9 Different Minerals Used as Abrasives

Abrasives today are largely precision-manufactured substances, but natural mineral abrasives are often still used. A good abrasive mineral is not just hard, but  also tough and sharp. It must be plentiful -- or at least widespread -- and pure. Not many minerals share all these attributes,  so the list of abrasive minerals is short but interesting.   Sanding Abrasives   Sanding was originally done with (surprise!) sand -- fine-grained quartz. Quartz sand is hard enough for woodworking (Mohs hardness 7), but its not very tough or sharp. The virtue of sand sandpaper is its cheapness. Fine woodworkers do occasionally use flint sandpaper or glass paper.  Flint, a form of chert,  is a rock made of microcrystalline quartz. Its no harder than quartz but its tougher so its sharp edges last longer. Garnet paper is still widely available. The garnet mineral almandine is harder than quartz (Mohs 7.5), but its real virtue is its sharpness, giving it cutting power without scratching wood too deeply. Corundum  is the workhorse abrasive of sandpaper.  Extremely hard (Mohs 9) and sharp, corundum is also usefully brittle, breaking into sharp fragments that keep on cutting. Its great for wood, metal, paint, and plastic. All sanding products today use artificial corundum -- aluminum oxide. If you find an old stash of emery cloth or paper, it probably uses the real mineral. Emery is a natural mix of fine-grained corundum and magnetite. Polishing Abrasives   Three natural abrasives are commonly used for polishing and cleaning  metal:  enamel finishes, plastic, and tile. Pumice is a stone, not a mineral, a volcanic product with a very fine grain. Its hardest mineral is quartz, so it has a gentler action than sanding abrasives. Softer still is feldspar (Mohs 6), which is most famously used in the Bon Ami brand household cleaner. For the most delicate polishing and cleaning work, such as with  jewelry and fine crafts, the gold standard is tripoli, also called rottenstone. Tripoli is microscopic, microcrystalline quartz mined from beds of decomposed limestone. Sandblasting and Waterjet Cutting Applications of these industrial processes range from scrubbing rust off of steel girders to inscribing gravestones, and a wide range of blasting abrasives is in use today. Sand is one, of course, but airborne dust from crystalline silica is a health hazard. Safer alternatives include garnet, olivine (Mohs 6.5) and staurolite (Mohs 7.5). Which to choose depends on many factors other than mineralogical considerations, including cost, availability, the material being worked, and the experience of the worker. Many artificial abrasives are in use in these applications, too, as well as in  exotic things like ground walnut shells and solid carbon dioxide. Diamond Grit The hardest mineral of all is diamond (Mohs 10), and diamond abrasive is a large part of the world diamond market. Diamond paste is available in many grades for sharpening hand tools, and you can even buy nail files impregnated with diamond grit for the ultimate grooming aid. Diamond is best suited for cutting and grinding tools, however, and the drilling industry uses lots of diamond for drill bits. The material used is worthless as jewelry, being black or included - full of inclusions - or too fine-grained. This grade of diamond is called bort. Diatomaceous Earth The powdery substance composed of the microscopic shells of diatoms is known as diatomaceous earth or DE. Diatoms are a kind of algae that form exquisite skeletons of amorphous  silica.  DE is not abrasive to humans, metals, or anything else in our everyday world, but at the microscopic scale, its very damaging to insects. The broken edges of crushed diatom shells scratch holes in their hard outer skins, causing their internal fluids to dry out. Its safe enough to strew in the garden or to mix with food, such as stored grain, to prevent infestations. When they arent calling it diatomite, geologists have another name for DE, borrowed from German: kieselguhr.

The Transcendentalist Movement Shaped America - 1603 Words

The transcendentalist movement shaped America in the 1860s by inspiring citizens to be free thinkers and hardworking individuals who would lead their lives to the fullest. The movement was led by three revolutionary writers named Ralph Waldo Emerson, Henry David Thoreau, and Walt Whitman, three icons who challenged Americans to be individuals. Through his works â€Å"Self Reliance† and â€Å"Nature†, Ralph Waldo Emerson preached of nonconformity and creating a personal destiny. Henry David Thoreau emphasized simplicity and making the most of life by seizing every opportunity presented, in his work â€Å"Walden†. Walt Whitman encourages real life experience and the value of hard work throughout his various poems. The principles preached by the†¦show more content†¦Keating due to his unorthodox teaching styles and the fact that Mr Keating is trying to get Todd to be more outgoing by â€Å"forcing† him to write and read poems for the class. As Mr Keating makes Todd create an impromptu poem for the class, Todd realizes that he has a creative side and is actually a fabulous poet- causing his confidence to grow sky high as the class claps for him and him to be proud of himself. After this event, Todd becomes more and more outgoing, leading to the solidification that Mr Keating effectively taught him Emerson s principles of being his own person and not being afraid to say what s on his mind ADD QUOTE HERE. â€Å"For the first time in my whole life, I know what I wanna do! And for the first time, I m gonna do it! Whether my father wants me to or not!† This is a quote from Neil as he decides to pursue his dreams of doing what he truly wants- to become an actor. This shows that Mr. Keating effectively taught Neil the principles of Emerson because he is finally being his own person and not conforming to the rigorous structure of a person that his father wants him to be. Throughout the entire movie, Charlie dalton refuses to conform. He takes every single lesson that Mr Keating teaches to heart about nonconformity, and while he acts as though he doesn t appreciate it, he definitley emulates all of mr keatings lessons. For example, towards the end of the movie, Charlie Dalton writes in the school paper about letting girls into

