Recruitment and Selection Policies Case Study Example | Topics and Well Written Essays - 2750 words

Recruitment and Selection Policies - Case Study Example referral based, and for fresh positions via campus recruitments. The selection process is more rigorous and depending on the nature and intricacy of the job, competence of the staff involved in the selection, the costs and benefits associated with the position to be recruited for and most importantly, the time factor. The methods for selection includes just sorting through resumes, conducting tests to judge individual's or potential employee's aptitude, intelligence, trainability and personality, group discussion, interviews and also the assessment centers. Each will be elaborated in detail going forward. Some issues also emerge in the selection process, these will be discussed soon. As discussed earlier, recruitment process begins from identification of the need that the organization needs to fill in a certain vacancy up to the point where the organization receives the application forms or has to decide between whom to hire for the position. The firm has option to recruit either internally from within the firm or external sources. Hiring candidates from within the organization has its own advantages. Firstly, hiring from inside saves the organization considerable amount of money and time because individuals within the organization already has an idea regarding what the company is like, an in depth knowledge of its products and services and how a business functions overall. Thus, lesser investments might be required to develop the fit that is required; thus, saving potential time and the money that is required for training a completely new (external) recruit. More important, these internal promotions incentivize people to worker harder and move up the organizati onal ladder, they become more committed and work harder within the organization. Secondly, since a firm very well knows the individual's strengths and weaknesses as the person has served in the organization for quite some time, all the areas are pre-assessed; when in fact, hiring an outsider has risks attached to it and success might only be on the resume and not the person's practice itself. But, obviously, the advantages do not come alone; some of the disadvantages to the internal recruitment practices for the firm starts with replacing the position of the person which has been left vacant due to the promotion. Besides, hiring an outsider might bring in more diversification to the organization's skills, which might otherwise be limited because of phenomenon such as groupthink. As opposed to the internal recruitment, externally recruiting helps firms to hire people who are diversified in talent and in experience; but has its own disadvantage such as the firm may end up hiring someone who is ineffective and unsuitable for the organization. Selection Whereas, recruitment was a one way step, selection is a two way process of communication and establishment of a positive psychological contract; the sole aim being contacting and employing the best people for the job. The selection process results in either of the two outcomes, it either results in hiring of effective employees or rejection or exit of the non competent employees. The selection process is always faced by limitations such as validation, review and organizational constraints. For selection

