My Favourite Book Essay

One of the things that I really love to do is to read. Through reading I have found out so many things about life in all of its aspects. Reading page after page, book by book, I have discovered the world around me, facts about past, present and versions of the future and i have learned so many amazing things. I’ve started reading at the age of eight when The stories from 1001 nights fascinated and captured me completely. It helped me to open my mind to new situations and I understood that the power of creation can change lives. Later, at the age of 10, I was amused by Pacala and Tandala adventures, but my favourite book is Childhood memories. This book contains lots of funny events on which young heart of Ion Creanga he lived and he felt intensely. One of the events and the one that surprised me very much is Pupaza din tei. It describes everyday life that was plagued by hoopoe song and how Nica tried to get rid of it. Another event comic is where Nica goes to the Ozana river even though his mother gave him the child in the care. Nothing prevents to go Ozana and to bathe, but gets his reward from his mother. All these events have made the reading to become an important part of my life and helped me to find out more about me, information about human nature, human art and history, human achievements, anatomy and human mental faculties. I love reading because it helps me to learn. to be creative and offers me new perspectives.

Final Project of Fin619

[pic] Pass Dear Student you are declared PASS in your written work. Start preparing for presentation & viva voce and improve your work according to the given instructions and guidelines available at VULMS of your course under the icon DOWNLOADS after clicking COURSE WEBSITE at VULMS. Also read lesson # 7 of this course in this for effective preparation of your presentation slides. For any course related query and information, you can contact us via MDB, Email ([email  protected] edu. pk) and telephone (92 (42) 111 880 880 (Extension: 8851 or 3941). RATIO ANALYSIS OFASKARI BANK, UNITED BANK AND BANK ALFALAH FOR THE YEARS 2009, 2010, 2011 A PROPOSAL FOR REPORT TO BE SUBMITTED TO THE DEPARTMENT OF MANAGEMENT SCIENCES, VIRTUAL UNIVERSITY OF PAKISTAN IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER IN BUSINESS ADMINISTRATION (MBA-Exec) Submitted By: AAMIR SHAHZAD MC100403644 MBA-Exec (Finance) SUBMISSION DATE: 02-02-2013 Virtual University of Pakistan Letter of Undert aking Job confirmation letter [pic] Dedication I would like to dedicate this project to My parents My Wife & My Kids Ashar Ali & Mubashar Ali AcknowledgementAll my efforts for my MBA and this Project would have been nothing with out the help and grace of Almighty Allah and I am always Gratified to Blessings of Allah. More than anybody else, I would like to acknowledge my uncle Mr. Ashfaq Ali Tabassam for his never ending support. He always guided me whenever I felt stuck off and his encouragement always worked as moral booster for me. I would like to extend my special thanks to my friend Mr. Aamir who advised me time to time and provided me technical assistance. I am highly indebted to my boss in my organization Mr.Muzaffar Ali who spared me and gave me ample time, out of my professional commitments, to go all out for my MBA from Virtual University of Pakistan. Executive Summary The purpose of this report titled â€Å"RATIO ANALYSIS OF ASKARI BANK, UNITED BANK AND BANK ALFALAH FOR THE YEARS 2009, 2010, 2011†is to investigate the financial performance of these banks during the mentioned period. The first chapter of this report deals with introduction of project and banks under study, financial period under consideration, objectives and significance of the project. The second part is about data processing and analysis.The fourth chapter is about calculation of different ratios its comparison and interpretation. In last chapter conclusions and recommendations have been given. The data for the study is collected from financial repots of the banks which are available on theirs respective websites. The financial reports included the balance sheet, income statement and cash flow statements. As regards to finding of study, the Net Profit Margin ratio of Askari and bank Alfalah is low as compare to UBL. UBL is also on top in gross spread ratio, return on equity, debt ratio and Advance/Deposit ratio.While Askari Bank has better cash flow ratio and Price/Earning r atio. It is recommended for Bank Alfalah and Askari bank to cut down their non markup expenses to improve their Net Profit Margin Ratio while, on the other hand their turnover is satisfactory. UBL and Alfalah should decrease their current liabilities and ensure the availability of more liquidity to meet short term debts. Askari bank and bank Alfalah both banks need to adopt measures to cut down their interest expenses in order to increase their gross spread ratio.In order to increase non interest income Askari and Alfalah needs to increase their earnings through fees, commissions and other advisory charges etc. In Advance/Deposit ratio Askari bank and Alfalah should have to utilize their deposits in more projects either through corporate financing or general public financing. Table of Contents Section I Chapter 1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 â⠂¬ ¢ 1. 1 Introduction of the project †¢ 1. 2 Banks Introduction †¢ 1. 4 Period Under Consideration †¢ 1. 5 Objectives †¢ 1. 6 Significance Chapter 2†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦11 †¢ 2. 1 Data Collection 2. 2 Data Processing and Analysis Chapter 3†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 †¢ 3. 1 Net Profit Margin †¢ 3. 2 Operating cash flow ratio †¢ 3. 3 Gross Spread ratio †¢ 3. 4 Non-interest income to total income ratio †¢ 3. 5 Spread ratio †¢ 3. 6 Advances/deposit ratio †¢ 3. 7 Return on total equity (ROE) †¢ 3. 8 Debt ratio †¢ 3. 9 Debt/Equity ratio †¢ 3. 10 Price/Earning ratio Chapter 4†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 †¢ 4. 1 Conclusions †¢ 4. 2 Recommendations Section I †¢ a) Student Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦29 †¢ b) Bibliography †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦30 Section IChapter 1 1. Project Introduction The financial ratio analysis techniques referred to in this aid could be useful to analyze any company financial performance. This study is also going to investigate the financial performance of three mentioned banks e. g. Askari bank, united bank and Bank Alfalah. These banks are surveying in the Pakistani Market and are competitors each other. Hence this study is going to find out which bank has strong financial position over other two banks. With the h elp of financial ratio analysis we can analyze the financial position of any company.Many stakeholders, investors, creditors may analyze any company, firms financial position with the help of ratio analysis before taking any important decision regarding to investments or any other. Therefore financial ratio is a mathematical correlation among several numbers often stated in the form of percentage, times, or days. 1. 2 Banks Introduction Askari Bank was incorporated in Pakistan on October 9, 1991, as a public limited company. It commenced operation on April 1, 1992, and is principally engaged in the business of banking, as defined in the Banking Companies Ordinance, 1962.The Bank is listed on Karachi, Lahore and Islamabad Stock Exchanges. Since inception, the bank has concentrated on growth through improving service quality, investment in technology and people, utilizing its extensive branch network which includes Islamic and Agricultural banking. United Bank Limited (UBL) was incorp orated in Pakistan on November 7th 1959. In 1963 the bank opened its first overseas branch in London, United Kingdom. In 1971 the UBL was nationalized by the Government. In 2002, the Government of Pakistan sold it in an open auction to a consortium of Abu Dhabi Group and Bestway.Currently UBL is one of the largest commercial banks in Pakistan having more than 1,220 online branches inside the country. Its 15 branches outside the country are in the United States of America, Qatar, UAE, Bahrain, and Republic of Yemen. It also has representative offices in Tehran (Iran), and Almaty (Kazakhstan). It owns subsidiaries in the UK (United National Bank Limited), and in Zurich (Switzerland). Bank Alfalah Limited was incorporated on June 21st, 1992 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from 1st Nov, 1997.The Bank is currently operating through various branches in Pakistan, Bahrain, Bangladesh & Afghanistan, with the registered office a t B. A. Building, I. I. Chundrigar, Karachi. Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services. During the past five years, Bank Alfalah has emerged as one of the foremost financial institution in the region endeavoring to meet the needs of tomorrow today. 3. Financial Period Under-Consideration for Analysis:Financial period under consideration for analysis (2009, 2010, 2011) 4. Objectives 1. To analyze the selected banks efficiency in managing their resource for generating profit 2. To composition of capital structure of the selected banks, how much of the bank’s assets are financed through external and internal debt. 3. To find out that how effectively selected banks are maximizing their profit by controlling their interest expenses. 4. To compare the selected banks interest income with their interest expenses. 5. Are banks able to pay the current liabilities from their cash equivalents? . Significance The significance of these projects may include the following 1. The finding of this research will be more beneficial for investors, creditors, to take good decision after seeing the result of ratio. They can easily analyze the bank position through this study result. Bank Management may also study the finding of this study to determine the success or failure of particular sales, marketing as well as financing strategies. 2. At the end of this research, we will be able to get which bank is more able to pay its current liabilities from their cash equivalents. 3.The major outcomes of this research, this study will clear the concept regarding to financial ratio analysis in banking sector by applying different ratios. 4. This research may help the stakeholders to analyze financial ratios result before taking any serious decisions. 5. Financial mangers of selected banks also take advanta ges from this study to identify their bank strengths and weakness and will improve their poor areas. Chapter 2) Data Processing & Analysis 1. Data Collection Sources Study has used three banks annual reports/balance sheet, income statements, cash flow statements for data analysis and data processing.In research only secondary would be used to access the objectives which are mentioned as above. The study has used secondary sources to access the objectives of this research. The sources of this research were three banks websites. Annual reports were collected from the websites 2. Data Processing and Analysis Tools: Data was processed, analyzed and all the entry has done on excel sheet. Hence Study has used Excel sheet for data analysis and for calculation purpose. Result has been displayed on MS world in tabulation form with interpretation. Chapter 3) Data Analysis Ratio Analysis 1 Net Profit Margin SignificanceNet profit margin ratio explicit the profitability of the institution again st the revenue. It will also define the performance of the company in its operations in the market. So, shareholders assess it carefully in order to take their economic decisions. FORMULA: Net profit margin= (Net profit/ Revenue) *100 |Banks |2009 |2010 |2011 | |UBL |9,192,687/61,107,025*100 |11,159,930/59,331,761*100 |15,499,663/70,450,475*100 | | |15. 4% |18. 81% |22. 00% | |Askari Bank |1,097,507/22,586,736*100 |943,177/27,952,162*100 |1,627,698/32,766,351*100 | | |4. 86% |3. 37% |4. 