Personal Goals Essay Example

Personal Goals Essay I have made several goals and aims that I feel I should meet in order to gain a profit and to help me to run my business successfully. My main aim is to find a local vacant business site and make recommendations on the business idea. I could develop this local business site into my business. Afterwards if all the planning looks reliable I will go ahead with my ideas. I want to open a business that is prosperous and can make me have my own personal satisfaction. Personal Goals My personal goals are to be able to feel content with the outcome of my business. I want to bring a new trend of clothing to British people, especially young youths. With the money made I want to be able to settle down and start a family. I also want to provide the consumers wants and needs. Plus have a good relationship between my employees and customers. I felt that I was motivated by the youth in my society. I know that the youths are craving for these materials after conducting some interview this was the most desired shop. I know for a fact that the things would sell to the youth of my community. Also have always wanted to work for myself and be my own boss. I find it less hassle once my business gets of the ground to work for myself than have the hassle working for someone else. We will write a custom essay sample on Personal Goals specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Personal Goals specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Personal Goals specifically for you FOR ONLY $16.38 $13.9/page Hire Writer My personal aim is to make new friends and new contacts I would like to leave the business when it is successful to my children. Business Aims I want to be able to maintain a steady profit margin in while running my business. I need to make sure that the launch of my business is well promoted and advertised to the public. Be able to borrow sufficient money for my business from a bank loan. I want to be able to provide a good service to my customers and make them feel comfortable. I want to be able to pick the right location. I would have a sales promotion to try and encourage customers to buy from my shop. I want to be able to expand my business when the time is right. I want to be able to situate my business in a part of London. I would also install changing rooms and security men because it would be tempting to buy from my stall. But this will be useless if I didnt find a vacant local business site. My main business aim is to find that site with the right location. Then make recommendations pertaining to the site and the business. It is essential that the location I choose is legitimate because if I buy a premises and the price is to high or not enough customers pass by there. The before I start my business is already doomed. Methods of arriving at my aims If I want to fulfil my aims there are certain procedures I have to take into consideration. I would need to carry out some research into my chosen field to try and find out what my potential customers want. I would find my data by conducting a field research to gain customers views. I will use questionnaires as my tool for my research. It would provide facts and figures that are up to date, appropriate and specifically on what I want to find out. The disadvantage is that it is expensive to collect, I may get a low response rate and I need a large sample size to get an legitimate result. To have a good relationship with my employees I would be polite and courteous towards them. Like no other job I would make them look forward to coming in to work. I am going to definitely use Abraham Maslows motivation theory, which is: Methods of arriving at my aims To make certain that the local public know about the arrival of my business and it location I will need to advertise my business. Since I dont have a lot of money to spend I would advertise locally first then expand. But for the time being I will advertise on a local radio station. I would consider the time as well, I would want to put my message on when potential customers would be listening. For example I want young youths so I would put my advertisement on what they would be listening to. I wouldnt put it on when the classical music program is playing. To find out what youths listen to I would ask them that in my questionnaire. Also I would set up some posters to give an visual effect. Most people may not know what I am going to sell. The poster would have some sample clothing of what I would sell in the shop. The potential buyers would see it and would want to have it and be able to see more. My adverts would be persuasive and try to convince the consumer that they need this product to look cool. They would play on peoples fears and vulnerabilities and cause desires that didnt exist before. In order to keep customers coming back regularly I would use the pricing strategy of skimming. I would charge a high price for the product first which would attract people with large incomes. When the product has been established I would then lower the price to make it a mass-market product. The customers would feel they are getting a bargain and buy the product. Also after a few months when the sales start to reduce I would introduce discounts to the products. When the price decreases the quantity of demand would rise. These clothes would become a substitute to the other expensive clothing that is worn. I will also sell current cool clothes to attract the customers. Also there would be a constant piece of advertising in my front window. A manikin would be placed in front of the shop window displaying some clothing. This method is known as point of sale advertising. In order to pick the right location I need to consider how customers can travel to my store. Is it easy to get to? The easier it is to get to and the more noticeable it is the more customers I would receive. I would try to make the store as modern as possible to make it appeal to the young youths. I would also play music in the store that they would be into to help them feel more welcome and relaxed. My Business Objectives It is a necessity for my business to have understandable and clear objectives in for my business to run according to plan I need objectives and goals to set. An objective is anything that the business wants to achieve. The reason I am opening a business is because I want to be able to provide a different style of clothing to the youths of today. I also would like to feel independence that comes from being my own boss. I intend to meet new people and make new companions. I want my store to be diverse according to the other stores. I want to be able introduce new trend to the society. I would investigate the chosen area to see the crime rates and the transport and communication links. Also I would research on what other shops look like selling products similar to mine. It would help me accumulate more information about what features modern shops have. Which would result in better ideas. I anticipate that the average product life cycle of my products would be like this: My main business objective is to make a substantial profit, which would allow me to pay the bills and be able to have some money left over for me to live off. I need to be able to fulfil my needs which are food, water, warmth, shelter and clothing. An additional objective would be to supply the clothes that the public demand from my business. Also my turnover should always be greater than my expenses.

Personality Analysis of the film Mr. Mom essays

Personality Analysis of the film Mr. Mom essays The comedy film Mr. Mom stars Michael Keaton who plays Jack Butler, a recently laid-off Dad who must stay at home with his kids while his wife begins a new job. Jack must learn to deal with his new role as a household husband, accept his wifes new role as the breadwinner, and balance the identity transformations that come along with a life change. The films introduction reads: Jack and Caroline Butler are perfectly happy with their roles in life...until a layoff makes him a househusband and her a working wife! And while she wrangles with charts, graphs, and an all-to-eager-to-be wrangled boss, he has to contend with their hyper kids, a ravenous vacuum cleaner, an angry washing machine, and an oversexed neighbor! From late nights in the boardroom to lonely nights in the bedroom, the biggest challenge for both Jack and Caroline is learning to trust one another with their reversed roles...(MGM, 1983) Jack is a typical forty-something male struggling to maintain his identity, and to do so, he uses a variety of defense mechanisms to relieve his internal anxiety. Jack has many concrete beliefs on gender roles, and it is difficult for him to overstep his masculine boundaries. The theories of Freud and Erikson can be applied to Jacks situation and actions throughout the film. In the text, Personality Theories, the author identifies the defense mechanism theory by Freud as procedures that ward off anxiety and prevent our conscious perception of it (Engler, 1999, p.50). There are nine dominant defense mechanisms, and Jack Butler uses many of them during the course of the film. He had just learned of his job loss when he first uses a mechanism. Jack began rationalizing with his co-workers to help himself and the others feel better. He said to his co-workers, when your down, your not necessarily out, and keep that sense of ...

