Forecasting Effectiveness Of The Exchange Rate Of Euro Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2297 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The proposed title for this topic analysis is forecasting effectiveness of the exchange rate of Euro in the conditions of financial crisis. 2. Introduction and Background: There has been significant discussion within the financial management literature regarding the forecasting techniques used to analyse future turbulence within the currency exchange rates. This focus, according to Perry (2009) is due to the fact that any such fluctuations have a direct correlation with the profitability of an international firm. Yu et al (2006) has argued that currency fluctuation has increasingly become an important financial management phenomenon due to its direct correlation with the costing and pricing of the products, supplies, and operations of contemporary firms. It has been argued by Buti van den Noord (2009) that organisations that are only operational within single national economy are also subjected to the turbulence within the hard currencies as a number of raw materials and inputs of the value chain of the firm are internationally traded. According to Yu et al (2006), hard currencies are stable economic units that are used as key trading currencies due t o their relative reliability and stability over extended periods of time. Don’t waste time! Our writers will create an original "Forecasting Effectiveness Of The Exchange Rate Of Euro Finance Essay" essay for you Create order Euro has become increasingly important international currency since it was introduced within the EU on 1st January 1999. Drawing upon Emerging Europe Monitor (2009), it can be highlighted after the initial period of turbulence due to the harmonisation of exchange rates across the EU member states; the currency has become highly stable and is therefore become the second largest reserve currency in the world after the US Dollar. The stability of the currency has been recognised from the fact that it is adopted by more than 16 advanced and developed EU member states, which combined makes the second largest economy in the world based on cumulated GDP and purchasing power parity. This proposed research is therefore aimed at forecasting effectiveness of the exchange rate of Euro in the conditions of financial crisis. 3. Theory and Prior Research: Foreign exchange forecasting have been found as key mechanism across the markets of the world for a number of decades that challenge the efficient market hypothesis, i.e. currencies are rationally priced and reflect all the available information. Sosvilla-Rivero Garca (2005) has provided evidence for return reversal across markets in the long term while analysing the Dollar and Euro exchange rate forecasting. The study has provided empirical evidence by dividing the currencies into winners and losers based on their exchange rate fluctuations in past three years. It was found by the study that losers outperform winners in the five year returns to post-formation of these categories. These findings cannot be explained with rational pricing model, nor can it be explained through weak form of market efficiency. The researchers have explained this change in returns as over reaction of investors to past market and economic information. Dunis Williams (2002) have also linked market efficie ncy with the degree of forecasting within exchange rates while studying the momentum effect. The researchers noticed that investors that followed short term strategies of buying performing currencies and selling losing currencies over a three to twelve month time period resulted in significant positive returns over the three to twelve month holding time. It has been suggested by the researchers that this turbulence in prediction represents that buying and selling past winners and losers respectively will lead to the currency exchange to move temporarily away from their real long term value. Later studies have also found similar results and underlying reasons across the capital markets of the world, for example Jamaleh (2002) has studied twelve biggest European stock markets regarding the underlying reasons for momentum effect and signaled towards the weak form of efficiency as the main cause, which has been compared to the exchange rate forecasting by Savchenko Makar (2010). There is a school of thought that has related semi-strong form of market efficiency with exchange rate fluctuations and suggested that it is one of the major underlying cause of their presence in todays developed currency markets. The semi-strong market hypothesis, according to Sartore et al (2002), suggests that investors can not earn abnormal risk-adjusted returns using any information and data that is publicly available. The hypothesis has been challenged by a number of studies that have concluded that investors in some particular circumstances have been able to earn extra ordinary profits with the publicly available information. Jose (2001), for example has found through his longitudinal research that average returns of large caps were very low given their market beta values, while on the other end the average returns of small caps were too high. A similar such investigation has been undertaken by Mary (2002), who divided currencies into categories based on market capitalisation and average return over the first year after the formation. The study was used data over the period between 1963 and 1990, and found out that small caps during this time period outperformed the large caps by 0.76% on average return per month. Therefore, it can be suggested that market behaved against the predictions of the capital asset pricing (CAPM) model for currencies, which highlights that high caps earn higher than small caps. There has also been a discussion in the literature related to underlying reasons for turbulence in exchange rates that have been focused on the effects of economic announcements that also violates the semi-strong market efficiency hypothesis. One of the key studies in the area has been undertaken by Patrick (1998) that divided the currencies into ten different categories based on the change of earning surprise in the most recent economic and interest announcements. The methodology used by the research was to analyse the performance of each category during the sixty days period after the economic policy announcement. The study found out that the category with the highest value for good interest earnings outperform the category with the worst interest earnings announcements by a degree of 4%. Ales Jaromir (2010) has explained the phenomenon and suggested that currencies with positive earnings announcements have even higher stability in the time period prior to the policy announcement, and at the same time the negative announcements earn relatively higher turbulence. However, in the post announcement period, the currencies with higher earnings surprise also earn significant higher return, which in the case of research of Farhad (2004) is when the categories have been formed. Therefore, it has been suggested by the researcher that there is clear evidence that market under reacts to the new information available and the foreign exchange prices of hard currencies are slowly revised. The literature has also indicated other variables that have been linked with future foreign exchange performance predictions and forecasts. Drawing upon Andrew (2001), it can be suggested that these variables in currency exchanges are fundamentally scaled by pricing and therefore capital asset pricing model (CAPM) should be used. One of the types of scaled price ratio is the book to market ratio and companies with higher ratios are called value currencies, while with lower values are called growth currencies. According to CAPM, the growth currencies should outperform value growth on the basis of risk differentials attached with each, however the empirical evidence from across the currencies markets of the world negate this explanation. Patrick (1998), for example is one of the key empirical studies using major currencies data. The research divided currencies using the book-to-market ratio and calculated the average return for each category the year after their formation. It was found out by the research that value currencies performed 1.53% better than growth currencies in terms of average monthly returns. Drawing upon Buti van den Noord (2009), the difference between the between the average return of the value currencies and growth currencies is termed as value premium. This value premium has not been successfully explained with the help of market beta and price-to-earnings ratios. 4. Research Objectives: The proposed aim of this research is to critically analyse the effectiveness of forecasting the exchange rate of Euro in the conditions of financial crisis. In order to achieve the proposed aim of this study, the researcher has developed a range of specific research objectives, which have been summarised as follows: To critically analyse academic point of view surrounding forecasting of exchange rates in turbulent market conditions To analyse the effectiveness of the popular forecasting techniques that are used within the research to forecast exchange rates of Euro To highlight key issues that have been found to have implications on the future exchange rate fluctuations of Euro in the context of financial crisis 5. Methods and Data: Research methodology, according to Adams Schvaneveldt (1991) is the key towards highlighting feasibility of the research in the context of wider academic and practitioner environment. It has been argued within the research authenticity and reliability of findings of the research is also highly linked with the robustness of the research methodology and data collection strategy. According to Taylor Bogdan (1998) methodology in academic research can be seen as the way in which researchers approach the problem and seek its answers. Saunders et al (2003) has highlighted a prescriptive framework that can be used to achieve a robust methodology, which is referred to as research onion as decision at each ring has implications on the inner sections. The research onion would therefore be used to achieve the aim and objectives set out for this report and have been illustrated as follows: Research Onion (Saunders et al, 2003) 5.1 Methods: The research philosophy that underpins this proposed topic is positivism, which is an epistemological setting that has been used to reach definitive conclusion through positive verification (Saunders et el, 2003). The topic of exchange rate forecasting can be seen to have high degree of objectivity attached to it, which would require conclusive empirical evidence to be proven to hold or not to hold in the context of contemporary financial crisis. This is the reason that the research has found deduction to be aligned towards achieving the aim and objectives of this proposed research. The selection of epistemological philosophy and research approach for this proposed research has their implications on data collection strategy, which has been explained in the following sub-section. 5.2 Data: The researcher proposes multiple method research methods, which would help in achieving triangulation of data (Saunders et al, 2003) and the diverse range of research objectives of this proposed study (Taylor Bogdan, 1998). These methods include the following: Secondary Quantitative Research: The secondary quantitative data surrounding historical Euro exchange rate data would be collected along with the key macro, micro and meso business environment changes that have impacted on the turbulence and fluctuations within the exchange rate data. Drawing upon Adams Schvaneveldt (1991), secondary data collection can help in acquiring audited data that has already been checked for its internal consistency, therefore reducing overall time and resource allocation. It has been argued by Saunders et al (2003) that secondary data provides the advantage of collecting both longitudinal and cross sectional data, which is the requirement of this proposed research, where forecasting and exchange rate data surrounding Euro would be required in both traditional and contemporary sense for the purpose of comparison. Semi-Structured Interviews: The primary data surrounding the effectiveness of different forecasting methods used for Euro exchange rate will be achieved through semi-structured interviews with forex traders. According to Taylor Bogdan (1998), this data source can help achieve significant insight into the topic under analysis and can therefore help recommend changes to the current forecasting techniques. The sampling technique that would be used to select forex traders to comment on forecasting effectiveness of the exchange rate of Euro in the contemporary financial crisis conditions would be random sampling. Saunders et al (2003) has argued that using semi-structured interviews provides high degree of control to the researcher in terms of focusing key areas that require further elaboration and discussion. 6. Research Ethics: Ethics within the context of academic research has been highlighted by Wells (1994) as the code of behaviour that can be seen as appropriate and acceptable by other academics and practitioners within the field. It can therefore be argued that the definition is broad and subjective, however there are prescribed codes of conduct and ethics highlighted by a number of market research institutions and associations. It should be noted that the only ethical exposure of the current research is associated with the primary data collection, where semi-structured interviews would be collected. Drawing upon Saunders et al (2003), the researcher would therefore develop an informed consent with the interviewees to include any information provided by them into the analysis and final report. In order to streamline the ethical implications of this proposed study, the researcher would therefore use the guidelines of market research given by the renowned MRS association. The use of such ethical underpin nings would help this proposed research, its key findings report and further recommendations to be free from any ethical issue. 7. Time Scale and Resources: It should be noted that the current proposed research is bound by limited time period and resources. The allocation of time and resources has therefore been analysed to highlight the feasibility of this research. Drawing upon Robsons (2002), the research should have low levels of risks in terms of researchers access to the resources required for the research. The key resources required for this research include access to academic literature and secondary traditional data surrounding Euro, which has been negotiated through ATHENS account from university library. The limited time has also been allocated to key aspects of the research and the division of time and labour has been highlighted with the help of the following Gantt chart. In the light of recommendations by Taylor Bogdan (1998), the researcher would use Microsoft Project to keep track of the progress and milestones surrounding the research. Week 1 2 3 4 5 6 7 8 9 10 11 Steps 1 Preliminary research ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   2 Objective Clarification ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   3 Semi-structured Interviews ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   4 Commercial Literature ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   5 Academic Literature ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   6 Progress Report 7 Data Analysis and Processing 8 Final Report Gantt Chart of Key Activities

