It Was the Most Wonderful Day of My Life Essay

It was the most wonderful day of my life! Maybe it did not mean a great deal for others as it came naturally to them, but for me, it was a bliss. Yes, bliss; I had completely lost hope until Dr Hurree came in my life as a ray of light, enlightening my life and removing all the darkness which caused me to weep my heart out everyday. I am able to conceive! This very little fact made me dance a jig of joy even on the hospital stretcher. All thanks to Dr Hurree, I was able to become mother after ten long years of marriage. This very fact filled my ears with sweet cries of babies. I went mad of joy. And my husband, he was the second most happy. After several tests conducted by the doctor, we had discovered that I could not become expectant. As my husband was the only son of his parent, my mother-in-law used to taunt me as I could not bring an heir in their family, I had to beat these vulgar and hurting taunts until today. Today nobody could tell me anything. Some months later, I was nurturing a child in me. Being so happy, I forgot about the contract I signed before working; I did not have the right to take more than one months of holidays except emergencies. I badly needed holidays, but for that I had to pay the price of losing my job, my career, and my hard-works. As always , my husband supported me to decide what pleased me. But on the other hand, my in-laws beckoned me to resign. So what if I lose my job, at least I could bring to world my symbol of love of my husband and I. I would sacrifice my career , and my years of education to take good care of my child. Hence, I resigned. During the last three months of pregnancy, I stayed at home, obeying my mother-in-law. She now talked to me with undoubted love and softness ans I was treated like a daughter of this house. My husband, an angel sometimes stayed at home and cook my favorite dishes. I was really pampered. He treated me as a princess. All my desires and wishes were fulfilled and I was in a state of happiness every single second. One morning as I descended the flight of stairs after waving goodbye to my husband who was going to work, a thought crossed my mind. I thought of his laughter when he said that I look like a huge pumpkin. I remembered my first responses from my child. However, I did not realize that the maid mopped the floor and it was slippery. Day-dreaming, I missed one step and this was the end. I blacked-out. I opened my eyes in the hospital, and I knew what had happened. I could no longer feel the nudging sensations of my baby and I screamed hysterically. Now, my system had calmed down and I wept silently. It was all my fault. My husband was on his way. He was aware of the miscarriage. What was he going through? As I lay down on the hospital stretcher, I watched the television to divert my attention. I watched the news. There was an accident not far from here. The victim died on spot. As the camera focused on the victim’s face, I froze; it was my husband! I had lost my career, my baby and now my love! I felt lonely and defeated; I was just a burden to this world!

Comparison between Japanese and Canadian Central Bank Policies Essay

The present paper is an investigation of the central bank policies in the countries of Japan and Canada. The paper takes into examination Bank of Japan and Bank of Canada and explores the grounds on which similarities and differences, if any, can be noted. This study is a comparison between the central banks’ policies of both the countries. The structure of the paper overviews the banking system of both the countries then furthers with individual analysis only to bring a major comparison at the second last section. The paper discusses findings in the conclusion section and makes recommendations for future policy making and development. 2- Overview This section overviews the past, present of the two banks in the concerned countries. This is in the attempt of creating a base of the later sections that would be dealing with specific policy issues of the two banks. 2.1- Japanese Banking System Today Japanese banking system finds its foundational roots in the aftermaths of World War II and is still continuing to grow support for the financial and industrial organizations of the country. Ever since World War II, Japanese banking system has gone through a number of changes and adaptations in corporate behavior as well as in the shaping of economic and regulatory policies. The period that can be said to be the golden time for the development of the Japanese banking system is regarded to be from the early 1950s to the early 1970s. This was the time when Japanese firms were growing rapidly and needed financial backing and monetary assessment to hold solid on the corporate grounds. However, from the 1970s, some changes were experienced by this banking system and that solid position was shaken. Of the major reasons, international paradigm change in financial transactions, corporate behavior with regard to investment of funds both internal and external, (firms started issuing securities rather than borrowing from banks) and other such reasons can be said to be the causes for the shaking of such a strong banking system as was in Japan once especial up to the early 1970s. Up to the present day, in the Japanese financial system, bank loans still possess the dominant place as the external financing source for the corporate sector which is non-financial – until 1986 the borrowings done from private institutions were recorded to be more than seventy percent. Other such common services as issuance of bonds, client monitoring, cost monitoring for different services, and so forth are also found to be in practice in the Japanese banking system. As such, there is much more that is needed to be examined in this country’s banking system that makes it notable on the international horizon (Aoki, Patrick, & Sheard, pp. 1-15, 1994). 