Financial Markets and Institutions Essay Example | Topics and Well Written Essays - 1250 words - 2

Financial Markets and Institutions - Essay Example Another option available to an investor is the financial markets that help to channel money from an individual having surplus funds to an individual who requires the money. By participating in financial markets the investor will get the opportunity to invest in a broad range of securities ranging from stocks, bonds, and Treasury bills to modern financial instruments such as derivatives. Financial markets helps to create wealth by mobilizing personal savings of investors and arranging suitable invest opportunity. The process in turn contributes in creation of national wealth by encouraging investments and savings (Madura, 2012, pp.4-7). Overview of Securities Treasury Bills The maturity of T-bills is less than a year and is hence instrument of money market and not capital market. These instruments are very similar to zero-coupon bonds and hence do not pay interest prior to maturity. The process of issuing T-bills is through competitive bidding where they are sold to investors at disco unt and at maturity they are redeemed at the face value of the bond. The appreciation of bond prices in near future provides returns for investment. The maturity of treasury bills varies from 28 days to 364 days and they are sold weekly through single-price auctions. The minimum amount of investment in T-bills has been reduced from $1000 to $100 and the maximum purchase amount is $5 million. Bonds Bond can be defined as the financial instrument through an institution borrows money from different investor for definite period of time with a fixed interest rate. It can be used by corporate, municipalities and government organisations to fund new projects and for further expansion. Interest rate is also known as coupon rate and interest on bonds can be paid semi annually (every six months) and on the date of maturity principal amount of the bond will be paid to the investor with coupon rate. Bond market is also called as a debt market or credit market which is a financial market where n ew bonds can be issued and trading on existing bonds can be done. It is a long term financial market which includes corporate bonds, notes, bills; US treasury bonds.US bond market is about 44% of global bond market. According to SIFMA (Securities Industry and Financial Market Association) current US bonds market increased from March 2012 to 2013 by 2% to nearly $100 trillion. Currently the yields of US treasuries are varying from 0.05% to 3.89% for 3 months treasuries to 30 year treasuries (Fabozzi, 2007, p.261). Stocks The stock or capital stock of an incorporated business constitutes the equity stake of its owners. It represents the residual assets of company which is due to stockholders after discharging secured and unsecured debt. The stockholder’s equity cannot be withdrawn from company as it is detrimental to creditors of company. The stock of a corporation is partitioned into shares. Additional shares can be authorized by existing shareholders and issued by company. Sh ares represent a fraction of ownership in business. This ownership of share is documented by issue of stock certificate which a legal document is specifying the amount of share owned by shareholder. Stock in the form of shares can be preferred stock or common stock. Preferred stock differs from common stock in the way that it does not carry voting rights. It is entitled to a certain level of dividend payment

Understand the role of the social care worker Essay Example for Free

Understand the role of the social care worker Essay A working relationship is professional based. It is made around a companies contracts, policies and procedures. A person would have a working relationship with their managers, colleagues, other health professionals and their patients. Within a nursing home a social workers working relationship with a patient is one based on care and support. It is to help somebody with their everyday living and where it is best for them to be. There are different boundaries in a working relationship both parties must be strictly professional at all times. A social worker should not exchange their personal information with a patient and they must follow all the companies policies and procedures. A personal relationship is more emotional and intimately based. A personal relationship is what a person has with their family and their friends. It is formed through the choice of two people, it is made through shared interests and likes. A person is free to express how they feel about another individual and voice their opinions in a personal relationship. In a personal relationship both people are involved in deciding whether they want that relationship or not. In health and social care settings there are many different working relationships. When approaching a doctor or other medical professional the relationship will always be professional and formal because it is concerning the patients well being and all information needs to be passed on correctly. A relationship with a patient and their family may be more informal if a social worker has worked with them closely for a long time, although a relationship with them should always stay professional. If they are working with and seeing somebody on a daily basis both parties do develop a closer relationship. The relationship between a person with their colleagues and their manager would also be different, even though both relationships must stay professional somebody would address their manager different to how they would a colleague. All relationships are different but in the workplace they  should always remain professional. Understand the important of working in ways that are agreed with the employer. It is important to adhere to the agreed scope of the given job role because it enables the worker to know their roles and responsibilities. It sets out boundaries for the worker for their own job role. Without knowing their job role they may do things they are not trained to do or other workers may take advantage and get them to do jobs they are not meant to be doing. By knowing the correct job role a worker can improve their skills so they better themselves at that job. It means they will be working towards becoming a better carer, if they know what they are meant to be achieving. Agreed ways of working is to work to the set rules given by your employer or by law. These are usually in the form of policies and procedures, when starting work every employer should read their companies polices and procedures. They are also usually on staff notice boards as well. Staff members can have access to the policies and procedures when ever needed. It is important to have up-to-date details of agreed ways of working because the law may have changed so the policies and procedures would need to be updated to fit in with these. The laws would change to protect vulnerable people or if something has gone wrong. They must be followed so that everyone works to the same guidelines rather than how they want to because if they done that everything would become chaotic. The may also be breaking the law if they are not following the policies and procedures. Understand the importance of working in partnership with others. It important for a social worker to work in partnership with others these include carers, family, friends, doctors, physiotherapists etc. because then specific problems can be addressed such as mobility problems with the physiotherapists, illnesses with the doctors. Without working together a solution would not be made as quickly and easily as possible for the patient. If they are unable to make decision for themselves all those involved in the patients care should help to decide on the best thing for  them, this could be where they should live or what is the best form of medication. They are different ways of working to help improve working in a partnership such as recording all information so that it is easy to access for all the parties involved. The information should be clear and very informative, it needs to be accurate about the patient. All the partnerships should regularly meet or communicate so that everyone involved is up-to-date and all the necessary information is being shared. When resolving conflicts a social worker should always remain calm, level headed and unbiased. If a conflict does arise the social worker needs to show understanding and empathy to both parties and show that they are listening. They should not let their personal opinions or judgements affect what they do or say. To try and diffuse any situation the social worker should give both sides a chance to express their feelings and opinions. If the conflict can not be resolved on that day then a time should be set to resolve it, people may be calmer the second time. If a social worker is finding it hard to resolve a conflict after trying all the solutions they can think of they should ask for help. This could be from a colleague, they may have been in a similar situation before so have very valuable experience. A supervisor or line manager they would be able to give professional advice and again may have experienced this before so would have valuable advice, they would also be more experienced in having to make confident decisions. Agencies such as CQC, social services and support agencies would always be able to either give useful numbers and websites to use or give advice to help solve the situation.

Brand Positioning Of Sap Erp Marketing Essay

Brand Positioning Of Sap Erp Marketing Essay What positioning strategy does is to create an image for the product that a company wants to bring in the mind of customers, in order to make them realize the current situation of market and competitors. Positioning is a strategic tool which is applied at all levels and which also makes marketing and its functioning less tedious. With Competitors and opportunities as a point of view the process which helps in identifying the consumers use of product and its patterns, attitudes and perceptions will help us to determine the best place for product or organization. (Karadeniz, 2009) Brand positioning of SAP-ERP SAP started as an ERP software vendor and today they are players in the ERP market. SAP to help themselves and to be provided with arms and ammunitions to build ERP, built a strong relationships with a variety of alliance partners. And today there are ample number of third-party developers who are suppliers of numerous add-on programs that work in conjunction with SAP products. SAP also offers ERP solutions appropriate for all sizes of companies and geographical needs are also sufficed. According to SAP their functional strengths includes: à ¢Ã¢â€š ¬Ã‚ ¢ Strong product development à ¢Ã¢â€š ¬Ã‚ ¢ Ease in supporting Make-To-Order processing à ¢Ã¢â€š ¬Ã‚ ¢ Integrated retail module à ¢Ã¢â€š ¬Ã‚ ¢ Clear visibility to goods-in-transit orders à ¢Ã¢â€š ¬Ã‚ ¢ Good quality control and quality assurance functionality à ¢Ã¢â€š ¬Ã‚ ¢ Good compliance with SOX and tax regulations à ¢Ã¢â€š ¬Ã‚ ¢ Strong cash management functionality SAP ERP Comparison with competitors: According to recent survey by panorama consulting they compared the offerings of SAP, Oracle and Microsoft Dynamics which showed that each of the companies has both strengths and weaknesses. It is important to remember that the suitability of a particular ERP solution for an organization is wholly dependent on the specific needs and requirements of that organization. Our positioning strategies: Keeping in mind the marketing techniques, for our product positioning we have made slogan which can be easily positioned in consumers mind i.e., Customization up to your Satisfaction is what we sell Customization by our Competitors? Be the first to leave a mark of your own, so it is always to help ourselves by being first. We can easily penetrate into everyones mind by a good first impression. As an old saying says First impression is the nest impression, when you are the first it is very easy to create an impression which lasts long. There are always second in the race and yes they create an impression but the first one to make a remarkable move wins attention. And its also known that the best one and the first one wins with more confidence irrespective of the environment. By being the first to claim a unique position in the mind the consumer, a firm effectively can cut through the noise level of other products. (Trout, 1981) Manufacturing Market Positioning strategy: Use and Application Manufacturing market is a vast area with different sized firms dealing with that for many years now. And with the current economy which is diminishing everyday it is important to note that small sized and mid-sized markets are the most affected. Positioning of SAP ERP here has to be done with respect to the Use and Application for the customers in the market, when we talk about use and application we mainly are concerned with how well the customer knows to make use of ERP and how they can apply to make themselves jump up to a better position. This now can be achieved by spreading knowledge about the product in order to reach the requirements and to serve the purpose of SAP ERP. Summary: A product can expand itself by making itself better known to customers and by increasing consumption by developing its uses and applications. The product has to be positioned accordingly in the minds of the customer with respect to individual target market. Service Industry Position Strategy: Product Class Service industry is a sector which contains business organizations in themselves which are working depending on cohesive information systems. ERP for this has to be able to deal with multiple aspects like billing, CRM, HR, supply chain management and so on. When we are using the product class, what we do is define the nature of the product and its services offered so as to serve the needs which are branded to be a part of particular market. When we divide the market keeping size and geographical conditions in mind, it is so done that each product designed for a market is capable of serving the purpose of the customers who buy it. So positioning by product class can be done if two products lie in the same product class. Positioning by product class mainly uses sales promotion as it tool. Example Get a toothbrush with a toothpaste free. Both of these products lie in the same product class and hence can be positioned accordingly. So what we do here is when the customer buys SAP ERP, we offer him few services they need for a trial and try to prove ourselves that we are the best for them to rely on. Once such a strategy is implemented and the product is released company simultaneously gains recognition in the market and the special offers steal peoples attention. Thus the company would have a better positioning once it advertised itself in its own product class. Henceforth, being in your own product class where your major target customers are is very important. Retail Industry Positioning: Characteristics and Customer benefits. Retail industry majorly deals with problems like requirements of stocks and placing orders and dealing with the wholesalers. Positioning can be done by using product characteristics or the customer benefits associated with the product to suit this market. In essence, the strategy relies on providing a superior product to the customers to have a better positioning. A strategy which is capable of positioning the product so that the customers can deal with all their issues at one single point. Characteristics and customer benefits show them that it is achievable to handle all the works by using one product. SAP ERP should be positioned as one such product, which helps in many ways with advantages. Few of those advantages are retail components, storeroom maintenance, workflow automation and technology integration. We agree there will be presence of few restrictions but it is also not deniable that the purpose wont be served. What we try to do here is just a plain strategic development blue print for our product which we portray as the best for them and we prove it by providing all possible characteristics there should be and the benefits that we can offer at no cost for self.

