Daphnia magna Essay Example

Daphnia magna Paper This chapter provides an overview of the biology of waterless of the genus Daphnia. It describes basic aspects of Individual physiology and nutrition, Including some remarks about Immunity. It summarizes the typical life cycle and development of Daphnia. The modes of reproduction and the induction of resting egg production in cyclic and obligate parthenogenesis forms are discussed. Finally, population biological aspects, such as behavioral ecology, habitat preferences, population genetics, and population dynamics, are introduced. Go to: Introduction The following introduction summarizes the key aspects of the natural history of the genus Daphnia. It is far from exhaustive. Because much of the biology has been studied over the past 250 years and is considered to be common knowledge, I give no references to specific studies In most cases. The Interested reader may consult Fryer (1991), Steer (Bibb Lambert and Simmer (1 999), and Peters and De Bernard (1987), from which much of the information was taken. A search on the Internet using the term Daphnia or Clamored will also bring up a large body of information. Of particular interest is the Clamored Web page of the university of Gullah in Canada. The reader familiar with Daphnia may skip this chapter and move on to Chapter 3. Daphnia are platonic crustaceans that belong to the Payload (sometimes called Bronchiolar), which are characterized by flattened leaf-like legs used to produce a water current for the filtering apparatus. Within the bronchioles, Daphnia belong to the Clamored, whose bodies are enclosed by an unqualified shell (Figures 2. 1 and 2. 2), known as the carapace. It has a double wall, between which hemolytic flows and which Is part of the body cavity. We will write a custom essay sample on Daphnia magna specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Daphnia magna specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Daphnia magna specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The carapace Is largely made of chitin, a polysaccharide. Clamored have up to 10 pairs of appendages, which are (from front to back): untangles, antennae (the second antennae, used for swimming): maxillae: and mandibles; followed by 5 (as in Daphnia) or 6 limbs on the trunk. The limbs form an apparatus for feeding and respiration. At the end of the abdomen is a pair of claws. The body length of Clamored ranges from less than 0. 5 mm to more than 6 mm. Males are distinguished from females by their smaller size, larger untangles, modeled post-abdomen, and first legs, which are armed with a hook used in clasping. It describes basic aspects of individual physiology and nutrition, including some remarks about immunity. It summarizes the typical life cycle and development of references to specific studies in most cases. The interested reader may consult Fryer (1991), Steer (1993), Lambert and Simmer (1999), and Peters and De information. Of particular interest is the Clamored Web page of the University of and which is part of the body cavity. The carapace is largely made of chitin, a to back): untangles, antennae (the second antennae, used for swimming); maxillae; modified post-abdomen, and first legs, which are armed with a hook used in clasping.

The longest shortcut essays

The longest shortcut essays The problem was the great 12,000 mile distance to go around South America to get to from the Atlantic Ocean to the Pacific Ocean or vice versa. The solution was to make canal to cut the distance down significantly. Vasco Nunez de Balboa discovered the Pacific coast in the 1513. Many famous people including Benjamin Franklin suggested that a route could be made through Panama to shorten the path. However, others people disagreed that it could be done in Panama. German explorer Heinrich Alexander von Humboldt believed that Panama was too mountainous and the wrong place to build the canal. U.S. Army Col. Charles Biddle concluded after four days of hiking in the jungle that the impracticality of building a canal in Panama ought to be clear to anyone. (Kiger) Designing, constructing, and implementing the Panama Canal is one of the largest macro-engineering projects in recorded history. It took a two nations and the workforce of many other nations to complete. Columbia lost a large part of its land and the Republic of Panama was created for the sole purpose of building the Canal. Apart from wars, it represented the largest, most costly single effort ever before mounted anywhere on earth. (McCullough 11) Not only were there advances in technology, but also entire technologies were created for this macro-engineering project. In the history of finance capitalism, in the history of medicine, it was an event of signal consequence. It marked a score of advances in engineering, government planning, labor relations. (McCullough 12) Even thought it took numerous people to design and finish the Panama Canals original creator was the entrepreneur Vicomte Ferdinand De Lesseps. Ideas varied on how to complete the task. Vicomte Ferdinand De Lesseps was the first in charge of the Panama Canal. De Lesseps promoted the idea of the French building the canal. He believed that he would ret...

Stem Cell Research Essay Example | Topics and Well Written Essays - 250 words

Stem Cell Research - Essay Example Different perspectives: There are different opinions to the argument whether stem cell research should be encouraged or not. Many religious and pro-life organizations have voiced ethical concerns regarding the intentional killing of a defenseless human life (2 week-old embryo) for the possible benefits of others. Other ethical dilemmas concerning this research are the use/disposal of surplus stem cells, the use of cloning in obtaining stem cells and the fact that a potential life is created for research or therapeutic purposes. Scientists and researchers see stem cell research as an answer to help all those suffering from chronic, degenerative and acute diseases such as Type-1 Diabetes, Parkinson’s and Alzheimer’s disease and Cancer amongst others (Erin Williams, 2006). My Opinion: Having studied the different ethical and scientific perspectives on stem cell research, I believe that the research has tremendous potential to relieve the sufferings of thousands if not mill ions of people. If research is undertaken within the bounds of law (looking into the purpose of embryo creation, egg procurement etc), the pursuit wil help scientists understand the biology behind current incurable diseases and hence save many important lives.

ENG 315 Presentation Critique Assignment Example | Topics and Well Written Essays - 500 words - 1

ENG 315 Presentation Critique - Assignment Example While it can be concluded from the title that the program is a meal-delivery system for the seniors, the presentation could have started with a visual description of how it will be like to have food easily and readily available to people who need it. However, this did not ruin the overall understanding of the audience on the topic. The opening statement is very catchy and able to get the audience interest. The speaker said: â€Å"Meals on wheels is taking action to end senior hunger.† Not only is the opening line catchy, it immediately gives a hint of the problem that the presentation is trying to resolve. The main points, such as what the program is, what the problem is, statistical data proving there is indeed a continuing problem, why the problem needs to be alleviated, and what the program can do were properly emphasized. However, the important detail of how a senior can enroll in the program was left out. The speaker utilized the â€Å"problem solution pattern† of speech, where the presentation informs the audience of the risks of the problem, the importance, the causes, and the solution. This pattern is alerts the audience to the fact that the issue is something to be concerned of. No, there were no transitions carried out, which makes some area of the presentation abruptly stopped. Good transitional phrases would be: â€Å"Why do we need to know this?† Such would also recapture the attention of the audience. The presentation was summarized, but somewhat too briefly. The summary was only about what the program does. It did not reiterate the reality of the problem, and did not restate how the program is a big relief for this problem. Taken on the emotional level, the closing statement is strong. However, it lacked information. The closing statement seems to call for people to take action: â€Å"Every one of us can play a very important role in the life of a senior. I encourage you to make a difference!† How? Can ordinary people call and enroll a