You Decide Case Study Example | Topics and Well Written Essays - 250 words

You Decide - Case Study Example On the other hand, the circuit that Teddy appealed to overturned the ruling with claims that Pollard had failed to report the case earlier and that the discipline given to Pollard was deserved. The circuit court offered that Teddy reinstates Pollard in which Pollard appealed and refused the offer. The company under the Civil Rights Act is liable to protect its employees from sexual harassment. The organization is liable to ensure that all employees obtain the necessary education on these acts and have an environment that favors their ability to report such cases in a manner that may not jeopardize their life in the organization. The company is liable for the actions of their employees if they fail to take actions on them these include the actions of the supervisors in perpetrating or condoning the act. The worst-case damages to Pollard that could be imposed on the organization would include the back payments that the employee requires plus the inclusion of jail term to the employees involved. One of the most prominent rewards in sexual harassment included the case against President Bill Clinton and Paula Jones. In this case, Paula Jones was rewarded damages of $850000 short of an apology as prescribed by law (Fablo). These indicate how heavy the damages may prove in sexual harassment cases. Title VII, as applied in the Civil Rights Act, adopted in 1964 aims at protecting employees against any form of discrimination at the workplace. The Act covers sexual discrimination, discrimination on a racial basis, religion origin, or color. In the case scenario presented, Title VII would apply in consideration of the facts including the sexual harassment that Pollard suffered at work. According to the Act, the discrimination in relation to sex or gender of an employee is well described with various cases having set precedence in the field (Twomey, p.431). A number of cases have set precedence for

Human Resource Management & Information Management (MBA) pro 6 Essay

Human Resource Management & Information Management (MBA) pro 6 - Essay Example Generally it is believed that PRP is a good tool to set a goal for the employees. It sets a criterion for the employees; and so to fulfill that out of their personal welfare, they indirectly help in gaining the objectives of company in a better, more focused and speedy way. PRP does not only act as a reward system, it also works as a silent warning or alarm system for the employees. When lazy or inefficient employees see their colleagues getting benefits, they are naturally alarmed by their situation. Thus inefficient people come to know through PRP that it is all about â€Å"survival of the fittest† thing and so they strive to work in a better way. PRP is a device that articulates the goals of the employers and the company in a better way. By setting criteria for getting performance related pay, employers clearly define what they want from their employees. This might be one of the reasons that PRP still holds importance for the employers. Thus it helps the employers to attain their focused goals in a better and faster way. Another reason for the prevalence of PRP in organizations is the notion that it targets and reward the deserving employees. Naturally some employees are more efficient and hard working than their colleagues, so this system rewards them for their special efforts and thus encourages them to keep up their good work. Finally I think PRP has an enduring interest for employers just because it is used everywhere. It has become an important phenomenon and is widely practiced so employers use it also because of the peer pressure in the corporate world. So PRP is here to stay although there is no solid proof about its motivational

Marketing management Essay Example | Topics and Well Written Essays - 1000 words

Marketing management - Essay Example Media group possesses half of the National rugby League shares. Furthermore, it is the main share holder of Brisbane Broncos together with Melbourne Storm in the rugby league. The media also owns several studios, broadcasting channels, as well as satellite televisions and internet providing companies among others. The main academic theories applicable in the media industry include mathematical, physics, social, political and legal theories. Human resource academic knowledge is very important in the running of any company. News Corporation has over 50,000 employees of different academic background and skills. It requires appropriate human resource knowledge to manage such work place diversity to ensure the media group maintains its large pool of customers and stakeholders. The company’s human resource teams are Masters Degrees holders in human resources in addition to their vast experiences. Further more; appropriate human resource academic knowledge would help the corporation make appropriate decisions when entering partnership deals with other companies. The essence of knowing the existing work place diversity would determine the lacking skills and professional to be hired. Academic knowledge could be associated with good leadership skills based on equality and this would enable the corporation maintain its customers and other stakeholders. Human resources and business leadership principles could of great help in these situations (Slaughter, 2004). The media group ventures in news papers where appropriate writing skills and English mastery is a plus. Good writing and language skills are associated with good academics. Further more, the newspapers team comprise of researchers who have to engage good data collection methods before publishing. Academics theories enable the researchers understand the social, cultural and religious values of an individual so that whatever information required from him does not violate any of his or her rights. Not every info rmation obtained from the community is worth being published; some news or information could evoke violence if not well handled, and academic theories provide several media acts and policies to govern the industry. Any editor or columnist ought to fully understand such laws to keep a smile in their newspapers’ readers among other stake holders. The corporation ventures in satellite TV channels. A lot of technological knowledge and skills are applied in the industry. For instance, the employees involved need to understand the frequency and wave bands of the satellite signals before they are converted to normal waves so that such channels can be watched by millions of people. News Corporation satellite TV channels are the most quality in the entire Europe and other parts of America. The media group is associated with sophisticated machineries and telecommunication gadgets like dishes, decoders, GPS among other equipment. Such machineries and gadgets require good technological s kills to be operated. The corporation so far has the widest pool of TV demand in the entire world. Quality TV channels due to good academic knowledge would not only maintain the existing customers but attract more. Physics, mathematical and electrical theories play great role in such incidences. The corporation is associated with

