Internet Security And The Security System - 878 Words

Business and people are using Internet for entertainment, e-business and e-commerce, social networking, and communication to the people and business, but there have always been threats to the Internet Security. Internet security is major concern in field of technology, because there are various personal, business and government data on the Internet. Today every businesses and organizations have their own security system to reach their goal of information security. Internet security systems are created to reduce cyber attack risks, reliability, maintain confidentiality, and compliance with privacy laws and national security laws. However security standard that has been made, and laws brought by government are not more enough to protect Internet Security, so more advanced security and more strict law by government should be brought in action to protect Internet Security. There are different kinds of security standards when integrating security approach in new systems. Some government agencies and organizations use well-established standards while others companies make their own private security systems. Offsite storage has been beneficial for business to store data on cloud due to storage constrains. Devanney, the author of â€Å"Offsite Information Storage: Cloud Computing And Cyber Security Issue† states that The Department of Justice classifies cybercrime into three categories: the computer as target, weapon, and as an accessory (p3). Lost Internet connection can heavily affectShow MoreRelatedInternet Security Against Hacking Systems2337 Words   |  10 Pages on INTERNET SECURITY AGAINST HACKING SYSTEMS ABSTRACT The internet has been a wide usage in all the fields in the present competitive world. It is being used in the education, research, business and what not, in everything. But providing security for the users information or transactions or any other data in any of the field has become a paramount. This paper gives a vivid picture of â€Å"E-commerce† and the vulnerabilities they are facing in providing a secure system for theRead More Internet Security Essay1472 Words   |  6 PagesInternet Security Internet Security is the most important aspect of information technology. It has been years since computer has been invented and to keep the information confidential we have to safeguard this information. The importance of integrating security measures into systems development. Every business has their own security systems to reach their goals of information security. The computer world created security systems in order to reduce risk, maintain confidentiality, ensureRead MoreThe Core Layers Of Defense1237 Words   |  5 PagesInternet of Things is a new technology that delivers communication among billions of smart devices via the Internet such as a smart car, vending machine, smart house, health system and business system, et cetera. Nearly 50 billion devices and sensors will be connected to the Internet by 2020 and most of them will perform their duties without having security. In addition, the critical missions of a massive interconnected device are security and interoperab ility. Hackers will use more complex toolsRead MoreSurvey Of Security On Internet Of Things ( Iot ) Essay1742 Words   |  7 Pages Survey of Security in Internet Of Things(IoT) Jacquelyn Rapose School of Computing Clemson University Clemson, USA jrapose@g.clemson.edu Abstract— The Internet of Things (IoT) is a technology that has transformed our daily lives because of its distributed and ubiquitous nature. Security and privacy issues exist with the use of the IoT and must be addressed. In this paper, I discuss some of the security challenges that the IoT architecture has to address. I also compare the challenges that wereRead More Security on the Internet Essay1614 Words   |  7 Pages Security on the Internet Todays information is highly interconnected by the internet. With this interconnection of computer systems through the internet comes computer crime. Breaking into computer systems, damaging information, and stealing information, more commonly known as hacking, has become extremely common on the internet. As hacking becomes more frequent, and as some would say, more of a problem, should we consider hacking a criminal activity? Information from across the world is storedRead MoreNetwork Security And The Internet1517 Words   |  7 Pagesever since the birth of the Internet and with the new networking technology coming out, will continue this way. There is a large amount of personal, business, and government information on the internet and network infrastructures. Network security is becoming of great importance because of the attacker s ability to steal this information that can be easily acquired through different means of attacks. The internet itself along with network infrastructures has many security risks in it. Knowing whatRead MoreExternal Security Risks Associated With Internet Banking Essay969 Words   |  4 PagesExternal Security Risks associated with Internet Banking Introduction In recent years, The Internet Banking, namely, online banking means the transitions of banking activities including checking account information and payment of bills through the website (Singhal and Padhmanbhan, 2008; Ahasanul et al, 2009) is popular in the worldwide. Abdou (2014) shows that in the UK, the number of online banking user was increased from 63% to 70% between 2011 and 2012, and 47% of Americans used online bankingRead MoreA Security Plan for Individuals by Virtual Protectors1588 Words   |  7 PagesPersonal Security One of the most important ways to protect your assets is to educate employees on personal security. Today’s attacks are much more sophisticated, and it is much easier to become a target of any number of scams which could leave the company at risk. These risks include user-level computer vulnerabilities and social engineering attacks. Personal security starts with creating a strong password for logging into any computer. A password should not use regular dictionary words, familyRead MoreInternet And Local Security Applications And Protocols1410 Words   |  6 Pageswill cover the topic of knowledge of basic internet and local security applications and protocols, including high†security password generation. First, this essay will tell you things about the internet such as when it was created and who created it. Key terms of the internet will be discussed too. Mainly the most important but basic key terms of the internet, however. Also, this essay will tell you the importance of security applications and protocols. Security applications and protocols are crucialRead MoreCyber Security Is A Needed Profession Essay1123 Words   |  5 Pages Cyber Security is a needed profession that affects all different sizes of companies due to a wide variety of different types of threats like malicious codes like illegal y oung adult content, malware, and spyware to computer viruses. Malware can be very serious that they have the ability to easily erase the whole entire computer to non dangerous easy fix like email viruses. We need cyber security to stop the numbers of threats around the world. There have been unprecedented rise in cyber attacks

New Product Nike Fitness - 1525 Words

New product: Nike Fitness As more people become more health conscious, expanding to include fitness centers in their campaigns would be a great step for Nike, especially to compete with a fitness-focused company like Reebok. As the number one sport supplier and their relationship with their sponsored athletes, future consumers would definitely try their new products. They currently have the Nike Run Club and the Nike Training Club that both are free at select NIKE Stores in the United States. Nike Run Club is available in 19 Nike Stores, and in this particular club, runners are actually given a free trial using their running shoes; they can choose to run 3, 5, or 7 miles with hundreds of other runners. In addition, Nike Training Club is an hour free workout at select Nike Stores (currently provided at 10 stores nationwide) that is held once a week. Nike also launched the workout plan application that Android and iOS user can download. As more than one million users have this application, hundreds of people pa rticipate in the weekly club, which creates a sense of strong brand image, Nike Fitness will definitely a huge hit. Nike Fitness will be situated strategically to cater to consumers seeking to have the ultimate workout experience. Nike Fitness requires an extensive amount of land, qualified employees, and inventories that include equipment, towels, and eco-friendly pool chemicals. It will have complete sets of high quality equipment, a swimming pool, innovative andShow MoreRelatedNike: Blue Ribbon Sports by Bill Bowerman and Phil Knight in 1964974 Words   |  4 PagesNike started its empire as a company to distribute a Japanese running shoes, Tiger, in the United States with the name Blue Ribbon Sports by Bill Bowerman and Phil Knight in 1964. Its founders have a very good coach-student relationship back in the days where both were still at University of Oregon; Bowerman was Knight’s coach seeking a better running shoes and Knight loves athletics so much that he could not live without it. The good relationship continues to start a business together, Blue RibbonRead MoreMarketing Analysi s : Nikes The Modern Girl Of Sport And Fitness 1604 Words   |  7 Pages Introduction Coined the â€Å"Modern Girl of Sport and Fitness,† one of Nike’s increasingly profitable and rapidly growing consumer markets is young adult females who wish to be comfortable and fashionable at both the gym and in their daily lives. This consumer base has also been characterized by the term â€Å"athleisure† – a combination of an athletic look with a comfortable and fashionable feel. This market continues to grow, with approximately â€Å"46 percent of women between the ages of 19 and 34† becomingRead MoreThe Contemporary Job Of A Design Thinker1678 Words   |  7 Pagesevident with Mark Parker, CEO of Nike. Having a vision that stemmed from a deep understanding of those who surrounded him allowed Mark Parker to climb the ladder of success from being a footwear designer at Nike to being the company’s CEO. Empathy is the vital ingredient that leads successful growth and change. This is apparent with Nike as Mark Parker’s vision fundamentally depends on understanding the consumers, thus providing them with shoes and other products that directly meet their needs andRead MoreNike Case Study Questions882 Words   |  4 Pages Nike Case Study Questions 1. Evaluate Nike by using the competitive forces and value chain models. Nike is one of the strongest sports brands, even though it is faced with competitors in the lines of clothing and shoe manufacturing. Nike constantly releases new products, and that keeps competitors from catching up to them. I can vouch for the quality of Nike, because I have had a pair of their shoes last me for over four years without any significant wear. Granted, the soles are worn to the pointRead MoreTaking a Look at Nike Inc.974 Words   |  4 PagesBrief Overview Nike, Inc. is a multinational corporation that designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories for a variety of sports and fitness activities. In 1964, it started its empire as a company that distributed Japanese running shoes, Tiger, in the United States with the name Blue Ribbon Sports in 1964. Nike founders—Bill Bowerman and Phil Knight—had a great coach-student relationship when both were still at University of Oregon; Bowerman wasRead MorePositioning and Brand Loyalty962 Words   |  4 Pagesdemonstrate and summarize three sports products that have a large or high degree of brand loyalty. Shank, 2009 said, â€Å"Fixing a sports entity in the minds of consumers in the target market. I choose Nike, Spalding and Life fitness gym/sports equipment(s). These sports product(s) that is identify demonstrate high degree of brand loyalty to its customer(s). Word of mouth plays a vital role in the increase of brand loyalty towar ds sports product. With these sports products living up to their customers’ expectationRead MoreNike Case Analysis717 Words   |  3 PagesWomen’s Fitness Business: Driving Strategic Integration | [Your Name] | Introduction and Background In 2006, the American footwear, apparel and equipment manufacturing giant announced a major corporate reorganization that would switch the company’s attention from a product orientation to a category-driven approach. A product orientation approach, which was previously effective for Nike, centers all the business activities on continually innovating, improving and refining its products whileRead MoreThe Marketing Strategy Of Nike1428 Words   |  6 Pagesare very well polished in Nike. The owners know the correct trigger points of every class of consumer, and thus, the motivating push is given to the exact point. Emotional branding is used by Nike in several instances and this has been one of the vital areas of its operations. Nike’s position in the market is such that consumers upon hearing the name of Nike are sure that they shall be getting state-of-the-art products. Though there is no scale of comparison to say that Nike is better than the competitorsRead MoreNike : An American Inspired Fitness Brand That Relishes Global Success1685 Words   |  7 PagesMission Reebok is an American-inspired fitness brand that relishes global success. The innovation strategy within the company s roots is to create clothing and accessories allowing the athlete to train at their maximum potential. By using the technologies available as well as innovating to create new sport apparel, reebok can provide a material benefit to consumer’s fitness activities. The direct mission of the Reebok company is to â€Å"Challenge and lead the fitness world through creativity.† The contentRead MoreCore Competencies And Sustainable Competitive Advantage1296 Words   |  6 PagesSustainable Competitive Advantage In terms of core competency, Nike 1) provides high quality durable items to its customers. As a leader in fitness clothing and accessories, Nike strives to be on the edge of the market by providing innovative ideas that improve customer satisfaction. Recognizing the importance of eco-friendly business 3) Nike promotes recycling to its customers and utilize recycling in its own manufacture of products. Lastly, this organization 4) completes customer satisfaction while