Knauf Corporation Case Study

Knauf Corporation Case Study The following assignment is a case study, in which we are going to analyze the Knauf Corporation worldwide, but mostly the operation of the business in the European countries. The objective of this assignment is, by analyzing the operation of the company inside Europe to be able then to recognize, whether we see a common strategy or if there are any differences on it. In the first part, there is a research about the organizational function and the activities of Knauf worldwide and mainly in the European environment, starting from the past until the year 2009, where you can see the latest actions of the company. In the second part I will concentrate my analysis regarding how the general strategy of the company is differentiated depending on the local requirements, laws, cultures, market potentials, etc. In the end of the assignment we will make an analysis of the Greek market in order a close idea about the business operation. 1. Companys history and profile Knauf Group is a multinational producer of building materials and construction systems based in Germany, in Iphofen, where the head quarters and the master plan are located. In Iphofen exists also the historical museum of the company. Knauf is a family name. The Company began its operations in 1932, when the brothers Dr. Alfons N. Knauf and Karl Knauf established the firm Gebr. Knauf. It was a difficult beginning and at this time, no one could have thought the future big development of the company. Knauf finally became a multinational producer of building materials and construction systems, operating with more than 150 production facilities worldwide. Today the company ranks among one of the worlds leading manufacturers of building materials. Knauf has a workforce of 22,000 employees in 40 countries and in 2009 the company achieved sales of 5, 5 billion Euros. The product portfolio varies from the traditional plasterboard to the production of conveying machinery for construction site logistics, including the segments of gypsum plasters for interior and exterior use, insulation materials made of glass fibers or expanded polystyrene. The wide-ranging assortment also includes some other very special products as gypsum fiber boards for walls and floors, as well as a variety of special ceiling systems. The final aim, which comes out from this wide range of products, is that Knauf Group always focuses its efforts in being the leader producer in the construction sector by fulfilling any requirement of the architects, planners, building developers, etc. A strong characteristic of Knauf is the continuous courage for visions, innovation and investments as well as simple decision-making processes and a wealth of ideas on the part of its personnel. Despite the fact that the company is so large the CEOs of the company Nicolaus and Baldwin Knauf insist that the company is a family business, since it is still managed worldwide by the second and third generation of the family Knauf. The company doesnt belong in any stock market and every investment is created by their own profits without loans from the bank or any other external fund. 2. Companys structure and operation Gypsum plasters (core selling material of the company) The Group started to go international as early as the beginning of the Seventies of the last century and the trend has continued until today. Today the Group produces and sells its products in all European countries. In the developed countries such as E.E. countries, Turkey, Russia etc., the company has production facilities. According to the market demand in some occasions there are two or even three plants, whereas in small countries as Cyprus for example, there is only a local branch and the market is supplied with materials from Knauf Greece. Furthermore, there are factories located in North and South America, in the CIS states, in Northern Africa, in China and in Indonesia. Insulation materials Whereas in earlier times the sectors of dry construction and here we mention plasterboard as the primary product and gypsum plasters were the traditional areas of activity of the Group, meanwhile the insulation materials segment has developed into a further mainstay of the Group. The foundation stone for this was laid in 1978 when a glass fibre manufacturing company in Shelbyville, USA, was taken over. Today the company bears the name Knauf Insulation USA and operates a total of four production sites in the United States. The production of insulating materials on the basis of glass wool and mineral wool becomes more and more important. For about 30 years, the company has gained experience in the production of glass wool in North America. Within the last 5 years, Knauf has acquired 10 glass wool and mineral wool factories throughout Europe and additionally built new plants in Eastern Europe and Russia. Emerging and acquisitions activities Focusing before some years in the developing strategy into further segments of construction, where Knauf didnt have experience, the Company needed the knowledge and the facilities of existed companies well known for their quality in their field. Some of them were bought from the group in order to serve all the local Knauf companies with the special products that theyre producing. Some of the companies that have been bought and managed now from the group are AMF, Danogips, Marmorit, Sacret, Richter Systems, Knauf Perlite, Knauf PFT, Knauf Alutop. EUROPAK3 Most of these companies are selling their products only via local Knauf businesses. The interesting point is that the group doesnt hesitate to change its policy according to the target groups, different distribution channels and market needs. Being more specific, for example AMF Company is operating as a different business in the local markets, who sells products to the local Knauf businesses, but also to several wholesalers for example. PFT Company, which is occupied in machinery equipment (totally different market segment), is also developing separately from the local Knauf businesses in the European markets in order to serve other distribution channels and target groups. Knauf insulation, which is a totally different company is as well acting separately in the markets and sell its products directly to wholesalers without local Knaufs help. In many occasions in the European countries they are also selling only via local Knauf businesses. An interesting history is about a merging that the group has made with its one of the biggest competitors. The company USG is the market leader in United States producing and selling the same range of materials. United States of America is too much mature market in constructing with dry wall systems. Knauf group realized a big gap before some years in their product variety. They didnt have a board suitable for exterior constructions. Then the idea came from USG that had been producing a cement board, which is the ideal product, if someone wants to construct exterior walls facades for example. Then Knauf group in order to gain the technical knowledge and experience in cement board market, has been cooperated with USG. They have created together a joint ventured company under the name Knauf USG Systems, which is an independent company located in Germany and its aim is to produce and sell cement boards in Europe, Middle East, and Africa but only via the local Knauf businesses. 3. Organizational structure Knauf local businesses are managed by CEOs that usually are locals. The Local CEOs are supervised by the regional CEOs who are usually coming from the Knauf family. The local CEOs are fully responsible for the local organizational structure. Usually there is the plant manager, a logistics manager, sales and marketing managers, IT managers, technical department and sales department. Depending on how big the market is, sometimes as in Greece for example the technical department is merged with the sales department, which is finally consisted from sales engineers. 4. Vision and Mission The Knauf vision stems from the model on which the company is based: From a family company to a family of companies  [i]  . Knaufs mission is to remain a family which will always include its employees, customers and consumers. The company mainly emphasizes its philosophy on the following: Sustainability, Ecology and economy. The company produces economic construction systems based on raw materials that come straight from the earth and are completely friendly to people and the environment. Plan innovations to meet tomorrows requirements. To be the market leader in the building materials industry Focusing in long term growth and continuous increase of companys value To be as good as the sum of its total employees. The company depends on its employees skills, efficiency and creativity. In that sense production plants are designed to be pleasant to work in, efficient and to ensure a conscientious approach to resources and the environment. Quality management is a key factor for the group 5. Knauf Business and Marketing Strategy model 5,1 DISTRIBUTION Knaufs general strategy is to sell their products only via wholesalers. These dealers can then sell products further to second hand dealers, contraction companies and technicians (Knauf system installers). This model can be changed if a local market is used to work with another way, as for example in Northern Africa countries. In Europe this strategy is generally followed. 5, 2 TARGET GROUPS If we follow the whole chain of construction industry, we all know that Architects are planning the projects which means, that theyre specifying materials (they create the demand). This means that they are the main decision makers in the construction chain. Contractors are taking over to complete the project, and the technicians as sub contractors they are installing Knauf systems. As you can easily realize, Knauf target groups are all the above mentioned groups. Companys concept, is to follow the projects from the early start of the planning until the final procurement. And that means, that they support all the phases of the construction by being present and service with technical support all the groups referred. In addition they focus a lot to the individuals (private investors). Individuals are Knaufs long term objectives, since they strongly believe that they are at the end of the day the basic mean of continuously adding value in the company and make their products even better known to the market. This sector is going to empower the already famous Knauf brand in the market, and of course the materials demand. 5, 3 COMMUNICATION PR ADVERTISEMENT In this paragraph, Im going to show you a small part of the general ideas regarding the companys marketing approach. Knauf in Europe proceeds in specific advertising actions to introduce its products variety in its all target groups. This marketing approach operates since the start of the company and it is already very successful. A very important thing in business is to follow up your customers. Thus, Knauf via its CRM system saves its contacts and post them direct mails. In addition they are also sending e-direct mails, as is the Knauf monthly newsletter or any other subject they would like to promote. Moreover, theyre participating in exhibitions which are usually taking place in the construction concept with target groups from architecture, planning, decoration, etc. Another way of advertizing is by creating inputs in magazines for architects, contractors and technicians. Except of magazines, they also make inputs in newspapers and daily free presses, so they could be able to approach also the individuals. TV spots, radio spots are as well important ways of advertising their systems. Knauf invests a part of each turnover to offer free advertising gifts to its customers. These gifts might be templates, banners, signs, flags, samples, vehicles and memorial gifts, all having as design the Knauf logos and the Knauf partner s logos as well. Local technical documentation and web sites are other ways to find information for the companys products. These documents are very well developed and they obviously offer an assured technical support to the customers. The corporation invests a lot in education regarding its systems installation. Every local business has its own training center where seminars are taking place in certain dates every year. Those who have participated in the seminars are taking in the end a Knauf graduate clarification that writes Mr à ¢Ã¢â€š ¬Ã‚ ¦ has successfully participated in the Knauf seminars the datesà ¢Ã¢â€š ¬Ã‚ ¦ And this small thing makes them feel that they belong in a special group. Consequently they spread this idea to other people. 5.4 POSITIONING Knauf continues to increase a premium brand and separate its position against competition. Thats why the corporation always invests in developing new products and improving the old ones. 6. Gypsum Industry Market Analysis Europe The gypsum industry belongs into the broader industry of building materials. For the scope of our assignment we will only analyze the gypsum industry and especially the European Gypsum Industry as Knauf is mainly active into the European market. The European Gypsum Industry is characterized as a growing industry in comparison with the US or Australian Gypsum Industries which are already in the maturity face of their life cycles. With a turnover of over 10 billion à ¢Ã¢â‚¬Å¡Ã‚ ¬, the European gypsum and anhydrite industry operates 160 quarries and some 200 factories and generates employment directly to 28.000 people and indirectly for 85.000 people. It is one of the few fully integrated industries within the construction products field. Thirty years ago, the Gypsum Industry was made up of many small manufacturing enterprises mainly producing building plaster and stucco for local markets. The emergence and growth of the plasterboard and the plasterboard solutions market in the 1980s requiring high capital investments, equipment, RD and securing access to natural resources led to a consolidation process within the European Gypsum industry. Currently in the industry nowadays three main operators cover 80% of the gypsum product market  [ii]  . These are Knauf Group of Companies, BPB (British Pasterboards) and Lafarge. BPB, a UK based manufacturer, acquired by Saint Gobain in 2005 and organized within the Saint-Gobains Construction Products Sector  [iii]  and Lafarge, the well known building material manufacturer, established in 1833 in France initially as a limestone mining company  [iv]  . 6.1 PEST Analysis In analyzing the macro-environment via a PEST analysis, we can configure the environment which gypsum industry producers compete and identify the factors that might in turn affect a number of vital variables that are likely to influence the organizations supply and demand levels and its costs. The European building material industry is not that vulnerable to Political issues but into the Greek Construction Industry political issues arise more frequently as the support from the European Union funds have major role into Construction Industry growth rates. From 2001 till 2009 where more and more privately funded big real-estate projects were implemented the industry was growing very fast but the economic pressure that affects, for the last year, all companies and investors involved is slowing down the rates of the industry. In such critical times, most governments are identifying its policies with social and environmental care policies. Into the construction environment there is the need, more than any other time, of energy efficient buildings and construction techniques that exploit those advantages, and governments in assessing the socioeconomic impact of energy spending reduction are already subsidizing such constructions through government or EU fund raising. Technology i tself was always the main concern of producers in order to find ways of reducing their production cost as well as to invest in new RD fields, such as antiseismic technology, for exploiting the unique advantages of gypsum. 6.2 SWOT analysis European Gypsum Industry is a growing one and most European countries only now capitalize the advantages that gypsum offers as a building material. Gypsum is virtually indispensable for the interiors of homes and offices and all types of building where people congregate, such as schools, shops, airports, etc. Its superior performance in providing everyday comfort, in fire resistance and in insulation, heralds an ever greater role for it in buildings of the future. In fact, the safety and protection of people and property against fire, and effective thermal and acoustic insulation of buildings depends, more often than not, on the unique properties of gypsum. And many of the attractive features of the modern interior would be impossible without the versatility of gypsum as a building material. The gypsum wallboard industry is highly competitive. Because wallboard is expensive to transport, does not travel well in large quantities and lacks of product differentiation, producers compete on a regional basis, primarily based on price, product range, product quality, and customer service. The sector is highly competitive especially in Europe and North America with production mostly concentrated among few international players. The drywall solutions are seen in growing countries as a substitute for traditional construction solution like for example cement and brick and block constructions. The unique advantages that systems offered to the engineers made them a huge threat of substitute for the traditional techniques. But, soon the industry will be into the maturity face and new innovative and evolution building materials like magnesium or perlite have already started to threaten gypsums raising empire. The industry has to invest into new materials, new technologies and diversify towards innovative building material and construction system solutions. The capital investment that is required in order to enter into the gypsum industry is high. Equipment is expensive, know how is difficult to acquire, access to natural resources is prohibited and investment in RD is mandatory. That is why in very few years the European Gypsum Industry from the state of many locally situated small producers it transformed into an extremely concentrated market where three companies cover approximately 80% of the market. In global level the same concentrated situation is observed where 81% of the market is covered by 7 players (Georgia Pacific, Knauf, Lafarge, National Gypsum, Saint-Gobain, USG and Yoshino) The Gypsum Industry covers the whole life-cycle of the product. Indeed, the companies which extract the mineral gypsum also process it and manufacture the value-added products and systems. The full integration that characterizes the industry is a fact that removes any danger of suppliers bargaining power but at the same time it leads to higher production costs for the producer. The ownership of the gypsum reserves is a power game between the main competitors of the industry as it is at the same time a main clue of product differentiation and product quality resulting from the mineral gypsum purity. Gypsum reserves are now rare around Europe and that turned the producers to invent new technologies by producing synthetic gypsum mainly from fly ash which is a byproduct of energy production plants. The industry is mainly selling through an extensive dealers network in each country. Those dealers are commercial companies selling a series of building materials either to contractors or consumers. In Western Europe more mature markets dealership is also concentrated into few very big companies (Praktiker, Leroy Marlene, OBI etc) which due to its size and concentration they have already obtained a big bargaining power over the producers. Into the Greek market the dealers network is still based on small, unorganized depots with no special power over the industry but big retailers are already into the market and soon the situation will change. 7. Key Success Factors of the Gypsum Industry The following factors have played a major role in a gypsum companys prosperity: Cost advantages and economy of scale: The recent trend of acquisitions and mergers exploit potential cost advantages to be found in RD facilities serving global operations. They create larger and more diversified market focused organizations. All the top performing companies in the industry have faced, at least once, a major merger in the past. In 2005, BPB, one of the top 3 companies of the industry in Europe, was acquired by Saint Gobain which invested 5.9 billion à ¢Ã¢â‚¬Å¡Ã‚ ¬, for setting itself a step ahead from its major competitors in the building materials industry. Access to natural resources: As previously noticed, the Gypsum Industry covers the whole life-cycle of the product and producers strive for securing reserves all over the world. In that industry, due to the cost structure, privileged access to the raw material is vital for the companys growth. For that reason, companies started investing either in finding new ways of composing synthetic gypsum from several sources (e.g. energy plant waste) or by implementing systems for recycling their the products at the end of their life cycle (demolition waste). Differentiation through technical specifications and customer service quality: The main target for all producers is to offer a complete solution with their systems of products in order for engineers to be able to substitute traditional ways of building. They managed to specify with standard norms the use of the plasterboard walls, ceilings, floor or any other use as well as their technical characteristics like fireproof, sound insulation, thermal insulation etc. With the combination of professional sales and technical support as companies are using only engineers for sales reps with extensive and professional training, in order to serve customers and specify the systems in a market that is constantly gaining market share from the traditional construction methods. 8. Greek market analysis As we previously noticed, into the Greek market there is also one competitor to Knauf, Rigips Hellas (BPB) with one production site situated in West Greece. Both companies have their own reserves of the raw material close to their factories which are both situated into the same geographical area resulting to equivalent quality levels of raw material. A main difference is the production capacities as well as the plants sizes. Knauf operates a plant that was build from scratch in 1991 in Amfilochia, while on the other hand Rigips acquired some years after Knaufs establishment in Greece an old gypsum factory from a local producer. That explains the estimated difference in local production capacities for the two producers. Having the appropriate capacity levels, Knauf can control its production cost and overheads better than the competitors and therefore result to higher margin levels. Knauf from 1991 invested a lot of money for differentiating through technical specifications and customer service quality. In order to achieve that high level engineers were recruited and were extensively trained into Germanys headquarters. The experience and professionalism of the mother company was soon transferred into the Greek subsidiary and the company culture was quickly transformed according to the following: The future lies in the hands of talented and highly motivated employees. An important aspect is the family culture which prevails in the company: Learn from one another, hold together, pass on knowledge, assume the role of mentor, take fast and direct paths and press for special achievements  [v]  . In very few years, almost 10 professional engineers were covering all the Greek territory offering technical support to contractors, extensive training to installers and professional customer service to retailers. Rigips which was established a few years later used same techniques for expanding into the Greek territory but always by following Knaufs steps. That was something that reduces its cost for training the market into new building materials but cost them the reputation of the leader in the market. Knauf was and still is characterized as the leader industry in the gypsum market in Greece. Their competitive advantage in the market is the ability of its people to open the market, train the customers and lead to a new age in construction industry. All the above are mainly achieved by the following: A huge database of active engineers is informed once every month by direct mail regarding new and innovative solutions. Over 7.000 installers are trained for efficient installing drywall systems into Knaufs Training Centre in Amfilochia. Retailers are supported by professional sales engineer all over Greece. Finally, Knauf has invest a lot in marketing by extensive advertising into press, technical magazines, radio and TV, by providing signs to all its retailing network and by participating into all main fairs in Greece. Rigips havent tried to differentiate significantly from Knauf into the market. They have not invest as much as Knauf into penetrating and training the market and their main position in the market is to let the leader open the way and then to follow. The main differentiation point for the two companies was the price. Knauf is the leader and for that the customer has to pay a premium. 9. Strategic recommendations Conclusion As we saw in this assignment Knauf Corporation is developing in Europe with a certain way which is driven by the values, the culture, the ethics and the historical success model, that the family developed for their business. However, we also saw that several differences exist, depending on the needs and the culture of the local markets. Such differences for example could be the style of the management, the variety of products, the developing of the other corporate businesses and so on. Knauf family believes a lot in the different local adaptation of their business model and this is visibly proven from their willing and trust to choose local people as general managers to run the business in the countries. They invest a lot of money and efforts in order to find the correct person who is going to implement Knauf successful business style according to the local needs. Knauf group has proven its ability to penetrate, train and lead new markets. As a group it has a promising future as it is in line with the major key successful factors for the industry. Its competitive advantage is very strong and it is implemented into most countries in the world as it is into the Greek market. The industry is highly competitive and it is getting more and more concentrated. In order for Knauf to continue growing into such a competitive environment it needs to diversify its building material portfolio into more developing and profitable markets. Such a market is the insulation material industry in which the group recently invested by acquiring a lot of local producers in Europe and becoming the worlds fastest-growing insulation manufacturer with full ownership of its activities since 2002. Finally, Knauf should invest into countries that are structurally unexploited like for example in Asian or growing African countries initially by securing raw material reserves into strategic places.

