Critical and Creative Thinking Of Law Essay

Ever been stuck on that one level of Candy Crush and cannot seem to get past it? Then, to make things worse, you notice all the other players on levels 254, 386, or some other outrageous level, while you have been stuck on level 46 for months. How on earth are these people so talented and smart? The answer is simple. It is called critical and creative thinking. Critical and creative thinking are two methods used to formulate a genuine response to a situation, which the decision could affect the future. This article identifies how important critical and creative thinking is in the hands of a judge, the characteristics of both thinking processes, and how it leads to higher intellectual thinking and decision making. Experience in Critical and Creative Thinking Every person is faced with a point in their life when they are left with no other means of a decision rather than to critically and creatively think about the situation. Many people use these types of thinking techniques on an everyday basis, while others may just live on the edge. According to James, N., Hughes, C., & Cappa, C (2010), â€Å" Within the discipline of law, critical thinking is frequently emphasized but often defined with a lack of precision or not at all† (P. 287). James, Hughes, and Cappa identify the process of legal critical thinking, also known as CLT, below: â€Å" Type 1: The judgement of specific claims and arguments (including claims about the law and legal arguments) according to the criteria of accuracy and logic. Type 2: The judgement of disciplinary knowledge (including legal doctrine, legal rules and legal processes) according to the criteria of consistency with theoretical and ideological standards (including jurisprudential and liberal standards). Type 3: The judgement of norms, decisions and processes (including laws, legal decisions and legal processes) according to the criterion of equity of outcome.† (2010). In The Mind of a Judge When people do not weigh the positives and negatives of the actions they are about to perform, the consequences could result in a criminal record. Think of one person that has never broken the law. Any luck? Most likely, the answer is no. Let’s be honest; it is illegal to remove those ridiculous caution stickers that come on just about anything you purchase. On another note, not all people use their common sense on what will happen if you stick a fork in a toaster or drop a hair dryer in the bathtub full of water. The point is if one does not use critical thinking before they act; the consequences could be a lot bigger than anyone may wish for. The cost of something that seems as little as a speeding ticket could always lead to the unexpected. Imagine role-playing a judicial position for a day. At first, it appears to be a piece of cake. Here is this giant book of rules and if you break them, you will get whichever consequence the book says. It is not quite that simple. Decision process. After the first few months on the job as the judge’s administrative assistant, a very difficult case came up that dealt with a past relationship between a man and a woman and a sexual assault case. The case left the judge and I puzzled and not sure on the verdict. He called for a recess, and we took a little while to discuss the nature of the situation. Not only did we use critical thinking, but also, creative thinking. We took out a piece of paper and step-by-step we went through the evidence to clarify how the story lines up. Then, we viewed the perspectives of both sides and the problems of possible scenarios. This was a very difficult situation because both of us knew the man that was being accused of the crime. After we finished laying out the steps of our critical thinking process, we then moved forward to our creative state of mind. How would the outcome of our decision affect others? What will be accomplished in our decision-making? What behavioral patterns will be eliminated? After, writing out all of the details to both sides of the story and examining possible motives, we  concluded that the defendant was not guilty. There was not enough evidence to prove the defendant guilty and the story of the victim did not add up. The pressure of making these paramount decisions is not a job anyone should wish for. Any wrong decision could affect the life of another individual, or worse, more than one person. This is only one prime example why critical and creative thinking is an important factor in an effective decision-making process. The critical and creative thinking must be used by those who have the power to determine whether or not an individual is guilty or not guilty and how the guilty will pay for the consequences they brought upon themselves. Critical and Creative Thinking Characteristics With the variety of everyday challenges that may spontaneously occur, critical and creative thinking is a wise choice in the decision-making process for those important choices that must be made. Learning the characteristics of both thinking processes is vital in understanding how to practice critical and creative thinking effectively. Some of the characteristics of each will be discussed below. Critical thinking. The unbiased study and evaluation of a situation used to form a decision sums up the definition of critical thinking. Some characteristics that identify the clarity of critical thinking are as follows: 1) thinking that evolves to an accurate, precise, and depth decision, 2) thinking that develops higher intellectual traits, 3) thought that helps the thinker recognize the fundamentals of thought that exist in every problem, and 4) thinking involves the answering of questions before the decision is made. These are just a few characteristics to consider when using critical thinking. To effectively pursue this thought process one must be able logically to connect the fundamentals of each problem (Rusbult, 2008). Creative thinking. According to NC State University, creative thinking is, â€Å"the generation of new ideas within or across domains of knowledge, drawing upon or intentionally breaking with established symbolic rules and procedures. It usually involves the behaviors of preparation, incubation, insight, evaluation, elaboration, and communication† (2014). Creative thinkers obtain a sum of common characteristics. Each thinker must contain a solid  conscious of self-adequacy and are keen on taking risks. We often refer to these as â€Å"risk takers† rather than â€Å"critical thinkers†, but both can be used in specific problem solving. Summary of Intellectual Thinking In conclusion, not every important decision in life can be made by critical thinking but are better off using creative thinking to solve the problem. How would you feel if you were in a life or death situation in the hands of a doctor and they decided to kick back for a little to assess the situation, define possible negativities and outcomes and then compare and contrast them with the positives? You may not be here. Some decisions in life are best prepared based on creative thinking. However, if one practices critical thinking often, the intellectual ability to make bigger and wiser choices will develop. These abilities will help the creative state of mind become more natural and easier. Hence, why it was more difficult for me to determine the verdict of the trial earlier. Critical and creative thinking requires a higher intellectual ability and confidence. In order to posses these skills, one must be able to ignore the natural instinct to protect your personal beliefs. Anyone could be incorrect; critical and creative thinkers need to be ready to face that possibility. After the knowledge of critical and creative thinking, your intellectual thoughts will thicken and create your own knowledge of the world. Rather than seeking the thoughts of others and their assumptions, your brain will provide you with the proper knowledgeable toolkit to make your own conclusions based on the information provided. References James, N., Hughes, C., & Cappa, C. (2010). Conceptualising, developing and assessing critical thinking in law. Teaching In Higher Education, 15(3), 285-297. NC State Univeristy. (2014). Critical and Creative Thinking Definitions. Adapted from John Dewey; Richard Paul and Lind Elder; Mihaly Csikszentmihalyi, and M.A. Rosenman and J. S. Gero. Retrieved from http://accreditation.ncsu.edu/critical-creative-thinking-definitions. Rusbult, C. (December 2008). Critical Thinking Skills In Education and Life. The American Scientific Affiliation. Retrieved from http://www.asa3.org/ASA/education/think/critical.htm#critical-thinking

Fools Crow

The tribal status of White Man’s Dog, as it were in the beginning of Fools Crow, was certainly not as he desired it to be. Due to the position of wealth his father had risen to, it seems the tribe expected much from him. Welch does not go into great detail concerning the views of the tribes people on White Man’s Dog, but Yellow Kidney describes him on page 7 as having â€Å"much heart but (being) unlucky†[1]. It is true, being eight-teen without a wife and having only three horses, none of which being block horn runners; White Man’s Dog does in fact appear unlucky. However, Yellow Kidney plays a major role in the reversal of this luck. White Man’s Dog has a complete turn in tribal status, earning a wife and horses as well as a new identity with in the tribe. Dreams are a constant theme in Fools Crow. Many different characters have dreams, and each responds differently to them. During the journey to the Crow Raid, White Man’s Dog has a dream about naked women desiring him, but fears danger if he goes. He wants to inform Yellow Kidney of this dream put hesitates due to advice he had received from his father. In the end this was a costly decision, as the dream comes to fruition during the raid, not White Man’s Dog, but for Yellow Kidney. Turns-out the alarm for risk was valid, as Yellow Kidney gets very sick from his encounter with the Crow Women. When news of White Mans Dog feels responsible[2] for this outcome. During this same raid, Fast Horse also has a dream. Fast Horse is prideful and boasts of his dream, which turned out to not come true. Fast Horse was greatly humiliated by this and seemed to have his future driven by it. The most consequential dream was had by Mik-api. In this dream, Mik-api spoke to Raven about Wolverine who was trapped, and needed White Man’s Dog to help him. This dream did in fact come to realization and resulted in White Man’s Dog gaining confidence and his ‘medicine’. As a result of White Man’s Dog realizing his new inner strength, he was able to take part in war against the Crows. This battle would prove life changing for White Man’s Dog as it would be where he earned his new name; Fools Crow. His great modesty made acceptance of his new name very difficult. The meaning behind it had been stretched greatly out of its real context. During battle, White Man’s Dog played dead, fooling the Crow Chief, Bull Shield. Because Bull Shield assumed White Man’s Dog was indeed dead, it was possible for him to spring up and kill the chief. This account was, as I said, greatly inflated and reported that, with use of medicine, White Man’s Dog was able to fool all the crows, thus earning his new name Fools Crow. As I have read through all the tales and recounts contained in the many great pieces of Native American Literature, one theme has stood out to me more than anything else. Maybe it is due to my admiration for nature, but it seems all tribes made great attempts to both explain natural events and create an association of these events with human life. Welch clearly depicts the Blackfoot people as being of this same mind frame. The names and life given to the wind, the sun and various animals’ reports on their own view of the world they live in. The relationship a male Blackfoot has with â€Å"his animal† shows this relationship between humans and nature. This disposition, of a human and nature link, shows the worldview of this tribe clearly as an all-encompassing outlook. They undoubtedly see the world as one big union, everything being linked to one another. The walk I took with White Man’s Dog, growing and changing into Fools Crow was an intense one to say the least. James Welch has the uncanny ability to connect reader to character and I feel as if Fools Crow and I have a bond, as if he and his story have been made alive with in the many nights I’ve spent with him.

