Wednesday, July 31, 2019

Conrail Case

Conrail G455: Corporate Restructuring Team 7 1) Why does CSX want to buy Conrail? In an industry beset by limited options to consolidate domestic rail traffic, CSX looked at Conrail as an avenue to increase market share and gain access to the North East rail network. With air travel, road travel and trucking taking an increasing share, significant revenue growth became difficult. As Conrail became profitable, Congress explored ways of privatizing it, giving CSX an opportunity to acquire Conrail.Though Conrail suffered from performance inefficiencies it had certain strengths relative to CSX and Norfolk with respect to highest revenue per mile of track operated, per carload originated etc. Conrail with operating revenue of $3,686 million and 29. 4% of Eastern rail freight traffic was attractive enough for CSX to consider the merger. The joint entity would have $8. 5b in rail revenue and would control the Eastern market with a market share of 70%.CSX estimated the acquisition to also cr eate synergies resulting in consolidation of overlapping operations and not only increase the joint entity’s revenue through service improvements, but also the operating incomes through economies of scale. Cost synergies was expected to help in increasing the annual operating income by $370m and revenue increases was expected to help increase annual operating income by $180m. (Based on valuation of synergies, taking PV of terminal value, we estimate the gains in Operating Income to be equal to $3,047. 13. CSX expected the acquisition to improve the joint entity’s competitive position vis-a-vis Norfolk Southern as the joint entity’s rail networks would facilitate long-haul, contiguous and therefore low cost service. As Norfolk Southern lacked access to Northeast market it would be less able to provide long-haul routes from South or Mideast. The purchase of Conrail would thus provide CSX with control of the Eastern rail network. From a financial perspective, the p rojected revenue gains and cost savings was expected to make the joint entity become more efficient than Norfolk Southern.Likelihood of a rival (Norfolk Southern) acquiring Conrail, resulting in competitive disadvantage for Conrail was also a factor. 2) Based on multiples and a premiums paid approach, how much should CSX be willing to pay for Conrail? We took Sales, EBITDA, Book Value Multiples and Four week acquisition Premiums from Exhibit 6. We use number of Conrail’s shares outstanding as 90. 5 million at the share price of $32. 46 from the same Exhibit 6. Conrail's Value Sales EBITDA Book Value Premium % $3,722 $1,017 $32 $6,516 Multiples High Low 3. 6 1. 7 13. 1 8. 5. 5 1. 7 73. 0% 34. 0% Conrail Market Price Low Average $ 1,032 $ 3,712 $ 3,350 $ 5,465 $ (301) $ 5,398 $ 8,731 $ 9,986 High $ $ $ $ 8,104 8,028 10,862 11,273 See ‘Calculations’ spreadsheet for details. As the Conrail is fairly attractive resource for CSX it should be willing to pay on the high side of the Conrail Market Price. We have highlighted the High Price in the above table. We 2 have also calculated the price by various methods (sales ratio, EBITA, etc). The price calculated by these methods is reasonably close to the bid price of CSX.Within the high price too, there seems to quite a difference in valuations. The multiple analysis methodology assumes that all companies within an industry have similar characteristics. As expected there is wide variance is between low, high and average. Within the rail industry there is wide variance in capital structures, profitability etc, which is reflected in Conrail Market Price. Other than multiple and premium methods, CSX should be detailed financial analysis based on synergies etc. to come up with the price. The synergies given in the case are stated as â€Å"Gains in Operating Income. This is not an unambiguous term. For purposes of this and subsequent questions, assume that these synergies are net of costs (COGS and Capita l Expenditures) and the after-tax payment to bondholders. The term operating income is likened to net income or the taxable income to stockholders. Further assume that none of these acquisitions will affect the acquirer’s equity cost of capital. 3) Based on the data in Exhibit 7 and the definition of operating income gains given above, how much should CSX be willing to pay for Conrail? Support your answer with appropriate analysis.According to operating income gains we can value a firm’s market price as its pre-merger value and the present value of gains in operating income. Let’s assume that value of Conrail before the merger is equal to its market cap. Then taking Conrail share price as $71. 94 (average of year end and high stock price) and number of shares outstanding as 90. 5 million shares (Exhibit 6) we get Conrail market value equal to $6,510. 57 million ($71. 94 x 90. 5 million). We assume G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds r ate, which is 6. 3% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, which is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 11% Now we can find Conrail’s synergy value as present value of gains in operating income. 1997 Total Gain in Operating Income Total Gain in OI after 40% Tax Gain in OI (discounted @ rE) $ $ $ 1998 $ 88 $ 12. 80 $ 7. 15 $ $ $ 1999 396 237. 60 176. 26 $ $ $ 2000 550 330. 00 210. 84 2001 $ 567 $ 340. 20 $ 187. 21 Value of estimated gains = $671. 46 Terminal value = $2,673. 83 Present value of Terminal Value = $2,365. 67 Conrail’s Synergy Value is equal to $3,047. 13.See ‘Calculations’ spreadsheet for details. The maximum price, which CSX should be willing to pay for Conrail is $6,510. 57 + $3,047. 13 = $9,557. 70 3 The optimal price of the merger is somewhere in between of $6. 5 and $9. 5 billion. We’d advise a price closer to Conrail’s market value rather than the average of t hese two figures. In this case both Conrail and CSX shareholders win from the merger. If they take price closer to the high CSX shareholders can lose due to over estimated synergy gains. 4) Analyze the structure of CSX’s offer for Conrail. CSX offered a two-phased deal for Conrail worth $8. 3 billion at the nnouncement. CSX would purchase 90. 5 million (100%) of Conrail shares to complete the deal. In the first phase, CSX originally offered $92. 50/share for 40% of Conrail’s shares. This front-end offer would be completed in two stages for regulatory reasons, purchasing 19. 7% in stage one and the other 20. 3% once approved by the shareholders. Once all of phase one was completed, CSX would purchase the remaining 60% of Conrail’s shares by exchanging shares in a ration of 1. 85619:1. 0 (CSX: Conrail), yielding shareholders roughly $89. 07/share (blended value) based on recent Conrail and CSX stock performance.In addition, the merger agreement contained provision s related to break-up fees, lock-up options, poison pills, and â€Å"no talk† clauses. These provisions provided some level of protection against advances from NorfolkSouthern or other competitors looking to purchase Conrail. Notably, the no-talk clause required Conrail to abstain from any conversations related to buy-out with other firms; though this could be disputed where the board’s fiduciary duty to protect investors superseded said restrictions. 5) Why did CSX make a two-tiered offer? What effect does this structure have on the transaction?Pennsylvania’s fair value statute required all bidders holding 20% or more of stock to offer the same price to all shareholders unless target shareholders agreed to explicitly nullify this position. Also the same statute limited any shareholders (with a 20% or larger stake) voting rights unless management approved it. Finally, the law required management to consider and protect the interests of employees and the communit y. This two-tiered structure affected the timing and the cost of the deal. As a result of the deal’s structure, Norfolk Southern had two opportunities to block with a hostile takeover driving up the price of the acquisition.By close of business prior to the shareholder votes to opt-out of the fair value statute, CSX’s bid was up to $110/share, resulting in an offer that was $321,500,000 more than originally planned for the remaining 20. 3% in phase I. The structure of the deal also allowed CSX to pay for 40% of Conrail in cash (in two phases) while paying for the remaining 60% of the target with CSX stock. This meant that changes to CSX or Conrail’s stock price prior to the transaction completing could impact the cost of the entire deal 6) Why did Norfolk Southern make a hostile bid for Conrail? Conrail is considered a â€Å"scarce jewel†.Conrail was the sole class I railroad serving the Northeast market of the United States with control of 29. 2% of the rail freight market east of the Mississippi river. Although Conrail was inefficient and not very profitable, its revenue per mile of track operated, per carload originated, and per ton originated were the highest in the industry. If the merger between CXS and Conrail succeeded, Norfolk Southern would be negatively impacted with estimates of up to $320 million by 2001. This is clearly a battle Norfolk can not afford to lose as it may impact its very existence in the long run. 7) How much is Conrail worth? In a bidding war, who should be willing to pay more, Norfolk Southern or CSX? Again, note the previous definition of operating income when interpreting the data in Exhibits 6a and 6b. We use the same logic of gains valuation as we did it in question #3. Assumptions for CSX-Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, whic h is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 1% Now we can find CSX-Conrail synergy value as present value of gains in operating income. 1998 240 144. 00 (66) 210. 00 1999 521 312. 60 (123) 435. 60 323. 14 $1,260. 76 $5,086. 73 $4,655. 08 $5,915. 84 $12,426. 41 2000 $ 1,811 $ 1,086. 60 $ (189) $ 1,275. 60 $ 400. 60 2001 $ 752 $ 451. 20 $ (196) $ 647. 20 $ 356. 15 Total Gain in Operating Income Total Gain in OI after Tax (40%) CSX Total Loss in OI CSX Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX Value of Merger for CSX $ $ $ $ $ $ $ $ $ 180. 87 Assumptions for Norfolk Southern–Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged Norfolk Southern–Conrail equity beta as average of Norfolk Southern and Conrail equity betas, which is 1. 23. rE = rf + MRP ? E = 6. 83% + 7% x 1. 23 = 15. 41% Now we can find Norfolk Southern–Conrail synergy value as present value of gains in operating income. 1998 $ 231 $ 139 $ (130) $ 269 $ 233 1999 $ 429 $ 257 $ (232) $ 489 $ 367 $1,468. 67 $6,044. 6 $5,531. 72 $7,000. 39 $13,510. 96 2000 $ 660 $ 396 $ (308) $ 704 $ 458 2001 $ 680 $ 408 $ (320) $ 728 $ 410 Total Gain in Operating Income Total Gain in OI after Tax (40%) Norfolk Southern Total Loss in OI Norfolk Southern Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX = Value of Merger for CSX 5 From the calculation above we see that value of Conrail acquisition is much, over 1 billion higher for Norfolk Southern than for CSX.Moreover, the loss in acquiring Conrail leads to significant loss in revenues and market share for both of bidders but more for Norfolk Southern. Not surprisingly that they have seri ous intention to wage a bidding war. 8) As a shareholder, would you vote to opt-out of the Pennsylvania anti-takeover statute? In the case of conrail as a shareholder, we would not vote to opt-out of the Pennsylvania antitakeover statute. The PA statute provides Conrail shareholders with a fair value statute provision on their stock ownership.Specifically, bidders holding 20 percent or more of a company’s stock are required to offer all shareholders the same price unless the target shareholders opt-out of the statute. The CSX two-staged offer had a blended value which clearly demonstrates that Conrail shareholders would have been given different pricing for each stage in the offer. The poison pill provision under the CSX and Conrail merger agreement does not give Conrail shareholders the rights to buy discounted shares since the merger agreement required Conrail to suspend its poison pill.Therefore, the poison pill favors the acquirer and not the Conrail shareholders. Finally , as a shareholder, the best strategic position is to allow the bidding war to commence and observe how CSX and Norfolk Southern compete against one another for the Conrail business. It is obvious that there will be an acquisition and it is obvious based on both acquisition proposals, that each company will issue multiple offers in an effort to acquire Conrail due to its strategic location in the Northeast United States. In general, however this statute could be disadvantageous to shareholders in certain cases.The statute tries to protect the interests of employees and community where the target company was located in addition to meeting their fiduciary duty to the shareholders. The statute frees companies from any obligation to sell itself to the highest bidder. Conrail used the statute to blunt Norfolk’s offer though it was better for shareholders. The ‘fair value statute’ aspect helped the shareholders of Conrail (as parties in support of merger still needed 1 4. 6% of acquisition shares to vote in favor of opting out. ) 6