97% | |Bank Alfalah |897035/35561312 *100= |968452/37530256*100= |3503130/44298178*100= | | |2. 2% |2. 58% |7. 91% | |Banks |2009 |2010 |2011 | |UBL |15. 04 |18. 81 |22. 00 | |Askari Bank |4. 86 |3. 37 |4. 97 | |Bank Alfalah |2. 2 |2. 58 |7. 91 | [pic] Interpretation and comparison The analysis of above table and graph depicts that the Net Profit Margin of all the Three banks is increasing. UBL is on the top with 15. 04% earning in the period of 2009 and increasing in the respective years with 18. 81 % in the year 2010 and 22% in 2011 which shows a positive trend which is due to the stringent control on operating expenses . While on the side, Askari bank Profit margin shows minor fluctuation with 4. 6% in the period 2009 then decreases in 2010 to 3. 37% owing to increase in non markup expenses and increases to 4. 49% in the year 2011. Profit margin of Bank Alfalah is also showing positive ness which is 2. 52% in 2009 and 2. 58% in the year 2010 and sore up to 7. 91% in 2011. 2 Operating Cash Flow Ratio Significance The ratio explains the cash flows of the bank or company which it earns by its operations and analyze it against it current liabilities to determine how well a company is in paying its debts which fall due in the financial year.FORMULA: Operation Cash Flow Ratio= Net cash generated from operating activities/ Current Liabilities |Banks |2009 |2010 |2011 | |UBL |23,099,432/262214540= |100,070,348/369628811= |108,571,682/407621100= | | |0. 09 times |0. 27 times |0. 7 tim es | |Askari Bank |36,245,071/49327164= |35,810,016/114583064= |36,491,839/14943963= | | |0. 73 Times |0. 31 times |2. 44 times | |Bank Alfalah |19945927/350833577= |18112043/184831395= |54274913/194917015= | | |0. 06 times |0. 0 time |0. 28 time | |Banks |2009 |2010 |2011 | |UBL |0. 09 |0. 27 |0. 27 | |Askari Bank |0. 73 |0. 31 |2. 44 | |Bank Alfalah |0. 06 |0. 0 |0. 28 | [pic] Working Current Liabilities of UBL 2009 2010 2011 †¢ Bills payable (Short term) 5,147,259 5,045,815 5,879,043 †¢ Borrowings (Short term) 35,018,765 44,187,313 45,534,286 †¢ Deposits and other accounts (Short term) 209,685,205 319,797,360 340,999,875 †¢ Liabilities against assets subject to finance Lease (Short term). – – – †¢ Other liabilities (Short term) 12,363,311 369,628,811 407,621,100 †¢ Total 262,214,540 369628811 407,621,100 Working Current Liabilities of Askari Bank 009 2010 2011 †¢ Bills payable (Short term) 2,945,6703,089,9842,756,032 †¢ Borrowings (Short term) 19,300,16325,554,7772,758,043 †¢ Deposits and other accounts (Short term) 22,247,84228,646,7715,516,086 †¢ Liabilities against assets subject to finance ease (Short term). – – – †¢ Other liabilities (Short term) 4,833,48957,291,5323,913,802 †¢ Total 49,327,16411458306414,943,963 Working Current Liabilities of Bank Alfalah 2009 2010 2011 Bills payable (Short term) 3,766,144 4,521,533 5,403,453 †¢ Borrowings (Short term) 20,107,541 13,050,006 17,060,524 †¢ Deposits and other accounts (Short term) 320,249,261 161,368,880 165,257,870 †¢ Liabilities against assets subject to finance lease (Short term). 4,429 3,031 – †¢ Other liabilities (Short term) 6,706,202 5,887,945 7,195,168 †¢ Total 350,833,577184,831,395194,917,015Interpretation and comparison The analysis of the above table and graph show that Operating Cash Flow of UBL is 0. 09 times in the period 2009 and 0. 27 times in the perio ds 2010 and 2011 shows consistency in respective years. While the cash flow of Askari bank is 0. 73 times in 2009 and decreases to 0. 31 times due to decline in cash generated from operating activities and increases to 2. 44 times in the year 2011 due to the decline in short term liabilities and increase in cash generation. Cash flow of Bank Alfalah is 0. 6times in the year 2009 and 0. 10 times in 2010 and 0. 28 times in the period 2011 shows increasing trend. 3 Gross Spread Ratio Significance It is being calculated by dividing the difference of interest earned and expensed by interest expensed on the deposits of the public. It will help to measure the markup income of the bank in the reporting period. FORMULA: Gross Spread Ratio = (Mark-up / return / interest earned – Mark-up / return / interest expensed) / Mark-up / return / interest earned*100 Banks |2009 |2010 |2011 | |UBL |61,107,025- 28,163,787= |59,331,761- 24,997,188= |70,450,475 -31,025,869= | | |32,943,238/61,107,02 5= |34,334,573/59,331,761= |39,424,606/70,450,475= | | |53. 1% |57. 87% |55. 96% | |Askari Bank |22,586,736 – 13,554,078 = |27,952,162 – 17,936,616= |32,766,351- 22,699,583= | | |9,032,658/22,586,736 = |10,015,546/27,952,162= |10,066,768/32,766,351 = 30. 72 % | | |39. 99% |35. 3 % | | |Bank Alfalah |35561312 – 24654180 =10907132/35561312 =|37530256 – 23855448= |44298178 –25687485= | | |30. 67% |13674808/37530256 = |18610693/44298178 = | | | |36. 44% |42. 01% |Banks |2009 |2010 |2011 | |UBL |53. 91 |57. 87 |55. 96 | |Askari Bank |39. 99 |35. 83 |30. 72 | |Bank Alfalah |30. 67 |36. 44 |42. 1 | [pic] Interpretation and comparison The analysis of the above table and graphical representation shows the Gross Spread Ratio of UBL 53. 91% in the period 2009 and increases to 57. 87% in the period 2010 and then decreases to 55. 96% in 2011 respectively, UBL is on the top in interest earning in the market. Askari bank ratio is 39. 99% in the period 2009, 35. 8 3% and 30. 72% in the periods 2010 and 2011. While Bank Alfalah ratio is increasing from 2009 to 2011 with 30. 67%, 36. 44% and 42. 01% which is better marginally then other banks.But UBL is earning more as compare to other two banks due to better policy making and service. 4 Non-Interest Income to Total Income Ratio Significance It is other income which a bank earn from its services related to non markup sources such as advisory services and consultation provided in risk management etc. It describes the percentage of non interest income to total income of the bank or company. FORMULA: Non Mark-up / interest income to total income ratio= non mark-up / interest income / (non mark-up / interest income +Mark-up / return / interest earned)*100 Banks |2009 |2010 |2011 | |UBL |11,419,571/72526596= |10,090,162/69421923= |12,718,253/83168728= | | |15. 75% |14. 53% |15. 29% | |Askari Bank |2,544,415/25131151= |2,800,297/30752459= |2,902,921/35669272= | | |10. 2% |9. 11% |8. 14% | |Bank Alfal ah |5182253/40743565 = |4708161/42238417= |5367713/49665891 = | | |12. 72 % |11. 15% |10. 81% | |Banks |2009 |2010 |2011 | |UBL |15. 5 |14. 53 |15. 29 | |Askari Bank |10. 12 |9. 11 |8. 14 | |Bank Alfalah |12. 72 |11. 15 |10. 81 | [pic] Interpretation and comparison The analysis of the above table and graph shows the Non Interest income of all the three banks with the highest ratio of UBL which is 15. 75% in the period 2009 and 14. 3% in the period 2010 and in 2011 is 15. 29% in comparison with Askari bank and Bank Alfalah. Askari Bank earn 10. 12% in the period 2009 and 9. 11% and 8. 14% in 2010 and 2011 which is declining. While Bank Alfalah ratios are 12. 72%, 11. 15% and 10. 81% in the years 2009, 2010 and 2011 is declining respectively. So, UBL shows better ratio as compare to the other banks in all the three years. The Results shows that UBL shows fluctuation while the other banks ratios show declining trend. Working of Total income of UBL Total Income= (Non mark-up / interest income +Mark-up / return / interest earned)    |Total Income |   |   | |Non Mark-up/interest income |11,419,571 |10,090,162 |12,718,253 | |Mark-up/return/interest earned |61,107,025 |59,331,761 |70,450,475 | |Total Income = |72526596 |69421923 |83168728 | Working of Total income of Askari Bank    |Total Income |   |   | |Non Mark-up/interest income |2,544,415 |2,800,297 |2,902,921 | |Mark-up/return/interest earned |22,586,736 |27,952,162 |32,766,351 | |Total Income |25131151 |30752459 |35669272 |Working of Total Income of Bank Alfalah Total Income= (Non mark-up / interest income +Mark-up / return / interest earned) |   |Total Income |   |   | |Non Mark-up/interest income |5182253 |4708161 |5367713 |Mark-up/return/interest earned |35561312 |37530256 |44298178 | |Total Income |40743565 |42238417 |49665891 | Interpretation and comparison Interpretation is missing. 5 Spread Ratio Significance It is the ratio that describes the markup spread between income and expens e. It helps to measure how much income bank earns by incurring markup cost.Higher ratio shows more profitability through loans and investments. Formula:- Spread Ratio = Interest Earned / Interest Expensed |Banks |2009 |2010 |2011 | |UBL |61,107,025/28,163,787= |59,331,761/24,997,188= |70,450,475/31,025,869= | | |2. 17 times |2. 37 times |2. 7 times | |Askari Bank |22,586,736/13,554,078= |27,952,162/17,936,616= |32,766,351/22,699,583= | | |1. 68 times |1. 56 times |1. 44 times | |Bank Alfalah |35561312/24654180 = |37530256/23855448= |44298178/25687485= | | |1. 44 times |1. 7 times |1. 72 times | |Banks |2009 |2010 |2011 | |UBL |2. 17 |2. 37 |2. 27 | |Askari Bank |1. 67 |1. 56 |1. 44 | |Bank Alfalah |1. 44 |1. 7 |1. 72 | [pic] Interpretation and comparison The analysis of the above table and graph shows the Spread Ratio of the UBL which is highest as compare to the other two banks, is at 2. 17 times in the year 2009 and increases to 2. 37 times in the year 2010 and 2. 27 times in the year 2011, decreases the zig zag trend is due to the fluctuation in both aspects interest earn and expensed. While the ratio of Askari bank 1. 67% in the year 2009, 1. 56% in the year 2010 and 1. 4% in the year 2011 respectively. Bank Alfalah ratio shows increasing trend throughout the three years 2009 to 2011 which are as 1. 44%, 1. 57%, 1. 72% which shows better recovery of interest income from its investments 6 Advances / Deposits Ratio Significance It defines the advances banks make from the available deposits. It measures the ability of the bank in fruitful usage of money of the depositors which will increase the markup income. FORMULA: Advances / Deposits Ratio= Total Advances/ Total Deposits Banks |2009 |2010 |2011 | |UBL |354,091,713/492,036,103= |333,732,172/550,645,767= |325,347,208/612,980,139= | | |0. 72 times |0. 61 times |0. 53 times | |Askari Bank |135,034,499/205,970,227= |152,784,137/255,936,503= |150,710,709/291,502,993= | | |0. 6 times |0. 60 times |0. 52 times | |Bank Alfalah |188042438/324759752= |207152546/354015311= |198468512/401247886= | | |0. 58 times |0. 59 times |0. 49 times | |Banks |2009 |2010 |2011 | |UBL |0. 2 |0. 61 |0. 53 | |Askari Bank |0. 66 |0. 60 |0. 52 | |Bank Alfalah |0. 58 |0. 59 |0. 49 | [pic] Interpretation and comparison The analysis of the above table and graph shows Advance/Deposit ratio of UBL which is very high as compare to other banks 0. 2 times in the year 2009 and 0. 61 times in the year 2010 and 0. 53 in the year 2011. Askari bank ratio is 0. 66 times, 0. 60 times and 0. 52 times in the consecutive years 2009, 2010 and 2011. While the ratio of bank Alfalah is 0. 58 times in 2009 and increases to 0. 59 times 2010 and decline drastically to 0. 49 times in 2011with 0. 10 times which shows that Bank Alfalah is not utilizing its deposits effectively as compare to other banks. 7 Return on Total Equity (ROE) Significance It measures income bank earns from the equity.It determines the ability of the institution how productively it uses the money of shareholders in its business. High ratio will allure more investors. FORMULA: Return on total Equity=Net Income/ Total equity*100 |Banks |2009 |2010 |2011 | |UBL |9,192,687/52276246*100= |11,159,930/60180924*100= |15,499,663/70,622,933*100= | | |17. 58 % |18. 4 % |21. 94% | |Askari Bank |1097507/ 13142688 |943177/ 14820578*100= |1627698/ 16508782*100= | | |*100= 8. 35 % |6. 36 % |9. 86 % | |Bank Alfalah |897035/ 19770260 *100= |968452/ 19726556*100= |3503130/ 22839886*100= | | |4. 4 % |4. 91 % |15. 34 % | |Banks |2009 |2010 |2011 | |UBL |17. 58 |18. 54 |25. 76 | |Askari Bank |8. 35 |6. 36 |9. 86 | |Bank Alfalah |4. 4 |4. 91 |15. 