonth, a figure of new services were added and upgrading of a clinic was done. The waiting country of Clinic B was upgraded to better work flow, comfort and privateness for patients, with an excess audience room to get by with the increasing patient figure. Besides betterment work, Mandalay Clinic brought in a new service called MiXto SX Fractional CO2 Laser which is the latest attack to laser skin resurfacing. This new optical maser allows faster mending procedure and enables patients to recover normal activities sooner. Besides, NSC is the first in South East Asia to present Non-cultured Cellular Grafting, a transplant process for vitiligo patients and is an advantage for those who failed other interventions, and is much safer, cheaper and lesser labours as compared to other organ transplant methods. Subsequently in the twelvemonth, NSC started a Thursday Skin Cancer Clinic to concentrate, early diagnose and dainty patients with skin malignant neoplastic diseases. The attention for skin malignant neoplastic disease patients was further enhanced by presenting Mohs Micrographic Surgery which is another service that NSC came in first to supply for patients in Singapore. This surgical service ensures best remedy rates and lowest opportunity of reoccurrence. NSC strives to supply better services and concentrate on their patients ‘ safety. As in mid 2008, clinic A had redevelopments to minimise falling hazard with non-slip floor coating, acquiring rid of sharps hurt with libertine and drum sander fixtures, and bettering exigency response system in the process and intervention suites. Due to an spread outing patient figure, there were an increased in figure of installations in clinic Angstrom to let better work flow and comfort. A new Cutera Xeo Platform Laser brought in by Mandalay Clinic, is an improved version of the old CoolGlide Laser and it has more than one uses for intervention of certain tegument diseases. Besides, to supply convenience for their visitants and staffs, NSC begins shuttle coach service to and from NSC and Novena MRT station, at regular intervals of 20minutes from 0730 to 1730 every weekday. On top of new services introduced, NSC besides opened a new Eczema Clinic to offer thorough quality attention for patient s enduring from different signifiers of eczema as eczema or dermatitis is the most common tegument disease that NSC handles. An Acne Clinic was incorporated by NSC in 2009 to offer quality attention for moderate-to-severe acne vulgaris patients due to it being the 2nd top tegument disease NSC handles. New services such as VTRAC Excimer Lamp, Cutera XEO Laser, and Wireless @ NSC were introduced. The VTRAC Excimer Lamp is used for handling psoriasis and vitiligo patients, and it completes the current assortment of phototherapy devices in NSC. Cutera XEO Laser adds on to the optical masers in Mandalay Clinic and it treats different vascular conditions including leg venas. Establishing Wireless @ NSC allows visitants to surf the net when they are in NSC. Last, DSC came up with assignment booking system to get by with the increasing patient burden and to cut down waiting clip. 2.20 Medical Education and Trainings Not merely did NSC seek to supply quality services, it besides seek to advance dermatology in this part, and heighten their staffs ‘ competence and NSC ‘s prima border. In guaranting that NSC would go on to heighten quality attention to patients, some staffs had the opportunity to travel abroad well-known dermatological Centres for developing advancement under the support of NHG HMDP ( Health Manpower and Development Programme ) . Experiences and cognition were gained from this fond regard which allows betterment in staffs ‘ soft accomplishments. Besides sending staffs overseas, there will be few sing experts from abroad coming to NSC each twelvemonth to portion their expertness with NSC ‘s medical staffs through treatments and learning Sessionss. These Sessionss allow staffs to derive cognition and therefore, assistance in hiking quality patient attention and the taking border of NSC in dermatology. As an Institution of Dermatology, Singapore ( IODS ) , NSC had been actively forming educational programmes which are known as one of the taking programmes in this part in advancing promotion of dermatology. Since the constitution of NSC, it is responsible in supplying dermatological instruction for undergraduates of National University of Singapore and abroad undergraduates. An Advanced Specialist Training Programme was offered to convey out the following coevals of skin doctors, holding advisers oversing on registrars and registrars are involved in academic activities. Upon go throughing, registrars can go associate advisers. Besides, NSC organized learning programmes in dermatology to upgrade professional criterions with different clinical processs and disease direction. For those abroad skin doctors who hoped to better their accomplishments in certain subspecialties, they will go to specialised fond regards about these subspecialties. Another programme NSC had been actively formi ng is the Continual Medical Education which includes wireless negotiations, seminars and forums to maintain up the professional competence of physicians. Not merely did NSC form seminars for physicians, druggists, nurses, research lab technicians, it besides organized public instruction to let the populace to hold better apprehension of different tegument diseases and therapies through NSC web site, public forums and books. 