ART WORLD Essay Example | Topics and Well Written Essays - 1750 words

ART WORLD - Essay Example Financial and cultural capital is important for a city in order to have an art market and the above mentioned cities have it in abundance. The United States of America has over 50% of sales when it comes to contemporary art market and this is an impressive figure considering the fact that there are other major players in the art market. There has been a recent influx of young buyers in the art market and this has brought about significant changes. It is good for the economy because a lot of money has been pumped by these young buyers into the art market. â€Å"The art world is structured as an interdependent network of social-economic actors who cooperate--often contentiously or unknowingly--to enact and perpetuate the art world, while at the same time negotiating kinds and levels of cooperation in a mutually understood careerist and competitive context.† (Art Economics) Dealers and galleries play a pivotal role in displaying the art works to prospective buyers, without these display art galleries it would be hard for buyers to see and get what they want. Auction houses also play a key role in displaying art work to prospective buyers. In addition to this there are art consultants and advisors who bridge the gap between sellers and potential buyers of art work. Art fairs are also being organized on a regular basis to attract more buyers interested in buying contemporary art work. The economy of the art world is being affected because more and more thieves are trying to get their hands on valuable works of arts so that they can sell it and make good money on these contemporary art works. It is a win win situation for the thieves because most valuable pieces of art weigh only a few pounds and they are sold for millions of dollars in the market. It is very easy to transport such expensive works of art because thieves usually steal art works that are easy to carry and transport hence, it is a very trivial job for them to get it transported. In the year 2011 artworks worth $1 billion were recovered from a home in Munich, Germany. These art works were believed to have stolen by the Nazis through the end of World War II. It has become a very lucrative business for thieves, there is no investment required and the returns are unbelievable this is precisely why more and more cases of burglary of these art works has been reported in the last few years. Stolen artwork fetches a lot of money and it is well over a billion dollar industry. This practice is illegal and also highly unethical, but people still involve themselves in this lucrative trade because there is easy money to be made. It promotes corruption in society, in addition to this famous paintings fetch a lot of money and this is precisely why many people eye these famous paintings and when an opportunity presents itself they steal it and sell it on to make a nice quick buck. There are two categories of people who steal these famous painting in an endeavor to make a quick buck. The fi rst is called the naif. A naif typically steals a painting but after sometime upon being unable to sell it, a naif realizes that the work of art has become extremely burdensome because of their inability to sell it and the same results in the work of art becoming worthless at least to the person who has stolen it. The second category represents sophisticated criminals who do not think like typical naifs. They understand and value the worth of stolen art work and come up with appropriate strategies to sell it and in the process make good money. The FBI each year reports that several high-profile paintings go missing and they also understand and realize that these high-profile paintings are being sold and the stolen artwork industry is thriving because of the same. â€Å"

Functionalism and Marxism: Education and Employment

Functionalism and Marxism: Education and Employment Sociologists study human society. Their subject matter includes human behaviour in various social contexts, social interaction, social institutions and organisation, social change and development (Haralmbos, Van Krieken, Smith Holborn 1999). For this reason, unemployment is an issue which sociologists delve. Unemployment has far reaching affects in all areas of society. Stratification in the areas of age, race, class, gender, ethnicity, sex and disability is rife amongst the employed and unemployed alike, unemployment creates further segregation amongst these already stratified people. This essay will look at unemployment from the functional and conflict theory perspective, as well how four main institutions (family, education, government and health) are affected by unemployment. It will also look at Karl Marx and Emile Durkheim and their contribution to sociology and the theory of functionalism and conflict. Unemployment affects almost everyone to some degree during their lives, th e need to understand how we can deal with the issue is becoming critically important to society as a whole. Functionalist Theory Function is an unclear term, often used by orthodox sociologists to define the logical and social place of roles, institutions and structures in terms of the production and reproductionof a society as a social system as in the idea that the function of the family is to socialise new members of society (Bessant Watts, 1999). Functionalists believe everything serves a specific function in our society and these functions need to be understood. Everyone has a role to fill in this functional society, in other words we need to have stratification so as everyone has a purpose. Functionalists are very boundaried and thin within the square. For this theory to really work, there needs to be a consensus amongst the individuals that make up society, they need to believe everything is in the best interest of this so called utopia. There is obviously no conflict of interest. This does not seem possible in this modern age, so can functionalism still be considered a plausible theory. It does of course have its merits, yes everything does have its function, but these functions are up for a degree of interpretation and change. Unfortunately functionalism does not explain change except in a gradual evolutionary way. Conflict Theory Conflict theory is a body of theories including marxism, which claims that all social orders are fractured by social conflict, typically between classes and other groups, over control of valued resources including wealth, power and property (Bessant Watts, 1999). Conflict theorists believe that conflict is the basis of social order and that a minority of people with power are able to impose their will over others. There is a conflict of interest, people have different goals and purpose. They will use whatever means to gain this, even to the detriment of others in their society. Those with more power and money have the ability to gain a higher level of services by the main institutions in our society (such as education and health), thus creating a greater level of stratification in society. This in turn creates more conflict as those who cannot get the services they need turn to deviant or dependant methods to gain the same baisc needs. Unfortunately it is a vicious circle which cont inues to breed contempt from both sides of the fence in our society. Durkheim Durkheim (1858-1917) was one of the original founding fathers of positivist sociology (functional theory), his concern was how to preserve society. The basis for social order (how society hung together and worked over time) was not economic but moral for Durkheim, expressed in the type of solidarity that a society exhibited (Willis,1999). Durkheim was particularly concerned to distinguish social facts, which he sometimes described as states of the collective mind, from the forms these states assumed when manifested through private individual minds. This distinction is most obvious in cases of customs, moral and legal rights and religious beliefs etc. Marx For Karl Marx (1818-1883), the transformation had to be understood primarily as a change in the economic structure of societies; a change in the means by which economic production was organised from a system called feudalism to one called capitalism (Willis 1999). Marx was a man looking to understand society, he followed many different paths and was alienated many times for his ideas. His theories on value and surplus value, accumulation, exploitation, pauperization, crisis and appropriation, class struggle and revolution made no immediate impact on the workers movement, until after his death in 1883 (Rius 1999). Unemployment We are entering a new phase in world history one in which fewer and fewer and fewer workers will be needed to produce the goods and services for the global populationFor the whole of the modern era, peoples worth has been measured by the market value of their labournow new ways of defining human worth and social relationships will need to be explored (Rifkin 1996). Life has changed, globalization and feminism have had a huge impact on the work environment around the world. Technology has also made many jobs redundant. Unemployment has become an issue allaround the globe, explanations of this phenomenom are plenty. How does unemployment serve a purpose, or is it just another chance for the powerful to stamp on those with less power? The government views the unemployment situation as an idividual problem. It is due to the lack of training of the individual, they now make people have training to continue to get unemployment benefits. This is a great idea as far as keeping the individua l busy and increasing the self-esteem and knowledge, but what then? We are now creating alot of qualified people for positions which dont exist. We need to look at why there are not enough positions to employ these individuals. If it is not lack of skills, then what is it? Could it be that they government or us as a society are not doing enough to promotebusiness in Australia, instead sending our work load overseas for cheaper labour. We need to look at why the positions are non existant rather than assuming it is the individuals fault. Unemployment affects our society in so many ways. The four main institutions I am looking at are family, education, health and government. Firstly the family, unemployment places added financial and mental strain on the family. The lack of income can cause many families to have to live without the basic necessities which we take for granted, they then need to turn to welfare agencies in order to survive. Lack of income also means children often have to miss out on school activities and sports programs as the family budget can no longer stretch the distance. This monetary strain can cause breakdown in both the individual and family. This can turn in domestic violence, alcoholism, gambling, family dysfunction and even suicide. Unemployment has such wide ranging affects on family life. Alcoholism, smoking, the illegal use of drugs and crime are associated with unemployment (Makkai 1994).This can then be made even more significant when their is further stratification caused by age, disability, ethnicity, gender, sex, class and race. For example, if your race was one that expected the men to work and the wife to stay at home and raise the children. When you become unemployed, you may lose your standing as both a husband and member of your community, as you can no longer provide appropriately for your family. Each of these aspects further increases the impact of unemployment. Secondly, there is education. Public versus private is already a hotly argued issue, do children get a better education from private or public education. This is not an issue for Australians who cannot afford the private education system. It is still a struggle though to pay for books, uniforms, excursions, camps and other school activities. Add in unemployment and the issue becomes even harder. If you currently have your children in private education and become unemployed, you may not be able to meet the financial demands. Taking your child out of their school and changing them to the public education system can then be very traumatic for everyone involved. Once again add any of the other stratification issues mentioned before and the situation can become very volatile. You may have certain reasons for attending special schools, if then cannot afford to maintain this situation what happens to your child. For example, a special school for your disabled child, mainstream public school may not be able to handle your childs disability. Your child is then left in a situation which is detrimental to their well being. Thirdly, government, unemployment is such a hot issue with voters that the government must be seen to be doing as much as they can to help the situation. They are always making promises to decrease the unemployment rate, unfortunately the unmployment rate does not really give an accurate picture of how many people are out of work. It is only those who are registered as looking for work. The government provides welfare and training for unemployed but they do not seem to see the bigger picture. The government also creates stratification by having different payments and services for different races, rather than basing services provided on an individual needs basis. For example, Austudy and Abstudy. Finally, health system, the health system is hit hard by unemployment especially with the drop in bulk billing. Many unemployed people cannot afford to go to a non-bulk billing doctor so instead go into their local emergency department. This is causing congestion in the emergency department. There is also an increase of illness (mental and physical) and suicide amongst the unemployed. This is creating a huge draw on our medicare and health system. Those on low incomes or unemployed cannot afford to have private health insurance, so are therefore no getting all the help they need. We are creating a system where people are leaving illnesses and injuries until they are quite serious due to the fact that they cannot afford to see a specialist. We will now look at what the functionalists and the conflict theorists say about it. Unemployment (Functionalism) Functionalists believe unemployment serves a purpose in society. We need unemployment in our society, it plays its own part. For all those who are or have been unemployed, it is hard to see how it can possibly be good for society, part of the master plan. Unemployment creates so much misery and further increases the problem of stratification. Those in the underprivileged class have to rely on government handouts, which only creates further poverty as those people struggle to make ends meet. This in turn affects the family structure by adding extra money pressures. This is the point though, unemployed people create work for centrelink staff, welfare agencies, counsellors and keep cheap discount stores in work. It also maintains that there will always be someone to take the menial jobs that others dont want. Those lower classed people will do the jobs others wont. We need the divisions to make sure there are people to cover all types of places in society. Unemployment (Conflict Theory) Conflict theorists see unemployment as more evidence of those in a powerful or priviledged position taking advantage of others. Power is the emphasis is an employment situation, while employed you have a certain amount of power, both over your work environment and your own life. Once unemployed you become powerless, reliant on the government to provide you an income. Once in this position, an individual is likely to take a job which is below their abilities and for less pay, just so as to be earning an income. The difference in class and standing continues to increase. Those with money, do not need to stoop to this type of position, they can instead wait until an appropriate job comes up or they can indulge in further education to improve their position even more. Conclusion Unemployment plays are major part in our society, its affects are wide reaching. The implication that unemployment is an individual problem due to lack of skills, only seeks to increase the problem. The idea that who we are is depicted by what we do as a job, creates further stratification of our society. Long-term unemployment has been shown to be one of the most important contributors to domestic violence and other forms of crime, as well as psychological illness and suicide (Baker 1993). Whether we look at unemployment from a functional or conflict perspective, there is no right or wrong answer. We need to look at it from both perspectives to get a better idea of the situation, and then to look at possible ways of dealing with the issue. There will always be unemployment due to changes in the environment, whether they are biological or technological. For this reason further insights into how society deals with unemployment is necessary. Stratification is a principal aspect of the evolution of a societys social identity, when this is compounded with unemployment, alienation and dysfunction becomes a consequence.

