Organization Behavior Case Study

Communication is the process of information exchange between two and more than two individuals or organizations (Bowditch and Buono, 1997, cited by Anotony and Macvicar, 2011: 106). In general, communication process could be divided into two forms, verbal and non-verbal (Buchanan and Huczynski, 2010). Verbal communication includes oral and written, non-verbal communication includes body language and eye contact (ibid. ). Because of the development of technologies, especially the progress of internet, communication approaches becomes more diverse and effective (Shrivastava, 2012). In organizations, effective communication strategies could improve their both internal and external managing process (ibid). Thus, most of organizations are keep developing their communication strategies for improving their competitiveness in the market. However, communication process always launch with several noise, which considered as communication barriers, and these problem could occur in every phase of transmission stages (Buchanan and Huczynski, 2010). There are various kinds of barriers defined by scholars, for instance, Shrivastava (2012) labeled barriers into physical, emotional, perceptual, culture, gender and others. These barriers contribute to the lack of efficiency and uncertainty in the process of communication (ibid. ). Due to communication is the fundamental issue in the stage of the management in an organization, most of organizations are looking for an appropriate strategy for improving the efficiency and reliability of communication (Goh et al, 2005). Consequently, this essay will try to figure out three organizations’ challenge of communication, these three samples will be Enterprise Rent-A-Car, Ferrari and Saint John’s international school, meanwhile, their solutions for overcoming communication barriers will be evaluated in the essay. Enterprise Rent-A-Car Enterprise Rent-A-Car is one of the biggest car rental company which has over 370 locations throughout the UK. As a multinational company, Enterprise’s business covers seven countries with 8,200 rental office for offering daily and weekend car rental for individual and business (The Times 100, 2013). To guarantee that a variety of internal and external stakeholders are able to receive messages effectively, Enterprise has used different communication strategies. However, the challenge for Enterprise is that they cannot ensure that the methods and channel they used are the most appropriate for each audience (ibid). To be specific, this phenomenon is considered as medium barrier in the communication process. To solve this problem, Crothers (2007) claims that each particular communication could be effective by an appropriate medium. Enterprise communication strategies launched with the internal and external stakeholders, which aims to deliver the values and culture of the company according to such induction events, website, meeting and poster (The Times 100, 2013). Mostly, the communication approaches which are used by Enterprise are verbal communication. According to Waldstrom et al (2011, cited in Antony and MacVicar, 2011:112), verbal communication is able to express information much clearer than that of non-verbal communication. However, verbal communication might lead several misunderstanding of the massage. The communicator and receivers are not in the same position, even receivers can understood the words, they might cannot understand the meaning and attitudes of the communicators who are not familiar with them (Wright and Whalley, 1979). Meanwhile, Sonnenberg (1990) states that verbal communication cannot be effective without developed listening skills. Thus, if receivers’ listening skills such as ability of emphasis and evaluate the information and be able to chose the important information can be improved, such misunderstanding and incertainty can be avoided (ibid. ). On the other hand, An appropriate channel for feedback could be crucial for internal communication, communicators can collect feedbacks to analyse receivers needs and give them explanation of confusing questions. (Wright and Whalley, 1979). Thus, Enterprise builded a internet based system which is called â€Å"The Hub† to ensure that employees exchange their opinion directly (The Times 100, 2013). For the external communication, Enterprise’s service is divided into business-to-business (B2B) and business-to-consumer (B2C) approaches (The Times 100, 2013). Enterprise used various channels includes TV advertising, -mail and company newsletter to deliver the information, which ensured that they can cover all of the customers (ibid. ). Goh et al. (2005) shows that multiple communication channels not only deliver rich information effectively, but also be able to catch specific receivers’ needs. Therefore, Enterprise created multiple communication approaches to ensure the information could be deliver effectively and cover both internal and external stakeholders. Ferrari Ferrari is an excellent values company which has high reputation in the sport car industry and performance quite well in car racing events (Patrono, 2012). Meanwhile, Ferrari is the only car manufacture which has entire production line, that allows Ferrari to design every part of car just for its production (Invernizzi and Romenti, 2012). Before Luca di Montezemolo became Ferrari’s CEO, Ferrari faced an internal feedback communication barrier which is that employees cannot communicate well with senior executives, since the internal communication approaches were closed, it contributes that even Ferrari had a very good performance in racing events, but did not performance well in general market (ibid. ). Goh et al. 2005) states that a closed internal communication environment might leads the reducing of stakeholders sense of participation, commitment and passion. Similarly, Wright and Whalley (1979) claims that if employees feel under pressure, they cannot present their information clearly, and also, they might be not willing to exchange their creative advice of work. The closed communication channel not only contributes the barrie r between employees and employers, but also leads an ineffective communication process between different sectors of Ferrari (Invernizzi and Romenti, 2012). In order to solve the invalid communication process, Greenbaum (1980) point that a crucial element in internal communication process in organization is that senior executives should be more initiative to receive stakeholders idea. Thus, Ferrari’s CEO Luca di Montezemolo create a new communication system which is called ‘Formula Uomo’ (Patrono, 2012). For the internal communication, Formula Uomo creates a permanent listening instruments, such s the ‘open door’ office, which requires leading managers have to listen and pay more attention to the needs of employees to improve employees’ participation, commitment and performance (Invernizzi and Romenti, 2012). It not only provide a easier way for sender to communicate with the receiver, but also shared the whole information includes every aspects of this company, that allows participant to give their opinion of each processes (ibid). This open communication strategy is able to encourage employees jo in the whole operation of organization (Greenbaum, 1980). Therefore, eventually, Ferrari figure out an effective communication system in order to increase employees’ senses of belonging. Compare with the case of Enterprise Rent-A-Car, if Ferrari build an accessible intranet for internal communication, their efficiency of communication might be able to improve further. Saint John’s international school Saint John’s international school is using British curriculum to teach Thai children in Thailand, all the teacher in the campus are from Britain. It faced a culture barrier between teachers and pupils (Monthienvichienchai, et al. 2002). In this case, the major problem is that due to the culture difference, students cannot understand what teachers want to communicate and the meanings they want to convey (ibid. ). According to Hofstede (2001), in a cross-culture organization, the main barriers of communication is the different awareness of working style and the cognition of the goal. In the Saint John’s case, Thai students are more likely to learn how to do rather than how to learn and they feel more comfortable in a structured leaning situations (Monthienvichienchai, et al. 2002). For the major goal of learning, the major gap between British education purpose and that of Thai, Thai people consider that diplomas are more essential in building personal self respect (ibid). This might cause British teachers and Thai cannot working in the same way for a same purpose. In order to solve this problem, Wiseman, cited in Monthienvichienchai, et al. (2002) claims that three essential elements of improving the efficiency of communication are knowledge, motivation and skill or action. Thus, Saint John’s international school not only provides the basic curriculum for pupils, but also creates face-to-face communication opportunities for students to communicate with teachers, which aims to improve pupils’ knowledge of the purpose and the teaching style of British education (Monthienvichienchai, et al. , 2002). English (2001) states that in an interculture organization, informal communication might reduce receivers’ tension and increase the comprehension of different culture. Therefore, students in Saint John’s school are able to understand the British culture through the well-designed informal activities (Monthienvichienchai, et al. , 2002). In summary, Saint John’s international school overcomes several culture gap between Thai pupils and British teachers, however, due to the different education from home and school, this barrier cannot be completely solved. Compare with Ferrari case, Saint John’s international school might also need a better communication environment, such as ‘open door’ office and teacher might need to be more initiative. In conclusion, this essay has analyzed the three different organizations’ (Enterprise Rent-A-Car, Ferrari, Saint John’s international school) communication process, and discussed the communication barriers of them separately. Furthermore, the solutions which in order to remove these barriers also have been evaluated in the essay. According to these cases, to improve the internal and external communication efficiency, an appropriate channel, a harmonious communication environment and suitable methods could be beneficial. Additionally, communication strategies are flexible, they could be change and improved in an appropriate time and situation. Thus, it is important that organizations need to be more sensitive for the changing communication barriers. However, this essay targets are narrow, there are also a considerable number of different types of communication barriers such as gender and language barriers are existing in some organizations, which are leading to the inefficiency and uncertainty in the process of communication. Organization Behavior Case Study Communication is the process of information exchange between two and more than two individuals or organizations (Bowditch and Buono, 1997, cited by Anotony and Macvicar, 2011: 106). In general, communication process could be divided into two forms, verbal and non-verbal (Buchanan and Huczynski, 2010). Verbal communication includes oral and written, non-verbal communication includes body language and eye contact (ibid. ). Because of the development of technologies, especially the progress of internet, communication approaches becomes more diverse and effective (Shrivastava, 2012). In organizations, effective communication strategies could improve their both internal and external managing process (ibid). Thus, most of organizations are keep developing their communication strategies for improving their competitiveness in the market. However, communication process always launch with several noise, which considered as communication barriers, and these problem could occur in every phase of transmission stages (Buchanan and Huczynski, 2010). There are various kinds of barriers defined by scholars, for instance, Shrivastava (2012) labeled barriers into physical, emotional, perceptual, culture, gender and others. These barriers contribute to the lack of efficiency and uncertainty in the process of communication (ibid. ). Due to communication is the fundamental issue in the stage of the management in an organization, most of organizations are looking for an appropriate strategy for improving the efficiency and reliability of communication (Goh et al, 2005). Consequently, this essay will try to figure out three organizations’ challenge of communication, these three samples will be Enterprise Rent-A-Car, Ferrari and Saint John’s international school, meanwhile, their solutions for overcoming communication barriers will be evaluated in the essay. Enterprise Rent-A-Car Enterprise Rent-A-Car is one of the biggest car rental company which has over 370 locations throughout the UK. As a multinational company, Enterprise’s business covers seven countries with 8,200 rental office for offering daily and weekend car rental for individual and business (The Times 100, 2013). To guarantee that a variety of internal and external stakeholders are able to receive messages effectively, Enterprise has used different communication strategies. However, the challenge for Enterprise is that they cannot ensure that the methods and channel they used are the most appropriate for each audience (ibid). To be specific, this phenomenon is considered as medium barrier in the communication process. To solve this problem, Crothers (2007) claims that each particular communication could be effective by an appropriate medium. Enterprise communication strategies launched with the internal and external stakeholders, which aims to deliver the values and culture of the company according to such induction events, website, meeting and poster (The Times 100, 2013). Mostly, the communication approaches which are used by Enterprise are verbal communication. According to Waldstrom et al (2011, cited in Antony and MacVicar, 2011:112), verbal communication is able to express information much clearer than that of non-verbal communication. However, verbal communication might lead several misunderstanding of the massage. The communicator and receivers are not in the same position, even receivers can understood the words, they might cannot understand the meaning and attitudes of the communicators who are not familiar with them (Wright and Whalley, 1979). Meanwhile, Sonnenberg (1990) states that verbal communication cannot be effective without developed listening skills. Thus, if receivers’ listening skills such as ability of emphasis and evaluate the information and be able to chose the important information can be improved, such misunderstanding and incertainty can be avoided (ibid. ). On the other hand, An appropriate channel for feedback could be crucial for internal communication, communicators can collect feedbacks to analyse receivers needs and give them explanation of confusing questions. (Wright and Whalley, 1979). Thus, Enterprise builded a internet based system which is called â€Å"The Hub† to ensure that employees exchange their opinion directly (The Times 100, 2013). For the external communication, Enterprise’s service is divided into business-to-business (B2B) and business-to-consumer (B2C) approaches (The Times 100, 2013). Enterprise used various channels includes TV advertising, -mail and company newsletter to deliver the information, which ensured that they can cover all of the customers (ibid. ). Goh et al. (2005) shows that multiple communication channels not only deliver rich information effectively, but also be able to catch specific receivers’ needs. Therefore, Enterprise created multiple communication approaches to ensure the information could be deliver effectively and cover both internal and external stakeholders. Ferrari Ferrari is an excellent values company which has high reputation in the sport car industry and performance quite well in car racing events (Patrono, 2012). Meanwhile, Ferrari is the only car manufacture which has entire production line, that allows Ferrari to design every part of car just for its production (Invernizzi and Romenti, 2012). Before Luca di Montezemolo became Ferrari’s CEO, Ferrari faced an internal feedback communication barrier which is that employees cannot communicate well with senior executives, since the internal communication approaches were closed, it contributes that even Ferrari had a very good performance in racing events, but did not performance well in general market (ibid. ). Goh et al. 2005) states that a closed internal communication environment might leads the reducing of stakeholders sense of participation, commitment and passion. Similarly, Wright and Whalley (1979) claims that if employees feel under pressure, they cannot present their information clearly, and also, they might be not willing to exchange their creative advice of work. The closed communication channel not only contributes the barrie r between employees and employers, but also leads an ineffective communication process between different sectors of Ferrari (Invernizzi and Romenti, 2012). In order to solve the invalid communication process, Greenbaum (1980) point that a crucial element in internal communication process in organization is that senior executives should be more initiative to receive stakeholders idea. Thus, Ferrari’s CEO Luca di Montezemolo create a new communication system which is called ‘Formula Uomo’ (Patrono, 2012). For the internal communication, Formula Uomo creates a permanent listening instruments, such s the ‘open door’ office, which requires leading managers have to listen and pay more attention to the needs of employees to improve employees’ participation, commitment and performance (Invernizzi and Romenti, 2012). It not only provide a easier way for sender to communicate with the receiver, but also shared the whole information includes every aspects of this company, that allows participant to give their opinion of each processes (ibid). This open communication strategy is able to encourage employees jo in the whole operation of organization (Greenbaum, 1980). Therefore, eventually, Ferrari figure out an effective communication system in order to increase employees’ senses of belonging. Compare with the case of Enterprise Rent-A-Car, if Ferrari build an accessible intranet for internal communication, their efficiency of communication might be able to improve further. Saint John’s international school Saint John’s international school is using British curriculum to teach Thai children in Thailand, all the teacher in the campus are from Britain. It faced a culture barrier between teachers and pupils (Monthienvichienchai, et al. 2002). In this case, the major problem is that due to the culture difference, students cannot understand what teachers want to communicate and the meanings they want to convey (ibid. ). According to Hofstede (2001), in a cross-culture organization, the main barriers of communication is the different awareness of working style and the cognition of the goal. In the Saint John’s case, Thai students are more likely to learn how to do rather than how to learn and they feel more comfortable in a structured leaning situations (Monthienvichienchai, et al. 2002). For the major goal of learning, the major gap between British education purpose and that of Thai, Thai people consider that diplomas are more essential in building personal self respect (ibid). This might cause British teachers and Thai cannot working in the same way for a same purpose. In order to solve this problem, Wiseman, cited in Monthienvichienchai, et al. (2002) claims that three essential elements of improving the efficiency of communication are knowledge, motivation and skill or action. Thus, Saint John’s international school not only provides the basic curriculum for pupils, but also creates face-to-face communication opportunities for students to communicate with teachers, which aims to improve pupils’ knowledge of the purpose and the teaching style of British education (Monthienvichienchai, et al. , 2002). English (2001) states that in an interculture organization, informal communication might reduce receivers’ tension and increase the comprehension of different culture. Therefore, students in Saint John’s school are able to understand the British culture through the well-designed informal activities (Monthienvichienchai, et al. , 2002). In summary, Saint John’s international school overcomes several culture gap between Thai pupils and British teachers, however, due to the different education from home and school, this barrier cannot be completely solved. Compare with Ferrari case, Saint John’s international school might also need a better communication environment, such as ‘open door’ office and teacher might need to be more initiative. In conclusion, this essay has analyzed the three different organizations’ (Enterprise Rent-A-Car, Ferrari, Saint John’s international school) communication process, and discussed the communication barriers of them separately. Furthermore, the solutions which in order to remove these barriers also have been evaluated in the essay. According to these cases, to improve the internal and external communication efficiency, an appropriate channel, a harmonious communication environment and suitable methods could be beneficial. Additionally, communication strategies are flexible, they could be change and improved in an appropriate time and situation. Thus, it is important that organizations need to be more sensitive for the changing communication barriers. However, this essay targets are narrow, there are also a considerable number of different types of communication barriers such as gender and language barriers are existing in some organizations, which are leading to the inefficiency and uncertainty in the process of communication.

