Thursday, November 28, 2019
Toyota Motor Corporation Strategic Human Resource Planning and Strategic Recruitment
Introduction The business environment has been getting more complex and competition has been increasing everyday. Recent problems such as the economic crises and others have caused organization to find ways of staying ahead of competition.Advertising We will write a custom critical writing sample on Toyota Motor Corporation: Strategic Human Resource Planning and Strategic Recruitment specifically for you for only $16.05 $11/page Learn More Organizations are continuously looking for ways to gain a competitive edge over the other organizations. This mostly affects the multinational organizations because the international organizations face global environment which is more complex than the local environment. One of the major areas of focus in trying to attain a competitive advantage is through the use of employees. Organizations have realized and embraced the fact that human resource is a strategic asset to an organization and if well used, it can make the organizations gain a competitive advantage (Kathy McMackin, 2001). Most organizations are now competing on how to attract, maintain and motivate employees. Focus on employees has thus become a big strategic move for most companies. Strategic human resource management has been described as the process of linking the human resource function in an organization with the strategic objectives of the organization with the aim of improving performance. Strategic resource management like any strategy has a mission, vision, analysis of the environment, formulation of the strategy, strategy implementation and strategy evaluation (Lundy Cowling, 1996). Toyota Motor Corporation has not been left out by this trend. The company has been able to use employees to gain strategic position in the global market. The main areas of focus on human resources for the company are strategic human resource planning and strategic recruitment and selection. These have helped Toyota Motor Corporation to gain a c ompetitive edge in the market (Liker, 2004).Advertising Looking for critical writing on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The ensuing discussion will show how strategic human resource management and strategic recruitment and selection have helped the company to achieve its business objectives. Toyota Motor Corporation is one of the biggest companies in the automobile industry. It is based in Japan and it offers a wide range of products. The main products for the company include mini vehicles, buses, trucks and other models. The company has subsidiaries which have plants and manufacturing components in most parts of the world. The core business of the company is automotive business which accounts for 90% of the sales for the company annually. Other business activities include telecommunications, manufacturing and selling of leisure boats and pre-fabricated housing. The nature of the operations of Toyota Motor Corporation is labor intensive and this requires a great focus on the human resource management in the company (Toyota Motor Corporation, 2011). It is the policy of Toyota Motor Corporation to manufacture high quality products, satisfy fully the needs of the customer, provide quality service to the society and to maintain market leadership. The company is also committed to improving the environment through reduction of environmental pollution, complying with legal provisions on environmental safety and assisting the general society to make the environment more friendly to the general public (Liker Meier, 2007). How strategic human resource planning and strategic recruitment and selection has helped Toyota Motor Corporation to achieve its business objectives As discussed above, human resources could be used to gain a competitive advantage through achieving business objectives. Toyota Motor Corporation has been able to use its human resources to achieve its objectives. This has been achieved through strategic human resource management and strategic recruitment and selection. Toyota Motor Corporation has various business objectives. One of the business objectives for the company is to improve on quality, enhance efficiency, minimize cost and increase productivity. The company has been striving to manufacture top quality vehicles which suit the needs of the customers (Schuler Jackson, 2007).Advertising We will write a custom critical writing sample on Toyota Motor Corporation: Strategic Human Resource Planning and Strategic Recruitment specifically for you for only $16.05 $11/page Learn More The company has focused much on its human resource in order to achieve quality, minimize cost, achieve efficiency and attain the other business objectives. It is the belief of the company that the more its employees are satisfied, the more the company will succeed in attaining its objectives. Toyota Motor Corporation uses the Kaizen method for continuous improvement in its production and this makes the focus of the company on human resource of great concern (Liker, 2004). According to Liker (2004), Toyota Motor Corporation has therefore embraced a culture commonly known as the Toyota Way which enhances performance of employees through respect for people and continuous improvement of the employees. The major assumption of Toyota Motor Corporation is that a carefully selected and properly developed workforce will help the company to achieve its business objectives (Liker Meier, 2007). It is important to note that the focus on human resource in Toyota Motor Corporation is engraved in the companyââ¬â¢s overall vision and mission statements. The vision statement of the company is ââ¬Å"to be the most respected and successful enterprise, delighting customers with a wide range of products and solutions in the automobile industry with the best people and the best technologyâ⬠(Toyota Motor Corporation, 2011, p.1). This is enough evidence that the company has put a lot of emphasis on the human resource as a strategic tool in its operations. A big question is whether that focus has helped the company to achieve its objectives or not. The major components of strategic human resource management are strategic human resource planning and strategic recruitment and selection. Strategic human resource planning Strategic human resource planning is described as the process of determining the job requirements and specifications and determining the right employees for the jobs. It also includes determining when to recruit, who to recruit, for what purpose to recruit and how to recruit. There are three major components of strategic human resource planning.Advertising Looking for critical writing on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More One of the components is human resource forecasting where an organization determines its future human resource needs. The other component is formulation of a human resource strategy and this involves the mission, vision, objectives and goals for the strategic human resource management. The last component is human resource planning which is integration of the human resource forecasting and strategy formulation (Bandt Haines, 2004). The setting of goals and mission for the human resource management is an important component for strategic human resource management. It ensures that a company knows what it wants in its human resource management. The vision and mission provide a summary of the aspirations of an organization with regard to human resource management. Environmental analysis is another major component of the strategic planning process. This component entails the evaluation of the internal factors as well as the external factors in the job market. This helps an organization t o develop the strengths, weaknesses, opportunities and threats with regard to its workforce. This would help the company to make a good plan to exploit the opportunities and to mitigate the threats. It will also help to lay down plans which ensures that the company strengthens it strengths and eliminated weakness on human resources in the organization. The other component in strategic human resource planning is formulation of the strategy. This involves reviewing the mission and vision, factoring in the external and internal factors and then drawing a list of alternative strategies for human resource management. The best strategy that results to the best outcome is selected and this completes the strategic human resource planning process. A good strategic plan is important since it helps an organization to reduce costs and align the human resource requirements and human resources (Holbeche, 2009). Viewed from another perspective, the strategic human resource planning process entails assessment of the human resource capacity of an organization, forecasting the future human resource needs of the organization, conducting a gap analysis and then developing the strategy to ensure that the organization fills the gaps that exist between the current capacity and future human resource requirements. Assessment of the current human resource capacity ensures that an organization understands what it already has in terms of skills, and abilities of the employees (Bandt Haines, 2004). Forecasting of the human resource requirements in the future is done on the basis of number of employees; the jobs that will emerge that will need to be filled, the sets of skills that will be required and the impact of the external environment on the organizationââ¬â¢s human resource requirements. Gap analysis ensures the organization understands what it needs in terms of new jobs, new skills, improvement in existing skills and the strengths of the employees in order to be able to meet the future human resource requirements. After development of the strategic human resource planning, the organization should document the human resource planning well. This documentation outlines the assumptions in the strategic human resource planning and this helps the review of the plan according to changes in either the external or internal environment. The documentation also helps in setting timelines for implementation of various sections of the plan (Holbeche, 2009). A strategic human resource plan ensures that an organization has the right employees who have the right and relevant skills at any time. It also ensures that an organization moves with the trends in technology, economy and legislation which have an impact on human resources. It also ensures that an organization remains flexible to changes in the future that may be different from the expectations. The importance of strategic human resource planning can not be overemphasized (Holbeche, 2009). The main rationale behind strategic human resource planning is to analyze the current position of an organization in terms of human resources, analyze the external factors that affect human resources and then predict the future human resource needs of the organization. Some plans and strategies are fundamental to the success of a strategic human resource management and hey should be considered in developing the strategic human resource plan. These include the workforce planning issues, succession planning, employment equity issues and motivation and fair treatment of the employees. Other important plans are on employee compensation, grading and employee performance review system and career development systems. In essence therefore, strategic human resource planning is the foundation of strategic human resource management and it should be approached with care. All other functions of strategic human resource management find their base in the strategic human resource planning. Toyota Motor Corporation has used strategic human resource planning to a great extend to achieve its business objectives. It is worth noting that the company upholds strategic human resource planning and it appreciates its contributions to the success of the company. The company continuously conducts