Health Care Finance Essay

Complete the following table by writing responses to the questions. Cite the sources in the text and list them at the bottom of the table. What criterion must be met for true comparability? Consistency, verification and unit measurement must all be met in order for true criteria. (Chp.14, pg.151) What elements of consistency should be considered? Provide an example. The elements of consistency that should be considered is time periods, consistent methodology, and inflation factors. An example of a time period would be that you could not compare a ten month time period to a twelve month period instead you would annualize the ten month period. An example of consistent methodology would be to use the same method throughout the entire time period. An example of inflation factors would be if expenses are expended then it is expected for expenses to increase. (Chp.14, pg.151-152) What is the manager’s responsibility in comparing data? The manager’s responsibility in comparing data is to recall and apply the elements of consistency. This is critical because the consistency of data will be used to make decisions. (Chp.14, pg.152) What are the four common uses of comparative data? The four common uses of comparative data are compare current expenses to current budget, compare current actual expenses to prior periods in own organization, compare to other organizations, and compare to industry standards. (Chp.14, pg.153-157) What is meant by standardized data? Standardized data is data that aids in comparability. (Chp.14, pg.161)

Relation between Error in Healthcare prescription and the inconsistency in Technological information Essay

Relation between Error in Healthcare prescription and the inconsistency in Technological information Introduction Background Information            A lot of errors are occurring within the healthcare field lately. They are a result of many factors. Among the principle causes of error are related to wrong prescriptions. As indicated by Benjamin (770), one of the elements that is playing a key role ion this is the use of advanced technological methods. Computers have been used to aid in the computerized entry of prescription orders. Depending on the intensity of the prescription, they can result in serious injuries on the patient or even lead to fatality incidences. In turn, they lead to unnecessary court cases and legal suits that eventually cost many healthcare institutions and practitioners a lot of money that is paid to cater for the damages (Carroll 52-8). As such, there is a need to study the main causes of wrong prescription to ensure that such avoidable consequences are kept at their possible minimal rates. The main questions that will be answered in this study include:            What are the most common types of error in healthcare prescriptions?            What kind of information technology is used in the provision of proper prescription?            Are there specific errors that are related to inconsistently provided information in the same prescription order entry? Methodology            In this study, both primary and secondary data collection methods will be employed. It will include the use of surveys for the collection of first-hand information. In this sense questionnaires and interviews from the participants will also be used to gather information for the data. For accuracy and proper validation, these will be combined with secondary sources such as the national health statistics (Wu, Pronovost, Morlock 88). Data analysis            In this study, the..method of data analysis will be used. The method mainly†¦. Findings            Previous research performed on this topic revealed that†¦..Thus, in relation to this study, it was evident that†¦.. Conclusion It is important that the laid down professional ethics are adhered to in different fields. This is especially within the medical field where a slight mistake can lead to            devastating consequences. Therefore, healthcare providers are always obligated to use the knowledge that they acquired in their studies as well as new knowledge and practices appropriately. They should ensure that drugs are prescribed in the most proper ways to avoid errors. In particular, computerized drug entries should be counterchecked to eliminate disparities. However, owing to the continuous change in the nature of disease processes and hence the production of advanced drug formulas, there is need to conduct more research. These will provide more guidance to guarantee safe drug prescription by providers of healthcare services using new technological methods. References Benjamin, D. M. Reducing medication errors and increasing patient safety: case studies inclinical pharmacology. Journal of Clinical Pharmacology. 2003; 43:768–83. Carroll, P. Medication issues: the bigger picture. RN. 2003; 66(1):52–8. Wu, A. W., Pronovost, P., and Morlock, L. ICU incident reporting systems. Journal of Critical Care. 2006; 17(2):86–94 Source document

The effects of the US 1965 Immigration Act Essay

The effects of the US 1965 Immigration Act - Essay Example According to the writings of Daniel in 2008, the effects that were intended differ completely from the actual ones. Around 22.8 million migrants came to America after the Immigration Act, which made the country the second largest in terms of the percentage of naturalized citizens. However according to Canellos (2008) the intended positive effects of the act completely matched the actual effects and led to the historical development of the country. The country, after the enactment of the act, experienced a change in the immigration pattern from a majority of European immigrants to an increase in Asian, African and Latin Americans. Another effect presented by the CIS report (though not supported by the other authors) was the increase in the dropout rates in the society with the increasing population of the immigrants. Though opinions about the actual effect of the act on the historical development and the changing nature of the society differ among the authors, the effects of the act o n the economy and the employment level of the country need to be disclosed. Primary resource essay Introduction: The Immigration Act of 1965 was passed by the Congress government of the country sponsored by Ted Kennedy, the senator of United States. With the new Immigration Act, the national origin formula that existed from the days of the previous Immigration Act of the year 1924 was abolished. ... The Immigration Act, when it was published, went unnoticed by the common people of the country as was the remaining eleven thousand bills published by the government of the country. The common people of the country were worried about the publication of the laws until the effect of those fell on the entire nation, ultimately affecting the lives of these common people. The same happened with the Immigration Act when it was first published by the Congress Ministry. However, with the proper enforcement of the act and its spread among the general people their lives started being affected gradually as the restriction on the immigration from the foreign land was considerably withdrawn with an annual limit being maintained by the law. The law ensured that not more twenty thousand of the people of foreign countries could immigrate to United States in a span of one year irrespective of the number of people of the same country already residing in the United States of America. The visas to the i mmigrants from the countries of the western hemisphere were produced on the first come first served basis. As the immigration policy of the country became almost the same for citizens of any country irrespective of their location, their economic and social conditions, the nature of immigration to the country changed. Previously immigrants, mainly from the European nations, visited America. However, with the change in the policy there occurred a shift from the European migrants to migrants from the continent of Asia and also from the countries of Central America and that of South America. The immediate effect of the Immigration Act of 1965 was that the number of immigrants in the country doubled itself within the span of five years, the time that the law

What can be done to curb concussions in hockey Explain your reasoning Essay

What can be done to curb concussions in hockey Explain your reasoning - Essay Example Concussion is the most common type of hockey-related injury. According to the National Hockey League, the reasons for the increased incidences of concussion include accidental hits, players being struck by pucks, collision with teammates, or striking the ice or the boards after being hit legally (Syd and Johnson, 1). Education and bodychecking has been implemented to curb concussions in hockey but the incidences of concussion just doubled which led a number of studies to conclude that bodychecking only result in worsening of concussions among hockey players in Canada. In fact, Canadian data suggest that bodychecking accounts for 45%-86% of injuries among youth ice hockey players (Emery et al., 2265). So, what can be done to curb concussions in hockey? The answer is simple: that is, elimination of bodychecking in children younger than 15 years. There is considerable evidence that bodychecking is the most common cause of all ice hockey injuries, particularly concussion. We understand the need to check the skills of the players in order to become effective and complete players but bodychecking should not be applied to children younger than 15 years due variations in size, physical maturity, and strength that may lead smaller players at risk for injuries due to mismatched with larger players in the same bracket (Syd and Johnson, 2). Thus, bodychecking at a younger age may only lead to substantial harm and that it should be eliminated and not be taught among these groups. Supporters of the rule which eliminate bodychecking at a younger age argue that lowering the age limit for bodychecking enables young hockey players to develop other hockey skills such skating, puck- and stick-handling, receiving, and shooting (Cusimano et al., 58). Aside from enhanced hocking skills, bodychecking will reduce current incidences of concussions among children and injuries at older ages because the repeated reinforcement of proper technique will teach hockey players on

Blogs Article Example | Topics and Well Written Essays - 500 words

Blogs - Article Example They are relying on the doctors, paramedics and the support staff to make sure that their near and dear ones stay safe and are given required health precautions as and when needed. From a public relations viewpoint, it sets the basis for discerning where disparities exist and how these can be ably maneuvered to achieve goals and objectives – all for the sake of the society. Ethical debates can crop up in the line of determining where gross irregularities have been exposed, addressed and eventually solutions found for the same. This is in keeping with the philosophy of doing something worthwhile for the sake of the society or in essence paying back what has been the much required undertaking from the people who are in top positions within the society’s folds. This essentially highlights how well the society as a whole is moving forward and tackling the nuances which come up every now and then. [Web link: http://www.youtube.com/watch?v=ZJ1jqGRiG9s] The future trends in social media with regards to public relations are something to gain an understanding from in this day and age especially due to constantly changing social media climate. This is because the public relations entity focuses on the aspects where word of mouth goes at a very rapid pace and what would be better than making use of the social media domains. This is in line with understanding how the media as a whole has shaped up the world of modern times. The World Wide Web, or web for short has largely emphasized on the premise of bringing together the different peoples of the world on a single platform. It has made inroads towards finding common grounds for success. Public relations entity owes its success to the people who are playing a pivotal part on the social media. Without them, the public relations would go down instantly and there would be nothing much that shall be achieved. The gurus of the web are something to gain insight from, especially for the

Citibank IN New Countries for Futures Markets Development Essay

Citibank IN New Countries for Futures Markets Development - Essay Example Furthermore, the projected customer base also determines the market entry approach that best fits that target market. In the case of Chile, the country illustrates an ideal market size approximated at 17.4 million citizens, and with the main degree of economic freedom. In this regard, the best market entry approach for Chile is the improvement of customer engagement and satisfaction through more relevant ad timely communications. This is mainly because of the large projected customer base that in turn requires for additional attention. The real-time relationship between the customers and the bank backed by the timely communications offers in-depth customer insights through each interaction point (Czinkota 512). The turning of customer’s insights into automated and operational brilliance further paves way for the new banking service in Chile thus leading to realization of higher profits. This approach also suits Chile as it incorporates the research evidencing the deficiency of banks to provide value to their customers. Countering this pre-existent condition, this approach enhances the customer’s records using key insights such as their lifestyle and banking behavior. As a result, there exists a more relevant and effective distribution of value to all segments of the customer base. Subsequently, factors such as high ranking in World Bank’s income groups of 2012 and lower middle economy characterize Bolivia. Furthermore, the similarity between Bolivia and Chile as illustrated by the cultural dimensions calls for an entering approach that depicts slow customer attrition while building stronger relationships (Carlton 252). This approach ensures minimal dissatisfaction of customers thus preventing loss of established customer bases to competitors. Through creation of early warning systems, this approach identifies the customers’ turning points prior to their occurrence thus providing a chance to address the customers at risk. In other wor ds, this approach ensures continuous productivity through active implementation of retention measures through shaping the services according to the customer’s preferences. On the other hand, Slovenia illustrates a collective society whose members exchange adherence and loyalty. With a reduced market size, Slovenia calls for a real time customer growth initiative. This approach propels take cross-sell and up-sell to new heights by triggering the target market’s readiness to open new accounts and enjoy the services offered. Through development of cross-sell and up-sell programs, identification of customer’s readiness to create, change or start utilizing on-line services becomes predictable. As a result, the bank gains control over the sale of certain products and services through studying customer behavior. Foreign direct investment actively participates to the growth of global business through provision of new markets and applicable marketing channels (Graham & S paulding 1). Furthermore, it contributes to provision of cheaper production facilities in a country like Chile where the population is relevantly high. Furthermore, licensing accrues for significantly higher returns through engagement into relatively risky markets such as Bolivia. Following to extreme competition, foreign direct investment facilitates provision and effective utilization of new technology, products and skills. On the other hand, these aspects aid the development of a strong forward