Contemporary to Social Work Essay

Taking into consideration all the material received regarding the Benjamin family, I have chosen to make use of the think child, think parent and think family approach in analysing the material. This method identifies what changes are required to improve service planning, delivery and practice and this will assist to improve the wellbeing and life chances of families affected by parental health. This essay will examine all the material provided focusing particularly on Daniel and Emma Watson. However, an examination of the Benjamin’s family will be performed in view of developing a modality on how to provide support to them. This essay is aimed at making preparation for assessment, taking into account individual needs, culture, diversity, and available resources that will enable me to provide support for everyone especially Daniel. Firstly, the essay will look at the Law that governs adoption processes, Daniels wishes and what needs to transpire to improve his quality of life. Secondly, I will also look at the Benjamin family and their proposal to adopt Daniel. In addition to this, I will examine Emma Watson and try to find out how I can facilitate her need to get her son back and what can be done to overcome barriers she may encounter, and finally I will offer a summary of the essay. In order for me to begin to think about the assessment process, my main duty would be to find out what the law declares. As put forward by Brammer (2003), Adoption Order may not be made unless the parent’s consents to the Adoption Order under Children Act 1989 S.20, or their consent should be dispensed and the child has been placed for adoption by an adoption agency with the prospective adopters in whose favour the order is proposed to be made. A parent is the mother or married father or father with parental responsibility, and not the unmarried father without parental responsibility. Steps are made to contact the unmarried father of a child and counsel him and seek hi s views on adoption even though he does not have to give his consent. The court or adoption agency must have regard to the following matters (the list is not intended to be exhaustive nor in any order of priority) Children Act 1989 S. 1(4) a) The child’s ascertainable wishes and feelings regarding the decision (considered in the light of the child’s age and understanding). The guidance to this Act reinforces this aspect of the checklist stating; â€Å"it is essential that an adoption agency, in so far as reasonably practicable , involves and consults the child at all stages of the adoption process, ascertaining and taking into account his views in a way which is sensitive to, and consistent with his age and understanding† (para.13). b) The child’s particular needs; This factor includes the child’s physical, emotional and educational need as expressed in the checklist and is likely to extend to other needs including social psychological and health. c) The likely effect on the child (throughout his life) of having cease d to be a member of the original family and to become an adopted person, in addition to this statement The United Nation Convention on the Rights if the Child states that it is the fundamental right of every child to belong to a family and Article. 8 of the ECHR the right to respect family life. As with the welfare principle, the court must consider the effects on the child throughout his life. d) The child’s age, sex, background and any of the Child’s characteristics which the court or agency considers relevant. e) Any harm (within the means of Children Act 1989) that the child has suffered or is at risk of suffering. This refers to any harm and not just significant harm The relationship which the child has with relative and with any other person in relation to whom the court or agency considers the relationship to be relevant, including (i) the likelihood of any such relationship continuing and the value to the child of doing so, (ii) the ability and willingness of any of the child’s relatives, or of any such person to provide the child with a secure environment in which the child can develop, and otherwise to meet the child’s needs, (iii) the wishes and feelings of any of the child’s relatives, or of any such person regarding the child. This factor is one of the provisions in the Act that calls on the courts to consider contact. (S.1 (8) (a) allows the views of other important people in the child’s life to be taken into account such as foster and it also includes the child’s birth parents. Moreover, the delay principle is drawn from the Children Act. Section 1 (3) the court or adoption agency must at all times bear in mind that, in general, any delay in coming to the decision is likely to prejudice the child’s welfare. The court draws up a timetable for the avoidance of delay. The Public Outline also has an impact on the overall timescale for a child between care proceedings and final placement. In addition to this Section 1(5) states that in placing the child for adoption the agency must give due consideration to the child’s religious persuasion, racial origin and cultural and linguistic background. The guidance in a circular â€Å"Adoption – Achieving the right balance† re cognised the importance of a child’s ethnic origin, culture and religion as significant factors to be accounted for; noting that placement with a family of similar ethnic origin is most likely to meet the child’s needs as fully as possible†. Adoptions takes a while to process and this allows the Multi-disciplinary agencies time to prepare the family and especially give Emma the support she requires if she is still interested in having Daniel back or not. Studies indicate that when the child is placed for adoption birth parents face bereavement as they face losing their child for good even if it is the child’s best interest. On-going contact help alleviate some of their anguish and bringing them benefits such as reassurance that the child is alright, making the loss of their child easier to accept, helping them to feel more positively about the adoptive parents and seeing a positive role for themselves in their child’s future. Coulshed and Orme (2006) define assessment as â€Å"an on-going process in which the service user participates, the purpose of which is to understand people in relation to their environment; it is the basis for planning what needs to be done to maintain, improve and bring about change †. The five stages of assessment process involve Preparation, data collection, examining the data, data analysis and acting on outcomes of the data analysis. Bell et al (2007) and White (2009) state that a good assessment ensures that the child remains at the heart of the assessment, contains full, brief, significant and precise data, makes good use of information from a range of sources, includes a family and social history and includes a clear analysis. Here I am now examining the data. In the correspondence, it appears that the Benjamin family want to adopt Daniel, whilst both Mr and Mrs Benjamin may be a little old to adopt Daniel; they might be an exception as Daniel is already in their care and he appears to fit in well with the family. One of the Benjamin’s roles in Daniels life is to help him maintain attachment with his mother. They must also help the child to develop healthy and strong new attachments with themselves and then transfer those attachments to the permanent caretakers of Daniel who may be either Emma or adoptive parents. Barbara has good support network in the family, which includes Naseem who has worked as a Social Work assistant and has had good background of meeting the needs of ethnic minority children. Barbara is already an expert in caring for Daniel in the documentation I received it appears she responds to his behaviour and deals with his need on a daily basis. However, I have to carry out an assessment on attachment to determine whether it is advisable that they have such strong bonds as suggested by document A1 received 09.01.12. When assessing attachment between Daniel and the Benjamin family, I would look at Daniel and his environment. I would observe his developmental functions and take note of the behaviour he displays in the home and how he responds to the family. As I observe, I need to look at the interactions with the adults and observe whether Daniel appears relaxed or not. Observing the Benjamin family includes how they react to the Daniels advances; the interactions that they ini tiate with him, disciplinary techniques used in the home and the family’s awareness of Daniel as a separate individual who has needs of his own and not relating all of his behaviour to their needs. Furthermore, I would observe whether Daniel engages in age appropriate activities and is able to express frustration or not. I would be interested in knowing whether Daniel responds appropriately to being apart from Barbra and how he responds upon her return. In addition to this, I would need to know if the environment provides adequate stimulation and safety measures appropriate to Daniel’s age and stage of development. If the case is that Daniel is not receiving support he will become disconcerted, insecure and without self-esteem. Fahlberg (1988), suggested that toddlers aged two should be able to use words like â€Å"me† and â€Å"mine†, point consistently to body parts, combine two to three words, name pictures of common object and follow simple direction. However, Daniel suffers from cytomegalovirus and because of this, his developing is slow and he will need extra care and time for caregivers to meet his needs. It is important that Emma is educated on what it is and what kind of responsibilities is attached to caring for Daniel for a lifetime. According to The National Health Service UK, Cytomegalovirus also known as CMV is part of the herpes virus. CMV is part of the human to human transmissible through close bodily contact. Coughs and sneezes are also possible routes of transmission. There is no current cure for CMV infection however medication can help people with weak immune system; in Daniels case, he was born with what could be medically termed as congenital CMV, children born with it show no signs or symptoms although some eventually develop hearing loss like Daniel. Some of the symptoms these children have are treatable but the children may develop hearing loss and one or more disabilities during the course of their lives. These symptoms may include seizures, problems with physical co-ordination, deafness cognitive difficulties and many more. Fahlberg (1988) propose that Caregivers who understand developmental issues are less likely to be as upset by normal behaviour and more likely to support the child as he struggles with the basic tasks at each stage. They are more readily able to perceive what a child needs to help him grow. Emma Watson made a phone call to Social Services recently. In the conversation, she stated that she wanted her son Daniel, back. Daniel has been in a foster placement with the Benjamin Family. The Benjamin’s would like to adopt him and it appears that Daniel has settled well with the family. According to Rutter, (1989) and Black, (2000), research shows that children end up doing badly when an attachment bonds are disturbed. They suggested that children are to be moved when it is inevitable, in situations such as, when parents die or when they are being placed away from an abusive home they continue and state that it is unjustifiable to move a child from a safe foster home. Bowbly (1951) advised that a child should receive the continuous care of a single most important attachment figure for approximately the first two years of his life. He claimed that mothering is almost useless if delayed until after two and a half to three years and if the attachment figure is broken, during the critical two year period the child will suffer irreversible long term consequences of this loss of the care giver as well as failure to develop an attachment. For Daniel this means that if his bond with the Benjamin’s is disrupted, he will almost fail to thrive in his new environment as he had already formed his attachment with the family. In relation to the phone call made by Emma, I would like to explore further and find out whether Emma has any knowledge on parenting and what she thinks a family entails, I would like to know what Emma knows about Daniels disability and needs. I would investigate on what she knows about Cytomegalovirus and if it results that she is unaware, I would help her expand her learning – build and share library resources, encourage her to be involved with parents groups to access support and community resources and if she wishes, I would look at finding her additional support such as an advocate. An advocate will help to increase resilience and self-efficacy. In addition to this, I would investigate on why she has come to the decision of wanting him back. I would be interested in knowing whether there is any communication between Emma and Daniels father, including people in Emma’s life. I would find out whether they are aware of Daniel and that, he is of the Asian race and I would explore on whether the people in Emma’s life would be able to appreciate Daniels uniqueness, and discretely examine on whether they are aware of his learning disability. I will also be interested in Emma’s living condition, environment, financial situation and lifestyle up to date, if these are not up to standard, attempt to help her have a secure base. Turney et al., (2007), states that an assessment needs careful consideration of the inter-relationship concerning the good and the bad influences in a child’s life i.e. the risk factors that are possible to impact on the child’s health and growth as well as the protective factors. Both Macdonald and Williamson (2002) and Preston-Shoot (2003), suggest that the Assessment Framework for Children in Need and their families demands that each child needs are assessed as well as the aptitude of the parents and the impac t of family and environmental influences on each child’s growth and on the parents capacity to meet the child’s needs. Bell et al., (2007) and Mitchell and Sloper, (2008) advises that assessments of disabled children may involve tailoring of the recording templates to reveal their individual strength, capability and needs and to capture their involvement to the assessment process through their preferred method of communication, this implies that a person is an expert in their own experience. Holland (2010) and Thomas and Holland (2010) put forward that the knowledge of child development is important for good assessment outcomes. Selwyn et al, (2006) and Ward et al., (2010) identified problems while carrying out an assessment on attachment, they claimed that clingy behaviour was misinterpreted as evidence of strong attachment moreover some assessments were based on observation of a few circumstances to be consistent. Jones (2009) and Reder et al., (2003) state that assessment of parents includes capacity to meet the child’s needs and the importance of understanding the basic requirements of par enting and taking into consideration the parent’s ability to change. Moreover Farmer et al., (2008) and Harwin et al., (2003), recommend that psychological assessments are valuable when assessing parenting capacity. It was also their suggestion that one way of testing parental capacity to change parenting behaviour and to give them managed opportunities to change. This is achieved by giving the parents clear objectives of what needs to change and informing them on how this will be assessed, monitored and the time scale required completing the task. Forrester and Harwin, (2008) and Harwin (2009), also propose that motivational interviewing techniques are useful in addressing readiness to change in situations of alcohol or drug misuse. This shifts the decision to change to Emma allowing her to discover her own strength and hidden motivation. According to Farmer et al., (2008) and Harwin and Forrester (2002) the role of fathers and men in the household needs to be examined and Social Workers need to ensure that information about fathers is available whenever possible, as fathers may exert a considerable influence even when they are to living with the child. In addition to this, Social Workers need to take account of the impact of factors related to family functioning and family history. Assessing family functioning provides a basis for a strength-based approach that’s accepts that all adults and children possess the power that can be comprehensive to improve the quality of their lives. Mental Capacity Act S. 1(3) states that, an adult does not lack capacity to make any specific decision unless all practicable steps have been taken to aid him or her to make the decision. Laird, (2010) advises that a vulnerable adult may require advocacy support or communication communicated in other form to be able to participate in decision-making. This relates to the GSCC Code 3.1 â€Å"promoting the independence of service-users and assisting them to understand and exercise their rights. Therefore, Assessment of parental capacity depends on communication. Improving the assessment requires different approach when collecting information; these approaches may include observation, assessing changes in parenting practises, use of validated tools and consideration of previous reports regarding the child and family. Assessment involves gathering of all sort of documented information and records from a range of sources this include medical history, social and developmental history. Consent is sort and confidentiality adhered too. To conduct my assessment successfully, as well as working with Daniel, Emma Watson and the Benjamin family I will be looking at liaising with a multi-disciplinary team, which would involve Social Services, general Doctor and the one who is trained in cytomegalovirus, Occupational therapist, Speech therapist and a mental health worker. These people will assist me to add data to my assessment and contribute to making informed decisions about Daniels future needs. In summary, I would give Emma a chance to prove that she can be a good parent. I will offer her support, information and guidance to what needs to take place, and set targets. I believe that she might not realise the impact of uprooting her son until she is made fully aware of Daniel’s disability needs. In my assessment, I have to prioritise Daniel’s best interest and now, it appears this lies with the Benjamin family who give the impression that they are a dedicated family. Prior to this, Daniel has thrived in t heir care. References 1. Brammer, A., (2010) Social Work Law, 3rd Ed, Harlow: Pearson Education. 2. Bell, M., Shaw. I., Sinclair. I., Sloper. P., and Rafferty, J., (2007) An Evaluation of the Practice, Process and Consequences of the ICS in Councils with Social Services Responsibilities. Report to Department for Education and Skills Welsh Assembly Government. 3. Coulshed, V & Orme, J., (2006) – Social Work Practice, 4th edition, Hampshire, Palgrave Macmillan 4. Department for Health (2005) The Mental Capacity Act. London HMSO 5. Farmer, E., Sturgess, W. and O’Neill, T., (2008) The reunification of Looked After Children With Their Parents: Patterns interventions and outcomes. Report to the Department for Children, Schools and Policy Studies, University of Bristol 6. Fahlberg, V., (1988) Fitting the pieces together. London: British Agencies for Adoption and Fostering. 7. Forrester, D. and Harwin, J., (2008) Parental substance misuse and child welfare: outcomes for children two years after refe rral. British Journal of Social Work, 38: 1518-1535 8. General Social Care Council (2002) Code of practice for social care workers and code of practice for employers. London: General Social Care Council 9. Harwin, J., Owen, M., Locke, R. and Forrester, D., (2003) Making Care Orders Work: A Study of Care Plans and their implementation. London: The Stationery Office. 10. Holland, S., (2010) Child and Family Assessment in Social Work Practice, 2nd Ed. London: Sage Publications. 11. http://www.legislation.gov.uk (assessed on 17.04.2012) 12. http://www.nhs.uk/Conditions/Cytomegalovirus (assessed on 02.05.2012) 13. http://www.simplypsychology.org/bowlby.html (assessed on 17.04.2012) 14. Jones, DPH., (2009) Assessment of parenting. In Jan Horwath (ed.), The Child’s World: The comprehensive guide to assessing children in need. London: Jessica Kingsley Publishers. 2nd Edition. 15. Llaird, S.D., (2010) Practical Social Work Law: Analysing Court Cases and Inquiries, Harlow: Pearson Education 16. Macdonald, G. and Williamson, E., (2002) Against the Odds: An Evaluation of Child and Family Support Services. London: National Children’s Bureau/ Joseph Rowntree Foundation. 17. Mitchell, W and Sloper, P., (2008) The Integrated Children’s System and disabled children. Child and Family Social Worker, 13 (3): 274-285 18. Preston- Shoot, M. (2003) A matter of re cords? Practice, 15(3): 31-50 19. Reder, P., Duncan, S. and Lucey, C., (2003) Studies in the Assessment of Parenting. London: Routledge. 20. Selwyn. J., Quinton, D., Sturgess, W and Baxter, C., (2006) Costs and Outcomes of Non- infant Adoptions. London: BAAF.