Relationship between Assets and Liabilities on Balance Sheet

Relationship between Assets and Liabilities on Balance Sheet Cement industry indeed a very important part of industrial sector that plays a essential role in the economic development. Though the cement industry in Pakistan observed its lows and highs in recent past it improved during the last couple of years and floated once again. A basic economic decision deal with a financial intermediary is the mixture of assets to buy and liabilities to sell, a decision that reflects a complex set of economic and institutional considerations. When viewed as a decision under uncertainty, the outcomes from this decision involve interactions among the assets, among the obligations and among assets and obligations. The asset and obligation structures of cement sector of Pakistan necessarily reflect these interactions as well as many regulatory and institutional constraints unique to the cement industry. Multivariate statistical procedures such as canonical correlation analysis are being used more frequently and the methods used in thesis can be applied to other studies. The mixture of assets and liabilities chosen can be viewed as a basic portfolio theory decision. In thesis canonical correlation analysis was applied to examine the relationship between assets and liabilities made by a cross-section of 18 large cement companies of Pakistan listed in stock exchange. Canonical correlation is a multivariate statistical technique that was used to assess the nature and strength of relationship between assets and liabilities. The correlation between each set of assets and each set of liabilities indicates the relationship between assets and liabilities but all of these correlations assess the same hypothesis that assets influence liabilities. The thesis focused on firms of the Pakistans cement industry and the purposes of the thesis was to identify relationships between assets and liabilities exhibited by these corporations and to explain the nature of these relationships. The teaching of corporate finance as reflected in the major textbooks compartmental izes the decision areas of finance and within each compartment management is assumed to attempt to maximize the firms wealth, holding the other areas of the firm constant. For example, capital budgeting decisions are made given a cost of capital or required rate of return (a capital project is evaluated independent of how it is financed), or the capital structure is chosen given the character of the firms assets. Cash, receivables, and inventory balances tend to be optimized independently. There is a tradeoff between the rigor afforded by global models of the firm (such as the CAPM) versus the realism afforded by the various approaches used in the compartmented models (e.g., cash management models, equipment replacement models, leasing, etc.). Business practice has the same dilemma; complex organizations must decompose the overall wealth maximization problem into sub problems which, when solved, allow the firm to make satisfactory decisions. Business executives may be uncomfortable with an assumption of independence between investing and financing decisions for two reasons. First, even if the decisions were independent, the decisions may occur simultaneously because of the necessity of raising the funds to invest. Second and more importantly, the assumptions necessary to obtain independence may not be obtained. Several interdependencies might be anticipated between assets and liabilities: Hedging is commonplace, where firms go with maturity structure of their assets and obligations (i.e., short-term assets tend to be financed with short- term obligations and long-term assets tend to be financed with long-term obligations). Some assets are used as collateral for loans. For example, accounts receivable can be used as collateral for short-term bank loans or factor loans and real estate as collateral for mortgages. Commodity-producing firms will maintain inventories which may be financed with credit from suppliers (accounts payable) while service-providing firms may have little of either inventories or accounts payable. High risk businesses may try to manage risk by using less leverage on right hand side of balance sheet (high equity) and by maintaining larger liquidity balances on the left-hand side. This process may enable management to reduce the probability of insolvency It was the objective of the thesis to determine relationships between assets and liabilities on balance sheet exhibited by a sample cement firms of Pakistan. Canonical correlation analysis was used to identify and study the nature of relationship between the structure of the left and right hand sides of the balance sheet. Though canonical correlation analysis is very similar to discriminant and factor analysis, it has not been widely employed in finance. The variables used in this study are, Cash, Account Receivable, Inventories, Long-term Assets, Account Payable, Short-term Debt, long-term Debt and Share Holder Equity. CHAPTER 2 LITERATURE REVIEW Stowe,John D,Watson,Collin J Robertson ,Terry D (1980) observed the relationship between assets and liabilities with the help of canonical correlation analysis. The purpose of research was to identify relations between the two sides of balance sheet (Assets and liabilities) revealed by the corporations and to explain the nature of these relationships. Data from balance sheet for a cross-section of firms was used in the study. For each firm / corporation, a general size (or percentage breakdown) balance sheet was constructed with 4 asset and 4 liability accounts. A big diversity of balance sheet structures was present between 510 firms. A number of remarkable relationships were found in the study i.e. inventories were positively correlated with accounts payable and long-term assets were correlated with long-term debt. On the other hand, stockholders equity was not highly correlated with any of the asset proportions. An independence of asset and liability composition of the firm is tilted in much modern financial theory, the independence of investing and financing decision is a prominent part of Modigliani and Millers classic capital structure research. Though the distribution of financing and investment decision is an invaluable assumption which greatly makes simpler many business financial decisions, real balance sheets of modern corporations do not exhibit independence between assets and obligations on balance sheet. The aim of the study was (1) to recognize relationships between t assets, obligations and equity on a balance sheet reveal by these firms and (2) to clarify the nature of these relationships. Independence of liability and asset composition is explicit in Modigliani and Millers capital structure proposition. In their article, they exhibited that, given a flow of risky earnings; the firms total market value and cost of capital are independent of capital structure. The education of corporate finance, as imitated in the major textbooks, compartmentalizes the decision spots of finance and, within each box, management is assumed to effort to maximize the firms wealth, holding the other spots of the firm stable. For example, capital budgeting decisions are made given a cost of capital or required rate of return (a capital project is evaluated independent of how it is financed), or the capital structure is chosen given the character of the firms assets. Cash, receivables, and inventory balances tend to be optimized independently. There is a tradeoff between the rigors afforded by global models of the firm (such as the CAPM) versus the realism afforded by the various approaches used in the compartmented models (e.g., cash management models, equipment replacement models, leasing, etc.). Business practice has the same dilemma; complex organizations must decompose the overall wealth maximization problem into sub problems which, when solved, allow the fi rm to make satisfactory decisions. Business executives may be uncomfortable with an assumption of independence between investing and financing decisions for two reasons. First, even if the decisions were independent, the decisions may occur simultaneously because of the necessity of raising the funds to invest. Second and more importantly, the assumptions necessary to obtain independence may not be obtained. Several interdependencies might be anticipated between the assets and liabilities, those are, (1) Hedging is commonplace, where firms go with maturity structure of their assets and obligations (i.e., short term assets tend to be financed with short term obligations and long-term assets tend to be financed with long-term obligations), (2) some assets are used as collateral for loans. For example, accounts receivable can be used as collateral for short-term bank loans or factor loans and real estate as collateral for mortgages, (3) commodity-producing firms will maintain inventories which may be financed with credit from suppliers (accounts payable) while service providing firms may have little of either inventories or accounts payable and (4) high risk businesses may try to manage risk by using less leverage on right hand side of balance sheet (high equity) and by maintaining larger liquidity balances on the left hand side. This process may enable management to reduce the probability of insolvency. It was the intent of the study to determine relationship between assets and lia bilities on balance sheet are exhibited by a sample of large corporations. Canonical correlation analysis was used to identify and examine the nature of relationships between the structures of the left- and right-hand sides of the balance sheet. While canonical correlation analysis is very similar to discriminate and factor analysis, it has not been widely employed in finance. There were two general conclusions of study. The first basic purpose of study was satisfied that there are basic relationships between assets and obligations on a balance sheet which were identified with canonical correlation analysis. The assumptions behind much of modern financial theory allow us to separate investing and financing decisions. Relaxation of these assumptions can admit interdependencies between assets and obligations and several interdependencies were found in our empirical study. These relationships across the balance sheet include (1) hedging, (2) the use of collateral for loans, (3) invento ries associated with accounts payable, and (4) manage risk with instantaneous use of inferior leverage and larger liquidity balances. The capital structure research since M and Ms original irrelevance argument has attempted to utilize the effect of the current value of interest tax shelter due to debt financing and