an audit of its human resources to have a good understanding of the employees in terms of number, the skills of the employees and their values. Furthermore, the company conducts an audit of the external environment in order to understand the trends in the labor market and the general business environment. This put Toyota Motor Corporation in a position to identify the gaps that exist between its current employees and future requirements (Liker, 2004). Toyota Motor Corporation has a great focus on the future requirements in its human resources. This has helped the company to avoid surprises in the future which might affect it negatively in terms of productivity and strategic position. The strategic human resource plan fo r the organization is reviewed from time to time in order to reflect the changes in the market and also changes in the internal factors of the organization. New plans are therefore developed as a follow up on the other plans for the previous periods. There is therefore continuous improvement in the strategic human resource management in the company (Liker Meier, 2007). Strategic human resource planning has helped Toyota Motor Corporation to achieve its business objectives. Through ensuring that the company has enough employees and adequate skills at all the times, the productivity of the company has been enhanced. The good strategic human resource ensures that the company cuts costs in hiring and recruitment and other costs associated with shortage of labor. This has greatly helped the company to achieve the objective of cost minimization. Through ensuring that the human resources have the relevant skills at all the time and that the employees are adequately motivated, the organiza tion has been able to offer quality products to its customers. The company has also been able to achieve efficiency in production. Toyota Motor Corporation has been able to achieve its business objectives through the use of strategic human resource management. Since strategic human resource planning is the foundation of strategic human resource management, it is a logical conclusion that strategic human resource planning has helped Toyota Motor Corporation to achieve its business objectives (Liker Meier, 2007). Strategic recruitment and selection Strategic recruitment and selection of employees is defined as a process of attracting and identifying the best employees who will meet the objectives of a company and help it to achieve its overall business strategy. The basic features for strategic selection and recruitment are strategic integration of the recruitment with the overall business strategy, human resource planning and having in mind a long term perspective. The other seconda ry requirement for strategic selection and recruitment is the use of rigorous evaluation, making a sophisticated selection and involving all stakeholders in the recruitment process (Nankerviss, Compton Morrissey, 2007). Strategic recruitment and selection thus ensures that the company attracts applications from the best potential employees and selects the best suited employees who will contribute towards the business objective of the organization. The selection process must be free and fair, must involve all stakeholders, must have sophisticated selection criteria and it must be based on the strategic human resource planning. This would ensure that the company gets the best employees. Strategic recruitment and selection has several dimensions or aspects. One dimension is that the recruitment and selection process must ensure that the process is well integrated with the strategic human resource strategy and the overall business strategy for the organization (Armstrong, 2000). The ot her dimension is that the organization must ensure that the interests of all the stakeholders are considered. Customers, management, owners, compliance with government regulations and other stakeholder requirements should be considered in the strategic recruitment and selection. The recruitment and selection process should also have a long term and short term strategic target. The process should be able to contribute to business transformation and management of change in the organization. The employees recruited and selected should fit well into the organizational system and should be fit for the specific job in which they are being recruited for. They must possess core values and competencies that are desirable for their performance (Armstrong, 2000). The other fundamental dimension of the strategic recruitment and selection is that the process must incorporate realistic job preview and great emphasis should be put into validation of the recruitment ad reliability models. The metho ds to be used for selection and recruitment should be based solely on fitness of the process for the purpose. Lastly but not least, strategic selection and recruitment aims to ensure that an organization reduces post-recruitment costs which include costs of having to recruit again, retrain recruits and poor performance of recruited employees (Nankerviss, Compton Morrissey, 2007). In Toyota Motor Corporation, the company has adopted strategic recruitment and selection. The company provides its main reason for the recruitment and selection process being to attract applicants and select the best candidate for a given job. The company always makes advertisements with the aim of reaching all the potential labor markets across all the regions. The company has put measure in place to ensure that there is no unlawful discrimination against any potential employee and applicant. The processes used for recruitment and selection are justifiable according to the job position for which the appli cants are being recruited. The recruitment and selection process in Toyota Motor Corporation incorporates all the stakeholders such as the governments, customers, trade unions and others. The company ensures that the tests and interviews administered to potential recruits do not favor or become a disadvantage to any candidate or groups of candidates (Liker, 2004). Strategic recruitment and selection has helped Toyota Motor Corporation to achieve its business objectives. Through strategic recruitment and selection, the company has been able to attract qualified employees who are able to blend well with the values of the organization. The company ensures that it employs people with a sense of quality and this has helped the company to provide top quality products to its customers. The employees of the company have positive values which blend well with the organizational values to enhance efficiency and productivity in the organization. Strategic recruitment and selection has continuou sly ensured that the company employs qualified employees for the jobs in question. This has made the company to achieve its objective of cost minimization. This is because the company avoids costs of having to hire again, costs associated with poor performance of recruits and bad image of the company. The strategic selection and recruitment method has also helped the company to increase its productivity. The process ensures that the company employs self-motivated employees who are qualified and who have knowledge for the job purpose. The employees selected have knowledge on the kaizen method of production which enhances productivity of the company (Liker Meier, 2007). Conclusion Toyota Motor Corporation uses the Kaizen method of production which is commonly referred as the Toyota Way. This method focuses on increasing productivity and minimization of cost through continuous improvement. The business processes of Toyota Motor Corporation are labor intensive and this makes human reso urce a key factor in the organization. The Kaizen system and the just in time production system that have been adopted by Toyota Motor Corporation require the organization to have a good human resource strategy. Employees in an organization which uses the Kaizen method of production should have relevant skills, they should be able to identify and solve problems and they should be well motivated (Schuler Jackson, 2007). The organization has been able to meet its business objects with the help of strategic human resource planning and strategic recruitment and selection which form core components of the overall strategic human resource management. The main business objectives for Toyota Motor Corporation are to minimize costs, increase productivity, enhance quality of its products and enhance efficiency in production. These objectives have been attained by ensuring that the company has a good knowledge of employee requirements and that the recruitment process is aimed at filling the g aps that exist in the human resources of the company (Liker Meier, 2004). References Armstrong, M. (2000). Strategic human resource management: A guide to action. London: Kogan Page Publishers. Bandt, A. Haines, S. (2004). Successful strategic human resource planning. San Diego, SD: Thinking Press. Holbeche, L. (2009). Aligning human resources and business strategy. Oxford: Butterworth-Heinemann. Kathy, M. McMackin J. (2001). Designing and aligning an HR system. Human Resource Management Journal, 11(2), 57-72. Liker, J. Meier, D. (2007). Toyota talent: Developing people the Toyota way. New York, NY: McGraw-Hill. Liker, J. (2004). The Toyota way. New York, NY: McGraw-Hill. Lundy, O. Cowling, A. (1996). Strategic human resource management. New York, NY: Routledge. Nankervis, A., Compton, R. Morrissey, B. (2007). Effective recruitment and selection practices. Victoria: CCH Australia Limited. Schuler, R. Jackson, S. (2007). Strategic human resource management. London: Wiley-Black well. The Toyota Motor Company. (2011). Toyota. Retrieved from www.toyota.com This critical writing on Toyota Motor Corporation: Strategic Human Resource Planning and Strategic Recruitment was written and submitted by user Jaylen Ochoa to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Sunday, November 24, 2019
Idaho Legislature 2000 Project essays
Idaho Legislature 2000 Project essays The Idaho Legislature held its first session in 1890. At that time the legislature was composed of 18 senators and 36 representatives. The state constitution was amended so each county had at least one Senator and one Representative. Currently reapportionment that occurs every 10 years determines the size of the Idaho Legislature. Until 1968 the Legislature was only in session every two years. In 1968 the Legislature shifted to annual sessions to meet more frequently to pass needed legislation and to prepare budgets that more closely suited the changing needs of state agencies. According to Idaho state law, each legislative session is to begin on the Monday closest to the ninth of January, and to continue for 60 to 90 days, however much deemed necessary, until late March or early April. The Governor may call a special legislative session, but they are uncommon, and rarely exceed a few days in length. According to tradition, Republican House members sit to the right of the podium facing the front and Democrats sit to the left. In the Senate the majority party sits to the left and the minority party members sit to the right. The most senior legislators are given first choice of seats on their party's designated side. Another unique tradition of the Idaho Legislature is that of the black cloth crow. If the House defeats a bill by an overwhelming margin the legislative sponsor is awarded the crow as a symbol of their legislative ineptness. The crow must be tied to the microphone until it can be passed to another unsuccessful legislator. This years session was unexpectedly delayed a week because President Pro Tem Jerry Twiggs died on the opening day, thus creating a absence of leadership. The Senate elected Robert T. Geddes, a Republican from Soda Springs, as the new President Pro Tem. The confusion because of the uncertain course of action for the legislature to follow resulted in a bill signed into law this session ...
