The Development Of The Basel 3 Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3144 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Basel 3 is refers to the new update of the Basel accords that is under development. Basel 3  is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector. These measures aim to: improve the banking sectors ability to absorb shocks arising from financial and economic stress, whatever the source improve risk management and governance Strengthen banks transparency and disclosures. Don’t waste time! Our writers will create an original "The Development Of The Basel 3 Finance Essay" essay for you Create order The reforms target: Bank-level, or micro prudential, regulation, which will help raise the resilience of individual banking institutions to periods of stress. Macro prudential,  system wide risks that can build up across the banking sector as well as the procyclical amplification of these risks over time. These two approaches to supervision are complementary as greater resilience at the individual bank level reduces the risk of system wide shocks. The Basel Committees oversight body the Group of Central Bank Governors and Heads of Supervision (GHOS) agreed on the broad framework of Basel 2I in September 2009and the Committee set out concrete proposals in December 2009. These consultative documents formed the basis of the Committees response to the financial crisis and are part of the global initiatives to strengthen the financial regulatory system that have been endorsed by the G20 Leaders. The GHOS subsequently agreed on key design elements of the reform pack age at its July 2010 meeting and on the calibration and transition to implement the measures at its September 2010 meeting. Basel 3 is part of the Committees continuous effort to enhance the banking regulatory framework.  It builds  on the International Convergence of Capital Measurement and Capital Standards document (Basel 2). 1.2. DEVELOPMENT OF BASEL 3 ACCORD: 1.2.1. Summary of proposed changes in Basel 3: The consistency, transparency and the consistency of the capital is raised. The risk coverage of the framework is strengthened. The committee introduced the leverage ratio as a supplementary measure to the Basel 2 framework. The committee introduced a series of measures to promote to the buildup of the capital buffers. The committee is introducing the series of measures to the address procyclicality. Achieve the macro prudential goal of protecting the bank from the excess of the credit growth. Providing the stronger provisions. Th e committee is introducing a global liquidity standard for internationally active banks. 1.2.2. Basel 3 and Recent Efforts to Address Pro Cyclical Effects of Basel 2 In response to the recent Financial Crisis and to the realization that capital levels (which banks operated with) during the period of the Crisis were insufficient and also lacking in quality, the Basel Committee responded by raising the quality of capital as well as its level. Further consequences of the recent Basel reforms also include: A tightening of the definition of common equity Limitation of what qualifies as Tier 1 capital An introduction of a harmonized set of prudential filters The enhancement of transparency and market discipline through new disclosure requirements. The introduction of Basel 2 resulted in changes being made to the 1988 Basel Capital Accord to provide for a choice of three broad approaches to credit risk. This was introduced into Basel 2 in view of the realization th at the optimal balance may differ significantly across banks.The increased focus on risk (and particularly credit risk), resulted from growing realization of the importance of risk within the financial sector. The range of approaches to credit risk as introduced under Basel 2, and which also exists for market risk, consists of the standardized approach (which is the simplest of the three broad approaches), the Internal Ratings based (IRB) foundation approach and the IRB advanced approach. Under the standardized approach, regulatory capital requirements are more closely aligned and in harmony with the principal elements of banking risk owing to the introduction of wider differentiated risk weights and a broader recognition of techniques which are applied in the risks. The proposals defining the contents of the Basel 3 framework evolved during the crisis that started in 2007, and reflect the prudential regulatory lessons learned throughout the crisis. Based on these experien ces, including the success of various regulatory policies and tools used in mitigating and resolving the effects of the crisis on the banking system and the global financial system, the Basel Committee on Banking Supervision outlined these new regulations. 1.3. BASEL COMMITTEE: The Basel Committee on Banking Supervision, which sets rules that national banking regulators implement, announced a comprehensive reform package in September that raises capital requirements and, for the first time, sets global standards for overall borrowing, known as leverage, and liquidity. The Basel 3 rules are designed to make banks more resilient and prevent a repeat of the financial crisis, but several provisions combine to make trade finance, already a low-margin business, much less profitable. Portions of the leverage rule, new risk-weighting requirements and the rules for liquidity raise the costs of trade finance for banks. The combination could drive many smaller banks out of the market and prompt large banks to cut back their lending, bankers and policymakers say. Banking groups and policymakers are lobbying for changes to the proposals, as is Lars Thunell, head of the IFC, the World Banks private sector arm. They point out that outsourcing by companies in the developed world is a critical source of jobs and investment and trade finance is an essential part of the process. Mike Rees, chief executive of wholesale banking at Standard Chartered, the worlds second-biggest provider of trade finance after HSBC, says: If they want to promote economic growth, the Basel Committee should encourage trade finance, one of the few things that create jobs in a global economy. The Basel 3 reforms hit at trade finance in several ways. The rules sharply increase the risk-weighting of lending between financial firms an essential element of trade finance because it involves the importers bank lending money to the exporters bank, often through a letter of credit. The Basel 3 ru les risk making it uneconomic to provide transaction banking services, warns Brian Stevenson, head of transaction banking at RBS: Tougher operational risk capital and liquidity requirements could make the business of providing services to financial institutions inefficient if they went too far. Much of trade finance is also supported by export credit guarantees, which are essentially government credits and therefore in theory low-risk. But the new rules also tighten the definition of what counts as a government guarantee; some export credit agencies may not qualify. Simon Gleeson, partner at Clifford Chance, the law firm, says: An enormous number of letters of credit are guaranteed by a form of government support, which should mean they carry a zero per cent risk rating. But Basel 3 is much tighter about what can count as a government-backed credit and many export credit agencies have been privatized. Basel 3s new leverage ratio will also bring trouble for trade finance, wh en it takes effect in the latter part of this decade. The rule seeks to prevent banks from gaming the risk-weighting rules, by requiring banks to hold top quality core tier one capital equal to 3 per cent of their total assets, including those traditionally held off-balance sheet. The part of the liquidity proposals that would require banks to match long-term obligations with long-term funding and vice versa, could also penalize trade finance. Bankers say they understand why regulators are trying to crack down on dependence on short-term funding but they also say that it is unfair to lump trade finance which is well collateralized and not self-renewing with other short-term funding, such as working capital and liquidity guarantees. A transaction banking subgroup within the UK Bankers Association for Finance and Trade is lobbying the Basel Committee in an effort to persuade regulators to soften the rules. 1.4. Research objectives and questions: The research object ives of the study are: To focus on the liquidity risk from the wide range of risks available in Basel 3. To focus on the impacts of the Basel 3 proposals for Liquidity Risk.    Questions:   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  The purpose of the study was to discover the following: Does the liquidity risk break down the risk silos? Is the liquidity risk in the Basel 3 on the right track? Will the new rules in the liquidity risk will be helpful to improve the committees approach? Will the liquidity risk makes bank strong? Does the Basel committee understand the linkage between the liquidity risk and capital? Does the committee fail to understand the nature of liquidity risk? Is the Basel 3s approach to the liquidity risk missed the opportunity to break down the risk silos? 1.5. BASEL 3 IMPACT: The Basel Committee on Banking Supervision (Basel Committee) has undertaken a program of substantial revisions of its capi tal guidelines. In particular, the changes envisaged in the so called Basel 2.5 guidelines will result in increased capital requirements for market risk; in addition, the so-called Basel 3 guidelines set new minimum capital ratios, revise the definition of Tier 1 Capital, introduce Tier 1 common equity as a regulatory metric, and make substantial revisions to the computation of risk-weighted assets for credit exposures. Implementation of the new requirements under Basel 2.5 and Basel 3 is expected to take place over an extended transition period, starting at the end of 2012. There continues to be considerable uncertainty regarding the impact of the Basel Committees new guidelines. Although certain important aspects of Basel 3 have now been finalized, other matters remain under discussion; in addition, the federal banking regulatory agencies in the United States have not yet issued draft regulations by which they will implement either Basel 2.5 or Basel 3 for banks and bank holdin g companies. Accordingly, the final regulations to which Goldman Sachs will be subject may be substantially different from our current expectations. In order to assess the firms position under the Basel Committees new guidelines, we have adjusted our computation of Tier 1 common equity and risk-weighted assets as of June 2010 to reflect our good faith estimate of the impact of the methodologies set out in Basel 2.5 and Basel 3. In addition, we have adjusted the June 2010 computation to reflect assumed changes in shareholders equity and risk-weighted assets at year-end 2012. In particular, shareholders equity has been increased from June 2010 levels by an amount equal to analysts consensus earnings expectations for 2010 less actual June YTD earnings, plus earnings for 2011 and 2012, which are assumed to be equal to consensus earnings for 2010. Risk-weighted assets have been adjusted to reflect the contractual and expected run-off of positions in our mortgage derivative and credit correlation businesses, both of which will be significantly impacted by the introduction of Basel 2.5. No other items have been adjusted, and this calculation should not be taken as a projection of what our capital ratios, risk-weighted assets, earnings or other results will actually be at year-end 2012.  1.6. STUDY OF THE RISK MANAGEMENT: The Basel Committee on Banking Supervision expects risks such as the credit risk, liquidity risk, operational risk etc to be recognized, addressed and managed by banking institutions in a prudent manner according to the fundamental characteristics and challenges of e-banking services. These characteristics include the unprecedented speed of change related to technological and customer service innovation, the ubiquitous and global nature of open electronic networks, the integration of e-banking applications with legacy computer systems and the increasing dependence of banks on third parties that provide the necessary information technology. While not creating inherently new risks, the Committee noted that these characteristics increased and modified Some of the traditional risks associated with banking activities, in particular strategic, operational, legal and reputational risks, thereby influencing the overall risk profile of banking.à ƒâ€š   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  In the following sections the liquidity risk is focused on risk management. LIQUIDTY RISK MANAGEMENT: The recent financial crisis involved a sharp decrease in market liquidity and growing distrust among market participants, resulting in serious (liquidity and solvency) problems for many banks. This led in turn  to reliance upon financial support from governments, often  under restrictive conditions or even nationalization. This lack of liquidity, the vast sums the central banks injected into markets and sovereigns provided for the support of tarnished institutes to alleviate the problems as well as the subsequent substantial impact on the real economy has brought  liquidity risk to the forefront of regulatory authorities priorities, and to the attention of the public in general. Dimensions of liquidity (risk) The term liquidity is used in the financial world in different contexts: liquidity as a measure of the salability of securities such as bonds or shares liquidity as a description of the financial solvency of individual institutions liquidity as a level of market activity liquidity as unhindered cash flows within an economy The primary objective of liquidity risk management remains the same: to ensure  an institutions ability to meet financial obligations as they fall due at all times for example, achievable by an adequate liquidity buffer consisting of unencumbered, high quality liquid assets. By its digital character (either a firm is able to meet financial obligations or it is out of business) liquidity risk takes on a unique position within the risk management; unlike other types of risk (market risk, credit risk, operational risk etc.) it cannot be covered entirely by regulatory capital requirements, but it has a significant emphasis on short term activities, requiring immediate but adequate reaction in stresse d situations.  Ãƒâ€š To successfully manage liquidity risk, one should consider all relevant factors: from the business structure which determines liquidity needs, the analysis of markets (market price, market liquidity and market depth), and finally the necessary level of funding diversification. This makes liquidity risk management a very complex and comprehensive topic. New regulatory requirements One consequence of the recent crisis is closer supervision and a tighter regulatory regime to be imposed upon the banks and financial markets by Government-sponsored regulatory authorities. Recent updates of the MaRisk (regulatory requirements in Germany, 08/2009) reveal the lessons learned through the financial crisis. The following innovations can be found: Specification of three types of stress scenarios (idiosyncratic, market-wide and combination of both) that have to be considered in the treatment of liquidity risk Updated requirements for the pro vision of liquidity reserves Separate analysis of liquidity per currency In general, the updated MaRisk requirements (regarding the coverage and the degree of specification) are significantly less stringent than those released by the UKs FSA, as described in the following section. In October 2009 the FSA (the UK regulatory authority) specified new regulatory requirements concerning liquidity risk management in the policy statement PS09/16 (Strengthening liquidity standards), thereby  finalizing a series of consultation papers (CP08/22, CP09/13 and CP09/14). The policy details new requirements such as the Individual Liquidity Adequacy Standards (ILAS) or the Liquidity Reporting. Crucial points are: enhanced system and control requirements for adequate liquidity risk management  Ãƒâ€š definition of principles of adequate liquidity and self-sufficiency multidimensional breakdown of contracts (e.g. currency, asset type or time buckets) s tress-test scenarios have to cover short-term and protracted stress scenarios (2 weeks / 3 months), institution-specific (idiosyncratic) and market-wide stress, as well as combinations of both all evaluated across 10 prescribed key risk drivers coherent interpretation of results and individual liquidity guidance (ILG) by the FSA new definition of liquid assets and risk-based buffer as well as the demand for a regular realization of a significant portion of the liquidity buffer New reporting regime: granular, frequent (daily, weekly, monthly, quarterly) and partially automated the Enhanced Mismatch Report has to be submitted weekly (with the ability to report daily) in an automated process. With regard to systemic risks  these standards do not only apply to UK firms only, but also to non-UK firms with branches in the UK. In order to keep the regulatory requirements to a reasonable  level, modifications and simplification on an individual basis are provided . In particular, non-UK firms with branches in UK may apply for a whole-firm modification in the course of which the supervision is mainly left to the parent firm and only a significantly reduced amount of reports at low frequency (but for the whole firm) has to be submitted. Based on their Principles for Sound Liquidity Risk Management and Supervision published in 09/2008 the Basel Committee on Banking Supervision (BCBS) issued a new consultation document International framework for liquidity risk measurement, standards and monitoring for comment in December 2009. Within this paper they propose amongst other things two new standards: Liquidity Coverage Ratio (LCR): ratio of the stock of unencumbered, high quality liquid assets  to the net cash outflows over a 30-day time period under an acute liquidity stress scenario (prescribed combination of idiosyncratic and market-wide shock). Net Stable Funding (NSF) ratio: ratio of the available amount of stable f unding  to the required amount of stable funding.  Ãƒâ€š The LCR is intended as a measure for the short-term (30 days) view in a stressed situation (prescribed by the supervisors), whereas the NSF ratio has a longer perspective (1 year) on the funding needs with respect to illiquid assets and securities held (regardless of accounting treatment). Furthermore, the paper recommends consistent monitoring tools; including contractual maturity mismatch, concentration of funding, available unencumbered assets, and market-related tools to monitor the liquidity risk profiles of supervised entities. Following the invitation of the BCBS to comment upon this document, the international discussion on sound liquidity risk management and corresponding supervision will continue, and further standards and requirements on national level will be developed. Liquidity risk management framework Prior to the crisis, the management of liquidity risks was not an issue because banks were  accustomed to a functioning interbank money market which usually was a reliable source for short-term funding. Nowadays sound liquidity risk management has gained significant importance and is emphatically required by public and regulators. All firms active in the financial  markets should be equipped with an adequate framework to identify measure, manage and monitor  their liquidity risks. The aims of a comprehensive liquidity risk management, based on a well-founded knowledge and understanding of the institutions liquidity profile, are included in (but not limited to) the following aspects: Securing the institutions ability to meet its financial obligations at all times, and  possessing a graduated and detailed plan for different stress situations at hand Creation of revenue possibilities by controlled maturity transformation and resulting in applicable steering recommendations Optimization of liquidity costs (e.g. the composit ion of the liquidity buffer) On  an organizational level, the liquidity risk management framework should be separated into a management and a controlling side. At the top level, the Board of Directors defines the risk appetite and sets the liquidity risk strategy which has to be approved, and will be continuously monitored, by the Supervisory Board. On  an operational level the Treasury department is responsible for meeting the short-term financial obligations of the firm. The risk controlling department assures that all Treasury operations stay within the liquidity risk strategy. Moreover, the risk controlling department defines modeling for liquidity risk analyses (e.g. for non-deterministic cash flows) and performs stress tests. Results emanating from  the risk controlling departments actions  on the liquidity situation of the bank may also serve as basis for regulatory reporting. We can see the liquidity risk in detail in the following chapters .