Tuesday, July 30, 2019

Business Plan in Bangladesh

Yangon Institute of Economics Department of Management Studies MBA Programme Business Plan for POINT footwear manufacturing and distribution Submitted by : Nay Zar Myo Roll No : 36 15th Batch MBA Plan Outline 1. Executive Summary 2. Company Summary 3. Products 4. Market Analysis Summary i. Market Segmentation ii. Distribution Strategy iii. Market Trends 5. Competition and Buying Patterns Competitive Edge 6. Strategy and Implementation Summary Sales Strategy 7. Management Summary 8. Financial Plan i. Important Assumptions ii. Break-even Analysis iii. Projected Profit and Loss iv. Projected Cash Flow v. Projected Balance Sheet vi.Business Ratios 1. Executive Summary POINT is a recent start-up manufacturer of an upscale ladies foot wear line (in order to substitute Foreign foot wears market) targeted at females between the ages of 16 and 65. POINT not only develops the foot wear line, but supports it with advertising and promotion campaigns. Pyay Lai Manufacturing and Trading Company pl ans to strengthen its partnership with retailers by developing brand awareness. POINT intends to market its line as an alternative to existing foot wear lines, and differentiate itself by marketing strategies, exclusiveness, sophisticated design and technologies and high brand awareness.The key message associated with the POINT line is classy, upscale, versatile, and inexpensive footwear. The company's promotional plan is diverse and includes a range of marketing communications. In the future, the company hopes to develop lines of accessories, raw materials (rubber, leather, velvet) and foot wears for men, women, and children. The Figure is drawn based on the Income Statement of the year 2000, 2001 and 2002 when the company manufactured and distributed only traditional slippers (leather and velvet) for men, women and children. Keys to Success 1. Seek out feedback from our customers (teens and ad

Nuclear Weapons Persuasive Essay Essay

Should every country have the right to possess nuclear weapons? On the 6th November 1945, a United States bomber flew towards the Japanese city of Hiroshima. The only cargo aboard that B-29 bomber was an atomic bomb – ironically nicknamed â€Å"Little Boy† – that was to be dropped on its target. At 8.15am and at a height of around 2,000ft the bomb exploded above Hiroshima, taking 140,000 lives with it. Most of the 140,000 died instantly, horrifyingly the rest of the innocent civilians that were not in direct contact with the bomb died painful deaths in the four months following. They died from radiation sickness and different types of cancers. Whilst the atomic bomb is considered as one of the greatest inventions of all time, in terms of how it could protect a nation, is it really worth having numerous amounts of governments on edge at the thought of a weapon so powerful? Ronald Reagan described nuclear weapons as: â€Å"Totally irrational, totally inhumane, good for nothing but killing, possibly leading to the destruction o f life on Earth and civilisation.† He spoke nothing but the truth. US President Reagan was a nuclear abolitionist. He believed that the only reason to have nuclear weaponry was to prevent the Soviet Union from using theirs. Between them alone the United States and Russia have more than 90% of the world’s nuclear weapons. Why do these countries feel the need to posses so many nuclear warheads? Dominance, power and paranoia. Although some of their weapons may simply just be left over from the Cold War, this is not an excuse. They could have easily been destroyed by now. Countries like Russia and the United States crave power. In modern times the most important substance to guarantee power is weapons. Countries in possession of nuclear weapons use them to scare and intimidate other nations. One day this could backfire and the consequences would be deadly. Take North Korea and America. When Kim-Jong Un tried to invade South Korea, Barack Obama threatened them with an atomic bomb. As soon as that was done North Korea knew they had a major diplomatic issue and rescinded their threat. A major threat to world peace is the potential issue that certain smaller countries are likely to rebel against being manipulated and not having the ability to retaliate. To ensure that they avoid being bullied by bigger powers they may start to produce their own nuclear warheads. As previously stated, the  reason two superpowers like Russia and the United States maintain a significant arsenal of nuclear weaponry is down to the fact that frankly, they are paranoid. If you can stockpile most of the nuclear warheads in the world then surely nobody could ever harm your country. This is certainly not the case. By having so many dangerous weapons you are not only a bigger threat to potential enemies but practically there is the additional threat that Terrorists could pose if they ever managed to secure or steal some of these weapons. Morally we should also be questioning the validity of nuclear weapons, if the leaders of a country say that it is ok to use an extreme sanction like nuclear weapons to threaten enemies then what’s to say that civilians do not do the same thing on a smaller scale? In the beginning of the atomic age atom bombs were created to end the war and to save numerous lives. By this I mean that arguably, multitudinous lives were saved due to the fact that when the bomb was dropped on Hiroshima the Japanese virtually surrendered straight away. If they hadn’t surrendered the war possibly would have gone on for a lot longer. In contrast to this, look at what has become of nuclear weapons now. Instead of saving lives, atomic bombs are now kept with the intention of unnecessary mass murder. What makes the monsters that enforce the use of nuclear weaponry any different from Adolf Hitler, Pol Pot or Joseph Stalin? Even though the atomic bombs are not in use at this moment, anyone or any g overnment in possession of these weapons have the intention to inflict large amounts of pain on vast number of people. Rajiv Gandhi said that the â€Å"nuclear war will not mean the death of one hundred million people. Or even a thousand million. It will mean the extinction of four thousand million: the end of life as we know it on planet earth.† The prospect of a nuclear war is just a horrendous thought, a thought that should never cross our minds. Recently, President Barack Obama and Prime Minister Dmitry Medvedev signed a treaty saying that both countries are willing to reduce their amount of nuclear weapons by one third. It is comforting to see that the US and Russia are starting to destroy their atomic bombs but it is not good enough. They need to stop reducing their arsenal of weapons and eliminate them completely. Opponents of this idea claim that owning arnaments like atomic bombs mutually assures governments that they both have the potential for ultimate destruction. But is that really a good or virtuous thing? People who appear to be psychopaths  run a number of countries. For instance take the ruler of Zimbabwe: Robert Mugabe. He is at the potentially senile age of 89. His mind is failing. Can you begin to comprehend what would happen if he got his hands on an atomic bomb? The result would be anarchy. Or take the ruler of Syria, President Assad. He has already murdered masses of people by chemical gas attack and has publicly stated that he would destroy the state of Israel. For rulers like these men to possess weapons with such a huge destructive potential is a simply ludicrous thought. If some unhinged individual were to drop an atomic bomb now it would result in retaliation and possibly the biggest global catastrophe this planet has ever seen. We need to think about the consequences. It is a statement of fact that the more of something being produced the easier it is to acquire. Yes, this can concern nuclear weapons also. When more nuclear warheads are being manufactured there is a bigger chance of them being stolen or worse being detonated. Therefore, there is a much larger risk of them falling into the wrong hands. According to the International Atomic Energy Agency, there have been 18 cases of loss but most likely theft of uranium and plutonium. These elements are key when constructing a bomb. To make matters worse, there have been 11 whole nuclear bombs lost in the United States. They have never been recovered. If agencies and governments are finding it hard to keep track of their materials now, think of how impossible it would be if every country had their own arsenal of nuclear weapons? If these lost bombs are in the hands of terrorists at present I can guarantee that they will currently be considering how best to us e them to maximise their effect. To conclude, the fact is that if every country were to have the right to possess nuclear weapons we would all be living in constant fear of attack. Our lives would be very different; we would be insecure with regards to our safety and this would impact greatly on how we lived our lives – we would need to be significantly more vigilant. A small example of this is the potential effect that liquid explosives has on air travel where we can’t take any fluids that are more than 100ml into an airport. That is just for liquid explosives, what limits would be required to ensure nuclear components weren’t being smuggled? If one country were to drop a bomb it would set off a chain reaction, all it would take is for one rogue state or  organisation to detonate a bomb and the world would effectively end through nuclear Armageddon. BIBLIOGRAPHY