Return to the Past: William Faulkner :: Creative Writing Dialogue Essays

Return to the Past: William Faulkner One Friday afternoon, I was sitting in my Calculus II class, taught by the one and only Dr. Larry Zettel. I was confused about the topic and wasn’t paying very close attention. My thoughts were drifting off between his explanation of anti-derivatives and thoughts of the other things going on in my world. I was remembering what a great time I had when I traveled back in time to interview A. E. Housman. It then occurred to me, I should do this again. The tough part was deciding whom I would interview. I finally decided to go to Oxford, Mississippi, to see William Faulkner because I had read his short story, â€Å"A Rose for Emily,† in class, and I had an idea of what it meant, but I wasn’t entirely sure. I snapped back to reality and class was finally over. I made my way back to my room. Later that night I placed a call to Jason back home. â€Å"Hey, Jason, what are you up to?† â€Å"A whole lot of nothing. What about you?† â€Å"Well, funny you should ask. I was wondering if you’d like to take another trip back in time, using the time machine you built, which I must say, is your greatest invention so far. We would be going to Mississippi this time to see William Faulkner.† â€Å"Sure, dude, sounds cool. When were you planning to go?† â€Å"I was hoping you could go come on up now, if that’s fine with you. I already talked to JoJo, and he said he’d let his parents know you could take his truck.† â€Å"Yeah, no problem, I’ll leave in ten minutes or so. See you in a bit.† â€Å"All right, see you soon.† A little bit later Jason showed up with Curtis, another one of my friends. We checked to make sure everything was operable so the trip would succeed. After everything was checked, we took off. We were heading, as I told Jason, to Oxford, Mississippi. I hoped I would find William Faulkner there on June 9, 1962. This time was going to be different. A different area, a different time. We didn’t know what to expect, and I still don’t really believe what happened on that trip. We arrived with a flash and a bang.

