International Investment And The Risks Example For Free - Free Essay Example

In its 2007, August 13 issue Business Week magazine called it the Bonfire of the Builders. Signalling what was already becoming the cause of a major financial crisis in the global markets. After the dot com bubble burst in the 2001 the U.S. was seen by many analysts as going through one of its worst periods since the stock market crash in 1987. However the U.S housing market started a period of unprecedented growth, brought in part due to the lowering of interest rates by the Federal Reserve which brought the rates down 11 times i.e. from 6.5% to 1.75% (Open Market operations, 2010). However, the boom started showing signs of warning towards the end of the year 2005. Rates remained flat much of the next year and towards the beginning of the year 2007 a downturn in the housing started. What should have been only a downturn in the housing market turned into a major global credit crunch and resulted in a run on a British bank (Northern Rock).This is not to say that the American financial institutions were any better off. Citi Group reported a 57% fall in its third quarter earnings that year primarily because of the sub-prime mortgage losses (USA Today, 2007). So what was the reason that this housing slump transformed it self into a global credit crunch? The Financial Times (2007) in its special report on the global credit squeeze blames the poor quality of lending by financial institutions in the U.S. primarily banks and mortgage providers gave loans to people with dubious credit historys and sold these mortgages as bonds to Wall Street institutions which in turn bought these mortgage backed by securities. This encouraged pension funds, hedge funds and other institutional investors to buy them. Things looked good until some of the mortgage borrowers found it increasingly difficult to meet their obligations and rates of default increased. Many of those who defaulted on their loans were sub-prime borrowers, people who had shaky credit histories. As the value of these assets began to come down hedge funds began to sell assets of all types not only those linked with mortgages as they found it increasing difficult to get finance from Wall Street banks who were themselves caught in the mortgage mes s. Once banks stopped lending to other institutions a liquidity crisis occurred. This crisis was became known as the Global Credit Crunch, the heat of which was felt across the globe and markets across the world from Beijing to Bombay and Sao Paulo to Singapore. Causes for the crisis Housing bubble and subprime lending: Between 1997 and 2006 the real estate prices appreciated and coupled with low interest rates borrowers were able to obtain housing loans easily. Banks in the anticipation of prices to rise further began to give easy credit to borrowers not realising the positional debt accumulation. As the prices of properties began to decline in second half of 2008 the borrowers ability to repay reduced. The graph below shows the significant increase in foreclosure activity signifying the rising inability of borrowers to pay during the various period of the crisis. Financial Innovations: This refers to the development of financial products designed particularly to achieve the client objectives i.e. to obtain easy financial assistance. These include the Mortgage based securities (MBS) and a form of credit insurance called credit default swaps (CDS). The usage of such instruments was increasing drastically during the years leading towards the crisis. As Warren Buffet put it these weapons of mass destruction were an agreement between two parties and government did not have any control over them. As a result there was no mechanism of reporting. These CDS were the reason why one of the biggest insurance companies, AIG, required a bail out from US taxpayers after it defaulted on $14 billion of credit default swaps it had made to investment banks, insurance companies and many other entities (Financial instruments responsible for Global Financial Crisis, 2009). Ineffective risk measures: In a speech in June 2009, U.S. President Barrack Obama said that culture of irresponsibility was a major cause of the crisis. A key reason for the crisis was also the insufficient capacity of financial institutions to fulfil their commitments. It is important for the sellers of risk to have capital enough to meet their bets. This applied to both consumers and financial institutions, as consumers were unable to repay their loans while the institutions were i ncapable of feeding their credit needs. Incorrect assessment of risk cost dented the financial system. Shadow Banking System: These were non institutional banks which aided the institutional banks to invest their money into more profitable ventures .To name a few, Lehman and Bear Stearns were such institutions. Though this system was assumed to do a better job by reducing risk and spreading investments, the after math of the mortgage crisis didnt quite aid the objective (Krugman, 2009, p158). Panic and fear amongst the people resulted in refraining them to participate in the auctions and increased the default rate in mortgage loans which lead to the global financial crisis. These shadow bankers were not under the governmental control and traded short term funds for long term riskier funds. However during the crisis they had to let go of the long term assets as depressing rates due to their vulnerability. Paul Krugman, laureate of the Nobel Prize in Economics, described the run on the shadow banking system as the core of what happened to cause the crisis. He referred to this lack of controls as malign neglect and argued that regulation should have been imposed on all banking-like activity. Rise in prices: The increase in commodity prices also was one reason of the recession as it diverted the expenditure of consumers in an importing country. For instance if the prices of fuel went up in US, the economy of the fuel importing country, in this case US would decline which in turn would enhance the economy of the oil exporting country (Light Crude Oil, 2010). There was a significant increase in the prices of metals and minerals which also contributed to the credit crunch (Taylor, 2009). Poor Corporate Governance: The financial crisis can also be attributed to the poor corporate governance incompatible executive remuneration structures. The lack of transparency in procedures of trading, handling financial instruments, recording and presenting financial repor ts also caused the market failure. Lax in regulations and legislations for the product innovations also caused a detrimental effect on the economy (Zandi, 2009). Ineffective economic forecasting: Business weeks cover story on April 16, 2009 accused the economists of being incapable of predicting the crisis. This is another school of thought which seems to be quite applicable. With assets bubbles being created, prices rising, liquidity drying up the market, why were the mainstream economists and analysts unable to foresee the crisis. Warren Buffet also said that the