Hospitality Essay Example | Topics and Well Written Essays - 250 words - 2

Hospitality - Essay Example F&B division ensures the achievement of a forecasted sale through suggesting promotional, selling and administrative strategies it ensures the implementation of internal control programs of company, also coordinate with the kitchen department and discuss the matters related to services and food preparations (Walker, 2010). F&B division manager is responsible for planning, organizing, directing and controlling the delivery of services in all required divisions and monitors that all services are performed well. Outlet’s supervisor is liable for the supervision of operations and makes sure that services are performed according to the prescribed policies and standards. Captain of waiters is legally responsible for the administration of service delivery and arrangements to the assigned location. Receptionist is responsible for greeting and escorting customers. Waiter is responsible for taking of the order and serving these orders to the customers on committed time. And the success of full service operation is not possible without the successful completion of each activity (Walker, 2010). The front office is the hub of communication for the hotel. The guests drive the communication as their actions trigger most communication. Describe how and for what purposes the front office and other areas in the Rooms Division communicate. In any hotel Room division plays very important role in the process of hotel working. The dining room managers are responsible for services, seating arrangements, and for the supervision of staff and have direct contact with visitors. This department is a combination of housekeeping and front desk. Room division and front office can have communication regarding the hotel’s promotional plans, cost cutting activities, and they can discuss the marketing and operational strategy, and both departments can have communication related to the hotel’s problems and their solutions (Walker,

Characters personality Essay Example | Topics and Well Written Essays - 1000 words

Characters personality - Essay Example Vonnegut believes of love as a principality to survival. He depicts that love makes an individual’s life meaningful and worth recounting. Moreover, affection that one possesses towards another can be treasured and expressed in many ways. In his short story, ‘A Long Walk to Forever’, Vonnegut portrays how conflict, sensitivity, and essential decency depict an individual’s character. This paper discusses in depth about Catharine and Newt in the short story ‘A Long Walk to Forever’. Essentially, it outlines their character traits, their perceptions, and values in life (Vonnegut 2). Newt is depicted as a shy person since although he loves Catherine, he does not confess his feelings to her until the last moment when she is about to get married in three weeks time (Vonnegut 2). Evidently, Newt is jealous since as he discovers that Catharine is getting married to another man, he quits from his job and confesses his love for her. Although he is late in making such a confession, he is determined to have Catharine for himself. He is persistent because as Catharine explains that it is impossible for them to have a life together, he still insists of an opportunity to prove his long hidden love for her. The short story uses the word AWOL to symbolize the absence Newt makes in his place of work. He sacrifices his work for the sake of love. He fails consider the consequences that will come along his illegality of quitting the army without any proper leave. Newt is also courageous since he does everything to get the love of his life. He risks his work for the sake of Catherine’s love. As a risk taker, he does not have a second thought in his actions. Catherine goes through a magazine with an aim of choosing a wedding dress. This symbolizes her vagueness in what she needs in life. She is undecided about the dress to wear on her wedding day. She is also undecided of which man to marry. On the other hand, Catharine is irresolute. For instance, she still has feelings for Newt though she is to get married to another man. Despite her denial towards Newt, deep inside her heart is immeasurable love for Newt. As they chat in the woods, Catharine bursts in tear which force Newt to ask, ‘What does that mean?’ in fear of confessing the truth about her love for him, Catharine replies, ‘If I’d loved you, I’d have let you know before’ (Vonnegut 4). Both characters are passionate since though their love is forbidden, they make are determined to realize their dream of being together. They kiss passionately and elope just a week before Catharine is to get married to another man. As evidenced from the short story, love conquers all. This is evidenced by the fact that both Catharine and Newt later find fulfillment in each other’s arms. Catharine gives up the man he is about to marry for her true love. On the other hand, Newt gives up his job for the sake of his love for Catharine. He never gives it a second thought when he quits the army. The two characters depict the triumph they endure as they walk towards their future together (Vonnegut 5). I once lost an opportunity in life when I once had feelings towards my best friend and lacked the courage to make the proposal. I felt devastated in life and lost hope in everything. I felt that I had completely lost the battle and nothing else was to be done to change things. I could not take myself face reality and express my feelings. My friend later left for another country, and I

Edward Estlin Cummings Essay Example for Free

Edward Estlin Cummings Essay Edward Estlin Cummings was born on October 14, 1894 in Cambridge, Massachusetts to academic parents who early on encouraged him to develop his creative gifts (Everett). His was a happy childhood; he grew up in a spacious, sunny house, his neighborhood was full of children who roamed the nearby woods and played baseball during summer or skated on a local pond in the winter (Berry, 8). When he grew up, he acknowledged the impact his parents had on him, stating that it had been â€Å"my joyous fate and supreme good fortune† to belong to such family (Berry, 8). According to Reef, Estlin once said â€Å"I did not decide to become a poet – I was always writing poetry (5)†. He did not originally start writing in the form for which he is best known today. When he was young, he wrote poetry and produced pencil drawings. His love of language was encouraged by his mother, who made up word games to encourage his creativity (Blanchard and Falcetti, 58). At the same time, his poetry is filled with descriptions and images of nature, natural elements, and natural processes (Parekh). He took his fathers pastoral background and used it to preach in many of his other poems (Eich). Estlin graduated from Harvard for his BA and MA studies. His travels took him to different places around the world. When war broke out between US and Germany in 1917, Estlin joined a Red Cross unit in France as an ambulance driver (Reef, 29). There, he and a friend were imprisoned on suspicion of espionage (www. poets. org). This experience resulted in his novel, The Enormous Room. He also traveled throughout Europe, where he met poets and artists including Pablo Picasso. He divided his life between Paris and Greenwich Village, and later between the Village and his New Hamsphire farm (Schmidt, 85). He became widely known as a whimsical and experimental poet (www. who2. com) whose radical use of â€Å"form, punctuation, spelling and syntax, abandoning traditional techniques and structures created a new, highly idiosyncratic means of poetic expression (www. poets. org)†. In addition, the landscape of New England with its animals, fields and forests influenced his poetry and infused it with images from the natural world (Shuman, 318). As Shuman succinctly point out: His poetry combines a child’s enthusiasm for the wonders of the natural world with a sophisticated adult’s wariness of official positions and conventional thinking (311). One such poem is the wonderful in just- . The poem quite simply is about the beginning of a new season: â€Å"in just-/ spring. † In this poem, Estlin â€Å"coins words, alters punctuations and invents his own typography. Thus, the poem itself represents creativity and how it spring from the earth (Phelan)†. The poem then continues on to paint a picture of Spring and embodies the themes of innocence and childhood. This poem in particular embodies his view, where Estlin himself explains: In so far as a human being is an artist, skies and mountains and oceans and thunderbolts and butterflies are immeasurable; and art is every mystery of nature (314-15). in Just- spring when the world is mud- luscious the little lame balloonman whistles far and wee and eddieandbill come running from marbles and piracies and its spring when the world is puddle-wonderful the queer old balloonman whistles far and wee and bettyandisbel come dancing from hop-scotch and jump-rope and its spring and the goat-footed balloonMan whistles far and wee e. e. cummings WORKS CITED Berry, S. L. â€Å"E. E. Cummings. † Indiana: The Creative Company, 1994. Blanchard, Mary Loving, and Cara Falcetti. â€Å"Poets for Young Adults. † New York: Greenwood Publishing Group, 2006. Cummings, E. E. â€Å"100 Selected Poems. † Atlanta: Grove Press, 1994. Cummings, E. E. â€Å"Commentary on Life and Art by E. E. Cummings. † New York: October House, 1965. â€Å"E. E. Cummings. † Academy of American Poets. 12 Dec 2008. http://www. poets. org/poet. php/prmPID/156 â€Å"E. E. Cummings. † A Who2 Profile. 12 Dec 28. http://who2. com/ask/eecummings. html Eich, Marty. â€Å"E. E. Cummings Biography. † 12 Dec 2008. http://famouspoetsandpoems. com/poets/e__e__cummings/biography Everett, Nicholas. â€Å"E. E. Cumming’s Life. † March 2001. Modern American Poetry. Dec 2008. http://www. english. uiuc. edu/maps/poets/a_f/cummings/cummings_life. htm Parekh, Pushpa N. â€Å"Nature in the Poetry of E. E. Cummings. † Spring Volume 3 1994: 63-71. Phelan, Julie. â€Å"Poetry analysis: in Just- by E. E. Cummings. † 12 Dec 2008. http://www. helium. com/items/1140501-google-yahoo-poetry-analysis-in-justby-ee-cummings-poetry-summary? page=1 Reef, Catherine. â€Å"E. E. Cummings: A Poet’s Life. † New York: Clarion Books, 2006. Schmidt, Michael. â€Å"The Great Modern Poets. † London: Quercus, 2006. Shuman, Robert Baird â€Å"Great American Writers. † New York: Marshall Cavendish, 2002.