Aetna: A Target Market Analysis Essay -- Market Research

Overview: With an evolving market in the various fields marketing, companies needed to readjust their and update their marketing strategies. Centuries ago, a company that needed to market for its products would just post a paper note at the main town street and if people liked the product it would be sold. In the 21st century, marketing became an essential field and necessary branch in any company that plans to succeed. Aetna recognized this necessity and while analyzing the company’s strategies and structure, one can recognize the un-doubtful organization in identifying their target market. Through the creation of different subsidiaries, Aetna, Inc. is able to organize its target market and classify their various services based on the target market’s specific demographics. Primary and Secondary Target Markets Being a giant in the insurance market in the United States, Aetna, Inc’s target market is widely spread and can’t be simply classified in primary and secondary targets. The company’s target market’s however, can be divided into two general markets with each having different classifications. Aetna’s target markets can be divided into an American market and an international one. Within the American market, Aetna divided itself into subsidiaries each concentrating on a specific target market. Outside of the American market, Aetna created Aetna International to specifically target various non-American markets. Within Aetna’s primary target market, there are seven subsidiaries that target the various American markets. Six of these subsidiaries aim at the various markets in the United States while the seventh aim towards improving the collective services offered by Aetna through the delivery of various health ... ... About Medicity. (2011). In Medicity. Retrieved March 10, 2012, from http://www.medicity.com/about-medicity.html About Us. (2012). In ActiveHealth Management. Retrieved March 10, 2012, from http://activehealthmanagement.com/ Aenta History. (2012). In Aetna. Retrieved March 9, 2012, from http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/aetna-history/index.html Aetna Subsidiaries: Standalone Companies Owned by Aetna. (2012). In Aetna. Retrieved March 9, 2012, from http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/subsidiaries.html Miles, J., & Armstrong, R. (Narrator). (2011). Rivalry: Aetna vs Humana [Online video]. Fox News: Business. Retrieved April 6, 2012, from http://video.foxbusiness.com/v/3893197/rivalry-aetna-vs-humana/ Our Mission. (2012). In SRC. Retrieved March 10, 2012, from http://www.aetna.com/src/about/index.html

Audism Unveiled Essay

Audism Unveiled Audism by it’s very definition is a negative or oppressive attitude towards deaf people by either deaf or hearing people and organizations, and a failure to accommodate them. This documentary really opened my eyes as to what deaf people have gone through since the beginning of time. They have been treated with prejudice and oppression. They have been looked down upon- as if they are some sort of â€Å"subhuman† not worthy of being classified as a normal person because of the fact that they cannot hear. Audism goes under the same category as racism, sexism, discrimination, etc. In the movie, â€Å"Audism Unveiled,† they were many testimonials of different deaf people explaining their stories of oppression simply because of the fact that they’re deaf or hard of hearing. Deaf people often have difficulty communicating with the hearing world and thus, they have been looked down upon with sympathy. They need to be healed. They’re disabled. They can’t have the same jobs as hearing people. It’s sickening how deaf people get treated. There was a deaf man in the film who explained how his parents would take him to a religious shrine and have a priest and his mother pray for him so his deafness can be â€Å"healed.† It, obviously, did nothing and he is still deaf and he seems happy that way. Another deaf man exclaimed how his parents made him go to a medicine man in a smoke filled hut, hoping that this kind of ritual will help him. But since he did not take the ritual seriously, his parents said that’s why it didn’t work. But, religion is not going to help the situation anymore than screaming at them will. But some stories were sad: A deaf man explained how his mother never learned to sign even though the man has been deaf since childhood. One day, when she was in her 80’s, she asked him if she should have learned sign language, baffled, the man asked why she was asking this. But she shrugged it off, and a year later, she was on her death bed, trying to write a note to her son and mid-write, she passed away. The man never knew what her last words to her son were going to be. Now, he is an advocate for parents of deaf  children to learn sign language so that no one would ever have to experience what he had to. I think that all parents with deaf children should embrace their child and their new culture and learn the language that is most easy for their child to communicate in. Most deaf children feel lonely and abandoned from their families because no one ever bothers to include them into family conversations. Whenever the deaf person would ask what’s going on, they would say â€Å"Oh we’ll tell you later.† Always the same thing and deaf people are tired of it. They want to know now and be included! It’s not fair that they have to be left out just because they’re deaf. It causes depression and resentment in the deaf person when the family constantly excludes the deaf family member. In some situations, deafness was viewed as evil. One man said that his aunt told him that he must have been a bad man in his past-life and as punishment, he was born deaf in this life-time. Hearing people do view being deaf as a misfortune, but that does not justify the way that they get treated by hearing people. I think it’s horrible how they are viewed as unable. I would hate to imagine someone treating me like I’m not able because I’m Hispanic or because I’m gay. It would tear me apart and I’m sure most deaf people feel the same way. Audism needs to be a bigger issue among hearing people and they need to know that being deaf is not a handicap, deaf people are not looking for sympathy. They want to be treated as equals.

Free Essays on Emersons Metaphors

Alfonso Emerson’s Metaphors Nature is the primary example of what a human being considers beautiful. Whether it is a glorious landscape, a delicate flower, or the figure of another human being, these natural forms awaken a person’s desires. In Nature, Ralph Waldo Emerson uses metaphor as a rhetorical device to show that every aspect of nature is divine and for man’s use. Firstly, nature is described as ever-changing, perpetually displaying different manifestations of God. Secondly, Emerson shows how certain natural occurrences may be undesirable to one’s own sense of comfort, but can also be interpreted as being beautiful. Finally, man benefits from every part of nature’s cycle. Nature never stays still. The seasons change and generations of species give way to further generations. This is not only true on the broader scale of the whole earth, but even in the microcosm of a single natural habitat. For example, Emerson writes, â€Å"Indeed the river is a perpetual gala, and boasts each month a new ornament† (41). The river bank, being very rich in life, is constantly blooming with different seasonal flora. Each flower, so unique, exhibits vibrant hues of color that no artist can imitate. Indeed, the image of a flower is pleasing to the eye; it is the definition of beauty. Emerson goes on to write: What angels invented these splendid ornaments, these rich conveniences, this ocean of air above, this ocean of water beneath, this firmament of earth between? This zodiac of lights, this tent of dropping clouds, this striped coat of climates, this fourfold year? (38) In this passage, he uses many metaphors to describe parts of nature, such as the air, lights, clouds, climates and seasons. Every one of these aspects, though, is attributed to an invention of angels. He explains how only a divine and celestial being can create these phenomena of such beauty, and he describes them with concrete and abstract metaphors. The hu... Free Essays on Emerson's Metaphors Free Essays on Emerson's Metaphors Alfonso Emerson’s Metaphors Nature is the primary example of what a human being considers beautiful. Whether it is a glorious landscape, a delicate flower, or the figure of another human being, these natural forms awaken a person’s desires. In Nature, Ralph Waldo Emerson uses metaphor as a rhetorical device to show that every aspect of nature is divine and for man’s use. Firstly, nature is described as ever-changing, perpetually displaying different manifestations of God. Secondly, Emerson shows how certain natural occurrences may be undesirable to one’s own sense of comfort, but can also be interpreted as being beautiful. Finally, man benefits from every part of nature’s cycle. Nature never stays still. The seasons change and generations of species give way to further generations. This is not only true on the broader scale of the whole earth, but even in the microcosm of a single natural habitat. For example, Emerson writes, â€Å"Indeed the river is a perpetual gala, and boasts each month a new ornament† (41). The river bank, being very rich in life, is constantly blooming with different seasonal flora. Each flower, so unique, exhibits vibrant hues of color that no artist can imitate. Indeed, the image of a flower is pleasing to the eye; it is the definition of beauty. Emerson goes on to write: What angels invented these splendid ornaments, these rich conveniences, this ocean of air above, this ocean of water beneath, this firmament of earth between? This zodiac of lights, this tent of dropping clouds, this striped coat of climates, this fourfold year? (38) In this passage, he uses many metaphors to describe parts of nature, such as the air, lights, clouds, climates and seasons. Every one of these aspects, though, is attributed to an invention of angels. He explains how only a divine and celestial being can create these phenomena of such beauty, and he describes them with concrete and abstract metaphors. The hu...