Mandela A Life Devoted to Change and Freedom - 2008 Words

In order to achieve freedom, equality, and social justice, how much is a person willing to sacrifice? During the early 1900s, Britain colonized four colonies in Africa. Through a slow process between 1902 and 1910, the four colonies became a unified union. By May 1910, Britain passed the South Africa Act and the four colonies became one independent colony. It was formally named the Union of South Africa. While white South Africans rejoiced, black South Africans did not see hope in their future. Although black South Africans made up two-thirds of the population, the South African Parliament was controlled by extremist Afrikaners – people who favored white supremacy. Race and skin color determined one’s fate and destiny. White people were†¦show more content†¦However, they were wrong. As Mandela stated in his speech, he fought against white domination, but also against black domination. He does not believe in one race dominating another race. Mandela wanted to in form all white South Africans that they should not be afraid of reformation, because reformation does not equal to black domination. Giving blacks the opportunity to vote does not mean limiting the rights of whites, but giving equal rights to blacks. Before he ended his 176 minute long speech, through the addition of pathos and Mandela’s tone of voice, the audience could sense Mandela’s superb determination in ending apartheid, ending racial injustice, and uniting the country as a whole. Speaking loud and clear, Mandela states: I have cherished the ideal of a democratic and free society in which all persons will live together in harmony and with equal opportunities. It is an ideal for which I hope to live for and to see realized. But, My Lord, if it needs be, it is an ideal for which I am prepared to die for. (147) Mandela’s emotional ending of the speech became a release for him. After years of suffering, Mandela wants to inform his audience that he is not afraid of death. If necessary, he is willing to die for a democratic and free society. His great determination draws his audience and deeply touches all citizens of South Africa. Mandela’s life is like a roller coaster ride – many ups and downs. The many events that occurred during his lifetime mayShow MoreRelatedNelson Mandela And His Success1408 Words   |  6 PagesNelson Mandela and His Success Introduction Nelson Mandela, the pursuit of freedom let him go out of the tribal sheikhs and take part in the movement for the emancipation of the underground. He had spent much time in the prison of a quarry, finally entered the presidential palace of the richest country in Africa. Nelson Mandela has strong character and he venerated national heroes. He is the eldest son in the family and is designated as the emirate. But he said he would never rule an oppressedRead MoreMartin Luther King And Nelson Mandela880 Words   |  4 Pagesdifferences and similarities of two famous historical figures, Martin Luther King and Nelson Mandela. Some of the topics I will cover include the backgrounds of the individuals, where are they from, the achievements and accolades and public perception of these people and my personal opinion about everything accomplished in their lives. Mandela and King have some similarities in their lives. Nelson Mandela was born in July 18, 1918 and was a South African against racial segregation and politicianRead MoreWhat Is Your Definition of Leadership? Discuss and Critically Analyse One ‘Effective’ Leadership Case – and One ‘Less Effective’ Leadership Case. Summarise What These Cases Tell You About the Nature and Dynamics of Leadership.†2179 Words   |  9 PagesNelson Mandela’s leadership style, which appeared to be mainly transformational. I will try to demonstrate how Nelson Mandela proved that leadership was a two-way process between the leader and his followers, and how crucial it is for a leader to be respected and admired by his followers in order for him to be effective. In addition, a leader needs to be trustworthy, passionate and devoted to achieving a shared objective. More importantly, a good leader will abandon his subordinates once he achieved aRead MoreEssay Nelso n Mandela and the South African Apartheid 1839 Words   |  8 PagesNelson Mandela, a man recognized worldwide, was a human rights activist leader among other things. He believed in equality and peace for all. He fought for that belief in South Africa for which he undeniably sacrificed his life to. A figure of international peacemaking, he’s a man of tremendous accomplishments. How he achieved these accomplishments is astounding and it’s what he’s remarkably known. 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FAITH free essay sample