Grendel Essay Example For Students

Grendel Essay Nihil ex nihilo, I always say(Gardner 150). These are the words of the infamous Grendel from the novel, titled that same character, by John Gardner.They represent the phrase life itself is meaningless which is taught to Grendel by a few different people throughout this novel. In the following essay, the explanation of this phrase, the way Grendel learns about nihilism, and how Grendel develops the concept of nihilism, as it is known, will be discussed. First, we attack the nihilism itself. What is Nihilism? Well, this is one of the main components of the book. It means life itself is meaningless. What is meant by that phrase is that anything you do or decide to do, means nothing. For example, if you make a huge decision that you think will affect you for the rest of your life, according to a nihilist it means nothing. To them, it will all turn out how it is supposed to turn out and that is that. Nihilism also refers to people who do not believe they should be told how to live their life by the government. One major example of a nihilism uprise was in Russia during the 1860s. During this decade, nihilism was primarily a rejection of tradition and authoritarianism in favor of rationalism and individualism. In Laments terms, live your lives how you want to live it and do not let anyone tell you how. In the novel, Grendel first learns this theory indirectly from the hypocrisy of man. This starts in chapter three where Grendel is observing man for the very first time. He watches in horror as they fight and scream over land and treasure. After all of this nonsense and chaos, they still have the nerve to make speeches about how honorable or great they or their king is, even though they still kill one another. This is an early sign in the book of the hypocrisy of man. From chapter three: Terrible threats, from the few words I could catch. Things about their fathers, and their fathers fathers, things about justice and honor and lawful revenge, their throats swollen, their eyes rolling like a newborn colts, sweat running down their shoulders.(Gardner 35). This quote is Grendel talking about what he sees and only what he sees. This is where he is wrongly taught about how the humans live out their hypocrisy. You could compare this situation to a toddler watching an adult and learning by repeating and mimicking everything done by the older one. This is exactly how Grendel is learning. In Chapter four, Grendels learning is furthered even more when he comes in contact with the people of Herot. At first, he comes to the hall and offers peace and mercy. Immediately the humans hack away at him with their swords. This really gets Grendel angry since he just offered his peace. He then becomes part of this hypocrisy by fighting man himself. From chapter four: I staggered out into the open and up toward the hall with my burden, groaning out, Mercy! Peace! The Harper broke off, the people screamed. (They all have their own versions, but this is the truth.) Drunken men rushed over with battle-axes. I sank to my knees crying, Friend! Friend! They hacked at me yipping like dogs., . I crushed the body in my hug, then hurled it in their faces, turned, and fled.(Gardner 52) This was the event that really made Grendel into a nihilist. The only thing left was to develop this daring n ew concept. Enter stage left, the Dragon. The Dragon, the mentor, the teacher to Grendel of nihilism. Grendel is awakened by the dragon and is brought to his lair. The Dragon, not caring at all about Grendel as a person, helps Grendel develop his nihilist ideas. To do this, he explains to him that repetition is the key to nihilism. No matter how hard the universe trys to stop repetition, it always goes on. For example, if Grendel were not there, some other evil would be tormenting the humans. From chapter five: The essence of life is to be found in the frustrations of established order. The universe refuses the deading influence of complete conformity.(Gardner 67) The Dragons teachings do not get through to Grendel very well and finally the Dragon just lets it all out. You drive them to poetry, science, religion, all that makes them what they are for as long as they last. You are, so to speak, the brute existent by which they learn to define themselves. (Gardner 73) After that comment, Grendel stubbornly blurts out that he d oes not want to be the brute. The dragon sarcastically replies by telling him to feed the hungry and help the poor. The dragon knows that it is inevitable for Grendel to be the brute but Grendel does not yet understand this. By chapters seven and eight, Grendel realizes his role in the hypocrisy. He realizes that when the queen is brought to Hrothgar that letting her live is the best thing to do after she loses her trust in the king. In chapter eight Hrothulf is the student of nihilism as Grendel observes. Grendel learns by listening to Red Horse about the corruption of the government. This is all in contribution to Grendels developing of his idea of nihilism. By chapter ten, Grendel says to the reader, Nihil ex nihilo, I always say. (Gardner 150) He now knows his role. In conclusion, this essay has gone through the development of the idea of nihilism throughout the book. From its early stages in chapters three and four, to its development in chapter five, to its full blown out ideas in chapters seven and eight. Grendel at the end of chapter ten sums up the whole hypocrisy in a simple phrase. A stupid business. (Gardner 150)Difference of Character Development inBeowulf and GrendelThe main difference between the Anglo-Saxon poem, Beowulf, and John Gardners modern retelling, Grendel, lies in the development of the characters. In the epic poem, the characters are basically static, and their actions are predictable. In Grendel, Gardner calls this stereotypical thinking about heroes and monsters into question. In particular, the monster in this modern work is dynamic, and his awareness grows as the action unfolds. Gardner remakes Grendel from the Anglo-Saxon incarnation of blind evil, unthinking and senseless, to a conscious, rational force, and Beowulf from a honorable, courageous, and epitome of goodness, to a irrational, psychotic, cold blooded killer. The epic poem Beowulf describes the most heroic man of the Anglo-Saxon times. The hero, Beowulf, is a seemingly invincible person with all the extraordinary traits required of a hero. He is able to use his super-human physical strength and courage to put his people before himself. He encounters hideous monsters and the most ferocious of beasts but he never fears the threat of death. His leadership skills are superb and he is even able to boast about all his achievements. Beowulf is the ultimate epic hero who risks his life countless times for immortal glory and for the good of others. Beowulf is the prime example of an epic hero. His bravery and strength surpass all mortal men; loyalty and the ability to think of himself last makes him revered by all. Beowulf came openly and wholeheartedly to help the Danes which was an unusual occurrence in a time of war and widespread fear. He s et a noble example for all human beings relaying the necessity of brotherhood and friendship. Beowulf is most definitely an epic hero of epic proportions. A heroic trait of Beowulf is his ability to put his peoples welfare before his own as well as his inhuman strength. Beowulfs uncle is king of the Geats so he is sent as an emissary to help rid the Danes of the evil Grendel. Beowulf risks his own life for the Danes, asking help from no one. He realizes the dangers but fears nothing for his own life. After Beowulf had served his people as King of the Geats for fifty years, he goes to battle one last time to fight a horrible dragon that is frightening all of his people. Beowulf is old and tired but he defeats the dragon in order to protect his people. Even in death he wished so secure safety for the Geats so a tall lighthouse is built in order to help the people find there way back from sea. The most heroic of traits within Beowulf is that he is not afraid to die. He always explains his death wishes before going into battle and requests to have any assets delivered to his people. And if death does take me, send the hammered mail of my armor to Higlac, return the inheritance I had from Hrehtel, and from Wayland. Fate will unwind as it must! He is aware of the heroic paradox; he will be glorified in life or death for his actions. He knows that when he fights an enemy like Grendel or Grendels mother he will achieve immortality as the victor or the loser. When we crossed the sea, my comrades and I, I already knew that all my purpose was this: to win the good will of your people or die in battle, pressed in Grendels fierce grip. Let me live in greatness and courage, or here in this hall welcome my death! Even with the enormous amount of confidence Beowulf possesses, he understands that Fate or Wyrd will work its magic no matter what and he could be killed at any point in his life. He faces that reality by showing no fear and preparing for a positive or a fatal outcome. An Unsuitable Job For A Woman: Two Detectives EssayGrendel is an unhappy soul in John Gardners book Grendel, because he feels useless in society and doesnt want to accept his given role. Throughout this whole book Grendel feels he has no friend in the outside word and no one to except him besides his own mother. He doesnt want to except his role in society which is to be the Great Destroyer. Man creates a huge problem in Grendels life and has had a major effect on the way he lives with man. Grendel is unhappy in many ways. He wants to be accepted by man but never knew why he was always shunned out of there society. Grendel in the beginning never set out to hurt man just understand him. When Grendel shows up the first time in the mead hall he yells Mercy! Peace! But no one even gives him a chance when he walks in holding a dead body and using it for protection against the drunken men swinging axes and swords at him. Grendel dose not understand this as he says they were doomed, I kne w, and I was glad. showing the hope for destruction of the human race. In Grendels eyes humans are going to destroy themselves and he will be glad when it happens. Grendel is very lonely in the world of man. He has only one person close to him and that is his mother. She cares for Grendel but just with the natural motherly instincts which Grendel sees as mechanical. Grendel doesnt understand, Why cant I have someone to talk to? as the world starts to look darker in his eyes. Animals of all sorts are enemies of his because they dont understand him. Grendel is more superior Grendels role in society is to be the great destroyer. The Dragon tells Grendel this You improve them, my boy! You stimulate them! but Grendel dose not want to except it. HE want to be part of the humanistic world. He want a different role in society. This makes Grendel very unhappy that he cannot be accepted. The Dragon puts a spell on Grendel that lets weapons not harm him. At first he dose not like this because he thinks that the fun of destroying men would be to easy at this point. He starts to grow into this though and plays his role as the great destroyer. This book shows how Grendel put up with man and learned to adapt to the humanistic ways of life. It took him a while to adapt but he did find it fun to reck the humans world. Since he was not excepted he would have to take the role of the great destroyer at the end of the story.GRENDEL FRANKENSTEINAN ANALYSIS OF THE TWO MONSTERS AND THEIR SUPERIORITY TO MANKIND GRENDEL FRANKENSTEINAN ANALYSIS OF THE TWO MONSTERS AND THEIR SUPERIORITY TO MANKINDInthe desert I saw a creature, naked, bestial, Who, squatting upon the ground, Held his heart in his hands, And ate of it. I said, Is it good friend? It is bitter-bitter, he answered; But I like it Because it is bitter And because it is my heart.