Medieval Clothing and Fabrics in the Middle Ages

Medieval Clothing and Fabrics in the Middle Ages In medieval times, as today, both fashion and necessity dictated what people wore. And both fashion and necessity, in addition to cultural tradition and available materials, varied across the centuries of the Middle Ages and across the countries of Europe. After all, no one would expect the clothes of an eighth-century Viking to bear any resemblance to those of a 15th-century Venetian. So when you ask the question What did a man (or woman) wear in the Middle Ages? be prepared to answer some questions yourself.  Where did he live? When did he live? What was his station in life (noble, peasant, merchant, cleric)? And for what purpose might he be wearing a particular set of clothes? Types of Materials Used in Medieval Clothing The many types of synthetic and blended fabrics people wear today were simply not available in medieval times.  But this didnt mean that everyone wore heavy wool, burlap, and animal skins. Different textiles were manufactured in a range of weights and could vary greatly in quality. The more finely woven the textile was, the softer and more costly it would be. Various fabrics, such as taffeta, velvet, and damask were made from textiles like silk, cotton, and  linen using specific weaving techniques. These were not generally available in the earlier Middle Ages, and were among the more expensive fabrics for the extra time and care it took to make them. Materials available for use in medieval clothing included: Wool By far the most common fabric of the Middle Ages (and the core of the flourishing textile industry), wool was knitted or crocheted into garments, but it was more likely woven. Depending on how it was made, it could be very warm and thick, or light and airy. Wool was also felted for hats and other accessories. Linen Almost as common as wool, linen was  made from the flax plant and theoretically available to all classes. Growing flax was labor-intensive and making linen was time-consuming, however. Since the fabric wrinkled easily, it wasnt often found in garments worn by poorer folk. Fine linen was used for the veils and wimples of ladies, undergarments, and a wide variety of apparel and household furnishings.​ Silk Luxurious and costly, silk was used only by the wealthiest of classes and the Church.   Hemp Less costly than flax, hemp and nettles were used to create workaday fabrics in the Middle Ages. Though more common for such uses as sails and rope, hemp may also have been used for aprons and undergarments. Cotton Cotton doesnt grow well in cooler climes, so its use in medieval garments was less common in northern Europe than wool or linen. Still, a cotton industry existed in southern Europe in the 12th century, and cotton became an occasional alternative to linen. Leather The production of leather goes back to prehistoric times. In the Middle Ages, leather was used for shoes, belts, armor, horse tackle, furniture, and a wide assortment of everyday products. Leather could be dyed, painted, or tooled in a variety of fashions for ornamentation. Fur In early medieval Europe, fur was common, but thanks in part to the use of animal skins by Barbarian cultures, it was considered too crass to wear in public. It was, however, used to line gloves and outer garments. By the tenth century, fur came back into fashion, and everything from beaver, fox, and sable to vair (squirrel), ermine, and marten was used for warmth and status. Colors Found in Medieval Clothing Dyes came from a lot of different sources, some of them far more expensive than others.  Still, even the humble peasant could have colorful clothing. Using plants, roots, lichen, tree bark, nuts, crushed insects, mollusks, and iron oxide, virtually every color of the rainbow could be achieved. However, adding color was an extra step in the manufacturing process that raised its price, so clothing made from an undyed fabric in various shades of beige and off-white was not uncommon among the poorest folk. A dyed fabric would fade fairly quickly if it wasnt mixed with a mordant, and bolder shades required either longer dyeing times or more expensive dyes. Thus, the fabrics with the brightest and richest colors cost more and were, therefore, most often found on the nobility and the very rich. One natural dye that did not require a mordant was  woad,  a flowering plant that yielded a dark blue dye. Woad was used so extensively in both professional and home dyeing that it became known as Dyers Woad, and garments of a variety of blue shades could be found on people of virtually every level of society. Garments Worn Under Medieval Clothing Throughout much of the Middle Ages and in most societies, the undergarments worn by both men and women didnt substantially change. Basically, they consisted of a shirt or under-tunic, stockings or hose, and some kind of underpants or breeches for men. There is no evidence that women regularly wore underpants - but with a matter of such delicacy that the garments became known as unmentionables, this isn’t surprising. Women may have worn underpants, depending on their resources, the nature of their outer garments, and their personal preferences. Medieval Hats, Caps, and Head Coverings Virtually everyone wore something on their heads in the Middle Ages, to keep off the sun in hot weather, to keep their heads warm in cold weather, and to keep dirt out of their hair. Of course, as with every other type of garment, hats could indicate a persons job or their station in life and could make a fashion statement. But hats were especially important socially, and to knock someones hat off his or her head was a grave insult that, depending on the circumstances, could even be considered assault. Types of mens hats included wide-brimmed straw hats, close-fitting coifs of linen or hemp that tied under the chin like a bonnet, and a wide variety of felt, cloth or knitted caps. Women wore veils and wimples. Among the fashion-conscious nobility of the High Middle Ages, some fairly complex hats and head rolls for men and women were in vogue. Both men and women wore hoods, often attached to capes or jackets but sometimes standing alone. Some of the more complicated mens hats were actually hoods with a long strip of fabric in the back that could be wound around the head. A common accouterment for men of the working classes was a hood attached to a short cape that covered just the shoulders. Medieval Nightwear You may have heard that in the Middle Ages, everyone slept naked. Like most generalizations, this cant be perfectly accurate - and in cold weather, it is so unlikely it becomes painfully ridiculous. Illuminations, woodcuts, and other period artwork illustrate medieval people in bed in different attire. Some are unclothed, but just as many are wearing simple gowns or shirts, some with sleeves. Though we have virtually no documentation regarding what people wore to bed, from these images we can glean that those who wore nightdress could have been clad in an under-tunic (possibly the same one theyd worn during the day) or even in a lightweight gown made especially for sleeping, depending on their financial status. As it is true today, what people wore to bed depended on their resources, the climate, family custom, and their own personal preferences. Sumptuary Laws Clothing was the quickest and easiest way to identify someones status and station in life. The monk in his cassock, the servant in his livery, the peasant in his simple tunic were all instantly recognizable, as was the knight in armor or the lady in her fine gown. Whenever members of the lower strata of society blurred the lines of social distinction by wearing clothing ordinarily found only among the upper classes, people found it unsettling, and some saw it as downright offensive. Throughout the medieval era, but especially in the later Middle Ages, laws were passed to regulate what could and could not be worn by members of different social classes. These laws, known as sumptuary laws, not only attempted to maintain the separation of the classes, they also addressed excessive expenditures on all sorts of items. The clergy and more pious secular leaders had concerns about the conspicuous consumption the nobility was prone to, and sumptuary laws were an attempt to reign in what some found to be distastefully ostentatious displays of wealth. Although there are known cases of prosecution under sumptuary laws, they seldom worked. It was difficult to police everyones purchases. Since the punishment for breaking the law was usually a fine, the very rich could still acquire whatever they pleased and pay the price with hardly a second thought. Still, the passage of sumptuary laws persisted through the Middle Ages. The Evidence There are exceedingly few garments surviving from the Middle Ages. The exceptions are the apparel found with the bog bodies, most of whom died before the medieval period, and a handful of rare and costly items preserved through extraordinary good fortune. Textiles simply cannot withstand the elements, and unless they are buried with metal, they will deteriorate in the grave without a trace. How, then, do we really know what people wore? Traditionally, costumers and historians of material culture have turned to period artwork. Statues, paintings, illuminated manuscripts, tomb effigies, even the extraordinary Bayeux Tapestry all depict contemporaries in medieval dress. But great care must be taken when evaluating these representations. Often contemporary for the artist was a generation or two too late for the subject. Sometimes, there was no attempt at all to represent a historical figure in clothing appropriate to the figures time period. And unfortunately, most of the picture books and magazine series produced in the 19th century, from which a large percentage of modern histories are drawn, are based on misleading period artwork. Many of them further mislead with inappropriate colors and the casual addition of anachronistic garments. Matters are further complicated by the fact that terminology is not consistent from one source to the next. There are no period documentary sources fully describing garments and providing their names. The historian must pick up these bits of scattered data from a wide range of sources - including wills, account books, and letters - and interpret exactly what is meant by each item mentioned. There is nothing straightforward about medieval clothing history. The truth is, the study of medieval clothing is in its infancy. With any luck, future historians will break open the treasure trove of facts about medieval clothing and share its riches with the rest of us. Until then, we amateurs and non-specialists must take our best guess based on what little weve learned. Sources Dickson, Brandy. Cotton is Period? Really? Brandy Dickson, 2004-2008. Houston, Mary G. Medieval Costume in England and France: The 13th, 14th and 15th Centuries. Dover Fashion and Costumes, Kindle Edition, Dover Publications, August 28, 2012. Jenkins, David (Editor). The Cambridge History of Western Textiles 2 Volume Hardback Boxed Set. Hardcover, Cambridge University Press; Slp edition, September 29, 2003. Kà ¶hler, Carl. A History of Costume. Dover Fashion and Costumes, Kindle Edition, Dover Publications, May 11, 2012. Mahe, Yvette, Ph.D. History of Fur in Fashion 10th to 19th Century. Fashion Time, February 19, 2012. Medieval Veils, Wimples and Gorgets. Rosalie Gilbert. Netherton, Robin. Medieval Clothing and Textiles. Gale R. Owen-Crocker, Hardcover, The Boydell Press, July 18, 2013. Norris, Herbert. Medieval Costume and Fashion. Paperback, Dover Publications Inc., 1745. Piponnier, Francoise. Dress in the Middle Ages. Perrine Mane, Caroline Beamish (Translator), Paperback, Yale University Press, August 11, 2000. Priest, Carolyn. Period Leather-working techniques. Thora Sharptooth, Ron Charlotte, John Nash, I. Marc Carlson, 1996, 1999, 2001. Virtue, Cynthia. How to be a HOOD-lum: Medieval hoods. Cynthia Virtue, 1999, 2005. Virtue, Cynthia. How to make a Coif: 1 and 3 piece patterns. Cynthia Virtue, 1999-2011. Virtue, Cynthia. Mens Stuffed-Roll Hats. Cynthia Virtue, 2000. Virtue, Cynthia. Womens Roll Hats. Cynthia Virtue, 1999. Zajaczkowa, Jadwiga. Hemp and Nettle. Slovo, Jennifer A Heise, 2002-2003.

imperial Rome essays

imperial Rome essays During the Imperial Rome era, the lifestyles were quite different in which we in the present are very much used to. The civilization of the Roman Empire depended on the vitality of its cities. This meant that the society was based upon the strength that its cities contained. Almost all cities during this period were inhabited with a population of 20, 000. Only a select few had a populace of 75, 000 or more. The city of Rome in total had approximately 500, 000 residents. These figures compared with todays numbers seem incomparable but were large at the time. As people moved into Rome to start a living during the Imperial days, they were somewhat overwhelmed by its size, bustle, and noise. This was of the norm as most other cities that they fled were probably small subtle towns. With the continual expansion of people, there were two distinct classes of society, the rich and the poor. For the wealthy individuals or families, life was full of luxuries, along with comfortable living cond itions. The prosperous inhabited elegant homes, which were called domus. These dwellings included spacious areas, magnificent courtyards, several rooms designed for specific purposes (e.g. sleeping dinning) and a quaint and peaceful environment. With the space that these well-crafted monstrous homes occupied, most of Romes territory was built for the rich. This caused serious problems as only a small portion of the population inhabited these lodgings and colossal structures that were built such as theatres and forums, leaving a small amount of space for the mass of Romes population. Apartments, which were called insulaes or islands, were constructed to provide a less than livable home for the majority of people. They were usually five or six stories high to accommodate the most people possible, as every inch of space was considered a necessity. The most renowned insulae was the Insula of Febiala, which seemed to have towered above ...

Yourba Art . Formal Analysis Essay Example | Topics and Well Written Essays - 750 words - 1

Yourba Art . Formal Analysis - Essay Example As a point of departure, the Olumeye statue is long reputable among the artists of the Yoruba people. Majority of the Olumeye statutes are woodcarvings that depicts a woman kneeling holding a chicken (Sculpture, and I, 7). In these statutes, the basket shaped bowl substitutes for the chicken. It is realizable that, when the Olumeye is used during a welcome ritual, the carved woman brings reputation by attending to her guests by satisfying their hunger through kola nuts. The use of kola nuts in the image is a manifestation of the food provided to the visitors during special visits. The woman’s youthful body, the posture of her offering and stylization of her hair indicates her beauty, however, something with her fertility was in a mess but now it is solved. The kneeling is an indication of a relationship with a higher force, most probably a god of fertility. The divination of the kola nut bowl is in the shape of a chicken that is offered to the gods as a sign of appreciation. The chicken symbolizes the mother’s new state (Sculpture, and I, 15). According to the Yoruba, the carrying of babies indicated the mother’s long period of sexual abstinence and repressed menstruation, which suggest spotlessness and cleanliness, a satisfying female aspect. The image indicates the culture, origin and beliefs of the Yoruba people, who believe that they originated from the city of life, which is the present Nigeria. The Yoruba believes that Nigeria is the site of the Yoruba’s creation story. The manifestation of the kola nut in the image is a depiction that, the Yoruba community are farmers (Sculpture, and I, 8). On equal measure, the art itself indicate that the Yoruba people are fine artists and traders. The female forms in the Olumeye image manifest the ideal feminine beauty of the Yoruba. For instance, the image represents a nude woman with extravagant headdress and long graceful features, which depict the beauty, enclosed in the Yoruba women.

Leonardo da Vincis Work Mona Lisa Personal Statement

Leonardo da Vincis Work Mona Lisa - Personal Statement Example To a large degree, the formal analysis revealed these characteristics of the work to me for the first time. Now upon examining reproductions, I recognize that in large part there is a distinction between the linearity in the woman’s hands, as well as in bodily elements. I also recognize the painterly elements in terms of the sfumato effect, specifically in an articulation of the woman’s mouth. One element I disagree with is the mystery surrounding the woman’s expression. While I recognize art critics popularly argued this feature of the painting, I believe that to a degree such perspectives are overblown and the work can be appreciated simply for its power and depth of creation.  Now upon examining reproductions, I recognize that in large part there is a distinction between the linearity in the woman’s hands, as well as in bodily elements. I also recognize the painterly elements in terms of the sfumato effect, specifically in the articulation of the woma n’s mouth. One element I disagree with is the mystery surrounding the woman’s expression. While I recognize art critics popularly argued this feature of the painting, I believe that to a degree such perspectives are overblown and the work can be appreciated simply for its power and depth of creation.              

