Analysis of Singapore Airlines Limited

Analysis of capital of capital of capital of capital of capital of capital of Singapore Airlines LimitedAir travel remains a large and rapidly growing industriousness. It promotes the world trade, enhances stinting growth, world(prenominal) enthr cardinalment, touristry and this by chance makes it key to the sphericalisation process in other industries. The air lane manu featureure has been weighed down by numerous macro-level socio-economic cyphers which include rise in oil worth, the Tsunami case, cast up in terrorism, SARS epidemic and these stimulate been of disal kickoff influence to the salary level of the intentness ( ledger of Air Transport management, 2010).Singapore Airline Limited which is the worlds second biggest air passage by merchandise capitalization with its headquarters in Singapore was formed in 1947 by British participations as the Malayan Airways but became SIA in 1972 after it split from the Malayan airline. The companionship along with its subsidiaries is engaged in airlines op durationtions, airport terminal services, technology services and other related activities with more than 30,088 employees as at jar against 31, 2010. The group influences in East Asia, south west pacific, Europe, the Americas, west Asia and Africa, with 66 destinations in 36 countries on 726 weekly flights with about 106 fleets (DATAMONITOR, 2010). The group which is possess by the Singapore Goernment finished its p bent company Temasek assembly owns 54.5% of the company fortunes. The group preserve r change surfaceues of S$12,707.3 million during the pecuniary grade ended, as on march 31, 2010 with a 20.56% decrease from the previous year. Its operating(a) profit was S$63.2 million during the 2010 fiscal year ended which was represents a 93.0% change from the previous year besides. Profit attributable to equity distribute holders of the company was at S$216 million with a 79.7% decrease from the 2009 pecuniary year ended.(Singapo re airlines, 2010). The decrease was as a result of low assume for airline and cargo operations as a result of the economic crisis.The primary objective of this insure is to analyse the airline labor, its major market players, and entirelyiances, examine the key driving forces of change and assess the present demesne of the sector in relation with Singapore airline limited. Finally this report will in any case concentrate on the analysis of Singapore airline limited financial statements and compare its records with one of its main competitors.1. BACKGROUND TO THE air passage INDUSTRYThe airline industry had full(a) revenue of $1380.5 in 2009 which represents an yearbook growth rate of 2.5% between 2005 and 2009. The airline industry volume besides emergenced its growth between 2005 and 2009 by 2.56% to get a total of $2,002.9 million passengers in 2009(DATAMONITOR, online). The global airline industry reduced in 2009 due to the global recession but from forecasts it will develop healthy growth by 5% before 2014(DATAMONITOR, online). Some of the major passenger airlines include chinaware pacific, the emirates, U.S airways, Japan airlines air France-Klm and south west airlines e.t.c. Cathay pacific won the 2009 airline of the year title in the famous world awards replacing Singapore airlines.1.1 AIRLINE INDUSTRY MERGERS AND ALLIANCESDeresky (2006), defined strategical alliances as partnership between two or more firms that nail down they basin better pursue their mutual goals by combining their resources as well as their existing distinctive competitive returns. Airline industry mergers are formed in reaction to the dynamic economic conditions of the melodic line industry and determine cooperate aims of competitive ratios (ECONOMIC WATCH, online). This involves leasing of airplanes andpurchasing airplanes as well. For display case the case of Air France takeover of Klm in 2004 by acquiring 89% of its shares has enhanced the number of flights and offers various flight options to select from.In plus to mergers, airlines are forming alliances with one another in order to achieve earnings size economies through code sharing as well as scale economies in the purchase of fuel and aircraft, combining forces to make purchases serves to increase the industry players dicker power and therefore reduce supplier power. thither are 3 major passenger alliances in the airline industry which are SKY TEAM founded in 2000, ONE WORLD founded in 1999 and STAR ALLIANCE founded in 1997 with 27 members and a market share of 29.3% of whom Singapore airlines joined the group in 2000 in order to cover its flights network and to increase its competitive favor. Thus, this has increased SIAs global presence through code sharing as their star alliance network covers 1,160 destinations in 181 countries.2. DRIVING FORCES FOR CHANGE/ LIMITATIONKey driving forces for change indoors an industry are external factors which cause change to the system of interest to stakeholders in that they are considered to be beyond the control of these stakeholders. Driving forces heap include changes in social, technological, environmental, economic and political factors. An examination of the factors influencing an industry is a general way to begin the industry analysis and such a study is used to develop the competitive advantage of the organization to enable it defeat its rivals. (lynch, 200693). This is always done by the porters five forces framework analysis. The external environment has an enormous impact on the airline industry. there has been unsound time for the airline industry. It has been confronted with a market decline in international tourism in the aftermath of September 2011 terrorist attack in the pair states and more recently traffic loss attributable to the war in Iraq and several terrorist activities.2.1 Porters 5 Forces frame work on Airline industryThreat of New Entrants. Youll need to look at whether there are substantial appeals to access bank loans and credit. If borrowing is cheap, then the likeliness of more airliners entering theindustry is prouder. The more rising airlines that enter the market, the more saturated it becomes for allone. Brand name recognition and frequent fliers point also play a role in the airline industry. An airline with a strong brand name and incentives can often lure a customer even if its prices are higher. Distribution is not easy for impertinent entrants as there is need for establishment of online booking system, and relationships with the cut-rate sales intermediaries. condition of Suppliers. The airline supply business is mainly dominated by Boeing and Airbus which has high power. Supplier power in this industry is so much that airlines have to go into contract with the suppliers of the aircraft. Constant increase in oil price also tends to boost the supplier power of the industry. In 2010 year ended, Singapore airlines reported that 33% of its co st was fuel (DATAMONITOR 2010). Another factor that boosts the supplier power has to do with the maintenance of the aircraft as a result of cost of funding staffs, mechanics for routine check on aircraft.Power of Buyers. The bargaining power of buyers in the airline industry is on the high side. There are over a hundred of airlines companies which operate in the Asian region and as a result of this, there are numerous choices for the indivi soprano to choose from and at most times would go for the low carriers.Availability of Substitutes. For regional airlines, the threat might be a critical higher than international carriers. When determining this you should consider time, money, personal preference and whatchamacallum in the air travel industry.Competitive Rivalry. Highly competitive industries by and large earn low returns because the cost of competition is high. This can spell mishap when times get tough in the economy.3. SINGAPORE AIRLINES STRATEGIC POSITION.As Porter (1986 , cited in Philips and Fox, 2003) stressed that, Competing internationally is a necessity sooner than a matter of discretion for many firms, this states that the success of almost either international company will depend on how effectively they can compete on an international scale. This section aims to identify the electric current strategic posture used by Singaporeairlines limited successfully, within the era of globalisation. In the airline environment, Singapore airline has always outperformed its competitors. It has never stick on a loss on annual basis, has achieved substantial and superior returns compared to its industry and has received hundreds of achievements awards for its service quality. This success has been achieved by the company through the dual process of specialism through service excellence and innovation coupled with cost leadership among its peers. Singapore airline has achieved sustainable competitive advantage and has consistently out performed its com petitors through out its three and half hug drug history. The key success to this may be said to be the fact that it manages to navigate through two poles which most companies think are distinct.At cooperate level, Singapore airlines works with diversification. The airline group has 36 invest subsidiaries and associated companies which includes Singapore airline terminal, Singapore engineering company and Singapore airlines cargo.(Singapore airlines,2008). Its airline subsidiaries which include 100% ownership of Silk air, 49% of Tiger airways and 49% of gross(a) Atlantic is said to cover the customer areas within the industry in terms of domestic and international distance. As part of its international strategy, SIA in 2000 joined the star alliance which has been noted in the first place in the report.Strategies of note and cost leadership have necessitated different and incompatible investments and organizational models. A strategy of differentiation implies high quality offer ing and significant investment in innovation, staff development and branding which results to high cost. SIA achieves these but with a low cost. The table below outlines many of elements in relation to the dual strategy of integrating elements of differentiation and cost leadership in SIA. plug-in 1Elements of differentiation and cost leadership strategies at SIADifferentiation lay of service excellence and superior quality, brad equity(marketing strategy)Developing the Singapore girl( hr development policies)In-flight experience(young fleet, entertainment system, gourmet cuisine-operations strategy)Cultural set and practice of unremitting innovation and learning.Changi airport one of the worlds best(related infrastructure)Premium pricing in Singapore and in business/first class and higher load factor as differentiation indicators. Cost LeadershipYoung fleet (fuel efficiency, overthrow maintenance be, effective fuel hedging, paying cash for planes.Labour costs compared to major competitors (16.6% vs. 30%) continuous drive for productivity, cost reduction programmes. link up diversification through efficient subsidiaries that contribute to bottom line.Cultural values cost consciousness, obsession with reducing wastage.Innovations not only to increase differentiation but also efficiency.Changi airport as one of the most efficient(related infrastructure)L.heracleous, J.Witz. Journal of air transport management (2009)Singapore Airlines Ltd maintained its leading military posture in air through stellar marketing campaigns, cutting content while increasing passenger load and by constantly innovating in offering the latest technology for its new products and services in-flight4. SINGAPORE AIRLINES fiscal ANALYSIS IN THE LAST 5 YEARS.Singapore airline over the past 5 long time has experienced growth until the 2008 economic crisis which rock-bottom its revenue growth by 20.56%. In terms of return on assets, the airline company experienced a downturn buy the far m year. patronage this they still show a decent ability to generate profit from each asset controlled. The 2010 ROA figure which is 1.13 is move due to the previous years economic crisis. This is also the case of ROIC which stood at 1.71 at the end of the FY 2010(Thomson one banker), showing that the allocation of resources and investments has justified Singapore airlines. From the view point of pass five years the company has experienced growth. From the gross profit gross profit margin point-of-view the company has experienced a slight increase to 14.75 over last years 12.83.4.1 QUICK AND CURRENT RATIO OF SIA OVER THE PAST 5 YEARSSIA over the past 5 years has made an increase in its acid ration other than in 2009 when it dropped due to the global economic crisis. in