South African Economy

From the days of Apartheid, to the times of today, South Africa has relied on foreign capital inflow for the purpose of sustaining high levels of growth through investment in the various sectors of the country. This great reliance on foreign investment has made South Africa vulnerable to fluctuations in the exchange rate and other global conditions. This essay will discuss the extent to which South Africa is reliant on foreign capital, reasons why this is so and the nature of these inflows.Exchange rate issues will also be discussed, with detail of how South Africa combated these issues in the various years that they arouse. Finally, methods on how South Africa can reduce its vulnerability to such fluctuations will be made apparent. South Africa’s reliance on foreign capital inflow After the end of The Apartheid era and the abolishment of all laws that were associated with the era, the various international sanctions and bands that were put on South Africa were lifted. This al lowed numerous countries to begin investing in South Africa.These foreign capital inflows were greatly needed by the South African economy as the new government had the following economic goals: â€Å"Attract foreign capital, reduce the large role of government as government owns half the countries fixed capital assets and facilitate gradual restructuring of industry along globally competitive lines† (Germishuis, 1999: 2). The two latter goals could only be achieved through proper financing for the government. During the 1994 era, domestically raised capital could not be used for the financing of local investment initiatives that promote economic growth.As Mohr (2003: 2) states, â€Å"Between January 1990 and June 1994, there was a steady net outflow of capital not related to reserves of almost R27 billion, partly as a result of repayments of foreign debt emanating from the 1985 debt standstill arrangement†. This effectively meant that South Africa had very little fund s available for boosting the investment industry which in turn helps with the sustainability of high levels of economic growth. Due to these foreign debt payments by domestic funds, South Africa heavily relies on foreign capital inflows for high levels of investment.Since the government was obviously aware of this situation, various policies and acts were put into action to attract foreign investment. â€Å"In 1997, South Africa managed to attract a net capital inflow of $3. 58 billion (3. 4 percent of GDP), more than seven times the $478 million invested in 1996. The inflow was predominantly long-term private capital, moving into stock and bond markets†(Germishuim, 1999: 1). Though the government was successful in attracting foreign capital inflows, a decrease in the domestic interest rate is eminent when capital inflows are high. From 1994 to 1999, net capital inflows in South Africa were on a steady rise for 3% of GDP in 1994 to a staggering 6. 5% of GDP in 1999† (Mo hamed, 2004: 28). Between 2000 and 2002, capital inflows fell to -2% of GDP. This was due to South Africa currency crisis in 2001 that led to high levels of capital flight in the country. After the new millennium, capital inflows in South Africa began to steadily rise and are now ranging between 4 and 7% of GDP. Exchange rate crisis of 1998 In 1997, East Asia experienced an exchange rate crisis. It is said that these countries were victims of their own success. Their very success led foreign investors to underestimate their underlying economic weaknesses†(IMF, 1998: 1). Because of large capital inflows that these economies enjoyed, there was increased demand for policies that protect the financial sector and institutions struggled to keep up with the demand. Since Asia is probably the largest exporter of goods in the world, a financial crisis in that region will evidently cause a ripple effect that will cause a global financial crisis. This Asia crisis added to what South Afri ca would have experienced the following year.In 1998, the South African currency dwelled into great depreciation. Causes of this crisis include: * Commodity prices * After the Asian financial crisis, the global demand for commodities had weakened, putting downward pressure on market prices of SA commodities. This meant a flight to safer havens such as United States commodities occurred. * Foreign Exchange Market intervention * In 1998 and 1996 as well, the South African Reserve Bank had heavily intervened in the foreign exchange market. These ventures resulted in net losses of $10 billion (8% GDP) and $14 billion (10% GDP) respectively.The capital for these ventures was acquired in the forward market, thus compromising SARB’s Net Open Forward position. * Mboweni Bump * 1998 saw the end term for the Governor of the Reserve Bank. The potential that Tito Mboweni might have left the position created doubt for South Africa and the Rand. (Saayman, 2007:1) To try and counter this cu rrency depreciation, the Reserve Bank believed that this depreciation was a temporary reaction to rumours of divisions within the government so they sold off massive amount of its foreign reserves (Diamond, Manning, Vasquez and Whitaker, 2003: 2).The Asia crisis, coupled by SA’s own currency issues led the exchange rate crisis. â€Å"The authorities reacted by intervention in reserves and then through raising of interest rates to stimulate growth. The policies implemented in 1998 did not solve the crisis but merely slowed down the process and created a false image. Yes the country did benefit through an increase in investment due to higher interest rates but paid the cost when the country was hit by another exchange rate crisis in 2001.The economy had to deal with the costs of increased debt, decreased capital inflows, which retards growth in the country. Exchange rate crisis of 2001 The Rand depreciated by 26% in nominal terms against the dollar in 2001 between September an d December. It is suggested that, â€Å"there was an acceleration in money growth in the summer of 2001, suggesting that the depreciation may have been a case of exchange rate overshooting† (Bhundia and Ricci, 2004: 1). Though this was the case, the South African Reserve Bank did not intervene or raise interest rates this time around (as was the case in 1998).Bhundia and Ricci (2004: 7-11) identify the following as probable cause of the 2001 financial crisis: * Delays in privatising Telkom * The SA government had announced that the privatisation of Telkom will happen in 2001 but this did not happen due to weakening global stock markets. This had a negative effect as it created doubt within the financial market of SA’s commitment to economic reform. * South African Reserve Bank’s Net open forward book * â€Å"The SARB’s forward book contained large short term liabilities.These low reserve adequacies have been found to increase the probability of exchange rate pressure (Bhundia and Ricci ,2004: 7). The forward book received from the Apartheid government was rather large and despite repayments made, the book remained huge. * Tightening of existing capital controls * The South African Reserve Bank announced on the 14th October 2001 that there would be a tightening of exchange rate controls. It was argued that, â€Å"this announcement reduced market liquidity and thereby contributed to the sharp rand depreciation† (Bhundia and Ricci, 2004: 8).Though market data cannot confirm this for sure, these actions and the time they were taken have an effect on the crisis of the time In 2001, the SA government and SARB decided to act differently than it did in 1998. The increase in interest rates of 1998 had limited effects on reducing depreciation and was seen to be costly for growth and investment. South Africa was less likely to be affected by fluctuations in the exchange rate as it did not hold large foreign currency.The South African g overnment decided not to intervene in interest rate percentages and reserve ratios. â€Å"The South African government have admitted that the 1998 intervention policy was inappropriate. When 2001 arrived, the intervention policy of 1998 was not used and that showed to be a very successful strategy as the macroeconomic reactions of the crisis were very few and over the next few years, the rand strengthened†(Bhundia and Ricci , 2004: 17). There was a large improvement in macroeconomic framework (policy), which made policy credibility stronger.The forward book that was utilised in 1998 was also abolished. â€Å"Also, the adoption of an inflation- targeting framework successfully provided a more credible nominal anchor for exchange rate expectations† (Bhundia and Ricci, 2004: 18). So effectively, the policy reactions of 2001 were more successful. Reduction of SA’s vulnerability to external shock SA is the economic powerhouse in Africa and hence needs measures that h elp reduce the effects of external shocks such as global financial crises.For this reduction to occur, certain conditions such as, â€Å"peace and security, quality institutions, infrastructure and support for the private sector must be in place† (UNECA, 2010: 11). With the above in place, South Africa should try and implement the following: * Provide sufficient policy space, so that policymakers can handle the shocks that are externally generated. * Improve the mobilization of domestic resources and encourage regional integration * Strengthen neighbouring country relations and cooperation * Increase private capital inflows Open new and improve existing markets * Heighten social safety nets that will minimise shocks effect on the poor * Investment in labour-intensive employment-focused public investment programmes that promote private sector growth. * Decrease the amount of debt owed The above mentioned points need to be encoded into policies that can be properly implemented by the government of South Africa and the South African Reserve Bank so as to reduce the vulnerability that SA has when it comes to external shocks. This objective has been achieved by South African economic policies.Monetary policies have been used to contain inflationary pressures and financial policies for the strengthening of public finance that will allow exchange rates that are competitive. In the February of 2000, an inflation targeting strategy was adopted that helped to regulate monetary growth within the economy. These policies have encouraged international competitiveness and assisted in the reduction of the current account deficit of 1999 (0. 4% of GDP), to 0. 3% of GDP in 2000 (IMF, 2001: 1). In 2006, real Gross domestic product grew by 5% and continued to grow into early 2007.During the start of the new millennium, the SARB publically announced that it would have a foreign market intervention policy that was used solely for boosting reserves. This new approach was succ essful because by 2007 May, gross reserves had reached $27,9 billion (IMF, 2007: 1). This shows that South Africa has been successful economic policies in place: policies that will combat external shock. A United Nations report places South Africa as one of the six oil importing nations that withstood the effects of the global financial crisis of 2008-2009.This was done through implementation of stimulus packages and affective countercyclical fiscal and monetary policies that encouraged expenditure on services and infrastructure (UNECA, 2010, 8). Conclusion The new South African government had to take the mess of the past and turn it into the message of the future. A message that says that anything is possible; all that is needed are the correct tools, used in the correct scenarios. With the various monetary and fiscal policies put into play in South Africa, I have no doubt that we are ready for the next global financial crisis.

