An Outline of the Basic Concepts of Narrative Therapy Essay Example

An Outline of the Basic Concepts of Narrative Therapy Essay Example An Outline of the Basic Concepts of Narrative Therapy Paper An Outline of the Basic Concepts of Narrative Therapy Paper Article Topic: Account Michael white and David Epston are most popular for their utilization of account in treatment. As per white people develop the significance of life in interpretive stories which are then rewarded as truth. Embracing a postmodern, account, social constructionist see reveals insight into how power information and truth are haggled in families and other social and social settings. Key ideas Focus account treatment includes embracing a move in center from most customary speculations. Advisors listen deferentially to customers stories to scan for times in the customers lives where they were clever, use inquiries as an approach to draw in customers, abstain from diagnosing and naming customers, helping customers in mapping the impact an issue has had on their lives and to help the customer in isolating themselves from the prevailing stories they have disguised so making of new stories can happen. The job of stories the accounts we live our lives by shape our existence in that they develop and establish what we see, feel and do. Customers will in general be the victors or legends of their own accounts and the specialist is advantaged to be a piece of this unfurling procedure. Tuning in with a receptive outlook All social constructionist hypotheses place an accentuation on tuning in to customers without judgment or fault, attesting and esteeming them. Specialists can urge their customers to reevaluate absolutist decisions by pushing toward seeing both â€Å"good† and â€Å"bad† components in circumstances. Account advisors expect to assist customers with making new significance from the narratives customers share. As the customer recounts to their story the specialist can tune in for circumstances where the customer had the option to beat troubles in the past along these lines featuring the customers own qualities. One of the therapist’s jobs is to remind the customer that they can equipped for overseeing and beating the issues they face in any event, when the customer can't see this. Another significant job the story specialist attempts is to isolate the issue from the customer by tuning in and reacting. Account advisors don't accept a specialist position and customers are the essential translators of their own encounters, in this way the procedure of progress can be encouraged yet not coordinated by the advisor. The helpful procedure There are a few stages in the restorative procedure however recall that they don't follow a straight movement. Make a commonly worthy name for the issue with the customer Personify the issue and trait abusive aims and strategies to it Investigate how the issue has been disturbing or disheartening the customer Invite the customer to see their story from an alternate point of view Discover minutes when the customer wasn’t ruled by the issue Find chronicled proof that the customer had the option to beat issues in the past As the customer to estimate about what sort of future could be normal from this new skilled individual who is rising up out of the recently developed story Find or make a group of people for seeing and supporting the new story It is increasingly practical to consider occasions occurring in a recurrent movement containing the accompanying components; Move issue stories toward externalized portrayals of issues Map the impacts of an issue on the person Tune in to indications of solidarity and fitness in an individual’s issue immersed stories Build another account of ability and report these accomplishments Therapy objectives a general objective of story treatment is to welcome the customer to depict their involvement with new and new dialect. In doing this the customer investigates additional opportunities and empowers customers to grow new implications for hazardous considerations, sentiments and practices. Story treatment quite often incorporates a consciousness of the effect of different parts of the predominant culture on human life. Advisors capacity and job Act as dynamic facilitators. The ideas of care, intrigue, deferential interest, receptiveness, sympathy, contact and even interest are viewed as social need. A fundamental undertaking of the advisor is to assist customers with developing a favored story. White and Epston both beginning with an investigation of the customer according to the introducing issue. From that point they would endeavor to isolate the customer from the issue and in doing so externalize the issue as outer to the customer. Advisor receives a not knowing mentality through language decision and keeps away from conclusion and pathologising. There are no set equations or plans for the act of story treatment. The procedure will shift with every customer on the grounds that every individual (and their accounts) is special. The helpful relationship incredible significance is set on the characteristics the specialist creatures to the treatment adventure.

Military Leadership Essay Example | Topics and Well Written Essays - 500 words

Military Leadership - Essay Example As the conversation stresses a significant number of the specialists are of the assessment that there ought to be an utilization of mixed methodology of authority with the goal that various strategies can be utilized in various sort of circumstances. Along these lines, there will be an assortment of instruments and strategies of administration that can be utilized appropriately. In military, the pioneers have the chance to change the method of ordering individuals according to the conditions so we can say that the mixed initiative style will be a decent or better alternative for the military heads. The essential errand of the pioneers is to assign the duty and the comprehension of any movement to the most skillful colleagues with the goal that the entire group can work in a proficient manner. Military pioneers likewise delegate undertakings to the sub ordinate specialists and in the greater part of the cases; the sub ordinates are increasingly acquainted with the errand as contrast w ith the pioneers. In this way, it will be acceptable that military heads may change their mentality according to the conditions. This paper features that the achievement of the detachment may likewise rely on the kind of military authority over them. The weight and the focused on circumstances are extremely regular for the military. It is fundamental for them to perform well in those circumstances. It very well may be simple for the powers to perform well on the off chance that they have an administration, which is additionally propelled, and those rousing for them who work in a circumstance. There for the military chiefs ought to be esteem sharing and the prize giving for their sub ordinates in these sorts of focused on circumstances. The examinations propose that the presentation of units is additionally influenced if the military initiative isn't that much compelling over them. A military head ought to be visionary and mandate for his detachment of officers since it will assist him with guiding the sub ordinates.

10 Gift Ideas Your Teacher Will Love

10 Gift Ideas Your Teacher Will Love (0) Although teachers never expect gifts from their students, especially in the upper grades, it’s always a pleasant surprise and a thoughtful way to let your teachers know they are appreciated. Since many teachers try to keep their personal lives separate from their work, it can be hard to know what gift your teacher will actually like and use. If you’re stuck for ideas, try one of the ten gift suggestions below that most teachers would love. Are you also stuck on how to build a bibliography? Visit our free EasyBib citation guides for help with MLA formatting, doing an APA style paper, or making a Chicago style citation. Coffee Almost all of us drink coffee to keep up with you energy balls. Instead of another mug (we get them all the time), some fancy, seasonal, or special coffee to put into a mug would surely be used. Spa day items Teachers work hard every day and don’t take much time to pamper themselves. Lower-budget options could include face masks, bubble bath soap, and candles. For more of a splurge you could throw in fluffy towels or a soft robe. Movie passes Teachers do what we do because we are passionate about our jobs, not to make the big bucks. Treat your teachers to a nice date night, or even a night out with the whole family, by giving them a gift card to the movies. That way, they can join in the next time you’re discussing the latest release in their class. Office supply store gift certificate On a more practical note, all students spend money on office supplies. Even if your school buys some supplies, most teachers love new planners, colored pens, stickers, and everything else at these stores. It may seem like less fun than some of the other ideas, but your teacher’s face of excitement when receiving office supplies will be all you need to see how great this gift is to us. Chocolate or candy Not everyone likes chocolate, but few teachers can resist a sweet treat as a mid-afternoon pick-me-up. If you choose this gift, go for more of an indulgent treat your teachers probably wouldn’t buy for themselves like those $10 fair trade, organic dark chocolate truffles (my personal favorite). Choose quality over quantity, especially around the holidays when cheap candy litters the school. Anything homemade This really should be number one on the list. Spending your free time to make us a work of art, a handmade bag, baked goods, or whatever else you are good at making speaks volumes about how much you care. If you make a large batch of something delicious, you can wrap individual servings for all of your teachers. Weird stuff One of the coolest gifts I’ve ever received from a student was a cheese grater. Sounds weird, right? Was it regifted? Maybe. Do I care? Not at all! Unwrapping something unusual is such a fun surprise! Another teacher pal loved a gift of some fake fur blankets from a student. These offbeat ideas may seem totally random but are actually really fun! Interest-specific gifts If you know any details about your teacher’s personal life, giving a gift that relates to it is extremely thoughtful. One teacher was moving to Colorado and adored the box of Rocky Mountain Chocolates they received as a going away present. Things we complain about This is sort of a silly gift, but nonetheless appreciated. Are you that kid who always needs to borrow a pencil? Buy your teacher a hundred pencils! Did you lose my stapler after borrowing it to decorate the halls? A funky replacement that won’t be mistaken for anyone else’s is a funny way to make amends. Plant This gift will bring life into your classroom or your teacher’s home. Decorative plants, especially those that are easy to care for, make any space more beautiful and relaxing. Hopefully this list has at least one idea you can use. Whatever you decide, it really is the thought that counts. Your teacher already loves you, so receiving a gift of any kind will be seen as a token of gratitude that lets your teacher know you were thinking of them and wanted to say thanks. A handwritten thank you card with (or instead of) a gift can also melt a teacher’s heart and make the difficult parts of being a teacher all worthwhile. Make your (and your teacher’s) life a little easier by proofreading your paper with the EasyBib Plus grammar and plagiarism checker. Receive suggestions to improve your paper and see if any other citations need to be added to your MLA works cited or APA reference page. There are also comprehensive grammar guides to start you off with a strong writing base.

