Essay about Egyptian Math - 1035 Words

Egyptian Math The use of organized mathematics in Egypt has been dated back to the third millennium BC. Egyptian mathematics was dominated by arithmetic, with an emphasis on measurement and calculation in geometry. With their vast knowledge of geometry, they were able to correctly calculate the areas of triangles, rectangles, and trapezoids and the volumes of figures such as bricks, cylinders, and pyramids. They were also able to build the Great Pyramid with extreme accuracy. Early surveyors found that the maximum error in fixing the length of the sides was only 0.63 of an inch, or less than 1/14000 of the total length. They also found that the error of the angles at the corners to be only 12, or about 1/27000 of a†¦show more content†¦Isis was Osiriss wife and their son was Horus. Seth was Osiriss evil brother and Nephthys was Seths sister (Weigel 19). The Egyptians divided their year into 3 seasons that were 4 months each. These seasons included inundation, coming-forth, and summer. Inundation was the sowing period, coming-forth was the growing period, and summer was the harvest period. They also determined a year to be 365 days so they were very close to the actual year of 365  ¼ days (Gillings 235). When studying the history of algebra, you find that it started back in Egypt and Babylon. The Egyptians knew how to solve linear (ax=b) and quadratic (ax2+bx=c) equations, as well as indeterminate equations such as x2+y2=z2 where several unknowns are involved (Dauben). The earliest Egyptian texts were written around 1800 BC. They consisted of a decimal numeration system with separate symbols for the successive powers of 10 (1, 10, 100, and so forth), just like the Romans (Berggren). These symbols were known as hieroglyphics. Numbers were represented by writing down the symbol for 1, 10, 100, and so on as many times as the unit was in the given number. For example, the number 365 would be represented by the symbol for 1 written five times, the symbol for 10 written six times, and the symbol for 100 written three times. Addition was done by totaling separately the units-1s, 10s, 100s, and so forth-in the numbers to be added.Show MoreRelatedAn Egyptian Student Wanting To Study Engineering in the UK662 Words   |  3 PagesI have recently, after appraising the situation in my country – Egypt – following the Egyptian revolution, detected dents in the Egyptian operating system that need further construction. These are chasms that require m aintenance and upkeep, and lie in all aspects of our life: education, health, transportation, economy etc.So I believe engineering will be my map to study the mechanic of the Egyptian society and accurately locate the problem. I have always been preoccupied with the idea of changingRead MoreHistory And History Of Math1430 Words   |  6 PagesHistory of Math in Egypt Did you know that Egyptian hieroglyphs used over 700 different picture symbols? Those symbols were used for various things including recording official texts. Every symbol meant a different thing and only scribes could write hieroglyphs since most Egyptians were illiterate. The Egyptians used hieroglyphs in math by having symbols for numbers. Examples of this would include having a coil of rope for a hundred and a lotus plant for a thousand. The Egyptians knew various typesRead MoreHistory And History Of Math1198 Words   |  5 PagesHistory of Math in Egypt We use math almost daily in our lives, but how many of us think about the history of math? Math began with early humans in the form of scratches and was carried into ancient Egypt and Greece (Mastin).Today, Egypt’s population is roughly 94 million (The World Factbook). However, back in 3000 BC, scholars estimate that between one to four million people lived in the Nile River Valley. The Egyptians called this region Kemet which translates to Black Land (O’Connor and Robertson;Read MoreThe Massive Mystery Essay1687 Words   |  7 Pagesarchitectural accomplishment. This pyramid in particular is commonly referred to as the oldest of the Seven Wonders of the ancient world. Some believe that the Egyptians had developed technology that has simply been lost in time. Others think they had help from extraterrestrial beings. The reality of the construction relied on human labor. The egyptians must have developed an intelligent technique to create such a vast structure. A great amount of resources were used not only in the construction of The GreatRead MoreAliens Built the Pyramids713 Words   |  3 PagesAliens built the Egyptian pyramids. Recent research supports the theory that the Pyramids were built long before humans inhabited the area now known as Egypt. It is also nearly impossible for the Egyptians to have lifted and moved the limestone brick used to build these massive structures. Only a more advanced form of life could have constructed such an enormous undertaking, while using advanced mathematics and geography that were not yet known to ancient peoples. Archeologists suggest thatRead MoreJohn Browns Effect on World History866 Words   |  4 PagesSince the publication of John Browns article in 1798, we have learned an enormous about ancient Egyptian history. Some of what we have learned (certainly not all) includes (1) the English alphabet can be translated into hieroglyphics, therefore a new era of Egyptology started and lead to wonderful discoveries, such as Tuts tomb, and the hieroglyphic burial content that surround sarcophagi and tomb walls are readable, as is the Book of the Dead and hieroglyphic writings such as autobiographiesRead MoreThe Cryptic Secrets Of Egyptian Pyramids1719 Words   |  7 PagesSecrets of Egyptian Pyramids The pyramid-shaped masonry architectures are called Pyramids, and there are eighty of them known as ancient Egyptian Pyramids. The Egyptian Pyramids are the products of a slavery country, but they are also the great accomplishments of ancient people. Since the first discovery of the Egyptian Pyramids, many scientists have been dedicated in ancient Egypt study. After years of researching on the earliest Egyptian Pyramid, Pyramid of Djoser, and the most famous Egyptian PyramidRead MoreAncient Egyptian Pyramid Building Essay1280 Words   |  6 PagesAncient Egyptian Pyramid Building The Egyptian pyramids have been the subject of many outlandish claims and construction theories for centuries. The Great Pyramid for example has been associated with pyramid power, curses, Atlantis, Mexican pyramids, Stonehenge, Nazca, the Bermuda Triangle, Biblical prophecy, Martian faces, advanced civilizations, space aliens, cavity resonators, and even levitation. It is not surprising that some who have proposed such theories have been dubbed pyramidiotsRead MoreThe Great Pyramid Of Giza1138 Words   |  5 Pagessurface of Earth s land mass. Almost perfectly oriented to the four points of the compass, facing true north more accurately than any structure built before or since. So the egyptians built arguably the single most wondrous structure on the planet, precisely in the center. Proving to us that these egyptians had extreme math knowledge. Oxford Astronomer John Greaves and the French engineers who had accompanied Napoleon (yes, that Napoleon) during his expedition in Egy pt. Concluded that the massiveRead MoreHieroglyphics and History of Mathematics567 Words   |  2 PagesHieroglyphics deal a lot with the history of math, because it was one of the earliest of maths. The ancient Egyptians were the first civilization to practice the scientific arts. It is said that the Egyptians introduced the earliest fully-developed base 10 numeration systems at least as early as 2700 B.C. The word chemistry is derived from the word Alchemy which is the ancient name for Egypt. It was between the third and first millennia B.C. It later then died in 400 AD. This was first used as legal

Drinking Age Controversy Free Essays

In the United States, a citizen is considered an â€Å"adult† at the age of 18, and with that new title comes many responsibilities, such as the right to vote and to join the army. However, the legal drinking age in America is twenty-one. This issue has been a major controversy for some time now that faces both national and state governments. We will write a custom essay sample on Drinking Age Controversy or any similar topic only for you Order Now Should the drinking age be lowered to the age when legally a person becomes an adult and assumes all other adult responsibilities, or should it remain at a higher age to allow people to grow more mature and, hopefully, make more responsible decisions? In the mid 1600’s, colonial laws attempted to control alcohol consumption, but drinking per se was not remonstrated. Between 1913 and 1919 there was a lot of controversy between the â€Å"wet† states, which were states that allowed liquor, and the â€Å"dry† states, which were against and had made liquor illegal. On October 28, 1919, Congress enacted the National Prohibition Act, also known as the Volstead Act. The 18th Amendment was to become effective on January 17, 1920, and in those three months before the amendment became effective, alcohol was stolen in mass quantities from government warehouses. Throughout the thirteen years that Prohibition was enforced, the demand for alcohol only grew. The 18th Amendment was repealed on December 5, 1933 following the 21st Amendment, which was effective immediately. The National Minimum Drinking Age Act followed the 21st Amendment on July 17, 1984 stating that all states prohibit anyone under the age of 21 consuming, purchasing, or being in possession of alcohol. If the states would not comply with the law, they would not get funding under the Federal Aid Highway Act. This bill was supported by many people, one