Eco Parks & Environment

Industrial ecologists are championing eco-industrial parks or EIPs as tools for pursuing sustainable development. An EIP is a community of companies located in one region that exchange and make use of each other's by-products or energy. Among the best known is Kalundborg, Denmark, a city in which the major industries and the local government trade their waste streams and energy resources. Many commentators see Kalundborg as a model that should be copied and improved upon. Imagine what a team of designers could come up with if they were to start from scratch, locating and specifying industries and factories that had potentially synergistic and symbiotic relationships,† writes Paul Hawken (1993, 63), author of The Ecology of Commerce. Ernest A. Lowe (1997, 58) points out that â€Å"while industrial ecosystems must be largely self-organizing, there is a significant role for an organizing team in educating potential participants to the opportunities and in creating the conditions that support the development. Because of this enthusiastic endorsement, numerous EIPs have been planned in North and South America, Southeast Asia, Europe and Southern Africa (Ayres 1996; Indigo Development 1998; Gertler 1995; Lowe 1997). Kalundborg, a small city on the island of Seeland, 75 miles west of Copenhagen, is indeed an impressive example of a recycling network. In this city of 20,000, the four main industries–a coal-fired power plant (Asn?s), a refinery (Statoil), a pharmaceuticals and enzymes maker (Novo Nordisk), a plasterboard manufacturer (Gyproc), as well as the municipal government and a few smaller businesses–feed on each others' wastes, in the process turning them into useful inputs. The Asn?s power company supplies residual steam to the Statoil refinery and, in exchange, receives refinery gas that used to be flared as waste. The power plant burns the refinery gas to generate electricity and steam. It sends excess steam to a fish farm that it operates, to a district heating system serving 3,500 homes, and to the Novo Nordisk plant. Sludge from the fish farm and pharmaceutical processes becomes fertilizer for nearby farms. The power plant sends fly ash to a cement company, while gypsum produced by the power plant's desulfurization process goes to a company that produces gypsum wallboard. Finally, the Statoil refinery removes sulfur from its natural gas and sells it to Kemira, a sulfuric acid manufacturer. However, consultants id not design, nor did Danish government officials finance, Kalundborg's industrial symbiosis. It was, rather, the result of many separate bilateral deals between companies searching to reduce waste treatment and disposal costs and to gain access to cheaper materials and energy while generating income from production residue. Kalundborg, like other similar examples, developed entirely through market forces (Garner and Keoleian 1995; Gertler 1995; Lowe et al. 1996; Schwartz and Steininger 1997). Today, there is still no higher level of administration managing the interaction of Kalundborg companies and local government. Lowe 1997, 59). Jorgen Christensen, a spokesperson for Novo Nordisk, notes: â€Å"I was asked to speak on ‘how you designed Kalundborg. ‘ We didn't design the whole thing. It wasn't designed at all. It happened over time† (Lowe 1995, 15). This essay shows that the movement toward public planning of eco-industrial parks rests on a misreading of the Kalundborg experience. Kalundborg is not unique but rather is characteristic of industrial loops that cities have fostered for hundreds and even thousands of years. To assume that EIP planners can replicate and improve upon Kalundborg reflects insufficient knowledge of how market forces have historically promoted resource recovery. This essay compares private and public mechanisms in the development of industrial loops and illustrates how regulation of hazardous waste in the United States currently thwarts such industrial symbiosis. The essay concludes by arguing that greater reliance on market forces would be the most effective way of replicating the Danish experience.