The Business Forecasting Process - 766 Words

Business Forecasting What are the ramifications if one or more of your projections or forecasts do not hold true? What will you do if, during implementation, you find that you overstated your projections? How does sensitivity analysis relate to contingency planning? What are several risk mitigation strategies that you could implement to desensitize these variables? Of the many strategic and tactical uses of forecasting, the most critical from a cost standpoint is to mitigate risk and optimize potential revenue gains over time. The best forecasting frameworks and implementations balance risk mitigation and optimized revenue levels to stabilize the entire value chains of businesses (Hanafizadeh, Moosakhani, Bakhshi, 2009). The forecasting process over time can become an indispensable aspect of any broader strategic and knowledge management process including serving as a highly effective system of record (Kahn, Adams, 2001). Forecasting processes that resonate with reliability and serve as the foundation of their businesses also have tolerances defined to compensate errors in reported results (Jain, 2003). When a forecast is missed or not accurate, the best forecasting systems have tolerances or ranges of performance defined that can also be used for managing supply chain, production, pricing and services levels as well (Jain, 2003). The same holds true for overstated projections and the need for continually evaluated in terms of their reliability and validity. TheShow MoreRelatedEssay about Business Forecast1444 Words   |  6 PagesBusiness Forecast This Paper examines and compares various forecasting techniques used for qualitative and quantitative business forecasting and their use in Firstlogic Inc., to forecast the demand under conditions of uncertainty. 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In addition, through the analysis of the content presented in this paper, readers will be able to understand each aspect involved with the topic in discussion as well as its application against the competitive business market faced by companies worldwide. More importantly, by analyzing the content presented in this research paper, readers will also be able to learn and comprehend that when well applied, forecasting methods withinRead MoreSeason Your Data w ith Theory and Common Sense in Nate Silvers Book, Signal and The Noise1343 Words   |  6 Pageskeynote speaker was Bill Whiteside, who is a founder of Demand Solution Northeast, which markets and supports the Demand Solution suite of forecasting and supply chain management software in the Northeast US. He is a graduate of the University of Notre Dame and a professional member of APICS. At that dinner event, he presented twelve supply chain forecasting lesson from â€Å"The Signal and The Noise.† The Signal and The Noise book is about the overwhelming proliferation of data and how so much of that

Good Vs Evil Essay - 1198 Words

The area between good and evil are muddled with uncertainty and dualistic outcomes. Christopher Marlowe’s complex play, The Tragical History of Doctor Faustus, implores readers to evaluate the theological concepts of good versus evil. This play tells a story of an educated man who signs a deal with the devil in order to be on the same level as a God. Through this journey, Faustus fights with himself over the implications of his actions and becomes scared of his impending damnation. Despite a breach of contract, Faustus should be damned at the end of The Tragical History of Doctor Faustus based on the rules that were established and the general theological concepts of good and evil that are examined throughout the play. Marlowe’s play†¦show more content†¦The good angel warns Faustus, â€Å"gaze not on it, lest it tempt thy soul, / And heap God’s heavy wrath upon thy head† (1.71-72). This is a warning for Faustus against reading the accursed book and summoning Mephastophilis. The Good Angel tells him precisely what will happen if he continues down this path. However, the Evil Angel contradicts this by telling Faustus, â€Å"Be thou on earth as Jove is in the sky, / Lord and commander of these elements† (1.76-77). He tempts Faustus into continuing to practice dark magic, despite the consequences that were just previously explained to him. Faustus listens to this evil angel and, after speaking with Valdes and Cornelius, declares â€Å"that your words have won me at the last / to practise magic and concealed arts† (1.101-102). At this point, Faustus has decided to raise a demon who will grant him knowledge and power. This choice of his is seen when he says, à ¢â‚¬Å"This night I’ll conjure, though I die therefore† (1.106). Faustus knows what consequences he will face when he performs this action; therefore, he willingly defies God and all that is good. Shortly after coming to this conclusion, Faustus raises a demon called Mephastophilis. After Mephastophilis informs Faustus that he can only do that which Lucifer allows, Faustus offers up a deal. This deal â€Å"surrenders up to him his soul, / So he will spare him four and twenty years† (3.90-91). The doctor then commands the demon to go back to his lord and â€Å"bear theseShow MoreRelatedMacbeth Good Vs Evil Essay1522 Words   |  7 Pagescapable of until the opportunity for darkness arises. . The struggle between good and evil is a conflict full of strife, where consideration of natural law is continually overshadowed by the seductive illusion of power. William Shakespeare’s 17th-century play Macbeth shows the conflict of an honourable man who is provoked by external factors to fall from goodness and execute deplorable crimes. 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Business Law and Freedom of Speech Free Essays

New York City has dealt with vandalism and defacement of public property caused by unauthorized graffiti for decades. In December 2005, the city banned the sale of aerosol spray-paint and broad-tipped indelible markers to persons under twenty-one and prohibited them from possessing them on public property. Within five months, five people, who were all under the age of 21, were cited for violations of the regulations. We will write a custom essay sample on Business Law and Freedom of Speech or any similar topic only for you Order Now Lindsey Vincenty, who was studying visual arts, was unable to buy or carry her supplies in the city, filed a suit, along with others, in the federal district court on behalf of themselves and other young artists. They claimed that the new rules violated their right to freedom of speech. The issue is whether these regulations violate the right to freedom of speech. RULE Freedom of Speech is protected by the First Amendment which â€Å"guarantees the freedoms of religion, speech, and the press and the rights to assemble peaceably and to petition the government. Symbolic speech, which includes gestures, movements, articles of clothing, and other forms of expressive conduct, is given substantial protection by the courts. However, there are reasonable restrictions. Expression – oral, written, or symbolized by conduct – is subject to reasonable restrictions. The court may allow a restriction if it is content neutral. In order to be considered content neutral, the restriction must be combating a societal problem. APPLICATION. The court was asked to enjoin (to prohibit or forbid) the enforcement of the rules. Symbolic speech is protected by the courts, but there are reasonable restrictions. The city of New York banned the sale of aerosol spray paint and markers to persons under twenty-one due to the vandalism and defacement of public property. Even after the ban was in place, five people, all under the age of twenty-one, were cited for violations on these regulations, and 871 people were arrested for making graffiti. According to the rule of reasonable restrictions, the court can allow a restriction if it is content neutral. This situation can be considered content neutral based on the fact that the restriction is combating a societal problem, being vandalism and defacement of public property. With that being said, these regulations do not violate the right to freedom of speech. CONCLUSION These regulations do not violate the right to freedom of speech because there is a reasonable restriction of content neutral. How to cite Business Law and Freedom of Speech, Essays

Road Trip by Emmet Cahill free essay sample

Road Trip is an album that singer Emmet Cahill made for his solo tours in the US this year. Its an album filled with all of his favorite songs. He included songs from Toy Story classic When Somebody Loved Me to Les Miserables Bring Him Home to Coldplays Fix You. These are all songs that he sang/sings during his solo tours this year. His first tour is done already but the second and final tour will start at the end of July of this year (2015.) He left the group Celtic Thunder last year to pursue a solo career. I love this album for a number of reasons. I love the variety of all of the songs that he picked for his album and some of them became new favorites of mine. I also loved some of these songs myself before I heard him sing them. I also love how passionate he is about singing these songs too. We will write a custom essay sample on Road Trip by Emmet Cahill or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The emotion that he puts into these songs are another reason why I love this album so much. My favorite songs from this album are When She Loved Me, Bring Him Home, and Go the Distance. But, I think that all of the songs on this album are spectacular and beautiful. You can only get the album from one of his tours this year. But there are videos of him singing this songs on Youtube if youd want to check them out.