To Kill or Not to Kill, That is the Question Essay

To Kill or not to Kill Since ancient times, nations all around the world have been imposing the death penalty for a wide variety of crimes such as rape, adultery, incest, murder, espionage, treason, military desertion, corruption, human trafficking, and even drug trafficking. Execution has been becoming less and less popular each year, but it is still a very controversial subject in today’s society. Some say that execution is unconstitutional, inhumane, or otherwise unfair. Death is feared widely above all other punishment. Capital punishment is not only the strongest deterrent, but it is also the most cost efficient solution to severe crimes, as well as the most effective in actually proving guilt, and bringing fair justice to the victims†¦show more content†¦He fought the point that executing someone with anything less than absolute certainty of his or her guilt was a crime in itself. In more recent centuries, as societies progressed along with other forms of punishment, police forces, an d penitentiaries, capital punishment became less and less necessary to deter people from crime. As the death penalty became less needed so did the need for the executions to be public. Around this time is when the executions begun moving into the prisons out of view of the public. In 1820 however, in Britain, the law still said that crimes as small as petty theft, shoplifting, and cutting down trees in public places were punishable by death. These crimes clearly do not fit the punishments, so juries often refused to convict, or judges would lower the status of the crime just enough to not rate the death penalty. There are many reasons to want the death penalty legalized everywhere, such as deterrence. As long as people fear death (which they always will) common sense tells us that people will be less likely to commit these especially heinous crimes. 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But then there are the other number of people who feel the death penalty should be banned because of its cruelRead MoreEssay Justice System in To Kill a Mockingbird897 Words   |  4 PagesAlthough the dedication of Mr. Finch in â€Å"To Kill a Mockingbird†, even though it turned out against his favor due to an absence of evidence and a debauched court hearing. This court hearing makes readers question whether or not the justice system of that era was fair and in retrospect, a good question is whether or not our justice system today is fair and lawful. If you think that a false conviction was unfair, Tom is eventually killed for his false conviction under a faulty justice system. To me