Build your own Essay Example | Topics and Well Written Essays - 500 words

Build your own - Essay Example An Intel Iris Graphic is what I also added to the package. The retina display is truly amazing as it captures every sentimental moment of graphics in which I can enjoy movies and games. I think this Mac Book Pro is a great PC as it has amazing graphics. I wanted a machine that would allow me to have a lot of storage capacity, which made me push for 16GB. The 16GB was perfectly suited for me as I can store pictures, documents, and videos. Traditionally they come in 8 or 4GB. Moreover, a built-in battery that would allow me to charge for 9 hours. I opted for the 15-inch display, which was a better option. The 1TB flash storage came standard and was sufficient for my needs. My flash doesn’t have any moving parts, which makes it super durable and quiet. The storage was perfect for all-around luxury that I wanted. Another great feature I wanted in my machine was the two Thunderbolt 2 ports, two USB 3 ports, and an HDMI port. An HDMI port is a necessary for any Mac user who wants to connect to their television. Without a traditional optical drive, there’s room for ports conveniently located on both sides of the notebook. One of the best features that I wanted was the retina drive because it allowed me to have amazing graphics. I enhanced the MacBook Pro with PCIe-based flash storage. One of the greatest features I like about the Mac is the variety of applications that it offers. The MacBook comes with exotic applications that have many functions to the users. Every MAC comes with apps for creativity that are utilized for productivity. As a matter of fact, I also opted out for Iris Pro Graphics and advanced NVIDIA graphics. The NVIDIA graphics card is an excellent choice for video and photography.   I also opted for a 2880 x 1800 resolution on the 15‑inch MacBook  Pro so I can view movies in HD since I have Netflix. One of the things I always wanted MacBook Pro was Logic Pro X is an advanced music production application. This

The quality of collective action will determine the quality of results Essay

The quality of collective action will determine the quality of results - Essay Example All these stakeholders have individual roles to play in ensuring that the aims of education are achieved. However, to ensure quality education, these stakeholders do not just have to work in isolation but then have to work collectively. Elaborating how stakeholders can work collectively, Kodua (2001) posits that curriculum planners must understand the immediate educational aims of educational administrators and the learning requirements of learners and structure the curriculum in such a way that it meets these educational aims. The educational managers must in response ensure that all infrastructure and resources needed for the smooth running of education are supplied. Still working together, teachers must ensure that they deliver quality student-centered and interactive lessons that would ensure that learning becomes easier for students. On the part of supervisors, they must ensure that they monitor and assess the performance and delivery of teachers whiles students do everything po ssible to grasp lessons taught. It is only under such circumstance where the general aim of education is made to run through the delivery of education among all stakeholders that we can be assured of quality of collective action.

Acute Lymphoblastic Leukemia Annotated Bibliography

Acute Lymphoblastic Leukemia - Annotated Bibliography Example The researcher of this essay aims to analyze and discuss studies, that were conducted by the researchers on the subject of Acute Lymphoblastic Leukemia disease, that is a cancer that mainly attacks the bone marrow and arises from cancerous and immature white blood cells called lymphoblast. The two subtypes of lymphocytes are T and B cells. The authors of the studies, that were discussed stipulate that 80% of acute lymphoblastic leukemia arise from immature B-lymphocytes. The disease is most prevalent in children; nevertheless, it has also increased in elderly populace mostly of ages 60 years and over. The main symptoms of acute lymphoblastic leukemia are buildup of the abnormal and immature white blood cells within the bone marrow and blood. Blast cells collect out of the normal cells within the bone marrow thus lowering blood counts. The disease results to decrease in normal white cells making an individual to be susceptible to infection such as sinuses, bronchitis, and pneumonia. T he main signs are; enlargement of the lymph nodes within the neck and arms coupled with enlargement of the spleen. This journal also describes the treatment options for acute lymphoblastic leukemia. Acute lymphoblastic leukemia is treated by multiple chemotherapy drugs via mouth or via special intravenous line that is normally placed within a vein in the arm or chest and maintain for several months. According to Knowles, the chromosomes that lead to the development of Acute Lymphoblastic leukemia is sill not known today.

Apple Inc. Analysis Case Study Example | Topics and Well Written Essays - 1250 words

Apple Inc. Analysis - Case Study Example employs to run its shows in the electronic consumer market (Thompson, Strickland & Gamble, 2011). Also, the paper will determine the various strategic elements of Apple’s competitive and product differentiation in the market place. Further, the paper will examine the competitive strength and thereby provide indications as to why Apple Inc. is a stable competitor. Moreover, the paper will assess the financial performance of Apple Inc. and provide recommendations aimed at strengthening Apple’s market position going forward. Elements of Competitive Strategy As a major developer, Apple Inc. develops, manufactures and markets personal computers and the supporting and/or related products. These product packages are directed basically to business entities and their owners, creative industry and the general consumer markets (Marino, Hattaway & Jackson, 2011). In addition, Apple Inc also provides the consumers of electronic products with the supporting utility languages, operati ng systems, the necessary developer tools and the needful software databases. Therefore, according to Lashinsky (2009), Apple Inc. is the only company that designs and owns the whole widget comprising of the hardware components, software components and the driving operating system components, which in togetherness serve the varied needs of their customers accordingly (Lashinsky, 2009). In the forefront to motivate Apple Inc. is the able hand and mind of the top notch executives in the overall realm of electronic product consumption market, which form the nucleus of the executive officer’s brain trust and thereby drive the operational excellence that is needed in order to sustain the growing number of the loyal customer base that the company currently prides of (Lashinksy, 2009). Additionally, Apple Inc. has a broad wealth of software and engineering skills that enables the company to develop evolving elements as per the demands of the market as well as the global influence of the products that it specializes in (Marino, Hattaway & Jackson, 2011). In order for any consumer to fully consume and enjoy the use of products in the personal computers in specific and the electronic market products in general, he/she must be able to access the three distinctive product components that Apple Inc. has prioritized; software, hardware and the operating systems. Therefore, it is evident that the various elements of Apple’s competitive strategy work in togetherness to maximize the value that the consumer accrues. This implies that the company’s product element pieces purposefully fit together to provide the necessary millage in terms of competitive capability in the market. Further, the fact the Apple has initiated and executive strategic decisions to sign agreements with other major players in the market enables it to fully exploit the generic strategic form provisions and thus develop products that the consumers consider highly innovative since they pr ovide advancements and/or complements the other products in the market (Marino, Hattaway & Jackson, 2011). Elements of Apples product strategy Personal computers Apple Inc. designed and distributed personal computer product line that enabled it to assemble the various product components together to enable the compatibility with the peripheral

The quality of collective action will determine the quality of results Essay

The quality of collective action will determine the quality of results - Essay Example All these stakeholders have individual roles to play in ensuring that the aims of education are achieved. However, to ensure quality education, these stakeholders do not just have to work in isolation but then have to work collectively. Elaborating how stakeholders can work collectively, Kodua (2001) posits that curriculum planners must understand the immediate educational aims of educational administrators and the learning requirements of learners and structure the curriculum in such a way that it meets these educational aims. The educational managers must in response ensure that all infrastructure and resources needed for the smooth running of education are supplied. Still working together, teachers must ensure that they deliver quality student-centered and interactive lessons that would ensure that learning becomes easier for students. On the part of supervisors, they must ensure that they monitor and assess the performance and delivery of teachers whiles students do everything po ssible to grasp lessons taught. It is only under such circumstance where the general aim of education is made to run through the delivery of education among all stakeholders that we can be assured of quality of collective action.

Apple Inc. Analysis Case Study Example | Topics and Well Written Essays - 1250 words

Apple Inc. Analysis - Case Study Example employs to run its shows in the electronic consumer market (Thompson, Strickland & Gamble, 2011). Also, the paper will determine the various strategic elements of Apple’s competitive and product differentiation in the market place. Further, the paper will examine the competitive strength and thereby provide indications as to why Apple Inc. is a stable competitor. Moreover, the paper will assess the financial performance of Apple Inc. and provide recommendations aimed at strengthening Apple’s market position going forward. Elements of Competitive Strategy As a major developer, Apple Inc. develops, manufactures and markets personal computers and the supporting and/or related products. These product packages are directed basically to business entities and their owners, creative industry and the general consumer markets (Marino, Hattaway & Jackson, 2011). In addition, Apple Inc also provides the consumers of electronic products with the supporting utility languages, operati ng systems, the necessary developer tools and the needful software databases. Therefore, according to Lashinsky (2009), Apple Inc. is the only company that designs and owns the whole widget comprising of the hardware components, software components and the driving operating system components, which in togetherness serve the varied needs of their customers accordingly (Lashinsky, 2009). In the forefront to motivate Apple Inc. is the able hand and mind of the top notch executives in the overall realm of electronic product consumption market, which form the nucleus of the executive officer’s brain trust and thereby drive the operational excellence that is needed in order to sustain the growing number of the loyal customer base that the company currently prides of (Lashinksy, 2009). Additionally, Apple Inc. has a broad wealth of software and engineering skills that enables the company to develop evolving elements as per the demands of the market as well as the global influence of the products that it specializes in (Marino, Hattaway & Jackson, 2011). In order for any consumer to fully consume and enjoy the use of products in the personal computers in specific and the electronic market products in general, he/she must be able to access the three distinctive product components that Apple Inc. has prioritized; software, hardware and the operating systems. Therefore, it is evident that the various elements of Apple’s competitive strategy work in togetherness to maximize the value that the consumer accrues. This implies that the company’s product element pieces purposefully fit together to provide the necessary millage in terms of competitive capability in the market. Further, the fact the Apple has initiated and executive strategic decisions to sign agreements with other major players in the market enables it to fully exploit the generic strategic form provisions and thus develop products that the consumers consider highly innovative since they pr ovide advancements and/or complements the other products in the market (Marino, Hattaway & Jackson, 2011). Elements of Apples product strategy Personal computers Apple Inc. designed and distributed personal computer product line that enabled it to assemble the various product components together to enable the compatibility with the peripheral

No Easy day by Mark Owen and Kevin Maurer Essay Example for Free

No Easy day by Mark Owen and Kevin Maurer Essay No Easy day by Mark Owen and Kevin Maurer, is the firsthand account of the mission that killed Bin Laden. Navy seal operator mark Owen was on operation Neptune Spear, also known as mission jeranamo and was tasked with leading a team of seals into the guest house of the compound that held Bin Laden. After they raided the guest house and kill Bin Laden’s brother he goes to the main building; c1, to assist the other operators. Once they got to the third floor of the main building, Bin Laden stuck his head out of the door; one of the operators squeezed off two rounds and hit Osama on the left side of his head. They cleared all the other rooms and gathered all the intelligence possible before they had to infiltrate. History was made on May 1, 2011; Osama Bin Laden was killed by an exceptional group of navy seals. They ended a ten year long man hunt which ended up becoming a war. Many lives were lost in the hunt for a single man; many say it was not worth it and many say it was, the point is that it is over and we are starting to pull soldiers back to the United States. Heroes are being reunited with their families and are out of danger. I learned a lot from this book because it explain a lot of parts that were miss interpreted by a lot of people; like why they did not relies the picture of dead Osama, not because they were not sure if it was him but because half of his head was missing from being shot. A lot of people did not believe it was him because the government wouldn’t release his picture and they dropped his body into the ocean. They dropped it into the ocean to avoid him becoming a martyr and people worshipping him. The book is a great book for anyone who loves the military or wants to know more about Navy seals and how they killed Bin Laden. The book goes threw a lot of Mark Owens seal training and other rotations to Iraq and Afghanistan. He also writes about how he was part of the captain Richard Phillips rescue in 2008. It has a lot of information written clearly and easy to fallow. It keeps you interested threw every sentence.