Cervical Cancer Essay Example for Free

Cervical Cancer Essay Cervical cancer is a disease in which cancer cells develop in the tissues of the cervix. Cancer is not just one disease but a group of diseases that have in common the uncontrolled growth cells. A collection of any abnormal cells are known as a tumor. Cancer is diagnosed when a tumor is found to be spreadable. There are no signs or symptoms in the early stage of cervical cancer. Cervical cancer is very slow growing cancer and when caught early it can be treated successfully. When you get to the progressed stages of cervical cancer, there are many signs and symptoms. Lower back pain, pelvic pain, painful urinary infection, and increased urinary frequency are a couple of symptoms of cervical cancer. Getting a yearly pap smear are the best screening test currently available to evaluate the cells on the face of the cervix. There are screening tests for four kinds of cancer and one of the four kinds is cervical cancer so I would go get one done if you are female. Cervical cancer has multiple stages running from 0 to 4 with A and B steps for each except for 0. Stage 0 is where cancerous cervical cells have been detected bet have not spread the surrounding tissue, and is treated with a cone biopsy or a hysterectomy for more severe cases. Stage 1 is the cancer has grown into the cervical tissue. Then in stages 1A1 and 1A2 the invasion area is between 3mm and 5mm deep and less then 7mm wide. In stage 1B2 the cancer is longer then 4cm across and not usually spread and to get rid of it is surgery or radiotherapy. In stage 2 the cancer has started to spread into the surrounding tissues. Stage 2A the cancer has started to spread into the vagina but not in the womb. Stage 2b is usually treated with a combination of chemotherapy and radiotherapy. The cancer has spread from the area surrounding the cervix is stage 3 and may have spread to the lower part of the vagina into the muscles and ligaments lining the pelvic wall or into the Ulster’s which are the tubes that drain the kidneys. Stage 4 is the most advanced form of cervical cancer and it refers to the stage where the cancer has spread to other organs within the body. This stage is usually treated with a combination of surgery, radiotherapy or chemotherapy. These are the stages to cervical cancer. The risk factors that you can not change for cervical cancer are age, race, and family history. The risk factors that I can change in my life are sexual behaviors, diet, exercise, smoking and staying away from chemicals. There is a lot I need to do to lower my chance of getting cancer. I need to stop smoking for one of steps this would be a huge step forward. I want to stop smoking because it is the most effective thing I can do to lower risk of cancer and other serious diseases. I do not have many current healthful behaviors for me to keep because I need to develop a healthy routine. To reduce my chances of cancer I would need to set myself up with a diet and exercising plan. Eating more vegetables and fruits, the daily amount is three or more servings daily which mean I have to buy more fruits and vegetables, more often. It makes a lot of sense to try to avoid developing cancer especially since the treatments are only partially effective and frequently almost as unpleasant as the disease itself.

Vodafone Business Marketing Analysis Marketing Essay

Vodafone Business Marketing Analysis Marketing Essay Vodafone is a well-known mobile network operator headquartered in Newbury, England. It is recognized as the largest telecommunications network company all over the world on the basis of its turnover. Currently, the company has equity interests in twenty-five countries and Partner Networks in another forty-one countries (Vodafone 2011). It is the second largest mobile telecom group throughout globe after China Mobile. The firms success is due to its strategic capabilities and their link with significant external and internal factors. Nowadays for surviving in an intense competition, it is essential that firms must be innovative but it is also essential to identify what makes a firm innovative. As well, it is also vital to identify that what are the resources that make a substantial contribution in a firms innovation capabilities. In regard to business these innovation capabilities are also known as a firms strategic capabilities. The success of a firms strategic capabilities depends on its ability to link it with its internal and external factors that influence the setting of its business objectives and policies. In the light of resource based theory, the strategic capabilities of Vodafone can be assessed by identifying its current resources and capabilities as a successful player in telecommunication network industry (Ordanini Rubera 2008). Subsequently, the effects of its key resources on its strategic capabilities need to be identified in relation to its link with external and internal factors. Throughout company long history and success its resources are classified in two categories that are: Tangible resources: The company tangible resources can be classified into four categories that are financial, physical, organisational structure and technological resources. Intangible resources: Intangible resources can be classified into people-dependent and people-independent resources (Bakar Ahmad 2010). All these resources are not having same importance to company strategy as financial, structure, technological are highly important whereas physical resources is having ordinary importance to it. On the other hand, people dependent and people-independent resources like human and innovation resources and reputation and organisational culture all are having high importance to Vodafone strategy. In regard to these resources, the company is significantly able in developing several strategic capabilities that can be analyzed with the help of its value chain activities that are primary activities and support activities (Bakar Ahmad 2010). Activities or organisational functions direct its employees towards the development of capabilities so it is essential to identify capabilities in regard to companys primary and support activities. One of the substantial strategic capabilities developed by Vodafone in regard to its operations is providing telecommunication services at low cost with guaranteed quality. In regard to technological development, the company have become able to exploit technological opportunity and developing and applying technologies (Donaldson OToole 2007). For handling human resource management, it has developed its capabilities in concern of recruiting and training competent personnel for technological innovation and motivating compensating all employees for more and more technological innovation (Dodourova 2003). In regard to its infrastructure related activities, it has developed capabilities like recognizing and promoting the aspect of innovation, financing and planning for technological innovation, integrating all functional departments, evaluating technological innovation, legal support to it, and attaining essential government support to finance and protect its technological innovation (Dodourova 2003). The discussion of company strategic capabilities and resources depict that almost all its strategic capabilities are grounded on technological innovation that are highly supported by its innovation-friendly tangible and intangible resources. Due to this extreme association between resources and capabilities, the company have become able to handle its external and internal environment that can be understood with subsequent tools like PEST and SWOT analysis: PEST analysis Political factors: Several political factors related to regulations, infrastructure, and health issues affect Vodafone business objectives and policies but with its strategic capability of recognizing, financing, planning, integrating, assessing, and legal and government support it become able to effectively deal with these external issues and develop effective business strategy as per the industry trends and environment (Donaldson OToole 2007). Economic factors: Economic factors like high cost of licences, the bidding war for 3G and constant price wars between providers also critically affect company and its business plans but with its strategic capabilities of technological innovation Vodafone has become able to serve its customers with more surprising and advanced services (Dodourova 2003). Its technological development operations related capabilities are significantly assisting it in resolving economical issues from its external environment. Social-cultural factors: Socio-cultural factors like health issues, demographics and social trends also affects company operations that it critically handled with the help of technological innovation in regard to its human resources and technology development (Lynch 2006). Technologies offered by Vodafone are assured and approved that assist it in handling health related issues and its employees are highly dedicated and committed for technological innovation that assist in handling changing demographics and social trends. Technological factors: Technology related issues that affect company operations and business plans are excessive technological change in mobile phone industry, the introduction of 3G and several other advanced aspects (Dodourova 2003). All these external environment related issues are handled by Vodafone with its technological innovation capability that has been developed by exploiting technological opportunity and developing and applying technologies. SWOT analysis: Another contribution of Vodafone strategic capabilities is in concern to the management of its internal environment that is highly essential to link it up with external environment. With the help of its strategic capabilities, the company has become able to maximize its strength and existing opportunities like global experience, establish itself across several countries, exploring new technologies related to telecommunication and mobile, and increase its size of the market and as well as its market share (Bakar Ahmad 2010). As well, due to its technological innovation capability it has also become able to establish itself at a good global platform, standardized customer relationship management and attaining high operations margin (Dodourova 2003). In addition to this, the company has also become able to minimize its weaknesses and threats to external environment like high capital expenditure, huge RD and infrastructural costs, legal issues, selection of appropriate technologies, political and social regulations, and increasing competitors (McLoughlin Aaker 2010). It has all become possible due to its strategic capabilities developed throughout its different primary and support activities and continuous support from its tangible and intangible resources. All the above identified strategic capabilities assist firm in handling its external as well as internal factors that in turn assist it in the development of appropriate business objective and plans for present and future success of the company. Critical Appraisal of Vodafones Business Performance since 2008 Vodafone is one of the worlds largest mobile communications companies on the basis of revenue. From, its inception it is operating with a vision to become communication leader in a significantly connected world (Capon 2008). In its initial year, it confronted substantial difficulties throughout its business performance but in last some years it has attained immense success due to its several distinct strategic initiatives (Sandbach 2009). Since 2008, the company is doing quite well but still it confronted several failures related to intense competition, emergence of advances communication technologies, and continuous changes in customer preferences (Lynch 2006). For handling failures related to competition the company adopted three generic strategies for competitive advantage. For handling excessive competition and market pressure, the company made use of cost leadership strategy and differentiation in spite of focus strategy. In regard to its problem of competition, the company cost leadership strategy was highly helpful. One critical success attained by the company in this period was to become a firm with truly international customer base (Sandbach 2009). It become possible for Vodafone due to its appropriate strategies like differentiation and cost leadership strategy. In present also, this strategy is highly helpful for the company in dealing with the issues that may arise with number portability. Number portability means customers can switch to anyone who provides a reliable and cheapest service (Vodafone Annual Report 2010 2011). By competing on its cost leadership, Vodafone can direct itself towards higher unit profits that in turn will help it in attaining competitive advantage through decreasing costs. Another imperative success that company has attained in last 3 years is a good global platform which integrates its existing future network systems and heightens its ability to launch products with a concentration on both market speed and the ability to deliver it throughout all group network (Lynch 2006). It is done with a strategic initiative of differentiation. The differentiation along with marketing strategy and effective marketing mix helped Vodafone in serving its customers with added value through their wide range product features and quality that is significantly different from its competitors (Curwen Whalley 2010). The company strategic initiatives and their success and failures can also be understood effectively with the help of BCG matrix that depicts the companys market share and growth rate: Relative Market Share (Cash Generation) High Low Stars Multimedia messaging Question Marks 3G Vodafone Live Cash Cow SMS Dogs Analogue services High Market growth rate (Cash Usage) Low Vodafone BCG Matrix The BCG matrix depicts Vodafones portfolio that in turn demonstrates its products stand. Boston matrix represents the companys portfolio according to where the products and services stand in regard to market share and growth (Johnson 2008). This matrix shows that the company is operating by attaining a balance. Although, it has also confronted troubles in some last years in regard to 3G and Vodafone live that can also be depicted as a problem child or question marks. For effective future success in regard to the existing problems, the company should decrease its investments into its analogue services and in its place it should make use of money from cash cow SMS to reconstitute the problem child and maintain the star multimedia messaging in the high market share/high market growth area (Lynch 2006). In addition to these strategy models, the company performance since 2008 can also be understood with the help of different tools of financial analysis. By analysing subsequent financial ratios in terms of liquidity profitability, efficiency and return to investors it will become easy to identify that how well company managed its performance: Liquidity Ratios Current Ratio: The current ratio for Vodafone decreased from 5.40 to 5.00 in 2009 and 4.99 in 2010. It depicts that in terms of liquidity this period was not as good as throughout these years the company capability to pay its liabilities has decreased (Vodafone Annual Report 2010 2011). Quick Ratio: Vodafones quick ration fall from 5.38 in 2008 to 4.98 in 2009. This in turn also decreased slightly with 4.97 in 2010. This decrease shows that since 2008, the company ability to pay current liabilities without depending on the sale of inventory has also not attained any improvement (Luetjen Maatwk 2011). Profitability Ratios Gross Profit Margin: Vodafones gross profit margin over the three years has fallen slightly from 38.30% in 2008 to 37.00% in 2006 to a further 33.80%. It is the result of uninterrupted rise in the cost of sales. Although company margins are falling but its ratios are much better than its competitors that demonstrate that industry is at its matured stage and regularly the company is making use of new marketing strategies to bring down its cost. Operating Profit Margin: The company operating profit margin has fallen from 28.32% in 2008 to 14.28% in 2009 that in turn again rose to 21.32% in 2010. This was due to company approach towards market trends and existing competitors moves (Luetjen Maatwk 2011). Net Profit Margin: The company net profit margin has fallen initially from 19.4% in 2008 to 7.51% in 2009 and afterwards it improved to 19.38% in 2010 that was due to companys use of appropriate generic strategies and marketing strategy (Vodafone Annual Report 2010 2011). Return on Equity: The return to equity was also fallen from 8.83% in 2008 to 3.63% in 2009 but again with appropriate strategies it was increased to 9.49% in 2010. Efficiency Ratios Stock Turnover: The company stock turnover has increased continuously in the three years from 85.08 in 2008 to 99.56 in 2009 and 102.71 in 2010. This shows that throughout this three years period the company has effectively converted its stocks into revenue and as well it also made an effective use of its working capital that is critical for attaining success in present intense competitive environment (Luetjen Maatwk 2011). Debtor Turnover: The debtor turnover of the company has fallen slightly from 5.42 in 2008 to 5.35 in 2009 and 5.06 in 2010. It depicts that Vodafone is having high efficiency in regard to credit management. Asset Turnover: The asset turnover of the company is almost similar in three years as it was 0.28 in 2008, 0.27 in 2009 and again 0.28 in 2010. This ratio of company depicts its performance in generating sales from the assets at its disposition. Investment Ratios The Company earning per share has confronted both the increase and decrease from 2008 as in 2008 it was 12.56. In 2009 it reached at 5.84 and in 2010 it reached at 16.44. In addition to this, its price earning ration also confronted increase and decline. In 2008, it was 2.52 that increased to 3.14 in 2009 and again decreased to 1.35 in 2010 (Vodafone Annual Report 2010 2011). The companys use of appropriate strategies in comparison to its competitors assisted it in attaining this position. With the analysis of different financial ratios of the company, it can be said that the company performance since 2008 was a mix of success and failures. In this period the company did not confronted any severe failure in spite of just some minor business and competition related troubles (Wilson Gilligan 2005). Also, the company efforts made throughout this period were highly effective as due to this only it become able to make an effective use of its working capital. Development of a Potential Future Strategy for Vodafone With detailed discussion of company strategic capabilities and performance since 2008, it becomes apparent that company is doing very well but several times it is also troubled with intense competition and several other factors like increasing costs, emergence of advance communication technologies and changing preferences of customers (Dibb Simkin 2010). Till now, the company made use of cost leadership and competitive strategy that significantly helped it in attaining its specific business goals and objectives but it also need to be updated continuously. In regard to grow its position in international and global markets it is vital that the company operate with a potential future strategy that can be developed effectively with the help of Porters Diamond that in regard to Vodafone is as follows: Porters five forces Subsequent five forces make a direct effect on Vodafones strategic competitiveness that in turn will assist in determining a potential future strategy for the company: Competitive rivalry: In telecommunication market in which Vodafone operates competition is quite high and basically it comes from its competitors O2, Orange, T-Mobile and Virgin. In this market rivalry is high and there is no brand loyalty that exhibits that there exist little differentiation in spite of price (Dibb Simkin 2004). For handling this rivalry and growing in international markets the company should expand its operations in more and more developing nations. Buying power: In the market Vodafone is operating buying power is quite high and it could be understood with the measures of number of customers that disconnect throughout a year. This also depicts that rivalry in industry is high. Customers have several choices and new packages in regard to new tariffs and new phones (Hitt, Ireland Hoskisson 2009). For surviving in this kind of market it is vital to have continuous upgrade and expansion in developing countries for maintaining company position at global level. Power of suppliers: In addition to high buyer power, the telecommunication market also operates with strong suppliers power. In this regard, as Vodafone is a cost leader, it operates with margins higher than their competitors. This assist it to attract price increases from its suppliers more comfortably than its competitors (Dibb Simkin 2010). Being an extensive, leading competitors of the mobile telephone industry, Vodafone is able to hold its supplier cost down and attain profit but this situation would not remain in long-term if company is not able to main its position in global and international markets. For this it is vital to enter different developing countries. Threat of substitutes The company threat of product substitutes is low and it is due to its focussed cost leadership strategy. This strategy makes it difficult for others to produce similar products and services at a lower rate with same economies of scale (Fransman 2002). Threat of entry Although the threat of new entrants in industry is low but this situation need to be maintained by Vodafone by reducing its cost below of its competitors. This could be done by maintaining eminent level of efficiency and extending its place and position in different international and global markets (KÄÂ ±mÄÂ ±loÄÅ ¸lu, HNasÄÂ ±r NasÄÂ ±r 2010). With the help of this porters diamond analysis, it becomes evident that the most potential future strategy that can be adopted by Vodafone is expanding or concentrating more on developing countries. This analysis assists in identifying the suitability of selected potential future strategy. With this analysis it becomes evident that in present, Vodafone is able to maintain its position and attain significant competitive advantage with the help of focussed cost leadership strategy but the situation will not remain same in future. In future competition will get more intense and in that environment a firm that have strong international level presence will be able to operate. So, it is quite helpful for Vodafone to operate with a strategy of concentrating more on developing countries (KÄÂ ±mÄÂ ±loÄÅ ¸lu, HNasÄÂ ±r NasÄÂ ±r 2010). This strategy will also assist the company in increasing its profitability and cost-benefit that is related to the acceptability of a strategic option. Until or unless a strategic option s not acceptable it is not beneficial to use it. With this future strategy, the company will become able to reduce its costs and increase its benefits and shareholder value (Hitt, Ireland Hoskisson 2009). In addition to the suitability and acceptability of this future strategy, adoption of this strategy is also feasible. As in present also company is operating in several global locations so it is not so difficult for it to concentrate more on developing nations (Dibb Simkin 2004). It serves its customers with low prices that would also be beneficial for it to expand in developing nations. In this way, it can be concluded that concentrating more on developing markets is a quite effective potential future strategy for Vodafone and for its assured future success.