Management at Stamford Hospital

Management at Stamford Hospital Introduction Stamford Hospital is one of the leading hospitals in healthcare provision in Stamford and across Connecticut. The hospital is a nonprofit organization and it has been in the business for more than 100 years. Stamford Hospital is said to have created about 2300 job opportunities for health care providers (Stamford Hospital, 2014). Its vision is to offer quality health care services to its patients.Advertising We will write a custom essay sample on Management at Stamford Hospital specifically for you for only $16.05 $11/page Learn More The hospital uses new technology in its operations and it is one of the Planetree Alliance member hospitals. The Planetree Alliance members are obliged to provide patient-centered services, and this assertion means that all members must focus on maximizing their patients’ satisfaction. The hospital provides medical services in areas such as cancer treatment, cardiac services, orthopedics, and general health ( Stamford Hospital, 2014). Stamford Hospital is a partner of the New York-Presbyterian Healthcare System and a key training partner of the Columbia University, which offers medical courses. The hospital has an employee development program that mainly focuses on equipping workers with the right skills to achieve its corporate goals (Stamford Hospital, 2014). The hospital recorded its first positive profit margin in 2004 and since then it has posted promising results on its financial accounts. The hospital’s success in the past few years has been attributed to good management. This paper will analyze the company’s management, assess the gaps in the management, and provide some recommendations for future improvement. Employees’ career development opportunities For managers and other personnel to accomplish their duties and achieve a corporation’s goals, an education program is necessary to equip them with skills to handle new challenges that come up in the co urse of executing their duties (Frampton Charmel, 2008). Additionally corporate culture becomes obsolete with time, and thus a corporate culture that was successful at one point may not be effective at some other time in the future (Newmark, 2006). In order for a business to achieve its corporate goals, career development should be embraced. Managers should be well equipped with the necessary skills and technical knowhow to handle different situations. At Stamford, a non-discriminative training program is in place to offer lifetime training to managers and other staff members (Heuer, 2004). The program is based on the corporate culture of the organization and it mostly focuses on new employee orientation, new manager orientation, and other staff development training amongst others (Stamford Hospital, 2014).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More New staff recruitment in the hospital is done by the human resources department, which is composed of technical staff in the area of staff management. The hospital considers both skills and the ability of an individual staff to fit in the corporate culture within which the company is established. In addition, the hospital assesses the ability and attitudes of the candidate towards teamwork, accountability, and respect for other staff members and patients (Stamford Hospital, 2014). The aforementioned factors considered during the hiring process ensure that only the right staff members join the hospital’s workforce, this leading to increased patient satisfaction. The major components of the training program are discussed below. New Employee Orientation The hospital management provides every new staff with a 3-days training that centers on the nature of the corporate culture in the organization. The program enables new employees to understand the spirit in the organization coupled with preparing them fo r their new tasks. Additionally, new employees get firsthand information on the hospital’s mission, vision, and values. Given that Stamford Hospital works under the Planetree philosophy of patient-centered care, the 3-days orientation program assists the new staff members to understand the organization’s major goal, which is to ensure patient satisfaction and the role they owe the hospital regarding the accomplishment of that goal (Heuer, 2004). The program also introduces the new staff members to the code of ethics that guides every employee in the company. This aspect is crucial since it defines the â€Å"dos† and â€Å"don’ts† in the organization. The overall result of the orientation program is that it brings all the staff members together to work as a team in a bid to achieve a common goal (Daft Marcic, 2005). The orientation program is important since the employees are drawn from different cultural and religious backgrounds, and thus it welc omes the new staff to the company and establishes a bond between them. New Manager Orientation The success or failure of a business venture depends on the management (Frampton Charmel, 2008). On the other hand, poor management leads to a business’ failure while good management leads to success.Advertising We will write a custom essay sample on Management at Stamford Hospital specifically for you for only $16.05 $11/page Learn More Stamford Hospital is aware of this view and thus it has introduced a â€Å"new manager-training program, which provides new managers with a general overview of the hospital’s human resources policies and procedures, budgets, corporate compliance, and Kronos timekeeping† (Stamford Hospital, 2014, par.17). Through the program, new managers meet and interact with other new and senior managers and engage in an open discussion where each person has a chance to contribute his or her ideas. Regular assessment of the new managers is done for a period of one year in a bid to ensure that shortfalls and deviations are detected in time. The Leadership Academy This program is â€Å"only accessible to leaders and managers from different levels in the organization† (Stamford Hospital, 2014, par. 18). The program aims at supplementing the leadership skills already possessed by the leaders with some new skills with the sole aim of increasing their efficiency. The program takes in classroom work in fields that relate to strategic management and it centers mainly on maximizing performance coupled with binding managers from different levels in order to achieve the corporate goals. Training is offered under the watch of the hospital’s staff members if not outsourced (Newmark, 2006). The aim of the training may be strategic goal alignment, talent retention, teamwork, health work relations, motivation, and visionary leadership among others (Frampton Charmel, 2008). Online Training In addition t o the aforementioned courses, the hospital also offers online courses to its employees. The courses that the hospital offers to its staff members through the new technology include sexual bullying, corporate acquiescence, handling emergency cases, patient wellbeing, and cultural diversity among others. Staff Development training This program aims at developing skills and competence amongst the junior staff members. The program offers courses designed to improve the employees’ skills coupled with boosting their job satisfaction. The courses are designed in such a way that they address changes in the business environment so that employees are flexible enough to tackle challenges that arise in their line of duty (Daft Marcic, 2005).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This program is continuous and it runs throughout the employee’s tenure in the hospital on top of covering areas acknowledged as fundamental to thriving performance (Frampton Charmel, 2008). All employees are encouraged to enroll in employee empowerment courses, which are accessible to all people. Courses such as conflict management and communication are offered in this program. Managing staff turnover The hospital has a supporting program for incoming nurses known as the Graduates Engaged Mastering Succeeding (GEMS) program (Heuer, 2004). ‘GEMS’ is a 12 week program and aims at ensuring successful transition of fresh health care professionals into the work environment. Throughout the 12 weeks, the nurses are trained on the hospital’s policies and procedures. Each nurse is assigned an experienced mentor who guides him or her through the orientation process. The program ensures smooth transition from a mere student to a practicing nurse. Once hired, a nurs e is under obligation to enroll for a BSN degree program within the first year of service in the hospital (Newmark, 2006). The course goes on for five years after which the nurse will be highly knowledgeable and competent. The mentors continue to guide the nurses even after the orientation period. Such support provides an incentive for competent nurses to remain in the hospital. In addition, the hospital also offers competitive salary to its staff depending on the position held. The high pay and employee development programs adopted by the company provide incentives for staff members to remain in the hospital, thus retaining the best employees. Fringe benefits are also offered to the staff aimed at increasing their morale and motivation. Outpatient vs. inpatient services In the recent past, the Stamford Hospital’s management has shifted its focus from investing in inpatient to outpatient facilities (Stamford Hospital, 2014). The reason behind this new development is that tech nological advancements have characterized the health sector, thus improving surgical treatments. This aspect has led to a decrease in inpatient cases. The hospital has employed extra physicians to increase efficiency of its outpatient services. The company is said to derive more revenue from outpatient services than it does from inpatient services. Criticism Critics have been alleging that nonprofit organizations pay their managers huge amounts of money in the name of retaining the best talents (Frampton Charmel, 2008). This allegation results in high cost of health care provision. Stamford Hospital, as one of the nonprofit organizations, is no exception. The company is claimed to have paid Brian Grisslers, the then company CEO, fringe benefits amounting to $618,000, which represented a 400 percent increase compared to the previous year. The hospital’s management holds that in order to retain experienced staff, it must pay them huge amounts of cash. Such huge salaries have b een cited as the major reasons for the rise of health care costs, thus leading to inaccessibility of healthcare services by the poor in society. Considering the view that Stamford Hospital is a member of the Planetree Alliance where customer satisfaction is the key objective, the hospital may not be in a position to achieve this important goal owing to the high costs of its services (Daft Marcic, 2005). Statistics indicate that more than 400,000 people in Connecticut do not have a health care insurance policy, and thus the high cost of health care resulting from this exorbitant CEOs’ pay may lead to reduced customer satisfaction (Spinelli, 2006). The hospital has also been criticized for neglecting its employees (Heuer, 2004). As aforementioned, the hospital is a member of the Planetree Alliance, which requires member hospitals to ensure patient satisfaction at all costs. The hospital has been accused of working towards ensuring patient satisfaction and overlooking its emplo yees’ needs (Newmark, 2006). This aspect has led to poor morale amongst the employees, this resulting in high staff turnover rate. Loss of experienced staff members means that the hospital may not be in a position to meet its key objective of ensuring customer satisfaction in the end. The hospital’s nursing department has also been criticized for malpractices in giving promotions. Critics claim that promotions in the department are based on friendship as opposed to merit. In this department, workers’ experience is not considered and often the old workers are disregarded and in most cases bullied by younger supervisors who find themselves into management positions through unmerited means (Frampton Charmel, 2008). Recommendations The hospital should set up a committee to assess and determine salaries to be given to each employee based on his or her work requirements. The committee should also consider the salaries paid to other staff members holding similar posit ions in other similar hospitals. Such comparison will help to avert cases of CEOs in the hospital earning higher amounts of money as compared to their counterparts in other hospitals. At Stamford Hospital, it is alleged that Grissler, the company’s CEO, earned $376,000 more than the CEO of Hartford Hospital despite the latter being charged with more responsibilities than Grissler and the Hartford Hospital earning almost 3 times more than the Stamford Hospital (Newmark, 2006). Both customer satisfaction and employees’ satisfaction are two conflicting interests (Heuer, 2004). Achievement of one of the two goals may hinder the achievement of the other. The hospital management should balance the two conflicting issues without overlooking the employees’ satisfaction as this trend may lead to reduced morale and failure to meet the patients’ needs. The hospital management should engage its employees in making key decisions and establish good communication channe ls. Good communication between employees and the management will assist managers to understand the employees’ feelings on the corporate culture that is currently in place, hence evoke the possibility of revising it or even dropping it all together. The hospital should offer promotions based on merit as opposed to favors. Each nurse should have equal opportunity to be promoted. Performance and experience should be assessed and the best performing staff selected (Frampton Charmel, 2008). Harassment and bullying in the nursing department should be illegalized and each worker should be free to report such cases to the top management. Conclusion Stamford Hospital is one of the leading hospitals in the provision of healthcare services in Connecticut. Its management is focused on two main issues, viz. patients’ satisfaction and employees’ empowerment. However, customer satisfaction is highly acknowledged since the hospital is a member of the Planetree Alliance whose m ain emphasize is on patient satisfaction. The hospital has recorded success in the past one decade probably due to good management. The hospital provides its employees with career development opportunities through training programs. The company’s focus is to retain experienced employees so that customer satisfaction can be achieved. However, the hospital faces criticism over mistreatment of its workers and discrimination of a certain group of workers during promotion. It has also been accused of paying its CEOs hefty amounts of cash in the name of retaining the best talents. References Daft, L., Marcic, D. (2005). Understanding management. Boston, MA: Cengage Learning. Frampton, B., Charmel, P. (2008). Putting patients first: best practices in patient-centered care. New York, NY: John Wiley Sons. Heuer, J. (2004). Hospital accreditation and patient satisfaction: testing the relationship. Journal for healthcare quality, 26(1), 46-51. Newmark, J. (2006). From talk to action: what performance improvement is really all about. Radiology management, 29(3), 18-30. Spinelli, R. (2006). The applicability of Basss model of transformational, transactional, and laissez-faire leadership in the hospital administrative environment. Hospital topics, 84(2), 11-19. Stamford Hospital: About Stamford Hospital. (2014). Retrieved from https://www.stamfordhealth.org/about/