The Cycle of Fashion Essay -- Fashion Style Mode Essays

The Cycle of Fashion Fashion is fuelled by conversion. Designers continually persuade the public that their new ideas, however shocking they may seem, are in fact everything that a stylish wardrobe requires. Next season, the same designers convince everyone to give up their allegiance to such out-modish designs and embrace instead the innovative visual trends of the latest collections. The same garments are successively dubbed 'outlandish', 'in fashion' and 'out-dated' according to the apparent vagaries of prevailing fashionable sensibilities. Are we really duped by such duplicity? Or are we willing participants in the cycle of fashion? And perhaps more significantly, what relevance does the cycle have today in Western society's culture of mass consumerism? The idea that fashion in dress follows a cyclical phase structure is not new. The sociologist, Quentin Bell made such an observation over fifty years ago in his book, On Human Finery. Moreover, his observation was based on accumulated evidence of an uninterrupted cyclical flow in dress change in Western society since at least the thirteenth century. The sociologist, Ingrid Brenninkmeyer describes this flow by comparing it to the rolling of waves in the sea. As one fashion gains popularity, crests and dissipates, another stylistic wave is already forming behind it. Further extensions of this metaphor liken different stylistic features to variations in the waves themselves. For example, just as different wave patterns form on the basis of their force, size or length, so also different overlapping patterns can be traced in changes of fashionable hem length, silhouette, fabric, dà ©colletage and colour. Mere descriptions of the fashion cycle however do little to explain exactly why successful designers? ideas typically rise and fall in popularity. What is the motivating force behind such changes in fashion? What causes the cycle to move from one phase to the next? These questions cannot be answered simply. Perhaps sheer boredom inspires the continual search for something new. Or can novelty be related to ideas of sexual allure and attraction? Do competing market interests in the fashion industry play a role in animating the cycle? Or could changes in dress function as markers of class differentiation? These factors and more have been variously proposed and analysed by researchers into the socio... ...n's clothing? To look at the men's side of underwear is different." One page of the calendar (April) does depict men's undershirts from the 18th and 19th centuries. Even the English language has been influenced by undergarments. Several popular expressions make reference to underwear: "Loose woman" comes from the connotations associated with uncorseted or loosely corseted women, Queen says. A similar case is "shiftless"; a shift was an 18th century support-providing undergarment, and Queen says the term was meant to characterize someone "without support." Many people believe that underwear for women has changed as it has because of feminism and changing social attitudes. To a large degree, that's true, Queen says, but there are other factors as well. In the past, undergarments were often designed for their "body-shaping" features. But these days, thanks to the increase in exercise and athleticism among women, "the body has become its own foundation" and women no longer need to rely on cloth and whalebone for this purpose, she says. "The choice," says Queen, "is do we want to spend three hours a day in the gym to sculpt the body, or do we want to put on a piece of cloth?"

Enki Bilal’s Perspective on Art in Hatzfeld

Marshal Josip Broz Tito was a Yugoslav revolutionary and statesman, serving in various roles until his death in 1980. Eventhough his presidency has been critisized as authoritarian, Tito had successful economic and diplomatic policies which helped him to be considered as a benevolent dictator by many people including citizens of his own country and those of others. He was a relatively popular public figure both in Yugoslavia and abroad. Tito had internal policies which successfully deal with coexistence of the nations of the Yugoslav federation.The Socialist Federal Republic of Yugoslavia (otherwise known as SFRY) was the Yugoslav state founded during World War II until it was dissolved in 1992, following the Yugoslav Wars. It was a socialist state and a federation made up of six socialist republics: Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia, and Slovenia. Initially siding with the Eastern bloc under the leadership of Josip Broz Tito at the beginning of the Cold War, Yugoslavia pursued a policy of neutrality after the Tito–Stalin split of 1948, and became one of the founding members of the Non-Aligned Movement.After the death of Tito in 1980, rising ethnic nationalism in the late 1980's led to dissidence among the multiple ethnicities within the constituent republics, followed by collapse of inter-republic talks on transformation of the country and recognition of their independence by some European states in 1991. This led to the country collapsing on ethnic lines, followed by the final downfall and break of the country in 1992, and the start of the Yugoslav Wars.Often described as Europe's deadliest conflict since World War II, the conflicts have become famous for the war crimes, including mass murder, genocide and war rape. These were the first conflicts since World War II to be formally judged genocidal in character. According to the International Center for Transitional Justice, the Yugoslav Wars resulted in the deaths of 140,000 people. The Humanitarian Law Center writes that in the conflicts in former Yugoslav republics at least 130,000 people lost their lives.War rape occurred as a matter of official orders as part of ethnic cleansing, to displace the targeted ethnic group. One of the common misconceptions about the Yugoslav Wars is that they were the result of centuries of ethnic conflict. In fact, in the late 19th and early 20th centuries, the ethnically mixed region of Dalmatia held close and amicable relations between the Croats and Serbs who lived there, and many early proponents of a united Yugoslavia came from this region, such as Dalmatian Croat Ante Trumbic.However by the time of the outbreak of the Yugoslav Wars the historical hospitable relations between Croats and Serbs in Dalmatia had broken down, with Dalmatian Serbs fighting on the side of the Republic of Serbian Krajina. Clear ethnic conflict between the Yugoslav peoples only became prominent in the 20th century, beginning with tensions o ver the constitution of the Kingdom of Serbs, Croats, and Slovenes in the early 1920s and escalating into violence between Serbs and Croats in the late 1920s after the assassination of Croatian nationalist Stjepan Radic.Severe ethnic conflict occurred during World War II during which the Croatian Ustase movement committed genocide against Serbs, while the Serbian Chetnik movement responded with reprisals against Croats as well as murdering Bosniaks. However the Yugoslav Partisan movement was able to appeal to all national groups, including Serbs, Croats and Bosniaks. Josip Broz Tito was half-Croat half-Slovene. Born Enes Bilalovic in Belgrade, Yugoslavia, to a Slovakian mother and a Bosniak father who had been Josip Broz Tito's tailor, Enki Bilal moved to Paris at the age of 9.Given all these historical informations, what can be said on Enki Bilal's perspective on art? Hatzfeld, a tetralogy deeling with the difficult past and the break up of Yugoslavia from a future point of view ca n help the reader to find an answer to that question. But first of all, what is art? Art is a diverse range of human activities and the products of those activities; the visual arts includes the creation of images or objects in fields including painting, sculpture, printmaking, photography, and other visual media.Until the 17th century, art referred to any skill or mastery and was not differentiated from crafts or sciences, but in modern usage the fine arts, where aesthetic considerations are paramount, are distinguished from acquired skills in general, and the decorative or applied arts. (Wikipedia) According to Levi-Strauss, art has had a great number of different functions throughout its history, making its purpose difficult to abstract or quantify to any single concept. This does not mean that the purpose of art is â€Å"vague†, but that it has had many different reasons for being created.The different purposes of art may be grouped according to those that are non-motivat ed, and those that are motivated. Motivated purposes of art refer to intentional, conscious actions on the part of the artist. Some of these functions may be as following: The Avante-Garde: Art for political change. One of the defining functions of early twentieth century art has been to use visual images to bring about political change. Art movements that had this goal—Dadaism, Surrealism, Russian Constructivism, and Abstract Expressionism, among others—are collectively referred to as the avante-garde arts.Art for social inquiry, subversion and/or anarchy: While similar to art for political change, subversive or deconstructivist art may seek to question aspects of society without any specific political goal. In this case, the function of art may be simply to criticize some aspect of society. (Wikipedia) Bilal seem to question what art is and its practice at the end of 20th century. In the second book of the tetralogy, 32 Decembre, on page 9, Nike and his so-called gir l friend receieve an invitation to a party in the form of nuclear light.The invitation appears as a small nuclear explosion, this is a fascinating visual little show but the amount of effort made is certainly unnecessary. It is absurd and pointless. This is an all white party. People who are participating are literally coloured in white. Again a detail Nike thinks that it is absurd. On page 18, Nike finds out that him and the other people who are at the party are actually walking on a white canvas. This puts them in a situation where they are nothing but the art work, they are objects but not subjects.He finds this absurd as well and he does not like it. After a while, it becomes obvious that whatever he or other people at this party are doing there, it is to create and to be part of an art work. This fact is hard to deal with. Warhole, evil and powerful scientist of the first book gets some artistic spirit in the second book of the tetralogy. His starts to consider his new evil pro jects as art works. He also reancarnates himself as the v. g. a. (very great artist) Halrowe. Art is depicted as dangerous in the second book.The story itself becomes more postmedern in that second part. Surreal events and images start to appear more and more, one of them being the head of the Warhole ehich has fishes all around. Warhole is saying things like â€Å"search for power and the joy of creating†. He is pictured as a crazy dangerous artist-scientist. He is calling what he does â€Å"absolute evil art†. Bilal is questioning what does art mean when it is separated from its social context. At the beginning of the first book, he is making a referral to Abdullah Sidran, a Bosnian playwriter†¦