-Stephen Crane This reflects how both Grendel and Frankenstein must have felt duringtheir lonely lives. Seeking friends, the fiends found enemies; seekinghope, they found hate(Neilson back page). The monsters simply want tolive as the rest of us live. But, in our prejudice of their kind, webanish them from our elite society. Who gave society the right to judgewho is acceptable and who is not? A better question might be, who isgoing to stop them? The answer, no one. Therefore, society continues toalienate the undesirables of our community. Some of the greatest mindsof all time have been socially unacceptable. Albert Einstein lived aloneand rarely wore the same color socks. Van Gogh found comfort only inhis art, and the woman who consistently denied his passion. Edgar AllenPoe was different to say the least. Just like these great men,Grendel and Frankenstein do n ot conform to the societal model. Alsolike these men, Grendel and Frankenstein are uniquely superior to therest of mankind. Their superiority is seen through their guile to live in asociety that ostracizes their kind, their true heroism in place ofsocietys romantic view, and the ignorance on which societys opinion ofthem is formed. Grendel, though he needs to kill to do so, functions very well in hisown sphere. Grendel survives in a hostile climate where he is hated andfeared by all. He lives in a cave protected by firesnakes so as tophysically, as well as spiritually, separate himself from the societythat detests, yet admires, him. Grendel is the brute existent by whichhumankind learns to define itself(Gardner 73). Hrothgars thanescontinually try to extinguish Grendels infernal rage, while he simplywishes to live in harmony with them. Like Grendel, Frankenstein also learns to live in a society thatdespises his kind. Frankenstein also must kill, but this is only inresponse to the peoples abhorrence of him. Ironically, the very doctorwho bore him now searches the globe seeking Frankensteins destruction. Even the ever-loving paternal figure now turns away from this outcastfrom society. Frankenstein journeys to the far reaches of the world toescape from the societal ills that cause society to hate him. Heventures to the harshest, most desolate, most uninhabitable place knownto man, the north pole. He lives in isolation, in the cold acceptanceof the icy glaciers. Still, Dr. Frankenstein follows, pushing hiscreation to the edge of the world, hoping he would fall off, never to beseen or heard from again. Frankenstein flees from his father until theDoctors death, where Frankenstein joins his father in the perpetual, silent acceptance ofdeath. Frankenstein never makes an attempt to become one with society, yet heis finally accepted by the captain to whom he justifies his existence. Frankenstein tracks Dr. Frankenstein as to better explain to himself thenature of ow n being by understanding the life of his creator. Unstoppable, Frankenstein travels to the ends of the earth to destroyhis creator, by destroying everyone Dr. Frankenstein loved (Shelleyafterword). As the captain listens to Frankensteins story, he beginsto understand his plight. He accepts Frankenstein as a reluctant, yetdevoted, servant to his master. Granted that Frankenstein does notbelong, he is accepted with admiration by the captain. The respectthat Frankenstein has longed for is finally given to him as he announceshis suicide in the name of his father, the late Dr. Frankenstein. On the other hand, Grendel makes numerous attempts to assimilate intosociety, but he is repeatedly turned back. Early in his life, Grendeldreams of associating with Hrothgars great warriors. Nightly, Grendelgoes down to the meadhall to listen to Hrothgars stories and thethanes heroism, but most of all, he comes to hear the Shaper. TheShapers stories are Grendels only education as they enlighten him tothe history of the society that he yearns to join. The Shaperchanged the world, had torn up its past by its thick gnarled roots andhad transmuted it, and they, who knew the truth, remembered it his way-and so did Grendel(Gardner 43). Upon Grendels first meeting with Hrothgar, the great hero tries to kill himby chopping him out of a tree. The king (Hrothgar) snatches an ax fromthe man beside him and, without any warning, he hurls it atGrendel(Gardner 27). After being attacked by those he so admires, heturns against them to wreak havoc on their civilization. The more that society alienates Grendel and Frankenstein, the more theycome to realize the invalidity of social heroism. As Grendelsoppressors see it, heroism consists of the protection of ones name, thegreater glory of their line, and most of all, their armor collection. Beowulf, so movingly compounded with self-vindication, looks to carefor his own name and honour(Morgan xxxi-xxxii). According toFrankensteins time, a hero is someone who protects their ladys name,earns greater glory for themselves and their country, and has a largecollection of prestigious degrees to hang on their walls. Socialheroism is not a single event, it is properly defined as arevolution. It is an on-going, ever-changing series of heroicevents. This revolution is not the substitution of immoral for moral,or of illegitimate violence for legitimate violence; it is simply thepitting of power against power, hero against hero, where the issue isfreedom for the winners and enslavement of the rest(Gardner 119). Thi srevolution is built on intimidation by the powerful of society tooppress the undesirables. Murder and mayhem are the life and soul ofthe revolution(Gardner 118). This revolution is most evident in John Gardners Grendel. InHrothgars meadhall, his thanes are discussing the heroic revolution with the Shaper. According to the Shaper, the kingdom, those in power,pretends to be protecting the values of all people. Supposedly, therevolution causes the kingdom to save the values of the community-regulate compromise-improve thequality of the commonwealth. In other words,protect the power of thepeople in power and repress the restIt rewards people who fit theSystem best. The Kingsimmediate thanes, the thanes top servants, andso on till you come to the people that dont fit in at all. Noproblem. Drivethem to the darkest corners of the kingdom, starvethem,arrest and execute a few, or put them out to war. Thats how it works. (Gardner 118) In Grendels time, violence is the common denominator in allrighteousness. The incitement to violence depends upon totaltransvaluation of the ordinary values. By a single stroke, the mostcriminal acts may be converted to heroic and meritorious deeds(Gardner117). Certainly the only difference between appalling acts of violenceand heroic deeds is the matter of who commits them. What might beappropriate for a king would be unheard of by a peasant. This isobviously a social commentary that fits today as well, if not better,than it did then. The rich and powerful still succeed in oppressing thepoor and helpless in every culture around the world. If the Revolutionever comes to grief, it will be because the powerful have becomealarmed at their own brutality(Gardner 117). Then, as the richdescend, the poor will rise to power in order to complete the revolution. The total ruin ofinstitutions and heroism is in itself an act of creation(Gardner118). To break the circle would cause evolution, forward progress,that would enhance the natural progress of mankind. But, according toGardner, this will never happen because the powerful enjoy their presentstate of grace; and when they helpless rise up, they are immediatelyrepressed in a cry of common good(Gardner 119). Though not as overt as Grendel, the concept of revolution is alsodisplayed in Frankenstein. Frankensteins society ostracizes itsundesirables by chasing them to the darkest corners of the world in muchthe same way that Grendels society does. Frankenstein is driven fromhis birthplace by his creator only to find that he must hide in shadowedallies to avoid social persecution. In the theme of revolution, therich control what is acceptable, and to them, Frankenstein definitelydoes not fit the mold. Next, Frankenstein seeks asylum in the barn of asmall farmer. The place where he finds refuge is a cold, dark cornersymbolic of how society forces the non-elite from their spheres toplaces where they cannot be seen, nor heard, and therefore do notexist. After Frankenstein saves t he starving family by harvesting theircrops, they repay him by running him off their land. This incidentrepeats itself throughout Frankensteins journeys. Finally,Frankenstein is forced into the cold wasteland of the Arctic circle. Inthis uninhabitable place there is no one to persecute him. Yet thedoctor maliciously continues to follow Frankenstein, hoping tocompletely destroy his creation. When Dr. Frankenstein dies, his monster is the first to come to lay his body torest and follow him into the afterlife. Frankenstein fits the idea of a true hero, rather than the romanticview of heroism shared by society. He is chivalrous, loyal, and true tohimself. Frankenstein shows his chivalry by helping a family in needand still accepting their hatred of him. He acts to help othersalthough he receives nothing in return. Frankenstein holds absoluteloyalty to his creator. Dr. Frankenstein shuns his creation,Frankenstein, and devotes his life to killing the monster, yetFrankenstein is the first to show respect to his fallen master after hisdeath. Frankenstein builds a funeral pyre to honor his master andcreator who despised him during his life. Frankensteins loyaltyextends as far as the ritual suicide he commits while cremating the bodyof his creator. Most importantly, Frankenstein is true to himself. Society wishes that he would cease to exist, so their opinion isirrelevant to him. His creator shuns him, but Frankenstein learns tocope with his own emotions in order to support himself. Frankensteinrelies solely on what he believes in, not in what society believes to beimportant. His actions are based upon his own assessment of situations,rather than what is socially acceptable. Grendel is also isolated from society, and his actions also classifyhim as a true hero. Like Frankenstein, Grendel has little outsideinfluence and has to rely on his own emotions to make decisions. Grendel possesses bravery, yet he does not have the foolish pride ofBeowulf. The first virtue of her oism is bravery, but even more, it is blind courage(Nicholson 47). Grendel is theepitome of blind courage. For example, when the bull attacks Grendel,he simply calculates the bulls movements and fearlessly moves out ofthe way. Even when the bull rips through his leg, Grendel is notafraid. Grendel repeatedly charges into the meadhall and destroys itsbest warriors without a second thought. Grendel even has the courage totaunt Hrothgars bravest thanes by throwing apples at them. Grendelbreaks up their wooden gods like kindling and topples their gods ofstone(Gardner 128). It is this type of blind courage that Grendelbelieves saves his life in battle. Fate will often spare a man if hiscourage holds(Gardner 162). Beowulf, on the other hand, is foolish inhis approach to battle. He goes to fight an immortal opponent, thedragon, and is killed because of his pride. His very valor, wisdom, andmagnanimity, expended unstindtly, lead only to a heros grave in a landsoon to be conquered(Brodeur 105 ). Grendels blind courage is farsuperior to the blind stupidity of Beowulf. Just as societys heroes fight foolishly, their opinions are made byprejudice and reflect the ignorance of humankind. Both monsters areseen as the minions of evil, and even of Satan himself. Grendel isplaced in a Biblical lineage of evil reaching back to the firstmurder(Hamilton 105). Even the author of the poem alludes to thedescent of the race of Grendel from Cain(Donaldson 1688). Frankensteinis proposed to be of accursed origin(Milton 130). However, neither ofthe two can be properly defined as Satanic, especially on the information known to the rest of society. Continuing,this belief causes extended prejudice of the monsters even in oursociety today. Through the predetermined opinions of society, Grendel is seen as anevil come to destroy all of mankind. Grendel is a victim of society, he was not born inherently evil. Woe to him who is compelled, throughcruel persecution, to thrust his soul into the embra ce of fire, to hopefor no solace(Kennedy 9). Society unduly restrains Grendel to heinousstereotypes that he does not fit. For example, another character moreclosely fits the description of Cain than Grendel. The only one of thepersonages of the poem who is clearly said to be destined to suffer inhell is Unferth, who, in his responsibility for the death of hisbrothers, has committed the sin of Cain(Brodeur 218). Clearly, it isnot Grendel that should be condemned. He only tries to assimilate intosociety, but after being continually rejected he turns to violence inresponse to societys hatred of him. Similar to Grendel, Frankenstein is also pictured as satanic. Brooksconcurs in saying that society views Frankenstein to be a uniquecreation, like Adam united by no link to any other being inexistence'(Milton 129), yet by his condition more resemblingSatan(210). There are times when he scarcely seems to be of thisearth(Venables 59). Also like Grendel, Frankenstein was not born evil,he was f orced into his way of life by the society that rejected him. After this rejection, Frankenstein like the arch-fiend, bore a hell within him(Shelley 136). To each man his own god, and to each manhis own devil as well. Frankenstein, like Coleridges wedding guest,leaves a sadder and wiser man'(Scott 201). He now better understandshis existence and how society wrongfully rejects it. Frankensteinsimply wants society to have the knowledge that might enable him tomake them overlook the deformity of his figure(Shelley 114). Manhow ignorant art thou in thy pride of wisdom!(Shelley 201). Grendels and Frankensteins superiority to humankind is made obviousby their ability to live in a society that has ostracized them, themonsters true heroism in place of humankinds romantic view, and theignorance on which societys opinion of the monsters is based. Themonsters not only embody our fears of the way certain entities canartificially pervert nature in ourselves and our society, they alsospeak to us knowledgeably of nature and in a human voice, to tell us weneed not be afraid of them(Scott201).