Effects Of Arthur Andersen Vs Enron Samples †MyAssignmenthelp.com

Question: Discuss about the Effects Of Arthur Andersen Vs Enron. Answer: Arthur Anderson and Enron case file formed the basis of the firm's professionalism, ethics, and due diligence while relating to clients. It further illustrates the sense of responsibility of the firms to the clients without favor or conflict of interest. Agency being the relationship between the principal, the agent and 3rd party should see the icon of mutual benefit among the parties but not sufficing the others as it is being witnessed in the case involving Enron. Mutual benefit relationship theory occurring in Environ case informs us of the existence of mishaps in most firms thus forgetting the shareholder needs and expectations. In this case of Arthur Andersen Vs. Enron we clearly see the management not caring Salter (2008.Pg 23) on facilitating the process of increasing returns of the shareholders instead they concentrate on misappropriation by cooking the books of the accounts as well as attempts to offer incentives and havens to agents so as to act in the best interest of the them. Agency involves the delegation of responsibilities as well as decision-making thus as the agent represents the principal it is expected for their agent to do so wholesomely without favor or with the expectation of something in return. Enron was supposed to represent the parent(principal) company on conducting the audit services free from any other tasks that are contrary to audit policies set in place, Enron firm instead has been doing its own things to extent of benefiting at the expense of the principal Stein(2007.Pg 1390) Information is deemed powerful hence the hypothesis behind perfect access to information to all the parties as well as its disclosure of any aspect of information that is deemed material is important during the audit. All the parties bounded by the agency relation as well as the users of the information are entitled to correct and material information. Enron firms transaction were seen to be private thus no disclosure was ever made to the extent of persons questioning the essence of non-disclosure only to realize it was accounting hoax tactics both through the books of accounts and by virtue of word of mouth. This denial to issue the correct, material and in context assurance information to the users brought the firm to a situation of non-compliance. Insurance hypothesis is applied where audit loss has occurred thus allowing the investors to sue auditor so as to recover losses resulting from misstated financial statements hence reducing investors risks. In Arthur case, this was seen to especially safeguard clients interest due to loss of closure of business and bankruptcy that was resulted from wrong disclosure and intentional interference of the books of accounts hence this theory had to apply to rescue 3rd parties in investors. As a result of what befell Arthur Andersen, Enrol,Tyco as well as WorldCom the need to enact public company accounting reform and investor protection act was brought into legislation so as to protect investors as well as inform management on their role and responsibility regarding the accuracy authenticity of the financial hence limiting them from denial of accounting discrepancies awareness in case it happens. This further outlined the limits of the duties and responsibilities of the auditors Arens (2007.Pg 17) thus preventing him from the offering of non-audit services that have in the past led to the conflict of interest. Provisions to curb corporate persons from enjoying conflict of interest at the expense of the minority was likewise set as the law allowing the public to disclose on any matter deemed to cause or result from the conflict of interest. Safety measures the likes of GAAS, GAAP, SAS as well as professional ethics Donaldson(2008.Pg 300)was introduced to guide the accountant on daily accounting and auditing activities during preparation and reporting of the financial statements hence controlling audit and accounts operation Whittington(2010.Pg 26). The use of the above set guidelines together with government policies set in place as restored trust in auditors as well as promoting the rapport among the agency but only to the extent of responsibility accorded by the law. Arthur Andersen and Enrons case was deemed to be one of the worst financial crisis that resulted from auditors negligence that lowered the integrity of audit. However were it not for it there would never have existed the auditing and accounting standards as well as guidelines policies that have made operations smooth and accountable Cosserat(2009.Pg 7). References Arens, A. A., Elder, R. J., Beasley, M. S. (2007). Auditing and assurance services: An Collapse. Human Relations, 60(9), 1387-1410. Cosserat, G. W., Rodda, N. (2009). Modern auditing. Wiley. Donaldson, L. (2008). Ethics problems and problems with ethics: Toward a pro-management Harvard University Press.integrated approach. Prentice Hall. Salter, M. S. (2008). Innovation corrupted: the origins and legacy of Enron's collapse. Stein, M. (2007). Oedipus Rex at Enron: Leadership, Oedipal struggles, and organizational theory. Journal of Business Ethics, 78(3), 299-311. Whittington, R., Pany, K. (2010). Principles of auditing and other assurance services.

Medication Administration Errors free essay sample

Administrationrsrizontal Violeneed to be considered during the time of administration. verything. Medications should always be Errors By: Amanda Sandstrom Grand Canyon University: NRS-433V April 13, 2013 Problem Statement Medication errors are one of the most common errors in healthcare. Sentinel events lead to research in determining why errors were happening and how they can be prevented. Learning why medication errors occur, and the events leading up to the error is important to understand so policies and procedures can be implemented. Nurses are play a vital role in reporting and preventing medication errors, as the nurses are the last person in the medication administration process. The Institute of Medicine reports 44,000 to 98,000 people die in hospitals annually as a result of medication errors that could have been prevented (Stetina, Groves amp; Pafford, 2005). Deaths caused by medication errors more than doubled in ten years from 2,876 in 1983 to 7,391 in 1993 (Stetina, Groves amp; Pafford, 2005). Medication errors and the complications due to them increase patient stays, costs, and patient disabilities. We will write a custom essay sample on Medication Administration Errors or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Medication administration is a complex process and an error can occur at any point within the process. Prescription, transcription, dispensing and lastly administration are all part of the process. The last process of administration is provided by the nurse who must be vigilant and ensure there were no errors within the whole process before administering the medication. Purpose and Research Questions The purpose of this study was to focus on how nurses experience making a medication error, and being involved in the process in which an error occurred, what constitutes a medication error, and what steps need to be taken after an error occur Questions sought to be answered by this study are: What constitutes a medication error? How are medication errors reported? Are the five rights of medication administration used consistently? The answers sought to these questions, and the purpose of this study was relevant to the clinical problem. The Heideggerian phenomenological method was used in this qualitative research, by conducting an eleven question interview. Literature Review The other used several quantitative studies research. The author also used a survey, and journal articles. The references are not current some of them are actually almost thirty years old. The study itself was conducted seven years ago; however current research was used to support this study. The author did not state any specific weakness, but suggests further research of a more diverse geographical population. Additionally research could be done specifically how nurses vary in their practice according to patient load, acuity, and day to day circumstances in the practice environment (Stetina, Groves amp; Pafford, 2005). The study did find adequate information regarding how and why medication errors occur. Unfortunately with medication errors being such a problem in practice there are many causes, and new systems in place for reducing them that are constantly being updated. There is an abundance of literature on this topic all researching different aspects. This study did find that though all the nurses surveyed identified the â€Å"five rights† as the process of medication administration and prevention of errors (Stetina, Groves amp; Pafford, 2005). Many nurses acknowledged not always adhering to the five rights of medication administration; this was especially evident when it came to right time. Many nurses admitted to not always giving medications at the right time, and felt this was not considered to be a medication error. Conceptual / Theoretical Framework The author did not identify a specific perspective in this study. The framework for this study was finding answers to questions regarding medication administration and how errors occur. Nurses in different practice settings were interviewed to find the answers to the questions. The study set out to explore the understanding and management of medication errors by nurses (Stetina, Groves amp; Pafford, 2005). Conclusion Since nurses administer medications they are the last ones in the medication administration process to intercept a possible error, or they can be the ones making the error. It is imperative to be diligent when passing medications. Many advances have been made with the use of bar code medication administration programs, and electronic medical records with electronic ordering. With the advances in technology many nurses have come to be dependent on these systems. Pharmacy has also become a larger part in inpatient settings and nurses in this study have also come to rely more on them to prevent incompatibility complications. Nurses must always keep their clinical reasoning skills sharp, when administering medication we must consider everything. Medications should always be reviewed with patients prior to administration; since patients know what they take and can alert the nurses to a possible error. Lab work, dosage, patient’s weight, allergies, treatments, and compatibility of intravenous medications all need to be considered during the time of administration. Although all of these tools are valuable it is imperative that we do not become dependent upon them, we must use clinical reasoning and judgment to ensure patient safety. References: Clinical reasoning can prevent mediation errors. 2012, August 22). Retrieved from http://confidenceconnected. com/connect/article/clinical_reasoning_can_prevent_medication_errors/ Hartnell, N. , Mackinnon, N. , Sketris, I. , amp; Fleming, M. (n. d. ). Identifying, understanding and overcoming barriers to medication error reporting in hospitals: A focus group study. (2012). BMJ Quality and Safety, 21(5), 361-368. Stetina, P. , Groves, M. , amp; Pafford, L. (n. d. ). Managing medica tion errors: A qualitative study. (2005). Medsurg Nursing, 14(3), 174-178.

Free Essays on Prostitution In Toronto

Prostitution in Toronto This document, Prostitution in Toronto, was written in 1915. It was a Report by the Toronto Social Survey Commission. It takes a look into a very widespread problem in the social order of Toronto. It gave motives for the source of prostitution and the trends that were generating this large dilemma. In order to understand the author’s argument you must first appreciate what he is trying to say to the reader. Prostitution is a social disease. â€Å"It is not merely an affair between the sensual man and the depraved and avaricious woman, as individuals, but is the outcome of a complex social condition, which through artificial stimulation, multiplies both the demand and supply.†(p.139) The authors were showing that it’s a very intricate problem that is impossible to totally cure and there are several reason why that is the case. There were dynamics that were present when this document was printed that were innate and gained that cause the women to resort to this immoral livelihood. It was caused by immigrating into Canada without money, your family’s social class or lack of jobs as it was a multi faceted problem. Poverty is the first basis the author discusses, followed by housing and sanitation and feeble-mindedness as it related to the vice. Th is evidently all had an extremely detrimental result in prostitution in Toronto in the early 20th century. The intention for writing this document was that at this point in time, prostitution was rising out of control in the then recently ethnically reformulated city of Toronto. The document takes a very critically negative point of view on the occupation that various women of this era were resorting to because of the social condition. There were several misconstrued reasons that were believed by the public for whom and why these women were selling their sexuality for either money or in exchange for gifts. This was a tremendously soft area of knowledge... Free Essays on Prostitution In Toronto Free Essays on Prostitution In Toronto Prostitution in Toronto This document, Prostitution in Toronto, was written in 1915. It was a Report by the Toronto Social Survey Commission. It takes a look into a very widespread problem in the social order of Toronto. It gave motives for the source of prostitution and the trends that were generating this large dilemma. In order to understand the author’s argument you must first appreciate what he is trying to say to the reader. Prostitution is a social disease. â€Å"It is not merely an affair between the sensual man and the depraved and avaricious woman, as individuals, but is the outcome of a complex social condition, which through artificial stimulation, multiplies both the demand and supply.†(p.139) The authors were showing that it’s a very intricate problem that is impossible to totally cure and there are several reason why that is the case. There were dynamics that were present when this document was printed that were innate and gained that cause the women to resort to this immoral livelihood. It was caused by immigrating into Canada without money, your family’s social class or lack of jobs as it was a multi faceted problem. Poverty is the first basis the author discusses, followed by housing and sanitation and feeble-mindedness as it related to the vice. Th is evidently all had an extremely detrimental result in prostitution in Toronto in the early 20th century. The intention for writing this document was that at this point in time, prostitution was rising out of control in the then recently ethnically reformulated city of Toronto. The document takes a very critically negative point of view on the occupation that various women of this era were resorting to because of the social condition. There were several misconstrued reasons that were believed by the public for whom and why these women were selling their sexuality for either money or in exchange for gifts. This was a tremendously soft area of knowledge...