Thursday, November 21, 2019
Catholic Pro-Life Declaration of Rights for Unborn Babies Essay
Catholic Pro-Life Declaration of Rights for Unborn Babies - Essay Example It cannot be violated and denied by reason nor expediency nor whatever device that man can invent to tresspass life; as the creation was made for life to blossom, so should it remain for as long as the Grace of the Lord permitteth. That when man in its folly tresspasseth such a gift, to deprive those who are yet unborn to grace the field of this earth and to breath, it is now become a duty of the faithful especially the flock of the Holy Catholic Church with the blessing of the Pope to safeguard such life, to ensure its perpetuity by asserting in all avenues the right of the unborn. This is now necessary for when man is left to its own devices, it subject Godââ¬â¢s Will to bring life as his preporagative and play god to elect who will be born and who will not. To prove this, let this be facts be known that the faitful may see the Light. Their reasoning brings undue anxiety to the people in their assertion that more life will cause poverty, illness and malady which is preposterous. The earth is bountiful to support life and if there is such poverty, illness and malady, it is brought by the same folly of man like corruption, incompetence and sheer lack of compassion towards his fellow; That the majority of those who opposes the right of child to be born, causes unjust vexation to the faithfuls, whose meekness they take advantage of, as they only reiterate the importance of life. That without that reiteration and assertion to life, even them who opposess life will not even be present to make such opposition. Be let it known then, that we the faithfuls, of the Congregation of the Holy Mother Catholic Church, stand in steadfast, to defend those who cannot defend themselves. To not let that right to be born be trampled because they are not yet around to make themselves known. To this end, with the magnanimity of our purpose and with the blessings of the Holy Catholic
Wednesday, November 20, 2019
How Does Nikes Questionable Manufacturing Practices in Asia Affect Dissertation
How Does Nikes Questionable Manufacturing Practices in Asia Affect Their Brand Image - Dissertation Example Critics accuse Nike for malpractices and gaining fame and success without any Foreign Direct Investment (FDI) in its own manufacturing plants. Instead of improving the working conditions in its manufacturing plants the company spends more on marketing by using faces of high profile celebrities such as Michael Jordan to popularize its brand and attract customers (Mujtaba et al. pg. 1, 2005). With Jordan, the companyââ¬â¢s sales went through the roof. After him a number of celebrities were heavily paid to endorse the brand. These included Tiger Woods, Ken Griffey Jr., Pete Sampras and Andre Agassi (Sporting Goods Companies: Nike, n.d.). The issue of malpractices by Nike was disclosed in the 90s decade. The issue of low paid foreign factory workers first became prominent when the world renowned celebrity, Kathy Lee Gifford, was accused for endorsing garments that were manufactured by low wages workers in the developing countries. Gifford promised to participate in improving the condi tion of the workers. The famous brand, Nike, also became a subject of similar controversy. Nike was accused of having sweatshops in the developing countries where workers were paid even below the minimum wages standard (Mujtaba et al. pg. 1, 2005). ... The social activists criticized the unethical practices of the firm in public and exerted pressure on the firm to take a look at their corporate responsibility. Nike customers all over the world criticized the malpractice by the firm. Social activists called on the customers to boycott Nike products until necessary actions were taken by the firm to improve the working conditions of the workers all over the world, especially in Asia (Mesarosch, pg. 1. 2008). While these charges might be true or simple perceptions, the accusations did affect the brand image of Nike in a negative way as not being a socially responsible firm. Since then Nike has been battling with such charges and trying to improve its image as a socially responsible firm (Mujtaba et al. pg. 1, 2005). The aim of this paper is to highlight how Nike has suffered due to its malpractices in Asia. I shall also discuss in brief the history of the brand and the malpractices for which it received criticism. For that matter relev ant literature and peer reviewed articles will be explored to evaluate the situation. Towards the end a conclusion shall be made which will be based on the research. Nike and Its Brand Image: Nike is a massive billion dollar firm that produces sports products. It factories are situated all over the world and likewise its products are sold all over the world. Since 1990ââ¬â¢s Nike has expanded its product range and has started producing clothes, watches, bags and golf gear. It has also gained partnership with an electronic company to produce Nike electronics. Nike has achieved tremendous success which is evident from the fact that it has taken over ALL STAR CONVERSE which was one of the biggest rivals of the firm (Hossain, pg. viii, 2010). For the past four decades,
Monday, November 18, 2019
Use of Computer based Technology in Engineering Design Assignment
Use of Computer based Technology in Engineering Design - Assignment Example Use of Computer based Technology in Engineering Design Many software applications have been developed to help engineers in this course of design. The most utilised software is AutoCAD. It is an application capable of achieving 2D and 3D designs. The founders of AutoCAD made a decision to code it using C programming language. That is the main reason why AutoCAD is able to support object customization through C++ Application Programming Interface (API). The design tool has a set of basic modelling tools for solids in 2D and 3D orientations. Earlier versions of the design tool made use of lines, arcs, circles and polylines while modern tools have additional functionalities like mental ray engine. The modern design tool has made quality designs achievable. The design is done on a space with provision of user interface aid standards. The standard tool bar is at the top, it lists label from left to right. The designer uses the menu bar; tool sets palette and command line at the bottom to access the very many available objects and commands. By clicking on them the cursor changes to the object of interest. The drawing space displays an XY axis of a rectangular. This is a coordinate system (UCS). Before starting a design, select units for the line and angle of the drawing (Gindis). The CAD tool allows the designer to draw, format, edit, save and retrieve drawing. Like all the other applications, to save a drawing click FILE then proceed to save. To retrieve, click on FILE and proceed to open an existing drawing. The software allows importing of objects from other external sources so ling as they are of compatible formats. Ones a drawing has been imported, editing can be done and even saving of changes made. AutoCAD has calculation functionalities that ensure engineers use the shortest time possible to complete a given project. The application provides the Cam Generator and the Beam Calculation at your disposal. The Cam generator allows plate and cylindrical cam creations. It performs the calculations of velocity and acceler ation. In addition to calculations, the design tool plots cam path. Mechanical engineering has almost the trickiest design set where designs need be of utmost accuracy. The tool offers shaft calculations including deflection lines, bending moment, torsion moment, supporting force, torque rotational angle, equivalent tension and other safety factors. Mechanical designs require perfect fit and that is why the screw pre-calculation tool comes in handy. Other calculation tools include Bearing and screw calculations. With this tools functionalities like stress points, load and line loadings can be analysed with ease (Gindis). Functionalities of Integrated circuit design are available within the software standards. The library has a number of the components that make up integrated circuits and standard integrated circuit that have been made. By selecting the components, the designer is able to create a complete circuit that follows electrical engineering standards of design. The CAD softw are allows the designer to simulate and check the performance of the circuit. The simulation tool can plot graphs of the various parameters as the designer may see fit. This is performed for both AC, DC and transient analysis. Capturing a schematic design is of importance to electrical engineers when using the electronic design automation tool. Electronic circuit design can also become a complex idea to undertake; especially in the design of integrated circuits. For this reason CAD software, have schematic editors. AutoCAD electrical has
Friday, November 15, 2019
Concept of Risk in Construction Industry