Social Security Reforms Implication Of Reinvesting Social Security Surpluses In Favor Of The Beneficiaries Essay Example

Social Security Reforms: Implication Of Reinvesting Social Security Surpluses In Favor Of The Beneficiaries Essay Social security has been adopted as a policy and programme of government to secure and provide for needs of the aged, disabled or those who are financially disabled. In the United State of America, the social security programme of the country has being on for 70 years now. And it is considered by scholars and their likes that it is the most successful programme in U.S. history (Smith, 2005). Social security top most agenda of the US. And, it is one that has incurred rigorous debate. Thus, it has become increasingly politicized in contemporary times. Many politicians now use social security issue as an item for political campaign and manifestos display. Hence, promises are made on ways and pattern to reform existing social security programme in fashion tat would make it more beneficial to the beneficiaries. Social security has been synonymous to nomenclature such as Old Age, Survivors and Disability Insurance program. But as Smith (2005), rightly puts it, the program is broad and not just for retirees. It is an insurance program, one that provides insurance against a destitute old age and also protects survivors and those with disability. â€Å"Social security provides benefits to retired and disabled workers and their dependents and survivors; social security provides assistance to the needy, aged, blind, and disabled† (Horst, 2001). Government has over the years allocated huge public funds for the administration of social security. For example, in US 1996 fiscal year, Social Security Administration (SSA) had expenditures totaling $386 billion; almost one-forth of the United States $1.6 trillion federal budget. And in that year over 50 million beneficiaries nearly one out of every five individuals in the country- received benefits from SSA each month, and the numbers have been steadily growing (ibid). The scale of social security is huge: nearly 500 billion dollars shared by over 47 million social security benefit was $926 in 2004† (Smith, 2005). Social security constitutes a major source of income for most retirees. For those with lower incomes, nearly three quarters of their total income comes from social security. And a third of all without social security (ibid). Social security has been of an immense benefit and thus advantageous in making the aged and senior citizens maintain their dignity and hence, make them to depend less on financial support from their families. Also, widows, dependents and disabled persons condition of living have being uplifted with no cause for them to go on wanting. We will write a custom essay sample on Social Security Reforms: Implication Of Reinvesting Social Security Surpluses In Favor Of The Beneficiaries specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Social Security Reforms: Implication Of Reinvesting Social Security Surpluses In Favor Of The Beneficiaries specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Social Security Reforms: Implication Of Reinvesting Social Security Surpluses In Favor Of The Beneficiaries specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The administration of social security has come up with certain problems that make many people to call for the reform to the current programme in the United States. According to Steiner (2005), social security the nation’s paternalistic retirement program has a two- part-financing problem. The first component is the imbalance, which pertain to the amount of money the system takes and spend on social security. Here, projected revenues and expenditures are not in balance. The second component is the surplus, which is derived from the tax revenue on social security. Today, the government takes in more social security tax revenue than it spends, which create surpluses. The government invests the current surpluses in special – issue government bonds and spends rather than invests them. The situation of things s made current financing arrangement lowers savings and raises the national debt, instead of potentially increasing national savings, which could fund the benefits for f uture retirees. A as way out of the problems facing social security in the United States, it is suggested that social security surpluses should be invested in private securities rather than government bonds. This would effectively remove trust fund assets from the unified budget and force Congress to get along without them. This approach is suggested to preserve social security’s current defined benefit structure. The advantages associated with private securities trust fund; include: first, it would increase expected returns on trust fund assets, potentially increasing national savings. The higher investments risk associated with private securities would be spread over all program participants. Also, benefits would be payable to participants as intended, rather than leaking out of the program to serve other purposes. It then become necessary to avoid exorbitant increases to payroll taxes in the future and resolve both the imbalances and surplus problems, it may make sense to invest social sec urity assets in private investments or reduce future benefits and encourage individuals to save more themselves (Steiner, 2005). But the disadvantage associated with the above approach is that the government would select the private securities. Defenders maintain that government involvement could be mitigated by investing the trust fund in indexed mutual funds selected by an independent board of trustees charged with representing the interests of program participants (ibid). Pay-As-You-Go financing with adjustments is another option to be adopted in reforming the existing social security. â€Å"Chile, the first country in the world to shift from a pay-as-you-go defined benefit social insurance model to a funded defined contribution model† (Rix, 2005). This approach involves the financing short falls ahead to bring tax rates and benefits into balance within social security’s current structure while avoiding significant surpluses. The pay-as-you-go financing with adjustments had the advantages f simplicity, but it could come at the cost of relatively steep increases in taxes or significant reductions in benefits or both (ibid). Using the adopted reform of social security in United Kingdom as a referral point, the Voluntary Carve Outs (VCO) in the United Kingdom has a defined benefit and a defined contribution plan as the alternative to social security. â€Å"The United Kingdom is the only high- income country that allows VCOs with the worker establishing an individual account defined contribution plan† (Blake, 2005). Under the VCO programme in the UK, workers can ‘contract out’ of social security, replacing part of their social security benefits with private pensions, either through a defined benefit plan or, since 1988, an individual account defined contribution plan. In the VCO programme, the UK government receives and disburses contributions to individual accounts; it does not have a record keeping function for the VCO accounts. Rather, the government serves as the record keeper for the entire system. Here, each worker has an account with the company managing the investments of the VC O, usually an insurance company. Workers must contract with an insurance company to receive the annuitized benefits. The workers are responsible for investigating the prices charged by insurance companies (ibid). A VCO account differs from the traditional social security benefits in the sense that VCO account is like a loan from the government because the workers accept reduced future socials security benefits in exchange for the diversion today of socials security of the assets between contributions to an individual account and reductions in future social security benefits are a key aspect of the structure of VCOs because they affect the decisions workers make as to whether to take the VCO. The need to make reform to existing social security program, in order to better the lots of beneficiaries, brought about this research study. Thus, the study would focus on social security reforms: implications of reinvesting social security surpluses in favor of the beneficiaries. The United State social security program would be the case study for the research work. 1.2 STATEMENT OF RESEARCH PROBLEM The following are those problems that underline the study which the research study intend proffering solution to: Social security administration is bedeviled with an imbalance in the amount of money government collect as tax for social security and the actual amount that is spent for beneficiaries of social security. This imbalance has led to growing shortfalls in the out-years of social security administration. Hence, projected revenues and expenditures are not in balance. How could administration of social security be administered in order to make a balance between collected tax (revenue) and expenditures on social security? As a result of imbalance between expected revenue and expenditures, there are surpluses in accumulated fund not disbursed. How would these surpluses be invested in order to further better the lot of beneficiaries of social security? The current social security leaves the beneficiaries with no room to make choice on how and where  Ã‚   to invest for their future benefits. Unlike the case with the Voluntary Carve out (VCO) program of the UK, where the beneficiary has the choice to make decision on which insurance company to manage their securities, the social security as being practice in the US demands for mandatory account.   Workers in VCO have the choice to make many decisions, which affect their lives unlike the social security. Lower income workers are restricted only to social security, unlike those in upper income level. Thus, they bear more risk averse concerning the investment of their retirement savings than upper income workers. And the lower income workers have no room for the diversification of their source of retirement income. 1.3 OBJECTIVES OF THE S TUDY The following under listed are those objectives, which the research study tends to attain. To proffer the best method on which the reinvestment of surpluses in social security, that would be of immense benefits to the beneficiaries and safeguard the programme to last and be capable to meet future demands in the ever-increasing beneficiaries of social security. To determine ways of reforming social security administration that would make beneficiaries have room to make choice and be in position to make decision that would best benefit them To determine ways in which the imbalances of revenues generated for social security and the expenditures made are balanced in order to make the programme more effective and beneficial to stakeholders. To determine the implications of reinvesting surpluses of social security in favor of the beneficiaries. 1.4 SIGNIFICANCE OF THE STUDY The importance of this research work includes: The study would enable government know ways of investing and administering surpluses in social; security so as to better the lot of the beneficiaries and improve on the effectiveness of the programme. The study would also enable government to know ways of administering social security so as to remove any form of imbalances that would prevent proper forecasting and future plan on social security programme. The research work would also enable beneficiaries of the social security programme to know ways and roles they would play in order to improve their status in the programme. The research work would contribute to the body of knowledge. Researchers on the same field of study can make reference to this study in course of further research work. The research work is significant in the sense that it would contribute to   social concern and the ways of further improvement on social well-being of the masses in a state. 1.5  Ã‚   RESERCH METHODOLOGY 1.5.1  Ã‚  Ã‚  Ã‚  Ã‚   Research Design method The survey research design would be used in conducting this research work. A survey design is a research method where data are collected from a defined population to describe the present condition of the population using the variables under study. â€Å"Survey design does more than merely uncover data. They interpret, synthesis and integrate these data and point to implications and interrelationship† (Bankole, 2003:15). Since the subject matter for this study is a social issue that affects a large group and the generality of people, the survey research method becomes most feasible and more appropriate in the conduct of the study. 1.5.2  Ã‚  Ã‚  Ã‚  Ã‚   Subjects for the study The total population for this study would constitute the majority of beneficiaries of social security especially those in the United States. Since they are the users and direct stakeholders in social security, it is appropriate that they constitute the subjects of the study. Also, government workers in agencies that administer social security policies would constitute subject for the study. These two groups become appropriate as the subject of the study, because they have first knowledge on how social security is being administered and they partake in the outcome of the implemented programme. 1.5.3  Ã‚  Ã‚  Ã‚  Ã‚   Sample Size The sample size, i.e., the number of subjects top be i8ncluded for the study would comprise of 100 respondents. 70% of the respondents, constituting 70 people, would be those who are beneficiaries of social security. While 30% of the respondents would be workers and other people that have direct link with governmental agencies that administers social security. The categorization of the subjects for the study in the above giving proportion becomes appropriate, since there are greater numbers of beneficiaries of social security than the workers administering the programme. The number of sample size is adequate because it could be properly managed and data derived would be adequately analyzed, than larger sample size. 1.5.4  Ã‚  Ã‚  Ã‚  Ã‚   Sampling Method The quota sampling method would be used in selecting the subjects for the study. Quota sampling is a non-probability sampling method, a form of accidental sampling done in line with quota or strata in the total population. According to Odiagbe (1999:48), quota sample is selected in such a way that various components appear not only in proportion to their sizes in the target population but selection is stopped as soon as enough of the sub-group is selected. The quota sampling method is adequate for this study since there is a placement of quota selection on those to form the research respondents. Also, quota sampling being a non-probability method would make the selection of the respondents for the study to be easy. Anyone can be included in the group selection, so far the number of selection do not exceed the 70-30 percentage ratio apportioned for beneficiaries and workers of government agencies for social security administration. 1.5.5  Ã‚  Ã‚  Ã‚  Ã‚   Data Collection Methods In the course of conducti8ng this re search, both primary and secondary data would be  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   utilized.; the primary data would be generated from self administered questionnaires to the respondents. The questionnaires would contain two sections. Sections A,, would have the bio-data of the respondents, while section b would have questions relating to the study and the research questions. The questionnaires would be sent through e-mail and postal mail to reach wide areas and prevent the restriction of selecting the respondents to a particular area. This would also save cost of reaching respondents in distant areas. The choice of choosing questionnaire as an instruments for data collection boils to the fact that it would allow for ease in data collection and also position the respondent in a calm atmosphere, devoid of threat and victimization when giving answers to the questions. Also would be secrecy and protection of respondent privacy when questionnaires are administe red. Linkert 5 scale measurement would be used to grade the answers given b y the respondents. Below are the grade apportioned to each answer given Options  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Apportioned score Strongly agree  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   5 Agree  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   4 Uncertain  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3 Disagree  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2 Strongly disagree  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   1 The secondary data would be used in deriving data and comparing previous findings and drawing conclusions for the study. The secondary data would be derived from journals, textbooks, newspapers articles, Internet materials and government gazettes. 1.6  Ã‚   MEASUREMENT The topic of this research study is ‘Social Security Reforms: Implication Of Reinvesting Social Security Surpluses In Favor Of The Beneficiaries’. From the topic the independent variable is ‘ Social security reforms’, while the dependent variable is ‘ the implication of reinvesting social security surpluses in favor of the beneficiaries. To operationalized the topic, we say, the implications derived from the r e investing of social security surpluses in favor of the beneficiaries is a function of the level of reforms made on the existing social security policy. In other words, the implications that are obtainable from the reinvesting of surpluses from social security to favor the beneficiaries, this is determined by the outcome of the type of reform carried out on current social security policy. For instance, if no thorough reform is carried out it means the level of change would be minute, thereby resulting in the status quo of modus operandi. 1.7 DATA ANALYSIS The quantitative analysis method would be use for the analysis of the data for the study. Chi-square (X2) would be used in testing the r e search questions. The formula for the chi-square (x2) is: X2+ (O-E)2 E Where ‘O’ represent the observed frequency ‘E ‘ represents the expected frequency. The decision rule for the chi- square (X2) include: Accept the null hypothesis (h0), when the calculated value of X2 is lesser than the table value of X2. Hence, reject the alternate hypothesis (H1). Reject the null hypothesis (H0), when the calculated value of X2 is greater than the table value of X2. Hence, accept the alternate hypothesis (H1). The findings of the research study would be derived based on the conclusion reached from the statistical analysis carried out. 1.8 ETHICAL CONSIDERATIONS The ethical considerations to be put in place in the course of conducting this research work include the following: 1. The data for the research work would not be falsified. Hence, it would be generated based on the actual response the respondents give. 2 the privacy of the respondents would be protected; any  Ã‚   given information would only be utilized for the conducting the research study. 3. All used secondary data would be adequately referenced in order to prevent plagiarism. REFRENCES Bankole, A.R. (2003), research methods: an introductory approach. Lagos: Adeshina Print Production Publication. Blake, David Turner John, (2005), voluntary Carve Outs for Social Security reform: Lessons from the United Kingdom† http://assets.aarp.org/rgcenter/econ/20005_20_uk.pdf (20/02/06) Hprst, Cindy (2001), â€Å" Vital link in social security: Somali refugees in the Dadaab camps, Kenya† working paper no.38. New Issues in refugee research. Social security Administration (SSA) publication. No 05-10008. Odiagbe, Martin (1999), A Handbook of Research Methods, Seminar Presentation Term paper writing. Lagos: Win Computer System. Rix, Sara E. (2005), â€Å"reforming Social security: Lessons from Abroad† http://www.aarp.org/research/socialsecurity/reform/social_security_abroad.html (20/02/06) Smith, Marie F. (2005), â€Å" The  Ã‚   Future of Social security Speech† July 18. http://www.aarp.org/research/socialsecurityreform/socail_security_confrence.html. (20/02/06) Steiner, Kenneth A. (2005), â€Å" Social Security Reform: What’s the Best Fix?† http://www.contingencies.org/novdec05/social_security_reform_1105.asp (11/02/06).

Abortion Prolife view essays

Abortion Prolife view essays Abortion, the termination of pregnancy before the fetus is capable of independent life, can either be spontaneous or induced. It is called "the knowing destruction of the life of an unborn child." (Mass General Laws Chapter 112 Section 12K) When abortion occurs spontaneously, it is called a miscarriage. However, when the loss of a fetus is caused intentionally, it is regarded as a moral issue. Abortion destroys the lives of helpless, innocent children and is illegal in many countries. An estimate of 1.2 million are performed each year. In retrospect, an estimate 38,010,378 innocent children were aborted since 1973 when the process was legalized. Abortion is a simple and safe procedure if it is done by trained medical workers during the first trimester. There are four different techniques utilized during the first twelve weeks of pregnancy. Suction aspiration, also known as vacuum curettage, is the most common surgical means of abortion. This is when a powerful suction tube with a sharp cutting edge is inserted into the womb through the dilated cervix. The suction dismembers the body of the developing baby, tearing the placenta from the wall of the uterus, and sucking blood, amniotic fluids, placental tissue, and fetal parts into a bottle. Although it is one of the safer methods, there are still frequent complications such as infection and tearing of the uterus, causing hemorrhaging. Dilatation and Curettage (Ds body into pieces. The placenta is then scraped off the uterine wall. There is a higher risk of infection with D RU 486 and Methotrexate are two similar types of chemical abortion. RU 486 is a pill that can be taken orally only during the five to nine week period. Three trips must be made to the abortion clinic. In the first, the RU 486 pill is administered af...