Characteristics of Research Essay

The methodology that is utilized should be applicable for the problem that guides the research, The methodology yields the outcomes of the study, which in turn produces the support required to facilitate the findings (Ellis & Levy, 2008). The purpose of this paper Is to examine the characteristics of a research problem. The focus is on the elements of what constitutes a researchable problem, the components of a well formed Statement of Research Problem, as well as what constitutes a reasonable theoretical framework for the need of the study. As stated by Leedy and Ormrod, (2005) â€Å"The research problem is the axis around which the whole research effort revolves (Leedy and Ormrod, 2005, p. 49). † Viable research cannot be deemed Important without a well-denned understanding of why the research has been performed. There are several components that make research of noteworthy importance, such as the research needs to be researchable and manageable In size. Other characteristics Include the degree of how the research will influence future research and other researchers by whether or not the findings wlll make a contrlDutlon to tne Doay 0T Knowledge, tne explanatlon 0T tne data ana make a difference for others (Dissertation101 Mentoring Services, 2013). Influence of the research. Good research should advance the field in which it is geared toward as well as build on the current body of available research. The impact does not have to be huge, but it must be identifiable. The study should reveal how the researcher intends to take a different viewpoint and or direction. According to Leedy and Ormrod (2010) the research should direct the philosophy in different perceptions, as well as inspire further research to be conducted as it relates to the topic (Leedy & Ormrod, 2010). The advancement should reflect how the new methodologies will be used, along with the other current work, to help to better come to a conclusion in order to solve the problem (Brewer & Hunter, 2006). The problem is researchable nd manageable in size. It is imperative to select a topic that is doable and that will allow many opportunities to conduct adequate primary research. Limitations such as the availability of answers should also be considered when thinking of a research problem. Additionally, time and expenses are of concern. Considering how long it will take to conduct the research is important as is whether or not the researcher has enough background knowledge to carry out the research, which may cause delays. The budget is a major factor and taking into consideration the kinds of tasks that will e needed, any paid assistants, specialized equipment, or software that needs to be created and/or acquired will help in estimating the amount of funds that will be needed to conduct the research. Explanation of the data Since research requires data, it is important during the planning that the researcher analyzes beforehand whether or not any data related to the research problem can be produced. If not, then the research problem and the question may need to be changed. The decision of whether to use qualitative or quantitative data is important and based on the type of research. Once the data has been collected, the researcher must have a way to communicate the results. The data must be organized in a way that it merges the existing data with the new data to determine the quality based on the guidelines for collecting the data. Components of a Statement of Research Problem Essentially, the problem statement provides the basis for the research. The statement of the research problem reflects the general concern that leads to the specific problem and must be factual and clearly stated. Accordingly, it must be a brief precise description, which sets the premise for the problem to be studied. It distinguishes and states the underlying problems, if any and outlines the hypotheses, along with the research questions (Dissertation101 Mentoring Services, 2013). Precise, factual and clearly stated. Researcher seek to answer a question or to find a solution to a problem. Providing factual information to introduce the problem will change the perspective of what people think or know about the problem. As well the research should speak to the literature that is prevalent and to what is missing from this literature. Therefore, a statement of the problem needs to be precisely tated in one or two sentences that outlines the problem of the research. The statement of the problem should also address the question (Lew & Ellis, 2008). As stated by Levy and Ellis, (2008) â€Å"The problem statement is the statement of the problem and the argumentation for its viability. It should address all six questions, what, how, where, when, why, and who (Levy & Ellis, 2008, p. 27)†. Underlying sub- proDlems. 0Tten times, researcn proDlems are too slgnlTlcant or very compllcatea De solved without breaking them down into smaller parts. The parts of the big problem re known as the sub-problems. The sub-problems make up a researchable component that will form together to equal the summation of the main problem. Division of the main problem is the fourth characteristic of formal research (Leedy & Ormrod, 2005). Presenting a hypothesis or research questions. The researcher must prepare a hypothesis related to the expectations what will be true of the results and conclusions of the study. The research problem, the goals, and the associated research questions and/or hypotheses are entwined in that a research goal is the ain focus of the research that will be used to speak to the problem.

The Jungle Essays - Economic Ideologies, Production Economics

The Jungle Essays - Economic Ideologies, Production Economics The Jungle A French philosopher once said that the greatest tyranny of democracy was when the minority ruled the majority. Upton Sinclairs The Jungle gives the reader a great example of exactly this. A man who earns his living honestly and through hard work will always be trapped in poverty, but a man who earns his living through lies and cheating will be wealthy. The Jungle portrays a Lithuanian family stuck in a Capitalistic country. It shows the ongoing struggle of a lower class that will never get farther in life as long as the minority of rich people rule over them. The Jungle conveys a struggle between Capitalism and Socialism. Socialism is the best way out for the peasants, but a Capitalistic America has already trapped them. When Jurgis Rudkus and his family first come to America, they do not know how it was run. Once Jurgis begins working in the stockyards, he finds out that the upper class dominates over the lower class. Supposedly America is a democratic nation, but this is not true. Capitalism rules the nation. The upper class bosses rule what goes on in the peasants lives. It is a form of slavery. Sinclair writes: Things that were quite unspeakable went on there in the packing houses all the time, and were taken for granted by everybody; only they did not show, as in old slavery times, because there was no difference in color between master and slave. (106) Sinclair compares the conditions of the factories to that of slavery. The rich boss is the master and the peasant is the lowly slave. Capitalism rules in the stockyards of Chicago. The higher class people can get ahead in life because they have an in with the system, but the peasants will forever be stuck at their work on the machines in a packing plant. Jurgis Rudkus endures the work in the factory system. He comes across Capitalism first hand here. Through his work in the meat packing plant, he sees how they are able to work around government regulation through bribes and deceit. He also soon learns that everyone steals from the people below them in the system. Sinclair writes, ...the bosses grafted off the men, and they grafted off each other; and someday the superintendent would find out about the boss, and then he would graft off the boss (59). Sinclair reveals that men of a higher status were able to steal freely from others and get away with it. If one found out, he just stole right back from another. This was Capitalism in and of itself. Here, in the stockyards of Chicago, the upper class rules over the lower class. In Packingtown, Jurgis Rudkus and his family face many difficulties with the Capitalistic rule. The people take advantage of them and steal their money. When they first came to America, they had to pay many fees because they were foreigners and did not know better. Eventually, Jurgis decides to buy a house. He thinks he is getting a good deal, but in reality is not. The real estate agent tells him that it is a brand new house, but this is a lie. Sinclair writes, ...it was not new at all, as they had supposed; it was about fifteen years old, and there was nothing new upon it but the paint (65). The real estate agent took advantage of them because they were lower class. He was able to do so because they did not know any better. The upper class ruled over them. They lived in a Capitalistic nation that trapped them as lower class citizens. The Capitalistic way of life allows for a lot of corruption in the government and police department. Many people pay off high officials in order to get lead way in court and other places. Men who own saloons pay the police so they can sell liquor on Sundays. At one point in the book Jurgis beats up a bartender because he will not give him his change for a hundred dollar bill. The bartender does not get in trouble for this because he has paid people off. Sinclair writes, ...the owner of the saloon had paid five dollars each to the policemen alone