Environmental Analysis of Barclays Bank Plc Essay Example

Environmental Analysis of Barclays Bank Plc Essay Example Environmental Analysis of Barclays Bank Plc Paper Environmental Analysis of Barclays Bank Plc Paper They face increasingly well- informed and energetic customers, determined legislators, and electorates ho are becoming environmentally aware. They have to adapt to changing economic and market conditions, fast changing consumer needs and expectations. Their business is influenced by global economic, political, regulatory, technological and other unpredictable factors. Consequently, they have to device their strategies, policies and operations to adapt to these changes in order to meet stakeholder expectations and satisfy consumer needs. In this assignment, try to describe and evaluate changing business environment of Barclay Bank Pal over the last five years. INTRODUCTION About Barclay Bank Pal Barclay is a major global financial services provider engaged in retail banking, credit cards, corporate banking investment banking, wealth management and investment management services with an extensive international presence in Europe, the Americas, Africa and Asia. Barclay Group headquarters is at 1 Churchill Place in London, UK, but it has operations all over the world, with products and services to meet the needs of customers and clients in local markets. With over 300 years of history and expertise in banking, Barclay operates in over 50 countries and employs more than 144,000 people. Barclay moves, lends, invests and retests money for more than 48 million customers and clients worldwide. Organizational structure Barclay is made up of Clusters: Global Retail Banking, and Corporate and Investment Banking and Wealth Management, each of which has a number of Business Units. The third major area of the business is Group Centre, which comprises all our essential support functions. I-J Banking Industry Auks banking sector, following the IIS and Japan, is the worlds third largest and considered foremost in terms of: efficiency, dynamism and return on capital. In addition to having one of the largest commercial banking industries, the UK is also a major international centre for investment and private banking. The UK banking sectors strong international orientation is reflected in the substantial foreign presence and sizeable assets of foreign banks in London. It services 95% of the population with about 3. 5% of Auks workforce over a million workers. Banks and financial services contribute E ban to the Auks national output (6. 8% of GAP) and provide 25% Of total corporation tax (Been) to the UK Government. The main retail banks provide over mm accounts, clear ban transactions a year and facilitate 2. Ban cash tetrahedral per year from its network of over 30,000 free Atoms. Banks in the UK contribute well over El mm per year to charities and local community initiatives. UK banks are authorized and regulated by Financial Services Authority under the Financial Services and Markets Act 2000 (FSML). Financial Services Authority is an independent non-governmental body which exercises statutory powers under the FSML. The FSML requires the FSP to pursue four objectives: to maintain confidence in the UK financial system; to promote public understanding of the financial system; to secure an appropriate degree f protection for consumers whilst recognizing their own responsibilities; and to reduce the scope for financial crime. Banks of England is responsible for maintaining overall stability of the financial system a whole. The Bank sets interest rates of UK and is also responsible for identifying and limiting systemic financial risk. ANALYSIS Barclay bank operates almost all over the world and hence its actions are influenced by the global economic conditions. Have used PESTLE framework to describe and evaluate business environment of Barclay Bank pal. It categorizes environmental factors into six main types: political, economic, social, technological, environmental and legal. Lattice * Government stability * Taxation policy * Foreign trade regulations * Social welfare policies Economic factors * Business cycles * GNP trends * Interest rates * Money supply * Income distribution * Social mobility * Lifestyle changes * Attitudes to work and leisure * Consumerism * Levels of education Technological * Government spending on research * Government and industry focus on technological effort * New discoveries/dev elopment * Speed of technology transfer * Rates of obsolescence Environmental * Environmental protection laws * Waste disposal Energy consumption Legal * Monopolies legislation * Employment law * Health and safety * product safety The change in the business environment of Barclay bank The collapse of a global housing bubble, which peaked in the IS. S. In 2006, caused the values of securities tied to real estate pricing to plummet thereafter, damaging financial institutions globally. Questions regarding bank solvency, declines in credit availability, and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during late 2008 and early 2009. Economy sees worldwide slowed during this erred as credit tightened and international trade declined. Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion, and institutional bailouts. The subsequent emergence of a wider set of credit problems in mortgages and in corporate lending, and in particular in commercial real estate generated credit capacity constraints and economic slowdown. An initial focus on funding problems, with the failure of Northern Rock caused not by immediately evident solvency/credit quality problems, but by the drying up of the market for both securities credit assets and wholesale funding availability. Such funding issues were also critical to the problems of Bradford ; Bentley and HOBOS in September/October 2008. The UK economy was officially declared to be in recession on 6th May 2009. The Office of National Statistics said that Gross domestic product (GAP) fell by 1. 5% in the last three months of 2008, after a 0. 6% contraction in the previous quarter. Recession is generally defined as two quarters of successive contractions in GAP, which means the UK had been in recession since July 2008. Industrial production fell by a massive 3. 9 per cent over the quarter, while the dominant set-vices sector fell by one per cent. Unemployment had also risen to 2. 47 million in the three months to July 2009. It Was at its highest level in 14 years since May 1995. The KICK economy came out of recession in 2010, after figures showed it had grown by 0. % in the last three months of 2009. In the second week of January 201 0, UK unemployment fell for the first time in 18 month. The Auks production and service sectors each grew by 0. 1% during the quarter. The UK recession began in the April-to-June quarter of 2008, and was the longest I-J recession on record. During 18 months of re cession, public borrowing increased to an estimated El ban, while output slumped by 6%. Impact on Barclay Banks performance Barclay announced record profits of more than Ell billion for 2009 a 92% rise on the previous year. Its performance driven largely by a strong revival in its investment banking arm Barclay Capital. Profits were also boosted by sale of fund management business Barclay Global Investors, and the addition of the New York operations of failed investment bank Lehman Brothers at the end of 2008. The BIG sale added E. 3 billion to pre-tax profits. Barclay Capital contributed E. 5 billion of the banks underlying profit of E. 3 billion which was 13% down on sasss E billion. However, the banks profit was highly affected by the global economic slowdown and deteriorating economic conditions in the UK. Its UK Retail Banking profit before tax in 2009 decreased 55% (E mm) to Emma (2008: El mm), impacted by low interest rates resulting in margin compression on the deposit book and increased impairment charges which together more than offset well controlled costs and an improved assets margin. Impairment charges rose to Emma (2008: Emma), reflecting the impact of the economic recession across the business with continued pressure on corporate liquidity, rising default rates and lower set values. Barclay enforced strict criteria on new credit card applications, using a scoring system that takes over 400 variables into account when assessing an applicants likely ability to manage their credit. Around 50% of applications for credit cards are declined as a result. Strong income growth (2009) across the portfolio driven by increased lending, improved margins and foreign exchange gains, was offset by higher impairment charges, driven by the deterioration in the global economy. Impairment charges in the international businesses increased Emma, driven by higher delinquencies due to deteriorating economic conditions. UK portfolio charges were higher as a result of rising delinquencies due to the economic deterioration, especially in the loan portfolios, and the inclusion of Goldfish in UK Cards. The impairment charge in Global Retail and Commercial Banking increased by 85% (E,mm) to E,mm (2008: E,mm) as charges rose in all portfolios, reflecting deteriorating credit conditions across all regions. Impairment charges on loans and advances increased 50% (E,mm) to E,mm (2008: E,91 mm). The increase was primarily due to economic deterioration and portfolio maturation, currency movements and theology enhancements, partially offset by a contraction in loan balances. In Investment Banking and Investment Management, impairment was broadly unchanged at El ,mm (2008: El ,mm). The impairment charge against available for sale assets and reversed repurchase agreements increased by 41 % (Emma) to Emma (2008: Emma), driven by impairment against credit market exposures. Political During 2008, the UK government acted in the banking sector to recapitulate banks and guarantee toxic assets and deposits and new lending for essential infrastructure programmers. This was essential to shore up lending for nonusers and businesses and restore confidence in banks. Also it was vital to avoid the unprecedented banking crisis having even more wide reaching and catastrophic effects in the wider economy. This decision was not taken lightly and wasnt considered an easy ride