Nuclear and Coal Power: Which is Better

Today we are living in a world that is becoming increasingly more environmentally conscious, yet consuming more energy than ever. Having such high-energy demands creates many environmental issues, such as pollution, land exploitation, and the consumption of finite resources. In order to begin a true conservationalist society, solutions must be found that satisfy our growing energy needs, and reduce our impact on the environment. Right now we have many sources of energy, of which nuclear and coal are the predominant energy sources of today. Since these are the major energy sources a logical step in the solution process is discovering the pros and cons of each source. Coal energy is very inexpensive and easy to recover, and accounts for approximately 40% of electric energy produced worldwide, down from 74% in 1937. In order to derive energy coal must first be mined, then transported to another location where the coal will be burned, which results in the release of toxic pollutants into the atmosphere. Coal energy is a significant contributor to both global warming and acid rain because of its high carbon and sulfur content. There also exist the harmful effects of both mining for the coal and of transporting the bulky product. There are several ways to mine for coal, the most significant of which are strip mining, and underground mining. Strip mining, as the name implies, requires massive amounts of soil be removed in order to expose the coal. Such actions leave enormous scars on the earth and require years for reclamation to occur. The eyesores created by mining underground are not as large however, the perils of underground mining have claimed hundreds if not thousands of miners lives in both accidents and diseases brought on by the extreme exposure to coal products. Then comes the extremely expensive task of transporting the coal from the mining sites to locations all around the world. Because of the bulky nature of coal, it requires a massive transportation system, which itself uses other fuels further contributing to the pollution problem. There seems to be little hope of decreasing the size of this operation, since it is entirely dependant upon the physical characteristics of the coal itself. Nuclear energy is the most concentrated source of energy currently available for use. The fuel to drive nuclear energy is also inexpensive, and nuclear energy creates the most compact waste of all the different types of energy. The major steps in the nuclear fuel cycle are as follows: 1. Mining of the ore; the danger of radiation exposures was long ignored however, the advancement of our knowledge of radioactivity has greatly reduced the risks involved with the mining process. 2.Milling; waste accounts for 99% of the resulting in great accumulations of mine tailings that have to be stored somewhere, the removal and storage of tailings still presents a problem. 5.Fuel Fabrication; once converted and enriched, the fuel is formed into ceramic balls and placed inside a tube, thus becoming a fuel rod. 6.Fuel Reprocessing; After the fuel rod is used up, it is placed underwater and stored for up to a year, after which the rod is disassembled and some of the leftover materials are reused in the enrichment phase. 7.Waste Management; Radioactive waste can have half-lives of tens of thousands of years, long-term solutions are needed. As of today waste in a concentrated liquid form is put in temporary depositories, with the hope of someday solidifying the waste so it can be stored for the long-term. From these steps, one can see the basic processes required for nuclear energy to occur. The extreme amounts of tailings present a huge hurdle to overcome, researchers are currently searching for new methods to obtain the ore, which are both less wasteful and cost efficient. However, one large benefit of nuclear energy is the ease of recycling many of the nuclear core wastes. There are no greenhouse or acid rain effects caused by the use of nuclear energy and the process itself has been thoroughly developed and understood by scientists. As with coal nuclear energy also has its drawbacks. First, nuclear plants are very expensive and require large amounts of capital before building can take place. Secondly, although the waste is very compact, the waste is also highly hazardous to the environment. And lastly there is the issue of nuclear meltdown, which is detrimental to life and the environment. This last issue of meltdown or other possible cases of public exposure is the single largest factor limiting further implementation of nuclear power around the world. People assume that nuclear energy is extremely unstable, when it is actually extremely stable. Coal power is much more hazardous than nuclear power, but people seem to be unwilling to accept nuclear energy and continue to use less safe coal energy. The transportation of nuclear energy is extremely safe. â€Å"No activity in the history of technology has as good a safety record and is accomplished with as little risk as the transportation of nuclear material.† Knowing such a fact as this might begin to persuade those who doubt the safety of nuclear energy, and possibly embrace this technology. With this brief look into the environmental crisis that human†s high energy needs have created, it is important for us to find a suitable solution that appeases our energy needs without destroying the environment any more. It is necessary to gauge the benefits against the risks of all of our energy sources, and determine which ones best suit our needs and the needs of the planet. We can no longer be an uneducated public, for the power governing which sources of energy are used ultimately lie in the hands of the public. Fear of what we do not understand is not the way to decide, people need to take the initiative to discover for themselves what is best for them, and more importantly what is best for the environment.

Introduction to Interview and Interrogation Essay

This paper that I am about to write is a case study on a juvenile confession. When I read this story it really bothered me that young people confess when they get in front of high authority people even if they didn’t do anything. Are these so called lawyers, attorneys and prosecutors, scaring these young people so much that they tell them things to make them confess? Well after reading this story, I have realized that this has happened more than once, and is becoming to be a pattern with some of these big shot people that are supposed to take the law seriously and help those in need, not make the ones in need of help scared half to death to ask us for it. On November 7, 1994, in the neighborhood of Englewood, on the south side of Chicago, a worker was outside cleaning up behind a liquor store and when he went to the dumpster to put the garbage in, he found the body of an African American woman who was badly beaten. When the woman was identified, the found out that she was a prostitute and her name was Nina Glover. At the scene of the crime, the policed interviewed a male who was a resident of the neighborhood, his name was Johnny Douglas. He denied that he knew the victim so the police let him go. Now four months after finding this woman in the dumpster, the police had no leads but someone called them and gave them a tip, so they acted on it. They arrested four African American teenagers, (Vincent Thames, Terrill Swift, Harold Richardson and Michael Saunders) for questioning and according to Detective James Cassidy, after interviewing the four, he said that all of them voluntarily confessed to the murder, saying that they all four took turns raping Nina Glover before they actually murdered her. Now DNA testing excluded these four teenagers as the source of semen that was recovered from Glover’s body, and all four boys claimed that the confessions that they had given had been coerced. See more: how to start an essay Even with that said the boys were sentenced based on the signed statements with such detail that they had given about their involvement. In return the jury convicted them each a prison term that ranged up to 30 to 40 years each. The media and the world had given these four teenagers, a group name that would seem to last and latch on to them forever, the Englewood Four. In the year of 2010, two of the boys had requested advanced â€Å"STR† which DNA is testing that comes along with a database search of the genetic profiles f criminals. The test were opposed by the Cook County prosecutors because contending whatever was done, the trial court judgments were said to be final. Finally, a judge heard about what was being asked, and he ordered it to be done and when he did, the results came back in May and the results were stunning. The DNA matched a person that the cops had interviewed right at the crime scene when it happened, none other than Johnny Douglas. So, with that said and done, the four teenagers had to be ruled out and exonerated. As the four young men now, families waited for them to come home, they were ready to give them a big welcome or so it seemed until the State’s Attorney Anita Alvarez announced that she would vigorously fight their release that they had just been granted. Now Johnny Douglas was a man with a long history of preying on prostitutes. He also had a rap sheet that was really impressive: he had 38 convictions, including murder and sexual assault. In the year 2008, someone shot him to death. There were a lot of questions after the exoneration of the four boys and some of those questions were seriously to be thought about? For instance: How did these four confess to crimes that they did not commit? Why did the DNA testing take so long? Why has the state’s attorney of Cook County Anita Alveraz, persistently fought justice for the four? Last but not least, how could the teenagers have provided so many details about the crime if they didn’t commit it? Meanwhile, while all these questions surfaced, Alveraz had her own theory as to what happened at the scene of the crime. She tells us that she thinks that â€Å"Douglas had sex, unprotected with Glover, left her, without harm and later on she was raped and murdered by the Englewood four. Alveraz also said that â€Å"Douglas didn’t kill every other prostitute that he had ever been with, and that DNA evidence in and of itself isn’t always the â€Å"silver bullet† that it’s sometimes perceived to be! † Where does this detective Cassidy fit into this? Well as I kept on reading this story, I realized that he was t he detective that actually was the one questioning the four boys and what he said, was the reason they were convicted because he said they confessed to him. Well, turns out that old detective Cassidy also had a rap sheet of his own. In 1994, the year before this case, the detective had taken a confession from and 11 year old African American boy who was supposed to murder an elderly white woman on the southwest side of Chicago. A federal judge listened to the confession and concluded that his statement had been coerced and the conviction was tossed out the door and the judge ordered the child’s record to be immediately expunged. Again in 1998, detective Cassidy was back, now this time he had another high profile confession with 2 African American boys ages 7 and 8. They admitted killing and 11 year old Ryan Harris and dumping her body out in a backyard. All of this is what Cassidy claims that they said. These two confessions created a national furor over pre-adolescent crime until the authorities found semen in the little girl’s panties. They automatically dropped the charges and they did later on secure a confession from an adult male about this case. Now after all of this Cassidy is no longer able to be active on the force. They had him reassigned to the Medical Examiner’s Office, and now his job is to obtain confessions from the recently departed. Now in my opinion, I would have told him to pack his stuff and go as far away from Cook County as possible and he is to never be able to practice law enforcement again. This story also hits home for me as well, my husband was involved in the wrong group of people, and he also lives in Cook County. He was involved in gang life and all of that, something happened (I’m not going to go into all the details) but to make a long story short, he also had to plead guilty to something that he did not do and he did the time for it. The point here is, these boys were false accused and they were scared into a confession that they didn’t do but landed them into prison. So I have found out that 76 wrongful convictions in Cook County since the advent of DNA testing, 25 were based ion suspects admitting to crimes they didn’t commit, according to the Center on Wrongful Convictions at Northwestern University. So now the Englewood Four, as they’ve been dubbed, await a decision by the prosecutors whether they will be re-tried or not. These Four men were cleared by DNA evidence that linked the state and the system to a career criminal in this particular crime.