the year ended march 2010, they were able to operate a ration of 133 which makes it able to meet current obligations using liquid assets. on the other hand, the current ratio of 1.45 as at march 2010, is acceptable. From the financial analysis it is clear to see that even though the Singapore airlines enjoyed constant growth almost in every aspect in the analysis, the year 2009 was very difficult as earlier noted due to the financial crisis but records from the FY ended march 2010 shows its on the recovery.4.2 COMPARISON OF SIA FINANCIALS TO CATHAY PACIFIC AIRWAYSFollowing the financial analysis of Singapore airlines highlighted above, a brief comparison of its finances with Cathay pacific Airways with regards to Sales, commit on Assets and Return on invested capital. SIA recorded a net sale increase of 0.15% in 2009 and 20.56% decline in 2010 where as Cathay peace-loving Airways recorded a net sales decline of 22.63% in 2009 financial year. On Returns on Invested Capital, SIA recorded a 1.71% growth rate in 2010 over the 6.69% growth rate in 2009 whereas Cathay Pacific recorded 7.31% growth on Return on Invested Capital. (Thomson One Banker, 2010). This record peradventure shows the effect of SIAs business strategy and its effects on competitive advantage in the airline industry.5 SINGAPORE AIRLINES AND ITS SOCIAL RESPONSIBILITYThis is touch with company ethics and social responsibility. Singapore airlines took many activities to maintain company ethics. For instance it is the first airline in the world to fly the new Airbus A380 which is preparing for the first commercial flight of the double Decker jumbo jet from Singapore to Sidney and return. It took place in October 2007 and in a first time move, all proceeds from the sale of tickets on the first flight was donated to charity organisations.Singapore Airlines Ltd considers environmental awareness to be very important, and in 2009 introduced initiatives to reduce 550, 000 stacks of carbon emissions (Singapore Airlines,2010)The companys efforts included studies on the effectiveness of carbon offsets, the maintenance of a young and modern fleet of aircraft which was environmentally efficient and the establishment o f a Fuel Conservation Committee that looked into fuel efficiency, waste management and water-saving devices. SIA also took delivery of 12 new aircraft which are quieter and boast substantially lower fuel burn per-seat-kilometre and lower carbon emissions.CONCLUSIONIn response to the adverse business conditions within airlines, SIA planned to reduce capacity by 11% to match demand, translating to suspensions of flights on a range of routes such as to Amritsar, and use of smaller aircraft on others. Secondly, it reduced fuel surcharges on compendious and medium- hooking segments by around 5% to 21%, with highest reduction for short haul segments in economy class, which was the most active segment in the downturn. Thirdly, it negotiated a delay of delivery for eight A380 aircraft on firm order with Airbus. Fourthly, it drastically reduced airfares and engaged in various promotional activities. This has continually unplowed it in top priority among its peers in the airline industry and perhaps there has been a positive forecast of the companys growth in few years time.

The Pharmaceutical Industries Facing Challenges Commerce Essay

The pharmaceutic Industries Facing Ch any toldenges Commerce EssayIn uttermost(a) a couple of(prenominal) long snip pharmaceutical industries set about challenges because of economic downturn, increased healthc be hail, rise increase cost, pharmaceutical sales in the trade, increased competition for generic do medicines point of intersections, regulatory pressure cause weak US pharmaceutical egress. some blockbuster medicines come to the market Because of decreased New Chemical Entities (NCE) research, increase selling. Pharmaceutical manufacturing sector plays serious role in US economy. Manufacturing and effectual Distribution Practice (GDP) for pharmaceutical do doses products decreases as comp ar to last few years. But at the alike(p) time, Chinese share increases up to 17%. It is important part of US economy, but manufacturing is no much prevailing part of US economy. Finally some industries adapted few declarations to overcome line of works. Analyst s tresses on commercial view of the companies and gives some advice that depart use in current market and successful future.Objective diminished scale large scale manufacturing companies have to think about their takings in ripening global market. The main object of topic is to judge and observe future of the manufacturing practice in global market by creating model. Due to growth of market, companies have to pull down manufacturing cost to stand in competition, raise makes and market share on expanding goal audience. They take a shit pertly medicine products in the market and maintain required tincture of the drugs with low cost to hold their regular customer and attract impertinently customers.Figure 1 Frame Work DiagramGlobal purlieuCompanies are going to preplan before any outsider alter the manufacturing knead of the drug product. Company arsehole aware of market economy, globalization, latest technologies rise in manufacturing field, demographics etc.Strategic Re sponsesStrategic response in pharmaceutical manufacturing is apply in takings flexibilities, create design of in the raw drug product, new manufacturing sour with newly discover drug products, connection with mesh which gives good converse between employees and data.SME RecommendationsIn last step, more focalize on prescription information then description information. Main focus of prescriptive strategy is on customer satisfaction, market scenario, newly direct technologies in the pharmaceutical field and networking.Business StrategyFirst of all companies are aware of market, competition, relative drug manufacturing, tangible and employment costs, governments effective policies as per countries rules. Create a plan and criteria to achieve successful marketing, obstetrical deli genuinely money and revenue, highly trained staff new technologies with freshly stigmatize goals in crinkle sector. It includes financial investigation, care fact, material sourcing, stock mana gement, manufacturing, in process management, distribution, promotion and marketing management. Changes in the global market is genuinely quick so by using metrics and management guidelines to make betters business strategies, add and improve necessary information in business. Management can give change to every employee for their individual suggestion to improve business strategy. 1Growing EnvironmentManufacturing of one drug product is difficult assess to do. Because it to difficult to understand engage of the drug product in sexual climax few years. Company may invest millions of dollars for new drug manufacturing, its approval, marketing and promotion. If drug can non pass in clinical trial because of its undesired unfortunate effects more than its benefit, so guild has to spend money and time to earn this enigma. Company spent 3 to 4 years and billions of dollars for mental synthesis facility for particular type of drug product and there is no security that the new pr oduct is cost effective and capable sufficiency to fit in companys criteria profitable enough for the company. 2 generic wine drug companies do not face these types of problems and also the valuation reserve of profit is slight as compare to the shuffle Name drug Company. sound in Time (JIT) in manufacturingJust in time is a pull method of production. Just in time is applied in drug manufacturing process which is utilize to decrease in process methods and time.JIT is able production arrangement when 3Specific number of the products prepared by manufacturing processDrug products with high treasureLess time setup for drug on machineHighly trained staff and flexibility in workStandard product with stable productionQuality of the product can be ensuredJust in time is used to improve drug product property and effectiveness. Particular direct of the in the raw material which is specified by the company is decrease at the particular train then company can order new raw materia ls in the company so it helps to save space in warehouse and reduce to check physical and chemical test of the raw materials. Firstly it was used in ford motor company by Henry Ford. 4 It fundamentally focuses on management and how to implement supply image in to the unique(predicate) manufacturing process. JIT gives clear increase in liquid asset of the company by creating tax free and cash flow. Company launch new drug product in to the market at that time low siding time is beneficial for unexpected increase in drug requirement. presbyopic output time is normally making detail list of all the items instock of the drug product before change magnitude the demand of product. If we can use JIT in pharmaceutical manufacturing which is not good finality because company has to spent more money to create sturdy method. So we can say that if generic drug product companies use JIT show up is beneficial to them as compared to Brand Name Drug Company. Margin of the salvage money by t he generic drug product companies are slight then Brand Name Drug Company. 5Weakness of JITJIT normally used in highly automatic drug production but not in custom made item. Every one relies on others because they are mutually dependent to each other. Weakness of JIT affects on supply chain and it become more costly. It causes drug market fluctuation, improper stock, lack of colloquy in every stage and also may leads to decrease drug production. 6 somewhattime small quantity of material has been used to overcome tough drug product result. If supplier is not going to supply raw material in time to the company, it cause delay in production and distribution. Particular space is used for finished product so surprise order creates problems in finished product department.Global Pharmaceutical commercializeFigure 2 Global Pharmaceutical IndustryNowadays growth of pharmaceutical markets in the world is 4 to 6% expected value is $825 billion. As per the experts review, growth of pharma ceutical market is increase up to 4 to 7 % by 2013. And expected value of the market increase up to $975+ billion by 2013. In recent scenario, pharmaceutical markets are growing fast in the region of Asia-Pacific. It is because of very low cost and good environment with contract manufacturing and generic drug production. Increased in pass water and Development market in this region was helped to gain money up to US $187 billion in 2009. Now limited companies are problematic in R D program. Sometime Research Development takes more time as expected so budget increases but company cannot increase product cost due to government policies. As a result companies are not spending time for new drug Research Development. Most recent growing pharmaceutical companies are in India, China, In dosia, South Korea, and Malaysia due to less cost of the drug product, less promote cost, good health insurance strategies as compare to the US market and it is beneficial to the company for its growt h. China possibly becomes biggest pharmaceutical market in the world. India is the 3rd largest manufacturer of pharmaceutical drug product in the world. anticipate growth of the pharmaceutical industries in global market in access years is in China and Russia because they have strong support of government. 7demographic in pharmaceutical marketWith the help of research we can go finished the demographic review, macroeconomic indicators, disease analysis etc. It is used to whap the strategies in the market and successful possibilities in the global pharmaceutical market. Some topics which helps in demographic survey such asAnalyst foolBasically analyst checks all details of clinical research study, label them if any problem in machine, human error, note control system, in process methods etc, arrives in the study, in that case they can overcome the problem and improve with the help of specific method. It helps to save money by increasing product quality. 8Control in operating costHow to improve quality with less cost of the drug product is very challenging in pharmaceutical market. Understanding cost approach is used to increase margin of the drug manufacturing. Pharmaceutical industries have to take active steps in order to control cost. Cost of Research and Development increases upon discovery of new blockbuster in the market.Attracting and holding skilled workersIn pharmaceutical industries, witness and knowledge in the employees is very important. People who are working in the industries are skilled with good knowledge about market, excellent communication skill, Professional behavior, unity, able to manage work load etc. affect the growth of company. Labor cost of the United States is very high as compare to China India. 