Inspiration for Inquiry Essay

The school that is subject for evaluation in this paper is a charter school in Michigan, a publicly funded school, which means, the students are not allowed to pay any charges beyond the funds allocated to the school.   The state and the local district is the one that provides for the operation.   Since the school is instituted to meet the greater demand for education, this school is non-sectarian and non-discriminatory. It accepts all types of students regardless of religion or race.   In the same way, religious or cultural beliefs are not prohibited here.   The obvious problem in this school is that, students are selected by lottery to avoid any biases in the assortment since the school cannot accommodate students beyond their limit.   The school is serving an economically disadvantaged and racially diverse population.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Being a relatively small public school, this school receives monetary support and services from both the state and local government lower than conventional public schools.   As a result of conducted test, assessment of students’ outcomes is generally low.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The staff of the school particularly the principal is less experienced and has less management credentials.   Teachers here on the other hand, are very efficient for they have active participation especially in informal professional development such as mentoring and shadowing.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   However, despite good performances, the school experience insufficiencies especially if we will consider its long-term success. Although the school has given autonomy yet, it is bounded in such a way that parents have direct involvement in them.   Likewise, teachers are found less motivated after three years of teaching for seeing that school mission is not met by the school. Teaching staff comprises about fifty percent of the total staff, about forty percent of these teachers are in twenties, while the females are in seventy percent.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Teachers are notably satisfied with the school facilities but not in their salaries. Aside from that, only few teachers are enrolled in the retirement program of the state.   Their expectations before they were hired were higher than what they experience.   The reason according to authorities, the school receive minimal budget from the local government.   In effect, most of these teachers after gaining enough experience would move to other school.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Teachers are highly receptive for change, and that is why they expect for change from both the board of directors and the parents.   At least sufficient intervention from the local government and parents are needed to mend these needs.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In view of organizational climate, parents participate less in the direction of the school.   The less experienced principal cannot do something about the problem.   The teachers behave in such a way that maintains what actually exists with mind to get out once the needed employment experience has been satisfied.   They all work for the accomplishment of set goals without great desire for a much higher academic achievements. Teachers are performing quite well for a limited sources and privileges that affect generally the instruction.   People are seemingly individualistic aiming to sustain the daily challenges having no definite direction ahead of them since no regular monitoring for corrective measures are prearranged.   Likewise, students are less challenged and grades are relatively low. Inquiry Statement   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The problems manifested in this paper require a considerable attention from proper authorities particularly the principal.   Specific issues that sought deliberation are formulated for key areas of concern. How could the school generate enough funding for their annual expenditures? Funding is seen as the number one problem; this is the reason why the school cannot create programs for the development of the curriculum and facilities that hinders cooperative values among them. How the school could produce technical supports needed to meet academic requirement? Other concerns that may not be covered by the budget can be produced through technical supports.   If needs are met, the culture of cooperation among the staff can be developed. What are the necessary steps to improve the quality of instruction in the classroom? It aims to improve not only the quality of education but also the credibility of the teachers.   The value of competitiveness must be developed among the teachers and staff. What necessary steps are needed to promote professional growth of the teachers? Professional growth of teachers is significant to maintain teachers’ retention.   This can be achieved by giving trainings to teachers and by upgrading their salaries.   This will help develop commitment among the teachers. What standardized evaluation is to formulate to measure the school performance? Regular evaluation of teachers’ performance, students’ scholastic achievement, and school performance as well, will ensure growth of the school.   Once the school has clearly established goals, teachers would be challenged to participate in the achievement of goals. What policies are to integrate that will develop in-depth structure of parents-teachers organization.   This aims to promote good partnership between parents and school for the improvement of the school. These inquiry statements are formulated in order to guide the leader in creating a culture that meets organizational objectives. Hypothesis               . The question that needs to be asked to determine whether our school faculty is receptive of change is whether they are willing to move their institution towards greater focus on student learning and success. I believe that in order for the institution to achieve its goal, the school system not only the faculty should promote a community environment that is receptive to change. Indeed the need for change in the operation of college and universities is becoming obvious. Change is now the much-loved term of organizational development.   Everyone must be willing to alter change that starts from the upper level of the organization.   However, if no one would be willing to open their eyes for greater impact in the community, no change will occur. In the same way, once the needs for improvement have been identified, a structured-plan must be implemented in such a way that results are interrelated that affects the organization as a whole. In effect, a different organizational culture will be formed.   These are the desirable values and norms that support one another toward the growth of each one; of course for the achievement of mission and vision of the school.   This time, the value of time, cooperation, participation, respect, commitment, and camaraderie begin to envelope the organization. Evidence from the Literature In the foreword of Christine Johnson’s McPhail (2005) book, she pointed out that,   Ã¢â‚¬Å"Projection done by the Bureau of Labor Statistic show a growing disparity between job requirements and employee skills. Higher education institution, including community colleges, needs to accept more responsibility for what our students learn† (p. vi).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Johnson asserts that most schools and community colleges are changing their instructional program and services, recruitment, hiring, training of faculty, and service delivery, almost daily. Johnson emphasized the reason behind these changes is to recapture the drive that founded the schools and community college movement, reinforced its multiple missions, and to find expression in the success of the learner. Thus in our school system, the need for change of our faculty has been recognized as an important catalyst of improving the institution towards the student greater learning and expression of success. Our faculty is receptive of this change in view of the need to address the growing disparity between job requirements and employee skills.   Marvin Wideen and Ivy Pye (1994) noted that teachers’ first concern about change in the institution is all about â€Å"teaching and learning activities† for improvement of student learning (p. 135). As the need for change is recognized as important in the development of the professional learning communities a leader therefore should build culture that will support the professional learning communities in practice by establishing a culture of intellectual discipline distinct from the professional standard of the institution. Armstrong, Thompson, and Brown (1997) emphasized that academic managers has the critical role to â€Å"encourage and support colleagues’ adaptation to change† (p. 98).   Some of the values that must be developed is intellectual discipline, which means an emphasis on professionalism in thinking, speaking, and in doing, in other words, making it a habit to be professional. Another way to build a culture that will support professional learning communities in practice is to develop a culture of caring and obliging community. In contrast with individualism and consumerism, this will help professionals to be more at ease and cheerful as they perform their work. It is quite a familiar idea that its not at all monetary issue that is important in the work place. Creating such cultures can establish positive values and attitudes that are important towards sustaining interpersonal relationship. Richard Barrett (2006) noted that harmonious interpersonal relationships is significant for the survival of the organization; hence, there should be â€Å"a sense of loyalty and belongingness among employees and a sense of caring and connection between the organization and its customers† (p. 29). In the same manner, cultural values in an organization play an important role in directing change.   Weiner and Ronch (2003) emphasized that â€Å"culture is constructed of values, beliefs, and assumptions about how the world works; values represent the organization’s ideas about what ought to be (p. 16).   He further stated that values rooted in the culture provide the foundation and guiding elements in the organization that drive people to follow. Findings   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In what ways, school culture can influence leadership?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Preeddy and Glatter stated, â€Å"Culture is the glue that holds everyone together† (p. 96).   Normally, cultural values influence leadership.   It is explained using a double-headed arrow.   The school leader is part of the school that influences it. Being a part of that culture, the leader uses leadership that caters to the need and values of the people.   In the same way, the kind of leadership affects or influences the culture of the organization.   It is a give and take response because a culture gradually changes as many people come in and participate.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cultural values are possible using the idea that school culture can affect leadership.   Leadership must direct cultural change, and the kind of leadership that can move the culture to undergo change is penetrating the culture itself and identify weaker areas that need change.   Once the need is recognized, the group can be motivated to alter change for the better.   The school above is open for change if only the leader is open to initiate such change. Work Cited Armstrong, S., Thompson, G., & Brown, S. 1997. Facing Up to Radical Changes in Universities and Colleges.   UK: Routledge. Barrett, Richard. 2006. Building a Values-Driven Organization: A Whole System Approach to Cultural Transformation. UK: Elsevier Inc. McPhail, Christine. 2005. Establishing & Sustaining Learning-Centered Community Colleges.   USA: American Association of Community Colleges. Preedy, M. & Glatter, R. 2003. Strategic Leadership and Educational Improvement. London: Sage Publication Company. Weiner, A. & Ronch, J. 2003. Culture Change in Long-Term Care. USA: Haworth Press. Wideen, M. & Pye, I. 1994. The Struggle for Change: The Story of One School.   UK: Routledge.

Quantitative Nursing and Qualitative Critique Essay

Quantitative Nursing and Qualitative Critique - Essay Example In the light of those evidences the actual purpose of this study is to construct the diabetes self-management education program which uses co-created learning procedures considering the needs of persons with type 2 diabetes mellitus (DM) (Funnell & Rogers, 2011). The program should be adaptive in fulfilling the gaps that have been observed in adhering diabetes self-management activates properly. The study purpose has been set to evaluate the DSME program performance at the end through qualitative research methodology. Research Questions The study inquires about the gaps in the diabetes self-management education, it examines, what are gaps in this program which have not yielded proper health care even after achieving knowledge about the program and how these gaps will help in organizing such activities that can make self-management an effective tool for health care. It examines, what are the needs and requirements of persons with type 2 DM. What are the effects and outcomes of this co -created program which have been examined through the qualitative factors of adaptation, program satisfaction and through the self-management activities? The qualitative methods such as focus group discussion and intervention, demographic analysis, knowledge about the program and self-care are sufficient enough to evaluate this co-created learning program. Gap analysis is an effective way of modifying and designing a new program which is not performing to its optimum potential because gap analysis help looking into the drawbacks and faults of prevailing methods and techniques. After analysis it enables the reader to redesign and reconstruct his own opinion and model. The worth mentioning aspect of this qualitative study is that the DSME program has used the co-created learning process... This paper approves that the study used co-creation learning process for participants in their DSME program which yielded significant results in proper self-management among parsons with type 2 DM. so, it is recommended that clinicians or nursing staff or professionals who have interaction with DSME education should prefer self-participation and self-involvement of their patients in identifying activities, barriers and possible solutions according to their desires and requirements. this essay makes a conclusion that this article of qualitative research has provided great deal of knowledge about the thinking patterns of humans as prescriptive methodologies have failed to teach the adherence of diabetes self-management education activities in practical but with the help of co-creation, such limitations have been transformed into strengths and yet the result of only self-managing activities are significant which states that the diabetes complications and problems can be resolved through self-motivation. This article provided extensive knowledge considering the nursing practice because clinical practitioners are usually unaware of this aspect of self-motivation and imply their prescribed opinions without considering the needs and desires of their patients. So, this analysis will help in future references of such events of non-compliance among patients. Qualitative research focuses on exploring issues, after identification it assumes understanding problem and then r esponding to the problem and finally the evaluation comes in line. This aspect of qualitative research will be useful in solving medical problems through qualitative measures in nursing practice.