Essay --

Looking at how Nepal’s consumer action is associated with the quest of finding modernity, modernity is an important indicator for changes for the better in the chains of economic, social, political, and even in relation to religious bondage. The definition of modernity lies from the daily demands and possibilities of transformation of social and material context against the deeply rooted cultural and moral values, system of prestige, and notions of propriety within Kathmandu (Liechty, 2003). Modernity help perpetuate its hold over society for those who hold the power. These changes in society can occur in response to people desire to fit into society and not only that. Finding modernization can be seen as a blind pursuit of westernization form rather than their content and values toward Kathmandu. Modernity has many attributes to influence middle-class system in Kathmandu such as that being modern can go beyond just being a self-centered individual. Modernity comes in many att ributes mainly through the process of mind and not through the lifestyles which include the implications of acceptance of diversity, endeavors the change within circumstances of a modern person, and beauty giving rise to one to bear the tyranny of life and energy to bringing desired changes to modernity. Overall, the Nepali quest of modernity has been in struggle in at least three centuries (Lal, 2001). Marx theory on class insist that cultural practice must be located in context of unequal distribution of power and resources between class usually hierarchal society, whereas in Weber theory on class, concern on the role of culture in social lifestyle including education and consumer goods (Liechty, 2003). The concept of Weber’s theory is very important in mi... ...ce or project of something performed by groups of people. The definition of class must go beyond the passive and objective of the meaning of â€Å"what is class† into â€Å"what does the class itself do in relation to cultural practice.† In Kathmandu middle-class society, the cultural process pertains to the practice of carving out the cultural space where that people can act and speak for himself or herself in existence of the established culture. This could be in a form of stories of morality and value, status and honor, consumer practices and goods, media consumptions, and creation of â€Å"modern youth† by class. People produce the cultural space of class when language, goods, ideas, and values are practice everyday (Liechty, 2003). You will be able to see the emergence of class after viewing the vivid ethnographic facts that are repetitively produced in the cultural practice.