2.30 Internal Environment of NSC 2.31 Strengths Bing the first health care establishment in Singapore to travel paperless with EMR system, it shows the success of NSC towards accomplishing excellence in services. This system benefits NSC by increasing patient safety, reduces jobs faced and better overall service degree. Over the old ages, NSC ne'er failed to implement new services and comfortss, and better bing 1s. By making so, it shows NSC ‘s attempts in continually supplying better and more comprehensive services to patients. Some services serve as an alternate method or improved version for handling certain tegument diseases which may be safer and better for patients while some services may be a method used for handling more than one type of tegument conditions which overall helps increase the opportunity of handling patients and heighten NSC ‘s quality services. Besides, some of the services NSC offers are non offered by other tegument clinics in Singapore. This ensures the success of NSC as it will pull patients with complex tegument conditions for better and broad scope of interventions. For comfortss, NSC did upgrading by adding audience suites to get by with increasing patient burden, and presenting new clinics like for case, Eczema clinic as eczema or dermatitis is the top tegu ment disease seen in NSC for the past few old ages so it shows the demand for NSC to supply thorough quality attention to those patients enduring from different signifiers of eczema. [ Figure 1: Dermatitis ranking the first tegument disease seen over the old ages ] In add-on, continually enahncing overall services to patients will assist increase satisfaction and recommendation degree of patients towards NSC. From Figure 2 and 3 below, it shows patient satisfaction degree is every bit high as 86 % and 90 % of patients would urge NSC to others. [ Figure 2: Overall patient satisfaction degree ( % ) in 2009 ] [ Figure 3: Overall patient recommendation degree ( % ) in 2009 ] With continous attempt to enahnce quality betterment, NSC was awarded with assorted accreditations in recent old ages. One of the accreditations is ISO 15189:2003 accreditation of research lab, recognized internationally, and it reflects NSC research lab competency and highest quality criterions in transporting out medical proving for all applied trials. Next is the full accreditation which reflects NSC committedness to transport out highest criterions for all research and to supply complete protections to research workers. Last, Joint Commission International accreditation in ambulatory attention was achieved by NSC, the first state in South East Asia to have such award. It proves NSC had met those criterions designed to better patient safety and clincial quality. As a healthcare establishment, it is really of import for NSC to engage medical staffs who are qualified, trained and run into the minimal instruction requriements for the occupation so as to present quality attention to patients. NSC ever sees the safety of patients as greatest importance. All new staffs will have on-the-job preparation and must run into the criterion occupation demands to be certified before NSC confirms engaging them. These guarantee merely extremely qualified, experient staffs are being hired to heighten patient safety, quality attention and NSC ‘s repute. NSC is really active in forming instruction and research events in dermatology and venerology. The puting up of IODS strengthen NSC ‘s instruction and research activities, and their instruction programme is identified as one of the taking dermatology preparation Centre. NSC has been running several programmes such as Undergraduates Medical Education, Advance Specialist Training Programme, Upgrading Professional Standards and Continual Medical Education which help to promote promotion of dermatology in this part. IODS AIDSs in accomplishing NSC ‘s mission to be national and regional instruction Centre, and besides in advancing research in Singapore. 2.32 Failings The outpatient Centre operates merely on weekdays and during office hours which may be inconvenient for some pupils and those working. Although NSC introduced Saturday private clinic, but some on the job patients may still confront long waiting period for assignment because Saturday clinical session operates merely one time every two months and many working people will be line uping to book assignment for this session. However, for case, other tegument clinics such as Raffles Skin Centre, provides clinical session every Saturday forenoon, and Changi General Hospital dermatology clinic provides every Wednesday and Friday eventide Sessionss. Besides, certain subspecialty clinics in NSC operate merely one time a hebdomad which may be deficient and may take to long waiting period for assignments. For case, both acne and eczema clinics operate one time a hebdomad but both acne and eczema ( or dermatitis ) are the top two most seen tegument diseases at NSC. These patients, normally with moderate-to-severe acne or eczema would desire to follow-up interventions every bit shortly as possible but non being able to make so. This will once more ensue in long waiting period for many patients and defeat will necessarily happen. [ Figure 4: Top two tegument diseases seen at NSC over the old ages ] A SMS service to inform patients about how many patients are line uping before them and the estimated waiting clip is non provided in NSC. This service for patients upon enrollment is to inform them about the figure of patients before them so as to let patients to cognize about how long they have to wait and they can go to to other affairs alternatively of sitting there waiting aimlessly. For case, another healthcare establishment provides such service which allow their patients to be informed. 