Monday, July 29, 2019

Eonomic Signals and Cost-Benefit Analysis in Macroeconomics Essay

Eonomic Signals and Cost-Benefit Analysis in Macroeconomics - Essay Example These economic indicators and signals are beneficial for different business analysts and experts. The business analysts can use these economic signals in order to take important business decisions and in turn can come up with effective and timely short term and long term strategies. Along with this, these economic indicators and figures facilitate business analysts to decide whether it is feasible to invest in a new venture, launch a new product, or enter into new markets (The Economist, 2) DIRECT AND INDIRECT SIGNALS: These economic signals can be either direct or indirect signals. Direct signals are the one which are directly interpreted from the economic data and reflects the future situation of the subject under consideration. On the other hand the indirect signals are one which have indirect impact on the economy and situation. For example, economic report about the decrease in the consumer spending directly signals the decrease in the level of GDP, which in turn indicates the p ossibility of recession. At the same time the decrease in the consumer spending indirectly signals the decrease in the investment activity, as the investors will expect that in future there will be a short term decrease in the interest rate by the central bank in order to stop the possible recession. DIRECT AND INDIRECT MACROECONOMIC SIGNALS CONTAINED IN A THREE MONTH OF RETAIL SALES DATA: Retail sales is one of the most important economic indicator which is followed by the investors and the economic analysts in order to predict the future condition of the market and economy. Retail sales depicts the household expenditure on the different physical products by the consumers. The retail sales data of three month will directly determine the future state of inflation in the economy. For instance, if there is an increase in the retail sales then it directly indicates that there is an increase in the consumer spending which will lead to the increase in demand. This increase in demand will result in increasing the prices and ultimately will increase the inflation in the economy. At the same time, the increasing demand and prices will put pressure on the supply of the physical goods and there will be more investment activity, which will signal high value of GDP and improved condition of the economy. On the other hand if there is a decrease in the retail sales, it can be interpreted that there is a decrease in the consumer spending. This in turn will result in decrease in demand and prices of the physical goods. The decreasing demand and prices will also force the supply of the physical goods to decrease which in turn will influence the overall state of the economy and will signal a recession in the economy, as there will be less investment activities on part of the investors. COST – BENEFIT ANALYSIS IN MACROECONOMIC OFFERED BY HENRY HAZLITT: It is important to first analyze the costs and benefits of any decision and policy in order to make sure that the require d aims and objectives can be achieved effectively and efficiently. In economics, costs are the most important component of any analysis and decision. The decisions taken by the economists and analysts are directly dependent on the balance between the requirements and the limited resources. This in turn makes it important to analyze and understand the opportunity cost of any particular decision. Cost

Sunday, July 28, 2019

Comparative study two companies in the same area with regard to their Term Paper

Comparative study two companies in the same area with regard to their innovation activity - Term Paper Example Comparative study two companies in the same area with regard to their innovation activity This paper look at the companies history in relation to innovation, their respective time of entry, the path-dependencies, factors that influenced their optimal entry timing, transition process, and their motivation and management of the companies resistance. To achieve this, the study is going to employ different concepts such as types of innovation model, BCG Growth-Share Matrix, technology S-curve, SWOT analysis, and Porters 5 Force model. Grunfos A/S is a firm that manufactures pumps with its representative companies distributed across the world having more than 20,000 employees. The three major products produced by the company include submersible pumps, circular pumps and centrifugal pumps producing over 19 million pumps annually. The company’s white paper on its measures on changes in climate indicates that innovation remains the core of Grundfos. Dong Fang Turbine on the other had is an enterprise owned by the state with approximated over 13,000 employees and it has over the years developed to become among the top three leading power equipment companies. To get to this position, innovation has been key to the company’s development leading to the coming up of new wind turbine, thermal power and solar power. Self regulation in Grundfos has been appreciated as being remarkably exercised and it is deeply committed to the sustainability of the company. Following the fact that the kind of business run by the company remain relevant to the water resources of the world, its innovations have to take into consideration the Corporate Social responsibility. (Keeley and Doz 76). The company has committed itself to cut down on their carbon foot print and reduce their emissions of carbon in the entire cycle of both the services and products they produce, cut down on their water consumption using their value chain, produce pumps that are energy efficient, assist the world in adapting to the changes in climate, low carbon economy and water scarcity and facilitate the awareness linking energy, water and climatic changes. This implies that the main challenge to Grundfos innovation strategies is the state environment thus is has to come up with ways of ensuring that all the environmental regulations have been observed at the same time maximize on its profits. The company has adapted well to this challenge and this can be attributed mostly to its traditional proactive to take part in global environmental concerns such as being part of the establishment of A to G energy labeling that was a voluntary exercise, facilitating the production of educational material as well as funding and running researches and campaigns on environmental issues in the media (Keeley and Doz 120). Companies Endeavors Grundfos innovation strategies have been coupled with organizational adjustments, environmental management systems, and endeavors implemented one after the other. It is the Central Service Department of this company that is responsible for the coordination of environmental issues concerns as well as management of the external collaborations. Chain management of environmental products, environmental management in relation to production and the responsibility of corporate social remain the responsi bility of this department. In an effort to improve its operation and coordination within different departments within the

Saturday, July 27, 2019

Australian national identity in the 21st century Essay

Australian national identity in the 21st century - Essay Example The best possible means would have been to segregate individuals under certain units like family and city and denote them by these identifying marks. (Sherman, 114) Similarly, Australia has been under the theoretical protective umbrella of the Queen of England till now. But the national identity is hugely manifested in every walk of life. It can well be stated that the issue of diversity in Australia is highly accepted and celebrated in the modern era. The evidence is clear and assertive. This is because there are a number of creed, race, language and color operating at the same time in the same fields all at a single time and space. This would not have been possible if the government was not in a true democratic mode and this true nature of democracy yields opportunity for all and as a result we can find the huge amount of diversity within the nation and this could well be stated as the most significant aspect of national identity of 21st century Australia. From the point of view of bilingual individuals it could also be ascertained that they have complete access to their native language. For example it can be stated that that the Asian and East European influx in the southern regions of the Australia are comfortable speaking their mother tongue and practice the same at their business. It is true that there are some sections who believe that there should be only English at least in the parameters of business but that intension is yet to be fulfilled. As a result it can be easily stated that bilingual individuals have no problem with their mother tongue and they are comfortable with it. (Lamb, 188) This specific intent of openness and freedom is the driving force that has turned into becoming so successful in uniting Australia and the credibility or the acceptance of all sections of the population has become the primary nature of the country. This success is highly celebrated and it can well be stated that the unification of diversity is the key ingredient of 21 century Australia. However, it can be stated that there are certain arguments related to Melting Pot vs. Salad Bowl phenomena in Australia. In melting pot all the elements are poured into a cauldron and a homogeneous stew is prepared where the individual identity of elements seizes to exist. However, in a salad bowl it is found that though all the ingredients are placed in the bowl each of the element tends to sustain its basic properties. In this respect we can state that Australia is more of a salad bowl than a melting pot because members of several communities with a number of creed, race, language and color operate together with their individual identity intact. However there are sections who believe that there should only be a single Australian culture and each individual must indulge in it and this culture is supposed to be mostly English flavored. (Kar, 227) As a president or a Congressional leader the policies that need to be initiated in order to limit the intolerance and racism in the Australia

Friday, July 26, 2019

Native people social movements Essay Example | Topics and Well Written Essays - 1000 words

Native people social movements - Essay Example that was formed, the Anishinabe continued to fight following the established prophecy hence finding themselves in California and being united helped the Anishinabe to obtain back their nationality from the whites. Afterwards, Ojibwa also known as the Anishinabe people’s urge with their friends resulted in a fight that begun killing one another for the purpose of the hunting ground. All the Anishinabe people with their tribes became vigilant in protecting their people from slavery and their territories (Lorman). However, they all fought for the protection of their homeland for the land became the main issue that brought all the suffering. With the native youth movements, roadblocks were put in place to stop invasion into their land since they abolished all of the following activities. Railways construction, highways, mining, resorts, dams, cities, deep seaports, garbage dams and many others that led to their outbreak of war. Additionally, different organizations movements were created like the American-Indian political activism during the year of 1960s for obtaining their rights (Bruchac). In addition, among other movements was a national association for the advancement of colored people (NAACP), southern Christian leadership conference (SCLC) and finally groups were also formed like National organization for women (NOW). The formed group and movements mainly dealt with the rights of their individuals together with land issues maintaining their social integrity. During the establishment of national Indian youth council (NICY) that occurred after the tribes of Oklahoma with Great Plains that defeated the NCAI of 1994. The developed groups used peaceful ways with Americans where they encouraged the third world liberations. However, various groups of young individuals came up with American Indian movements (AIM) with an intention of the police harassment (Williamson). However, the Alcatraz Island reduces the pride and their consciousness with the rise of