Literature review chapter Essay Example | Topics and Well Written Essays - 250 words

Literature review chapter - Essay Example The development of private enterprises have shown growth over the last few decades, this expansion in the private sector is attributed to the benefits that privatization brings along (Dahel, 2001). The contribution of people towards Gross Domestic Product (GDP) generation is maximized through privatization. The margin of innovation becomes broader, and companies may define their policies according to their status.The freedom of decision making has been supportive towards the idea of privatization. Privatization seems to be an appropriate policy for increasing quality and variety in telecommunication industry. In 1992, the Kuwait Investment Authority began 3 phases plan of privatization. The aim of this initiative was to reconstruct the economy, and minimize the dependence on revenue generated by oil. The policy of privatization was devised in such a manner that it could entertain domestic as well as foreign investor. The five different methods that were employed by the Kuwait Investment Authority include Sale of Government Shares, General Tendering, Management Contracts, Lease Arrangement, and Cooperation with the Government. However, privatization is not a compulsion efficient provision of services(Doh, 2000). Heracleous (1999) studied the case of Singapore, and analyzed its public owned telecommunication sector that offers the quality of services according to the world standards. Further, Heracleous (1999) has dichotomized the debate of ownership, and its effects on the performance of an organization. The management team of an organization is authorized by the owners to manage the affairs, therefore, it does not matter who owns the company, as far as the administration of the organization is making the right decisions (Heracleous, 1999). Heracleous (1999) reveals important aspects of the privatization debate in the telecommunications industry. By discussing the unique and

How Triple Constraint Impacts Projects Term Paper

How Triple Constraint Impacts Projects - Term Paper Example Scope (Quality): refers to the requirements and functionality that are discussed and thus set in the requirements phase with the client. Any changes in the scope in the later stages of the project cause a diverse effect on the project since the resources are assigned as per the needs of the discussed scope of the project. The outcome of the project can be judged by the scope of the project. Cost (resources): The cost of the project is estimated with respect to the man-hours that will be spent on the project, number of resources that will be assigned on it and the cost of the materials that will be used in the project. Time (schedule): The total time period of any project is analyzed in the smallest detail. The components are analyzed with respect to the different tasks that might be needed to complete it and the amount of time that might be needed for those tasks. The accumulation of the duration of the different components tasks amounts to the total time required for project completion. It is the job of the project manager to manage these triple constraints in the project so that the needs of the clients are fulfilled in the most appropriate manner. Some of these constraints might be compromised in order to deliver the other constraint. These are good measures of the success of any project since these three elements are the most vital and quantifiable aspects. These are also good indicators for a successful project because they can fit any project of any kind. Jessica (2008) stated an example regarding the triple constraints; some clients signed a boat contract with a boat manufacturing company. The company takes a year to make the boat but these clients want the boat to be delivered within 9 months with a budget of $100,000. The time (schedule) of the project is fixed since the clients want the boat to be delivered

The U.S Constitution and the Bill of Rights Research Paper

The U.S Constitution and the Bill of Rights - Research Paper Example Initiatives for the Constitution In 1787, on May 14, the Federal Convention assembled in the Independence Hall in Philadelphia in order to revise the articles of confederation. Since the delegates were in a minority meeting was adjourned for a day awaiting the arrival of the rest of the states. This adjourning continued for eleven days when on May 25 seven states joined in with the delegation for the purpose of taking a mutual decision (World Digital Library, 2012). However, the debates continued between the states until mid of June that the jury reached a conclusion that the terms could not be amended rather it called for a fresh effort and a total change in the articles of confederation. Thus, the first mutual decision between the gathered delegates was to draft a new structure in order to give a direction to the government (World Digital Library, 2012). After continuous secret debates among the delegates, a constitution was proposed and submitted to the state for an approval. Alth ough the vote was sealed in some states, the constitution was finally sanctioned. A new Federal government came into existence in 1789. In accord with the constitution the government was established that exists till to date in the U.S. The Bill of Rights During the debates for the constitution the delegates constantly mentioned that there should be a law that would protect the citizens against violation of rights. The opposition party argued that if the constitution was established without considering the citizens it will become a tyrannical rule by the central government. During the revolution, the British had violated the civil rights. This was a fresh memory for the opposition party and a mitigating factor that brought the Bill of Rights into existence. In accord with the arguments of the opposition party, there should be rules that were required to be spelled out in order to protect the citizens against any violation of rights (The Charters of Freedom, 2012). Nevertheless, on Se ptember 25, 1789, the Congress of United States proposed to the State legislatures 12 amendments to the constitution. These amendments were deduced after the argument by the opposition party. Bearing in mind the argument of the opposition the Congress deduced amendments; these considered the representation of the constituents and the compensation of the congressmen. Thus, in order to guard the rights of the citizens, George Mason had composed the Declaration of Rights, which was approved by the Virginia assembly on June 12, 1776. However, on June 8, 1789, James Madison of Virginia presented amendments to the Constitution. The Federalists honored their word and on September 25, 1789, the First Federal Congress of the United States approved twelve amendments to the Constitution to be submitted to the states for ratification. Today the first ten amendments to the U.S. Constitution are known as the Bill of Rights (The Charters of Freedom, 2012; The U.S. Bill of Rights, 2012).

Evolution in the Workplace Essay Example | Topics and Well Written Essays - 2250 words

Evolution in the Workplace - Essay Example Whether this survival is by natural selection, or by clinging onto Jesus’ teachings, we were still created to rise to the top. But not everyone rises to the top in the same way. Not only do we not rise in the same way, we are not always chosen for the role we want in life. Our behavior seems to dictate who we will hang out with at lunch time during our high school years. We are guided by our behavior which orders us to determine how we will communicate with our professors in order to receive a passing grade in college. Our children learn to sweat talk us with â€Å"good† behavior when they want to go to a party or want us to change our minds about something already predetermined. Our behavior runs the show. The question isn’t whether we are good at convincing one another or choosing the right group of friends to associate ourselves with. The question is how hardwired is human behavior? (Nicholson, 1998, p. 135) Is it in our genes? Is it in our blood? Did God make us a certain way? Did evolution split us in a particular direction? So many questions with such a diverse amount of answers leads some to believe that it is through natural selection that we are able to stand on our own two feet and be successful in life, and in our workplace. But others, still, believe that from day one, we were made to be a certain way. This could be through creation or evolution. Evolution is not the belief that there is no intelligent design. It is the belief that things change and adapt from its particular origin. The origin can be different for each species and not even Charles Darwin claimed to know what the origin was. (Wright, 1994, pp. 1-10) He only claims that things evolve from one point to another. Evolution however, is not just one step and the theory is not as narrow as it may seem. The theory includes six different components which create the theory of evolution in its entirety. The six components are evolution, gradualism, speciation, common ancest ry, natural selection, and nonselective mechanism of evolutionary change. (Coyne, 2009, p. 3) Each of these parts means something important and are directly applied to determining which person is best fit for the job at hand. Evolution itself means that a particular species undergoes genetic change over time. Is this something that occurs in the workplace? Yes! Overtime, people learn how to please their â€Å"boss† or they are not rehired. For the manager, they learn to look for traits that is going to help grow their business, not shrink it. This is where the idea of modern Darwinism comes in. The new fields of science or psychology do not just come about. They evolve, and with its evolution come the ability to choose in a more purposeful way. Choosing who will work for you is so important because you do not want to be stuck with the thought that you will need to â€Å"fire† that person. Gradualism is the idea that it takes many years to produce the product of evoluti on. (Coyne, 2009, p. 4) In the workplace this means two things. The manager or the boss needs to have several bad apples before realizing what he really wants, and, improvement in the workforce comes over time. Competition adds to the search for the new and better improved resources that will help a company grow, and not extinguish itself. Part of this gradualism is allowing time for change. If the boss does not allow time for change, he or she will either not see change, or the change will

Evaluation Questions Assignment Example | Topics and Well Written Essays - 750 words

Evaluation Questions - Assignment Example This is because needs assessment is based on the discrepancy between present and desired tastes. In process evaluation, an issue that could be addressed is the program theory since programs create the need for evaluation. In outcome evaluation, an issue that could be addressed is the monitoring systems. This is because processes need to be monitored since they determine the outcome (Patton, 2001). Question 3 The aim of evaluation is to determine a subject’s merit, worth as well as its significances. Evaluation does this by a set of principles. Evaluation is for helping a company to ascertain the degree of value in regards to the objective of a project (Posavac, 2010). Question 4 UMUC could also evaluate its courses by evaluating the schools physical space that encourage multiple and diverse learning and teaching programmes. It should also evaluate the institution’s technological field. It should demonstrate optimal and cost-effective building. These factors apart from t he students’ evaluation will also evaluate the importance of the centre’s courses since they also contribute to the performance of the institution (Patton, 2001). Question 5 Evaluators face tough ethical challenges. They, however, have to articulate ethics and values of public service to direct and sustain in all their professional procedures. Evaluators have to maintain and improve public confidence in the truthfulness of the public service. Evaluators are also to respect and appreciate the role played by public servants. Question 6 The strongest force that impacts the evaluation profession is the evaluator’s duty to uphold public trust. Evaluators and public servants are expected to perform their duties plus organize their private dealings so that public confidence as well as trust in the integrity, impartiality and objectivity of the government is conserved. If a disagreement arises between the private welfares and the official duties of evaluators, the confl ict will be settled in favor of the public (Posavac, 2010). Question 7 Evaluation principles that professional evaluators might address are theory based evaluation utilization focused, as well as participatory. Theory based principle is vital in tracking elements of a program plus it ensure the results are identified firmly. It also focuses on the vital aspects of the program to ensure that an agreement is reach (Patton, 2001). Question 8 Evaluation approaches are many since they all make unique and helpful contributions to solving vital problems. The actions that are also involved in evaluation are multifaceted and not well structured. Evaluation actions in training circumstances take in multiple goals connected to multiple levels. The makes the different approaches to evaluation liable since they all work together for the same purpose (Patton, 2001). Question 9 Qualitative evaluation method could be applied over quantitative method when an evaluator wants to assess the process tha t answer how well the situation being evaluated has done. Qualitative method is also applied when, and an evaluator wants to evaluate the content, relevance, as well as the quality of a program, (Patton, 2001). Question 10 Question that people could be asked in self-confidence seminar is whether they believe in themselves whether they believe in their abilities, whether they can handle criticism rejection and rejection and whether negative comments shatter their self views. These questions, judging