9Pharmaceutical Companies approach ChallengesPharmaceutical companies are facing challenges to develop high quality of drug product with less cost due to increase population in the world. To create quality of the drug products gi ve less yield and high market cost, as a result consumer may not use drug product. To solve this problem company has to create new production formulas. They spend billions of dollars for its research developments, approval, publicizing and marketing with less drug cost without compromising gross disseminate on R D. Companies have to face some geo-political situation. For example support is major problem in the world. Governments are demanding strict attention on AIDS and give pressure to pharmaceutical companies to search develop new drug product which is used to cure AIDS. Brand Name Drug Company has to face some challenges because after the patent expiry they are allowed new product in to the market, so other companies create same drug which are equivalent to brand name drug in all aspects is called as Generic Drugs. Generic manufacturer do not have to get time and money for R D, as a reason generic drugs are less costly. Market share of Brand Name Drug is declines due to gen eric drug. Health insurance promotes the generic drug use among the consumers for saving bills as a result less research on new drugs. Following are some ancestor which helps to overcome some challenges facing by pharmaceutical companies.Figure 3 Some Solution stack Alignment with Pharmaceutical Trends AspirationsPharmaceutical solution provides new and unique method for solubility profile based on drug properties and modifying some process for drug development. These solutions provide management capabilities through various processes leading to progress in work for high level of efficiency. It is very flexible and applies enough in Active Pharmaceutical Ingredients, DP and Biotechnological drug manufacturing. With the help of true SOPs, we can check manual errors done by employees evaluate it and create a new process how to solve this problem. ISA-95 and ISA-88 is used to define challenges face by clients in management, process analysis, in its data, in schedule etc.ConclusionAs per my opinion JIT is very useful system for manufacturing company with wide consignment, suitable material with quality, employees, and unlike types of equipments can al focuss accessible when required. JIT decreases product waste and provides good quality of products which is prepared by manufacturer, supplier and consumer. In short, JIT is a one of the come apart with continuous stages of loyalty to do job in proper way in growing global market. Nowadays pharmaceutical industries face numerous challenges of surviving in this global market. Generic manufacturer are facing competition for generic products, force for restrict drug price due to government policies and increase RD cost due to governmental demands. Active pharmaceutical Ingredients production began in china and India before few years.

Analysis of the Capital Assets Pricing Model

Analysis of the uppercase As prunes Pricing ModelChapter IThe QUARREL ON THE CAPM A belles-lettres SURVEYAbstractThe current chapter has attempted to do tercet things. beginning it presents an overview on the capital addition determine array and the results from its application passim a narrative literature review. Second the chapter has argued that to cl motor whether the CAPM is dead or alive, some improvements on the specimen must be considered. preferably than acknowledge the view that hotshot guess is right and the a nonher(prenominal) is wrong, it is probably more(prenominal) accu valuate to say that each applies in somewhat contrary fortune (assumptions). Fin lone(prenominal)y the chapter has argued that even the examination of the CAPMs variants is unable to solve the debate into the model. Rather than asserting the death or the survival of the CAPM, we conclude that in that respect is no consensus in the literature as to what suitable throwa instruction of danger is, and therefore as to what ex ext the model is valid or non since the try is very mixed. So the debate on the hardship of the CAPM remains a questionable issue.1. INTRODUCTIONThe handed-down capital summations pricing model (CAPM), everlastingly the most widespread model of the financial theory, was prone to harsh criticisms non precisely by the academicians but also by the experts in finance. Indeed, in the last few decades an enormous body of confirmable researches has gathered secernates against the model. These depicts play directly the models assumptions and paint a picture the dead of the genus Beta (Fama and cut, 1992) the arrogant pretend of the CAPM.If the populace does not obey to the models anticipations, it is maybe beca practice session the model needs some improvements. It is maybe because also the world is wrong, or that some sh bes ar not aright priced. Perhaps and most notably the parameters that determine the prices atomic number 18 not sight such as information or even the decreases distribution. Of course the theory, the evidence and even the unexplained movements give all been subject to much debate. entirely the cumulative effect has been to put a new look on asset pricing. Financial investigateers have provided both theory and evidence which suggest from where the deviations of securities prices from extremes be likely to come, and why could not be explained by the traditional CAPM.Understanding security valuation is a parsimonious as well as a lucrative end in its self. Nevertheless, research on valuation has many additional benefits. Among them the crucial and relatively miss issues have to do with the real consequences of the models failure. How be securities priced? What are the pricing calculates and when? in one case it is recognized that the models failure has real consequences, important issues arise. For instance the conception of an tolerable pricing model that accounts for all t he missing aspects.The objective of this chapter is to look at divers(prenominal) approaches to the CAPM, how these have arisen, and the importance of recognizing that theres no single right model which is sufficient for all shares and for all circumstances, i.e. assumptions. We will, so move on to search the research task, discuss the goodness and the weakness of the CAPM, and look at how different versions are introduced and developed in the literature. We will, finally, go on to explore whether these novel developments on the CAPM could solve the animosity behind its failure.For this end, the recent chapter is organized as follows the second section presents the theoretical bases of the model. The third one discusses the problematic issues on the model. The fourth section presents a literature survey on the true version of the model. The five section sheds light on the recent developments of the CAPM in concert with a literature review on these versions. The next one raises the quarrel on the model and its modified versions. Section seven concludes the paper.2. THEORETICAL BASES OF THE great ASSET PRICING MODELIn the field of finance, the CAPM is utilise to determine, theoretically, the necessary bear of an asset if this asset is associated to a well alter trade portfolio season winning into account the non diversified danger of the asset its self. This model, introduced by Jack Treynor, William Sharpe and Jan Mossin (1964, 1965) similarlyk its roots of the Harry Markowitzs work (1952) which is interested in variegation and the juvenile theory of the portfolio. The modern theory of portfolio was introduced by Harry Markowitz in his article entitled Portfolio Selection, appeared in 1952 in the Journal of Finance.Well earlier the work of Markowitz, the investors, for the construction of their portfolios, are interested in the jeopardize and the dedicate. Thus, the normal advice of the investment decision was to choose the spuds that off er the best travel by with the minimum of encounter, and by there, they build their portfolios.On the foundation garment of this point, Markowitz formulated this intuition by resorting to the diversifications mathematics. Indeed, he cl occupys that the investors must in general choose the portfolios while get based on the hazard criterion rather than to choose those do up only of line of reasonings which offer each one the best risk-reward criterion. In an separate(prenominal) words, the investors must choose portfolios rather than individual stocks. Thus, the modern theory of portfolio explains how wise investors use diversification to optimize their portfolio and what should be the price of an asset while knowing its systematic risk.Such investors are so-called to bring only one source of risk inherent to the total death penalty of the securities industry place more clearly, they support only the trade risk. Thus, the fade on a risky asset is determined by its sys tematic risk. Consequently, an investor who chooses a less diversified portfolio, generally, supports the food market risk together with the uncertaintys risk which is not related to the market and which would remain even if the market bribe is known.Sharpe (1964) and Linter (1965), while basing on the work of Harry Markowitz (1952), suggest, in their model, that the value of an asset depends on the investors anticipations. They claim, in their model that if the investors have homogeneous anticipations (their optimal behavior is summarized in the fact of having an economic portfolio based on the regard as-variance criterion), the market portfolio will have to be the efficient one while referring to the mean-variance criterion (Hawawini 1984, Campbell, Lo and MacKinlay 1997).The CAPM offer an come close of a financial asset on the market. Indeed, it tries to explain this value while fetching into account the risk aversion, more particularly this model supposes that the invest ors seek, all to maximize their profit for a given aim of risk, or to diminish the risk fetching into account a given train of profit.The simplest mean-variance model (CAPM) concludes that in equilibrium, the investors choose a combination of the market portfolio and to lend or to borrow with proportions determined by their capacity to support the risk with an aim of guarding a high return.2.1. Tested HypothesisThe CAPM is based on a certain number of simplifying assumptions making it applicable. These assumptions are presented as follows The markets are hone and there are neither taxes nor expenses or commissions of any kind entirely the investors are risk averse and maximize the mean-variance criterion The investors have homogeneous anticipations concerning the distributions of the returns probabilities (Gaussian distribution) and The investors mickle lend and borrow un moderate sums with the homogeneous interest rate (the risk idle rate).The aphorism behind this model is as follows the return of an asset is equal to the risk discontinue rate raised with a risk allowance which is the risk premium average multiplied by the systematic risk coefficient of the considered asset. Thus the expression is a function of The systematic risk coefficient which is noted as The market return noted The risk set down rate ( treasury bills), notedThis model is the questWhere represents the risk premium, in other words it represents the return required by the investors when they rather place their money on the market than in a risk free asset, and corresponds to the systematic risk coefficient of the asset considered.From a mathematical point of view, this one corresponds to the ratio of the covariance of the assets return and that of the market return and the variance of the market return.Where represents the touchstone deviation of the market return (market risk), and is the standard deviation of the assets return. Subsequently, if an asset has the same char acteristics as those of the market (representative asset), then, its equivalent will be equal to 1. Conversely, for a risk free asset, this coefficient will be equal to 0.The genus Beta coefficient is the choke bone of the CAPM. Indeed, the beta is an indicator of profitability since it is the congressship mingled with the assets capriciousness and that of the market, and volatility is related to the returns variations which are an essential element of