Effective Management of the Logistics Essay

The concept of globalization has gripped the world of today. The constant evolution of the world around us has changed everything from our life styles to country politics. It has also changed the way businesses have operated traditionally. Today, the success of any business is more dependent on the use of elements which have emerged as a result of globalization. Like globalization has affected all, it also has changed many important concepts and theories in a way. For businesses, it has always remained a remained as to how to reach the prospective and existing customers for providing any services. This branch of management sciences is called logistics. The concept of logistics evolved in the 1950’s. It came into realization due to the increasing complexity with which material and supplies were being transported to the company and from the company to the customers. Logistics is defined as the most effective way to transport the product to the customer as fast as possible with high quality. The quality of the product, services given to the customers, availability of the product, lowest time advantages and a low cost of distribution altogether define logistics. If the firm uses its strategies and the capabilities of logistics effectively and efficiently then it can gain a competitive edge over other companies of the industry. Capabilities here are defined as a set of knowledge, skills, attitudes and attributes a company possesses which helps them to achieve a high quality and superior performance and to sustain the competitive advantage they enjoy over their competitors (Hoover 2001). These capabilities are essential for the company to adopt as they can prove beneficial. One of the key factors which constitute a part of logistics capabilities is effective management. Management is the art of managing everything so as to acquire desirable results. Management in the case of customers is also very important. Delivering them the right things in the right quantity and quality at the right time through low cost qualifies for effective management in logistics. If the firm manages the components of the logistics mix efficiently then the firm can sustain its edge in the long run. They also help to increase the value of the company as well as the customers. With the increasing globalization, the components of the logistics mix have evolved to a standard of five factors. These elements include unitization, transportation, storage facilities, packaging and communications. A correct combination of these components can help the company achieve its goals and objectives. Unitization here refers to breaking down the products into small units also called pellets that can be transported to the clients. Transportation involves the facilities, vehicles, freight charges and other costs in delivering the right product to its end users. Packaging is one of the four factors of marketing. Packaging is the most important component of the mix. It involves packing the products and supplies in a way that does not cause any damage. Protective packaging is important to ensure that the products remain intact. Storage facilities are the places or areas in which the products are stored for the time being. This case generally happens when the company has a lot of inventory. Products are kept in storage rooms or basements until the time they are delivered to the customers by whatever means. The last but not the least and the most important factor in the mix is that of communication. Communication is the delivery of messages from the suppliers to the buyers and vice versa. It is of utmost importance that the company has advanced means of communication which are in alignment with the latest technology. This will provide a faster method of keeping track of the client’s orders, suggestions, feedback and complaints. The management of logistics is applied to every industry around especially those which provide services. Almost all the companies whose core business is that of services have a department of logistics. People who specialize in this area are known as logisticians. One of the flourishing industries in the world today is that of hospitality. It basically involves the food chains, fast food joints, restaurants and hotels. Hotels are an important part of the hospitality industry. Hotels generate a lot of profits and in any country is a major source of boosting the economy. If the country is a tourist site then the main funding of the economy comes from the money generated by these hotels. The hotels are organized in a way that departments are interdependent. They operate and work together to manage the hotels’ large customer base and provide them with the best of all services. Every hotel has a logistics department which aims at providing the best of the hotels facilities and services to the customers. The services of a hotel range from providing accommodation to food to entertainment to the customers. Therefore, it gets very difficult for the logistics department to take care of the supplies as well as the end products. This is also the reason why logistic management is vague and difficult when it comes to the hospitality industry. For a hotel, the major objective is to satisfy its customers and do nothing to compromise on their tastes and demands. A bar of soap or a roll of tissue paper is probably the smallest item when it comes to a hotel’s room services. When management works to predict the trends of its usage, it wants the supplies in abundance and therefore, many hotels opt for the Never out of Stock inventory. This means ordering the supplies in large amounts so that the inventory never depletes. The inventory includes in-room products like medical aid boxes, stationary, tissues and other toiletries like soaps, disposable sanitary items, shower caps, toothpastes and other cosmetics. As many organizations think this is the best solution to their problem of depletion of inventory, it creates other issues like that of storage. Having the never out of stock inventory calls for more storage space. Space is one thing that the hotels don’t lack in and as a result they assign the required rooms to the storage of their supplies. It is because of this additional space advantage that many hotels also dream of having an accessible on demand warehouse dedicated to the purpose of accumulating its items of inventory(Harrison 2003). But in reality, many hotels encounter problems because of their habit of over-ordering these items. They do so because they are afraid to go out of stocks. This creates trouble for them because hotels often have a little space for storage and more than often they have no warehouses. Also, the staff is inexperienced when it comes to monitor the stock items. This massive ordering of items also weakens the monetary status of the company and they end up paying more money than the usage of these items as they have to be discarded because of their ‘best before’ and expiry dates, this addresses the component of storage facilities in the logistics mix. Another component is that of transportation. Hotel management often is faulty when it comes to estimating the time of the delivery of supplies. The transit time is undermined on many occasions. This also creates issues in the costs involved which get higher as the time of the transit of these items increases. This needs to be managed very professionally since a long delay from the origin of the supplies to the destination which is the hotel can threaten the replenishment of Never out of Stock items. Many unpredictable factors are involved when it comes to replenishment of these items. In a case of depletion of inventory the hotels try to buy stuff from the local markets. The stuff available there is an imitation of what they usually get supplied and therefore by doing so they risk the expectations and anticipations of their customers. In doing so, the corporate identity of the company is also put at stake(Miller 2003). The issue can be conquered with success if the logistics department at the hotel orders the items in large quantities. Bulk buying has always remained a favorable practice to be followed. Ordering the inventory in bulk two times a year is better than ordering the same items in small quantities twice every month. This bulk buying saves a lot of money on freight. Also, freight related costs decrease since the hotel does not have to pay additional charges on administration and customs. In short, the transportation component can be best handled if the logistics is handled effectively. Hotels have been seen fighting over lowering the costs by contacting different manufacturers or suppliers of their inventories and yet they fail to realize the potential that lies within an effectual management of the logistics. Packaging plays an important role as a component in the logistics mix. The smooth operation of every operation requires careful examination of every aspect involved in the process. From the time the shipment leaves for its destination till the time the item is received, all that is with the items is the protection which the packaging provides. The package determines the safety of the items and the exact location of its destination. Unitization is also a very part of the mix. A unit is a certain standard or volume of the quantity of the product that is to be delivered to the consumer. Units combined together form one large unit known as a pallet or units can be subdivided into smaller units for the ease of handling and management known as the consumer packages. Most of the products in the hotel industry move in the form of units. This makes the distribution of the products easier and is also easy on the part of supply chain. The purpose of using these units as a source of easy distribution is to ensure proper handling and storage of these products. They also help in alleviating the costs involved in handling and also reduce damage as lesser individual handling is involved. There are various types of designs which can be adopted to suit the requirements in the best manner possible(Larson & Halldorsson 2004). A very important component without which a lot of things aren’t possible is communications. Communications is supposed to be the most crucial component of all. Communication has always remained the most important item in anything and everything. Logistics too is incomplete without the element of communications in it. Communication is the exchange of messages between two parties for the sake of some purpose. In this case, communication is the passage of messages from the customers to the clients for the objective of placing their orders and other related tasks. For the purpose of communication, a medium is also required. A medium is a way through which the message is carried out to the intended party. Traditional media like phones and fax are there in all the companies. With the advancement of technology, now there are other media too through which one can communicate. For example: the internet. An effective management of this component is required as this is the primary source of every action taken by the hotel. The hotels can also outsource these works to the Hotel Logistics companies which excel at such tasks. These firms/companies provide the best storage facilities by warehousing and superior distribution services and freight management by lowering the costs and charges involved in transportation. They can be contacted through the internet. Popularity of e-commerce has now enabled the hotels and their procurement departments to contact such firms via internet and place their order on the web sites. They also provide solutions to these companies for their different requirements. From food to beverages, from cosmetics to toiletries, from in-room to bathroom products, they are in charge of providing all stocks as are wished for by the hotels. The frequency of use of items in the hotels varies from hotel to hotel. Some hotels place their orders on a weekly basis on any day so as to receive their supplies the following day while other hotels demand a delivery of inventory items twice a week. Some hotels even place orders once a month because of their low usage of these products. This variation of placement of orders is also dependent on regions(Lambert 2008). Hotels in countries which attract a lot of tourists have a higher frequency of placing orders than those which aren’t tourist spots. Also, underdeveloped countries have a low rate of frequency with which the orders are placed(Nathalie & Jahre n. d). Above discussed are the logistics involved in the hotel industry. It also discusses how to manage these components effectively. Now the question arises: how are the effective management of these components and a wise use of their combination is beneficial to the business. The answer is simple and lies within. All these activities of managing the logistics effectively add value to the business as well as to the customers. Increased customer satisfaction increases the loyalty of the customers. Positive marketing is also an outcome associated of this loyalty. This in turn, attracts new customers and widens the customer base of the hotels. It is evident from the above discussion that a strategy must be selected which combines these components in a way that provides best results to the customers. If any company learns to handle its logistics effectively then there is no way that the company is not ahead of the competition it faces in the industry.