Costco case Analysis Essay Essay Example

Costco case Analysis Essay Essay Example Costco case Analysis Essay Paper Costco case Analysis Essay Paper 1. What is Costco’s concern theoretical account? Is the company’s concern theoretical account appealing? Why or why non? Costco’s concern theoretical account is focused on bring forthing high gross revenues volumes and rapid stock list turnover by offering members low monetary values on a limited choice of national name trade names and choice private-label merchandises in a broad scope assortment. Costco is focused in low-priced scheme is concentrated on a narrow bargain section and out viing challengers by holding lower costs. hence being able serve a niche consumers at a lower monetary value. ( Gamble. John and Thompson. Arthur ( 2009 ) . Costco’s concern theoretical account is appealing because they are able to continually sell to a niche market. This niche market has one-year income which ranges from $ 75. 000 to $ 100. 000 or more a twelvemonth. By offering the best merchandises possible at lower monetary value. they are able to hold these members return. Soon there are 47. 679. 000 card holders which include Executive members. Business member. Primary cardholders and Add-on cardhold ers. Whereas Costco has offered the most popular merchandises in order to hold a rapid turn-over. Costco has proven that there concern scheme has worked by continually bring forthing higher net sale. 2. What are the main elements of Costco’s scheme? How good is the scheme? Scheme is the organization’s pre selected that means to accomplish its ends or aims. while maintaining in position current and future external conditions. Costco’s strategy’s elements are low monetary values. limited merchandise lines and choice and hoarded wealth Hunt shopping environment. Costco’s is following cost leading scheme which is good because on this base they can vie with their rivals. By limited merchandise lines and limited choice they are offering limited 4000 points which are less as compared to its rivals. Costco’s is adopted market development scheme by capturing new markets for bing merchandises. Besides it provides such merchandise at low monetary values to its members which they believe will non be available in following visit. This works as an inducement and members try to take maximal advantage and hence Costco’s gross revenues volume additions. At Costco’s warehouse merchandises are non offered in every size. Th e scheme they followed is that by offering every size their efficiency will diminish therefore it is said intelligent loss of gross revenues. 3. Make you believe Jim Sinegal has been an effectual Chief executive officer? What grades would you give him in taking the procedure of crafting and put to deathing Costco’s scheme? What support can you offer for these classs? Refer to calculate 2. 1 in Chapter in developing your replies. Jim Sinegal is an effectual Chief executive officer after gone through the instance survey. There are assorted grounds which show that Mr. Jim Sinegal was responsible to take the way of scheme efficaciously. First. Jim Sinegal had made a transparent and good defined planned way for the Costco to follow. He was the lone individual in the company for the readying of concern theoretical account and appreciated over the growing of the scheme of the company. He had cognize how accomplishments and created an environment to offer hoarded wealth Hunt in the shops and maintain low monetary values and helps in advancing big volume of shop traffic that helped in edifice speedy turnover of stock list. He was responsible for driving the ability of the company to accomplish annual gross revenues about to $ 130 million per shop. Harmonizing to the instance survey Sinegal had performed first-class occupation in the executing of the scheme procedure at Costco. He performed three maps in the company as manufacturer. knowing critic and manager. He went to shops for probe for look intoing out the public presentation of shop directors and asked assorted inquiries from them. about the public presentation of shops and told them to make more work on their weak countries. In this instance. when Sinegal found replies to his inquiries less than expected than he told shop directors to make more research and come back with sufficient information. 4. What nucleus values or concern rule has Jim Sinegal stressed at Costco? The chief concern rule activity of Costco is to supply high value to users by offering planetary and local ticket merchandises at low monetary values. besides it integrates its employees in a really nicely manner. Jim Sinegal wanted to state that these two principal activities reflected in working environment of Costco which makes them profitable throughout the universe as compared to other conventional jobbers and merchants. 5. ( in the event you have covered Chapter 3 ) What is competition like in the North America sweeping nine industry? Which of the five competitory forces is strongest and why? Use the information in Figures 3. 4. 3. 5. 3. 6. 3. 7. and 3. 8 ( and the related treatments in Chapter 3 ) to make a complete five-forces analysis of competition in the North American wholesale nine industry. The sweeping nine industry has evolved into a common oligopoly merely as other major industries have. The â€Å"big three† of this industry are Costco. Sam’s Club. and BJ’s. A five forces analysis will be examined in respects to the sweeping nine industry. Force one. barriers to entry ; the three companies are at an advantage because of the trouble of new houses come ining the industry. They accomplish economic systems of graduated table and range due to the size and volume of their gross revenues by purchasing and selling more goods on a larger graduated table with lower costs. It would take a considerable sum of clip for a new entrant to accomplish the benefits of economic systems of graduated table. The capital demands are big due to the building of edif ices and acquisition of land and licences. Merely companies with an established distribution web would hold a just opportunity of come ining the industry. Force two. the menace of replacements. is non a factor because the service they offer is non offered by other outside rivals. Force three. the dickering power of purchasers. is the strongest force working in the favour of the industry. This is so because purchasers can non negociate the monetary value. The chief ground clients come to sweeping nines is they are attracted by the already low monetary values and value of purchasing in majority. Force four. the dickering power of providers could come into drama if a more favourable chance nowadayss itself in the general retail industry. Sweeping nine offer merely a per centum of the merchandises that a general retail merchant does. A cardinal scheme of Costco is aimed forthrightly at selling high-grade ware at monetary values systematically below what other jobbers or retail merchants charge. Force fifth. competition among bing participants. is non a major factor. Costco. the runaway leader soon. offers the â€Å"treasure hunt† trades where extreme deals are offered for short. unheralded periods of clip. This creates bombilation amongst clients by luring them to return on a consistent footing to research what â€Å"treasures† are available. BJ’s sets itself apart by being the lone nine among the three to accept manufacturer’s vouchers. They besides are the lone nine to accept all four major recognition cards. MasterCard. Visa. Discover. and American Express. at all locations. They besides offer a broader mixture of points as compared to Sam’s and Costco. 6. Base on the information in instance Exhibits 1 and 4. is Costco’s fiscal public presentation higher-up to that at Sam’s Club and BJ’s wholesale? 7. Does the information in instance Exhibit Exhibit 2 indicate that Costco’s enlargement outside the U. S. is financially successful? Why or why non? 8. How good is Costco executing from a strategic position? Does Costco bask a competitory advantage over Sam’s Club? Over BJ’S Whole sale? If so. what is the nature of its competitory advantage? Does Costco hold a winning scheme? Why or why non? Costco has been playing really successful in the wholesaling industry as it can be seen from its concern schemes. First of all. for the intent of back uping the Costco’s concern theoretical account of bring forthing high gross revenues volumes and rapid stock list turnover. Costco members are given a limited choice of nationally branded and choice private label merchandises in a broad scope of ware classs. Then Costco unite its rapid stock list turnover with the operating efficiencies to run the concern productively at important lower gross borders than traditional wholesales. mass merchants. supermarkets and supercenters. As a consequence. Costco takes advantages of its high gross revenues volume and rapid stock list turnover to obtain the benefits of early payment price reductions from ware sellers due to the high gross revenues volume and rapid stock list turnover allow Costco to bring forth adequate hard currency in history. Second. the pricing scheme of Costco is cardinal factors to back up the low monetary value concern scheme which is to crest the borders on branded name ware at 14 per centum so that its members can purchase with low monetary value. Third. Costco focal point to offer limited choice that is about 4000 points with fast merchandising theoretical accounts. sizes and colourss. and aim the little concerns for its commercial and professional theoretical accounts selling. Furthermore. advertisement and gross revenues runs are non being used often by Costco for the selling scheme and the company merely launches runs for new warehouse gaps. In add-on. Costco besides use direct mail to prospective new members on occasion and direct mail plans advancing selected ware to members on a regular basis. Opening more new warehouses. constructing an of all time larger and ferociously loyal rank base and using good executed trading techniques to promote members to shopping more often with large trip are the chief cardinal growing scheme of Costco. Furthermore. online shopping is another option that Costco offered to members so as to do their shopping more convenient instead than exchange to rivals. In add-on. Majority of ware is owned by Costco. and the company besides builds direct purchasing relationships with many manufacturers of national trade name name ware and makers and this consequence in the available of flexible options of providers for Costco in anytime to hold sufficient of stocked ware. Besides. Costco’s rank base and member demographics contains powerful purchasing ability as it chiefly aim the single clients with minimal income of $ 75000 and 30 per centum of the targeted clients earn more than $ 100000 yearly. For the intent of put to deathing Costco’s scheme successfully. the company offer semiannual fillips and full spectrum of benefits for its employees. More of import. the advancing chances will see the insiders foremost based on the company policy. Other factors that determine the success of Costco besides include the concern doctrine. values and codification of moralss such as obey the jurisprudence and governmental ordinances. take of members. take of employees. regard providers and concern spouses. and honor the stockholders. Costco is crushing both Sam’s Club and BJ’s sweeping in net gross revenues and market portion. However. Sam’s Club has launched an aggressive run to increase its market portion. 9. Are Costco’s monetary values excessively low? Why or why non? Yes. because the gross net income border falls into the normal scope for this industry. However. it should be swerving upward and as you can see it is really diminishing somewhat. If this tendency continues. stairss will necessitate to be taken to rectify the job. Another chance index. return on shareholder equity indicates that the company has a job. Average returns are about 12 % . which Costco was approaching in 2004 and 2005. In2006. the company experienced a crisp diminution which is doing for concern. Investigate this diminution. It could be due to low net incomes after revenue enhancements. If the pricing is excessively low. this can go on. Currently. Sinegal. true. attempts to sell merchandises at the lowest monetary value possible for length of service. However. if the investors in the house are non doing appropriate returns for the hazard. they will put elsewhere. The current ratio figure is in the mean scope but on the diminution. The debt to equity shows a strong balance sheet and low degrees of debt. It is swerving downward. The stock list turnover rate is somewhat higher than norm. bespeaking that Costco is surpassing rivals in traveling merchandise. Besides cause for concern is the fact that the on the job capital is shriveling. This might bespeak the inability to spread out without a loan. 10. What do you believe of Costco’s compensation patterns? Does it surprise you that Costco employees seemingly are instead well-compensated? Costco’s compensation and benefits are higher than those at walmart. Salaried employees in Costco warehouses could gain anyplace from $ 30000 to $ 125000 anually. Costco employees enjoyed a benefit bundle that included the undermentioned points. Health and dental attention programs. A dependent attention reimbursement program.Confidential professional guidance services.Company paid long term disablement coverage equal to 60 % . of gaining for workers that were out for more than 180 yearss on a non-worker’s compensationleave of absence. Generous life insurance and inadvertent decease and taking apart coverage. An employee stock purchase program. 11. What recommendations would you do to Costco top direction sing how best to prolong the company’s growing and better its fiscal public presentation? Costco is a company that have some unfavorable judgment. such as people has to wait for a long clip to pay their merchandises. However costco Department of Energy non hold large jobs that urgently need to be fixed. So it should stand in the same class utilizing the present scheme. I think Costco has the capacity to go on puting in new shops and turn gross revenues. It can besides spread out gross revenues by presenting new merchandises line. like furniture. The company has the fiscal resources to maintain turning its concern and open more warehouse locations

Management - Compensation Methods Essay Example | Topics and Well Written Essays - 750 words

Management - Compensation Methods - Essay Example In this paper, we will discuss some major compensation methods/employee benefit programs, which a company can use to improve employee performance. Types of Compensation According to Menguc and Barker (2003), use of compensation plans influences all dimensions of organizational performance. Companies use different types of compensations to increase employee motivation. Some major types of compensation include bonuses, free meals, housing allowance, health insurance, company car, travel allowance, free patrol, promotion based on performance base pay, overtime pay, and commissions. In some companies, the compensations like bonuses and commissions are associated with the job responsibilities of the employees. Some jobs are of very difficult nature, so the companies put some rewards for the people associated with those jobs in form of bonuses in order to encourage them and make them dedicated to their jobs. Companies categorize different types of compensations into short-term and long-ter m programs. Mazin and Smith (2004) asserts, â€Å"Short-term programs are usually based on cash payments, while long-term incentives typically involve stock† (p.113). Short-term rewards include cash and stock bonuses, which a company gives to the employees when they achieve short-term goals, such as, increase in the company’s revenue. ... The basic purpose of short-term compensation programs is to increase employees’ performance and productivity over a specific time. Long-term rewards, on the other hand, are such rewards that a company gives to its employees when they increase the company stock’s value in the market. The stock value increases when a company maintains its product standard and quality for a long time. Good quality of products generates higher levels of productivity and revenues, which result in increasing the stock value of the company. Companies reserve long-term rewards usually for the employees who are at managerial posts. Calvin (2001, p.119) asserts, â€Å"In established firms, long-term incentives, such as stock options, are reserved for senior salespeople, national account managers, and sales managers†. Commissions and bonuses are two of the most useful types of compensations because they attract a large number of employees towards the companies, which offers such compensatio ns to the employees. Commission is a form of compensation that a company gives to its employees on achieving some targets. Commissions and bonuses play a key role in retaining talented and skilled employees for a company. Increase in salaries is also one of the most effective ways to retain key employees of a company. Employees do not want to leave the job when their companies reward them in terms of increase in their salaries. Compensation programs not only make employees work hard to achieve the incentives but also make the company achieve higher levels of profitability and productivity. Apart from increase in salaries, some other types of rewards also play a good role in increasing employee motivation. These rewards include foreign trip of