Thursday, July 25, 2019

Not sure, make one for me Essay Example | Topics and Well Written Essays - 1500 words

Not sure, make one for me - Essay Example Even in the contemporary era and after various legal reforms, there are just a handful of solicitors enjoying the same position as that of barristers. A barrister defends their client in a court of law, whereas the profession of a solicitor is confined predominantly to drafting of relevant legal papers, of course barring exceptional cases. Mostly, the barrister carries out his profession independently, and the solicitor is employed by firms subsequent to partnership agreements. (2) Under the legal structure of the UK, solicitors provide advice to their clients, which are comprised mainly of various firms, in legal matters. In the event of the legal matters involving too many intricacies, they seek the guidance of barristers. In certain exceptional instances, as stipulated by the law, solicitors do have the right to defend their clients in the court. Barring these cases that can more or less be considered as rare ones, otherwise, the right of audience in a court is the exclusive privilege of the barrister. (1) When comparison is drawn between the legal profession and the medical one, the role of a solicitor can conveniently be equated to that of a doctor providing services in the realm of general medicine. Likewise, the barrister’s role is on par with that of a doctor specializing in their chosen discipline of medicine. (1) At this juncture, it would be highly relevant to be shifting the focus on to certain sections of the UK’s society strongly arguing in favor of combining the profiles of a barrister and a solicitor in a manner so as to enable the existence of just a single profile. In the event of the manifestation of such a scenario, the disadvantages would be way outweighing any advantages, much against the claims of the proponents of this fusion. At this point, it would be worthwhile to elaborate on the disadvantages resulting from the aforesaid scenario, as well as highlight the

Wednesday, July 24, 2019

Ecotourism and community development Assignment

Ecotourism and community development - Assignment Example Ecotourism involves travelling to natural places with the aim of conserving the environment and improving the livelihood of the inhabitants of the region Forsyth (2010). Edgell (2006) argues that as a trend, ecotourism emerged in 1980 s and it involved small-scale visits, however in the recent years people have become more aware of it leading to its grown popularity. In Thailand, ecotourism has several benefits that point towards the conservation of the natural environment especially the Thai’s mangrove forests. Sirinart Rajini mangrove-ecosystem learning centre is the first product of the government’s effort to promote ecotourism. Created from an abandoned shrimp farm the centre aims to provide the residents with practical knowledge on the importance of promoting ecotourism. Following the establishment of a shrimp farm in the Sirinart Rajini ecosystem, the natural mangrove forest and environment was greatly affected and therefore the government aims to restore it by pr omoting ecotourism (Thanomrak, 2011). The centre works with the local communities to promote environmental conservation through soil conservation and reforestation. The centre therefore aims at establishing a sustainable ecosystem that benefits people and other inhabitants of the environment. ... The definition also includes the desire to conserve the natural environment as the second objective of ecotourism. Ecotourism generally targets the creation of awareness in people on the need to conserve the deteriorating natural resources (Wood, 2002). Ecotourism also promote the development of the local communities through promotion of economic activities that are aimed at the conservation of the natural environment and resources. Through ecotourism programs, the government is also pushing its agenda of poverty eradication through the promotion of sustainable community development projects Neth (2008). Although ecotourism has massive and notable benefits, some scholars have pointed at some disadvantages on the activity that focus on the long-term developments. Promoting ecotourism has led into encroachment into the natural environment and this has caused ecological imbalance. The process has therefore led to the destruction of ecosystems that are of great biological importance for the future generations. The need to generate more revenue has accelerated the pace of destruction of the natural environment and therefore the country would do better without the activity. Ecotourism has also exposed native communities of the country to external influence and this has promoted cultural interference (Belanger, 2006). The activity has therefore weakened the culture of the Thai people that had been one of the strongest cultures of the world. Through promoting ecotourism, cultural and religious values that are of great importance to the people and the country are being eroded constantly. The government is therefore conscious of the long-term effect of the activity in the

Commodification & Globalization Essay Example | Topics and Well Written Essays - 1500 words

Commodification & Globalization - Essay Example Technology has transformed our world in such a way that words like national identity, local news, local economy, local culture and isolated catastrophe or calamity are fast becoming meaningless. Though Globalization has been defined by many in their own perspectives for political, traditional and intellectual motives, we will only consider the popular understanding of globalization. Packaging, pricing, marketing and ultimately selling something that was never a sellable commodity is generally known as a process of commodification. Commodification has its roots in the far spread capitalism around the world. Capitalism according to a popular belief (Gamble, 2001), is one of the ramifications of globalization. The phenomenon of commodification mines the commonly found objects, ideas, resources, culture and experiences in our daily lives and creates a monetary value for the previously un-commoditized entity. Such a process triggers a hunt for entities that can be commoditized since it en tails profits. In a capitalist world where the accumulation of wealth is prevalent, such a hunt can mean exhaustion of minable entities for commodification. Exhaustion of commoditize able resources is succinctly outlined by Jeremy Rifkin (2001), If the capitalist system continues to absorb large parts of the cultural realm into its sphere in the form of commodified cultural products, productions, and experiences, the risk is very real that the culture will atrophy to the point where it can no longer produce enough social capital and thus support an economy (p. 245). Online Multiplayer Gaming over the internet is fast becoming a commodity of a globalized world. Though internet experience in itself is a commodity but socializing over the internet via chat rooms, voice chat, social networks and emails has not been a commodity for some years now. The online multiplayer gaming today is charged from pay per hour to pay per year payment models. There exist more clever ways of commodifying the gaming experience that we will look into detail in the coming paragraphs. The commodity harvesters of the internet economy are quickly realizing the money making potential of Social Gaming, the internet games that involve players from around the globe. The very core of internet gaming experience involves real human interaction where the players may know each other; this adds a social dimension to the mix. The growing trend in size of internet gaming, amount of time people spend playing such games and lastly the viable business model that backs any internet application, are major factors that has helped commodification grow in online multiplayer gaming world. Advertisement is an essential step in commodifying something. One such example can be land commodification in over populated countries like China (Xu et. al, 2009), where masses are implanted with a dream of owning a lavish house at attractive locations thus creating a hyped value for irrigable or unused land which otherwise has a lesser value. Such a concept when applied to online multiplayer games, yields astounding value for otherwise a very cost technology. A comprehensive example that has stretched the concept of commodification and globalization to its maximum is called â€Å"Second Life†. The game has its own economy that runs through a currency known as â€Å"

Tuesday, July 23, 2019

The Importance of Self-Expression Essay Example | Topics and Well Written Essays - 1000 words

The Importance of Self-Expression - Essay Example This is what Charlotte Perkins Gilman explained in her literary work in 1892, â€Å"The Yellow Wallpaper†. With her own personal experiences on this predicament, she narrated her poignant tale of suffering, depression and nervousness. She asserted that vitality can be achieved only when pent-up emotions are given the right of self-determination. In her case, or of her narrator, suppression of emotions and lack of mental stimulation jeopardized her sanity and further worsened her mental illness rather than curing it. The monotony in her life turned out to be detrimental in her psychological well-being. As aforementioned, a mind needs an outlet to express the imagination it holds. This imagination is meant to be projected and communicated. Hence, a simple idea existing in mind can provoke a reaction and convey it in a coherent, lucid form. Be it in a form of art, words, plain gestures or even attitude, these expressions are a form or a medium for communication. If this connectio n is held back, only trouble brews inside the mind without any release or escape. Without release, mind and body, both go in a state of helplessness and lunacy. And this is what the narrator of â€Å"The Yellow Wallpaper† experienced. In her case, insanity took over because of her powerlessness to control her life. The constant reminder of not exhausting herself from any mental or physical work by her physician husband, John, situates her in a mental asylum. His patronizing attitude and lack of understanding about her feelings reduces their relationship into â€Å" me as a physician?† (Gilman 278) one. Rather than interacting and understanding his wife’s problem, he abandons her to isolation of the house to cure her depression. Assuming that isolation from work and an idle mind would heal depression was actually not the right conjecture here. It’s because of this her imagination soars to new heights. With nothing worthy to do except stare at objec ts around her, she falls for the menacing yellow wallpaper in her bedroom. The horrid wallpaper then becomes her personal consolation and a subservient object of her undivided attention. She obsesses about discovering the intricate patterns and for the first time feels the thrill of the power to solve the enigmatic wallpaper patterns. The connection she feels after every discovery of the patterns is what excites her. This is how normally a sane person would react too. The need to express and share discoveries is ubiquitous and expressing one’s self or one’s perception is profound. Without self-expression, the communication process simply stops. The silence then becomes darkening and intimidating. And then eventually, the purpose of living easily succumbs to the black hole of nothingness. If this can disappoint a sane person, then the narrator of the â€Å"The Yellow Wallpaper† was already a victim of nervousness. The burgeoning desire to confront her problems pe rmits her to discover means of expression. But the restrictions imposed on any mental and physical work shun her mental capability. This provokes her to find reprieve in keeping a secret diary. By jotting her feelings, she finds a relation with the ‘dead paper and a great relief to my mind’ (Gilman 272). As she figures that her insight on any mundane task isn’t appreciated or understood by any of her family member, she resorts to writing. It becomes her sole companion who without any questions listened to her whine about her

Monday, July 22, 2019

Investments for Inflationary and Deflationary Environments Essay Example for Free