Concept of Risk in Construction Industry 3.1 General risks The meaning of risk changes when time goes on and the meanings differ when they are at the specific socio-cultural and historical contexts which we are located in. (Deborah Lupton, 1999) Risk is exposure to the possibility of economic or financial loss or gain, physical damage or injury, or delay, as a consequence of the uncertainty associated with pursuing a particular course of action (Cooper, Chapman, 1987). According to Cornelius Keating, risk is not the present problem which should be immediately addressed, but it is considered as future issues that can be avoided or mitigated. Risk is considered as a situation which may lead to negative consequences. Generally, six major categories of risk can be identified as the most important concerns for the majority. They are: Environmental risks, including pollution, radiation, chemicals, floods, fires, dangerous road conditions and so on; Lifestyle risks, which related to the consumption of such commodities as food and drugs, engagement in sexual activities, driving practices, stress, leisure and so on; Medical risks, which related to experiencing medical care or treatment. Such as drug therapy, surgery, childbirth, reproductive technologies and diagnostic tests; Interpersonal risks, related to intimate relationships, social interactions, love sexuality, gender roles, friendship, marriage and parenting; Economic risks implicated in unemployment or under-employment, borrowing money, investment bankruptcy, destruction of property, failure of a business and so on; and Criminal risks are those risks emerging from being a participant in or potential victim of illegal activities.(Deborah Lupton, 1999) 3.2 Risks in Construction Industry 3.2.1 The Concept of Risk in Construction Industry The construction industry experienced a wide variety of risks which may occur in financing, designing, constructing and managing facilities of a project. There are different definitions of risk in construction industry. In order to understand the process of risk management, it is important to understand the basic concept of risk in all aspects. The international standard à ¢Ã¢â ¬Ã
âProject risk management à ¢Ã¢â ¬Ã¢â¬Å" Application guidelinesà ¢Ã¢â ¬? holds the theory of probability and consequence and defines risk as a combination of probability of an event which is occurring and its consequences to project objectives (IEC 2001). Ward and Chapman (2003) have made a broader definition of risk and suggest using a more general concept of uncertainty. They argue that risk is considered as threats but not opportunities and when it occurs it affects the project performance. Edwards (1995) points out that risks have a negative impact on the projectà ¢Ã¢â ¬Ã¢â ¢s cost, qual ity or time in most situations. These definitions have a common feature: they define risk in terms of uncertain events and may have positive or negative impact on a projectà ¢Ã¢â ¬Ã¢â ¢s objectives. According to An (2010), risk interpretations can be considered as the following: The same as the word hazard The consequence of an unwelcome outcome or failure Chances of achieving a given outcome Signifies danger Taking a chance in an activity An (2010) argues the term risk can be defined in the two components: the probability of occurrence of the risk and the magnitude of the consequences if the risk happened. And the relationship is written in the formula: Risk = consequences x probability. The general trend of risks is shown in the figure 3.1 below. When the probability of occurrence is high, the consequences of risks seem to be low and vice versa. Risks with major or severity consequences rarely happen, but risks which are or have low consequences tend to happen frequently. Figure 3.1: Consequences versus probability trend (An, 2010) As mentioned above, the equation seems to be simple, however, the most important thing is to understand and calculate the probability of occurrence and the severity of consequences and express those using numbers. 3.2.2 Risk Classification Project risks can be categorized in a number of ways by considering the level of detail or a selected viewpoint. (Anna Klemetti, 2006) Categorizing risks will do help in identifying risks. According to the study of National Economic Development Office, construction risks can be broadly grouped in the following categories: Technical Risks include poor design, inadequate site investigation, and uncertainty over the source and availability of materials and appropriateness of specifications. Logistical Risks include availability of resources such as construction equipments, spare parts, fuel and labour and availability of sufficient transportation facilities. Construction Risks include uncertain productivity of resources, weather or seasonal implications and industrial relations problems. Financial Risks include inflation, availability and fluctuation of foreign exchange, delay in payment, repatriation of funds and local taxes. Political Risks include constraints on the availability and employment of expatriate staff, customs and import restrictions and procedures, difficulties in disposing of plant and equipment and insistence on using of local firms and agents. Both Smith (2006) and An (2010) argue that all project risks can be divided into three main categories: known risks, known unknowns and unknown unknowns. The difference between the categories is the decreasing ability to predict or foresee the risks. Table 3.1 presents a brief explanation about these three categories of risks. Table 3.1 Categories of risks (An, 2010) Known risks Including minor variations in productivity and swings in material costs. These occur frequently and are an inevitable feature of all construction projects. Known unknowns Including the risk events whose occurrence is predictable. Either their probability of occurrence or their likely effect is known. Unknown unknowns Those events whose probability of occurrence or their likely effect is unknown. Risk resources can also be divided into four elements: trivial, expected, hazard and risk management. Events with a low impact are not serious and can be divided into the elements of trivial and expected. For the high impact and low probability, these events are hazards which might occur but are too remote to be considered. (An, 2010)Taking into consideration of the probability of the occurrence and the consequence for project objectives, those events that have high probability and high impact are subjected to risk management. Figure 3.2 shows the classification of risk resources. Figure 3.2 Classification of risk sources (Smith, 2006) The causes of risk are various and depending on the size, complexity, novelty, location of the project as well as on the speed of construction and political or commercial plan. Long-term projects are thought to be more risky because the possibility of something going wrong is bigger to appear and the need for immediate plans of action that allow change is fundamental. The sources of risk are presented in Table 3.2. Table 3.2: Sources of risk (Thompson, Perry, 1992) Source Example Client, Government, regulatory agencies Bureaucratic delays, changes in local regulations Funding, fiscal Changes in government funding policy, liaison between several funders Definition of project Change in project scope Project organisation Authority of project manager, involvement of outside bodies Design Adequacy to meet need, realism of design programme Local conditions Local customs, weather windows Permanent plant supply Degree of novelty, damage or loss during transportation Construction contractors Experience, financial stability Construction materials Excessive wastage, quality, delivery Construction labour Industrial relations, multi-racial labour force Construction plant Resale value, spares availability Logistics Remoteness, access to site Estimating data Relevance to specific project availability Inflation Exchange rates Force majeure It is important to use the table as the first step in risk assessment process in order to identify all the relevant risks of the construction project. By identifying all the construction risks in the early stage of risk assessment process, successful risk management can be achieved. Failing to identify risks in the risk identification stage is a hazard to the risk management process. (Perry and Thompson, 1992) Moreover, risks can be classified based on the ability of the project to control them. A separation of risk as a local, global and extreme is based on the controlling ability of project parties on risks. As a result, this method helps to identify 80% of the risk, the last may not be worthwhile looking for, and a few of these risks could not be reasonably foreseen. (Smith, 2006) Figure 3.3 shows the hierarchy of identified risks. Figure3.3: Hierarchy of identified risks (Smith, 2006) Project parties have to manage the manageable risks by the settled frame and prepare to accept the challenges of the unmanageable risks. The preparation can reduce the losses caused by the unmanageable risks. Besides, some global risks can be reduced for sure. Categorization of risks would definitely help to identify risks. No matter what method is used to identify the risks, it is important that risks should be identified and assessed carefully, which is even more important in the early stages of the project since it will affect the decision making of the project participants. 