Explaining Vital Financial Derivatives Employed Within Portfolio

Question: Discuss About the Vital Financial Derivatives Employed Within Portfolio Management? Answer: Introduction The current assignment indicates the implementation of suitable financial derivatives by the portfolio managers in order to enhance their overall investment return. Financial derivatives are deemed to be of four distinct types that facilitate the investors to attain increased access within the market. The implementation of derivative facilitates the investors to hedge their total exposure within the capital market (Berezhnoy et al. 2014). Such derivatives also facilitate the portfolio managers and the investors in order to apply important investment theories in order to attain high profits. The overall assignment generally analyses within hypothetical situation in which all the four distinct types of derivative instrument is analysed and managed. Finally, the total recommendation meant for the portfolio managers that might facilitate in enhancing the total process along with offering great capability for enhancing profits through employing the distinct derivative instruments. There exist distinct kinds of financial derivatives that might be employed though maintaining portfolio management of such derivatives those are explained: Forward Contract Derivatives Forward contract derivatives are considered as the simplest form of decorative instrument that is applicable just for one day. This is deemed as among the oldest contract forms the investors in order to hedge or loss control carries that out in upcoming years. The forward contract is deemed as an agreement that is to be carried out between two parties considering a product sale or certain instrument in the upcoming years (Bodie 2013). Such instrument is used widely at the time of future contracts intervention. Numerous investors are considering using the forward contracts in an efficient manner until the day for maintaining suitable exposure within market. It was also indicated that forward contracts are majorly carried out between two major counterparties in which there is less exchange responsible transactions. In account to the same, it was argued that the application of future contracts must not facilitate or oblige several parties for maintaining commitment in consideration to t he contract. Details regarding the forward contracts can be maintained confidential for the public for the reason that it is not that important to offer important details in consideration to the transactions (Dutta 2016). Forward contract facilitated investors to control the increasing prices in a better manner and decrease in certain losses that can attain income from the volatile capita market. In the recent years, forward contract is employed within currency exchange that is carried out by a bank. A forward contract example Particulars Value Value AUD payment 2,000,000 Current AUD/USD Rate 0.75 = 2,000,000 * 0.75 = 1500000 Forward Contract Rate 0.73 = 2,000,000 * 0.73 = 1460000 Expected AUD/USD Rate 0.72 = 2,000,000 * 0.72 = 1440000 Reduction in losses 20000 A company that employs AUD USD rate for decreasing the volatility within the exchange market for the payment, which requires to be transformed into USD. The total use of forward contract majorly facilitates in decreasing losses by $20000. This was deemed possible through employing a forward contract that dealt with overall exchange rate and decreased all the risks that might be experienced by an individual while exchanging payment. This majorly facilitates the investors to address the total exchange rate that helps in ecreasing certain risk within the capital market (F?t and Pop 2015). Future Contract Derivative Future contracts serve as a feasible transaction that might be carried out which facilitates the investors in carrying out suitable investment decisions. Such kind of contract is deemed identical with the forward contracts in which specific commodity sale is carried out on a particular upcoming date. In contrast, certain commodity prices are fixed within the recent date that facilitates in decreasing the type of price volatility that might think in the upcoming year. Future contracts employ exchanges that are carried out by a medium that facilitates and obliges several parties to address the part within bargaining. Future contracts carried out within a previously designed format that must be followed by an investor through carrying out investments and transaction (Frino, Mollica and Webb 2014). In addition, future contract consider following a regular settlement contract format in which the overall gains and losses can be realised on a specific day after the trading day commencement. Within future contracts, the buyers and sellers do not form the type of contract to enter within an agreement that they considerably transit within the exchange. For this reason, such exchange is generally accountable for certain transactions carried out within future contracts and is liable to pay all its parties. Future contract example Particulars Value Value Buying Gold 150 ounce Current Gold price 1358.63 = 150 * 1358.63 = 203794.5 Future contract 1365 = 150 * 1365 = 204750 Expected Price 1450 = 150 * 1450 = 217500 Reduction in losses 12750 From the total analysis of