Economic growth is one of the macroeconomic objectives of the Essay

Economic growth is one of the macroeconomic objectives of the Australian government . Outline the problems that arise in measuring economic growth - Essay Example It also fails to consider the externalities that may be negative like those caused by pollution as well as depletion of resources. (tradingeconomics.com, 2011) Globally, the process by which the wealth of a nation is determined or poverty is a complex task since there lies a predicament while trying to obtain compatible type of data. Different nations may be having different data types and thus, comparison in performance fails to be objective at the end. GDP as mentioned earlier is the method that is mostly used in the world to measure a country’s growth and Australia has followed this method as utilized by United Nations. This GDP method does not consider the incomes that come from corporations and individuals. This is especially if these incomes come from foreign sources and this approach further shows the weakness of measuring the growth of a nation. The alternative method, (just to mention), that was usually used to measure an economy’s growth and that was applied universally in the world was GNI. The difference arises where GNI considers income from outside the country while GDP does not. (Kendall, 2010

Licensed Futurist Essay Example | Topics and Well Written Essays - 750 words

Licensed Futurist - Essay Example In his DVD, An Inconvenient Truth, he talks about how our entire world is changing. The challenge for Gore is that the people who need to listen and do something about it on a larger scale, are turning a deaf ear. Many so-called scientists want to say that there is no such thing as Global Warming. However, everyone is experiencing climate changes. We have more damaging storms and many areas that should have snow in the winter have spring days. In some areas, the summers are hotter than ever before and we are losing our oceans. We are not paying attention to this because we do not think that it is affecting us. However, everything that happens to the planet will have an effect on us eventually. Another area where we are not watching is what is happening in technology. With cell phones alone, we have a device that baby sits, takes away time from the family and does everything but get up and dance; who knows, someone may be working on that one right now! We are told that many discoveries in telecommunications and other technology are good for us. A prediction that "there will be intelligent electronic systems almost everywhere" (Hall, 2007, p. 1) is a common prediction. Why? Because ewe are becoming so advanced with our technology that it is difficult to embrace all of it at once. One prediction in this area that we have already realized is the Internet connections anywhere we go. Many restaurants, hospital waiting rooms, even Burger King has a wireless connection today. Although this is a great idea, when we embrace it to the fullest, we will move away from our children and families in favor of talking on the phone or being on the computer most of the time. According to Rub ner (2010), some experts predict that we will be wearing mobile electronics in our clothing; Rubner says we will not need computers eventually because we will be wearing them. Hall adds to what Rubner says and we can expect live

Pilchard Impact and Requirement Essay Example for Free

Pilchard Impact and Requirement Essay Pilchard or sardines are groups of small fishes which belong to the herring family. They are caught almost throughout the year especially in the night. Pilchards are rich in minerals and they are usually consumed in different ways. They are also referred to as low-value pelagic species. Pilchard and Tuna The introduction of tuna farming had a major impact on pilchard hunting simply because it was found to be a major source of food for the tuna. This resulted in an increase emphasis on pilchard research and farming. Pilchards are mostly used to feed carnivorous fishes such as tuna, trout and salmon. Pilchard farming requires marine scalefish fishers, not targeted for recreational purposes, provides feeds for predator species such as salmon, and tuna, fishing methods (use of small mesh and fishing done by night), and pilchard farming done in temperate waters. Pilchard farming is of great economic importance. About 20 pounds of pilchard is required to produce a pound of tuna, indicating a resource-intensive form of producing tuna and depleting the stock of small fishes. This will ultimately disrupt the aquatic ecosystem in that it will not only affect the fishes alone but marine mammals and seabirds directly or indirectly. Some documentation about the introduction of viral infection into the aquatic ecosystem has been documented. Several factors such as ecological integrity, social justice and status of the pilchard population must be maintained. Pilchard and Dolphins Dolphin swim license is indirectly related to pilchard in that pilchard is not farm for ecological purpose, and dolphin only feeds on them as an opportunistic predator. Dolphin feeding on pilchard will cause a major and drastic decrease in their population and subsequently leading to enormous financial loss. Conclusion Considering the immediate need for tuna fishes and the relationship between the fish and pilchard, the tuna license should be granted while licensing dolphin swim should not be allowed because of it the negative impact on the aquatic ecosystem, and associated financial loss. References Lopez, D. (2005). â€Å"Interaction between bottlenose dolphins and fish farms: could there be an economic impact†. Retrieved May 23, 2009 from http://www. thebdri. com/resources/downloads/ICES2005X10. pdf PIRSA Fisheries, (2009). â€Å"Sardine (Pilchard) fishery†. Commercial fishing Retrieved May 23, 2009 from http://www. pir. sa. gov. au/fisheries/commercial_fishing/sardine_pilchard_fishery Primary industries and resources, (2009). â€Å"Ecological assessment of the south Australian pilchard fishery†. South Australian fisheries management series. Retrieved May 22, 2009 from http://www. pir. sa. gov. au/__data/assets/pdf_file/0006/12858/sa_pilchard_submission. pdf Stuart, N. (2001). â€Å"Tuna farmers face fresh challenges†. Landline Retrieved May 23, 2009 from http://www. abc. net. au/landline/stories/s363097. htm