expectation of real estate prices to decline was something no one was willing to predict or believe. Such ineffective forecasting also set the economy on a back foot when it came to meeting the demands of the crisis and be proactive in order to bring up measures to curtail it (Zandi, 2009). Financial ill-literacy: People were able to understand that they can buy expensive homes with a subprime adjustable rate mortga ge (ARM) loan, assuming that they could sell it off quickly to make profits, however barely did they know what could be the repercussions of entering into such trade. Most the borrowers did not understand completely the mortgage terms and relied on their brokers to fetch interest rates they could afford and be rest assured that the agents would take care of their financial assets. The general financial ill-literacy contributed to the credit crunch and the borrowers did not make wise decisions on borrowing, saving and investing (Zandi, 2009). This could not have been the case 20 -30 years old as there were not so many investing options which could confuse an investor. But the complex mortgage options that were available during the subprime loans were mind boggling for the borrowers to comprehend at times to make decisions which not result in such perils. Inadequate and untimely analysis: Lack of timely and accurate information also disturbed the policy makers ability to response t o the crisis. Most of the data on mortgage crimes and defaults come from private sources and data banks which makes it difficult for the regulators to monitor and foresee trends. The government does not track the number of foreclosures being made or umber of defaults in payments that are happening (Zandi, 2009). The Home Mortgage Disclosure Act (HMDA) provides for the reporting of some information pertaining to loan application and approvals. However they do not provide for reporting of foreclosures or delinquencies that happen in mortgage loan cases. This contributes to the inability of the regulators to understand the forthcoming perils which may lead to unexpected situations. Effects of the Crisis: U.S.-based credit watchdog SP said that total losses to be booked by the global financial sector from subprime asset-backed securities could reach $285 billion, but opined that the end of write downs was now in sight for large financial institutions (Edwards, 2008). However, the loan default activity of U.S. banks suggested that the floor in the real estate market is not yet in sight. Lets consider some of the macro effects of the subprime crisis: Impact on Financial Institutions and Banking Industry: Subprime crisis created a vacuum in the bank business model, eliminating volume and income while limiting resulting in net effect of large reduction in credit availability. In the long run, loan origination would now imply retention of the asset as default option. Banks had limited funding, revenue options. The entire sector was under pressure to reduce leverage. When the market is good the bankers try and increase their leverage by building up their assets of both loans and securities. However in bad conditions they take a back foot to try and reduce their debt burden. With the fall in property prices, the banks had to write down their book values of such mortgages and by spring of 2008, the globes biggest banks had collectively written down their assets by almost $275 billion (Zandi, 2009). These losses were a direct hit to their capital. What further aggravated their wound was the lack liquidity in the market at a time when they were in desperate need to reduce their leverage. The International Monetary Fund estimated that large U.S. and European banks lost more than $1 trillion on toxic assets and from bad loans from January 2007 to September 2009. One of the first victims was Northern Rock, a medium-sized British bank. The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Reduced risk appetite: The subprime crisis has changed investor and lender preferences dramatically. Structured assets of all ratings grades were shunned in favour of simpler cash securities. Dealers are walking away from low-risk markets such due to concerns about capital availability and fair value risk (Whalen, 2008). As the Bear Stearns collapse illustrates, there had been a huge reduction in market liquidity overall, and a sharp decrease in leverage used by all market participants. Lack of credit in markets : Economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner explain the credit crisis via the implosion of the shadow banking system, which had grown to nearly equal the importance of the traditional commercial banking sector as described above. Without the ability to obtain investor funds in exchange for most types of mortgage-backed securities or asset-backed commercial paper, investment banks and other entities in the shadow banking system could not provide funds to mortgage firms and other corporations. This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009. According to the Brookings Institution, the traditional banking system did not have the capital to close the gap as of June 2009. It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume. While traditional banks have raised their lending standards, it was the collapse of the shadow banking system that is the primary cause of the reduction in funds available for borrowing. Insolvency causing retrenchments: The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world, stock markets had fallen, large financial institutions had collapsed or been bought out, and governments in even the wealthiest nations had to come up with rescue packages to bail out their financial systems. On one hand many peopl e were thinking that those responsible for the financial problems were the ones being bailed out, while on the other hand, a global financial meltdown was affecting the livelihoods of almost everyone in an increasingly inter-connected world. The downturn in economic activity took effect earlier in the United States, where the unemployment was 4.9% and reached 10.1% by October 2009 (Goodman, 2009). Effect on the global economy: Theres no doubt that conditions in the major economies took a sharp turn for the worse in the period following the Lehman collapse in September 2008. Business and consumer confidence deteriorated drastically, as did the financial sentiment. In the general climate of uncertainty, households around the world responded by cutting their discretionary spending. This seems to have had a particularly pronounced effect on demand for manufactured goods. The result was a sharp fall in global industrial production, and significant contractions in GDP in most of the major economies. The Chinese and Indian economies continued to expand, but at much reduced rates. Indications are that world economic conditions have remained very weak in the early part of 2009. Decline in exports for developing economies: Recession in the United States and other G7 countries will in general reduce the demand for their imports, as these markets are important destinations of developing-country exports. A sign ificant proportion of US imports are from developing countries. Many of these imports are also imports of services, not just goods. Thus, the Indias software sector, which exports IT services to the United State, for instance, and other advanced economies have registered slower growth. 