2.2 – Canadian Banking System The central banking system of Canada is also with its typical issues and challenges and up to the present time, these challenges have been multiplying for a number of factors. For example, nowhere in history general public was so much conscious about the evil unemployment and is now showing a hyper attitude which simply put the government and its financial institutions up front to the criticism. As such, the challenges are to make such financial policies as can help confront these challenges and move over them. Although the central bank of Canada did go through a long period of adjustments, say the depression period of the 1930s and later, Neufeld (1958) notes that â€Å"The constitutional adjustments experienced by the Bank of Canada were not as great as those of some older central banks† (p. 4). There are noteworthy reasons for this observation. For instance, beginning in the market, the bank was sponsored by the government leading to a stable position. However, political interventions and the bank’s responsibilities to cater for the needs or demands of the political party government continued to exist. The bank went through war crisis, financial instability, and social pressures like unemployment, all along its birth becoming an adult from an immature youth. At present the Bank is in a more favorable position to serve for the purposes of the government and perform its multifarious purposes with regard to financial activities along with the challenges. Some of the challenges that the bank faced during its stability periods were â€Å"serious foreign exchange outflows and phenomenal capital inflows† (212). The three areas, back in the stability phase, i.e., bond market, stock exchanges, and foreign exchange markets, have been tactfully established by the bank to create a positive picture of the overall economic situation of the country. Presently, the Bank holds a primary position in the decision making process of these three areas. Today, as a successful bank, the expert opinion about this bank is that it has dealt in the time of difficulty more with technique which was versatile than conservatism (213). The banking system of Canada is in a constant process of up gradation for better output; one such instance is the use of geographic information systems (GIS) technology â€Å"for a wide range of applications† (Macdonald, 2001, p. 419). Therefore, it is important to have a deep examination of the policies and practices of this bank so that the insider’s view can help others form such a system in any other country. 3-Policies of the Bank of Japan There are a number of policy issues that need to be revisited but for the limited space of the paper, only a few major are discussed. First of all, policies of the Bank of Japan (BOJ) have been central to critics’ attention due to a number of reasons but the most important is that it is one of the three G-3 central banks that have been reviewed in the past decades. The special features of BOJ are numerous. The most apparent, however, is its stance on deflation. Although BOJ was forced to take â€Å"a highly leveraged position† in local financial environment, it has taken no risk to fight the challenge. Moreover, it might have been possible for the bank to give in to a number of challenges that were created by deflation, however, the bank continued to survive with a number of different policies and measures (Cargill, 2005, p. 311). BOJ’s approach to monetary policy is pragmatic. The overall focus of this monetary policy is to maintain stability in price and encourage economic development. To meet these ends, the Bank monitors such areas as exchange rates, the aggregates of money, the indices of consumer and wholesale rates, growth of the GDP, production taking place in the industry, on-going interest rate in the market, prices of assets, and a number of other factors. It is also notable that in the functions of the Bank, international policy association and coordination can also play a role in the Bank’s domestic policy making. It is important to note that throughout its existence the BOJ has never come to stand as hardcore monetarist. Instead of this, the Bank has been treating the policy making of money more like a form of art. There are a number of methods by which the Bank lets its policies become public. The implementation of policies also takes a number of forms, for instance, â€Å"discoun t window† guides other financial institutions through loans etc. (Miller, 1996, pp. 1-47). By the late 1980s, BOJ held its position as positive in the eyes of the critics due to a number of policy making issues since WWII. Up to then the bank had gone through a number of remarkably shaky times coping up with such challenges as industrialization and establishment of it. By that time major characteristics of BOJ were its commitment to price stability and positive outcomes that came out of its policies. The most important point is that since its establishment, its legal position did not go through a change. Then it was the only bank rated as the most dependent of all the central banks in the world. Hence the notable feature is its keeping price stability instead of being a dependent bank. It also contradicted the widely acclaimed view that the more independent a central bank, the more price stability would be extended (Cargill, 2005, p. 311).   