being arguably the most influential, was Candy Lightner. She founded the MADD (Mothers Against Drunk Driving) after losing her daughter in 1980 to a car accident involving a drunk driver. On average, according to MADD statistics, a person is killed by a drunk driver every forty minutes. In 2007, about 13,000 people were killed in alcohol impaired driving crashes. A â€Å"binge drinker† is defined as a person who has more than 5 drinks in one sitting, which is becoming a large issue at college campuses worldwide. Presidents from over 100 universities have voted to lower the drinking age in order to cut the amount of underage drinking on campuses. Frequent users† will drink anywhere from three times a week to everyday. A â€Å"moderate user† is someone who drinks anywhere from once a week to once a month. The decision of whether or not to keep the drinking age at 21 or lower it to 18 is continually discussed between groups such as MADD, Mothers Against Drunk Driving, who fight to keep the drinking age at 21 and LAFAA, Legalize Alcohol For All Adults, who fight to lower the drinking age. Karl Marx’s Conflict Theory is one way to explain the disagreements between those who want to lower the drinking age, and those who don’t. His theory states that social organization and change is based upon conflicts within the society. People between the ages of 18 and 21, called stakeholders, feel that they aren’t getting to exercise all of their rights to being an adult by government definition. They given all of the responsibilities and consequences of adults such as the right to vote, the ability to adopt, the right to join the military, the right to be charged with the highest punishment if accused of a crime, the right to get married, the right to buy and create pornography, etc. LAFAA would argue that with given all of these rights, government defined adults would also have to right to choose whether or not to consume alcohol. The families that allow their children to drink give a conflicting message to those who are a part of the underage drinking. Children then grow up thinking that underage drinking isn’t a big deal and is also a fun and â€Å"cool† thing to do. A large part of the â€Å"cool† factor, some would say, has to do with it being illegal to their age group. The thrill is what makes the drinking more exciting. The law also states that government usually follows majority opinion, and if this is fact, then the drinking age would be lowered seeing that two-thirds of Americans consume alcohol. Those arguing for keeping the drinking age at or above 21, such as MADD, argue that lowering the drinking age would enable younger adults to be able to purchase and drink alcohol legally, which would inevitably result in higher mortality rates. Although 18 year olds are considered adults, some think that they are still not mature enough to make to correct choices about alcohol. Those who think that keeping the drinking age at a higher minimum are trying to keep the demand for alcohol down and are also trying to keep the roads safer from drunk drivers. People between the ages of 18 and 20 will have just started college for the most part and don’t need alcohol interfering with their studies and their ability to succeed in life. Condoning the drinking of newly formed adults would only cause chaos and cause more fatalities. To MADD the cost of drinking outweighs the benefits since the highest numbers of fatalities in the United States are due to alcohol related deaths. Evidence tends to support the notion that keeping the drinking age at 21 is the safest and most responsible thing to do. Although it is taking some of Americans rights away, it is also ensuring the safety of thousands of citizens. Depending on whether you are liberal or conservative, opinions on how many rights government should take away will differ tremendously. The safety of American people should always be the most important aspect of keeping the United States a safe and enjoyable place to live. No matter whether the age is kept at 21 or lowered to 18, the controversy between the groups will never end. References http://www.druglibrary.org/Schaffer/LIBRARY/studies/nc/nc2a.htm How to cite Drinking Age Controversy, Essay examples

Indian Culture vs Western Cult Essay Example For Students

Indian Culture vs Western Cult Essay A couple of years ago, I had invited my best friend Jenene, to attend an Indian wedding. I thought it might be fun for her to experience the different foods, clothing, personalities, and religious beliefs that were particular to my culture. Later on that evening she had pulled me to the side and told me that the culture that she was raised in was completely different from mine. She was raised in New York all of her life and she had never experienced such a distinct culture. At that time I told her that she did not know half the story! As time went on, she attended more and more Indian functions and realized that the main differences between the western and Indian cultures were religion, marriage, and social interaction. The western culture is predominantly of the Christian faith praying to one God. Growing up in the Hindu faith, I always wondered why my mother used to pray to many Gods. As I became older, I built up the courage to ask a Pandit (Indian Priest) why we believed in many Gods whereas all the others believed only in one. He had informed me that we only believe in one God, Lord Shiva. It may appear that we are praying to many Gods, but in fact we are praying to the many forms that he appeared to us on earth. The Hindu and the Christian religious beliefs are predominantly very similar in that they teach individuals to be good and giving people. The main difference between the two religions is our belief in the after-life. Christians believe that after we die, we wait to be judged (Judgement Day) and until that time, your soul remains in an everlasting sleep (purgatory). After Judgement Day Christians believe that they answer for the wrongs that they committed upon the earth. This determines whether they go to Heaven or Hell. Hindus believe in reincarnation, which is life after death. We believe that after you die, your soul is transferred into another body or form. Depending on your dharma (behavior) in your previous life will determine your karma (actions that will affect your next life). If you were a good and giving person, your soul will be transferred into a human, the highest life form. If you were bad, your soul will be transferred into an insect, animal, or a lower life form. In any case, both the Christian and Hindu religion teach good values, beliefs and morals which constitute an ideal individual. The topic of marriage is quite dissimilar in both cultures. The western belief in marriage is that first, you look for the right person. Secondly, there is the process of getting to know the right person through dating and spending quality time, which can last up to several years. Thirdly, is the engagement where a ring is placed on the females finger and a promise is made for marriage. Finally, the wedding is where vows are exchanged and a lifetime commitment is made. On the contrary, the Indian culture follows the old tradition of parents selecting the proper mate for their children. In India, the rules of arranged marriages are still followed today. Dating is limited, sometimes, to only the rich or city people. People living in small villages are prohibited from selecting their own mates. Parents begin the selection process for their daughters around the age of 13 and up to 18 and age 16 to 22 for their sons. After the age of 18, if their daughters are unmarried, gossip spreads and people begin to wonder if there is something wrong (mentally or physically) with the daughter and the selection process becomes difficult. For males, it is usually not that difficult because they are expected to be older than the females due to their maturity level. The selection process is according to status, age, family background, and wealth. If your parents are farmers, then it is highly likely that they will select a farmer for their child because it will be easy for them to maintain a similar lifestyle. .u28db80d5523f7cc14da2123cb5197eff , .u28db80d5523f7cc14da2123cb5197eff .postImageUrl , .u28db80d5523f7cc14da2123cb5197eff .centered-text-area { min-height: 80px; position: relative; } .u28db80d5523f7cc14da2123cb5197eff , .u28db80d5523f7cc14da2123cb5197eff:hover , .u28db80d5523f7cc14da2123cb5197eff:visited , .u28db80d5523f7cc14da2123cb5197eff:active { border:0!important; } .u28db80d5523f7cc14da2123cb5197eff .clearfix:after { content: ""; display: table; clear: both; } .u28db80d5523f7cc14da2123cb5197eff { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u28db80d5523f7cc14da2123cb5197eff:active , .u28db80d5523f7cc14da2123cb5197eff:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u28db80d5523f7cc14da2123cb5197eff .centered-text-area { width: 100%; position: relative ; } .u28db80d5523f7cc14da2123cb5197eff .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u28db80d5523f7cc14da2123cb5197eff .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u28db80d5523f7cc14da2123cb5197eff .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u28db80d5523f7cc14da2123cb5197eff:hover .ctaButton { background-color: #34495E!important; } .u28db80d5523f7cc14da2123cb5197eff .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u28db80d5523f7cc14da2123cb5197eff .u28db80d5523f7cc14da2123cb5197eff-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u28db80d5523f7cc14da2123cb5197eff:after { content: ""; display: block; clear: both; } READ: Conventional surveying methods Essay Parents do a family check to make sure that no evidence of crime, abuse, and mental or physical .