Small Business Management Essay Example | Topics and Well Written Essays - 750 words - 1

Small Business Management - Essay Example Virtual Transport is a small business which offers transporting and haulage services and functions with a staff of eight employees and the entrepreneur. Having undergone a financial crisis during its first year of inception, the company has just managed to turn around the company. However the business had to seek additional funding support from its bankers and have given them an undertaking to provide financial information to keep them informed of the progress the business is making. The following proposal of management and monitoring strategy for Virtual Transport which takes in to account the information requirements of various business stakeholders such as the government authorities to meet the statutory requirements; the bankers; business accountants as well as the internal staff and the entrepreneur himself. The strategy takes in to account the need for regular monitoring of business performance in order to assess the actual performance against the initial business plan, through calculation of performance ratios, variance analysis etc. The information required in filing the quarterly tax returns, and annual profitability statements to meet the legal requirements are born in mind. Capturing of all income and expense data on a daily basis to facilitate the business accountant in drawing up the monthly accounts has been a key consideration is developing the information strategy and the proposed information systems. In addition the role which information sharin g plays in building and maintaining employee moral and commitment has also been considered. The information requirements have been identified under main categories of Legal & Taxation Requirements; Internal Business Management; Financial Administration and Financial Monitoring. The information will be in the form of quarterly and annual profit and loss statements; Business Activity

Retail Bank's Marketing Case Study Example | Topics and Well Written Essays - 2000 words

Retail Bank's Marketing - Case Study Example Pricing is a very integral part of marketing. Decisions about price are those which determine profitability (Stephenson, 2005). It is also one of the factors which determine whether the customer will actually acquire the product or service. Customers base their purchase judgments based on price (Stephenson, 2005). Pricing of the financial products is one of the most crucial decisions. Some of the most common pricing strategies used by the marketers include both cost-based strategies and non- cost based strategies (Winston, 1986). Ethics are moral principles and values that govern the actions and decisions of an individual or group. These serve as guidelines as to what is the fair and right thing to do. Customers have the right to be informed, and it is the marketers' responsibility to ensure they are providing customers accurate and complete information about their products and services, i.e. they should disclose complete costs associated with financial services, but this is not always practiced(Kerin, Hartley & Rudelius, 2003). Social responsibility is an important part of the marketing concept of any organization in any given industry. This is especially important for financial institutions since they serve the public. They need to not only focus on profits but also on the society as a whole. At times it is possible for a company to satisfy its customers yet fail to meet social responsibility. Despite the fact that banks and other financial institutions play a active role in the society, they still manage to conduct practices that abuse the environment discriminate in hiring employees, manufacturing unsafe products or engaging in misleading advertising or labeling. At times these organizations are still focuses on meeting their goals rather than meeting customer needs (Pezzullo, 1998). In the article 'Interest rate clustering in the UK financial services market' (2008), Ashton and Hudson explain through empirical evidence the price and interest rate clustering practices used by retail banks. In their study they explain how financial services marketers capitalize on the difficulties customers face in recalling and processing price information. They do this to maximize their revenue from deposits made by customers. Ashton and Hudson (2008) explain that price and interest rate clustering occur as a result of an individual's limited number recall.

Pros and Cons of Tariffs

Pros and Cons of Tariffs Definition of Tariffs Tariff are custom assessments that are demanded on imported merchandise. The duty is generally connected as a rate of the aggregate expense of the item, including cargo and protection. This raises the cost of the import and gives leverage to household items inside of that market. Tariffs are a hindrance to exchange and are utilized to secure a residential industry. Tariffs are otherwise called traditions or import obligations, or import charges. Averagely, tariffs are for the most part around 5%. Be that as it may, diverse nations charge distinctive tariff rates relying upon what item they are attempting to secure. They will likewise charge deals charges, and different neighborhood assessments, and even extra traditions expenses. The greater part of this is gathered at the season of traditions leeway. Amid the developmental years of the United States, tariffs were essential to the development of the economy. By forcing tariff on imports, the United States had the capacity ensure its youngster assembling industry and energize extension in different segments. The tariffs raised the cost of less expensive remote products, particularly those fabricated in England, and urged buyers to buy household merchandise. This protectionist arrangement was instrumental in the improvement of the United States as a mechanical nation. Until the start of the twentieth century, tariffs were an imperative method for raising government income. The United States government gathers tariffs on imports; on the other hand, it doesn't gather tariff on fares, as this practice is denied by the U.S. Constitution. Tariff for the most part have both an income impact and a defensive impact, yet a few tariffs are for income just. These are tariffs that are gathered on imported items that are not created in the importing nation. Tariffs whose essential capacity is to ensure one or more household commercial enterprises in the importing nation by raising the cost of imported items that are the same as those delivered locally create government income and having a defensive impact. On the off chance that tariffs turn out to be exorbitantly high, they can shorten all importation of an item and in this way lose their income raising impact. Tariffs are registered in three unique ways. A levy may be notice valorem, particular, or a blend of promotion valorem and particular. A notice valorem duty forces an assessment equivalent to a rate of the offering cost of the import. A duty that is particular forces an altered or set measure of assessment on every unit of the foreign made item sold without respect to the offering cost. A levy might likewise be a mix duty that forces both a promotion valorem expense and a particular assessment on a foreign item. Pros Most business analysts concur that facilitated commerce is the most ideal approach to boost a nation's development potential, however chose authorities may have different objectives as a top priority. Tariffs shield particular businesses from remote rivalry, which can meet vital objectives or political targets. Whether its local needs or remote approach objectives, exchange protectionism can be enticing for policymakers. Tariffs can shield infant commercial ventures from worldwide rivalry, permitting them to develop without the risk of being snuffed out by more develop or progressed remote organizations. They can likewise be utilized to ensure zones that nations consider to be deliberately critical. For instance, a nation may limit farming imports to support its own particular ranchers, not having any desire to place itself in a powerless position where it needs to import all its sustenance. Steel assembling and substantial industry additionally can be the recipients of tariffs, as pioneers hope to keep their capacities primed and ready if there should arise an occurrence of vital need. At the point when the US government decides to place a levy on a foreign decent, the maker can decide to lessen their cost to make up for the tariff or to go on the expense to the buyer. At the point when makers decide to go on the expense to American customers by expanding their value, it advances American items. In the event that American organizations are creating a comparable item at a comparative value point, the outside item turns out to be more extravagant. Thusly, customers decide on the less costly alternative and buy the American item, giving American organizations an unmistakable point of preference. At the point when commercial enterprises are secured, the occupations that accompany them additionally are ensured. While financial analysts contend that this keeps laborers from taking occupations that are more advantageous to themselves and the nation, concentrating work and capital in wasteful commercial enterprises, which is little solace to specialists in an auto organization that goes under on the grounds that it can't rival lower-cost remote adversaries. Ensuring occupations can be much to a greater degree an objective for state and nearby governments that face losing their assessment base when a major manager shuts its entryways. Infrequently, tariffs can advantage an economy by guaranteeing its organizations have a notwithstanding playing field. Case in point, a few tariffs are executed as a component of against dumping laws, as a response when an organization based abroad offers items beneath its expenses or underneath what it offers them for short of what it does at home, with an end goal to take out opponents and construct its position in the business sector so as to charge higher costs later. Others are intended to ensure when the opposition isn't square with. In the event that one nation finances its vehicle industry and another does not, a duty can keep that error from unjustifiably affecting a household industry. Authorities can likewise utilize tariffs and quantities to meet outside strategy targets, whether they're being utilized as a carrot or a stick. Exchange authorizes regularly are utilized as a stage shy of equipped clash as an endeavor to stop undesirable conduct from different nations. In the event that a nation relies on upon grain sends out or outside automobile deals as a key driver of its economy, the risk of tariff or assents can be an in number prevention. Likewise, uprooting existing exchange hindrances can help cover up a precarious transaction with outside pioneers. Cons A standout amongst the most talked about issues in worldwide exchange is protectionism. On one hand, countries accept a certain sum is important to protect employments and domestic businesses. On the other, protectionism may welcome countering from exchanging accomplices, foster extra protectionism and result in squares to unhindered commerce. Two generally utilized protectionist devices are tariffs and portions. Tariffs raise the cost of imports. This effects customers in the nation applying the tariff as costlier imports. At the point when exchanging accomplices strike back with their own particular tariff, it raises the expense of working together for sending out commercial enterprises. Some examiner accept that tariffs cause a reduction in item quality. Organizations search for approaches to slice generation expenses to record for tariffs. Tariffs are more straightforward and less demanding to regulate than standards. This makes it less demanding for exchanging accomplices to bring them down or dispense with them. Tariffs may make nearby commercial enterprises less productive because of diminished worldwide rivalry. They might likewise prompt exchange wars as trading nations counter with their own tariffs on imported items. At the point when exchanging partners respond with their own tariffs, it raises the expense of working together for exporters. This circumstance might likewise trade off the nature of merchandise and administrations as businesses search for approaches to cut generation costs. A duty alludes to an assessment forced on items and administrations. Tariffs are utilized to control exchange, on the grounds that they expand the cost of imported items, making them more extravagant to the end buyers. A particular expense is forced as a settled toll taking into account the item. Furthermore, a commercial valorem tariff is forced in light of item's quality. The target behind tariffs is to reduction interest for imports while expanding interest for household items. Governments might likewise force tariffs to shield nearby commercial enterprises from outside rivalry, on the grounds that buyers generally pick imported items or administrations when they are less expensive. Tariff give extra wellsprings of pay to the forcing nation to the detriment of customers and remote makers. Singular purchaser decision stays as one of the best shopper advantages to worldwide exchange. At the point when tariffs are put on imported merchandise, the expanded costs and lessened exchange preclude people from all decisions that could be accessible in the business sector. If American organizations don't deliver an item like the foreign made great, customers may be ransacked of the chance to buy an item out and out on the grounds that they pushed a remote item out of the business with a levy. Conclusion Tariffs are by and large used to shield household makers from abroad rivalry offering less expensive products. The higher costs of imported products because of tariffs regularly causes outside makers to choose to withdraw from the household business, diminishing rivalry. This absence of rivalry expels the motivating force from local makers to discover approaches to bring down the costs of their products, bringing about higher general costs for customers, and also an absence of development that rival frequently causes. Tariffs additionally have a negative effect on the exchange equalization with nations against which they are utilized. Remote countries frequently force their own particular tariffs because of local tariffs, raising the costs of traded divine beings, which causes less interest for those products abroad. This, thus, brings about a loss of benefits for residential makers who send out merchandise, and also a loss of conceivable employments on the local front in light of the fact that makers must lower creation or withdraw from the fare advertise inside and out.