Five Tips for Writing a Travel Series

Five Tips for Writing a Travel Series Travel writing is considered one of the more glamorous writing gigs. After all, what could be better than getting paid to travel? While the reality is a bit more mundane (generally low pay, tight deadlines, viciously competitive markets) it’s still a load of fun. With the advent of travel blogs, more and more writers are expanding their experiences from single features to longer series. This allows you to focus on various aspects of a destination in different posts and tell a longer story arc. Here are five tips to writing an online travel series. These also work well for print features. 1. You don’t have to start at the beginning: While your journey has a beginning, middle, and end, you aren’t writing a novel. You don’t have to open your series with your arrival. This is usually your worst part of the trip anyway, so why inflict it on your reader? Instead, draw them in with a scene that brings the destination to life, such as when Rolf Potts started his series about going on a Star Trek cruise with the moment everyone discovered he wasn’t a fan of the show. Very rarely are the beginnings of a journey exciting, although my ten-hour drive across the desert to Somaliland made for a good opener. That time, and that time only, the start had excitement, color, vivid experiences, and a bit of danger. The rest of my trips have opened with me jetlagged and grumpy at some foreign airport. 2. Don’t forget that what’s normal to you is new to your reader: As we get accustomed to a new place, we begin to forget the little details that make for a great story. The best photo I never took in Iraq was of my driver eating hummus at a roadside restaurant as a sheep watched him from just outside the window. When I saw this I smiled and thought, â€Å"Appetizer and main course!† What I should have done was take a picture. That juxtaposition wasn’t unusual for me anymore, but I bet my readers would have gotten a good laugh out of it. Well, maybe not the vegetarians. 3. You don’t have to be a good photographer: I’m a mediocre photographer, and yet I’ve sold hundreds of photographs to print and online publications. How? I go to interesting places and take lots of pictures. It’s that simple. 4. Mix short and long pieces: Short, punchy pieces accompanied 5. The story is rarely about you: There are two types of traveler- those who describe the places they’ve been, and those who talk about how they went to a bunch of places. The first person is informative and interesting; the other is a boring braggart. While it’s your journey, you aren’t the most interesting thing about it. The people you meet and the things you see are. Leave yourself out of the picture unless it’s really, truly part of the story. There is very little about me in my series on  living in Harar, Ethiopia. When I visited the little-known Argobba tribe, or interviewed a traditional healer, I let them speak for themselves. In my post about meeting a nine-year-old refugee from Syria, however, my reactions were an important part of the story. A monk examines a medieval illustrated manuscript at his monastery on Lake Tana, Ethiopia. (copyright Sean McLachlan) Marsh Arab children in southern Iraq. (copyright Sean McLachlan)

Death And Its Significance Essay Example | Topics and Well Written Essays - 1500 words

Death And Its Significance - Essay Example The attribute of death being evil was picked up due to people not being able to justify a person’s death. Some people would have been better off alive than dead according to some people’s interpretation. The idea of death is however ruled out by Fieldman, as he considers dead people not to have any feeling whatsoever lest an opinion (1992).His perception of a dead person thus means that he has become non-existent. Death in Medieval/ Middle Ages In the medieval years, death was viewed as a way of life. Everyone had the concept that that was where they were all headed; that they would eventually die. This shows that people in the middle ages were more proverbial with the term death and what it actually brought. It was more welcome in their lives than feared (Aries, 1974). They were all resigned to their fate, which was to die. This was the eventuality of everyone and everything. People’s experience with death began at birth where in communities like the African one s, new-borns were named after those who had already passed on. They considered it a reincarnation or rebirth of their loved ones who had already passed on. This was probably in a bid to keep their memories alive and the belief that there was life after death. This is how Buddhists view death even up to date. They are at ease with death and just think of it as relocation, where one moves from one place to another or switching houses for a particular convenience. In the ancient times, the thought of death was rather comforting than it is worrying in the days we now live in. It was as if they had a premonition of death and were somewhat prepared for it waiting for the day it come knocking at their door. It was as if they had it all figured out; the surrendering of oneself to death (a better place full of peace and serenity) until it was time to return to this world by being reborn. The middle ages’ people saw death as this obvious and restrained thing la mort apprivoisee; which is a complete opposite of the present times, where death is seen as strange and feared by people. These people also had mourning and burial rituals and traditions that followed a death encounter. This again is in support of how the people in those times were at ease with death and were prepared for the loss that comes with death. Death was a rite of passage in life. Death in Present Times In most recent times, death has become a taboo rarely spoken about and with myths surrounding it. It is still though a mystery but people have become more detached from it due to fear of the ‘evil’ that is mostly accompanied with death (Aries, 1974). Instead of people accepting death as a way of life like in the past ages, they are forced to actually be terrified of death. Death is now met with anxiety as people wonder what will happen to them later. People grief their loved ones and some even go to the extent of mental depression due to the loss of their loved ones. In addition, peopl e have now become attached to their earthly possessions such as pets, and things like power and wealth. These things matter more to human beings so much that the thought of being away from them is too scary to even think about. Instead of the resignation which usually met death in early ages, people panic at the thought of dying, or otherwise losing their loved ones (Aries, 1974). The universally accepted notion that everyone is bound to die has now become completely forgotten such that an estranged person would rather

International Tax Case Study Example | Topics and Well Written Essays - 2500 words

International Tax - Case Study Example Major art work galleries are increasingly maintaining an international presence such as New York based Gagosian Gallery which has branches in Rome, Paris, Hong Kong and many other cities around the world2. On the other hand, there are recognised auction houses that have had an international presence for some time but globalisation seems to have ramped up considerably in this segment of the art world in the recent decade as well. News media including television, newspapers, magazines and internet sites have been offering regular coverage for this market where the most evident feature is the regular skyrocketing of the prices of art work pieces3. The are other academic interests that involve the collection behaviour where the market for fine and decorative arts is slowly but steadily on the rise due to the favourable amounts of revenue generated from them. Art historians tend to focus on the history of collecting, while scholars in this field as diverse anthropology, sociology and economics who are interested in the multi-billion dollar international market for art4. The fine arts experience has gone even to undergraduate schools where it is common for students to pursue double majors in history and majors in art history and economics in preparation for a career in this field5. This shows that Eyemax Group has potential for numerous labour market employment opportunities for the necessary expertise to generate enough skills; this burgeoning field of art business had engendered specialised graduate-level programs, whose graduates seek opportunity in the rapidly expanding market for art. For an excellent experience in this industry, Eyemax Group will need to not only adhere to tax and other regulations of the law but also to generate potential useful alliances with the artists, dealers, auctioneers and others whose interests have a significant monetary component in the larger arts world6. These are the

Just Another Lionel Messi Essay Example for Free

Just Another Lionel Messi Essay Standing at just over 5 feet 6 inches tall , and with an age of just 24 , Lionel Messi is touted to be one of the greatest players of all time , maybe even the greatest . Maradonna famously termed him his ‘successor’ , and although Pele finds reasons not to call him the greatest of all time , its probably ‘cause he’d rather not give up his title to someone else. Human nature, you could say,but well,he’s going to have to agree sooner or later. Cristiano Ronaldo has it all. He has the stats, he has the ability, he has the strength. There is no doubt in the fact that Cristiano Ronaldo has been grossly underestimated when it comes to comparisons with Messi. Messi cant head the ball like Ronaldo. Ronaldo can probably do everything that Messi can with his feet. But then what is it that Messi has that attracts every single person to the beautiful game? The fact that he lives for the game. Once he gets the ball , he will not leave it until he has done justice to his ability with the ball. All incredibly skilful players, Ronaldo , Nani , you name them, dive at the first opportunity presented to them . Lionel Messi never dives. If you’re wondering what I mean by ‘dive’, and I’m assuming you probably are , it is the practice of falling to the ground ,pretending to be injured, appealing for a foul, and then ,once the purpose is fulfilled, ending up running around the field without any hint of injury. Lionel Messi hardly ever does it . In fact he never does it . Messi is humble, probably the humblest ‘great’ of all time . After scoring seven goals in the past week, and being on the verge of becoming the all-time highest goalscorer of Barcelona, he still credits the club’s run of success,as well as his , to coach Pep Guardiola. Lionel Messi never dives. He plays fair. And when he does,he makes sure we all know , that he was born to play this game .

Authority in Ozymandias and The Second Coming :: Ozymandias Essays

Authority in Ozymandias and The Second Coming Percy Bysshe Shelley's "Ozymandias" portrays the past power of authority symbolized by the once great world power of Egypt. William Butler Yeats' "The Second Coming" portrays the past power religion once had over the world, gradually lost ever since the end of Shelley's era of Romanticism. "Ozymandias" was written in a time when human rule coupled with religious guidance, but was slowly easing away from that old tradition as they entered the highly progressive era of the Victorians. In his poem, Shelley was comparing the formally powerful Egyptian pharaoh's "antique" and prideful form of rule with the unsuccessful future the "traveller" met in the desert with the ruins of the king's "shattered visage" (Longman, Shelley, p. 1710, l. 1 & 4). In a sense, Shelley was also saying that human rulership was just as easily able to fail as the once great and powerful world rule of Egypt once did, for ages. Yeats also is alluding to this idea, but imposing his view on another type of rule once great for hundreds of years of its rulership, that of Christianity or religion in general. In "The Second Coming" he envisions the "falcon" of humanity drifting away and ignoring "the falconer," Christian religions (Longman, Yeats, p. 2329, l. 2). "The falcon cannot hear the falconer;/ Things fall apart" says Yeats, depicting how human reliance on religion has become cold and disinterested in its lead anymore due to human progress of science, thus their loss of reliance and trustworthiness of religion's claims. Both Romantics and Modernists felt loss of authority, either from man or man's religious following. Poetry changed what it focused on as those figures lost respect or importance in the public's lives. I believe Yeats sums up my point partially in lines 19 and 20, "That twenty centuries of stony sleep/ Were vexed to nightmare by a rocking cradle.

Who Inspires Me

Who Inspires Me? Seth has inspired me since the day we met. He is an amazing person and he has influenced me in a great way. He is sweet, loving, and caring. Seth is the kind of person that cares about everyone. He puts everyone before himself. Like the time I came home from school and I was really upset because something had happened. When I called Seth and told him what had happened he got really mad but, he hid the fact that he hid the fact that he was mad so I wouldn’t get upset. Seth loves everyone. The day we first met he came up and hugged me like I have known him my entire life. Seth doesn’t let the bad times get to him. He has had to deal with a lot of bad stuff in his life, but he still wakes up every morning with a smile on his face. Seth makes the best of everything. Seth knows how it feels to be upset because it is an often feeling for him, but even though he is upset h will put a smile on his face and act like nothing is wrong because he lives every day as if it were his last. Seth is an extremely funny person. He can make you laugh at the worst of times. Seth always has good advice. He always knows what to say to make you feel better. When I am around Seth it is nearly impossible for me to be upset. These are the reasons why in my eyes Seth is the most amazing boyfriend, brother, and friend. He is one of the most influential people in mylife.