the future contracts is an instance that might be understood with decrease of $12750 worth the value in gold purchasing bus conductor. Such decrease was attained majorly for employing a futures contract that facilitates in the current prices locking related to gold along with facilitating the investors for gradually decreasing high losses in purchasing thee gold commodity (Johnson 2015). Such type of extensive employed facilitates the investors in enhancing their recent financial exposures within the market in a better manner. Option Contract Derivative Option contract derivative serves as a third option that can be employed by investors for effectively hedging exposure within capital market. The option contract facilitates investors in efficiently hedging against certain future volatility that can be expected by them. There are two kinds of options and they are greatly used by investors that include call option and put option. Call option is deemed appropriate that facilitates investors and purchases something at a future date at a specific price (Hou 2017). Moreover, put option majorly facilitates investors to sell certain things at a specific price. In addition, option contract offers an efficient selection to the traders as this might facilitate trade in future. An important selection facilitates investors in order to speculate market effectively and decreasing several extreme losses that might be carried out in the investment period. The option contract is majorly carried out within the support to an exchange to be an important measure that must be considered while the option trades are carried out. Option trades might facilitate the investors in enhancing their exposure within the market with several small premiums offered by the people. At any expense of premium, the investors might ignore certain losses that might take place in upcoming years. Recently, the option contact is in increased demand among the investors for this facilitates them in generating several risks and enhances the investment capability (Norden, Buston and Wagner 2014). Option contracts are carried out relied on process associated with specific instrument and such options are carried out relied on future price volatility for attaining increased investment returns (Lievenbrck and Schmid 2014). The major cost that was experienced by the option contractors is the higher amount that they are charged for carrying out trades. Implementation of pre mium amount supports the investors in decreasing capital blockage. This was previously carried out within future contracts and facilitates them in enhancing the investment ability. It was gathered that because of speculators of the option trading system and novice traders are capable to inflate and generate volatility within the market that in turn decreases market efficiency. Option Contract Example Particulars Value Calculation Formulas and Value Selling shares of Apple 2000 Buying Put Option Current price 162.96 2000 * 162.96 = 23396.7 Strike price 140 2000 * 140 = 19600 Premium 6 2000 * 6 = 12000 Expected Price 130 2000 * 130 = 16900 Actual Price 159 2000 * 159 = 25281 Reduction in losses 28900 - 25281= 3619 loss As per the example mentioned in the table above, option price of an Apple might not offer to deal with important speculation of $130. This gradually indicates the losses of an investor of amount $ 3619 after the person has invested with strike rate of $140 and premium rate of $6. Moreover, the current price with which an investor invested is $ 162.96. In addition, the price decreased by $ 159 that has resulted in a great loss of $ 3619. Swaps Derivative A highly complex contract type within derivative is deemed as swap contract that encompass effective speculation and important research before carrying out a trade. Swap derivatives are majorly carried out on several participants in whom investors employs a fixed rate for interest in order to enhance total gains attained from the investment. The swap trades facilitate investors to the swap interest rates and certain currency in order to increase total financial income. Along with the swap trades, companies are capable to avoid rtes of foreign exchange that might affect an investments overall return (Salazar 2014). Swap trades majorly carried out by the private contractors in order to negotiate among the parties in order to attain important advantages from certain spread. Swap trades are carried out by the investment bankers among the two parties for it facilitates in decreasing risks from the investment. However, Swap trades might facilitate enhancing total risk gathered from currenc y exchange rate that might affect and decrease certain income that can be generated from investment. Amount to be invested 150,000 Interest rate 1st country Interest rate 2nd country Exchange rate 3 0.333333333 savings 7% 3% loan 8% 4% Invested amount 450,000 Interest received 31,500 Converted to 2nd country 10,500 Invested amount 150,000 Invested paid 4,500 Total income 6,000 From total analysis of the given instance, it might be gathered that investment within first nation might eventually facilitate in attaining interest 450,000 that might be transformed to 10,500. Moreover, a loan within second nation code gradually attracts payment of 4500 hat can attain increased