Micro Environment Free Essays

string(31) " to health and education, etc\." |Chapter | | 1 | Introduction 1. 1 Problem Background There are about three billion people, half of the world’s population, living on the income of less than two dollars a day. Among these poor communities, one child in five does not live to see his or her fifth birthday. We will write a custom essay sample on Micro Environment or any similar topic only for you Order Now One study in 2006 showed that the ratio of the income between the 5% richest and 5% poorest of the population is 74 to 1 as compared to the ratio in 1960, which was 30 to 12. To enhance international development, the United Nations Organization (UNO) announced the millennium development goals,aimed to eradicate poverty by 2015. In this regard, microfinance is the form of financial development that has its primary aim to alleviate the poverty. Governments, donors and NGOs around the world responded enthusiastically with plans and promised to work together towards the realization of these goals. In the recognition of microfinance, the UNO celebrated the year 2005 as a year of micro-credit, as a result this financing instrument is perceived worldwide as a very effective mean against hunger and poverty, mainly in developing countries. Microfinance is a credit methodology, which employs effective collateral substitute for short-term and working capital loans to micro-entrepreneurs. The level of a country’s poverty has long been linked with measures of its economic development. Little consideration was given to the social reorganization of the natural resources (e. empowerment vs. alien ation of people, sustainable use vs. depletion of the environment). The economies with positive growth rate of Gross National Product (GNP) were measured by their poverty mitigation. This gratitude emphasized on the achievement of wealth and technology as a path for development and assumed that improved lives for all would be the natural consequence. Microfinance is not a new development. Some developed countries as well as developing countries particularly in Asia hav e a long history of microfinance. During the eighteenth and nineteenth centuries, in number of European countries, microfinance evolved as a type of the informal banking for the poor. Informal finance and self-help have been at the foundation of microfinance in Europe. The early history of microfinance in Ireland can be traced back to 18th century. It is a history of how self-help led to financial innovation, legal backing and conductive regulation, and creating a mass microfinance movement. But the unpleasant regulations prompted by commercial bankin g brought it down. The so-called Irish loan funds appeared in early eighteenth as charities, initially financed from donated resources and offering interest free loans. They were soon replaced by financial intermediation between savers and borrowers. Loans were granted on short–term basis and instalments were scheduled on weekly basis. To enforce the repayment, monitoring process was used. In Latin America and South Asia, the microfinance has grown out of experiments, but the best-known start was in Bangladesh in 1976, following a widespread famine in 1974 and a hard-fought war of liberation in 1971. Its origin can be traced back to 1976, when Muhammad Yunus set up the Grameen Bank, as an experiment, on the outskirts of Chittagong University campus in the village of Jobra. The inspiration of Grameen Bank came to Muhammad Yunus’ mind when he lent the equivalent of $26 to $42 to exploited women who were working as bamboo furniture maker. He saw that, they were enthusiastic about it and paid back their loans on time. In the beginning, Muhammad Yunus focused the activities of Grameen Bank mainly on savings and small loans, and decided to put the interest rates high enou gh to cover the expenses. Finally yet importantly, he asked borrowers to organize themselves in solidarity groups of five people (who have to meet every week in order to repay their loans and to ex change their opinions). Inspired by the success of his experiment, he decided to spread out this system to other villages in Bangladesh. In 1983, this institution became a bank. Today it operates in almost 36000 villages and serves more than 3500000 people. On 13th October 2006, the Nobel Peace Prize went to Muhammad Yunus and Gramen Bank, the microfinance institution he founded 30 years ago. Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries. Loans to poor people without any financial security had appeared to be an impossible idea. 2 Eventually we are in a situation, in which Muhammad Yunus, the founder of Grameen Bank, tells us the goal spread of micro-credit and finance, which give us the hope, may be our great-grandchildren will go to museums to see what poverty was like. This report is about microfinance and its contribution to the improvement and poverty alleviation for millions of the poorest people of Bangladesh. Micro finance has a huge impact on the lives of millions of poor people.. Numerous scholars and NGOs have been working to take microfinance within the reach of poor people, who are still not benefited by the conventional financial system. It was believed that microfinance is not important for all people but most groups can benefit from this idea. In this report, we try to present evidence of the important contributions made by microfinance in the eradication of poverty by increasing the income generating activities, empowerment of poor people to access development services such as health and education, and reduction in vulnerability. 1. 2 Problem Statement In the light of problem, background leads to the following problem statement, Impact of Microcredit on poverty alleviation of the poor people in Bangladesh 1. 3 Objectives of the study To be meaningful, every work must have to formulate the objectives of the study. In the light of the topic of the report, the objective of this study is to show how microcredit works, by using group lending methodology for reducing poverty and how it effects the living standard (income, saving access to health and education, etc. You read "Micro Environment" in category "Essay examples" ) of the poor people in Bangladesh. 1. 4 Methodology of the study Data information are mainly collected from secondary sources. We have used several books, research literatures, articles, journals and report, as secondary sources for our study. Internet sources were also used as a secondary source for our report. Since the internet sources are less reliable, we have limited the use of those sources to the web pages of prominent organizations like Grameen Bank. Most of the sources, we tried to use, are reliable and are acceptable almost everywhere. Nevertheless, from them we had to choose the most appropriate literature for our report. For this reason, we had to go through numerous references related to this topic, to find the suitable materials. Besides these, Google Scholars were also used to find the suitable research material. The keywords used when searching for scientific articles and literatures were; microcredit, microcredit and Bangladesh, poverty reduction and microcredit, Muhammad Yunus and microcredit,living standards and microcredit etc. 1. 5 Limitations Due to shortage of time, the accuracy of information may not have been completely flawless. 1. Definitions and Key Concepts Microcredit It is a component of microfinance and is the extension of small loans to entrepreneurs, who are too poor to qualify for traditional bank loans. Especially in developing countries, micro-credit enables very poor people to engage in self-employment projects that generate income, thus allowing them to improve the standard of living for themselves and their families. Poverty Poverty is a condition in which a person of a co mmumity is deprived of the basic essentials and necessities for a minimum standard of living. Since poverty is understood in many senses, the basic essentials may be material resources such as food, safe dringking water and shelter, or they may be social resources such as access to information, education, health care, social status, political power, or the opportunity to develop meaningful connections with other people in society. According to the World Bank’s (1980 ) definition of poverty, condition of life so characterized by malnutrition, illiteracy, and disease as to be beneath any reasonable definition of human decency. Extreme Poverty/Absolute Poverty Extreme poverty is the most severe state of poverty, where people can not meet their basic needs for survival, such as food, water, clothing, shelter, sanitation, education and health care. Eradication of extreme poverty and hunger by 2015 is a Millennium Development Goal set by UNO. To determine the number of extreme poor people around the world, the World Bank characterizes extreme poverty as living on the daily income of US $1 or less. It has been estimated that around 1. 1 billion people currently live under these conditions. Moderate poverty It indicates the condition where people earns about $ 1 to $2 a day, which enables households to just barely meet their basic needs, but they still have go for many of the other things – education, health care –that many of us take for granted. Relative Poverty It means that a household has an income below the national average income. Micro finance Institutions (MFIs) A microfinance institution is an or ganization, engaged in extending micro credit loans and other financial services to poor borrowers for income generating and self-employment activities. An MFI is usually not a part of the formal banking industry or government. It is usually referred to as a NGO (Non-Government Organization). |Chapter | | 2 | Theoritical Framework 2. 1 What is microcredit? Microcredit is the extension of very small loans (microloans) to the unemployed, to poor entrepreneurs and to others living in poverty who are not considered bankable. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit. Microcredit is a part of microfinance, which is the provision of a wider range of financial services to the very poor. 2. 2 Features of microcredit †¢ Size – loans are micro, or very small in size †¢ Target users – micro entrepreneurs and low-income households †¢ Utilization – the use of funds – for income generation, and enterprise development, but also for community use (health/education) etc. †¢ Terms and conditions – most terms and conditions for microcredit loans are flexible and easy to understand, and suited to the local conditions of the community. Usually micro-credit is provided to a particular geographical area or community. †¢ Micro-credit funds are sometimes initiated in response to the needs of a particular group. †¢ Some loan circles and lending institutions require participants to attend ongoing business training and mentoring programs, which is not the case with traditional debt lending. †¢ Micro-c redit is recognized as having increased risk and is treated as a separate class of product by lenders. †¢ Its mission is to help the poor families to help themselves to overcome poverty. It is targeted to the poor, particularly poor women. 2. 3 Classification of microcredit I. Traditional informal microcredit (such as, moneylender’s credit, pawn shops, loans from friends and relatives, consumer credit in informal market, etc. ) II. Microcredit based on traditional informal groups (such as, tontin, su su, ROSCA, etc. ) III. Activity-based microcredit through conventional or specialised banks (such as, agricultural credit, livestock credit, fisheries credit, handloom credit, etc. ) IV. Rural credit through specialised banks. V. Cooperative microcredit (cooperative credit, credit union, savings and loan associations, savings banks, etc. VI. Consumer microcredit. VII. Bank-NGO partnership based microcredit. VIII. Grameen type microcredit or Grameencredit. IX. Other types of NGO microcredit. X. Other types of non-NGO non-collateralized microcredit. |Chapter | | 3 | Major MFIs and their role in Bangladesh Back during late 1970s, when the Jobra experiment was underway under Professor M. Yunus, the Dheki Rin Prokolpa was ini tiated by the Bangladesh Bank in collaboration with the Swanirvar Bangladesh, and several other pilot schemes were initiated by a handful of the NGOs who were active then. At that time, it was difficult then to conceive that these initiatives would lead to a major micro-credit movement, which would make Bangladesh known to the rest of the world. Even during the 1980s, in spite of Grameen Bank’s success, the main discourse amongst development practitioners in Bangladesh centred on the desirability of micro-credit program as opposed to concientization. By 1990, unhindered experimentation in the fields led to a quiet resolution of the debate and the country experienced a massive expansion of micro-finance activities during the 1990s. This is borne out by the figures on the time path of MFI expansion (see Figure 1), [pic] Many studies and surveys have been carried out by different agencies regarding the working of MFIs and their impact on the poor people in Bangladesh. The agencies like Bangladesh Institute of Development Studies and World Bank have found strong evidence that functioning of MFIs have helped the people in meeting their daily needs and at the same time building their assets. It has been stated in The World Bank Economic Review that microfinance has not only helped people to develop in their material capital but also in the human capital, by better access to health care and education system, and general awareness among the people about their rights and duties towards society. However, there are numerous MFIs working in Bangladesh at present so it is almost impossible to mention all of them. Therefore, we have chosen four of the most important ones and try to give the overview of them. 3. Bangladesh Rural Advancement Committee (BRAC) With a vision of â€Å"a just, enlightened, healthy and democratic Bangladesh free from hunger, poverty, environmental degrad ation and all forms of exploitation based on age, sex, religion and ethnicity†, BRAC started as an almost entirely donor funded, small-scale relief and rehabilitation project to help the country overcome the devastation and trauma of the Liberation War. Today, BRAC has emerged as an independent, virtually self-financed paradigm in sustainable human development with its motto ? Alleviation of poverty and empowerment of the poor. It is the largest in the world employing 97,192 people, with the twin objectives of poverty alleviation and empowerment of the poor. Through experiential learning, BRAC today provides and protects livelihoods of around 100 million people in Bangladesh. Diagnosing poverty in human terms and recognizing its multidimensional nature, BRAC approaches poverty alleviation with a holistic approach. BRAC’s outreach covers all 64 districts of the country. 3. 1. Microfinance Programs of BRAC, at a Glance (Source: BRAC Annual report 2005) |Inception of micro finance programme |1974 | |Programme coverage |Districts 64,Thanas:507 | |Total No of Area/Branch Offices |1,381 | |Total No of village Organizations |160,197 | |Total No of Members |4,837,099 | |Percentage of Women Members |98% | |Outstanding Borrowers |4,159,793 | |Cumulative Loan Disbursement |165,794 million (US $3,094) | |Members’ Savings |9,159 million (US 141 milli on) | |Average Loan Size |9,452(US $145) | |Repayment Rate |99. 49% | 3. 2 Grameen Bank The history of origin of Grameen Bank can be traced back to 1976, when Professor Muhammad Yunus, head of the Rural Economics Program at the University of Chittagong, launched an action research project to examine the possibility of designing a credit delivery system to provide banking services targeted at the rural poor. The initial activities started from Jobra village (adjacent to Chittagong University) and some in th e neighboring villages in the following years. Later in 1979, with the sponsorship of central bank and support of the nationalized commercial banks, the project was extended to Tangail, a district north of Dhaka. Later the Grameen Bank became an autonomous organization through the government legislation of October 1983. Today, Grameen Bank is mainly owned by the people whom it serves and they own 90% of its shares and remaining 10 % are owned by the government. 3. 2. 1 Microfinance Programs of Grameen bank, at a Glance (Source: Gra meen Bank annual report 2007) |Numbers of Members |7. 