Design for Environment Assignment Example | Topics and Well Written Essays - 2000 words

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A thing or place that effect you and change your life - Essay Example This allowed me to understand how life shaped up and what I needed to do in order to learn more new things and find remedies to problems which came up all of a sudden, and without many warning signs. Learning a new language was always exciting to me because I believed that with a little effort, I could master a dictum which was not my own. This indeed was the motivating force behind my acquisition of a new language within school at Canada. Work was no doubt fun but getting back to school after a while gave me immense reasons to smile once again. It made me feel like I was someone younger to my age, and allowed me to experience the joy of learning things yet again. It seldom happens that a grown up gets to feel the thrills of being back at school, and I can safely and proudly say that I have had such an experience ever since I joined school again. Just the feeling that I can be counted amongst the students who will learn something novel and unique was enough to tell me that I had made the right decision by re-joining school within Canada. It made me feel privileged more than anything else. What this did was to change my life for the better and that too in a quantifiable way. It made me feel at ease with the changing norms of the time and allowed me to get acquainted with how I can enrich my life time and time again. The people around me also supported the fact that I have made the right decision and this shall facilitate me in future realms which remain very quintessential for me undoubtedly. Also I found out that the teachers present in the school assisted me without any concerns whatsoever. They made me feel at ease with what was being taught and I felt at home with what I was learning all this while. In the end, I would fathom that this was indeed one of the best lessons that I had from life up till now. It allowed me to understand life’s different

Representatives of American Culture Essay Example | Topics and Well Written Essays - 500 words

Representatives of American Culture - Essay Example The choice of design and color for the flag tells a story in itself. The blue and red colored flag with prominent stripes and stars represent the union of fifty states spanning the North American landscape. Beyond this basic symbolism, the flag has been associated with the nation’s progress in science and technology. For example, when Neil Armstrong and his colleagues in NASA successfully landed on the moon, it was the planting of the American Flag which served as the token purpose of the mission. At that time, the world was divided in two as a result of the Cold War. (Jolene & Couper, 2003, p.328) The flag also represented the country in its military endeavors. Irrespective of political conditions and arenas of conflict, the flag has always been at the forefront of American military operations going back to the Declaration of Independence (Goode, 2002, p.13). At the same time, it has been used by American citizens to express their dissent. For example, the mass demonstrations that followed American participation in the Vietnam War saw instances of flag burning. The same kind of protestation against American government’s policies is being repeated at present with respect to the issue of invasion of Iraq. In this case, it is an expression of dissent. It will not be an exaggeration to state that the American people are obsessed with the flag. (Jolene & Couper, 2003, p.328) Disney world is a relatively recent entrant into the collective consciousness of American people. While it was started by Walt Disney to be an amusement park for children, gradually it had metamorphosed into a recreational center for the entire family. A lot can be discerned by studying what it offers to visitors. The most famous of its mascots, the Mickey Mouse, is a household name in America. The numerous animated cartoons produced by Walt Disney Incorporation, including a few iconic series, are a rite of passage

The House of Tata Term Paper Example | Topics and Well Written Essays - 1500 words

The House of Tata - Term Paper Example Keeping this in mind, it was obvious for Tata to take certain new initiatives such as promoting Tata brand collectively for all group companies; find a strong partner for joint ventures; groom young leaders in-house and so on. Creating a unified brand by Tata Sons is certainly a strategic move with long-term ramifications. It is true that Tata name itself is a guarantee of quality among Indian consumers but in a free market regime, Tata group of companies will have to compete with formidable international brands in several segments of the businesses that include automobiles, chemicals, domestic appliance business, and many more. Promoting Tata brand will consolidate brand equity not only in the national but also international market too. It is true that certain companies in the Tata fold such as Indian Hotels does not use Tata name because ‘Taj Group of Hotels’ (the way it is known as) has itself become a name to reckon with in the hotel business in India; however, while raising money from abroad, the Indian Hotel did exploit Tata name while conveying to international community and that itself is a proof that Tata is a brand that each group company would always like to identify with at some point of time. The cost that each company will have to pay to Holding company, Tata Sons, is certainly a fraction of the benefits that they will derive nationally and internationally in the long run. This is a much required initiative on part of Tata Sons unifying all the companies with a common brand. Similarly, divesting a 20 percent stake in Tata Industries Limited to the Jardine Matheson of Hong Kong is another bold and strategic move. With the economic liberalization, Tata knew that retailing and distribution, financial services businesses in India would grow at a rapid pace and they would need a partner that possessed not only rich experience in such businesses but also ready to invest substantial sums in new ventures. Jardine group of Hong Kong was certai nly a perfect choice as a partner for many new ventures that Tata Industries was contemplating to embark on with the long term view of strengthening the corporate portfolio. While India moved decisively to a free market economy, the bountiful of opportunities emerged for large houses. The house of Tata was no exception to it. Ratan Tata was quick to realize that they would need a plenty of young talents if they needed to grow at fast pace taking advantage of the numerous opportunities that were lurking ahead. Keeping this perspective in mind, Ratan Tata launched Tata Administrative Services (TAS). The sole purpose was to groom future leaders hiring them young rather than recruiting people tainted with ‘outside culture’, it was a much better foresight to train and nurture young talents in-house. TAS was designed such that young management graduate â€Å"would gain exposure to three different industries through planned job rotation within the Tata companies" (Khanna, Pal epu and Wu, 8). The program was designed to "foster leadership, teamwork and group values" (Khanna, Palepu and Wu, 8). This way, not only young management recruits will be nurtured with required management skills but also be groomed with proper leadership qualities imbibing the spirit of 'Tata culture' at a fairly young age. After all, Tatas have been hugely popular in India because of their good quality products and ethical business practices for last several decades and that spirit must continue in

Epistemology of Jean Piaget Essay Example | Topics and Well Written Essays - 1250 words

Epistemology of Jean Piaget - Essay Example Piaget proposes that there are three types of knowledge: physical, social, and logical mathematical. According to Piaget, "Intelligence is an adaptationTo say that intelligence is a particular instance of biological adaptation is thus to suppose that it is essentially an organization and that its function is to structure the universe just as the organism structures its immediate environment". "Piaget also called his view constructivism, because he firmly believed that knowledge acquisition is a process of continuous self-construction. That is, Knowledge is not out there, external to the child and waiting to be discovered. But neither is it wholly performed within the child, ready to emerge as the child develops with the world surrounding her...Piaget believed that children actively approach their environments and acquire knowledge through their actions". Piaget declared that he is neither an innatist nor an empiricist. He believes that we always interpret according to our own structu re. Innatists believe that every individual is born with preexisting ideas present in the mind. Empiricists, on the other hand, believe that experience, especially of the senses, are the only sources of knowledge. Piaget argues that for empiricists, knowledge is a copy of objects. But actually, knowledge is always an assimilation or interpretation. In drawing a geometrical shape, the child does not draw what he sees, rather, he draws his idea of it - he draws what he knows of it. To look at it a clearer perspective, the child actually draws his interpretation of the object, and not the exact object itself. Asking a child to draw a diamond shape, showing the child a model of that shape, would give the child an idea of what you want him to do. He may see the diamond shape as a square with some points on it, so he may draw a square with a point in it or with a point beside it. In the light that Piaget believes knowledge is primarily operative, he points out that children who are in the concrete operations stage (seven to eleven years old), and in the formal operations stage (twelve years old and up) constructs their perception of the world through the cognitive development which results from the child's interaction with the environment. The interiorisation of this interaction then forms internal models of reality or "operational structures" which forms the basis of perception upon which the child acts. In the seriation demonstration, four children were asked to arrange a set of rods in order of length. Barbara is 3.5 years old, Renaud is 4 years old, Matthieu, 6.5 years old, and Catherine who is 9 years old. Among the four children, Catherine mastered the seriation structure as she can comprehend the processes of relating, corresponding, ordinal estimation, measurement, and classification. Catherine is at the age wherein she has mastered the nature of coordination. Barbara, on the other hand, being the youngest in the group, at 3.5 years old, she in the stage wherein she is motivated by biological and social impulses, also she has no sense of obligation to rules. She is the one with the poorest seriation structure among the group. Renaud is a few months older than Barbara, and similar results are expected from him regarding the seriation process, but better, as he is more

Industry and Market Analysis Essay Example | Topics and Well Written Essays - 500 words

Industry and Market Analysis - Essay Example (Bieber, Meurer, Surmann & Rassek, 2013) A telephone interview with the General Manager of The Surrey Hotel, a luxurious Manhattan hotel on the Upper East Side, Mr. Shan Kanagasingham, revealed that the hospitality industry is one that has great business opportunity in terms of profit margins. According to him, a lot of investors are fighting to have a ‘piece of the cake’ of the hospitality industry. He says that the pool of consumer demand is bigger now for the hospitality industry than it was a while back. People are more willing to spend money on leisure and entertainment. Business people are also opting for comfortable, luxurious and a first class experience regardless of the amount of money they spend, â€Å"value for money† is what they call it. Mr. Shan says that they can get an average of 500 guests in a day whether it is for boarding purposes, visiting the fitness centre or just having a meal in the restaurants or a business meeting in the conference rooms. He however states that the hospitalit y industry is a very cost conscious business. The most successful hotels are a joint venture from various investors who pull resources together in order to create the best hospitality experience for its consumers. One needs resources such as buildings or premises, a pool and qualified human capital that will facilitate the running of the hotel among other things. According to an interview carried out with the General Manager of New Intercontinental Dallas Mr. Scott Blakeslee, the likely revenue could average to $120.5 billion for the whole industry in the year 2012. The America Hotel and Lodging association has recorded an increase in revenue in the hospitality industry over the years. According to Mr. Blakeslee, there has been an increase in occupancy in the industry and thus makes the industry more profitable than other years. Room occupancy in most cases, is what determines the profit margins. However, he was quick to note that this

TORTS CD 2 Research Paper Example | Topics and Well Written Essays - 250 words

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Airline Industry Bangladesh Essay Example for Free