Training and Development Program

Question: Discuss about the Training and Development Program. Answer: Introduction Training and Development Training and development is one of the most important core functions under human resource management. Training and development aims at making the workforce of a business organisation more competitive by planning and implementing programs that can help them in learning new skills and techniques, which can bring about an improvement in their job related skills or help them in bringing about an overall development in their knowledge and careers. Contemporary business organisations are giving a lot of importance to training and development programs because they are now operating in a very complex and competitive business environment where human resources can play a vital role in achieving market competencies and helping business organisations in surviving the market competition in the longer run. There are two factors that can create a need for training and development of employees. These factors are changes in the market or the industry and for the general development of the organisatio n (Training and Development - Meaning, its Need and Importance, n.d.). Company Background Toyota motor corporation, also known as Toyota, is an automotive company that is headquartered in Japan. Toyota became the ninth largest country in the world in terms of revenue in 2016 and is the second largest car manufacturer brand in the world. The company manufactures more than 10 million vehicles per year and has an approximate workforce of 3,38,875 employees. The company has established itself in very tough times by performing very well and showing exceptional product design and development. Toyota operates in a sector that is highly complex, competitive and vulnerable to a number of global environmental factors. The company also has a large workforce, which makes it important for the company to keep on arranging for training and development programs that can help in increasing their competencies and assist them in serving their customers in a better way. One of the subsidiaries of the company has been experiencing a lot of complaints with respect to the quality of customer care services that the employees have been offering to the clients who visit Toyota service centres to get their vehicles services. Therefore, the company has decided to conduct a training need assessment in that particular subsidiary and analyse if the reason for the lack of performance is due to lack of a training or development program. Needs Assessment Analysis Need assessment analysis is a process that a human resource management undertakes to determine the training needs that will help the employees and the organisation in achieving their personal as well as collective goals (Training Needs Assessment Survey, n.d.). In other words, a need assessment analysis helps organisations in identifying the gaps that exist between their present position and the position where they want to be in the future. A training needs assessment helps business organisations in identifying the competence level, skills and knowledge of employees and compare it with the market trends or the position where the organisation wants its employees to be. Assessment of training needs should be executed as a continuous process i.e. at the time of hiring, at the time of performance reviews, during career development or succession planning or during the implementation of change. Some techniques or sources that can be used to conduct a training need assessment are listed below: Needs assessment questionnaire Employee interviews Employee opinions Exit interviews Employee complaints Customer survey feedbacks Performance measurement systems Observations Assessment centres Employment skill test Focus group (Training Needs Assessment Survey, n.d.) The situation that the Toyota Motor Corporation is facing in the global market is tough and can have a huge impact on the market reputation of the company because it is important for the employees working in service sector to be competitive and satisfy the needs of the clients. For conducting a training need assessment at the Toyota Motor Corporation, the following methods can be used: Customer survey feedback as the company is operating in manufacturing and service sector, it is important that it takes regular feedback from its customers who visit the retail outlets for getting their vehicles services because customers are highly attached to their vehicles and want a higher value for their money. Taking feedback from the customers will allow the company to analyse the strengths and weaknesses of the services that the staff has offered to them. The company can take regular feedback from the customers who have recently availed their services and also from the ones who are returning customers or have visited the outlets in the past. The company can ask the clients some important questions, such as: how were you welcomed at the service centre? Did you book an appointment before coming? Was your paper work ready before your arrival? Was the staff cooperative? Were you given estimates before the commencement of the service? Was your vehicle ready within the time period mentioned by the staff member? Do you have any grievances related with the behaviour of the staff? Do you think the staff was efficient in testing and servicing your vehicle? Did the staff provide you instructions and information regarding the next services of you vehicle? Would you like to appraise a specific staff member that put in extra efforts to make your vehicle better? etc. Such questions can greatly help the management in gathering important information about the performance of the employees from the clients perspective and identifying the areas where the employees lack competencies so that they can be trained or developed in the areas identified. Employee interviews another efficient way of analysing the training needs of the employees is by conducting interview sessions where experts can ask job and skill related questions from the employees and analyse their responses to identify the training needs. To analyse the training needs effectively, the staff as well as their seniors should be interviewed in an controlled environment. The questions that they can be asked during the interview process are: Do you think that you are competent enough for the industry? Do you think you possess the skills or technicalities that are required to carry out your job duties properly? Do you think that you lack certain competencies or skills? Do you think that a training or development program is required for the staff? If yes, then what specific skills or areas should be targeted? Are there any skills or competencies that could make the entire workforce more competitive and improve their performance? Performance measurement systems performance measurement systems are given a lot of importance in human resource management because they are not just helpful in improving the workforce performance but also plays a great role in analysing the lacking competencies in the workforce. As a result, almost all top companies in the world have their own customised performance measurement systems that help them in analysing the training needs of the workforce. If Toyota Motor Corporation already has a performance measurement system in place, it will become easier for the company to assess the training needs of the employees. Through its performance measurement system, the management will already have some information about the training needs of the employees and the management can use this information to shape the other methods of conducting a training need assessment. For example, a performance measurement system hints that the employees lack competitiveness when it comes to providing accurate estimations and costs of services to the clients or fail to deliver the vehicle within the mentioned period of time. Thus, using this information, the management can shape its employee interviews and can also include questions regarding the same in the customer feedback forms and can design training and development programs to target some specific skills and technicalities (Rossett, 1987). Potential Issues in needs Assessments It is imperative for business organisations to be accurate when conducting a training needs assessment because an inefficient training needs assessment plan can identify wrong training or development needs and ultimately result into a wastage of a lot of important resources of the company. It has been observed that only 6% of the expenditure in training actually results in transfer of the learned skills and technicalities back to job. To avoid such conditions, it is important that the human resource management staff of business organisations possess the business acumen and have experience in performing training needs assessment (Iglicki, 2012). Some potential issues on training needs assessment are discussed below: First of all, using a customer feedback method can be a complicated way to identify the training needs of the workforce. Using a customer feedback questionnaire might not help the company in gathering the information that it desires as some of the customers might not provide a feedback for the survey at all. Further, the answers to the customer surveys can be biased and it might also be difficult for the company to understand the responses of the customers and come to a strong conclusion. Secondly, higher dependency on employee interviews can also increase