3.2.3 Importance of Risk Management in the Construction Industry Change is inherent in construction work. When an uncertain event occurs, it will impact some of objectives such as the cost, schedule, and quality of the project. Construction projects often have a poor performance due to a lack of reasonable risk management process. (Liu Renhu, 2005) Many projects fail to meet deadline or cost and quality targets. As a result, risk management becomes an important part of construction management. Risk management intends to identify and manage those potential and unforeseen problems that might probably occur during the project implementation. And also, it tries to identify as many risk event as possible minimize their impact on the project, manage the responses to those events that are probably to materialize, and provide contingence funds to cover risk event that actually materialize. The essential purpose of risk management is to improve project performance via systematic identification, appraisal and management of project related risks. The focus o n reducing threats or adverse outcomes, which we might call downside risk, misses a key part of the overall picture. (Chapman, Ward, 2003) Changes cannot be eliminated, however, by applying risk management in project construction participates are able to improve the construction management. The benefit of risk management can be concluded as follows: Project issues are clarified, understood and considered from start; Decisions are supported by thorough analysis; The definition and structure of the project are continually monitored; Clear understanding of specific risks associated with a project; Build-up of historical data to assist future risk management procedures. (An, 2010) 3.2.4 Project Planning The control of time cannot be affected insulation from resources and costs. Project planning methods should consider the communication with all the parties in a project in order to identify sequences of activates and draw attention to potential problem areas. Careful and continuous planning contributes to successful construction project. Sequences of activities will be defined and linked to a time-scale to ensure that priorities are identified and efficient use of expensive or scare resources. However, since the uncertainty occurs during construction, the plan will always change and it must be updated quickly and regularly in order to maintain the most efficient way of completing the project. In developing a controlling plan, it is vital to distinguish between different categories of change and to fully instigate the formal aspect of the project. (An, 2010) All the parties and resources involved in construction have influences on project plan. However, project plan will change when uncertainty occurs. The purpose of planning is to persuade people to perform tasks before they delay. A framework of decision making in case of change occurs should be included in project planning. (Smith, 2006) 3.3 Risk Management in the Construction Industry 3.3.1 Risk Management strategy Both client and contractor are concerned about the projectà ¢Ã¢â ¬Ã¢â ¢s risk allocation. Generally, the client or the project owner has an overall risk management strategy and policy included in the strategic documents and quality management system. Risk management strategy is shown in figure 3.4. Management of project risk Figure 3.4 Risk Management Strategy (Smith, 2006) The most important issues which the project owner concerned in risk strategy are risk ownership and risk financing. Risk ownership is explained as which party owns the risks and risks expose and transfer. Risk financing can be explained as how to include and use budget of risk allowance or contingency. The participants make decisions, which affect the responsibilities of the parties, to define the organization and procedures of a project. (An, 2010) It influences the construction, commissioning, change and risk of a project and this is how it affects the construction processes. (Smith, 2006) 3.3.2 Process of Risk Management 3.3.2.1 Introduction Risk management is one of the most critical project management practices to ensure a project is successfully completed. (Chapman, 1997) The goal of risk management in construction industry can be stated as following: à ¢Ã¢â ¬Ã
âTo be competitive in meeting the clients specifications with solutions that are cost-effective at an acceptable level of riskà ¢Ã¢â ¬Ã¢â ¢Ã ¢Ã¢â ¬Ã¢â ¢ (An, 2010). To successfully achieve the goals in any projects, the following four aspects need to be met: Competitiveness Specification Cost-effective Risks It is important to consider the four criteria as a whole. There are two major objectives managing risk: one is to avoid the downside risks and the other is to exploit opportunities. Risk management is a process of defining the need for identifying, estimating and evaluating risks in order to control them at an acceptable level. (An, 2010) The risk management system is shown is figure 3.5. Figure 3.5 risk management frame work (An, 2010) Four aspects are involved in risk management, which are hazard identification, risk assessment, risk reduce or risk response and emergency preparedness. These will be introduced in the following paragraphs. 3.3.4.2 Hazard Identification Hazard identification is the first step of the risk management process. It is aimed at determining potential risks which may affect the project. Ideally, all the potential risks and hazards should be identified when the decision is being made so that the participants can deal with before they occur. However, although prevention is better than cure, no risk management system can identify all the risks and hazards in advance. (Martin Loosemore, 2006) In this way, hazard identification needs to be carried out carefully in order to reduce the potential risks in the project. As the first step of risk analysis, hazard identification is the most important one as it helps to identify the potential risks whose effects act as an impediment to the project, and this process will also help with risk mitigation and control. A general definition of hazard is stated as following: A hazard is an undesirable outcome in the process of meeting ant objective, performing a task or engaging in an activity (An, 2010). The undesirable outcome of a hazard could involve: Injury to personnel Damage to property Pollution to the environment and A combination of all the above (An, 2010) Risk identification is one of the most important steps of risk management because it makes the risks clearer. As a result, Chapman (2001) points out that the success of later risk management phases is directly affected by the quality of the identification phase. Risk identification procedure identifies and categorizes risks that could affect the project. This procedure includes discovering, defining, describing, documenting and communicating risks before they become problems and affect a project. (Barati, S.,Ãâà Mohammadi, S., 2008) Risk identification is a tool for identifying all the significant sources and causes of risk and hazards in a project. Numbers of methods and techniques are used in identifying the project risks (IEC 2001), including brainstorming, expert opinion, structured interviews, questionnaires, checklists, historical data, previous experience, testing and modelling and evaluating other projects. Perry (1992) points out the most popular methods of hazard identification. They are: Checklists prepared by experienced people that are involved in the project. Brainstorming sessions where groups of people are trying to come up with potential risks through conversation and exchange of ideas. Historical data of previous similar projects that can assist in the portraying of risks. Interviews of key participants of the project or experts involved with it. These techniques are to provide a systematic approach for identifying potential hazards in construction industry. (An, 2010) Empirical studies of risk management practice (Lyons, Skitmoreà ¯Ã ¼Ã
â2004) show that the checklists and brainstorming are the most useful techniques in risk identification. And they also point out that risk identification often rely on individual judgments of the project participants. Another method applied for the identifying risk events is the HAZOP study (Hazard and Operability). This is a technique using à ¢Ã¢â ¬Ã
âguide-wordsà ¢Ã¢â ¬? in order to study deviation from the design objective of a project and its elements. (An, 2010) A helpful action would be to group the risks and separate them into specific categories after the first stage of risk identification. This would benefit the risk assessment process by applying a suitable technique to each category and furthermore in the selection of a risk management response for each type. (An, 2010) in construction industry three main types of hazards which need to be taken into account are the followings: Management Hazards: Associated with management and organizational issues, such as policy, commitment of funds for training, and the project of specific equipment and schedules to be met. Commercial Hazards: Arise from commercial considerations, and particularly associated with decisions on spending. A typical example is the selection of a less expensive material that just meets the minimum standard required instead of opting for the more expensive item with huge specification and a track record of high quality. Sometimes a contract is accepted as a cost below the desired level, and savings have to be made in order to complete the work. This in turn may lead to potential hazards due to commercial factors. Time Hazards: Many projects need to be completed by an agreed date. Delays due to the factors such as late delivery of materials, unforeseen production difficulties or failure to meet specification would affect the ability to meet deadline. As a consequence of failure to meet the deadline, it could affect future contracts and disrupt the schedules. All these events can be considered as hazards or time hazards. Each project has different associated hazards, which differ from various technology or organizations or anything else applied in the projects. A checklist of construction hazard drivers is shown: Financial Hazards Legal Hazards Political Hazards Social Hazards Environmental Hazards Communications Hazards Geographical Hazards Geotechnical Hazards Construction Hazards Technological Hazards Demand/product Hazards (An, 2010) After hazard identification, the potential hazards can be listed and grouped. Then, risk assessment method can be applied to build the risk level. 