Investments for Inflationary and Deflationary Environments Essay Inflation is the raise of a price level of good and services over a period of time. When there is an inflation each unit of currency buys fewer goods than it was possible before. Inflation affects can be both positive and negaive. Positive effect inclule ensuring that central banks will ajust real interest rates and encaurage investment in non-moneaty capital projects and the negative side is that people hav uncertainty over future and can damage investments and savings. Inflation can be cosed because of big amount of money supply. So now what are the best investments during inflation? The good thing is that there are some places there money investments will be secured. Important during inflationary environment is to avoid having cash, it is good not to hold cash for long time and allocate it into other assets and investments. It is very good to invest cash into gold or other precious meas. It always casts a lot after the inflation or crises. Gold is seen as a hedge against uncertainty and store of value. Investing into gold is possible to buy gold or just to invest into company which are mining gold. It is profitable to invest in crude oil, a lot of people invest into it as a protection against inflation. Oil is inelastic supply, so any decrease or increase in price would not result the increase or decrease in supply. There is many ways investing into crude oil with its con and pros. If you want to invest in short fixed income, you should avoid the US treasure because they may underperform. When yields start to raise bond price will fall. This investment provides a return in the form of fixed periodic payments and eventual return of principal at maturity. Investing into technology is also very good both at deflationary and inflationary environment. Does not matter on an environment technology is in demand and will continue to evolve. It is good and profitable to buy treasure protected securities so called TIPS, it gives a safety of the government bonds during inflation. Deflation is the opposite of inflation, decrease in the general price-level of goods and services. Deflation occurred when inflation rate falls below 0%. Deflation increases the real value of money. While deflation cash is â€Å"king†. It the rule number one, cash is one of the best and the most safety investment at the deflationary environment. Pay off debts is also very good while deflationary time. It is a period when every single dollar matters, each dollar can be profitable in future. Companies may have problems while deflation, so it is very good to invest in companies which have ideal short selling targets. Buy also high quality dividend paying stocks. While most of the firms will lose pricing power large cap high quality companies will dominate their industries and will be able to maintain pricing power. Seek companies with pristine balance. While deflation, house prices fall, as such it is better or rent rather than own. While deflation technology will still be in demand. The technology was announces as one of the best areas to allocate capital in high quality equities. As we already know TIPs are long-term protection while inflationary environment. But there is an opinion that deflation will lead to inflation after a period of time. This is an early protection in deflationary environment to avoid problems in future.