Nursing Informatics Essay

Nursing informatics can best be described â€Å"as the integration of data, information and knowledge to support patients and clinicians in decisions across roles and settings, using information structures, process, and technology† (Knight & Shea, p. 93). Nursing informatics has evolved over the last half decade from a system with only a few abilities to a worldwide technological system used in many hospital settings and physician offices in order to unify healthcare, eliminate error, and allow clinicians to spend less time charting and more time fulfilling job duties. In the 1960s, technology entered the nursing profession and the very first computer systems were integrated into hospitals. The early computer systems were implemented in order to process orders promptly and keep an accurate record of charges incurred by patients during their hospital stay (Murphy, 2010). Over the next few years, technology improved and started to revolutionize the nursing profession, documentat ion and communication throughout the hospital went from pen and paper to online databases filled with electronic patient information (Murphy, 2010). The introduction of NI has â€Å"prompted significant transformation in healthcare, along with increased attention to patient safety and outcome† (HIMSS Nursing Informatics Awareness Task Force, 2007, p. 38). Nursing informatics (NI) was finally recognized as a specialty in the mid-1990s (Murphy, 2010) Nursing informatics continued to evolve and the clinical setting began using electronic health records in patient care areas. Electronic health records (EHR) is like the nursing process, in which computer charting uses a hands on approach where the clinician is responsible for physically inputting the data attained into the Electronic Health Record. (McFadden, 2012). EHR was a huge push by President Bush in 2004, he mandated that the electronic health record be worldwide in the United States within ten years and created the Office of the National Coordinator for Health information Technology (HIMSS Nursing Informatics Awareness Task Force, 2007). The concept behind the electronic health record was to redesign the way patient care was delivered so that documentation and data gathering was integrated and automatically uploaded eliminating the room for errors and or misinformation (McFadden, 2012). Today nursing informatics uses technology to improve its clinical nursing  practice as well as to enhance the quality of patient care (Saba, 2001). As patients change, technology in the hospital setting must change and adapt as well. In order to make sure that the Electronic Health Record is as user friendly as possible for the majority of the clinicians using the system, TIGER was formed. â€Å"TIGER which stands for Technology Informatics Guiding Specialties which is a national collaborative of nurses from various specialties† (â€Å"TIGER,† 2010, p. 11). Nurses who are on the front line taking care of patients first hand bring knowledge of how information can be supported and improved upon in the clinical process and decision-making, which ultimately improves quality and patient outcome (â€Å"TIGER,† 2010). TIGER has improved nursing informatics by intertwining technology into the nursing practice, therefore making health information technology the stethosc ope for the 21st century (â€Å"TIGER,† 2010). Along with the continuing development of technology CPOE (Computerized Provider Order Entry) was developed freeing nurses from having to transcribe physicians hand writing and eliminating the need for order clarification made via phone calls improving quality control and patient outcomes. (Thede, 2012). Lab results are readily available through Point Of Care seconds after a test is completed in order for nurses and physicians to have information to review and determine further course of treatment the moment the results become available (Thede, 2012). Nursing informatics has a direct impact on nurses. Nurses spend roughly 50% of their time documenting and as little as 15% at the patient bedside (HIMSS Nursing Informatics Awareness Task Force, 2007). Our role as a nurse is being redefined by computers allowing more time to actually nurse patients to health and less time documenting our measures used to return them to health. As stated by HIMSS Nursing Informatics Task Force (2007) â€Å"this movement toward evidence based clinical practice is designed by a clinical information system which serves as the integrator that supports clinical judgment and client values† (p. 31). Nursing informatics will continue to improve and will become able to process data more quickly than it doe s now (Saba, 2001). In the 21st century, nursing informatics is part of our everyday professional activity. The majority of healthcare professionals are computer literate as utilizing a computer and accessing patient records has become a part of our everyday duties as nurses. (Saba, 2001). As we continue to move toward a more IT world, nursing informaticists will continue to work  with nurses to ensure that our practice is further enhanced by new technology (HIMSS Nursing Informatics Awareness Task Force, 2007). As clinicians is our duty to be prepared and properly trained with the most recent technological advances so we can spend less time finding where to document information or inputting information and more time fulfilling other nursing duties. In summary, according to Murphy (2010) â€Å"nursing informatics has evolved to an integral part of health care delivery and a differentiating factor in the selection, implementation, and evaluation of health IT that supports safe, high-quality, patient-centric care† (p. 207). It is time for nurses to leave the past ways of paper charting and embrace what the future has for us in the ever evolving technological world. Our profession is being transformed to meet the needs of patients and allowing clinicians to keep accurate records but doing so in a timely and safe manner. Nursing informatics is a tool which is in place to make it easier to keep accurate records, spend more time interacting and caring for patients, and have one place to look for information regarding patient care. References HIMSS Nursing Informatics Awareness Task Force. (2007, March). Informatics. Nursing Management, 38, 38-42. http://dx.doi.org/http://dx.doi.org.ezproxy.ttuhsc.edu/10.1097/01.NUMA.0000262926.85304.a6 Knight, E. P., & Shea, K. (2014). A Patient-Focused Framework Integrating Self-Management and Informatics. Journal of Nursing Scholarship, 46, 91-97. http://dx.doi.org/10.1111/jnu.12059 McFadden, R. (2012, December). Nursing informatics: A specialty on the rise. , 16, 16-17. Retrieved from http://search.ebscohost.com.ezproxy.ttuhsc.edu/login.aspx?direct=true&db=rzh&AN=2012223758&site=nrc-live Murphy, J. (2010, May-Jun). Nursing informatics: the intersection of nursing, computer, and information sciences. Nursing Economic$, 28, 204-207. Retrieved from http://search.ebscohost.com.ezproxy.ttuhsc.edu/login.aspx?direct=true&db=rzh&AN=2010699607&site=nrc-live Saba, V. K. (2001, September). Nursing informatics: yesterday, today and tomorrow. International Nursing Review, 48, 177-187. Retrieved fr om http://web.b.ebscohost.com.ezproxy.ttuhsc.edu/nup/detail/detail?sid=976b7ae2- 0db7-4ca2-83ce-c7fded8dd419%40sessionmgr112&vid=10&hid=119&bdata=JnNpdGU9bnVwLWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#db=rzh&AN=2001106151 Staggers, N., & Thompson, C. B. (2002). The evolution of definitions for nursing informatics: A critical analysis and revised definition. Journal of the American Medical Informatics Association. The voice of nursing informatics and the future of nursing Technology Informatics Guiding Education Reform (TIGER) (2010). ANIA-CARING Newsletter, 25(4), 11-20. Retrieved from http://web.b.ebscohost.com.ezproxy.ttuhsc.edu/nup/detail/detail?sid=2b530457-f316-4cab-99a1-51bdce7a9464%40sessionmgr115&vid=1&hid=119&bdata=JnNpdGU9bnVwLWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#db=rzh&AN=2010939703 Thede, L. (2008, Aug 18). The Electronic health Record: Will Nursing Be on Board When the Ship Leaves? OJIN: The Online Journal of Issues in Nursing, 13. http://dx.doi.org/10.3912/OJIN.Vol13No03InfoCol01 Thede, L. (2012, Janurary 23). â€Å"Informatics: Where is it?†. OJIN: The Online Jour nal of Issues in Nursing, 17(1). http://dx.doi.org/10.3912/OJIN.Vol17No1InfoCol01

Guyana-Land of Many Waters Essay Example

Guyana Guyana-Land of Many Waters Essay Guyana-Land of Many Waters Essay Guyana is a autonomous province on the northern seashore of South America. Culturally Guyana is portion of the Anglophone Caribbean. Guyana is one of the few Caribbean states that is non an island. The Caribbean Community ( CARICOM ) . of which Guyana is a member. has its secretariat’s central office in Guyana’s capital. Georgetown. Guyana was originally colonized by the Netherlands. Later. it became a British settlement and remained so for over 200 old ages until it achieved independency on 26 May 1966 from the United Kingdom. On 23 February 1970. Guyana officially became a democracy. In 2008. the state joined the Union of South American Nations as a founding member. Guyana. a member province of the Commonwealth of Nations. is the lone South American state whose official linguistic communication is English. Historically. the part known as Guiana or Guyana comprised the big shield landmass North of the Amazon River and E of the Orinoco River known as the Land of many waters . Historical Guyana consists of three Dutch settlements: Essequibo. Demerara. and Berbice. Modern Guyana is bordered by Suriname to the E ; by Brazil to the South and sou-west ; by Venezuela to the West ; and by the Atlantic Ocean to the North. : At 215. 000 square kilometers ( 83. 000 sq myocardial infarction ) . Guyana is the third-smallest independent province on the mainland of South America after Uruguay and Suriname. Its population is about 770. 000. The name Guyana is derived from Guiana. the original name for the part that now includes Guyana. Suriname. Gallic Guiana. and parts of Colombia. Venezuela and Brazil. Harmonizing to the Oxford English Dictionary. the name comes from an Amerindian word significance land of many waters . here are nine Native American folks shacking in Guyana: the Wai Wai. Machushi. Patamona. Arawak. Carib. Wapishana. Arecuna. Akawaio. and Warrau. Historically the Arawak and Carib folks dominated Guyana. Although Christopher Columbus sighted Guyana during his 3rd ocean trip ( in 1498 ) . the Dutch were the first to set up settlements: Essequibo ( 1616 ) . Berbice ( 1627 ) . and Demerara ( 1752 ) . After the British assumed control in the late eighteenth century. the Dutch officially ceded the country in 1814. In 1831 the three separate settlements became a individual British settlement known as British Guiana. A map of Dutch Guiana 1667–1814. Since Independence in 1824. Venezuela has claimed the country of land to the West of the Essequibo River. Simon Bolivar wrote to the British authorities warning against the Berbice and Demerara colonists settling on land which the Venezuelans claimed was theirs. In 1899 an international court ruled the land belonged to Great Britain. Map of British Guiana. Guyana achieved independency from the United Kingdom on 26 May 1966 and became a democracy on 23 February 1970. staying a member of the Commonwealth. The US State Department and the US Central Intelligence Agency ( CIA ) . along with the British authorities. played a strong function in act uponing political control in Guyana during this clip. The American authorities supported Forbes Burnham during the early old ages of independency because Cheddi Jagan was identified as a Marxist. They provided secret fiscal support and political run advice to Burnham’s People’s National Congress. to the hurt of the Jagan-led People’s Progressive Party. which was largely supported by Native American Guyanese. In 1978. Guyana received international notice when 918 members of the American cult. Peopless Temple. died in a mass murder/suicide. Most of the self-destructions were American and more than 300 kids were killed ; the people were members of a group led by Jim Jones in Jonestown. the colony which they had created. Jim Jones’ escorts had earlier attacked people set downing at a little remote flight strip near to Jonestown. killing five people. including Leo Ryan. the lone congresswoman of all time murdered in the line of responsibility in US history. In May 2008. President Bharrat Jagdeo was a signer to the UNASUR Constitutive Treaty of the Union of South American Nations. Guyana has ratified the pact.