Structure of Malaysia’s Imports and Exports

Structure of Malaysia’s Imports and Exports Degree of openness in trade giving a definition of level of one country and its economy having trade with another country. FDI (foreign direct investment), import, export, repatriation of funds abroad and lending are examples of trading elements. Openness degree in trade can be measure by trade openness ratio. Trade openness ratio indicated the simple average of total trade (export and import of commodities and services) relative to GDP (Gross Domestic Product). Generally, the higher the trade openness ratio, the larger influence of trade on domestic trade. Malaysia economy having high degree of trade openness and financial openness. Financial openness can refer to the total of external assets and liabilities relative to GDP. In 2004, the trade volume has increased twice the size of economy. Moreover, the amount of external assets and liabilities also twice of the size of economy in 2004. Figure above shown that Malaysia rates high among 28 emerging economies from Asia, Eastern Europe and Latin America. Originally, Malaysia is rating with 58 economies that make up the OECD (Organization for Economic Co-operation and Development) but the graph above only show out 28 emerging economies. Trade openness of Malaysia only lower than Hong Kong and Singapore which is well known of financial centre nature. Besides that, Malaysia also having high ranking in financial openness with more than median score, 2.03. Surprisingly, Malaysia having higher financial openness than United States and Japan with well developed economies. However, comparison in East Asia, Malaysia ranks lower than Singapore, Brunei and Hong Kong. Diagram above indicated that the Malaysia trade openness has increasing significantly from 1980 to 2004. One of the reasons of increasing trend in trade openness is structural changes occurring in Malaysia’s economy based on its trade direction. Besides, open current account and liberalization of capital account also reasons influenced increasing trade openness. As Malaysia became more and more integrated with global economy, Malaysia’s economy and financial system will significantly become more and more ingenious. aswink Content The ratio of exports and imports to GDP in Malaysia A related concept that has received much less attention from theorists is that of the degree of openness of an economy. The relevant question is not what does a country export or import but how much does a country export and import in relation to its GDP. The theory of commercial policy establishes a relation between protection and volume of trade. Commonly, judgements on commercial policies of Malaysia are made based on the comparison of volume of trade to GDP ratios. These comparisons and policy recommendations are usually done without resort to any theory stating which are the factors determining the degree of openness of an economy. Table 1 shows basic data for the world’s extremes in terms of openness. (Carlos Alfredo Rodriguez, 2000) The extreme variability of openness ratios is quite evident. While Malaysia exports are 93% of its GDP, Myanmar’s exports are just 1.5%. The commercial policy is one determining factor in explaining some of these observed differences. Myanmar is more protectionist than Malaysia. They conclude that protectionism alone cannot explain openness. However, the more protectionism should be associated with less openness. The other variable they want to focus on is country size. Small economic units must specialize in producing few goods in order to attain optimal scale and be competitive. They must therefore export those goods in exchange for the imports of the goods they do not produce. Malaysia is a developing country, thus it should be more open on the degree of openness. They expect the trade to GDP ratio to be both negatively related to size and to a measure of protectionism. A high degree of protection of domestic industries in the form of high tariffs or of strict quotas on imports in Malaysia The structure of the Malaysia’s imports and exports In early 1980s, Malaysia began its export-oriented development strategy focusing on the exports of manufactures. Since it does not have abundant in raw materials and capital goods, Malaysia have to import more of the intermediate manufactured goods and the machinery and equipment from oversea. In 1970s, the structure of Malaysia imported almost an equal proportion of food, beverages, tobacco, and fats at 21 percent; inedible crude materials, mineral fuels, and lubricants at 20 percent; intermediate manufactured goods at 25 percent; and machinery and transport equipment at 28 percent. (Yusoff, M.B. 2005) Since the Malaysian imports from EU have started to decrease to 16 percent in 1980 and reduced further to 11 percent in 2000 mainly due to the fall of the imports from the UK. The share of imports from ASEAN remained stable at about 23 percent during the same period. Malaysia had begun to source more imports from the US and Japan in 1970. The share of imports from the US increased from 9% in 1970 to 17% in 1990 and remained at the same level in 2000. Malaysian imports from Japan was 17% of its total imports in 1970 but increased to 24 percent in 1990 and remained stable at about 21 percent 1990s. For East Asia: Taiwan, South Korea, China, and Hong Kong have become about equally important sources of Malaysian imports. As of 2000, Japan was the most important sources of Malaysian imports, followed by the USA, and Singapore. (Yusoff, M.B. 2005) On the other hand, there has been a tremendous increase in the Malaysia’s exports during the 1970- 2000 period. Malaysian total exports in 1970 were at RM 5,263 million which increased further to RM 28,172 million in 1980 growing at an annual rate of 43.5 percent. In 1990 the total exports was RM 79,646 million registering an increase of 18.3 percent per year during the 1980-1990 period. There was a revival of Malaysia exports in 2000 at RM 373,270 million giving a growth rate of 36.7 percent in 1990- 2000 period. Most of the exports went to ASEAN and the US, followed by EU and Japan. They accounted for 76% of Malaysian exports in 1970 which declined to 70% in 2000. (Yusoff, M.B. 2005) The structure of Malaysian exports has changed substantially. In 1970s and 1980s, most of the exports were in the form of raw materials: inedible crude materials, mineral fuels, and lubricants which had decreased from 61 percent in 1970 to 57 percent in 1980. By 1990 these exports accounted for only 33 percent of the total exports while the exports of manufactured goods began to appear when its share increased from 26 percent in 1970 to 55 percent in 1990. The contribution of the inedible crude materials, mineral fuels, and lubricants fell to only 12 percent in 2000 while that of manufactured products increased to 82 percent. (Yusoff, M.B. 2005) Although the manufactured exports have increased significantly, Malaysia has some major weaknesses in terms of its composition. Notably, most of the manufactured exports have been in the form of intermediate manufactured goods where their shares increased from 23 percent 1970 to 49 percent in 2000. The exports of machinery and transport equipment increased from 2 percent in 1970 to 25 percent in 2000. Malaysian exports of final manufactured goods are still at relatively small contributing only 8 percent of the total exports in 2000. The changes in the structure of Malaysian exports have been due to the deliberate government policy to industrialize and develop the domestic economy through the export-oriented development strategy since 1980s by diversifying and intensifying the export base and at the same time focusing on manufactured exports. (Yusoff, M.B. 2005) There have been major changes in the degree of â€Å"openness† of Malaysia in recent decades. From a primary producer with a gradual industrialization strategy, the Malaysian economy has undergone transformation into a highly-open economy through greater trade and financial integration since the late 1970s. As a result, Malaysia’s trade openness is among the highest in the region, reaching a peak of 192% of GDP in 2000. (Annual report 2012) Models by Grossman and Helpman(1991), Rivera-Batiz and Romer(1991), Romer(1990) suggest that the expansion of international trade increases the number of specialized inputs which then causes economic growth as the domestic economies become more open to international trade. Consistent with its outward-looking growth strategy, Malaysia have a balanced export structure. This structure has produced a good counterbalance when manufacturing (e.g. electrical and electronics products) exports fell, exports of primary commodities (e.g. rubber and tin) increased because they had different consumers and demand cycles. In addition, Malaysia’s manufacturing and primary commodity exports tend to be upgraded to incorporate higher value added and innovation. Thus, technology acquisition and availability of skilled labor are essential for this transformation in order to develop more exports that originate in Malaysia. (Mahani Zainal Abidin, 2011) If China and other Asian countries are able to generate their own domestic demand, then the prospects for Malaysia’s exports will become bright. Consequently, East Asia has now become Malaysia’s largest trading partner through the diversification of the markets. The share of China in manufactured exports has increased from 1.7 percent in 1996 to 12 percent in 2009. The share of the Association of Southeast Asian Nations remains at about 27 percent. However, the share of traditional markets has declined whereby the United States to 13.2 percent in 2009 from 21.7 in 1996, the EU to 12.2 percent from 14.5 percent, and Japan to 7 percent from 11.1 percent for the same period. (Mahani Zainal Abidin, 2011) Therefore, Malaysia operating now continues with the outward-oriented development strategy, it had kept its tariff levels at significantly low levels by the developing country standards. Unilateral, regional and multilateral initiatives in recent years have caused trade weighted average tariff to be as low as 8 per cent, down from 15 per cent at the beginning of the industrialization drive. (Ariff, 1998) References: Carlos Alfredo Rodriguez, Universidad del CEMA Buenos Aires, Argentina, (2000). Retrieved from http://www.ucema.edu.ar/u/car/Advantage.PDF Tariffs, (2001). Retrieved from http://www.meti.go.jp/english/report/data/gCT9904e.html Bank Negara Malaysia. (2007). White Box: Openness of the Malaysian Economy. Retrieved from http://www.bnm.gov.my/files/publication/ar/en/2006/cp02_001_whitebox.pdf

The Second World War (WWII) - News Article :: World War 2 II Two

The Bomb Was Dropped Today is the day after the mass destruction of Hiroshima. On Monday, August 6th the first atomic bomb to be used in war fare was dropped. The atomic bomb â€Å"Little Boy† as they called it was drooped at approximately 8:15am Japanese standard time. The B-29 Bomber â€Å"Enola Gay† was the one to have dropped the atomic bomb yesterday which caused mass destruction. When the bomb reached approximately 2,000 feet above the surface it was detonated. Reports say that â€Å"Little Boy† caused a massive wind that leveled houses up to 1.5 miles from the center of the explosion. â€Å"A bright light filled the plane," wrote Lt. Col. Paul Tibbets, the pilot of the Enola Gay, the B-29 that dropped the first atomic bomb. "We turned back to look at Hiroshima. The city was hidden by that awful cloud...boiling up, mushrooming." He was astonished at what they have done. Today the day after the drop of â€Å"Little Boy† it is unknown of the amount of deaths and it is believed to be in the tens of thousands. What will happen next? Will we see Japan surrender the war? In the up coming days we will see how this concludes. Today is the day after the mass destruction of Hiroshima. On Monday, August 6th the first atomic bomb to be used in war fare was dropped. The atomic bomb â€Å"Little Boy† as they called it was drooped at approximately 8:15am Japanese standard time. The B-29 Bomber â€Å"Enola Gay† was the one to have dropped the atomic bomb yesterday which caused mass destruction. When the bomb reached approximately 2,000 feet above the surface it was detonated. Reports say that â€Å"Little Boy† caused a massive wind that leveled houses up to 1.5 miles from the center of the explosion. â€Å"A bright light filled the plane," wrote Lt. Col. Paul Tibbets, the pilot of the Enola Gay, the B-29 that dropped the first atomic bomb.