Acid Rain Essays (1227 words) - Inorganic Solvents, Mineral Acids

Acid Rain Essays (1227 words) - Inorganic Solvents, Mineral Acids Acid Rain Acid rain is a serious problem with disastrous effects. Each day this serious problem increases, many people believe that this issue is too small to deal with right now this issue should be met head on and solved before it is too late. In the following paragraphs I will be discussing the impact has on the wildlife and how our atmosphere is being destroyed by acid rain. CAUSES Acid rain is a cancer eating into the face of Eastern Canada and the North Eastern United States. In Canada, the main sulphuric acid sources are non(c)ferrous smelters and power generation. On both sides of the border, cars and trucks are the main sources for nitric acid(about 40% of the total), while power generating plants and industrial commercial and residential fuel combustion together contribute most of the rest. In the air, the sulphur dioxide and nitrogen oxides can be transformed into sulphuric acid and nitric acid, and air current can send them thousands of kilometres from the source.When the acids fall to the earth in any form it will have large impact on the growth or the preservation of certain wildlife. NO DEFENCE Areas in Ontario mainly southern regions that are near the Great Lakes, such substances as limestone or other known antacids can neutralize acids entering the body of water thereby protecting it. However, large areas of Ontario that are near the Pre(c)Cambrian Shield, with quartzite or granite based geology and little top soil, there is not enough buffering capacity to neutralize even small amounts of acid falling on the soil and the lakes. Therefore over time, the basic environment shifts from an alkaline to a acidic one. This is why many lakes in the Muskoka, Haliburton, Algonquin, Parry Sound and Manitoulin districts could lose their fisheries if sulphur emissions are not reduced substantially. ACID The average mean of pH rainfall in Ontario's Muskoka(c)Haliburton lake country ranges between 3.95 and 4.38 about 40 times more acidic than normal rainfall, while storms in Pennsilvania have rainfall pH at 2.8 it almost has the same rating for vinegar. Already 140 Ontario lakes are completely dead or dying. An additional 48 000 are sensitive and vulnerable to acid rain due to the surrounding concentrated acidic soils.? ACID RAIN CONSISTS OF....? Canada does not have as many people, power plants or automobiles as the United States, and yet acid rain there has become so severe that Canadian government officials called it the most pressing environmental issue facing the nation. But it is important to bear in mind that acid rain is only one segment, of the widespread pollution of the atmosphere facing the world. Each year the global atmosphere is on the receiving end of 20 billion tons of carbon dioxide, 130 million tons of suffer dioxide, 97 million tons of hydrocarbons, 53 million tons of nitrogen oxides, more than three million tons of arsenic, cadmium, lead, mercury, nickel, zinc and other toxic metals, and a host of synthetic organic compounds ranging from polychlorinated biphenyls(PCBs) to toxaphene and other pesticides, a number of which may be capable of causing cancer, birth defects, or genetic imbalances. COST OF ACID RAIN Interactions of pollutants can cause problems. In addition to contributing to acid rain, nitrogen oxides can react with hydrocarbons to produce ozone, a major air pollutant responsible in the United States for annual losses of $2 billion to 4.5 billion worth of wheat, corn, soyabeans, and peanuts. A wide range of interactions can occur many unknown with toxic metals. In Canada, Ontario alone has lost the fish in an estimated 4000 lakes and provincial authorities calculate that Ontario stands to lose the fish in 48 500 more lakes within the next twenty years if acid rain continues at the present rate.Ontario is not alone, on Nova Scotia's Eastern most shores, almost every river flowing to the Atlantic Ocean is poisoned with acid. Further threatening a $2 million a year fishing industry. ? Acid rain is killing more than lakes. It can scar the leaves of hardwood forest, wither ferns and lichens, accelerate the death of coniferous needles, sterilize seeds, and weaken the forests to a state that is vulnerable to disease infestation and decay. In the soil the acid neutralizes chemicals vital for growth, strips others from the soil and carries them to the lakes and literally retards the respiration of the soil. The rate of forest growth in the White Mountains of New Hampshire has declined 18% between 1956 and 1965, time of increasingly intense acidic rainfall. Acid rain no longer falls exclusively on the lakes, forest, and thin soils of the Northeast it now covers half

Resocialization Definition, Discussion and Examples

Resocialization Definition, Discussion and Examples Resocialization is a process in which a person is taught new norms, values, and practices that foster their transition from one social role to another. Resocialization can involve both minor and major forms of change and can be both voluntary or involuntary. The process ranges from simply adjusting to a new job or work environment, to  moving to another country where you have to learn new customs, dress, language, and eating habits, to even more significant forms of change like becoming a parent. Examples of involuntary resocialization include becoming a prisoner or a widow. Resocialization differs from the formative, lifelong process of socialization in that the latter directs a persons development whereas the former  redirects their development. Learning and Unlearning Sociologist Erving Goffman defined resocialization as a process of tearing down and rebuilding an individual’s role and socially constructed sense of self. It is often  a deliberate and intense social process and it revolves around the notion that if something can be learned, it can be unlearned. Resocialization can also be defined as a process that subjects an individual to new values, attitudes, and skills defined as adequate according to the norms of a particular institution, and the person must change to function adequately according to those norms. A prison sentence is a good example. The individual not only has to change and rehabilitate their behavior to return to society, but must also accommodate the new norms required of living in a prison. Resocialization is also necessary among people who have never been socialized from the start, such as feral or severely abused children. It is also relevant for people who havent had to behave socially for long periods, such as prisoners who have been in solitary confinement. But it can also be a subtle process not directed by any particular institution, such as when one becomes a parent or goes through another significant life transition, like a marriage, divorce, or the death of a spouse. Following such circumstances, one must figure out what their new social role is and how they relate to others in that role. Resocialization and Total Institutions A total institution is one in which a person is completely immersed in the environment which controls every aspect of day-to-day life under a singular authority. The goal of a total institution is resocialization to completely alter an individual and/or group of peoples  way of living and being. Prisons, the military, and fraternity houses are examples of total institutions. Within a total institution, resocialization is comprised of two parts. First, the institutional staff attempts to break down the residents identities and independence. This can be accomplished by making individuals give up their possessions, get identical haircuts and wear standard-issue clothing or uniforms. It can be further achieved by subjecting individuals to humiliating and degrading processes such as fingerprinting, strip searches, and giving people serial numbers as identification rather than using their names. The second phase of resocialization is attempting to build a new personality or sense of self which is usually accomplished with a system of reward and punishment.  The goal is conformity which results when people change their behavior to accommodate the expectations of an authority figure or those of the larger group. Conformity can be established through rewards, such as allowing individuals access to a television, book or telephone. Updated by Nicki Lisa Cole, Ph.D.

Discuss the theme of appearance and reality in Macbeth Essay

Discuss the theme of appearance and reality in Macbeth - Essay Example He is one who King Duncan trusts, and he has the favor of all his countrymen, but he betrays this trust and, for a while, everyone is deceived into believing that he mourns the death of Duncan as he seems to, that he killed the two guards out of his love for Duncan, and that will be a good ruler because he will think of the interests of the people, and not himself. The Thane of Cawdor was also a man who Duncan trusted, as he says in Act 1, Scene 4, â€Å"He was a gentleman on whom I built/An absolute trust†, but he, too, betrays that trust. Lady Macbeth is not suspected for her part in Duncan’s death, till she starts walking and talking in her sleeps, and ironically, Macduff wants to save her from hearing about it (2.3.85-88). Macduff himself is not trusted by his wife and Malcolm, because both believe him to be a traitor to the country, whereas, he is one who is willing to sacrifice all for his country, and it is he who later kills Macbeth. The sons who are suspected o f killing their fathers (Malcolm and Donalbain, and Fleance) also show how seeming truths are not always true. Images presented through language also play an important role in presenting the theme of appearances and reality. Numerous images conveying the idea of concealment occur in the speech of almost all the characters. Sometimes the concealment is in the form of clothes, where clothes supposedly hide what a person truly is. Thus Macbeth chides Ross for â€Å"dress[ing]† him â€Å"[i]n borrowed robes† (1.3.108-109) when Ross calls him the Thane of Cawdor. This is because he does not know that the Thane of Cawdor that was, no longer owns the title. Similarly, Macbeth talks of â€Å"put[ting] on manly readiness† (2.3.135), when the people are not really ready at all. Other forms of disguise also occur, such as masks: Macbeth tells the murderers he has hired, that he is â€Å"Masking the business from the common eye/For sundry weighty reasons† (3.1.125-126). Later, he

Leadership Communication Research Paper Example | Topics and Well Written Essays - 2000 words

Leadership Communication - Research Paper Example From the essay it is clear that the concept of leadership communication comprises of two terms such as ‘leadership’ and ‘communication’. The term leadership has been defined in a number of ways. However, generally it is agreed that a leader is an individual who coordinates, guides, directs, motivates, and controls others. A leader persuades his followers to work for achieving the predefined goals and objectives of the organization. In order to influence his followers, leaders may adopt a wide variety of leadership strategies including simple structure, machine bureaucracy, and adhocracy. Through the application of those leadership models, leaders motivate and command his subordinates and control various situations in different manner. This discussion declares that every leader obtains better or poor results based on the efficiency of his operations. A leader cannot influence his followers and hence achieve desired goals if he lacks proper communication skills. Effective flow of leadership communication may be often interrupted by either the sender or the receiver even though other external factors can have also an influence on this process. Better communication ability would be a key tool for a leader to create and maintain well understanding and trust that are essential to foster his subordinates so that they may follow his operational tactics. A leader with good communication skills can maintain a healthy relationship with his followers.

Conflict theory Assignment Example | Topics and Well Written Essays - 500 words

Conflict theory - Assignment Example The class conflict theory notes that the society has been dominated by class antagonism and struggle over resources. The reason why I have liked the theory is that it highlights issues that continue to affect the modern society. For example, there has been a struggle for available resources in the current society such as employment opportunities, and other resources such as land and water. Hence, various argument presented in the theory are an explicit depiction of what is happening in the society today. Another example is on how capitalism continues to dominate the society. In fact, as it is those countries that have enormous resources continues to accumulate more and hence the increase of few rich people and at the same time vast population being poorer. Secondly, I like the concept that poverty in society is because of exploitation. I believe that there is no way one can accumulate resources if what rightful belong to them is taken by privileged in the society. Therefore, such an individual will not be able to get enough to sustain his/her life and life of those that solely depends on him or her. I also like this concept as it helps in highlighting ways that can be reversed to be able to reduce poverty and inequality in the society. There are different italicized key concepts that are applicable in my practice. One of the italicized key concepts is ideologies. The ideologies are described as one’s idea that may lead to a certain ways of doing things. I believe this concept is applicable in my practice as I also have my own ideas that act as a guide to various things I do. The other concept that is applicable in my practice is on one-Dimensional Man. The concept argues that a man have been unable to maintain self through the influence of ‘outside’ things such as technology. I identify with this concept as I have managed to embrace technology in various aspects of life. For example, currently, I use a modern

Diffie-Hellman key exchange protocol Essay Example | Topics and Well Written Essays - 1000 words