We define faith as believing confidence, happiness, obedience, security. The word of God in the book of Hebrews defines faith as the substance of things chopped for, the evidence of things not seen, faith makes us believe that we can achieve ,acquire or obtain many things we want faith goes far of our understanding, man gets discouraged and stops fighting when time passes and stop believing and trust . Len that moments ,full of discouragement men receives a divine touch that drives back and encourages him to keep fighting, waiting and hoping that the day will come, that divine touch is called faith.Faith assures us, that causes us to believe that God does not abandon us in our walk he walk with us through the valleys and the hills, faith move mountains, faith in God is waiting for him, to acknowledge that because of him it was Built the universe. Having faith is to believe that we can be different , and even now we are no different, have faith is to know that God can heal the sick an d clear our sins every day. We will write a custom essay sample on FAITH or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Faith is the root of love, give love even you do not get loved in return, but keep fighting because of FAITH evidence of things not seen, faith makes us believe that we can achieve ,culler or vine touch Is called faith.Faith assures us, that causes us to believe that God does not abandon us In our walk he walk with us through the valleys and the hills, faith move mountains, faith In God Is waiting for him, to acknowledge that because of him it was Built the universe. Having faith Is to believe that we can be different , and even now we are no different, have faith Is to know that God can heal the sick and clear our sins every day. Faith Is the root of love, give love even you do not get loved In return, but keep fighting because of FAITH

Things They Carried Persuasive Essay Example For Students

Things They Carried Persuasive Essay annonFor young people, the Vietnam War is a thing of the past and they canonly learn about it from second hand sources. In Tim Obriens TheThings They Carried, it becomes very apparent that the Vietnamconflict has proved to be one that many of the participants have notbeen able move away from, while getting on with their lives. Obrienshows that the conflict takes on a parasitic form that eats away onits victims for the rest of their lives. A parasite is defined as an organism that grows, feeds, and issheltered on or in a different organism while harming its host. Thewar in this case takes the place of the organism, and the host becomesthe soldiers. There are several examples of the parasitic nature ofwar through out the book. In one particular section, Tim OBrienreturns to Vietnam with his daughter. Twenty years had gone by, but itseems as though all of his thoughts are geared back to the time he hadspent in the jungle so long before. The two of them travel all overthe country, but before their departure, he returns to the field wherehe feels he lost everything. On this list he includes his honor, hisbest friend, and all faith in himself. For OBrien, evidence of theparasite is not solely in his return Vietnam, but rather a constantpersonal preoccupation that seems to flow through the collection ofstories. OBrien shows how the memories of the war take on a parasiticform, and uses himself as an example. We will write a custom essay on Things They Carried Persuasive specifically for you for only $16.38 $13.9/page Order now In the chapter Speaking of Courage, OBrien introduces a characterby the name of Norman Bowker. In the story Norman finds him self homeafter serving his time in Vietnam. Even though he is back in his hometown, things do not seem the same to him. The was seems to have put anew spin on his life. Most of the story he spends driving in circleswhile thinking about the war and his lack of place in his old society. The war becomes his whole life, and he feels as though he is to fardistant from the town people for them to understand. The reader thenfinds out that Bowker commits suicide because the parasitic affect ofhis memories became to much for him to handle. There is another section in the book where a man named Jimmy Crosscomes to visit OBrien after the war. They talk of experiences andhardships, then it becomes apparent Cross has also been unable tototally move on with his life. There are still secrets, and they stillweigh heavy on his mind even during his his every day civilian life. OBrien never complains about these problems, but it is clear the theybother him a great deal. There are countless themes in this book, but one of the major ones isthe after effects the war had and still has on the men that werethere. It is clear from OBriens writing on Cross, Bowker, andhimself is more than just story telling. In using these people heattempts to show what the war has done to the population of soldiersthat participated in the conflict.

Freud - Father Of Psychology Essays - Freudian Psychology

Freud - Father Of Psychology Essays - Freudian Psychology Freud - Father Of Psychology Known as the father of psychology, Freud developed many of the first theories of modern physiology. His ideas and concepts will continue to be studied through the years. He put forth many new concepts about sexuality, consciousness, unconsciousness and instincts. He spent his whole life devoted to discovering the secrets of the human nature. Personally I think this guy was weird. Sigmund Freud was born on May 6, 1856 in Freiburg. The town of Freiburg later became Pribor and was eventually absorbed into the modern state of Czechoslovakia. Freuds father, name Jakob Freud was a Jewish wool merchant. Freuds mother Amalie Nathanson was from Galicia. She was Jakobs second wife. Sigmund had eight brothers and sisters in all. Two of which were from Jakobs first marriage. The other six were from Amelia. His first influences to science were when he heard lectures on Goethe. In 1873 he applied to the Faculty of Medicine of the University of Vienna, here was where he changed his name from Sigismund to Sigmund. He earned is doctorate in medicine and worked as a research assistant under Ernst Von Brucke, as a neurologist. In 1882, Freud became interested in the effects and benefits of cocaine. He spent long hours recording the effects they had on his body. These studies hurt his status as a scientist because other scientists already documented the harmful effects cocaine h as on the body. In 1886 Freud started his first office of neurology in Vienna. That same year he married Martha Bernays. This marriage produced six children named Mathilde, Martin, Oliver, Ernst, Sophia and Anna. Also around that time in 1885 he produced his studies on hysteria. In 1900 Freud published his first book called the Interpretation of Dreams, which made him famous. The next year he published Psycho Pathology of Everyday Life. Also in 1901 he became an associate professor of the Faculty of Medicine of the University of Vienna, where he gained his doctorate. Later he founded the International Association of Psychoanalysis in 1910. In 1920 he was hired as a full professor of the University of Vienna where he gained vast experience with patients, sometimes spending up to twelve hours with single patients. Also in 1920 he published Beyond the Pleasure Principle. In 1923 Freud became ill with cancer. To deal with the pain Freud developed an intense and uncontrollable cocaine ha bit. In 1939 Freud died of cancer in London at age 83. His daughter Anna later became a pioneer creating child psychoanalysis and founding the Hampstead Child Therapy Clinic. Freud developed theories about the parts of the conscious and unconscious which developed during the first eight years of life. He separated it into three parts: the id, ego and super ego. The id possesses the instincts that we gain at conception. The id is the most important part of the three components. The id provides the basic necessities, such as the will to survive, obtain food and seek shelter. The ego drives the voluntary behavior of the human body. It is the link between the id and the outside world. It is gives one as the ability to choose. The egos main job is the awareness of stimuli. The id and the ego control the demands of instincts and they have many important defenses against anxiety. Displacement directs energy onto another object, e.g. blaming others. Rationalization, sublimation, and regression are among the other defense mechanisms of the id and ego. The third and last aspect of the mind is the super ego, also known as the conscience. It basically maintains the i nformation learned from the parents admonitions through the early years of life. It represents lessons and experiences a human goes through during his/her lifetime. Freud developed a theory that each of the three basic mental parts keeps each other in check. Like the checks and balances system our government uses. So that each has a specific power over the other but all are equal. Freud tried to narrow down all the needs the mind wants to only the basic necessities or libido. Freud sought to break down childhood into four basic periods of conflict. Anxiety occurs if the needs of the child are not met.

Chapter Titles of How To Read Literature Like a Professor Essays

Chapter Titles of How To Read Literature Like a Professor Essays Chapter Titles of How To Read Literature Like a Professor Paper Chapter Titles of How To Read Literature Like a Professor Paper Essay Topic: Literature Chapter one Every trip is a quest (except when its not) Chapter two Nice to eat with you: acts of comminion Chapter three Nice to eat you: acts of vampires Chapter four Now, where have I seen her before? Chapter five When in doubt, its from Shakespeare Chapter six or the bible Chapter seven Hanseldee and Greteldum Chapter eight Its Greek to me Chapter nine Its more than just rain or sniw Chapter ten Never stand next to the hero Interlude #1 Does he mean that? Chapter 11 more than its gonna hurt you: concerning violence Chapter 12 Is that a symbol? Chapter 13 Its all political Chapter 14 Yes, shes a Christ figure, too Chapter 15 Flights of fancy Chapter 16 Its all about sex Chapter 17 except sex Chapter 18 If she comes up, its baptism Chapter 19 Geography matters Chapter 20 so does season Interlude #2 One story Chapter 21 Marked for greatness Chapter 22 Hes blind for a reason, you know Chapter 23 Its never just a heart disease And rarely just illness Chapter 24 Dont read with your eyes Chapter 25 Its my symbol and Ill cry if I want to Chapter 26 Is he serious? And other ironies Chapter 27 A test case