income of 6000 for certain investors. This is identified gradually as a swap trade that was carried out by the organizations and investors for enhancing total investment. Evaluating Desirability of Employing within Derivatives within Hypothetical Conditions with Suitable Critics After accomplishment of total analysis of four distinct types of derivative instruments, option contract along with futures contract is majorly recognised to extremely viable investment option. This might also facilitate investors to carry out trades devoid of any important risk. For this reason, certain hypothetical situations in the above conditions in certain instances that majorly indicate the implementation of an option trading along with future trading might facilitate the investors in conducting the investment decisions and carrying out trade within the market effectively (Khumawala, Ranasinghe and Yan 2016). In contrast, forward contracts are the aspects employed within the markets that must be avoided, by the investors along with portfolio managers in order to carry out and offer the required portfolio construction. Moreover, portfolio manager might also avoid swap trades for it just includes complex endeavour carried out by organizations. For this reason, the implementation and option contracts might gradually facilitate a portfolio manager in carrying out and delivering the required return rate from investment. Recommendations and Conclusion After the total analysis of the assignment, it might be realised that the derivatives contracts might facilitate the investors to invest within the market in a better manner. In order to carry out important transactions by the investors within the market that majorly employ the derivative instruments like future, forward, options along with swap contracts. Moreover, use of option and future contracts is considerably higher within the market as it offers effective technique investors in order to enhance the profitability. For this reason, it might be realised that implementation of option contracts serves an effective investment instrument that might facilitate the investors in carrying out high-end trades. For such reason, portfolio managers must attain an option and future contracts for effectively carrying out and develop their portfolio for attaining important investment return. Reference List Berezhnoy, V.I., Berezhnaya, E.V., Berezhnaya, O.V., Telnova, N.N., Ostapenko, E.A. and Shatalova, O.I., 2014. Methodology of application of the systematic and derivative analysis of the conditions of the local raw materials market development.Life Sci. J,11(8), pp.600-602. Bodie, Z., 2013.Investments. McGraw-Hill. Dutta, A., 2016. A Comparative Study of Efficiency of the Market-The Pre and Post Derivative Trading Period in India. F?t, C. and Pop, F., 2015. The Evolution of OTC Interest Rate Derivative Market: The FRA Case.Procedia Economics and Finance,32, pp.1154-1162. Frino, A., Mollica, V. and Webb, R.I., 2014. The Impact of Co?Location of Securities Exchanges' and Traders' Computer Servers on Market Liquidity.Journal of Futures Markets,34(1), pp.20-33. Hou, Q., 2017. Research on the Development of Derivative Products of Comic and Animation Advertising Video of Local Characteristic Culture.DEStech Transactions on Social Science, Education and Human Science, (icsste). Johnson, C.A., 2015. Moving from Soft Law to Hard Law in the Derivative Area: A Case Study.The Changing Landscape of Global Financial Governance and the Role of Soft Law, p.258. Khumawala, S., Ranasinghe, T. and Yan, C.J., 2016. Why hedge? Extent, nature, and determinants of derivative usage in US municipalities.Journal of Accounting and Public Policy,35(3), pp.303-325. Lievenbrck, M. and Schmid, T., 2014. Why do firms (not) hedge?Novel evidence on cultural influence.Journal of Corporate Finance,25, pp.92-106. Norden, L., Buston, C.S. and Wagner, W., 2014. Financial innovation and bank behavior: Evidence from credit markets.Journal of Economic Dynamics and Control,43, pp.130-145. Pinzur, D., 2016. Making the grade: infrastructural semiotics and derivative market outcomes on the Chicago Board of Trade and New Orleans Cotton Exchange, 18561909.Economy and Society, pp.1-23. Rauterberg, G.V. and Verstein, A., 2014. Assessing transnational private regulation of the OTC derivatives market: ISDA, the BBA, and the future of financial reform. Rifai, N., Syaukat, Y., Siregar, H. and Gumbira-Sa-id, E., 2015. Factors affecting increased export of Indonesian palm oil and its derivative products to the United States of America market.Journal of ISSAAS (International Society for Southeast Asian Agricultural Sciences),21(1), pp.137-146. Roukny, T. and Battiston, S., 2014. A network analysis of the evolution of the German interbank market. Salazar, M., 2014. Swapping More than Regulations: Reexamining the Goals of the Dodd-Frank Act and the European Market Infrastructure Regulation on Over-the-Counter Derivative Markets.Sw. J. Int'l L.,21, p.217. Sharma, P., Lee, S., Guo, T., Irwin, D. and Shenoy, P., 2015, April. Spotcheck: Designing a derivative iaas cloud on the spot market. InProceedings of the Tenth European Conference on Computer Systems(p. 16). ACM. Takino, K., 2016. An Equilibrium Model for an OTC Derivative Market under a Counterparty Risk Constraint.