for the banks. Banks wishing to participate in the Asset protection Scheme for example had to make additional lending to households and businesses. But the overarching priority in the banking sector was first to ensure the continuing supply of credit to the wider economy. This means returning the banks to solvency and profitability, ND maintaining financial stability. On 13th October 2008, the government nationalized the Royal Bank of Scotland (ORBS), taking up a 63 % stake in exchange for EWE billion of taxpayers money (now 84% owned by the government) on condition that no executive bonuses paid during 2008; no dividend until the governments Been of preference shares are repaid and the government appointed three directors; ORBS had to maintain mortgage lending at 2007 levels. On 31st October 2008, Business secretary Lord Mandelas waived competition law for takeover of Lloyd Tats takeover of Halifax Bank of Scotland creating the fourth biggest bank of Britain to calm uncertainty about the strength of HOBOS after a run on its shares. The combined bank accounts for a third of the mortgage market. Although the merged bank is smaller than Barclay, HASH and Royal Bank of Scotland, because it has less of an international profile than the Other banks, it is the market leader in terms Of savings by a huge margin. In order to shore up confidence in the banking system during 2008, the government injected money into Lloyd TTS Bank (E. Ban) and HOBOS (El 1 ban) and became owner of 43. % of the combined roof, directors were asked to receive sasss bonus in shares; no dividend until preference shares are repaid; government appointed two directors; Lloyd asked to maintain mortgage lending at 2007 levels for next three years. As the Financial Services Authority increased the capital ratio requirements for all UK banks, Barclay had been forced to raise E. 2 billion from Middle Eastern Investors on generous terms. A further El . Ban was being raised from institutional investors to strengthen its balance sheet. Chancellor Alistair Darling introduced a temporary one-off super-tax of 50% n bankers bonuses paid above E25000 between December 2009 and April 2010. Bankers still had to pay income tax on any bonus they receive as usual. The new tax was designed to discourage banks from awarding large bonuses to employees in the wake of the major taxpayer support they have received in the financial crisis. Consequently, Barclay paid IEEE million in windfall bonus tax for 2009. Sociological According to British Retail Consortium (BRB), more people are using cash to pay for their purchases amid growing consumer concerns about how much money they are spending. The global credit crunch is causing consumers to e more cautious with their money. Figures from the organization showed that cash was used for 60 per cent of all transactions during 2008, an increase of 54 per cent from 2007. Cash represented 34 per cent of all money spent in the retail sector during 2008, compared with 32 per cent in 2007. According to BRB, peoples enthusiasm for using cards is slipping as they are not only reluctant to borrow but also reluctant to use cards. A survey released on 22nd January 2009 by communications consultants Cohn ; Wolfe revealed the full scale of LIKE consumers anger with financial institutions. I-J consumers perceive their banks to be greedy and impersonal, according to the survey, which polled 852 consumers in January 2009. The study also revealed that 60% of consumers dont believe that their bank is looking after their best interests. When asked which words best describe the perception of their financial institution, consumers identified greedy (49%), impersonal (36%) and distant (34%). Positive and desired descriptions including ethical (2%), trustworthy (4%) and transparent (5%) were among the least common terms used by consumers to describe their financial institutions. Almost two thirds (64%) of respondents trust in financial institutions had weakened over the last 18 months. A lack of confidence in banks was further emphasized with 74% of consumers saying that they do not believe that their bank would help them recover any money they had lost in 2008. Respondents also identified the financial services they trusted most. Retail banks were comfortably (59%) the most trusted type of financial service. At the other end of the scale, investment broker (2%), insurance providers (5%), online financial service providers and supermarket retailers (both 6%) come off worst. Due to such negative attitude towards ban king industry and intense public interest and concern for banks and bankers pay, Barclay chief executive John Barley and president Bob Diamond both agreed to sacrifice bonuses for two years, 2008 and 2009. In late 2004, Chip ; PIN technology was introduced as a strategic response to tackle counterfeit and lost ; stolen card fraud in the face-to- face environment. Up until this point, UK consumers signed for their goods and services and only used their PIN for ATM withdrawals. During 2007, Barclay sent out PIN sentry machines to over half a million customers in an tempt to prevent online banking fraud. The PIN sentry reader is meant to be used once an online account holder has logged in to the banking site. After logging in, customers slot their bank debit card into the card reader, which generates a unique code which they must input before making a transaction. Also, retailers and banks are using more fraud screening detection tools and online fraud prevention tools, such as Mastered Secured and Verified by Visa, which make cards more secure when people are shopping online. This led to phone, internet and mail order fraud losses falling 19 percent from IEEE. Million in 2008 to IEEE. 4 million in 2009. Environmental Climate change has become the single biggest challenge the world faces at the beginning of the 21st century, and in response Barclay is focusing increasingly on its work on the environment, which includes both its direct and indirect impacts. Barclay remains committed to increasing its energy efficiency, and reducing its carbon footprint on an ongoing basis, as well as helping its supply chain reduces its emissions. In 2007, it invested in emissions trading capability, and moved into the consumer market with new lower-carbon products and services. An example is Barbarically Breathe, a new card that gives consumers incentives when they buy green products, and donates half its profits to environmental projects. In the wholesale market Barclay Capital has committed to the ELI emissions trading market to brings its full range of commodity trading and risk management expertise to bear to help clients manage their carbon risk. Since 2005 it has traded over 600 million tones of carbon credits, with a notional value of over $14 billion. Gal factors The global financial crisis resulted in a significant tightening of regulation and changes to regulatory structures globally. The changes in the legal framework, policies and banking r egulatory action, have an impact on Barclay businesses and earnings. The market for payment protection insurance (PIP) has been under scrutiny by the UK competition authorities and financial services regulators. In 2006, the FSP published the outcome of its broad industry thematic review of PIP sales practices in which it concluded that some firms fail to treat customers fairly and that the FSP would strengthen its actions against such firms. Barclay voluntarily complied with the Fags request to cease selling single premium PIP by the end of January 2009. On 21st February, the UK government introduced Banking Act 2009 which provides the Authorities with tools to deal with failing banks and building societies. The Banking Act provides a permanent and appropriate regime for the resolution of failing banks. It is a major step forward in the Governments programmer to strengthen stability and confidence in the UK banking system, in the wake Of the global instability experienced by financial markets. In order to discourage excessive risk taking by large banks, FSP published its new Remuneration Code of Practice in August 2009. The code states that firms should not encourage risk taking to generate short-term profit the focus should be on long term success. It required firms to give pay details to FSP so that it can monitor compliance. Barclay discretionary pay awards for 2009 were fully compliant with the FSP Remuneration Code which resulted in an increase in the deferred awards by approximately 70% and greater use of equity in deferral structures, particularly to senior staff. 100% of the discretionary pay awards for 2009 to its Executive Committee were deferred. RECOMMENDATION From previous chapters it becomes clear that Barclay bank operates in unpredictable and volatile business environment. In such circumstances, it is highly recommended that it should be clear about its strategic framework for the coming years and should maintain a sound financial and organizational footing that anticipates and adapts to the regulatory changes. It can achieve superior growth by diversifying its profit base by geography and by business line. It should focus intensely on cost reduction and risk management. It is required to create the internal framework, processes and culture to respond rapidly to new opportunities, threats and regulations. It is also required to re- establish trust and relationship with customers by fulfilling their needs with reduce innovation and customer centric approach. CONCLUSION The global economic slowdown and subsequent recession in UK and in many other countries of the world have changed the business environment in substantial way. Barclay Bank operates in a business environment which is highly influenced by political, economical, coloratura, technological, environmental and legal factors. In order to compete successfully, it has to adapt to changing business environment. Its performance in last five years shows that it has the ability to run the business profitably even in such deteriorating economic conditions where other players in the market trudged to survive. However, it needs to undertake a balanced set of strategic initiatives in such unpredictable and extreme volatile business environment which is beyond the organizational control.