Airline Industry Bangladesh Essay ABSTRACT Air transport is one of the most dynamic and fastest growing transportation systems. Formation of regional and sub-regional co-operation will have a significant influence on air transportation system. Realizing the potential of air transportation in the country and region, after the recent air transport deregulation in Bangladesh, a number of private airline companies have started their operation which results in a better and competitive market. The paper focuses on the impacts of privatization on aviation industry of Bangladesh. This paper presents the results of a study on the comparison among various private and public airline companies and analyses their problems and provides some guidelines for their development. The results show that the supply cost of the private airlines is 40 percent lower than the same for public airlines. The results of this study can be used by the South and Southeast Asian countries to develop policies in this regard. INTRODUCTION Privatization of the airlines is more generally known as deregulation of the airlines industry. In the last two decades air transport world have witnessed dramatic changes in the deregulation in this sector. The movements towards the deregulation of the air transportation industries with the â€Å"1978 Deregulation Airline Act† have significantly altered the operating environment for the firms providing passenger and cargo transportation related services. With the airline deregulation, airlines were permitted to choose the routes and fares. These changes have had profound effects on many aspects of airline operations, particularly fares, level of service and routing. Through privatization of air transportation in Bangladesh the Government has opened up a new horizon. To achieve a competitive environment and maximize the benefit, private airlines can control their scale of operation, effectively pursue cost reduction measures, and generate additional demand through improved services and reasonable fares. By providing improved level of service and lower fare the private airlines may create new demand which will result in unit cost reduction and allow further fare reductions and service improvement. This virtuous circle should continue to strengthen the position of the operators and increase consumers’ benefit. Moreover, recent trends in the development of regional and sub-regional co-operation together with foreign investments in remote areas will have a significant influence on air transportation system. These cooperative frameworks will demand dynamic changes both in routing and scheduling of air transportation. Public airlines are incapable of dealing with these changes due to their bureaucratic structure and lack of motivation. To develop the policies for privatization and regulation of air transportation market it is necessary to analyze various aspects of the system. This paper focuses on the potentiality of the private air transport operators in Bangladesh. The paper has been prepared on the basis of a detailed study on demand and supply of air transportation in the country (Karim, 1998). The paper discusses the impact of deregulation on different cost items of airline operation. The aggregate cost of operating the airlines has been segregated into major cost items. Then comparison is made between public and private airline operators on the basis of these cost items. The paper also identifies several areas where adequate regulations are required for the overall betterment of t he system. The objective of the study is to investigate the potentiality of the changes brought about by privatization in air transportation in Bangladesh. The results will help the operators in the industry to develop their strategies. As the East, Southeast and South Asia are expected to experience a high economic development as well as a shift towards service and hi-tech industries, their demand for air transportation is also expected to increase accordingly. In this regard, the results of this study are important for these countries also. AIR TRANSPORTATION AND AIRLINES IN BANGLADESH The domestic air transportation network in Bangladesh is comprised of 8 conventional (full-size) airports, 8 airports for STOL (Short-Take-Off and Landing) aircraft including two airports under construction. The 8 conventional airports, which are used for commercial purpose, handle widely varying traffic volumes. The largest airport is Zia International airport near Dhaka and the smallest one is Cox’s Bazar airport. The most important corridors, as measured by air passenger volumes, are those between Dhaka, at one end, and Chittagong, Jessore, Sylhet at the other end. At present there are five airlines operating in Bangladesh. They comprise one public airline and four private airlines. The state owned national carrier, Biman Bangladesh Airline (BBA), is the oldest and has been the only operator in domestic arena until the recent past. It has generally been a losing concern contributed by many factors that could include inappropriat e size of aircraft to handle low volume of demand, insufficient level of operation and inefficient management. Although air transport carries only a small portion of total passenger and cargo movement in the country, its relative importance is much higher if aspects such as value of the product as well as time, speed and efficiency of the alternative modes are considered. Realizing its importance and considering the opportunities that exist, private airline companies (PAC’s) have now joined the fray of enticing domestic passengers and freights. This trend in domestic air transportation market is expected to reduce the monopoly of BBA and make air transport mode a better as well as competitive one for domestic transportation. Biman Bangladesh Airlines and four independent airline companie s are regulated by the government authority named Civil Aviation Authority of Bangladesh (CAAB). Fares are subjected to the approval of CAAB and certain minimum standards of service are imposed on the airline companies. Initially the fares of private airlines were 39 to 50 percent higher as compared to that of BBA. Recently BBA has increased its fare by 25 percent. Although it seems that the fares of the private airlines are higher than the same of BBA, the demand of private airlines has been increasing. This may be caused by better quality of service which include punctuality, regularity, improved customer services and lower waiting time. INTRODUCTION OF PRIVATE AIRLINE COMPANIES In October 1993 the CAAB advertised for applications from the interested parties to start airline operation. Although about 50 organizations submitted their proposals, the Government of Bangladesh (GOB) permitted twenty-seven of them to operat e. Three of them have already started carrying passengers and one has ventured into cargo transportation. These airlines tended to become very popular and the passengers who used to travel by Biman for so long have started showing their interest in traveling by private airlines in domestic routes. A brief description of these airlines is given in the following section, which is also summarized in Table 1. Aero Bengal Airlines (ABA) Aero Bengal Airlines was the first private airlines in the country and started its flight operation on Dhaka-Barisal route with two Chinese built 17-seater Y -12 aircraft. Later a leased Russian built 48-seater N-24 aircraft was included in ABA fleet for the operation in Dhaka-Sylhet and Dhaka-Chittagong routes. Air Parabat The airline has started commercial flight operation with two brand new Czech-built 19-seater LET L410 aircraft on all the routes operated by Biman (except Ishurdi). It is now planning to add destinations like Thakurgaon, Lalmonirhat, Shamshernagar to its network in near future after procuring two more Czech-built LET L410 aircraft. Air Parabat has appointed Airspan as its General Sales Agent (GSA) which will be responsible for all the advertising and customer services for Air Parabat and in this way they are saving their overhead expenditure. At the moment, it is operating profitably and has no dues owed to the CAAB. The airline is expecting to recover their investment in 7 years. GMG Airlines Starting operation of commercial flights in early 1998, GMG airlines have emerged as the leading private airlines in Bangladesh. GMG started with Canadian manufactured Bombardier built 37-seater full- fledged aircraft. It operates a number of flights in Dhaka, Chittagong, Sylhet, Jessore, and Barisal every day and has plans to expand the network of destinations at home and aboard. The airline has signed an inter- line traffic agreement with British Airways (BA) enabling them to sell tickets to different destination of the world via BA. GMG Airlines have already made an investment of Tk. 1.00 billion (US$ 20 million). It has also planned to spread wings overseas and already sought permission from the government to operate in international destinations. This is a good planning because if GMG make progress and can operate South Asian countries, they would probably become the leading private airline in the region. Omni Airlines This airline only deals with cargo operation. Most of the cases the company provide the logistic support via using aircraft of other companies. It has also started air cargo operation for international destinations. During the devastating flood of 1998 when most of the national highways and railways were inundated and surface transportation became inoperable, many exporters especially garments manufacturers used the airline to transport their product to the port. Table 1 presents a comparison among the inventories of BBA and PACs. This comparison indicates that BBA operates at lower load factor with respect to PAC’s. This may be caused by the size of aircraft, which seems to be too large for low level of air travel demand existing in the country. Table 1 Inventory of the Airline Companies Operating in Bangladesh. Name of the airlines Biman Bangladesh Airlines Aero Bengal Ailines Air Parabat Limited GMG Airlines Year of Starting Service 1972 No of Aircraft 4 Type of Aircraft F-28 ATP AN-24 Y-12 LET-410 UVPE. DASH 8SRS 100 No. of seats 85 70 48 17 19 37 No of weekly flights 68 Avg. Pass. Load factor 55-60% (approx.) 75-80% (approx.) 80-85% (approx.) 80-85% (approx.) Avg. No. of Pass. (Weekly) 5134 July, 1995 January, 1998 April, 1998 3 2 2 18 56 35 1016 1294 1520 For the three PAC’s the sizes of the aircrafts seem to be more preferable for profitable operation. Figure 1 illustrates as comparison of usage among BBA and PAC’s in the domestic routes. In most important routes BBA is still dominant whereas in other routes passenger movement of BBA and PACs are almost same. In the Dhaka-Barishal (BZL) route the number of passengers carried by PCAs is higher than the same for BBA because the latter does not operate regularly in the route. 