the effect of expected bankruptcy costs on the firms optimal capital structure. The interdependencies between assets and liabilities found in this empirical study could be incorporated into models of capital structure. The second general conclusion was to recommend canonical correlation analysis of financial statement data for other research topics. Much of the published empirical research concerning financial statements is on topics with a single, well defined dependent variable; these topics would include predicting bankruptcy, bond ratings, or loan defaults and explaining market risk measures. Canonical analysis, where there is a set of dependent variables, would allow empirical analysis to proceed where no unique variable can be chosen as the dependent variable. Furthermore, variables which are linear combinations of financial statement proportions might be employed instead of the usual financial ratios.7 Canonical variate scores for a firm could be associated with its bond ratings, probability of default, or systematic risk. These topics usually have been investigated using financial ratios as predictor variables Stowe,John D Watson,Collin J(1985) did the multivariate analysis on balance sheet composition of life insurer. The purpose of that analysis was to study the empirical relationships between the assets and obligations structure of the life insurer. The assets and liabilities mixture that chosen by life insurer can be viewed in terms of basic portfolio theory decisions. Canonical correlation analysis was used by the researcher to study or examine the internal structure of these portfolio decisions that was made by a cross section of large life insurers. The financial intermediaries study, such as life insurers, is distinguished from that of nonfinancial businesses for several causes. First, the financial intermediaries assets consists just about entirely of financial assets as opposed to the real assets that bulk large on the balance sheets of nonfinancial businesses. As suggested by Moore B. J (1968) in his article an introduction to the theory of finance that the financial assets dif fer from tangible assets; the financial assets are intangible and they are held for the income they generate as opposed to the direct physical services they yield; financial assets are more liquid and finally financial assets can be more freely converted from one form to another while real assets are indurate. A second difference between intermediaries and nonfinancial businesses involves the nature of their obligations. Financial intermediaries accumulate loan able funds through issuing a variety of claims. For example, the commercial banks and life insurers claims are quite different from the obligations issued by nonfinancial corporations. A final significant difference between financial intermediaries and other businesses is that the intermediaries normally are more seriously regulated and sometimes are subject to separate taxation from other firms and individuals. Like other intermediaries life insurers have been the subjects of a range of empirical research projects. J. D (197 3) Cummins in his article An econometric model of the life insurance sector of the U.S economy and J. E Pesando, in his article The interest sensitivity of the Flow of funds through life insurance companies presented an econometric analysis for the comprehensive flow of funds through the life insurance sector. J.D Stowe (1978) in his article examines the investments of individual life insurers in a cross-sectional, time-series study. The basic operational hypothesis for the study on balance sheet composition of life insurer was that a number of categories of assets on the left hand side of life insurer balance sheets had more than one pattern of correlations when they are associated with several liability and surplus classes from right hand side of balance sheet. In addition to testing this hypothesis, the natures of the relationships between assets and obligations were examined and the strength of the multivariate relationship was anticipated. The structure of life insurer assets w as explained as a function of the structure of the other side of the balance sheet and of some additional firm specific variables. In this study it was necessary to predict several criterion variables simultaneously by means of a second set of predictor variables. Under these circumstances, no single regression equation can presented a fully adequate solution. Any linear combination of the criteria may be used as the dependent variable in a regression equation, and in general not one but a number of regression equations must be used to give an appropriate picture. The problem of finding linear combinations of the criterion variables that can be most accurately predicted from the predictor variables was solved by H. Hotelling in his article The most predictable criterion commonly known as canonical correlation analysis. G. Donald Simonson, D. J Stow, and J. Collin Watson (1983) analyzed a canonical correlation analysis between assets and liabilities structure of commercial banks in. They analyze the balance sheets of all 435 domestic U.S banks with assets in excess of $300 million at year end 1979. Data was taken from the December 31, 1979 Foreign and domestic Report of Condition files prepared on magnetic tape by the three federal bank supervisory agencies. They limited the analysis to large banks for two reasons. First, smaller banks do not have the talent or market position to aggressively practice liabilities management and therefore their balance sheets are not as likely to reflect differentiated policies relative to bearing interest rate risk. Second, the three federal agencies require only banks with assets over $300 million to report maturities of both de posits and selected loans, as well as a breakdown of loans in to those with predetermined versus floating interest rates. These large bank data permit us to construct several key balance sheet accounts on the basis of interest sensitivity. Six asset and six liability/capital categories were expressed a s a proportion of total assets for each of the 435 banks in the study. The purpose of a study was to identify and describe the relationship including heading behavior of a single dependent variable as a function of a set of independent variables, canonical correlation analysis relates two sets of variables. In the present case one set of variables is the composition of the left hand side of the balance sheet and the other set is the right hand side. The variables used in this study are asset and liability/ capital categories expressed as proportion of total bank assets. These portions were used in lieu of the more usual financial ratios and no information exogenous to the bank was employed. During the past two years bankers and bank analysts have been concerned about how interest rate risk is derived from cross balance sheet relationships. The mismatching of maturities or interest sensitivities whether interest sensitive assets financed with long term liabilities or long term assets financed with interest sensitive liabilities creates interest rate risk. For example high interest rates and a downward sloping yield curve, one whose short term rates exceed long term rates for borrowers of similar creditworthiness, especially expose institutions which pursue the traditional financial intermediation formula of borrow short lend long. In commercial banking, the exposure is greatest for banks which finance fixed rate term loans and long term fixed income securities with short term funds at money market rates. Banks can defend themselves against this exposure by practicing asset/liability management; by coordinating their procurement of funds and acquisition of assets. There was early theoretical appreciation of the necessity for management of the maturities of asset and liability portfolios. In a simple three variable model D.H Pyle (1971) in his article theory of financial intermediation shows that assuming banks maximize the expected utility of terminal wealth, ba nks choices of assets (liability) portfolio will be conditioned upon the parameters, including maturity, of their liability (assets) portfolios (given nonzero covariance of liability and assets yields). According to the applied asset/liability management dictum, banks with volatile short term interest sensitive source of funds should attempt to structure their asset portfolios to emphasize short term and floating rate movements and in general maturities of asset and liability portfolios should be matched. Such banks can be said to adopt defensive loan portfolios. Other banks by their nature are less dependent on short term market rate funds and are in a better position to offer fixed rate loan terms to borrowers their customers provide a relatively large core of stable savings and time deposits with average interest costs well below current market rates. As result these banks have to be free to acquire long term assets at predetermined interest rates that are they can adopt aggressi ve loan portfolios. HO, T.S.Y in his article (1980) The determinants of bank interest margin showed that balance sheet hedging is a rational response to interest margin uncertainty which results from the interplay between volatile interest rates and asset and liability structural interrelationships. Their research attempts to find evidence of such asset/ liability hedging practices among U.S banks during a period of high and volatile interest rates and a downward sloping yield curve. If banks in aggregate tend to hedge interest sensitive funds with core funds, the banking industry would appear to be coping appropriately with interest rate risk. On the other hand, if there is a systematic tendency for many banks to combine fixed rate long term assets with volatile short term funds, the industry might be excessively exposed to interest rate risk. The issue of capital adequacy also concerned with the comparative maturity structure and duration of the two sides of the balance sheet. S.T. Maisel and R. Jacobson in his article Interest rate changes and commercial banks revenues and costs they showed that over the period 1962 to 1975 for the average bank, the threat of insolvency due to the instability of economic returns stemmed primarily from the mismatch of asset and liability durations. They concluded that unheeded interest rate risk might require additional equity capital. Other sources of risk, such as default risk, would dictate a positive relationship between the amount invested in riskier loans and securities and the amount of equity capital. Research was limited because data on the market values of asset and liability items are not available. Presumably, potential changes in