May 1989 is the period called the low point policy period of BOJ which continued through the year 2004. Here the bank increased the rate of discount in a number of steps that included historically low rate of 2.5 percent to 6.0 in the first stage of 1991. It was sternly a reaction against the asset inflation of the 1980s. However, the sharp recession and diminishing asset rate backed the bank to move for ease of policy in 1991 and the call and discount rates came down to 0.05 percent by the early 1995. Until it obtained the first â€Å"0 rate of interest† policy in 1999, the bank went on lowering call rate discount. It was drawn to a close in 2000. It came back to zero rate policy again in 2000 and moved on to a statistical easing down of policy in 2001 because declining economy alerted the authorities; moreover, it needed to adopt a different framework of operation for short-term rates on interest which had to be fundamentally zero (Cargill, 2005, p. 311). Although internationally, it is the reputation of the Bank of Japan that it has been moving too gradually in terms of the formation of monetary policy, fiscal policies, and resolving the issues present to it, there are important areas where this criticism becomes void. For example, Japan is often compared with the USA without considering the fact that former faced a great many more problems than the latter. Additionally, there are such instances as Japan’s tighter economic policy in 1996 that has much to discard this criticism (Browne, 2001, p. 3). 4- Policies of the Bank of Canada The Bank of Canada (BOC) is often criticized for influencing the level of price, jobs, and the development of its country’s economy. However, in the recent years the Bank has acquired a reputation that it is very concerned with keeping the inflation rate low so that it can make other ends meet for broader goals of economy. The Bank has also been charged with its acute concerns to inflation rate only and looking over such challenges as unemployment and economic growth. However, there are proponents of the Bank’s policies who come forward to defend the policies of the bank as they are presently in practice stating that if the focus of the Bank shift to the vice versa perspective, there would be no growth in economy and inflation rate will increase causing devaluation of the dollar. Vanderhart (2003) conducted an in-depth analysis of BOC’s response to inflation rate and other such concerns as unemployment, growth of economy, and other factors. The author found that there is insufficient evidence to suggest that the Bank of Canada’s response to economic data available on inflation is direct, â€Å"inflationary precursors as raw materials and intermediate goods prices are only significant when other important factors are omitted† (p. 357). But the author does not make it a remark that the Bank does not follow the procedures to pursue anti-inflationary policy. What the BOC has successfully achieved with regard to keeping control over inflation is that it responds to those factors which are other than â€Å"the releases of price level data†. Moreover, the recent policies also prompt to the suggestion that the Bank is taking measure to fight the challenge of unemployment. Two factors also came up to the author’s analysis that determined the actions and responses of the BOC. These are exchange rates and federal fund rate. The bottom line that the author draws is the there is little doubt about the health of the Canadian economy and the BOC is actively involved in the process of keeping this health stable. However, if some out-of-Canada issues are present, there may be some criticism on the Bank for example, its interconnection with the U.S. monetary policy because there are voices that might want a Canada which is independent of U.S. related economic policies (Vanderhart, 2003). If we review comparative analysis of Canadian economic growth with other countries (say Australia), there is sufficient evidence to mark the above observation that the Canadian economy has grown stronger than before and that such challenges as labor utilization has been carefully handled in the favor of the country. Harchaoui, et al. tell us that the growth of Canada’s real average income has large credit to a magnificent improvement in the way labor has been utilized, i.e. â€Å"the combination of high average hours worked and a high rate of employment in the total population†. In addition to this, capital deepening effect has also played an important role in the present stability of the Canadian financial outlook (Harchaoui, et al., 2005, p. 36). 5- Bank of Japan and Bank of Canada Comparing the policies of the central banks of Japan and Canada each gives us more insight. There are a few studies that have been done on the comparative analysis. In one such study, Tomljanovich (2007) informs that the central banks of these two countries (including banks of other countries, as well) are on a constant pursuit of having open dialogue with the general public and this is in the efforts of increasing efficiency and reducing volatility in financial markets. In the case of Canada, which comes in the category of a majority of interest rate maturities, it is found that there is greater predictability in terms of market functions because there is a high flow of information to Canada and this flow coincides with sub-periods simultaneously to lower interest volatility rate. However, Japan (as well as Germany in this study) appears to be the only country in which there is no such evidence of lower interest volatility. Moreover the study shows that the central Bank of Japan and the central Bank of Canada both moved to greater transparency measures in the 1990s which shows that both these banks want to