Nick Leeson’s strategy to earn trading profits on derivatives?

Nick Leeson’s strategy to earn trading profits on derivatives? Originally, trader Nick Leeson was supposed to be exploiting low-risk arbitrage opportunities that would leverage price differences in similar equity derivatives on the Singapore Money Exchange (SIMEX) and the Osaka Exchange. In fact, he made up a strategy to earn trading profits on derivatives where he would have to take much riskier positions by buying and selling different amounts of the contracts on the two exchanges or buying and selling contracts of different types. Leeson was speculating wildly and completely without authorization, in massive amounts on movements in the Japanese stock and bond markets. Leesons trading activities mainly involved three futures markets: Futures on the Japanese Nikkei 225 stock index, futures on 10-year Japanese Government bonds (JGB futures) and European futures. Leeson executed a trading strategy known as a straddle, with the objective of making a profit by selling put and call options on the same underlying financial instrument, in this case, the Nikkei 225 Index. Most of his trading was a bet on the volatility of the Tokyo stock and bond markets. In his futures positions, he was betting that the Tokyo stock market would rise and the bond market would fall. He was long Nikkei 225 futures, short Japanese government bond futures, and short both put and call options on the Nikkei Index. He was betting that the Nikkei index would rise, but he was wrong; instead it fell, causing him to lose $1.39 billion. A straddle will generally produce positive earnings when markets are stable but can result in large losses if markets are volatile. He planned his strategy taking into consideration the Japanese futures market as in Japan the margin is posted on a net basis for all costumers and if there are customers who are in short position, firm can take long position without any need to pay the call margin. He utilized this opportunity through his bogus error account 88888 and companies account 99002. What went wrong that caused his strategy to fail? Leesons strategy failed because he was taking into consideration that the market had experienced an extended bull run throughout the late 1980s and after that, it had fallen to half of its 1989 high. He thought that it had fallen enough and from now it would only go up, and he continued to bet that it would rise; but the Nikkei 225 index only kept falling. Leeson further increased the size of his open positions even as his losses increased due to volatility in the markets. He did nothing to hedge his position to lay off his potential losses if the markets did move the wrong way. In effect, Leeson was accepting unlimited liability. The second thing that was that he was relying on the bank interest rate; that it would decrease but eventually the exact opposite happened and the interest rate increased to a high. He thought if that the interest rates were low at the moment and if they were going to rise they would hurt him as more of the investors would move towards safe earning through the high interest rate returns, making the investment into market to reduce and hence to make himself on the safer side he invested into government bonds futures. Nick Leesons doubling strategy failed because he increased the size of his open positions even as his losses increased due to volatility in the markets and kept doubling his contracts whilst the Nikkei 225 continue to plummet following an earthquake in Japan. However, Leesons unauthorized trading positions suffered huge losses, and his operation unraveled. Moreover, interest rates did not rise as he expected which lead to further losses incurred on the Japanese government bond futures. He left the behind with huge liabilities totaling $1.4 billion, leading to the bankruptcy to the one of the oldest bank in Britain. Why did Nick Leeson establish a bogus error account (88888) when a legitimate account (99002) already existed? Nick Leeson established a bogus error account (88888) even when a legitimate account (99002) already existed, in order to conceal his unauthorized trading activities. Initially he claimed that he opened the error account (88888) to conceal a single loss of 20,000 pounds sterling that had resulted from an accounting error until he could make up the difference through trading. However, he continued booking various losses into the error account (88888) as a holding area for any premiums or losses that he made and also continued to increase his volume of trading and level of risk taking. It was a loophole he exploited to set up bogus accounts for non-existent clients to mask mounting debts. While the legitimate error account was known to Barings Securities in London, the bogus account was not. However, the bogus account was known to SIMEX as a customer account, not as an error account. In this way, Leeson could hide his balances and losses from London but not Singapore. One the other hand, SIMEX thought the bogus error account, 88888, was a legitimate customer account rather than a proprietary Barings account. The account enabled Leeson to take advantage of the rules of Japanese Futures market at that time. In Japan margin was posted on net basis for all customers. Therefore if many customers were short index futures, the firm could take long position without having to post cash margins. Why did Barings and its auditors not discover that the error account was used by Leeson for unauthorized trading? The reason why Barings and its auditors did not discover Leesons unauthorized trading and fraudulent activities was mostly a lack of internal checks and balances, and because Leeson was hiding in Barings organized chaos. Leeson was also given power due to his knowledge and there was no inquiry done into his trading just because he reported a profit to the company. Barings was impressed by Leesons achievements which lead them not to disclose to SIMEX that he infact had been disqualified from taking the UK traders exam (Broady, Roland, Woods, 2008). According to Ron Baker, the Head of Financial Products Group for Barings, There were no clearly laid down reporting lines with regard to Leeson, and