34 | [pic] Working of Total Equity UBL (UBL) |   |Working Total equity |   |   | |   |Total Equity |   |   | |   |2009 |2010 |2011 |Share capital |11,128,907 |12,241,798 |12,241,798 | |Reserves |18,959,537 |21,688,637 | | |Un appropriated profit |22,187,802 |26,250,489 | | |Total Equity |52276246 |60180924 | | |   |   |   |   | Working of Total Equity (Askari bank)    |2009 |2010 |2011 | |Share capital |5,073,467 |6,427,440 |7,070,184 | |Reserves |7,235,710 |7,691,319 |8,136,440 | |Un appropriated profit |833,511 |701,819 |1,302,158 | |Total Equity |13,142,688 |14,820,578 |16,508,782 | Working of Total Equity (Bank Alfalah)    |2009 |2010 |2011 | |Share capital |13491563 |13491563 |13491563 | |Reserves |3587969 |3819133 |4100264 | |Un appropriated profit |2690728 |2415860 |5248059 | |Total Equity |19770260 |19726556 |22839886 | Interpretation and comparison The analysis of the above table and graph show the Return On equity of all the three banks. UBL ratio is 17. 58% in the year 2009, 18. 54% in the year 2010 and 25. 76% in the year 2011. While Askari bank ratio is 8. 35% in 2009, 6. 36% in the period 2010 and 9. 86% in 2011 respectively. Bank Alfalah ratios are 4. 54%, 4. 91% and 15. 34% in the periods 2009, 2010 and 2011.So on marginal basis Alfalah improves utilizat ion of equity then other two banks. But on the whole, UBL is on the top in optimum utilization of stakeholders equity. 8 Debt Ratio Significance It measures the liabilities of the bank or company against the total assets. It should be low as investors like low ratio because the need their residual interest to be secured. FORMULA: Debt ratio= (Total debt/ Total assets)*100 |Banks |2009 |2010 |2011 | |UBL |558,779,710/619,718,433*100= |631,402,822/699,817,887*100= |698,906,833/778,059,741*100= | | |90. 7% |90. 22 % |89. 83 % | |Askari Bank |239,378,374/254,327,446*100= |298,740,410/314,744,552*100= |325,980,040/343,756,306*100= | | |94. 12 % |94. 92% |94. 83% | |Bank Alfalah |366936635/389070055*100= |389178295/411483839*100= |442396764/468173802*100= | | |94. 31% |94. 58 % |94. 49 % | Banks |2009 |2010 |2011 | |UBL |90. 17 |90. 22 |89. 83 | |Askari Bank |94. 12 |94. 92 |94. 83 | |Bank Alfalah |94. 31 |94. 58 |94. 49 | [pic] Interpretation and comparison The analysis of the above ta ble and graph show the Debt Ratio, UBL ratio is 90. 17 in the year 2009, 81. 15% in the year 2010 and 99. 7% in the year 2011. Askari bank ratio is 94. 12% in 2009, 94. 12% in 2010 and 94. 83% in 2011 which show consistency in the three years. Bank Alfalah shows also consistent trend in 2009, 2010 and 2011 are 94. 31%, 94. 58% and 94. 49%. So results show that UBL ratio is increasing which is not good indication as compare to other banks, while other banks are controlling effectively their Debt ratio. 9 Debt / Equity Ratio Significance It is the percentage of liabilities to shareholders’ money. It will define either the bank is equity or liability based. It also helps to assess the how risky the company is. FORMULA: Debt / Equity Ratio = (total debt/ total equity) Banks |2009 |2010 |2011 | |UBL |558,779,710/52276246= |631,402,822/60180924= |698,906,833/70,622,933= | | |10. 69 times |10. 49 times |9. 90 times | |Askari Bank |239,378,374/13142688= |298,740,410/14820578= |325, 980,040/16508782= | | |18. 21 times |20. 16 times |19. 75 times | |Bank Alfalah |366936635/19770260 = 18. 56 times |389178295/19726556= 19. 73 times |442396764/22839886= 19. 37 times | Banks |2009 |2010 |2011 | |UBL |10. 69 |10. 49 |11. 61 | |Askari Bank |18. 21 |20. 16 |19. 75 | |Bank Alfalah |18. 56 |19. 73 |19. 37 | [pic] Interpretation and comparison The analysis of the above table and graph shows the Debt/Equity ratio where UBL ratio is 10. 69% in 2009,10. 49% in the year 2010 and 11. 1% in the year 2011 respectively which remains consistent in first two years then increases in 2011. Askari bank ratio is 18. 21% in 2009 which too high as compare to UBL, 20. 16% in 2010 and 19. 75% in the year 2011. While Bank Alfalah is on the same level 18. 56% in 2009, 19. 73% and 19. 37% in the years 2010 and 2011. As as consequence of analysis, UBL ratio is much better then other banks as its ratio is approximately 8% below the other banks ratio. 10 Price/Earnings Ratio Significance It will define the price of share against the per share earning. It should be high as it shows business prosperity and growth chances are bright in future. FORMULA: P/E = Current Market Share Price/ EPS Working of EPS EPS WORKING UBL 2009 |2010 |2011 | |Net Income= 9,192,687 |Net Income= 11,159,930 |Net Income= 15,499,663 | |Number of shares= 1,112,890 |Number of shares= 1,224,179 |Number of shares= 1,224,179 | |= Net income/ outstanding number of shares |= Net income/ outstanding number of shares | | |=9,192,687 / 1,112,890 |= 11,159,930/1,224,179 |= Net income/ outstanding number of shares | |= 8. 26 per share |= 9. 12 per share |= 15,499,663/1,224,179 | | | |= 12. 66 per share |No of outstanding share figure has been taken from the notes i. e Share capital EPS WORKING ASKARI BANK |2009 |2010 |2011 | |Net Income= 1,097,507 |Net Income=943,177 |Net Income= 1,627,698 | | |Number of shares= 642,743 |Number of shares= 707,018 | |Number of shares= 507,346 |= Net income/ outstanding numbe r of shares | | |= 943,177/642,743 |= Net income/ outstanding number of shares | |= Net income/ outstanding number of shares |= 1. 47 per share |= 1,627,698/707,018 | |= 1,097,507/507,346 | | | | | |= 2. 30 per share | |= 2. 16 per share | | | BANK Alfalah 2009 |2010 |2011 | |Net Income= 897,035 |Net Income= 968,452 |Net Income= 3,503,130 | |Number of shares= 134,9156 |Number of shares= 134,9156 |Number of shares= 134,9156 | |= Net income/ outstanding number of shares |= Net income/ outstanding number of shares |= Net income/ outstanding number of shares | |= 897,035/ 134,9156 |= 968,452/ 134,9156 |= 3,503,130/ 134,9156 | |= 0. 66 per share |= 0. 71 per share |= 2. 59 per share | |0. 66 |0. 71 |2. 59 | Banks |2009 |2010 |2011 | |UBL |64. 25/8. 26= 7. 77 times |84. 23/9. 12= 9. 23 times | 84. 17/12. 66= 6. 64 times | |Askari Bank |45. 25/2. 16 = 20. 92 times |64. 75/1. 47 = 44. 12 times |73. 49/2. 30 = 31. 92 times | |Bank Alfalah |77. 45/0. 66 = 116. 48 times |114. 23/0. 72= 159. 13 times |16. 87/2. 60= 6. 69 times | |Banks |2009 |2010 |2011 | |UBL |7. 77 |9. 3 |6. 64 | |Askari Bank |20. 92 |44. 12 |31. 92 | |Bank Alfalah |116. 48 |159. 13 |6. 69 | [pic] Interpretation and comparison The analysis of the above table and graph shows the Price Earning ratios, UBL ratio is 7. 77 times in the year 2009, 9. 23 times in 2010 and 6. 64 times in the year 2011is respectively declining. While Askari bank ratio 20. 92 times in 2009, 44. 12 times in 2010 and increases to 31. 2, on the other hand you can see the P/E of bank Alfalah in year 2009,2010, 2011 is 116. 48 in year 2009, 159. 13 year 2010 and 6. 69 in year 2011. After the result it has proved that Bank Alfalah P/E is higher and better in year 2009 and year 2010 than other two banks. Askari bank and UBL shows declining trend which is unfavorable for the investors. Chapter 4) Conclusion and Recommendations 4. 1) Conclusion Following findings has been inferred on the basis of above ratio analyses which are as 1 . Net profit margin ratio of UBL is high as compare to Askari and Alfalah. In addition to that, Bank Alfalah captures the second level in the comparison.So, UBL has taken over the major share of profit margin 2. Analysis of Operating Cash Flow ratio shows Askari bank ratio is high as compare to UBL and Alfalah. 3. On the basis of ratio analysis UBL gross spread ratio is good and high as compare to Askari and bank Alfalah in the current year. While Bank Alfalah is ranked second in the comparison. 4. In accordance with the analysis of non-interest income to total income ratio UBL ratio is high as compare to the other two banks. While analysis show Askari bank ratio is lowest than UBL and bank Alfalah. 5. The analysis has shown UBL spread ratio is high and much better than other banks in comparison. 6.On the basis of advance/Deposit ratio analysis UBL ratio is high as compare to Askari and Alfalah in the current year. 7. The analysis of Return on equity ratio shows that UBL return is h igh and better than the other two banks. 8. Debt ratio Analysis shows that UBL ratio is high than other two banks. While Askari and Alfalah are at the same level. 9. According to the analysis of Debt/Equity ratio Askari bank ratio is high and bank Alfalah is on the second position. 10. The Price/Earning ratio of Askari bank is high in the analysis of the three banks. While UBL is on the second and bank Alfalah is on the third rank. 4. 2) Recommendations 1. The Net profit Margin ratio of Askari and bank Alfalah is low.In order to improve their net profit both the banks should have to cut down their non markup expenses while, on the other hand their turnover is satisfactory. 2. The Operating cash flow of UBL and Alfalah should have to be improved. These banks should decrease their current liabilities and ensure the availability of more liquidity to meet short term debts. 3. Askari bank and bank Alfalah both banks need to adopt measures to cut down their interest expenses in order to i ncrease their gross spread ratio. 4. In order to increase non interest income Askari and Alfalah needs to increase their earnings through fees, commissions and other advisory charges etc. 5.In Advance/Deposit ratio Askari bank and Alfalah should have to utilize their deposits in more projects either through corporate financing or general public financing. 6. 6. Return on total equity of Askari bank is low, it should increase its net income by cut down its expenses with significant margin. 7. Debt ratio of UBL is high so it should have to avoid more borrowings and use available funds in more proper ways. 8. Spread ratio of Askari bank is low as compare to other banks it should have to increase its lending and use deposits in effective ways. SECTION II a) Introduction of the student Last Degree Obtained: – Bachelor of Commerce Current Organization Dubai City Flowers LLC, Dubai, UAECurrent Designation: – Administration Manger Experience 10+ years b) BIBLOGRAPHY Askari ban k limited Pakistan. (2009). annual-reports. Retrieved December 6, 2012, from Askari bank Limited Official website:http://www. askaribank. com. pk/Reports/Askari%20Financials%202009. pdf Askari bank limited Pakistan. (2010). annual-reports. Retrieved December 6, 2012, from Askari bank Limited Official website:http://www. askaribank. com. pk/Reports/Askari%20AR2010%20(Final%20Version). pdf Askari bank limited Pakistan. (2011). annual-reports. Retrieved December 6, 2012, from Askari bank Limited Official website: http://www. askaribank. com. k/Reports/Askari%20AR%202011%20ALL. pdf United bank limited . (2009). Financial-reports. Retrieved December 6, 2012, from United bank Limited Official website: https://www. ubldirect. com/corporate/resources/ubl/aboutus/financial_report/report_2009/annual_dec09/UBLAnnualReport2009. pdf. United bank limited . (2010). Financial-reports. Retrieved December 6, 2012, from United bank Limited Official website: https://www. ubldirect. com/corporate/resour ces/ubl/aboutus/financial_report/report_2010/annual_dec10/UBLAnnualReport2010. pdf United bank limited . (2011). Financial-reports. Retrieved December 6, 2012, from United bank Limited Official website: https://www. ubldirect. om/corporate/resources/ubl/aboutus/financial_report/report_2011/Annual_Reports/UBL%20Annual%20Report%202011. pdf Bank Alfalah Limited. (2009). Financial-reports. Retrieved December 6, 2012, from Bank Alfalah Limited Official website: http://www. bankalfalah. com/about/download/AnnualReport2009. pdf Bank Alfalah Limited. (2010). Financial-reports. Retrieved December 6, 2012, from Bank Alfalah Limited Official website: http://www. bankalfalah. com/about/download/BALAnnualReport2010. pdf Bank Alfalah Limited. (2011). Financial-reports. Retrieved December 6, 2012, from Bank Alfalah Limited Official website: http://www. bankalfalah. com/about/download/BALAnnualReport2011. pdf