Development Broadcasting in India and Beyond

In this journal, Fursich sets out by decrying the effect of commercial satellite television in many Asian countries whose media was state run. This, he says, leaves the old-hand broadcasters with only one way of survival: reassess their role in the newly competitive market. Fursich has a valid point here; the old broadcasters have to re-invent themselves in the ever dynamic market landscape lest they remain irrelevant (Johnson, 54). As we are left to think of the reassessment of the new market’s needs, the issue of globalization of commercial media should be centermost.The Indian context used by Fursich to advance his argument does not out rightly discredit his point because of the premise that many a researcher have researched on Indian media with reference to the topic. However there are disparities in the measure of response to media commercialization in different third world countries (Eko, 67). To use the Indian broadcaster Doordarshan (DD) as a microcosm of all the third world media is to overlook some vital components of a totalitarian research.In fact, it makes his expose’ much of India and less of â€Å"and Beyond†, an aspect which could have been avoided if Fursich could quote the media situation in some other third world nations. The severe pressure that Fursich says has faced DD in the new satellite and cable channels’ era awaits most of those other â€Å"traditional channels†-those that were there before the advent of commercial satellite television (Hamelink, 174). This is because the media was government owned, and the basic purpose was to educate the masses making the need for financing an n entertainment channel veer off the reason for its establishment.Even as the general policy of these state-owned channels change, to borrow from the Doordashan’s case, the issue of tailing and not leading arises as he aptly states. Most state-owned media across the third world form poor matches to the numerous private ly owned commercial channels; one is because their content is more dynamic and the channels are many. The mention of the Television’s historical development since 1950’s serves as a base for understanding the notion of broadcasting as a tool for national development, a concept that still rules in most African media settings (Eko 179).This tool for national development is what later turned to be a political tool. The argument here fits into the reality very well as stated by Cambridge (151) that the state owned and funded media were overly dependent on western programming and furthered the interests of the political elites while at the same time limiting the forms of expression and national identity development. The present situation, thanks to commercialization of the media has greatly increased the use of communication as part of international trade agreements and not political initiatives (Hamelink 172).The negotiations in international trade have also enhanced priva tization of communication infrastructure a point mentioned by Fursich in his article. The state funding, its abuse by political elite and the widening global marketing can be said to have liberated the media. This follows from Hamelink’s argument (Hamelink 172) above that international trade agreements and not political initiatives improved communication. The end result as Fursich states was that the state-owned broadcasters had to adjust to what he calls a mixed economic model that encompassed advertising and reducing state subsidies.The new commercial media environment, he adds, led to among others proliferation of shows stations and formats with advertising focused on the haves, neglecting the have-nots. I could not agree more with Fursich on this point primarily because ,brought down by the heavy financial needs so as to achieve its national goals, the national broadcaster of any country will use all means possible to hang onto the issues in its blue print. When faced by imminent downfall, what did Doordarshan do? This question could as well apply to any other state-owned broadcaster in the third world.DD however had an upper hand as its basic foundation on development mandate and though tailored for this purpose, it positioned itself as not only local but also international competitor to the channels that offered a range of programs. From this information, the issue of ambition can be seen, raising question whether the aims of a given broadcaster can be realized if it crosses the geographical boundary of a third world nation and still aim to satisfy the locals and the ever competitive international market (Johnson, 2000).The same rhetorical can be inferred from Fursich’s article. India’s effort in making its broadcast center on programming and technological innovations that dealt with agricultural education and nation building is worth appraisal unlike, as Fursich says, the other post-colonial countries’ mixed programming strat egy that imported former colonial masters’ programs. This allowed the educational aim of the media to be realized as the citizenry were given lessons on what locally faced them and thus doing away with the surrealistic mixed genres of other post colonial nations.The state funding of the DD, which was increased (Kumar, 20) thereby enabling promotion of state initiatives and later assisted in the setting of additional centers other than New Delhi. This is worth borrowing especially by the third world nations whose state-owned media stations are at the verge of collapse due to inadequate financing. The focus on the primary goals of a state-owned media can be kept at the same time introduce entertainment programs that were not initially planned for. This can be seen in the case of DD which housed two operas in 1980’s (Fursich, 378) that had been slotted in by the broadcaster in its bid to go commercial.The themes of the opera the Hum Log was family planning, and women educ ation ,topics that cannot be said to be just for entertaining households but also educating them. The point here is that programs can be chosen so as to work in a two-pronged way, entertain the citizenry and educate them (Kumar 30). The coming into the Indian market by such private broadcasters as CNN and MTV can serve as an eye opener to the state-owned media in the third world into the insight of collaborative business contracts which will ultimately rid them of any financial problems that may result due to the state’s inability to fund them fully.The localized transmittance of certain programs that appeal to the locals as in the case of India can greatly improve the markets of upcoming economies. The locals will be paying for the programs they like most and in return the state will easily achieve its goals. This is a noble initiative by the Indian broadcaster that should be adopted by the other third world nations. In this case, such issues as cultural conservation can eas ily be achieved because the localized transmittance serves persons with more or less the same cultural orientations.Some worries may creep into the state-owned broadcaster because while is strives to accomplish its missions, the state has a stake in what should really reach the citizenry thus making these state-owned media to lack autonomy. Having looked at various aspects of the Indian broadcaster and what challenges it has faced, I can postulate that the same challenges can befall any state-owned broadcaster in the third world. The choice of India a representation of all the third world countries without an attempt of a comparative approach cannot discredit the immense and valuable information by Fursich’s article.