progress on the modern lines (p. 791). As for the policies of Canadian central bank, it is evident that there is inclination of these policies to those of the U.S. There is no doubt that Bank of Canada has greater interests in keeping these ties with the financial environment of the U.S. monetary and fiscal policies. However, Bank of Japan has stood on a very different turf that is of independence with dependence and of unique regulatory framework of all policies handled ever since World War II. There is no doubt that government like Canada and Quebec recognize China and Japan for their strategic partnership in the region of Asia. For this the credit goes to Japanese ever-growing economic curve which in turn holds credit for the policies that the central banking system of Japan for a long time formulated, ran, and implemented successfully (Inomata, 2002, p. 259). 6- Conclusion Examination of the policies of central Bank of Japan and the central Bank of Canada in detail reveal that both countries have to face challenges that emerge from their specific environment. There are similarities and differences in the approaches of the Banks of both the countries. One acute similarity is that both countries have moved to greater transparency and are considered successful banks on the international horizon. Another is that Banks of both these countries are focusing more on interest rate and inflation level stability. For this purpose, however, the approaches of the two banks are different; both are putting efforts to fight the challenge of unemployment. As for the differences, Japanese bank is legally dependent, whereas, Canadian bank is independent; yet there is this sharp observation that Bank of Canada looks at the U.S. financial environment for policy making, whereas, Japanese Bank looks at its own typical challenges that need to be tackled on the international f ront. Another important thing which comes out from this study of the two banking systems in two different countries is that both function in their own environment and that it is not possible to find acute similarities in both the systems because of different financial and social outlook of the countries. This is important to look into more details in these central banks and banks of other countries as well so that a sound analysis about policy making and other measure against present and upcoming challenges can be met.

Economic Growth and Economic Development Original Essay

In contemporary times, certain economic registers are used frequently. Arguably two of these most used terms in economics, ‘economic growth’ and ‘economic development’ are terms that just about everyone is at least remotely familiar with, even if they have not studied economics at all. Sometimes it seems everyone knows what economic growth and economic development is. Politicians use these terms all the time, and so do teachers, managers and even preachers. Often, people’s use of these terms may not be quite accurate, but one has to admit that most of the time they are never too far from the mark. Insights into the aforementioned terms ‘economic growth’ and ‘economic development’ are given as follows†¦ Economic Growth Economic Growth is an increase in a country’s real level of national output which can be caused by an increase in the quality of resources by education etc, increase in the quantity of resources & improvements in technology. Economic Growth can also be described as an increase in a country’s productive capacity, as measured by comparing gross national product (GNP) in a year with the GNP in the previous year. In other words, Economic Growth is an increase in the real level of output as measured by the annual percentage in real GDP (Gross Domestic Product). Increase in the capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth. In recent years, the idea of sustainable development has brought in additional factors such as environmentally sound processes that must be taken into account in growing an economy. Measurement of Economic Growth Economists usually measure economic growth in terms of gross domestic product (GDP) or related indicators, such as gross national product (GNP) or gross national income (GNI) which is derived from the GDP calculation. GDP is calculated from a country’s national accounts which report annual data on incomes, expenditure and investment for each sector of the economy. Using these data it is possible to estimate the total income earned in the country in any given year (GDP) or the total income earned by a country’s citizens (GNP or GNI). GNP is derived by adjusting GDP to include repatriated income that was earned abroad, and exclude expatriated income that was earned domestically by foreigners. In countries where inflows and outflows of this sort are significant, GNP may be a more appropriate indicator of a nation’s income than GDP. There are three different ways of measuring GDP †¢the income approach †¢the output approach †¢the expenditure approach The income approach, as the name suggests measures people’s incomes, the output approach measures the value of the goods and services used to generate these incomes, and the expenditure approach measures the expenditure on goods and services. In theory, each of these approaches should lead to the same result, so if the output of the economy increases, incomes and expenditures should increase by the same amount. How to boost Economic Growth in a country In order for a country to experience economic growth, certain things have to be done. In my own opinion, I believe that; As more people are employed, the amount of capital increases, education levels increase, the quality of capital changes, or