Heat Capacity Assignment Example | Topics and Well Written Essays - 1000 words

Heat Capacity - Assignment Example For instance, it would take 2 minutes to heat an electric kettle holding about 1.6 kg of water from 200C to 600C while it will take 100 minutes to heat a hot water tank holding about 160 kg of water by the same temperature with a 5 kW immersion heater. This explains why it takes longer waiting for hot water tanks to heat up water for bathing than would be the time waited for kettles to boil. The water contained in hot water tanks have higher heat capacities that the water in kettles. Hence, it would require more energy to raise the temperature of the water in the hot water tank than it would be required to raise the temperature in the kettle. Taking the same mass of different materials, it would take different times to raise their temperatures by equal magnitude using the same electric heater. Thus, Avison (2009) documents various heat capacities for 1 kg of different materials as shown in Figure 1. Measuring the heat capacity of a substance with reference to its specific mass gives its specific heat capacity. Hewitt et al. (2012) define specific heat capacity, c, as the heat energy required to raise the temperature of a kilogram of a substance by 1 Kelvin. Hence: Note that experimental values tend to be higher than the exact specific heat capacities of various substances because of the heat losses during heating (Avison, 2009). Due to such difficulties in determining the specific heat capacities of substances, they have been documented for referencing. Table 1 shows some specific heat capacities for various substances. The knowledge of heat capacity, and specific heat capacity by extension, informs on the heating characteristics of substances. As such, it plays a critical role in determining the substances to use when making instruments where the heating characteristics of such substances are of basic importance. Therefore, substances that have a small specific heat capacity heat up quickly and additionally

Week-5 Essay Example | Topics and Well Written Essays - 250 words

Week-5 - Essay Example The courthouse has different departments which each department having its own superior officer who report to a different authority. For instance, the office of the prosecutor has attorneys who report to the chief justice, while the police officers stationed at the courthouse report to their superiors at the police stations. The clerks operating at the courthouse are under a senior clerk, who then reports to the chief administrative officer. This makes the employees of the organization to have mixed loyalty, affecting the efficiency in which they conduct their duties (Zhu, 36). To correct this, the organization needs to enact a system whereby there will be an overall officer in charge of the court house, and any officer employed or working at the court house, must report to him/her. SWOT analysis involves a process of identifying areas where an organization is weak, and also strong (SWOT Analysis For Creative Services, 4). It identifies the opportunities the organization has and the threats that the organization faces. In conducting a SWOT analysis, the first step is to collect information about the company, and the particular aspect of the analysis. An individual can use primary and secondary methodologies in collecting information. For instance, an individual will identify and list the strengths, the weaknesses, opportunities, and threats of the organization. During this process of collecting data, it is important for an individual to ask questions that touch on the organization. The next process is to prepare a plan of action that outlines measures an organization needs to take in order to strengthen its operations (SWOT Analysis For Creative Services, 6).For example,one of the major weaknesses of an organization is lack of qualified staff who have the capability of providing professional services. A plan of action will outline the measures needed to recruit the best staff for a vacant position, or train the

Joural 1 Research Paper Example | Topics and Well Written Essays - 1000 words

Joural 1 - Research Paper Example Voice overs or lectures were used as the common mode of giving the motion pictures substance and for increasing theatrical effect for the audiences. Through the study of various journals and documentary evidence, Silent era cinema can be insightful into the evolution of cinema in America and the world. Eadweard Muybridge is touted as the pioneer of motion pictures when he introduced series photography, which is cited as a significant contribution to the development of motion pictures. The Lumiere brothers invented the Cinematographe, which was filming device for shooting, projecting and printing motion pictures (Musser 59). Thus, these two individuals are credited for being the true fathers of cinema. The first films were referred to as ‘actualities’ maybe because of their depiction of the real life events that portrayed a semblance of reality to their audience. The use of the Lumiere Brothers’ invention made it possible for films to be exhibited to large audiences and for commercial purposes (Wasko 64). This led to the establishment of film companies and notable among them was the Edison Film Company that existed from 1893 to 1906. Early films from the Edison Company include Exiting the Factory, Arrival of a Train at La Ciota and Baby’s Lunch. Early wer e shots of everyday life activities and experiences, which run for less a minute and no more than 3 minutes to audiences mostly on shop front exhibitions (Everson 69). The emergence of the acting business is attributed to Edison through his films like Blacksmithing Scene, Three American Beauties and The Gay Shoe Clerk. These films were acted people who purposely participated in the film making exercise to earn an income out of their ability to produce desired outcomes for their intended audience. Another significant aspect of the Silent era of cinema is that it was mainly based in New York unlike today’s film industry that is predominantly based in Hollywood, California

Compose a narritive Essay Example | Topics and Well Written Essays - 1000 words

Compose a narritive - Essay Example Conflict is inevitable at work because individuals have diverse views on the operations of an organization. Some individuals may support the decisions made by employers while others tend to disagree. An effective leader has the capacity to recognize the existence of a conflict and comprehends its nature. I was frustrated with the boss because he did not respond to some issues regarding the tracking system. This system requires adequate maintenance every month to ensure that operations run smoothly and efficiently. Only high skilled personnel can operate this system and they end up charging huge amounts of money. Some preceding months ago, my employer complained of the high maintenance costs and insisted that he would withdraw the system. This angered me because that action would mean that I would now perform the daily tasks manually. I have been complaining regarding the effectiveness of the system since its implementation telling him that it requires monthly maintenance, but my empl oyer kept on dismissing my utterances because he did not like spending huge amounts of money on maintenance. My employer never understands that expenses are inevitable in any organization. My employer’s reluctance was the prime reason that propelled the emergence of a conflict between us. Additionally, it was a conflict based on disparity in priorities. He is inattentive to subordinates’ concerns and hates listening to information about any weakness within the organization. Even though I demand a lot, I am very loyal and dedicated to my job, but my employer tends to frustrate me when he ignores the fact that the system requires monthly maintenance. I would return home annoyed because of daily arguments with my employer but would report the following day assuming nothing had happened at work. It never dawned on me that I needed to settle the issue with my employer though this conflict affected my performance at work. I would avoid interacting with him, and each time I n eeded some assistance on how to undertake some complex tasks, I would consult my fellow employees. They did not hesitate to assist me because they were aware that I did not like associating with him after he started undermining my concerns. Additionally, I noted that my refusal to deal with the conflict affected my association with my family members. At times, I could transfer my temper to my young innocent siblings and nearly beat them up for no apparent reason. I hated myself for behaving awkwardly towards my family though I knew that the problem was because of my ineffective relationship with my employer. Moreover, I realized that this conflict interfered with my ambitions because I lacked the motivation to pursue my goals. I became resentful of my job and felt that it did not match my capabilities. It was now clear from my family and fellow employees that they wanted me to alter my attitude. My fellow subordinates advised me daily that I needed to end my conflict with the boss t o avoid facing dire consequences. Deep down, I knew that the conflict emerged because of ineffective leadership of my employer. A leader needs to set a good example by articulating his accomplishments, behaving ethically, and supporting subordinates. According to (Picard 22), a leader should facilitate conflict resolutions because conflicts can distract subordinates and this may impede with the organization’

Process-Flow Analysis Term Paper Example | Topics and Well Written Essays - 750 words

Process-Flow Analysis - Term Paper Example The Advanced Products Department (APD), which produces the specialty goods, has reformulated its corporate policy. In the early years, this company has built up and manufactured Echo Weather Satellites, which were launched into space. Three major diversified divisions of this company are: the material division, electrical goods, and advanced goods division. This study consists of company overview, SWOT analysis conclusion and recommendation regarding the company. Company Overview: Shipper Manufacturing Company has commenced its business in 1984 as a small organization, manufacturing bare copper wire in Missouri and Sikeston. With only a small number of workers the company started to market goods to electrical distributors in the area of Midwest. From this small beginning, they have developed as a large scale copper wire producer, offering a wide range of wire and cable merchandise to wholesale electrical dispensers across the nation. Nowadays, they also produce laminated equipment an d specialty products such as connectors’ conduits etc. Shipper Manufacturing Company holds a â€Å"Voice of the Consumer Exercise† where interval and external consumer expectations and needs are brainstormed, communicated. Thereby, they make endeavors to guarantee consumer satisfaction and integrate client specifications into the merchandise engineering procedure by doing a â€Å"House of Quality Exercise†. Shipper manufacturing business possesses a manual scheme in its procedures that adds the human ingredient. Frequently, this human ingredient entails mix up or incompetence by causing delays in the manufacturing process as a result of operator mistake and negligence. â€Å"Companies that previously made decisions based on the likelihood that enough defense business would be available to justify ongoing investment in plants, equipment, technology and skilled personnel face the prospect of little or no business. Loss of a single competition could drive a compan y out of a line of business entirely or prompt it to leave the defense sector† (Blakey, 2011, p. 4). SWOT Analysis: Identifying the Strengths and Weaknesses before tackling the Opportunities and Threats is the best method to approach the analysis. The more dominant the Strengths and Opportunities the better they can both be seen as the better achievement of this company. The purpose is to be in a position where it can decide a plan for the future to improve their overall performance. Strengths: Present financial position is quite stable. Availability of skilled labor force. Most recent machinery installed Own properties Outstanding transport links Non-threatening/little competition Weaknesses: Producers take indirect ways to reach their warehouses. The lack of feasible alternative routes when normal routes are blocked during manufacture. Stock problems Opportunities: Advancing globalization More flexible tax regimes Increasingly mobile workforce â€Å"New corporate strategies and processes are required to deal with an industry which is being reshaped through market consolidation and shifts in the balance of world trade† (Opportunities and Challenges for the Shipping Industries, 2007, para. 1). Threats: A high level of financial expansion would normally lead to high demand for manufacturing raw materials, which in turn will increase exports and imports. The shipper manufacturi

Medicinal and Recreation Marijuana Essay Example | Topics and Well Written Essays - 500 words

Medicinal and Recreation Marijuana - Essay Example Texas is one of those states of United States that considers use of marijuana as highly negative for the society. Due to this, Texas has implemented quite stringent laws in order to restrict the use, sale and purchase of marijuana in the region of Texas. In the state of Texas, severe penalties are levied on those who possess even a small quantity of marijuana. As per the laws of Texas, possessing a quantity of marijuana that is even less than 2 ounces can result in imprisonment for a period of 6 months or less and a fine of $2000 has to be paid by those who possess it (Findlaw, 2015). In case of possession of more than two ounces or even owning substances such as hash oil is considered as a severe criminal act. Those who possess such substances are imprisoned for a period of more than 2 years. Texas believes in the rehabilitation of those who are conducting marijuana related offences for the first time. Therefore, it does not imprison first time abusers and requires them to attend re habilitation programs to be treated. Other than possession, the sale of marijuana or cannabis is even treated quite severely. An individual who is caught selling only 25% of an ounce of marijuana in the state of Texas is regarded as a criminal and is imprisoned for half a year along with a penalty of $2000 (Findlaw, 2015). In case an individual or a group is involved in the sale of over 50 pounds of marijuana is considered as a major criminal and can be sentenced for a period of more than 99 years. Texas even does not allow the sale of the drug to those who are considered as minor by the state of Texas and may imprison them for a period of 20 or more years (Findlaw, 2015). In the state of Texas, marijuana is considered less beneficial for the health of the consumers and therefore the physicians are disallowed to prescribe these drugs for