5 million | |Percent of Women Members |97% | |Number of Canters |99,502 | |Number of Villages covered |59,912 | |Number of Branches |2,499 | |Number of Areas |81,334 villages | |Number of Zones |21 | |Cumulative amount Disbursed since Inception |256,497. 40 (Million Taka) | |Cumulative Disbursed durin g |2005 39,183. 49 (Million Taka) | |Amount of Loan outstanding |27,970. 31 (Million Taka) | |Members |20,138. 7 (Million Taka) | |Non-Members |11,521. 19 (Million Taka) | |Portfolio Growth Rate |39. 66% | 3. 3 Association for Social Advancement (ASA) ASA in Bengali means ‘HOPE’. ASA is a non-governmental organization based in Bangladesh, which provides micro-credit financing. It was established in 1978 by Shafiqual Haque Choudhury who is also the current chairman. Its functioning is basedon the institutional support system. Innovations and simplifications of staff training, monitoring and bookkeeping are the three areas responsible for ASA’s ability to effectively manage established units and pursue bold growth initiatives simultaneously. This makes the operations smooth and efficient. This makes it simple and easy to operate both for the organization and for the clients, without the unnecessary delays of bureaucracy and red-tape. Its mission is to â€Å"reduce poverty and improve the quality of life of the poor through the provision of qualitative and responsive micro finance services in an innovative and sustainable way†. ASA offers a successful alternative microfinance model to that of the Grameen bank. ASA combines low cost operations and high growth to fuel its success. ASA continues to perfect the role of financial intermediation by developing a variety of savings p roducts that are quite successful at generating the necessary funds from local sources. The experiences of ASA’s managerial dynamism and replication of its simple model have much to offer the diverse microfinance sector as it accommodates demand for quality Financial services by the poor masses. ASA is confident that a financially viable microfinance sector that provides competitive financial services to its customers will be able to expand outreach at a pace similar to its own. 3. 3. Microfinance Programs of ASA, at a Glance (Source: ASA Annual Report 2005) |Inception of micro finance programme |1978 | |Programme coverage |Evenly distributed over the country | |Total No of Area/Branch Offices |2,291 | |Total No of village Organizations or groups |178,904 | |Total No of Members |5. 99 millions | |Percentage of Women Members |Not sex biased | |Outstanding Borrowers |4. 8 millions | |C umulative Loan Disbursement |33,082 million (Taka) | |Total Members’ Savings |3,036 million (Taka) | |Average Loan Size |Taka 7,129 | |Avg. savings balance by members |Taka 748 | 3. 4 Proshika Immediately after the ‘WAR OF LIBERATION’ in 1971, a group of young men, who could realize the inadequacy of the conventional development practices, began to plan development activities with an alternative appr oach. With an objective to contribute to rebuilding the war-ravaged country, they formed Proshika Manobik Unnayan Kendra (Proshika Centre for Human Development). The development process of PROSHIKA, one of the largest NGOs of Ban gladesh, started in a few villages of Dhaka and Comilla districts in 1975, although the organization formally took its first step in 1976. Proshika is an acronym of three Bangla words, proshikkhan (training), shikkha (education) and kaj (action). PROSHIKA envisages a society, which is economically productive and equitable, socially just, environmentally sound, and genuinely democratic. The main mission of PROSHIKA is to conduct an extensive, intensive, and participatory process of sustainable development through empowerment of the poor. Through empowerment, the poor are or ganized and made aware of the real causes of their impoverishment, a leadership is developed among them, their material resources are mobilized, income and employment is increased, and capacities are developed to cope with natural disasters. Empowerment makes th e poor functionally literate, enables them to take better care of their health, to get involved in environmental protection and regeneration, get elected in local government bodies and community institutions, and provides the poor with better access to public and common property resources. 3. 4. 1 Microfinance Programs of PROSHIKA, at a Glance ((Source: PROSHIKA Annual Report 2005) |Numbers of Members |2. 7 millions | |Percent of Women Members |Approximately 60% | |Number of Groups |148,039 | |Number of Villages covered |23559 | |Number of Slums |2102 | |Number of Households |2. 3 millions | |Number of primary Groups |148,039 | |Cumulative Disbursed during 2005 |Taka 31,870 millions | |Number of Education Centres Set Up So Far |53,616 | |Persons graduated with technical skills |1. 11 millions | |Chapter | | 4 | Impact of Microcredit Program on Poverty Alleviation 4. What the microcredit clients do with the loan money In one of the country’s large formal MFIs, it was found that about sixty eight per cent of the clients used 54% of their total loans for small trades. A few clients used 64% of the loan money for buying homestead and cropland. A small number of clients used 67% of the loans to build new houses. Some spent 15% of the total loan for medical treatment of their relatives and themselves. Some spent 19% of the total loan money for consumption purposes. A few clients used 29% of loan money for sending their relatives abroad for jobs. A smaller number of clients used 18% of their loan for major repairing of their dwelling houses. A handful of clients used 42% of the loan for buying television sets, furniture and gold ornaments, while others used the loan money in buying rickshaws, livestock and lending to others in a modicum scale . In another large non-governmental organisation (NGO)-MFI, it was spotted that fifty per cent of the clients used 95% of the total loan money in trading businesses like vegetables, grocery, fish, and betel leaves, etc. A few clients used 40% of the loan money in repaying occasional borrowed debts. Some clients used 35% in agricultural farming. Some used 37% of the total loan for buying livestock for rearing. A few clients used 41% loan money for redeeming mortgaged cropland. Some clients used 61% of the loan money for sending relatives abroad. Again some used 34% of the loan money for meeting the debts from moneylenders. Some clients used 15% of the total loans in repaying loan installments of other NGOs. Some clients used 17% of the loan for medical treatment. Some used 100% loan for house construction, while others used the loans for buying land, rickshaw vans and consumption purposes. Yet again in another large NGO-MFI in the country, about fifty per cent clients were noticed using 66% of the total loan in running their businesses. Several clients used 43% of the total loan for marriage ceremony of their family members. A few clients used 38% of the loan for house construction and repairing. Some used 32% of the total loans in repaying loans of the local moneylenders. A few clients used 59% of the loan for various litigation purposes. Some clients spent 41% in food consumption. Some clients used 67% loan for weaving purposes. Others used the loans for medical treatment, buying livestock, cropland, taking others land for cultivation and repaying loan installments of other NGOs. In a mid-level MFI operating in the urban areas, cent per cent clients used 86% of the total loan in various types of businesses that include grocery, cattle hide, computer composing, photocopy service, commercial phone service, saree selling, etc. Some clients used 84% of the total loan for house construction. A few clients used 81% of the total loan in buying land in the villages where they hailed from. In a pretty tiny NGO-MFI, some clients were found using 74% of the total loans for buying fishing equipment like nets and boats, etc. Some clients used 46% of the loan for buying livestock. A few used 74% of the loans as business capital. Some kept 52% of the loans as savings in the commercial banks, while others used the loan money for repairing houses and meeting medical costs. 4. 2 Impact of Microcredit The major objective of microcredit (MC) is to create income among poor households and thereby alleviate poverty. In this respect the question can be asked at two levels, first, whether MC leads to an improvement in income and second whether the increase in income is sufficient to lift them above the poverty level. There is also a third aspect related to the second that is whether poverty alleviation takes place on a sustained basis. Though most impact assessment studies examine the impact of MC on income, the analyses concentrated on mainly the first question. It should be mentioned that most studies consider the total impact on growth of income and do not examine whether a redistribution of credit fund has a redistributive impact on poverty and income of households 4. 2. 1 Findings of PKSF ME Study by BIDS Palli Karma-Sahayak Foundation (PKSF) commissioned a longitudinal Monitoring and Evaluation Study (MES) which was conducted by the Bangladesh Institute of Development Studies (BIDS). Started in 1997, the studies were completed in 2001. The study covered 3026 sample households spread over 91 villages located in 13 of PKSF POs operational areas. A census was administered in late 1997, covering 19151 households in 91 villages. The first and the second round surveys under the study were administered in 1998 and 1999 and the third and final round survey was conducted in 2000. Some findings on the impacts of microcredit as presented here are gleaned from the reports and papers prepared by BIDS. The summary of the PKSF-ME Study by BIDS is shown in the Table below- Table: Impacts of Microfinance (compared to non-participants) Broad Category |Indicatiors |Type of Change |Cause of Change | |Economic Impact |Income |+ |Self employment activities | | |Food Security |+ |Greater access to cultivab le land through the | | | | |rental market | | |Wage (land poor) |+ |Transport and other non-agril activities sup. by MC| | |Employment (land poor) |+ |better access to the land rental market | | | | |Wage emoloyment in non-ag. sector | | |Assets (land poor) |+ |av. ow land size than non-participants | | | | |larger operational holding | | | | |impact of MF (poultry livestock, bi-cycles, | | | | |rickshaw/van) | |Social and other |Fertility and contraceptive use |+ |program participation | |development impacts | | |female methods dominate | | |Health and Nutrition |+ |program placement effect | | |Sanitation and drinking water |+ |program participation | | |Literacy and school enrollment |+ |program participation | | |of children | | | | |Social mobility |? |do not vary significantly | | |Women articipation and HH |+ |participation in a MC program | | |welfare | |increasing women’s income | 4. 2. 2 Measuring the Impact of Microfinance Grameen Bank has been tracking the progr ess of its clients in achieving all ten indicators since 1997, and reports that 55 percent of its established members (Grameen annually surveys all clients who have been in the program more than five years) had crossed the poverty line by the end of 2004: [pic] (Source: CIA World Factbook: http://www. cia. gov/cia/publications/factbook/geos/bg. tml) This is an impressive achievement, and exactly the type of information that one might hope any MFI would be tracking. Though it might seem arbitrary to determine that achieving all ten indicators constitutes movement out of poverty, in fact all poverty lines are to some degree arbitrary, and they are meant to quantify whether or not families are meeting basic needs—such as those represented in the Ten Indicators. Knowing that 55 percent of established Grameen clients never go hungry, have access to safe drinking water, and send their children to school is important to Grameen. Table 1: Poverty rates among Grameen Bank members vs. Non-participants, 1984-85 |Grameen members |Target non participants |All households | | | |Grameen |Comparison |Grameen |Comparison | | | |villages |villages |villages |villages | |Moderately poor (percent) |61. 0 |83. 7 |80. 4 |61. 5 |76. 3 | |Extremely poor (percent) |48. 0 |76 |74. 4 |47. 1 |54. 6 | Table 2: Poverty rates among Grameen Bank members vs. Non-participants, 1996-97 |All households | | |Grameen |Comparison | | |villages |villages | |Moderately poor (percent) |18 |57. 5 | |Extremely poor (percent) |15 |54. 5 | Table 1 and 2 suggest that Grameen Bank members are substantially less poor than non-members, and that Grameen Bank’s activities affected the poverty levels of entire villages. The centerpiece of the findings of a survey is that every additional taka lent to a woman adds an additional 0. 18 taka to annual household expenditure—an 18 percent return to income from borrowing. Notably, the returns to male borrowing were considerably lower, only 11 perce nt. The paper and the book reported a variety of â€Å"wider† impacts, including: †¢ A one percent increase in credit to Grameen women increased the probability of girls’ school enrollment by 1. 86 percentage points. †¢ A 10 percent increase in credit provided to women increased the arm circumference of girls by 6 percent. †¢ A one percent increase in credit to women increased the height-for-age of both boys by 1. 42 percent and girls by 1. 16 percent. Microcredit is not merely an instrument for credit extension to the poor borrowers. It is a movement to emancipate the poor to alleviate their poverty, improve their quality of life, and build their capacity and awareness and to integrate them economically and socially into the mainstream of the economy. The benefits of microcredit go beyond the quantifiable ones, there are other benefits, which are not seen, but are evident in the socio-economic transformation of rural Bangladesh. |Chapter | | 5 | Conclusion We have come to the conclusions that there is a noticeable and positive impact of microcredit activities on the living standards, empowerment and poverty alleviation among the poor people in the society. If one can help, a poor person to stand on his own that cannot only bring about a revolution in their lives but also in the society. The dream of a healthy and educated society with no discrimination and biased can be achieved through this simple thought, the dream which seems to be coming true and becoming practical. The simple vision of one man, Muhammad Yunus has taken the shape of the revolution and has shown the ray of hope in the path of life to every human, irrespective of his background or status or position. The hope of a life that no one will sleep hungry, no one will die due to lack of medication, our children can read and write on their own and everyone will be the pillar of the society. Scope for further research The current study did not consider the reasons of motivation to join the microfinance program. Another area that has not been investigated is the difficulties that the borrowers face to repay the loan. These areas deserve to be studied by future researchers in the field. There is also another field, which is neglected in our study that the supply gap of MFIs. Actually, to what extent the MFIs are capable to deliver their service to the poor people. Further research could be conducted in this area and for finding the reasons for the gap between demand and supply in terms of microfinance services. References www. google. com Grameen Bank official website (www. grameen-info. org/) ASA official website (www. asabd. org) BRAC official website (www. brac. net) PROSHIKA official web site (www. proshika. o rg/) Rahman, R. I. , 1994, Impact of Credit for the Rural Poor: An Evaluation of Palli Karma Sahayak Foundation’s Credit Program, Report Nr: 1207, BIDS, Dhaka. (found on the internet) The World Bank, 1996, Staff Appraisal Report, Bangladesh Poverty Alleviation Micro-finance Report 1, South Asia Region. (Found on the internet) Khandker, S. R, 1998, Micro-credit Programmes Evaluation —- A Critical Review, IDS Bulletin of International Development Studies 29 (4), 11-19. (Found on the internet) Measuring the Impact of Micro? nance: Taking Stock of What We Know (December 2005) – by Nathanael Goldberg. (Found on the internet) Impact of Microfinance on Living Standards,Empowerment and Poverty Alleviation of Poor People: A Case Study on Microfinance in the Chittagong District of Bangladesh. -by Mohammad Arifujjaman Khan and Mohammed Anisur Rahaman. How to cite Micro Environment, Essay examples