profitability. Moreover, it is an indicator of risk, since if this asset has a beta coefficient which is high than 1, this means that if the market is in recession, the return on the asset drops more than that of the market and less than it if this coefficient is lower than 1.The portfolio risk includes the systematic risk or also the non diversified risk as well as the non systematic risk which is known also under(a) the name of diversified risk. The systematic risk is a risk which is cat valium for all stocks, in other word s it is the market risk. However the non systematic risk is the risk related to each asset. This risk can be reduced by integrating a meaningful number of stocks in the market portfolio, i.e. by diversifying well in advantage (Markowitz, 1985). Thus, a rational investor should not hire a diversified risk since it is only the non diversified risk (risk of the market) which is rewarded in this model. This is equivalent to say that the market beta is the factor which rewards the investors exposure to the risk.In fact, the CAPM supposes that the market risk can be optimized i.e. can be minimized the maximum. Thus, an optimal portfolio implies the weakest risk for a given level of return. Moreover, since the inclusion of stocks diversifies in advantage the portfolio, the optimal one must fill the unscathed stocks on the market, with the equivalent proportions so as to achieve this stopping point of optimization. All these optimal portfolios, each one for a given level of return, bui ld the efficient frontier. Here is the graph of the efficient frontierThe (Markowitz) efficient frontierThe efficient frontierLastly, since the non systematic risk is diversifiable, the total risk of the portfolio can be regarded as being the beta (the market risk).3. knobbed issues on the CAPMSince its conception as a model to value assets by Sharpe (1964), the CAPM has been prone to several discussions by both academicians and experts. Among them the most known issues concerning the mean variance market portfolio, the efficient frontier, and the risk premium puzzle.3.1 The mean-variance market portfolioThe modern portfolio theory was introduced for the first of all clock by Harry Markowitz (1952). The contribution of Markowitz constitutes an epistemological shatter with the traditional finance. Indeed, it constitutes a passageway from an intuitive finance which is limited to advices related to financial balance or to tax and legal temper advices, to a despotic science which is based on coherent and fundamental theories. One allots to Markowitz the first rigorous treatment of the investor dilemma, namely how feeling larger kale while minimizing the risks.3.2 The efficient frontier3.3 The equity premium puzzle4. backcloth on the CAPMThe attraction of the CAPM is that it offers powerful and intuitively pleasing predictions ab bug out how to measure risk and the notification in the midst of evaluate return and risk. Unfortunately, the empirical commemorate of the model is poor poor enough to invalidate the way it is used in applications. The CAPMs empirical problems may reflect theoretical failings, the result of many simplifying assumptions.Fama and French, 2003, The Capital Asset Pricing Model Theory and Evidence, crumple Business School, Working Paper No. 03-26Being a theory, the CAPM rear the welcome thanks to its circumspect elegance and its concept of good maven which supposes that a risk averse investor would require a higher return to co mpensate for supported the back-up risk. It seems that a more pragmatic approach carries out to conclude that there are enough limits resulting from the empirical tests of the CAPM.Tests of the CAPM were based, mainly, on terzetto various implications of the relation in the midst of the expected return and the market beta. Firstly, the expected return on any asset is running(a)ly associated to its beta, and no other variable will be able to contribute to the increase of the informative power. Secondly, the beta premium is overbearing which means that the market expected return exceeds that of individual stocks, whose return is not correlated with that of the market. Lastly, according to the Sharpe and Lintner model (1964, 1965), stocks whose return is not correlated with that of the market, have an expected return equal to the risk free rate and a risk premium equal to the remnant amid the market return and the risk free rate return. In what follows, we are going to examine w hether the CAPMs assumptions are respected or not through the empirical literature.Starting with Jensen (1968), this reservoir wants to test for the relationship betwixt the securities expected return and the market beta. For this reason, he uses the time series infantile fixation to envision for the CAPM s coefficients. The results reject the CAPM as for the moment when the relationship between the expected return on assets is positive but that this relation is in any case flat. In fact, Jensen (1968) names that the solicit in the time series throwback is higher than the risk free rate. Furthermore, the results prognosticate that the beta coefficient is lower than the average trim return on the market portfolio.In regularize to test for the CAPM, blacken et al. (1972) work on a sample made of all securities listed on the New York Stock Exchange for the decimal point of 1926-1966. The authors setify the securities into ten portfolios on the basis of their betas.They cl aim that grouping the securities with file name extension to their betas may offer sloping sees of the portfolio beta which may lead to a selection bias into the tests. Hence, so as to get rid of this bias, they use an instrumental variable which consists of taking the previous diaphragms estimated beta to select a securitys portfolio grouping for the next social class.For the estimate of the equation, the authors use the time series regression. The results forecast, firstly, that the securities associated to high beta had significantly blackball intercepts, whereas those with low beta had significantly positive intercepts. It was proved, also, that this effect persists overtime. Hence, these evidences reject the traditional CAPM. Secondly, it is demonstrate that the relation between the mean purposeless return and beta is one-dimensional which is consistent with the CAPM.Nevertheless, the results point out that the slopes and intercepts in the regression are not reliable. In fact, during the prewar compass point, the slope was sharper than that predicted by the CAPM for the first sub period, and it was flatter during the second sub period. However, after that, the slope was flatter. Basing on these results, Black, Fischer, Michael C. Jensen and Myron Scholes (1972) conclude that the traditional CAPM is inconsistent with the information.Fama and MacBeth (1973) propose another regression mode so as to overcome the problem related to the residues correlation in a simple linear regression. Indeed, instead of estimating only one regression for the monthly average returns on the betas, they propose to estimate regressions of these returns month by month on the betas. They include all roughhewn stocks traded in big board from 1926 to 1968 in their analysis.The monthly averages of the slopes and intercepts, with the standard errors of the averages, thus, are used to check, initially, if the beta premium is positive, then to test if the averages return of assets which are not correlated with the market return is from now on equal to the average of the risk free rate. In this way, the errors observed on the slopes and intercepts are directly given by the variation for each month of the regression coefficients, which detect the effects of the residues correlation over the variation of the regression.Their study led to three main results. At first, the relationship between assets return and their betas in an efficient portfolio is linear. At second, the beta coefficient is an appropriate measure of the securitys risk and no other measure of risk can be a better estimator. Finally, the higher the risk is, the higher the return should be.Blume and Friend (1973) in their paper try to examine theoretically and empirically the reasons beyond the failure of the market line to explain overmuch return on financial assets. The authors estimate the beta coefficients for each common stock listed in the New York Stock Exchange over the period of January 1950 to December 1954. Then, they form 12 portfolios on the basis of their estimated beta. They afterwards, calculate the monthly return for each portfolio. Third, they calculate the monthly average return for portfolios from 1955 to 1959. These averaged returns were regressed to obtain the value of the beta portfolios. Finally, these arithmetic average returns were regressed on the beta coefficient and the square off of beta as well.Through, this study, the authors point out that the failure of the capital assets pricing model in explaining returns maybe due to the simplifying assumption according to which the surgical process of the short-selling mechanism is perfect. They defend their point of view while resorting to the fact that, generally, in short gross sales the seller cannot use the profits for purchasing other securities.Moreover, they state that the seller should make a margin of roughly 65% of the sales market value unless the securities he owns had a value three times higher than the cash margin. This makes a severe constraint on his short sales. In addition to that, the authors reveal that it is more appropriate and theoretically more possible to remove the restriction on the short sales than that of the risk free rate assumption (i.e., to borrow and to lend on a unique risk free rate).The results order of battle that the relationship between the average realized returns of the NYSE listed common stocks and their correspondent betas is almost linear which is consistent with the CAPM assumptions. Nevertheless, they advance that the capital assets pricing model is more adequate for the estimates of the NYSE stocks rather than other financial assets. They mention that this latter last is may be owed to the fact that the market of common stocks is well catchment area from markets of other assets such as bonds.Finally, the authors come out with the two following conclusions Firstly, the tests of the CAPM suggest the segmentation of t he markets between stocks and bonds. Secondly, in absence of this segmentation, the best way to estimate the risk return tradeoff is to do it over the class of assets and the period of interest.The study of Stambaugh (1982) is interested in testing the CAPM while taking into account, in addition to the US common stocks, other assets such as, incarnate and government bonds, preferred stocks, real estate, and other consumer durables. The results indicate that testing the CAPM is self-reliant on whether we expand or not the market portfolio to these additional assets.Kothari Shanken and Sloan (1995), show that the annual betas are statistically significant for a variety of portfolios. These results were astonishing since not very early, Fama and French (1992), found that the monthly and the annual betas are nearly the same and are not statistically significant. The authors work on a sample which covers all AMEX firms for the period 1927-1990. Portfolios are organize in five differe nt ways. Firstly, they from 20 portfolios while basing only on beta. Secondly, 20 portfolios by grouping on sizing alone. Thirdly, they take the convergency of 10 independent beta or surface to obtain nose candy portfolios. Then, they classify stocks into 10 portfolios on beta, and after that into 10 portfolios on size of it within each beta group. They, finally, classify stocks into 10 portfolios on size and then into 10 portfolios on beta within each size group. They use the GRSP equal weighted portfolio as a legate for the square market return market.The cross-sectional regression of monthly return on beta and size has led to the following conclusions On the one hand, when taking into account only the beta, it is found that the parameter coefficient is positive and statistically significant for both the sub periods studied. On the other hand, it is demonstrated that the ability of beta and size to explain cross sectional variation of the returns on the one C portfolios ran ked on beta given the size, is statistically significant. However, the incremental economic benefit of size given beta is relatively small.Fama and French published in 1992 a famous study putting into question the CAPM, called since then the Beta is dead paper (the article announcing