1500 No. of Passenger 1200 900 600 300 0 CHI ZYL JSR SPD RAJ CXB BZL BBA Air Parabat Aero Baegal GMG Airlines Figure 1: Passenger Movement Comparison between BBA and PACs AIRLINE OPERATION COST IN BANGLADESH In this section, the cost of operating airlines in Bangladesh is analyzed. The costs for public and private airliners are analyzed separately to facilitate comparison between them. Here the cost elements are calculated on the basis of average monthly costs because actual data supplied by various airlines are monthly data for different cost items. This cost is transformed into the cost per passenger for different routes. For the development of cost function nine principal cost elements are included in the analysis. The cost variables included on the analysis are shown in Table 2. The values of these variables are calculated on the basis of twenty-two secondary cost factors, which are also mentioned along with the principal cost variables in the table. For the analysis, data has been collected for several years for all the routes considered in the study. Table 2 Cost Elements Analyzed in the Study with their Notations Cost Elements Administrative Cost Maintenance Cost Marketing Cost Civil Aviation Charges Running cost Capital Cost Contingency Cost Procurement Cost Profit Important Cost Elements To describe the supply analysis conveniently all the costs are grouped under two heading namely ‘Total Operating and Maintenance Cost’ (TOMC) and Total Cost (TC). TOMC includes administrative, maintenance, Civil Aviation charges, running, capital and marketing costs and TC includes TOMC, contingency and procurement cost. Among the nine principal cost elements, running cost is the most important one (on an average 39 percent of TOMC. Other important cost elements are capital cost (33 percent) and maintenance cost (19 percent). Small variation in these figures will result in a significant change in operator’s revenue and profit. Among the nine cost elements administrative, Civil Aviation charges and marketing cost do not vary significantly although these costs includes both fixed and variable cost. Fixed cost is the main portion of these costs because these costs don’t vary greatly with the increase in the number of flights or distances traveled. Effects of Scale of Operation on the Cost Elements Using small-scale aircrafts, civil aviation charges and capital cost can be saved significantly. For larger aircrafts greater charges are imposed by the Civil Aviation Authority. Similarly, capital cost is a function of cost per hour of operation and load factor, which also depend on the size of the aircraft. For example, private airlines use comparatively smaller size of aircraft that results in savings of 20 percent of civil aviation charges. Also by using smaller aircrafts these airlines are able to attain higher load factor than BBA. Due to higher load factor the capital cost per passenger reduces significantly. For the same reason a small amount of maintenance and running cost can also be saved. Although BBA purchased larger sized aircrafts to operate in domestic routes to achieve scale economy, it seems that smaller aircrafts are more suitable due to low air travel demand in the country. Symbol C1 C2 C3 C4 Secondary cost components No. of flight (Fl), Capacity of aircraft (Q), Load factor (I) No. of flight (Fl), Capacity of aircraft (Q), Load factor (I) No. of flight (Fl), Capacity of aircraft (Q), Load factor (I) Night surcharge (Ns), Hanger charge (Hn ), Cost of parking charges (Pa), Landing (La), Security charges (Su) and Navigation charges (N a). Cost fuel per liter (Fu), fuel consumption of aircraft per hour(Fc), Trip distance of travel (TD) Fleet size (La), Flying time of aircraft (Ft ), Cruising speed of aircra ft (Sp ) Total cost Number of flights (Fl) Total cost (TC) C5 C6 C7 C8 C9 One of the major cost items of air transportation for both types of operator is unexpected accident or technical fault of aircraft during the operation period. Contingency and procurement cost are 15 percent and 12 percent of TC respectively. If operators can maintain their aircraft more efficiently they can enjoy significant savings in these areas also. Cost Comparison between Public and Private Airlines Comparison between the public and private airlines on the basis of various cost items is given in Table 3. The values in the table represent the ratio between cost per passenger for BBA and average of the same for PACs for all the cost elements discussed earlier. It shows that the costs incurred by BBA are higher for all the cost elements. The differences are very prominent for administrative cost, maintenance cost and civil aviation charges. The negative ratios for the case of profit imply that for BBA the total cost is higher than fare, which results in losses for the airline. Table 3 Ratio between the Costs of Public and Private Airlines on the basis of cost elements. Routes DAC-CHI DAC-ZYL DAC-JSR DAC-SPD DAC-RJH DAC-CXB DAC-BZL Adm Cost (C 1 ) 1.6 1.58 1.66 1.88 1.89 1.93 1.51 Maint Cost (C 2 ) 1.37 1.31 1.39 1.56 1.57 1.44 1.14 Aviat. Charge (C 3 ) 1.23 1.23 1.23 1.19 1.19 1.24 1.24 Run. Cost (C 4 ) 1.16 1.19 1.21 1.03 1.39 1.04 1.04 Capit. Cost (C 5 ) 1.04 1.07 0.98 1.14 1.28 1.11 1.03 Mark. Cost (C 6 ) 1.15 1.11 1.16 1.19 1.21 1.11 1.12 Cont. Cost (C 7 ) 1.17 1.22 1.19 1.06 1.26 1.08 1.41 Proc. Cost (C 8 ) 1.23 1.21 1.14 1.09 1.25 1.09 1.23 Profit (C 9 ) -3.46 +.01 -2.38 -1.46 -1.16 +0.26 -1.36 IMPACTS OF PRIVATIZATION ON AIR TRANSPORTATION IN BANGLADESH The introduction of PAC’s in the aviation sector of Bangladesh is expected to bring about some short and long-term effects in the air transportation sector of Bangladesh, at least in the domestic routes. These effects are discussed below. Making Profit Oriented Service Introduction of private airline in Bangladesh will compel the state-owned BBA to be a profit-oriented organization rather than being only service oriented because the plane journey is made by the rich who do not require any subsidy. The competition is also expected to improve level of service. Increase in Fare Pursuing a wrong policy, the fares charged by BBA in domestic have always been less than the actual cost which resulted in huge losses (over US$ 4 million in 1997). Private airline imposes a higher fare pressuring Biman to increase fare. It increased fare by 15% in July 1996 and could make up losses of about US$ 1 million annually. In 1998 BBA ag ain raised fare so that it can reach breakeven point and make profit on the domestic sector. Improvement of Customer Service Due to the introduction of private airlines, the customer facilities have improved a lot. Customers seem to be very satisfied with the overall services provided by the private airlines. Private airlines provide regular and punctual services with less waiting time and, very easy and informal ticket confirming process that improves the level of service of the operation. Better Competitive Market In case of GMG Airlines the promoters have sought for permission from the government to operate air service on the international routes. Government is considering to accord permission to private airlines so that they can operate service among SAARC countries. In that case the government of SAARC nations will have to change their rules allowing more than one carrier of each country to operate air service among SAARC nations. All these changes will make the domestic as well as r gional air travel market a very e competitive one and this open air policy will construct a good future for the coming private airlines in this market. REGULATIONS NEEDED FOR PRIVATE AIRLINES Although PAC’s have shown a great a potential to improve the airline market of Bangladesh into a better competitive mode, but there exist some issues which should be carefully considered to develop a better future for the industry. Some of these issues are discussed in the following section. Schedule Problem in low Demand Routes Due to insufficient demand in some domestic routes, sometimes private airlines have failed to maintain their schedules properly or stopped operation in those routes. This may hamper future expansion in these routes. Government may consider subsidizing these routes. Choice of Aircraft One of the dominant factors of airline business is the appropriate size of aircraft. But some airlines have failed to procure proper and suitable aircraft for their operation. They have purchased aircrafts those are too backdated for safe and profitable operation. Proper advice and guidance are required in this regard. Development of long-term Strategic Plan Except GMG Airlines others have no long-term strategy or any specific future plan to expand and develop their operation. These airlines even had not even made any feasibility study before they started their business. As airline industry requires huge capital investment, long term strategies are vital for survival in the business. Level of Service Standards In some cases the private airlines have failed to improve quality service especially in the case of passenger compensation. Government should make strict regul ation in this regard and ascertain consumers’ right. Poor Performance in Analyzing the Current Condition The PCAs do not have good record keeping mechanism and thus unable to make routine performance evaluation or at least analyze or check the current cost and revenue conditions. Due to lack of experience in the aviation market, these new airline companies sometimes ignore the basic management principles. Lack of adequate consideration in this area may lead to financial and management crisis. Safety Aspect For profit maximization purpose, private airlines may neglect the safety issue, which is the most important factor of airline business in terms of reliability. Civil Aviation authority must impose some strict guidelines and safety precautions for providing the service on the private companies. At present twenty-seven airlines have the permission to operate in the domestic routes of Bangladesh. For the success of privatization policy it is essential for the airlines currently in operation to present a better and efficient performance. As the air travel demand in the country is still v ery low, entry of too many operators may jeopardize the situation. Also proper training related to the technology and systems need to be arranged. CONCLUSIONS A comprehensive review of the potentiality of privatization of domestic air transportation system of Bangladesh has been presented in this paper. The short-term trend suggests that the private airlines have a great opportunity in the domestic air travel market of the country. Their performances are quite satisfactory. There still exist a lot of room for improvement. This paper is concluded by addressing some implications in the light of the results of this study. (1)The trends in domestic air travel demand in Bangladesh suggest that in near future private airline companies will dominate the domestic market. (2) The operating costs of government operators are about 25-30 percent higher than those of the private operators under the same level of service. (3) From the cost elements it is evident that the administrative and maintenance costs of the public airline are significantly higher than the same for private airlines. This is indicative of the lack of management efficiency existing in the country. (4) Due to the introduction of private airlines the consumers’ benefit has increased significantly. (5) Although the private air line companies have so far performed quite satisfactorily, for betterment of aviation industry of the country and success of privatization policy of the government, some regulations need to be imposed. For this purpose a governing and advisory organization is required. ACKNOWLEDGEMENT The authors are grateful to the private airline companies as well as to the authority of Biman Bangladesh Airline for their help during the course of this study. REFERENCES BBS (1996), Statistical Y Book of Bangladesh, Bangladesh Bureau of Statistics. ear Karim, D.M. (1998), A Study on Demand and Supply of Domestic Air Transportation in Bangladesh, Research Project Report, Department of Civil Engineering, BUET, Dhaka.