Quality Management in Business Essay Example | Topics and Well Written Essays - 1250 words

Quality Management in Business - Essay Example Under this principle, the business will adopt a pricing strategy that suits the quality of their product. Another definition of quality states that quality is the process of satisfying the customer’s implied and stated needs. This is where the business creates products in accordance to the needs and expectations of the customers. The business would carry out market researches and consider what kind of products and services are being expected by the customers, and then the quality of the products will be determined. The levels of quality and pricing strategies also depend on the needs of the customers. For example if the customer is ready to use a product of high quality and high price, the business will produce only high quality products, but if there are customers who want to spend less and compromise on quality, then the business will produce the same product with varying levels of quality (Black, 2011, p. 736). Another definition states that quality is the combination of process power and people power. It is linked to the efficiency in production and the improvement of processes. It may also include the technical processes, designs, engineering and management processes. The features and characteristics of the tools and materials provided by the suppliers also include in the quality of the product. In manufacturing businesses, quality can be regarded as the process which is free from defects, delays and deficiencies. The quality assurance processes include all activities that prevent, detect and remove all the defects that tend to occur in between the business processes. The processes include several steps to ensure that the delivery of products and services is being carried out efficiently. The steps include plan, do, check and act. In the plan stage, the business has to ensure that a plan is made in an order keeping in consideration all the processes, activities and methods to be used. The next step is doing, where

Thesis statement Essay Example | Topics and Well Written Essays - 250 words - 3

Thesis statement - Essay Example Some employees may require master’s degree in economics or management, knowledge of accounting. Good skills in the field of mathematics and statistics are essential to get the position of business operation manager. Furthermore, the program in administration and management includes leadership skills course. Advanced programs may be oriented on the work in one particular industry. If a specialist wants to have benefits in the labor market he/she may apply for the certification like Certified Manager. Such specialists are valued very high and usually get the desired positions. The work will investigate the field of operation management, the issues specialists face and the skills they should possess. The focus will be made on leadership skills and the skills of relationship building, which are very important in the field of professional management. It is necessary for business operation manager to know the consumer psychology and have good knowledge of organization

Bridgford Foods Essay Example for Free

Bridgford Foods Essay Bridgford Foods is known as a small, publicly traded company of the food industry. Clients of Bridgford Foods have a relatively high inherent risk. The operation of the said industry is subject to various risks, such as adverse changes in the general economic conditions, the evolution of consumer preferences, nutritional and health-related concerns, the inspections done, including the processing controls involved in the federal, state, and local products. The liability claims of consumer products and the risks associated with product tampering were also taken into careful consideration. Furthermore, several recalls made were associated with the recent outbreaks of illnesses among the meat and poultry products. Such greatly affected the operating results and the financial position of the company. In addition to this, industry characteristics were related to the factors that affected the assessment of materials of Bridgford Foods Corporation. Since the industry was very competitive, price cutting would have its related effects on the revenue. Unfortunately, Bridgford Foods was not part of the leading industries in the country. In terms of performance, the products of the said company were not as competitive as those of the leaders in the industry. In addition to this, the company is not as profitable and as financially stable as those of the major companies in the industry. For the year 2007, Bridgford Food had a decrease in its total sales, as compared to the other years. In a report issued, the company stated that, â€Å"sales for the first quarter ended in January 25, 2008, and was an estimated $1,319,000. Prior to the first twelve weeks of the fiscal year, there was a decrease in the total, which was 3.1%. The industry factors result in an increased assessment of the risk material misstatement of BridgFord Foods Corporation. This led to a lower determination of detection risk and more substantive tests. Estimations and assumptions were particularly important in the assessment of risks for material misstatement of Johnson, Inc. The management made certain estimations and assumptions that affected the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. In addition to this, reported revenues and expenses during the respective reporting periods were also given much considerations. The amounts estimated related to liabilities for workers’ compensation, employee healthcare and pension benefits are especially subjected. The inherent risk relating to the accuracy of an account balance that involves a high degree of management judgment, or that is difficult to compute, is evaluated as high. Moreover, the credit risk of the company was diversified across a broad range clients and geographic regions. Losses incurred due to credit risks have recently been immaterial, with the client maintaining the cash balances at financial institutions. At times, these clients exceed the amounts insured by the Federal Deposit Insurance Corporation of $100 million per institution. However, the clients have significant amounts receivable amounts with few of the well known clients, although historically secure, could also be subject to material risk when the operations of these clients begin to deteriorate. Regardless of such dilemma, the members of the Bridgford family can still exercise significant control over the company. This is due to the fact that the family owns approximately 77% in stocks of the company, making them own more than three fourths of the whole company. On top of this, three members of the Bridgford family were members of the Board of Directors. This gives the members of the Bridgford family the ability to exert substantial influence and power over the management and affairs of the company. This include matters requiring the action of shareholders. the amendment to by-laws, the election and removal of directors, merger proposals, consolidation or sale of all or substantially all of the assets and other corporate transactions. The Bridgford family members who own majority of the stocks dominate in the decision making of the company. This factor led to a higher risk assessment of material misstatement fore there were no reviews regarding important decisions and actions taken. However, these should be taken in the best interest of the company and its stockholders. The inherent limitations included the realities of faulty judgments and decision makings, including the breakdowns that can occur due to simple errors and mistakes. Additionally, controls can be circumvented by the individual acts of some people, by collusion of two or more people, or by management override of the control. All the above factors increased inherent risk for a particular account balance assertion, making the evaluation relatively high. In the audit planning stage, where the evaluation of inherent risk for an account balance assertion is high, auditors regard this as a significant risk requiring special audit attention. The control risk of Bridgford foods is low. The client maintains and evaluates a system of internal accounting controls, and a program of internal auditing designed to provide reasonable assurance. In so doing, the company’s assets are protected and transactions were performed in accordance with the proper authorization, and were recorded accordingly. This system of internal accounting control is continually reviewed and modified in response to evolving business conditions and operations and to recommendations made by the independent registered public accounting firm and internal auditor. The client also has an established a code of conduct. Furthermore, the audit committee is composed of independent directors who are not officers or employees of the client, and do not have other relationships that impair independence. The audit committees also employ two financial experts. They are effective in overseeing the quality of controls and the management of fraud. From those mentioned, I believe that the accounting and internal control systems provide reasonable assurance that assets are safeguarded and financial information is reliable, with the overall control risk low. In general, the design and implementation of internal control are considered effective. The increase in the risk of material misstatement due to these factors will result in a lower determination of detection risk and an increase in the scope of the auditors work. Pre-audit engagement risk is significantly and positively associated with the estimated level of discretionary accruals reported in audited financial statements. As higher levels of discretionary accruals have been shown to be associated with higher risk of post-audit litigation, it appears that rather than taking actions that result in higher-risk clients reporting less aggressive discretionary accruals, auditors instead are accepting a higher post-audit risk for these clients.