Why Are Young People Predisposed to Negative Influence

Why Are Young People Predisposed to Negative Influence Raising children is never easy. It takes a lot of time, patience, and understanding to make sure your children end up on the right path. Raising children is never easy. It takes a lot of time, patience, and understanding to make sure your children end up on the right path. While you might do everything you can to teach them the right way to behave and live life, that doesnt mean that there isnt a chance that something isnt going to cause them to stray. Many people feel that some children are more rebellious by nature. They think that it doesnt matter what the parents say or do because children are going to behave a certain way regardless of what you teach them. That isnt necessarily the case. Children End Up Being Rebellious for Many Reasons When children act up, many end up saying it is because they were born that way and it is just their nature. While this might be a simple way out, it isnt the case. No child is born rebellious or wants to act out of control. It is something that they pick up on over the years. Children tend to be rebellious for a number of other factors. SEXUAL CONTENT ON TV HAS A NEGATIVE IMPACT ON TEENAGERS Something like having their parents divorce can cause a child to become rebellious. They act out because they want attention and dont feel like they are getting enough attention now that one parent is out of the home. It is a cry for help. They are letting you know that there is something going on emotionally and they need a little extra help to get through the ordeal. They arent acting up and going against you because they are hard-wired that way. By taking the time to learn whats really going on beneath the surface, you can begin the healing process and help turn things around for your child. It only takes your being willing to listen and work with them to get things going in the right direction once again. Rebellion Doesnt Equal Negative Influences While all children are going to push the boundaries at some point in time or another, that doesnt mean that they are always going to be that way. Many associate rebellious children as those who are always going to do the wrong thing and hang out with the wrong crowd. Sure, that might happen every now and again, but it isnt necessarily the norm. There are a number of rebellious children who have a lot of positive influences in their life on a regular basis. In fact, they were probably just like their peer group at one point. That is  until something happened that changed their life around and caused an upset in it. Negative Influences Are Everywhere As much as you might want your children only to hang with the right crowds and do the right things, you cannot control everything going on in their lives. There will always be negative influences out there for your children to deal with on a regular basis. The key is being able to teach them the differences between what is right and what is wrong and helping guide them on the right path. Even though you arent always going to be there to make the decisions for them, you can try to help in any way you can by preparing them for what they might face on a regular basis. SINGLE-PARENT CHILDREN BEHAVIOUR Negative influences will always be around. Whether it be in the form of peer pressure, a co-worker, friend, family member or something else, you cannot escape it. The only thing you can do is to take the time to make sure your children know what they should or shouldnt be doing and how to deal with any negative situations that might arise. Growing up is difficult enough already. By taking the time to try and prepare your children for everything the world holds in store for them as they grow older, you can make things a little easier and far less stressful. Remember, no child sets out to be rebellious. There is always something else going on beneath the surface that you need to address.

The Ethics of Eating Animals Research Paper Example | Topics and Well Written Essays - 1250 words

The Ethics of Eating Animals - Research Paper Example To understand the justification for the annihilation of animals based on their lack of intelligence and feeling, consider the treatment of two domestic animals a dog and a sheep. The latter is considered to be less intelligent than the former; therefore it can be slaughtered for food while the former becomes man’s best friend. In reality, the two are not very different in terms of mental abilities, however for humans to justify killing sheep; they have to make them look stupid and therefore deserving of death as opposed to dogs which deserve to live based on their assumed intelligence. Furthermore, even if one was to assume for argument's sake that some animals are more intelligent than others, this is hardly reason enough to take away their right to live. There is a great incongruity created by the inconsistency between the love for animals and the enjoyment of meat, raising concerns for animal’s rights activists who have to contend with the fact that despite claiming to love animals, most people still enjoy meat. Clearly, nobody thinks about where meat comes from, the process it takes before reaching the consumer and the fact that human also has bodies resembling meat. There are many inconsistencies between beliefs and behaviors concerning meat eating; hence, nobody is quite sure whether they are doing the right thing. To most civilized societies, eating the meat of a fellow human being is the epitome of savagery and primitiveness and it shows that those involved are evil and extremely immoral.... Furthermore, even if one was to assume for arguments sake that some animals are more intelligent than others, this is hardly reason enough to take away their right to live. There is a great incongruity created by the inconsistency between the love for animals and the enjoyment of meat, raising concerns for animal’s rights activists who have to contend with the fact that despite claiming to love animals, most people still enjoy meat. (Overal, 2012). Clearly, nobody thinks about where meat comes from, the process it takes before reaching the consumer and the fact that human also have bodies resembling meat. Wade (2000) argues that there are many inconsistencies between beliefs and behaviors concerning meat eating; hence, nobody is quite sure whether they are doing the right thing. To most civilized societies, eating the meat of a fellow human being is the epitome of savagery and primitiveness and it shows that those involved are evil and extremely immoral. How true this is argua ble, however, the same can be said of humans who kill animals for the sake of satisfying their craving for meat. At the end of the day, in both cases, there will be predation and destruction of living animals for food. In the case of modern man, it is even worse since there exists numerous alternatives to meet and they can survive comfortably without eating meat as indeed many vegetarians do. For meat lovers to enjoy their fare, they mentally disengage their eating habits from the brutality and death that precedes their meal. One of the means by which this is achieved is by disassociating the meat from the animal, for example eating pork not pig, or mutton not sheep, thereby they try to completely alienate the

Critique Essay Example | Topics and Well Written Essays - 1000 words - 11

Critique - Essay Example The experimentation imitated the procedure used in outdated experiments. An outdated experiment is structured with both the dependent and independent variables, post testing and pretesting. Finally, control groups and experimental groups. The prison replication, as seen in the documentary, was a good experimentation for observational reasons and tested the theory that imprisonments can expose the most horrible characteristics in those who work in them and those imprisoned (Zimbardo). Zimbardo and his partners defined the procedures they used to measure the forces of stress, evaluated the data gathered from questionnaires, and documented the communications of the securities and convicts (Zimbardo). The two components of analysis were imitations of a prescribed organization of the securities and the inmates. The respondents were asked questions concerning the experimentation and the process of conducting the research experiment. The experiment entailed the dependent and independent variables, working explanations for simulation purposes, and testing of hypothesis (Zimbardo). This experimentation obeyed the measures used by the old-fashioned experiment. Some experiments do not have an investigational group and a control group. In the old research, research had no identifiable control group, but for the research purposes, it was assumed that the control group consisted of people who were not in jail and not exposed to such cruel environment (Zimbardo).  The experimental hypothesis was meant to measure the emotional effects of imprisonments on the entities based on the physical background or the prisoners themselves. The reason for the research was to pick healthy male individuals and discover the consequences of physical environment in an isolated environment (Zimbardo). The police arrested and took the prisoners to prison as presented in the