Portfolio Managemnt Essay Example for Free

Portfolio Managemnt Essay Overview KBIM Investment Inc. is a leading investment company incorporated in Barbados and licensed under the Companies Act cap 308 of the laws of Barbados. Founded in the year 2000, the company seeks to provide its investors with risk-adjusted returns in a management structure that closely aligns the  interests of investors and managers. Further, KBIM has continued to evolve from a dedicated private equity investment firm to a diversified management company. The fund buys US and Canadian stocks from the New York Stock Exchange as well as from the Toronto market. The fund has been equally divided among the following four industries; financials, technology, pharmaceuticals and energy. To assure that efficiency is maintained, the net assets are calculated weekly at the end of each week (Friday) of all stock market transactions. Global Economic and Market Outlook The global economy is in a dangerous new phase. Global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing. Against a backdrop of unresolved structural fragilities, a barrage of shocks hit the international economy this year. Japan was struck by the devastating Great East Japan earthquake and tsunami, and unrest swelled in some oil-producing countries. At the same time, the handover from public to private demand in the U.S. economy stalled, the euro area encountered major financial turbulence, global markets suffered a major sell-off of risky assets, and there are growing signs of spillovers to the real economy. The structural problems facing the crisis-hit advanced economies have proven even more intractable than expected, and the process of devising and implementing reforms even more complicated. The outlook for these economies is thus for a continuing, but weak and bumpy, expansion. Prospects for emerging market economies have become more uncertain again, although growth is expected to remain fairly robust, especially in economies that can counter the effect on output of weaker foreign demand with less policy tightening. World Economic Outlook (WEO) projections indicate that global growth will moderate to about 4 percent through 2012 from over 5 percent in 2010. Real GDP in the advanced economies is projected to expand at an anemic pace of about 1 ½ percent in 2011 and 2 percent in 2012, helped by a gradual unwinding of the temporary forces that have held back activity during much of the second quarter of 2011. However, this assumes that European policymakers contain the crisis in the euro area periphery, that U.S. policymakers strike a judicious balance between support for the economy  and medium-term fiscal consolidation, and that volatility in global financial markets does not escalate. Moreover, the removal of monetary accommodation in advanced economies is now expected to pause. Under such a scenario, emerging capacity constraints and policy tightening, much of which has already happened, would lower growth rates in emerging and developing economies to a still very solid pace of about 6 percent in 2012. Strategic Objectives KBIM Investment Inc endeavours to provide an above average, long-term total return fund by investing in small capitalization stocks listed from within the US stock exchanges. The fund’s investment style of small capitalization values the investment objective of growth funds. A growth fund seeks to find companies that are expected to show rapid future growth in earnings, even if current earnings are poor, or possibly non-existent. The latter is directed towards more aggressive investors seeking good performance in an expected market rise. KBIM Investment Inc places heavy emphasis on asset allocation which is a very important decision for any investor in terms of portfolio construction. Fund managers have decided based on strategy and policy of the fund to utilize tactical asset allocation. This approach is performed routinely as part of the ongoing process of asset management. Using this approach, market risk is insulated, where exposure to a particular market is increased when its performance is expected to be good. On the other hand there is decrease exposure to the market when performance is expected to be poor. An investor’s fate is basically determined by having allocated funds to asset classes. Risk, expected return, market expectations, risk tolerance and goals of the fund is reflected in the allocation of weights The following characteristics should be present for companies in which the fund invests: 1. The company’s share price is depressed after a period of negative growth 2. An acceptable level of financial strength, efficient control and effective management of business assets should be exhibited by the said Company. KBIM Investments Inc reserves the right to rebalance the portfolio after decisions have been made from review of the portfolio ever quarter. Rebalancing reduces the risks of sharp losses and is less volatile than a portfolio not rebalanced. At any time where the fund liquidates or suitable equity investments are absence, KBIM investments Inc will seek investments in short term debt securities or money market instruments. Risk KBIM investment equity fund is specifically for an investor who seeks to attain high returns and by doing this is willing to tolerate high risk to receive the maximum benefit from their investment. Investors must take into consideration that investments in only one portion of the economy may offer greater risk than a highly diversified fund. In addition to the above, a fund that invests in well-established companies may be less risky than one that favors start-up companies. Limitations Investors must take into consideration the impact of taxes on the portfolio. Further, changing tax laws imposed can become bothersome in terms of forecasting future tax rates. Investors must also abide by regulation requirements imposed by state and federal agencies. The latter specifies the actions an investor should take in terms of achieving objectives, given the preference of the investor and any constraints imposed. Benchmark To evaluate portfolio performance, the following questions should be answered; the first being whether or not the return on the portfolio was adequate after all expenses was taken care of? Next the amount of risk taken by the investor or portfolio manager in creating and managing the portfolio should be assessed. Finally what return should have been earned on the portfolio, given the risk taken and the alternative returns available to be earned from investments over the same period. KBIM will be benchmarked against the SP 500 small cap index. The stocks for the fund were selected based on the following criterion: ROE 10 Market cap 1,000,000,000 Six month return 0 P/E 15 Competitive Advantage The fund managers of KBIM, are committed to offering returns above average of similar portfolios. Through our investment strategic policies, we hope to attract investors who are seeking to hedge funds. Here at KBIM we also value enhancement services such as risk management, insurance reviews, consulting and corporate governance. The firm’s comprehensive offerings provide private equity clients with numerous competitive advantages throughout the private equity life cycle, including fund development, portfolio growth and divestiture. Fee Details Annual charges: Annual Management charges: 1.65% of net asset value Fund Administrative charges: 0.05% Registrar charges: 0.13% Fund expenses: 0.2% Commission: Sales charge of 1.85% will be charged on amounts invested into the fund. During the first week of investing, KBIM Investment Fund grew by 3.5%, as U.S stocks rose, driving the Standard Poor’s 500 Index to its longest winning streak since February, amid optimism Europe’s leaders would announce a plan to contain the debt crisis and after McDonald’s Corp. (MCD) joined companies beating profit estimates. Financial shares in the SP 500 added 3.9 percent as European finance ministers began negotiations to prevent a Greek default and shield banks. The SP 500 climbed 1.1 percent to 1,238.25, the highest since Aug. 3, and had risen three straight weeks. It had surged 13 percent since Oct. 3, when it closed within 1 percent of a bear market, or 20 percent plunge, from its high in April. The Dow Jones Industrial Average also rose a fourth straight week, gaining 164.30 points, or 1.4 percent, to 11,808.79. Equities rose as European finance ministers approved a 5.8 billion Euro loan to Greece, and France retreated in a clash with Germany over expanding the bailout fund. Talks are to continue through Oct. 26. The SP 500 also gained after 74 percent of companies that reported quarterly results topped the average analyst  projection. During the second week of investing, KBIM Investment Fund grew by 4.54% amidst a week which ended with most U.S. stocks falling, as data on consumer confidence and spending failed to boost equities a day after European leaders expanded the region’s bailout plan. Stocks pared losses in the final minutes of trading on Friday, with the Standard Poor’s 500 Index erasing a decline as it completed a fourth straight weekly advance, the longest streak since January. About four stocks declined for every three that rose on U.S. exchanges at 4 p.m. New York time on Friday. The SP 500 rose less than 0.1 percent to 1,285.09, after rallying 3.4 percent on Thursday. It was up 3.8 percent since Oct. 21. The Dow Jones Industrial Average added 22.56 points, or 0.2 percent, to 12,231.11. The Russell 2000 Index of small companies retreated 0.6 percent. U.S. equity options expired Friday. Stocks rose Thursday, extending the best monthly rally since 1974 for the SP 500, as European leaders agreed to expand a bailout fund and U.S. economic growth accelerated. Earlier this month, the index came within 1 percent of extending a drop from its peak in April to 20 percent, the common definition of a bear market. Since then, it has risen 17 percent. The SP 500 rallied above the average strategist forecast for its closing level on Dec. 31, the third straight year that stocks ran ahead of projections. The index closed above the year-end forecast on Nov. 4 in 2010 and on June 2 in 2009, according to data compiled by Bloomberg. German Chancellor Angela Merkel said that the debt crisis won’t be over â€Å"in a year.