Electricity Energy Crisis In Pakistan

Electricity Energy Crisis In Pakistan ABSTRACT Energy Crisis in Pakistan is one of the severe challenges the country is facing today. Electricity, gas, water, fuel is essential part of our daily life and its outage has severely affected the economy and overall living of ours. Thousands have lost their jobs, businesses; our daily life has become miserable. Pakistan is currently facing up to 18 hours of electricity outage a day, is expected to face more if not dealt with in time. The purpose of this study is to analyze the nature of this crisis and to propose some short-term as well as long-term solutions to this problem. This study is exploratory in nature. I have done my best to conclude and sketch up some recommendations in the light of identified hurdles in the way of implementing the appropriate solution to our problem. My study finds some major wholes in our system if they are covered up we can not only overcome the deficiency of electricity in our systems but also we can be able to export it to our neighboring countries. The basic flaws that our study identified are related to circular debt, and the inadequate capacity of our electricity production and distribution systems. Also I emphasized on some prospective alternatives to our electricity production that are cheaper and they provide more cleanly electric energy as compared to fossil fuel run energy plants. INTRODUCTION Background Study: Pakistan has been facing an unprecedented energy crisis since the last few years. The problem becomes more severe during summers. However, this winter was no different. During the peak crisis there was a power outage of 3-4 hours everyday. Those without generators and UPS faced tremendous problems. The prices of both continued to increase due to a sharp increase in their demand. Almost two years ago the then WAPDA chairman who happens to be a caretaker minister admitted that WAPDA cannot meet the current demand for electricity. Its surprising that such a senior and experienced person took so long to find this out. On top of that the government which talked about Pakistans supposedly booming economy failed to understand the gravity of the situation. General Musharraf (R) after becoming Chief Executive used to talk about building dams especially Kalabagh Dam. This was one of the many promises he failed to keep. Even after that very few power plants have been set up to meet the demand for electricity. During the second government of Benazir some independent power plants were set up. Had they not been setup then we would have had a much bigger crisis with life almost coming to a standstill. The policy makers of Pakistan have so far failed to understand one thing. They do talk about making dams and setting up nuclear power plants but why do they not understand the importance and benefits of alternate energy sources such as solar, windmill energy etc. They are cheap and quick methods for producing electricity. Pakistan is a very blessed country because solar energy is available in most cities all year round similarly wind energy is readily available in the coastal areas. These energy sources if tapped can be of great help in reducing the current demand supply gap. Pakistan is facing power shortage, natural crisis and oil crisis. In a report it is claimed that Pakistan has faced 1000 to 2000 MW shortage of power. And it will likely face 3000MW next year. Pakistan is facing 80 millions tons of oil shortage according to its need. And is lacking behind the needs of natural gas at about 27 million ton of energy in current year and this ratio will raise in upcoming years. 1.2 Energy Crisis in Pakistan: An energy crisis is any great shortfall (or price rise) in the supply of energy resources to an economy. It usually refers to the shortage of oil and additionally to electricity or other natural resources. The crisis often has effects on the rest of the economy, with many recessions being caused by an energy crisis in some form. In particular, the production costs of electricity rise, which raises manufacturing costs. For the consumer, the price of gasoline (petrol) and diesel for cars and other vehicles rises, leading to reduced consumer confidence and spending, higher transportation costs and general price rising. Energy resources have depleted! Whatever resources are available are simply too expensive to buy or already acquired by countries which had planned and acted long time ago. Delayed efforts in the exploration sector have not been able to find sufficient amounts of energy resources. Nations of the world which have their own reserves are not supplying energy resources anymor e; only the old contracts made decades ago are active. Airplanes, trains, cars, motorbikes, buses and trucks, all modes of transportation are coming to a stand still. Many industries have closed due to insufficient power supply. Price of oil has gone above the ceiling. At domestic level, alternate methods like solar, biogas and other methods are being tried for mere survival. The above is a likely scenario of Pakistan and around the globe after 25 years. A pessimistic view, but realistic enough to think about and plan for the future. But are we doing anything about it? Lets have a look at the current energy situation of Pakistan and the world. Pakistans economy is performing at a very high note with GDP growing at an exceptional rate, touching 8.35% in 2004-05.In its history of 58 years, there has been only a few golden years where the economy grew above 7%. This year official expectations are that GDP growth rate will be around 6.5 7.0%. For the coming years, the government is targeting GDP growth rate above 6%. With economy growing at such a pace, the energy requirements are likely to increase with a similar rate. For 2004-05, Pakistans energy consumption touched 55.5 MTOE (Million Tons of Oil Equivalent). The energy consumption is expected to grow at double digit if the overall economy sustains the targeted GDP growth rate of 6% by the government. Pakistans energy requirements are expected to double in the next few years, and our energy requirements by 2015 is likely to cross 120MTOE. By 2030, the nations requirement will be 7 times the current requirement reaching 361MTOE. Pakistans energy requirements are fulfilled with more than 80% of energy resources through imports. On the other hand, international oil prices have not only broken all records but are touching new highs, with every news directly or indirectly affecting the black gold industry. Moreover, speculators all around the world expect oil prices to touch $100 per barrel in medium term. With concerns over Irans nuclear program, terrorist issues in Nigeria and high economic growth in China India and their ever rising energy requirements, oil prices dont see any another way but to shoot upwards. What is the government doing to ensure a sustainable supply of energy resources for economic growth? What strategic steps are being taken to acquire energy resources in future? Is private sector willing to invest in Pakistans oil industry? What are the incentives being offered to the foreign players to continue working in the exploration sector? What hurdles are stopping other big players around the world to enter Pakistan? What is the role of gas distribution companies so far? Are the citizens of Pakistan being robbed by energy giants with ever rising utility bills? What should be the real price of petroleum, kerosene and other oil products in Pakistan? When will the nation have load shedding free electric supply? Have we been able to make long term contracts with the countries to provide uninterrupted supply of energy resources? Will the government be able to provide enough sources to the citizens for a sustainable economic growth? Have we lost the race for acquiring maximum energy resources for future surviv al? One of the major problems facing the new government, the energy crisis, is intense, costly and multi-dimensional. The infuriating electricity and gas disruptions and soaring fuel prices in turn pushing the cost of living have made life difficult for people. The even before it took office the new government was greeted with two jumps in fuel prices, accounting for a 15% rise in two weeks. Meanwhile, crude oil prices have been registering all-time-highs, shooting 40% in the past year. The undeniable reality is that that this global spike will somehow have to be accommodated in energy prices in Pakistan. There is no quick solution to electricity shortage and the trend of surging prices is irreversible. There is very little the new government can do on this in the immediate term. At best, the problem can be prevented from aggravating until a sustainable solution is struck. Tough decisions will have to be made, and executed with commitment. The starting point of any remedial efforts should be an acknowledgement of the fact that the crisis is a self-inflicted one. It cannot be denied that something has been wrong down the line that caused this crisis. The country has nearly gone energy bankrupt while a total disaster appears to be round the corner unless pragmatism is shown. It is also important that lessons be learnt from the past mistakes on part of relevant circles. The crisis is still addressable as long as there is due vision and devotion. The golden age for energy in Pakistan has been 1960s and most of the 1970s, that is when Tarbela and Mangla dams were put into operation and other dams, including Kalabagh, were actively pursued. In subsequent years, action in the field of energy has been utterly recklessness. The prevalent crisis is a consequence of imprudent energy policies over the last three decades. One of the major limitations that have hindered energy prosperity in the country is short-sightedness. There has not been a meaningful and coherent energy policy in place over this period. The approach has been project-oriented, rather than goal-oriented. Almost every regime has dealt with energy on an ad hoc basis. Long-term and sustainable planning of energy have been an alien concept. The reason is fairly simple; energy projects usually require huge investments and commitment, making them undesirable to any regime. The attitude of delaying new projects, as far as possible, has been the common practice and is in fact the recipe of the present crises. In doing so, when things start getting out of control, haphazard and quick-fix measures are sought. A typical example is the Independent Power Producers (IPPs) saga of the 1990s. In an attempt to avert an approaching energy crisis, as a result of negligible capacity addition during the 1980s and the early 1990s, the regime in 1993-94 d ecided to go for thermal generation through the IPPs. Undoubtedly, the IPPs provided a very healthy contribution at the supply end, enhancing power generation capacity by more than 5000MW. Nevertheless, this power addition cost the country a fortune apart from the controversial tariff structure, the move was against the spirit of energy sustainability and security for the country. The fact that the IPPs were set up at the terms of the investors suggest that it was a move made in panic. The last few years provide a perfect example of failure to make a timely response to the growing energy needs. A threefold increase in energy demand over the last two decades has been responded to with an ill-proportioned increment at the supply end. Consequently, with the advent of 2008 the gap between demand and supply grew to 4,500MW indicating a 40% deficit of electricity. The prevalent energy crisis has not appeared overnight the omens were evident for a number of years but the authorities failed to react in time. Senior WAPDA officials claim that in 2002 the government was officially warned about the approaching electricity crisis and was asked to take immediate measures to enhance generation capacity. The timely warning failed to receive any appreciation. The attitude of the relevant authorities has thus indirectly contributed to the growth of the dire crisis. Another example worth quoting here is that of the 969MW Neelam-Jehlum hydroelectric project. It was to be constructed in 2003 at a cost of $1.5 billion. It got abandoned until the present power crises intensified towards the end of 2007. The revised estimate is around $2.25 billion. The delay is costing the country a fortune an extra $750 million in terms of project cost, apart from enormous monetary dents inflicted by the five-year delay. It is also noteworthy that WAPDA has traditionally pursued the major projects of national interest but failed to get the due positive response from the policy- and decision- makers. Interestingly, WAPDA plays the role of a scapegoat, because the common man blames WAPDA for his sufferings. It is also important to plant relevant and qualified people at the key policy and decision making positions. Quite often, these positions are offered to utterly irrelevant, ill-qualified and incompetent people. The track record suggests that energy offices are amongst the most coveted ones in any regime, simply because they are considered to be the most lucrative ones. There are examples when undergraduate and utterly irrelevant people have been appointed to run energy offices. There are also cases when the crucial positions have been used as incentives during political bargaining. The unhealthy attitude towards sensitive energy positions is enough to explain how the field of energy has been traditionally toyed with. Another aspect of the bankrupt policies is politicisation of projects of national interest. The paramount example is that of Kalabagh Dam. It has been politicised to such an extent that its orchestration now appears to be next to impossible. Evidences suggest that the issue has been used to serve the vested interest of regimes and certain political and ethnical forces. With the emerging post-lection sense of national reconciliation on the political arena, it is expected that such projects would be looked into with cool heads. It is time to move on. The technical issues, if there be any, have to be addressed on the drawing board, rather in processions. It has to be realized that the delay in project has not only made the country suffer but also people that come from all provinces. In order to tackle the existing crisis and ensure a prosperous energy future, the backbone of the future energy policies would have to be reliance on domestic resources (hydropower, coal and solar and wind energy) and energy conservation. Decisions on energy projects should revolve around national interest rather than naÃÆ'Â ¯ve political and personal gains. Energy offices should be run by qualified, committed and deserving people equipped with due mandate. Relevant ministries and departments should also be overhauled. INFLATION AND ENERGY CRISIS IN PAKISTAN Pakistan is facing a number of constraints in the path of social economic and political development. One of them is the ever-increasing inflationary pressure on the general public. This inflationary pressure created a social instability and misconception among the messes towards the Government. General public considers the government responsible for this inflation. Government gave the blunt gift of inflation, unemployment, terrorism and energy crisis to the public. The government offended the masses. Some economists argue that such type of increase in prices was never seen before the regime of Musharaf. The prices of essential domestic commodities have touched the psychological boundaries. The fixed income employees and creditors are affected by this inflation. During five years the prices of red chilli increased by 62.7%, flour 66.2% vegetable oil 120% sugar 30.9% rice 