Mcdonalds And You Essays - McDonalds, Criticism Of Fast Food

Mcdonald's and you McDonaldization of Society In today's' complicated and ever changing society, we often try to achieve a sense of stability and familiarity around us. One way our culture has tried to make life a little easier is by implementing a function now know as McDonaldization. McDonaldization is defined as the process by which the principles of the fast food restaurant are coming to dominate more and more sectors of American society as well as the rest of the world. (1) The success of McDonalds, and of McDonaldization as a whole, is due to four basic factors--efficiency, calculability, predictability, and control. One of the first functions of McDonaldization is efficiency. Efficiency means choosing the optimum means to an given end. In our society, people like to have things go as quickly and as smoothly as possible, but they do not want to find out the fastest way themselves. Instead, people like to have a system that has already been used and that they know works. Efficiency has its advanta ges for both consumers, who get what they want quickly and with little effort, and for workers, who can perform their tasks in a simple manner. The fast food industry is very streamlined, because hamburgers are the simplest food there is to make. Other foods also do not need a lot of ingredients, and they are simple to make and to eat. Most of the food is also prepared so one can eat it with their hands, thereby reducing the need for utensils. In the process of McDonaldization, consumers are forced to do a good deal of work as well. They have to stand on line, carry their own food, and throw out the garbage. This is not as efficient for the consumer, but it saves time for the workers. Education, health care, and the work place are all becoming McDonaldalized in order to become more efficient. Efficiency in McDonaldization has streamlined many processes, simplified goods and services, and forces the consumer to do work as well. Another factor of McDonaldization is calculability. This tends to put more of an emphasis on quantity rather than quality, but it allows the consumer to get a lot of food quickly. When things are easily counted, it facilitates the process by making it more predictable by using the same amount of materials. Part of McDonalds is an emphasis on size. Everything is super sized, or have names that make food items seem larger than they actually are. Calculability, however, also leads to the quality of the food being neglected. Because people feel as if they are getting a lot of food for their money, they are not as worried about how good it tastes. Food is always weighed and measured precisely, which is another part of calculability. All burgers weigh the same amount, there are the same number of fries in each container, and the new drink machines dispense the same amount to each cup. This same theory is seen in our education system. Students are herded through, and no one really pays much attention to what or how they are learning, just that they receive high grades so they can get into a good college. Health care has also seen the impact of these, because now patients are mainly treated just to squeeze some money out of them, and doctors seemingly don't truly care about their patients anymore. Calculability basically reduces the quality of goods, but improves the quantity of them. The third function of McDonaldization is predictability. In our society, people usually want to know exactly what to expect from a given situation. Predictability gives the consumer a break from having to make difficult decisions, and the worker can perform their task with little effort. The needs of everyone become easily anticipated. One of the first places predictability became common was with motel chains. Before motels became franchised, guests didn't know exactly what they would be getting, for the good or the bad. But then hotels such as Holiday Inn and Howard Johnson's started, and guests knew exactly what they were going to get when they stayed there. This new practice was copied in the food industry, namely by McDonalds. First, they started with

Effective communication and interpersonal interaction in health and social care Essays

Effective communication and interpersonal interaction in health and social care Essays Effective communication and interpersonal interaction in health and social care Paper Effective communication and interpersonal interaction in health and social care Paper In this assessment I am going to demonstrate an understanding of effective communication and interpersonal interaction in health and social care. I am also going to talk about the types of communication i.e. formal and informal and also what is good or bad communication. One-to-one communication When starting a conversation with someone you have never met before, you should first try to start a positive atmosphere with the right kind of feeling. It is also very important to create a positive emotional atmosphere so that the person can feel comfortable with you from the start so you can discuss complicated issues or give information. For example when I was working in the nursery I had to talk to the child that was crying because they didn’t want to leave they parents so I had a one to one conversation with him and I made sure that the child knew that I was happy with him and wanted him to come play with me and to stop crying by my facial expression and body language. I asked him a lot of open questions like ‘What did you do at the weekend? and How was you Christmas? He was talking back. He felt relaxed and happy which made him forget about his parents not being around. He was happy to speak to me and he felt like he was not alone. How a conversation could go Greeting or a warm up Conversation or information exchange Farewells or winding-down When you have got someone talking and relaxed you have created a good feeling. You can now start