the technology increases, the productive capacity of the economy increases. Therefore, the economy can increase its output giving consumers more disposable income, promoting an increase in consumption spending, and providing resources for business to use for further investment and government to use to provide public goods and services. Increased labor force participation increases output. Expanded, improved education creates more productive workers. Business and government spending on research and development enhance our abilities to produce and allow each worker to become more productive, increasing incomes for all. Finally, to achieve a higher level of GDP in the future, consumers need to limit consumption spending and increase savings today, permitting businesses to invest more in capital goods. If resources are invested into building an economy now, future generations will enjoy a higher level of economic growth; our businesses will produce more goods and consumers can purchase more goods. Expansion of output at rates faster than our population growth is what gives us the opportunity to enjoy higher standards of living. Economic development Economic development is a normative concept meaning that the definition is variable however; the definition given by Michael Todaro is ‘’an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.’’ Economic development can be defined as the advancement of a nation or society according to several economic factors. Economic development generally includes such trends as technological innovation, improvements in the standard of living and life expectancy, and increases in the amount of invested assets per capita At the core of the definition is the point that economic development is not just about dollars and cents but is about community well-being and creating communities that people want to live in. It is a constant challenge for small communities to hold onto their young people. There must be jobs and facilities that the next generation expects as a standard. Providing infrastructure on one hand and building social capital on the other will lead to community sustainability and resilience which eventually boils down to ‘’economic development’’ In a few words one can say that the scope of economic development includes the process and policies by which a nation improves the economic, political, and social well-being of its people. Measurement of Economic Development There are several criteria or principles to measure the economic development. Let us make a detailed study of these measurements for better understanding. 1. National Income: Some economists have taken increase in the real national income as the indicator of economic development because per-capita income depends upon the national income. National Income is related with the final goods and services produced in a country. According to this method the state of continuous increase in national income can be taken as economic development. This is majorly applicable to the poor and middle class countries. Short-run increase in national income cannot be taken as economic development. Likewise increase in the national income as a result of increase in price of goods and services cannot be defined as economic development. 2. Per Capita Income: Increase in per-capita income has been pointed out by some economists as a basis for measuring economic development; According to the classification given by the United Nations Organization in 1989, countries having per capita income less than 580 US dollars fall in the class of poor countries, countries having per capita income between 580 US dollars and 6,000 US dollars are in the middle class, and countries having per capita income more than 6,000 US dollars are in the class of rich countries. According to World Development Report 2009, per capita income of Nepal is 340 US dollars. Such indicator makes the comparative study of different countries easy. On the basis of per capita income the economic growth rate of any country can be found out. The increase in per capita income of any country shows the increase in economic growth rate of the country The UNO experts in their report on ‘Measures of Economic Development of Underdeveloped Countries’ have also accepted this measurement of development. 3. Economic Welfare Index: Economists like Colin Clark Kindleberger, D. Bright Singh, and Hersick etc. have suggested economic welfare as the measure of economic development. The term economic welfare can be understood in two ways: (a) When there is equal distribution of national income among all the sections of the society. It raises economic welfare. (b) When the purchasing power of money goes up, even then there is an increase in the level of economic welfare. The purchasing power of money can go up when with the increase in national income there is also increase in the prices of goods. That means economic welfare can increase if price stability is ensured. Thus economic welfare can boost with equal distribution of income and price stability. Higher the level of economic welfare, higher will be the extent of economic development and vice-versa. 4. Measurement through Occupational Pattern: The distribution of working population in different occupations is also regarded as criteria for the measurement of economic development. According to Colin Clark there is deep relation between the occupational structure and economic development. He has divided the occupational structure in three sectors (a) Primary Sector: It includes agriculture, fisheries, forestry, mining etc. (b) Secondary Sector: It consists of manufacturing, trade, construction etc. (c) Tertiary Sector: It includes services, banking, transport, etc. In underdeveloped countries, majority of the working population is engaged in primary sector. On the contrary, in developed countries the majority of the working population works in tertiary sector. When a country makes economic progress, its working population begins to shift from primary sector to secondary and tertiary sectors. 