Book review of Night by Elie Wiesel Essay Example | Topics and Well Written Essays - 2750 words

Book review of Night by Elie Wiesel - Essay Example Elie later found out later that both his mother and sister were killed at the camp they were transported to. Elie and his father were sent to Auschwitz, a work camp, then from Auschwitz to Buna, and on to Buchenwald. While he and his father were in the concentration camp in Buchenwald, shortly before the war was over and the prisoners released. Elie’s father passed away from dysentery. There were many times when the young boy could think of no reason to survive the agony and pain of his life, yet his father’s memory and words kept him going. At a young age he was made to deal first with the death of his family, secondly with the death of his own childish innocence, and thirdly, and perhaps most importantly, he was made to deal with the temporary death of the God he had always known and believed deeply in. His father begged him many times not to lose the faith of his religion as it would keep him strong, yet in the midst of his pain the young Elie wondered how there could be a God that allowed so much suffering. He started to doubt his own faith, and wonder just where God was, and why he could not hear the cries of the masses of tortured people. Elie begins his story by describing the ghetto where he and his family, along with many others from their community were held captives. Even at this juncture, after having been dragged from their homes and herded like cattle into an area surrounded by barbed wire, somehow these Jewish people were still hopeful for their futures, still believed their lives would be normal again one day soon. Elie notes that â€Å"Most people thought that we would remain in the ghetto until the end of the war, until the arrival of the Red Army. Afterward, everything would be as before. The ghetto was ruled by neither German nor Jew; it was ruled by delusion.† (Wiesel 12). These delusions appeared to be all-consuming; perhaps the alternative of thinking what might be about to happen to themselves,

To what extent has the current financial crisis affected people's Essay

To what extent has the current financial crisis affected people's living standards in the UK - Essay Example Similarly, the real income remains at levels in 2002 whereas Consumer Price Inflation has risen by 25% (Croucher, 2013). This indicates the growing disparity between people’s purchasing power and the cost of commodities. Therefore, people are worse off with the increased prices and falling incomes. The commodity prices in UK have been affected largely by the current financial crisis. Prior to the financial crisis, the rapid oil price hike (including that in UK) had generated hope that the UK government would focus on renewable energy projects. However, the oil prices stabilized following the global recession owing to falling demand for fuel (Alvarez-Ramirez et al., 2012). As a result, the prices of commodities in UK, including both direct commodities such as petroleum and indirect commodities such as food stabilized. On the contrary, prices of diamonds saw a sharp decline in 2008 which was followed by a â€Å"rebound† whereby diamond prices exceeded equilibrium levels ( White & Rowley, 2013). This is referred to as a â€Å"commodity boom†. Thereafter, in 2011 when economic activity slowed down, the commodity prices suffered a fallback from their previously high levels. Commodity exporting countries such as the UK are greatly dependent on demand from commodity importing countries and BRIC economies such as India and China. Until 2007 and the first half of 2008, commodity prices increased rapidly due to boom in demand from India and China. However, the recessionary pressures soon caused demand for fuel and other commodities to slow down in these economies (El-Gamal & Jaffe, 2010). The international commodity demand for base metals soared with the demand for oil increasing simultaneously. This had led to an increase in food-based inflation with an increase in prices of petrol, food and other expenses. This inflation held back the Central Bank from reducing interest rates to provide financial comfort to UK citizens during the credit crunch. Furt hermore, with falling economic activity and new housing construction, construction contracts by the UK government also fell significantly from 2007 to 2009 (BBC News, 2012). This reduced the fall in demand for energy with the affect of a short-lived descent in oil prices in the UK during the period. The price of Gold, on the other hand, has been steadily rising following the recession. This is because gold has historically been viewed as a safe haven for investors to save their money during times of economic volatility. Gold boomed as stock markets collapsed and large amounts of money were printed with the dollar â€Å"floundering†. Furthermore, in the financial crisis marked by illiquidity, gold provided a highly liquid investment for investors (Shafiee & Topal, 2010). Emerging markets have had a â€Å"worst-than-expected† demand which shows how demand has fallen drastically resulting in a fall in overall commodity prices in the UK. To conclude, the financial crash ha d the effect of reducing or stabilizing the prices of fuel such as oil which had a spiraling effect on the prices of other commodities. One of the biggest causes of this (as highlighted earlier) has been the falling demand of commodities from BRIC economies in the aftermath of the crisis which has put prices of commodity exporting countries such as UK on a backburner. Furthermore, prices of gold increased due to strengthening of dollar

School Bullying vs Work Bullying Essay Example for Free

School Bullying vs Work Bullying Essay Bullying has been a problem in schools for a very long and it is gaining more attention due to media and anti-bullying programs. There are many different types of bullying. The kinds of bullying that are most common are physical, verbal, cyber bullying, and racial harassment. All types of bullying are serious and need to be stopped. Physical bullying can be in the form of hitting, kicking, shoving, punching, or any other kind of physical harm. Even threatening someone with physical harm is considered bullying. Boys are more likely to be involved in this category than girls. Another kind of bullying is verbal bullying occurs when the bully uses language to out down or discourage a person because of things such as the person’s appearance, physical inabilities, or their actions. Name calling is a major part in verbal bullying. This also includes spreading/starting rumors about somebody. One very well known method of bullying is via the Internet. This is called cyber bullying. Cyber bullying is the use of email, text messages, and social networking sites to harass someone. Bullying is a problem in our schools and it creates an unsafe environment for all who attend school. Bullying is not something that can just be addressed inside one teachers classroom, it requires a comprehensive community effort to effectively stop bullying and the tolerance of bullying. The factors that are a result of victimization are the same ones that cause students to be targeted and bullied it is a vicious cycle. When educators are not afraid to intervene in a situation involving bullying the student’s self-esteem rises as well as their willingness to learn. Bullying in the workplace is also a problem that many employers will come across. If bullying is handled badly, or goes unchecked, there can be serious problems for an organisation. However, behaviour that is considered bullying by one person, maybe be considered as firm management by another. There are many definitions of bullying. It can be said that bullying is offensive, intimidating or insulting behaviour towards an individual. There are many actions that both employers and employees can take when bullying takes place at work. In addition as mentioned above, peoples views on what constitutes bullying can differ. Workplace bullying refers to the continuous criticism, negative comments on ones work or personality etc which harm the mental state of an employee On the other hand according to a survey done, it was found that the employees who had undergone the workplace bullying in any form, say, belittling comments, abuses, continuous criticism etc had much more chances of being depressed, having inferiority complex, little job satisfaction and thus leaving their jobs than those who had undergone the sexual harassment. However in addition to this, it was also found out from the same survey that the employees who had experienced the workplace bullying had much more job stress, anger, anxiety and lower level of job commitment than the others.

The Good Earth in relation to food and culture :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  The following in a report on the themes and action of The Good Earth by Pearl S. Buck as it relates to food and culture. This novel tells the story of Wang Lung. He is a man who rises from being a poor farmer to a very wealthy man because of his faith in the good earth. In the beginning of the story Wang Lung tries to see as little water as possible because he feels safest with his land under his feet. His family is very poor so he must feed his father corn gruel and tea. Wang Lung needs a wife so saves up the little money he has and buys a woman who is a slave named O-lan. O-lan is sold to Wang Lung so she can take care of the home, cooking and bear children. Wang Lung is disappointed when he first sees O-lan because she does not have bound feet which was a desirable quality at that time but he does enjoy when O-lan has the food ready when he comes in a night from the land. Wang Lung is very proud when O-lan makes cakes that no one else in the village knows how to makes and when his family comes to feast for the new year at their house. As a humble farmer Wang Lung always pay his respects to the figures of the Earth god and his mistress when he passes. Wang Lung’s love for the earth is the chief driving force in his life. It is also the foundation of his family and the one he turns to when he has troubles. Land is a sign and a symbol to Wang Lung. When O-lan’s and Wang Lung’s first child is born they dye eggs red and distribute them to the village to shown their first born is a male. After a year of good rains Wang Lung begins to amass a good fortune so he hides the money that they make so people will not try to borrow it. Again, the produce from the year is good, and Wang Lung is able to hide more silver. He buy land from the great house in town and it is very fruitful, yielding more harvest than his own land. Now everyone in the village knows that Wang Lung is the owner of a piece of the Hwang land. His status rises in the village. The following year the rains don’t come and the land dries up. The Good Earth in relation to food and culture :: essays research papers   Ã‚  Ã‚  Ã‚  Ã‚  The following in a report on the themes and action of The Good Earth by Pearl S. Buck as it relates to food and culture. This novel tells the story of Wang Lung. He is a man who rises from being a poor farmer to a very wealthy man because of his faith in the good earth. In the beginning of the story Wang Lung tries to see as little water as possible because he feels safest with his land under his feet. His family is very poor so he must feed his father corn gruel and tea. Wang Lung needs a wife so saves up the little money he has and buys a woman who is a slave named O-lan. O-lan is sold to Wang Lung so she can take care of the home, cooking and bear children. Wang Lung is disappointed when he first sees O-lan because she does not have bound feet which was a desirable quality at that time but he does enjoy when O-lan has the food ready when he comes in a night from the land. Wang Lung is very proud when O-lan makes cakes that no one else in the village knows how to makes and when his family comes to feast for the new year at their house. As a humble farmer Wang Lung always pay his respects to the figures of the Earth god and his mistress when he passes. Wang Lung’s love for the earth is the chief driving force in his life. It is also the foundation of his family and the one he turns to when he has troubles. Land is a sign and a symbol to Wang Lung. When O-lan’s and Wang Lung’s first child is born they dye eggs red and distribute them to the village to shown their first born is a male. After a year of good rains Wang Lung begins to amass a good fortune so he hides the money that they make so people will not try to borrow it. Again, the produce from the year is good, and Wang Lung is able to hide more silver. He buy land from the great house in town and it is very fruitful, yielding more harvest than his own land. Now everyone in the village knows that Wang Lung is the owner of a piece of the Hwang land. His status rises in the village. The following year the rains don’t come and the land dries up.