The Recall of Firestone Tires Essay -- Firestone Tires Retail Automobi

The Recall of Firestone Tires Mission Statement: The Firestone Company is committed to being a good corporate citizen nationally, regionally and especially in the communities where we have manufacturing plants, sales facilities or offices. Our corporate philosophy is to build not just better products, but better communities. Firestone traces their roots to the Firestone Tire and Rubber Company in 1900. Harvey S. Firestone started tire production with twelve employees in Akron, Ohio. In Japan during 1931, Shojiro Ishibashi created the Bridgestone Tire Company. Bridgestone is proud to carry on the blending of Japanese and American methods to provide quality products. Their philosophy is to serve society with superior quality and best today but still better tomorrow. In August 2000, there was a recall of Bridgestone/Firestone tires. The company recalled its 15 inch ATX and ATX II tires, plus 15 inch Wilderness AT tires. The recall involved more than six million tires. A federal investigation found at least 88 deaths and more than 300 accidents involving Bridgestone/Firestone tires that had shredded on the highway. The majority of the accidents held the same situation of the driver maintaining a speed of 65 miles per hour, the tires shredded and the rubber peeled away from the rim. Most of the tire failures involved Ford Explorer sport utility vehicles. These accidents occurred after tire treads peeled off, causing tires to burst and malfunction then drivers lost control of their vehicles which resulted in crashes and turnovers. The tires involved are made up of many different materials layered around an inner shell. The outermost layer is the tread, which covers two layers of steel cords. This tire recall was the second largest in history; i t also raised a significant social responsibility and ethical issues for both Ford and Bridgestone/Firestone companies. Firestone's last major tire recall nearly bankrupted the company in 1978, and led to its acquisition by Japanese-based Bridgestone. As with the recall announced, it involved abnormally high tread separation, resulting in accidents and deaths. Most of the tires involved in the recall were produced at Firestone's Decatur, Illinois plant. Poor quality was named as one of the main causes of the failures, and many proposals were advanced to strengthen and update regulatory procedures. ... ...dgestone/Firestone executive says complaints didn't reach him. from the World Wide Web: http://www.cnn.com/ Public Citizen. (2001, Jan. 4). Ford, Firestone officials took narrow view when recalling tires, ignoring key data while admitting tires lacked strength. from the World Wide Web: http://www.citizen.org/fireweb/firereport.htm Public Citizen & Safetyforum.com. (2001, Jan. 4). Spinning their wheels: How Ford and Firestone fail to justify the limited tire recall. from the World Wide Web: http://www.citizen.org/Press/pr-auto25.htm Ross, S. (2000, Nov. 1). Tire-safety law signed. from the World Wide Web: http://more.abcnews.go.com/sections/us/dailynews/clinton-tires001101.htm. Schaefer, G. (2000, December 20). Wheeling and dealing: Bridgestone admits some blame for deadly tire failures. from the World Wide Web: http://more.abcnews.go.com/sections/us/dailynews/tires001220.htm. Sears stops selling Bridgestone/Firestone tires under probe in crashes. (2000, Aug. 4). from the World Wide Web: http://www.cnn.com/ Valenti, C. (2000, September 5). What cost recalls? from the World Wide Web: http://abcnews.go.com/sections/business/TheStreet/firestonetire_recall000905.htm.