69.9% and other essential domestic commodities like vegetables, chicken etc also showed increasing trend of prices. According to official reports the inflation rate is 7.2% and according to non-official reports like UN 8.6% World Bank 8.9% and Asian Development Bank 9.1%. This inflationary pressure has psychologically affected the employees and employers. Some renounced economists argue that the reason of this increasing inflation rate is the standard year 2001 according to which inflation rate is measured. In 2001 the foreign aid was given to Pakistan therefore low standards were made to measure the inflation rate. Although the increasing trend in the prices of fuel and other things in the international market is another factor but the standard year is also a factor. Not only these factors caused hyperinflation but also energy crisis played a vital role in this hyper change in the prices of daily use domestic and capital commodities. There are three main resources used to fulfill the energy requirements Electricity, Fuel and Gas. Despite having the treasure of natural energy resources, Pakistans energy production plants are not fulfilling the countrys requirements effectively. The present energy crisis is affecting the economy entirely. Industrial and daily life has paralyzed by this energy crisis. WAPDA is just fulfilling the countrys energy need near to 46% the remaining is fulfilled by the alternative expensive resources. The energy crisis created cost pull inflation in the country, as electricity is the key material for any production plant. There is a general observation of 5-10 hours of load shedding, but some times it hits the level of 18 hours. Even the industrial capital of Pakistan (Karachi) is suffering from the same situation. Why in the era of energy reservation Pakistan is not utilizing its energy resources? Pakistan is just relaying on the electricity production by Dams. But Pakistan has not enough dams or water to generate electricity. Although WAPDA is enjoying the monopoly but government has to pay 2 rupee/unit as incentive. Our neighbouring country India has built a number of Dams to overcome the energy crisis but Pakistan government has paid no heed on this issue. Many projects are delayed due to provincialism the glaring example is of Kala Bagh Dam. The costly machinery amounted US $9 million is now functionless due to (rust) delay in the construction of Kala Bagh Dam, Some scientists predicted that in next 10year world has to face the water shortage also. If the government fails to construct dams for the generation of electricity due to Provincialism government should have to adopt alternative options to accomplish the energy needs of the country. As Iran has large treasure of natural energy reso urces like natural gas and fuel, despite this Iran is engaged in the attainment of nuclear power generation plant. Pakistan, despite being an atomic power does not think about the nuclear electric generation plant. International community is imposing sanctions on Iran due to uranium enrichment but Iran pays no heed to them. Then why is the Pakistani government reluctant to use its nuclear plants to tackle energy crisis? Secondly, Pakistans western area especially Thar is enriched by natural coal, which is the fifth largest treasure of the world. Pakistan has signed a contract with China to generate 300 Mega watts by coal deposits in 2003, but due to some reasons it has not been completed till now. Industrialists due to high prices of electricity use alternative resources (petrol) in electric generators to fulfill their energy needs but, the fuel (petrol) prices in international market cross the psychological limits of US $110/beryl recently. The high prices of fuel and electricity created a long-term cost pull inflation (increase in the prices of raw material of one commodity cause high prices of other commodities).There are a lot of expectations with the new government as Nawaz Sharif pledged that if he came in rule he will fix the prices of domestic commodities like vegetables oil, floor, sugar and rice for two years. Now the new government should take basic steps to eradicate inflation. I think energy crisis is the real cause of this inflationary pressure. We are hopeful that new government will take some positive steps to fulfil its promises and public expectations. HYDEL ENERGY Water flowing in the rivers has kinetic energy. One they are used to drive the turbine and produce electricity the power generated as hydel energy. Power produced by the turbine depends on quantity of water flowing/minute and the head of water available. Mostly river flows by melting glaciers on High Mountain. One the water starts flowing in the valley its changes its head very rapidly. This energy can be converted into electrical energy. 3.1 Methods for Generating Hydel Energy Two methods are normally used: Dams In case of Dams the water flow is restricted by the making a huge storage device and the head of water is increased, the water then is allows to flow by means of gates and pass through the turbine, the head of reservoir level is maintained to provide uniform power and the water stored in the season additionally is used for irrigation purpose in the dry season. Run of the river projects In the run of river project the water is diverted through the tunnel and once it gain the head allowed to fall and pass through the turbine and back too river. The water in these projects is continuously flowing and not being stored. Geographical situation is paramount importance in choosing the suitable site for the hydel project and it evolves a very serious time and money consuming study. 3.2 Feasibility Study Once a site is located further detailed feasibility study is required before preceding any serious effort to start the work. The feasibility study should include following field work. 1: Detailed Mapping of the area. 2: Topographic study of the area. 3: seismic refraction study. 4: River flow data. 5: Weather data contain Temperature, Pressures, and Rain Humidity. 6: Water sampling and testing. 7: Environmental study. 8: Social impact. 9: Identification of stake holders of the area. 3.3 Pakistan Major Dams Warsak Dam The gigantic multi-purpose Warsak Dam is situated 30 kms north-west of Peshawar in the heart of tribal territory. It has a total generating capacity of 240,000 kW and will eventually serve to irrigate 110,000 acres of land. Mangla Dam Worlds third largest earth-filled dam is only 115 km south-east of Rawalpindi. One has to turn left from Dina Town and the dam on river Jhelum is about 14 km to the east. The dam is 3,353 meters long and 116 meters high above the river bed. It is designed to store 5.88 MAF water and also used for power generation. In the centre of the dam there is a Gakkhar Fort from where one can have a panoramic view of the lake. For permit to visit the dam, please contact PRO, WAPDA, and Mangla. A NOC from the Ministry of Interior is required for foreigners only. Tarbela Dam The worlds largest earth-filled dam on one of the worlds most important rivers the Indus is 103 km from Rawalpindi. The dam was completed in 1976 at a cost of Rs.18.5 billion. Over 15,000 Pakistani and 800 foreign workers and engineers worked during its construction. It is the biggest hydel power station in Pakistan having a capacity of generating 3,478 MW of electricity. Its reservoir is 97 km long with a depth of 137 meters while total area of the lake is 260 sq.km. Permits are required for visiting the Dam. Please contact Public Relations Officer (PRO), Water and Power Development Authority (WAPDA), Tarbela (Tel: 051-568941-2). A No-Objection Certificate (NOC) from the Ministry of Interior (Shaheed-e-Millat Sectt.), Islamabad is also required for foreign visitors. 3.4 Hydel Energy and its Crisis in Pakistan The energy crisis starts from 1990 and still Pakistan is in the crisis of these all as before. The latest and perhaps the most troublesome crisis faced by the Pakistani nation these days is the shortage in supply of electricity. The country is facing a huge electric power crisis these days. Though it has been more than a year since when the country is facing this crisis, but till now no proper solution has been made to this problem neither any proper planning has come into existence since the symptoms and begging of this short supply of electricity. While rolling blackouts or load shedding as it is locally known has always been a staple of daily life in Pakistan, the problem has become acute in the last couple of years. This crisis appears insurmountable in the near or even long-term future, unless proper understanding and correct implementation is undertaken on priority basis. At present total power production capacity in the country is about 19,500 MW, out of which Hydel Power is only 6,500 MW, balance of 13,000 MW is thermal either using Natural Gas or Furnace Oil. Small capacity of 450 MW is Nuclear and only 150 MW is through coal. It is very important to understand the consequence of the prevailing situation. Current price of furnace oil is about Rs.49000 per ton, which amounts up to Rs.49/- per kg. On an average one kg of furnace oil produces 3.8 kWh of electricity. Thus, the cost of furnace oil for generating one unit of electricity is about Rs.13. On top of this the fixed cost of a thermal plant works out to be about Rs.3 per unit. Therefore, one unit (kWh) of the electricity produced by all thermal plants using furnace oil is Rs.16 per unit. According to WAPDA/IPP (Independent Power Produce rs) agreement, the private power producers will charge WAPDA the actual fuel cost for which they have a direct contract with PSO. As we all know that WAPDA tariff charged from the consumers is about Rs.5 per unit (kWh). The production cost of furnace oil electricity is Rs.16 per unit, add to it the transmission, distribution cost (including loses), the total cost of such electricity works out to approximately Rs.22 per kWh. The difference between WAPDA tariff and the furnace oil electricity is Rs.17 per kWh. It is estimated that the country consumes at least 25 billion units of electricity produced annually through furnace oil, which amounts to the total deficit of Rs.425 Billion. If WAPDA has to balance its books it would require a subsidy of Rs.425 Billion. This deficit is somewhat reduced due to cheap power produced through hydel energy and natural gas, but the deficit cannot change substantially, unless bulk of electricity is produced through hydel energy. Obviously, a deficit of Rs.300-350 Billion cannot be sustained, the government does not have resources to pay such a huge subsidy, and it is also not feasible to increase the power tariff very much. Therefore the power crisis is far greater th an what is being perceived. In the absence of extremely heavy subsidy, WAPDA is delaying payments to IPPs and also to the oil companies. The result is that IPPs are now producing much less electricity than their capacity. Thermal energy Thermal energy is the thermal type of energy, with all known history available, wood always used for heating and cooking. In 2nd world war fossils fuels entered in the form of coal to get energy. Until liquid fuels were discovered and because of their convinces of transportation they took over as major of energy source. Once the steam engines were invented then the coal or liquid fuels was burnt in the in boilers and heat producers steam which is used to drive an electrical generators, or any other mechanical devices. Rudolph diesel invention of diesel engine revolution the energy concept and today we see sine the majority of machine moving on diesel engines. Diesel engines can be 2 stroke or 4 stroke type. They can be in line or arranged in V or even W shape. They can be single acting or double acting. Another method of converting thermal energy to mechanical energy is by the gas turbines. Turbines are also used to run by steam or hot gases which are produced by igniting fuel. The choice of gensets strictly depends on the requirement of client, before ordering a power plant following points to be considered: Expected demand of the power Type of fuel required Space available for the power plant Availability of gun sets Availability of local service back up and stock of parts Price is paramount importance and hidden expenses should be locked carefully. The major manufactures and suppliers of gensets based on internal combustion engines are given below: Man Wartsila Caterpillar Jen bacher Waukesha Mitsubishi Detroit diesel Rolls Royce Internal combustion engines can obtain 30_50% thermal efficiency. It means that around 50%energy is wasted in the form of exhaust gases, cooling system and radiations. Therefore for larger plants heat recovery system are utilized. 4.1 Crisis of Thermal Energy The oil crisis facing the world is not about supply or about the increase in demand. It is about the speculators who are pumping huge amounts of money into forecasting a serious shortage ahead. Not now but in the future. And that the prices will escalate enough for them to make a killing. If one looks at the real picture, there is no shortage of oil, there has been no shutdown of any major producer, nor has there been a sudden jump in the import from any large consumer. The Chinese import for their industrialization is not more than 10 percent annually. This is certainly not enough for the huge jump in the world crude rates. This jump is matched by the phenomenal profits of the oil companies and of course the oil producing countries. The thirst for profits of the oil traders has benefited the oil producers-Iran being a major beneficiary. The US government must be wondering at the irony of this windfall benefiting a prime enemy of American and Israeli interests at the cost of millions of innocent citizens of the US and Europe, engineered by the greasy gnomes of the oil trade. There is no threat of an oil embargo, nor of a war, it is just pure speculation, funded by the huge mountains of American and European cashes at the disposal of the Sources the Oil trade. They stand to make a killing at the expense of hapless citizens of the world. As I had written in an earlier piece as far back as 2005, when an attack on Iran was imminent, that the rise in oil at 100 $ a barrel would impact on the food prices has proved prophetic with the current sky high prices of bread in Europe and America. In the meantime we poor Pakistanis are suffering with 50 percent living below the poverty line, and many more being pushed under thanks to the current oil crisis which has managed to create tsunami that is a threat worldwide, with no remedy in sight. Electricity riots are already a common sight but the frequency of breadlines breaking into riots is increasing daily, not just in Soma lia but in parts of the third world where we thought wheat was never in critical shortage. The riots in Pakistan are for two reasons. Firstly, the price a worldwide phenomenon and second a physical shortage due mainly to incompetence in the many layers of our government. 4.2 Looming Energy Crisis in Pakistan Energy costs, from where they stand now, could rise by more than 50 percent in the next few years. The cost of power on this scale would be difficult to manage by most emerging economies all oil-consuming countries, particularly the third world have suffered due to the consistently rising demand-driven cost of energy. From 2004 onwards, the price of oil started soaring in the international market, and for the first time in October 2004, oil prices crossed the benchmark of US$ 50 per barrel. It continued to fluctuate but kept moving up each year and in 2007 briefly crossed US$ 100 per barrel. For the past few days it has been hovering at US$ 103 plus per