Ways Of Transferring Capital From Savers To Borrowers Finance Essay

Ways Of Transferring Capital From Savers To Borrowers Finance Essay Find the most recent financial statements for two companies of same industry which are listed in KLSE (Kuala Lumpur Stock Exchange). Evaluate the financial position and performance for each of these two companies using accounting ratio analysis. You are required to compute and compare the accounting ratios between these 2 companies, and conclude the results of your findings. The limitations or problems of using accounting ratios for performance analysis should be included in your conclusion. Identify and discuss three different ways of transferring capital or fund from savers to borrowers in the financial market. 1.0 Introduction What is accounting ratios? Accounting ratios are the ratios which used in calculation and indicate the relationship between figures from the financial statements of a company. The financial statements are the statements that summarized a companys activities either quarterly or annually. It consists of a profit and loss account and a balance sheet. In accounting, accounting ratios are often used in interpreting and evaluating a companys overall financial condition and business performance. Accounting ratios are classified into 5 categories for measuring 5 different aspects of business performance. The 5 aspects are shown as follow: Profitability of company Liquidity of company Asset management of company Debts management and capital gearing of company Market value of investment to ordinary shareholders / common stockholders 1.1 Profitability of company Gross profit markup Gross profit markup (%) = Gross Profit x 100 Cost of goods sold Gross profit margin Gross profit margin (%) = Gross profit x 100 Net sales value Operating profit margin on sales Operating profit margin (%) = Operating profit before interest and before taxation x 100 Net sales value Profit margin on sales Profit margin on sales (%) = Net income available to common stockholders x 100 Net sales value Basic earning power (BEP) Basic earning power (BEP) = Operating profit before interest and before taxation x 100 Total assets Return on total assets (ROA) Return on total assets (ROA) = Net income available to common stockholders x 100 Total assets Return on total equity (ROE) Return on total equity (ROE) = Net income available to common stockholders x 100 Common equity 1.2 Liquidity of company Current ratio / Working capital ratio Current ratio / Working capital ratio = Current assets Current liabilities Liquid ratio / quick ratio / acid-test ratio Liquid ratio / quick ratio / acid-test ratio = Liquid assets Current liabilities 1.3 Asset management of company Inventory turnover or stock turnover Inventory turnover or stock turnover = Cost of sales Average stock value Fixed asset turnover Fixed asset turnover = Net sales Fixed assets net book value Total assets turnover Total assets turnover = Net sales Total assets Debtor ratio Debtor ratio = Debtor Credit sales Debtor payment period Debtor payment period = Debtor x 365 days/ 52 weeks / 12 months Credit sales Days sales outstanding (DSO) Days sales outstanding (DSO) = Debtor x 365 days Credit sales 1.4 Debts management and capital gearing of company Debts ratio Debts ratio = Total debts Total assets Capital gearing ratio Capital gearing ratio = Prior charge debts capital Total capital Debts equity ratio Debts equity ratio = Total debts Common Equity Times interest earned Times interest earned = Profit before interest and before taxation Interest charges Creditor ratio Creditor ratio = Creditor Credit purchase Creditor payment period Creditor payment period = Creditor x 365 days / 52 weeks / 12 months Credit purchase 1.5 Market value of investment to ordinary shareholders/ common stockholders Earnings per share Earnings per share = Net income available to common stockholders Number of ordinary shares in issue Price / Earnings ratio Price / Earnings ratio = Market price per ordinary share Earnings per share Dividend cover Dividend cover = Earnings per share Net ordinary dividend per share Earning yield Earning yield = Gross earnings per share x 100 Market price per ordinary share Dividend yield Dividend yield = Gross ordinary dividend per share x 100 Market price per ordinary share Price / cash flow ratio Price / cash flow ratio = Market price per ordinary share Net cash inflow per ordinary share Market price / book value ratio Market price / book value ratio = Market price per ordinary share Net book value per ordinary share 1.6 Companys background Gamuda was incorporated on 6 October 1976. It was listed on the main board of the Kuala Lumpur Stock Exchange (KLSE) on 10 August 1992. In Malaysia, Gamuda is a leading infrastructure group. It has a wide range of business activities all over the world. Its core competencies are engineering and construction, infrastructure concessions, and also township development. Besides, they have mega projects such as internationally acclaimed SMART (Stormwater Management and Road Tunnel), intra-urban highways, Kaohsiung Mass Rapid Transit System in Kaohsiung, Taiwan, and so on. On the other hand, WCT was incorporated on 14 January 1981 as WCT Earthworks Building Contractors Sdn Bhd. Then, it went public on 1 April 1994 and listed on the Kuala Lumpur Stock Exchange (KLSE) on 16 February 1995. The business nature of WCT Berhad contains engineering and construction, property development, and also assets management. The business coverage of WCT is in Malaysia and abroad. Its projects and services include F1 international racing circuit, international airport, hydroelectric dam, township planning development and so on. Then, the next step is applying the accounting ratios to calculate the 2 companiess business performance. The companies are Gamuda Berhad and WCT Berhad. In order to compare these 2 companies, the selection is inter-firm which is comparing based on the industry average. It is because they have the same business nature. Before doing comparison, a person must obtain the financial statements of a company. In general, the financial statements are released in annually basis, but some of the companies are quarterly basis. Financial statements are the vital resource for a researcher used to calculate and compare the companies business performance. The financial statements adopted from Gamuda Berhads annual report 2010, whereas WCT Berhad is 2009. Figures inside the income statement and balance sheet are used in apply to the accounting ratio in calculating purposes. After done the calculation, there is a standard weigh available in each accounting ratio to interpret the data. Each answer gen erated is referring to the weigh in comparison and generate a comment. These 2 annual reports of Gamuda and WCT are adopted from their official website in the column of the investor relations. The website address of Gamuda is http://www.gamuda.com.my, whereas website address of WCT is www.wct.com.my. 1.7 Calculation worksheet Types of ratio Calculation of Gamuda Berhad Calculation of WCT Berhad Profitability Gross profit markup (%) = Gross profit x 100 Cost of goods sold = RM 422976000 x 100 RM 2032167000 = 20.81 % = RM 354659000 x 100 RM 4311943000 = 8.23 % Gross profit margin (%) = Gross profit x 100 Net sales value = RM 422976000 x 100 RM 2455143000 = 17.23 % = RM 354659000 x 100 RM 4666602000 = 7.60% Operating profit margin on sales (%) Operating profit before = interest before taxation x100 Net sales value = RM 259852000 x 100 RM 2455143000 = 10.58% = RM 244145000 x 100 RM 4666602000 = 5.23 % Profit margin on sales (%) = Net income available to common stockholders x 100 Net sales value = RM 280693000 x 100 RM 2455143000 = 11.43 % = RM 147098000 x 100 RM 4666602000 = 3.15 % Basic earning power (BEP) = Operating profit before Interest and before taxation x100 Total assets = RM 259852000 x 100 RM 6550910000 =3.97% = RM 244145000 x 100 RM4478484000 = 5.45 % Return on total assets (ROA) = Net income available to common stockholders x100 Total assets = RM 280693000 x 100 RM 6550910000 = 4.28% = RM 147098000 x 100 RM 4478484000 = 3.28 % Return on total equity (ROE) = Net income available to common stockholders x 100 Common equity = RM 280693000 x 100 RM 325752500 = 8.62 % = RM 147098000 x 100 RM 1250246000 = 11.77 % Liquidity Current ratio = Current assets Current liabilities = RM 4203173000 RM 1930241000 = 2.18 : 1 = RM 2553187000 RM 1807550000 = 1.41 : 1 Acid-test ratio = Liquid assets Current liabilities = RM4123435000 RM1930241000 = 2.14 : 1 = RM 2439478000 RM 1807550000 = 1.35 : 1 Asset Management Inventory turnover = Cost of sales Average stock value = RM 2032167000 RM 79738000 = 25.49 times = RM 4311943000 RM 113709000 = 37.92 times Total assets turnover = Net sales Total assets = RM 2455143000 RM 6550910000 = 0.37 times = RM 4666602000 RM 4478484000 = 1.04 times Debtor ratio = Debtor Credit sales = RM 1607772000 RM 2455143000 = 0.65 : 1 = RM 1472655000 RM 4666602000 = 0.32 : 1 Day sales outstanding (DSO) = Debtor x 365 days Credit sales = 0.65 x 365 days = 237.52 days = 0.32 x 365 days = 116.8 days Debts management and capital gearing of company Debts ratio = Total debts Total assets = RM 3243187000 RM 6550910000 = 0.50 : 1 = RM 2991508000 RM 4478484000 = 0.67 : 1 Debts equity ratio = Total debts Common equity = RM 3243187000 RM 3257525000 = 1 : 1 = RM 2991508000 RM 1250246000 = 2.39 : 1 Times interest earned = Profit before interest and before taxation Interest charges = RM 259852000 RM 43813000 = 5.93 times = RM 24414500 RM 50308000 = 4.85 times Market value of investment to ordinary shareholders / common stockholders Earnings per share = Net income available to common stockholders Number of ordinary shares in issues = RM 280693000 2025888000 shares = RM 0.14 = RM 147098000 777712000 shares = RM 0.19 Price earnings ratio = Market price per ordinary share Earnings per share = RM 3.20 per share RM 0.14 per share = 22.86 times = RM 2.60 per share RM 0.19 per share = 13.68 times Earnings yield = Gross earnings per share x 100 Market price per ordinary share = (100/75 x RM 0.14) x 100 RM 3.20 = 5.83 % = (100/75 x RM 0.19) x 100 RM 2.60 = 9.74 % Market price per book value = Market price per ordinary share Net book value per ordinary share = RM 3.20 per share (RM 325752500 / 2025888000 shares) = RM 3.20 RM 1.61 = 1.99 : 1 = RM 2.60 per share (RM 1250246000 / 777712000 shares) = RM 2.60 RM 1.61 = 1.61 : 1 1.8 Ratios comparison between Gamuda and WCT 1.81 Profitability Gross profit markup and gross profit margin Based on the profitability ratios calculations result generated above, Gamuda Company is generating higher profit compared to WCT Company. The both gross profit markup and gross profit margin of Gamuda is higher than WCT. High gross profit earned by Gamuda shows that it has effective and efficient control in lowering its purchasing cost and production cost. Lower gross profit earned by WCT indicates it does not effective and efficient control in lowering its purchasing cost and production cost. Besides, both operating profit margin and profit margin on sales of Gamuda is higher than WCT. Higher profit margin earned by Gamuda shows it has an effective control in lowering its expenditures and interest cost. Whereas it indicates WCT is ineffective in controlling its expenditures and interest cost. Basic earning power, return on total assets, and return on common equity However, in basic earning power and return on common equity, Gamuda is lower than WCT. Return of asset of Gamuda is slightly higher 1 % than WCT only, which is 4.28 % and 3.28 % respectively. It shows that WCT is generating higher profit regarding to its effective and efficient in using its assets and capital in the business. In contrast, Gamuda is ineffective and inefficient in employing its assets and capital. 1.82 Liquidity Current ratio In liquidity aspect, the current ratio of Gamuda and WCT is 2.18: 1 and 1.41: 1 respectively. If the current ratio is higher than average of industry, it means a company has a larger amount of current assets to pay its current liabilities. Besides, it proves that a company has a stable financial condition. In contrast, when current ratio is lower than average of industry, it shows the companys financial condition is unstable. The company has lower amount of current assets to pay its current liabilities. Acid test ratio On the other hand, acid test ratio of Gamuda is 2.14: 1, whereas WCT is 1.35: 1. When a companys acid test ratio is higher than average of industry, it shows that it has larger amount of liquid assets to pay its current liabilities. In contrast, lower acid test ratio shows a company has lower amount of liquid assets to pay its current liabilities. 1.83 Asset management Inventory turnover In asset management aspect, the inventory turnover of Gamuda is 25.49 times and WCT is 37.92 times. Higher inventory turnover shows that a company experiences fast stock turnover, so stocks are not accumulated, and no money to be tied up. WCT has a higher inventory turnover than Gamuda. It means that WCT has fast turnover, less stocks to be accumulated, and less money to be tied up compared to Gamuda. Total assets turnover Besides, total assets turnover of Gamuda is 0.37 times, and WCT is 1.04 times. Total assets turnover of WCT is higher than Gamuda. WCT has higher sales generated from its business due to its effective asset usage which increases the production volume. Debtor ratio days sales outstanding Debtor ratio of Gamuda is 0.65: 1, and WCT is 0.32: 1. Besides, the day sales outstanding of Gamuda are 237.5 days, and WCT is 116.8 days. Higher debtor ratio and day sales outstanding shows that Gamuda gives a longer credit time to its debtors which cause a longer time to collect back the money. Gamuda may accumulate the debts balance and experiences shortage of money which unable to finance its current liabilities. In contrast, WCT has a lower debtor ratio and day sales outstanding. It has shorter debtor payment period, experience less debts balance, and less money to be tied up from its debtors. 