† Italy’s borrowing costs rose to a euro-era record at a sale of three-year bonds, driving yields higher amid concern that efforts to contain the sovereign crisis won’t be enough to safeguard the region’s third-largest economy. Fitch Ratings said part of the plan to contain debt turmoil amounts to a Greek default. European leaders may struggle to maintain the euphoria that drove the euro to its biggest one-day gain in more than a year as scrutiny deepens on their latest attempt to stem the region’s turmoil. During the third week of investing, KBIM Investment Fund fell by 3.28%. U.S. stocks fell, driving the Standard Poor’s 500 Index to its first weekly decline since September, as a disagreement on Europe’s resources to fight  the debt crisis offset a drop in the American unemployment rate. The SP 500 dropped 0.6 percent to 1,253.23 as of 4 p.m on Friday, November 4, New York time, after falling as much as 1.8 percent earlier. The gauge was down 2.5 percent this week. The Dow Jones Industrial Average slid 61.23 points, or 0.5 percent, to 11,983.24. Benchmark gauges tumbled earlier this week as Greek Prime Minister George Papandreou announced on October 31 a parliamentary confidence vote and his desire to hold a referendum on a European Union aid package needed to avert default. Equities rebounded on Thursday as Greece abandoned the referendum, moving closer to accepting the bailout. Global stocks slumped on Friday as the Group of 20 nations failed to agree on increasing the International Monetary Fund’s resources to fight Europe’s debt crisis. Ruling party lawmakers urged Papandreou to step aside and allow the formation of a new government that can approve the bailout plan for Greece. The unemployment rate unexpectedly fell to a six-month low of 9 percent from 9.1 percent, even as the labor force expanded. The 80,000 increase in payrolls followed gains in the prior two months that were revised up by 102,000. Financial stocks had the biggest decline in the SP 500 among 10 industries, falling 1.4 percent as a group. During the fourth week of investing, KBIM Investment Fund rose by 1.17%. U.S. stocks rose this week, restoring the year-to-date gain for the Standard Poor’s 500 Index, as improving economic data and leadership changes in Greece and Italy bolstered investor optimism. The SP 500 rose 0.9 percent to 1,263.85, overcoming a 3.7 percent decline on Nov. 9 that was the largest one-day loss since Aug. 18. The Dow advanced 170.44 points, or 1.4 percent, to 12,153.68 this week. Stocks resumed the rally that drove the SP 500 up as much as 20 percent since the first week of October. Equities gained after U.S. consumer confidence improved and Italy’s Senate approved debt-reduction measures, paving the way for a new government led by former European Union Competition Commissioner Mario Monti. Greece swore in Lucas Papademos to head a unity government. The SP 500 has rebounded 15 percent from a 13-month low on Oct. 3 as the Citigroup Economic Surprise Index for the U.S., which gauges whether reports are beating or trailing estimates, climbed to a seven-month high. The benchmark measure of U.S. equities rose 2 percent on Thursday, preventing a second weekly drop, after  a gauge of consumer sentiment topped estimates in November and reached the highest level since June. The Labor Department said on Nov. 10 that the number of Americans filing applications for unemployment benefits fell to the lowest level in seven months. Stocks tumbled on Nov. 9 as yields on Italian government bonds surged, fueling concern European leaders will struggle to fund bailouts. During the fifth week of investing, KBIM Investment Fund fell by 3.71%. U.S. stocks fell, sending the Standard Poor’s 500 Index to its worst weekly loss in two months, as Spanish, French and Italian bond yields rose and Fitch Ratings said Europe’s debt crisis poses a threat to American banks. The SP 500 decreased 3.8 percent, the most since the week ended Sept. 23, to 1,215.65. The index closed at the lowest level since Oct. 20. The Dow fell 357.52 points, or 2.9 percent, to 11,796.16. Equities slumped this week as higher government bond yields in Spain, France and Italy spurred concern the European debt crisis is intensifying outside Greece. The SP Financials Index slumped 5.6 percent this week, the biggest drop among 10 industries, after the Fitch report spurred speculation the European crisis poses a threat to earnings. The SP 500 advanced one day this week, on Nov. 15, amid speculation Mario Monti would succeed in forming a new Italian government to battle the debt crisis, while growth in retail sales bolstered optimism in the economy. Yesterday, he won a final parliamentary confidence vote, granting full power to his new government after pledging to spur growth and reduce debt in the euro-region’s third-largest economy. The benchmark measure of U.S. stocks erased gains yesterday after Deutsche Presse-Agentur reported that Germany’s Foreign Ministry said the nation was considering the possibility of â€Å"orderly defaults† beyond Greece. The index had rallied after a measure of leading U.S. indicators signaled the world’s biggest economy will keep growing in 2012. During the sixth week of investing, KBIM Investment Fund fell by 4.07%. The euro touched a seven-week low against the dollar, falling for a fourth week, as Italian borrowing costs jumped to the highest level since 1997, adding to speculation Europe’s sovereign-debt crisis is spreading. U.S. stocks tumbled in the worst Thanksgiving-week loss for the Standard Poor’s 500 Index  since 1932 as concern grew that Europe’s debt crisis will spread and American policy makers failed to reach agreement on reducing the federal budget. The SP 500 slid 4.7 percent to 1,158.67, closing at the lowest level since Oct. 7. The Dow fell 564.38 points, or 4.8 percent, to 11,231.78 this week. The SP 500 has fallen for seven days, the longest streak in four months, and has tumbled 7.6 percent so far in November. U.S. equities erased an early advance on the final session of the week as SP lowered Belgium’s credit rating and Reuters reported that Greece is demanding private investors accept larger losses on their debt. The cost of insuring European sovereign bonds against default rose to a record this week as Germany failed to find buyers for 35 percent of the bonds offered at an auction. German Finance Minister Wolfgang Schaeuble said market turbulence sparked by the euro region’s sovereign-debt crisis will last for â€Å"a few months.† Congress’s special debt-reduction committee failed to reach an agreement this week, setting the stage for $1.2 trillion in automatic spending cuts and fueling concern that economic- stimulus measures that are set to expire will not be renewed. Still, SP reaffirmed it would keep the U.S.’s credit rating at AA+ after stripping the government of its top AAA grade on Aug. 5. Stocks fell Nov. 22 as revised Commerce Department figures showed that gross domestic product climbed at a 2 percent annual rate from July through September, less than projected and down from a 2.5 percent prior estimate. U.S. stock exchanges were shut Nov. 24 for Thanksgiving and closed three hours early on Nov. 25. Evaluation of Fund KBIM FUND PERFORMANCE WEEK 1-6 Initially, the first two weeks of the portfolio’s performance did exceptionally well. Due to extreme market conditions in Europe (European Debt Crisis), the fund was affected. The weaknesses of Europe’s common currency area, ranging from its design to a persisting dearth of bank funding and anemic economic growth, weren’t properly addressed in the measures revealed on to stem investor panic. Consumer confidence unexpectedly rose in October from the previous month, indicating the biggest part of the economy will help keep the U.S. recovery intact.  Performance fell in week 3 but stabilized in week 4 due to improving economic conditions in Europe (leadership changes in Greece and Italy), thus restoring confidence in the market. Week 4 and 5 dropped to record lows in the SP 500. This was due to the negative result of the sale of government bonds in Germany, as investors lacked the confidence it once had in what is arguably the strongest economy in Europe. The fact that the German economy was unable to raise the money it expected to with the sale spoke volumes, as it was the one country in Europe which seemed to be stable and assisted in the bailout of its struggling member countries (Greece, Italy and Spain). This also led to a huge dip in the value of the Euro currency. Overall, the fund’s performance was below expectations. There was, however, directly related to unexpected market conditions, which affected the global market adversely. Invariably, that was passed down to the portfolio. During the six week period KBIM started out with $999,984.84 and ended with $977,853.00, thus making a loss of $22,131.82. Total return was then a negative return of 2.21%. The decision was taken to hold of the selling of equities with the portfolio. Instead, the strategy opted was one of riding the storm out, and in some instances, even buying more stock, as the markets were down and the share prices down as well. This would allow for the fund to make substantial profits when the market recovered or improved, as it could only improve from this point. Bibliography Jones, Charles P. Investment Analysis and Management, Eleventh Edition John Wiley and Sons 2010 http://www.bloomberg.com http://www.imf.com