to talk about anything with them. Sometimes you can even start a personal conversation asking how their health and family are and talk about any problems they are going through. When the conversation is coming to a end you would want the person to want to talk to you again so you have to leave with the right kind of emotions. You could end it with a phrase like ‘see you soon’ which shows them that you enjoyed their company and would like to talk to them again and to also show that you value them. Group communication Group communication only works when everyone is involved. Some people are open but on the other hand some people are quiet and don’t like to talk so they feel threatened if their have to speak within a formal group of people so there might stay quiet because they are worried about people reactions, I was working in a youth club and I had to get the children talking about an activity the club wanted to do with them. It’s very important that everyone in the group feels included because that will bring the right atmosphere and my job was to hear what they wanted to do. The youths in the group often use humour or other friendly ways of behaving to create the right group feeling, this will encourages them to talk and get involved. Creating the right atmosphere involves ‘maintaining’ the group so this aspect of group communication is often called group maintenance. Group leader There are different type of groups sometimes you need a leader and other times you don’t, but the groups with the leader turn out to be more successful than those with out a leader. In meetings or classroom discussions you would find a leader or a chairman for example in the youth meeting I took with the youths I was the leader and because the discussion had a leader it was successful everyone new I was the leader as well so when I said you talk there talk and I made sure there was no trouble makers there. When talking or arguing with your friends you often don’t have a leader that’s why it’s often loud and get out of control. Having a leader is very useful because the leader can encourage people to say what they have to say and for people to speak one at a time. The leading also often encourages people to focus on a particular task within a group. See of signs and symbols In a working environment signs and symbols are everywhere because its one of the best way of communicating without saying anything instead putting a picture where everyone can see it. I am going to be talking about how effective signs and symbols are in a care setting environment. People from backgrounds ages and even race if you put a sign in front of them there would be able to tell you what the sign says. When I was working in a nursery there was a child who could not speak English so we had to teach her using signs and symbols. When we wanted to talk to her we used sign language and she could understand everything we were trying to say. In the nursery I was working in there was lots of signs everywhere because children like colours, signs and symbols these are normally in lots of different colours. There could be signs or a symbol for every word in for example This sign mean wash your hands after using the toilet. Sign language is used a lot even in a nursery because Written communication Written communication is the best way of remembering what you have been told for example when I started my work placement I was given an introduction package showing me where everything was and what the nursery was all about. I still use it even through I am working there. Written communication allows you to keep information for as long as you want. When we had staff meeting we would have a sheet that tell as what the meeting is about before the meeting start and the order the meeting is going to go. When something is written its also easier to understand when someone is saying it because you can read it as much times as you want where us if someone is saying it and you miss what there said you would have to ask to say it again and if you keep asking then the person will be angry with you. In class when we are set work the teacher will tell us to write down or take notes on what he is saying so that when we are doing it alone we would know what to write and how to do it. In the nursery I was working in I had to do an activity with the children so I done a written activity where there are going to learn how to write and spell there names it was very successful because there got to take it home and learn it even more and now there all know how to spell there names and write it. Language (first language, dialect, slang, jargon) When it comes to language and communication it goes to ways because sometimes when you want to communicate with someone you have to speak in a language where there can understand you. Because different localities, ethnic groups and cultures all have their own way of communicating with each other and if you’re not from that group you would not be able to understand what there saying. The fact that you can’t understand what there saying some people are threatened or exclude by the kind of language they encounter in these speech communities however just using formal language will not solve this problem for example jargon is when complicated words are been used because the person and the phone is not going to understand so the communication with you and the person will be broken. People from different geographical areas also use different ways of speaking to each other for example there are words that is used in south east London that are not used in north London for example strap in south means gun straly in north also means gun this is called slang. Slang is non-standard words that are understood by other members of a speech community but which cannot usually be found in a dictionary. When I was working in my nursery I child came from France and not speak a word of English so it was hard to communicate with her so we had to