cross balance sheet market values are transmitted to changes in the market value of the firm. There was a considerable literature addressing asset-l iability management in banks. One of the key motivators of asset-liability management worldwide was the Basel group. The Basel group Banking Supervision (2001) formulated broad supervisory standards and guidelines and recommended statements of best practice in banking supervision. The purpose of the committee was to encourage global convergence toward common approaches and standards. In particular, the Basel II norms (2004) were proposed as an international standard for the amount of capital that banks require setting to the side to protect against the types financial and operational risks they face. Basel II proposed setting up accurate risk and capital management necessities designed to make sure that a bank holds capital reserves suitable to the risk banks picture their self to throughout its lending and investment practice. In general, these regulations mean that the larger risk to which the bank is showing, the larger the amount of capital the bank requires to hold to defend it s solvency and whole economic strength. This would ultimately help to defend the international monetary system from the kind of problems that may take place should a major bank or a sequence of banks collapse. Gardner and Mills (1991) discussed the principles of asset-liability management as a part of banks strategic planning and as a response to the changing environment in prudential direction, e-commerce and new taxation treaties. Their text provided the foundation of subsequent discussion on asset-liability management. Haslem (1999) used canonical analysis and the interpretive structure of asset/liability management to identify and interpret the foreign and domestic balance sheet approach of large U.S. banks. Their study found that the least money-making very large banks have the biggest size of foreign loans, yet they give emphasis to domestic balance sheet (asset/liability) matching strategies. on the other hand, the most money-making very large banks have the smallest size of foreign loans, but, however, they emphasize foreign balance sheet matching strategies. Vaidyanathan (1999) discussed issues in asset-liability management and elaborates on various categories of risk that require to be managed in the Indian context. In the past Indian banks were primarily concerned about adhering to statutory liquidity ratio norms but in the changed situation, namely moving away from administered interest rate structure to market determined rates, it became important for banks to equip themselves with some of these techniques, in order to immunize them selves against interest rate risk. Vaidyanathan argued that the problem gets accentuated in the context of change in the main liability structure of the banks, namely the maturity period for term deposits. For instance, in 1986, nearly 50% of term deposits had a maturity period of more than five years and only 20%, less than two years for all commercial banks, while in 1992, only 17% of term deposits were more than five years whereas 38% were less than two years Vaidyanath. It was found that several banks had inadequate and inefficient management systems. Also argued that Indian banks were more exposed to international markets, especially with respect to forex transactions, so that asset liability management was essential, as it would enable the bank to maintain its exposure to foreign currency fluctuations given the level of risk it can handle. It was also found that an increasing proportion of investments by banks were being recorded on a market to market basis, thus being exposed to market risks. Is was also suggested that, as bank profitability focus has increased over the years, there is an increasing possibility that the risk arising out of exposure to interest rate volatility would be built into the capital adequacy norms specified by the regulatory authorities, thus in turn requiring efficient asset-liability management practices. Vaidya and Shahi (2001) studied asset-liability management in Indian banks. They suggested in particular that interest rate risk and liquidity ris k are two key inputs in business planning process of banks. Using firm-level data, an extensive accounting literature focuses on the contemporaneous correlation of stock returns and earnings. Despite the statistically reliable positive association between stock returns and earnings, Ball and Brown (1968), Beaver, Clarke, and Wright (1979), Beaver, Lambert, and Morse (1980), Easton and Harris (1991), Collins, Kothari, Shanken, and Sloan (1994), and others find that the explained fraction of stock return variation was significantly less than one (typically under 10 percent). Lev (1989) and others suggest that the relatively low explanatory power stems from earnings lack of timeliness and/or value-irrelevant noise in earnings. The idea that correlation between a cash-flow proxy and stock return may be due to any of the three components was not novel. Fama (1990), Schwert (1990), Kothari and Shanken (1992), Campbell and Ammer (1993), and others recognize that when stock returns are regressed on cash flow proxies, any of the three effects may be d riving the regression coefficients. They do not, however, clearly quantify the relative importance of these three effects. Thus, in the end, it is still unclear why cash-flow proxies are or are not related to stock returns. The fundamental subject of working capital is to provide optimal balance between each element forming working capital. Most of the efforts of finance directors in a firm are the efforts they make to carry the balance between current assets not at optimal level and responsibilities to an optimal level Lamberson (1995). One reason for this was the decisive influence of current assets on others, another reasons was liabilities of completion of present responsibilities. The combination of the elements forming working capital are change over time. Need for working capital manipulate liquidity stage and profitability of a company. As a result, it affects investment and financing decisions, too. Amount of current assets to be calculated at a level where total cost is of a least degree means an optimal working capital level. The optimal working capital point is case wherein balance between risk and effectiveness is provided.. The entire current assets hold by a firm known as working capital. Net working capital is calculated when short term obligations are took out from current assets. Return of total assets of a firm as a result of an activity is closely related to level and distribution of assets of the firm and efficiency in application of these assets. In lots of firms current assets called working capital make up of a remarkable part of community assets. (Note 1) But it is clear that working capital is ignored in finance journalism compare to long term financing decision. Corporate finance studies usually concentrate on core decisions like, dividend, capital structure and capital budgeting. Though, the sum of assets group is a important part of entire asset and called working capital (inventories, quasi money and money. short term liabilities and trade receivables) is a focus matter in all main books relating to corporate finance where efficiency level of distribution and application of assets influe nce profitability and risk level of the company. The major purpose of a company is to increase the market worth. Working capital management influence profitability of the company, its risk and thus its value Smith, (1980). Further, effective management of working capital is a key component of the broad strategy aim to increase the market rate (Westhead and Howorth (2003). Since the flexibility of this group of assets is very high in terms of adapting to changing conditions and due to these uniqueness they can frequently be applied to understand the major aim of financial management through policy changes. Success of a firm mainly depends on efficient management capability of finance director to manage receivables, inventories and liabilities (Filbeck and Krueger, 2005). Firms can strengthen their funding capabilities or decrease the source cost reducing source amount they allocate to current assets. In finance literature there is a common opinion about the importance of working capi tal management. Explanations about why effective capital management is important for a company usually concentrate on the association between effectiveness in working capital management and company profitability. Effective working capital management includes controlling and planning of present assets and liabilities in such a way it avoid extreme investments in current assets and prevents from working with few currents assets insufficient to fulfill the responsibilities. In relevant studies the measure taken as an indicator of efficiency in working capital management is generally cash conversion cycle. For firm cash conversion cycle is the period during which it is transited from money to good and again to money. In the studies conducted by Shin and Soenen (1998), Deloof (2003), Raheman and Nasr (2007) and Teruel and Solano (2007) it was concluded that there is a negative relationship between profitability of a firm and cash conversion cycle. Thus, it is possible to increase firm profitability through more effective working capital management. It is necessary to realize that major basics of cash conversion cycle (short term account receivables, short term trade liabilities and inventories) should be managed in a way they maximize firm profitability. An efficient working capital management will increase free cash flows to the firm and growth opportunities and returns of stockholders. Working capital level of a firm indicates that it wants to take a risk. The more working capital amounts, the liquidity risk and profitability become lower. The working capital strategies of firms differ according to the segments and within each segment it varies over time Filbeck and Krueger (2005). Ganesan (2007), put forward that the firms in less competitive sectors focus on cash conversion minimizing receivables, while the firms in more competitive sectors have a relatively higher level of receivables. Lazaridis and Tryfonidis (2005) stated that small firms focus on inventory management, the firms with low profitability on credit management. Statements in literature of finance about the significance of working capital for companies are being once further emphasized in these unstable days of international economy. While firms make efforts to increase return on assets in a way they pay their due obligations as late as possible and keep the cash, decreases in activ