3.3.4.3 Risk Assessment Once risks have been identified, they must then be accessed. The sources of risks should be identified first, and then the effects of the risks should be assessed or analyzed. Risks can be assessed either using a quantitative or qualitative analysis. (Thompson, Perry, 1992) Qualitative Methods: The first step of the qualitative analysis is also the first step of risk assessment risk identification, which is described above as the first step of risk management. Then, an assessment of the probability of occurrence and impact of the risks should be taken out. Qualitative risk assessment usually includes the following issues: A brief description of the risk The stage of the project when it may occur The elements of the project that could be affected The factors that influence its occurrence The relationship with other risks The likelihood of its occurrence How it could affect the project (Smith, 2006) Using qualitative methods is the first step of risk assessment. Then, a quantitative assessment is only for the risks whose further information is required. These risks are usually serious and can jeopardise the project. Quantitative Methods: According to Barrow (2007), there are four reasons why risk should be managed: to minimize delays, to reduce cost, to improve return on investment, to increase the number of opportunity. Possible consequences of risk occurring are defined and qualified in terms of: Increased cost such as additional cost above the estimate of the final cost of the project Increased time such as additional time beyond the completion data of the project through delays in construction Reduced quality and performance such as the extent to which the project would fail to meet the user performance based on quality, standards and specification. (Smith, 2006) Several methods can be used in risk assessment and risk metrics method is going to be introduced. Risk metric is a two-dimensional presentation of likelihood and consequences using qualitative for both dimensions, event modelling is a systematic way to identify accident scenarios and quantify risk. (Ayyub, 2005) Estimating the probability and impact of risk in simple scales, such as from 1 to 5 or from high to low, is the most common way, and boundaries can also be numerically defined. Risk can be characterized by probability and consequence, and examples are given in table 3.3 and table 3.4. Probability of Occurrence Scale Descriptor 1 Rare 2 Unlikely 3 Possible 4 Likely 5 Almost Certain Table 3.3 Probability of Occurrence (An, 2010) Rating of consequences Scale Descriptor 1 Insignificant 2 Minor 3 Moderate 4 Major 5 Severe Table 3.4 Rating of consequences (An, 2010) As mentioned in pervious paragraph, Table 3.5 shows that risks can be allocated in three regions. Table 3.5 Risk Matrix (An, 2010) Consequence Probability 1 2 3 4 5 5 Tolerable Tolerable Intolerable Intolerable Intolerable 4 Negligible Tolerable Tolerable Intolerable Intolerable 3 Negligible Tolerable Tolerable Tolerable Intolerable 2 Negligible Negligible Tolerable Tolerable Intolerable 1 Negligible Negligible Negligible Tolerable Tolerable And this can also be replaced by two curves, as its shown in figure 3.6. Figure 3.6 Graphical presentation of risk regions (An, 2010) During risk assessment, identified risks are evaluated and ranked. The goal is to prioritise risks for management. The assessment of the risks leads the hazards to be classified in a region, which would determine the importance (risk level) of each hazard, and the possible regions are the intolerable, tolerable or the negligible region. Figure 3.7 shows the risks listed in the appropriate regions. Figure 3.7 Output of risk assessment element (An, 2010) The risks are allocated in three regions, after that, the risks should be selected the risk response to them. 3.3.4.4 Risk Response Once the risks are identified and assessed, the next step of the risk management procedure is to response to these risks. The nature of the response depends on the decisions made by the management team. In order to respond correctly, the team has to process the information available for the risk. There are two types of responses to risks: immediate response and contingency response. The immediate response mitigates or eliminates the risks through alterations of the project plan. The nature of contingency response is preparing a plan for an alternative course of action and implementing it when the risk arises. (An, 2010) There are four basic ways of responding to risk and they are risk retention, risk transfer, risk reduction and risk avoidance. In order to effectively manage a risk, it is necessary to adopt a combination of strategies to treat it. The selection process can be iterative until the most effective treatment strategy is developed. (Smith, 2006) Avoidance: Risk avoidance deals with the risks by eliminating the risks through changing the project plan or certain features. Another way of risk avoidance or reduction is re-design or changing the method of construction. (Perry, Hayes, 1985) However, there are only a few situations this response can be used. Reduce: Risk reduction aims at reducing the probability and consequences of a risk event. The measures should be taken with consideration of the value for money. Reducing the level of risks could raise the cost. Only when the value of the reduced risk is beyond the cost it caused, this method can be taken. Risks can be reduced by: Obtaining additional information Performing additional tests/simulations Allocating additional resources Improving communication and managing organisational interfaces(An, 2010) After risk assessment, hazards are allocated in the intolerable, tolerable and negligible regions. There are some guidelines for risk reducing. Hazard in the intolerable region: risks in this level should be eliminated or cost-effective cannot be achieved. As a result, the project should be considered for abandoning. Hazard in the tolerable region: to reduce risks in this region, two aspects should be considered. One is whether the risk is close to the intolerable region, the other one is whether it is a cost-effective reduction process. It is better to reduce the risk no matter how expensive it might cost in dealing with the first situation. For the second consideration, it is better to reduce the risk and checking carefully of its allocation. Hazard in the negligible region: it is recommended that these hazards should be left alone, since they are not worth to reduce. (An, 2010) Transfer: Risk transfer is to transfer risks from one party to another. This would happen between parties in a project or between one party in the project and one outside. (An, 2010) Some contractual obligation can also be used as risk transfer method, because no one is willing to accept a risk without any form of compensation. Generally, it is better to transfer the risks to the parties who can best control them. Acceptance or Retention: If the other methods fail to adequately or fully treat the risk, the project has to be prepared to accept the risk or any residual risk remaining after some initial treatment. The party which is holding a risk may be the only one that can manage the risk or accept the consequences. If the risk is under control of this party, the likelihood of happening or minimise the impact of the risk could be reduced. It is possible for a risk to have a number of potential treatment equally suitable but varying in cost. The selection of a final treatment must be made as cost-effective. The cost of managing the risk should be commensurate with the benefits obtained. The risk response process is directed at identifying a way of dealing with the identified and assessed project risks. Risk reduction is the most frequently used technique within the construction industry. Managing the risks of a project is a rather difficult task. Choosing any form of treatment may itself expose the project to additional risks. In this way, attention should be paid to ensure that the treatment strategy does not expose the project to greater risk than what the original risk was designed to treat. 3.3.4.5 Emergency Preparedness Even when the pervious risk management processes have been well applied, accidents happen occasionally. The goal of emergency preparedness can be concluded as the following: To be prepared to take the most appropriate action in the event that hazard becomes a reality so as to minimise its effects and, if necessary, to transfer personal from a location with a higher level to one with a lower risk level. (An, 2010) Regarding the management of risk, an emergency preparedness is the preparation of contingency plans and courses of action in case the risk arises during construction. The emergency preparedness could also be an alternative course of action prepared as a contingency plan. 3.4 Conclusion Risk management intends to identify and manage those potential and unforeseen problems that might probably occur during the project implementation. And it could identify as many risk event as possible, minimize their impact to the project, manage the responses to those events that are probably to materialize, and provide contingence funds to cover risk event that actually materialize. Precaution is better than cure. The same principle can be applied to risk management which should be a proactive approach rather than a reactive one. Risk management is a preventive process to ensure that negative impacts are reduced and that harmful consequences associated with undesirable events are minimized. Generally, the risk management process should include: risk identification, risk assessments, risk response and emergency preparedness. Once risk has been identified, they must then be accessed on their potential severity of loss and the probability of occurrence. Then through the following stag es such as risk avoidance, reduction, retention or risk transfer, the risks can be dealt with and its impact can be decreased to a certain extent.