the chances of inefficiencies because the process is time consuming. Organising employee interviews is a difficult job and the employees might not be honest in replying to the questions designed for the interview. For example, most of the employees will not be ready to accept that they lack certain skills of competencies that prevents them from performing better. Further, it is also possible that the interviewer is not able to get the desired information out from the employees and the purpose of the process might be defeated altogether (Wicaksana, 2014). Finally, another issue that arises in the assessment of training needs is whether there is actually a need to plan and implement a training or development program for the skills that have been found to be missing in the workforce or not. The management can obviously not afford to plan and implement training or development programs that are not required because it will cause wastage of a lot of important resources, which otherwise might have been used somewhere else. Failure of Training needs Assessment Training and development programs are important from the perspective of the employees as well as from the employers perspective. Toyota Motor Corporation must ensure that it is able to assess the right training needs to achieve higher competencies and better outcomes on the overall. The failure of assessing the right training needs can result into the training of wrong people at the wrong time and for the wrong skills. This will not only result into wastage of time and resources but will also hinder the progress of the organisation and make it difficult for the company to achieve its objectives. Further, it is also important for the company to identify whether the training program will be compatible with the work schedules of the employees because if it is incompatible then it would make the subsidiaries lose their productivity and efficiency due to shortage of staff (Deborah, 2011). Thus, assessing the right training needs if very important for the company at present as a wrong asse ssment might in the present situation might be the end to the business of the company. Conclusion Training and development of employees is very important for the employees as well as for the employers. Training and development of employees not only helps the employers in achieving a highly competitive, motivated and engaged workforce but also helps the employees in increasing their competencies, becoming better performers at work and developing better career prospects for them in the future. To achieve such advantages, it is important for the company to assess the right training needs and identify those skills that are missing in its workforce so that it can help its workforce in learning those skills and can ensure that the employees are able to contribute more towards the achievement of organisational goals and objectives. References Training and Development - Meaning, its Need and Importance. (n.d.). Retrieved April 24, 2017, from www.managementstudyguide.com: https://www.managementstudyguide.com/training-and-development.htm Koshal. (2015, January 1). Difference Between Five (5) Star Hotel and Seven (7) Star Hotel. Retrieved April 24, 2017, from www.differencebetween.com: https://www.differencebetween.com/difference-between-five-5-star-hotel-and-seven-7star-hotel/ Training Needs Assessment Survey. (n.d.). Retrieved April 24, 2017, from www.hr-survey.com: https://www.hr-survey.com/TrainingNeeds.htm Rossett, A. (1987). Training Needs Assessment. (J. W. Arwardy, Ed.) Educational Technology Publications. Iglicki, D. (2012, February 23). Hurdles To Accurate Assessment Of Training Needs Within Organizations. Retrieved April 24, 2017, from evolllution.com: https://evolllution.com/opinions/hurdles-to-accurate-assessment-of-training-needs-within-organizations/ Wicaksana, S. (2014, April 10). Training Need Assessment. Deborah. (2011, May 9). Why a training needs assessment is important . Retrieved April 25, 2017, from laurelandassociates.com: https://laurelandassociates.com/tip-374-why-a-training-needs-assessment-is-important/

Americas Unique Legislative Process as it Relates to Health Policy

The Legislative wing of the US government is charged with the responsibility of making laws and having oversight over the Executive arm of government. This means that any effort by the Executive to institute major reforms in the country has to go through the Legislature since most reforms must be instituted through statutes.Advertising We will write a custom essay sample on America’s Unique Legislative Process as it Relates to Health Policy specifically for you for only $16.05 $11/page Learn More This doesn’t always happen since both arms of government don’t always see eye to eye and the losers are mainly the US citizens. The health sector is one of the most fundamental areas of the American society and laws regulating the sector have dire consequences for the lives of all American people. It is therefore important that the Legislature works closely with the Executive to ensure that necessary laws meant to make health accessible to a ll are passed and assented to by the president. The American Legislature is unique on several grounds in its mandate of making laws and having oversight over other arms of government. The Legislature has two houses: the House of Representatives and the Senate. Laws therefore have to pass both houses before they can make their way to the president’s desk for assent (The White House, 2011). This might sound straight forward and simple but it’s a complicated process and the possibility of any bill to complete the process is slim. The underlying principle is to ensure that only bills which are comprehensive, worthy and suitable for our society make it through the two houses and become law. In reality, this means that most bills regarding health issues die during the long process bills undergo before they become laws. Times topics (2011) have also shown that even bills which pass congress can be contested in a court of law by those officials who feel that the laws passed un fairly. To understand the factors that dictate the life of any health related bill, it is necessary to understand the various factors which promote or hinder the success of such a bill. The health sector is unique and diverse and the number of players in this field makes the process of making laws for this sector complicated. The health sector consists of health professionals and the facilities which they manage and operate. These include hospitals both public and private, nursing homes, therapy centres among others. Professionals in these institutions include doctors, nurses, technicians and many others.Advertising Looking for essay on public administration? Let's see if we can help you! Get your first paper with 15% OFF Learn More Medical companies are also considered to be stakeholders in the health sector since their products, drugs and equipments, are the vital components which doctors and other practitioners use to treat patients. These corporations are huge and have enormous influence over the way congress approach the issue of health. This sector cannot be reformed without evaluating the role of insurance companies especially those in the business of providing health cover to Americans. America is the only major power without universal health coverage and private insurance companies play a major role in the sector since a majority of the American people depend on insurance to pay their medical bills. Armed with the above information, it is therefore possible to appreciate the kind of hurdles any health bill would have to jump before it can see the light of day in its intended form. Any bill brought before Congress not only depends on the will of the elected officials but requires input from the people and all the relevant stakeholders. This means that stakeholders like big insurance companies and medical companies have the resources and influence to affect the legislative process to ensure that bills that favor them pass and those detrime ntal to them dies. Needless to say the president still holds veto power over bills and can refuse to assent to bills he deems biased or unfavorable to the country. Both houses would need a two thirds majority if they are to override a presidential veto, a fact which shows how interdependent the legislative process is with the other arms of government. References The White House. (2011).The Legislative Branch. Retrieved from https://www.whitehouse.gov/about-the-white-house/the-legislative-branch/ Times Topics. (2011, December 6). Health Care Reform. New York Times. Retrieved from https://www.nytimes.com/topic/subject/health-care-reformAdvertising We will write a custom essay sample on America’s Unique Legislative Process as it Relates to Health Policy specifically for you for only $16.05 $11/page Learn More This essay on America’s Unique Legislative Process as it Relates to Health Policy was written and submitted by user Mya K. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Fault Lines, Raghuram Rajan, 2011 Essays