Popular Music and Project Essay Example For Students

Popular Music and Project Essay World cultures Period blue My project was on the West Side Lobsters and my group consisted of myself, Tyler, and Nick. A challenge that we faced was choosing the right pictures to fit the slides. Even though we were able to customize our flag and pick some very good photos, in the end we werent able to find the photos we originally intended to use. If I could hanged anything I think I would have changed my attitude about the whole project. I wasnt acting very serious when we were doing the project. I also think this reflected on our grade. I also would have taken a bigger part in this project. I only made 3 slides and was assigned to make sure there were no grammatical errors and I think I couldve handled a bigger part in the project. What I really learned from this project is If you dont act a certain way around your group mates they will assign you a stupid art. I also learned the important of writing down the password to your email. Write it everywhere. My favorite part of this project was writing our national anthem. I loved how we were able to adapt our anthem too modern and popular song. This made it easier to find a beat to say our anthem to. I liked how we received Jolly ranchers for singing our national anthem in front of the class. It was well worth the embarrassment. My least favorite part of this project was when I couldnt get my mail to work because I didnt know my password. This is the only negative thing I could think of while doing this project. Doing the actual project was very fun and I have no complaints. Honestly I loved doing this project. I loved presenting in front of the class, working in small groups picked randomly, and most of all I liked working in the air conditioned computer lab on hot days. Over all this was a great project and I hope we can do another project like it in the future.