Sunday, July 21, 2019

Functions of Human Resource Management

Functions of Human Resource Management Contents (Jump to) Synopsis Challenges Faced by HRM Functions of Human Resource Management Important Recruitment Factors Methods of Recruitment Selection Processes Training and Development of New Employees Retaining New Employees Appraisals Methods of Appraisal Theories of Employee Motivation Maslows Hierarchy of Needs Herzbergs Motivation Hygeine Theory Critique of Employee Theories Today New Trends in International HRM Trends in Human Resource Management Conclusion Bibliography SYNOPSIS In this assignment the author has done a detailed study of human resource management and studied in detail the functions of human resource management staffing, maintenance, motivation and training and development. In this the author has gone into details of staffing which involve the function of recruiting and selection. In motivation the author had done a detailed study of employee motivation by doing a study of theories and the author has connected these theories to his employees and has tried to find out various ways in which employees can get motivated. Then the author has done a study of employee maintenance which means to find out various ways to maintain the employees in the organization and find out various ways in which the employees can stay in the organization. The last function is training and development in which the employee has tried to find out ways of training the employees and also how does the training of employees help in the overall development of the organizati on. This assignment has altogether helped the author to understand well the importance of human resource management. As it says, the author has tried and connected each function of human resource management with the authors assignment of restaurant development and it has helped the author to understand as to what employees want and what gives them employee satisfaction. HUMAN RESOURCES Human Resources is a term with which many organizations describe the combination of traditionally administrative personnel functions with performance management, employee relations and resource planning. Human resources is an increasingly prominent field that is taking shape throughout industries and workplaces world wide. Recognizing the fact that people are a companys greatest asset, business leaders across the globe are coming to rely more and more upon an effective management policy that applies specifically to the area of human resources. HUMAN RESOURCE MANAGEMENT The Human Resources Management is the strategic and coherent approach to the management of an organizations most valued assets the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms human resources management and human resources have largely replaced the term personnel management as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce. The Human Resources Management (HRM) function includes a variety of activities, and key among them is deciding what staffing needs you have and whether to use independent contractors or hire employees to fill these needs, recruiting and training the best employees, ensuring they are high performers, dealing with performance issues, and ensuring your personnel and management practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. The goal of human resource management is to help an organization to meet strategic goals by attracting, and maintaining employees and also to manage them effectively. The key word here perhaps is fit, i.e. a HRM approach seeks to ensure a fit between the management of an organizations employees, and the overall strategic direction of the company (Miller, 1989). HUMAN RESOURCE MANAGEMENT The Human Resources Management function provides significant support and advice to line management. The attraction, preservation and development of high caliber people are a source of competitive advantage for businesses. An effective HRM system allows organizations to address human resource issues strategically. This helps the workforce deliver high quality health services, despite internal and external challenges to the organization. A strong human resource management system helps organizations prioritize their organizational and business strategies while effectively managing the changes inherent in health sector reform and decentralization. HRM helps attract and retain competent employees, assists employees and managers in adapting to organizational change, and facilitates the use of technology to determine how and where work is done. HRM is perhaps one of the most misunderstood, but most important management systems. Employees are an organizations most important asset, as well as its most expensive: personnel costs often consume 70-80% of an organizations budget. With a strong and equitable HRM system, employees: Receive compensation that reflects their level of responsibility. Feel more motivated and understand how their work relates to the organizations mission and values. Are more satisfied with their jobs. With a strong and equitable HRM system, organizations: Are better equipped to achieve their goals. Increase the level of employee performance. Save costs through the improved efficiency and productivity of workers. improve their ability to manage change. CHALLENGES FACED BY HRM Workforce diversity As organizations become more diverse, employers have been adapting their human resource practices to reflect those changes. Many organizations today, such as bank of America, have workforce diversity programs. They tend to hire, promote, and retain minorities, encourage vendor diversity; and provide diversity training for employees. Workforce diversity requires employers to be more sensitive to the differences that each group brings to the work setting. For instance, employers may have to shift their philosophy from treating everyone alike to recognizing individual differences and responding to those differences in ways that will ensure employee retention and greater productivity. They must recognize and deal with the different values, needs, interests and expectations of employees. They must avoid any practice or action that can be interpreted as being sexist, racist, or offensive to any particular group and of course must not illegibly discriminate against any employee. Employers a lso must find ways to assist employees in managing work life issues. Contingent workers, issues and HRM All contingent workers are needed to be treated differently in terms of practices and policies. Human resource managers must make sure that contingent workers do not perceive themselves as second class workers as they are not given various amenities such as health and paid leave benefits what full time employees get. So, in this way contingent workers may tend to view their work as not critically important. Accordingly, they may be less loyal, committed to the organization or motivated at the job. When an organization makes its strategic decision to employ a sizeable portion of its workforce from the contingency works, other HRM issues come to the forefront. These include having these virtual employees available when needed, providing scheduling options that meet their needs and making decisions about whether benefits will be offered to the contingent workforce without sufficient planning. When strategic divisions are made, HRM must be an active partner in the discussions. After all, it is HRMs responsibility to locate these temporary workers and bring them into organization. Finally, HRM must be prepared to deal with the potential conflicts between core and contingent workers. The core employees may become envious of the higher pay rates and flexibility in scheduling that the contingent workers receive. FUNCTIONS OF HUMAN RESOURCE MANAGEMENT STAFFING Staffing is the function by which managers build an organization through the recruitment, selection and development of individuals as capable employees. (Definition by Mc Farland, Management Principles and Practices, New York : Macmillan, 1979) The managerial function of staffing is defined as filling positions in the organization structure through identifying workforce requirements, inventorying the people available, recruitment, selection, placement, promotion, appraisal, compensation, and training of needed people. (Definition by Koontz, in L.M. Prasad, Principles and Practice of Management) Staffing is the process of acquiring, developing, employing, appraising, remunerating and retaining people so that right type of people are available at right positions and at right time in the organization. Staffing function is related to employment of personnel of all types managerial as well as operative in the organization. It includes a variety of activities through which an organization tries to ensure that various positions remain filled by the most suitable personnel. This function is performed by every manager in the organization like other managerial functions viz. planning, organizing, directing and controlling though they receive considerable staff assistance in performing staffing function. RECRUITMENT Recruitment is the process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of applicants from which new employees are selected. (Definition by Werther and Davis, in Human Resources and Personnel Management, New York, McGraw Hill,1996) Recruitment is a form of competition. Just as corporations compete to develop, manufacture and market the best product or service, so they must be compete to identify, attract and hire the most qualified people. Recruitment is a business, and it is a big business. (Definition by J.S. Lord, in External and Internal Recruitment, Wayne F. Casico, 1989) Recruitment is process of creating a common platform between the employers and the prospective employees, so that both of them evaluate each other and take a decision which is mutually beneficial. The three important recruitment factors are: Job Specification It is a written statement of qualifications, traits, physical and mental characteristics that an individual must possess to perform the job duties and discharge responsibilities effectively. The first step in the program of job specification is to prepare a list of all jobs in the company and where they are located. The second step is to secure and write up information about each of the jobs in a company. Usually, this information includes: Physical specifications Mental specifications, Emotional and social specifications Behavioral specifications Physical Specifications: Physical specifications include the physical qualifications or physical capacities which vary from job to job. Physical qualifications or capacities include physical features like height, weight, chest, vision, hearing, ability, to lift weight, ability to carry weight, health, age, capacity to use or operate machines, tools, equipment etc. Mental Specifications: Mental specifications include ability to perform, arithmetical calculation, to interpret data, information blue prints, to read electrical circuits, ability to plan, reading abilities, scientific abilities, judgment, ability to concentrate, ability to handle variable factors, general intelligence, memory etc. Emotional and Social Specifications: Emotional and social specifications are more important for the post of managers, supervisors, foremen etc. They include emotional stability, flexibility, and social adaptability in human relationship, personal appearance including dress, posture, poise, features and voice required by the job. Behavioral Specifications: Behavioral specifications play an important role in selecting the candidates for higher level jobs in the organizational hierarchy. This specification seeks to describe the acts of managers rather than the traits that cause the acts. These specifications include judgments, research, creativity, teaching, ability, maturity (capable of accepting responsibility) trial of conciliation, self-reliance (self-starter sticks to own decisions), dominance (giving orders in a personal way) etc. Employee Specifications Job specifications information must be converted into employee specification information in order to know what kind of a person is needed to fill a job. Employee specification is like a brand name which spells that the candidate with a particular employee specification generally possesses the qualities specified under job specification, for example, the employee with the educational qualification of MBA generally knows the concepts, managerial skills like decision-making, inter-personal relationships, leadership etc. Employee specification is useful to find out the suitability of particular class of candidates to a particular job. Thus, employee specification is useful to find out prospective employees (target group) whereas job specification is useful to select the right candidate for a job. Job Description A Job Description is a list of the general tasks, or functions, and responsibilities of a position. Typically, it also includes to whom the position reports, specifications such as the qualifications needed by the person in the job, salary range for the position, etc. A job description is usually developed by conducting a job analysis, which includes examining the tasks and sequences of tasks necessary to perform the job. The analysis looks at the areas of knowledge and skills needed by the job. Note that a role is the set of responsibilities or expected results associated with a job. A job usually includes several roles. Job Analysis Job Analysis is a process to identify and determine in detail the particular job duties and requirements and the relative importance of these duties for a given job. Job Analysis is a process where judgements are made about data collected on a job. An important concept of Job Analysis is that the analysis is conducted of the Job, not the person. While Job Analysis data may be collected from incumbents through interviews or questionnaires, the product of the analysis is a description or specifications of the job, not a description of the person. Methods of Recruitment The following are the different recruitment methods: Internal Search Many large organizations develop their own employees for high level jobs. This is done by posting new job openings and allowing employees to bid for the position. There is nothing inherently better about either internal or external recruitment. However, there are some advantages to internal recruitment. First, internal