1.84 Debts management and capital gearing Debtor ratio In debts management and capital gearing aspect, WCT has a higher debts ratio compared to Gamuda. The higher debts ratio shows that a company experiences heavy debts and high interest cost. It may cause a company unable to pay back the debts, and forced to sell its assets to pay. Debts equity ratio Debts equity ratio is used to measure the proportion of company debts with its common equity. Both Gamuda and WCT debts equity ratio is higher than 0.5:1, but WCT is higher than Gamuda which are 2.39:1 and 1;1 respectively. It means these 2 companies operate at a high gear with larger proportion of prior charge debts capital. It views as unstable capital structure and bearing the high interest cost financed by larger proportion of profit. Time interest earned / Interest cover Both companies experience high capital gearing ratio, but WCT is higher than Gamuda. It means WCT experiences low times interest earned and indicates it is bearing the high interest charges in relation to its profit. 1.85 Market value of investment to ordinary shareholders / common stockholders Earnings per share Lastly, in market value of investment to ordinary shareholders / common stockholders, WCT has a higher earnings per share compared to Gamuda. It shows that WCT has a higher business growth and higher profit earnings. In converse, lower earnings per share shows that a company experiences a low business growth and low profit earnings. Price earnings per share Besides, WCT has a lower price earnings ratio compared to Gamuda. Lower price earnings ratio shows that Gamudas earnings per share is very high which influenced the common stockholders have to take shorter period use their profit earning to recover back their share investment amount. If the earnings ratio is high, it shows that a companys earnings per share are very low and the common stockholders spend longer period use their profit earning to recover their share investment amount. Earning yield The earning yield of WCT is higher than Gamuda. If the earning yield higher than the average of industry, it shows that a company has high net income and very attractive to the common stockholders. However, when the earning yield is lower than average of industry, it shows that a company has low net income and not attractive to the common stockholders. Market price per book value Besides, the market price per book value of WCT is lower than Gamuda. If market price per book values is lower than the average of industry, it means the share market price decreases below its real asset value and becomes attractive to common stockholders. In converse, if the market price per book value is higher than the average of industry, it means its share market price increases over its real asset value and become not attractive to the common stockholders. 1.9 Conclusion Based on the result of 5 aspects of accounting ratio above, WCT Company has a better overall business performance than Gamuda Company. Firstly, WCT has higher BEP and ROE which shows WCT is generating higher profit regarding to its effective and efficient in using its assets and capital in the business activities. Secondly, WCT has a higher inventory turnover than Gamuda. It indicates that WCT has fast turnover, more liquid, less stocks to be accumulated, and less money to be tied up compared to Gamuda. Thirdly, total assets turnover of WCT is higher than Gamuda. WCT has higher sales generated from its business due to its effective asset usage which increases the production volume. Fourthly, WCT experiences a lower debtor ratio and day sales outstanding than Gamuda Company. WCT has shorter debtor payment period, experience less debts balance, more liquid and less money to be tied up from its debtors. Fifthly, WCT has higher earnings per share compared to Gamuda. WCT has a higher busi ness growth and higher profit earnings. Sixthly, WCT experiences lower price earning ratio compared to Gamuda. Lower price earnings ratio shows that WCTs earnings per share are very high. It enables the common stockholders have to take shorter period use their profit earning to recover back their share investment amount. Seventhly, the earning yield of WCT is higher than Gamuda. When the earning yield higher than the average of industry, it shows that a company has high net income and very attractive to the common stockholders. Lastly, the market price per book value of WCT is lower than Gamuda. When market price per book values is lower than the average of industry, it means the share market price decreases below its real asset value and becomes attractive to common stockholders. Thus, WCT is more attractive than Gamuda. On the other hand, while doing inter-firm comparison, there are several limitations in applying the ratio and trend analysis. The first limitation must select the same industry norms and compare based on the industry average. The second limitation is each firm experiences a different financial and business risk profile. It also affected by the analysis differently. The third limitation is accounting policies. Each firm applies different accounting policies. For example, in small firm, it groups its stationery in current assets. However, in large firm, it groups it into expenses. The fourth limitation is the size of the firm would experience different level of risk from its competitors, structure, and returns. The fourth limitation is the area and environment of a firm. Home-based firm and multinational firm operate differently in different countries. 2.0 Introduction What is financial market? Financial market is a mechanism where surplus funds are gathered from the people who intended to lend out their money. Furthermore, it acts like a platform where provides the opportunities for the organizations and individuals who are short of money to borrow funds. Financial markets have different categories. Each financial market deals with a different type of financial instrument of its maturity and the asset backing it. Different financial markets serve different types of customers, and operate in different parts of the country. Financial markets are different from physical asset markets. Physical asset markets also called as tangible asset markets or commodities market which deal with the physical products like gold, crude oil, real estate, and machinery. Whereas the financial markets deal with the financial instruments like shares, bonds, notes, mortgages, and so on. Besides, these 2 markets can operate as the spot market or future market. Spot markers can be defined as goods are being traded on the spot and delivery within several days. Conversely, the goods that are being traded in future market are for future and delivery on future date. It could be six months or a year in future. 2.1 Types of financial markets 2.11 Primary markets There are various financial markets in each country. The first type is primary markets. It is the market for corporations to raise capital by issuing new securities or shares. The corporations collect the funds by selling off the new issued stocks in the primary market transaction. 2.12 Secondary markets The second type is secondary markets. Secondary markets are the markets in which existing and already outstanding securities or other financial assets that are traded among the investors after they have been issued by the corporations. 2.13 Initial public offering market The third type is initial public offering (IPO) market. It is a market that provides the company or corporations go public by offering new securities or shares to the public for the first time. Once the corporation or company went public, it will be listed on the stock exchange. These companies or corporations are usually newly established and go public to collect capital. 2.14 Private markets The fourth type is private markets. It is a financial market where the transactions are worked out directly between 2 parties. Private markets are different from the public markets where standardized contracts are traded on organized exchanges, but private market could perform privately without going to public where the transaction may be structured in any manner that appeals to the 2 parties. Bank loans and placement of debts with insurance are the examples of the private market transaction. 2.15 Consumer credit markets The fifth type is consumer credit markets. Generally, it deals with the loans on autos and appliances, loans for education, vacations, and so on. 2.16 Mortgage markets The sixth type is mortgage markets. Mortgage markets deal with the loans for the purposes of residential, commercial, industrial real estate, and also farmland. 2.17 capital markets The seventh type is capital market. Capital markets deal with the stocks or shares, intermediate or long-term debts in which funds to be loaned and borrowed for long periods. It usually more offered in one year or more than one year. 2.18 Money market The eighth type is money market. Money market deals with short-term, highly debt securities in which funds to be loaned and borrowed for a short period which usually less than one year. 2.2 Three ways for transferring capital or fund between savers and borrowers 2.21 Direct transfer from savers to borrowers The first way is direct transfer from savers to borrowers. It usually happens when a corporation (borrower) wants to collect funds by issuing and selling new securities or bonds to the savers (money lender). In this selling process, it does not pass through any financial institution which the corporations directly deliver the securities to the savers who in return pay money to the corporation. Therefore, it is a direct flow where the funds are directly transferred from the savers to the corporations. The following diagram can fully explain the process between corporations and savers. Issue corporations securities or bonds to Corporations (Borrowers) Savers (Money lenders) Receive capital or fund from Diagram 2.21.1- Direct transfer from savers to borrowers 2.22 Indirect transfer from the savers to the borrowers through investment banking house The second way is indirect transfer from the savers to the borrowers through investment banking house. It normally happens when an investment bank underwrites the issuance of a corporations securities where the investment bank acts as a middleman to facilitate the issuance of corporations securities. Indeed, investment bank purchases the corporations securities and then resell it to the savers. It means the money paid by the savers in purchasing corporations securities is passed to the investment bank and to be received by the corporation (borrower). Thus, money of savers and securities of company is only passing through the investment banking house. As a result, the fund is indirectly transferred through the investment banking house from the saver (money lender) to the corporation (borrower). The below diagram can fully explain the process among the investment banking house, corporation, and saver. Investment Banking House (Middle man) ( Corporations (Borrower) Savers (Money lender) Issue corporations Resell corporations securities to securities to Receive fund from Receive fund from Diagram 2.22.1- Indirect transfer from the savers to the borrowers through investment banking house 2.23 Indirect transfer from the savers to borrowers through a financial intermediary The third way is indirect transfer from the savers to borrowers through a financial intermediary. It usually happens when a financial intermediary like bank or a mutual fund collects the funds from the savers by issuing its own securities or certificate of deposit to the savers. After that, the financial intermediary uses the collected funds from the savers to buy and keeps the other corporations securities as its investments. It means that the money paid by the savers to purchase the securities or certificate of deposit issued by the financial intermediary. Then, the money passed to the financial intermediary, and then the financial intermediary paid the money for purchasing the other corporations securities. In fact, there are many people prefer holding the certificate of deposit and the securities issued by the financial intermediary. The reason is they are safer and more liquid than the mortgages and loans. Thus, financial intermediaries are greatly increasing the efficiency of m oney and capital markets. The below diagram can fully explain the process among the financial intermediary, saver, and corporation. Savers (Money lender) Corporations (Borrower) Financial Intermediary (Money lender to corporation) / (Borrower from saver) Issue corporations Issue intermediarys securities to owns securities to Receive fund from Receive fund from Diagram 2.23.1- Indirect transfer from the savers to borrowers through a financial intermediary 2.3 Types of financial intermediaries and its role Investment banking house is an organization that underwrites and distributes the new securities issued by the corporations which helps the corporation in obtaining the funds for financing. In Malaysia, examples of investment banking house are CIMB bank, Affin bank, and Maybank. Financial intermediary are the specialized financial organization that facilitate the transfer of funds from the savers to the borrowers. There are several types of financial intermediaries. 2.31 Commercial bank The first type is commercial bank. It is a traditional departmental store of finance which serves a huge population of savers and borrowers. Besides, commercial banks are the major institutions that handled checking accounts and through which Federal Reserve System increased or decre