Striking the best deal: a closer look at negotiation

Negotiation styles must be dynamic and flexible; they ought to be adapted based on the context in which they shall be utilized. These styles may either be competitve or collaborative, depending on the extent to which the individual considers himself and the person he is negotiating with. The following scenario has been relayed for purposes of reflecting on my negotiation style and on the tangible means through which I can improve it.Negotiation has been overlooked as an important management competency / skill as it was limited to the confines of the conflict – resolution phase. This skill whose aim to is to minimize differences between parties, can also be effectively used as a tool for information-sharing, influencing and building or strengthening relationships. This tool is most helpful where the environment promotes openness in communication, particularly in the sharing of information and involvement of everyone in the decision-making in the organization.DiscussionThis pape r begins with a thorough discussion of the context in which the negotiation tool place. I have worked as a Human Resources Manager for a Battery Manufacturing company for two years now. After a careful review of my performance, I believe that my salary raise has been way overdue. There were several things which I had to adequately prepare prior to my negotiation with my boss. First, I had to gather as much objective / emprical evidence to back up my case.This meant going through my performance reviews, and seeing the achievements and the merits which I have accomplished for the past two years. I had to make sure that my claims were backed up by verifiable critical incidents. That is, my evidence must be as objective as possible so as to gain credence and strike up a reasonable bargain with my superior. My objective for the negotiation session was to convince my superior that I add value to the enterprise and therefor deserve a raise that will make my recent promotion worthwhile.I th en proceeded to schedule a meeting with my boss and went through the process of negotiating for a salary raise. I began the discussion with asking him about how he evaluated my performance for the past two years. He said that he thought my performance was exemplary and that I excelled more compared to the other managers of the department. I thanked him for his compliments and proceeded by giving a summary of my achievements within the past two years. I supported each of my traits with critical incidents. I ensured support for both technical exerptise and soft skills.I also gave a brief rundown of the training sessions which I have attended which demonstrated by authentic intent to improve myself further. I then showed my boss the strategic map of my company which illustrates the different strategic objectives of the organization, from the various perspectives of our Balanced Scorecard, encompassing financials, customer, best business practice, business development, and learning and growth. I again pointed out how the effective performance of my role is able to contribute to each of the strategic thrusts across these perspectives. He seemed to be convinced of the value of my role and my drive to excel.I then articulated my belief and feeling that my salary increase has been long overdue. He responded by saying that currently, the company has some financial considerations which has compelled him to be be very careful in giving raises lest we go beyond our operating budget. I responded by expressing empathy over his concern; â€Å"yes I understand the situation, Sir†. Since reason appealed more to my boss more than feelings, I decided to further rationalize the need for me to have a raise.I said that based on benchmark data, I feel that my pay is below the industry average when compared to parallel positions in other companies. I showed him the data. With salaries which are uncompetitive, I put forth that we will surely lose critical talent. I have also ad ded that with the addition of one more child to my family, I pragmatically need more financial resources more than ever. He seemed to agree with my arguments and yet he still maintained that the company was currently experiencing financial constraints which I must be able to consider. Again, I have expressed empathy of the situation.I then proceeded by asking him about his ideas about my proposition. This discussion was very important since both parties were engaged in the brainstorming and decision making process. He again reiterated the fact that the company then was experiencing certain financial constraints. After proposing severla alternatives, he agreed on a ‘conditional’ raise. First, I would have to show consistency in my performance within the next six months, exhibiting the same level of excellence and results orientation in my work.He said that the financial figures would have shown a turnaround by that time. I then reassured him that I am willing to compromi se and that I thought that the proposal was reasonable. I volunteered to summarize the discussion, and reiterated that I was expecting a 20% raise in my basic salary after an interim performance review, six months from the time of our discussion.. He finally agreed. Finally, for clarity of the agreements between us, I have volunteered to document all that was agreed upon so that we could sign for documentation purposes. He has also agreed with this proposal. I then proceeded to doing the minutes of the session and to have him concur to all that was stated in the document.There were several things which I have learned from myself from this experience on negotiation. First, it may be beneficial and reasonable to exhibit assertiveness when it is due. Had I not decided to muster all my courage to negotiate with my salary increase, I would not have gotten his word – also, considering the organization’s conservative position when it comes to giving out raises. I have also re alized that it is always beneficial to use key principles that ensure the smooth interpersonal relationship between two parties during the negotiation process.First, I have ensured to maintain or enhance his self-esteem despite being somehow frustrated with the fact that I have not received a raise for such a long time. I have expressed to him that I still felt motivated and driven in my work despite the lack of that hygiene factor – pay. Whenever there were instances wherein it appeared he lacked management skill, I always ‘balanced’ it off with a positive trait. This was to ensure that antagonism would not develop as a reaction from him. I found this very effective and critical in the process of negotiation.Next, I have also practiced the use of empathy. I always assured him that I understood the tight financial position that the company was experiencing then. I also assured him that I understood why he was not able to recommend a raise for me within 2 yearsâ⠂¬â„¢ time when he explained that the company was still in financial rehabilitation. Another effective technique was to engage him in brainstorming for ideas. If the idea solely came from me, he would surely not have buy-in with it and would tend to antagonize it. On the contrary, since he was part of the process of thinking of the best alternative for resolving the situation, he remained amiable and accepting throughout the whole process. This facilitated the discussion and made us arrive at a mutually beneficial option.There were also several things which I have learned about my superior following that session. I have realized that he was a very rational person, who bases his decisions on empirical data. He wanted support for all that was said. I feel that this was reasonable and has helped encourage objectivity from both parties. I came to the session prepared with all the necessary documents to support my arguments, knowing that he will be more appreciative given all these †˜evidence’. In effect, the sense of subjectivity from both parties is diminished which also helped maintain that atmosphere of amiability. I then realized from the experience that it is very important for a manager to be psychologically prepared before going through any negotiation or bargaining process.This experience was quite different from the parties whom I have negotiated with in the past. One difference was the personality of the party whom I was negotiating with – my superior was highly objective and was willing to negotiate. Such willingness and objectivity are very important. There were parties in the past who appear to be very antagonistic to begin with, and were not willing to compromise. In effect, the session was simply about manipulation and getting the other party to agree to what one wants.This is a wrong assumption, and is marked by close-mindedness. Another difference which I have noted was the willingness of my boss to reach a reasonable compromise . He listened to my arguments and assessed if they held water. If they did, he acknowledged them and were open to them. He also considered the financial constraints of the company and had to adjust his proposition so that both parties may benefit.It should also be noted that in the process of negotiation, managerial-level bargaining is controlled by the organization in such a way that the company’s interest is placed at top priority, unshadowed by the personal interest of the manager (Ramundo, 1992). The effectivity of the negotiation is also seen in the prevalence of the organizational interest as negotiation can be exploited to serve the manager’s or negotiator’s personal objectives. In the future, I would proceed by researching not only about the profile and the ways of my superior per se, but also of other factors which may influence the bargain.For instance, I was not able to take into consideration the fact that the company was then experiencing financial constraints at that time. A profound knowledge of all the factors that may affect the negotiation process is critical, so that the alternative reached after the process is one that is realistic and that does not put undue pressure on either party.ConclusionThe competency of negotiation is a must for every manager. As a business leader, the ability to communicate with persuasion, presenting an idea and coming up with options in order to reach an agreement between parties is a well-known, yet unmastered competency. Studies have shown that this skill has been linked to Emotional Intelligence. Ergo, being a good negotiator entails possessing a high EQ. But like any other skill, the researcher believes that negotiation can be developed through training, concepts, knowledge of the techniques and practice. I have learned from the experience that it is important to exhibit assertiveness and effective interpersonal techniques during the negotiation process. Moreover, it may also be helpful t o ‘size up’ the party you are bargaining with to be able to use the most suitable bargaining techniques.I have realized, too, that more than convincing or influencing decisions, negotiating is also about developing and maintaining relationships. In the field of business, this is one of, if not the most important aspects in surviving in its tough arena. The negotiating table is a staple in the life cycle of business – from the start of the partnership, to term modifications until the end of the business relationship.When one speaks about the skill or process of negotiation, it is usually associated with business deals, bargaining or conflict resolution. However, little did most people know that it is also one form of influencing which is aimed at achieving win-win outcomes (Manning & Robertson, 2004).   It was also described as the process wherein parties meet having different objectives and / or values basing from their motives or interests.The end product of s uch process is to at least minimize the conflicting differences, so as to reach a mutual agreement. In the experience which I have just related, I was willing to compromise in having a raise, but within a time frame proposed by my boss. If I had insisted on what I wanted and was not willing to delay gratification, this could have possibly breeded antagonism and would have pre-empted the smooth closure of the negotiation process.Though the definition may sound too theoretical, managers are very aware of its practical power in the lifeblood of businesses in all industries. It is through negotiation that the business is opened up for partnership, whether it is for dealers, suppliers or customers. For issues that may be surrounding the deal or service, the negotiating table is the venue for smoothing out these issues and maintaining the business relationship. And in the final stages of the business partnership, remaining issues or options on the business are discussed in the process. Fo llowing these circumstances, conflict can readily emerge in the process due to the premise of persuading another party to be performing an action or agree to an idea which may be quite disagreeable for some reason.More specific examples of negotiation can be seen in the following: Managers do negotiation with union contracts (Walton & Mackenzie, 1965), resource prices and allocations, delivery schedules, promotions, compensation packages (Lax & Sebenius, 1986; Murninghan, 1992), and a myriad of other aspects of organizational outcomes ( Wall & Blum, 1991).This was further emphasized by Mintzberg (1993), pointing out that negotiation was identified as a primary managerial role, particularly in decision-making. Ramundo (1992) postulated that almost two-third of the managerial function is devoted to dialogues in all levels within the organization even if this was not primarily considered in orthodox writings on management. Over the years, organization-based negotiations have not only i ncreased in frequency, but also has become more critically complex.Wall & Blum (1992) observed that it has likewise put on a more ambiguous and changeable which could be attributed to the interdependencies between organizations brought by the globalization and the trend of diminishing boundaries. In addition, they also cited the cross-cultural differences brought by international business as well as the current pack of employees who are well-educated possessing knowledge of expert caliber.Thus, as a manager, I feel that negotiation ought to be a core competency, since in the organizational setting, there are many conflicts where negotiation may be useful. Through a thorough knowledge and practice of negotiation techniques, these situations may be handled with greater ease.ReferencesLax, D.L. & Sebenius, J.K. (1986). The manager as negotiator: Bargaining for cooperation and competitive gain. New York: Free PressWall, J.A. & Blum, M.W. (1991). Negotiations. Journal of Management, 17, 273-303Ramundo, B.R. (1994). The Bargaining Manager: Enhancing Organizational Results Through Negotiation. Westport, CT: Quorum BooksMintzberg, H. (1973). The nature of managerial work. New York: Harper and RowWalton, R.E. &   McKersie, R.B. (1965). A behavioral theory of labor negotiations: an analysis of a social interaction system. Ithaca, NY: BLRManning, T. & Robertson, B. (2004). Influencing, negotiating skills and conflict-handling: some additional research and reflections. Industrial and Commermcial Training, 36, 104 