Does Economic Wealth Lead to Well-Being

Does Economic Wealth Lead To Well-being? In 1974, USC Professor Easterlin put forward that within a country the rich have higher average subjective well-being (SWB) than the poor. Nevertheless, the average SWB is uncorrelated with income between rich countries and poor countries. For example, the Gallup poll of 2012 well-being from Livescience website (2011) shows that Panama has 61% of people who said they are thriving, which had a greater score than the USA. The modern economy based on the opinion that the growth in the economy can lead to SWB increases.Surprisingly, economic growth does not bring more happiness. Therefore, this is the Easterlin Paradox. One explanation is ignoring variables, in the first part of this essay, noneconomic factors such as health, environment or family will be discussed, and these factors will counteract the positives of wealth. Then the second part will account for why economic wealth cannot measure happiness. There is also a certain amount of opinion to support economic wealth give rise to happiness. It will be presented by discussing GDP issues in part three.Well-being does not only depend on economic factors, but it also be influenced by work, environment, health or family relations etc. The Weighted Index of Social Progress sees Sweden, Denmark and Norway on top, while the Happy Planet Index sees Colombia and Costa Rica among the leaders (Measures of Well-being, 2006). And a few South American countries’ SWB is as high as developed countries such as Puerto Rico, or Guatemala. The above cases show that economy is one of the elements in estimating SWB. It is evidence that economic wealth results in the working burden raising dramatically.Working pressure disrupts the staff’s life balance and thousands of work makes staff feel anxious every day. As the economy grows rapidly, the environment is polluted heavily. It is evident that the quality of environment decreasing gives rise to individuals’ SWB fall. Ano ther contributing factor is health which is regarded as the most important aspect by the majority of people. Better health conditions give people confidence as well as well-being. Sometimes, individuals are entangled with family issues, and the negative effects from family cancel out the positive effects from economic income.If a government considers increasing SWB, it should make more in policies that promote good governance, liberties, democracy, trust and public safety (Why Money Doesn’t Buy Happiness, 2011). Personal satisfaction lies in diverse factors, and earning does not play a major role. Section 2 will be devoted to the two explanations why GDP cannot measure the real SWB, especially in developed countries. A United Nations reported that the UK is only the 18th happiest place to live (British people are more miserable than Costa Ricans and Israelis, UN finds, 2012). Firstly, take case of a rabbit eats carrot.A rabbit finds a room filled with a large quantity of carr ots while the rabbit is going to starve to dying. Apparently the rabbit will gobble down the carrots, but the carrots will be become less attractive when the rabbit is almost full. According to the story, in rich countries the SWB rises up to a particular point, but it will never go beyond point. That is the reason why advanced countries (for example, USA, UK, France and Germany) SWB was not ranked in the top position. In reality, money is the carrot. The meaning of 100 dollars is significantly dissimilar between beggars and billionaires.When economy develops to a certain extent, economic factors cannot measure happiness because there are several variables to act on the SWB simultaneously. An amount of factors were introduced at the last paragraph. The second explanation is more psychological. The major determinant of SWB is the relative life condition (comparing with people in the same level) rather than the real life condition. Being more specific, if one individual has better liv ing condition than the other people who live in the same area, the one is more satisfied. This psychological comparison is called keep up with the Joneses.For this reason, the SWB will not change even if economic growth brings about rising incomes. For instance, on the one hand, country people live in the countryside and local residents lead the similar country life. On the other hand, people who live in urban areas lead completely diverse lives. Their social circles usually have a great number of affluent individuals, so the psychological pressure which is caused by the wealth comparison is greater than the happiness of high income. There are also positive views to support economic growth leads to SWB.To be empirical, countries with a lower GDP typically have more problems. Taking an example of Africa, according to the graph of geography of happiness from the Economist website (2010), countries at the bottom (mostly African) had lower score (The rich, the poor and Bulgaria, 2010). Most areas of Africa are rural. Africans now distinctly desire a better life. Although rich countries are clearly happier, the correlation is not perfect (The rich, the poor and Bulgaria, 2010). In the research of assistant professor Stevenson, they take a 0 to 10 life satisfaction scale to survey the work.People who live in the rich countries place themselves around 7 and 8. At the same time, people in the poor countries consider themselves at about 3. As the matter of fact, increasing GDP can raise average satisfaction. For instance, nations with booming GDP imply government can spend more capital on health care, education or environmental protection. It is not apparent that a lager GDP measures citizen’s health, education or intelligence directly, but it does continue to contribute to citizen’s life. This paragraph provides a summary and a discussion of some extensions of this paper.Firstly, basic needs are meet differences in well-being are less frequently due to i ncome, and more frequently due to factors such as social relationships and enjoyment at work (Why money doesn’t buy happiness, 2007), different variables influence SWB jointly. Secondly, two explanations were presented to interpret that GDP cannot measure the real SWB. The saturating point exists in the process of economic development promotes SWB, and then the economic factors will not be crucial. What is more, the psychological comparison is a vital determinant in SWB, though the income rising expressively brings plentiful happiness.Thirdly, GDP can increase national SWB authentically. To individuals, large income raises SWB in the short term. There are a number of separable components of SWB (Diener, 2000). Thus, money does not buy happiness. SWB is difficult to be calculated and can be measured in different ways. Happiness, as the ultimate goal, requires the most encompassing measure (measuring of well-being, 2006). Bibliography 1. Deutsche Bank Research, 2006, Measures o f Well-being. Available from http://www. dbresearch. com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000202587. PDF [Accessed 19 April 2012] 2.Dinener, E. 2000. Subjective Well-being: The Science of Happiness and Proposal for a National Index. American Psychologist, vol. 55, No. 1, 34-43. 3. Livesciene, 2011, Top 19 Happiest Countries (and the 20 saddest). Available from http://www. livescience. com/13790-19-happiest-countries-20-saddest. html [Accessed 16 April 2012] 4. The Daily Beast, 2007, Why Money Doesn’t Buy Happiness. Available from http://www. thedailybeast. com/newsweek/2007/10/14/why-money-doesn-t-buy-happiness. html [Accessed 19 April 2012] 5. The Economist, 2010, Comparing Countries. The rich, the poor and Bulgaria.Money really can buy you happiness. Available from http://www. economist. com/node/17722557. html [Accessed 26 April 2012] 6. The Telegraph, 2012, British people are more miserable than Costa Ricans and Israelis, UN finds. Available from http://www. thetelegr aph. co. uk/lifestyle/9184916/British-people-are-more-miserable-than-Costa-Ricans-and-Isrealis-UN-finds. html [Accessed 4 May 2012] 7. Yale School of management, What Are the Economics of Happiness? Available from http://bpp. wharton. upenn. edu/betseys/press%20reaction/Easterlin%20Paradox/YaleSOMInterview. pdf [Accessed 26 April 2012]