Nursing Intervention for Pre Menstrual Syndrome (PMS)

Nursing Intervention for Pre Menstrual Syndrome (PMS) The physical and emotional symptoms of PMS are common but it doesnt mean that all girls will develop PMS. The symptoms start about a week or two weeks prior to the period for most of the girls who experience PMS. Life style changes including dietary modifications are the commonly used to treat the symptoms (www.youngwomenshealth.org) The cause of PMS is explained with list of given biological theories. It including conditions likes deficiency of progesterone in the luteal phase of menstrual cycle and deficiencies of vitamin. As per the researchers 70% to 90% of women experience PMS during child bearing years at some time, it usually happens at the age of 25 to 45. (http/nhs.us/conditions/pms) Estrogen and progesterone are two essential hormones involved during ovulation and menstruation .There are certain hormonal changes namely rise in estrogen and fall in progesterone during PMS. When estrogen / progesterone ratio is high it interferes with brain neurotransmitters which control the basic unit of mood and pain. Regular menstrual cycle among women is natural process PMS is included as a part of it. The incidences of PMS are caused by other factors also. The other factors identified are hereditary, caffeine, stress, aging, medical history, tobacco, family history and diet plays a vital role (www.goodeveningworld.com) The environmental play a important role in influences on PMS causing different other symptoms. Some researchers categorized four types of PMS. Some of the women may present with only one type of PMS, some can have 2 or 3 types, and few women have all four types. PMS-A is related with anxiousness and tension of the muscles. PMS-C includes cravings for sweets, dark chocolates and carbohydrate rich diet. PMS-D refers to emotional problems prior to menstruation. PMS-H includes tenderness in the breast and gain in weight because of retention of water. (http/www.individualizednutrition.com) There are different types of supplements naturally done which can highly cause reduction of the symptoms of PMS. Continuously using fish oil for two months is beneficial in reducing PMS symptoms. Fatigue, irritability, tenderness of breast and extremities swelling can be relieved by using evening primrose oil (http/www.individualizednutrition.com) NEED FOR THE STUDY PMS usually happens one week or 2 weeks prior to periods. Totally 150 symptoms are actually found which occurs during PMS. The identified common symptoms are mood disturbances, tenderness of breast, bloating of the abdomen, acne, cravings for certain foods, increased appetite and thirsty feeling and fatigue. Other symptoms included are difficulty in passing stools and loose stools, feeling irritated, mood change and feeling down. (www.pmsfacts.com) As there is no specific laboratory test to diagnose PMS, in order to establish a pattern, a gynecologist ask the patient to record her symptoms at least for two menstrual cycles. This will help to establish if the symptoms are truly premenstrual and predictably recurring. If symptoms increase in 30% in six days before menstruation, then it is identified case of pre menstrual syndrome needs treatment (www.goodevening world.com) The premenstrual symptom is a complex one. Many women experience this symptoms ranging from moderate to severe. To manage PMS the initial step is daily regular exercise and change in diet. A life style changes is sufficient to control symptoms for women with mild symptoms. (www.about.com) The treatment of PMS varies from woman to woman; the patient is advised on various treatment modalities like diet, home remedies, contraceptives, exercise, herbal treatment, dietary supplements, and diuretics. (www.goodeveningworld.com) Studies revealed that many foods including soy, green leafy vegetables and fresh fruit, nuts and seeds are really effective in balancing the hormone. The women who sufferers with PMS are advised to make changes in diet such as consumption of fresh fruits, green leafy vegetables, cereals and whole grains, dairy products of low fat and sea foods. It is recommended that having frequent meals in small quantity each day helps to reduce fullness and abdominal bloating.(www.faqs.org/nutrition) Research in this area can be given high priority since these symptoms will affect females daily routine activity. Several studies highlighted that the symptoms can be improved with plenty of sleep, vitamin supplements and exercise. Even non- pharmacological measure like healthy diet, life style changes, some home remedies which indirectly contribute to reduce the symptoms. These aspects impressed the researcher, thereby felt the need do a study in this same area and to find the effectiveness on Planned Nursing Intervention on management of PMS among college students who has been experiencing pre menstrual syndrome. STATEMENT OF THE PROBLEM A study to evaluate the effectiveness of Planned Nursing Intervention on management of Pre Menstrual Syndrome (PMS) in terms of intensity of symptoms, knowledge and attitude among college girls in a selected educational institution, Salem. OBJECTIVES To prepare and validate the Planned Nursing Intervention on management of PMS among samples. To assess and compare the mean pre-test and mean post-test intensity of PMS among samples. To assess and compare mean pre-test and mean post-test knowledge score on management of PMS among samples. To assess and compare mean pre-test and mean post-test attitude score on PMS among samples. To find association between the pre-test level of knowledge on management of PMS among samples and their selected demographic variables- age at menarche and family history of PMS. HYPOTHESES: (Level of significance p

Robert Bolts A Man For All Seasons Essay -- Robert Bolt Man Seasons E

Robert Bolt's "A Man For All Seasons" In the play, written by Robert Bolt, 'A man for all seasons' the Common Man is a very important character and also a very important part of the play, not in the plot but in the way the play has been presented, he is both a narrator and a role player who makes the play more interesting and separates it from reality. The Common Man also introduces some of the ideas from Bertolt Brecht's work. The idea of the Common Man is a rare and rather unusual one. Robert Bolt used him intentionally to be like no other character in his play. One of the distinctive functions of the Common Man is obvious from his name. The word, 'common' meaning, 'common to us all.' Everybody in the audience should be able to relate to him. The Common Man plays a very plain and simple man and he sustains this through all his roles, especially the Boatman, who when asked to describe the life of a boatman says, 'its common.' We see the boatman as a typical hard working man as he talks about the strains of his job, 'from Richmond to Chelsea, downstream, from Chelsea to Richmond, upstream..' Yet this character is still able to make a joke about his wife to show that he is not bitter. The boatman is also the first to introduce the motif of the river, water imagery in the play. This involves the members of the play using the characteristics of water and portraying them into their own lives, an example being society figures as dry land. Throughout all the roles played by the Common Man, including the Steward, Boatman, Publican, Jailer, Foreman of the jury and a Headsman, he will always express a similar attitude, the attitude of the 'plain and simple man,' as the jailer says. The speech used amongst ... ... shows self-preservation at one point and a way in which he is not so simple and ordinary, when he declines the bribe, where as a simple man might have just taken the money, The Common Man understands the wrong and refuses the money. During his role as the Foreman of the Jury, The Common Man seems to bring all the roles together I think a quote that very well sums up the Common Man is when the jailer says, 'Better alive and no conscience, than dead with morals.' But I think the Common Man's most major function in the play is his part as narrator, if it wasn't for the Common Man the story would be told alone just by the characters, this could mean the story might be harder to understand as it goes along. Furthermore the story would be less interesting as well as harder to grasp. The Common Man is a very important part of the play 'A man for all seasons.'

Violence in American Pop Culture :: Essays Papers

Violence in American Pop Culture Societies are founded upon traditions, morals, and a set of commonly accepted ethnical values. Such customs are important because they set the tone for centuries and decades that follow. In the United States, violence is widely accepted as a central component of American lifestyle and culture. From contemporary gay bashing to explosives and weaponry in video games and movies, violence figures prominently in many aspects of American entertainment and pleasure seeking. History provides ample evidence and examples that American institutionalized violence discriminates against no man, woman or child. For example, Native Americans were relentlessly and violently stripped of all their resources. Enslaved African persons were brought thousands of miles from their homelands to cultivate and enrich European interest in America. Among the hardships of simply adjusting to this New World, slaves were also sentenced to death through lynching if they refused to be subjected to new rules. Over the past two centuries we have witnessed a Civil War, two World Wars, the Oklahoma bombings, the Columbine massacre, and the tragic events of September 11th, to name only a few of the past and recent tragedies. All of the tragedies have claimed the lives of thousands of our fellow men. History repeats itself and what began as a means of instituting territory has today permeated the entire culture and has seeped into all types of media. Entertainment is supposed to entertain, but movies, video games and music most often depict a life of bloodshed and carnage. Al Pacino is praised for his roles in Scarface and The Godfather series, exploiting the life of an Italian mafia family that is well known and respected in the world of organized crime. Admiration is given to rap artists like Notorious B.I.G., who rapped about money, power and sexual impropriety. Another street legend is Tupac Shakur, whose life is a prime example of the â€Å"thug life.† After surviving several gang related shootings, he ultimately fell prey to a glamorized thug life, murdered in a drive-by shooting on the glitzy streets of Las Vegas, Nevada. In everyday scenarios young children are allowed to entertain and enlighten themselves with video games like Grand Theft Auto, where the thi ef runs through the city killing citizens, having sex with prostitutes, and robbing people at gunpoint.