Wednesday, November 13, 2019
Iago of Shakespeares Othello :: free essay writer
Iago of Othello Of all the characters presented in Shakespeare's literature the most sinister one is without a doubt Iago. He is a ruthless sociopath. No other character can even come close to his evil. Most of the antagonists present in Shakespeare's plays have valid reasons for the troubles the cause. Iago doesn't for the most part he just has a burning hatred for the world especially Othello. Iago is the whole reason there is any conflict in Othello . If he never had entered the play Othello would have married Desdimonia and they would have lived happily ever after. Right from the beginning of the play to the very end he causes conflicts. He is directly or indirectly responsible for the deaths of: Othello Desdimona, Emilia, Cassio, and Roderigo. Which happen to be all of the main characters. I believe Shakespeare didn't just want Iago's character to be evil. I think he wanted him more to symbolize it. All of the problems he causes are through lies, treachery, manipulation, and a deep unknown hate. Some of his hate is fueled by jealousy and revenge. The ironic part is that he wants to be known as "honest Iago". Every act contains an evil plot set up by Iago. They all play into his "grand scheme". In the very beginning of act 1 Iago displays his hatred for Othello. He is angry at him for making Cassio the lieutenant. Jealousy is his first motif. He than tells Roderigo (a fo rmer suitor of Desdimonia) that Othello and Desdimonia are getting married. The two of them then go and tell Desdimonia's father, Brabantio that Othello and his daughter just got eloped. This infuriates Brabantio. Soon after Brabantio gets a gang after Othello. Iago's treachery is first displayed hear. When Othello is confronted Iago is on his side. Iago was the person who insighted the whole ordeal. Act 1-3 is where Iago pieces together his whole sinister plot to get revenge. He first tells Roderigo to sell his lands and move to Cypress to court Desdimonia. The last stanza is where he manifests his "grand scheme". His idea is to get Othello into thinking Cassio is in love with Desdimonia. That way Cassio will be dismissed from lieutenant and Othello will lose Desdimonia. Shakespeare does a very good job in showing what kind of person Iago is right from the beginning of the play. Iago of Shakespeare's Othello :: free essay writer Iago of Othello Of all the characters presented in Shakespeare's literature the most sinister one is without a doubt Iago. He is a ruthless sociopath. No other character can even come close to his evil. Most of the antagonists present in Shakespeare's plays have valid reasons for the troubles the cause. Iago doesn't for the most part he just has a burning hatred for the world especially Othello. Iago is the whole reason there is any conflict in Othello . If he never had entered the play Othello would have married Desdimonia and they would have lived happily ever after. Right from the beginning of the play to the very end he causes conflicts. He is directly or indirectly responsible for the deaths of: Othello Desdimona, Emilia, Cassio, and Roderigo. Which happen to be all of the main characters. I believe Shakespeare didn't just want Iago's character to be evil. I think he wanted him more to symbolize it. All of the problems he causes are through lies, treachery, manipulation, and a deep unknown hate. Some of his hate is fueled by jealousy and revenge. The ironic part is that he wants to be known as "honest Iago". Every act contains an evil plot set up by Iago. They all play into his "grand scheme". In the very beginning of act 1 Iago displays his hatred for Othello. He is angry at him for making Cassio the lieutenant. Jealousy is his first motif. He than tells Roderigo (a fo rmer suitor of Desdimonia) that Othello and Desdimonia are getting married. The two of them then go and tell Desdimonia's father, Brabantio that Othello and his daughter just got eloped. This infuriates Brabantio. Soon after Brabantio gets a gang after Othello. Iago's treachery is first displayed hear. When Othello is confronted Iago is on his side. Iago was the person who insighted the whole ordeal. Act 1-3 is where Iago pieces together his whole sinister plot to get revenge. He first tells Roderigo to sell his lands and move to Cypress to court Desdimonia. The last stanza is where he manifests his "grand scheme". His idea is to get Othello into thinking Cassio is in love with Desdimonia. That way Cassio will be dismissed from lieutenant and Othello will lose Desdimonia. Shakespeare does a very good job in showing what kind of person Iago is right from the beginning of the play.
Sunday, November 10, 2019
Advantages and Disadvantages of Bonds
Advantages/Disadvantages Advantages of bonds Bonds as an investment instrument bring a lot of advantages to the bond holders. Firstly, bonds are more stable than stocks. Investing in bonds involve lower risks compared to stocks. Normally, bond holders are more likely to receive the coupon rate (interest) from bond issuers. So, there is very less chances that bond holders will lost out on their investment. Also, they can feel relieved when they invest in the reliable investment and taking less risk to loss all their money they invest. Besides, bonds are predictable.On the maturity date, bonds are returned to bond issuers in the form of fixed periodic interest and principal amount of the bonds . Bond holders can know how much coupon rate (interest) , how often will receive it and when the value will be repaid (matures) when they purchase the bonds . The interest rate given by bonds are typically higher than the interest rate paid by banks on saving account. Basically, bond holders rece ive more interest than account holders . This means bonds will give the greatest return without posing too much risk. Moreover, certain bonds can be exempted from the income tax such as municipal bonds.So, the interest earn from the municipal bonds can be the investorsââ¬â¢ profit without any tax on it. Investors who pay high taxes can take advantage of tax exempt bonds. Many municipal bonds are free of state taxes. Some of are also exempt from federal taxes. This is an additional incentive to invest in bonds since lower taxes result in larger gains. Other than that, bonds do not need constant monitoring like some investment instruments. Unlike margin, the investors need to check the price, status, news from time to time and this make a tension life to them.Therefore, it is an advantage for bond holders because they no need spend their time to check the status of their bonds. Disadvantages of bonds Investing in bonds also has it disadvantages. Bonds also take risk . If the compan ies and municipalities canââ¬â¢t solve their financial problem and go bankrupt, the bonds will then loss value or become worthless. This may happen on those who buy long term bonds which may take twelve years to mature. Investor would not know what will happen on the duration, especially for those who buy from corporate bonds. The interest rate of bond is higher han savings account but much lower than share, gold or real estate. This is the reason why people do not invest in bonds. Also, they want to double or triple the money they invest with good investment which can make a higher profit than bonds. The gold, share and real estate are some of the high return capital in the market, while the bonds are not constant in long term. The other disadvantage of bonds is the bond issuers may not able to pay back what they agreed or promised to. If the bonds are repaid in early month before the maturity date, the bond holders will loss the interest from bonds as a part of their income.The bond fund managers who were expecting continued income from those bonds may suddenly be forced to buy other bonds that don't pay as well. Besides that, long-term bonds can fall in value with fluctuating interest rates. This lowers the value of bonds and tied money of bondholders. If an investor's money is tied up in some low yielding long term bonds and suddenly the interest rates of banks or other bonds go up, there is nothing much the investor can do about the situation. In such case, an investor will end up making much lesser money as he could have, if he had invested in other instruments.
Friday, November 8, 2019
The history of tattooing essays
The history of tattooing essays Throughout history tattooing has been practiced by men and woman all over the world. From Egypt to Tahiti, from the Bering Strait to Japan tattooing has played a significant role in virtually every culture. Ranging from a rite of passage or a sacrifice to the Gods to symbolizing warrior class or simply the imitating of anothers culture the ancient art of tattooing is now accessible to virtually everyone who is of legal age allowing that the practice is legal in ones area. An affordable and everlasting form of self expression, tattooing and its history should be acknowledged by everyone. The word tattoo is derived from the Tahitian word tatu, which means to mark something. The exact date, place and reason for tattooing are unknown. It is, however, generally agreed that the ancient Egyptians used tattoos to indicate social rank as early as two thousand B.C. Hundreds of cultures around the world have practiced the art of tattooing. Russian archeologists discovered in nineteen-ninety-four the mummified body of a woman who is believed to have lived two thousand years ago. Her elegant burial dress along with the intricate tattoos in blue on her left arm led to the belief that she was a princess and a priestess in ancient Siberia. In New Zealand, the Maori and Tamoko used tattoos to indicate rank in society. The Maori developed a style of facial tattooing known as Moko for its warrior class. The Ainu of Western Asia also used tattoos to show social status. In Borneo women tattoo artist were marked with hand and finger tattoos to show their position as weavers in their culture. Burmese tattooing has been associated with religion for thousands of years. Tattooing among indigenous North American groups including the Arapaho, Mohave, and Inuit (Eskimo) is rooted in the spiritual realm as well. Tattoos of spirit birds were common in all of these societies. Each of these groups had a myth about a great flood, and it is believed that...