Profit and Loss Essay

Profit and loss accounts, balance sheets Profit and loss accounts, balance sheets Two of the most important financial statements for a business are the Profit and Loss Account, and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a business over a given period of time e. g. 3 months, 1 year, etc. In contrast, the Balance Sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time. As we shall see it will always balance because what the business owns is financed by what the business owes. The Profit and Loss (P&L account) Net profit takes account of other sources of income and expenditure that are not involved in normal operations e. g. interest paid on loans and interest received on having a positive balance in a bank account. Turnover – is the value of sales made in a trading period. It is some eferred to as sale revenue and is calculated by the average price of items sold x the number sold. Cost of sales – calculates the direct costs of manufacturing items, or buying in items to sell them on. Expenses – are the overhead costs of running a business. These overheads can’t be tied down to particular cost units. For example, it would be very difficult to calculate what fraction of the heating cost of a pen factory can be allocated to just one pen. The Balance Sheet is a statement showing the assets, liabilities and owner’s capital of a business at a particular Downloaded from The100 Edition – http://www. he100. co. uk moment in time, for example the year end. T he Balance Sheet balances because the assets that a business possesses at a specific time have been financed either through the provision of capital by the owner’s or by the creation of external liabilities: Value of assets = Value of Liabilities Value of Owner’s capital. There are a number of things that we can see from looking at a balance sheet, for example: 1. The Net Assets of the business, i. e. the difference between the value of the assets and the value of the liabilities. A growth in net assets tends to indicate a growing business. 2. How solvent the business is. In other words, does it have enough assets that are short term, and hence easily converted into cash, to pay any pressing short-term liabilities. Case Example: A typical balance sheet will be set out in the following way (note that we use two columns. The first column is for minor calculations, the second column is for grand totals): Balance Sheet of Superior Traders, as at 31st December 2004 Fixed assets consist of those items that are kept within the business to create wealth over a period of time e. . machinery, equipment, vehicles, computers, etc. Current assets are used in the short period to generate income for a business. For example, in a manufacturing company like Kraft, stocks would represent products that have already been made and are waiting to be sold onto retailers. Typically stocks will be sold on credit for periods of one month, two months, or three months. Retailers buying s tocks on credit from Kraft would become Kraft’s debtors. At the end of the credit period they will pay up in the form of cash, enabling Kraft to buy more raw materials to create further stocks. Creditors due within one year are the sums that a business owes money to in the short period – otherwise known as current liabilities. Net current assets is a measure of how solvent or liquid a business is. Many businesses need to have working capital. Working capital is calculated by subtracting current liabilities from current assets: Working capital = Current assets – Current liabilities Note that the figure for net current assets appear almost in the centre of a balance sheet, and is a figure that many people will look at first to check on the solvency of a business. Total assets – current liabilities is a sum that appears in the balance sheet simply doing what the title suggests. Creditors due after more than one year shows the longer term liabilities of the bsiness. Total net assets is calculated by taking away all the liabilities (both current and long term) from all of the assets (both current and long term). Shareholders’ funds shows the value of the shareholders capital in the business. It will always be the same value as the total net assets and it balances the account. Downloaded from The100 Profit and loss accounts, balance sheets Profit and loss accounts, balance sheets Two of the most important financial statements for a business are the Profit and Loss Account, and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a business over a given period of time e. g. 3 months, 1 year, etc. In contrast, the Balance Sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time. As we shall see it will always balance because what the business owns is financed by what the business owes. The Profit and Loss (P&L account) One of the most important objectives of a business is to make a profit. The P&L account shows the extent to which it has been successful in achieving this objective. Companies are expected to keep their P&L accounts in certain formats. Typically the P&L account will show the revenues received by a business and the costs involved in generating that revenue. In simple terms: Revenues – Costs = Profits. A typical P&L account will look like the following: Case Study: P&L Account for Superior Traders as at 31/12/2004 You can find out the gross profit of a business by deducting cost of sales from turnover: ? 100,000 – ? 50,000 = ? 0,000 You can find out the operating profit by deducting the expenses from the gross profit: ? 50,000 – ? 30,000 = ? 20,000 You may also come across the term net profit. Operating profit is earned from carrying out a businesses normal operations e. g. producing confectionery, or selling Christmas cards. Net profit takes account of other sources of income and expenditure that are not involved in normal operations e. g. interest paid on loans and interest received on having a positive balance in a bank account. Turnover – is the value of sales made in a trading period. It is sometimes referred to as sale revenue and is calculated by the average price of items sold x the number sold. Cost of sales – calculates the direct costs of manufacturing items, or buying in items to sell them on. Expenses – are the overhead costs of running a business. These overheads can’t be tied down to particular cost units. For example, it would be very difficult to calculate what fraction of the heating cost of a pen factory can be allocated to just one pen. The Balance Sheet is a statement showing the assets, liabilities and owner’s capital of a business at a particular Downloaded from The Times 100 Edition – oment in time, for example the year end. The Balance Sheet balances because the assets that a business possesses at a specific time have been financed either through the provision of capital by the owner’s or by the creation of external liabilities: Value of assets = Value of Liabilities Value of Owner’s capital. The re are a number of things that we can see from looking at a balance sheet, for example: 1. The Net Assets of the business, i. e. the difference between the value of the assets and the value of the liabilities. A growth in net assets tends to indicate a growing business. Creditors due within one year are the sums that a business owes money to in the short period – otherwise known as current liabilities. Net current assets is a measure of how solvent or liquid a business is. Many businesses need to have working capital. Working capital is calculated by subtracting current liabilities from current assets: Working capital = Current assets – Current liabilities Note that the figure for net current assets appear almost in the centre of a balance sheet, and is a figure that many people will look at first to check on the solvency of a business. Total assets – current liabilities is a sum that appears in the balance sheet simply doing what the title suggests. Creditors due after more than one year shows the longer term liabilities of the bsiness. Total net assets is calculated by taking away all the liabilities (both current and long term) from all of the assets (both current and long term). Shareholders’ funds shows the value of the shareholders capital in the business. It will always be the same value as the total net assets and it balances the account. Downloaded from The Times 100 Edition.

Stakeholder Analysis in Event Management

Stakeholder Analysis in Event Management Stakeholder Definition Stakeholders are individuals, groups of individuals or organizations that hold a special interest in an event including its operations and success. Stakeholders are a critical pillar in the success of any event. To a certain extent, stakeholders shape the manner in which event managers conduct an event.Advertising We will write a custom essay sample on Stakeholder Analysis in Event Management specifically for you for only $16.05 $11/page Learn More Stakeholder analysis is a process in which the event managers conduct a calculated effort towards understanding stakeholders and the ways in which to inculcate their demands to ensure the success of an event. Stakeholder analysis in event management is a tricky affair as this is a one-off occasion. Hence, there is no any other chance to make stakeholders happy. For example, major events such as the World Cup or the marriage of high ranking individuals (e.g. the Prince of England) call for me ticulous planning to ensure they are successful and meet the expectations of all interested individuals (Allen et al. 2011). Relationship between Event Management and Stakeholders As noted earlier, stakeholders are a crucial part of the success of an event. Certain benefits accrue from the inclusion of certain stakeholders in an event. It is also crucial to note that not all stakeholders contribute positively towards an event. It follows that stakeholders need to be evaluated to remove distracters that hide in the name of stakeholders and interested parties. It is also the cardinal responsibility of an event manager to know the various stakeholders and determine their relevance regarding the success of an event (Stanford, 2012). The following benefits may be realized through inclusion of relevant stakeholders in event management. The opinions of some stakeholders are crucial to the success of an event. For example, when planning a wedding for a high profile individual, it would be c rucial to listen to renowned designers, hoteliers, security experts, and Public Relations experts. These individuals may be interested in the event for monetary or business gains, but may provide the much-needed input to ensure that the event is a success.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, not all of the aforementioned stakeholder’s opinion may come in a manner aimed at aiding in the success of an event. Others are purely motivated by critical innuendos and it is the responsibility of the event manager to indentify right and wrong criticism (Stanford, 2012). Some stakeholders reign in great resources. Sometimes, such resources are what the event manager s requires to ensure that an event is a success. For example, if England wanted to hold the world cup, it would be crucial to engage with the renowned football clubs, which have excellent stadia to be used during the event. The event managers would also engage with the government to provide the needed security machinery to make the event a success. Hence, it is vital to indentify the stakeholders resourceful standing may be crucial in the success of an event (Allen et al. 2011). Communicating with stakeholders is part of engagement between event manager s and stakeholders. Communication of the progress and parameters of success of an event is crucial to mitigate expectations and to receive supplementary feedback. However, not all events require constant communication while others need constant and sustained communication if they are to be successful. For example, invited guests to a high profile wedding would require having the venue and schedules. Additionally, events such as world cups require prior timetables for matches prepared. This way, the stakeholders know what to expect and can therefore plan. It also forms the basis for the success of the event (Allen et al. 2011). Ris ks of Not Conducting a Stakeholder Analysis The relationship between stakeholders and the success of an event as outlined above highlights the importance of a stakeholder analysis. It also points to the risks of not conducting such an analysis. One of the major risks of the failure to conduct a proper stakeholder analysis is the possibility of not understanding the host community well. It would be disastrous to serve beef in an Indian wedding. This would also point out the event manager’s failure to understand that in Indian culture cows are worshipped as gods.Advertising We will write a custom essay sample on Stakeholder Analysis in Event Management specifically for you for only $16.05 $11/page Learn More There are certain steps that are followed in the stakeholder analysis. These steps are crucial in the identification of the stakeholders, prioritizing them according to the level of importance, and understanding them. When an event manager skips th is all-important process, the three indentified items are skipped or conducted in a haphazard manner. This may result in disastrous results (Miller, 1998). Additionally, this procedural negligence may reflect badly on the event organizers. It is crucial to note, however, that there is not any universally accepted way of approaching events management. Failure to conduct a stakeholder’s analysis may also results in an event full of hitches. Such an event will attract a lot of criticism once it is completed. For example, although this may not be the case, the Boston Marathon shooting is a negative reflection on the organizers. It will remain etched on the minds of all the other stakeholders whether they participated or learnt about it in the news. All other marathon organizers will mention this in boardrooms every time they are looking at the aspect of security. The aforementioned factors points out the risky nature of a one off event. The fact that some events take a lot of tim e before they are repeated may have some lasting reflections on an event that flops. Hence, it is the responsibility of the organizers to ensure that a proper stakeholder’s analysis is conducted before an event to ensure it is successful (Allen et al. 2011). Real-Life Event of the Concept of Stakeholder Analysis The wedding of Prince William and Kate Middleton is an example of a real life event that required a careful process of analyzing the stakeholders. For starters, the wedding was a high profile affair involving one of the oldest British families. The wedding was also touching on the very core of the British tradition. The prince of England who would take the throne if the queen were to die was marrying.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The stakeholders were numerous. The stakes were high and interests were through the sky. Managing such an event required careful planning. The stakeholders had to be meticulously filtered to retain the quite crucial ones (Capra, 2002). One such stakeholder was the governments. The United Kingdom government had to come up with a high stakes list of the high profile individuals to make the list of guests. The questions that lingered prominently in the event manager’s mind was whom do I include and who do skip from this list? Although the event was a two people affair, the ripples would be felt even in the diplomatic circles. Additionally, this may go a long way in entrenching British relationships with global partners. The other stakeholders were fashion enthusiasts. This group had their tongues wagging months before the main event. From which designer will Kate Middleton order her wedding dress? How will it look like? Is she going to disappoint? Numerous newspaper and magazine articles were dedicated towards this discussion. Engaging experts in the field would result in one of the most memorable fashion statements in the 21st century. A careless involvement may also ruin one of the major events in British history. Therefore, a middle ground had to be found (Allen et al. 2011). In light of the many guests, the high profile event, the global attention, and the fact that the event would end in a matter of hours, it was crucial to come up with a schedule reflective of protocols and comfort meticulously. To do this, the government had to be involved. Additionally, most of the guests in the list had to be informed of the events of the day to ensure they are not entangled in the intricate schedule (Allen et al. 2011). The above highlights reflect the intricacies of stakeholder analysis. Among other things, the one thing that stands out is the need to filter a large pool of interested stakeholders to a level reminiscent of the parameters of the event. The need f or communication also stands out quite starkly. Although an event may be small or big, this crucial aspect requires careful consideration. Failure to communicate may result in many hitches. It may also mean a harsh postmortem of the event once it is completed (Capra, 2002). References Allen, J. et al. (2011). Festival and Special Event Management. Brisbane, QLD: John Wiley Sons. Capra, F. (2002). Complexity and Life. Emergence, 4(2): 15-33. Miller, A. (1998). Strategic Management. McGraw Hill: New York. Stanford. (2012). Stakeholder Analysis. Retrieved from https://www.stanford.edu/