Global sourcing Essay

1) What is global sourcing? Global sourcing is defined as the process of identifying, developing, and utilizing the source of supply for the enterprise through expanding purchasing activities internationally. It is a part of post reengineering activities which is an useful measure of cutting cost. Global sourcing is a typical example of foreign construction outsourcing firms which process construction by distributing each process of construction work to vendors instead of running on its own. Such construction method not only does reduce costs in terms of managing construction sites such as labor cost and equipment cost including vehicles, but also is being adopted by various companies for value-adding construction management (CM) project. For instance, global sourcing was utilized when building Daewoo Business Center at Warszawa, Poland, on March, 1997. The process of erecting the center was alloted to vendors; construction was executed by VOICE(England), design through RTKL(U.S.), facility management was duty of Dongwoo which is a department of Daewoo Group, hotel management by Hilton hotel(U.S.). 2) Global sourcing factors Global sourcing factors that must be understood and balanced can be segmented into 5 categories. First factor is material cost. The bottom line of execution of global sourcing is reduce cost by minimizing material cost. Another category is transportation cost. Various costs including inventory delivery cost can be dwindled through global sourcing. Moreover, significant amount of transportation expense can be reduced when marketing products at outsourcing regions. Cross-border taxes, tariffs, and duty costs are third factor which form global sourcing. Instead of relying on domestic production but rather outsource each process internationally, costs can be reduce by avoiding trade barriers which include cross-border tax, tariff and duty cost. Next factor is supply and operational performance. With effective resource management and cheap labor cost, supply and operational performance can be efficiently managed which enables global sourcing companies to manufacture high quality-low price merchandises. The last category of global sourcing is supply and operational risks. Cultural and geographical disparities can yield additional costs such as labor cost and transportation cost. If not managed thoroughly, they can militate as huge risks in terms of conducting sourcing. 3) Advantages of global sourcing There are three major merits of performing global sourcing; gumption to changes, reduction of cost, and trade barriers avoidance. To begin with, global sourcing allows a firm to develop capacity to cope with changes in market condition. Importing numerous raw materials and resources economically and steadily can be done through global sourcing. With such abundant resources, a firm can flexibly adopt to environmental alterations when confronting unexpected economic crisis. Secondly, average 20% of cost saving is possible. Components of products or raw materials procured from abroad is advantageous in terms of price. Furthermore, many countries such as American and Europe are sourcing materials to cut cost in terms of distribution industries. As a result, China has become the hub of production base for global sourcing. Even in case of Korea, sourcing products from China are 30%~40% cheaper than Korean domestic goods. In particular, simple functional merchandizes whose design and quality are relatively less considered are largely influenced by global sourcing. Consequently, over 70% of commodities and clothes are imported from China. Last merit of global sourcing is evasion of trade barriers. In case of global sourced goods, the price is lower, leading to economical purchase, by avoiding trade barriers such tariffs and cross-border taxes. On top of that, firms are able to acquire restricted raw materials and resource. Thus, unique and competitive products can be created. 2. Case-Study (Li&Fung) 1) Introduction Li&Fung is a professional trading company which specializes in global sourcing and was founded in 1906. It functioned as a broker between Asian manufacturers and foreign traders and expanded as a trading company later on. Today, Li&Fung acts as a professional sourcing and distribution firm focusing on toys and textile. Becoming an intermediary, it reconstructed the business by forming it as a connection and manager of diverse supply chains. Li&Fung is the representative of ‘smokeless factory’ without owning any equipment and factories regarding production process from raw material to final goods and distribution of final products. 2) Business area / Present condition Li&Fung won the rewards in ‘Fabulous 50†² selectied by Forbes Asia, ’50 for 2012’ from Morgan Stanley, and ‘The most influential companies 25’ from Business week. The sales of Li&Fung in 2007 was 92.4 billion in Hong Kong dollars, approximately 36% increase in sales compared to that of 2006. Net income reached 30 billion dollars(2007) and Li&Fung Co. Ltd. succeed in gaining 19.8% increase in sales (110.7 billion Hongkong dollars)than that of previous year. After 1998, foreign companies such as The Limited, Gymboree, American Eagle, Warner Brothers, Abercrombie & Fitch, Bed, Bath& Beyond, Tesco, Avon Products, Levi-Strauss, Reebok have become major customers of Li&Fung, and Royal Ahold, Guess Jeans, Bebe also joined as major customers of Li&Fung in 2000. As a result, Li&Fung currently has 68 offices in the 38 countries, and shareholders numbers 17,900. In addition, it consists of 107,000 employees engaged in the business associated with Li&Fung, especially 40,000 related businesses only in the United States. Thus, it can be said that Li&Fung has entered plateau stage as a company settling new form of SCM rather than just being a simple trading firm. 3) Platform / Operation System Li&Fung is one of the enterprises which effectively employ platform strategy. In terms of strategy, Li&Fung adequately balances SRM and CRM strategy to manage producers and customers. Li&Fung distributes textile component orders to vendors as soon as receiving orders from textile industries. It makes most of 15,000 subcontractors which are located around the globe. When producing a jacket, for example, Li&Fung procures materials from diverse vendors; outshell is from Korea, Zipper from Japan, lining is done from Thailand, and trademarks and thread from Hongkong. Fabric is dyed in Southern Asia, China sews, and finally quality inspection and packaging are done in Hongkong. Then, headquarter in Hongkong generally manages cash flow and value-added process. 4) Success Factors Success factors of Li&Fung can be categorized into three elements. The first factor is IT evolution. Through IT development, product lead time dwindled through forming network among producers and customers, and even efficiently manage vendors. Another facet is SRM and CRM, especially have strength on SRM. Li&Fung analyze customer’s needs and scrutinize supply chain to meet the desires. Since firms tend to focus on maximizing their capability instead of in accordance with needs, Li&Fung can otherwise strive to fortify supply chain or value chain for customers. In other words, the key role of Li&Fung is to direct manufacturers of supply chain to the intended direction. For that specific purpose, it establishes education to producers on scattered network management rather than having strict control system for managing vendors, and emphasizes on trust and active empowerment. Lastly, Li&Fung follows 30/70 rule, which is to set a standard(from 30% to 70% of total production) on production quota to Li&Fung. This enables Li&Fung to have loose liaison among subcontractors. Minimum 30% of total production allows Li&Fung to possess minimum supply from each subcontractors and prevention vendors from being subordinates can be done by setting maximum 70%. The core objective of this principle is to assure vendors of gaining huge profit from being a member of the network and on the other hand guaranteeing flexibility of business and availability of a room for growth. Other vendors also benefit from the principle by being expose to opportunities to work with others, which help them to learn and come up with innovative ideas. Such principle demonstrates value of Li&Fung on making supply chain more dynamic and lively. Thus, change in partners frequently happens in supply chain of Li&Fung. In conclusion, Li&Fung shows contradictory management of pursuing stable and long-term partnership whereas also demanding loose network instead to forming strict organization. 3. Problem & Solution 1) Wage stagnation / Pricing pressure The first problem of Li&Fung is wage stagnation of China. China accounts for 60% of total global sourcing of Li&Fung, which means that shift in China impact Li&Fung heavily. After the economic liberalization of China, China has been able to attract world companies as the most suitable production base due to cheap and abundant labor. As a consequence of substantial growth, China’s wage has been increasing 16% annually. As labor cost takes up the largest portion of garment industry’s costs, Li & Fung’s first half of 2011 net income dwindled 18%. Therefore, there is high necessity for finding a new production base(a new partners) and gain price competitiveness through such measure. Second problem is overseas buyers’ desire to lower supply pricing due to high uncertainty from global recession. As shown in the ‘average import price of textile in the U.S.’ graph on the right, the average import price has been continually decreasing, from $3.18 in 20 06 to $3 in 2009. Heavy pressure on supply pricing is having negative impact on net income of Li&Fung. 2) China & U.S Trade conflict Third adversity is potential trade disputes between the United States and China. This trade conflict, which is referred to as protectionism, is noteworthy of a notice as 69% of total production of Li&Fung is sold to the United States. The United States has criticized China on the currency exchange rate manipulation, along with accusation of exchange dumping. In addition, Section 421 is an article which can be executed in a situation where increased import of Chinese products acts as a severe damage to American domestic industries. Accordingly, it is inevitable to exclude potential trade conflict between two countries on account of high possibility of implementing additional countervailing duty by executing section 421. 3) Expanding partners in Southern Asia In preparation for deterioration of China’s production environment and falling competitiveness of China as a sourcing region, Southern Asia is evaluated as the most practical alternative for strategic sourcing of Li&Fung. In terms of percentage change in world textile industry sourcing, diminution of China is noticeable, as –7%, whereas Vietnam and Bangladesh show growth, respectively displaying 1% and 20% of sourcing uprising rate. To demonstrate suitability of sourcing to Banladesh, environment of Bangladesh such as social infrastructure and facilities, and educational level should be thoroughly examined. Nevertheless, wage of Bangladesh is much cheaper than that of China, Bangladesh being one third that of China, in terms of only considering unit labor cost. Furthermore, Bangladesh is likely to be significantly equipped with garment-industry infrastructure judging from the large number of textile industries sourcing to Bangladesh. Therefore, it is no hasty conclusion that Bangladesh is the most appropriate region for new production base of Li&Fung. 4) Quality management system Controlling over 15,000 vendors is demanding and the possible drawback is failure of consistency in quality. Since quality is prerequisite these days, stricter vendor’s quality management system should be made. One of the tools that Li&Fung can utilize and apply stricter is ‘Vendor compliance index’. There are six indexes Li&Fung should keep attention to; efficient operation, productivity, process innovation, ensuring the quality, purchase the appropriate law material, and good working condition of labor. By balancing and fulfilling following vendor compliance indexes, Li&Fung will be able to afford products to customer with coherent quality. 4. Conclusion The concept having used by Li&Fung is highly familiar to us as global sourcing is also deployed by domestic companies such as Samsung and LG. Global sourcing can be divided into two factors; risk element and opportunity element. These two elements are in trade-off relation which means that change in one element accompanies the other, while endeavoring to maximize opportunity element. Thus, taking advantage of opportunity and risk element in a timely manner is the premise for successful global sourcing and in-depth analysis on local region and strategy should be followed when implementing global sourcing.