Fault Lines, Raghuram Rajan, 2011 Essays Fault Lines, Raghuram Rajan, 2011 Essay Fault Lines, Raghuram Rajan, 2011 Essay Fault Lines, Raghuram Rajan, 2011 Name: Course: Instructor: : Institution: Date: Fault Lines, Raghuram Rajan, 2011 CHAPTER FOUR: A Weak Safety Net 83 This chapter begins with the narration about a student, Badri, who came to the United States more than 25 years ago (Rajan, 2010). After obtaining some degrees and a PhD, he found himself employment at in Washington DC making chips for a German –American firm. He was tasked with the responsibility of ensuring that the fabrication line was up to date and functioning well with the aim of reducing the production of defective chips in this production line. His knowledge was well used by the entity for troubleshooting in the production processes to a point of working seventy-hour weeks (Rajan, 2010). However, the firm later split from a joint venture between the two partners, America and Germans into individual ventures. Badri was able to retain his job and specialized in fabrication of memory card chips leading to the production of smaller memory chips. In addition, the declining production processes also resulted in the reduction of the entity size (Rajan, 2010). The transformation was evident form a large partnership to an eventually smaller farm with increasing debts in an industry, which could be simply termed as capital intensive because of the presence of identical firms with larger capital bases for support in low revenues periods, as the market was usually unpredictable. Following the 2008 financial crisis the organization decided to lay off all of its workers in the United States because of the need to preserve resources. In addition, the organization had already increased its capital bases. Hence, it was under pressure whether to close either the German or the American plant. Badri was laid off and had to survive on meager savings coupled by the costs of living, insurance, and mortgage. In addition, the company was unable to pay for his retirement as it had been declared bankrupt (Rajan, 2010). According to the author, the United States is under what could be described a weak safety net all due to the asset bubble which instigated the financial crisis of the year 2008 whose effects the world is still reeling from today. A weak safety net is unhealthy for any given economy as evidenced by the American economy where peoples especially the unemployed. Hence it is difficult for individuals to survive this era without jobs coupled by the presence of expensive healthcare instead of provision of adequate and affordable services to such brackets of the economy and enable them get through the difficult times awaiting the economy to get back to normalcy (Rajan, 2010). From Badri’s situation, it is evident of the effects of the financial crisis of 2008. Firms were forced to forego operations and close their plants due to the lack of adequate funds or entire lack of funds for operations. In addition, this crisis was also attributed due to increased costs of operations for entities coupled by low returns by organizations. Hence, it was difficult to maintain operations without the presence of adequate funds for survival through this period. Only the strongest entities, which had adequate financial reserves and sound financial and economic policies, were bale to withstand the crisis. Some shopped for bargains in the collapsed entities with the aim of acquisition of equipment at low prices for use within their individual companies (Rajan, 2010). As the title suggests, a safety net is important for low incomes earners as well as for those who have inadequate finances to sustain their survival. This is evidenced in Badri’s situation as he lacks adequate funds for survival given that he has a potential medical condition that could easily turn into diabetes. The lack of affordable insurance could easily lead to diabetes as he lacks cove3r for any ailments for himself and his financially vulnerable family. His ability to access private insurance due to its costs and the criteria for selection of eligible members is an indication of the inequality within the American health system in terms of the ability to access medical insurance. From the author’s narration, it becomes evident of disparities, which are present between those who could be considered as financially well off in comparison to financially vulnerable individuals whose numbers increased due to the loss of employment as specifically the global financial cr isis (Rajan, 2010). In essence, the author provides a vivid elaboration of the lack of a strong safety net to caution vulnerable individuals such as Badri from the tough economic pressures such as expensive health insurance, costly mortgages given the presence of inadequate finances or the utter lack of the same. Furthermore, the lack of proper safety shows the weaknesses of government in terms of provision of equal services to all. This is evidenced by the vast differences in terms of costs of health insurance, private and organizational or public insurance (Rajan, 2010). In conclusion, the author seems to emphasis the failure of the government to caution the lower bracket of its citizens form the financial crisis all of which was due to greed for profits by large business, which were considered as too large to fail. In addition, the failure to provide security and a secure safety net by the government eventually led to the generation of disproportionate monetary and fiscal policies, which led to escalation of the financial crisis (Rajan, 2010). New concepts The term safety net is used to imply to policies implemented by the government with the aim of cautioning vulnerable and poor people from socioeconomic shocks, as evidenced by the finance crisis of 2008, which led to foreclosure of numerous homes, loss of jobs, expensive healthcare or inaccessible health insurance (Rajan, 2010). CHAPTER FIVE: From Bubble to Bubble 101 The author describes Ben Bernanke’s word where he was of the view that â€Å"fluctuations of output and inflation had steadily decreased from the 1980’s to the year 2004 (Rajan, 2010). His claims were made on the presumption that the economic policies were sound given the presence of steady growth, lack of high inflation, booms, and busts. Such good economic growth could be attributed to three various factors: the presence of luck given economic setbacks such as increase in oil prices, and wars. Secondly, the rapid evolution of the economic world as industries and corporations become efficient in making production decision due to the ability to obtain and process sales information. The ability of such improvements could be attributed to the ability of countries and firm’s ability to evade recessions as in the past. Thirdly, the improvement educational systems enabled production of good economists with relevant knowledge on the effects of economic policies on the production processes and actual output by economies (Rajan, 2010). In addition, the Bernanke also considers that current economists were furnished with better skills in the formulation of better monetary policies in comparison to the predecessors who were driven by mere intuition and unfounded economic beliefs on the relationship between monetary polices and economic output. However, his view on economic policies was strained after the 2008 occurrence of the financial crisis. He appealed to congress to rescue the financial markets and entities for man imminent collapse of the economy, which could easily turn, into a depression. Congress was supposed to provide adequate bailout for the entities in financial crisis. His plea for help is an indication of the flaws, which were present in the monetary policies used by the Federal government (Rajan, 2010). The author is of the opinion that the financial crisis was due to the Federal Reserve’s mistakes. The initial mistake occurred in the year 2001 when the first recession took place and prompted the Federal Reserve to keep interest rates relatively low (Rajan, 2010). This led to increase in funds in circulation, in the United States, as well as other countries around the world. Given the influence of politics and economics, the Federal Reserve rates were influenced to the favor of some few. The second mistake was the indication of the Federal Reserve encouraged large investments by the low rates and showed indications of supporting these investors in the event of a bubble burst. This was the inception of risk taking given the presence of low interest rates given it was an attempt to create growth in the employment market (Rajan, 2010). The author uses this chapter to give an implicit indication of the role of the Federal Reserve in the financial crisis of 2008. In addition, the inability of the Federal Reserve was the inception towards the creation of a monster, which eventually grew into a great recession. In essence, the beginning of the financial crisis was set off by the setting of the interest rates. The Federal Reserve is mandated with setting, of which largely through short-term interest rates, which allow flexibility in terms of formulation of these rates as well as monetary policies. The relationship between long-term and short-term interest rates is identical as setting of long-term interest rates as identical to those of short term interest rates. Hence, if long-term interest rates are low then the short term interest rates are expected to be low (Rajan, 2010). Hence, the Federal Reserve failed in setting adequate or considerable interest for the populace to benefit and the eventual growth of the economy. In addition, the Federal Reserve short term interest rates had a great role to play in the economic activities which led up to the financial crisis of 2008. Short-term interest rates determine economic activity such as actual borrowing by the banks and mortgages (Rajan, 2010). Long-term interest rates, on the other hand, have a role in the determination