in actual fact, there were several people responsible for keeping an eye on Leesons performance, but each one of them assumed that the other was watching closer than them, thus allowing Leeson several holes to get through. An internal auditor audited the Singapore office of Barings in 1994 and he reported that unauthorized trading could have happened because of the fundamental principle of the industry segregation of front and back office activities. The results were disclosed to the directors as well as some of the auditors recommendations, but the directors did not implement these recommendations (Collier Agyei-Ampomah, 2006). Moreover, Leesons actions could have been avoided if the Barings executives had done a comprehensive review of Leesons funding requirements, as well as set restrictions to what Leeson could or could not do. However, he also discovered that none of these changes to the internal structure had been implemented when the bank collapsed. One of the main reasons why Leeson was able to get away with so much was that there was no clear segregation of duties (Broady, Roland, Woods, 2008). The nature of the Japanese futures market at the time did not require exchanges to have a separation between the customer and the proprietary funds, which made it difficult to separate the funds and the position of the firm or customer. Leeson was left to be in control of everything that should have been checked by a superior or manager of some other department, which enabled him to track and modify the contents of his rogue account as he wished and keep his activities from being disclosed. Although the Director of BFS and the Finance Director of BSS, Simon Jones, pledged to the public that he would attend to the issue of segregation, he never actually took any action to separate Leesons front and back office doings. The Bank of England made a report on the matter and according to the report, the London senior management actually considered Jones to be an inadequate communicator, and were concerned with the fact that he was not as involved as he should have been in the affairs of BFS. Furthermore, the Bank of London also criticized the process of Leesons funding. Firstly, credit checks should have been performed on the large amounts of funds changing hands, but this was not performed either. Secondly, Bank of London discovered that there was no clear record of whether the funds reported were needed for its clients, or for its own accounts. This made reconciliation virtually impossible. The trading account was also not shown on any files or statements transmitted from Singapore to London, and thus auditors could not find any existence of the error account. Moreover, SIMEX categorized the 88888 account as a customer account rather than an error account. Internally, Barings had raised issues about having proper reconciliation in 1992. The risk manager of Londons branch, Gordon Bowser, had strongly recommended a development of a solid reconciliation process. However, Bowser left two others (Simon Jones and Tony Dickel) who had internal conflict over Leeson, to decide on the matter of reconciliation procedures, there was no solid arrangement between the two and Leeson was left to create the procedures for himself, allowing him to dictate the way he managed things. The loss of reconciliation meant that auditors could not trace the nature of these funds and thus they were unable to uncover the error account that Leeson used for his tradings. Over the years, there were several cases of internal conflict which was beneficial to Leesons stealthy activities. A particular example of this was in 1995, where SIMEX became apprehensive about the ability of Barings to meet its large margins in Leesons error account. SIMEX addressed a letter to Simon Jones, with the letter noting that a further $100 million should have been in account 88888. Instead of addressing the matter himself directly, Jones passed the letter to Leeson for Leeson to draft a response on his own. Lastly, when Leesons activities were finally being caught on by SIMEX, but they had not managed to find out exactly what was happening, SIMEX posted another letter to the Singapore branch, expressing doubts about Barings ability to fun margin calls. The letter was then referred back to London and from there; SIMEX was assured that opposite positions were being held in Japan. However, the truth was no opposite positions were being held and SIMEX officials made no follow-up checks with Osakas Stock Exchange to authenticate the claims. Why did none of the regulatory authorities in Singapore, Japan, and the United Kingdom not discover the true use of the error account? None of the regulatory bodies of Singapore, Japan on the UK discovered the true use of Leesons error account because firstly, it was visible to them only as a customer account, and SIMEX had also granted an exemption on the number of contracts that Barings could hold with the presumption that Barings was hedging and not speculating. This is in fact due to Barings conservative firm reputation, which lulled exchange and clearing houses into a false sense of security. Additionally, Barings speculative position was hidden with the use of an omnibus account and with this account, the brokers customers identities could successfully be hidden from the exchange and clearing houses. A number of happenings in the UK also allowed Leeson to hide and manage his activities easier. At that time, the Bank of England had a rule known as the Large Exposure Rule which stated that a bank is unable to lend more than 25% of its capital to any single entity. Barings made a request to Bank of London for an exception and argued that one exchange should not be classified as one entity. The supervisor in charge of Barings activities recognized the argument and the request and promised to review it and in the meantime, he offered Barings an informal concession for Japan, which Barings extended to Singapore and Hong Kong. On the matter of the Large Exposure Rule, the supervisor failed to respond until one whole year later, and his answer was that there were no exceptions to be made and the positions taken under the informal concession should be unwound. By that