Biological Basis of Learning, Memory and Motivation

Biological Basis of Learning, Memory and Motivation Human beings are animal. In this world there are lots of animals but human have some special qualities that are why we are the most complex social structure on earth. We live in society there are included family, tribes, clans, nations. We have an incredibly sophisticated method of interacting speech. We can communicate over time and distance through printing and broadcasting. We have longest memories. We have an interaction which is most intricate; we have perception which is show the world simultaneously the broadest and most detailed. The combination of our biology and society is making as what we are and what we do. Any kind of responses are stimuli by our biology guides, which is based on thousands of generations of ancestors surviving because of their responses. On the other hand, our social structures dictate restriction on and alterations in how we carry out our biological responses. As a human being not only I and also all of us have some basic biological work done such as- learning, memory, motivation, emotion, perception, etc. Those biological works helps us to live perfectly in our society. That’s why it’s very much important to know how biological organs are control our major skills, movement and behavior. In this assignment I discuss the major parts of biological basis of our learning, memory and motivation which is contributes our behaviors. Biological Basis of Learning:- We know that learning is a process of relatively permanent changes in behavior brought about by experience. Its means that any type of behavior can changes by using learning. Learning is a long term process. All learning process are not show instantly, sometimes it shows long time later. But learning process can run from birth to death. All biological activities are run by the command of brain which is the basic part of our body. In the brain there are some specific parts of specific organs those are drive our basis activities. Learning process is the same activate which is control by brain. Brain has three major organization those are – fore brain, mid brain, hind brain. In fore brain there is an important part is cerebrum which is valuable organ in our body. Cerebrum has some fixed function such as:- Sensory area: it’s control somato sensory area, visual area, auditory area those are very important for learning process. Because learning are related this three parts. If one part are not support properly then learning process are back. Visual area is located back side of this area. Auditory area is located lower side of cerebrum. Most valuable part of this area is visual and auditory because learning is more depend these two parts. Association area: association is a very important works for cerebrum that is association other complex work. This area are control our learning, thoughts, memory, etc. Learning related area: this area contact the stimulus-stimulus association and stimulus-reactions associations for the brain cover. Others creative work has done this area such as inventive learning, thoughts, work, abstract imagine etc have done this part. Thalamus: the part of the brain located in the middle of the central core that acts primarily to relay information about the senses. Especially the eye, ear and skin collected information and carry to brain who distribute those different parts of the body. That’s why learning process are damage if thalamus has damages. Mid Brain: it has tactum who involved our auditory and sensory process. In those processes are important for our learning system. Cerebellum: it is found just above the medulla and behind the Pons. It is control our bodily balances. So that if this system are flailed then our speech, writing process are hampered. All thought our learning process are also hampered. Limbic system: This system is also included our learning. Neurotransmitters: this is most important part of learning because it conveys messages across the synapse to the dendrite (sometimes the cell body) of a receiver neuron. So that if it works will fail then the process of learning will also fail. Biological Basis of Memory:- We know that memory is the process by which we encode, store and retrieve information. This process can explain imagine the keyboard of a computer is a encoding (initial recording of information), then the cpu of computer is a storage (information saved for future use) and the monitor of computer is the retrieval (recovery of stored information). Usually memory can explain this short way memory = learning – forgetting. So we say that memory is also run by our biological basis help. Brain is the main tool which provides information. In brain there is a fixed part of memory. Now I describe those:- Hippocampus: This part helps to storage any information in brain. That’s why it is closely involved to memory. If this part may be destroy then the memory is also destroy. Amygdale: It’s a part of limbic system, also plays a role in memory. The amygdale especially involved with memories involving emotion. Frontal lobe: This area is included motor area and Boca’s area which is involved to storage memory. Temporal lobe: This area is involved primary auditory area, wernicke’s area, auditory association area which is strongly related to memory. Occipital lobe: This area is involved are visual area and visual association area. We know that anything cans easily memories when we see it. So this part is an important to memory. Sensory area: This area is overall related the memory process. Association area: One of the major regions of the cerebral cortex. This side is produce higher mental process such as thought, language, memory and speech. Biological Basis of Motivation:- Motivation the factors that and energize the behavior of humans and other organizations. Motivation is also internal state or condition to our thoughts, feelings and actions. Basically motivation can crate many regions such as food, money, living good, social standers and etc. But when a human suffer a motive that time his/her body create some biological activities that’s why they needs motivation. So the reasons for biological basis of motivation are- Hypothalamus: This is a small part of brain which is strongly involved to motivation. Amygdale: This is also change the level of motivation. If it can be surgery then the behavior can changes. Frontal lobe: This is also involved motivation of human behavior. Limbic system: Memory is also control by limbic system. It is situated under the cerebral cortex . Temporal lobe: Temporal lobe is also involved to control motivation. All the dictation of those three basic part of human behavior on the basis of biologically it clearly come that any kind of behaviors are fully depends of our internal process which is called biological process. So it is very important to know the main function of our biological organs. The learning, motivation and memory are our basic demand so it is necessary to know which organs is participation on those processes. If we have a rich knowledge about those processes then we can develop our self. References: Feldman Understanding Psychology 8th edition; McGraw-Hill. Psychology – Abu Bokar Siddeky 9th edition; Sahitokos, Dhaka. Psychology An Introduction – Lahey 9th edition Submitted by: Mir Sara Mehzabeen Ahmed; SL- 16; DECP-4 . Biological Basis of Learning, Memory and Motivation Biological Basis of Learning, Memory and Motivation Azharul Islam Introduction Psychologists have to gather specialized knowledge in considering the ways in which the biological structure and functions of the body affect behaviour. The biological processes are the essential part of human psychology. Our understanding of human behaviour cannot be complete without knowledge of the brain and others part of the nervous system. Biological factors are centrals to every sensory experience, states of consciousness, motivation and emotion, development through out the life span and physical and psychological health and wellbeing. Executive summary Biological bases influence the learning, memory, and motivation. The biological factors is very important because it is controlling our behaviour .We might not be able to understand behaviour without an understanding of our biological makeup. Objectives of the study: Basically this study aims to 1. Collect information on the situation of biological factors of our behaviour. 2. Explore ways how to improve the behavior. 3. The function of the neuron is fundamental biological aspects of the body. Findings Biological basis of learning Learning can be defined as a relatively permanent change in behaviour based on experience. Learning is the aspect of new things by using past experience. Many psychologists believe learning is based on the strengthening of the neural connections between stimuli and specific patterns of muscle movements, while others said that learning involvoves changes in cognition. The existence of biological constraints is consistent with assess mental discussion of behavior. Freshly there are making suitable by alternative benefits that promote survival for organism that rapidly learn or neglecte that certain behaviors. Such as, our ability to learning avoid touching hot surfaces increase our change in survival (barkow, and tooby 1992; terry, 2003). Neuclei areas are group of neurons forming structures with specific function. For example each of the different colour on our brain model represent and individual areas each with it own internal structure and function (Jeanette, J Norden Venderbilt university school and medicine). Telencephalon; consists of two cerebral hemispheres the outer covering of the hemespheres is called the cortex. The cortex is responsible for voluntary action or thought and for subjective experience. Mesencephalon; contain many small nuclei that are important to relexs, such as reflexs turning of the eyes toward the source of an objects or sound. Metencephalon: A structure that connect the cerebellum with the rest of the body and cerebellum that involved in learned skilled motor movement. The role of biological factors of learning has an example that discussed john and his associates. On one fateful evening, they ate eight hot dog. Two hour leter, they become more than just a little nauseated. As a result, it was many year until they ate another hot dog. This experience of learning to dislike hot dogs is an example of a learned taste aversion. (Garcia, Hankins and Rusiniak, 1974) Biological basis of memory Memory consists in remembering what has previously been learned .It would be better, however, to say that memory consists in learning, retaining and remembering what has previously been learned (psychology; Methuen and co. Ltd; London; 1964. Memory processes are distributed across the brain, relating to different information processing systems involve during the intitle exprosure to a stimulus. (Friedman and Donoghue 2000). A theory stated by Canadian researchar Donald Hebb (1949) is still considerd to provide a general model of the biological process responsible for memory (Jeffrey and Reid, 1997; Tsien, 2007). According to Hebb, each experience activates a unique pattern of neurons in the brain. This activities cause structural changes to occur in those neurons near the synaptic gaps that link them. To Hebb, these changes in the functioning of synapses in the brain, which he termed †synaptic facilition†, is the biological basis of memory. Many different brain areas play a role in memory. The cerebellum plays critical role in the timing execution of learned, skilled motor movement. Nuclei deep in the hemisphere called the basal ganglia are involves in motor programs. Many different areas of the brain contributes to attention, these include cortical areas of the reticular formation, all areas which contributes to alertness attention awareness. The hippocampus is a part of the brain limbic systems that plays a centrals role in the consolidation of memories.The hippocampus is an older cortical areas involve in multiple aspects of memory. The left hippocampus is more involve in the memory facts, epesodes and words. It is also responsibility for constructing. The right hippocampus is more involve in spatial memory.The hippocampus aims in the initial encoding of information that like akind of neurological e- mail system.(smith, 2000, wheeler, Petersen, and buckner 2000, Wilson; 2000). The results of research on the brains role in memory reveal two ways in which STM (short term memory) and LTM (long term memory). Firstly there is extensive evidence that physical changes in neural synapses are involved in LTM and but not in STM. And secondly there is evidence that different brain structures are involves in different ways in the three stage of memory. Biological basis of motivation Motivation:-motivation refers to the reasons why any behaviour occurs or specifically, to the forces or processes that initiate the behaviour, direct it , and contribute to its strength.(psychology , wadsworth publishing company; 1984; Eating behaviour is subject to homeostasis, as most people’s weight stays within a relatively stable range. The hypothalamus in the brain is central to the regulation of food intake. Acting as a kind of internal weight thermostat, the hypothalamus calls for either greater or less food intake (Capaldi, 1996; woods et al, 2000; Berthoud, 2000). Thirst is the biological process as like as drinking circuits .Drinking circuits is the association of tissue, body, and neuron with in nerve and cellus.It is associate with the hypothalamus deeply as like the other drinking circuits. (Thompson et. Al; 1980). Sex is the powerful biological motivation. The sex motivations easily understand the influence of sex hormone. It is related with the increase of age. Sex hornmone influence the body to create akind of presser for sex activies. This presser to be continued that time the sex activites is not complete. (Morgan, king. Weisz and schopler, 1993). Most of the motivation are based on the body’s need to maintain a certain level of essential elements; adequate sugar in the blood in the nourish cell , enough water in the body. This levels are regulated to homeostatic mechanism. These mechanism imbalance in the body and stimulate action that restore the proper balance. References Psychology; Methuen and co. Ltd; London; 1964 Friedman and Donoghue 2000). Smith, 2000, wheeler, Petersen, and buckner 2000, Wilson; 2000). Psychology , wadsworth publishing company; 1984; Capaldi, 1996; woods et al, 2000; Berthoud, 2000). Thompson et. Al;1980). Morgan, king. Weisz and schopler, 1993. Barkow, and Tooby 1992; terry, 2003. Garcia, Hankins and Rusiniak, 1974).