Diffie-Hellman key exchange protocol - Essay Example nowledge of each other to effectively establish a joint, shared secret key over an insecure public communication channel (Blake and Garefalakis, 2004, p.27). Although diffie-Hellman Key Exchange is a non-authenticated (anonymous) key agreement protocol, it provides a basis for a diverse variety of authenticated protocols and has widely been used to provide important forward secrecy particularly in transport layer security’s ephemeral. This paper critically reviews diffie-Hellman Key Exchange protocol with particular focus to some of the common attacks on the protocol, potential counter-measures to mitigate or address such attacks as well as a calculation of the value of the symmetric key as well as the value of R1 and R2 in the diffie-Hellman protocol for the given set of values. i. Denial of Service Attacks: These are the attacks against Diffie-Hellman Protocol whereby the attacker attempts to stop Alice and Bob from carrying out the protocol successfully. This can particularly be accomplished by attackers through a number of ways some of which include deleting the messages sent by Alice and Bob to each other or even by overwhelming the communicating parties with unnecessary communication or computation. ii. Outsider Attacks: Outsider attacks is a malicious attack in which the attackers may try disrupt the protocol by removing, adding or replaying the messages in order to retrieve some vital information that they may have otherwise not gotten just by looking at the public values. iii. Insider Attacks: This is where one of the participants in a Diffie-Hellman Protocol intentionally creates a breakable protocol in an attempt to gain knowledge of the secret key of his/her communication peer on the other side ( Kaufman, Perlman and Speciner, 2002, p.95). There are currently a number of countermeasures that can effectively be applied and implemented in order to mitigate, avoid or address the various common attacks on Diffie-Hellman Protocol. For example, to

A Comparison of Hamlet by shakespears and One Flew Over the Cuckoo's Essay

A Comparison of Hamlet by shakespears and One Flew Over the Cuckoo's Nest - Essay Example Hamlet’s world changes when his father dies and his mother almost immediately marries his Uncle Claudius, the murderer of the old king. R.P. McMurphy is committed to the psychiatric hospital instead of a prison sentence and enters a world completely dominated by a masochistic nurse who sits â€Å"in the center of this web of wires like a watchful robot, tend[s] her network with mechanical insect skill, know[s] every second which wire runs where and just what current to send up to get the results she wants† (30). The common theme in each plot is a rise against tyranny in defense of honor in order to defeat the evil repressor.   Both Hamlet and McMurphy are presented as anti-heroes as neither one really possesses an abundance of traditional heroic characteristics, but each end up dying to defend justice. Each character is brought into their situation through their use of insanity to discover the truth. This is shown as Hamlet only acts insane around certain people, namely Polonius and Claudius, while he seeks the truth. He finds it by convincing the traveling players to perform the â€Å"Murder of Gonzago† that closely parodies the murder of the king by Claudius. â€Å"I prithee, when thou seest that act a foot, / Even with the very comment of thy soul / Observe my uncle. If his occulted guilt / Do not itself unkennel in one speech, / It is a damned ghost that we have seen† (III, ii). This is similar to McMurphy’s role as he feigns insanity to escape the hard work at the Pendleton Work Farm, â€Å"Don’t overlook the possibility that this man might be feigning psychosis to escape the drudgery of the work farm† (46), but discovers the truth of the ward and Nurse Ratchett’s controlling influence over it when he tries to follow her rules. Like Hamlet, McMurphy only displays himself as insane around certain people, but displays humane

World poverty Article Example | Topics and Well Written Essays - 1500 words

World poverty - Article Example The annual income required to a family to survive according to federal governments is the most general definition of poverty, which is established through the statistical evaluation. Michael Darby (1997:4) states that the actual definition of poverty is political, whose purpose is to level the growth related to programs. According to US census, keeping in view the inflation the poverty line regarding family of four in 2000 was $17,050 income. However, this definition of poverty has many issues according to several scholars of poverty such as; treatment of taxes, special work associated expenditures, regional dissimilarities in the price of living, cash income (Blank 1997; Quigley, 2003). Poverty annihilation due to political, ethical and economic urgency is necessary. The statement was given, in Copenhagen, fifteen years ago at the World Summit for Social Development by the global leaders. For growth, since then poverty annihilation has become the prime target, and it is being considered a common destructive element for the whole of humanity. To overcome poverty has become a global goal and it must be achieved until 2015. The goal, which was set fifteen years ago, could not obtain still. Still, poverty lingering everywhere except East Asia and China and at some level India, which have achieved incredulous success. According to the Social Summit 1995, the definition of poverty comprised of lack of participation, deprivation, and social exclusion and today the definition has extended in several other dimensions, and the goal is still very far. In sub-Saharan Africa, the rate of poverty is inflexibly and ineptly high. Moreover, in South Asia, poverty reduction is very low despite a sustainable development. To minimize and eradicate poverty economic growth seems a very significant factor; however, the growth at the same time in other directions is also mandatory such as; education,

A Comparison of Hamlet by shakespears and One Flew Over the Cuckoo's Essay

A Comparison of Hamlet by shakespears and One Flew Over the Cuckoo's Nest - Essay Example Hamlet’s world changes when his father dies and his mother almost immediately marries his Uncle Claudius, the murderer of the old king. R.P. McMurphy is committed to the psychiatric hospital instead of a prison sentence and enters a world completely dominated by a masochistic nurse who sits â€Å"in the center of this web of wires like a watchful robot, tend[s] her network with mechanical insect skill, know[s] every second which wire runs where and just what current to send up to get the results she wants† (30). The common theme in each plot is a rise against tyranny in defense of honor in order to defeat the evil repressor.   Both Hamlet and McMurphy are presented as anti-heroes as neither one really possesses an abundance of traditional heroic characteristics, but each end up dying to defend justice. Each character is brought into their situation through their use of insanity to discover the truth. This is shown as Hamlet only acts insane around certain people, namely Polonius and Claudius, while he seeks the truth. He finds it by convincing the traveling players to perform the â€Å"Murder of Gonzago† that closely parodies the murder of the king by Claudius. â€Å"I prithee, when thou seest that act a foot, / Even with the very comment of thy soul / Observe my uncle. If his occulted guilt / Do not itself unkennel in one speech, / It is a damned ghost that we have seen† (III, ii). This is similar to McMurphy’s role as he feigns insanity to escape the hard work at the Pendleton Work Farm, â€Å"Don’t overlook the possibility that this man might be feigning psychosis to escape the drudgery of the work farm† (46), but discovers the truth of the ward and Nurse Ratchett’s controlling influence over it when he tries to follow her rules. Like Hamlet, McMurphy only displays himself as insane around certain people, but displays humane

Essay about a Poem Example | Topics and Well Written Essays - 500 words - 1

About a Poem - Essay Example emplation as young, Black student in the midst of a relatively Caucasian educational institution and the contention of the equality between him and his professor. The persona of the poem speaks of how he perceives himself as the same as of any other individual his age or otherwise. He starts with the fact of his cognizance of his aesthetic difference and how he is apart from all the others around him, being the only Black student in his class. It paints of the picture of the school and its close proximity but otherwise vague disconnect with Harlem. But with the college’s discord amplifying his intimacy with the place and how it represents him, and how he must represent it. It ropes in the simple intricacies that add up and defines us as who we are as human beings. Mundane things the poetic persona expresses like ‘to eat, sleep, drink, and be in love’ How these are the same for him as it is for all the others around him, including his professor, this in his mind makes all of them equal, regardless of the color of their skin. The perception of the polar opposition between the white paper and the black ink gives much of the vivid detail that makes the poem as refine in the rendering of the underlying tone that it extends. He is what and who he is, and being so, the negation of what his paper will not be leads to his realization of what it is. In the course of his reflection he discerned the reality of being. The veritable connections that make the student and the professor equal, that constitutes why they are one and the same. And that is the fact that they are both Americans. Known for his political dynamism through his literary works, Hughes wrote the poem during a time when American history was at the threshold of a landmark revolution that ultimately led to the realization of the Civil Rights Movement. A developmental change that he has in many ways has become an integral part of. His works include contentious political tones that articulate race