teach her English using her language and mixing it will English so that she can learn. There was another case where a child has an older brother and the older brother speaks slang and the child picked it up and could understand so when I speak to the child I would use slang and the child could understand me more than any other teacher. It is very hard to communicate with someone if don’t speak there language because you would have to keep repeating yourself. According to the author and psychologist Steven Pinker (1994) estimated that there maybe about 600 languages in the world that are spoken by more than 100,000 people he also believe that there are many more minority languages. Some people grow up in multilingual communities where they learn several languages from birth. Where us children in the UK have grown up to only use one language to think and communicate with which is English. The people who learn second language later on in life often find that they cannot communicate their thoughts as effectively as they might have done using their first language. The first language that people have learned to think in usually becomes their preferred language. Non-verbal communication (posture, facial expression, touch, silence, proximity, reflective listening) From the first time you meet someone you usually be able to tell how there are feeling for example if there angry, tried, happy, sad and even frightened even if there haven’t said anything. You can usually guess what a person feels by studying their non-verbal communication. Non-verbal means with out word. We send this message using our eyes, the tone of our voice, facial expression, our hands and arms, gestures with our hands and arms, the hands and arm the angle of our head, and the way we sit To tell people what you‘re thinking of or how you are feeling. When I was working in nursery from the first moment I walked in the room where the kids was I new their characters just my the way their was sitting to listen to the story for example some children were next to the teacher listen to teacher does was the children I thought are good students and a child was trying to talk to the other and he said no. So from that moment I could just see who troubles are and who are not. From the moment I walked in I new the children that was happy to see and the ones that are not just by their facial expression and when I said hi the voice of their voice in the reply. I was talking to a member of staff and this child came up to me and put his hands out and I picked him up I didn’t even have to say anything for the child he just felt happy with me. The use of British sign language The British sign language is used in the UK and it’s the first preferred language of some deaf people. The language involves movement of the hands, body, face and head. Thousands of people who aren’t deaf also use British sign language for example if a person is angry and someone is asking them a question they might answer with a head nod. As hearing relatives of deaf people, sign language interpreters or as a result of other contact with the British deaf community Use of sign Its not only people who have a disability .i.e. deaf or blind use signs and signed languages to communicate as many people who have perfect hearing frequently use non-verbal communication techniques when your out socializing with friends and even out home. We all use sign language in fact it is probably used more often than we realise as sometime you are unaware that you are using forms of sign language to communicate. Variation between cultures Culture variations can have a big effect on the way people communicate non-verbally. For example actions that are not seen as offensive in your home country may be seen very offended to foreign countries. That’s why communication with people from different cultures is especially challenging. Cultures provide people with different ways of thinking, seeing things, hearing, and interpreting the world.

Salt Potato essays

Salt Potato essays Plants in the soil have their roots in a dilute solution of mineral ions. When they are suddenly flooded with seawater, concentration of which is 0.3 molar Sodium Chloride, they are observed to wilt and become flaccid. The aim of this experiment is to investigate the movement of water into and out of plant cells by osmosis. The cells chosen for study will be taken from potato tubers as they provide a ready supply of uniform material. Any substance dissolved in water is called a solute; a solvent is a liquid that is able to dissolve another substance, called a solute, to form a solution. The water content of plants varies depending on environmental conditions. In land plants it plays a vital role in structural support and mineral transport and thus a lack of water may lead to wilting or possibly death. Water is mainly absorbed through the roots, which are covered in specially adapted root hair cells, with large surface areas and thin cell walls to aid absorption by osmosis. The evaporation of water through stomata on plant leaves causes a transpiration stream, causing the water to be drawn up through xylem vessels. Osmosis is the flow of water molecules by diffusion through a partially permeable membrane from areas of high water potential (low solute concentrations) to regions of low water potential (high solute concentrations). All plant cell membranes are partially permeable, which means they allow some some substances to penetrate them but not others. Whether water enters the cell by osmosis will depend on the balance between external and internal solute and water potentials. If the solutions on each side of the partially permeable membrane are of equal water or solute potential, then there will be no net movement of water molecules across the membrane. This is called an equilibrium state and the solutions are referred to as being isotonic. A solution that contains more solute particles than another, and hence has a l...