Alcoholism :: essays research papers

One out of thirteen adults are considered to be an alcoholic or suffer from a drinking problem. Today, fourteen million Americans suffer from a disease that is caused by a combination of physiological, psychological, social, and genetic factors. Alcoholism is a developmental disease that progresses slowly over a number of years and is based on both the physical and emotional dependency on alcohol. In many cases it leads to brain damage and/or early death.   Ã‚  Ã‚  Ã‚  Ã‚  Early symptoms include putting excessive importance on the availability of alcohol, which influences a person’s choice pastimes and friends. Alcoholics use alcohol more as a personality changing drug rather than a beverage served with food or as a social custom. An alcoholic usually has a high tolerance to alcohol, which means being able to drink more and show fewer side effects than others. The person begins to drink even though it may not be in her/his best interest. Alcohol comes to be more important than personal relationships, family, work, or even health. People are unable to predict how much an alcoholic will drink at a certain occasion or if the alcoholic is practicing abstaining from alcohol, when the drinking will resume again. Physical addiction will lead to drinking around the clock to avoid withdrawal symptoms.   Ã‚  Ã‚  Ã‚  Ã‚  Ethyl alcohol, the alcohol used in alcoholic beverages, consists of C2H5OH. It is a clear liquid with a burning taste and a pleasant smell. It has toxic and sedative effects on the body. Alcohol can have major effects on major organ systems. For example, it can cause ulcers, inflammation or the pancreas, and cirrohosis of the liver. It can permanently damage the central nervous system and the peripheral nervous system. Withdrawal from alcohol, in severe cases, can cause shaking limbs, hallucinations, and blackouts: which can be fatal if not properly treated. Even withdrawal from hard drugs such as heroin rarely results in death.   Ã‚  Ã‚  Ã‚  Ã‚  The liver is the largest internal organ in the body. In a healthy adult, it weighs about 3 pounds and holds about thirteen percent of the body’s blood supply. Blood flowing from the stomach and intestines goes into the liver where it extracts nutrients and toxins. The blood is then pumped back to the heart. The liver performs over 500 vital functions. It processes all of the nutrients that the body requires, including proteins, glucose, vitamins, cholesterol, and fats. It also makes potentially toxic substances, including alcohol, ammonia, nicotine, drugs, and harmful by-products of digestion non-toxic.