time, the damage had already been done. The Bank of England also found that following the consolidation of Baring Securities Ltd and Baring Brothers and Co., it allowed the two to be categorized as one entity for capital adequacy and large exposure purposes, but the process of this consolidation was too informal and the results of it played a part in Leesons unauthorized activities. This not only meant that Leeson could hide his activities, but also the fact that he had access to a much larger pool of capital. Why was Barings Bank willing to transfer large cash sums to Barings Futures Singapore? Barings Bank believed that the large cash sums transferred to Barings Futures Singapore was for loans to customers as portrayed on the Barings Futures Singapore balance sheet. The key aspect of Japanese Future market was that exchange did not require a separation between customer and propriety funds. Therefore it was impossible to distinguish between the firms and the customers position. Why did the attempt by the Bank of England to organize a bailout for Barings fail? Throughout that weekend, the Bank of England hosted meetings in London to try to form a consortium to bail out Barings. The attempt by the Bank of England to organize a bailout for Barings failed because no one would assume the contingent risk of additional, but as yet undiscovered losses. Bank of London made a huge effort to organize a bailout for Barings bank. The bailout failed because Barings bank reached the position where losses amounted more than double the capitalization of the bank;, estimated losses approached $1.1 billion. Further losses were inevitable and thus there was no one ready to assume the contingent risk of additional but yet undiscovered losses. The bank was trapped in such a situation that the amount of future losses was unknown and unrevealed due to the unauthorized dealing by Nick Leeson. Suggest regulatory and management reforms that might prevent a future debacle of the type that bankrupted Barings. There have been numerous cases of collapses and overwhelming losses to companies in the corporate and banking sector and this called for some serious reformation, with particular attention to derivatives. The entire sector did not sit up and take notice until the Baring Brothers bankruptcy. How could an entity steeped with trust and history fall apart with no signs? Following the bankruptcy, reports were created by the Bank of England, SIMEX, and the Group of Thirty to suggest ways in which regulators and legislators could increase monitoring of financial activities. After the collapse of Barings Bank, an article was published with the name of Global Institutions, National Supervision and Systemic Risk, and this article underlines the reforms and changes in the financial sector that have already been implemented. The reforms that have already been implemented included: the expanded usage of netting and collateral; enhancements in methods to measure risk; greater off-balance-sheet risk disclosure; extensive increases in major financial institutions equity capital, financial sector consolidation; and encouragement of growth of securitization. The Bank of Englands report detailed how the losses occurred, the reason the losses were unnoticed in and out of Barings, and the lessons learnt from the bankruptcy. The following are the five lessons the Bank of England identified (Ambit ERisk, 2010): Management teams have a duty to understand fully the business that they manage; Responsibility for each business activity has to be clearly established and communicated; Clear segregation of duties is fundamental to any effective control system; Relevant internal controls, including independent risk management, have to be established for all business activities; Top management and the Audit Committee have to ensure that significant weaknesses, identified to them by internal audit or otherwise, are resolved quickly. The list that Bank of England came up with seemed simple, but the truth was one (or usually several) points listed were often the reason why corporations lost large amounts of money in the derivatives market. Other ways in which to prevent future debacles like the Barings collapse would be an increase in supervision of employees. Leeson never had a trading license prior to his arrival to Singapore and there was scarce monitoring of his activities since no one person was directly responsible for supervising his trading activities (Burnett, 2006). Also, a clear reporting line should be enforced because Leesons fraud could have been facilitated by confusion in having two reporting lines: one to London for proprietary trading and the other to Tokyo for customer trading. Top management should also be aware of the business that they are dealing with. In the case of Barings Bank, Leeson was reporting huge profits to the company but top management should have known that arbitraging is a relatively low risk and low profit business (Collier Agyei-Ampomah, 2006), so how on earth could Leeson have been reporting such massive profits? Top management could have identified these flaws immediately if they had known and had they done their job properly (Narayanaswamy, 2008). It is thus very important for top management to have sufficient knowledge of the field (or be involved in) to understand the complexities of business and its fundamental concepts. Based in Washington DC, the Group of Thirty began to be particularly apprehensive of the risks that derivatives posed. The Group has issued numerous periodicals to address these problems, mainly publications like International Insolvencies in the Financial Sector, Discussion Draft, which outlined fourteen ideas to reduce risk in the financial sector, particularly with derivatives. Another publication titled International Insolvencies in the Financial Sector, Summary of Comments from Respondent Countries on Discussion Draft, which showed member countries responses and opinions regarding the proposed changes to financial institutions. It was noted that the support for these changes were generally strong among all the countries that responded, which showed how Barings failure rocked the entire worlds confidences in the financial sector.