Unspoken Comparison in Tacituss Germania Essay -- Germania

Unspoken Comparison in Tacitus's Germania Tacitus's Germania is a thoroughly itemized ethnographic text detailing the geography, climate and social structure of Germany and its people. Unlike his Histories and Annales Tacitus doesn't offer a story line to be followed, but instead, he nudges forth an unspoken comparison to be made between two cultures. Each of the Germania's 46 passages deals with a particular area of German civilization among which Tacitus develops a two-tiered theme. The two points he tries to make generally clear are the following: A) The Germans are barbaric, savage and stupid†¦but†¦ B) The Germans are quaint, noble and have some redeeming qualities that make them a formidable enemy worthy of fighting. However, these two points don't manifest themselves during the Germania's first passage on physical location. Tacitus lets us know right off the start where Germany is positioned in terms of its bordering territories and informs us among several other geographical details that the rivers Rhine and Danube separate Germany from the Galli, Rhaeti and Pannonii. The name "Germany" according to Tacitus originates from the name of a tribe that drove the Gauls out of what would ultimately become German territory. Ever since those times, the name "Germany" was believed to inspire terror when heard. Tacitus makes mention of the fact that within sections of their mythological and religious structure, Hercules and Ulysses carry significant influence and this contributes to his theory (along with their distinctive looks) that the Germans developed their particula... ...bject of divination. The horse to the Germans is the most trusted species of augury and at public expense they have white horses kept in sacred groves for the taking of auspices which is conducted by noting the horse's various snorts and neighs. Tacitus claims that business was not tended to without being armed and for the younger men, a sword and shield would be bestowed upon them at a certain age which he describes as a seeming equivalent to the Roman toga of manhood. To be surrounded by a large group of picked young armed men was a prestigious and honorable thing, or as Tacitus would put it, "an ornament in peace and defense in war". The Germans according to Tacitus found their nobility through war and felt that it was better to receive from blood and wounds than to receive from hard work and sweat tilling a field. Unspoken Comparison in Tacitus's Germania Essay -- Germania Unspoken Comparison in Tacitus's Germania Tacitus's Germania is a thoroughly itemized ethnographic text detailing the geography, climate and social structure of Germany and its people. Unlike his Histories and Annales Tacitus doesn't offer a story line to be followed, but instead, he nudges forth an unspoken comparison to be made between two cultures. Each of the Germania's 46 passages deals with a particular area of German civilization among which Tacitus develops a two-tiered theme. The two points he tries to make generally clear are the following: A) The Germans are barbaric, savage and stupid†¦but†¦ B) The Germans are quaint, noble and have some redeeming qualities that make them a formidable enemy worthy of fighting. However, these two points don't manifest themselves during the Germania's first passage on physical location. Tacitus lets us know right off the start where Germany is positioned in terms of its bordering territories and informs us among several other geographical details that the rivers Rhine and Danube separate Germany from the Galli, Rhaeti and Pannonii. The name "Germany" according to Tacitus originates from the name of a tribe that drove the Gauls out of what would ultimately become German territory. Ever since those times, the name "Germany" was believed to inspire terror when heard. Tacitus makes mention of the fact that within sections of their mythological and religious structure, Hercules and Ulysses carry significant influence and this contributes to his theory (along with their distinctive looks) that the Germans developed their particula... ...bject of divination. The horse to the Germans is the most trusted species of augury and at public expense they have white horses kept in sacred groves for the taking of auspices which is conducted by noting the horse's various snorts and neighs. Tacitus claims that business was not tended to without being armed and for the younger men, a sword and shield would be bestowed upon them at a certain age which he describes as a seeming equivalent to the Roman toga of manhood. To be surrounded by a large group of picked young armed men was a prestigious and honorable thing, or as Tacitus would put it, "an ornament in peace and defense in war". The Germans according to Tacitus found their nobility through war and felt that it was better to receive from blood and wounds than to receive from hard work and sweat tilling a field.

Fatal Secret

*Wednesday 15th October It's getting worse. I have no friends. My family hates me. My grades are low and I can't sleep. I don't know why I even bother with school any more. My parents are so busy fighting they don't even know I'm there. I might as well just leave, it will make everyone happy. I have to go. Just pack my bags, and go* It's a Thursday afternoon, the sun is shining, there's a clear blue sky, and everything is close to perfect. Or so it seemed†¦ â€Å"Grace! Gracie! Gracie darling I'm home!† Grace's mother called repeatedly, but no one was home. Though she looked around, Grace's mother found nothing. Absolutely nothing. Except for this piece of paper lying on grace's dresser. Why this piece of paper stuck out so much she didn't know, but nevertheless she picked it up. It was addressed to her. â€Å"Mum, I know I haven't been the best daughter lately, so I think I've done you and dad a favour. I've seen the pair of you fighting, and I can't help but feel it is my fault. So I've decided to get out of your way. I don't know where I'm going, or how long for, but I think you will agree that it's for the best. In case I never see you again, I want you to know one thing. I love you and dad very much, and I owe you everything. You are the best parents a girl could wish for, but I hate seeing you like this. It's for the best, and I know when I come back things will be much better. Promise me you won't forget me. I'm sorry, Gracie xxx† Grace's mother was stunned. She read it over and over, but each time it said the same thing. Grace was gone. Her baby girl had run away, and it was all her fault. Straight away she phoned her husband, who came home immediately. â€Å"Helen, calm down† â€Å"No, we must call the police† â€Å"Look love†¦Ã¢â‚¬  â€Å"Steven, our child has gone!† â€Å"Yes dear, but we can't do anything just now. The police can't do anything for another twenty-four hours. Please, just calm down. Gracie will turn up anytime now. You'll see. She'll come rushing through that door crying, saying how she made a mistake. It will all be alright.† But she didn't. They waited all night, but there was no sign of Grace. Eventually they did call the police, although that didn't make much of a difference. Grace was nowhere to be seen. Helen, Grace's mother, had started to think the worst. â€Å"Steven, what if she's, you know, what if something's happened to her. She could be lying in a ditch right now, calling out for help. Officer, can't you do something!† â€Å"We're trying as hard as we can ma'm, but there's only so much we can do. There's a search party out now, and we've advertised it everywhere. I'm afraid there isn't much else I can do. Sorry.† It was true, not much else could be done, and there didn't seem much hope for Grace's survival. No one knew if she was alive or dead. There was no evidence pointing either way. Not at the time anyway†¦ The street is no place for a young girl, as Grace found out over time. She began to regret ever leaving. She wasn't the only one alone, but everyone else seemed to know how to survive, whereas Grace was struggling to find a meal each day. She would get funny looks when people walked past. Other homeless people scared her, something about them made her feel uneasy. One man, a strange looking man with a long ripped coat and a scar across his face, he scared her the most. He would walk past her; give her funny looks, like he was thinking something. Grace was permanently on the move to try and escape his glare, but somehow he would always find her. She wasn't the only one he scared. There were other girls, young girls, on the street with Grace. She wouldn't understand why, but every now and again, one of these girls would go missing. She'd never see them again. Grace just thought that they'd moved on, or gone home. If only she knew†¦ The search continued for weeks, even months. Every day more and more people seemed certain she had disappeared completely. For everyone knew about it. It was all over every newspaper, on every channel. Not one workplace hadn't discussed it over their tea break. Lots of people joined in the search, everyone wanted her to be okay. When almost every person had given up hope of finding her, something turned up. Some children had gone down to the river one Sunday afternoon for a bit of fishing. One boy had something on the end of his line, but it wasn't a fish. It was something much larger and heavier, for he had trouble pulling it in. It was a body, a naked body. A young girl's naked body. It was Grace. When the police examined the case, it was put down as suicide. They didn't look into it much, everything added up. She was young, lonely, upset, it all seemed to fit. But maybe they should have looked a little deeper, examined it a bit more. Did she kill herself, or was it someone else' s doing. Maybe they needed just that one bit of evidence to prove that it wasn't as simple as it looked. Maybe†¦ * Wednesday 15th November I'm scared. I don't know exactly what's happening. But I know it's to do with him. I've seen him before, he gives me funny looks. I've heard him talking himself; he's not right in the head. Before I heard him asking another girl if he could do stuff to her. Dirty, wrong stuff. It's not right. I just want to go home, I don't want anything to happen to me. I never wanted to die, I just thought I shoouldgive my parents some space. I think I hear him again; he's coming over here. It's the end, I know it is. I just want to go home. I just want to go home. *