An evaluation of ths social impact of tourism development in Essay

An evaluation of ths social impact of tourism development in manchester - Essay Example Tourism development starts with the construction of hotels, resorts, restaurants, shopping malls, beauty salons, maintenance of infrastructure, art galleries, museums, water parks and much more. Construction of all these spots is essential if any country wants to earn high revenues from the sector of tourism. Many countries have been famous for their tourism industry namely Rhodes island, France, Switzerland, Singapore, Manchester and Mauritius. In this paper our focus of discussion is Manchester. The tourist culture of Manchester offers tourists an opportunity to discover Manchester’s art and cultural scenes for which it has been and still is famous for. You can have an idea of its beauty and diverse culture scenes either by reading through different articles or by walking through the city. Most of the individuals visit this place because of its remarkable and endless and take with them unforgettable memories of their visit. Though, tourism industry is still going through dev elopment but then, that also serves as an additional aspect to its natural and incredible beauty. Positive and negative aspects of tourism: Tourism affects economy in many ways. Few of the positive aspects of tourism development on economy includes increase in employment, uplifting of economic growth, avoiding migration of local residents, helping in interchanging local products, ideas, costumes and developing a sense of conserving environment in local population as well as in tourists (web 1). Apart from this, visiting other countries helps in developing long term and cordial relations. It builds positive attitude and respect towards each other (Mirbabayev and Shagazatov, 2003). It also provides an opportunity to study and understand each other’s culture and traditions without destroying each other’s cultural heritage. It increases self-esteem of host country as well as of tourists and one attains psychological satisfaction through interaction. Apart from positive asp ects, tourism also affects economy negatively by increasing the consumption of ground, water and energy. Moreover, for the purpose of attracting more tourists huge attention might be paid to the development of new infrastructure that leads to the destruction of landscape (web 1). In addition to these, introduction of new species of plants and animals that might alter the ecosystem can be one of the reasons of tourism effecting economy adversely. Here, the focus of discussion is social impact of tourism development in Manchester. In order to analyze this topic in detail, semi structured interview was conducted, in which local residents were interviewed and the information collected helped researcher to probe into the minute details of the issue under study. Research strategy: Research strategy constitute of primary data collection and secondary data collection. For the purpose of carrying out this research, data was collected through primary source and the instrument used for data co llection is unstructured interview. Interview: An interview consisting of 15 questions was conducted in which local residents of Manchester were interviewed in order to evaluate their perception regarding social impact of tourism development in Manchester. Following are the questions that were asked from individuals: 1. What is your name, age and nationality? 2. To which income level you belong to? 3. For how long you have been living in

Medical equipment lifecycle ( Medical Equipment & Technology Services Essay

Medical equipment lifecycle ( Medical Equipment & Technology Services Management) - Essay Example The advantages which are connected with medical technology are substantial. There exists a disturbing rise in the index of patient moratlity of which medical facility error has been a causal attribute. Medical Technology Equipment from the User's Perspective Academic articles and books have recommended that user participation by means of the inclusion of the ergonomic engineering inside of the medical component architecture and production process (MDDD) presents many advantages which facilitate the production of less hazardous and more efficient medical technology components which cater to the user's needs in a more effective manner. There has not been a great deal of research which has been completed with regards to the user participation in this procedure, the efficacy of the participation of the medical equipment user in providing feedback (Money et al., 2011). Medical technology equipment usage at the planning phase was discovered to be the greatest due to the participation of th e users. Participation of the users at the planning stage is regarded to be of great importance. The most elevated user involvement during the planning phase was to formulate user directed designs which are applied to implementing new efficient product designs. The design outcomes are applied to the manufacture of medical components which have increased equipment user security and that may be effectively applied. Another purpose for the increased user participation at the planning stage is the need for formal planning procedures which should be initiated and concluded with the customer requisites as per regulation ISO 9001. Nonetheless, each phase of the medical component life cycle is integral and required (Shah, 2006, p. 506). In considering a holistic perspective to the comprehension of the interactions between individuals and system components, it becomes feasible to classify the technological characteristics that will best comply with the user's requirements. This holistic pers pective will augment the quality of the medical technology equipment experience and the well being of the user when applying the medical technology. The user centered perspective which is applied by practitioners with respect to ergonomics may enable health care organizations to possess a methodology of application when procuring and applying medical technology. This users perspective includes the ascertaining if the medical technology equipment complies with the ergonomics requisites of the user and if there will be any adverse impact on the technology system of which it will become an integral element (Shaver and Braun, 2008). The Nielsen -Schneiderman Heuristics Perspective The Nielsen- Schneiderman Heuristics are the following elements of evaluations which should be applied from a user's perspective on the ergonomics of medical technology equipment: 1. Consistent results- The users should be aware that the actions which are performed will provide empirically assessed results. 2. Visible operation of the medical technology equipment. 3. Mental compatibility of the user's perception of the medical technology equipment concept. 4. Minimal information requisites. 5. Minimal memorization of the medical technology equipment required. 6. User feedback on the efficiency of the medical technology equipment. 7. Resiliency- The user should be able to custom tailor the medical techn