1 1 1 1 1 1 1 2 2 2 2 2 2 3 3 4 4 4 Source: IMF (Between 2007 and 2008, as estimates of December 2008) Description: 1 Countries in official recession (two consecutive quarters) 2 Countries with economic slowdown of more than 1.0% 3 Countries with economic slowdown of more than 0.1% 4 Countries with economic acceleration The above chart displays the spread and impact of the global crisis across the globe, with clear indications that though the developed countries were facing severe downturn the developing economies were also being affected gradually. Impact on Balance of payments: For many countries, primarily commodity-importing countries, the reduction in export earnings will come at a time when their balance of payments is already under pressure due to rising food and fuel prices in 2007 and 2008. Such countries may be in particular need of balance-of-payments assistance from the IMF and other sources. Developing countries require financial inflows from the rest of the world to facilitate and a ccelerate economic growth, trade and development. These flows include official development assistance (ODA), investment flows (portfolio and foreign direct investment (FDI), trade credits and flows of remittances. All of these are set to be affected negatively during the current crisis which will have adverse impact on the current account of BOP. Portfolio risk management lessons learnt The financial crisis has forced investors to take a more nuanced approach to portfolio risk management. Dan Farley, global head of Multi-Asset Class Solutions at State Street Global Advisors, said the crisis exposed the need to understand the limitations of traditional practices, such as Modern Portfolio Theory, and heightened the need for new approaches to strategic and tactical asset allocation. Many investors have gained a more nuanced reminder of portfolio risks centring on market volatility, portfolio construction and trading liquidity. It has been observed that investors have moved increasingly away from risk models centred on average market behaviour and normal return distributions, instead adopting strategies that focus market turbulence, risk, liquidity and diversification. Based on the understanding of the crisis situation the following important portfolio risk management lessons have been identified. Intelligent Diversification Matters: Traditional approach of d iversification will always hold good. Owning certain asset classes like treasuries, certain commodities, and cash did help in 2008. Benefits of diversification provide beneficial shock absorbers for most investment portfolios. Economist Burton Gordon Malkiel sums it up succinctly, Diversity reduces adversity. While consumer financial services were down 54% in 2007, healthcare outperformed the SP 500 by 10% only a few years ago, the situation got reversed (Siegel, 2007). Lehman had placed too many of its financial eggs in one basket: mortgages. When the mortgage securities market went bad, it had nowhere to hide. When you concentrate your investments in any single company, industry, sector, or country, you run the risk of being hurt by a calamity like the collapse of the mortgage securities market (Young, 2009). Rather than investing in a single stock or single sector of the economy, one should invest in mutual funds that distribute the investment across many businesses. Anoth er option, index funds, which are less subject to seismic shifts in the market because they are based on a set of rules of ownership that remain constant, regardless of market conditions. Diversification does not mean in spreading investments over 10 stocks, overseas investments should also be considered. Diversification by itself cannot guarantee a profit or protect against loss, but it can give you more chances for success and reduce the effects of volatility on your portfolio. Managing Risk Appetite: People when they are over confident enough to believe that the investing laws dont apply to them tend to make decisions which dint work for them. One such law is that leverage, the act of borrowing other peoples money to invest, it can work both ways-for you and against you. Lehman had financed around $600 billion worth of assets at a time when it only had$30 billion of equity (Young, 2009). This is a clear example excessive risk. It is important that investor invests keeping in m ind his risk appetite is comfortable making adjustments over time. Any panic caused out of unexpected risk will result in decisions which will be extreme and eventually affect the portfolio adversely. Investor should create portfolios which are not excessively complex for them to understand. It is necessary to have full transparency of investment performance, attribution and investment strategy along with the premise behind the strategies. Investor should try to have as much information about all aspects of the investment process so that there is a lower likelihood of significant problems. Maintain Substantial Liquidity: As the crisis unfolded we realised that one of the major damages was caused by the lack of liquidity in the markets, which resulted in cases of default in payments. It is important for the investors to remember to maintain enough liquidity in order to protect themselves from the market volatilities. Not having liquidity forces the investors to sell off assets in case of highly illiquid markets. Northern Rock suffered from funding liquidity risk in September 2007 following the subprime crisis. The firm suffered from liquidity issues despite being solvent at the time, because maturing loans and deposits could not be renewed in the short-term money markets (Tobias Shin, 2007). For long term investors it can mean that they have to compromise on their long term objectives in order to meet their short term liquidity demands. Conclusion: Flawless execution of risk management does not guarantee that losses wont occur as losses depend on upon business decisions and luck. The risk models established during the crisis failed due to the unexpected fall in mortgage prices. Thus systematic risks are bound to exist and financial crisis happen as a result of cases which have not been experienced in the past. Significant monetary, political and risk management changes are underway in order to cope up with the crisis; however the formal risk management m odels cannot substitute for judgement and experience. By analyzing the root causes of the financial crisis, it is possible to estimate the costs of resolving the crisis utilizing current policies of bailing out investors who made poor investment decisions. In any event, it would seem imperative that the financial managers of the future be better educated in the art of credit analysis and investement management.

Parkinson’s disease is a disorder that progresses over...