Plain language v legalese Essay

There is an ongoing debate over whether legal practitioners should use plain language in legal writing; or whether legal practitioners should carry on with tradition and write in a more lawyerly manner some call â€Å"legalese†. As with any debate, there are two opposing sides and a middle ground. Proponents of plain language believe that since legal documents are read by both legal professionals and laymen, they should be understandable to a wide audience. Proponents of legalese believe that since legal documents are primarily written for an audience of other legal professionals, the traditional style of legal writing is perfectly understood by its intended audience. There is a long history of traditional legal writing law that sounds very important and archaic to the modern ear. Words such as substantiate, elucidate, and notwithstanding are seldom found anywhere outside of a legal document. There are also many phrases that are rarely used outside of a legal document, such as: â€Å"until such time as†; â€Å"render assistance†; â€Å"including but not limited to†; â€Å"owing to the fact that†; and â€Å"in the event thatâ€Å". The use of Latin phrases is common in traditional legal writing. The precise meaning of the phrases is obscure to readers who lack a knowledge of Latin. Latin phrases such as â€Å"habeas corpus†; â€Å"prima facie†; and â€Å"quantum meruit†; are likely widely understood only by legal professionals. Other Latin phrases used in traditional legal writing, such as â€Å"ab initio†; â€Å"de facto†; and â€Å"ex post facto†; might be understood by a well educated audience as well as legal professionals. Boilerplate language is another convention of legal writing. So-called â€Å"boilerplate† language is a grouping of words, sentences, and sometimes lengthy paragraphs that may have meaning beyond their plain meaning. For example, clauses in a property deed for a house contain language that has been parsed, defined, and argued for decades. The precise meaning of each boilerplate clause is related to the definitions and arguments that accompany it. Boilerplate language refers to any language that is always the same and is perceived as standard wording, such as â€Å"standard contract† clauses. The term boilerplate originated in the days of hot metal type. Publishers would use blocks of type that were made to be unchangeable, one sheet of metal printing plate with full paragraphs, clauses, or â€Å"standard† wording on it. These metal sheets resembled a plate on a boiler, and that is how the term came about. (Black’s 1991). Another convention of traditional legal writing is its repetitiveness. Personal pronouns, such as he, she and they; are generally not used. Instead the person’s name is used each time. Or a person’s position in a cause of action, such as defendant, plaintiff, respondent, or petitioner; is used each time. Similarly, the word â€Å"it† is seldom used. Instead the word for the thing or the word for the idea is used each time. Descriptive phrases in traditional legal writing are also confined to the same descriptive phrase each time. For example, words used to describe a vehicle would always be the same words each time they appeared in the same legal document. A red pickup truck would always be referred to as just that, â€Å"a red pickup truck†. The descriptive words would not be changed to â€Å"a Ford truck† even though the descriptive phrase could just as easily describe the same vehicle. â€Å"Plain language† is a phrase that defies definition. Like defining art or pornography, a prevalent attitude is that there is no encompassing definition, but we know it when we see it. Would it be fair to say that plain language is language that most people easily understand? That question begs for the next question, who is â€Å"most† people; and what is their level of understanding? So, then when we speak of plain language in legal writing, does that mean at a reading level that all or most adults can comprehend? Does plain language in legal writing mean only college educated adults? According to the most recent National Adult Literacy Study: â€Å"The National Literacy Survey shows that the average adult in the U. S. reads at the 7th grade level, with nearly 50% below the 6th grade level and over 80% below the 10th grade level. † (DuBay, 2004). So does that mean that plain language in legal writing should be written at a 7th grade reading level? In 1969 Harry McLaughlin devised the SMOG readability formula and it is still commonly used today. To use McLaughlin’s formula â€Å"count the words of three or more syllables in three ten sentence samples, estimate the square root, and add three. † The number generated is the readability score which corresponds to the reading grade level at which the paper could be read and understood. There is a deviation of plus or minus 1. 5. On his website, McLaughlin offers a readability calculator, just copy and paste any document into the box, and the calculator generates a readability score for that document. I plugged in one page of this paper and a score of 17. 34 was given. Since my intended audience is my professor and my academic colleagues, I believe this is an appropriate level of writing. (McLaughlin, 2008). Plain language, most simply defined, has to be just that, readable for the widest possible audience. Plain language does not seem to rely on multi-syllabic words when a shorter word will do. Words such as substantiate, elucidate, and notwithstanding can be replaced with prove, despite and clarify, respectively. Some common phrases used in traditional legal writing have a concise plain language substitute. In the event that† translates easily to â€Å"if. â€Å"Until such time as† means â€Å"when†. Plain language in the context of legal writing means using a translation of the Latin word or phrase, rather than the more scholarly sounding Latin. Proponents of maintaining a traditional style of legal writing believe that continuing to use the traditional con ventions, Latin phrases, and boilerplate language preserves legal culture. The use of Latin phrases adds a certain panache to writing, and some of the Latin does not translate very well. Few individuals outside of the legal profession will ever read a Supreme Court opinion. The process of legal argument, legal reasoning and legal writing are so intertwined that it becomes impossible to express legal opinion except in traditional legalese. In fact, for attorneys the use of traditional legal writing is more efficient because it is most commonly used; therefore, most commonly understood; understood by attorneys that is. The conventions and tradition in legal writing are much more than meaningless archaic language. Legal documents are written for specific legal situations. Sometimes legal language is purposely broad and imprecise so that unknown and unforeseeable future circumstances may somehow be addressed. Other wording is precise and well defined to clearly define the expectation of both parties, like the wording in a contract. A contract may have many clauses and if they can be simplified by using traditional standard language then all the better. It is after all, attorneys, communicating with attorneys. (Bast, 