Contract and Procurement Essay Example for Free

Contract and Procurement Essay Contract and procurement are imperative operations that should be done appropriately for the success of an organization. More often than not, people who are in judge of procurement do take these activities less seriously (MOLENAAR, 2007). Due to such concern most institutions have put in place stringent measures that control all the procurement transactions. In addition to that, people should be employed to be responsible for this duty according to the policies of many institutions should be highly trained (MOSEY, 2009). This sudden change that has taken place in many companies and organizations has real improved the output of the department of procurement hence most activities run smoothly as scheduled. The directors of the department of procurement partly determine the success or the failure of a project that is undergoing. Therefore, the managers of projects work very closely with the procurement officers to ensure that everything that is required is provided whenever its need arises. It is significant that, there exists a good relationship between the project managers and the procurement officers (MOSEY, 2009). If that is not the case, then there shall be contradicting ideas that will jeopardize the progress of the project. It is worth noting that, the duties and responsibilities of the procurement officers vary in accordance with the structure of an organization. This shows that, different procurement divisions have got structures which are designed to make management coordination and monitoring. This arrangement is imperative in improvement of the efficiency of the procurement activities. As aforementioned, the project manager should coordinate the transaction in collaboration with procurement manager to acquire all the requirements. The transactions which are carried out to achieve this are done un der the interpretation of the set policies, rules and regulations (BOWER, 2003). The rules and regulations set by the institution to ensure that the activities are carried out in harmony within all the departments that exist in a company. Unlike in the past, procurement process has dynamically changed and incorporated more activities. It only used to involve purchasing of goods and services required, but that is not the case nowadays (MOSEY, 2009). In procurement planning is done first. It determines whether to purchase a given commodity and if it should be bought the way it should be bought and quantity to be supplied. After this, reliable and potential supplies are determined, and contracts made with to supply the goods ordered (MOLENAAR, 2007). Before a contract is signed, thorough scrutiny is done by evaluating the proposals of the shortlisted vendors and interviews conducted to select the one that is unparalleled in offering those services and goods. After that, the one that emerges the best is awarded the contract. Supervision of the supply is done by the procurement office. Procurement process gives support to the internal activities that are done within an organization. The operations served include management, production and marketing services. It supports all the processes, infrastructure and systems required by the projects. In other the dimension, a procurement body that is independent and separate provides all the things required by the project on a transaction basis (BOWER, 2003). In this case, the director of the project gives a list of things which are required and the procurement officer buys and coordinates the goods until they reach at the company to be used. In either organizational structure, the procurement manager is involved in generating and managing the operational transactions and the linkage that exists between all the stakeholders of the project. This relationship that is created by the procurement manager exists in the whole procurement cycle period (MOSEY, 2009). The relationship between procurement professionals and the project management team is significant in that it creates a better environment for cross functional participation of all stakeholders. Moreover, it enables the procurement department to produce the best services to the project (DINSMORE CABANIS-BREWIN, 2011). Therefore, for the procurement office to fit properly in the organization it must be well acquitted with the management strategies of the project. In a project based organization, there are about five general steps of procurement. Foremost, in collaboration with management, the procurement office should determine the requirements of the project. After determining what the requirements, the supplier is selected, who in agreement with project managers and the procurement professionals is given a contract to supply goods and services. The procurement department supervises and conducts routine assessment on the performance of the supplier until the contract ends (DINSMORE CABANIS-BREWIN, 2011). In centralized corporate management, there is an interaction between the principal stakeholders; the corporate purchasing coordination team, the chief executive officer, the chief purchasing officer, the managers of the business units and the purchasers of the business unit (SANKAR RAU, 2006). All of them have well defined roles and responsibilities in the procurement process. Most companies use formal organizational mechanisms like working groups and commodity teams, non-formal mechanisms of networking like employing competent people and initiating development programs, advanced systems of communication and use of complex management strategies (PENFIELD, 2010). In the centralized business unit procurement, the business units operate autonomously despite the fact that they are under one enterprise. The business unit creates a procurement order ships it to another business unit for supplier. Proper accounting records are kept to show the financial transactions between the two business units (SANKAR RAU, 2006). References BOWER, D. (2003). Management of procurement. London, Thomas Telford. DINSMORE, P. C., CABANIS-BREWIN, J. (2011). The AMA handbook of project management. New York, American Management Association MOLENAAR, K. R. (2007). Alternative project delivery, procurement, and contracting methods for highways. Reston, American Society of Civil Engineers. PENFIELD, P. C. (2010). A primer on negotiating corporate purchase contracts. [New York, N.Y.] (222 East 46th Street, New York, NY 10017), Business Expert Press SANKAR, C. S., RAU, K.-H. (2006). Implementation strategies for SAP R/3 in a multinational organization: lessons from a real-world case study. Hershey, Pennsylvania, CyberTech. MOSEY, D. (2009). Early Contractor Involvement in Building Procurement Contracts, Partnering and Project Management. Chichester, John Wiley Sons.