Parkinson’s disease is a disorder that progresses over time. It affects your movement through your nervous system; the disorder causes stiffness, and slow movement in your body. Most noticeably started in little â€Å"tremors† in your hands it gradually increases over time. Early stages consists little expression in your face or no movement in your arms as you walk. Your speech may also slur, or slow down. Symptoms usually worsen over time. Symptoms of Parkinson’s disease vary from person to person. They often affect one side of your body and steadily make its way to the other side. Regrettably, the first side is usually affected the worst. Tremors usually affect the body. Shaking begins in your hands or fingers. You can tell when your†¦show more content†¦Also exposure to toxins such as herbicides, and pesticides slightly increases your risks due to the chemicals. Parkinson’s disease is also accompanied by dementia in some cases. Your thinking be comes difficult due to cognitive problems in the brain. Depression and emotional changes in your person may develop also. You may feel panicked, anxious, or even lose motivation to carry out your day. Symptoms like these can be cured with anti-depressants. Drooling may become an issue due to it being hard, or slowed swallowing. Also patients with Parkinson’s may develop sleep disorders. Waking up in throughout the night, or waking up early or sleeping earlier than usual can be expected. You may also experience rapid eye movement, which involves actin gout your dreams. Being unable to control your bladder, or difficulty urinating is also a complication of Parkinson’s. Due to a slower digestive tract, you may have constipation. Your blood pressure also changes. You will feel dizzy or lightheaded when you stand; this is due to orthostatic hypotension, a drop in blood pressure. You may also experience problems in your sense of smell. You may have trouble identifying a cert ain odor, or differentiating between smells. Fatigue and pain are also complications of the disease. You lose energy and quickly become tired. Pain is usually associated in different parts of the body. There are different leads to Parkinson’s disease. As time progresses certain neurons in yourShow MoreRelatedTaking a Look at Parkinsons Disease1450 Words   |  6 Pages Parkinson’s Disease Parkinson’s disease is the most common movement disorder; its characteristics are loss of muscle control, stiffness, slowness, shaking, and impaired balance. My grandmother had Parkinson’s very bad and she couldn’t walk anymore or hardly talk, it’s very sad because they are just unable to do anything. Muhammad Ali is one of the best boxers of all time and now he also suffers from Parkinson’s; he also has all of these symptoms and is hardly able to talk. 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Early Childhood Education Inequality Outline For...

Hannah Caldwell October 29th, 2016 Professor Gaines Oral Communication Heading Title: Formal Outline for Persuasive Speech Topic: Early Childhood Education Inequality Specific Purpose: Persuasive Speech for Education Inequality Introduction Attention Material: Did you know â€Å"children in extreme poverty are half as likely to graduate from high school?† This is one shocking statistic from Teach for America among many that show how poverty is related to education inequality. According to WKNO front line, â€Å"The average dropout can expect to earn an annual income of $20,241, according to the U.S. Census Bureau. That’s a full $10,386 less than the typical high school graduate, and $36,424 less than someone with a bachelor’s degree.† So just looking at those numbers alone, it is obvious how poverty and education relate and it is obvious we need to do something to keep these kids in school and make sure they are getting the best education available to reduce their likelihood of being in poverty. Thesis: These statistics can be changed with time, and we can help these children to beat the odds and overcome education inequality. Preview: These points that I am going to provide will helpfully help you to see what I see when looking at education inequality, its relation to poverty and what we can do about it. (First, we will talk about why this is so important.) Body I. Academic success has proven to have a direct correlation to poverty. A. 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Adolf Hitler s Speech Skills - 1409 Words

Throughout all of history, Adolf Hitler is one of the many figures whose climb to power was greatly dependent on their oration skills. He governed Germany for a twelve year third Reich; giving five thousand public speeches over the course of those twelve years. He used the dismal conditions of the German economy and government; along with his persuasive speech skills to build an empire that will be etched into history forever. It is very likely that, if Adolf Hitler hadn’t possessed the speech skills that he had, he could have never been elected Chancellor of Germany. Which would have reduced the chances of World War II ever happening to almost nothing. Throughout Hitler’s call to the German people, he makes lots of promises to the desperate German people, uses meticulously crafted persuasive language, and relies heavily on the tone of his voice to deliver an enthusiastic message to the audience in an attempt to spread his influence. In addition to there being a large c rowd present; the event was televised as well, allowing for millions of people to tune in and watch Hitler’s first speech as Chancellor of Germany. The audience played a very important role in the rhetoric of this speech. Many of the people who watched this were German citizens. More importantly, the main target of this speech is the German middle class. This speech was given at a time when the German middle class was hurting immensely. Not only was Hitler targeting the largest group in Germany but the onesShow MoreRelatedMathew Milby. English Iv. Mrs. Tyree. March 28, 2017. Adolf1071 Words   |  5 PagesMilby English IV Mrs. Tyree March 28, 2017 Adolf Hitler a Great Leader? A great leader firstly should be able to take full advantage of favorable circumstances, able to rule the country under a chaotic situation. Hitler made attractive promises to gain popular support, he was skilled in using propaganda and amoral. 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Racism in Maya Angelous I Know Why the Caged Bird Sings...