1995). Many attorneys choose to use published forms as the basis for contracts because they can easily be adapted to a specific client and situation. These attorneys believe that it is too time consuming for them and expensive for their clients to write a complete contract for each client and each situation. For example, in a contract a saving clause, also called a severability clause, allows the contract to remain in effect even if one or more of the provisions of the contract is breached or is found to be unenforceable. (Bast, 1995). This clause may or may not be written in plain language, but the meaning is the same. Attorneys reading other attorneys’ contracts easily grasp the intent and meaning of contract clauses, whether the language is standard legalese or written for a mass audience as long as the wording is precise. If the legal language found in a contract is familiar and precise attorneys can save themselves time and effort. And they can save their clients money, because they have no reason to analyze or parse out each word or clause, the meaning, to them is clear. Proponents of traditional legal writing style also assert that the repetitiveness in legal documents is necessary. While other types of writing demand variation of word choice to describe an object, person, or event, legal writing demands consistency in word choice. This consistency provides clarity and precision. There can be no question as to who â€Å"they† refers to in a legal document, when the word â€Å"they† does not ever appear at all. Proponents of plain language in legal writing claim that much of so-called traditional legalese is nothing but gobbledygook. Legalese is jargon and is used to obscure meaning. Webster’s Dictionary defines jargon as â€Å"confused, unintelligible talk; the special speech or vocabulary of a class, as of technicians, artists, thieves. † (Webster, 1987). In fact, the purpose of jargon among members of a group is to communicate among themselves without being understood by outsiders. Police and criminals each have their own jargon, hoping the other will not understand them. The goal of jargon among legal professionals is so that the public will not understand the law. If the public cannot understand the law because the public cannot understand the legal terminology then the public has no choice but to seek legal advice to interpret every legal document. So, legalese is very important to attorneys as job security. The most compelling argument in favor of plain language in legal writing is that consumers often sign legal documents in the course of their everyday lives. Nearly every agreement that a consumer enters into is bound by a written contract. If that contract is unintelligible, then the consumer’s rights are at risk. Consumers enter all types of contracts, including cell phone contracts, mortgages, and insurance. Laws and ordinances also have impact on people’s lives. It is popular to say that ignorance of the law is no excuse. However, laws are passed at a dizzying rate, and in truth most of us, including attorneys, are ignorant of many laws that might affect us. If we can comprehend the meaning of a law, we have a much better chance of following the law. And if we can understand a proposed law on the ballot we have a better chance of voting appropriately. Many states have gone so far as to legislate plain language in legal writing. In Florida, property insurance policies must be written in plain language. In California, they have legislated the use of plain language this way: Section 6215 of the California Government Code states: â€Å"Each department, commission, office or other administrative agency of state government shall write each document which it produces in plain, straightforward language, avoiding technical terms as much as possible, and using a coherent and easily readable style. † When it comes to personal safety, plain language is even more important. After a series of studies found that the improper use of child-safety seats was the leading risk factor in fatal injury to children in car accidents, two public health officials began to investigate. Dr. Mark Wegner and Deborah Girasek suspected that there might be a relationship between the improper use of the child-safety seats and the installation instructions. The pair analyzed the readability of the instructions of 107 different child-safety seats and published their findings in the medical journal â€Å"Pediatrics†. The team found that the installation instructions that came along with most of the child-safety seats were written at the 10th grade level. Far higher than the national average reading level of 7th grade, and much higher than the 5th to 6th grade level recommended for health related writing for consumers. This type of safety instruction is not legal writing per se. However, product liability is strict liability. And, if the safety instructions on a product are unintelligible they might as well be non-existent. Manufacturers risk substantial loss in tort actions if their product’s safety notifications are useless. In a letter to Senator Bob Bennett dated September 17, 2008, Ruth Anne Robbins, president of the Legal Writing Institute wrote: â€Å"Bureaucratic legal writing, including government writing, has long been difficult to read. It is convoluted and dense. Even those of us who are legal writing professors are challenged by it – and it is challenging for us to teach our law students how to properly read and interpret it. The government would benefit from paying more concern to the efficacy and readability of its communications. We teach our students to be reader-friendly rather than writer-centered. Unfortunately, government documents are too often writer-oriented rather than reader-oriented. † (Robbins, 2008). Since I believe that the purpose of writing is communication, not obfuscation, I support plain language in legal writing. The world today is a complicated place, and there is no reason to make it even more difficult to navigate than it needs to be. Whenever possible precision should be chosen over vagueness. When crafting wording for legislation, lawmakers should be careful to choose words that as clearly as possible show the intent of each law. Judges at all levels should strive to write their court opinions clearly and concisely. Laws and court opinions will always be subjected to interpretation, and that is one of the things that makes our country great. But, the interpretation of laws should be directed towards applying laws and opinions to a changing world, rather than trying to understand the original intent of those laws and opinions. There is no mention of the right to privacy anywhere in the U. S. Constitution. Justice William O. Douglas, in his landmark Supreme Court opinion , Griswold v Connecticut, (1965) wrote that our right to privacy is a constitutional right, and that right is included in the penumbra of rights emanating from the specific guarantees of the constitution. This type of expansion of personal freedoms is, in my opinion, the best and highest use of legal reasoning. The cumbersome challenge of interpreting obscure and arcane legalese is intellectual quicksand, and to be avoided at every opportunity.

