Central Banks Use Of Quantitative Easing Example For Free - Free Essay Example

Sample details Pages: 7 Words: 1962 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The financial crisis which broke in August 2007 hit the worlds economy significantly, leading to a widespread and continued recession. Specifically in the UK, the GDP growth rate experienced a drastic decrease from 2.4% in the third quarter of 2007 to the bottom of -5.9% in the second quarter of 2009. The consumer price index (CPI) also fell sharply from 5.2% in September 2008 to 1.1% in September 2009 (National Statistics, 2009), surpassing the 2% target set by the central bank. Under such circumstances, the Bank of England took a range of monetary policies to curb the worsening economy. One of those was to lower the Bank Rate from 5.2% to 0.5% just within 6 months, reaching a 315-year historical low and just above its floor of 0 (Bank of England, 2010). But given the still sluggish spending and staggering economy, the Bank of England decided to take a step further by initiating an unconventional programme-Quantitative Easing (QE). The aim of QE was to meet the c entral banks 2% inflation target. Nearly two years have passed since then. It is necessary to give an initial assessment of QE for the purpose of assessing appropriate measure in future years. Basically, there are three areas for QE to take effect, so the method this essay used is to assess each area of them. 2. Main Body Quantitative Easing means that the central banks first credit their own accounts and then purchase assets from public and private sector institutions, including insurance companies, pension funds, high-street banks and non-financial firms. The assets could be government bonds, corporate bonds or commercial paper. As for the UK, on 5 March 2009, the Bank of England announced that it would purchase  ¿Ãƒâ€šÃ‚ ¡75 billion of assets, most of which were government bonds (gilts) with a residual maturity between 5 and 25 years. Following that, further asset purchases were announced at May, August and November 2009. Specially, the August announcement also made two more changes: the first one was to extend the gilts maturity range to three years and over. Second, they launched a gilt lending programme, which allowed counterparties to borrow gilts from Asset Purchase Facilitys portfolio in return for a fee and alternative gilts as collateral (Bank of England, 2010). By November 2009, the total amount of assets purchased had increased to  ¿Ãƒâ€šÃ‚ ¡200 billion, an amount equivalent to 14% of total GDP. Finally, on 4 February 2010, The MPC announced that the asset purchased would be maintained at  ¿Ãƒâ€šÃ‚ ¡200 billion and they would expand this number if it is necessary. Notably, all these purchases were undertaken by the Bank of England Asset Purchase Fund Facility (APF), a wholly-owned subsidiary of the Bank of England. There are three key areas in which QE was expected to take effect. The first one is to push up asset prices through artificially higher demand. The second one is to increase total wealth and lower the cost of borrowing. The third one is to stimulate bank lending through more money supply. The best results of QE would be that: the higher asset prices would enhance the wealth of the assets owners, making them more willing to spend or invest. Besides, the higher asset prices go higher would lower the yields, which would make it cheaper for households and businesses to finance spending. Furthermore, as the sellers of the assets deposit their money into their bank accounts, the commercial banks could have more money for them to lend, which can boost borrowing and spending significantly. However in practice, from my point of view, the effectiveness of QE in UK is very weak, at least for now. But given the fact that it may take longer time for QE to fully reach its function and its novelty, we may need more time to reach a final conclusion. The first area for QE to take effect was to increase asset prices. Generally speaking, QE successfully pushed up asset prices, especially for gilts , but for some other assets, like corporate bonds or equities, the degree of its influence may be hard to identify. The report working paper NO.393-the financial market impact of quantitative easing from the Bank of England showed that every additional  ¿Ãƒâ€šÃ‚ ¡1 billion QE announcement will lead to around 0.6 basis point fall in gilt yields, and the average changes summing over all the announcements could be 100 to 125 basis points (Bank of England, 2010). The lower gilt yields would stimulate investors to transfer their money into corporate bonds, shares and other assets, which would potentially facilitate the funding for companies bypassing banks and increase the liquidity of capital market. Thus, from this point of view, QE can be considered as a relative success though the final conclusion may take some time to reach. As for other assets prices, from March 2009 to May 2010, the sterling investment-grade corporate bond yields fell 400 basis points and the non-investm ent grade corporate bond yields fell by 2000 basis points (Bank of England, 2010). But it is difficult to asses QEs attribution to this given the fact that the corporate bonds prices recovered internationally during that period. Besides, the FTSE All-Share prices during that period went up by 50% with huge volatility, and there were no immediate announcement impact at all (Bank of England, 2010). The reason for this might be that more than half of the companies listed in FTSE were from foreign countries which were also undergoing profound stimulus projects. This made it hard to single out QEs function. As for the sterling exchange rate, it did fall 4% on average following the six announcements, but over the whole period it increased 1% (Bank of England, 2010), which may because of the already substantial depreciation over the previous period. Thus, various kinds of influence