Computer Components Essay

To build a PC you must buy all of the required components otherwise the computer will not work properly or not work at all. Here is a list of all required computer components to make it work: * Motherboard- motherboard is a main component in a computer. It is a printed circuit board and it connects the CPU, RAM, and the cards which generate sound and graphics so they can communicate between each other to make a working computer system. There are many types of motherboards, those ones made more recently than others are ATX motherboards. An ATX motherboards contain the normal I/O (input-output) connectors such as USB, serial ports, PS/2. without mother board there is no way the components will work together. * Case- basically a case holds together all of the components so they don’t fall apart. The type of case depends on what motherboard is used for the computer. Nowadays it is ATX so the cases for these motherboards are ATX cases. * CPU- Central Processing Unit is so called a brain of a computer. The CPU performs processes and runs programs on your computer. It is needed for any action that is done on a computer. The faster the CPU the faster it will do what is required. A processor is made up of cores. The more cores it has the better it is. Nowadays most CPUs have 2 cores and some even 4. That gives a lot of power and speed when executing instructions. * RAM- Random Access Memory is used to temporarily store data which will be lost when a computer is switched off. Ram stores some of operating system data and application data while it is being ran. RAM is essential in computer performance. The more memory there is the more applications can be ran on the computer at the same time. There are many forms of Memory. Nowadays most computers use DDR2 or DDR3 * Graphics Card- Graphics Card is needed to display an images on a monitor. There are AGP, PCI, PCI-E graphics. It just depends on what slot on a motherboard the card will be connected to. New graphics cards are usually made with 512MB or 1024MB of video memory which can generate graphics for all of new games. * Sound Card- sound card basically generates sound for what is ran on a computer, whether it is games, music or films. The leading sound card producer is Creative. * Modem- modem is required in a computer if you want to connect to internet. It converts the digital binary signals to analogue signals so it can be transferred in a network. There are internal modems which are connected to motherboard inside the case and others are external which connect temporarily to USB ports. * FDD- Floppy Disk Drive reads floppy disks. Those are little diskettes which hold up to 1.44 MB. The FDDs are not installe in new computer systems as they are replaced with more spacious USB disks. * HDD- hard disk drive is a storage device. It stores the operating systems and all sorts of Data such as music, word files, films†¦pretty much anything. It does not lose the data as a computer switches off like RAM. It stores the data and lets people access it. The capacity of hard drives is counted in Gigabytes and terabytes. The computer components have to communicate with each other in order to make an output. Motherboard allows them to communicate via BUSes which. They are little cables or printed Circuits which computer components share In order to exchange communication. There are various amounts of data that can be carried by a bus at once. They usually range from 16 to 64 bits and this is called a width of the bus. This is speed of data exchange. Also the speed of data exchange is defined by frequency of a bus. It states how many bits are sent in particular time which is usually per second. For example a CPU working with applications sends binary data, information about a picture and graphics card takes the information and puts pixels in the same way as requested and then sends it to the monitor through a cable to display it on the screen. Another example could be a CPU receiving information from RAM, processing it and sending it further to another component. Installing and configuring a printer (not plug and play) I’ve been asked to present a process of installation of a printer. With CD It is simple to do, just put the CD provided with the device into the CD Drive and go to My Computer.. After that click on the CD Drive location to explore the CD content. When explored click on the setup icon and the setup will start automatically. In the setup window click next. When done next window will come up asking to agree with the license terms. Click yes to proceed to the next stage. In the next window choose how your printer will be connected to the computer and press next. It could be either Via USB, cable or a network. When chosen press next to start the installation. When the installation process reaches 100% press finish to finalize the process And now a printer driver is installed and the printer is ready to use. I was asked to perform another installation of a device driver which in turn will be a DVD-Writer. I was provided a CD with a driver that enables the DVD- Writer to function on a system. First put the CD in the CD drive tray. When done click on my computer Icon to show the icon of the CD put in. Double click on the CD icon with the driver software to explore the content of the disc. When done double click on a Setup icon to start the installation. A window will come up letting you choose the directory of the installation. When chosen click next to proceed to another stage. In the next windows it will ask to agree to license terms. Click â€Å"agree to the license terms† and next button. The installation will start shortly. It will take quite a while to install it and when it gets to 100% press finish button to finalize the installation which will restart the computer to apply the changes to the system. After that the DVD-Writer will start functioning properly. Undertaking a final cleanup of the equipment While cleaning up the equipment health and safety standards must be met. Before taking the computer system apart I put on an anti-static wristband and put the whole computer on the anti-static mat which will prevent any flow of electricity that could damage the system and bring health issues. I make sure that the computer is not plugged in to the electricity. When I am ready I take a screwdriver and open the computer case. I Put it aside and carefully unscrew the metal bit in the middle from the computer which prevents me from manoeuvring when cleaning up. I put it aside and look what needs to be cleaned up. First I take a look at the motherboard and ribbon cables. I take a mini vacuum cleaner with brush designed for computers and carefully hoover the dusty motherboard and cables. When done I do the same with the components and I make sure that there are no liquids inside the computer and that there are no pieces of metal or plastic objects other than the components which could damag e it. Then I look at the components if they are connected to the motherboard and the power supply properly and cables attached in right places. When the cleaning is done I screw the metal bit on to the computer and the case making sure the screws are firmly inside. I’ve done all the activities with special care for my own safety as well as making sure not to damage the computer. I also have to look if any components are damaged or looking dodgy replacing them if true. The outside of the case should be cleaned as well, because if dust starts to build up it can access the inside and damage the components. Take a moist cloth and wipe the surface of the case carefully till it’s clean. Be careful as some cases have few fans, do not wipe the area close to the fans as the dust could easily get wiped inside by accident Selecting upgrades for a computer system There are many components for computer out there. Choosing the best ones will have a major influence on computer’s performance. First important upgrade could be a faster processor which is responsible for the processes running on the computer, how fast they work and how many of them can be ran at the same time. The faster the computer the faster the processes and the operating system as a whole. More RAM memory is a good choice as well when upgrading a computer. It is needed to run the applications and games. Similar to the processor the performance of the programs partially depends on RAM memory and how fast it runs. Graphics card is a very important upgrade as well. The quality of the images displayed on a screen depends on graphics card. The better the graphics card the prettier and smoother the image displayed. It is very important when playing games as it’s allows to play new games showing the best quality textures and images. A Soundcard is an important upgrade as well. Soundcard is responsible for generating the sound. The better it is the better and deeper quality of sound. It is important when playing games, music or in a studio producing music. A bigger Hard Drive is needed to store more data on a computer as well as the bigger the hard drive the faster data transfer. DVD Writer is essential if burning data to DVDs which can be used on other computers. These DVDs can contain any type of data and are quite spacious. After all the main upgrade is a motherboard which must be of good quality to connect every component for a great performance outcome. Task 2 Purpose features and functions of two operating systems Windows XP- It’s an operating system which was created by Microsoft in 2001 and was a great success. This operating system is made for ordinary people performing basic tasks but is capable of much more. Windows XP can run and is compatible with a lot of applications which makes it useful in everyday life. The main purpose of it is multimedia for people who like to enjoy themselves. It offers various applications which are already built in such as Windows Media Player which is able to play music, movies and has a lot of options of multimedia such as library, playlists or something different like basic notepad, paint which allows drawing images and saving them to share. There are also office programs in offer which allow companies to carry out their tasks regarding finances and maintenance of various departments. Windows XP was a best selling OS thanks to its stability and functionality. It is a successor to both Windows ME and Windows 2000 and it has two versions which include Windows XP home edition for home multimedia users and Windows XP professional for more advanced users with office needs. Both of them though are able to run games as well as various applications which provide fun. Windows eXPerience, because that is its full name makes work a lot easier and provides fun. The interface is easy to use and it looks nice and is intuitional and that made it a best selling Microsoft OS. It contains a lot of functions such as drag and drop like any other OS, a Taskbar at the bottom of the desktop which shows which programs are currently running on the system. The user is also able to browse internet and stream media thanks to a built in internet browser called Internet Explorer which is an ambitious name. So far Windows XP was the best system that came out rated by many customers, but that could change with release of Windows 7. Screenshot of a desktop on Windows XP professional- Linux – Linux operating system was designed as open source free software. Its functionality ranges from servers, power-computers to mobile phones and laptops. It is easy to use and its design allows customers to use it in various purposes. It is widely used as an OS for servers and programmers because it contains an interface allowing users to perform High-tech tasks thanks to its stability. The software that comes built in the OS is a free internet browser Mozilla Firefox or OpenOffice.Org which is almost the same as Microsoft Office application pack. Linux has a variety of appearance options which make it neat and good looking. There is a lot of free software compatible with linux which is related to IT field as well as a messenger and email client which makes it very useful to different groups of users but particularly IT people. The variety and accessibility to them is very good which makes linux a popular OS and it is free as well and let to distribute by people. The desktop is pretty much a window desktop and is also very intuitional. Linux OS supports dozens of programming languages which allows writing and coding in many ways. It’s secure, stable. Few of purposes are support of real time applications and fun features such as producing music, photo montage and movie making applications. This operating system was created with thought of people in IT and media creating industry and it does its job very well. Screenshot of desktop on Linux Ubuntu distribution- Compare Windows comparing to Linux is more of a multimedia system. Linux was designed for programming and creating audio or movies. It is more stable than XP and also more secure. Linux has compatibility issues with some programs as it isn’t as popular as XP but they are replaced by free applications made for linux. There are also more device drivers for XP as companies create XP-specific drivers skipping linux. Linux is much lighter than XP and can be installed onto a system on the same partition as an additional application. XP doesn’t come with a lot of useful applications and utilities and they have to be purchased externally which increases the frequency of ads. Linux in turn has a range of applications already installed by default and if not then it is easy to download them for free from reliable and safe websites. Linux can run on slower and weaker computers as well as more advanced hi-spec machines. It is already small enough unlike XP so it can be installed on tablet PCs and it will perform nicely. Linux OS is also better at multi-tasking on any machine, it’s faster and smoother however some applications work slower than XP. If working on XP there are always more security risks than linux as there are less viruses created to infect linux than XP. Using utilities There are number of utilities that support and maintain the performance and security of computer systems. I will undertake few activities using the utilities. First one and one of the main ones are installing an antivirus to prevent infections: To do that I put in the CD provided with antivirus. And go to my computer to see the if the disc is read by the CD-drive. If it is read by the computer I Click on the icon of CD-drive to explore the content of the CD. After that I look for an icon â€Å"Setup† and double click on it to start the installation process. In the main setup window I can see that it is an antivirus installation and it tells me to click â€Å"Next† to start the installation. In the next window it allows me to choose the installation type whether it is local installation or central installation. Central installation allows me to install the antivirus onto the file server and then onto particular computer systems. I choose the local installation to install it on my computer and click next. In the next window I can choose the options antivirus can perform from the beginning. I choose the intercheck client so it provides security for my computer particularly, I click next. And now finally the installation process starts. It takes quite a while to install it. When it gets to the end another window comes up asking if I want to Run the antivirus now or I just want to finish. The installation is completed. Effects of the activities These activities are done to maintain the performance and security of computer systems. Antivirus installed on a computer prevents viruses from infecting the computer as well as any other harmful software. That is a key to a fast working computer and secure. Harmful software like viruses can bring a lot of damage to the operating system causing instability and potential loss of important files. A full system scan is needed after every week of work as many files and webpages were brought on to the system and It needs checking for any harmful units to maintain the security and keep the system fast. Installation of Service Pack 2 patch is needed for new definitions of internet threats as well as performance of the OS. It brings a firewall to the system which protects the computer from harmful software coming in from the internetwork. New performance solutions makes the system faster, more stable and more reliable. Defragmenting hard drives is one of the ways to bring back data integrity lost when doing certain tasks or simply using the system. The files on hard drive get messesd up after time from various causes and need to be put in order to maintain the disk space. Formatting a hard drive