Foreign Exchange Risk in Pakistan Financial Institution

Foreign Exchange Risk in Pakistan Financial Institution Abstract Companies especially multinational companies and financial institutes like banks and insurance companies are now exposed to foreign currency risks caused by unexpected movements in exchange rate. In order to survive in this competition age companies have to manage this foreign exchange risk in a planned and good manner. The purpose of this study is to describe the different types of risks faced by financial institutions in Pakistan. These risks may include translation risk, transaction risk and operating risk. Research also includes the management and measurement of foreign exchange risk and studies the different methods of hedging this risk. The research was conducted through internet, analyzing the financial reports of different financial institutes and face to face interviews conducted from different executives of different financial institutes. Foreign exchange risk has a great impact on the cash flows and operating profits of an organization while doing business abroad and organizations have to familiar to manage and hedge this risk by using different derivatives and choose the best method that is suitable to organization. Managing the foreign exchange risk through hedging and use of derivatives is very common in these days. Organization often uses leading and lagging technique and less uses the swaps and invoice currency methods. 1- Introduction In this section the back ground of the research will be presented. On the basis of back ground we will make a research question and then followed the proposition for a financial institutions foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70s of last century, today companies operate in as integrated world marketplace. The international market produces the global producer, supplier, customer and also global competitors. Now a days money has no national boundaries. Meanwhile the increasing global business has brought many new problems and opportunities for organizations. They also facing different kinds of risks involving operation risk, investment risk and financing risk etc. to be familiar with those risks and how to hedge and control these risks is very important for organizations. Especially the foreign exchange risk is placed at the top of the risks to be concerned for an effective management. Multinational corporations and multinational enterprises are the entities that operate in at least two countries in both ways i.e production and rendering services. Recently foreign exchange risk has got the increasing importance in both sectors corporate and literature. Focusing on different aspects, a no of studies have been done in order to develop the theory and provide the facts of corporate sector in foreign exchange risk. Some of them like Charles, Ronald and Herman tried to study the exchange rate behavior and others like Anderson Bollerslev, Diebold and Paul attempted to study the volatility of exchange rates. Present monitory system is illustrate by a mix of floating and managed exchanged rate policies that every country perused in its best interest. Any appreciation of a currency against other will bring export down and vise versa. Financial institutions must understand the foreign exchange risk in order to compete, survive and grow in their business of exports and to avoid from competition in imports. ________________________________________________________________________ http://en.wikipedia.org/wiki/Multinational_corporation 1.2 Research questions What exchange risk does a financial institute face and whether they hedge it or not. Whether these institutions used derivatives instruments to hedge exchange rate risk or not. What derivatives are used by these financial institutions in order to hedge the exchange risk? How these organizations measure the exposure of foreign exchange. What would be the objectives of foreign exchange risk management in financial institutions in Pakistan 1.3 Purpose Main purpose of this research is to describe the actual condition of foreign exchange risk in financial institutions in Pakistan. And how these organizations manage this risk and what efforts are done by these organizations to hedge the risk. 1.4 Disposition Chapter one: Introduction Content: This part is that where the research topic was introduced along with the importance of the foreign exchange risk management, the background of study and our purpose of study. The research problem and questions has been brought up, and we provide reader with our research purpose. Chapter two: Literature review Content: it is the literature review part. It will include the theory of foreign exchange risk management concepts of foreign exchange risk, its classification, characteristics, and different methods and techniques to manage and hedge this risk. Chapter three: Research methodology Content: This part is about the methods and techniques used for research purpose that how the data will be gathered analyzed and how to reach the conclusion. Chapter four: Empirical findings Content: In this part of thesis research will be done with the help of annual reports of different organizations. The study will help in analyzing that how these organizations manage this risk and what techniques are used by them. Chapter five: Comparative Analysis Content: In this chapter we will compare the data gathered from different financial institutions and find out the managing methods used by them. Chapter six: Conclusions and Recommendations Content: this part will contain the summary of our findings, implication and results answering the research questions of existing theory. It will also contains the recommendation for future research that may evaluate this research 2. Literature Review It is the review of literature regarding the foreign exchange risk management. It also includes the concepts, characteristics by types and different methods of hedging this risk. 2.1 Foreign exchange risk 2.1.1 The concept of foreign exchange risk What is foreign exchange risk? Different authors and researchers define exchange risk in different ways. Niso abuaf defines à ¢Ã¢â€š ¬Ã…“foreign exchange risk is the chance that fluctuation in the exchange rate will change the profitability of a transaction from its expected valueà ¢Ã¢â€š ¬?. (P.29)This definition is in terms of financial risk. Cornell and Shapiro (P.45) also define foreign exchange risk as à ¢Ã¢â€š ¬Ã…“variability in the value of a firm as measured by the present value of its expected future cash flows, caused by uncertain exchange rate changes. In this definition both the researchers emphasize the firms cash flows. Hekman (60) defines exchange risk in terms of control of firms as the possibility that operating and financial results may exceed or fall short of budget. Foreign exchange rate risk is the potential gain or loss resulting from a change in exchange rate. It is the risk arising from the adverse movements in exchange rate to the earnings and capital. It is the impact of adverse movement in currency exchange rate on the value of open foreign currency position. Banks faced this risk that arises from maturity mismatching of foreign currency positions. Banks also face the risk of failure to pay of counter party in foreign exchange business. While such type of risk crystallization does not cause primary loss, bank may undertake new transaction in cash/spot market for replacing the failed transactions. ____CGAP Portfolio, à ¢Ã¢â€š ¬Ã…“Are MFIs Hedging Their Bets? Issue 1, April 2005 Major categories of exchange rate changes are given as follow: Depreciation: it is the ongoing decline in the value of currency in the relevance of another currency. Devaluation: it is the sharp fall in the value of currency in comparison of another currency. Appreciation: it is the gradual increase in the value of currency in comparison of another currency. For example, a financial institution that has not managed its foreign exchange risk will Lose money through currency depreciation when the value of local currency falls as compared to the currency in which the liability is held. That is, if a financial institution say bank has borrowed in US Dollars and giving debt in local currency PKR will suffer a loss if the value of rupee falls against Dollars. It must have more PKR to service the Dollar based debt. 2.1.2 Classifications of foreign exchange risk Ankrom (1974) was the first writers who classify the foreign exchange risk in different categories. Many other writers and researcher also classified foreign exchange risk in different types. These authors include Walker (1978), Whilborg (1980), Dumas (1984), and Shapiro (1989). Following are three main kinds of foreign exchange risk, Translation exposure Transaction exposure Operating exposure These risks are further defined by Shapiro in 2006. à ¢Ã¢â€š ¬Ã…“Translation exposure, also known as accounting exposure, arises from the need for purpose of reporting and consolidation, to convert the financial statements of foreign operations from the local currency (LC) involved to home currency (HC). If exchange rate has changed, liabilities revenues, expenses, gains and losses that are denominated in foreign currency will result in foreign exchange gain or loss.à ¢Ã¢â€š ¬? This exposure generally affects the balance sheet and those items of income statement that already exist. à ¢Ã¢â€š ¬Ã…“Transaction risk, result from transactions that give rise to know, actually binding future foreign-currency-denominated cash inflows or cash outflows. As exchange rate change between now and when these transactions settle, so does the value of their associated foreign currency cash flow, leading to currency gains or losses.à ¢Ã¢â€š ¬? This exposure affects the cash flows of an organization which can be the result of an existing contractual obligation. For example this risk may affect the transactional account like receivables (export transactions) and payables (import transactions) or repatriation of dividends. à ¢Ã¢â€š ¬Ã…“Operating exposure, measures the extent to which currency fluctuations can alter a companys future operating cash flows, that is, its future revenues and costs. The firm faces operating exposure the moment it invests in servicing a market subject to foreign competition or in sourcing goods or inputs abroad. This investment includes new-product development, a distribution network, foreign Supply contracts, or production facilities.à ¢Ã¢â€š ¬? This risk also affects cash flows but impacts revenues and costs associated with future sales. The combination of two exposures i.e transaction exposure and operating exposure is also called economic exposure as said by Shapiro. This economic exposure actually affects the firms present value of future expected cash flows from exchange rate movement. Economic risk concerns the effect of exchange rate changes both on revenues (domestic sales and exports) and operating expenses (domestic input costs and imports). It is very crucial for firms to establish a strategy of managing the foreign exchange risk as they have the clear identification of various types of currency risks along with their measurement. 2.2 Measurement of foreign exchange risk For the multinational firms, they must have to face the foreign exchange risk. It is very important for them to exactly measure the foreign exposure faced by their organization. 2.2.1 Measurement of translation risk History describes four principals method for translation. These are given as follow: The current/non current method The monitory/non monitory method The temporal method The current rate method These can be understood from following table: Note: while translating the income statement sales revenues and interests are generally translated at average historical exchange rate that prevailed during the year, whereas depreciation is translated at appropriated historical rate. Cost of goods sold and some general and administrative expenses are translated at historical exchange rate and other items are translated at current rate. à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬?= it stands for current rate. That means assets and liabilities are recorded at current prevailing rate. It is the rate at balance sheet date. à ¢Ã¢â€š ¬Ã…“Hà ¢Ã¢â€š ¬?= it shows historical rate. Assets and liabilities are recorded at historical rate that was prevailed during the period. After knowing all the methods of translating the issue arises is that which method should be used among these four methods while translating? Financial accounting standard board (FASB) in its standard 8 which relates to the governance of treatment of translation of foreign currency financial statements from 1975 requires that organizations should use the temporal method for translation of financial statements and the resulting gain or loss from translation should be included in income statement. But this treatment was argued that this produced gains or losses which were not the economic reality of the organizations business. So any hedging for this translation risk under this method seems not realistic meaning. From the invention of standard 52 published by Financial Accounting Standard Board to the end of 1981, which replaced the FAS 8, require that organizations must use the current rat method for translation purpose. FAS 52 introduced the functional currency, which is identified b y each organization for basic economic environment and selected for each of the organizations foreign entities. If the functional currency is foreign currency, the standard requirement is to use the current rate method for any translation gain and loss that is taken directly to the share holders equity. Whereas if the functional currency is the parents company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleys book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). http://pages.stern.nyu.edu/~igiddy/fxrisk.htm, à ¢Ã¢â€š ¬Ã…“The Management of Foreign Exchange Riskà ¢Ã¢â€š ¬? by Ian H. Giddy And Gunter Dufey 2.2.2 Measure of economic exposure as Adler and Dumas (1980,19840defined foreign exchange risk as the regression of assets value on the exchange rate and recommended that exchange rate risk of organizations can be calculated by the sensitivity of stock return to exchange rate activities. Many other researchers like Popper (1997), Bodnar and Gentry (1993) And recently Martin and Mauer (2003, 2005), have been done to explore the foreign exchange exposure. Whereas Holton (2003) indicated that when measuring the foreign exchange risk is difficult it is due to the difficulty of measuring the economic risk. For the measurement of economic risk the method used is value-at-risk (VAR). in broader sense value at risk is defined as the maximum loss for a given risk over a given period of time with z% confidence. This definition was given by micheal papaioannou (2006). 