of the returns by assets such as bonds, equity and houses, which are determined, by the returns accrued by interest rates. Inadequacy of the Federal Reserve is exhibited by the ignorance to heed to the call for adjustments as evidenced by the sharp increases in asset prices, which were driven by non-conventional forces such as increased risk, foreign funds and expansion of credit to unhealthy levels. This should have prompted the increase in rates to curb this unhealthy growth or asset bubb le, which eventually burst under the watch of the Federal Reserve due to their failure to act in order to drive growth. Low short-interest rates prompted investors to undertake more risk with the promise of more returns. In addition, foreign funds flowed into the United States, which is an illustration of the widespread of the financial crisis. Investors from countries like Japan and German sought the prominent mortgage-backed securities, which were on high demand. These fueled the growth of the securities and hunger for the seemingly low risk investments such as mortgages (Rajan, 2010). In addition, there was also expansion of credit, which also led up to the financial crisis. The rise in asset prices enabled individuals and entities as well the needed collateral to seek loans. In addition, the low-income individuals who sought borrowing and were financed with loans to make payments for their individual needs, as they possessed adequate collateral given the high asset prices. In addition, the same was coupled by the presumption that the foreseeable future would have adequate liquidity hence banks were of the view that long-term financing on risky loans would be â€Å"safe† when that was not the case (Rajan, 2010). It is evident of the effects of monetary policies in the leaning against asset price rises. This is because monetary policies have a significant role in the financial stability of a country and specifically of its economy. In addition, the Federal Reserve could have regulated the markets instead of acting as a spectator while the asset prices increased dramatically. In addition, banks were in search of investors for their loans given the presence of high liquidity within the economy. Hence, lack of action in setting interest rates in relation to the market conditions, which were present-rapid growth in assets prices, easy access to loans, and low inflation-resulted in the eventual near collapse of the economy and specifically the financial markets. Hence, inadequacy in terms of acting by the Federal Reserve was the sole reason for ht bubble and the eventual burst of the bubble (Rajan, 2010). New concepts Philip’s curve-is described as the inverse relationship between the unemployment rate and that of inflation (Rajan, 2010). Expectation Hypothesis- is described as expectation that long-term rates within a market are predetermined by the market expectation of the short-term rates added to constant risk premiums (Rajan, 2010). CHAPTER SIX: When Money Is the Measure of All Worth 120 The French monarchy was among the first to introduce the use of annuities with the aim of raising funds when it did not have adequate cash to fund operations. This form of investment to the rich nobles was very prominent as it guaranteed individuals consistent receipt of payments until death. People were able to reap benefits from this form of payments if they were able to live for longer periods in comparison to their annuity payments (Rajan, 2010). However, this form of investment was flawed as it lacked security. This is evidenced by the Geneva bankers who took up thirty young girls and paid annuity for them form the french government. Because of the high returns from the government, more investors were attracted to this form of investment on the presumption of huge earnings. However after the french revolution in 1789, things were disrupted, and payment of the annuities was done with a currency which wads simply termed as undervalued given the economic situation. Hence, this group of bankers was prompted to default given that they were unable to pay back the Swiss investors with undervalued currency given that they had invested in highly valued Swiss currency (Rajan, 2010). From the historical crisis, there are various lessons, which can be drawn from the situation. The initial lesson is the utter disconnect of society and bakers because of their ability to identify opportunities to make quick and easy money. In addition, it is also evident of the urge to make money by the bakers in comparison to other businesspeople (Rajan, 2010). Furthermore, their knowledge in money matters is an added advantage as they are able to use such information for actual applications in making investments. Hence, from the keen eye of bakers innocent and small ventures can result in great and risky investments given the lack of securities. In addition, the numbers of the bakers ensured that they received compensation and payments from the new government after the revolution. Hence, in relation to the financial crisis, the numbers of the banking community and other investors ensured that they would receive intervention, bailout or funds invested from the government of their in vestments. In essence, the banking sector actions were as a result of the government’s aim to provide its citizenry with adequate and cheap housing coupled by the presence of foreign demand for high debt securities (Rajan, 2010). As evidenced by the events of the United States financial markets, slight changes in prices are bound to distort the markets in entirety. In essence, the private sector acted in a predictable, looking for bargains and making quick money provided the signs of making money are favorable, despite the presence of high risk in such an investment. In addition, such deals according to the author could be described as arms-length agreements as they do not have any consideration for the smaller party as they are driven by the need to make profits (Rajan, 2010). From this chapter, it is evident of the effects of inadequate and proper regulation within any financial system. The financial crisis of 2008 was because of what could be described as cause-effect in terms of the actions by the Federal Reserve and the financial market players. The lack of control and restrictions by the Federal Reserve gave the lenders and indication of the ability to invest in the risky investments given the high returns, which were possible within such investments. In addition, from a moral perspective it becomes evident of the lack of good business practice by the banks and the entire private sector (Rajan, 2010). In addition, the financial sector illustrated to the world that, without adequate and proper regulation, the sector would head for self-destruction bringing down with the entire economy. International and foreign banks had a great role in the housing market burst and the eventual financial crisis. Foreign central banks were presented with large dollar inflows given the increase in exports to the United States whereas the United States investors sought international markets for better returns on their investments given the low interest rates in the United States (Rajan, 2010). Brokers also had a significant role to play in the events up to the financial crisis of 2008. Mortgage brokers were responsible for seeking customers for the housing loans and processing of the same. From the acts of the brokers, they were driven by the need to make money via attracting more customers to their â€Å"attractive† mortgage payments where they persuaded customers with claims that they would get better value when they enrolled with the various brokers, which was subsequently false after various customers indicated hefty increases in their monthly mortgage payments (Rajan, 2010). This is an indication of the entry of malpractices into the banking sector and housing sector as the brokers held no regard for the customers. In addition, it is evident of lack of regulation in terms of the appropriate conduct of the brokers. In addition, the brokerage firms did not hold their workers liable for selling substandard loans given that they were merely driven by enrollment of new customers without any regard for the quality of the loans (Rajan, 2010). In conclusion, regulation on brokers would have ensured that they did not engage in bad business practices to their customers. In addition, the erosion of moral conduct in business has a large role to play in the lack of appropriate conduct in the housing market burst. The mere drive to cash in on the housing market was the drive for the brokers, the banks and the investors given the lack of securities and the favorable exchange rates (Rajan, 2010). New terms and concepts Unintentional guidance-this is guidance towards unwarranted behavior by actions or market forces (Rajan, 2010). CHAPTER SEVEN: Betting the Bank 134 The author begins with an indication that the qualities of nearly 60% of all mortgages were rated as AAA, which means they were without any doubt of the highest quality. In contrast, only less than all corporate bonds in the markets are usually rated as AAA. Normal relations or correlation of defaults in mortgages is usually extremely low as the presence of unavoidable circumstances such as ill health or loss of jobs. Hence, there were no forecasts in terms of the correlation between the mortgages and default by the homeowners (Rajan, 2010). In addition, the AAA rated securities were lucrative because they offered higher returns in comparison to the