Racism in Maya Angelous I Know Why the Caged Bird Sings Maya Angelou, the current poet laureate of the United States, has become for many people an exemplary role model. She read an original poem at the inauguration of President Clinton; she has also appeared on the television show Touched by an Angel, and there read another poem of her own composition; she lectures widely, inspiring young people to aim high in life. Yet this is an unlikely beginning for a woman who, by the age of thirty, had been San Franciscos first black streetcar conductor; an unmarried mother; the madam of a San Diego brothel; a prostitute, a showgirl, and an actress (Lichtler, 861927397.html). Her book I Know Why the Caged Bird Sings argues persuasively†¦show more content†¦In another instance, Angelou describes an incident in which she had a terrible toothache from two abscessed teeth. Since her grandmother (whom Maya called Momma) had once loaned money to a white dentist, Momma decided to take Angelou to him to see if he would treat her teeth, despite the fact that white doctors did not normally treat blacks. The dentist refused, telling Momma that hed rather stick [his] hand in a dogs mouth than in a niggers (Angelou, 160). In another instance, a group of po white trash children confront Momma at her store, taunting her. As Renee Barlow notes, They were represented as clownish, dirty, and rather silly. On the other hand, Mama simply stood like a rock and sang the Gospel. Her beauty of soul versus their disgusting antics creates a powerful scene about the nature of the oppressed and the oppressor. Marguerite, meanwhile, lies crouched behind the screen in agony at the inability of her class to command respect simply because of their color. Then, as the scene progresses, she understands that in spite of the disparity of power between the powhite trash and Mama, Mama has won (Barlow, 861927397.html). She has won not because she has outsmarted the white youths or even -- strictly speaking -- overpowered them, but because she has outclassed them. This is a powerful lesson for a child to learn, and one that wouldShow MoreRelatedThe Theme of Racism in Maya Angelou’s Novel, I Know Why the Caged Bird Sings 842 Words   |  3 PagesIn this essay I will be talking about how the theme of Racism is developed throughout Maya Angelou’s I Know Why the Caged Bird Sings novel. Angelou on the second page states, â€Å"Wouldn’t they be surprised when one day I woke out of my black ugly dream, and my real hair, which was long and blond, would take the place of the kinky mass that Momma wouldn’t let me straighten? My light-blue eyes were going to hypnotize them, after all the things they said about â€Å"my daddy must have been a Chinaman†Ã¢â‚¬ ¦Ã¢â‚¬  (AngelouRead MoreI Know Why The Caged Bird Sings1482 Words   |  6 Pages Maya Angelou tells of her life experiences and struggles in her book â€Å"I Know Why the Caged Bird Sings† that gives us insight about Maya’s life as a young black girl growing up in a time of racism. The novel discusses various forms of oppression that she had to face as well cope with them. Robert A. Gross wrote an analysis for Newsweek about the book and claimed that Angelou’s book is not only an interesting story of her own experience, but also a portrayal of a Southern black communityRead MoreIgnorance And Racism In I Know Why The Caged Bird Sings706 Words   |  3 Pagesstory or novel. The book I Know Why the Caged Bird Sings by Maya Angelou has three prominent motifs which are represented throughout the book. 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Correlation of Fast food culture Free Essays

Correlation of Fast Food Culture and the High Rate of Teenage Obesity Nowadays, food is easily accessible In the united States. All we have to do to obtain food Is open the refrigerator, go to the supermarket, or stop at drive- through (Closer and Wilson 208), Fast food even became a trend replacing regular food since decades ago. Every time when we stand In front of a fast food shop, the typical smiling face of a cartoon Like Ronald McDonald always warms our heart. We will write a custom essay sample on Correlation of Fast food culture or any similar topic only for you Order Now The golden-fried chip, big, juicy, meaty hamburgers together with different sorts of sweetened icy beverages could easily appeal to our appetite. They come fast, delicious and satisfying, which makes it hard for us to resist. However, when we taking the money out of our pocket to purchase for a big luscious meal, we often ignore the sweeping adverse effects that ensue from this kind of sweet, salty and fatty food. As the time went by, the occurrence of fast food was changed from a positive purpose of providing rushing customers a convenient halfway stop for food to a problematic culture that arise various physiological problems, with obesity being on the top of the list. According to the latest statistics from the Centers for Disease Control and Prevention (CDC), there as been a remarkable escalation of obese people In the US, from averagely 10% to 14 % In 1990 to over 30% In 2010. Although fast food Is Indeed a shortcut to cater for our fast working pace, It alters our traditional way of eating homemade food. The phenomenon of overconfidence on fast food passes onto the next generation, shaping people’s preference for a wider acceptance of the convenience brought along by it at the expense of their health. As everyone knows, fast food culture attracts mixed audience, from children to middle-class white-collar workers as well as high- level officials. But with the chains’ cent tactic marketing strategy on kids and parents’ attitude toward pampering their children, adolescent obesity rate is remarkably escalating. Many chains now mostly set children as target consumers due to the multiple profits brought along by them. Those restaurants certainly know the theory to achieve a successful business Is to give away toys, which Is the most attractive come-on for children. Companies usually Introduce different versions of the same toy, so that kids will nag their parents to evils the same store again, whose act can bring in both parents that the adults try every means to satisfy their kids’ desires regardless of their health. In most cases, both parents and kids fall prey to the selling strategies of fast food chains. Restaurants take the money and the public risk their health. It can be seen there is a close relationship between the marketing tactics on kids and the compromising temptation of parents toward the kids’ excessive Correlation of Fast food culture By Aliquot food is easily accessible in the United States. All we have to do to obtain food is open Every time when we stand in front of a fast food shop, the typical smiling face of a orator like Ronald McDonald always warms our heart. The golden-fried chip, big, has been a remarkable escalation of obese people in the US, from averagely 10% to 14 % in 1990 to over 30% in 2010. Although fast food is indeed a shortcut to cater for our fast working pace, it alters our traditional way of eating homemade food. The Those restaurants certainly know the theory to achieve a successful business is to give away toys, which is the most attractive come-on for children. Companies usually introduce different versions of the same toy, so that kids will nag their parents to visit How to cite Correlation of Fast food culture, Essays

Various Approaches Of Quality Management Large Organizations