Wednesday, November 6, 2019
Bronsted Lowry Theory of Acids and Bases
Bronsted Lowry Theory of Acids and Bases à The Brà ¸nsted-Lowry acid-base theory (or Bronsted Lowry theory) identifies strong and weak acids and bases based on whether the species accepts or donates protons or H. According to the theory, an acid and base react with each other, causing the acid to form its conjugate base and the base to form its conjugate acid by exchanging a proton. The theory was proposed independently by Johannes Nicolausà Brà ¸nstedà and Thomas Martin Lowry in 1923. In essence, Brà ¸nsted-Lowry acid-base theory is a general form of the Arrhenius theory of acids and bases. According to the Arrhenius theory, an Arrhenius acid is one that can increase the hydrogen ion (H) concentration in aqueous solution, while an Arrhenius base is a species that can increase the hydroxide ion (OH-) concentration in water. The Arrhenius theory is limited because it only identifies acid-base reactions in water. The Bronsted-Lowry theory is a more inclusive definition, capable of describing acid-base behavior under a wider range of conditions. Regardless of the solvent, a Bronsted-Lowry acid-base reaction occurs whenever a proton is transferred from one reactant to the other. Key Takeaways: Brà ¸nsted-Lowry Acid-Base Theory According to the Brà ¸nsted-Lowry theory, an acid is a chemical species capable of donating a proton or hydrogen cation.A base, in turn, is able to accept a proton or hydrogen ion in aqueous solution.Johannes Nicolausà Brà ¸nstedà and Thomas Martin Lowry independently described acids and bases this way in 1923, so the theory usually bears both of their names. Main Points of the Bronsted Lowry Theory A Bronsted-Lowry acid is a chemical species capable of donating a proton or hydrogen cation.A Bronsted-Lowry base is a chemical species capable of accepting a proton. In other words, it is a species that has a lone electron pair available to bond to H.After a Bronsted-Lowry acid donates a proton, it forms its conjugate base. The conjugate acid of a Bronsted-Lowry base forms once it accepts a proton. The conjugate acid-base pair have the same molecular formula as the original acid-base pair, except the acid has one more H compared to the conjugate base.Strong acids and bases are defined as compounds that completely ionize in water or aqueous solution. Weak acids and bases only partially dissociate.According to this theory, water is amphoteric and can act as both a Bronsted-Lowry acid and Bronsted-Lowry base. Example Identifyingà Brà ¸nsted-Lowry Acids and Bases Unlike Arrhenius acid and bases, Bronsted-Lowry acids-base pairs can form without a reaction in aqueous solution. For example, ammonia and hydrogen chloride may react to form solid ammonium chloride according to the following reaction: NH3(g) HCl(g) ââ â NH4Cl(s) In this reaction, the Bronsted-Lowry acid is HCl because it donates a hydrogen (proton) to NH3, the Bronsted-Lowry base. Because the reaction doesà not occur in water and because neither reactant formed H or OH-, this would not be an acid-base reaction according to the Arrhenius definition. For the reaction between hydrochloric acid and water, its easy to identify the conjugate acid-base pairs: HCl(aq) H2O(l) ââ â H3O Cl-(aq) Hydrochloric acid is the Bronsted-Lowry acid, while water is the Bronsted-Lowry base. The conjugate base for hydrochloric acid is the chloride ion, while the conjugate acid for water is the hydronium ion. Strong and Weak Lowry-Bronsted Acids and Bases When asked to identify whether a chemical reaction involves strong acids or bases or weak ones, it helps to look at the arrow between the reactants and the products. A strong acid or base completely dissociates into its ions, leaving no undissociated ions after the reaction is completed. The arrow typically points from left to right. On the other hand, weak acids and bases dont completely dissociate, so the reaction arrow points both left and right. This indicates a dynamic equilibrium is established in which the weak acid or base and its dissociated form both remain present in the solution. An example if the dissociation of the weak acid acetic acid to form hydronium ions and acetate ions in water: CH3COOH(aq) H2O(l) ââ¡Å' H3O(aq) CH3COO-(aq) In practice, you might be asked to write a reaction rather than have it given to you. Its a good idea to remember the short list of strong acids and strong bases. Other species capable of proton transfer are weak acids and bases. Some compounds can act as either a weak acid or a weak base, depending on the situation. An example is hydrogen phosphate, HPO42-, which can act as an acid or a base in water. When different reactions are possible, the equilibrium constants and pH are used to determine which way the reaction will proceed.
Monday, November 4, 2019
Professional ethics Essay Example | Topics and Well Written Essays - 500 words
Professional ethics - Essay Example The professional ethics usually go in line with the moral ethics, placing expectations to the members of the profession to act in a morally permissible manner. Examples of common professional ethics that cut across all professions include loyalty, transparency, integrity, honesty, among others. Some professionals such as medical practitioners have their own universal code of ethics which are observed world-wide by all the members of that profession. All medical doctors have to abide to the ââ¬ËHippocratic oathââ¬â¢, which is their universal form of professional ethics. Professional ethics are very important not only for the professionals but also for the members of the public. They place some responsibilities on members of a certain profession in line with the training and expectations of the society from the professions. For example, professional ethics of a police officer give him or her responsibility of maintaining law and order, preventing crime and ensuring the general wellbeing of the society. It would thus be against the professional ethics of a police officer if a crime is committed in his presence and the officer does not respond to the situation. On the contrary, an ordinary citizen or member of another profession who has no training in law enforcement will not be held responsible for being unable to stop a crime in progress as that is not his/her responsibility. Professional ethics also aid in ensuring optimum service delivery by members of a profession by maintaining discipline within the profession. For example, professional ethics expect members of a profession always to strive to deliver as per the main objectives of the profession without looking at monetary gain. This means that for one to be a member of a given profession, he or she must have a passion and will to serve the people as per what the society expects of them without looking at how much he/she will gain from doing so. For example, it is professional ethics that
Friday, November 1, 2019
Ankle strain Essay Example | Topics and Well Written Essays - 1500 words
Ankle strain - Essay Example Instability to the joint occurs whenever there is a fracture of any of the bones of the joint or when there is sprain. Sprain means damage to the ligament. It can be just stretching of the ligament or tearing or rupture of the ligament. Ankle sprains are the most common injuries to the ankle. In fact, they account for 85% of the injuries to the ankle (1). Most of the times the sprains are inversion sprains where the lateral ligaments are damaged.Ã Ã This is because of the bony and soft tissue anatomy of the ankle and the fact that the lateral malleolus extends further inferiorly than the medial malleolus (2). Other types include syndesmotic sprains and eversion sprains. It is important to diagnose and treat ankle sprains appropriately to prevent symptoms of chronic instability like loss of motion, strength and proprioception (1). Sprains of the ankle account for 38-45% of all injuries in sports (1). It is more common in those who are less active and in the elderly (1). No sex predominance has been noted (1). In about 40% of those who have suffered ankle sprains, chronic instability is a sequel (1). 19 year old James was brought to the emergency department on a Saturday morning at 4 am following injury to the right ankle as he tumbled over the steps while he was returning from a party. He looked intoxicated. On admission to the casualty, he was found to be in intense pain. Examination of the right ankle revealed moderate swelling at the joint with no external bruises and decreased movements at the joint. Pain was mainly localized to the lateral side. He could bear weight on that joint but with pain. Palpation ruled out the possibility of any fractures. There was no evidence of neurovascular compromise either. Past medical history was unremarkable. A diagnosis of grade-II ankle lateral ligament sprain was made in this patient. Ice with the help of ice bag was applied locally. The affected
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