The Concept Of Sustainability In The Hotel Industry Tourism Essay

The Concept Of Sustainability In The Hotel Industry Tourism Essay Over the years, sustainability and environmental issues have gained significant attention in hospitality, tourism and management projects.   Across the world, discussions on sustainable development including that of hospitality industry are ongoing; in fact the hospitality industry is taking a serious note of it. This chapter discusses on issues, challenges and trends that hospitality industry is facing and might face in the coming years ahead. Eco Responsible Approach and the top issues that might influence the global hospitality industry in the coming years ahead including sustainable development, calls for green hospitality, labour cost, multicultural issues and higher education are taken actively. Latest Trends in the hospitality, ways to enhance guest experience in hospitality and guest expectations to green initiatives shall be discussed. Further, the aspects pertaining to guest demands for sustainable products services shall be covered. Key words: Sustainable; Issues; Challenges; Trends; Hospitality Industry 7.2 Sustainability, Tourism Hospitality: The concept of sustainable development was initially taken in the context of the social indicators and thereafter expanded to address the environmental indicators. The World Commission on Environment and Development (The Brundtland Commission) popularised the concept of sustainable development in 1987. We may define sustainable development as: Development that meets the needs of the present without compromising the ability of future generations to meet their own needs. World Tourism Organisation (UNWTO) has mentioned that Sustainable tourism development meets the needs of present tourists and host regions, while protecting and enhancing opportunities for the future. It is envisaged as leading to management of all resources in such a way that economic, social and aesthetic needs can be fulfilled, while maintaining cultural integrity, essential ecological processes, biological diversity and life support systems. The dimensions of sustainability encompasses of following elements: competence management; eco-efficiency; financial management; innovations; operational performance; product performance. stakeholder management; and sustainable management; Sustainability practices are becoming increasingly common and the issues concerning to sustainability have become an essential part of the social and political discussions in most of the countries. These days many of the small businesses have to struggle for survival in a world of competitions with key players, mergers and mega corporations. There is a strong urge for sustainable development and thus need of involvement of all stakeholders including local communities. Further there is a strong requirement for educating the young people on the environmental issues and instilling the values in their minds so as to make the world a better place in which to live. The concept of sustainability in the Hotel Industry: The hospitality industry is gradually becoming one of the great examples of why running a sustainable business will be crucial for long-term success. Defined at the 1992 UN Conference on Environment and Development in Rio de Janeiro as meeting the needs of the present without compromising the ability of future generations to meet their own needs, sustainability is increasingly becoming one of the most relevant issues to hoteliers in the 21st century as costs continue to rise, demand becomes increasingly sensitive and the pressure on being economically, socially and environmentally responsible grows. Due to the growing environmental degradation, society is forced to become increasingly aware of the need of adopting and enforcing more effective measures of environmental protection. Sustainable development, including the development of a more sustainable built environment, has thus become a priority and a challenge of our time. A number of studies indicate that the hotel industry has an important responsibility in this process. The global hotel industry, comprising of various facilities, constitutes one of the most important sectors of the tourism industry. Hotels provide accommodation and offer high level of resources for utilization (including energy, water, consumables) in hotel facilities, the environmental footprint of hotels is typically larger than those of other types of buildings of same size. Research has revealed that the hotels are large users of consumer goods; waste generation is one of the more visible impacts the hotel industry has on the environment. According to a n IHEI (2002) estimate, a typical hotel produces in excess of 1 kg of waste per guest-day, which, for a typical facility, results in many tons of waste each month. These figures clearly reflect that there is an urgent need for more environmentally sound practices and products in the hotel industry. Over the years, there has been an increased environmental awareness among the general public and the development of the concept of green consumerism has flourished. Where, most of the hotels in the recent past were paying attention to environmental responsibility it has is now increasingly emerged as a corporate issue. However, in order to achieve greater environmental responsibility, proper implementation tools and strategies are necessary. The instruments of action include the enforcement of relevant laws and regulations (health and safety requirements, planning and building regulations, water utilization, waste generation and the release of emissions), as well as voluntary standards. Certification and labelling schemes are increasingly growing in popularity. Further, the governments, NGOs, Academic Communities are coming up to assist hoteliers in running more environmentally responsible businesses. As a matter of fact many good hotel chains have also developed their modules and have practiced innovative practices. Significantly, the research study by Centre for Hospitality Research, Cornell University (2010) (2012) by Glenn Withiam Rohit Verma in Hotel Year Book 2012 highlighted on Sustainability citing customers demand for sustainable hotel operations has taken root and expanded. The hotel in dustry has taken notice, as demonstrated by a push for consistent reporting standards and industry best practices coming from our industry roundtables in both Asia and North America. In that regard, meeting planners and corporate planners are now requesting that hotels provide sustainability-related information (such as energy use or recycling policies). Third-party certification of green claims has become an important part of sustainability reporting, as demonstrated for instance by Travelocitys Green Hotel Directory, which does not recognize self-certified hotels. Hotels are highly dependent on financial performance and have to bank upon increased demand and reducing the costs for survival. Sustainable practices can appear altruistic to the guest, shedding a positive light on a hotel. Also, when applied correctly they are generally cost-effective with short periods of payback. The hotels who implement such measures are generally financially sound as costs are recovered in a short time and many a times often the long-term savings are great. However, only a small percentage of existing hotels have sustainability at the core of their business routine that also in organized sector. There are many benefits for a hotel with sustainable business practices: Additional revenue through lower costs. Cost saving through cost-reduction measures. Easier financing because of lower long-term risk. Greater attractiveness to lenders. Greater long-term financial stability. Increased asset value because of long-term business capability. Long-term ability to stay in business and be profitable. 7.3 Trends challenges of the industry: Due to increased awareness on the growing environmental degradation, society is becoming aware of the need of adopting and enforcing more effective measures of environmental protection. Sustainable development has become a key priority and a challenge of time. The issue of sustainability needs to be addressed at different levels, in cooperation with academia, industry, policy makers, the general public and other stakeholders. The hotel industry has an important responsibility in this process. The study by Wang Jin zhao and Wang zing (Shenyang University China) in the Journal of Management Science Engineering (2009) in has highlighted in the article issues, challenges trends, that facing Hospitality Industry has been taken in this chapter and as under 7.3.1 Issues in Hospitality Green Hospitality: Sustainable Development Calls for green hospitality. Going green is a burgeoning issue in the hospitality industry. People are keen to look at sustainable solutions in a whole new way. There has been a change in the perception of green; it has gone from a fringe movement to mainstream. As a sign of its gaining popularity, one of the appreciated initiatives in India is Welcom Environment Programme by ITC Welcom Group of Hotels in addition to others. Across the globe various conferences on hospitality are being held. The basis of sustainable hospitality operation is a three-part balance, expressed as profits, people, and planet. By taking those three elements into account, thus, a sustainable green hospitality development program becomes economically viable, as well as beneficial to the community and environment. Higher Education: Tremendous changes are taking place in hospitality industry which poses several challenges for transformation of the whole educational process including educational curricula, learning materials, instructional practices and education stakeholders. This includes restructuring the learning process to reflect the use of information in the real world, changing the role of the educator from presenter of pre-packaged facts to facilitator of active learning and transforming the library specialist to an active collaborator in curriculum planning for effective use and availability of information resources. Ministry of Tourism, Govt of India is providing Hospitality Tourism Education through National Council of Hotel Management, Indian Institute of Travel Tourism Management and interestingly is Broad Biasing Hospitality Tourism Education through Central Financial Assistance Scheme by giving a direct grant of Rupees Two Crores to each University for offering hospitality pro grammes under this scheme. In 2012 about 22 universities in India have been benefited and many more are likely to get. Indeed, educators need to inspire new aspirants and gear them for industry needs. The new educational providers have also been offering the undeniable demand for open, flexible, distance and e- learning; with world class universities like IGNOU offering Hospitality Tourism Programmes, as collaboration project NCHMCT MOT, Govt. Of India; and state universities like Uttarakhand Open University and others are promoting Hospitality Tourism Programmes reaching to the unreached. Similarly organizations like AHLA, whose primary business is not education but who facilities to it with its educational institute. Labour Cost Issues: Labour expenses continue to remain amongst the large expense items for hospitality managers, accounting nearly about 40- 45 percent of total operating costs. Thus, any trend or issue that could potentially impact labour costs needs to be taken seriously by hospitality owners and managers alike. Due to the magnitude of the expense, labour costs and issues have always consumed a substantial portion of the time and efforts of hospitality managers. The cost of labour is the biggest expense in all categories of hotels. Even with the advent of select-service properties, hospitality developers cannot avoid the human component of hospitality operations. While managing labour expenses is important, hospitality managers also needs to be aware that employees are an integral part of the hospitality experience. The interaction between hospitality guests and employees has a significant impact on the customer experience and the success of the business operation. Therefore, a fin e balance must be drawn between cost controls and guest satisfaction. Multicultural Issues: The newest trends and topics surrounding hospitality research and development is the management of multicultural talent in the hospitality industry. With the development of globalization, multicultural issues are facing and disturbing the industry operators. Bringing the far corners of the world together is part and parcel of what the hospitality sector does. Blending amenities to cater for the needs of the worlds different cultures is central to success for large, international hospitality chains. Cultural issues have never before been such a crucial determinant of how a large hospitality should operate. In some Asian cultures, for example, eye contact is not sought, as it can make guests feel uncomfortable, while in Western tradition it is equated with openness and honesty. This could be important in defining how staff addresses themselves to certain Asian guests. 7.3.2 Challenges confronting the Hospitality Industry: The various kinds of challenges confronted by the Hospitality Industry revolves around Economic Issues, Operating Issues, Marketing Issues and Technological Issues Operating Issues Human Resources: Shortages of human resources and their impact on the industry in almost every geographic location are consistently among the most difficult challenges noted by hoteliers. In many communities, hospitality expansion is limited not by capital, but rather by human resources. A shrinking labour force is the number one challenge facing the global hospitality industry, according to the International Society of Hospitality Consultants, which recently convened to brainstorm world issues and rank them according to importance. The problem of attracting and retaining qualified workers, once an issue only in an isolated number of markets, is increasingly becoming a global challenge. Demography, wage levels, failure to adequately address worker satisfaction and a reputation for long hours and low pay are all cited as contributing factors. Creative hospitality professionals have begun to develop innovative strategies for capturing and keeping high quality workers. In India itself t he research report by HVS International cites that ongoing demand for human resources is 3,20,000 and the trained manpower supply is 12,000 annually through Govt. Institutes of Hotel Management. The Prime Ministers National Skill Development Council has articulated a vision that tourism sector will employ additional 5 million skilled persons by 2022. Realizing the increasing importance of Tourism as an integral part of economic and developmental policy of India Ministry of Tourism Govt. of India has received the 12th Plan Allocation in Rupees 15,190 crore which is a substantial increase over its 11th Plan size of Rupees 5156 crore. In order to meet the growing needs of Human Resources, Ministry of Tourism, Government of India has launched Hunar se Rozgar Programme with a target to train 1,07,800 people in 2016-17 against training of 53,800 personnel in 2012-13 for the trade of Hospitality Tourism. Cost Containment : Hospitalities are increasingly challenged to find ways to reduce costs without sacrificing the quality standards imposed to consistently meet guest expectations. The idea of doing more with le requires managers to think about ways to operate more effectively (in other words to do the right things in the right way) and to examine possibilities for cost savings that will not affect the guests perception of value. Increased Competition : Hotels