Question: Discuss about the Various Approaches Of Quality Management That Are Practiced In Large Organizations Like Toyota? Answer: Introduction: In this paper, the various strategies that need to be implemented in Toyota, so as to improve the existing quality management system, have been discussed in details. a. Definitions of quality The quality of any service or product provided by a business organization refers to the perception of quantifying the degree of satisfaction that customers have in terms of using the products of the organization or the services of the organization. The key to achieve a high quality in terms of products and service is to design and develop the products being made available to the customers in such a way that the end products are able to meet the expectations of the customers. However, it should be mentioned that quality has no special meaning until and unless it is associated or related to any specific object, product and/ or functionality of the business procedure: quality is nothing but a conditional perception that can be considered as an attribute of an object or product, in spite of being somewhat subjective. The interpretation of the term quality in context of business kept on changing with time. Thus, the term quality can be defined in various ways, some of which have been described in the following section: The American Society for Quality defines quality as term that can be used subjectively by each and every other person, depending on the personal definition of the term (Myer, 2003). However, in general, term quality can be thought of having two meanings, when used in technical aspects: on one hand it can be considered as those characteristics of the services and products that have the ability to satisfy the needs of the customers, according to the specifications being provided. On the other hand, quality can also be considered as a product or service which is free of deficiencies. Peter Drucker defines quality as the utilities that are available to a customer from the purchase of any product or service: and the quantification of quality can be done by gathering the information that how much exactly the customers are willing to pay to avail the utilities (Hunt, 2009). The ISO 9000 standards define quality as the extent to which a product or a set of services are able to meet the requirements of the customers: where the word requirement is used in a dual sense, to mean the expectation of the customers or their specific needs (International standards desk reference: your passport to world markets, ISO 9000, CE Mark, QS-9000, SSM, ISO 14000, Q 9000, American, European, and global standards systems, 2007). However, the Six Sigma rule defines quality to be the quantity of defects present in each million of opportunities (Snee, 2010). The first two definitions mentioned above consider quality to be a subjective attribute used to define an object; only the ISO 9000 and the Six Sigma standards can be used to quantify quality. However, in manufacturing industry, although the designs are developed keeping in mind the specific requirements of the customers, yet each and every product has to pass through various testing phases that aim at eliminating any defective part from being incorporated in a finished product. Thus the Six Sigma standard should be used by Toyota. b.Processes of inspection and assurance The movement for developing quality products can be traced back to the 13th century Europe where guilds were being formed for the purpose of quality checking. The Industrial Revolution of the 1800s further emphasized the need of proper quality checks of the products being manufactured and from the early 1900s, quality practices were being considered as an essential aspect of product development. However, the various standards of total quality management were being formulated only after the Japanese quality movement started post World War II (Wong and Li, 2010). Various methods are put to use in the process of inspecting products and providing the assurance of quality, some of which have been discussed in the following section. Quality Planning: This process is used to identify specific quality standards that would be confirmed to while manufacturing a product, besides determining the processes that should be used to satisfy the specifications mentioned in the standards (Chung Sea Law, 2010). Quality Assurance: the process using which the overall performance of the production system is measured or evaluated, besides providing the assurance that the characteristics of the products will adhere to chosen quality standard is known as quality assurance (Chung Sea Law, 2010). The evaluation of the entire process of production is performed using various tools and techniques, besides the implementation of quality audits. Quality Control: In this stage, the products and/or services provided by the organization are monitored so as to determine whether they conform to the associated quality standards. Various methods are used for the process of quality control of a product, some of them being Pareto diagrams, statistical sampling, trend analysis etc (McDowall, 2006). Total Quality Management: TQM refers to the process of implementing various quality improvement strategies throughout all the operational activities of an organization, like that of planning, field testing, designing, training, auditing etc (Steensen, 2010). The BS 5750 is a British Standard of excellence used in evaluate the process of quality management; it had been originally designed as an engineering standard, but currently is being applied to other industries, like that of hospitality, food and beverages, etc. The ISO 9002 is model developed by the International Organization for Standardization, so as to assure the standard of quality in the production industry, the installation industry and the servicing industry. These two standards are widely being used by organizations for their quality control processes. c.Quality management approaches Edward Deming (1986) was of the opinion that quality should be considered as anything the customer requires or expects from a product or service he or she is paying for (Taggart, 2011). Deming had propagated a Plan Do Check Act (PDCA) cycle which aims at producing goods and services of high quality to meet the expectations of the customers (Bayes et al., 1963). Joseph Juran is widely known for his principle of "Quality Trilogy": a process made up of three stages namely planning of quality, improvement of quality, and control of quality (Wood and Wood, 2005, De Feo and Barnard, 2004). According to Ishikawa, the employees of an organization have a major role in the process of quality control of the organization, keeping in mind that relying overly on the quality o the professionals might reduce the scope improvement (Lighter, Fair and Lighter, 2004). According to this theory, quality control should be implied on the company itself, the management, and the human resources and so on and so forth (Bradley and Thompson, 2000). According to Phillip Crosby, quality should be defined as the adherence to the requirements of the customers and the prevention of wastage should be considered as the first step towards quality management. The above mentioned strategies have been compared in the following section: Guru Definitions of Quality Emphasis Dominant factor Deming Customer led Process Control of variation Juran Customer led People and Process Fitness for use Ishikawa Value led People and Process Companywide quality control Phillip Crosby Supply led Performance and process Conformance to requirements Toyota has been experiencing issues on different models of their products for the past few financial years, which indicates that the fault lies somewhere within the operational activities used to design and develop the products. Thus, Ishikawas model of quality management should be implemented by Toyota to win back the faith of customers. a.Customer satisfaction Customer satisfaction can be defined as the degree to which the customers feel happy and/ or satisfied with the products or services that they have purchased form an organization. It is generally found that customers feel satisfied when a product or service along with being pocket friendly, meets their specific requirements and delivers all those utilities that have been promised by the manufacturer (Barlow and Mller, 2008). Any organization can increase the level of customer satisfaction through the application of following strategies: Providing better information: Providing better and helpful information about the technologies used in the products and/or the services, and their utilities results in raising the level of customer satisfaction (Inghilleri and Solomon, 2010). Improved quality of products: Providing the customers with goods and services of higher qualities, as compared to the same commodities being manufactured by competitor companies, ensures that the customers will be satisfied with the organization. After sales services: The availability of high quality after sales services ensures a high level of customer satisfaction. Presently, most manufacturing organizations provide the details of their products, the various technologies used in these products and the services that are available on the purchase of these products on