Is the term ‘Just War’ now outdated? Essay

Debates about what we now call ‘Just War’ go back as far as the Greek philosophers Aristotle and Cicero. In Christian understanding, the theory was developed by St Ambrose, the Bishop of Milan in 374, and his student Augustine. Drawing on Roman ideas and the Old Testament, they marked out that only a legitimate governmental authority has the right to declare war; it must be aimed at restoring peace and ideally should be a last resort. The political situation was such that war was constant, and there was a need for a set of principles in order for the state to support the Church. Pacifism was declared for the clergy and monks only, and it became permissible to wage war on certain grounds, for instance if unjustly attacked. However war for revenge and to get reparations was also allowed, which questions whether it is at all possible to ever fulfill the criteria of either ‘jus ad bellum’ (the six requirements that must be satisfied by the heads of state) or ‘jus in bello’ (justice in the conduct of battle). Later, Thomas Aquinas connected and organized the theory; in the Summa Theologicae he discussed the justifications for going to war. The legitimate authority principle prevented civil uprisings and feudal wars. Originally, the King was anointed and seen as responsible before God for his military actions; thus only the King had the right to wage war on God’s enemies. However throughout history this has been challenged; for instance, the Communist revolution violently established new authority over the previously existing autocratic ruler. Furthermore, in a democratic country, where the prime minister has been elected, the concept of the governmental leader having some sort of a connection with God is inappropriate. The atrocities of the First World War, although declared by legitimate authorities, are clearly not what the Just War Theory ever intended. Thus it seems reasonable to suggest that the theory is outdated, for technological advancements magnified the potential violent impact of war. However, supporters of the United Nations Security Council would say that the Just War theory evolves overtime and adapts to pressing needs; for instance after the Second World War much authority was give to the UN in order to minimise countries waging war in order to satisfy their own demands and pursue their own aims and reactions. Approaching the end of the war at the Yalta Conference (1945) it was decided to ensure a third party could regulate the military affairs of the superpowers. However the UN could not prevent further military conflicts; between the 1980s and 90s the Eastern superpower weakened and the USA, as the remaining paymaster of the UN, gained a lot of support. For instance the carnage committed by Israel, America’s ally, has been largely overlooked, whereas the pre-emptive strike on Iraq was approved. Thus the concept of ‘Just War’ remains impracticable. The issue of terrorism has also proved to be a challenge for the Just War theory. Terrorists are essentially illegitimate authorities trying to bring about political change through violent means; their conduct is often extreme, including the use of shakhids in Chechnya (female suicide bombers, often very young). In the light of 09/11 it is fair to say that when such brutal and inhuman methods are being used, a proportionate response by definition will not be a just one either. This puts certain states in a difficult position in terms of following the Just War principles. The organization identified as responsible, Al-Qa’ida, are not representative of any one country. The members are hard to track and the US cannot cope with its strategy, despite the military and nuclear powers at its disposal. It is particularly difficult to satisfy the demands of ‘jus in bello’ when the threat of Nuclear warfare is apparent once more since the Cold War. Back then the American Roman Catholic bishops condemned the use of nuclear weapons because they are indiscriminate and disproportionate. But even if it is possible to maintain diplomacy between countries and avoid NBC (nuclear, biological and chemical weaponry) it is impossible to control non-governmental sources and rogue states that may obtain NBC and use it to threaten and blackmail. The just war theory cannot provide a clear cut response to the problem of proportionality with regards to nuclear weaponry. The above problems are characteristic of our time; the term ‘Just War’ seems out of keeping with the scale and nature of modern warfare. Resources are growing scarce, world economy is unstable, and political differences drive nations to extreme military measures – no cause is fully just and no major state can be ‘innocent’. However, there are other issues that are not discussed as often in terms of just war – such as the division between the rich and the poor countries, and whether the latter would be justified in waging war to establish a fairer system than the one existing right now. Overall, the Just War theory can be modified and updated; it should not be dismissed because there is a desperate need for peace and justice in the world today.

Allstate Ad Essay Essay Example

Allstate Ad Essay Essay Example Allstate Ad Essay Essay Allstate Ad Essay Essay Student Name Mr. Hoyle English 211 Mm/dd/yyyy? ? Name 1 ? ? Emotional Appeal Advertising ? In the recent series of ads from Allstate insurance, Dean Winters, an actor notorious for playing dangerous roles in movies and TV series, plays the a version of â€Å"mayhem. † Allstate is notorious for their commercials showing accidents involving multiple vehicles, but with this new series of commercials they choose a fresh approach. Although he’s dressed like a man, and sports a bandage over his black eye, Dean Winters portrays a â€Å"typical teenage girl† as he drives through a mall parking lot and receives a text from his â€Å"best friend forever† that leaves him â€Å"emotionally compromised. † Winters, driving a pink car, hits another parked car in the parking lot and then drives away, without dealing with the â€Å"mayhem† he’s just created. Finally, Allstate’s closing statement, â€Å"If you don’t have the right insurance coverage, you could be paying for this yourself. Are you in good hands? † abruptly ends the commercial. The ad is funny and witty at first, but once it’s over viewers are left questioning their own car insurance coverage- not just for themselves, but also for their children. With this ad, Allstate is specifically targeting parents by tapping into their desire for the safety of their children. Parents, the ad suggests, are ultimately responsible for their children’s mistakes, even when they are not present to make sure their children behave responsibly. Although it’s not at first apparent because the ad is obviously hilarious, Allstate uses subtle hints to get this message across. Allstate’s choice of actor, their concept of a teenage girl receiving a text message, and their closing question all tap into parents’ desire to keep their children safe. Student Name Mr. Hoyle English 211 Mm/dd/yyyy? Name 2 ? ? Dean Winters has starred in T. V. series such as â€Å"Oz† and â€Å"Rescue Me,† playing a more serious and dangerous character in both. These shows tend to be popular with an adult crowd, which makes it easier for parents to realize who he is and to make a connection between his role as â€Å"mayhem† and other similar roles he has played. In choosing Winters for the role of teenage â€Å"mayhem,† Allstate already has the viewer subconsciously worrying about how dangerous their own teenager’s â€Å"mayhem† really is. This then triggers the need to protect their children. The tone of any piece of writing or commercial sets up the viewer for what to expect from the piece, and Winters’ effortless monotone does just that. If this were not such a witty commercial, his deep and serious voice would send chills up anyone’s backalthough he’s talking in the dialect of a teenage girl, his voice remains his own. Were he to talk instead in a higher-pitched â€Å"teenage girl† voice, Allstate would not be able to get their message acrossthe idea that mayhem is unpredictable and dangerous. Although what he says is funny, it is how he says it that triggers a parent’s worry for their children. With the increasing numbers of cell phone usage related accidents, many companies are pushing to stop text messaging while driving. When Allstate shows â€Å"mayhem,† aka Dean Winters, text messaging and hitting another vehicle as a result, it again taps into a parent’s desire for their children’s safety. Recent safe driving laws have prohibited the use of cell phones while driving. However statistics show increasing numbers in cell phone usage related accidents. A recent study by a local attorney’s office states that, each year, 21% of fatal car accidents involving teenagers between 16 and 19 years old are the result of cell phone usage. This fact surely influenced Allstate to use text messaging, and the resulting state of â€Å"emotional Student Name Mr. Hoyle English 211 Mm/dd/yyyy? Name 3 ? ? compromise† it elicits, as the cause of this parking lot fender bender. Most adults know better than to text and drive, but many parents are rightfully concerned that their teenage driver might not be so safety-conscious. From the same study: teen drivers are four times more likely than adults to get nto car accidents that are related to cell phone usage. Allstate chose a â€Å"teenage girl† to be the â€Å"mayhem† because of this increased likelihood. They tap into a parent’s concern versus a teenager’s concern for an adult for two reasons: parents provide insurance for their children, and because there is more of an impact this way. Parents are not only concerned about their teenage driver text messaging and driving, but also about the possibility of an accident and what coverage they have for their family. By showing the worst-case scenario of a teenage driver’s experience, Allstate stirs up worry for one’s children. Allstate is known to end their commercials with the famous question â€Å"Are you in good hands? † which leaves viewers to worry that, with their current insurance provider, they might not be. With their new â€Å"mayhem† commercials, Allstate further expands this question, leaving viewers even more concerned when Winters says, â€Å"And if you don’t have the right insurance coverage, you could be paying for this yourself. They take the worry that was focused on your children’s safety and direct it to worrying about whether you have adequate car insurance coverage. As a result, viewers are left questioning their coverage for their new and inexperienced teenage drivers. Allstate’s choice of actor, their â€Å"teenage† driver’s accident as a result of text messaging, and their final question to viewers all stir- up a parent’s desire to keep their children safe. One might wonder, when looking back years from now, if this would have contributed to the Student Name Mr. Hoyle English 211 Mm/dd/yyyy? Name 4 ? ? recession. Is it possible that everyone is now so overcome with the emotions involved in obtaining the perfect house or perfect car that we have not stopped to think what we are getting ourselves into? Insurance may not be a bank breaker, but if every advertiser is able to play on our fundamental desires to protect our children, we must question just how susceptible we are to buying every product advertised this way.