The Apply Texas Essay Topics 2016 Cover Up

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Foodborne Diseases Foodborne Disease - 1746 Words

INTRODUCTION: Foodborne diseases is characterized by the World Health Organization as diseases, more either infectious or poisonous in nature, brought about by pathogens that enter the body through the ingestion of food. Foodborne diseases are a serious and worldwide issue. The WHO evaluates that overall foodborne and waterborne diarrhea ailments taken together murder around 2.2 million individuals every year. Foodborne sicknesses can start from a wide assortment of various foods and be brought about by a wide range of pathogenic organisms that have polluted them at some part of the food chain, in the middle of homestead and fork. Foods that are most much of the time connected with foodborne diseases incorporate meat, fish and poultry. The making of the food standards agency in April 2000 was the UK Government s reaction to the high public also, political prowl of food safety issues as of late. In its Key Arrangement 2001–2006, one of the Organization s needs was to lessen foodborne sickne ss by 20% by enhancing food security directly through the food chain (Food Standards Agency, 2001). The Epidemiology, Microbiology and Clinical impact of Shiga toxin-producing Escherichia coli in England, 2009-2012. Escherichia coli (E. coli) are Gram negative bacteria. They ordinarily live in the insides of individuals and animals. Generally E. coli are safe and really are imperative ordinary vegetation of a sound human intestinal tract. Nonetheless, some are pathogenic and causeShow MoreRelatedFoodborne Illness Diseases772 Words   |  3 PagesFoodborne illness diseases that spread through food or beverages are a common, distressing and sometimes a life- threatening problem for millions of people in the United States and around the world. One of the largest foodborne illness outbreaks in United States history happened in 1977. This foodborne illness was called botulism which is a serious and rare disease caused by food. The cause of this outbreak was hot sauce that had been made from improperly canned jalapeno peppers. Foodborne illnessesRead MoreA Report On Foodborne Disease1506 Words   |  7 PagesAccording to foodborne disease Annual reports in New Zealand of 2014, about 524 cases (49.9% ) of foodborne disease were recorded in commercial food operator settings like restaurants, takeaways, mobile stalls, supermarkets and other food outlet (Annual report concerning foodborne disease in New Zealand, 2014). This shows that there were high number of outbreaks reported in New Zealand related to food bacteria’s and micro-organisms. As there were many foodborne outbreaks noted in New Zealand, governmentRead MoreFoodborne Disease Outbreak992 Words   |  4 PagesA mother of a young child called the Vermont Department on February 5 to report the possibility of a foodborne disease outbreak after her child aged 5 years and two other children of her neighbor aged 7 and 10 years became ill with a lot of vomiting and diarrhea that took place within an interval of 12 hours. The child’s sickness became severe that the mother took her to a local hospital where she was kept at the emergency department. 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Global Climate Change Proposal - 1451 Words

Global Climate Change Proposal Nicole Petitta SCI/245 August 5, 2012 Marc W. Romine Abstract I hope this proposal will assist the reader in understanding our Earth’s critical condition and ways even an individual can attribute to the betterment of our environment. Global Climate Change Proposal Scientists refer to global climate change as any alteration in the average temperature involving the climate system. The climate system involves the following: our atmosphere, including temperature, clouds and wind, precipitation, humidity, atmosphere trace gas and aerosol distribution; oceans; volcanoes; land; cryosphere, which includes ice cover and snow cover; and the sun (Murck, Skinner, amp; Mackenzie, 2010). The alternations have been†¦show more content†¦For myself, personally, I believe each and every prediction of the expert scientist could very well come true. For example, the extinction of species has already started. As temperature increases around the world, the habitats of animals are doing the opposite; shrinking. Murck, Skinner, amp; Mackenzie (2010) identified a breed of penguins known as Adelie penguins that have made the West Antarctica Peninsula their home for many years because of the ice cold temperatures; however, recentl y the number of Adelie penguins has â€Å"sharply declined† due to the fact, naturally, they prefer the cold sub-artic temperatures. To look at the big picture, this means that animals will have to migrate, find a way to survive in a different environment and temperature, or, unfortunately, become extinct due to the global climate change. Many species may very well become extinct in our lifetime. Another aspect, or negative consequence, of global climateShow MoreRelatedGlobal Climate Change : A Proposal Argument1359 Words   |  6 PagesGlobal Climate Change: A Proposal Argument Statement of the Problem Climate change is not a new concept. 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Decision-Making Process Mgt 230 Free Essays

Decision-Making Process Michelle Shadinger MGT 230 December 17, 2012 Robert Bloomfield Decision-Making Process We make multiple decisions every day. Some of these decisions are for our personal lives, and some are business decisions. Each decision we make has an outcome, whether favorable or not that we must live with. We will write a custom essay sample on Decision-Making Process Mgt 230 or any similar topic only for you Order Now Some people like to make quick decisions based on their gut reactions and others prefer a methodical approach. Using a step based decision-making process results in better decisions that have a lasting impact . I recently made the decision to return to school after many years of working. I had obtained my Associate’s degree almost 20 years ago and started working for the company where I currently still work. I have wanted to go back to school for many years but as I got married and had children the timing never seemed right. I recently started looking for a new job and discovered a Bachelor’s degree is a requirement for the majority of the positions I wanted to apply for. The more resumes I sent out with no response, the more I knew I had to take action. I knew going to a traditional school was going to be too difficult with my hectic schedule. I started to research colleges that catered to adult learners and found University of Phoenix. I spoke with a counselor at University of Phoenix who answered my questions on the amount of time school takes