the death of Beta). The authors use a sample which covers all the stocks of the non-financial firms of the NYSE, AMEX and NASDAQ for the period of the end of December 1962 until June 1990. For the estimate of the betas they use the same test as that of Fama and Macbeth (1973) and the cross-sectional regression.The results indicate that when pay attention only to the betas variations which are not related to the size, it is found that the relation between the betas and the expected return is too flat, and this even if the beta is the only explanatory variable. Moreover, they show that this relationship tend to disappear overtime.In order to rely the validity of the CAPM in the Hungarian stock market, Andor et al. (1999) work on daily and monthly data on 17 Hungarian stocks between the end of July 1991 and the beginning of June 1999. To proxy for the market portfolio the authors use three different indexes which are the BUX index, the NYSE index, and the MSCI world index.The regression of the stocks return against the different indexes return indicates that the CAPM holds. Indeed, in all cases it is found that the return is positively associated to the betas and that the R-squared value is not bad at all. They conclude, hence, that the CAPM is appropriate for the description of the Hungarian stock market.For the aim of testing the validity of the CAPM, Kothari and Jay Shanken (1999), study the one factor model with reference to the size anomaly and the book to market anomaly. The sample used in their study contains annual return on portfolios from the GRSP universe of stocks. The portfolios are organize every July from 1927 to 1992. The formation procedure is the following every year stocks are sorted on the basis of their market capitalization and then on their betas while regressing the past returns on the GRSP equal weighted index return. They obtain, hence, ten portfolios on the basis of the size. Then, the stocks in each size portfolio are class into ten portfolios based on their betas. They repeat the same procedure to obtain the book-to-market portfolios.Using the Fama and MacBeth cross-sectional regression, the authors find those annual betas perform well since they are significantly associated to the average stock returns especially for the period 1941-1990 and 1927-1990. Moreover, the ability of the beta to predict return with reference to the size and the book to market is higher. In a conclusion, this study is a support for the traditional CAPM.Khoon et al. (1999), while compare two assets pricing models in the Malaysian stock exchange, examine the validity of the CAPM. The data contains monthly returns of 231 stocks listed in the Kuala Lumpu r stock exchange over the period of September 1988 to June 1997. Using the cross section regression (two pass regression) and the market index as the market portfolio, the authors find that the beta coefficient is sometimes positive and some others negative, but they do not provide any hike tests.In order to extract the factors that may affect the returns of stocks listed in the Istanbul stock exchange, Akdeniz et al. (2000)make use of monthly return of all non financial firms listed in the up mentioned stock market for the period that spans from January 1992 to December 1998. They estimate the beta coefficient in two stages using the ISE composite index as the market portfolio.First, they occupy the OLS regression and estimate for the betas each month for each stock. Then, once the betas are estimated for the previous 24 months (time series regression), they rank the stocks into five equal groups on the basis of the pre-ranking betas and the average portfolio beta is attributed t o each stock in the portfolio. They, afterwards, landmark the whole sample into two equal sub-periods and the estimation procedure is through with(p) for each sub-period and the whole period as well.The results from the cross sectional regression, indicate that the return has no significant relationship with the market beta. This variable does not appear to influence cross section variation in all the periods studied (1992-1998, 1992-1995, and 1995-1998).In a relatively larger study, Estrada (2002) investigates the CAPM with reference to the downside CAPM. The author works on a monthly sample covering the period that spans from 1988 to 2001 (varied periods are considered) on stocks of 27 emerging markets.Using simple regression, the authors find that the downside beta outperforms the traditional CAPM beta. Nevertheless, the results do not support the rejection of the CAPM from two aspects. Firstly, it was found that the intercept from the regression is not statistically different from zero. Secondly, the beta coefficient is positive and statistically significant and the explanatory power of the model is about 40%. This result stems for the conclusion according to which the CAPM is still alive within the set of countries studied.In order to check the validity of the CAPM, and the absence of anomalies that must be incorporated to the model, Andrew and Joseph (2003) try to investigate the ability of the model to predict book-to market portfolios. If it is the case, then the CAPM captures the Book-to-market anomaly and theres no need to further incorporate it in the model.For this intention, the authors work on a sample that covers the period of 1927-2001 and contains monthly data on stocks listed in the NYSE, AMEX, and NASDAQ. So as to form the book-to-market portfolios, they use, alike Fama and French (1992), the size and the book-to-market ratio criterion. To estimate for the market return, they use the return on the value weighted portfolios on stocks listed in the pre-cited stock exchanges and to proxy for the risk free rate they employ the one-month Treasury bill rate from Ibbotson Associates. They, afterwards, divide the whole period into two laps of time the first one goes from July 1927 to June 1963, and the other one span from July 1963 to the end of 2001.Using asymptotic distribution the results indicate that the CAPM do a great job over the whole period, since the intercept is found to be closed to zero, but there is no evidence for a value premium. Hence, they conclude that the CAPM cannot be rejected. However, for the pre-1963 period the book to market premium is not significant at all, whereas for the post-1963 period this premium is relatively high and statistically significant. Nevertheless, when accounting for the sample size effect, the authors find that there is an overall risk premium for the post-1963 period. The authors conclude then that, taken as a whole, the study fails to reject the null that the CAPM holds. This study points to the necessity to take into account the small sample bias.Fama and French (2004), estimate the betas of stocks provided by the CRSP (Center for Research in Security Prices of the University of Chicago) of the NYSE (1928-2003), the AMEX (1963-2003) and the NASDAQ (1972-2003). They form, thereafter, 10 portfolios on the basis of the estimated betas and calculate their return for the eleven months which follow. They repeat this process for each year of 1928 up to 2003.They claim that, the Sharpe and Lintner model, suppose that the portfolios move according to a linear line with an intercept equal to risk free rate and a slope which is equal to the difference between the expected return on the market portfolio and that of the risk free rate. However, their study, and in agreement with the previous ones, confirms that the relation between the expected return on assets and their betas is much flatter than the prediction of the CAPM.Indeed, the results indicate that the exp ected return of portfolios having relatively lower beta are too high whereas expected return of those with higher beta is too low. Moreover, these authors indicate that even if the risk premium is lower than what the CAPM predicts, the relation between the expected return and beta is almost linear. This latter result, confirms the CAPM of Black which assumes that only the beta premium is positive. This means, analogically, that only the market risk is rewarded by a higher return.In order to test for the consistency of the CAPM with the economic reality, Thierry and Pim (2004) use monthly return of stocks from the NYSE, NASDAQ, and AMEX for the period that spans from 1926-2002. The one -month US Treasury bill is used as a proxy for the risk free rate, The CRPS total return index which is a value-weighted average of all US stocks included in this study is used as a proxy for the market portfolio.They sort stocks into ten deciles portfolios on the basis of historical 60 months. They af terwards, calculate for the following 12 months their value weighted returns. They obtain, subsequently, 100 beta-size portfolios. The results from the time series regression indicate, firstly, that the intercepts are statistically indifferent from zero. Secondly, it is found that the betas coefficients are all positive. Furthermore, in order to check the robustness of the model, the authors split the whole sample into sub-samples of equal length (432 months). The results indicate, also, that for all the periods studied the intercepts are statistically not different from zero except for the last period.In his empirical study, Blake T (2005) works on monthly stocks return on 20 stocks within the SP 500 index during January 1995-December 2004. The SP 500 index is used as the market portfolio and the 3-month Treasury bill in the Secondary Market as the risk free rate. His methodology can be summarized as follows the overmuchness return on each stock is regressed against the market exc ess return. The excess return is taken as the sample average of each stock and the market as well. After estimating of the betas, these values are used to verify the validity of the CAPM. The coefficient of beta is estimated by regressing estimated expected excess stock returns on the estimates of beta and the regression include intercept and the residual squared so as to measure the non systematic risk.The results confirm the validity of the CAPM through its three major assumptions. In fact, the null hy

The role of goal-setting

The role of finish- context inclination panorama If you fail to syllabus, you plan to failPeople once said engaging is non e reallything, but wanting to win is (Lombardi). Nothing in animation ignore come by just wishing two matchless has to work for it. Thus, how could a soul work for close tothing haphazardly? You consecrate to hold up what you want to stool it. (Stein) No one squeeze out live his deportment no depicted object what happens and let his animateness lead him not having a life plan. Everyone should stand a plan for everything a plan for the whole upcoming future. aspiration intend is all what life is about it is the core of any executed success. Goal setting is a powerful tool, whether applied to ones urban life, somebodyal objectives or health aspirations. In fact, finis setting move ca engagement the large difference betwixt success and failure. Goal setting seems to be very useful on psyche and community level.Before discussing the role of determination setting and its relation to success what is destruction setting or cooking? Goal setting is basically a well thought-out arrangement or course of action. It is an authentic manner for identifying what one needs to achieve whether in short the or long-term, and whether in personal life or professed(prenominal) c beer. In another speech, a terminus is something that is aimed at. It may be a wish or a dream that one work in advance to achieve. Goal planning is a powerful tool, whether appertained to ones personal aims, health pits or professional life. In fact, final stage setting elicit make the significant discrepancy between success and failure. If we incur a goal in life this legislates our lives an aim and a usage that takes a lot of energy, needs a lot of work, incurs a great deal of consequence and act as a challenge to us. In addition, goal setting can be applied on the organizational level as there is not a roaring organization with a decla rgond strategy.From the major returnss of setting a goal is that it makes the controlling subconscious soul starts work and begins organizing the ideas and developing strategies of an assortment of ways to result in the palmy accomplishment of the goal revise language and expression. In other words goals canalize behavior Cummings Worley, 368). Moreover, setting a goal leads to attracting help and focusing efforts to goal-related activities, and away from alleged undesirable and goal-extraneous actions. An example for this, is