Walmart Security Issues

Review our  cookies information  for more details Special report:  Managing information A different game Information is transforming traditional businesses Feb 25th 2010 | from the print edition * * IN 1879 James Ritty, a saloon-keeper in Dayton, Ohio, received a patent for a wooden contraption that he dubbed the â€Å"incorruptible cashier†. With a set of buttons and a loud bell, the device, sold by National Cash Register (NCR), was little more than a simple adding machine. Yet as an early form of managing information flows in American business the cash register had a huge impact.It not only reduced pilferage by alerting the shopkeeper when the till was opened; by recording every transaction, it also provided an instant overview of what was happening in the business. Sales data remain one of a company's most important assets. In 2004 Wal-Mart peered into its mammoth databases and noticed that before a hurricane struck, there was a run on flashlights and batteries, as mi ght be expected; but also on Pop-Tarts, a sugary American breakfast snack. On reflection it is clear that the snack would be a handy thing to eat in a blackout, but the retailer would not have thought to stock up on it before a storm.The company whose system crunched Wal-Mart's numbers was none other than NCR and its data-warehousing unit, Teradata, now an independent firm. A few years ago such technologies, called â€Å"business intelligence†, were available only to the world's biggest companies. But as the price of computing and storage has fallen and the software systems have got better and cheaper, the technology has moved into the mainstream. Companies are collecting more data than ever before. In the past they were kept in different systems that were unable to talk to each other, such as finance, human resources or customer management.Now the systems are being linked, and companies are using data-mining techniques to get a complete picture of their operations—â⠂¬Å"a single version of the truth†, as the industry likes to call it. That allows firms to operate more efficiently, pick out trends and improve their forecasting. In this special report * Data, data everywhere * All too much *  »A different game * Clicking for gold * The open society * Show me * Needle in a haystack * New rules for big data * Handling the cornucopia Sources & acknowledgementsReprints Related topics * China * Nestle * IBM * Royal Shakespeare Company * WalmartConsider Cablecom, a Swiss telecoms operator. It has reduced customer defections from one-fifth of subscribers a year to under 5% by crunching its numbers. Its software spotted that although customer defections peaked in the 13th month, the decision to leave was made much earlier, around the ninth month (as indicated by things like the number of calls to customer support services). So Cablecom offered certain customers special deals seven months into their subscription and reaped the rewards. Agony and t orture Such data-mining has a dubious reputation. â€Å"Torture the data long enough and they will confess to anything,† statisticians quip.But it has become far more effective as more companies have started to use the technology. Best Buy, a retailer, found that 7% of its customers accounted for 43% of its sales, so it reorganised its stores to concentrate on those customers' needs. Airline yield management improved because analytical techniques uncovered the best predictor that a passenger would actually catch a flight he had booked: that he had ordered a vegetarian meal. The IT industry is piling into business intelligence, seeing it as a natural successor of services such as accountancy and computing in the first and second half of the 20th century respectively.Accenture, PricewaterhouseCoopers, IBM and SAP are investing heavily in their consulting practices. Technology vendors such as Oracle, Informatica, TIBCO, SAS and EMC have benefited. IBM believes business intellige nce will be a pillar of its growth as sensors are used to manage things from a city's traffic flow to a patient's blood flow. It has invested $12 billion in the past four years and is opening six analytics centres with 4,000 employees worldwide. Analytics—performing statistical operations for forecasting or uncovering correlations such as between Pop-Tarts and hurricanes—can have a big pay-off.In Britain the Royal Shakespeare Company (RSC) sifted through seven years of sales data for a marketing campaign that increased regular visitors by 70%. By examining more than 2m transaction records, the RSC discovered a lot more about its best customers: not just income, but things like occupation and family status, which allowed it to target its marketing more precisely. That was of crucial importance, says the RSC's Mary Butlin, because it substantially boosted membership as well as fund-raising revenue. Yet making the most of data is not easy. The first step is to improve the accuracy of the information.Nestle, for example, sells more than 100,000 products in 200 countries, using 550,000 suppliers, but it was not using its huge buying power effectively because its databases were a mess. On examination, it found that of its 9m records of vendors, customers and materials around half were obsolete or duplicated, and of the remainder about one-third were inaccurate or incomplete. The name of a vendor might be abbreviated in one record but spelled out in another, leading to double-counting. Plainer vanilla Over the past ten years Nestle has been overhauling its IT system, using SAP software, and improving the quality of its data.This enabled the firm to become more efficient, says Chris Johnson, who led the initiative. For just one ingredient, vanilla, its American operation was able to reduce the number of specifications and use fewer suppliers, saving $30m a year. Overall, such operational improvements save more than $1 billion annually. Nestle is not alon e in having problems with its database. Most CIOs admit that their data are of poor quality. In a study by IBM half the managers quizzed did not trust the information on which they had to base decisions. Many say that the technology meant to make sense of it often just produces more data.Instead of finding a needle in the haystack, they are making more hay. Still, as analytical techniques become more widespread, business decisions will increasingly be made, or at least corroborated, on the basis of computer algorithms rather than individual hunches. This creates a need for managers who are comfortable with data, but statistics courses in business schools are not popular. Many new business insights come from â€Å"dead data†: stored information about past transactions that are examined to reveal hidden correlations. But now companies are increasingly moving to analysing real-time information flows.Wal-Mart is a good example. The retailer operates 8,400 stores worldwide, has mo re than 2m employees and handles over 200m customer transactions each week. Its revenue last year, around $400 billion, is more than the GDP of many entire countries. The sheer scale of the data is a challenge, admits Rollin Ford, the CIO at Wal-Mart's headquarters in Bentonville, Arkansas. â€Å"We keep a healthy paranoia. † Not a sparrow falls Wal-Mart's inventory-management system, called Retail Link, enables suppliers to see the exact number of their products on every shelf of every store at that precise moment.The system shows the rate of sales by the hour, by the day, over the past year and more. Begun in the 1990s, Retail Link gives suppliers a complete overview of when and how their products are selling, and with what other products in the shopping cart. This lets suppliers manage their stocks better. The technology enabled Wal-Mart to change the business model of retailing. In some cases it leaves stock management in the hands of its suppliers and does not take owner ship of the products until the moment they are sold. This allows it to shed inventory risk and reduce its costs.In essence, the shelves in its shops are a highly efficiently managed depot. Another company that capitalises on real-time information flows is Li & Fung, one of the world's biggest supply-chain operators. Founded in Guangzhou in southern China a century ago, it does not own any factories or equipment but orchestrates a network of 12,000 suppliers in 40 countries, sourcing goods for brands ranging from Kate Spade to Walt Disney. Its turnover in 2008 was $14 billion. Li ; Fung used to deal with its clients mostly by phone and fax, with e-mail counting as high technology.But thanks to a new web-services platform, its processes have speeded up. Orders flow through a web portal and bids can be solicited from pre-qualified suppliers. Agents now audit factories in real time with hand-held computers. Clients are able to monitor the details of every stage of an order, from the ini tial production run to shipping. One of the most important technologies has turned out to be videoconferencing. It allows buyers and manufacturers to examine the colour of a material or the stitching on a garment. â€Å"Before, we weren't able to send a 500MB image—we'd post a DVD.Now we can stream it to show vendors in our offices. With real-time images we can make changes quicker,† says Manuel Fernandez, Li ; Fung's chief technology officer. Data flowing through its network soared from 100 gigabytes a day only 18 months ago to 1 terabyte. The information system also allows Li & Fung to look across its operations to identify trends. In southern China, for instance, a shortage of workers and new legislation raised labour costs, so production moved north. â€Å"We saw that before it actually happened,† says Mr Fernandez.The company also got advance warning of the economic crisis, and later the recovery, from retailers' orders before these trends became apparent. Investment analysts use country information provided by Li ; Fung to gain insights into macroeconomic patterns. Now that they are able to process information flows in real time, organisations are collecting more data than ever. One use for such information is to forecast when machines will break down. This hardly ever happens out of the blue: there are usually warning signs such as noise, vibration or heat. Capturing such data enables firms to act before a breakdown.Similarly, the use of â€Å"predictive analytics† on the basis of large data sets may transform health care. Dr Carolyn McGregor of the University of Ontario, working with IBM, conducts research to spot potentially fatal infections in premature babies. The system monitors subtle changes in seven streams of real-time data, such as respiration, heart rate and blood pressure. The electrocardiogram alone generates 1,000 readings per second. This kind of information is turned out by all medical equipment, but it used t o be recorded on paper and examined perhaps once an hour.By feeding the data into a computer, Dr McGregor has been able to detect the onset of an infection before obvious symptoms emerge. â€Å"You can't see it with the naked eye, but a computer can,† she says. Open sesame Two technology trends are helping to fuel these new uses of data: cloud computing and open-source software. Cloud computing—in which the internet is used as a platform to collect, store and process data—allows businesses to lease computing power as and when they need it, rather than having to buy expensive equipment.Amazon, Google and Microsoft are the most prominent firms to make their massive computing infrastructure available to clients. As more corporate functions, such as human resources or sales, are managed over a network, companies can see patterns across the whole of the business and share their information more easily. A free programming language called R lets companies examine and p resent big data sets, and free software called Hadoop now allows ordinary PCs to analyse huge quantities of data that previously required a supercomputer. It does this by parcelling out the tasks to numerous computers at once. This saves time and money.For example, the  New York Times  a few years ago used cloud computing and Hadoop to convert over 400,000 scanned images from its archives, from 1851 to 1922. By harnessing the power of hundreds of computers, it was able to do the job in 36 hours. Visa, a credit-card company, in a recent trial with Hadoop crunched two years of test records, or 73 billion transactions, amounting to 36 terabytes of data. The processing time fell from one month with traditional methods to a mere 13 minutes. It is a striking successor of Ritty's incorruptible cashier for a data-driven age. from the print edition | Special report Recommend 140 * * * Submit to reddit * inShare2 * View all comments (4) Related items TOPIC:  China  Ã‚ » * Recommended economics writing: Link exchange * Trade: Mexico rising * The Economist: Digital highlights, November 24th 2012 TOPIC:  Nestle  Ã‚ » * Consumer goods in Africa: A continent goes shopping * Schumpeter: Pretty profitable parrots * Nestle buys Pfizer Nutrition: Feeding little emperors TOPIC:  IBM  Ã‚ » * Schumpeter: Taking the long view * IBM's mainframes: Old dog, new tricks * Phase-change memory: Altered states TOPIC:  Royal Shakespeare Company  Ã‚ » * William Shakespeare: A digital reinvention Culture: Going for gold * Green architecture: The retrofit revolution More related topics: * Walmart Want more? Subscribe to  The Economist  and get the week's most relevant news and analysis. * Print edition X Feb 27th 2010 Feb 20th 2010 Feb 13th 2010 Feb 6th 2010 * Next in The world this week X Politics this week * Next in The world this week X Business this week * Next in The world this week X KAL's cartoon * Next in Leaders X Technology The data deluge Businesses, governmen ts and society are only starting to tap its vast potential * Next in Leaders X Argentina and the Falklands The beef in Buenos AiresThe Kirchners could have more oil if they stopped bullying Argentine business * Next in Leaders X Japan's frustrating politics Nagasaki fallout Japan’s prime minister, Yukio Hatoyama, should jettison his Svengali, Ichiro Ozawa * Next in Leaders X India Ending the red terror It is time India got serious about the Maoist insurgency in its eastern states * Next in Leaders X Genetically modified food Attack of the really quite likeable tomatoes The success of genetically modified crops provides opportunities to win over their critics * Next in Letters X Letters On Spain, al-Qaeda, Yemen, torture, Britain, juries, stereotypes, Benjamin Disraeli Next in Briefing X Argentina under the Kirchners Socialism for foes, capitalism for friends While some private businesses in Argentina have faced harassment or even nationalisation, others†¦ * Next in Brief ing X The first family's businesses Welcome to the Hotel Kirchner Such a lovely little earner * Next in United States X Health reform Seizing the reins, at long last After leaving Congress in charge for too long, Barack Obama unveils his own plan * Next in United States X Mitt Romney and the Republicans Fired up, ready to go Mitt Romney takes centre-stage * Next in United States X The administration's economistsGrading the dismal scientists How good is the Council of Economic Advisers? * Next in United States X The economy Back to the crash The American economy has just had its worst decade since the 1930s * Next in United States X Arkansas politics Democrats beware A spirited scramble for suddenly open Democratic seats * Next in United States X Schools and testing The finger of suspicion Is too much weight given to testing? * Next in United States X California's prison-guards' union Fading are the peacemakers One of California’s most powerful political forces may have peaked * Next in United States X America's childrenProtecting the weakest The recession may hurt America’s vulnerable children * Next in United States X Lexington Is Barack Obama tough enough? 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Tell that to the Taliban * Next in The Americas X Corruption in Brazil The money trail Many corruption scandals stem from the high cost of politics, and unrealistically tight†¦ * Next in The Americas X Presidential ambitions in Peru Political satire Jaime Bayly’s breath of fresh air * Next in The Americas X Latin American summitry In ever-closer union, divided we stand * Next in The Americas X Canada's Mohawks Get out of our canoeWhen a Canadian is not a Canadian * Next in Asia X Tackling Japan's bureaucracy Floundering in the foggy fortress The DPJ is finding that it needs to befriend its bureaucrats, as well as bash them * Next in Asia X India's Naxalite insurgency Not a dinner party India’s Maoist guerrillas carry out two slaughters, then offer a truce * Next in Asia X Western aims in Afghanistan Played for fools Hamid Karzai’s shenanigans make the going even harder for NATO * Next in Asia X Migrant workers in Thailand Inhospitality Life gets harder for Thailand’s guest-workers * Next in Asia X China's National People's CongressDemocracy in action Making sure that China’s supreme legislative body is toothless * Next in Asia X Animal welfare in China Off the menu The right to eat cats and dogs is under threat * Next in Asia X Banyan The mother of all dictatorships To understand North Korea, look not to Confucius or the Soviet Union, but to fascist 1930s Japan * Next in Asia X Clarification: Maratha * Next in Middle East and Africa X Israel's controversial intelligence service Does Mossad really make Israel safer? 