Sunlight and Concave Mirror for Cooking Essay Sample free essay sample

The research workers thought of seeking to come up with a stopgap solar cooker in order to prove if this manner of cookery may be effectual and utile in replacing for a sauteing pan and a range. The solar cooker may be a possible option when cooking out-of-doorss under the heat of the Sun. It could besides be a immense energy rescuer and a safer manner of cookery. avoiding jeopardies such as Burnss. The research workers have picked the safest and easiest process and stuffs in doing a solar cooker so that adolescents or even people younger may seek doing it themselves. The first measure in doing the solar cooker was happening the right stuffs. This included a long narrow box. posting board. a axial rotation of foil. Ice lolly sticks. composition board and barbeque sticks. Since the focal point needed to be someplace in between 5† to 10† . one box was placed on top of another box of the same length and breadth. We will write a custom essay sample on Sunlight and Concave Mirror for Cooking Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Ice lolly sticks were taped to the interiors of the box as support. The focal point was set and a piece of posting board. measured to suit in the center of the box was placed at that place. The foil was so placed on top of the posting board. doing certain it was non every bit furrowed as possible. It was placed in the heat of the Sun and there was a certain topographic point where the visible radiation hit. Two pieces of composition board were taped to the sides of the topographic point and the barbeque stick with a whole piece of hot dog was placed where the visible radiation hit. The solar cooker with the hot dog was left under the sun’s heat while the research workers watched if it would work. It took about 20-25 proceedingss before the hot dog was cooked. The research workers so tried to cut another piece of hot dog into smaller pieces to see if it would decrease the clip being consumed. It took about 15-20 proceedingss in cooking the smaller pieces. Lesser clip was consumed in cooking the smaller pieces compared to cooking the whole piece. The solar cooker had worked. though after two tests of cooking the hot dog. the foil became a spot oily due to the oils coming from the hot dog. The research workers have concluded that the stopgap solar cooker they have come up with plants and may so be utile when cooking out-of-doorss. It’s cheap. overall since the stuffs used were non costly and portable because it’s non a fuss conveying it anyplace sing it isn’t bulky and is really light. It’s easy to do with the simplest stuffs which can be bought largely from any food market or supplies store. There are some disadvantages though. This type of solar cooker is clip devouring. particularly nutrients such as hot dog or likewise. So if you are functioning a batch of hungry and impatient people. utilizing the solar cooker are non the best agencies of cooking. But if by opportunity the cookery range at place tallies out of gas or interrupt down. the solar cooker may be considered an option.Recognition We would wish to thank Mr. Vincent Sabong. our Physics facilitator. for giving us an chance to work on an Investigatory Project that enabled us to heighten our accomplishments in the different Fieldss of Science and in readying for our incoming enterprises. In line with this. we would besides wish to thank Mikaela Franchesca Pamatmat’s parents for leting us to develop our Investigatory Project at their house. And above all. we are most thankful to God. the heavenly Father. for blessing us with the proper mentality and for steering us throughout this undertaking.Table of Contentss * AbstractI * Acknowledgement two * Rationale I * Method/Procedure II * Results and Discussion III * Conclusion IV * Recommendation V * Bibliography ( References ) VI I. Rationale* The research workers arrived at this sort of job faltering upon the subject of solar power and how much heat the sun’s beams can bring forth. * The research workers. as a group think that this is of large significance since planetary heating is so a serious job in the universe. in line with this. use of energy is one of the factors that concerns this. and as pupils. look intoing on this may be a manner of assisting out. They besides thought that this would be a merriment and advanced experience particularly since this is non something you see or do every twenty-four hours. * Problem: Can we cook nutrient by utilizing a mirror and sunshine? * Hypothesis: * H1: If heat is produced once the sun’s beams are reflected through the mirror to the nutrient attempted to be cooked. so we can cook nutrient utilizing a mirror and sunshine. * H2: If the heat coming from the Sun is non plenty as compared to the heat coming from the gas scope or electric range. so we can non cook nutrient utilizing merely a mirror and sunshine. * OBJECTIVES OF THE STUDY: * The researchers’ chief aim is to be able to come up with a successful probe and turn out that it is so possible to cook utilizing simply a mirror and sunshine. Energy deficit is a large issue in our state right now and monetary values are increasing as the old ages go by. Conducting this survey may besides take to detecting and introducing new ways on how to conserve energy. specifically when it comes to cooking nutrient. since nutrient is one of the things wherein we use our electricity for the most. Peoples use electricity for our microwaves. electric ranges. oven wassailers. rice cookers. java machines. and so much more. * SIGNIFICANCE OF THE STUDY: * If by opportunity their job is solved and the result is a success. it could be of great importance to the school. more so. the community. For the school. the survey would assist in doing pupils more cognizant of energy preservation and how they excessively can assist out in cut downing their C footmark. For the community. this could pave the manner to no more energy deficits or blackouts. Everyone. from the upper category to the in-between category. and particularly the less fortunate can profit from this. There will be times when the range will run out of gas or the wassailer and micro-cook won’t work. this can ever be an alternate. For those who don’t have this engineering or live in developing countries. they can utilize this as a make-shift cooker. You non merely salvage up. and avoid emphasis of seeing high payables on your monthly electric measure. but you are able to partake in seeking to decrease. if non halt. the effects of planetary heating. Review of Related Literature and Surveies* Sunlight. in the wide sense. is the entire frequence spectrum of electromagnetic radiation given off by the Sun. peculiarly infrared. seeable. and ultraviolet visible radiation. On Earth. sunshine is filtered through the Earth’s ambiance. and solar radiation is obvious as daytime when the Sun is above the skyline. * When the direct solar radiation is non blocked by clouds. it is experienced as sunlight. combination of bright visible radiation and beaming heat. When it is blocked by the clouds or reflects off of other objects. it is experienced as diffused visible radiation. * The spectrum of the Sun’s solar radiation is near to that of a black organic structure with a temperature of about 5. 800K. The Sun emits EM radiation across most of the electromagnetic spectrum. Although the Sun produces Gamma rays as a consequence of the atomic merger procedure. these ace high energy photons are converted to take down energy photons befo re they reach the Sun’s surface and are emitted out into infinite. As a consequence. the Sun doesn’t give off any gamma beams. The Sun does. nevertheless. breathe X-rays. UV. seeable visible radiation. infrared. and even wireless moving ridges. When ultraviolet radiation is non absorbed by the ambiance or other protective coating. it can do harm to the tegument known as tan or trigger an adaptative alteration in human tegument pigmentation. * A mirror is an object that reflects visible radiation or sound in a manner that preserves much of its original quality prior to its contact with the mirror. The most familiar type is the plane mirror. which has a level surface. Curved mirrors are besides normally used to bring forth exaggerated or diminished images or concentrate light or merely falsify the reflected image. Mirrors are normally used for personal training. ornament or architecture. These are besides used in scientific setup such as telescopes. cameras and industrial machinery. Most mirrors are designed for seeable visible radiation. However. mirrors designed for other types of moving ridges or other wave lengths of electromagnetic radiation are besides used. particularly in non-optical instruments. * A sun-deprived small town in the Italian Alps has come up with a fresh solution to repair certain jobs in their community by put ining a elephantine mirror. The mirror – an eight-by-five metre ( 26x16ft ) sheet of steel – was placed on a nearby extremum to reflect sunlight onto their chief square below. The computer-operated mirror will now invariably follow the sun’s way. * Does sunlight reflected off a mirror addition the temperature of the sun’s rays? It depends. A standard planar mirror will non increase the energy contained in the beams that reflect off it. In fact. there will be some loss of energy since the brooding surface is non perfect. There is some decrease in the light’s strength as it passes through the mirror’s glass and reflects off the backup surface. Parabolic mirrors. on the other manus. focal point and concentrate the light beams on a individual point in forepart of the mirror. competently named the focal point. Although the energy is non amplified. it will be efficaciously increased because of the linear consequence that will ensue when the light energy is concentrated. To clear up. the â€Å"rays† of the Sun. i. e the photons ( energy ) . do non hold any temperature at all. they interact with affair and heat the affair up. * A solar cooker. or solar oven. is a device which uses the energy of sunshine to heat nutrient or drink to cook it or sterilise it. High-tech versions like electric ovens and powered solar cells have some advantages such as being able to work in diffuse visible radiation. Because solar cookers do non utilize fuel and does non be a thing to run. many non-profit organisations are advancing their usage worldwide to assist cut down fuel costs for low-income people. cut down air pollution and slow deforestation and desertification. caused by usage of firewood for cooking. Solar cookery is a signifier of out-of-door cookery and is frequently used in state of affairss where minimum fuel ingestion is of import. or the danger of inadvertent fires is high. II. Method/Procedure* Select a long narrow box ; the longer the box the more heat aggregation is possible. Choose a focal length between 5† and 10† and plan a parabolic curve as seen in the image. One templet could be used for all the cookers. Trace the curve on the unfastened terminal of the box so that it is centered and straight. * Cut out the curve with a public-service corporation knife. Stress the importance of being exact. Measure and cut a piece of posting board that will repair flower against the gap to the box. Attach this with tape get downing at the centre and working toward to borders. * Cover the curve with white gum and use aluminium foil glistening side out. Start in the center and smooth toward the borders. Try non to purse or turn up the foil ; you want it every bit smooth as possible. * Use two garbages of composition board taped to each side as supports. Using the Sun or a projector visible radiation. prove the focal point. There should be a bright top ographic point where visible radiation is concentrated ; grade this topographic point and clout a hole for the skewer. Use a subdivision of a coat hanger from which the pigment has been removed for a skewer. * Enjoy your hot dog! MaterialsMaterials| Quantity|Cardboard paper| 1 roll|Aluminum foil| 1 roll|Barbecue stick| 1|Poster board| 1|Popsicle stick| 2|Shoe box| 2|Time TableDate| Accomplished|June – July 2012| Planning and coming up with a problem| July 24. 2012| Approval of Problem|August 01. 2012| Submission of Phase I|October 6. 2012| Collection and Completion of the Solar Cooker ;Experimentation| Budget Item| Quantity| Price| Cardboard paper| 1 roll| 10 pesos|Aluminum foil| 1 roll| 20 pesos|Barbecue stick| 1| 2 pesos per stick|Poster board| 1 roll| 10 pesos|Popsicle stick| 2| 5 pesos per stick|Shoe box| 2| 20 esos| III. Results and Discussion | Hotdog cooked whole| Hotdog cooked in smaller pieces|Under sunlight| 20-25 minutes| 15-20 minutes|Not under sunlight| It will non be cooked| It will non be cooked| In utilizing the make-shift solar cooker. the sunshine is the most indispensable variable needed in doing the experiment a success. The visible radiation that comes from the Sun reflected on the foil of the solar cooker produces the heat for the hot dog to cook. The hot dog cooked as a whole took about 20-25 proceedingss while when cut into smaller pieces. it took 15-20 proceedingss. IV. DecisionThe research workers have concluded that the stopgap solar cooker they have come up with plants and may so be utile when cooking out-of-doorss. It is easy to do but at the same clip besides clip devouring. Based on the consequences and treatment. a whole hot dog cooked under the sunshine will be ready to eat in 20-25 proceedingss. while a hot dog cut into smaller pieces will be cooked and ready to eat in 15-20 proceedingss. Hotdogs that are non cooked under the sunshine have no opportunity of being cooked at all. The visible radiation that comes from the Sun is the important ingredient for the make-shift solar cooker to be able to cook nutrient. It reflects off to the foil of the solar cooker and gives the heat needed to be able to cook nutrient. V. Recommendation Food is one of the basic demands of a human being and most nutrient requires cooking with fire. In most families. cooking ranges. microwaves or ovens are frequently used. But unluckily there are times when these contraptions deem unavailable or faulty. Because of this. the research workers thought of another manner to cook nutrient in instance of inaccessibility of usual cookery contraptions. The research workers recommend the make-shift solar cooker as an alternate manner to cook your favourite repasts. It can be fast and easy to run with the aid of the visible radiation from the Sun. Cook and have fun now! VI. Bibliography ( mentions ) * hypertext transfer protocol: //news. bbc. co. uk/2/hi/europe/6189371. short-term memory* hypertext transfer protocol: //wiki. replies. com/Q/Does_sunlight_reflected_off_a_mirror_increase_the_temperature_of_the_sun-rays * hypertext transfer protocol: //www. ehow. com/about_5403689_solar-cooker. hypertext markup language