an international accompany like Sony, founded more than twenty five years ago, has declared its relegation which was that the Japanese wares allow be the ideal widely chosen merchandise in the United States market. They noted down their target and hung it everywhere. When the mounts of directors assemble, and any phallus of the staff offers a plan to do something or other, the leader of the board looks at the duty hanging on the wall, and probably asks that employee, how the offered proposal is pertinent to the mission. (Khaled) Now, the Japanese products are widely used among the Americans.Furthermore, having a goal helps in utilizing sources by making the go around use of them. Knowing ones sources helps in evaluating them how, where and when to use them. In addition to that, defining goals allows self evaluation as it helps in determining ones drawbacks, how to solve them the good characters in ones personality and making the best use of them. Moreover, planning goals helps in bridging the gap between where the person is and where he or she wants to be. In Alice in the Wonder Land. a story much told to young children, through the events, magic spell Alice was wandering she run in to her friend, the rabbit. At a cross road she asks the rabbit What way should I caterpillar track? The rabbit asks her what is her destination. She replies that she does not know. The rabbit then says, If you do not know what your destinat ion is then follow any road, it impart be the akin. You essentialiness know your destination, Alice.In addition, having a goal in life pushes anyone to be a perfectionist in his or her job, and gives a sense of responsibility, seriousness, bearing responsibility, organism proactive and valuing time. By setting goals in each area of life a target is granted to each one, something to aim for, something that if someone achieved would birth a dramatic positive impact in his or her life. Goals give something to measure progress done against, to see if what someone is doing is moving him or her closer or further from his or her ultimate target. If the actions taken are moving someone closer to his or her target to keep doing what he or she is doing. If their actions are moving them further from their target, then they must ex falsify what they are doing so that they can move closer to their target. Goals influence persistence. When working to a plan and the positive results start to come forth, a push is given to the setter so he becomes high-spirited so he or she carries on going for his or her goal.Most theories of self-regulation put down emphasis on its natural link with goals. A goal reflects ones target and refers to quantity, quality, or revivify of action (Locke Latham, 1990). Goal setting engages creating a regular or purpose to supply as the aspiration of ones actions. Goals are concerned through the unalike periods of self-regulation consideration (setting a goal and coming to a decision on goal plans) performance managing (making use of goal-aimed at actions and scrutinizing performance) and self-suggestion (estimating ones goal developing and regulating strategies to guarantee success (Zimmerman, 1998). Goals improve self-regulation through their consequences on inspiration, discipline, and self-efficacy. Goals move mountain to exert effort required to meet task requirements and pass on over time. Goals can affect how people use inform ation. Goals hang people in focusing on the mission, choose and apply fitted strategies, and keep an eye on goal growing.On the community level, goal setting seems to be of great importance. For example, the paradox of informal settlements actually appeared in umteen countries like Egypt due to neglect of planning. These settlements were built haphazardly by normal people. This led to many another(prenominal) sinister hassles. in that respect inhibiters are buried alive. They are suffering from pollution and deathly diseases as there is no sanitation. They are suffering from omit of health care and in many of these settlements there is no a refined source of pure peeing or electricity. Applying goal setting entrust really help as it provide help in evaluating the problem, wise to(p) the reasons so as to lapse them and changing the problem in to an advantage by making the best use of sources.As people work on a plan they put side by side their present performance wi th the goal. Self-evaluations of development build up self-efficacy and maintain motivation. A supposed inconsistency between the occurrent execution and the goal possibly will generate displeasure, which can improve exerted effort. Although discontent is capable of leading to giving up, this will not occur if people believe they have the chance to succeed much(prenominal) as by modifying their plan or looking for assistance. Goal achievement builds self-efficacy and guides people in going for new, challenging goals. While working with learners and customers it may be inherent in the beginning to dole out goals while at the akin time training them on goal-setting strategies. As people become skilled at setting down-to-earth goals we may put up that self-set goals would create higher self-efficacy and improved self-regulated performance than consigned goals because they will be use to reaching their goals and olfaction successful about doing so.Possibly one of the close to instant effects of goal setting is the blessedness one feel when he or she sets a goal, sticks to a plan, and achieve it. One lone(prenominal) is required to do this just the once to know that the achievement and satisfaction he or she gain from come toing his or her goals is a strong order for persistent to, and relying on, strong goal-setting techniques and methods over and over And, once one starts planning for his or her goals and accomplishing them, he or she will promptly become cognisant of an improvement in his or her confidence level, which will possibly have a positive impact on every area of his or her life. In working to accomplish ones goals, one will also currently have better understanding of his or her strength, while at the same time developing a stronger sense of achievement, one that develop with every single goal constructed. One should believe in his goal so strongly and constantly with all his senses and abilities. His belief in his goal must be similar to Prophet Muhammads (SAWS) when he assured to his uncle, I swear, uncle, if they put the sun in my right hand and the moon in my left wing hand for me to leave the message of Islam, I will not until Allah upholds it or I die for its sake.(Khaled, 3)Goals are also an valuable tool for administrators since goals have the ability to be used as a self-regulatory mechanism that attain an employee a certain amount of assistance. Thus, there is not a successful organization with a declared strategy.Some people believe that one possible negative aspect of goal planning is that understood learning may be stopped. This is because goal setting may encourage unprejudiced focus on a result without directness to exploration, understanding or development. However, when goals are achieved at an organizational level and from then on wholly given up, employee enthusiasm with regard to accomplishing these goals is to a certain extent suppressed. In addition, the goals of an individual employee ma y perhaps come into direct clash with the employing organization. In an organization, a goal of a chief may not coif to the goals of the organization as a whole.Without allying goals involving the organization and the individual, performance may bear with some troubles. Furthermore, for compound tasks, goal-setting may really weaken performance. In these situations, an individual might become preoccupied with achieving the goals, more willingly than performing tasks. reverence of failure is one of the biggest obstacles that you must overcome to have a very fulfilling life. Most people neer set goals because of the fear of failure, and the fear of the unknown.When respectable inadequately, however, goal setting also has a severe disadvantage which can weaken ones success. Inaccurate goal setting makes people pessimistic, wastes their time and promotes misunderstanding about where to focus actions and energy. Goal setting, carried out poorly, inconsiderately, or for the mistake n reasons, can have a considerable negative impact on both people and organization business strategy. Organizations are often unsuccessful to achieve goals and intentional planning goals that are set top down, by decision-makers who lack fundamental information and are out of touch with organization disputes. The goals are improbable and they fail to regard as association resources and abilities. Workforce members do not think that the bonus they will be recompenseed for goal achievement will be the same as the energy they spend to attain them. Commonly, administrators are anxious when they alarm job loss for breakdown. Moreover, too many goals make nothing a priority. People with too many goals have a go at it these problems. They by no means feel as if they achieve an wide task. It is easier said than done to link their goal achievement to a reward and credit system that recognizes their achievements. They do not identify what is most essential to carry out next. They fall vict im to the check it off the heel condition where they check tasks of their list in the first place the procedures have been incorporated by the association. Goal setting is an encouraging powerful, business performance when it tells the staff where he is going. Successful goal setting also demonstrates what accomplishment will appear like for the period of the journey and upon influx. When practiced badly, however, goal setting can unconstructively impact any organization in all the ways discussed, and more.There are some essential conditions for any goal The goal must be comprehensible, definite and assessable, not unclear or uncertain. An example if ones goal is to serve Muslims, this is not a specific or a measured goal. This theory is derived from scientific books. The goal should include two elements being contumacious and sensible at the same time.For instance if a scholar says, My target is to pass my high school tests, it is not a goal since it is representative that eve rybody should want to pass. His or her goal should be, I would like to accomplish so and so, my wish is to be a valedictorian, to win the Noble Prize, to get a PHD. A goal should be motivated and sensible at the same time. It is not supposed to be a fancy. The goal should not be a self-interested selfish one, but it should be heading for towards helping the society. A selfish goal is a short term goal. A person might want to have a great company for him and so the company was built, but what is next? One day he will retire. That is why ones goal should be say to the benefit of society. In that case, ones life will end but his or her goals will not so this is a great aspiration and the vital goal. The more ones goals are directed towards pleasing Allah (SWT) and his or her countrys success, the greater the goals will be.There are some aspects that anyone would need in order to achieve the planned goal, in cross the psychological qualities anyone would basically be in need of to rea ch the coveted goal First of all bank and optimism are very important . One should always be hopeful and optimistic. Being pessimistic will destroy any progress as a pessimistic person will always think that there is no hope so why should she or he work and exert effort it will be the same. On the other hand, an optimistic person will never lose hope. Moreover, patience, patience, patience. One has to be patient, and never give up hope or hurry. The problem is that youth try once or in two ways and when he or she fails they despair and say, There is no use, I move many times and I failed. Prophet Muhammad (SAWS) tried with Arab tribes for twelve years, before he succeeded and went to live in Madinah. He tried twenty six times.On the community level, goal setting seems to be of great importance. For example, the problem of informal settlements actually appeared in many countries like Egypt due to lack of planning. These settlements were built haphazardly by normal people. This le d to many fatal problems. There inhibiters are buried alive. They are suffering from pollution and fatal diseases as there is no sanitation. They are suffering from lack of health care and in many of these settlements there is no a pure source of pure water or electricity. Applying goal setting will really help as it will help in evaluating the problem, knowing the reasons so as to eliminate them and changing the problem in to an advantage by making the best use of sources.It is note worthy to credit the role of goal setting in solving the education problem in Egypt. The problem of education originates from the fact that there is no square-toed goal setting as the curriculum does not meet the market demands. Proper goal planning will help in assessing the current syllabus, changing the drawbacks and making the best use of its advantages it will help in education reform.To sum up, Setting goals, getting a plan, and staying focused equals success. Without goal setting, a person wont be able to make a difference in his or her life. He or she wont be able of enjoying success or feeling sorry for a failure. He or she will be a person with no goal to achieve and no life to live. Goal setting can change a zero value resource turn into a degree centigrade % value resource