recruitment may lead to increased morale for employees; the organization is perceived to reward good performance or loyalty. Often, one promotion leads to another vacant position and this chain effect contributes further to increased morale. Another advantage to the firm is that Human Resource data is immediately available for any employee recruited internally. Further, the employees work habits are known and previous performance appraisals are on record. Similarly, an internal recruit will be familiar with the firm. This employee will be familiar with the firms products, clients, organizational policies, and corporate culture. Therefore, the firm might be able to save money insofar as orientation sessions for such an employee may not be necessary. Advertisements Advertisements are one of the oldest and the most popular method of recruitment. This form of recruitment is mainly used for high level jobs like maybe for a vice presidency. Blue collar jobs are hardly advertised and even if they are the company just mentions a post box number where the applicant can communicate. Much details and job specification are not mentioned. Employee Referrals and Recommendations The idea behind employee recommendations as a source of potential applicants is that the present employees may have specific knowledge of the individuals who may be their friends, relatives or acquaintances. If the present employees are reasonably satisfied with their jobs, they communicate these feelings to many persons in their communities. Employment Agencies Many organizations get the information about the prospective candidates through employment agencies. In our country, there are three types of employment agencies : public employment agency, private employment agency and management consulting firms. Campus Placements Many organizations conduct preliminary search of prospective employees by conducting interviews at the campuses of various institutes, universities and colleges. The organization hold interviews on the campus on predetermined date and candidates found suitable are called for further interviews at specified places. Professional Organizations Many professional organizations like labor unions operate placement services for the benefit of their members. These include varied occupations such as industrial engineer, psychologist and seafarer. These organizations also publish job vacancy rosters and distribute it to their members. Unsolicited Applicants The concept of Unsolicited Applicants or Gate Hiring is to select people who approach on their own for employment in the organization. This happens mostly in the case of unskilled and semi-skilled workers. Cyberspace Recruiting It provides access to a worldwide databank of jobs, on line application and information resources through the Internet. One of the benefits of Cyberspace Recruiting is the provision for swift feedback and follow up. Recruitment Alternatives This includes getting the work done through other methods such as Hiring independent contractors, outsourcing a particular department etc. For example, the banking industry will very soon outsource the clearing and cash operations of the bank. SELECTION Selection, as the name implies, picking for hire a subset of workers from the total set of workers who have applied for the job. Selections are done by comparing the requirements of a job with applicants qualifications. An attempt is made to find a round peg for a round hole. In doing so naturally many applicants are rejected. This makes Selection a negative function. The Selection process consists of 8 steps: Initial Screening Completion of Application Form Employment Tests Comprehensive Interview Background Investigation Conditional Job Offer Physical Examination Permanent Job Offer Thus, Selection process is very important as it helps in eliminating poor performers. This programme also helps in identifying people with a hobo syndrome i.e., tendency to frequently change jobs. It is a proven fact that providing potential candidates with accurate and complete information about organizational opportunities and constraints, and the job itself prevents high employee turnover. TRAINING AND DEVELOPMENT The act of increasing the skills of an employee for doing a particular job. (Definition by Edwin B. Flippo, Personnel Management, McGraw Hill, 1984) Training is a process of learning a sequence of programmed behaviour. This behaviour, being programmed, is relevant to a specific phenomenon, that is a job. The process of training begins with Socialization and ends with Organization development. Three factors which necessitate continuous training in an organization are technological advances, organizational complexity and human relations. Socialising It is the means through which an employee understands the culture of an organization. This culture includes longstanding and often unwritten rules and regulations which govern the organization and its employees. There are three stages in the socializing process : Pre arrival stage During this stage a person arrives in the organization with a set of values and expectations. Encounter stage During this stage an employee considers the difference between his expectations and the reality. Metamorphosis stage During this stage the employee discovers the changes and adapt to them. Orientation Orientation includes the activities involved in introducing a new employee to the organization and his work unit. It is not unusual to confuse Orientation with Socializing. This programme familiarises an employee with the organizations objectives, history, philosophy, procedures and rules. This helps reduce the initial anxiety faced by new employees. Employee Training Training provides a particular skill set required to do a job. The focus of employee training is on the current job requirements. Employee Development Employee development focuses on unveiling the hidden potential in the employees for future manpower requirements which might need additional competencies. Career Development Career development programs are designed to assist employees in advancing their work lives. The main focus of career development is to provide the necessary information and assessment in helping employees realize their career goals. It is the responsibility of an individual not an organization. Organization development Organization development deals with facilitating changes in the organization. The focus of organization development is to change the attitudes and values of employees according to the organizational strategic directions. Methods of Training Job Rotation Job Rotation involves movement of a manager from one job to another job, from one plan to another plan on a planned basis. The movement is not meant for transfer but, is meant for learning interdependence and broadening the perspective. This helps to develop more co-operative approach to different functions in the organization. Assistant to positions Employees which have potential are made to work under a seasoned and successful manager, often in different areas of the organization. Under the watchful eye of a supportive coach, individuals perform many special duties and serve some special duties and serve some special duties too. All this gives a wide experience to employees and they come across a wide variety of management activities and they are groomed too for assuming the duties of the next level. Committee Assignment This provides an opportunity for the employee to have a say in managerial decision making and to investigate organizational problems. It also helps in increases the employees exposure to other members of the organization, broadens his understanding and make recommendations. Lecture Courses and Seminars This is one of the oldest method of training the employees. Lecture courses and seminars offer an opportunity for managers to acquire knowledge and develop their conceptual and analytical abilities. Simulations Simulations were first introduced at the Harvard Graduate School of Business. Simulation exercises include case study, decision games and role plays. Though it is not possible to simulate the real life exactly in the learning situations, simulated training provides participants an opportunity to learn which may be useful in their actual work situations. Outdoor Training The main motive behind Outdoor Training is to teach the employees the importance of team work. Activities might include trekking, games or surviving in the jungle. The purpose is to condition the employees in various stress related situations. Learning Logs Learning logs is a mechanism which encourages a disciplined approach to learning. It can be focused only on one activity and is usually designed to encourage the writer to explain what happened, how they have reflected on this, what conclusions have they made and what future learning actions they wish to make. Self Development Groups A group of individuals involved in a series of meetings where they discuss their personal development, organizational issues, or individual work problems. Groups may begin operating with a leader who is a process expert and who can act as a facilitator. MAINTENANCE Maintenance is the last phase which puts all the activities into place which further help retain productive employees. Human resource management must ensure a safety and healthy working conditions, caring for employees well being has a major effect on the commitment. It must also be realized that any problem an employee faces in his personal life will ultimately be brought to the workplace. This calls for employee assistance programs, which help individuals deal with stressful life situations. It calls for employee assistance programs such as programs that help individuals deal with stressful life situations. It is concerned with the maintenance of employees commitment and loyalty to the organization. This includes: Employee Health Organizations are obliged to provide employees with a safe and healthful environment. Health is a general statement of physical, mental and emotional wellbeing. Safety is protection of a persons physical health. The main purpose of health and safety policies is the safe interaction of people and the work environment. Poor working conditions may affect the employee performance badly. Employees may find it difficult to work. It would be too taxing for them to work for longer hours. Accidents and injuries may multiply causing enormous loss to the company. Absence and turnover ratios may grow. A company with a poor safety record may find it difficult to hire and retain skilled labor force. Each and every company need industrial health so that physical, social and mental wellbeing of workers can be promoted and maintained, the productivity and the quality of work can be improved, accidents, injuries, absenteeism, labor turnover can be reduced and workers can be protected against any healt h hazard arising out of work and conditions. Employee Safety The main purpose of employee safety programs in an organization is to prevent work related injuries and accidents. There should not be any physical hazards such as collision and obstruction, equipment, fire, hazards from falling objects. Employee welfare Employee or labor welfare is comprehensive term including various services, benefits and facilities offered to employees by the employer. The welfare amenities are extended in addition to normal wages and the other economic rewards available to employees as per the legal provisions. The working environment in a factory adversely affects the health of employees because of excessive heat or cold, noise, downs, fumes, dust, and lack of sanitation. Such oppressive conditions create health problems for workers. Communication The rules of communication are being rewritten as comprehensive, integrated information networks remove constraints on its uses. Employees should be able to communicate with anyone in the organization, no matter what the hierarchy says. The open communication system breaks down historical organizational pattern flows. They also refine how meetings, negotiations, supervision and water cooler talk are conducted. Human resource management must operate the effective communication programs in the organization and such programs help employees know what is occurring around them and vent frustrations. Employee relations programs should ensure that employees are kept well informed through the companys intranet, bulletin boards, town hall meetings, or teleconferencing and foster an environment where employee voices are heard. Employee relations Employee relations have several major responsibilities and it is divided into employee relations and labor relations. Labor relations involve dealing with the labor unions. In a unionized organization, a specific grievance procedure might be detailed in the labor management contract, and might involve the union, management and the allegedly wronged employee. In an nonunion organization, employee relations specialists perform many tasks. One of their key responsibilities is to ensure that open communication permeates the organization. This entails construction of such an environment where employees talk directly to the supervisors and settle any differences that arise. ER specialists are also intermediaries in helping employees understand rules, policies, procedures etc. Appraisals Performance Appraisal is the systematic evaluation of the individual with regard to his or her performance on the job and his potential for development. (Definition by dale S. Beach, Personnel: The Management of People at Work, New York: Macmillan, 1980) It (performance appraisal) is the process of evaluating the performance and qualifications of the employees in terms of the requirements of the job for which he is employed, for the purposes of administration including placement, selection for promotion, providing financial rewards and other actions which required differential treatment among the members of a group as distinguished from actions affecting all members equally. (Definition by C. Heyel, The Encyclopedia of Management, New York: Reinhold Publishing, 1973) Performance appraisal is the evaluation of quality, worth or merit. It is also described a s merit rating in which one individual is ranked as better or worse in comparison to others. Methods of Appraisal Absolute Standards In this method the employees are evaluated according to a standard. Here, each employee is graded independently without any