Risk Management A Four

Risk Management A Four Introduction Throughout Life, be it of a person or event of an entity is usually characterized by uncertainties regarding the future. Indeed, there may be future events happening, and according to many research findings, these future events maybe success factors or they may lead to succumbing.Advertising We will write a custom case study sample on Risk Management: A Four-Step Process specifically for you for only $16.05 $11/page Learn More The future events that have the ability of making the life of a person or an entity to be jeopardized are commonly referred to as risks (Baik 7). Literally, risk is termed as the potentiality of a chosen event will surface a loss or even an outcome, which is not desirable. Contemporarily, almost have realized the benefits of implementing risk management strategies in an effort towards mitigating losses that may be presented by the risks. As defined in ISO 31000, risk management is the process of identifying, assessing and prioritizing risks. The sources of risks are inexhaustible. This implies that risks can be surfaced by any situation and that any event has its risks. According to Vaughan, risk management is a process constituted of four stages (66). These stages include; risk identification, analysis of probabilities in addition to consequences, establishment of most viable risk mitigation strategies and control and documentation. Risk management can be described as an aspect of strategic management because, when practiced, the effects of risks are marginally felt (Baik 18). Thesis Statement The purpose of this paper is to identify and critically analyze risks as presented in most books covering the same topic. In addition to this, the paper will also establish ways in which risks can be mitigated, controlled as well as documented. Discussion In the risk management process, the risks are identified in the first phase, which is risk identification. Risk identification refers to the risk management process where the specific risk factors are identified.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, since not all risks apply, only those that are capable of reasonably affecting a specified project are identified. In order to come up with the most effective risk identification strategy, it is necessary that a person come up with a likely risk classification scheme (Kerzner 11). The second phase involves the analysis of the risk identified. In this phase, depending on the probability of the risk occurring, estimates are attached thus forming a matrix. The matrix serves to reflect each and every identifiable project risk prioritized according to the size of the occurrence probability. The matrix also reflects the potential consequences to not only the project but to all the parties involved, as well. This analysis is particularly essential as it presents the gener al impact of the risk (Kerzner 15). The third phase involves establishing the mitigation strategies. This phase involves coming up with the most viable steps aimed at reducing the potential effect of the risk factors perceived to be a threat to the life of a project. Usually, four alternatives can be adopted in mitigation of risks. They are; accepting risks, transferring risks, sharing of risk, in addition to minimization of risks. A majority of organizations utilize these methods alongside practical approaches such as creation of systems where members can be effectively trained (Vaughan 69). The fourth and final phase of risk management entails control in addition to the documentation. Putting a focus on the future projects, this phase involves the creation of the knowledge base for projects to be initiated in the future while making the lessons learning as the guiding factor (Kerzner 20).Advertising We will write a custom case study sample on Risk Management: A Four-Step P rocess specifically for you for only $16.05 $11/page Learn More Some of these risks include technical risks, operating risks, in addition to political risks. Technical Risks These risks represent the likelihood of a project not performing according to the expectations or according to the required technical standards. Further, they represent the likelihood of the project producing unqualified products or services, in addition to consuming a heavy outlay of operating costs. In this case, factors that surface technical risks include; inadequate Equipment Quality, depreciation, inadequate Organization Systems as well as facility infrastructure. Analysis of probability and consequences Risk Factor Consequences Likelihood Impact Potential Equipment Quality Moderate Moderate Very Serious Depreciation Minor High Moderate Organization Systems Moderate High Moderate Facility infrastructure High High High Likelihood vs. Consequences Conseque nces Low Medium High Likelihood High B C Medium D Low A Mitigation Strategies In technical risks, the most viable risk mitigation strategy includes risk transfer as well as risk minimization. However, more practical approaches such as, mentoring the managers of the newly initiated project, as well as the team members, can be used in these types of risks. Further, project team personnel can be cross-trained in an effort towards ensuring that they have the capability to fill in for one another especially incase of unforeseen events or situations (Broder Gene 3).Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Risk transfer Risk transfer refers to the act of shifting the risk, which should be insurable, to another party usually an insurance company through an insurance policy. Technical risks can be transferred to the insurer such that, if the specified risk actually happens the insurer will make good of the loss and, therefore, the owner of the project will continue to enjoy the economic benefits he was previously enjoying before the occurrence of the loss (Broder Gene 8). Risk transfer is the best option since the owner of the project can insure the whole project or can opt to insure different parts of the project. As such, if the whole project is insured, once a risk occurs and there is a loss, the owner will be compensated. Similarly, where the owner insures different parts of the project, if a loss is caused by a risk factor in any one of the specific parts insured, the loss will be made good of by the insurer (Crouhy, Dan Robert 600). Risk Minimization Risk minimization involves p utting in place devices that can reduce the extent of the loss if a risk actually occurs. In addition, it involves building structures that are able to resist losses or reduce the loss extent. For instance, fire extinguishers need to be put in place so that if the risk of fire actually occurs, they will help in mitigating the loss by helping put out the fire. Also, buildings and structures need to be put up in areas that are free from risks or where the probability of risks occurring is quite low. The standard work processes, as well as equipments, should be used in setting up the project, and this mitigates the occurrence of technical risks (Crouhy, Dan Robert 655). Mentoring The individuals who have been mandated with the responsibility of running the newly initiated project ,as well as members of the team assigned with project work processes, can be mentored such that if anything has not been installed properly and has the capability of surfacing technical risks, it will be note d and corrections made. In turn, this will ensure that the occurrence of the risk is mitigated and if a loss actually occurs, the effects will not be materially felt (Golub Leo 315). The Technical risk control plan From the above risk analysis, it is evident that the order of ranking of risk factors is equipment Quality followed by facility infrastructure then organization systems and finally depreciation. Action for Risk Control Description Option Available Accepting the risk Taking no effort at all to avoid the risk Incase the risk eventually occurs, plan contingencies If this course of action is not practical, then Transferring the risk Shifting the risk to another party, which can effectively bear it Insure the project with an insurer Align both responsibilities as well as authority Another option if this is not practical, then Mitigation Avoidance, prevention in addition to reduction of risks Reduce the number of requirements Define the requirements in a comprehen sible manner. Documentation Generally, the level of technical risk is generally low and, therefore, the best control action is transfer of the risk in addition to risk mitigation. Risk transfer will not affect any work activity. However, risk mitigation will require extensive training of the project team and this will reduce the working time (Golub Leo 326). The project risk manager will be accorded with the responsibility of overseeing the successful implementation of the risk control action plan. The implementation of risk control plan is not supposed to consume a lot of project’s time. Generally, the risk control plan is designed such that there will be no instance that the project will not be operational or perform below par since each and every risk will have been catered. Operating risks There is a likelihood that the project, once it has been completed, will not perform as expected or will not perform to its full capacity. Also, it may be that the project will fail to generate the expected output units. Further, it may be that the project consumes resources excessively. These are what are referred to as operating risks. The risk factors bringing rise to operating risks include; type of business, mergers and acquisitions, the financial conditions, capital expenditure, impacts of newly established accounting standards, in addition to currency fluctuations (Matt 10). Analysis of probability and consequences Risk Factor Consequences Likelihood Impact Potential Type of business High Moderate Moderate Mergers and acquisitions Low Low Low Financial conditions High High High Newly established accounting standards Moderate Low Low Currency fluctuations High High High Likelihood vs. Consequences Consequences Low Medium High Likelihood High E and C Medium A Low B D Mitigation Strategies Risk Transfer Just like technical risks, operating risks can be transferred to an insurer. The type of the bus iness, in addition to mergers and acquisitions, risk factors can be transferred to another party to make good of the loss if it eventually happens out of these risk factors (Young 45). Risk acceptance Risk factors as financial conditions, currency fluctuations, as well as newly established accounting standards, are beyond the control of an entity and therefore, it necessitates accepting them and therefore establishing contingencies to absorb the impact of the loss emanating from them (Matt 14). Risk Reduction These risk factors can be effectively mitigated or reduced if viable and effective strategies are put in place. For instance, the impact of currency fluctuations can be absorbed by providing an allowance for the fluctuation during the budgeting decision-making. Similarly, a business can opt to make a large reserve of finances if such financial conditions as financial crisis arises and, therefore, the business will be able to minimize the impact of loss surfaced by this risk fac tor (Heinze 5). Risk Avoidance Risk factors such as the type of business, in addition to mergers and acquisitions, can be avoided. A business, in order to avoid these risks completely, can decide to engage in businesses or choose mergers and acquisitions that present a less degree of risk. The operating risk control plan The operating risk control plan From the above risk analysis, the order of risk factors from the highest to the lowest is; currency fluctuations, financial conditions, type of business engaged in, newly established accounting standards and lastly merges and acquisitions (Heinze 15). Action for Risk Control Description Option Available Accepting the risk Taking no effort at all to avoid the risk Incase the risk eventually occurs, plan contingencies If this course of action is not practical, then Transferring the risk Shifting the risk to another party, which can effectively bear it Transfer all the risk factors to the insurer or another party who will effect ively make good of losses. Align responsibility with authority Another option if this is not practical, then Mitigation Avoidance, prevention in addition to reduction of risks Reduce the number of requirements Make a comprehensive definition of the requirements involved. Another option if this is not practical, then Risk avoidance Trying all means to ensure that the operating risk factors are avoided Engage in more viable engagements that entail a lesser degree of risks Documentation There is a substantial likelihood of operating risks surfacing and as such, businesses, as well as organizations, should make use of control strategies such as transferring the risk, mitigation in addition to risk avoidance. Risk transfer will not affect any work activity. However, risk mitigation will require extensive training of the project team and this will reduce the working time. On the other hand, risk avoidance is likely to affect a wide scope of work. For instance, by avoiding certa in types of business endeavors, it follows that several work activities, which would have been beneficial, will be forgone (Carroll 10). Just like in operating risks, the project risk manager will be mandated with the responsibility of with the responsibility of ensuring that a successful implementation of the risk control action plan has taken place. Effecting this risk control plan will take a considerable amount of time due to the processes involved. In general, the operating risk control plan will be established in such a way that all the risk factors presenting operating risks will be adequately covered and all the possible control strategies identified (Matt 18). Political risks These are the probabilities that the returns of a corporate could be adversely affected due to changes in political aspect or even political instability. Usually, there is a difficulty associated to quantification of these risks owing to limited case studies, in addition to few sample sizes. Political risk factors include; the government, foreign policy makers, legislative bodies and the military (ExonMobil 25). Analysis of probability and consequences Risk Factor Consequences Likelihood Impact Potential The government High Moderate High Foreign policy makers Moderate Low Low Legislative bodies High Moderate High Military High Low High Likelihood vs. Consequences Consequences Low Medium High Likelihood High D Medium C and A Low B Mitigation Strategies Accepting the risks This involves accepting the political risks and therefore establishing contingent strategies. Risk Transfer The political risks can be transferred to another party in order to make good on the loss. The political risk control plan From the above risk analysis, the order of risk factors from the highest to the lowest is; legislative bodies, the government, legislative bodies and the military. Action for Risk Control Description Option Available Accepting t he risk Taking no effort at all to avoid the risk Contingency planning to absorb the risks If this course of action is not practical, then Transferring the risk Shifting the risk to another party, which can effectively bear it Transfer all the risk factors to the insurer or other parties such as international agencies and other government bodies to effectively make good of losses resulting from political risks. Align responsibility with authority Political risk documentation Documentation Generally, the likelihood that political risks will happen is moderate. This implies that a business, as well as an organization, should come up and implements control strategies such as transferring the risk in addition to the acceptance of political risks. As a trend, transferring risk to another party not affect any work activity. On the other hand, accepting these risks as inevitable is likely to affect the majority of work processes. Just like in operating in addition to technical risks , a project risk manager will be assigned with the responsibility of making sure that a successful implementation of the political risk control action plan has successfully taken place (ExonMobil 56). Effecting this political risk control plan will take a considerable amount of time due to the processes involved as well as the formalities and legal systems to be complied. Conclusion From this analysis, it is evidently clear that the future events that have the ability of making the life of a person or an entity to be jeopardized are commonly referred to as risks. Literally, risk is termed as the potentiality of a chosen event will surface a loss or even an outcome, which is not desirable (Carroll 24). Contemporarily, almost have realized the benefits of implementing risk management strategies in an effort towards mitigating losses that may be presented by the risks. Several risks can befall a project making it lose its economic value. Some of these risks include political risks, ope rating risks, in addition to technical risks. However, several risk factors give rise to these risks. For instance, considering the operating risks, the risk factors would include such things as type of business, mergers and acquisitions, financial conditions, currency fluctuations as well as newly established accounting standards. Several strategies can be used to mitigate the occurrence of these risk factors. Strategies such as risk transfer, risk avoidance, risk mitigation, as well as risk acceptance, are some of the most viable strategies that can be implemented to curb or absorb the loss. Risk analysis is a decisive phase of risk management as it is through this phase that risks with a high degree or most likely to occur are identified. Further, it is through this risk management phase that the possible impact of the risk is identified. Risk analysis is an important phase of risk management as it is through this phase that risks with a high degree or most likely to occur are id entified. Further, it is through this risk management phase that the possible impact of the risk is identified (ExonMobil 67). Baik, Doo-Kwon. â€Å"Systems Modeling and Simulation: Theory and Applications†, Risk Management, 6:2 (2005): 7-23. Print. Broder, James Gene Tucker. â€Å"Risk Analysis and the Security Survey†, Risk Mitigation 6:8 (2012): 3-8. Print. Carroll, Williams. Re: Lessons from Political Risks. 24 June. 2012. Web. Crouhy, Michel, Dan, Galai Robert, Mark. Risk Management, London, UK: Prentice Hall, 2000. Print. 752 pages ExonMobil, Safety environment: Risk Factors. PDF file. N.d Web. Golub, Bennett Leo M. Tilman Risk management: approaches for fixed income markets. Belmont, CA: Cengage Learning, 2000. Print. Heinze, Maxi. Risk Controll and Mitigation. London, UK: Springer, 2007. Print. Kerzner, Harold. â€Å"Project Management: A Systems Approach to Planning and scheduling†, Journal of Risk Management, 9:5 (2009): 11-20. Matt, Davis, 2008. Risk Factor AnalysisA New Qualitative Risk Management Tool. PDF file. N.d. Web. Vaughan, Diane. The Challenger Launch Decision: Risky Technology, Culture, and Deviance, London, UK: Springer, 1997. Print. Young, Ki-seon. Benefits of Risk Management. London, UK: John Wiley and Sons, 2011. Print.