corporate securities. The agencies did not anticipate the correlation between the defaults and mortgages as indicated by their ratings. In addition, the increase in mortgages led to a pool of flooded with identical packages of mortgages. Furthermore, the similarities in terms of the pools of mortgages increased the rate or possibility of default by the customers of the mortgages. This is because any signs of problems in the market would result in a collective pullout by the banks leading to spread of the problems across the country. In addition, the AAA mortgage backed securities were disguised by the presence of high ratings and their high and lucrative returns (Rajan, 2010). Some entities such as AIG were among the biggest losers in the financial crisis. The entity sold insurance through credit evasion swaps, which were valued on asset-backed securities, which were worth billions of dollars inclusive of AAA rated mortgage-backed securities (Rajan, 2010). However, the values of the asset backed bonds provided by AIG reduced significantly in value as the economy went into a recession. In addition, the defaults on mortgages proved larger than expected given the numbers of banks involved and the numbers of issued mortgages. The events led to losses of billions of dollars as the AIG’s liability in relation to the swaps increased forcing the entity to mark down its portfolio. Due to the increased liabilities, parties who had invested in the firm sought legal remedies to ensure that AIG would honor payment of the swap liabilities. The entity become the largest recipient of bailout funds amounting to more than $150billion dollars after it was unable to re pay the liabilities (Rajan, 2010). From this chapter, it is evident that the banks, which churned out these risky investments to the markets, still held on these risky investments given that these securities had an AAA rating. In essence, these risky investments proved very lucrative especially for the large banks. The risks, which were associated with these ventures, were regarded as unlikely; hence, banks sought after them with ample zeal as they promised high returns given the demand for adequate housing. This is what the author considers as tail risk given the low probability of occurrence of these risks. However, to their dismay the risks led to one of the most devastating financial crises in the United States. In addition, such risks would be evidenced by the countrywide scare within the housing market leading to countrywide defaults on the housing mortgages. Another aspect was the gravity of these risks, which is their eventuality of occurrence, would prove as very costly for investors and the banks in general (Rajan, 2010). Bankers were forced to take on these kinds of risks due to several factors. Risk-return relationship was one of the most significant factors, which led up to the uptake of these risky investments by the banks on the promise of higher returns. This is because risky investments are lowly priced but tend to produce higher returns. In essence, the onset of these risky investments was marked by high returns as evidenced by AIG Bear Stearns, Citigroup, and Lehman Brothers and other large entities, which realized higher returns before the onset of the recession. These entities were swallowed up by the recession, as they did not have adequate reserves to enable them pay up their liabilities. This is because they thought the risks as having the lowest probability of occurrence (Rajan, 2010). Furthermore, entities were driven by the need to make profits given that those who object these risky investments were laid off by the top management in order to pave the way for the realization of higher profits through further investments in these highly risky investments. From this chapter, it is clear that the bankers and the investors ignored the growth and occurrence of the tail risks all due to the mere drive to make huge profits. From this chapter, it is evident that top management within the financial institutions lacked good risk management skills and the mitigation for the same. This is because any risks despite its minuteness should be evaluated for its cause-effect relationship on the company (Rajan, 2010). In conclusion, this is an indication of inadequacy of risk management within these entities. This is because, despite the presence of tail risks, the financial sector used money as the measure of all things. This is evidenced by measure of risks by the returns from making such a risk investment. Despite higher risks, higher returns make an investment in view of the bankers as a healthy investment. In addition, the market’s health was measured in relation to the presence of liquidity. Hence, the high liquidity in the market in the view of the bankers and investors was all due to the notion by these banking organization and investors of the ability of the government to bail them out in the event of defaults in the market. In addition, this notion was due to the ability of government to intervene in such issues. Hence, the government should institute adequate reforms to ensure that financial sector players refrain from taking advantage of investments with tail risks as identified by the author in this chapter (Rajan, 2010). New terms and concepts Alpha-Excess returns in a market for an entity all due to high-risk taking (Rajan, 2010). Tail Risks- are risks, which are considered to occur on rare occasions (Rajan, 2010). Unintentional guidance-this is guidance towards unwarranted behavior by actions or market forces (Rajan, 2010). CHAPTER EIGHT: Reforming Finance 154 The previous chapters have been helpful in the establishment of reasons for the occurrence of the recession and eventual effects of the same. Financial markets around the world have been brought back from the near collapse by their governments through government guarantees, new capital and additional lending. The scenario is unfathomable because banks were able to borrow at almost zero interest rates but charged hefty interests for any borrowing and gave their savers meager returns with consideration of the amounts borrowed. It is paramount according to the author, for the political class to instigate reform within the financial sector to seal what he had described as the â€Å"fault lines† with an aim of averting severe consequences and a reoccurrence of identical events (Rajan, 2010). These reforms have to be actualized despite the presence of doubt within the public domain as they view the system as favoring a few. This according to the author has been fueled by the huge bonus payments issued by these banks given that they are still struggling to meet their expenses and are surviving on bailout funds. The author is of the view that the private sector, government intervention and Federal inadequacy to give proper regulation to the financial sector had a big role to play in the eventual financial crisis of 2008. In addition, politicians were also to blame for their great support for capitalism, which eventually collapsed. In addition, entities will endure the financial crisis prompting the market players to look for remedies for this situation in other markets. Furthermore, the free-enterprise capitalism described, according to the author, should undergo extensive reform with an aim of preventing recurrence of identical events. Democratization or debt describes the choices individuals were posed in terms of making a financial decision, which had the potency to affect the society at large. Democracy the need to take up huge loans is a controversial issue because the loans resulted in huge countrywide defaults. Hence, democracy in terms of making a financial decision should be restricted as great freedom in the financial sector was among the reasons individuals were able to take up the great risks without regard for the potential consequences that they would bestow on themselves as well as the society. Thus, it is paramount to establish the best financing activities, which are aimed drawing utmost good within the new reforms with an aim of minimization of risks and the increasing the benefits of such for the majority of the citizens (Rajan, 2010). Reforms are a priority for the recuperation of the financial markets, the economy and the entities, as well. Competition was among the main aspects, which instigated the Great Depression of the 1930’s (Rajan, 2010). The author states the widespread effects of the financial crisis is attributable to a herd behavior by the banks who took up identical risks resulting in systemic losses after there were defaults. This was further fueled by the competitiveness by the banks who tried to outdo each other by taking up huge loans to compete against each other. From this chapter, it is evident of the need to limit innovation and some elements of competition because of the systemic risk associated with collective competition as evidenced by these banks (Rajan, 2010). It is also paramount for the internal functions of the banks to be analyzed and reformed because they under-priced risk due to breakdown in their internal governance. Another reform that is needed within the market is to do away the notion that an eventual crisis after taking on tail risks by entities would result in government intervention would be important as it would enable the entities to become responsible for their actions. In addition, some entities enjoyed implicit protection from the government, which enabled to conduct their operations without any care in the world for taking huge