Nature of Financial Management

Chapter 3 – NATURE OF FINANCIAL MANAGEMENT What is finance Finance can be defined as he art and science of managing money. Virtually all individuals and organizations earn or raise money and spend or invest money. Finance is concerned with the process, institutions, markets and instruments involved in the transfer of money among individuals, business and governments. Nature of Financial Management Financial Management as an academic discipline has undergone fundamental changes as regard its scope and coverage.In the earlier years, it was treated synonymously with the raising of funds. In the later years, its broader scope, included in addition to procurement of funds, efficient use of resources. Scope of Financial Management Financial is broadly concerned with the acquisition and use of funds by a business firm. The important tasks of financial management, as related to the above, may be categorized as follows: – A. Financial Analysis, Planning and Control †¢ Analy sis of financial condition and preference †¢ Profit Planning †¢ Financial forecasting †¢ Financial Control B.Investing †¢ Management of current assets (cash, marketable securities, receivables and inventories) †¢ Capital Budgeting (identification, selection and implementation of capital projects) †¢ Managing of mergers, reorganizations and divestments C. Financing †¢ Identification of sources of finance and determination of financing mix †¢ Cultivating sources of funds and raising funds †¢ Allocation of profits between dividends and retained earnings Important Topics in Financial Management Table 1. 1 Balance Sheet and Topics in Financial Management Share CapitalEquityCapital Structure and Cost of Capital Preference Reserves and Surplus Debentures Unsecured Loan Current Liabilities & ProvisionsWorking Capital Trade CreditorsFinancing Policy Provisions Fixed Assets (Net)Capital Budgeting Gross Block Less Depreciation InvestmentSecurity Ana lysis Current Assets, Loans and Advances Cash and bank balancesCash Management ReceivablesReceivables Management InventoriesInventory Policy Loans and Advances Miscellaneous Expenditure and Losses Table 1. 2 Income statement and Topics in Financial Management Net SalesRevenue risk Cost of goods SoldMaterials and stocks Wages and Salaries Other Manufacturing Expenses Gross ProfitGross profit margin Operating Expenses Selling and Administration Expenses DepreciationDepreciation Policy Operating Profit Non operating surplus / deficit Earnings before interest and taxBusiness risk InterestFinancial risk Profit before tax TaxTax planning Profit after taxReturn on equity DividendsDividend policy Retained Earnings Goals / Objectives of Financial Management- Traditional Approach – It has been traditionally been argued that the objective of a company is to earn profit.This means that the finance manager has to make decision in a manner that the profit is maximised. Each alternative, th erefore, is to be seen as to whether or not it gives maximum profit. Profit maximization objective gives rise to a number of problems as below: – i) Profit maximization concept should be considered in relation to risks involved. There is a direct relationship between risk and profit. Many risky propositions yield high profit. Higher the risk, higher is the possibility of profits. If profit maximization is the only goal, then risk factor is altogether ignored. i) Profit maximization, as an objective does not take into account time pattern of return. Proposal A may give a higher amount of profits compared to proposal B, yet if the returns begin to flow say 10 years later, proposal B may be preferred which may have lower overall profits but the returns flow is more early and quick. iii) Profit maximization, as an objective is too narrow. It fails to take into account the social considerations as also the obligations to various interests of workers, consumers, society as well as ethical trade practices.Further, most business leaders believe that adoption of ethical standards strengthen their competitive positions. iv) Profits do not necessarily result in cash flows available to the stockholder. Owners receive cash flow in the form of either cash dividends paid to them or proceeds from selling their shares for a higher price than paid initially. Modern Approach – The alternative to profit maximization is wealth maximization. This is also known as Value maximization or Net Present Worth maximization. Value is represented by the market price of the company’s equity shares.Prices in the share market at a given point of time, are the result of many factors like general economic outlook, particular outlook if the companies under consideration, technical factors and even mass psychology. However taken on a long-term basis, the share market prices of a company’s shares do reflect the value, which the various parties put on a company. Normally, the value is a function of two factors (i) The likely rate of earnings per share of a company (EPS) and (ii) The capitalization rateEPS are calculated by dividing the periods total earnings available for the firm’s common shares by the number of shares of common shares outstanding. The likely rate of earnings per share (EPS) depends on the assessment as to how profitably a company is going to operate in the future. The capitalisation rate reflects the liking of the investors for a company. If the company earns a higher rate of earning per share through risky operations or risky financing pattern, the investors will not look upon its shares with favour. To that extent, the market value of the shares of such a company will be low.If a company invests its fund in risky ventures, the investors will put in their money if they get higher return as compared to that from a low risk share. The market value of a firm is a function of the earning per share and the capitalisation rate. S uppose the Earning per share are expected to be Rs. 7 for a share, and the capitalisation rate expected by the shareholder is 20 per cent, the market value of the share is likely to be 7 7 x 100 —— = ———- = Rs. 5 20% 20 This is so because at this price, the investors have an earning of 20%, something they expect from a company with this degree of risk. The important issues relating to maximizing share prices are Economic Value Added (EVA) and the focus on stakeholders. Economic Value Added (EVA) is a popular measure used by many firms to determine whether an investment – proposed or existing – contribute positively to the owner’s wealth. EVA is calculated by subtracting, the cost of funds used to finance or investment from its after-tax-operations profits.Investments with positive EVA increase shareholder value as those with negative EVA reduce shareholders value. For example, the EVA of an investment with after tax operation s profits of Rs. 510,000 and associated financing costs of Rs. 475,000 would be Rs. 35,000 (i. e. Rs. 410,000 – 375,000) Because this EVA is positive, the investment is expected to increase owner wealth and is therefore acceptable. What about Stakeholders? Stakeholders are group such as employees, customers, suppliers, creditors, owners and others who have a direct economic link to the firm.A firm with a stakeholder focus consciously avoids actions that would prove detrimental to stakeholders. The goal is not to maximize stakeholder well being but to preserve it. It is expected to provide long run benefit to shareholders by maintaining positive stakeholder relationships. Such relationship should minimize stakeholder turnover, conflicts and litigation. Clearly, the firm can better achieve its goal of shareholder wealth maximization by maintaining cooperation with other stakeholders rather than having conflict with them. The Role of ethics – Ethics is standards of conduc t or moral judgment.Today the business community in general and the financial community in particular are developing and enforcing ethical standards, purpose being to motivate business and market participants to adhere to both the letter and the spirit of laws and regulations concerned with business and professional practice. An effective ethics program is believed to enhance corporate value. An ethics program can reduce potential litigation and judgment costs, maintain a positive corporate image, and build shareholders confidence, and gain the loyalty, commitment and respect of the firms stakeholders.Such actions, by maintaining and enhancing cash flow and reducing perceived risk, can positively affect the firm’s share prices. Ethical behaviour is therefore viewed as necessary for achieving the firm’s goal of owner wealth maximization. Place of Finance function in the organization structure: – The finance function is almost the same in most enterprises. The det ails may differ but the important features are universal in nature. The finance function occupies such a major place that it cannot be the sole responsibility of the executive.The important aspects of the finance function have to be carried on by the top management i. e. the Managing Director and the Board of Directors. It is the Board of Directors, which makes all the material final decisions involving finance. Financial management in many ways is an integral part of the jobs of managers who are involved in planning, allocation of resources and control. The responsibilities for financial management are disposed throughout the organization. For example: †¢ The engineer, who proposes a new plant, shapes the investment policy of the firm. The marketing analyst provides inputs in the process of forecasting and planning. †¢ The purchase manager influences the level of investment in inventories. †¢ The sales manager has a say in the determination of receivable policy. â₠¬ ¢ Departmental managers, in general, are important links in the financial control system of the firm. The chief financial officer (CFO) is basically to assist the top management. He has an important role to contribute to good decision making on issues, which involve all the functional areas of the business. He must clearly bring out financial implications of all decisions and make them understood.CFO (his designation vary from company to company) works directly under the President or the Managing Director of the company. Besides routine work he keeps the Board of Directors informed about all the phases of business activity, including economic, social and political developments affecting the business behaviour. He also furnishes information about the financial status of the company by reviewing from time to time. The CFO may have different officers under him to carry out his functions. Broadly, the functions are divided into two parts. (i) Treasury function (ii) Control functionTre asury function (headed by financial manager) is commonly responsible for handling financial activities, such as financial planning and fund raising, making capital expenditures decisions, managing cash, managing credit activities, managing the pension fund and managing foreign exchange. The control function (headed by Chief Accountant / Financial Controller) typically handles the accounting activities such as corporate accounting, tax management, financial accounting and cost accounting. The treasurer’s focus tends to be more external, the controllers focus more internal: – BOARD OF DIRECTORSManaging Director/President V. P ProductionV. P FinanceV. P Sales Treasurer Controller Credit Cash Banking PortfolioCorporate Taxes Internal Budgeting Management Management Relation ManagementGeneral Audit Accounting & Cost Accounting Fig 1. 