Bradman’s Last Innings Context

BRADMAN’S LAST INNINGS CONTEXT Sir Donald Bradman, born in 1908, is the most renowned and respected of Australian cricketers who, although of retiring demeanour, attained heroic stature in the interwar period and captained Australia in test matches against England from 1936 to 1948. He represents an era, long gone, when sportsmen were gentlemen and the love of a game, not dubious ‘star' status and huge financial rewards, was the inducement to play. In this way, too, he represents an Australia that has now receded into the romantic past, when the kind of man he was and the principles he espoused embodied a unified nation's beliefs about itself an understated confidence, even in hard times, a sense of fair play and a simplicity (sophisticates, today, would say ‘a simplemindedness) about life and its purposes. The affection of that society for Bradman was enunciated in the opening phrase of the popular song that was written about him: ‘Our Don Bradman'. Foulcher recalls the cricketer's reputation, in this poem, and subjects it to his keen poet's scrutiny. ‘Bradman's last innings' is framed by the event commemorated in the title – Bradman's last appearance at the crease, and the irony of his unceremonious dismissal, on that occasion, without a single run to his credit: Bowled for a duck, you could have asked for better†¦. At the end of the poem, the experience of his last match is more bitterly registered four runs short of that century / average, at the last, betrayed by your own game – as the cruel summation of a brilliant career. Between, Foulcher sketches the great batsman's life in the context of its significance in Australian history and the momentous national and world events of the earlier part of this century. In making these connections, the poet indicates the national and international renown of Bradman in these tumultuous years. During the grim time of the Great Depression, in the 1930s, ‘so many came to see you', and were momentarily lifted out of their gloom by his skill forgetting the dole queues, the homes dull with a long democracy. Foulcher's political comment here is apt in the historical setting of the vigorous challenges to democracy, by Communism and Fascism, especially in Europe, in those days. Australia, though suffering from the worldwide economic slump, was all but immune from such ideological ferment. The adjective ‘dull' indicates, critically, the sleepiness of the Australian backwater and sets the excitement of Bradman's appearances both against that dullness and, in praise of old Australia's isolation and detachment, against the grim excitements of Hitler and Stalin, occurring on the other side of the world. It is an ambiguous compliment, however: while the rest of humanity was being stirred politically, Australians were being distracted by sport. It is a criticism that remains relevant. During the Second World War, Bradman remained an inspiration, though Foulcher, in speaking of women waiting for their Saturday oval husbands does remind us – again, with a touch of criticism – of the sexual inequalities of that society. There is something ambiguous, too, about these ‘husbands'. It is not their wives, precisely, who wait for them – but ‘women'. Are these the men, not at war for a variety of reasons, some valid, some not so, who were reviled (as non-fighting men always are, in wartime) and who often replaced, in women's affections, the absent husbands? If so, the world in which Bradman continued to be a hero, for such people as these, was by no means as innocent as the game he played. CFAIRJONES KGS 2010 After the war, once again he ‘padded up' – an icon of constancy in a changing society. But now, the disjunction between what Bradman represented and the world that came to see him is vast. In Foulcher's analysis (as, indeed, in those of many historical commentators), the moral principles of western civilisation seemed to have been finally destroyed by that conflict, which climaxed in the atomic bomb. Yet Bradman perpetuated the old ideals: you gave people / something the world lacked: rules to / play by, winners, clear white flannels // sharp against the green turf. However, even this image of perfection (beautifully visualised in that crisp whiteness and brilliant green) is imperfect – and, even more disturbingly, Foulcher argues that all ideal conceptions are fallible, in an insistent repetition: But it never works out, never – as he recalls that even Bradman fell short, at the last, of the achievement expected of him. Addressed directly to Sir Donald – in the use of the second person singular – Foulcher's poem is unique in combining at once a tribute and a lament. He is not bent on diminishing the generations' celebration of Bradman's greatness, but his honesty is such that he must set that achievement in the larger context of his interpretation of the human condition – of fate. In other words, with rare poise, Foulcher both communicates the almost mythological stature of Bradman and the fact of the even greater forces in human life – here articulated through the betrayal which cricket, personified, inflicts on its champion – from which even heroes are not immune. CFAIRJONES KGS 2010