Alice Munro, Canadian Short Story Writer

Alice Munro, Canadian Short Story Writer Alice Munro Facts Known for:  short stories; Nobel Laureate in Literature, 2013Occupation:  writerDates:  July 10, 1931 -Also known as: Alice Laidlaw Munro Background, Family: Mother: Ann Clarke Chamney Laidlaw; schoolteacherFather: Robert Eric Laidlaw; fox and turkey farmer, watchman Education: University of Western Ontario, B.A. 1952 Marriage, Children: husband: James Armstrong Munro   (married December 29, 1951; bookstore owner)children:3 daughters: Sheila, Jenny, Andreahusband: Gerald Fremlin (married 1976; geographer) Alice Munro Biography: Born Alice Laidlaw in 1931, Alice loved reading from an early age.   Her father had published a novel, and Alice began writing at age 11, pursuing that passion from that point on. Her parents expected her to grow up to be a farmer’s wife.   Her mother was diagnosed with Parkinson’s when Alice was 12. Her first short story sale was in 1950, while she was attending the University of Western Ontario, where she was a journalism major.   She had to support herself through college, including selling her blood to a blood bank. Her early years of marriage were focused on raising her three daughters in Vancouver, where she had moved with husband, James, after their marriage in December, 1951.   She continued writing, mostly privately, publishing a few articles in Canadian magazines. In 1963, the Munros moved to Victoria and opened a bookstore, Munro’s. After their third daughter was born in 1966, Munro began to focus again on her writing, publishing in magazines, with some stories broadcast on radio. Her first collection of short stories, Dance of the Happy Shades, went to print in 1969.   She received the Governor General’s Literary Award for that collection. Her only novel, Lies of Girls and Women, was published in 1971. This book won the Canadian Booksellers Association Book Award. In 1972, Alice and James Munro divorced, and Alice moved back to Ontario.   Her Dance of the Happy Shades saw publication in the United States in 1973, leading to wider recognition of her work. A second collection of stories was published in 1974. In 1976, after reconnecting with college friend Gerald Fremlin, Alice Munro remarried, keeping her first married name for professional reasons. She continued to get recognition and wider publication. After 1977, the New Yorker had first publication rights for her short stories.   She published collections more and more frequently, her work becoming more popular, and often recognized with literary awards.   In 2013, she was awarded the Nobel Prize for Literature. Many of her stories have been set in either Ontario or in western Canada, and many deal with the relationships of men and women. Books by Alice Munro: Dance of the Happy Shades, 1969Lies of Girls and Women, 1971   (only novel published)Something Ive Been Meaning to Tell You, 1974Who Do You Think You Are?, 1978The Moons of Jupiter, 1982The Progress of Love, 1986Friend of My Youth, 1990Open Secrets, 1994Selected Stories, 1996 (28 of Munro’s previously published stories, including many of her best known to that point)The Love of a Good Woman, 1998Hateship, Friendship, Courtship, Loveship, Marriage Stories, 2002Runaway: Stories, 2004The View from Castle Rock, 2006Away From Her, 2007Alice Munros Best: Selected Stories, 2008Too Much Happiness: Stories, 2009Courting Johanna, 2009New Selected Stories, 2011Dear Life, 2012 Teleplays: A Trip to the Coast, in To See Ourselves, Canadian Broadcasting Corporation (CBC), 1973Thanks for the Ride, in To See Ourselves, CBC, 1973.How I Met My Husband, (broadcast in The Plays the Thing, CBC, 1974), Macmillan (Toronto, Ontario, Canada), 1976.1847: The Irish, in The Newcomers: Inhabiting a New Land, CBC, 1978. Awards Governor-Generals award, 1969, 1978, 1987B.C. Library Association Outstanding Fiction Writers award, 1972Great Lakes Colleges Association award, 1974Province of Ontario Council for the Arts award, 1974Canada-Australia literary prize, 1977National Magazine Awards Foundation Gold Medal award, 1977, 1982Foundation for the Advancement of Canadian Letters and Periodical Distributors of Canada Authors award, 1980Marian Engel award, 1986Canada Council Molson prize, 1991Commonwealth Writers prize (Canada and Caribbean Region), 1991Trillium Book award, 1991Order of Ontario medal, 1994Canada-Australia Literary Prize, 1994Canadian Booksellers Association Author of the Year award, 1995Giller Prize, 1998, 2004D. Litt.: University of Western Ontario, 1976Medal of Honor for Literature, National Arts Club (New York), 2005Lifetime Achievement Award, Vancouver Public Library, 2005

Report about the New York Aviation Managers Association Essay - 1

Report about the New York Aviation Managers Association - Essay Example By conglomerating, members benefit from each other, leading to industrial leaders and experts, through exchange of information and ideas. The association represents 1300 members and affiliated members who comprise of airport managers and representatives of more than 120 commercial and general airports. Membership is characterized by representatives from all corners of the aviation industry: Base operators, consultants, state government agencies and others. Holistically, economic benefits accrued from the association are impressive: generates $18 billion in salary and annual local tax revenue of $4.5 billion for the state (Crook. A, 2013). Nevertheless, NYAMA has sited that the efficiency of the micro-economy is at stake due to a vital inadequate infrastructural investment, stiff competition from other states and a drop in the general economy. Aviation industry has a critical importance in the general improvement of the state’s economy. Therefore, the importance of progressive constant improvement of the micro-economy cannot be gainsaid occasioning the critical role played by New York Aviation Management

Opioid Prescriptions for Chronic Pain and Overdose Research Paper

Opioid Prescriptions for Chronic Pain and Overdose - Research Paper Example The authors want to use this study to understand if there is a correlation between prescribed opioid therapy and opioid-related overdose. The authors have made it known that no such study has been previously undergone that evaluates the overdose risk in patients receiving prescribed opioids for chronic pain, which is why this study needed to be undergone. This study was conducted at Group Health Cooperative in Seattle, Washington. The patients involved in the study were 9940 people who had received three or more opioid prescriptions no more than ninety days prior to the study for chronic noncancer pain between the years of 1997 and 2005. These participants had to be at least eighteen years of age, if not older, and had to have been diagnosed with any of the eligible pains, which consisted of back or neck pain, menstrual pain, headache, abdominal pain or hernia, osteoarthritis, and fractures, contusions, or injuries. Anybody seeking to participate in this study that had a pain other t han what was eligible was dismissed from the study. The participants in the study also had to be enrolled at Group Health Cooperative at least two hundred and seventy days prior to the onset of the study. ... Further automated health care data was used to obtain information about the patient, anything from their personal background to their pain diagnosis. Additional measurements were made in regard to the amount of sedatives that were dispensed to patients. Other medical records were perused to identify potential overdoses of opioids; reviews of medical records were also undergone to classify and validate cases of overdose. A Cox proportional hazards model was implemented into the study to determine the risk for overdose based on each individual and their average daily dose of opioids. Simple observation was also undertaken, which involved monitoring the participants of the study and the amount of opioids that were to take each day and their reaction to the medication. It was noted the previous opioid use prior to any given day during the study. Observations were used until individual patients became disqualified from the study, either from disenrollment from the facility or from their h ealth care provider, their first overdose, death, or the end of the observational period. The authors made it known that after the initial ninety days of the study, the patients were followed for an additional forty-two months to ensure complete results and to make sure that nothing was overlooked. Of the original 9940 people that were involved in the study, 61% had complete follow-up, most of which lasted until the end of the study period, 32% left Group Health Cooperative and were therefore unable to finish out the study, and 7% of the participants had died. The introduction of the the results section of the article also went into detail about the mean age of the participants and the mean dosage of daily opioids. A table was provided to

The Real Number System and Order of Operations Assignment

The Real Number System and Order of Operations - Assignment Example M stands for Multiplication and it takes the third precedence in the order of operations. Looking at this expression, 4 x 8 – 6 + 3, we multiply 8 by 4 to get 32, then add 6 to 3 to get 9. Subtracting 9 from 32 we get 23. S stands for subtraction. Any subtracting command is executed last when doing the sums. In our above expression, our last step was to subtract 9 from 32 where we got 23. The order in which the signs will follow each other is important and it determines the answer one gets. Following the correct steps and orders in life is very important. For science students, following the correct order of operations and steps would mean the difference between getting the desired results and getting a disaster in case the steps are mixed up. Take an example of the preparation of Potassium Hydroxide;- If for example a student interchanged the steps and put the potassium into the water bath then due to the high reactivity of potassium with water, an explosion would ensue. This just helps to illustrate the need to follow correct steps in real