1 Organization chart of finance function Relationship of field of finance with economics – The field of finance is closely related to e conomics. Financial managers must understand the economic framework and be alert to the consequences of varying levels of economic activity and changes in economic policy.They must be able to use economic theories as guidance for efficient business operation. Examples include supply-demand analysis, profit-maximizing strategies, and price theory. The primary economic principle used in managerial function is marginal analysis, the principle that financial decisions should be made and actions taken only when the added benefits exceed the added costs. Nearly all-financial decisions ultimately come down to an assessment of their marginal benefits and marginal costs. Relationship to Accounting – The firm’s finance (treasurer) and accounting (controller) activities are closely related and generally overlap.Normally managerial finance and accounting are not often easily distinguishable. In small firms the Controller often carries out the finance function and in large firms ma ny accountants are also involved in various finance activities. There are two basic differences between finance and accounting: – i) Emphasis on cash flows: – The accountant’s primary function is to develop and report data for measuring the performance of the firm, assuming its financial position and paying taxes using certain standardized and generally accepted principles. The accountant prepares financial statements based on accrual basis.The financial manager places primary emphasis on cash flows, the inflow and outflow of cash. ii) Relating to decision-making: – Accountants devote most of their operation to the collection and presentation of financial data. The primary activities of the financial manager in addition to ongoing involvement in financial analysis and planning are making investment decisions and making financing decisions. Investment decisions determine both the mix and the type of assets held by the firm. Financing decisions determine bo th the mix and the type of financing used by the firm.However the decisions are actually made on the basis of cash flow effects on the overall value of the firm. Interface with other Functions – Finance is defined as the lifeblood of an organization. It is a common thread, which binds all the organizational functions as each function when carried out creates financial implications. The interface between finance and other functions can be described as follows: – Manufacturing Finance – i) Manufacturing function necessitates a large investment. Productive use of resources ensures a cost advantage for the firm. i) Optimum investment in inventories improves profit margin. iii) Many parameters of the production cost having effect on production cost are possible to control through internal management thus improving profits. iv) Important production decisions like make or buy can be taken only after financial implications have been considered. Marketing Finance  œ i) Many aspects of marketing management have financial implications e. g. hold inventories to provide off the shelf service to customers and thus increase sales; extension of credit facility to customers to increase sales. i) Marketing strategies to increase sales have additional cost impact, which needs to be weighed carefully against incremental revenue. Personnel Finance – In the global competitive scenario business firms are moving to leaner and flat organizations. Investments in Human Resource Development are also bound to increase. Restructuring of remuneration structure, voluntary retirement schemes, sweat equity etc. have become major financial decisions in the area of human resource management. Strategic Planning – Finance –Finance function is an important tool in the hands of management for strategic planning and control on two counts – i) The decision variables when converted into monetary terms are easier to grasp. ii) Finance function has s trong inter-linkages with other functions. Controlling other functions through finance route is possible. Methods and Tools of Financial Management – i) In the area of Financing – Funds are procured from long-term sources as well as short-term sources. Long-term funds may be made available by owners, i. e. hareholders, lenders through issue of debentures / bonds, from financial institutions, banks and public at large. Short-term funds may be procured from commercial banks, suppliers of goods, public deposits etc. The finance manager has to decide on optimum capital structure with a view to maximize shareholder’s wealth. Financial leverage or trading on equity is an important method by which return to shareholders can be increased. ii) For evaluating capital expenditure (investment) decisions, a finance manager uses various methods such as average rate of return, payback, internal rate of return, net present value and profitability index. ii) In the area of worki ng capital management there are various methods for efficient utilization of current resources at the disposal of the firm, thus increasing profitability. The centralized method of cash management is considered a better method of managing liquid resources of the firm. iv) In the area of dividend decision, a firm is faced with the problem of declaring dividend or postponing dividend declaration, a problem of internal financing. There are tools to tackle such situation. v) For the evaluation of a firm’s performance there are different methods.For example, ratio analysis is a popular technique to evaluate different aspects of a firm. vi) The main concern of the finance manager is to provide adequate funds from the best possible source, at the right time and the minimum cost and to ensure that the funds so acquired are put to best possible use through various methods / techniques are used to determine that funds have been procured from the best possible available services and the funds have been used in the best possible way: Funds flow and cash flow statements and projected financial statements help a lot in this regard.The changing role of Financial Management in India – Modern Financial Management has come a long way from the traditional corporate finance. The finance Manager is working in a challenging environment, which changes continuously. As the economy is opening up and global resources are being tapped, the opportunities available to finance manager have no limits. At the same time one must understand the risk in the decisions. Financial management is passing through an area of experimentation and excitement, as a large part of the finance activities carried out today were not heard a few years ago.A few instances are enumerated below: – i) Interest rates have been deregulated, further interest rates are fluctuating, and minimum cost of capital necessitates anticipating interest rate movements. ii) Rupee has become freely convertible in current account. iii) Optimum debt equity mix is possible. The firms have to take advantage of the financial leverage to increase the shareholders wealth. However financial leverage entails financial risk. Hence a correct trade off between risk and improved rate of return to shareholders is a challenging task. v) With free pricing of issues, the optimum price of new issue is a challenging task, as overpricing results in under subscription and loss of investor confidence whereas under pricing leads to unwarranted increase in number of shares and also reduction of earnings per share. v) Maintaining share prices is crucial. In the liberalized scenario the capital markets is the important avenue of funds for business. The dividend and bonus policies framed, has a direct bearing on the share prices. i) Ensuring management control is vital especially in the light of foreign participation in equity (which is backed by huge resources) making the firm an easy takeover target. Existing ma nagements may loose control in the eventuality of being unable to take up the share entitlements. Financial strategies to prevent this are vital to the present management. Forms of Business Organization – The three most common forms of business organization are the sole proprietorship, the partnership and the company.Other specialized forms of business organizations also exist. Sole proprietorship are the most In terms of total receipts and net profits corporate form of business dominate. Sole Proprietorship – A sole proprietorship is a business owned by one person who runs for his own profit. Majority of the business firms are sole proprietorships. The typical sole proprietorship is a small business e. g. bakeshop, personal trainer or plumber. The majority of sole proprietorship is found in the wholesale, retail, service and construction industries.Typically, the proprietor along with few employees runs the business. He raises capital from personal resources or by bor rowing and is responsible for all business decisions. The sole proprietor has unlimited liability, towards creditors not restricted to the amount originally invested. The key strengths and weaknesses of sole proprietorship are given in table 1. 