Writing Press Releases

Writing Press Releases Writing Press Releases Writing Press Releases By Sharon Writing press releases is big business for freelance writers and it’s easy to learn the basic skills. Press releases inform people about the products and services that individuals and companies wish to promote. Their purpose is to make the news and they’re easy to write if you learn the basic techniques. The two key elements to consider are structure and content. Structure The structure of a press release is identical to that of a news story. It follows the inverted pyramid, leading with the most important information and ending with the least important information. The lead of your press release contains the six W’s – who, what, where, why, when and how. These six elements form the basis of your story. The rest of the press release expands on these by providing background information and quotes. Press releases are short and usually fit on one page. The top of the press release usually contains either the words â€Å"For immediate release† or an embargo date that tells editors when it’s okay to publish the news in the release. The end of the release usually includes contact details so people can get more information if they need it. Content So what do you put in a press release? The key to writing a good press release is to emphasize the people aspect of your story. News is about people and that’s what other people are interested in. Another important aspect is the what’s in it for me factor. When writing a press release, emphasize how people will benefit from the product or service being promoted. These tips will get you started with press release writing. A useful and detailed example can be found here. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Freelance Writing category, check our popular posts, or choose a related post below:What is the Difference Between "These" and "Those"?Story Writing 101Educational vs. Educative

Employee Discipline Policy (human Resource) Employee Labor and Assignment

Employee Discipline Policy (human Resource) Employee Labor and Relations Class - Assignment Example The employers should develop the policy with one attorney or with trade bodies in order to ensure that it does not violate any laws (What can you do about employee absenteeism?, n.d.). The employers should also make the policy known to the employees before fully implementing it (What can you do about employee absenteeism, n.d.). It is necessary that the employers are able to check if the policy is fully implemented. The attendance records help the employers to check which of the employees are regular and who are making frequent leaves (Controlling Employees’ Absenteeism, 2011). Thus analysis of attendance records should be done after the implementation of the policy. Though there are challenges in managing absenteeism, the company must make sure that all employees are treated the well and there is no discrimination when implementing the policy. The company should maintain to be consistent, persistent and fair to all. And lastly, when implementing policy, it is better to implem ent the programs and policies in a facultative manner rather than punitive because majority of the employees will appreciate this kind of approach (Yorges, n.d.). Sources: Controlling Employees’ Absenteeism, (2011).

Materials Assignment Example | Topics and Well Written Essays - 2500 words

Materials - Assignment Example Storage tanks and other structures operating in a corrosive environment would prefer the use of stainless steel material of density 8200kg/m^3. ((Bansal R.K, 1998) Measurement of densities is critical since a defective product with a cracks or porosity would indicate a different density. Determination of density of a component indirectly leads to the calculation of the total weight of the structure and the corresponding stress due to this self weight. 2. Stress and Strain- Stress is defined as the intensity of force or force per unit area. In an engineering design the maximum allowable stress for a particular material is predefined and is a function of its yield strength. Therefore when a member has stresses beyond the allowable range, the area resisting this force is increased to bring it within the allowable range. Strain is defined as defined as the elongation of a structure per unit length. Calculating the strain helps the design engineer in comparing the values with the maximum allowable deflection.( Timoshenko Stephen and Gere James, 2004) 3. Tensile and Compressive strength- When a force is applied on bar or a structure in such a manner that it forces it to elongate, the resulting stresses are tensile stress. The maximum value of this particular stress for a particular material is called Tensile strength. ... The behaviour of the material is linear till this point. (b) The strain increases rapidly and the material shows elastic behaviour up to the elastic limit. (c) Beyond this point a significant increase in strain has only a minor change in tensile force. The material at this point is yielding and the point at which this starts is called the yield point. (d) Beyond the yield point to the lower yield point the material show plastic behaviour with large change in strain showing no change or a partial dip in stress values. The material is thus encountering plastic deformation.( Timoshenko Stephen and Gere James, 2004) 5. Modulus of Elasticity- As discussed in the previous graph stress is directly proportional to strain up to the proportional limit i.e Stress ? Strain or Stress= E x Strain. E here represents the Modulus of Elasticity and is dependent on the nature of the material. The elongation for a bar of length L, cross sectional area A under the impact of a force P having modulus of el asticity as E is given by ?L= P*L/(A*E). Modulus of elasticity is therefore critical in evaluating deflections. ( Timoshenko Stephen and Gere James, 2004) Experiment using Round piece of mild steel ( Timoshenko Stephen and Gere James, 2004) Reading Load Extension Strain Stress 1 50 0.09 0.00046 0.10186 2 100 0.19 0.00097 0.20372 3 150 0.29 0.00149 0.30558 4 160 0.34 0.00174 0.32595 5 165 0.46 0.00236 0.33614 6 170 0.78 0.004 0.34632 7 180 0.84 0.00431 0.36669 8 190 0.91 0.00467 0.38706 9 200 0.98 0.00503 0.40744 10 210 1.07 0.00549 0.42781 11 220 1.24 0.00636 0.44818 12 230 1.49 0.00764 0.46855 13 240 1.88 0.00964 0.48892 14 250 2.39 0.01226 0.5093 15 255 3.95

Australian law Essay Example | Topics and Well Written Essays - 1000 words

Australian law - Essay Example If a professional adviser is found to knowingly having provided or failed to provide information that exposes the advisee to incur any losses or damages on their part, this considered to be a breach of duty. All professionals are generally held to an established and reasonable standard of basic care and professionalism. Professionals are generally required to have the necessary learning and skill that is seen to be commonly processed by members who happen to be held in good standing within their basic profession.2 However, any lack of the proper degree of training, failure by the professional to attempt to follow up on a client’s progress, failure to remain appropriately conversant with any new emerging discoveries in the field, or failure to refer to a specialist in the event that it proves to be necessary can all be seen to constitute of negligence.3 As exemplified in the line of reasoning followed in the Hedley Byrne ruling, when an adviser communicates information to an ad visee in order that the information might be used for a generally described or particularly specified purpose, and the advisee acts on this advice to his detriment, the adviser is found to fundamentally be guilty of negligence.4 Effects of Donoghue V Stevenson (1932) A decision by the British house of commons in 1932 concerning the alleged presence of a snail inside a ginger beer bottle is commonly perceived to be the best known judgment in the entire common law world. It is widely regarded as the primary foundation law of negligence throughout the entire British Commonwealth.5 Although the ruling of Donoghue V Stevenson (1932), was initially mostly applied to judgments pertaining to manufacturers and the duty of care that they happened to owe the various consumers of their products it was eventually seen to have wider relevance beyond manufacturer liability. In the ruling, Atkins was seen to assert that a duty to exercise case was actually owed to all persons who might be directly affected by one’s actions or omissions that happen to be called in question.6 This is seen to critically affect the liability of all professional advisers as in their event that they provide questionable information that eventually proves to be detrimental to the advisee, they are then effectively held viable for court action. The Effects of Hedley Byrne v. Heller (1963) The Hedley Byrne v. Heller (1963) greatly impacted the overall liability of professional advisers as it was the first decision to recognize the possibility of there being a liability for want can be perceived to be purely economic loss that is not dependent on there being a contractual relationship, for negligent statements. This was seen to affect advisers as any information that they may happen to give while not bound to any contractual agreement can also be seen to create duty of care as it might be relied upon by the advisee in determining whether to enter into a contract.7 Recent Developments in Australi an High Court There have been a number of recent developments in Australia pertaining to the case of professional negligence, in Astley v Austrust Ltd,

Define the Key Terms Essay Example for Free

Define the Key Terms Essay Application: Generally, a function on any kind of computer or electronic device that is useful to the user, which can give the user a reason to want to own and use the device. More specifically, software that performs some useful function for a user. Computer network: A combination of many components that work together so that many different devices can communicate. Computer networking: The gerund form of the term computer network. Email: Electronic mail. An application in which the user can type text and attach other files to create the electronic equivalent of a postal letter, and send the email to another person using his or her email address. Enterprise network: A network owned and operated by a company, with that company being somewhat larger than typical, generally (but not exactly) with more than 1000 employees. HTTP: Hypertext Transfer Protocol, The protocol  used by web browsers and web servers to define the format of URLs (web addresses) and the messages used to exchange web objects. Internet/the Internet: The global network formed by interconnecting most of the networks on the planet, with each home and company network connecting to an Internet service provider (ISP), which in turn connects to other ISPs. Link: A generic term for any network cable or wireless communications path between two devices over which bits can be transmitted. Node: A generic term for any networking device that sits on the end of links, for the purpose of both connecting links to create physical paths and to make decisions about how to forward data through the network. Protocol: A set of rules that different devices and/or software must follow so that the network works correctly. Video frame: A grid of pixel locations of a chosen width by height that contains the lights/colors to be shown in a video at a single point in time. Voice call: A more modern term for a telephone call that does not use the word telephone, instead emphasizing the fact that the traffic that flows between the endpoints is voice. Web address: Text that identifies details about one object in a network so that a client can request that object from a server. An informal term for URL. Web browser: Literally, software controlled directly by a user that requests web pages from a web server, and after receiving a page, displays the web page in a window. More generally, this term refers to both the software and the hardware on which it executes. Web page: In a web browser, all the text, images, video, and sound that fill the window of the browser when the user opens a link to some web address. Web server: Literally, software that stores web pages and web objects, listens for requests for those pages, and sends the contents of those pages/objects to clients. More generally, this term refers to both the software and the hardware on which it executes.