Striking the best deal: a closer look at negotiation IntroductionNegotiation styles must be dynamic and flexible; they ought to be adapted based on the context in which they shall be utilized. These styles may either be competitve or collaborative, depending on the extent to which the individual considers himself and the person he is negotiating with. The following scenario has been relayed for purposes of reflecting on my negotiation style and on the tangible means through which I can improve it.Negotiation has been overlooked as an important management competency / skill as it was limited to the confines of the conflict – resolution phase. This skill whose aim to is to minimize differences between parties, can also be effectively used as a tool for information-sharing, influencing and building or strengthening relationships. This tool is most helpful where the environment promotes openness in communication, particularly in the sharing of information and involvement of everyone in the decision-making in the organization.Discuss ionThis paper begins with a thorough discussion of the context in which the negotiation tool place. I have worked as a Human Resources Manager for a Battery Manufacturing company for two years now. After a careful review of my performance, I believe that my salary raise has been way overdue. There were several things which I had to adequately prepare prior to my negotiation with my boss. First, I had to gather as much objective / emprical evidence to back up my case. This meant going through my performance reviews, and seeing the achievements and the merits which I have accomplished for the past two years. I had to make sure that my claims were backed up by verifiable critical incidents. That is, my evidence must be as objective as possible so as to gain credence and strike up a reasonable bargain with my superior. My objective for the negotiation session was to convince my superior that I add value to the enterprise and therefor deserve a raise that will make my recent promotion wo rthwhile.I then proceeded to schedule a meeting with my boss and went through the process of negotiating for a salary raise. I began the discussion with asking him about how he evaluated my performance for the past two years. He said that he thought my performance was exemplary and that I excelled more compared to the other managers of the department. I thanked him for his compliments and proceeded by giving a summary of my achievements within the past two years. I supported each of my traits with critical incidents. I ensured support for both technical exerptise and soft skills. I also gave a brief rundown of the training sessions which I have attended which demonstrated by authentic intent to improve myself further.I then showed my boss the strategic map of my company which illustrates the different strategic objectives of the organization, from the various perspectives of our Balanced Scorecard, encompassing financials, customer, best business practice, business development, and learning and growth. I again pointed out how the effective performance of my role is able to contribute to each of the strategic thrusts across these perspectives. He seemed to be convinced of the value of my role and my drive to excel. I then articulated my belief and feeling that my salary increase has been long overdue.He responded by saying that currently, the company has some financial considerations which has compelled him to be be very careful in giving raises lest we go beyond our operating budget. I responded by expressing empathy over his concern; â€Å"yes I understand the situation, Sir†. Since reason appealed more to my boss more than feelings, I decided to further rationalize the need for me to have a raise. I said that based on benchmark data, I feel that my pay is below the industry average when compared to parallel positions in other companies.I showed him the data. With salaries which are uncompetitive, I put forth that we will surely lose critical talent. I have also added that with the addition of one more child to my family, I pragmatically need more financial resources more than ever. He seemed to agree with my arguments and yet he still maintained that the company was currently experiencing financial constraints which I must be able to consider. Again, I have expressed empathy of the situation.I then proceeded by asking him about his ideas about my proposition. This discussion was very important since both parties were engaged in the brainstorming and decision making process. He again reiterated the fact that the company then was experiencing certain financial constraints. After proposing severla alternatives, he agreed on a ‘conditional’ raise. First, I would have to show consistency in my performance within the next six months, exhibiting the same level of excellence and results orientation in my work. He said that the financial figures would have shown a turnaround by that time.I then reassured him that I am willin g to compromise and that I thought that the proposal was reasonable. I volunteered to summarize the discussion, and reiterated that I was expecting a 20% raise in my basic salary after an interim performance review, six months from the time of our discussion.. He finally agreed. Finally, for clarity of the agreements between us, I have volunteered to document all that was agreed upon so that we could sign for documentation purposes. He has also agreed with this proposal. I then proceeded to doing the minutes of the session and to have him concur to all that was stated in the document.There were several things which I have learned from myself from this experience on negotiation. First, it may be beneficial and reasonable to exhibit assertiveness when it is due. Had I not decided to muster all my courage to negotiate with my salary increase, I would not have gotten his word – also, considering the organization’s conservative position when it comes to giving out raises. I have also realized that it is always beneficial to use key principles that ensure the smooth interpersonal relationship between two parties during the negotiation process.First, I have ensured to maintain or enhance his self-esteem despite being somehow frustrated with the fact that I have not received a raise for such a long time. I have expressed to him that I still felt motivated and driven in my work despite the lack of that hygiene factor – pay. Whenever there were instances wherein it appeared he lacked management skill, I always ‘balanced’ it off with a positive trait. This was to ensure that antagonism would not develop as a reaction from him. I found this very effective and critical in the process of negotiation. Next, I have also practiced the use of empathy.I always assured him that I understood the tight financial position that the company was experiencing then. I also assured him that I understood why he was not able to recommend a raise for me with in 2 years’ time when he explained that the company was still in financial rehabilitation. Another effective technique was to engage him in brainstorming for ideas. If the idea solely came from me, he would surely not have buy-in with it and would tend to antagonize it. On the contrary, since he was part of the process of thinking of the best alternative for resolving the situation, he remained amiable and accepting throughout the whole process. This facilitated the discussion and made us arrive at a mutually beneficial option.There were also several things which I have learned about my superior following that session. I have realized that he was a very rational person, who bases his decisions on empirical data. He wanted support for all that was said. I feel that this was reasonable and has helped encourage objectivity from both parties. I came to the session prepared with all the necessary documents to support my arguments, knowing that he will be more appreciative given al l these ‘evidence’. In effect, the sense of subjectivity from both parties is diminished which also helped maintain that atmosphere of amiability. I then realized from the experience that it is very important for a manager to be psychologically prepared before going through any negotiation or bargaining process.This experience was quite different from the parties whom I have negotiated with in the past. One difference was the personality of the party whom I was negotiating with – my superior was highly objective and was willing to negotiate. Such willingness and objectivity are very important. There were parties in the past who appear to be very antagonistic to begin with, and were not willing to compromise. In effect, the session was simply about manipulation and getting the other party to agree to what one wants. This is a wrong assumption, and is marked by close-mindedness. Another difference which I have noted was the willingness of my boss to reach a reasona ble compromise. He listened to my arguments and assessed if they held water. If they did, he acknowledged them and were open to them. He also considered the financial constraints of the company and had to adjust his proposition so that both parties may benefit.It should also be noted that in the process of negotiation, managerial-level bargaining is controlled by the organization in such a way that the company’s interest is placed at top priority, unshadowed by the personal interest of the manager (Ramundo, 1992). The effectivity of the negotiation is also seen in the prevalence of the organizational interest as negotiation can be exploited to serve the manager’s or negotiator’s personal objectives. In the future, I would proceed by researching not only about the profile and the ways of my superior per se, but also of other factors which may influence the bargain. For instance, I was not able to take into consideration the fact that the company was then experien cing financial constraints at that time. A profound knowledge of all the factors that may affect the negotiation process is critical, so that the alternative reached after the process is one that is realistic and that does not put undue pressure on either party.ConclusionThe competency of negotiation is a must for every manager. As a business leader, the ability to communicate with persuasion, presenting an idea and coming up with options in order to reach an agreement between parties is a well-known, yet unmastered competency. Studies have shown that this skill has been linked to Emotional Intelligence. Ergo, being a good negotiator entails possessing a high EQ. But like any other skill, the researcher believes that negotiation can be developed through training, concepts, knowledge of the techniques and practice. I have learned from the experience that it is important to exhibit assertiveness and effective interpersonal techniques during the negotiation process. Moreover, it may al so be helpful to ‘size up’ the party you are bargaining with to be able to use the most suitable bargaining techniques.I have realized, too, that more than convincing or influencing decisions, negotiating is also about developing and maintaining relationships. In the field of business, this is one of, if not the most important aspects in surviving in its tough arena. The negotiating table is a staple in the life cycle of business – from the start of the partnership, to term modifications until the end of the business relationship.When one speaks about the skill or process of negotiation, it is usually associated with business deals, bargaining or conflict resolution. However, little did most people know that it is also one form of influencing which is aimed at achieving win-win outcomes (Manning & Robertson, 2004).   It was also described as the process wherein parties meet having different objectives and / or values basing from their motives or interests. The end product of such process is to at least minimize the conflicting differences, so as to reach a mutual agreement. In the experience which I have just related, I was willing to compromise in having a raise, but within a time frame proposed by my boss. If I had insisted on what I wanted and was not willing to delay gratification, this could have possibly breeded antagonism and would have pre-empted the smooth closure of the negotiation process.Though the definition may sound too theoretical, managers are very aware of its practical power in the lifeblood of businesses in all industries. It is through negotiation that the business is opened up for partnership, whether it is for dealers, suppliers or customers. For issues that may be surrounding the deal or service, the negotiating table is the venue for smoothing out these issues and maintaining the business relationship. And in the final stages of the business partnership, remaining issues or options on the business are discussed in the process. Following these circumstances, conflict can readily emerge in the process due to the premise of persuading another party to be performing an action or agree to an idea which may be quite disagreeable for some reason.More specific examples of negotiation can be seen in the following: Managers do negotiation with union contracts (Walton & Mackenzie, 1965), resource prices and allocations, delivery schedules, promotions, compensation packages (Lax & Sebenius, 1986; Murninghan, 1992), and a myriad of other aspects of organizational outcomes ( Wall & Blum, 1991).This was further emphasized by Mintzberg (1993), pointing out that negotiation was identified as a primary managerial role, particularly in decision-making. Ramundo (1992) postulated that almost two-third of the managerial function is devoted to dialogues in all levels within the organization even if this was not primarily considered in orthodox writings on management. Over the years, organization-based negotiations have not only increased in frequency, but also has become more critically complex. Wall & Blum (1992) observed that it has likewise put on a more ambiguous and changeable which could be attributed to the interdependencies between organizations brought by the globalization and the trend of diminishing boundaries. In addition, they also cited the cross-cultural differences brought by international business as well as the current pack of employees who are well-educated possessing knowledge of expert caliber.Thus, as a manager, I feel that negotiation ought to be a core competency, since in the organizational setting, there are many conflicts where negotiation may be useful. Through a thorough knowledge and practice of negotiation techniques, these situations may be handled with greater ease.ReferencesLax, D.L. & Sebenius, J.K. (1986). The manager as negotiator: Bargaining for cooperation and competitive gain. New York: Free PressWall, J.A. & Blum, M.W. (1991). Negotiations. Journal of Management, 17, 273-303Ramundo, B.R. (1994). The Bargaining Manager: Enhancing Organizational Results Through Negotiation. Westport, CT: Quorum BooksMintzberg, H. (1973). The nature of managerial work. New York: Harper and RowWalton, R.E. &   McKersie, R.B. (1965). A behavioral theory of labor negotiations: an analysis of a social interaction system. Ithaca, NY: BLRManning, T. & Robertson, B. (2004). Influencing, negotiating skills and conflict-handling: some additional research and reflections. Industrial and Commermcial Training, 36, 104