and how I would pay the tuition. I looked at going to a campus versus online and ultimately decided online would afford me the most flexibility. I prepared for my first class by doing a few things. I discussed my decision with my husband because more of my time would be spent doing schoolwork and I needed his support. I also prepared by attending a free orientation workshop online and I became familiar with the online environment and how the classes worked. I continue to evaluate my decision and feel it was the correct decision. According to our text, the six steps of the decision making process are identifying the problem, generating alternative solutions, evaluating the alternatives, making the choice, implementing the decision, and evaluating the decision (Bateman Snell, 2011). After reviewing the steps, I realized I followed the steps when I made the decision to return to school. First, I recognized the gap in my education for the jobs I wanted to fill. After identifying the issue, I thought about solutions and how I would obtain my Bachelor’s degree. I evaluated the decision and looked for the best school to achieve my goal. Once I decided to go to University of Phoenix, I had to implement the decision by applying for school and getting myself ready for the first course. As I continue school I evaluate if the decision still makes sense and if the online version is the best way to achieve my educational goals. Generating alternative solutions is the step I could have spent some additional time in and done additional research on colleges and compared the schools. I heard about University of Phoenix and knew others who had attended so I did not do much research on what other schools had to offer. Overall, I am happy with my decision to go back to school and my choice of college. References Bateman, T. S. , Snell, S. A. (2011). Management: Leading collaborating in a competitive world (9th ed. ). New York, NY: McGraw-Hill Irwin. How to cite Decision-Making Process Mgt 230, Essays

Environmental Forces that Impact the Business-Samples for Students

Question: Describe the organisational structure of the business. Discuss the external and internal environmental forces that impact the business. Answer: Organizational structure means hierarchical arrangement of lines of communications, authority, rights and duties of an organization. Organizational structure is responsible for determining the manner in which power, roles and responsibilities are controlled, assigned and coordinated along determining the flow of information between the various levels of management (Mills, Bratton, Mills Forshaw, 2006). The organizational structure is dependent on the objectives and strategies of the organization (Baligh, 2006). The focus of this essay is on the company Siemens. This essay explores the organizational structure of Siemens, the external and internal environmental forces and risk that impact its business along with suggestions regarding important business functions and business practices decisions for the enhancement of organizational performance and achievement of strategy. Siemens follows the organizational structure of a company where the operations are organized in three sectors with 15 divisions. The structure is managed by the managing board of the organization. The key divisions of Siemens include infrastructure, industry, energy and healthcare. Their positioning along the electrification value chain is maintained by the key drivers of the business of Siemens which include electrical energy, electrification and automation. Moreover, risk mitigation activities are always taken into consideration by way of adopting a risk based approach (Siemens, 2018). The business of Siemen is impacted by various external and internal environmental forces. The external environmental factor includes the economy, competition, politics and customers and suppliers. On the other hand, the internal environmental factors include employees, company culture, finance, etc. (Sherman, 2018). Since Siemens is involved in the business of power generation and transmission, it is significantly affected by the market trends of undertaking sustainable business practices by way of shrinking their carbon footprint and making the use of more renewable energy resources. The business of Siemens is affected by a variety of threats relation to competitors, global environment, political factors, new technology, etc. (Pride, Hughes Kapoor, 2009). Market conditions such as changes in the interest rates and market rates affects Siemens. While performing business in other countries, the profitability of Siemens is severely impacted due to variations in the foreign exchange ra tes. Moreover, when new technologies are introduced in the market or innovations take place, the complete scenario of the market is changed due to which Siemens faces significant variations in the demand of its products. The external environmental forces require Siemens to take into consideration the strategies of the competitors for capturing the market and taking necessary steps for formulating own strategies. Skills are required by Siemens to take necessary decisions and for performing the day to day operations of business. For this purpose, Siemens requires to make the employment of competent individuals who meet the eligibility criteria for employment. Proper consumer, market and industry analysis is required to be performed from time to time in order to take into account the changes taking place on constant basis. Therefore, the environmental forces severely impact the business of Siemens. Various risks are confronted by Siemens such as the volatile nature of the energy prices which has the direct impact on the profit. Moreover, various financial risks relating to interest rates, exchange rates and credit risk impacts its profitability from time to time (Hill, 2008). Since Siemens have spread its operations in the global market, it experiences the risk of competition from the major companies of this sector across the world. The competition risk, if not met effectively, has the capability of leading Siemens towards the closure of its business and loss of reputation. Societal risks are also experienced by Siemens during the expansion of their business in the various parts of the world. The difference in the culture of the foreign markets leads to difference in their needs and requirements (Hamilton Webster, 2015). In case, Siemens do not address and understand the culture of the place of its expansion, then it may face a risk of alienating customers and losing its profi tability position (Ferraro Briody, 2017). When the social structure of the place of business is not a good fit then the business faces a risk in survival. Global economic risk are faced by Siemens due to weaknesses in certain economies, industries