Kurt Cobain essays

Kurt Cobain essays On April 9th the world woke up to the news of Kurt Cobain's suicide. Those who followed the grundge music of Cobain's band, Nirvana, were angry, but not surprised. With songs such as "I Hate Myself and Want to Die" and constant references to suicide and drugs, suicide was the obvious explanation for his death. Kurt put it best when he said, "I'm thought of as this pissy, complaining, freaked-out schizophrenic who wants to kill himself all the time." (Bozza) To many people, Cobain just joined the club of rock stars who self-destructed. Janis Joplin, Jimi Hendrix, Jim Morrison, and Brian Jones set the precedent. The Seattle Police Department confirmed the conclusion everyone had already made; Kurt Cobain committed suicide. Sympathy was hard to find. After his death, Kurt was called a "worthless shred of human debris" by Rush Limbaugh. (Amirault). Even Cobain's fans were not sympathetic to the pain Kurt suffered at all. They were mad. At his vigil, the crowd chanted "a**hole" because they thought of Kurt as a coward. (Jones) Cobain already had undergone a near-death experience in Rome earlier in the year that may or may not have been a suicide attempt in which Cobain digested nearly fifty pills called Rohypnol. He also locked himself in a room with a .38 caliber pistol and said he was going to kill himself after a dispute. Kurt Cobain was also notorious for hating his fame. He was once quoted as saying, "I'd rather be dead than cool." (Jones) Kurt Cobain also had stomach pains that sometimes caused him to vomit air because he could not even hold down water. Cobain's marriage and band were both on the brink of breaking up. The pieces of the puzzle seem to fit together perfectly. The suicide note, the pain, the history of Kurt Cobain, and the attitude everyone perceived Kurt possessed pointed to suicide. Neither Kurt Cobain's character nor what he did previous to this incident is in question. It is true...

Business Research Ethic Essay Example | Topics and Well Written Essays - 750 words

Business Research Ethic - Essay Example In recent years, numerous businesses have been found guilty of unethical business research practices. Companies such as Enron and AIG are by far the biggest that come to mind, as they fraudulently reported profits, amongst other falsified reports, that persuaded current shareholders and potential investors that their current business model was more fiscally sound than it actually was. These ‘White Collar’ professionals made the news in recent years due to their big promises and ability to deliver – for a season (Shurden, Santaudreu, and Shurden, 2010, p. 117). Through than many questionable business practices, AIG ended up paying bonuses in the billions of dollars, even in the midst of receiving government bailout money. This one action, almost more than any other, got the public and the government questioning at what point certain business practices become unethical and affect all of society, not only a select few. Business ethics has long been a grey area. As th is article effectively points out, it is often difficult to determine what practices are truly unethical, and which are simply questionable. In the end, it is important to consider this topic because such behavior can truly impact the masses. As the authors state, â€Å"Our laws are a starting point for ethical conduct and are implemented in order for society to avoid extreme situations† (Shurden, Santaudreu, and Shurden, 2010, p. 117). In many of these situations, the injured parties are the shareholders, employees, and anyone in the public directly or indirectly involved in the company. The point is made, therefore, that unethical business research practices affect more than just the immediate parties involved. In the case of AIG, a massive government financial bailout was required to keep the company from failing. The company was deemed to be too valuable to allow the unethical practices to destroy the viability of the institution. To have done so would have not only impac ted thousands of jobs in America, but would have also resulted in repercussions felt around the world as global financial institutions have vast holdings in AIG. Taxpayer money was used, then, to inject needed capital into the company to keep it afloat until such time that the company could be reorganized and new management bought in (Shurden, Sataudreu, and Shurden, 2010, pp. 118-119). Enron is another example mentioned in this article. The unethical business research practices at this company began when they falsified information that it gave to the public. This resulted in people, both outside and inside the organization, believing that the company was financial sound and provided a great investment opportunity. The opposite, in fact, was true and the failure of the company resulted in great hardship not only in America, but globally as well (Shurden, Sataudreu, and Shurden, 2010, pp. 121-122). Society was greatly impacted by both of these examples. When large companies willingly conduct their business research in an unethical manner, trust begins to wither away. Our capitalist system is predicated on a certain amount of trust. We need to believe in the companies that we support in order to help them prosper and thrive in today’s rapidly advancing and global society. Each time that trust is violate, society becomes a bit more

Principles of autonomy Essay Example | Topics and Well Written Essays - 250 words

Principles of autonomy - Essay Example In this regard, autonomy dos not license patients to make any detrimental decisions that would hurt them, the family or the society. The idea of autonomy is banked upon the fact that people have different views regarding their health, religion, and cultural issues. In this regard, the principle expects that autonomous decisions maximize the welfare of the patients. It is worth noting that patients are supported by family members and other people in the community. As a result, they expect positive health outcomes. It is unethical to betray the expectation of other people by making unwise decisions. Family members are a particularly concerned about the progress of their patient and hence it would be unfair to them, both emotionally and financially, to make decisions that harm their health. The harmful acts may also require additional treatment and care; a fact that would add on to the cost of healthcare and reduce the recovery time. Thus, patients must consider the impact of their autonomous decisions on others before taking