Assessment Proposal, Assignment Example | Topics and Well Written Essays - 1000 words

Assessment Proposal, - Assignment Example Those referred to as low vision are having vision problem in near and far distances. Reasons for Selecting the Topic Proper vision is one of the most important requirements in learning. Whereas there are remedies for student who are not able to see, it is obvious that there are still other things that can not be sufficiently be provided, for instance diagrammatical presentation reinforce proper understanding during teaching and it is recommended for instilling dipper understanding of a concept to the students. Definitely, students who are not able to see completely are disadvantaged at this stage. Secondly, completely blind student will have reasonable problem and probably will not venture into other disciplines that requires over utility of the visual part of learning. Disciplines like biomedical sciences, where student are required to use microscope in analysis and observation of the micro units involves in the study can be a considerable challenge to the student with visual proble ms. Lastly, most examinations are time bound, for the blind or those with low vision it will be appreciated that they cannot be timed the same as those with full and stable vision. In the examination again, there are diagrammatic examination that needs interpretation like in Geography, there is the topographical maps in physical Geography that requires interpretation, and how the students with vision problem cope with these situation is still not comprehended. Such questions have enabled the formulation of this proposal to fathom the arrangement that allows the student to acquire training in such challenging environment. The assessment can therefore be conveniently be assessed using the alternative assessment research since the one undertaking the research will be in apposition to observe and advance an appropriate responses to the concerns. The research will be more of qualitative since the researcher can make self-assessment on the issues needed to be addressed. Alternative the tr aditional method can also be engaged for the same assessment criterion. Designing of the Professional Development In this century, provision of quality education is a factor that can no longer be underrated. The need for the provision of quality education to the student of all categories is vital not only for the need of eradicating illiteracy, but also as a factor of ensuring that every child / person is given their constitutional rights on education (Pierangelo, & Giuliani, 2002). This is not only possible by providing for the student an enabling environment only, but also enhancement of the professional development of the teachers who are supposed to be impacting the knowledge into the children. The enhancement of the professional development blended by the affirmative action in ensuring that the visually impaired children are given an enabling environment is very critical in achieving competitive education edge for those with visual disabilities (Pierangelo, & Giuliani, 2002). I n enhancing of the professional development, three important factors will be monitored closely; I. Consistent monitoring of the program II. Nurturing cultures that are can effective sustain quality learning and, III. Embracing different strategic measures to the ever-diverse needs of the student involved. It is my strong convict ion that the blend of the three factors will triumph in amazing improving the professional practices and the student based achievement in equal measure. The implementation of this

Basic Network Technology, Structure, and Protocols Research Paper - 1

Basic Network Technology, Structure, and Protocols - Research Paper Example Moreover, the Internet is known as the world’s biggest public WAN and it is too a type of network (Mitchell, 2011) and (FREETECHEXAMS, 2011). There are diverse kinds of networking, for example there are WANs (wide area networks) or LANs (local area networks). However, the dissimilarity among these two depends on their coverage. Additionally, networks can as well be dissimilar in their arrangement and design. In addition, there are various other types as well for instance server/client networks and peer-to-peer networks. Moreover, in some scenarios client/server based networks are inclined to be central by means of the majority processes being maintained by the centralized or key system. On the other hand, the Peer-to-peer networks are composed of computers that facilitate the similar processes as well as are able to transmit data and information to each other (FREETECHEXAMS, 2011) and (Mitchell, 2011). The purpose of networks is to offer data sharing and communication services , for this reason there are some established communication standards those are implemented through protocols. In this scenario, the protocols are similar to the policies and regulations for the processes of the network. In addition, a network can use different protocols depending on the situation, for example TCP/IP, the majority widespread protocol established for the communication on internet as well as in small level networks. Moreover, the networks can be classified as wireless or wired networks. In this scenario, the majority of protocols intended for wired networks are as well facilitated and corroborated by wireless networks. Furthermore, wired networks have been established a long time ago as compared to wireless networks. However, with developments in technology wireless networks are improving and turning out to be more widespread and trustworthy (FREETECHEXAMS, 2011) and (Mitchell, 2011). At the present, networks are used everywhere. From our home telephone lines to TV con nection we are surrounded with communication networks. These networks are able to offer us a lot of facilities and services in form of information and data sharing. On the other hand, majority of the people still do not have any knowledge about the network technology and what are the basic skills behind the scene. In this scenario, there is an awful need of educating people about the network technology and teaching people about this technology based system. For this purpose, TV and internet are the prime means of technology based communication. In addition, through these means we communicate with people as well as transfer data and information. Moreover, we can develop a program based on the presentation which can offer a great deal of support regarding information sharing and data distribution at the network level for guiding the people (FREETECHEXAMS, 2011), (Nash, 2000) and (Mitchell, 2011). However, there are some issues associated with each technology. In the same way, the late st network technologies are also experiencing some of the issues those are hindering in the overall progress and possible evolution of the technology. In this scenario, security in case of network environment is taken as one of the prime factors regarding the network technology and communication. Moreover, these issues become more critical in