The Culture of Montserrat ::

The Culture of Montserrat Culture on the island of Montserrat can be most easily characterized through the examination of the many natural forces influencing the lifestyles and customs of its people. Montserrat’s physical features have played a crucial role in shaping the attire, diet, shelter, and crops of the island’s inhabitants. Volcanic rocks and native plants scattered throughout the island were the source of a number of customs that remain prevalent in contemporary Montserratian culture. Prior to colonization by the British, the island of Montserrat was occupied by a number of Amerindian groups from Venezuela who made their living through fishing and cultivation. There is evidence from a small artifact found in the soil from roughly 500 B.C.E. that the first inhabitants of Montserrat were the Ciboney, known as the ‘stone people.’ The Arawaks arrived on the island around 400 C.E. and built their villages near the coastline. These were a peaceful people who made their living fishing and gardening, and made ceramic vessels, stone tools, and conch shell adzes. While the Arawaks had a few centuries on the island, at the time of European contact the Caribs had gained dominance by driving them to the north. By 1500 the cannibalistic Caribs practiced both permanent and shifting cultivation and built their villages and gardens near the coast with a pole framework and leaf thatch. Caribs grew a mix of economic plants for cultivation, including many from South America and some from the Old World, which modified Montserrat’s vegetative cover in addition to some structures, composed of saplings, reeds, and foliage. The Carib name for Montserrat was Alliouagana, meaning â€Å"island of the prickly bush,† which most likely referred to the native species of Acacia. When Montserrat was first settled in 1632, British colonial officials believed the land and people of their island colonies to be profitable machines and this view greatly determined the way in which a culture based on agricultural production and slave labor emerged. The British had sent Irish Catholics from St. Kitts to colonize Montserrat and these people were growing tobacco and sugar by 1654. By the 1650s, English and Anglo-Irish landowners formed the wealthy ruling class, and Irish indentured servants formed the bulk of the population. The Culture of Montserrat :: The Culture of Montserrat Culture on the island of Montserrat can be most easily characterized through the examination of the many natural forces influencing the lifestyles and customs of its people. Montserrat’s physical features have played a crucial role in shaping the attire, diet, shelter, and crops of the island’s inhabitants. Volcanic rocks and native plants scattered throughout the island were the source of a number of customs that remain prevalent in contemporary Montserratian culture. Prior to colonization by the British, the island of Montserrat was occupied by a number of Amerindian groups from Venezuela who made their living through fishing and cultivation. There is evidence from a small artifact found in the soil from roughly 500 B.C.E. that the first inhabitants of Montserrat were the Ciboney, known as the ‘stone people.’ The Arawaks arrived on the island around 400 C.E. and built their villages near the coastline. These were a peaceful people who made their living fishing and gardening, and made ceramic vessels, stone tools, and conch shell adzes. While the Arawaks had a few centuries on the island, at the time of European contact the Caribs had gained dominance by driving them to the north. By 1500 the cannibalistic Caribs practiced both permanent and shifting cultivation and built their villages and gardens near the coast with a pole framework and leaf thatch. Caribs grew a mix of economic plants for cultivation, including many from South America and some from the Old World, which modified Montserrat’s vegetative cover in addition to some structures, composed of saplings, reeds, and foliage. The Carib name for Montserrat was Alliouagana, meaning â€Å"island of the prickly bush,† which most likely referred to the native species of Acacia. When Montserrat was first settled in 1632, British colonial officials believed the land and people of their island colonies to be profitable machines and this view greatly determined the way in which a culture based on agricultural production and slave labor emerged. The British had sent Irish Catholics from St. Kitts to colonize Montserrat and these people were growing tobacco and sugar by 1654. By the 1650s, English and Anglo-Irish landowners formed the wealthy ruling class, and Irish indentured servants formed the bulk of the population.

Journeys End †R.C.Sherriff †“Character of Stanhope” Essay

Explore the ways in which Sheriff presents the character of Stanhope â€Å"How is the dear young boy? Still drinking like a fish, as usual?† The character of Stanhope is introduced by Hardy in Act 1, without him actually making an appearance. Osborne shows respect to Stanhope and is clearly angry and annoyed by the way Hardy is dismissive of Stanhope’s ability. Already, we are presented with two contrasting views of Stanhope. By considering the way in which both characters discuss him, we can address the question of whether or not Stanhope possesses heroic qualities. The play depicts the horror of trench warfare; it gives us an insight into what life is like in the war, the reality of the war and the reality of heroism. Heroism is to show great courage and bravery. A lot of men in the war signed up because when the war was over they wanted to be seen as a hero. None of these men had any idea about the reality of the treacherous conditions in the trenches. R.C Sheriff wanted to dispel the myths about the horrors of the war and address how real men survived; the heroic men. In this essay, I am going to analyse Act 1 and Act 2, scene 2. I will look at the ways in which Sheriff uses language, stage directions and dramatic devices to present the character of Stanhope and I will address the question as to whether or not Stanhope possesses heroic qualities. In Act 1, the character of Stanhope is introduced. This has a major impact on the audience. It builds up tension for stanhopes arrival and provides the audience with valuable information about the character of Stanhope. Hardy shows disrespect towards Stanhope, for the simple reason that he ‘likes a good drink’. Osborne is indignant over these comments and continually informs Hardy of his dedication, loyalty and perseverance. â€Å"Oh he’s a good chap† Hardy says this in a patronising manner, dismissing his abilities as a leader. He does not share the same respect but instead uses Stanhope’s values as an amusement. He was particularly amused at the fact that Stanhope missed his leave. He put it down to the reason that he did not want to show his family the drunkard state he was in. Maybe, the actual reason is that he  is so loyal to his men that he does not want to abandon them. Osborne repeatedly defends Stanhope and emphasises the fact that he had seen him suffering all day, physically and mentally, then out on duty all night. â€Å"Young Stanhope goes on sticking it, day in and day out† This comment recognises Stanhope’s quality of loyalty, commitment and overwhelming mental strength. It is for these qualities that could describe Stanhope as a hero. Sheriff’s purpose of including this scene in the play is to present the audience with two contrasting views of Stanhope. By doing this, he heightens the eager anticipation and curiosity. The audience are left to develop their own opinion on the character of Stanhope. In Act 1, scene 1, Sheriff presents the audience with another characters opinion of Stanhope. We can see that Raleigh is very enthusiastic and keen to talk about Stanhope. Dramatic devices are used to create an alternative perspective if Stanhope. Osborne: D’you know him Raleigh: Yes, rather! †¦ Osborne: He’s a splendid chap Raleigh: Isn’t he? His reactions to Osborne’s comments show that he highly respects Stanhope and is in total awe of him. He looks up to Stanhope as a kind-of role model. ‘He looked splendid in it’, Raleigh’s language used to describe Stanhope suggests that he worships him. He uses words like â€Å"splendid† and â€Å"amazing† and â€Å"terrific†. This shows his excitement and wonder at being placed under his command. The scene on a whole shows Stanhope as a hero figure. Raleigh is in awe of him like a school boy idolises an older student. In Act 2, scene 2, Hibbert is taken aback when Stanhope admits to suffering from neuralgia also. Hibbert: This neuralgia of mine. I’m awfully sorry. I’m afraid I can’t stick it any longer Stanhope: I know it’s rotten isn’t it. I’ve got it like hell Hibbert: (taken aback) you have? In this scene we do not know whether Stanhope is actually suffering from neuralgia. However, it seems apparent to believe that he is from the earlier discussion of hoe Stanhope deals with pain. Hibbert is using this illness as an excuse to leave. If Stanhope is suffering from neuralgia too, then why should one leave and not the other? Stanhope takes away Hibberts excuse to leave- the fear of life the trenches. Stanhope does not want one man to jeopardise the lives of others around him. Hibbert: I’ll go right along now, I think- Stanhope: (quietly) you’re going to stay here. Stanhope shows control and authority by saying this. He stands his ground and is firm in his words, but at the same time is calm and composed. This shows his natural skill as a leader and strength to keep his men together. In this sense Stanhope can be described as showing heroic qualities, fidelity and compassionate love to all under his command. With the use of dramatic devices, the character of Stanhope is introduced to the audience. Throughout the play, Sheriff continually uses these techniques and we are left feeling totally in awe of Stanhope’s fine comradeship, born leader skills and compassionate love to all in his battalion. Although Stanhope â€Å"likes a good drink† his weaknesses are overlooked by his dedication, loyalty and perseverance. Stanhope has suffered the dreadful conditions of trench warfare but still â€Å"goes on sticking it, month in, month out†. In the eyes of his men â€Å"there isn’t a man to touch him†.