2.40 External Environment of NSC 2.41 Opportunities In Singapore, the chief dermatology specializer Centre is NSC. Although there are other dermatology clinics or sections out at that place, but it is unjust to compare a Centre with a clinic or section straight. This is due to the fact that a Centre is a large establishment with board of managers, direction squad, squad of staffs and several sections while a clinic or section merely has a little squad of staffs. So with NSC being the chief Centre that manages all types of tegument conditions and holding good repute in Singapore, it allows NSC to stay competitory and successful. NSC had many on-going and new research undertakings each twelvemonth, and these undertakings were supported by external research support and holding industry-sponsored undertakings. To go on spread outing its research web, NSC had coactions with external local and/or international companies. With the support and coactions, NSC will be able to rise its research capablenesss. Every twelvemonth at that place will be a few medical staffs being sent to abroad well-known dermatological Centres for advanced preparation and besides few sing abroad experts coming to NSC to portion their expertness and experience with staffs. Through these, medical staffs will be better equipped with cognition, experience and hands-on work which will further increase NSC ‘s taking border in dermatology. Therefore, it allows NSC to heighten criterions of quality service and attention to their patients which contributes to high satisfaction and recommendation degrees shown in Figure 2 and 3. Besides, with increasing quality service and attention, it consequences in an increase of patient burden over the old ages. [ Figure 5: Increasing patient attending over the old ages ] 2.42 Menaces Epidemics such as H1N1 and MRSA had pose menace to NSC operations. During these epidemics, NSC had to put costs on systems to guarantee patients and staffs safety, and had to take steps to guarantee NSC is safe. NSC will confront low staffs available as staffs may fall sick and quarantine which affects NSC work flow. Other than staffs falling ill, NSC will besides confront decreased in patient burden as some patients were ill, do non desire to maintain stepping out of house, or think that health care installations are non safe which consequences in appointment cancellation. Another possible menace would be the high outlooks from public and patients. To get by with the imperfect and of all time altering populating environment, outlooks and demands towards health care will therefore increase. Servicess provided by NSC are rated by patients and there are a few patients who may be unsated and may non urge NSC to others as it is non easy to run into every person needs with raising outlooks such as some patients expect high criterion of medical service at a low cost. Besides, although NSC has established itself as the chief tegument Centre with good repute, the populace may non merely take to travel NSC as some may transport the mentality of other private tegument clinics would offer better client services or would hold more experient physicians than public clinics. Recommendations Though NSC has set up itself as the top tegument Centre in this part, it should continually better the services to keep its fight. For the past few old ages, attempts of NSC seeking to cut down waiting clip for audience was observed but another job NSC patients faced was the long waiting period for assignment. I recommend that NSC increase the frequence of Saturday forenoon clinic and introduce weekdays flushing clinics. Besides, figure of operating yearss for those subspecialty clinics that are specialized in the top few tegument diseases should increase. Following, I would urge NSC to implement SMS services to their patients upon enrollment to inform them about the figure of patients before them and/or SMS services to inform those patients who are interested to be informed when their audience bend nears. This will heighten NSC service provided and maintain NSC remain competitory. Since services were rated by patients, a manner to cut down unsated patients is to invariably take the enterprise to roll up feedbacks from patients alternatively of patients lending voluntarily. By making so, I think NSC will be able to obtain more feedbacks and work on betterment if capable. NSC can besides seek to increase public consciousness of its betterments and freshly implemented services each twelvemonth, particularly those services that NSC is the first to offer in Singapore. This will let more people to be cognizant of NSC services, betterments, and cognize more about NSC. Decision In decision, NSC has established itself as the top chief tegument Centre in this part. With no similar tegument Centre in Singapore, it makes NSC the chief dermatological Centre and together with good repute among Singaporeans, it allows them to stay successful throughout the old ages. Despite being the taking tegument Centre, NSC still continues to work towards its end to accomplish excellence in all services by implementing and upgrading services and comfortss to supply quality service to their patients, and on the other manus, to keep its fight. Furthermore, NSC besides seeks to supply better quality attention to their patients by holding their staffs to better their soft accomplishments and cognition, and by affecting in advancing dermatology and conducting researches. Therefore, attempts of NSC working towards their end and success were seen. To stay successful and competitory, NSC can take advantage of their strengths and chances, and seek ways to better on their failings and support their menaces. I believe NSC will go on endeavoring to maintain itself successful, and maintain as the taking and top tegument Centre in this part in old ages to come.