The significance of the global factors that shape national business Essay

The significance of the global factors that shape national business activities - Essay Example Hence, organizations must obtain knowledge of these global factors in order to make timely strategic business changes that can ensure long term business sustainability. International trade would assist a country to attract foreign investments and to improve its unemployment rate. This paper will discuss the impact of international trade and other key global factors (both positive and negative) on UK businesses. In addition, this will give an overview of EU and its various policies influencing UK businesses. International trade and UK businesses As the Penguin Dictionary define, â€Å"the exchange of goods and services between one country and another is called international trade† (as cited in Jain 2009. p.110). In most countries, international trade accounts for a significant percent of the gross domestic product. International trade is greatly assist countries to find out cheaper and potential markets for their goods and services. While analysing the impact of international trade on UK businesses, it seems that global trade helps the nation to grow its business sector. To illustrate, as per the DFID statistical data (n.d.), UK’s goods exports increased by 72% to $468 billion whereas services exports increased by 156% to $288 billion over the decade 1998-2008. Evidently, exports in UK have notably increased over the last decade and this situation in turn assisted UK business sector to gain more potential clients and suppliers. In addition, increasing exports indicate more revenues and profits for UK businesses and this growing inflow of money can aid UK business sector to promote its growth. Similarly, imports in UK have also dramatically improved during the 1998-2008 period. Over this decade, the country’s imports grew by 111.5% (Ibid). The significant rise in imports and exports promoted the development of other related business industries in UK. Market analysts opine that better international trade has greatly benefited UK business sector to spread risk during the global financial crisis 2008-09 and to maintain market stability to some extent. Finally, the international trade aid UK businesses to explore new potential expansion opportunities and to dominate the global business regime. Global factors influencing UK business Oil price is one of the major global factors influencing UK businesses. Recent reports indicate that oil prices are falling in UK due to fall in crude oil prices in the global market. This situation will certainly benefit UK business sector because falling oi l prices would assist businesses to improve their production costs and thereby profitability. The value of the Pound Sterling has been relatively stable for many years in spite of the recent global recession that dreadfully shook Europe. A stable currency encourages potential foreign marketers to establish trade relationship with UK businesses as it would allow them (foreign marketers) to enjoy high level of business certainty. In addition, the stable value of the currency contributes to maintaining stable oil prices, which in turn are helpful for the nation’s business sector. Similarly, a series of recent technological innovations positively influence UK businesses because the country’s technological landscape has highly developed and hence it is able to bear changes easily. Recently developed computer related technologies and automation of production lines have notably contributed to the expansion of UK businesses (Chaston 2009, p.100). At the same time, some negativ e global factors impede the growth of UK businesses. Many of the world’s leading economies including the United States are yet to recover from the impacts of the global financ

International Commercial Disputes Essay Example | Topics and Well Written Essays - 4000 words

International Commercial Disputes - Essay Example (Armstrong, K; Fire of Asia; Allied Publication; 2004; page 98) Commercial dispute arbitration on an international scale would entail interesting specifics. The Encyclopaedia Britannica would state that the art of international arbitration began between the United States and Great Britain approximately in the year 1794 in order for America to build a sound national economy and ensure commercial prosperity. The pursuit of international negotiations led to the creation of the Jay Treaty. This treaty, regardless of its extremely controversial nature and the nation's outrage, passed the senate at President Washington's urging. Commercial dispute arbitration, as can be seen just in early American developments, would in fact bring interesting considerations to light. The evolution of commercial dispute arbitration has in fact become something of an incredible undertaking. This would be undeniable in light of the vast number of often daily changes involved in international business relations and political and social contexts worldwide. In the realm of judgments managed in arbitral situations the International Law Association, which was founded in 1873 utilizes definitions of public policy including international public policy and public policy. Public policy would be those moral, social or economic considerations which would in fact be applied by various courts as grounds for refusal to enforce arbitral awards whether they are domestic or foreign. International public policy would in fact be public policy applied by state courts in regard to foreign awards in place of domestic awards. This is a much narrower focus than public policy would be. Yet again, there is reason to clarify that international public policy should not be confused with what i s known as transnational public policy. (Gower, N D and Banerjee, S; Good Governance: a Look into the Future of International balance; Alliance Publishers; 2004; page 12) Transnational, or in most cases, truly international public policy would be those principles that represent international consensus in regard to universal standards and includes accepted norms of conduct which must always apply. Transnational public policy comprises the fundamental rules of law, jus cogens in public international law, the principles of universal justice, and the general principles of morality accepted by those nations referred to as "civilised." The various conventions in regard to international law would be the New York Convention of 1958, the Geneva Convention of 1927, the Panama Convention of 1975, the Riyadh Convention in 1983, and the 1965 Washington Convention. There have been various national laws to affect arbitration including the UNCITRAL Model Law, the OHADA Uniform Act, and state legislation. The UNCITRAL Model Law would owe its origins to a request the Asian-African Legal Consultative Committee made in 1977. The reasoning behind the development of UNCITRAL would be a consideration by the Asian-African Legal Consultative Committee which maintained there was a lack of uniformity in national courts approaches to award enforcement. This is where harmonisation of enforcement practices was necessary in States enforcement practices. The committee also concluded that there must be judicial control of the

The Perceptions and Preferences of Students towards e-learning Research Paper

The Perceptions and Preferences of Students towards e-learning assessments in Oman - Research Paper Example   The definition of e-learning has been comprehensively put by Carry and Willis (2001, pg 20) that e-learning processes are whichever forms of learning that applies technological network or computerized technology in knowledge delivery, knowledge facilitation, and interaction. As depicted in an array of literature, of particular interest has been to ascertain the actual implications of e-learning and this has been as largely theorized as debatable. On one hand, as documented by Hall and Snider (2000, pg 95), e-learning process has the potential of cutting across culture while opening doors to new ways of thinking, the sense that it is a delivery vehicle that is ideal for education and learning. Secondly, education systems and institutions should adopt e-learning because it is rich in information. Students can access information at any time, regardless of place. Thirdly, e-learning is a way forward to imparting knowledge to marginalized groups, that is, students with physical disabi lities who have to overcome distance barriers and communication barriers to access education. Fourthly, e-learning is flexible. On the other hand, e-learning has also been ascribed certain fears. As asserted by Johnston, Killion, and Oomen (2005), considering how globalization has drastically reduced the knowledge shelf life, e-learning is not an exceptional subject to related setbacks. One way in which students could meet a demand of non-discrete learning curve is to participate in e-learning while keeping into account the time and place variables of the highly globalized world, yet the e-learning framework does not assure this. Moreover, the processes pertaining to the adoption of e-learning process tends to be more complicated than solely suggesting it depends on the teaching staffs and faculties. As if not enough, how are web-based technologies mainstreamed in the cultural-education context and would it be effective for all faculties? According to Cuellar and Dyrbye (2002), all these points add to its complexity, implying the high chances failure. This division has an implication on the popularity of the e-learning by students. Thus, the question is how popular could be e-learning education and assessments. Ascertaining the popularity of e-learning will go a long way in informing the extent that the policymakers will go in qualifying its necessity. This is because the perceptions of e-learning have an impact on the ease at which e-learning can be adopted (Kook, 1997). Ethical Implications The study does not elicit ethical subject or implications. It touches on the aspect of education and simply entails asking the students perception of the topic area. From another point of view, this does not have any ethical sensitivity point. Research Methodology The most appropriate approach to ascertaining the perception of the students towards the e-learning is by conducting a research. The proposed research would entail a questionnaire to students on how they feel ab out e-learning assessments. The questionnaire was designed. Care is taken to ensure that the questions are as objective as possible while, at the same time, it was designed in a way that will enable the questions to turn away from the fatigue social desirability prejudice.  Ã‚  

Effect of mindfullness technique Dissertation Example | Topics and Well Written Essays - 10000 words

Effect of mindfullness technique - Dissertation Example The objectives of this study include identification of the significance and drawbacks of the mindfulness technique. Also, it will examine the degree to which mindfulness is used and compare stress and fatigue management progress with and without it. The research method uses both qualitative and quantitative analysis, specifically narrative and thematic based upon secondary research sources. The results will provide greater insight of the mindfulness technique, including its effectiveness and range of use. After an interpretation of the research results, a conclusion based upon the objectives is provided. Table of Contents PAGE ABSTRACT 1 LIST OF TABLES 3 LIST OF FIGURES 4 CHAPTERS CHAPTER 1 – Introduction 5 1.2 Background/Justification of the Study 1.2.1 Cancer Symptoms 1.2.2 Need to Reduce Stress and Fatigue in Cancer Patients 1.2.3 Mindfulness of Cancer 1.2.4 Mindfulness Background and Justification of the Study 1.3 Aim of the Study 1.4 Formulation of the Question CHAPTER 2 – Research Methodology 16 2.1 Research Protocol 2.2 Eligibility Criteria 2.3 Search 2.4 Study Selection 2.5 Information Sources, Data Collection, and Data Items 2.6 Risk of Bias 2.7 Summary of Measures and Synthesis Results CHAPTER 3 – Findings and Results 26 3.1 Study Selection (Flow Diagram) CHAPTER 4 – Discussion 39 4.1 Limitation 4.2 Conclusion 4.3 Recommendation Bibliography 46 List of Tables Table x-1 Results and Synthesis Table x-2 Theme Results List of Figures Figure x-1 Forest Plot, RCTs Figure x-2 Presentation of Study Numbers Effect of Mindfulness Technique on Stress and Fatigue Reduction in Cancer Patients: A Systematic Review and Meta-Analysis 1. INTRODUCTION While considering the study on the effect of mindfulness techniques on stress and fatigue reduction in cancer patients, it is necessary to have a brief overview on the use of mindfulness techniques in cancer patients. Mindfulness-based stress reduction is a process that involves techniques of m editation (Folkman, 2010). Medical uses of the technique date back to 1979 with the ‘integration of Buddhist mindfulness meditation with contemporary clinical and psychological practice’ (Chiesa and Serretti, 2009). The technique primarily involves a specific form of awareness being developed (Strosahl, 2011), illustrated by accommodating responsiveness, frankness, inquisitiveness, and recognition of internal and external experiences of the present times that permits â€Å"practitioners to act more reflectively rather than impulsively† (Chiesa and Serretti, 2009). Extensive research has been conducted in order to study the effects of mindfulness on stress reduction. The process is a combination of meditation and yoga (Bose, 2011). When mindfulness meditation is concerned, it involves providing close consideration to experiences of the mind and body (Lambert, 2013). Studies have found several benefits of the technique that includes reduction in disturbances of the mood of an individual, stress reduction, improvement in quality of sleep, fatigue reduction, as well as controlled blood pressure (Lyman, 2009). Thus the use of this technique for stress and fatigue reduction in cancer patients have also become highly popular and considered as a common practice among other treatments and practices. Mindfulness allows individuals to experience things just as they are (Brantley, 2007). It allows the individuals,