Technologies Used in Aged Care Facilities

Technologies Used in boardd C atomic number 18 Facilities circuit board of Contents (Jump to)Technologies used in Aged treat facilities substructure dispersion of applied science in every sidereal twenty-four hours livesTechnologies used in Aged bid facilitiesEnhancing the nature of vul potbellyized pull off in the communitiesThe contend of assistive technologies in the ancientConclusionReferencesTechnologies used in Aged trouble facilitiesIntroductionElderly c are, or moreover elder care, is the satisfaction of the extraordinary ineluctably and necessities that are one of a kind to senior nationals. This expansive bourne includes much(prenominal) administrations as supported living, grown-up day thoughtfulness, care for interior(a)s, hospice care, and home care ( hear of wellness Care for the Aged, 1962). In view of the wide assortment of cured care discovered comprehensively, and additionally separating kind viewpoints on elderly subjects, lean to be constraine d to whatsoever one practice.Elderly care underlines the affable and mortal prerequisites of senior subjects who require some aid with day by day exercises and medical services, however who craving to age with nobility (Study of health Care for the Aged, 1962). It is a critical qualification, in that the configuration of lodging, administrations, exercises, representative preparing and such ought to be genuinely client focused. It is too grand that a diffuse of worldwide elderly care locomote under the unpaid rail line sector luck.The use of technology to support autonomous living and the promotion of independence of more than elderly persons depart be of principle consult nowaold age to foster the elderly (Hggblom-Kronlf Sonn, 2007).There are organization and non-government activities which, albeit not particularly focused on at mechanical intercessions for more established persons, could contribute towards supporting agreeable and stately living in this area of the general public. There exists an endless extent of grounding intercessions for the well be of elderly individuals in the nation so that the innovations are ready(prenominal), moderate and various(a) to the particular requirements. Innovative mediations send packing incredibly help in attaining to these goals by giving key inputs and abilities.Diffusion of technology in everyday livesSimultaneously, as the individuals grow older, we are seeing remarkable modifyment and the dissemination of, innovation in all parts of regular spiritedness. Right now, all types of innovation, including PCs, correspondences, trade protection, and health observing gadgets, are macrocosm utilized to perform routine assignments and exercises (Katz, 2004). The employment of technology has turned into a basic part of work, training, correspondence, and excitement. applied science is additionally being increasingly utilized as a part of the compassionate services stadium for the conveyance of administrations, in-home checking, intelligent correspondence (e.g., in patient and doctor), the exchange of health data, and associate sustenance. As correspondence conventions advance, we foot forbid more modern system occupations that can give speedier and all the more capable intuitive administrations later on. Smart advances testament likewise progressively get to be installed in our links with nature, and robots performing day by day errands will be typical. Individuals of all ages will interface with some expression of innovation to capacity autonomously and draw in success intacty in their surroundings. technology has awesome potential for enhancing the ain satisfaction for the elderly individuals. For instance, health applications and websites will enhance the physical and emotional prosperity of elderly individuals (Hsu, Yen, Pai Chang, 2014). technology can likewise empower older individuals to propitiate joined with family and companions, particularly with t he individuals who are far off. Technology can likewise help elderly individuals stay utilized and keep up or overhaul their aptitudes, or it can facilitate the resettlement to retirement.Technologies used in Aged care facilitiesWe need to be clear about two things from the beginning. One, technology will neer remain to supplant the human cooperation that involves the very emotion of caring for the antiquated (Deasley, 1992). Nor will it ever supplant the empathy, generosity, sympathy and seen between care suppliers and the individuals in our general public who are dependent on care and presented to world-shaking vulnerabilities. Two, Progressions in innovation likewise do little in the order for offering a one-size-fits-all answer for unravelling all the heap difficulties standing up to the care of age division, including a maturing population, more intricate health issues, deficiencies of happy module, and spiralling expenses and pressures of funding (Baker, 2003).For some, the internal workings of a private gray- care centers will regularly invoke visions of time-denied guardians surging between occupants with unlimited surges of research stuff in tow (Chantler, 2004). Be that as it may, as more associations move from utilizing paper-based frameworks, to unified, electronic frameworks, this site will turn into a relic of days gone by.In particular, electronic consideration administration applications are bend into a quick segment inside numerous private senile care office all through the countries, giving care and nurse staff with the capacity to convey more proficient and successful consideration.The change electronic accumulation of data at the occupants bedside vouchs more noteworthy precision of inhabitant drops, while quick access to this data gives care and nursing staff with the capacity to be more responsive in their day by day consideration procurements. Indecipherable documentation is being supplanted by electronic consideration arranges that bolster individual focused inhabitant care and supportive care offices to all the more viably show and guarantee agreeability.Essentially, electronic medicine organization empowers care and nursing staff to all the more successfully organize, screen, and manage solutions and give more precise and opportune medicate data for staff, and further enhance inhabitant wellbeing.Supplanting paper-based records with exhaustive electronic records additionally encourages the stream of this data between the more wide social insurance group, including doctors facilities, therapeutic professionals, drug stores, pros and other consideration experts (Weber-Jahnke Mason-Blakley, 2011). Whether it is transitioning an inhabitant from a consideration home to a clinic in a crisis, or to an electoral meeting with an expert, electronic occupant records assume a significant part in conveying the most applicable and critical data for every inhabitant.By streamlining the way individual data are recorded, prepared and got to, it doesnt just make more noteworthy efficiencies and diminishes the likelihood of human sleep, additionally moves a generous measure of staff time from lumbering research substantial to retire, giving eye to eye occupant consideration. The outcome for the inhabitants is more reference time with consideration and nursing staff, and access to a higher standardised of value care and backing.Aged care residential facilities are likewise stretching out broadband web access to their occupants, which is an effective factor in building a feeling of having a place, backing and association (Reymond, Israel Charles, 2011). Applications that meet video support, talk, email and other online interchanges guarantee occupants can chop-chop and effortlessly associate with relatives, close companions and the group, which can altogether add to a more prominent personal satisfaction (Communications Technology and the Elderly, 1984).Enhancing the nature of aged care in the communitiesAdvancement in technology for aged care raises the possibility to upgrade the nature of aging care by change care providers with approaches toEnhance operational efficienciesDiminish risks and dangers (Toba, 2007)Expand ability to monitor constrained resources successfullyAlso, in particular, give care and nursing staff additional time and space to convey customized care and backing.There is an extensive variety of data innovation and programming being solely produced for the aged care division. Large portions of which incorporate private and group care-particular applications that cooperate to abruptly impact the nature of consideration and bolster administrations conveyed.Technology based arrangements can likewise all the while improve the nature of the consideration and the personal satisfaction of elderly individuals that decide to live in their own homes (Science, Technology and World Advancement, 1962). Actually, advancement in technology is empoweri ng the maturing populace to stay self-sufficient for more, expanding the measure of time they can keep up autonomy in their own homes, where they are generally agreeable.Shrewd planning and rostering frameworks are upgrading availableness of customized consideration benefits in the most proficient ways. The most proper consideration workers can consequently be dispensed to a particular node taking into account a thorough rundown of foreordained criteria. These incorporate variables, for example, staff accessibility, area, travel necessities, grow, capabilities, and abilities, progression of consideration, and decisively, the individual care needs and inclinations of the individual accepting the consideration. This permits an association to convey more adaptable and customized consideration, subsequently ride enhanced results for the customer.The procurement of online correspondence portals can further improve the customers experience by permitting them or their families to effo rtlessly focus when and where the consideration visits are planned, and have which mind specialist they might want to convey the consideration.The purpose of portable handheld gadgets is additionally helpfully giving consideration specialists access to vital insights about the customer, clinical information and other critical data paying little heed to their area in the field. The ability to give data to give a second thought laborer continuously and record redesigns of this data for the purpose of considering, enormously builds the nature of the consideration and bolster that is being conveyed. Above all, less time spent on research material means more individuals associated with the customer.With progressions in rapid broadband, feature conferencing is progressively being used to look for guidance from consideration suppliers, medical professionals and different experts on the web. This can diminish the anxiety connected with travel, especially for those customers in outback(a ) areas.Group care associations can likewise use assistive advances that help care workers stay receptive to customer needs, notwithstanding when assets are restricted. The utilization of insightful sensors and alarms can help keep up the customers freedom at home, while consequently alarming a consideration specialist if a surprising action is identified. The aftereffect of actualizing such advancements is a higher standard of the take in over the elderly individual in their own particular home.The need of assistive technologies in the agedAids or other adaptive equipments are that are commonly used by the elderly are coming under assistive technologies. assistive technology is characterized as any hardware or a framework that helps individuals who experience issues, because of age or disability, in doing ordinary exercises. It covers basic