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Gordon Brown’s pitch for a fourth Labour term—and his critique of the Tories Next in Britain X The Conservatives' mini-malaise Tory blues The opposition is failing to capitalise on the government’s troubles * Next in Britain X Media and the law Publish, perish, protest Bad news for dodgy journalism—and for libel tourists * Next in Britain X Pensions and tax If it says ARF, then it's a dog Pensions rules get complex again * Next in Britain X Assisted suicide The latest chapter New rules on helping those who wish to end their lives but are unable to do so * Next in Britain X Construction jitters Survival tactics Building firms are struggling to emerge from the recession * Next in BritainX Bagehot All too human How much does a prime minister's character matter? * Next in Britain X Internship * Next in International X Sanctions on Iran And the price of nuclear power? America is rallying its friends to concentrate minds in the Islamic Republic * Next in International X A poll on trust What's good for General Motors A new pattern in opinions about bureaucrats, business and charity * Next in Special report X Data, data everywhere Information has gone f rom scarce to superabundant. That brings huge new benefits, says Kenneth†¦ * Next in Special report X All too much Monstrous amounts of data Next in Special report X Clicking for gold How internet companies profit from data on the web * Next in Special report X The open society Governments are letting in the light * Next in Special report X Show me New ways of visualising data * Next in Special report X Needle in a haystack The uses of information about information * Next in Special report X New rules for big data Regulators are having to rethink their brief * Next in Special report X Handling the cornucopia The best way to deal with all that information is to use machines. But they need watching * Next in Business X Recruitment firms Joining the queueThe recession has accelerated big changes for firms that help people find jobs * Next in Business X The spread of GM crops Taking root The developing world embraces a controversial technology * Next in Business X The boom in print ing on demand Just press print New technology promises to prolong the life of the book * Next in Business X Hype about fuel cells Flower power A clean-tech start-up generates lots of excitement and a little electricity * Next in Business X A boardroom row at Repsol Adding fuel A policy shift in Spain heralds more upheaval at its biggest oil firm * Next in Business X Toyota's overstretched supply chainThe machine that ran too hot The woes of the world’s biggest carmaker are a warning for rivals * Next in Business X Schumpeter The emperor's clothes Like other bosses, media moguls are recovering their poise. But that's no reason to start making†¦ * Next in Briefing X Reviving Royal Bank of Scotland Scots on the rocks What really went wrong at RBS? And how can it be put right? * Next in Finance and economics X The balance of economic power East or famine Asia’s economic weight in the world has risen, but by less than commonly assumed * Next in Finance and economics X Emerging-market sovereign debt Risk redefinedThe new problem with Asian sovereign debt—scarcity * Next in Finance and economics X Secondary buy-outs Circular logic Private-equity companies look to each other to solve their problems * Next in Finance and economics X Interest-rate risk Surf's up Banks’ next big problem appears on the horizon * Next in Finance and economics X Buttonwood The very long view For investors, much depends on when you put your money in * Next in Finance and economics X Chinese banks Hole sale Capital calls by Chinese financial institutions elicit questions * Next in Finance and economics X Short-selling rules Shackling the scapegoatsAmerican regulators approve long-awaited restrictions on short-selling * Next in Finance and economics X Economics focus Low definition Trustbusters want to put less emphasis on market definition when assessing mergers * Next in Finance and economics X Correction: Financial risk * Next in Science and technology X Cli mate and combustion Fired up This year’s meeting of the American Association for the Advancement of Science looked at, among†¦ * Next in Science and technology X How siestas help memory Sleepy heads Researchers say an afternoon nap prepares the brain to learn * Next in Science and technology XLooking for ET Signs of life As the search for alien life turns 50, its practitioners find new methods * Next in Science and technology X Nuclear forensics A weighty matter How to analyse smuggled uranium * Next in Books and arts X China's roads A voyage of discovery A reporter who explored China’s bigger and lesser roads and found treasure * Next in Books and arts X How East Timor became Timor-Leste A country's agonising birth An authoritative account of Timor-Leste's birth * Next in Books and arts X New York low life Bottoms up Essays on New York by St Clair McKelway, taken from the New Yorker * Next in Books and artsX University education in America Professionalising the p rofessor The difficulties of an American doctoral student * Next in Books and arts X A biography of Arthur Koestler Intellectual fireworks A serial fornicator with a powerful, paradoxical intellect * Next in Books and arts X A Japanese silversmith Making waves Pounding flat pieces of silver into beautiful vessels * Next in Books and arts X Old men of the theatre The two Peters A couple of productions that make a compelling case against ageism * Next in Obituary X Alexander Haig Alexander Meigs Haig, soldier and public servant, died on February 20th, aged 85 Next in Economic and financial indicators X Overview * Next in Economic and financial indicators X Output, prices and jobs * Next in Economic and financial indicators X The Economist commodity-price index * Next in Economic and financial indicators X FDIC-insured â€Å"problem† institutions * Next in Economic and financial indicators X Trade, exchange rates, budget balances and interest rates * Next in Economic and financi al indicators X Markets * Next in Economic and financial indicators X Wall Street bonuses * Print edition X Feb 27th 2010 Mar 6th 2010 Mar 13th 2010 Mar 20th 2010 From the print edition  Feb 27th 2010 Comment (4) * Print * E-mail * Reprints ; permissions * Most popular * Recommended * Commented Recommended * 1Mexico and the United StatesThe rise of Mexico * 2International: The lottery of life * 3Atheists and Islam: No God, not even Allah * 4European economy guide: Polarised prospects * 5Egypt: Going up in flames Commented * 1Atheists and IslamNo God, not even Allah * 2France and the euro: The time-bomb at the heart of Europe * 3Secession and elections: Let’s stay together * 4Higher education: Not what it used to be * 5Economist debate: Opening Latest blog posts  Ã¢â‚¬â€œ All times are GMTChristmas countdown: The 2012 Daily chart Advent calendar Graphic detail  Ã¢â‚¬â€œ Dec 1st, 06:54 Environmental policy: Trent Lott outs himself as the owner of a titchy,†¦ Lexingto n's notebook  Ã¢â‚¬â€œ Dec 1st, 03:45 Mexico's new cabinet: Out with the old, in with the†¦ old Americas view  Ã¢â‚¬â€œ Dec 1st, 03:06 Recommended economics writing: Link exchange Free exchange  Ã¢â‚¬â€œ Nov 30th, 22:11 The Securities and Exchange Commission: Merger talks Schumpeter  Ã¢â‚¬â€œ Nov 30th, 21:50 Defending Grover Norquist: Nice try, John Democracy in America  Ã¢â‚¬â€œ Nov 30th, 20:45 Czech politics: The Czech Republic's first presidential debate Eastern approaches  Ã¢â‚¬â€œ Nov 30th, 20:23More from our blogs  » Products & events Stay informed today and every day Get e-mail newsletters Subscribe to  The Economist's  free e-mail newsletters and alerts. 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By continuing to browse the site you are agreeing to our use of cookies.Review our  cookies information  for more details Special report:  Managing information A different game Information is transforming traditional businesses Feb 25th 2010 | from the print edition * * IN 1879 James Ritty, a saloon-keeper in Dayton, Ohio, received a patent for a wooden contraption that he dubbed the â€Å"incorruptible cashier†. With a set of buttons and a loud bell, the device, sold by National Cash Register (NCR), was little more than a simple adding machine. Yet as an early form of managing information flows in American business the cash register had a huge impact.It not only reduced pilferage by alerting the shopkeeper when the till was opened; by recording every transaction, it also provided an instant overview of what was happening in the business. Sales data remain one of a company's most important assets. In 2004 Wal-Mart peered into its mammoth databases and noticed that before a hurricane struck, there was a run on flashlights and batteries, as might be expected; but also on Pop-Tarts, a sugary American breakfast snack. On reflection it is clear that the snack would be a handy thing to eat in a blackout, but the retailer would not have thought to stock up on it before a storm.The company whose system crunched Wal-Mart's numbers was none other than NCR and its data-warehousing unit, Teradata, now an independent firm. A few years ago such technologies, called â€Å"business intelligence†, were available only to the world's biggest companies. But as the price of computing and storage has fallen and the software systems have got better and cheaper, the technology has moved into the mainstream. Companies are collecting more data than ever before. In the past they were kept in different systems that were unable to talk to each other, such as finance, human resources or customer management.Now the systems are being linked, and companies are using data-mining techniques to get a complete picture of their operations—â€Å"a single version of the truth†, as the industry likes to call it. That allows firms to operate more efficiently, pick out trends and improve their forecast ing. In this special report * Data, data everywhere * All too much *  »A different game * Clicking for gold * The open society * Show me * Needle in a haystack * New rules for big data * Handling the cornucopia Sources & acknowledgementsReprints Related topics * China * Nestle * IBM * Royal Shakespeare Company * WalmartConsider Cablecom, a Swiss telecoms operator. It has reduced customer defections from one-fifth of subscribers a year to under 5% by crunching its numbers. Its software spotted that although customer defections peaked in the 13th month, the decision to leave was made much earlier, around the ninth month (as indicated by things like the number of calls to customer support services). So Cablecom offered certain customers special deals seven months into their subscription and reaped the rewards. Agony and torture Such data-mining has a dubious reputation. â€Å"Torture the data long enough and they will confess to anything,† statisticians quip.But it has become far more effective as more companies have started to use the technology. Best Buy, a retailer, found that 7% of its customers accounted for 43% of its sales, so it reorganised its stores to concentrate on those customers' needs. Airline yield management improved because analytical techniques uncovered the best predictor that a passenger would actually catch a flight he had booked: that he had ordered a vegetarian meal. The IT industry is piling into business intelligence, seeing it as a natural successor of services such as accountancy and computing in the first and second half of the 20th century respectively.Accenture, PricewaterhouseCoopers, IBM and SAP are investing heavily in their consulting practices. Technology vendors such as Oracle, Informatica, TIBCO, SAS and EMC have benefited. IBM believes business intelligence will be a pillar of its growth as sensors are used to manage things from a city's traffic flow to a patient's blood flow. It has invested $12 billion in the past four years and is opening six analytics centres with 4,000 employees worldwide. Analytics—performing statistical operations for forecasting or uncovering correlations such as between Pop-Tarts and hurricanes—can have a big pay-off.In Britain the Royal Shakespeare Company (RSC) sifted through seven years of sales data for a marketing campaign that increased regular visitors by 70%. By examining more than 2m transaction records, the RSC discovered a lot more about its best customers: not just income, but things like occupation and family status, which allowed it to target its marketing more precisely. That was of crucial importance, says the RSC's Mary Butlin, because it substantially boosted membership as well as fund-raising revenue. Yet making the most of data is not easy. The first step is to improve the accuracy of the information.Nestle, for example, sells more than 100,000 products in 200 countries, using 550,000 suppliers, but it was not using its huge buying po wer effectively because its databases were a mess. On examination, it found that of its 9m records of vendors, customers and materials around half were obsolete or duplicated, and of the remainder about one-third were inaccurate or incomplete. The name of a vendor might be abbreviated in one record but spelled out in another, leading to double-counting. Plainer vanilla Over the past ten years Nestle has been overhauling its IT system, using SAP software, and improving the quality of its data.This enabled the firm to become more efficient, says Chris Johnson, who led the initiative. For just one ingredient, vanilla, its American operation was able to reduce the number of specifications and use fewer suppliers, saving $30m a year. Overall, such operational improvements save more than $1 billion annually. Nestle is not alone in having problems with its database. Most CIOs admit that their data are of poor quality. In a study by IBM half the managers quizzed did not trust the informatio n on which they had to base decisions. Many say that the technology meant to make sense of it often just produces more data.Instead of finding a needle in the haystack, they are making more hay. Still, as analytical techniques become more widespread, business decisions will increasingly be made, or at least corroborated, on the basis of computer algorithms rather than individual hunches. This creates a need for managers who are comfortable with data, but statistics courses in business schools are not popular. Many new business insights come from â€Å"dead data†: stored information about past transactions that are examined to reveal hidden correlations. But now companies are increasingly moving to analysing real-time information flows.Wal-Mart is a good example. The retailer operates 8,400 stores worldwide, has more than 2m employees and handles over 200m customer transactions each week. Its revenue last year, around $400 billion, is more than the GDP of many entire countries . The sheer scale of the data is a challenge, admits Rollin Ford, the CIO at Wal-Mart's headquarters in Bentonville, Arkansas. â€Å"We keep a healthy paranoia. † Not a sparrow falls Wal-Mart's inventory-management system, called Retail Link, enables suppliers to see the exact number of their products on every shelf of every store at that precise moment.The system shows the rate of sales by the hour, by the day, over the past year and more. Begun in the 1990s, Retail Link gives suppliers a complete overview of when and how their products are selling, and with what other products in the shopping cart. This lets suppliers manage their stocks better. The technology enabled Wal-Mart to change the business model of retailing. In some cases it leaves stock management in the hands of its suppliers and does not take ownership of the products until the moment they are sold. This allows it to shed inventory risk and reduce its costs.In essence, the shelves in its shops are a highly eff iciently managed depot. Another company that capitalises on real-time information flows is Li & Fung, one of the world's biggest supply-chain operators. Founded in Guangzhou in southern China a century ago, it does not own any factories or equipment but orchestrates a network of 12,000 suppliers in 40 countries, sourcing goods for brands ranging from Kate Spade to Walt Disney. Its turnover in 2008 was $14 billion. Li ; Fung used to deal with its clients mostly by phone and fax, with e-mail counting as high technology.But thanks to a new web-services platform, its processes have speeded up. Orders flow through a web portal and bids can be solicited from pre-qualified suppliers. Agents now audit factories in real time with hand-held computers. Clients are able to monitor the details of every stage of an order, from the initial production run to shipping. One of the most important technologies has turned out to be videoconferencing. It allows buyers and manufacturers to examine the col our of a material or the stitching on a garment. â€Å"Before, we weren't able to send a 500MB image—we'd post a DVD.Now we can stream it to show vendors in our offices. With real-time images we can make changes quicker,† says Manuel Fernandez, Li ; Fung's chief technology officer. Data flowing through its network soared from 100 gigabytes a day only 18 months ago to 1 terabyte. The information system also allows Li & Fung to look across its operations to identify trends. In southern China, for instance, a shortage of workers and new legislation raised labour costs, so production moved north. â€Å"We saw that before it actually happened,† says Mr Fernandez.The company also got advance warning of the economic crisis, and later the recovery, from retailers' orders before these trends became apparent. Investment analysts use country information provided by Li ; Fung to gain insights into macroeconomic patterns. Now that they are able to process information flows i n real time, organisations are collecting more data than ever. One use for such information is to forecast when machines will break down. This hardly ever happens out of the blue: there are usually warning signs such as noise, vibration or heat. Capturing such data enables firms to act before a breakdown.Similarly, the use of â€Å"predictive analytics† on the basis of large data sets may transform health care. Dr Carolyn McGregor of the University of Ontario, working with IBM, conducts research to spot potentially fatal infections in premature babies. The system monitors subtle changes in seven streams of real-time data, such as respiration, heart rate and blood pressure. The electrocardiogram alone generates 1,000 readings per second. This kind of information is turned out by all medical equipment, but it used to be recorded on paper and examined perhaps once an hour.By feeding the data into a computer, Dr McGregor has been able to detect the onset of an infection before ob vious symptoms emerge. â€Å"You can't see it with the naked eye, but a computer can,† she says. Open sesame Two technology trends are helping to fuel these new uses of data: cloud computing and open-source software. Cloud computing—in which the internet is used as a platform to collect, store and process data—allows businesses to lease computing power as and when they need it, rather than having to buy expensive equipment.Amazon, Google and Microsoft are the most prominent firms to make their massive computing infrastructure available to clients. As more corporate functions, such as human resources or sales, are managed over a network, companies can see patterns across the whole of the business and share their information more easily. A free programming language called R lets companies examine and present big data sets, and free software called Hadoop now allows ordinary PCs to analyse huge quantities of data that previously required a supercomputer. It does th is by parcelling out the tasks to numerous computers at once.This saves time and money. For example, the  New York Times  a few years ago used cloud computing and Hadoop to convert over 400,000 scanned images from its archives, from 1851 to 1922. By harnessing the power of hundreds of computers, it was able to do the job in 36 hours. Visa, a credit-card company, in a recent trial with Hadoop crunched two years of test records, or 73 billion transactions, amounting to 36 terabytes of data. The processing time fell from one month with traditional methods to a mere 13 minutes. It is a striking successor of Ritty's incorruptible cashier for a data-driven age. rom the print edition | Special report * Recommend 140 * * * Submit to reddit * inShare2 * View all comments (4) Related items TOPIC:  China  Ã‚ » * Recommended economics writing: Link exchange * Trade: Mexico rising * The Economist: Digital highlights, November 24th 2012 TOPIC:  Nestle  Ã‚ » * Consumer goods in Africa: A continent goes shopping * Schumpeter: Pretty profitable parrots * Nestle buys Pfizer Nutrition: Feeding little emperors TOPIC:  IBM  Ã‚ » * Schumpeter: Taking the long view * IBM's mainframes: Old dog, new tricks * Phase-change memory: Altered states TOPIC:  Royal Shakespeare Company  Ã‚ » William Shakespeare: A digital reinvention * Culture: Going for gold * Green architecture: The retrofit revolution More related topics: * Walmart Want more? 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