3. Partnership – A partnership firm is a business run by two or more persons for profit.Partnership accounts for the next majority of business and they are typically larger than sole proprietorship. Finance, legal and real estate firms often have large number of partners. Most partnerships are established by a written contract known as ‘Deed of Partnership’. In partnership, all partners have unlimited liability for all the debts of the partnership. In India, partnership is governed by the Partnership Act, 1932. Strengths and weaknesses or partnerships are summarized in Table 1. 3. Company Form –A company form of business is a legal entity, separated from the owners, with perpetual succession. Just like an individual , the company can sue and be sued, make and be party to contracts and acquire property in its own name. The company form of organization is the dominant form of business organization in terms of receipts and profits. Although, corporations are involved in all types of business, manufacturing corporation account for the largest portion of corporate business receipts and net profits.The key strengths and weaknesses of corporate form are summarized in Table 1. 3. The owners of the company are its shareholders, whose ownership is evidenced by either common shares or preference shares. Shareholders get a return by receiving dividends i. e. periodic distribution of earnings or gains through increase in share price. Owner’s liability is limited to the amount paid on their shares. Shareholder elects the Board of Directors through vote.The Board of Directors has the ultimate authority in running the organization including making the general policy. The President or Chief Executive Off ice (CEO) is responsible for managing day to day operations and carrying out the policies established by the Board. The CEO is required to report periodically to the firm’s board of directors. The corporate form of business are subject to strict control by Regulatory Agencies including Companies Ac, 1956, SEBI, etc. Table I – Strengths and weaknesses of the common forms of business organizations Sole Proprietorship |Partnership |Company | | | | | |Strengths | | | | | | | |Owners receive all profits and incurs all losses |Can raise more funds than the sole proprietorship |Owners liability is limited to the extent paid on | | |their shares | |Low organizational costs |Borrowing powers enhanced by more owners | | | | |Can achieve large size via sale of shares | | |More available manpower and managerial skill | | |Income is included and taxed on owners personal tax | |Ownership (share) is readily transferable | |return |Income included and mixed on individual partnerâ€⠄¢s tax | | | |return |Long life of the firm | |Independence | | | | | |Can have professional managers | |Secrecy | | | | | |Has better access to financing | |Ease of dissolution | | | | | |Receives some tax advantage | | | | | | | | | |Weaknesses – |Owners have unlimited liability and may have to cover | | | |debts of other partners |Taxes generally higher, because corporate income is | |Owner has unlimited liability towards debt of the firm| |taxed and dividends paid to owners are also taxed. | |Partnership is dissolved when partner dies |(the latter has been exempted at the hands of the | |Limited fund raising power limits growth | |shareholders in India) | | |Difficult to liquidate or transfer partnership | | |Proprietor must be jack-of-all trades | |More expensive to organize than other forms of | | | |business | |Difficult to give employees long-run career | | | |opportunities | |Subject to greater control by regulating authorities | | | | | |Lacks continuity when pro prietor dies or unable to | |Lacks secrecy since the shareholders must receive | |operate | |financial reports at periodic intervals | | | | | Limited Liability Partnership A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability.It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from that of an unlimited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. In some countries, an LLP must also have at least one â€Å"general partner† with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. In contrast, corporate shareholders have to elect a board of directors under the laws of various state charters.The board organizes it self (also under the laws of the various state charters) and hires corporate officers who then have as â€Å"corporate† individuals the legal responsibility to manage the corporation in the corporation's best interest. An LLP also contains a different level of tax liability from that of a corporation. Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries, the LLP is more suited for businesses where all investors wish to take an active role in management. There is considerable confusion between LLPs as constituted in the U. S. nd that introduced in the UK in 2001 and adopted elsewhere  Ã¢â‚¬â€ see below  Ã¢â‚¬â€ since the UK LLP is, despite the name, specifically legislated as a Corporate body rat her than a Partnership. India The Limited Liability Partnership Act 2008 was published in the official Gazette of India on January 9, 2009 and has been notified with effect from 31 March 2009. However, the Act, has been notified with limited sections only. The rules have been notified in the official gazette on April 1, 2009. The first LLP was incorporated in the first week of April 2009. 1. In India, for all purposes of taxation, an LLP is treated like any other partnership firm. 2. be limited to their agreed contribution in the LLP. 3.Further, no partner would be liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct. 4. LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20, LLP Act makes a mandatory statement where one of the partner to the LLP should be an Indian. 5. Provisions have been made for corporate actions like mergers, amalgamations etc. 6.While enabling provisions in respect of winding up and dissolutions of LLPs have been made, detailed provisions in this regard would be provided by way of rules under the Act. 7. The Act also provides for conversion of existing partnership firm, private limited company and unlisted public company into a LLP by registering the same with the Registrar of Companies (ROC) 8. Nothing Contained in the Partnership Act 1932 shall effect an LLP. 9. The Registrar of Companies (Roc) shall register and control LLPs also. 10. The governance of LLPs shall be in electronic mode based on the successful model of the present Ministry of Corporate Affairs Portal. Chapter Assignments – 1. What are the tasks of Financial Management? 2. Discuss the salient features of the traditional approach to Corporation Finance. 3.Discuss the distinctive features of modern approach to Corporation Finance. 4. What is the normative goal of financial management? 5. â€Å"Financial Management is an integral part of the jobs of all managers. Hence it cannot be entrusted to a staff Department†. Discuss. 6. Discuss some of the problems the financial managers in a developing country like India have to grapple with. 7. Draw a typical organization chart highlighting the finance function of a company. 8. Which of the following functions should be the responsibility of a Finance Manager? i) Maintaining the books of account. ii) Negotiating loans with banks iii) Preparation of cost statements iv) Conducting of internal audit v) Analysis of new projects i) Ensuring that enough cash is available at all the branches and factories of the company. vii) Assisting the management in taking a decision regarding the quantum of dividend. viii) Negotiating under-writing agreements in case of new issues ix) Preparing the financial statements. x) Deciding about change in the policies regarding recruitment. xi) Decision on administrative practices. xii) Change in marketing and advertising techniques routine. 9. Which of the following statements are true? i) It is the job of the finance manager to approve all payments. ii) The finance manager has to keep a proper balance in the procurement and use of funds. iii) Acquisition of fixed assets is of no concern to the finance manager. v) It is always advisable to distribute the total amount of profit as dividend. v) Since it is crucial that all sections of the business have adequate cash, it is a good policy to give each sections of the business double the amount of cash that they normally require so that they can meet even emergencies. vi) Debentures and loans from financial institutions are very important sources of long-term fund s. vii) It is better if no credits are given to the customers since this would mean that no amounts are tied up in sundry creditors. viii) In a period of rising prices, it is better to stock as much as raw material as possible, irrespective of the cost of procuring funds. x) A proper capitalization ensures that there is a balance between long-term funds and short-term funds and also proper ratios are maintained between the various sources of funds. 10. Which of the following statements do you agree? i) Financial management is essential only in private sector enterprise. ii) Only capitalists have to bother about money. The bureaucrat is to administer and not manage funds. iii) The public administrators in our country must be given a basic understanding of essentials of finance. iv) A state owned Transport Company must immediately deposit in the bank all its takings. v) â€Å"Financial Management is counting pennies. We do not believe in such miserly attitude†. vi) â€Å"Finan ce function is important as any other function in an organization†.