Development of Credit Facilities in Sierra Leone

Development of Credit Facilities in Sierra Leone Chapter 1 This study is on the creation of credit facilities to Small and Medium Size Enterprises in Sierra Leone with special focus on the construction industries. 1.1 Background to the Economy of Sierra Leone Sierra Leone is a relatively small country, on the West Coast of Africa with an area of approximately 28,000square miles. The estimated population is 5.5 million inhabitants, 30% of whom resides in the western area of the country according to recent census in 2006. The state of the country’s economy, immediately after independence from the British Colony in 1961 up to the 1970’s, was quite satisfactory in terms of performance. The exchange rate between the Leone and other foreign currencies was relatively good. More so, the British Pound Sterling was exchanged at One pound ( £1) to One Leone (Le1). The inflation rate was extremely low. The country’s earnings from exports were very much attractive, with Diamond export accounting for well over 50% of the country’s foreign exchange earnings. This was closely followed by cash crop exports such as Cocoa, coffee, oil palm, piassava and chillies. The country’s external debt position at this time was not high, Between 1972 to 1975, the economy started experiencing down turn that was mainly due to external factors, such as the famous oil price shock in 1973. Naturally, the 1980 Organisation of Africa Unity (OAU) summit that was hosted by the government of Sierra Leone fuelled the debt crisis in Sierra Leone. Because of the foreign exchange scarcity in the country, the credit agreement between domestic importers and their business partners aboard collapsed. In 1988, the country was forced to devalue her currency. Between 1992 and 1994, Sierra Leone successfully implemented an adjustment program supported by the International Monetary Fund (IMF) under the Right Accumulation Program (RAP). The World Bank also supported the program through the Reconstruction of Import Credit (RIC) in 1992 and the Structural Adjustment Credit (SAC) in 1993. Following the successful implementation of the RAP, the IMF approved a three year arrangement support under Enhanced Structural Adjustment Facility (ESAF). The implementation of the first annual program was disrupted by the escalation of the rebel activities in 1995. With the return of democracy in 1996, the IMF supported the economic recovery program adopted by the new Government with a second annual program under the ESAF. Poverty intensified with real per capita declining to US$142 in 2000. Since then Sierra Leone has been classified as the poorest country in the world and ranks at the bottom of the United Nations Development Programme (UNDP) Human Development Index. The growth in the economy has been underpinned by broad recovery in Agriculture, mining, manufacturing, construction and the service sector. The economy of the Country continues to worsen in early 1992 when the civil unrest started which causes untold sufferings on humans and the entire country. Many people were forced out of their houses and eventually became displaced persons and refugees in their own country and neighbouring country like Guinea, The Gambia and Ghana. Almost all segments of the business economy collapsed including banking and lending institutions. It was then the problems of growth in economy worsen and every thing completely deteriorated and collapsed. The almost 11 years of civil unrest ended in March 2002. The end of the war actually opens the door for a new beginning, for new economic growth and prosperity in the face of peace and unity. The situation has recently worsened because of the credit crunch faced by many of the world famous banking institutions and Sierra Leone has not been any exceptions. The effect coupled with other factors has created more gaps for banking institutions to provide loans to small and medium enterprises. In a press release from Prlog Dec. 15, 2008 by Robin Trehan as quoted â€Å"SMEs represent over ninety-nine percent of the country’s employers. While it is essential that these businesses obtain the necessary funding to remain active, they are often the first to suffer when financial crisis hits. Banks already facing financial hardship often deem SMEs as too risky to finance. Credit terms are becoming increasingly harder and qualifying for financing is subject to much stricter guidelines. The re are things that SMEs can do, however, to increase their chances of finding financing†. 1.2 Statement of the Problem The term credit in this thesis refers to an amount or sum placed at a person’s disposal by a bank and usually to be repaid with interest within a given period of time. Small and Medium Size Enterprises (SME) is very important in terms of the dynamic role in the development of the private sector in Sierra Leone. The SME’s are regarded as an engine for any economic growth and development in any country. They provide opportunities for job creation and expansion in the physical reconstruction of the economy especially for a post war development country like Sierra Leone. Majority of the physical infrastructures ranging from housing, office buildings and business structures were all destroyed during the civil unrest. These structures need to be reconstructed for the economy to grow and become prosper. Today many construction companies or firms have emerged to assist in the rehabilitation and reconstruction. While there may be some of the construction companies who have existed of years, it is also true that majority of these construction companies are new ones who are just coming up to help and provide their expertise in the development of Sierra Leone. But yet still, it is a challenge for many of these companies to adequately involve in the process of rehabilitation and reconstruction simply because they cannot get the required finance in the form of overdraft or loans, or provide the necessary collateral for the banks as required, making them less competitive. In Sierra Leone the performance of SME’s over the years has been very poor which is due to the fact that the creation of credit from the banks which is an essential stimulant for private investment in the construction industries has been grossly under performing. This is one of the reasons for poor performance of the economy in terms of growth in most developing countries including Sierra Leone. Construction companies have not been able to access huge funds by way of loan over the years from the banking and other financial institutions, mainly due to lack of confidence in the private sector as a result of problems like moral hazards and the absence of collateral security and the lack of experience in construction engineering. 1.3 Justification of the Study The importance of the construction industries in the process of rehabilitation and reconstruction of the war towns in Sierra Leone cannot be over-emphasized. During the war there was so much destruction of infrastructures in the country, now that there is peace there is high need for reconstructions and the development of new roads and structures to aid national growth. International organisations like the International Monetary Fund (IMF), World Bank, African Development Bank (ADB) main focus is to assist Small Medium Size Enterprises (SME) in developing countries gain strong financial base. It had been felt that SMEs employ majority of the work force in the developing countries, therefore, they have realised that when SME become financially stable the economy of the nation will be better and that the citizens will be able to live a comfortable life. The role of commercial banks and other financial institutions in private sector development and the assessment of their overall performance in terms of economic growth and development has not received much of the attention by researchers. The central bank maintaining interest rate at high level has greatly contributed to discourage SMEs from borrowing from retail banks and other financial institution for investment purposes. This is one of the reasons why most SMEs are under developed. Besides commercial banks are requesting for very stiff conditions to access loan by the private sector. A study on the provision of credit to construction companies for investment towards economic growth has not been studied in greater detail by previous researchers. This among others, gave me the urge to probe into the activities of the commercial banks and other financial institutions in the creation of credit to construction companies in Sierra Leone, This study is to help government and other professionals as well as other stakeholders, to grasp fully the implications of credit refusal to small and medium size enterprises and how it will affect the development of the nation. The result of this study is hope to enable banking and other financial institutions, local and national government and other stakeholders to device concrete ways by which small and medium size enterprises can easily get access to credit to undertake construction programmes. 1.4 Objectives of the study The main aim of the study is to assess the implications of credit creations by the banks and other financial institutions to Small and Medium Size Enterprises with special focus on the Construction Industries for economic growth and development in Sierra Leone. The specific objectives are: To determine the extent to which banks have been contributing to the development of the construction industries in Sierra Leone. To examine some of the reasons responsible for the inability of the construction industries to solicit loans from the banks and other financial institutions for the purpose of investment. To establish reasons for the reluctance of the banking and other financial institutions to provide the much needed funds for private sector development. To examine the reasons for the reluctance of the banking sector to provide the much needed funds for SME in the construction industries for development, even though SME’s are regarded as the engine of economic growth. 1.5 Research Questions: Certain research questions will be drawn up for proper examination of this objective. These include: To what extent do commercial banks provide funds to Small and Medium Size Enterprises in the construction Industries? What are the main problems encountered by the construction companies in terms of securing loans and overdrafts from the commercial banks? What is responsible for the low investment of the private sector (SME’s) in Sierra Leone? What is the role of the central bank in facilitating credit creation for SME’s in the pursuit of development in Sierra Leone? What is the role of the Government ministry in the area of infrastructural developmental plans for Sierra Leone? The study will make use of secondary data received from the Bank of Sierra Leone, Commercial Banks and some of the registered construction companies in Sierra Leone. The study will try to reveal the reasons for the constraints Small and Medium size Enterprises are facing in securing credit facilities from the banks. Interviews will be conducted with senior officers of both the banking industries and construction sectors, together with government officers in the area of national development for the country. 1.6 Definition of Operational Terms: 1. Credit Creation: Credit creation is the multiple expansions of banks demand deposits. It is an open secret now that banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to the customers on demand. 2. Venture Capital: Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business that is the subject of their investment. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 3. Gearing: Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies. (Mclaney, 2003) 4. Bank and Institutional Debt: Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 5. Security –the Bank’s Perspective: A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 6. Security – the Borrower’s Perspective: It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D, 2006) 7. Cash Flow Statements for Small Companies: Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit. (Wood F, 2002). CHAPTER 2 Literature Review 2.0 Introduction The purpose of this chapter is to make a review of related literature on Small and Medium isze Enterprises and the Creation of Credit in the Construction Industry. With these literatures the researcher will have a better understanding of the study, as well as what has already been done on it in the form of previous research. 2.2 Definition of Small and Medium Size Enterprises A business can be considered small on basis of predetermined criteria such as the number of employees, annual turnover or capital employed. In the late 1990s, it was estimated that small businesses with fewer than 50 employees accounted for 99 per cent of all UK business, almost 50 per cent of non government employment and 42 per cent of turnover. Small firms have become a focus for governmental policy at both national and intergovernmental level. Bolton in his report in 1971 identified three main characteristics of a small firm: were independently owned The business securities are not quoted in any established capital market that is they are not traded in the efficient market. were managed in a personalised way- The ownership of the business’s equity and hence its control lie in the hands of a small close knit-group; that is it is a family type business. possessed a limited share of the total market 2.3 Nature of Small and Medium Size Enterprises The Bolton report, the first official government inquiry into small firms attempted to establish standard definitions of small firms for particular sector of industry based on numerical indicators of size such as sales or number of employees. A firm with 250 employees in a labour intensive industry may still be a small firm. (Brown, 1987) Criteria for Small and Medium Size Enterprises Size Category Number of Employees Maximum Annual Turnover (euros) Maximum Balance balance sheet total Micro Firm 0 -9 2 million euros 2 million Small Firm 10 – 49 10 million euros 10 million Medium-sized Firm 50 – 249 50 million 43 million 2.4 Objectives of Small and Medium Size Enterprises In SME’s the managers and the shareholders are likely to be substantially the same person or at least closely connected with one another. Thus agency problems, and their potential associated costs, are likely to have little or possibly no impact on the typical small business. Because of the elimination of agency gap, most managers of SME’s are shareholder; they would make decisions following a pure wealth-maximising goal more determinedly than would be the case in the typical large enterprise. The motives of managers or owners of small businesses are diverse. These motives might be the desire to experience the satisfaction of building up a business, a desire to lead a particular way of life, or a desire to keep someone (perhaps family) tradition alive. Since it is possible for managers to know the personal objectives of shareholders of small business, decisions can probably be made with these in mind. Both large and small businesses that makes a series of decisions causing the wealth to diminish, will sooner or later fail. Wealth maximisation goal is very important to small business and cannot be ignored. 2.5 Organisation of Small and Medium Enterprises The research will consider Small and Medium Size Enterprises in the construction industries that are organised as private limited companies. According to Mclaney (2003) private companies need be of no minimum size; public companies must issue at least  £50,000 of nominal share capital, of which 25% must be paid up. There is no upper limit on the size of a private company. Private companies are entitled to restrict the transfer of their shares; that is it is possible for the company’s Articles of Association to contain a clause giving the directors the power to refuse to register a transfer, at their discretion. While private companies must publish annual accounts, the volume of details is rather less than that which the law requires of public companies. 2.6 Sources of Finance for Small and Medium Size Enterprises Several inquires have dealt with the financing of SMEs and each of these enquires discovered, to a greater extent, that small businesses find it more difficult and more expensive to raise external finance. A particular problem faced by small businesses in their quest for equity capital is the lack of an `exit route’. Generally investors require that there be some way of liquidating their investment before they are prepared to commit funds to it. A number of schemes have been introduced to help small businesses: 2.6.1. The loan Guarantee Scheme (LGS) as first introduced in 1981 to cover situations were potential borrowers were unable to provide sufficient collateral or where the bank deem the risk of lending unacceptable. 2.6.2. The Enterprise Investment Scheme (EIS) – This scheme replaced the Business Expansion Scheme (BES) and it is designed to help small unquoted companies to raise equity finance from business angels 2.6.3.The Venture Capital Trust (VCT) – The trust was introduced in 1995 to encourage individuals to invest in smaller, unlisted trading companies. Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 2.6.4. The Enterprise Fund (EF) it was announced in the competitiveness white paper in 1998 and is designed to help the financing of small businesses with growth potential. 