their official websites. Thus customers have an easy access to all such information, comparing which they can decide on which product or service to choose. Thus, in todays world of information technology, the only strategy which organizations can move win the competition with their competitors is by providing higher quality products and services (GuÃÅ'ˆngoÃÅ'ˆr, 2007). b.Continuous quality improvement A continuous improvement process can be thought of s a series of ongoing efforts that aim at improving the products and the services that are being made available to the customers or processes that are used to design and develop such product and services (Chrupcala, Edwards and Spatz, 2015). Such efforts become instrumental in the achievement of "Incremental" improvements over long period of time or achieving "breakthrough" improvements within a stipulated time period. W. Edwards Deming was the first who propagated such a developmental procedure, in which the effectiveness and efficiency of the product and/or service delivery systems are constantly being evaluated and improved based on the feedback available from the customers and the estimation of the condition of the market. This strategy is also known as Kaizen, a Japanese word which means changing for good (McFadden, Stock and Gowen, 2015). The kaizen methodology follows sis major steps that can be used to ensure continuous quality improvement (McLean, Antony and Dahlgaard, 2015): Step1: Discovering improvement potential: Toyota should focus on those small aspects of their operational activities that have a significant effect on the production of cars. Bringing about minor changes in those aspects could result in a major improvement of the entire system. Step2: Analyze current methods: The processes currently being utilized in the identified operational activities should be critically analyzed. Step3: Generating ideas: The organization should work on original ideas that could improve the methods currently being used. In the next step, these ideas should be implemented within the scope of a pilot project, and efficiency of the pilot project should be well analyzed before implementing the changes throughout the production system. c.Value added services: Added value can be considered as the difference in the value of the raw materials that are used for production and that of the finished product available from the production line. From the marketing point of view, those values that when added to a product creates a brand value for the commodity arte considered to be the added value of that particular service or product. In general, the brand values of products or services are improved by enhancing the technologies incorporated in the products or services, the designs used, the methodologies used to develop the products and the utilities available from the products or services (Hargitai, 2002). The values that are added to various products and services are of the following types: Quality Added Value: Adds use of convince or other desirable characteristics to the product. Environmental Added Value: Employment of methods and processes that is not harmful to the environment. Cause-related added value: Products or services that donate a part of the generated sales revenue to some social cause. Cultural added value: Products that are designed and developed using methods that meet the requirements of customers having distinct cultural values. Toyota could include such designs or features in their cars that would be beneficial for the disabled people, thus incorporating quality added values to their products. Reducing the amount of waste created by their production system would help in the incorporation of environmental value in their products (Thomas, 2003). d.Availability of information: On their official website, Toyota makes available the following types of information (Wang et al., 2005): The details of all the products that the company manufactures. The details of the technologies used in the products. The after sales Quick services available to the customers. The various authorized service centers and show rooms of the organization The details of those organizations that would provide financial help to those customers who purchase Toyota products. The information provided by the organization helps the customers to compare products before purchasing and to collect the details of the showrooms and the other such facilities beforehand. Effective marketing can be considered as the quality by virtue of which organizations are able to maximize the amount of revenue generated through sale of products. When an organization provides detailed information regarding any product, the customers provide much more attention to it as compared to those products whose detailed information is not released by the manufacturing companies. Customers tend to choose products that have been well-reviewed by others or which have been improved by the manufacturing organization over a period of time. Toyota, by providing such details of their products on their official website is able to draw the attention of the customers towards their products. a.Quality measurement: Quality measurement can be considered as the process of measuring the level of the quality services that are being made available to the customers of the organization. The measurement of quality is used in the following ways (Tang, 2005): Program measurement: Overseeing the major functionalities of the system to ensure that the goals of the program are successfully met with. Accountability: Providing a demonstration of the goals that have been achieved. Quality improvement: Improving those aspects of the operational activities that are not functioning according to the requirements of the management. Reporting Results: Generating internal reports regarding the quality of services provided to the customers. Quality can be measured using the following methods (Shanmugam, 2007): Six sigma: is a structured and data defined methodology that is useful in eliminating defects from any process, be it manufacturing or providing services to others. The six sigma methodology can be used in Toyota to eliminate defects from all operational activities of the organization (Ray and Das, 2010). Statistical Quality Control: is a method of quality control which utilizes various statistical methodologies to monitor and control a process. The Statistical Quality Control would be useful in reducing the defects present in the production system of the organization to a significant extent. b.Benefits of user and non-user surveys i.User Surveys: When a survey is conducted with the aim of questioning only those people who are currently using some product of a specific brand or organization, a user survey is said to be in use. The benefits of a user survey are as follows (Imam, 2014): Feedback of customer satisfaction: The organization gets an overview of the current level of customer satisfaction. Tracking changes: By conducting several surveys, the changes in levels of customer feedback can be clearly understood, thus revealing the changes in the requirements of the customers. Expressing commitment: By user surveys are conducted by organizations, the customers are made aware of the commitment of the manufacture to quality products and services. ii. Non-User Surveys: When surveys are conducted with the aim of including the perceptions of those customers who do not use the products of a specific company, the survey is termed as a non-user survey. The benefits of such a survey are (Kenett and Salini, 2011): Identification of current market trends: Interviewing the non-user groups provide a chance of gaining knowledge about the current trend of the market in terms of utilities and features being made available to the users. Identification of customer requirements: a non-user survey is able to reveal those requirements of the target customers that are not met by the products being designed and developed by the organization. c.Methods of consultation People belonging to certain ethnicity and strata of the society, who have not been included while conducting surveys or have been included in far lesser numbers than others, are often termed as under- represented groups. In general, people belonging to non-native ethnic races and those belonging to families having lower income, form such groups (Nie, 2009). The government has been providing