Mcdonalds marketing plan Essays

Mcdonalds marketing plan Essays Mcdonalds marketing plan Essay Mcdonalds marketing plan Essay McDonalds will continue to increase its annual revenue and stock prices over the next five years. The purpose of this report is to show my working knowledge of the 4 As of marketing. Please evaluate this report and prepare for discussion on Wednesday. Product The corporate strategy for McDonalds product is a threefold approach using strategic flexibility. The three components are permanent, temporary, and local product. Each layer of the product strategy fulfills a distinct purpose. The main purpose of the permanent items is to ensure that there is always something familiar or consumers on the menu (1). The temporary products function as a development strategy to give customers a new experience and to experiment with products that may become permanent (1). As McDonalds expands internationally, the local products have been created to meet consumer demands in particular markets (1). The way that McDonalds implements its business level strategy is through product differentiation, such as the companys response to criticism and the publics of popular menu items, such as the Egg White Delight McMullen, which succeeds in cutting fat and calorie count (2). On a functional level, products such as the Microbial Tagging, available across Morocco, serve to support the strategic flexibility of McDonalds corporate strategy. When you walk into a McDonalds no matter where you are in the world the restaurant should connect to the local culture, said company representative Leslie Rose. So when you look at our menus Youll find food that reflects local taste preferences (3). Price The corporate pricing strategy for McDonalds is based on low price/high volume. Effective pricing is a main component but the company also realizes the importance f value- people enjoy McDonalds food which is a big part of repeat business. The best pricing in the world will not sell a product if the consumer does not perceive value in what they are purchasing (4). This strategy is implemented on the business level by the McDonalds Value Menu. The items on the Value Menu often serve as loss leaders in order to sell other products which are profitable (4). On a functional level, prices are contingent on competitors, such as Wendy. Wends has started advertising its lower-priced items more aggressively this year and came out with a ewe value menu (5). This has resulted in expansion of the popular dollar menu and continued efforts to compete with the offerings from other chains, such as the creation of the McDonalds dollar breakfast menu (6). A McDonalds spokesman, Bill Whitman, said the menu isnt aimed at repelling rivals, but several of McDonalds test sites are the same markets where Wends is entering into the breakfast business (6). Place The corporate strategy for McDonalds concerning place is a push and pull strategy. The major focus is on push- that is, opening restaurants all over the U. S. , both in ties and on highways as well as expanding internationally. This strategy has been so successful at discovery and exploitation of new business opportunities that the McDonalds business model has become the norm for other franchise organizations (7). The business level strategy can be seen in the expansion of McDonalds across China. McDonalds should open an outlet a day in China as it challenges Yum! Brand for dominance in Saiss economy (8). We should be opening a restaurant every day in the next three to four years in China, said Peter Iredell, company president for Asia. On a functional level, the company is also branching out to the internet. Americans will soon be able to order and pay from their mobile phones as McDonalds is currently testing a mobile payment application (7). McDonalds is hoping to capitalize on this new market as they develop this technology to ignite growth at a time when many Americans are eating out less (7). McDonalds vies to be successful by using a place strategy of adaptation and innovation, coming up with fresh products and services to address the needs of a diverse consumer market?as shaped by demographic, economic and local factors around the world (7). Promotion Strategy The corporate strategy for McDonalds for promotions is summed up in one word: saturation. McDonalds again utilizes a push strategy by using a variety of mediums for promotions: logos, billboards, mascots, packaging, and mass media. Mascots are used to promote good will for the company and their appearance also cause an the restaurants have begun promoting healthy menu items. This was likely sparked by the government requirements that restaurants such as McDonalds make public the nutritional facts of their food (4). Turning this into a positive, they have added healthy items to the menu and emphasized them both in an effort to appeal to a new market segment. This also downplays the less than positive nutritional facts of many of their traditional menu offerings (4). On a functional level, this promotion strategy functions through the use of temporary menu items, such as the Mighty Wings, which will be available only during football season (10). This expands upon the partnership between the NFG and McDonalds by using the NFG to promote the Mighty Wings (10). The traditional McDonalds customers eating habits may have changed, but the menu has also changed to accommodate them. This is marketing that evolves in relation to the changing needs of loyal customers (4). This adaptability combined with using traditional print media, characters, and product placement, allows McDonalds to implement its saturation promotion strategy. Threats One of the threats to McDonalds growth in the future is the creation and growth of fast food workers unions, which call for increases in benefits and minimum wage. If these demands are met, the company may have to reduce its staff to accommodate the larger wages (11). The Service Employees International Union in 2013 has helped establish a new union in at least six cities where the union and community advocacy groups have been organizing fast-food strikes (11). McDonalds will also have to continue to implement strategies within product, price, place, and promotion in response to the challenges brought by its competitors in the fast food market. Opportunities Opportunities for McDonalds in the future include: the continued expansion of the companys current product line, such as the Mighty Wings, to attract customers and the continued expansion of the popular dollar menu to compete with the offerings from other chains (6). Also, the expansion into new markets such as China and mobile applications should allow for continued growth. Responding to criticism and the publics increasing desire for healthier items by continuing to develop healthy versions of popular menu items, such the Egg White Delight McMullen. Another opportunity is the continuation of efforts to capitalize on promotions that have been successful for competitors, such as offering coupons to consumers to entice them to try new menu items. Prognosis The overall fiscal health of McDonalds over the past 1 5 years has followed a fairly insistent trend with revenue continuing to rise each year. The exception was from 2008 to 2009, where overall revenue decreased by 1. 7 percent (12). From 2009 to 2012, revenue has again continued to increase each year (13). Stock prices from the NYSE have followed the same trend of increasing during this period, from 64. 75 in 2009 to 102. 22 in 2012 (13). McDonalds also occupies the status as the largest single major player in terms of market share among fast food companies as outlined below (12). The overall trend that can be expected that using and expanding upon its product, annual revenue and stock prices over the next five years. Conclusion McDonalds will have to find a solution to the problem raised by fast food workers unions and strikes, but this may not be detrimental to growth. The company says it has not felt an impact from the strikes (11). With the high turnover rates of this type of employee, many have concluded that these unions will not be successful (11). The three-fold approach of McDonalds to product strategy ensures that there something familiar, provides avenues for new experiences, and creates room for local products. The price strategy focus on low price/high volume emphasizes both effective pricing and perceived value. A combination of adaptation and innovation, the push place strategy focuses on opening new franchises in the U. S. And abroad. By entering emerging markets and creating new technology, McDonalds can continue to expand. McDonalds saturation approach in its promotion strategy allows the company to remain both visible and able to respond to changing consumer tastes. If McDonalds continues to implement and expand upon its current corporate strategies then continued growth of revenue and market share can be expected.

Business inteligence Essay Example | Topics and Well Written Essays - 2000 words

Business inteligence - Essay Example The main issues covered by each of these websites include, education, investment opportunities, visitations and tours, live work and an events study. Additionally, the company runs a number of other websites on the very categories but in different other languages among which are Arabic, French, and Spanish. This is due to the fact that the target market for Cardiff is international and hence there is need to customize the websites to suit the target markets. In order to ensure that the websites are of value to the clients, some of the categories considered include: Education Education is a two-pronged economical scope. The Cardiff city hopes to become an academic center within the region. To achieve this, the envisioned city must work strategies capable of beating other modern day academic centers such as Liverpool and London. The city must therefore have schools running and education centers from kindergarten to the university. Theses academic institutions will need accreditation by government authorities to check that they meet the standards of quality (Bogomolova, 2011). The validity of the courses offered Cardiff city must be ascertained. Hence, it will be critical to have an independent body to ensure that the high quality academic standards are maintained and that educational standards are not compromised in any way. The website runs the opportunities that the education sector presents to potential investors. The most common investment opportunity in the academic sector is the setting up and management of private academic institutions. To this, the website target of the currently existing universities, such as Oxford and Liverpool among others, is to invest in the establishment of new campuses within the city. The website offers basic contact information on how interested parties conduct the transactions of obtaining land and other resources necessary for such developments. The company welcomes both local and foreign investors, thus the translation into d ifferent other languages. Additionally, the website targets potential students. The education sector primarily depends on the availability of students. Attracting students in the region becomes difficult since children school in regions habited by their parents. The company thus runs a number of other websites advertising other diverse investment opportunities with an aim of attracting as much residents into the city. This way, the basic level academic institutions are certain of pupils (Jiaming, 2008). Tertiary and university level are not much perturbed by the locality of parents. This is thus a level opportunity and depends on the advertisement potential of the company and the reputation of the subsequent universities that will eventually set up in the region. To ensure that the students of higher learning institutions are comfortable, the websites advertise the various recreational facilities that are available. These include parks, night clubs and other outdoor activities. On t op of this, related websites showcase the opportunities available for part time work to suit students who need to make extra income. It is vital to note that the city targets established academic institutions due to their credibility. Most international students recognize institutions that are globally known hence it would be easy to attract them to Cardiff

The Trail of Tears Term Paper Example | Topics and Well Written Essays - 2500 words

The Trail of Tears - Term Paper Example Between 1814 and 1824, Andrew Jackson became useful in negotiating 9 out of 11 treaties whose intentions were to divest Five Civilized Tribes, Chickasaw, Choctaw, Cherokee, Seminole and Creeks, of their eastern lands in exchange for free lands in the west. As a result of these treaties, the US was able to control three quarters of Florida and Alabama as well as parts of North Carolina, Mississippi, Kentucky, Georgia and Tennessee. This was a period characterised by voluntary Indian migration. However, only a small percentage of Cherokee, Choctaws and Creeks moved to the new lands . Around the same time, that is, during the 1820s, there was the creation of the Indian Territory which is the current-day Oklahoma. This marked the genesis of the reservation system for aboriginal Americans. In 1827, the Cherokee adopted their own written constitution declaring themselves to be an independent, sovereign nation and the Congress felt threatened by this. In 1828, there were three major things that contributed toward the creation of the Indian Removal Act. First, Andrew Jackson was elected to become the president of the US. In his campaigns, Jackson had made promises one of which was to â€Å"free land† later to be given to white settlers. The land specifically was to be in the southern frontier states. His appeal was primarily directed to settlers of Georgia. At that time, the Cherokee Indians occupied a total of 35,000 acres in Georgia. The second contributing even in 1828 was that the Georgian legislature passed a legislation incorporating or annexing all Cherokee country within the borders of the state. The state legislature also abolished all existing Cherokee customs and laws, and commissioned surveyors to map out 160-acre land lots out of Cherokee land. These lots were to be distributed through public lotteries to white citizens residing in Georgia2. The third contributing event was the discovery of gold near Dahlonega. This was a region located in northern Georgia and it was in the middle of the Cherokee territory. This led to tensions between the residents of Georgia and the Cherokees. President Jackson used this tension to pressure the Cherokee community to sign a removal treaty34. Jackson had no desire to protect the Cherokees using the powers vested in the national government5. In his First Annual Message to the Congress in 1829, Jackson called for the displacement of the Indian community from their nativ e lands. The same year, John Ross, who was the leader of the Cherokee, travelled to Washington D.C. in order to protest against the actions of the Georgian legislature, and plead for justice for the Cherokee community. While in Washington, Ross found sympathizers among the members of the Congress but unfortunately, most of them were anti-Jackson. Ross