5. Human Development Index (HDI): The modern economists were not satisfied with GNP, per capita or national income as the principal measures of economic progress. According to them, the issue is not only how much growth but what kind of growth and as a result, they formulated the Human Development Index (HDI). This indicator was for the first time developed by United Nations Development Program (UNDP) in the year 1990.There were a number of measures which were included in this index, However, to keep the HDI simple and manageable, the following main variables were included in it (a) Life expectancy was chosen as a measure of long life (b) Literacy as an index of knowledge and (c) Real GDP per person which represents Income for decent living. 6. Physical quality of life index (PQLI): This is non-income indicator of economic development because this uses physical quality of life as the indicator. This method of measuring economic development is based on the following three things. They are:– (a) Life expectancy (b) Infant mortality (c) Literacy. Countries having low life expectancy, low literacy rate and high infant mortality will have low index. If in any country PQLI is increasing then it indicates the increase in the physical quality of the life of people. Increase in per-capita income does not necessarily indicate the increase in the facilities like healthy food, health, situation, education, etc. Therefore PQLI method is taken to be better indicator than per-capita income method. In addition to these various indicators the following facts are also taken as the indicators of economic development. (a) Equality improvement.(b) Poverty alleviation(c) Quality of life (d) Capital formation(e) Fulfillment of basic needs.(f) Population growth rare (g) Increase in employment opportunities (h) Decrease in dependence on agriculture (i) Increase in entrepreneurship (j) Utilization of natural resources (k) Increase in export of finished goods. (l) Trade diversification (m) Extension of infrastructures DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT In general words, economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries. The raising of income levels is generally called economic growth in rich countries and in poor ones it is called economic development. But this view does not specify the underlying forces which raise the income levels in the two types of economies. The problems of underdeveloped countries are concerned with the development of unused resources, even though their uses are well known, while those of advanced countries are related to growth, most of their resources being already known and developed to a considerable extent. In fact, the terms â€Å"development and growth† have nothing to do with the type of economy. The distinction between the two relates to the nature and causes of change. These two terms may also be explained as the development is a discontinues and spontaneous change in the stationary state which forever alters and displaces the equilibrium state previously existing; while growth is a gradual and steady change in the long run which comes about by a gradual increase in the rate of savings and population. This view has been widely accepted and elaborated by the majority of economists. Economic Growth does not take into account the depletion of natural resources which might lead to pollution, congestion & disease. Development however is concerned with sustainability which means meeting the needs of the present without compromising future needs. These environmental effects are becoming more of a problem for Governments now that the pressure has increased on them due to Global warming. According to another school of thought, â€Å"economic growth means more output, while economic development employs both more output and changes in the technical and institutional arrangements by which it is produced and distributed. Growth may well involve not only more output derived from greater amounts of inputs but also greater efficiency, either, and increase in output per unit of input. Development goes beyond this two employ changes in the composition of output and in the allocation of inputs by sectors†. According to some classical economists the growth is an expansion of the system in one or more dimensions without a change in its structure, and development is an innovative process leading the structural transformation of social system. Thus economic growth is related to a quantitative sustained increase in the country’s per capita output or income accompanied by expansion in its labor force, consumption, capital, and volume of trade. On the other hand, economic development is a wider term. It is related to qualitative change in economic wants, goods, incentives, and institutions. It describes the underlying determinants of growth such as technological and structural change. Development embraces both growth and decline. An economy can grow but it may not develop because poverty, unemployment and inequalities may continue to persist due to the absence of technological and structural changes. But it is difficult to imagine development without economic growth in the absence of an increase in output per capita, particularly when population is growing rapidly. Despite these apparent differences, some economists use these terms as synonyms.