various aids to the under- represented groups in order to improve the standard of living of these groups. Thus the economic conditions of such groups have improved significantly in the past few years, along with the increase in their capacity of spending. Thus, at this point of time, the under- represented groups are being considered as a target group by various organizations: hence the need to include them in consumer surveys. The various methods using which such surveys can be conducted are: Surveys using printed questioners or forms can be used to include under-represented groups in consumer surveys. Telephonic and/ or Mail surveys: The telephone numbers and the e mail addresses of customers are collected by most organizations these days and can be used to conduct surveys. Group interviews: Interviewing a group of people can also be used as a survey tool. Surveys can also be conducted various social media sites. d.Complaints procedures A procedure, following which the customers can inform the manufacturing organization about the defects present in their products any other grievances regarding the quality of the products, is known as a complaint procedure (Complaints and disciplinary procedures, 2010). Most companies provide three processes available to the customers, using which they can register any product or quality related complaint to the company: the processes being- Using the hot-line numbers provided for the purpose of registering complaints Registering complaints by sending e-mails to those departments who are concerned with the activity of solving such issues By providing feedbacks on the official websites of the organizations Among the above mentioned procedures, using the hotline number is that procedure which is most frequently used by customers. When a customer calls such numbers, the representatives of the organization at first listen to their problems and tries to provide feasible solutions. When they are unable to do so, they register the complaint made by the customer and contact those technicians or engineers who they feel would be able to solve the problems (Mller, 2014). Since Toyota uses latest technologies in their products, any technical problem faced by the customers can only be solved by the authorized technicians of the company. Hence the process mentioned above would be helpful in consulting such a person. a.Self-assessment: The process using which the higher management of an organization is bale to assess the performance of the company, its strength and weakness and the various sizeable opportunities that are available to the organization are known as the self asse4sment procedures. Using a self assessment procedure, the management can reveal whether the objectives and goals of the organization are met with or not: it plays a vital role in the process of conducting business in a successful way. It is the primary tool that can be used to reveal the state of health of the organization and to find out those operational activities that need to be improved to meet the goals of the organization. The various self assessment procedures used by organizations are: Benchmarking: Organizations often consider various internationally accepted standards to compare their current situations in order to evaluate their state of health. Internal self-assessment and External agencies: Review committees internal to the organization are often formed to review the various operational activities of the organization. External agencies can also be employed to do the same. Peer review: assessment groups from organizations operating in similar fields can also be employed for the process of assessment. b.Importance of communication and record keeping: A well formed communication system is an essential part of an effective quality management system. In order to measure the efficiency of the quality management system, organizations need to communicate with their customers and stakeholders alike, and then communicate the feedback provided by them to the management so as formulate strategies that would help in meeting the requirements of the customers. Thus, communication forms the backbone of any successful organization. Record keeping is yet another activity that plays a vital role in the operational activities of an organization. Records about various products are maintained by organizations along with the details of customers, employees, dealers and other stakeholders of the organization. The various strategic decisions taken by the management of the organizations are generally based on the records maintained by the organization. The communication processes used in large organizations are basically of two types: Formal: Sending official mails to dealers, stakeholders; conducting official meetings, etc Informal: telephonic or electronic communication among employees; telephonic communication with customers and dealers, etc. In an organization as large as Toyota, the information regarding the newly launched products and the stock of old products need to be regularly communicated to the authorize dealers. The management needs to communicate the newly implemented strategies and technologies to the employees from time to time. Organizations also communicate with their customers on a regular basis regarding the feedbacks provided by them and / or the complaints registered by them: the marketing strategies used for branding processes could also be considered as a communication strategy. Last but not the least; the employees are also encouraged to communicate innovative ideas that they feel are potential enough to be practically implemented, to the higher management. c.Staff consultation: Encouraging the employees to participate in the process of developing tactical strategies is one of the best management policies that have been implemented in Toyota. The organization is known for the active participation of all its employees in various operational aspects that aim at improving the quality and reducing the costs associated with production. Employees are also encouraged to communicate those ideas which they feel would be beneficial to the company. The process of staff consultation makes sure that the employees do not feel pressurized by the decisions taken by the management but actively participate in them. The various stages of staff consultation have been described in the following section: Figure: Deming Cycle - PDCA Cycle As depicted in the Deming cycle, the employees are encouraged to plan a strategy at first and act according to it. After that, the results of the activities are measured and adjustments are made to the strategies: after which the newly found strategies are re-implemented. The cycle is continued until and unless the strategies are discarded or an optimized plan is developed. d.Modifying Toyotas existing systems: In order to improve the quality of services being provided to the customers, most organizations implement a wide range of changes in the way they manage the quality of their products: organizations seriously consider the feedbacks provided by the customers and work on the defects pointed out by them, besides implementing strategies like re-defining quality services and redesigning the procedures used to measure the satisfaction levels of the customers and updating the tools that are used to provide high quality services to the customers. Thus, it can be safely said that implementing changes in the process of quality management is essential for improving the system. In order to improve the existing operation al system, Toyota could implement the following strategies: Encouraging the employees to provide new ideas and work on them Providing proper training to the employees and employing skilled employees in the production line Investing in the production of hybrid cars Including more non-Asian employees in the higher management The staff consultation and employment of trained workers will be helpful in maintaining the quality of the products developed by Toyota. On the other hand, hybrid cars are being considered as the future generation of cars and Toyota should invest in the process of developing such cars to avail the advantage of being the first mover in the market. Last but not the least, the incorporation of more non-Asian employees in the top management will help the company in capturing the non-Asian market. 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