everywhere indicate that their community is overbuilt; there are too many available hospitality rooms relative to the guests desiring to rent them. The resulting competition, which often involves price cutting in efforts to provide greater value to guests, educes still further the profits generated. A steep fall in occupancy ratio in the wake of the global slowdown and tight competition among hospitality operators in a shrinking market have brought down hospitality room rents drastically across the country. The competition has resulted in low occupancies and as a result, the average room rate has taken a beating of almost 30 percent in all major leisure markets. Rooms are now sold not only for less but also bundled with packages, like breakfast, airport transfers or a days sightseeing. Competition calls for innovation in hospitality industry. Marketing Issues Market Segmentation and Overlapping Brands: Market segmentation is increasing as lodging chains focus on a specific niche of travellers. Additionally, brands overlap. Some industry observers are concerned that franchisers may expand their number of brands to the point that investors who purchase from the same franchiser will be in direct competition with themselves! Also, as the number of brands increases, the ability of consumers to differentiate between them decreases. Increased Guest Sophistication : Consumers have become more sophisticated and, as a result, so have the types of products and services that they desire. Amenities, including business centers, exercise and recreational facilities, and guest-room innovations, increase costs but, if not carefully selected, may not appeal to many guests being served by a specific property. Technological Issues The challenges of keeping up with the fast pace of technology is difficult and expensive. Interactive Reservation Systems: Guests can now use the Internets interactive reservation systems, and hospitality companies are sometimes criticized for the (alleged) large number of keyboard clicks required to make a reservation. The number of reservations made via the Internet continues to increase. Surveys show that a good number reservations are made through the Internet, and this percentage is increasing every year. With such high percentage of reservations done through the Internet, hospitality cannot afford not being connected. If the potential guest cannot book online, a reservation will be made at the competitors web site. Guest-room Innovations: With wi fi connectivity, mood based lighting, choice of music, multiple telephone lines, interactive opportunities for ordering room service, modern ammenities and guest-room check-out are examples of amenities that guests increasingly desire, but that are very expensive to install and implement. Data Mining This technology allows marketing and sales personnel to find new ways to use guest-related data. (data mining: using technology to analyze guest and other related data to make better marketing decisions.) Yield Management This computerized process allows managers to match guest demand with room rates (high demand means higher rates because of lessened discounts; low demand result in higher discounts.) (yield management: demand forecasting systems designed to maximize revenue by holding rates high during times of high guest-room demand and by decreasing room rates during times of lower guest-room demand). Yield management is critical to maximizing a hospitalitys profitability. The concept are applied to every revenue department and across department. The yield managers job is to maximize the revenue per available room by selling rooms to the right customers, at the right price, at the right time. Economic Issues Dependence upon the Nations Economy When the nations economy is good, business travel generally increases. Hospitality occupancy rates and rack rates increase, which results in higher profit levels. The reverse is also true: business travel slows when the economy slow. Then occupancy and rack rates decrease. Discounts to increase occupancy are offered, which yield lower revenues and profit decreases. Globalization Globalization impacts the lodging industry dramatically because it influences the extent of which people travel both within the country and around the world. Therefore, it is not only the economy of the nation, but also the economies of individual countries, that play an increasingly larger role in the financial success of lodging properties. To compete, they must pay closer attention to the trends of globalization. The industry must reflect the requirements of the global village in many aspects of its operations, including food, services, amenities, staffing policies and training. 7.3.3 Trends in Hospitality Industry: Rapid Growth in Vacation Ownership : Vacation ownership is the fastest growing segment of the lodging industry and is likely to continue growing as the baby boomers enter their fifties and sixties in the U.S.A.. The World Tourism Organization has called timeshares one of the fastest growing sectors of the travel and tourism industry. Hospitality companies are adding brand power to the concept with corporations like Marriott Vacation Club International, the Walt Disney Company, Hilton Hotels, Hyatt Hotels, Promus Embassy Suites, Inter-Continental and ever Four Seasons participating in an industry that has grown rapidly in recent years. Integration Globalization: Vertical integration is a trend that began a few years ago. Lodging companies realized that guests accommodation needs were not just at one level; rather, they seemed to vary by price and facilities/amenities. Almost all major lodging companies now have properties in each segment of the market. The future of the lodging industry involves globalization. Companies cannot grow unless they venture beyond the United States. American hospitality chains and their management techniques were in demand by many developing countries who wanted premium-name hotel. An extensive survey of the condition of the hospitality would have shown that substantial amounts of money would be necessary to maintain the hospitalitys condition. The hospitality industry is thus at the very core of the globalization of international business. Hospitality companies therefore need to consider the implications of the global context in which they operate and must be prepared to address the qu estions that arise from this changing environment. Globalization will ultimately touch virtually all aspects of the hospitality industry. Increasingly, customers, management processes, employees, products, and sources of capital will be competed for and will move across national boundaries. Competition in the future will come from global entities with the advantages that globalization brings. New Management : The complex forces of capacity control, safety and security, capital movement, and technology issues will require a future management cadre that is able to adapt to rapid-paced change across all the traditional functions of management. The growing complexity of the customer/employee interaction, driven by technology and the information age, will shape human resources needs in the future. The customer, armed with more information, will expect frontline and other hospitality staff to be at least as knowledgeable about the firms offerings as they are themselves. This will be difficult in an industry characterized by low-skilled, low-paid personnel and a high degree of cultural and behavioral diversity among its employees. Visioning the future: major forces driving change in the hospitality industry considers seven areas decisive to the future development of the industry. Each is examined to determine the scope and complexity of the issue and the timing of its impact. Th at is assets and capital, health and safety, new management , marketing, distribution and capacity management, technology, sustainable development, social issues Expanded role of Travel Intermediaries Portals: The entry of Google has added a new dimension to hotel room distribution, since users can book directly from the search results page, instead of clicking through to another site. Going forward, hotels may find themselves being distributed much like package goods. Many guests will go to a travel purveyor for hotel rooms, just as they go to a food market for groceries. Further, there have been facilities extended to many countries including India for developing free websites by google enabling small or even un organised hotels accessible on web. Mobile apps and RFID : Social media, which have grown exponentially in the past few years, will continue to be a force, but the big electronic development for hotel distribution and operations is mobile devices, particularly those with radio frequency identification (RFID) chips. Because of the remarkable plunge in the cost of RFID, the study by Cornell Research Centre anticipate that this will break out as its own trend soon enough, and the combination of RFID and mobile apps will allow guests to use their smart phones to book a room, check in, open their guestroom door, and settle their folio all without direct contact with staff. Even without RFID, guests use of mobile devices will create opportunities for innovation by hoteliers, including new services and operating efficiencies. Next generation globalization: Not long ago, globalization meant that hotel brands from developed nations expanded into developing nations, whether through master franchises or by acquiring local firms. Globalization is now flowing in the reverse direction, as brands from developing nations are expanding to developed nations, as well as to other developing nations. To name just a few brands, Taj Hotels from India has now operations in UK, US having properties in Boston, New York, and San Francisco, as well as hotels in London and Sydney, Jumeirah from UAE now manages the Essex House in New York, as well as properties in London and Frankfurt ; Thus, globalization will mean that hotel brands criss-cross the globe. 7.4 Eco Responsible Approaches in Hospitality Business In the tourism industry, hotels account for a significant amount of the overall pollution generated by this sector. The potential of implementing more sustainable practices in the hotel sector requires the availability of reliable tools for assessment and benchmarking of hotel environmental performance. A number of such tools have been developed by international environmental organizations, branch associations and even hotel corporations. The various schemes differ with regard to geographical/climatic areas covered, types of hotel facilities included, detail of environmental information required, benchmarking methods, user-friendliness and implementation cost. Green Hotels: In view of the shortage of resources on Earth, rising awareness of environmental protection, and ecological conservation, eco-friendly hotels shall be the answer for the above issues, so that natural resources can be recycled, re-used, and energy can be conserved. These are the future goals of the hotel accommodation industry. The term green hotel (eco-friendly hotel) was first introduced following the emergence of the above concepts. Eco-friendly Hotel Association (2000) was set up to create the green hotel requirements that promote the economical use of water and energy, and reduction of solid waste, so as to safeguard the Earth resources. Green Mountain State (2010) has focused on the creation of an eco-friendly environment, possibly allowing for contribution from all staffs and guests alike. It carefully scrutinizes each area of the hotel operation to find ways to reduce the impacts on the environment. It also looks for ways to educate the public, and to remind ever yone that every bit counts no matter how tiny the contribution may be. At the same time, it maintains its commitment to provide the kind of quality service that is expected by hotel guests. The basic concept of a green hotel is a place of accommodation that can provide eco-friendly services, but its main goal shall be focused on ways to maintain its sustainable operation. Under the premise of minimizing the environmental impact, a green hotel shall be managed in such a way to provide patrons with a comfortable, healthy, natural accommodation while its service quality is maintained. Development of Green Hotels: Eco-friendly or green hotels are developed under the concept of sustainable operation of the tourism industry. It shall be based on the capacity to sustain the ecological environment, and shall be in line with local economic development and local ethics. In addition, it can meet the needs of contemporary people, but without endangering the future generations. Furthermore, it shall be able to promote the local economy, resource conservation, and protect the ecofriendly environment, thus creating a harmonious relationship with the nature. As the hotel accommodation is closely tied to the development of the tourism industry, when the recreation and leisure trend is becoming increasingly popular, increased demand for tourism will also stimulate the demand for hotel accommodation. According to the traditional impression, hotels are places that offer luxury accommodation and services. But, under the global environmental awareness and environmental advocacy, and complying with the environmental management requirements, hotel services are now focused on cleaner production, eco-friendly services, and regular resource conservation. The concept of eco-friendly hotels came into being under the green corporate culture and the above principles. With increasing attention on the environmental issues, and influenced by the concept of green hotels, hotels in every country are urged to implement the environmental management and energy saving measures. The main spirits of green hotels are to provide affordable products and services to meet the needs of the public, to improve the quality of life at the same time, to reduce the ecological impact on the environment gradually throughout the life cycle, and to reduce the consumption of natural resource. At least, the pace of energy consumption shall be reconciled with the Earths loading capacity. Eco-friendly Hotels Association (2010) firmly supported the green initiatives through encouragement and promotion of the green hotel services. Through appropriate management of the natural resources, the green hotel concept can be applied to the hotel accommodation industry. The Green Practices in Hotels include: Commitment to Environmental Practices: (By formulating Environmental Committees, Developing Strategies, Plan of Action, Manuals, formulating green teams, monitoring environmental performance, communicating visibility of environmental practices to guests, stake holders, staff, vendors public) Energy Efficiency Conservation: (Installing occupancy sensors, use of energy efficiency equipments, applications of alternate energy sources, proper HVAC maintenance, energy efficient designs, buildings construction patterns) Lighting: (Installing programmable sensors, use of reminder cards, provisions for natural lights, application of dimmer controls, use of CFL and other such energy efficient lamps) Landscape: (Sprinkler irrigation systems, recycled water, drip irrigation methods, use of drought resistant plants, grouping of tolerant plants, usage of organic fertilizers) Managing Hazardous Toxic Substances: (Proper provisions and instructions for storing, use of least toxic products, little or no phosphates laundry products, use of re chargeable batteries) Pest Management: (Implementation of green integrated pest management programme, application of organic insecticides, usage of traps barriers and discretion of strong and harmful chemicals) Purchasing: (Creating environmental purchasing polic