2.6.5. The National Business Angel Network (NBAN) it was launched in 1999 to connect ‘business angels’ with companies seeking equity capital 2.6.6. The late payment of Commercial Debts (Interest) act 1998 gives certain small businesses a statutory right to claim interest from large businesses and the public sector on late payment of commercial debts. 2.7 Gearing Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies.(Mclaney,2003) 2.8 Help and Advice to Small Businesses One of the major barriers faced by SMEs is the lack of information, help and advice on their operations. Recent initiative to improve this sphere includes: 2.8.1. The business link network – organised in 1993 as a ‘one stop shop’ for information and advice to SMEs. It brings together the services of major business development services in the single accessible location. 2.8.2. The Enterprise Zone – launched in 1997 as a definitive internet site for business information. It provides help on a whole range of business issues. 2.8.3. The Information Society Initiative/Interforum E-Commerce Award – launched in 1999 as part of government’s e-commerce strategy. It is essentially an award scheme to recognise and reward best practice in the use of electronic trading among smaller firms. 2.9 Bank and Institutional Debt Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 2.10 Security –the Bank’s Perspective A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 2.11 Security – the Borrower’s Perspective It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D,2006) 2.12 Working Capital Problems of the Small Business Working capital is the difference between current assets over current liabilities. The amount invested by businesses in working capital is often high in proportion to the total assets employed. It is important that these amounts are managed properly. It is often claimed that many small businesses suffer from a lack of capital and, where this is the case, tight control over working capital investment becomes critical. There are evidence, however, that SB are not very good at managing their working capital, and this has been cited as the major cause of their high failure rate compared with that of large businesses. 2.13 Credit Management Small businesses don’t have the resources to manage their trade debtors (account receivables) effectively. Most small businesses don’t have a credit control department. Small business also lack proper debt collection procedures, such as prompt invoicing and sending out regular statements. These risks probably tend to increase where there is an excessive concern for growth. In an attempt to increase sales, small businesses may be too willing to extend credit to customers that are poor credit risk Lack of market power is another issue for small businesses. They find themselves in a weak position when negotiating credit terms with larger businesses. When big customer exceeds the terms of credit, the small supplier may feel inhibited from pressing the customer for payment in case future sales are lost. (A survey undertaken by the Credit Management Research Centre (CMRC) during April and June, 2003, indicates that small businesses are likely to have to wait an average of 60 days for their trade debtors to pay. 2.14 Cash Flow Statements for Small Companies Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit.(Wood F,2002) Credit Creation 2.15 Definition of Credit Creation The BNET business dictionary defines credit creation as the collective ability of lenders to make money available to borrowers. Credit creation is the multiple expansions of banks demand deposits. Banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to customers on demand. The tendency on the part of commercial banks to expand their demand deposits as a multiple of their excess cash reserve is called creation of credit. 2.16 Functions of Financial Intermediation in Credit Creation Financial intermediation is the process of channelling funds between those who wish to lend or invest and those who wish to borrow or require investment funds. Financial intermediaries act as principal, creating new financial assets and liabilities. They do not act solely as agents, charging a commission for their services. (The Monetary and Financial System-CIB/BPP Publication 1993 Edition) Any institution standing between the ultimate provider of funds and the ultimate user of funds is engaged in financial intermediation. There are many types of institutions and other organisations that act as intermediaries in matching firms and individuals who need finance with those who wish to invest. These institutions also provide other services which are non-intermediary services like financial advisory services, fund management services and advice to undertakers and mergers provider by merchant banks. Some of the organisation that acts as financial intermediaries is as follows: 2.16.1 Clearing Banks – this bank participate in system which simplifies daily payment so that all the thousands of individual customer payments are reduced to a few transfers of credit between the banks. They offer various accounts to investors and provide large amount of short to medium-term loans to the business sector and the personal sector. The work of these institutions can best be understood through a consideration of the main items in their balance sheet. 2.16.2 Clearing Bank Liabilities – The money from the banks responsible comes chiefly from their customer’s sight and time deposits- mostly current and deposit accounts with which most people are familiar. An important additional item relates to certificates of deposit. These are issued generally for a medium amount of  £50,000 and a maximum of  £500,000 with an initial term to maturity of from three months to five years. Clearing Bank Assets Customers’ money is re-lent in a variety of ways. The main aim of the bank is to have a range of lending instruments of varying terms so that money can be recovered quickly and yet, at the same time, earn the maximum return. 2.16.3 Investment Banks / Merchant Banks The investment banks or Merchant banks have some functions that they undertake: 2.16.3.i Financial Advice to Business Firms Few manufacturing or commercial companies of any size can now afford to be without the advice of a merchant bank. Such advice is necessary in order to obtain investment capital, to invest surplus funds, to guard against takeover, or to take over others. Increasingly, the merchant banks have themselves become activity involved in the financial management of their business client and have had an influence over the direction these affairs have taken. 2.16.3.ii Providing Finance to Business Merchant banks also compete in the services of leasing, factoring, hire-purchase and general lending. They are also the gateway to the capital market for long-term funds because they are likely to have specified departments handling capital issues as ‘issuing houses’. 2.16.4 Foreign Trade A lot of merchant bank are active in the promotion of foreign trade by providing marine insurance, credits, and assistance in appointing foreign agents and arranging foreign payments. Merchant bank is essentially in the general business of creating wealth and of helping those who show that they are capable of successful business enterprise. It is expected that merchant banks will operate without the large branch network necessary for a clearing bank, they work closely with their clients and be more ready to take business risk and promote business enterprise than clearing bank. 2.16.5 Building Societies These take deposits from the household sector and lend to individuals buying their own homes. They have recently grown rapidly in the UK and now provide many of the services offered by clearing banks. Over the years many have converted to banks. 2.16.6 Finance Companies/Houses – Providing medium-term instalment credits to the business and personal sector. These are usually owned by business sector firms or by other financial itermediaries. 2.17 Services Provided by Financial Institutions Financial institutions are organisations that provide services in connection with one or more of the following:- Financial intermediation, linking ultimate providers of funds with ultimate users and creating new financial assets in the process. Exchanging financial assets on behalf of their customers, that is acting as brokers or agents for clients. Exchanging financial assets for their own accounts proprietary dealers, as they are termed. Helping to create financial assets for their customers, and then selling these assets to others in the market underwriting new share issues, for example Providing investment advice to others, example to people seeking a personal pension or to firms on mergers and takeovers. Fund management- managing the whole or part of a pension fund, for example some large non-financial companies have their own financial subsidiaries. In the United Kingdom Ford Motor Finance and Mark and Spencer Finance Se Development of Credit Facilities in Sierra Leone Development of Credit Facilities in Sierra Leone Chapter 1 This study is on the creation of credit facilities to Small and Medium Size Enterprises in Sierra Leone with special focus on the construction industries. 1.1 Background to the Economy of Sierra Leone Sierra Leone is a relatively small country, on the West Coast of Africa with an area of approximately 28,000square miles. The estimated population is 5.5 million inhabitants, 30% of whom resides in the western area of the country according to recent census in 2006. The state of the country’s economy, immediately after independence from the British Colony in 1961 up to the 1970’s, was quite satisfactory in terms of performance. The exchange rate between the Leone and other foreign currencies was relatively good. More so, the British Pound Sterling was exchanged at One pound ( £1) to One Leone (Le1). The inflation rate was extremely low. The country’s earnings from exports were very much attractive, with Diamond export accounting for well over 50% of the country’s foreign exchange earnings. This was closely followed by cash crop exports such as Cocoa, coffee, oil palm, piassava and chillies. The country’s external debt position at this time was not high, Between 1972 to 1975, the economy started experiencing down turn that was mainly due to external factors, such as the famous oil price shock in 1973. Naturally, the 1980 Organisation of Africa Unity (OAU) summit that was hosted by the government of Sierra Leone fuelled the debt crisis in Sierra Leone. Because of the foreign exchange scarcity in the country, the credit agreement between domestic importers and their business partners aboard collapsed. In 1988, the country was forced to devalue her currency. Between 1992 and 1994, Sierra Leone successfully implemented an adjustment program supported by the International Monetary Fund (IMF) under the Right Accumulation Program (RAP). The World Bank also supported the program through the Reconstruction of Import Credit (RIC) in 1992 and the Structural Adjustment Credit (SAC) in 1993. Following the successful implementation of the RAP, the IMF approved a three year arrangement support under Enhanced Structural Adjustment Facility (ESAF). The implementation of the first annual program was disrupted by the escalation of the rebel activities in 1995. With the return of democracy in 1996, the IMF supported the economic recovery program adopted by the new Government with a second annual program under the ESAF. Poverty intensified with real per capita declining to US$142 in 2000. Since then Sierra Leone has been classified as the poorest country in the world and ranks at the bottom of the United Nations Development Programme (UNDP) Human Development Index. The growth in the economy has been underpinned by broad recovery in Agriculture, mining, manufacturing, construction and the service sector. The economy of the Country continues to worsen in early 1992 when the civil unrest started which causes untold sufferings on humans and the entire country. Many people were forced out of their houses and eventually became displaced persons and refugees in their own country and neighbouring country like Guinea, The Gambia and Ghana. Almost all segments of the business economy collapsed including banking and lending institutions. It was then the problems of growth in economy worsen and every thing completely deteriorated and collapsed. The almost 11 years of civil unrest ended in March 2002. The end of the war actually opens the door for a new beginning, for new economic growth and prosperity in the face of peace and unity. The situation has recently worsened because of the credit crunch faced by many of the world famous banking institutions and Sierra Leone has not been any exceptions. The effect coupled with other factors has created more gaps for banking institutions to provide loans to small and medium enterprises. In a press release from Prlog Dec. 15, 2008 by Robin Trehan as quoted â€Å"SMEs represent over ninety-nine percent of the country’s employers. While it is essential that these businesses obtain the necessary funding to remain active, they are often the first to suffer when financial crisis hits. Banks already facing financial hardship often deem SMEs as too risky to finance. Credit terms are becoming increasingly harder and qualifying for financing is subject to much stricter guidelines. The re are things that SMEs can do, however, to increase their chances of finding financing†. 1.2 Statement of the Problem The term credit in this thesis refers to an amount or sum placed at a person’s disposal by a bank and usually to be repaid with interest within a given period of time. Small and Medium Size Enterprises (SME) is very important in terms of the dynamic role in the development of the private sector in Sierra Leone. The SME’s are regarded as an engine for any economic growth and development in any country. They provide opportunities for job creation and expansion in the physical reconstruction of the economy especially for a post war development country like Sierra Leone. Majority of the physical infrastructures ranging from housing, office buildings and business structures were all destroyed during the civil unrest. These structures need to be reconstructed for the economy to grow and become prosper. Today many construction companies or firms have emerged to assist in the rehabilitation and reconstruction. While there may be some of the construction companies who have existed of years, it is also true that majority of these construction companies are new ones who are just coming up to help and provide their expertise in the development of Sierra Leone. But yet still, it is a challenge for many of these companies to adequately involve in the process of rehabilitation and reconstruction simply because they cannot get the required finance in the form of overdraft or loans, or provide the necessary collateral for the banks as required, making them less competitive. In Sierra Leone the performance of SME’s over the years has been very poor which is due to the fact that the creation of credit from the banks which is an essential stimulant for private investment in the construction industries has been grossly under performing. This is one of the reasons for poor performance of the economy in terms of growth in most developing countries including Sierra Leone. Construction companies have not been able to access huge funds by way of loan over the years from the banking and other financial institutions, mainly due to lack of confidence in the private sector as a result of problems like moral hazards and the absence of collateral security and the lack of experience in construction engineering. 1.3 Justification of the Study The importance of the construction industries in the process of rehabilitation and reconstruction of the war towns in Sierra Leone cannot be over-emphasized. During the war there was so much destruction of infrastructures in the country, now that there is peace there is high need for reconstructions and the development of new roads and structures to aid national growth. International organisations like the International Monetary Fund (IMF), World Bank, African Development Bank (ADB) main focus is to assist Small Medium Size Enterprises (SME) in developing countries gain strong financial base. It had been felt that SMEs employ majority of the work force in the developing countries, therefore, they have realised that when SME become financially stable the economy of the nation will be better and that the citizens will be able to live a comfortable life. The role of commercial banks and other financial institutions in private sector development and the assessment of their overall performance in terms of economic growth and development has not received much of the attention by researchers. The central bank maintaining interest rate at high level has greatly contributed to discourage SMEs from borrowing from retail banks and other financial institution for investment purposes. This is one of the reasons why most SMEs are under developed. Besides commercial banks are requesting for very stiff conditions to access loan by the private sector. A study on the provision of credit to construction companies for investment towards economic growth has not been studied in greater detail by previous researchers. This among others, gave me the urge to probe into the activities of the commercial banks and other financial institutions in the creation of credit to construction companies in Sierra Leone, This study is to help government and other professionals as well as other stakeholders, to grasp fully the implications of credit refusal to small and medium size enterprises and how it will affect the development of the nation. The result of this study is hope to enable banking and other financial institutions, local and national government and other stakeholders to device concrete ways by which small and medium size enterprises can easily get access to credit to undertake construction programmes. 