Modern Management Techniques Essay Example | Topics and Well Written Essays - 2000 words - 1

Modern Management Techniques - Essay Example Site managers oversee either a whole sight or part of the many sights for larger schemes or they might be responsible for part of the project. Before the commencement of the project, the site management personnel are required to organize all the necessary facilities, prepare the sight, plan the work to be done and install the temporary work bases for workers (Johansen and Wilson, 2006). Most of the site managers are involved in the running of the project before the site development activities commence. Prior to the commencement of the project, the site managers are responsible for bridging communications between all the parties involved in the running of the project. They are required to enhance proper time management and ensure that all activities adhere to the set timescale once the project commences. They are required to be sufficiently flexible and able to manage any problems or delays that may be faced in the course of the project construction. Ranns and Ranns, (2005) assert tha t construction managers should also possess efficient skills to enable them to set the right priorities for the job and employ the necessary measures required for planning for safe construction. They are also required to preside over the communication roles with the external stakeholders. Role of Site Management Johansen and Wilson (2006) assert that despite the recent Government initiatives and the increasing expectations of the society, the theoretical roles of a site manager remain the same. They suggest that satisfying the high expectations of the society requires the managers to enforce the required strategies necessary for converting the theoretical measures into practice (Johansen and Wilson, 2006: 1309). Some of the responsibilities include ordering of new construction materials, ensuring that the site has the adequate workforce to complete the assigned task in time and preparation of reports and status updates for other senior managers. The site manager is also tasked with maintaining the safety of the workforce through ensuring that all the safety measures are adhered to and all the accidents or incidents endangering personnel life are reported to the necessary authorities for action. The manager should apply his or her competencies and expertise in the built environment to understand when changes to the original plans are required or the necessity of the projected completion dates. According to Hartley (2006), all these responsibilities cannot be ardently achieved if the manager is not present on the site; implying that site manager should personally scrutinize and delegate all the daily operations of a site. However, Griffiths (2004) posits that the recent technology has changed the management process whereby the manager can scrutinize the daily operation of a construction site online.  

Empirical paper assignment Essay Example | Topics and Well Written Essays - 1000 words

Empirical paper assignment - Essay Example The accuracy of estimation is subject to various factors some of which are beyond control of economists. However in most cases there are counterweights that help balance an error in estimation. This means that in a normal estimation there are over and underestimations that cancel out partially or completely. The fact that stands out in the economists’ estimation is that these overestimations occur year after year and indications point at misinformed estimates. Overestimation of interest rates on government bonds has some serious results. Higher borrowing costs imply that the government sets aside more funds to cover this cost. The end effect is that the government will reduce budgets for other functions and allocate more funds for paying up its public debt. According to the article, economists have a duty come up with ways to increase economic growth. The reasons for this overestimation could be an increase in the amount of funds available for borrowing and to avert any stagnation of bond rates. According to Jared, increased funds available for loaning have the effect of pushing down the costs of borrowing. This can only mean that the estimation techniques used by the economist could be overlooking the increase. Secondly, cost of borrowing is reduced by economic forecasts that indicate growths and inflation. In instances where inflation or reduced economic growth is predicted, costs of borrowing fall. In order to prevent this fall, economists overestimate bond rates so that this acts as a stimulant that will prevent significant drop in borrowing rates. Another aspect of effects of bond rates overestimation is that they give a wrong impression of economic performance. The cost of borrowing influences calculations on Gross Domestic Product since in effect it influences the rate of economic growth. Later in this assignment we shall have a graphical representation of the public debt expressed as a

Recommendations Essay Example | Topics and Well Written Essays - 500 words - 1