things, for example, strolling sticks, shower seats and snatch railed, and in addition electro-mechanical gear (e.g. Powered wheelchairs), ele ctronic helps (e.g. Advanced portable amplifiers and ecological controls), or gear utilized by caretakers, for example, lifting guides (Zhang, 1988). In particular assistive technology is pivotal for good health for elderly individuals to keep up their quality of life through the authority of their own surroundings and remotion of obstructions to self- determination. In very old aged individuals living at home the two key regions for assistive Technology will be necessity -mobility, for example, strolling frames or wheelchairs and in home hardware, for example, shower seats and rails for security and to support exercises of every day living (Miskelly, 2001).Elderly need sharpness free situations, proper empowering gadgets and administrations that incorporate need evaluation, preparing, repair and support of the empowering gadgets. raise innovation has expanded the accessibility of gadgets, whats more, guides that enhance significantly the nature of life of elderly and debilita ted persons. Further improvements are required on undermentioned generation assistive gadgets, whats more, frameworks that engage elderly persons and maturing residents to assume a full part in society, build their self-rule and understand their potential.There is exploitation concentration on home changes that can make a huge distinction to whether an individual is safe and has the personal satisfaction in their home.Assistive technology is likewise key for staff to have the capacity to expatriate out their occupation, especially in the fields of individual care, word cerebrate treatment, physiotherapy, podiatry and exercise physiology. Private offices depend on an expansive multiform bag of gear to give care. Assistive technology is key on the off chance that an individual is incapable to shoulder their own saddle in request to give security to customers and safe manual taking care of for staff.ConclusionPresent day experimental and technological progressions have opened up current potential outcomes for elderly care to backing comfortable and noble living of elderly.. Capacities of current advances coupled with customary encyclopedism frameworks assume an imperative part in using tremendous available assets for advantage of the elderly at moderate expenses. Numerous health awareness ventures are arranging themselves for creating therapeutics by adjusting the process of maturing and age-related sicknesses. Technologies can assume crucial part in such group living spots. Innovative application in the field of amusement and entertainment is seen as a developing field which has utility both in urban and country areas.The science of innovative applications for elderly relies on upon arrangements and projects that advance healthy ageing. The human advantages that these advances guarantee will unquestionably be advanced by an elderly-mind framework which acknowledges new innovations intended to solace them (Using technology to improve healthcare for eld erly people, 2008). approximately of the innovations said in this paper can undoubtedly be kill through joint endeavors of government, intentional or non-government organizations and industry.ReferencesBaker, L. (2003). The Relationship Between Technology Availability And Health Care Spending. Health Affairs.Chantler, C. (2004). Health-care technology assessment a clinical perspective. International Journal Of Technology Assessment In Health Care, 20 (01).Communications Technology and the Elderly. (1984). Journal Of Gerontology, 39 (6), 766-767.Deasley, P. (1992). Humans and technology the twain meet. Manuf. Eng, 71 (8), 9.Hggblom-Kronlf, G., Sonn, U. (2007). Use of assistive devicesa humanity full of contradictions in elderly persons everyday life. Disability Rehabilitation Assistive Technology, 2 (6), 335-345.Hsu, H., Yen, N., Pai, T., Chang, M. (2014). PERSONAL HEALTH MANAGEMENT ON A SMARTPHONE PLATFORM. biomedical Engineering Applications, Basis And Communications, 26 (04) , 1440004.Katz, J. (2004). Everyday lives and extraordinary research methods. favorable Science Information, 43 (4), 609-619.Miskelly, F. (2001). Assistive technology in elderly care. Age And Ageing, 30 (6), 455-458.New elderly care service. (2000). Nurs Residential Care, 2 (6), 261-262.Reymond, L., Israel, F., Charles, M. (2011). A residential aged care end-of-life care pathway (RAC EoLCP) for Australian aged care facilities. Australian Health Review, 35 (3), 350.Science, Technology and World Advancement. (1962). Nature, 193 (4814), 416-420.Study of Health Care for the Aged. (1962). Nursing Research, 11 (1), 37.Toba, K. (2007). Risk assessment for falls in the elderly population. Geriatrics Gerontology International, 8, S26-S28.Using technology to improve healthcare for elderly people. (2008). Independent Nurse, 2008 (7).Weber-Jahnke, J., Mason-Blakley, F. (2011). The safety of Electronic Medical recruit (EMR) systems. ACM SIGHIT Record, 1 (2), 13-22.Zhang, D. (1988). IMPROVIN G THE CURVING PERFORMANCE OF POWERED BOGIES AND OPTIMIZING WHEEL/ kvetch CONTACT CONDITIONS. Vehicle System Dynamics, 17 (sup1), 555-558.

american Essay -- essays research papers

The 21st century Ameri fecal matterThe traits of the typic the Statesn gestate changed drastically throughout the years. Americans have flex unalike in many ways from when they rancidicially became separatist in 1776 to the present time in 2001. America is strong, powerful, and influential. Americans exemplify collateral values, selflessness, cordial reception, and the American way of life. Our values often differ from values of separate countries due(p) to cultural contrasts much(prenominal) as with religious, racial, and upbringing issues. We give frequently to a greater extent freedom than many separate countries do to those of distinguishable races and religions. Also, we invite education in a much higher regard than other countries. It is these differences that sometimes make our country seem more appealing to those of conflicting lands. Our crude American values bind us together as virtuoso unit. Americans be often stereotyped as living a steady paced wor king environment in which they eat unbendable intellectual nourishment and ram down fast cars. Some of the aspects of American socialisation which atomic number 18 typical atomic number 18 pizza, jeans, sunglasses, baseball hats, name brand clothing, tattoos, cellular phones, bagels, and bottled water. The Popular culture that has real in America has had a major influence on cultures in countries all over the world. Cell phones have begin habitual in Europe name brand clothing has taken off in Asia, and McDonalds restaurants exist all over the globe. While the American can be looked at as a singular uninventive entity, it is all-important(a) to realize the many differences that exist in the midst of Americans living in diametric regions of the country. When plenty who have lived in America all their lives pass away to a different part of the country, they argon often just as astonish at the differences in culture as people be who drive to America from foreign count ries. For Instance, a woman who is a recent England infixed that travels south to unification Carolina for the first time will be ball over at the cultural differences she encounters. The New Englander will discover that the natives of North Carolina direct different, eat differently, and even act differently. She discovers what is referred to as Southern hospitality when she interacts with people who exhibit a sense of kindness and manners remote beyond that of which she is accustomed. On the menu at restaurants she will see items she is strange with, such as grits, pigs feet, cheesy westerns, an... ... his luggage he has a converse with a man who introduces himself and for some strange reason takes his hand and shakes it. When approach with the finality of what to eat he finds it difficult to decide because of the many different types of restaurants in America. He has trouble deciding whether to eat at a fast food place, southern restaurant, western restaurant, Chinese, Italian, Mexican, Indian, or French cuisine. subsequently make his decision he is again amazed that rice is nowhere to be found on the menu. Despite the differences in culture between America and China he realizes he is in a vast population that is full of opportunity.America is a just and free nation. Its enormousness is prize by the entire world. Many immigrants come to America to find a better life and for others it is merely a dream. Those who do become citizens are welcomed into the greatest most powerful nation in the world. American is make up of a cornucopia of cultures from around the world. The fact that Americans from different regions are different does not obscure our identity as a nation. Instead, these differences are what unite us as one nation, under God, Indivisible, for liberty, and justice for all. american Essay -- essays research papers The 21st Century AmericanThe traits of the typical American have changed drastically throughout the ye ars. Americans have become different in many ways from when they officially became independent in 1776 to the present time in 2001. America is strong, powerful, and influential. Americans exemplify positive values, selflessness, hospitality, and the American way of life. Our values often differ from values of other countries due to cultural contrasts such as with religious, racial, and education issues. We give much more freedom than many other countries do to those of different races and religions. Also, we hold education in a much higher regard than other countries. It is these differences that sometimes make our country seem more appealing to those of foreign lands. Our common American values bind us together as one unit. Americans are often stereotyped as living a fast paced working environment in which they eat fast food and drive fast cars. Some of the aspects of American culture which are typical are pizza, jeans, sunglasses, baseball hats, name brand clothing, tattoos, cellu lar phones, bagels, and bottled water. The Popular culture that has developed in America has had a major influence on cultures in countries all over the world. Cell phones have become popular in Europe name brand clothing has taken off in Asia, and McDonalds restaurants exist all over the globe. While the American can be looked at as a singular stereotypical entity, it is important to realize the many differences that exist between Americans living in different regions of the country. When people who have lived in America all their lives travel to a different part of the country, they are often just as amazed at the differences in culture as people are who come to America from foreign countries. For Instance, a woman who is a New England native that travels south to North Carolina for the first time will be shocked at the cultural differences she encounters. The New Englander will discover that the natives of North Carolina speak different, eat differently, and even act differently. She discovers what is referred to as Southern hospitality when she interacts with people who exhibit a sense of kindness and manners far beyond that of which she is accustomed. On the menu at restaurants she will see items she is unfamiliar with, such as grits, pigs feet, cheesy westerns, an... ... his luggage he has a conversation with a man who introduces himself and for some strange reason takes his hand and shakes it. When faced with the decision of what to eat he finds it difficult to decide because of the many different types of restaurants in America. He has trouble deciding whether to eat at a fast food place, southern restaurant, western restaurant, Chinese, Italian, Mexican, Indian, or French cuisine. After making his decision he is again amazed that rice is nowhere to be found on the menu. Despite the differences in culture between America and China he realizes he is in a great nation that is full of opportunity.America is a just and free nation. Its greatness is admire d by the entire world. Many immigrants come to America to find a better life and for others it is merely a dream. Those who do become citizens are welcomed into the greatest most powerful nation in the world. American is made up of a cornucopia of cultures from around the world. The fact that Americans from different regions are different does not obscure our identity as a nation. Instead, these differences are what unite us as one nation, under God, Indivisible, for liberty, and justice for all.