1.4 Objectives of the study The main aim of the study is to assess the implications of credit creations by the banks and other financial institutions to Small and Medium Size Enterprises with special focus on the Construction Industries for economic growth and development in Sierra Leone. The specific objectives are: To determine the extent to which banks have been contributing to the development of the construction industries in Sierra Leone. To examine some of the reasons responsible for the inability of the construction industries to solicit loans from the banks and other financial institutions for the purpose of investment. To establish reasons for the reluctance of the banking and other financial institutions to provide the much needed funds for private sector development. To examine the reasons for the reluctance of the banking sector to provide the much needed funds for SME in the construction industries for development, even though SME’s are regarded as the engine of economic growth. 1.5 Research Questions: Certain research questions will be drawn up for proper examination of this objective. These include: To what extent do commercial banks provide funds to Small and Medium Size Enterprises in the construction Industries? What are the main problems encountered by the construction companies in terms of securing loans and overdrafts from the commercial banks? What is responsible for the low investment of the private sector (SME’s) in Sierra Leone? What is the role of the central bank in facilitating credit creation for SME’s in the pursuit of development in Sierra Leone? What is the role of the Government ministry in the area of infrastructural developmental plans for Sierra Leone? The study will make use of secondary data received from the Bank of Sierra Leone, Commercial Banks and some of the registered construction companies in Sierra Leone. The study will try to reveal the reasons for the constraints Small and Medium size Enterprises are facing in securing credit facilities from the banks. Interviews will be conducted with senior officers of both the banking industries and construction sectors, together with government officers in the area of national development for the country. 1.6 Definition of Operational Terms: 1. Credit Creation: Credit creation is the multiple expansions of banks demand deposits. It is an open secret now that banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to the customers on demand. 2. Venture Capital: Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business that is the subject of their investment. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 3. Gearing: Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies. (Mclaney, 2003) 4. Bank and Institutional Debt: Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 5. Security –the Bank’s Perspective: A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 6. Security – the Borrower’s Perspective: It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D, 2006) 7. Cash Flow Statements for Small Companies: Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit. (Wood F, 2002). CHAPTER 2 Literature Review 2.0 Introduction The purpose of this chapter is to make a review of related literature on Small and Medium isze Enterprises and the Creation of Credit in the Construction Industry. With these literatures the researcher will have a better understanding of the study, as well as what has already been done on it in the form of previous research. 2.2 Definition of Small and Medium Size Enterprises A business can be considered small on basis of predetermined criteria such as the number of employees, annual turnover or capital employed. In the late 1990s, it was estimated that small businesses with fewer than 50 employees accounted for 99 per cent of all UK business, almost 50 per cent of non government employment and 42 per cent of turnover. Small firms have become a focus for governmental policy at both national and intergovernmental level. Bolton in his report in 1971 identified three main characteristics of a small firm: were independently owned The business securities are not quoted in any established capital market that is they are not traded in the efficient market. were managed in a personalised way- The ownership of the business’s equity and hence its control lie in the hands of a small close knit-group; that is it is a family type business. possessed a limited share of the total market 2.3 Nature of Small and Medium Size Enterprises The Bolton report, the first official government inquiry into small firms attempted to establish standard definitions of small firms for particular sector of industry based on numerical indicators of size such as sales or number of employees. A firm with 250 employees in a labour intensive industry may still be a small firm. (Brown, 1987) Criteria for Small and Medium Size Enterprises Size Category Number of Employees Maximum Annual Turnover (euros) Maximum Balance balance sheet total Micro Firm 0 -9 2 million euros 2 million Small Firm 10 – 49 10 million euros 10 million Medium-sized Firm 50 – 249 50 million 43 million 2.4 Objectives of Small and Medium Size Enterprises In SME’s the managers and the shareholders are likely to be substantially the same person or at least closely connected with one another. Thus agency problems, and their potential associated costs, are likely to have little or possibly no impact on the typical small business. Because of the elimination of agency gap, most managers of SME’s are shareholder; they would make decisions following a pure wealth-maximising goal more determinedly than would be the case in the typical large enterprise. The motives of managers or owners of small businesses are diverse. These motives might be the desire to experience the satisfaction of building up a business, a desire to lead a particular way of life, or a desire to keep someone (perhaps family) tradition alive. Since it is possible for managers to know the personal objectives of shareholders of small business, decisions can probably be made with these in mind. Both large and small businesses that makes a series of decisions causing the wealth to diminish, will sooner or later fail. Wealth maximisation goal is very important to small business and cannot be ignored. 2.5 Organisation of Small and Medium Enterprises The research will consider Small and Medium Size Enterprises in the construction industries that are organised as private limited companies. According to Mclaney (2003) private companies need be of no minimum size; public companies must issue at least  £50,000 of nominal share capital, of which 25% must be paid up. There is no upper limit on the size of a private company. Private companies are entitled to restrict the transfer of their shares; that is it is possible for the company’s Articles of Association to contain a clause giving the directors the power to refuse to register a transfer, at their discretion. While private companies must publish annual accounts, the volume of details is rather less than that which the law requires of public companies. 2.6 Sources of Finance for Small and Medium Size Enterprises Several inquires have dealt with the financing of SMEs and each of these enquires discovered, to a greater extent, that small businesses find it more difficult and more expensive to raise external finance. A particular problem faced by small businesses in their quest for equity capital is the lack of an `exit route’. Generally investors require that there be some way of liquidating their investment before they are prepared to commit funds to it. A number of schemes have been introduced to help small businesses: 2.6.1. The loan Guarantee Scheme (LGS) as first introduced in 1981 to cover situations were potential borrowers were unable to provide sufficient collateral or where the bank deem the risk of lending unacceptable. 2.6.2. The Enterprise Investment Scheme (EIS) – This scheme replaced the Business Expansion Scheme (BES) and it is designed to help small unquoted companies to raise equity finance from business angels 2.6.3.The Venture Capital Trust (VCT) – The trust was introduced in 1995 to encourage individuals to invest in smaller, unlisted trading companies. Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 2.6.4. The Enterprise Fund (EF) it was announced in the competitiveness white paper in 1998 and is designed to help the financing of small businesses with growth potential. 2.6.5. The National Business Angel Network (NBAN) it was launched in 1999 to connect ‘business angels’ with companies seeking equity capital 2.6.6. The late payment of Commercial Debts (Interest) act 1998 gives certain small businesses a statutory right to claim interest from large businesses and the public sector on late payment of commercial debts. 2.7 Gearing Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies.(Mclaney,2003) 2.8 Help and Advice to Small Businesses One of the major barriers faced by SMEs is the lack of information, help and advice on their operations. Recent initiative to improve this sphere includes: 2.8.1. The business link network – organised in 1993 as a ‘one stop shop’ for information and advice to SMEs. It brings together the services of major business development services in the single accessible location. 2.8.2. The Enterprise Zone – launched in 1997 as a definitive internet site for business information. It provides help on a whole range of business issues. 2.8.3. The Information Society Initiative/Interforum E-Commerce Award – launched in 1999 as part of government’s e-commerce strategy. It is essentially an award scheme to recognise and reward best practice in the use of electronic trading among smaller firms. 2.9 Bank and Institutional Debt Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 2.10 Security –the Bank’s Perspective A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 2.11 Security – the Borrower’s Perspective It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D,2006) 2.12 Working Capital Problems of the Small Business Working capital is the difference between current assets over current liabilities. The amount invested by businesses in working capital is often high in proportion to the total assets employed. It is important that these amounts are managed properly. It is often claimed that many small businesses suffer from a lack of capital and, where this is the case, tight control over working capital investment becomes critical. There are evidence, however, that SB are not very good at managing their working capital, and this has been cited as the major cause of their high failure rate compared with that of large businesses. 2.13 Credit Management Small businesses don’t have the resources to manage their trade debtors (account receivables) effectively. Most small businesses don’t have a credit control department. Small business also lack proper debt collection procedures, such as prompt invoicing and sending out regular statements. These risks probably tend to increase where there is an excessive concern for growth. In an attempt to increase sales, small businesses may be too willing to extend credit to customers that are poor credit risk Lack of market power is another issue for small businesses. They find themselves in a weak position when negotiating credit terms with larger businesses. When big customer exceeds the terms of credit, the small supplier may feel inhibited from pressing the customer for payment in case future sales are lost. (A survey undertaken by the Credit Management Research Centre (CMRC) during April and June, 2003, indicates that small businesses are likely to have to wait an average of 60 days for their trade debtors to pay. 2.14 Cash Flow Statements for Small Companies Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit.(Wood F,2002) Credit Creation 2.15 Definition of Credit Creation The BNET business dictionary defines credit creation as the collective ability of lenders to make money available to borrowers. Credit creation is the multiple expansions of banks demand deposits. Banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to customers on demand. The tendency on the part of commercial banks to expand their demand deposits as a multiple of their excess cash reserve is called creation of credit. 2.16 Functions of Financial Intermediation in Credit Creation Financial intermediation is the process of channelling funds between those who wish to lend or invest and those who wish to borrow or require investment funds. Financial intermediaries act as principal, creating new financial assets and liabilities. They do not act solely as agents, charging a commission for their services. (The Monetary and Financial System-CIB/BPP Publication 1993 Edition) Any institution standing between the ultimate provider of funds and the ultimate user of funds is engaged in financial intermediation. There are many types of institutions and other organisations that act as intermediaries in matching firms and individuals who need finance with those who wish to invest. These institutions also provide other services which are non-intermediary services like financial advisory services, fund management services and advice to undertakers and mergers provider by merchant banks. Some of the organisation that acts as financial intermediaries is as follows: 2.16.1 Clearing Banks – this bank participate in system which simplifies daily payment so that all the thousands of individual customer payments are reduced to a few transfers of credit between the banks. They offer various accounts to investors and provide large amount of short to medium-term loans to the business sector and the personal sector. The work of these institutions can best be understood through a consideration of the main items in their balance sheet. 2.16.2 Clearing Bank Liabilities – The money from the banks responsible comes chiefly from their customer’s sight and time deposits- mostly current and deposit accounts with which most people are familiar. An important additional item relates to certificates of deposit. These are issued generally for a medium amount of  £50,000 and a maximum of  £500,000 with an initial term to maturity of from three months to five years. Clearing Bank Assets Customers’ money is re-lent in a variety of ways. The main aim of the bank is to have a range of lending instruments of varying terms so that money can be recovered quickly and yet, at the same time, earn the maximum return. 2.16.3 Investment Banks / Merchant Banks The investment banks or Merchant banks have some functions that they undertake: 2.16.3.i Financial Advice to Business Firms Few manufacturing or commercial companies of any size can now afford to be without the advice of a merchant bank. Such advice is necessary in order to obtain investment capital, to invest surplus funds, to guard against takeover, or to take over others. Increasingly, the merchant banks have themselves become activity involved in the financial management of their business client and have had an influence over the direction these affairs have taken. 2.16.3.ii Providing Finance to Business Merchant banks also compete in the services of leasing, factoring, hire-purchase and general lending. They are also the gateway to the capital market for long-term funds because they are likely to have specified departments handling capital issues as ‘issuing houses’. 2.16.4 Foreign Trade A lot of merchant bank are active in the promotion of foreign trade by providing marine insurance, credits, and assistance in appointing foreign agents and arranging foreign payments. Merchant bank is essentially in the general business of creating wealth and of helping those who show that they are capable of successful business enterprise. It is expected that merchant banks will operate without the large branch network necessary for a clearing bank, they work closely with their clients and be more ready to take business risk and promote business enterprise than clearing bank. 2.16.5 Building Societies These take deposits from the household sector and lend to individuals buying their own homes. They have recently grown rapidly in the UK and now provide many of the services offered by clearing banks. Over the years many have converted to banks. 2.16.6 Finance Companies/Houses – Providing medium-term instalment credits to the business and personal sector. These are usually owned by business sector firms or by other financial itermediaries. 2.17 Services Provided by Financial Institutions Financial institutions are organisations that provide services in connection with one or more of the following:- Financial intermediation, linking ultimate providers of funds with ultimate users and creating new financial assets in the process. Exchanging financial assets on behalf of their customers, that is acting as brokers or agents for clients. Exchanging financial assets for their own accounts proprietary dealers, as they are termed. Helping to create financial assets for their customers, and then selling these assets to others in the market underwriting new share issues, for example Providing investment advice to others, example to people seeking a personal pension or to firms on mergers and takeovers. Fund management- managing the whole or part of a pension fund, for example some large non-financial companies have their own financial subsidiaries. In the United Kingdom Ford Motor Finance and Mark and Spencer Finance Se