Pregnancy Induced Hypertension Causes and Treatments

Pregnancy Induced Hypertension Causes and Treatments Pregnancy is the gestational process compromising growth and development within a woman of a new individual from conception through the embryonic and fetal periods to birth. Pregnancy lasts for two hundred and eighty days, clinically considered forty week from the first day of the last menstrual period. Psychological changes are emotional experiences of pregnancy, as reported by a pregnant woman. Being keenly aware of the rapid and inevitable changes of the body the pregnant woman is undergoing. The nurse can help the parents in decision making about the concerns for the pregnancy. It is vital to make the mother understand the physiological processes, preparation for labour and to plan for the infant’s needs. The basic goal of antenatal or prenatal care provided by the nurses is to offer proper information to the pregnant women and the family about the current pregnancy. As well as provide emotional support, good nutritional advice and careful observation which will help the m other to achieve healthy and happy maternity period. To begin with, there are many factors that influence pregnancy which are often diagnosed during the antenatal clinic visits. The case study discussed below highlights the factor of pregnancy induced hypertension. Hypertension mostly affects pregnant women aged less than eighteen years and more than forty years. Blood pressure ranges from 140/90 mmHg to 160/110mmHg. Recently on booking, a mother came with the history of pregnancy induced hypertension. Mrs. X is twenty-four years old with the weight of fifty-five kilograms. She lives in Seaqaqa with her husband, parents-in-law and only son who is two years old. Mrs. X’s husband is a farmer, as she stays home and does domestic duties. Moreover, during Mrs. X’s initial visit to the antenatal clinic she presented the signs and symptoms which included nausea and vomiting. After diagnosis it was found that she had high blood pressure, however no other medical disorder. The blood pressure was 150/100 mmHg which showed a sign of pregnancy induced hypertension. Mrs. X does not consume kava or alcohol and does not even smoke. Upon history taking it was mentioned that after her first child she often took out some time for social life, whereby participated in netball training. According to Mrs. X it relieved stress and help her keep fit and healthy. Mrs. X was previously admitted in hospital during the delivery of the first child. However, Mrs. X neither encountered any complication for the first pregnancy nor went for any surgery previously whereas during the recent pregnancy antenatal clinic it has been found that she has hypertension. Initially when Mrs. X came to the hospital she had swollen legs, elevated blood pressure, therefore her twenty-four hours urine was taken to test for protein in urine. Proteinuria was diagnosed which was more than 0.3 grams of protein in one litre of urine. However, there was no sign of vaginal discharge, blood or amniotic fluid shown for gynecological disorder. Mrs. X had her last menstrual period on the 7th February, 2014 which lasted for seven days. The bleeding was heavy for the first three days and then became mild as Mrs. X used to have the menstruations every month in the same rhythm (severe to mild). The Pap smear test was done after two months from the first delivery as the results were normal. Mrs. X used condom as the family planning method. She is gravid of two and parity of one. Mrs. X delivered the first baby normally with a birth weight of 3.1 kilograms. In the second pregnancy she has pregnancy induced hypertension during the twenty weeks of gestation. Mrs. X is curre ntly prescribed for antihypertensive drugs by the physician. Mrs. X should deliver on the expected date of delivery which is the 14th of November, 2014. Furthermore, Mrs. X’s physical examination was done. It was done to assess fetal growth and development. Vital signs were taken as follows; pulse rate 78 beats per minute, respiration rate was 24 breaths per minute, temperature was 37.2 C and blood pressure was 150/100 mmHg. The weight was sixty-two kilograms during pregnancy therefore her body mass index was calculated as it was the leading factor to pregnancy induced hypertension complication. Blood pressure was taken when Mrs. X was resting however, it was still elevated of a reading of 148/100 mmHg. Therefore, the blood pressure was taken every two hours to see for any progress which was documented. Urinalysis was performed. During the initial visit the midstream urine was collected and sent to the laboratory for culture. Results showed protein in urine due to hypertensive disorder in pregnancy. Blood test was also done on booking for full blood count. An eye examination was done to check for further retinal changes. Liver and kidney enzyme function test was also done. The aim of antenatal care is to monitor the progress of pregnancy which optimizes maternal and fetal health. The nurse can evaluate; â€Å"physical, emotional and sociological effects in pregnancy on the women and the family† (Fraser Cooper, 2009). Some ways to achieve antenatal care are as follows; by developing a partnership with the mother. The nurse should communicate friendly in order to know more information about the problems that the mother is facing and the nurse can help in solving the problem. Secondly, by providing holistic approach to the pregnant mother’s care that meets the individual needs. Preparing the mother physically and psychologically will help her to make the choice of either for vaginal delivery or opting for a caesarean delivery because of pregnancy induced hypertension. The nurse should provide tender and loving care to the mother. Furthermore, as a nurse provide information to the mother and the family members to enable them to make informed choices about the current pregnancy. Nurses can advocate for the pregnant mother to the family about the nutritious foods and adequate rest required by the mother cause of the current health condition. As well as providing an opportunity for Mrs. X and the family to express the views and concerns about the pregnancy. Advise the mother that breastfeeding will be the best method of feeding and nutrition for the newborn baby. Nurse can explain the advantages of breastfeeding as it will be a sensitive advice to support the pregnant mother’s decision. The nurse can show the proper positioning of the baby during breastfeeding, for example; using rugby ball method. Advice the mother on buying the baby’s clothes and other required items as it will facilitate the woman and the family to prepare accordingly to meet the demands of the forth coming child. Offer parenthood education within a planned programme or on an individual basis as it will promote awareness on public health issues for the mother and the family. Giving public health advice and pertaining pregnancy in order to maintain the health of the mother and fetus. Nurses can build a trust relationship with the mother is in part of care, love and safety for the mother. To add on, nurses play a vital role when managing the health of the mother with pregnancy induced hypertension. Nurses should communicate effectively and sensitively. Redman (2007) suggests that: â€Å"understanding and self-confidence in a woman will develop her relationships with nurses† . The nurse should sit at the bedside of the mother and communicate with her, in order to understand the problems and difficulties the mother is facing. Nurses can find possible solution for the problems and help the mother in solving the problem, as it will help build a more therapeutic relationship between the mother and the nurse. Mrs. X should be advised on adequate bed rest. Though, rest does not prevent the development of pre-eclampsia. It is important to make the family members understand that, Mrs. X should lie on her left side since left side relieves pressure and symptom associated with pain, hence also facilitates venous return increasing the circulatory volume, renal and placenta l perfusion and blood pressure (Gilbert, 2007). Therefore the mother needs to have adequate rest, for at least eight to twelve hours and away from stress. If the mother has high blood pressure she can be admitted to the hospital. However, it is most preferable if the mother rests at home and visits hospital after every two weeks. Hospital visits will facilitate the nurse to check her blood pressure and compare the previous readings, check whether it is elevated, decreasing or remains the same as previous reading (150/100 mmHg). The mother’s vital signs should be taken in every clinic. Elevated blood pressure ranges from 140/90 mmHg to 160/110 mmHg shows sign of pregnancy induced hypertension. Fluid balance can be maintained if there will be reduced intravascular compartment in pre-eclampsia and poorly controlled fluid balance may result in circulatory overload and pulmonary edema (Gilbert, 2007). The nurse can use water therapy for severe edema. Water therapy helps prevent or slow the progression of pre-eclampsia. The nurse should advice the mother which diet she should take due to hypertension, which is having low salt low fat diet. Advise the mother to consume those food which are locally available rather than foods which are imported from overseas countries or canned and junk food. For instance, locally available food includes pumpkin, cabbage, fish, bean and many more. Educate the mother on food which contains iron, fibre, vitamins and protein as it is good for the mother’s health and for the growing fetus. â€Å"Prophylactic fish oil in pregnancy may perform as an anti-platelet mediator, thereby it prevents hypertension and protein uric pre-eclampsia†. (Redman, 2007). Pregnant mother should consume at least eight glasses of water per day is important for her. Calcium supplement reduces the risk of pre-eclampsia especially of patients that have diets deficient in calcium. Exercise is also important for Mrs. X and the growing fetus. Nurse can teach the mother on some exercises which the mother can practice like kegel’s exercise. Exercise will keep the mother and fetus healthy and it will also help in contraction of uterus muscle. This will help mother feel comfortable and less painful for normal vaginal delivery. Exercise will also reduce stress and provide healthy and refreshing body and mind. Health care professionals can also help the nurse in managing the pregnant woman in various ways. Other health specialist can get together and collaborate what kind of treatment the mother should get to reduce pregnancy induced hypertension and have a healthy baby. Firstly, the radiologist (x-ray) department, can scan and the check for gestational age of the growing fetus. They also check the health of fetus and document the fetal movement and fetal kicks. Change in the number of frequency may mean the fetus is under stress. An ultrasound scans for measurement of fetal movement, fetal kick and direction of fetal position. Laboratory technicians can do the mothers blood test and urine test. Serology department would experiment the 24 hours urine collection, to found out whether it has protein present in it. Physical examination of urine can rule out the level glucose, protein content and ketones. Microscopic examination of urine, which will show blood cells and microorganisms. The hem atology department does full blood count, that includes hematocrit, Hemoglobin level, red blood cell and white blood cell count. Hematocrit is the percentage of red blood cell mass in mother’s blood volume. Hemoglobin is the main cellular component contains red blood cells. The physiotherapist can help mother by teaching Mrs. X some exercise which will be helpful and effective for her. Bed exercises increases the blood flow, keep the muscle toned, leg exercise for example foot circles at least two times daily, kegel’s exercise and abdominal tightening exercise which keeps abdominal muscle tone. Kegel’s exercise can be done at least five times daily because it helps prevent the loss of muscle tone which occurs after child birth. This exercise involves contracting muscles around vagina holding tightly for ten seconds and then relaxing for two seconds, the woman should be work up for thirty contractions. Moreover, the dietician can also advise the mother on low salt low fat diet. Advises the mother to use salt as needed for taste, and that adequate nutrition is important for pregnant mothers eating a nutritious balance diet containing high amounts of calcium, magnesium, and iron, vitamins, less sodium, folic acid and increase amount of protei n to take. As it reduces the risk of pre-eclampsia especially in patient who have diet deficit, avoid beverages containing caffeine and drink six-eight glasses of water per day is also important because it reduces the risk of dehydration and improves proper blood circulation which reduces risk of pre-eclampsia. Hence, a counselor can also counsel the parents on the antenatal care which should be provided to the mother. The prenatal education should focus on the positive labor and birth experiences and ways in which the mother can have decreased blood pressure. Advice Mrs. X if she has any fever, rupture of membrane or leak of fluid, decrease fetal movement, vaginal bleeding, feeling of nausea and vomiting as to immediately complain to the nurse before any further complications arise. Since the mother is a non-smoker and non-alcoholic it is better to advise her to stay away from anybody smokers and not to consume alcohol so that it does not affect the growing fetus. Provide information about breastfeeding techniques which is very supportive approach. â€Å"Expected length of breastfeeding is an important prenatal factor associated with breastfeeding period†. (Pairman, Pincombe, Thorogood Tracy, 2006). Due to increase breastfeeding duration there will be increased maternal confidence in breastfeeding and handling the child. Child birth education is also important for the mother. This provides opportunity for enhancement of family systems and can facilitate the family to empower behavior that lasts longer. Furthermore, a dentist is needed to check oral care of the mother, where the dentist can check for any decaying tooth or paining gums. This can cause pain and headache and increase the mother’s blood pressure. Treatment could be given accordingly. As the dentist can advise the mother about proper oral care, for instance; on brushing her teeth twice daily this will be healthy. In evaluation, after the diagnosis it was found that Mrs. X had pregnancy induced hypertension. Mrs. X tried herbal medicines and followed all the nursing management which was advised to her. Though there weaknesses, which include; family members were not allowing her to come to hospital alone, mostly her mother-in-law accompanied on the antenatal clinic visits which became a hindrance for Mrs. X while expressing her views and concerns. Hence, a few times Mrs. X does not have enough money to pay for the fare since her husband was inco-operative. At certain times due to fear, anxiety and stress Mrs. X was unable to express the problems which made it difficult to exam her problems. Though Mrs. X had some weaknesses but she tried her best to co-operate with the nurses so that she has a healthy maternity period and at last to have a healthy baby. After providing successful interventions, the strength of Mrs. X was also shown as she tried to follow all the steps given by the nurses so tha t she can have a healthy baby. (Approximately: 2,498 words) References Cooper, M. A., Fraser, D. M. (2009). Myles: Text book for Midwives. (15th ed.). Churchchill Livingstone: Elsevier limited. Gilbert, E. S. (2007). Manual of High Risk Pregnancy Delivery. (4th ed.). The United States of America: Mosby, Inc. Pairman, S., Pincombe, J., Thorogood, C., Tracy, S. (2006). Midwifery: Preparation for  Practice. Australia: Ligare Pty Limited. Redman, B. K. (2007). The Practice of Patient Education: A Case Study Approach.  (10th ed.). Missouri: Mosby. Weber, J. C. (2003). Maternity: Parenthood Education Approach. Retrieved June 17, 2014 From

Saturday, July 20, 2019

To what extent did comprehensive schools enable working class :: Economics

To what extent did comprehensive schools enable working class pupils to succeed? Comprehensive schools enabled working class students to succeed because when there was the Tripartite System the majority of working class pupils would go to secondary modern schools as the 11+ test was favoured towards middle class experiences and language. Pupils attending secondary modern schools were seen as a student failing, this then affected the attention the students got at school, the opportunities open to the students and they also gained a low self-esteem. It also creates a â€Å"self believing prophecy† from low self esteem. In addition to that secondary modern schools only had a third of the funding with 80% of the population attending them. This meant that there were fewer qualifications to gain and less good qualified teachers, which in essences was preparing them for unskilled manual work. The tripartite system legitimated inequality through the ideology that ability is inborn rather than the products of the child’s upbringing and environment, and thus can be identified early on in life Because the 11+ test favoured middle class, it was mostly middle class students that went to grammar schools. This created a social class division when one of the reasons for having Free State education was more ‘equal’ opportunities. When comprehensive schools were introduced in 1965, it was designed to overcome the unfairness of the tripartite system by abolishing the 11+ exam and sending all pupils to the same type of secondary school (with the exception of private school students who continued to go to private schools). Since the schools joined, there were more qualifications on offer to students. Middle class and working class worked together. But never the less, the system continued to reproduce class inequality. Some secondary modern schools were placed where the majority of working class students lived, so in some schools it was still mainly working class. Whilst in others, mostly middle class. In addition to that, many comprehensives were streamed into ability groups, where middle-class pupils tend to dominate the higher streams. Even where ability groups were not present, Ball argued that teachers continued to label working class pupils negatively and to restrict their opportunities. More recently, both Ball and Whitty have examined how the policy of marketisation also reproduces and legitimates inequality. Marketisation is largely the result of the 1988 Education Reform Act, which reduced direct state control and introduced market forces into education so as to create competition between schools and increase parental choice. They state that marketisation reproduces inequality through exam league tables and the funding formula. Publishing each schools exam results in a league table ensures that schools that achieve good results are more in demand, because parents