Recommendations - Essay Example 1. The restaurant needs to introduce new initiatives of employees’ health and wellbeing programs to reduce their health problems. Exhaustion is found to be the main cause for their lack of enthusiasm which is reflected in their level of service at the end of the day. A separate small place should be allotted to them to take short breaks to relax and reinforce their energy. Constant communication and constructive engagement with employees significantly enhances morale and commitment to work (MacLeod & Clarke, 2010). Management should involve employees in discussions on how to improve work environment so that they are happy. 2. The management needs to recruit more people to not only maintain its reputation for excellent customer service but it would also relieve pressure from the existing staff. The employees were unanimous in the view that more people are required to meet the rush of the clients. The HR people therefore should create a pool of human resource who can be given part-time work during the rush time. This would help the permanent staff to recover from the highly stressing work of serving many people in short time and with efficiency. 3. Workers need to be motivated through incentives and fringe benefits like complementary weekly family meal at Chipotle or company sponsored family vacation on weekends. It could be a once a month affair based on work performance. This would motivate workers for higher performance (Fisher, 2005). At the same time, it would give them an opportunity to spend quality time with family. The long hours and workplace stress have adverse impact on the work-life balance, creating dissatisfaction amongst the staff. This initiative would boost their morale. 4. The company must provide the workforce with new opportunities of enhancing their skills and knowledge. In-house trainings on skill development and options for partial or full funding of cost for pursuing

In What Ways Does the Choice of an Epistemological Perspective or Essay

In What Ways Does the Choice of an Epistemological Perspective or Stance Influence the Formulation of a Management Research - Essay Example The paper additionally examines issues like empiricism, constructivism, idealism, rationalism, and their influences on the formulation of a research in the field of management. Epistemology is a branch of the philosophical field that is mainly concerned with the nature and limitations of knowledge. The field addresses such issues as what knowledge is, how it can be acquired, and the extent to which it applies to certain entities (Easterby-Smith, Thorpe and Jackson, 2012). Epistemological perspectives are the different ways in which different people view knowledge, its nature and scope. There are different epistemological perspectives that can be used in the formulation of a management research; they range from empiricism, idealism, and rationalism to constructivism (Fumerton, 2006). In order to overcome the difficulties that may be encountered in formulating the management research the concepts of infinitism, foundationalism, and coherentism may be utilized (Krishnaswamy, Sivakumar a nd Mathirajan, 2009). Empiricism is a concept that emphasizes the role that experience plays when one formulates a management research. It is basically a conjecture of knowledge that emphasizes the use of the perceptual observations that we make through our senses (Easterby-Smith, Thorpe and Jackson, 2012). ... On the other hand, rationalism emphasizes the epistemologically privileged statuses of data that we have collected through our senses. It additionally emphasizes the dominance of reasoning and consists of abstracts, theory, and borrowings from empirical studies (Easterby-Smith, Thorpe and Jackson, 2012). When formulating a management research using epistemology, an individual has to collect data before he or she can utilize the knowledge acquired. Doing this, an individual will be able to make appropriate decisions (Audi, 2010). Many challenges may be encountered in the collection of data that may eventually lead to misinterpretation. Data may be incorrectly interpreted due to the fact that different people possess different forms of knowledge along with levels of understanding (Fumerton, 2006). A lot of time is additionally lost when references are made to previous empirical studies that have been carried out, though they are important in ensuring the best decisions in regard to dif ferent aspects in management that are to be resolved. After researching the studies of previous researchers, an individual will have the empirical material that can help avoid the obstacles encountered by others (Krishnaswamy, Sivakumar and Mathirajan, 2009). According to Fumerton (2006), a lot of consultations have to be made before an appropriate decision can be implemented for the purpose of solving the problems facing a business venture. Rationalism enables to epistemologically reason out a problem before one can come to a decision as to the best solution. It additionally helps researchers overcome any errors they may have made when formulating