risks. Thus, it is paramount to ensure that no entity enjoys any kind of protection or favoritism from the government (Rajan, 2010). New reforms should be cycle proof as stated within this chapter. Hence, they should be â€Å"comprehensive, nondiscretionary, contingent, and cost-effective† (Rajan, 2010). This ensures that all the financial institutions are included within this kind of reforms and that none is given preference of favor over the others. In addition, the entities, which took up the risks, which were thought as immaterial or tail risks, but later materialized, should be penalized and made responsible for their actions. Alteration of incentive issued to the top management should be implemented to ensure that the bonuses due to them are spread out over the future years. This ensures that they are able to look at long-term strategies and effects of the decisions to the organization in the future (Rajan, 2010). In conclusion, it is also paramount to ensure that organizations do not engage in excessive risk taking while still maintaining basic financial freedoms. The financial crisis emanated from the friction between the government interference and the private sector, which could be termed as the location of the â€Å"fault lines† (Rajan, 2010). Hence, to tackle this crisis government intervention should be restricted with an aim of withdrawing expectations that, in similar events, the private sector would draw similar intervention in the form of bailouts, guarantees and incentives. CHAPTER NINE: Improving Access to Opportunity in America 183 The author argues that not all forms of inequality in terms of incomes or fiances are harmful to the economy. Disparities in terms of wages are used to indicate to the populace such as the young individuals of the fields in need of their skills and as a means of encouraging hardworking. However, society has a distorted means of achieving high wages, which includes, cheating, theft, birth or luck. The first reform according to the author would be to reform the schools and universities, as well as other tertiary institutions (Rajan, 2010). Educational reform is paramount as it forms the foundation of intelligence and relation of an individual with the society in the future stages of development. Hence, initial education such as elementary schooling could be reformed to ensure that a child is able to feel comfortable and enjoy the learning processes at an early stage. In addition, education should also include out of school education such as a discipline and determination to excel in life. Hence, good schools articulate self-discipline, urge to learn and good morals In tertiary institutions are usually considered as a preserve for those who posses adequate finances or come from well of families. In equality in terms of incomes has a great role to play in achievement of tertiary education as some individuals from lower classes find it difficult to continue with tertiary education because of lack of adequate funds for schooling. Human capital according to the author is the greatest driver of growth as the skills acquired are used for creation of new opportunities and overall economic growth. Such after tertiary education can be enhanced through on-the job training. Apprentice ship according to the author enhances the skills acquired through schooling by an individual. Given the high Labour turnover, it is easy for entities in the United States to give skilled and trained individuals the opportunities to actualize their knowledge gained form the tertiary institutions. Such would have a long-term effect on the Labour sector in the United States as i t enhances the use of skills for growth in the field of training. The aim of redistribution of income is to reduce the numbers of people in need of a strong safety income due to poverty, low finances and inadequate education and skills to support themselves. The insufficiency of a good safety net in the United States after the occurrence of the financial crisis led to widespread anxiety leading to the formation of appropriate fiscal and monetary policies. In addition, to create a better safety net, better incomes enable people to save for unforeseeable future circumstances such that they do not have to rely on government intervention. In addition, the author is of the opinion that insurance requires adequate reform. This is because reform would ensure that the country as a whole would benefit from a better and predetermined extension of unemployment insurance (Rajan, 2010). Healthcare is another field, which needs adequate reform. This is because the populace is full of anxiety about their loss of health insurance for themselves and their families, which were initially provided for by their employers. Healthcare reform should also include organizational reform within the hospitals and sharing of information between the hospitals for better management of the hospitals and their finances. In addition, equality in terms of access to healthcare should be instituted (Rajan, 2010). Government capacity in terms of expenditure should be restored. Such can be achieved by increasing spending in areas such as Medicare and Medicaid, which have been under-funded as indicated by the increasing liabilities for the government in healthcare. In addition, increasing government expenditures have also been a source of anxiety for the populace because of the view that increased spending would result in higher taxes to cater for such expenses. However, increased taxes is a sure way of restoration of the government coffer preferably if the increase is executed in an equal and proper way. In essence, from this chapter, for the country to pick itself up again from the effects of the financial crisis from which the economy is still reeling from, reform is inevitable. The consumption in the united sates was driven by the inequalities among the populace all of which is due to the presence of polices which seemed to favor inequality. Despite the negatives posed by the government intervention after the financial crisis, which the private sector expected, it is paramount for the government to intervene further for the adequate recovery of the economy. This is because inaction by the government is detrimental to the economy in comparison to further intervention, which however ha s negative effects. This is because the private sector feeds on the notion provided, that the government would always intervene in the event of any financial crisis as was evidenced by the financial crisis of 2008 (Rajan, 2010). In conclusion, from this chapter reform comes as a priority for the government for eventual recovery of a slumped economy. In addition, adequate, proper and reformed education sectors would ensure the development of competent and divers human capital in the United States. Skilled labor is a drive of economic growth in any economy. This would ensure that those whoa able to penetrate within the walls of education are able to acquire adequate and relevant employment. This would ensure that those who work hard are bale to accrue greater benefits. Hence, educational institutions should uphold high levels of moral standard sin execution of tasks. The financial crisis could also be attributed to lack or inadequacy of morals in the private sector, which is driven by the mere need to accrue supernormal profits (Rajan, 2010). References Rajan, R. (2010). Fault lines: How hidden fractures still threaten the world economy. Princeton: Princeton University Press.

Module 1 Case MGT401 Essay Example | Topics and Well Written Essays - 1000 words

Module 1 Case MGT401 - Essay Example This is so especially if he trust no one to take the position and lead it effectively. It is for reason that it was no surprise when he fired the CEO of Fiat and appointed himself the CEO. The CEO’s level of emotional stability is simply amazing. It is this emotional stability that has made him the great leader he is today as he does not let his emotions over the employee’s future if he fires them stand in his way and affect his decision making ability. Machionne is one highly intelligent man based on the fact that he was able to turn the company’s profitability around which was on the verge of collapse and did so within two years (2011 All-Stars: Sergio Marchionne, 2011). This is simply an impossible job for a simple-minded and unintelligent individual. The fact that he upholds integrity high is not only commendable but has protected his name and made it remains clear from any scandals involving integrity issues. It is his personality and high standards that make him uphold his integrity and abide by the rules at all times. Machionne is an analyst using logic to make his decisions. His abilities to strategize as well as be inventive and imaginative make him the perfect leader he is. He may not have an approachable personality but he still makes friends and is an excellent communicator. A task-oriented leader is one who focuses solely on the tasks that need to be performed and is in no way concerned about the people performing the tasks such as ensuring they are motivated or satisfied. This is the kind of behavioral approach that Machionne has adopted as he does not bother with his team and their general well-being but simply whether they have performed the tasks he assigns to them or not. This explains his lack of small talk with his employees and especially the executives and the occupation even over the weekend simply with work and no fun at all for the employees (Wernle, 2010). The greatest