and markets which leads to a unexpected fall in demand for its products and cannot be controlled by Siemens. Furthermore, changes in the laws, rules and regulation presents legal risks for Siemens. If proper attention is not paid towards the compliance of these laws, rules and regulations then strict penal actions may apply on Siemens.For the enhancement of the organizational performance of Siemens, certain business practice decisions should be made regarding high performance work practices, benchmarking, employee engagement, etc. Since it is the employees who work for the success of the organization, Siemens should take steps for the purpose of empowering the employees to take better control over the decision making related to operations and work (Macky Boxall, 2007). This will result in motivation among the employees along with an effective flow of communication that will significantly assist them in working as a team. Siemens should also aim at achieving employee engagement by way of restructuring process for making it interesting, challenging and motivating. Proper information should be provided to the employees regarding the performance and operations of the organization in order to make them aware regarding the happening in the company and creating a sense of job security. High performance work practices should include the financial reward to be offered to the employees for their higher performance in order to motivate the employees (Timiyo, 2014). When the employees will get motivated, the performance of Siemen will automatically improve. It should also include innovation or employee suggestion programs where employees are given an opportunity for suggesting their innovative ideas for enhancing organizational performance (Combs, Liu, Hall Ketchen, 2006). High performance work practices also includes HR practices relating to performance appraisals, recruitment, training and development, etc. that focuses on the skill development and human capital investment within the organization (Caruth, Caruth Pane, 2008). Moreover, Siemens should focus on the adoption of best practices that is the best ways of functioning in order to achieve the objectives of the business. This can be done in the form of quality management, information management, stock control, etc. which will result in enhancing the performance of Siemens in the market. Benchmarking will allow Siemens to compare their business with the other businesses which have attained the heights of success for highlighting the areas where there are requirements for improve ment. For the purpose of achieving the strategy of focusing on innovation- driven growth markets, getting closer to the customers and using its power, Siemens need to concentrate on the most important functions within the organization. The strategy will be achieved only when the products will be produced by Siemens in accordance with the requirements of the customers. For this, Siemens should focus on the operations function that will plan and coordinate the resources required for designing, producing and delivering the products to the customers. Siemens should assure that there is availability of enough capital for the different functions performed in the organization including research and development for bringing innovation in the products. Siemens desires to be counted among the best businesses for which it requires to focus on its human resource function for hiring the exceptional employees and creating a motivated, excellent and expert team (Siemens, 2018). The employees will make be st efforts for the organization when Siemens will take steps for their development, by providing them equal opportunities and encouraging cooperation across all borders. Further, Siemens should focus on the marketing function for promoting the products to the target customers and bringing the feedback of the customers to the organization. This will assist Siemens in increasing the sales of the business. When Siemens will have equal focus on all the functions of the business then it will lead the organization toward the achievement if the strategy. Therefore, it can be concluded that the business of Siemens is affected to a great extent by the internal and external environmental forces such as threats, trends, skills, etc. For meeting the requirement of its customers, Siemens need to consider their needs and want, make the employment of individuals and make the production of products in accordance with the needs. Siemens is confronted with a number of risks while conducting the business such as financial, global economic and societal risks. Furthermore, some business practices decisions regarding high performance work practices, benchmarking and employee engagement should be made by Siemens in order to motivate the employees and enhance the performance of the organization. Also, all the functions of the business should be given equal consideration by Siemens for achieving the strategy References Baligh, H. H. (2006). Organization Structures: Theory and Design, Analysis and Prescription. Springer Science Business Media. Caruth, D. L., Caruth, G. D. Pane, S. S. (2008). Staffing the Contemporary Organization: A Guide to Planning, Recruiting, and Selecting for Human Resource Professionals, 3rd Edition: A Guide to Planning, Recruiting, and Selecting for Human Resource Professionals Third Edition. ABC-CLIO. Combs, J., Liu, Y., Hall, A., Ketchen, D. (2006). How much do high?performance work practices matter? A meta?analysis of their effects on organizational performance.Personnel psychology,59(3), 501-528. Ferraro, G. P., Briody, E. K. (2017).The cultural dimension of global business. Taylor Francis. Hamilton, L. Webster, P. (2015). The International Business Environment. Oxford University Press. Hill, C. (2008). International business: Competing in the global market place.Strategic Direction,24(9). Macky, K., Boxall, P. (2007). The relationship between high-performance work practices and employee attitudes: an investigation of additive and interaction effects.The International Journal of Human Resource Management,18(4), 537-567. Mills, A. J., Bratton, J., Mills, J. C. H. Forshaw, C. (2006). Organizational Behaviour in a Global Context . University of Toronto Press. Pride, W., Hughes, R. Kapoor, J. (2009). Business. Cengage Learning. Sherman, F. (2018). What Are Internal External Environmental Factors That Affect Business?. Retrieved March 27, 2018 from https://smallbusiness.chron.com/internal-external-environmental-factors-affect-business-69474.html Siemens. (2018). Siemens unique strength. Retrieved March 27, 2018 from https://w5.siemens.com/belux/web/en/about/vision/Pages/strength.aspx Timiyo, A. J. (2014). High Performance Work Practices: One best-way or no best-way. Journal of Business and Management. vol 16(6). pp. 8-14.