2.3 Foreign Exchange Risk Management 2.3.1 Corporate Objectives of Risk Management After knowing the foreign exchange risk and its measurement faced by the organization, the company should choose to whether hedge this risk or not and further know how this risk should be managed. Oxelheim and wihlborg (1987) with mutual participation produced the idea of currency risk which is given as follow, à ¢Ã¢â€š ¬Ã…“Risk aversion: it relates to the desire of reduction of variability of cash flows in businessà ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“The target variable: in summaries form these are the efforts of the organization to maximize or to stabilize, measurement in accounting or cash flow, measurement in nominal or real terms.à ¢Ã¢â€š ¬? An effective foreign exchange risk management requires definite objectives viewing managements approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companys management towards exchange risk management. Hedging strategy varies from organization to organization. Whenever there is a risk the risk aversion companies try to hedge this risk whereas the risk taking companies leave this risk unhedged. This is the idea arises from management of financial risks that management of financial risk is unnecessary and the gain and loss is will at last equalize in term of equilibrium relationship in the international financial market. This idea was given by Dufey and Sirininasulu in 1984: à ¢Ã¢â€š ¬Ã…“Foreign exchange risk does not exist; even if it exists, it need not be hedged; even it is to be hedged, corporations need not hedge it.à ¢Ã¢â€š ¬? It is the general concept that the organizations invo lved in exports and imports should hedge the risk of foreign risk exposure as a risk averse attitude. In real terms companies prefer to manage the risk within an acceptable limit instead of adopting neither of the two attitudes. Management should be in charge for ensuring to take suitable and reasonable actions based on after-tax term to decrease the risk. 2.3.2 Theoretical appraisal of managing foreign exchange exposure it is the basic strategy of the organizations to hedge the foreign exposure that they increase hard currency assets and decrease the soft currency assets, at the same time decreasing the hard currency liabilities and increasing the soft currency liabilities. However, many debates relating to the hedge the translation exposure exist in finance literature. Pramborg (2002) pointed out that transaction exposure hedging comes to add value for Swedish companies whereas there is no value addition from translation exposure. Butler (1990) suggested that it support the general suggestion of the finance literature not to worry about this type of risk, so it might not be hedged. A reason for not hedging this risk is that translation exposure risk is uneconomic as it is based on historical book value and has no direct effect on organizations cash flows. Thus organization should concern to the exposure faced to the cash flows. Earlier experimental studies by Belk and Glaum (1990) and Aobo (1999) who have investigated the foreign exchange risk management in UK and US multinationals, show that the management of transaction exposure is the focal point of company exchange risk management for the transaction risk control the real cash flows. As compared to translation and transaction risk operating risk is less defined and more difficult to manage. It could be defined as the sensitivity of an organizations future cash flows to the unexpected change in foreign exchange rate and any change in aggressive environment caused by these currency movements. Belk and Glaum (1990) found that firms were less worried about the real impact of exchange rate varies on the competitive position of the companies. Bradley and Moles (2002) find that there is a strong relations ship between exchange rate sensitivity and the extent to which it sales, sources and funds itself worldwide. Shapiro (2006) argued that it could be concluded that organizations operating exposure is attributed to distinguish a companys product is, the internationaly expand its competitors is, the ability to shift production, the sourcing of inputs among countries, and the variation in real exchange rate. It is assumed that the firms more involved in foreign markets the greater would be the operating risk faced by the organization. Shapiro (2006) concluded that firms can easily hedge their transaction risk, competitive exposure (operating exposure) are long term and can not be dealt with exclusively through financial hedging techniques, they relatively require making the long term operating adjustment. Strategic reorientation of operating policies related to pricing, sources, location of production and financing needs not only financial managers but also requires the corporate managers. Moffet and Karlsen (1994) illustrate the use of production, financial and promotion policies to manage economic currency risk as natural hedging. Being a part of globalization business environment, diversification of international operations is very important for multinational corporations to handle operating risk. So this can give the companies to maintain competitive advantage and protective reactions to unfavorable exchange rate changes. Whenever service cost or domestic production cost is affected by exchange rate changes as compared to those of producing in foreign country, the firm can move product sourcing from those countries whose currency is devalued or plant transfered there. Strategic marketing and production regulations in general are for à ¢Ã¢â€š ¬Ã‹Å"cost-effective. Another operational process used to hedge operating exposure is financial management, which are formating the firms assets and liabilities. One option is to funding the portion of a firms assets used to create export profits so that changes in foreign assets values caused by an exchange rate change are compensate by virtual changes in the debt expense in the same currency. For example, a firm should hold debt in currency of a foreign country, in which the firm increases a considerable export market. Existing text such as Glaum (1990) suggests economic exposure management should be integrated into the long-range, strategic planning system of the corporation and included with all areas of corporate decision-making. Tools and techniques for foreign exchange risk management Nowadays foreign exchange risk could not only control a firms quarterly earnings, but Also decide its survival. A variety of financial implements come into sight as the financial markets require managing the different increasing exposure that firms face. For Managing foreign exchange risk, there exist internal techniques such as matching inflows and outflows, inter-company netting of receipts and payments, transfer pricing agreement, etc, and external hedging tools involve the usage of different sorts of derivatives including forwards, futures, debt, options and swaps. Each of these techniques differs to hedge different exchange risk in each company situation. There have been many studies concerned with the effect from the use of these Currency derivatives, e.g. recent study as Allayannis and Ofek (2001), Bengt Pramborg (2002). Foreign exchange forwards A forward foreign exchange contract is a contract to exchange one currency for another with a particular amount, where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a fixed date in the future. The predetermined exchange rate is also known as the forward exchange rate. The amount of the contract, the value date, the payments method, and the exchange rate are all mentioned in contract at the time of contract. Forward contracts in major currencies are available on daily basis with maturities of up to 30-, 90-, and 180-day. Two types of forwards contracts are often used: deliverable forwards (face amount of currency is exchanged on settlement date) and non-deliverable forwards (which are settled on a net cash basis). A currency forward contract is usually used to hedge exchange risks that ranges from short to medium term and whose timing is known for certainty. It is so important for Firms treasurers to deal in the forward market that they can fix the costs of imports and exports in advance for the payable or receivable amount and hedge the exchange risk. A lot of experimental researches such as Belk et al. (1992), Bodnar et al. (1995), Mallin et al (2000) and Pramborg (2002) pointed out that the most commonly used method is forward exchange contract. With forwards, the firm can be totally hedged. However, some exposures including settlement risk that exchange rate shift in the opposite direction as they predicted, and counter party risk which the other party is unable to perform the contract. Sometimes the high cost of forward contracts prevent Firms to implement this instrument to fully hedge their exchange exposure. For that reason, futures are more beneficial. Currency futures Currency future is another tool to decrease the exposure of foreign exchange instability It is an exchange-traded agreement specifying a standard amount of a particular currency to be replaced on a specific future payment date. It is likely to forward contract in a way that they permit a firm to buy or sell definite currency at a fixed price and at a future time. So far, there are some differences among these two sorts of practices. One of the futures distinctiveness vary from forward is that futures are standardized both for amount and payment date (normally March, June, September and December), whereas Forwards are for any amount and any delivery date upon which the two parties are agreed. One more difference is that forwards are dealt by phone and telex and are completely independent of locality or time while all clearing functions for futures markets are hold by an exchange clearing house. The biggest difference is in terms of liquidation that futures contracts are settled by balancing of gains and losses for each day, whereas forward contracts are settled by real delivery whether full delivery of the two Currencies or net value only at the contract maturity. Giddy and Dufey said à ¢Ã¢â€š ¬Ã…“This daily cash compensation attribute mostly eliminates default risk.à ¢Ã¢â€š ¬? Futures market and forward market both are of most important ways to hedge risk. David Tien (2002) pointed out à ¢Ã¢â€š ¬Ã…“Firms uncomfortable with the uncertainty involved in receiving a fixed payment in foreign currency can easily hedge the transaction using either futures or forward contracts.à ¢Ã¢â€š ¬? Some studise as Belk and Glaum (1992) establish that none of the firms which were talked used currency futures, because the standardized features of exchange traded futures most often do not enable the companies to hedge their positions completely. Mallin et al (2000) also found that only 9 companies out of 231 respondents to their survey used currency futures. Giddy and Dufey conclude that à ¢Ã¢â€š ¬Ã…“forwards and futures serve similar purposes, and tend to have identical rates, but differ in their applicabilityà ¢Ã¢â€š ¬?. The largest part of big companies use forwards; futures tend to be used whenever exchange risk may be a problem. Currency options A foreign exchange option which is dissimilar from currency forward agreements and currency futures is to give the possessor of the contract the right to buy or sell a definite amount of a certain currency at a prearranged price (also called strike or exercise price) until or on a specified date, but he is not bound to do so. The seller of a currency option has obligation to execute the contract. The right to buy is a call position and the right to sell is a put position. There is option premium required to pay by those who acquire such a right. The holder of a call option can take advantage from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to exercise the right when the price decreases (locked in loss of the option premium). Vice versa is the situation for the holder of a put option. For the advantages of simplicity, elasticity, lower cost than the forwards, and the expected maximum lossà ¢Ã¢â€š ¬Ã¢â‚¬ which is up to the premium paid to acquire the right , the currency option has become growing popular as a hedging tool to protect firms against the exchange rate movements. Whenever there is insecurity in the size of cash flows and the timing of cash flows, currency option agreements would be better to conventional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) observed the degree of derivative use and the motives for their use by carried out surveys in 250 large UK companies, found that a extensive use of both forwards and options(respectively 96% and 59%). They pointed that comparing the most important reasons for the use of forwards were company policy, business reasons and risk aversion, A good understanding of instrument, and price were prominent while the primary reasons to use option for company management. Currency swaps As a virtually new financial derivative used to hedge foreign exchange exposure, currency swaps have a rapid advancement. Since its introduction on a global scale is in the early 1980s, currency swaps market has turn into one of the leading financial derivative markets in the world. A currency swap is a foreign exchange agreement among two parties to exchange a given amount of one currency for another and, after a particular period of time, to give back the original amounts exchanged. It can be negotiated for a broad range of maturities up to at least 10 years, and can be regarded as a series of forward contracts. It is normally used under such circumstances that a firm functions in one currency but need to borrow in another currency. Currency swaps are frequently connected with interest rate swaps, as the common cross currency swaps the cross-currency coupon swap which is to pay fixed and get floating interest sum meantime buying the currency swap. Another generally used one is cross currency basis swap which is to pay floating interest in a currency and receive floating interest in another currency. The benefit of currency swaps is to facilitate each contracting part to borrow in their relative constructive market, and both parties can benefit from the swaps by lessening the borrowing costs. The use of swaps now has developed rapidly in western countries such as Grant and Marshall (1997) found that the use of swaps and forwards/futures is dominant in UK, Bodnar et al. (1995) found that swaps govern for interest rate risk management in US.