Finance & Strategic Management Essay

Over the past decades the concept of Corporate Social Responsibility (CSR) has continued to grow in importance and significance due to external pressure of diverse stakeholders, and has thereby become more prominent on companies’ agendas (Carroll & Shabana, 2010; Beurden & Gossling, 2008). The concept of CSR has been subject to considerable debate, commentary, theory building and continues research (Carroll & Shabana, 2010). The question, of whether CSR investments result in financial and social benefits that outweigh its costs, is intensively scrutinized in existing literature (Schreck, 2001; Carroll & Shabana, 2010). Adherents of CSR argue that it is in the long-term self-interest of corporations to be socially involved (Carroll & Shabana, 2010; Barnet 2007). The overall logic is that CSR increases the trustworthiness of firms and strengthens the relationships with stakeholders. CSR may further result in decreased transaction costs and thereby improved corporate financial performance (CFP), by decreasing employee turnover, reducing operating costs, as well as functioning as a buffer in disruptive events (Carroll & Shabana, 2010; Barnet, 2007). Barnett (2007) and Schreck (2011) argue that, if the financial benefits of CSR meet or exceed the costs, CSR can be justified as a rational investment. According to Kurucz, Colbert and Wheeler (2008), firms may attain four distinct benefits from engaging in CSR; cost and risk reduction; gaining competitive advantage; developing reputation and legitimacy; and seeking win–win outcomes through synergistic value creation. Critics of CSR typically use classical economic arguments, articulated most forcefully by Friedman (Carroll & Shabana, 2010). Traditionally, the expenditures of CSR are considered an illegitimate waste of resources, which conflict with a firm’s responsibility to its shareholders (Schreck, 2011, Barnet, 2007). According to Friedman (1970) â€Å"There is one and only one social responsibility of business – to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game†¦Ã¢â‚¬ . Friedman further argued that, social issues are not the concern of business people, and â€Å"the business of business is business† (Carroll & Shabana, 2010). Even though CSR have been subject to critique, an increasing number of corporations are accepting responsibilities that extend well beyond the immediate interest of the owners, by considering â€Å"non-shareholder stakeholders’ concerns† (Grant, 2010; Clegg, Carter, Kornberger & Schweitzer, 2011). Although the existence, direction and strength of possible links between CSR and CFP have been the subject of several empirical analyses (Schreck, 2011), and even though CSR is almost universally practiced, the results from empirical studies are inconclusive (De Bakker, Groenewegen & Hond, 2005). After more than thirty years of research, it cannot clearly be concluded, whether a one-dollar investment in social initiatives returns more or less, than one dollar in benefits to shareholders (Barnet, 2007; Surroca & Tribo & Waddock, 2008). The inconclusiveness of empirical studies may be due to unclear and inconsistent definitions of key terms (De Bakker, Groenewegen & Hond, 2005; Barnet, 2007), methodological differences (Carrol & Shabana, 2010), and diverse approaches of measuring CSR and CFP (Beurden & Gossling, 2008). In existing literature, CSR activities are often entioned to reduce risk, by avoiding the various consequences of moral disapproval by numerous stakeholders (Zadek, 2000). However, CSR derived risk reductions are considered as an ex-post beneficial outcome and not as a proactive risk management instrument to control or reduce idiosyncratic risk (firm specific). Under the assumption that, shareholders are risk adverse and prefer a high expected return (Bodie, Kane & Marcus, 2011; Brealey, Myers & Allen, 2011), a reduction of firm specific risk must be perceived as favorably. Provided that CSR investments can be applied as a risk management tool, CSR could be seen as investments by firms on behalf of its shareholders. Taking a shareholder perspective, this paper looks beyond the socially good deed of CSR, and focuses on the value of CSR as a method to reduce idiosyncratic risk without detriment of CFP. CSR and Risk Management Since this paper hypothesizes that, CSR can be applied as a risk management instrument to preserve CFP, risk need to be defined. Risk can be defined as the uncertainty about outcomes or events, especially with respect to the future (Orlitzky & Benjamin, 2001). Widely risk management is defined as a managerial tool to avoid risk, transfer risk to another party, reduce risk, or in some cases accepting consequences of a certain risk (Froot, Scharfstein & Stein, 1994). A shareholder’s perspective on risk management however, conflicts with the capital asset pricing model (CAPM) (Markowitz, 1952) and the Modigliani & Miller’s theorem on capital structure (1958). CAPM theory states that, the cost of reducing idiosyncratic risks simultaneously reduces the expected return, and hence firm value (Markowitz, 1952). Risk reduction by holding a well-diversified portfolio of securities will be unattainable by risk management (Godfrey, Merrill & Hansen, 2009), why a profit-maximizing investor would not prefer risk management. Total firm risk is in general the combination of systematic and unsystematic risk (Hoje & Haejung, 2012). Systematic risk, often referred to as market risk or non-diversifiable risk, is usually defined as the firm’s sensitivity to changes in the market average returns, which cannot be reduced by diversification of shareholders (Weber, 2008; Luo & Bhattacharya, 2009; Orlitzky & Benjamin, 2001). Unsystematic risk is defined as idiosyncratic risk (Hoje & Haejung, 2012; Luo & Bhattacharya, 2009). Idiosyncratic risk is traditionally viewed as indifferent to the portfolio investors, since it is associated with specific companies and thereby can be reduced by diversified portfolios (Husted, 2005; Weber, 2008). Opposing idiosyncratic risk is of great relevance to the firm manager, whose very survival may depend upon taking adequate measures to reduce the idiosyncratic risk (Husted, 2005). Firms’ financial risk is often defined in terms of variability of returns (Orlitsky & Benjamin 2001), or stock price volatility (Luo & Bhattacharya, 2009), which is important risk measures, given that higher volatility implies greater investment risk and uncertain future cash flows (Luo & Bhattacharya, 2009; Oikonomou, Brooks & Pavelin, 2012). A reduction in idiosyncratic risk reflects reduced variance in the future expected cash flows, which translates into greater shareholder wealth (Luo & Bhattacharya, 2009; Mishra & Modi, 2012). In a strict Modigliani and Miller perspective, risk-management instruments are of no value, since these are purely financial transactions that do not affect the value of a company’s operating assets (Froot, Scharfstein & Stein, 1994). The views of CAMP and Modigliani and Miller have been superseded by a postmodern view of risk management as an important strategic tool. Firms do invest in insurances even though the costs of these investments may be in excess of expected losses, which is in clear violation with the perfect market assumption (Smith & Stulz, 1985; Stultz, 2002). If risk management can reduce firms’ exposure to idiosyncratic risks, it protects shareholders against the deadweight costs of severe financial distress in a way, that investors can not accomplish in the market by diversifying (Godfrey, Merrill & Hansen, 2009). Review of the linkage between CSR and risk For several decades, researchers have aimed at discovering a conclusive linkage between CSR and CFP, the literature however, remains highly fragmented (Aguinis & Glavas 2012). According to Orlitsky & Benjamin (2001) true economic performance manifests itself in both high financial returns and low financial risk. Among financial and non-monetary benefits, risk reduction is often mentioned as a positive outcome of engaging in CSR activities. Porter and Kramer (2006) argue that, today’s pressure, of external stakeholders to hold companies accountable for social issues, learly demonstrate the potential large financial risks for any corporation. Several scholars emphasize, that the costs of CSR can be justified by reductions in risk and costs derived from engagement in social issues (Caroll & Shabana, 2010). The primary argument is that the diverse demands of stakeholders represent potential threats and risks to the viability of the firm, why it is the economic interest of firms to mitigate these threats and gain legitimacy through social involvement (Caroll & Shabana, 2010; Schreck, 2011; Kurucz, Colbert & Wheeler 2008). Existing literature on the CSR-risk relationship is virtually unanimously agreeing upon a negative correlation between CRS and idiosyncratic risk, where empirical results show that CSR lowers idiosyncratic risk (Spicer, 1978; Orlitsky & Benjamin, 2001; Godfrey, 2005; Hoje & Haejung, 2012; Caroll & Shabana, 2010; Godfrey, Merrill & Hansen, 2009; Heal, 2005; Luo & Bhattacharya, 2012; Oikonomou, Brooks & Pavelin, 2012; Berman, Wicks, Kotha & Jones, 1999; Hart, 1995; Shrivastava, 1995; Peloza, 2006). Several studies have also shown a significant negative relationship between CSR and systematic risk (non-diversifiable) (Hoje & Haejung 2012; Orlitzky & Benjamin, 2001; Mcguire, Sungren & Scneewies, 1988; Luo & Bhattacharya, 2009). CSR reduces idiosyncratic risk by reducing the probabilities of expected financial, social, or environmental crisis that could adversely influence firms’ cash flows (Hoje & Haejung, 2012). Firms perceived as socially responsible may be able to increase interpersonal trust among stakeholders, build social capital, lower transaction costs, and therefore ultimately reduce uncertainty about future financial performance (Orlitzky & Benjamin, 2001). Luo and Bhattacharya (2009) present the view of CSR, as helping the firm build a bulwark of defense against future losses of economic value by reducing firm specific risk and vulnerability of future cash flows. Firms with high social responsibility may have lower financial risk, since these are less sensitive to certain negative external events, like regulatory governmental intervention, undesirable publicity, probability of civil- and criminal legal proceedings or consumer boycotts, why risk reduction can be seen as a monetary benefit of CSR (Mcguire, Sungren & Scneewies, 1988; Oikonomou, Brooks & Pavelin, 2012; Weber, 2008; Orlitzky & Benjamin, 2001; Mcguire, Sungren & Scneewies, 1988). Participation in specific types of CSR, those aimed at a firm’s secondary stakeholders or society as a whole, is argued to create a form of goodwill or positive â€Å"philanthropic moral reputational capital†, which functions as an insurance-like protection, when negative events occur (Godfrey, 2005; Peloza, 2006). When business activity creates negative impact on society, stakeholders respond by sanctioning the firm (Godfrey, Merrill & Hansen, 2009). It is argued that the goodwill, derived from engagement in CSR, reduces the overall severity of the sanctions, by encouraging stakeholders to give the firm ‘the benefit of the doubt‘(Godfrey, 2005; Uzzi, 1997; Peloza, 2006; Godfrey, Merrill & Hansen, 2009). The resultant moral capital gained from social engagement has little to do with generating financial value, but the insurance-like protection contributes with preserving shareholder value and thereby financial performance (Godfrey, Merrill & Hansen, 2009). Mishra and Modi (2012) fund a significant effect on idiosyncratic risk, when CSR is applied, the authors however enhanced this result by finding that, positive CSR reduces idiosyncratic risk, while negative CSR increases idiosyncratic risk. Literature has, according to Mishra and Modi (2012), often a singular focus on positive CSR, and overlooks that firms also occasionally engage in activities that qualifies as negative CSR. Luo and Bhattacharya (2009) and Porter and Kramer (2006) argue that CSR is not beneficial in all situations, but is rather advantageous in some contexts and disadvantageous in others and can even lead to additional risk. This is in line with Barnet (2007), who argues that stakeholders’ perception of firms’ CSR engagement are path-dependent (Barnet, 2007; Luo & Bhattacharya, 2009; Hoje & Haejung, 2012). For firms with social negative impact or prior bad reputation, CSR may be perceived as â€Å"blood money† to mitigate past sins, omissions or shortcomings (Luo & Bhattacharya, 2009; Barnet 2007). CSR can thereby lead to reduced idiosyncratic risk, but can also expose a firm to additional risk (Weber, 2008; Barnet, 2007). Discussion Even though the CSR-risk relationship have received much attention in the existing literature, managing risk as the predominantly basic for engaging in CSR has not received specific attention. Focus within the field is on ex-post measures of risk-related benefits, where CSR is not valued as a proactive tool to reduce idiosyncratic risk. Existing research does not seem to provide any practical guidance to managerial proactive evaluations of the risk reductions derived from CSR involvement. It further lacks a practical framework to ex-ante quantify the risk related benefits of CSR (Weber, 2008). The above review demonstrates the focus on risk, solely as valuable side-effect of engaging in CSR activities. The authors of the paper posit a research gap exists within the existing literature of CSR and risk: CSR is not considered as a proactive ex-ante risk management instrument to control and reduce firm risk. Given the risk reducing benefits of CSR, the authors suggest that investments in CSR can be used as a proactive risk management instrument to reduce idiosyncratic risk. Such an approach could strengthen the overall CSR involvement and support rational ex-ante decision-making in this area (Weber, 2008). The aim is to draw a much-need attention to the risk-reduction potential of CSR by viewing CSR investments as a proactive risk management tool, where managing risk is the main purpose for engaging in CSR. Empirical resolving the research gap and verifying the hypothesis is beyond the scope of this paper. The authors however, suggest that a potential solution is to apply real option theory as a basis for proactive CSR risk management decision-making. CSR as a real option Attributable to the aforementioned arguments, the function of CSR as a risk management tool can be considered as a real option. Regular options are based on securities (financial instruments), whereas real options are based on hedging against uncertainties in real investment projects (Mun, 2002). An analysis of the costs and benefits of CSR projects, using traditional NPV models, often leads to a rejection, as these fail to contribute to maximizing shareholder value (Friedman, 1962). This is, nevertheless, not always the right decision, as the NPV approach fails to incorporate the main advantage of real options (Husted, 2005). Compared to the traditional NPV approach, real options offer management flexibility through multiple decision-making in situations with high uncertainty. Managers have the option, but not the obligation, to engage in, modifying or end strategies, as new information becomes available (Mun, 2002). A CSR option offers the choice of deferring, abandoning, expanding, or staging an investment project (Amram & Howe, 2003). Due to the theoretical and mathematical complexity of option theory, which is beyond the scope of this scientific paper, option theory will be described on an incomprehensive level. In brief option pricing is a function of five variables: the value of the underlying asset, the exercise price, time to exercise, the risk-free interest rate, and the volatility of the underlying asset (Black & Scholes, 1973). The value of the underlying asset is the resources resulted from the CSR option, such as qualified employees, PR and cost avoiding’s etc. Husted, 2005). The exercise price refers to the required additional investments needed for receiving the value created by the CSR option. The timing of the exercise is an essential variable, as it has great effect on the value of CSR options. The risk-free interest rate does not play an important role in most real options (Mun, 2002). The volatility or the uncertainty of the underlying asset has a significant impact on the value of CSR options (Mun, 2002). The variance of the expected value can both be higher or lower than the expected return. Black and Scholes is the most widely used regular option pricing model, however, also one of the most complicated models (Mun, 2002). A Binomial lattice approach is applied in most real option pricing, as it provides a more transparent and intuitive appeal compared with Black and Scholes’ theoretical and mathematical approach (Mun, 2002). However, since the aim is solely to clarify the value of real options in a CSR context, the choice of approach is of less relevance. Real options provide an important framework for firms to manage risk by reducing the risk of future investments, and can thus be an essential tool in corporate risk management (Husted, 2005). Finally, a real CSR option explicitly includes a time dimension. This ex-ante perspective is clearly different from the focus on risk in most CSR-risk research, which is ex post in nature. CSR as a risk management instrument – The Toyota example A few decades ago, car manufacturers did not focus so intensively on a green profiling as they do today. The increased oil prices in 1973 and 1979 were influential for the entry of Japanese car manufacturers in USA, who were producing smaller and more gas efficient cars (Andrews, Simon, Tian & Zhao, 2011). The gas efficient cars of Japanese manufactures were causative to the car industry as a whole subsequently invested massively in green technology projects. These investments have met consumers’ need and have generated positive branding values. Toyota’s Prius has reached â€Å"cult status†, as it is one of the most gas efficient and green cars on the market. However, more interestingly is the security, that the green profile of the Prius has offered Toyota, which includes protection against the bad publicity of car manufacturers’ contribution to pollution and factors such as Middle Eastern conflicts that influence oil prices and hence sales of cars. At first glance, it appears as Toyota has been skilled at forecasting future trends and meeting customer’s needs without using CSR as management instrument. As the following example however illustrates, Toyota’s management could have benefitted from considering investments in CSR as real options to control idiosyncratic risk and thereby preserve CFP. In 2009 repeated accidents occurred, which were accused to be caused by flaws in floor mats and accelerator pedals in Toyota’s vehicles. This resulted in a recall of more than 5 million vehicles, alone in the North American market (Andrews, Simon, Tian & Zhao, 2011). Before a product is recalled, companies have to make severe considerations. A product-recall can have great financial impact in terms of losses in brand value, consumer goodwill, decreasing sales and a negative effect on stock prices (Kumara & Schmitza, 2011), which in this case is the value of the underlying asset of the CSR option. The decision to recall the cars is the price of the option. The recall option could have generated strategic flexibility, which however, meanwhile was eliminated, as Toyota’s management failed to exercise the option, before it was too late. The leisurely recall decision resulted in losses in brand value, consumer goodwill, decreased stock price, lower sales, a fine of $16 million and more than 130 potential class-action lawsuits (Andrews, Simon, Tian & Zhao, 2011). The negative outcome of the late recall is considered as high volatility of the underlying asset. A faster recalling could have had a avoiding, a limited or opposite effect on product brand, consumer goodwill and the massive media coverage (Husted, 2005). Provided that Toyota’s management had viewed the recall decision as a valuable option rather than severe costs, strategic flexibility could have been obtained, why the negative outcome may have been avoided. A faster exercise of the recall option might have resulted in goodwill or trust, which could have been exploited by Toyota to limit the negative publicity caused by the repeated accidents. Toyota however, failed to exercise the recall option in acute time, why the result was lost flexibility to respond to the unexpected event of the accidents. The value of the real option foregone by Toyota was a function of inter alia lost sales, brand value and reputation. Toyota’s management failed to exploit the advantages of CSR as a risk management tool.