A Critical Discussion on the Issue of Gay Marriage Essay

A Critical Discussion on the Issue of Gay Marriage - Essay Example For the purpose of arguments, the term traditional marriage will represent a marriage between consenting adults of opposite genders, and the term gay marriage will relate to male/male, female/female as well as transgender marriage. One could argue that the majority of arguments against gay marriage are moralistic in nature. The first such example is those gay relationships and by extension gay marriage are forbidden by most religious texts. By contrast, traditional marriages are held up as the preferred model using religious texts. According to Eckholm (2011), it was identified that homosexuality in regards to the Christian faith was not in accordance with God's law on sexual morality. Some people who oppose gay marriage would do so because they differentiate between religious and civil unions. As such, some people only recognize religious unions and in specific terms oppose the idea of the state overseeing and approving marriages. As gay relationships are forbidden in religious text s then gay marriage would represent a sort of sacrilege and people who adhere to a religious lifestyle may oppose gay marriages for this reason. ... From this perspective, it could also be argued that gay marriages represent a sort of slippery slope that will ultimately lead to the destruction of traditional marriages and by extension the collapse of 'traditional' society. The reasoning behind this argument is that in the eyes of some people who oppose gay marriage, the very institution of traditional marriage is for couples to raise children in a wholesome family-oriented environment, and these children go on to live productive lives and raise children of their own (Presumably also in a wholesome family environment). As is the case that gay couples cannot conceive children on their own, then gay marriage will be built on a foundation that is not considered traditional. As such some people who oppose gay marriage would do so as a means of preserving traditional societal norms.  

Different users of financial statements have different informational needs

Different users of financial statements have different informational needs Financial statements form the backbone of communicating the information about the company to the members within and outside the organization. According to International Accounting Standards (IAS 1.9) The objective of general purpose financial statements is to provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions. (Deloitte Global Services Limited, 2010).Owing to the wide variety of users of this information and that of the structure of business entities, there are different types of financial statements. Users refer to them from time to time in order to make correct economic decisions. Depending upon the type of information provided by them, financial statements are categorized in 4 types viz. balance sheets, income statement, statement of cash flow and the statement of equity. A Balance Sheet gives the financial position of the entity by considering its assets, liabilities and equity at a given time. It follows the accounting equation where assets equal capital plus liabilities. An Income Statement, also known as the Profit Loss account of an entity, reports the income, expenses and profits of the entity over a period of time. Statement of Cash flow reports the changes in cash position. It informs about the operating activities like money received from customers or paid to suppliers, investment activities that include acquiring or selling different long-term assets that are not considered to be cash, interests or dividends that are paid or received or financial activities which change the capital of an entity. (Deloitte Global Services Limited, 2010).The Statemen t of Equity gives information about the total comprehensive income of the entity over a period while separately stating the amount attributable to the owner (Wheetman P, 2006). For large organizations, such statements are quite complex and it may be necessary to provide notes that explain the items on the financial statement. They also provide information about the basis on which financial statements are prepared and any other information that may be relevant but cannot be stated in the financial statements directly. Such notes form an integral part of the statement. According to the International Financial Reporting Standards (IFRS) Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information with diligence.(Deloitte Global Services Limited, 2010).Depending upon their role in the organization, different type of information is used by different users. The users of financial statements include a wide range of people including owners, investors, creditors, management, employees, vendors, public as well as institutions like banks, government organizations etc. They can be briefly classified into two categories namely the Internal Users and External Users. The employees along with the managers and the owners form the Internal User group. Owners use financial statements to access the performance, efficiency of the management, also to measure the performance of the business entity. Management, being directly related with the day to day working of the business ent ity, enjoys unrestricted access to the wide range of information (much of which is confidential in nature). It is then utilised by managers to make analysis, judgements and decisions pertaining to their responsibilities. It makes proper utilization of resources in order to meet the objectives of the entity. A separate form of accounting called Management Accounting has come into existence due to broad nature of this group of users and the high quality of information that is available to them. Employees form the other part of this group. They use the information from financial statements to determine their job security. It is also helpful in analysing the ability of their employers to provide remunerations, pay rise, pension funds and retirement benefits etc to the employees. This information is sometimes provided in form of special reports to employees as the annual reports are published late. However such information provided may be verified by the employees using the financial sta tements. The External Users of financial statements consist of investors, trade creditors, Government, financial institutions like Banks, customers etc. The financial statements are used by the existing investors to access the financial strength of the company, its economic stability, to make decisions whether to buy, sell or hold the stock depending upon the ability of the entity to pay dividends in future, to compare the performance of the entity over a period of time or with other entities in order to make investment decisions etc. It also helps investors to determine the risk factor and the investment returns over a particular period and compare the same with other entities. Institutional investors, for e.g. Insurance companies, pension funds or equity analysts that guide private investors make use of this information to ascertain the liquidity of the business and its ability to pay future dividends. Prospective investors may use the information to make valuable economic investment decisi ons. Financial institutions like Banks make use cash flow statements to determine whether to help them with working capital by issuing loans or if their loans would be paid along with the interest. Financial lenders use this information to determine the economic vulnerability of the business and its results. They may impose restrictions to limit overall borrowing limits called loan covenants. These are then verified through financial statements. Trade creditors provide services or goods on credit. They are called as unsecured creditors as they come last in the payments in case of failure of the business. They therefore make use of the information to ensure the repayment of services and calculate the non-payment risks. Government makes use of the financial statements to keep a tab on the taxes paid by the business entity and make sure that they are in accordance with the profits earned. They have a right to demand more information than that which appears in public statements. Other governm ent agencies also use accounting information to ascertain that the consumers are charged properly by organizations for their services.eg: OFGEM (the Office of Gas and Electricity Markets).Customers need information about the current and future supply of goods and services. Financial statements in form of fixed assets, working capital confirm the ability of the business to meet the current and future obligations like guarantees or warrantees. (Weetman P, 2006). Accounting statements provide financial information for the user which is to be used for decision making. International Financial Reporting Standards (IFRS) Framework identifies comparability, verifiability, timeliness and understandability as the qualitative characteristics that enhance the usefulness of information provided in the financial statements. (Deloitte Global Services Limited, 2010). According to this Framework general purpose financial statements are prepared which can help all users. However it is evident that different users require different kind of information to make decisions. Also the general financial statements and reports are prepared keeping in focus the interests of the owners or investors. Moreover management tends to modify the information keeping in mind the behaviour of the investors. This often results in the entity being over or under-priced and thus information loses its reliability and trustworthiness. To increase the decision useful financial information, the International Accounting Standards Board and the US Financial Accounting Standards Board (hereafter the Boards) are undertaking a joint project to develop a common conceptual framework with new and revised accounting standards that both the boards can use. The Boards have proposed to reconfigure the financial statements by partitioning each financial statement in five categories viz. business activities, financing activities, income taxes, discontinued operations, and equity. The allocations of these transactions would be done by management. They propose that the objective of financial reporting should be on decision useful information. The management approach would then subsume stewardship. The allocation of the transaction within the above stated partitions would be based on the assessment of the management. There is no doubt that objective of segregating the financial statement would help the investors and creditors in jud gements and decision making. (Bradshaw, M., Callahan, C. et al June 2010).However the objective of a financial statement should not be merely influencing the buying, selling and holding companys securities. The role of stewardship also has to be considered as it informs about the financial positions of the past and the current dates. It would not only keep the performance of management under vigil but the past records would also help in identifying the similar re-occurrences of such circumstances. Also importance is given to management approach whereas the very same managers are believed to report biased accruals. (Bradshaw, M., Callahan, C. et al June 2010). Hence financial reporting should not only be done with the management approach but also keeping in mind the importance of the objective of stewardship. Also guidance is to be specified about the level of details to be given in financial statements which would unlikely be provided by the managers. The framework and standards should be based to provide unbiased, faithful information to the users in order to make cost-effective economic decisions. REFERENCES Bradshaw, M., Callahan, C. et al (June 2010). The American Accounting Associations Financial Reporting Policy Committees Response to the Preliminary Views on Financial Statement Presentation. Accounting Horizons. 24 (2), pp 279-296. Business Source Premier. Available at http://search.ebscohost.com/login.aspx?direct=truedb=buhAN=51362791site=bsi-live (Accessed: 11 November 2010). Deloitte Global Services Limited. (2010). Summaries of International Financial Reporting Standards. CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING Available: http://www.iasplus.com/standard/framewk.htm. (Accessed: 11 November 2010). Deloitte Global Services Limited. (2010). Summaries of International Financial Reporting Standards.IAS 7 STATEMENT OF CASH FLOWS. Available at http://www.iasplus.com/standard/ias07.htm. (Accessed: 14 November, 2010). Weetman, P (2006). Financial and Management Accounting-An Introduction. 4th ed. Harlow: Prentice Hall. 12-16.