Sample of Document

Entity:| Vietcombank| | Period ended:| 31/12/2012| Significant class of transactions/significant disclosure process name:| Credit origination – Transaction processing| | Significant class of transactions/ significant disclosure process owner:| Credit Policty at HODebt management division Client Division | |We obtain an understanding of the significant classes of transactions (SCOTs) and significant disclosure processes to identify and understand the risks of material misstatement at the assertion level (i. e. , what can go wrongs (WCGWs)) and, when applicable, to identify and understand the controls over the WCGWs. This template assists with completing S03 Understand significant classes of transactions and significant disclosure processes. Significant accounts affected and key business and financial statement risks related to these accounts: * Loan Acc * Interest Acc * Provision Acc * Expense Acc * Receivable Acc| Relevant assertions: * Valuation * Completeness * Right and Obl igation * Presentation and Disclosure * Existence | Nature of the SCOT (routine, non-routine, estimation): * Routine| Starting point (initiation) and timing of initiation and recording of the SCOT or significant disclosure process: * Customer’s application| Specific circumstances affecting the form and extent of the documentation: * None| Name of the IT application that supports the SCOT * | Inputs/outputs of the critical path of significant class of transactions/significant disclosure process| Inputs/outputs of the supporting IT application| Inputs: * | Inputs: * | Outputs: * | Outputs: * |Critical path (initiating, recording, processing, reporting, correcting incorrect information) We obtain an understanding of the SCOTs and the significant disclosure processes by obtaining an understanding of their critical path. The critical path includes: * Initiation: the point where the transaction first enters the entity’s process and is prepared and submitted for recording * R ecording: the point where the transaction is first recorded in the books and records of the entity * Processing: any changes, manipulation or transfers of the data in the books and records of the entity * Reporting: the point where the transaction is reported (i. e. posted) in the general ledger. When we obtain an understanding of the critical path, we obtain an understanding of how incorrectly processed information is detected and corrected on a timely basis. We also obtain an understanding of how transactions are accumulated and posted from the sub ledger to the general ledger, including controls over associated journal entries. We obtain an understanding of the policies and procedures in place that management uses to determine that directives are carried out and applied, including: * Authorization * Segregation of incompatible duties * Safeguarding of assets * Information processing * Performance reviewsWe use our understanding of the critical path and the policies and procedures to identify WCGWs and, when applicable, relevant controls. In the course of acquiring an understanding of the processing procedures, we frequently learn of many of the controls in use. Thus, while the emphasis at this point is not to identify the presence or absence of controls, we are alert to the possible absence of controls, and to the points at which errors could occur and controls are needed. We consider the effect IT has on the SCOTs and the significant disclosure processes. The manner in which we document our understanding of the SCOT or significant disclosure process is left to professional judgment of the engagement executives.However, for critical paths related to routine transactions, a graphical depiction of the flow (e. g. , flowchart), supported with narrative notes (e. g. , use of this template) normally provides for easier identification of the types of errors that can occur. No. | Describe the critical path for the significant class of transactions/significant disc losure process| Describe the automated aspects of the significant class of transactions/significant disclosure process, including: * Manual aspects that depend upon computer functionality or computer generated data * IT applications/infrastructure| 1 | Credit appraisal and granting proposal 1. 1. Loan application:For both HO and Branches, Credit Dept. s organised into 3 divisions:- Client and Project Investment (optional): responsible for receiving and appraising loan request, monitoring and finalizing/ liquidating the loan. – Debt Management: mainly responsible for storing credit contract and other supporting documents as well as updating required information into system; work with Client Division in monitoring the loan. And two Risk Management division : involved in credit approving process in terms of risk assessment. One is under HO and one is based on Ho Chi Minh CityFirstly, Client/ Project Investment officer receives client’s Loan Application and supporting docu ments – which are clearly stated in Article 14 – Decision 228/NHNT. HTQT: Lending Regulations1. 2.Loan appraisal: * Secondly, Based on documents obtained and the present credit regulations, Client/ Project Investment officer appraises client’s application under the following aspects: * Suitability (in relation to approved Credit limit, related regulations and current risk management policies of the bank) * Feasibility, efficiency and level of risk (if exist) related to client’s business plan * Solvency * Collaterals: Client officer who receives and appraises loan request also responsible for monitoring and appraising collateral. Deliverable of the officer at this stage is Collateral Appraisal Report (Form BD 1. 1. v002), including signature of client officer-in-charge and Head of Client Division.Regarding valuation, branches except for compulsory circumstances, are encouraged to cooperate with Independent Appraisal Firms (selected within the list of allow able firms, attached with Document 946/VCB. CSTD – Appendix 01). In case collateral is valued by VCB, Valuation Memo (Form 2. 2: Bien Ban Dinh Gia) must be prepared with signature of client and bank representative, under Decision 30/ VCB. CSTD. For collateral of over 20 billion VND, branch must send to HO the appraisal documents by Appraisal firm and Appraisal/ Periodic Revelation Report (Form BD 1. 2. v002), within 2 days since the reports are given their approving authority. | Manual | | * Next, Client/ Project Investment officer prepares and signs Report of Credit appraisal and granting proposal (Bao cao th? m d? h va D? xu? t c? p TD), following Form 1. 4A, 1. 4B and 1. 5. * The Report is then submitted to Head of Client/ Project Investment Division (TP KH) for revising and signing in case the deliverables of Client/ Project Investment officer are accepted. Otherwise, he/she needs to document reasons as well as additional opinions * Credit/ Project Investment officer then prepares submission documents. a) For clients granted Credit limit, Client officer submits to Branch’s Director/ Vice Director or Client Director (GD KH) for HO clients. b) For clients granted Credit limit but required by Credit limit approving authority (C? p th? m quy? n phe duy? ) to seek for higher authority’s approval when granting the loan, Client officer submits to both Branch’s Director/ Vice Director and the authority which is stated in Announcement of Credit limit Approval (Thong bao phe duy? t GHTD). If the higher authority is Local Credit Committee (HDTD co s? ), there is no need to submit to Branch’s Director/ Vice Director. c) For clients not yet granted or beyond Credit limit, Project Investment loan is issued. – Branch-based client: Client/ Project Investment officer submits to Local Credit Committee’s Director to organise meeting based on its Regulation on Operations. – HO-based client: Client/ Project Investment off icer submits to authorised Client Director. For the credit limits beyond authority of Client Director, submission is sent directly to HO’s Credit Risk Management Division for subsequent steps. Submission documents include: * Client’s Loan Request (original) * Report on Credit/ Project investment appraisal and granting proposal (original) * Credit Scoring and Rating Table (original) * Legal documents for new customers * Financial statements * Other relevant documents (if available)| | 2. | Loan approvalBased on Report of Credit appraisal and granting proposal, signed by Client officer and Head of Client Division together with supporting documents, the following parties in accordance with their specific authority will start the approving process:2. 1. Branch’s Director/ Vice Director * In case credit granted within Credit limit, Branch’s Director/ Vice Director approves the credit grant based on Report of Credit appraisal and granting proposal signed by Cli ent/ Project Investment officer and Branch’s Director/ Vice Director, as well as accompanying submission documents. In case credit is granted within Credit limit but required by Credit limit approving authority to seek for higher authority’s approval when granting the loan, Client officer submits to both Branch’s Director/ Vice Director and the required authority (If the higher authority is Local Credit Committee (HDTD co s? ), there is no need to submit to Branch’s Director/ Vice Director). 2. 2. Local Credit Committee * Following its Regulations on Organisation and Operations, Local Credit Committee’s Director organises meeting based on submission documents prepared by Client/ Project investment officer. This Committee includes Branch’s director, Vice director and head of Client, Investment project and Debt management division. Local Credit Committee approves credit grants which fall within its authority. Otherwise, based on acceptance opi nion of Local Credit Committee, submission documents are then sent to Risk Management Division by client officer for subsequent steps. * For branches under the processing range of HCM-based Risk Management Division, Client officer submits set of Loan Proposal documents directly to HO’s Risk Management Division and 1 copy of Loan Proposal Form (Form 3. 2) to HCM-based Division in case of beyond its authority. * Branch’s set of documents include: * The original Request for Loan approval Form 3. 2 (T? trinh d? ngh? phe duy? t tin d? ng/DTDA) signed by Local Credit Committee’s Director. A copy of Local Credit Committee’s Meeting minutes * Submission documents to Local Credit Committee| Manual| | 2. 3. Risk Management Division * Based on set of Loan Proposal documents from the Branch, Risk officer evaluates credit risks and prepare Credit Risk Assessment Report (Bao cao ra soat r? i ro c? p tin d? ng) using Form 2. 3A/2. 3B/2. 4 * The report is then signed by Risk officer before being submitted to at least 2 controllers of Risk Management Division, who later provides their approval plus signature. * Afterwards, Risk officer prepares and signs off every page of Announcement of Credit/ Project Investment Approval( Thong bao phe duy? t c? p tin d? ng/DTDA) Form 4. , before: * submitting to Head of Risk Management Division and Risk Management Director for signature; * sending an original to the proposing Branch; a copy to General Director as well as relevant Branches. 2. 5. HO-based clients/ projects within Client Director’s approving authorityCredit proposals under this case are only considered ‘approved’ when the Report of Credit appraisal and granting proposal is signed and given acceptance opinion by Client Director. Accordingly, Client/ Project investment officer prepares (Thong bao tac nghi? p) and transfers documents to HO Debt Management Division for storage, system entering and other subsequent steps. 2. 6.Risk M anagement Director and Client DirectorUnder this circumstance, Risk officer duplicates the steps within the approving authority of Risk Management Director as stated above. The proposal is only considered ‘approved’ when obtaining signature of both, except for either of them is absent. | | | 2. 7. Central Credit Committee * Central Credit Committee bases on Credit Risk Assessment Report (signed by at least 2 controllers of Risk Management Division) and Branch’s document set (original) prepared by Risk officer to call a meeting. * According to Meeting minutes, Risk Management Division prepares and signs off every page of Announcement of Credit/ Project Investment Approval (Form 4. 2) before submitting Director Central Credit Committee for signature. Then submit to: * Client Division at HO an original for subsequent steps * relevant Branches 01 copy * HCM-based Division a copy in case of approving the proposal of branches under its authority. 2. 8. Board of Directo rs * Under this circumstance, after being approved by Central Credit Committee, Risk Management Division prepares submission documents in accordance with Regulation of Loan grants under approving authority of BOD. * Risk Management Division then prepares Approval Announcement and sends documents in such a way as cases under Central Credit Committee’s authority; in which, documents to Debt Management Division must include Loan Approval Form by BOD. | | 3. | Making loan contract and collateral contractBased on approving results, Client officer continues to seek signature for loan and collateral contract. 3. 1.Loan contract/Collateral contract * Client/ Project Investment Division signs off (ky t? t) every page of loan contract/collateral contract and send to client for confirmation. After signing off by Client and Bank ‘s representer, Loan contract was sent to Accounting division and Debt management Division. collateral contract was sent to Storage division * If any disag reement arises, Client/ Project Investment officer must report to Head of Division. If necessary to amend content or approval conditions, Client/ Project Investment Division issues Form 1. 6: Report on Appraising and Proposing Credit Adjustment, submit to authorised bank representatives for approval. After obtaining client’s signature and original of collateral contracts, Client/ Project Investment Division register collateral transactions. * Client/ Project Investment officer prepares 02 (Thong bao tac nghi? p m? HDTD), sign off and submit to Head of Division for signature, before sending to Debt Management Division (relevant documents included) for storage and entering into system. * In case clients do not have CIF yet, Client Division prepares Thong bao tac nghiep mo so CIF (Form 5. 8) then sends to Transaction Accounting dept. to open new CIF. | Manual| 4. | Putting data into system and managing credit file * After signing loan contract, Client officer prepare and sign on â€Å"Thong bao tac nghiep m? h? p d? ng tin d? g† containing all information needed to put into system, conditions to disburse, a list of documents needed to store and special conditions needed to manage the loan. After that, debt management officer recheck and sign on â€Å"Thong bao tac nghiep†. * Basing on â€Å"Thong bao tac nghiep†, Debt Management officer is responsible for putting data into system. However, only when it is approved online by head/vice of debt management Division, will client data be disclosed on system. Debt Management officer stores all the documents listed on â€Å"thong bao tac nghiep†| IT Dependent| 5. | Disbursement of loanThe disbursement of loan involves the following steps which depend on the appointed approving authority.However, all of the appointed divisions are held responsible for checking the conformity of client’s withdrawal documents with credit contract. 5. 1. Client/ Project Investment DivisionIf withdraw al request is valid, Client officer prepares â€Å"Thong bao tac nghiep du dieu kien rut von† (Form 5. 4), signs off and submits to Division Head for signature before transferring documents to Debt Management officer for disbursement. 5. 2. Debt Management DivisionThe division directly receives withdrawal request from client and perform checking procedures. Client is required to amend information if found unsuitable. Otherwise, Debt Management officer starts disbursing the loan. 5. 3.Client/ Project Investment Division receiving request, Debt Management Division performing checking proceduresWithdrawal documents after being received and checked by Client officer, Debt Management officer takes over for disbursement, based on Credit Approval Announcement and Credit contract. If documents are found invalid, they are sent back to Client Division for completion. 5. 4. Higher authorityClient officer prepares â€Å"Thong bao tac nghiep du dieu kien rut von† (signed by him/her and Head of division). Afterwards, based on credit approval results, Client officer submits the above document and other supporting ones to higher authority. If approved, the documents are transferred to Debt Management for disbursement.The details of disbursement process are briefed as follows: * Debt Management officer opens loan account, fills in CIF, signs off Loan Receipt Note before updating into system for online approval of Division’s Head. * Next, the officer sends: * 01 Loan Receipt Note to client * 01 Loan Receipt Note and supporting documents to relevant departments for disbursement * The last Loan Receipt Note stored in the division. | IT Dependent| 6. | Post-disbursement Monitoring of Loan * At least every 6 months, Client/ Project Investment Division must recheck the loan usage status (usage purpose, collateral status, the balance between assets resulting from the loan and the outstanding balance).This is implemented in accordance with the predetermined plan ( monitoring schedule and methodology), which is proposed by Client officer when preparing Report of Credit appraisal and granting proposal or when â€Å"Thong bao tac nghiep† at the latest. * For collateral monitoring, the following aspects must be assured: * Status compared to previous visit * Forecasted revaluations * Client’s conformity in preserving collateral * Proposal to modify collateral management methods (optional) * Proposal to add/ replace collateral (optional) * Debt Management Division is held responsible for reminding Client/ Project Investment Division about loan monitoring schedule. The result must be documented on Loan Monitoring Records (Bien b? n Ki? m tra), which is signed by Borrower’s representative and submitted to Head of Client/ Project Investment Division for revision and comment. * In case Client/ Project Investment Division detects any signals of risk, officer takes the initiative to propose the corresponding solution (included in Loa n Monitoring Records) before submitting to Head of Division, Director of Client Division (for HO-based clients) or Branch’s Director/ Deputy Director. * After finalizing the Record, officer sends 01 original to Debt Management, 01 copy to Risk Management Division for co-monitoring. | Manual | 7. Credit Adjustment * Depending on the real situation and client’s demand after credit approval, credit adjustment can be made correspondingly. * Procedures of Credit Adjustment are conducted in the same manner as that of Credit Proposal and Approval (only those who are authorised to approve credit are able to approve credit adjustment). Client / investment project officer prepares Report of credit appraisal and credit adjustment- bao cao th? m d? nh va d? xu? t di? u ch? nh tin d? ng. At risk management division prepares Credit risk assessment for adjustment report – Bao cao ra soat r? i ro di? u ch? nh c? p tin d? ng. * Client/ Project Investment Division prepare Thong b ao tac nghi? p di? ch? nh HDTD. | Manual| 8. | Loan and interest collection * At least 10 days before due date, Debt Management officer prints out the list of loans and transfer to Client/ Project Investment Division whose officer prepares a document to inform clients and in charge of pushing clients to pay principal and interest * System automatic calculate interest income for loan group 1 * At the due date of loan, Debt Management officer prints out the report of principle and interest up to due date and checking. Then this report is submitted to Head of Debt management for approving. This report is then transferred to Accounting Division for collecting. If collected in cash, Client has to pay at first at Cash Division. ; after collecting enough and checking, Cash Division. will sign on â€Å"Deposit slip† (Cash receipt) then transfers Cash Receipt Note to Accounting Division for booking entry. * Accountant makes the following entries: * With principal collection:Dr. : Cash / BankCr. : Loan to Customer * With interest collection:Dr. : Cash/ BankCr. : Interest Income * Accounting voucher printed out and signed by controller and chief accountant. | Application A*N*t Interest = ————- 360*100 A: Outstanding balance N:Days (From the last payment day to the next payment day). t:interest rate | 9. Overdue Debt Management * When the loan turns into overdue, debt management officer sends a Reminding Letter to the customer (at least once a month), approved by the Head/Vice of Debt Management Division. This letter is transferred to clients and a copy is also to deliver to the credit officer. * If the customers still don’t make payment after more than 3 times received the Reminding Letter, credit officer proposes to the Head of Client/ Project Investment Division to work directly with the customer’s representative to cover the debt. * Client/ Project Investment Division combines with Risk Management Division and Legal Divi sion if necessary to protect all the interests of VCB. | 10. | Contract liquidation and Collateral Release Collateral * After the client pays all principle and interest, Debt Management officer prepares and signs on Loan Closing Announcement (Thong bao dong h? so vay). * Client officer informs client of Loan Contract Liquidation (Form 7. 2). * Debt Management officer hands over all relevant documents to Client/ Project Investment Division before the former Division transfers to clients and sends the original of Handover Record (signed by both handover and takeover) to Debt Management for storage purpose. * Finally, Client/ Project Investment Division cancel Collateral Transaction Registry. | |