The Art of Effective Strategic Leadership Essay

The Art of Effective Strategic Leadership - Essay Example Over the course of studies, we analyzed few case studies about strategic management. These cases along with real life experiences helped the students learn key lessons about strategic leadership. In some cases, it was seen that the management failed to take right decisions on time. The failure to take effective steps within time resulted in catastrophes of various sorts. However, some leaders were able to take hold of the situation accurately and thus became effective strategic leaders. It was found that the leaders who were complying with the rules of strategic leadership used some key strategies. These strategies have been summed up in three key lessons of strategic leadership. The three key lessons are: (1) making realistic decisions, (2) becoming flexible, and, (3) keeping long-term goals in mind. Effective Strategic Leadership- Key Lessons The leaders everywhere face a situation in which they lose their cool and tend to take wrong decisions. The following key lessons would help them learn the basic strategies for taking accurate decisions. Key Lesson 1: Making Realistic Decisions Always look for realistic approaches in dealing with the situation you face. Do not follow idealistic assumptions which appear futile in the face of reality. At times, the leaders tend to look for making idealistic changes in the situation. It is good as far as you are in control of the situation. However, you will need to adopt a practical approach which fits the certain situation to tackle it completely. In the case of the launching of Challenger, the spaceship, the managers were aware of the critical situation they were in. Some of them knew that it could blow up in view of the incompatible temperature surrounded by it at that time. However, the decisions were made in haste not realizing the risk the action involved. They were trying to fulfill the people’s expectations and did not take a realistic approach which resulted in the catastrophe. An example of the realistic a pproach can be seen in Madonna’s case who managed her business career successfully. She did not hold idealistic assumptions and switched roles keeping in view the need of the hour. She had put her own interests aside and met the demands of the time in order to reach to the top of her music career. Key Lesson 2: Becoming Flexible Never try to seem rigid in taking important strategic decisions which involve your opponents. Be flexible in your approach to attain your goals. In some cases, the managers are inclined to get angry on their clients’ demands. They have the responsibility to ensure the organization obtains its goals efficiently. They might adopt a rigid approach to respond to the aggressive demands of the other party. However, it might result in the ending of deal which could have successfully accomplished by being flexible. The disaster of the Challenger could be avoided if the management was appreciative of the engineers’ concern about the risk in the l aunching of this spaceship. However, it was overlooked and rigidity was shown in not stopping the launch till the technical problems got sorted out. After the disaster, NASA took immediate action and researched for two long years to stop the probability of such event in future. The case study of Madonna highlights the approach of flexibility in the life of this queen of pop. She had become a saint, an erotic, a rebel and adopted many

The Iraq war Research Paper Example | Topics and Well Written Essays - 750 words

The Iraq war - Research Paper Example The cold war was associated with near-series of close bloody engagements between the two1. The two superpowers involved the use of surrogate nations in their conflict, with Russia supporting Vietnam and the US supporting Afghan. Both the two countries lost the wars. Much of the devastation was felt by the global north countries. The Vietnam conflict resulted in 4 million deaths of Vietnamese and 1.5 to 2 million Cambodians deaths and displaced millions. To the contrary only 58,000 soldiers died with 300,000 wounded. The same situation is evident in the afghan with an estimation of almost 1.3 million deaths of Afghans and only 15,000 deaths of soviet soldiers. During soviets invasion of Afghanistan, the US through the CIA and other allied nations helped train guerilla fighters to resists the invasion of Soviet. Amongst the nations include Pakistani, Britain, Saudi Arabia, Egypt, and China. The then United States security advisor urged President Carter that the Afghan resistance was to be supported, meaning they were to be funded and given arms. He informed him of the importance of Chinese and Pakistani support for the rebels. Within three days of submission of the memo to President Carter, the president made a public statement through the secretary of state informing the public of suspension bilateral talks with Soviet Union on the use of atomic energy peacefully. The US Moscow embassy was instructed to cut ties with Moscow. In 1985, president Regan praised the mujahideen fighters, referring to them as their brothers.