Networking Essay Example | Topics and Well Written Essays - 1000 words

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Zara in China Term Paper Example | Topics and Well Written Essays - 3000 words

Zara in China - Term Paper Example As the essay highlights Zara is a world renowned fashion retailer based in Spain. It was founded in 1975 and since then the company has grown substantially. The company is regarded as a great success story as it has made itself an international brand over a few decades. The unique thing about Zara is that it rejects the industry trends by investing no money in advertisements. The company focuses on low cost strategy by providing fashion garments and accessories to everyone. The target market of the company is not only the rich people. In contrast company has made fashion within the reach of everyone.This paper discusses that the company has up till now refused to follow the market trend of outsourcing its production to low cost developing countries. By doing this fashion retailers attempt to save costs but Zara believes that providing customers with latest fashion products in the fastest possible time. Zara is known for providing a new product to the customers within 2 weeks while th e industry average is about six months. This shows how efficient the supply chain of Zara is compared to other retailers in the industry. The vertical integration helps Zara control its supply chain and this makes it possible for the company to stay ahead of the trends. The company has audacious growth plans for future.  Zara entered the Chinese market in 2006 and since then the company has grown substantially in the country. Zara has 91 stores in China and the company is planning to open more stores in future.... This shows how efficient the supply chain of Zara is compared to other retailers in the industry. The vertical integration helps Zara control its supply chain and this makes it possible for the company to stay ahead of the trends. The company has audacious growth plans for future. Operations of Zara in China Zara entered the Chinese market in 2006 and since then the company has grown substantially in the country. Zara has 91 stores in China and the company is planning to open more stores in future. China is a huge market for the company given the population of the country is 1.2 billion people. But still most companies do not enter China due to strict regulations and lower standards of living. Zara on the other hand entered China and has shown tremendous success because the company was able to attract the middle class population of the country. As mentioned earlier Zara does not believe in extremely expensive garments rather it is known for its new fashion and cost effectiveness. Wit h this business model Zara was able to capture the market of China. The company aims at opening more stores in future in the country as well. The domestic consumption of the country is increasing and people are getting more and more aware daily about the new fashion trends. This is why it is expected that fashion retail giant will continue to pursue its expansion policy in China as well. Stores of Zara are mostly seen overcrowded which shows the potential of Chinese markets (Xinhua 1). The urban middle class of China is multiplying at a great pace and this means that more and more people are demanding fashion products. Zara is the right choice for them because of the cost related advantages the fashion retailer offers. Objectives of Zara in China The

Georgia Voluntary Payment Doctrine Essay Example for Free

Georgia Voluntary Payment Doctrine Essay The Georgia Voluntary Payment Doctrine is a policy that has been used in Georgia law since the 19th Century. It has been exercised so long that this policy has codified a statute. Because it dates back two centuries when business deals were completed on one’s word, face-to-face and with a hand shake, it causes one to question if it has outdated itself and should still be used to decide court cases in today’s business world. According to Dan Kolber of the Atlanta Business Chronicle, â€Å"the statute says when money is paid through ignorance of the law and there is no fraud or mistake of facts, then the payment is deemed voluntary and cannot be recovered. Filing a protest at the time of payment does not change this rule. † This law has been the deciding factor in many cases which some say have resulted in outrageous outcomes. In order for the Voluntary Payment Doctrine to be enforced there are three conditions that must be met. The first is that the payment is made through ignorance of the law or where all material facts are known. The person asking for reimbursement must prove that the payment was not made voluntarily because not all material facts were known at the time the payment was made. No one is excused from a law just because he is unaware that it exists. Secondly, the person to whom this payment is made must not have collected it fraudulently. And, lastly the payment must not have been made under duress, such as to release a person from detention or to prevent the immediate seizure of property. The person cannot be forced or coerced to make the payment. (AGG Authority on Real Estate, Winter, 2006) This statute has returned favorable outcomes for many. One particular Georgia case is that of an insurance company who lost its bid to recover overpayments made to medical providers. Mr. Seaton D. Purdom who was involved in the lawsuit supports it with this doctrine. He feels â€Å"It promotes commercial stability. It allows people to receive payments on account and treat them as payments, instead of escrow deposits. (Atlanta Business Chronicle) In this case, Cotton et al. v. Med-Cor Health Information Solutions, Inc. , Smith et al. vs. PMSI, L. P. , Yarbrough et al. v. PMSI, L. P. , and Lawrence et al. v.  Smart Professional Copy Corporation sets patients at various Atlanta hospitals against corporations who were responsible for photocopying medical records of patients and delivering them to authorized persons. Defendants performed the photocopying and delivery services and inflicted charges ranging from $1. 04 to $7. 60 per page. Plaintiff’s attorneys held that these charges were made in violation of the Health Records Act as they exceeded the limit of â€Å"reasonable costs of copying and mailing the records. † (Lawskills. com). They sought to recover these overpayments under the Georgia Voluntary Payment Doctrine. As noted above the Georgia Voluntary Payment Doctrine requires that payments of claims be made where all of the facts are not known and there is misplaced confidence or deception by the other party and payments cannot be recovered unless under an urgent necessity to release personal property. In this case both parties agreed that all material facts were known when payments were made so they did not meet the first requirement of the law. The plaintiffs maintained the defendants practiced a falsehood on them by providing records the hospital was supposed to provide and billed them excessively and more than the hospital was allowed to charge. The court found that this falsehood is not what caused the plaintiffs to make payments which they sought to recover. Then the plaintiffs argued the payments were made through misplaced confidence. Again the court found they had no facts on which these excuses could be found. Plaintiffs claimed they made the payments because they would have otherwise risked collection activity that would have hurt their credit and the court found this not to be an urgent necessity. Because the court felt they did not meet any of the requirements of the Georgia Voluntary Payment Doctrine, the plaintiffs were unable to recover any payment. However, the plaintiffs were able to recover under the Georgia Health Care Act. The court found the photocopying companies were agents of the hospital and were required under the Georgia Health Care Act to limit the cost of copying and mailing records to a reasonable amount. The plaintiffs therefore received payments of the charges deemed excessive. (Lawskills. com Georgia Caselaw) In the case S09G1664. SouthStar Energy Services, LLC v. Ellison et al. the Georgia Voluntary Payment Doctrine was applied to the claims of the customers of Georgia Natural Gas. In 2006 after the Natural Gas Consumer Relief Act was passed, the Georgia Natural Gas Company modified its billing procedures for its customers. The company developed a new standard plan and altered the method of computing the plan. (Forthcoming Opinions, SCOG Blog). The customers, Charles Ellison and Susan Bresler represented by the Atlanta law firm Strickland Brockington Lewis sued the Natural Gas Company â€Å"under a private right of action in the Gas Act. † The plaintiffs sought to recoup their overpayments charged through the defendant’s violations of the Natural Gas Competition and Deregulation Act (Natural Gas Act). The defendant asked the court to dismiss the case due to the plaintiff’s failure to establish a reasonable claim on which repayment should be given. A trial court granted a motion to dismiss the case, but an appeal was filed and the Court of Appeals reversed the trial court decision. In the appeal the appellees disclosed several actions by the Natural Gas Company that violated different sections of the Natural Gas Act, such as charging more for natural gas than the published marketed price. The gas company attorneys argued that the plaintiffs had made payment of their bill voluntarily, thus relieving the gas company from any wrong nor requiring them to make restitution. In March, 2010 the Georgia Supreme Court confirmed its agreement with the Court of appeals stating that the purpose of the Georgia Natural Gas Act is to protect the natural gas customer and granted the plaintiff the right to sue for damages. This decision opens the door for the plaintiff to proceed with action to recover overpayment and damages from the gas company. Wall Street Investment Fraud Lawyer Blog) Although neither of these cases was decided based on the Georgia Voluntary Payment Doctrine, the plaintiffs were allowed to continue to seek their claims for their overpayments under another law. In each of these cases the attorneys for the plaintiffs sought recovery of payment under other Acts. The plaintiffs in the Cotton v. Med-Cor Health Information Solutions, Inc. et al case have recovered overpayment while the Georgia Supreme Court has made a ruling that removed the Georgia Voluntary Payment Doctrine as a defense in the case of SouthStar Energy Services v. Ellison. This ruling allows the plaintiffs in this case to proceed with their lawsuit against SouthStar. In 2000 a case was tried in Georgia in which cable subscribers who failed to make their cable payments on time were charged late fees. This group of cable customers sought to recover these penalty fees claiming they were unenforceable fines. These subscribers had voluntarily paid the additional late fees. Under the Georgia Voluntary Payment Doctrine a payment is considered â€Å"voluntary† if it is paid in ignorance of the law. Therefore, in this case the Court ruled that the payments were paid â€Å"voluntarily† by the simple fact the subscribers admitted they did not know the late penalty fees were unenforceable and was in fact ignorance of the law. (AGG Authority on Real Estate, Winter, 2006) The Georgia Voluntary Payment Doctrine is a statute that has been used throughout the last two centuries. As has been shown in these three cases it can be a help to one’s case or a disadvantage. It is a law that is used by large companies that seems to take advantage of the general public as most common folk are generally not very well versed in the law.