from home and abroad make it hard to identify QEs impact on these assets prices. The second area for QE to take effect was to increase total wealth and lower the cost of borrowing, aiming at stimulate nominal spending and domestic demand. For this purpose, QE might have failed, especially from the perspective of households. As the money supply increases, one possible result would be inflation, just the situation UK is undergoing right now. Due to the higher food, commodity and energy prices, it is difficult to promote peoples desire to demand more and consume more. People may spend more only when their income is guaranteed, and borrow more only when they were convinced their future income could cover the debts. Thus, the primary issue for general public, at a time of uncertainty, is how to pay off debt and how to live a stable life. The rational behaviour for them would be saving other than spending or borrowing. Moreover, the prevailing spending-cut programme of the present UK government and pessimism in the Euro-zone economy as well as the flawed banking system would only deepen this worry. Therefore, against this backdrop, QE might not be so powerful in persuading the public to spend. As for financial institutions and private corporations, QE did helped lower the cost of borrowing, which can be demonstrated by higher liquidity and stronger issuance of corporate bonds and shares. But this effect was limited to big companies as they have higher credit and capacity raise funds. The small and medium-sized companies or the wider economy, which had already been trapped in financial dilemmas would have less access to borrow money as the banking lending and credit are still so tight. Just as John Redwood, an MP for Workingham noted: the method they choose did not release more credit and money for the hard pressed small business sector, or for much of the wider business community. The third area in which QE is expected to take effect is to stimulate bank lending. But this function was impaired too. Undeniably, QE did boost M4-the broadest measure of money supply, but the increase in M4 did not go to real economy as banks just hoarded the money rather than lending out. Thus, the key issue is why these banks are unwillingly to lend. The reasons could be their own huge debt, or a lack of confidence for future returns due to the not so optimistic economic outlook or the potential default risk from future borrowers. As we do not have clear evidence for which of these is the dominant factor, we can not be convinced that quantitative easing will directly boost lending (Richard Berner, 2009). When interest rate goes up, from my perspective, the Bank of England do have two instruments, with Open Market Operations, especially Repo transactions to adjust the short-term interest rates while quantitative easing to influence the long-term interest rates. However, the long-term interest rates will go up under the use of QE. Repo transactions mean that the central bank buys securities from banks with a promise of resale at an agreed price at an agreed date. The difference between the price the security when bought and sold by the Bank of England determines the rate of return of the Repo to the Bank of England, and the cost of borrowing for the banks. Effectively, that is the official interest rate set by the Bank of England. The securities bought by central bank are usually government bonds since it is very safe. Even if the banks become insolvent, the central banks would still own the government bonds. Thus the securities can be considered as collateral in mitigating credit risk. Specifically, when the interest rate in the UK goes up, the Bank of England intends to stimulate spending and liquidity by implementing expansionary monetary policy, it can buy gilts from commercial banks and resell them at a less higher price in a few days. By lowering bank rate, the banks essentially get a loan from central bank at a lower price, which would cover their needs for cash and stimulate borrowing in wider economy. Quantitative easing can als o influence long-term interest rates. A substantial increase in money supply makes inflation inevitable. Higher prices imply a deterioration of UKs Balance of Payments (BOP) and depreciation of the British Pounds. In the short term, this may help the Balance of Payments (BOP) as the British goods become cheaper. But in the long run, governments cannot allow their currencies to fall indefinitely, because the depreciation will make Britains imports more expensive which has further implications for inflation. To correct this, the government would be likely to push up interest rates. This could be the long term consequence of quantitative easing. 3. Conclusion QE is an unprecedented monetary policy for the Bank of England. The aim of QE was to stimulate spending to meet the central banks 2% inflation rate target by lowering the cost of borrowing and increasing bank lending. Although it successfully pushed up asset prices, but the transmission mechanism was in stuck in stimulating borrowing and lending. From the perspective of demand, the lack of borrowing may not be the reason for the insufficient spending or staggering economy. On the contrary, too much borrowing, the worry about the collapse of asset bubble, the lack of confidence for the economy growth might be the real reasons for the lack of spending. Especially under the pressure from the upcoming of the UK governments spending-cut programme and soaring commodity prices, people tend to save more, rather than spend more or lend more. Beside, from the perspective of supply, the increased M4 did not go to the real economy since the bank lending is still very tight and credit markets is still . Finally, when interest rates go up, the Bank of England can influence the short-term interest rates through Repo transactions and influence the long-term interest rates with QE. As the increase of money supply, inflation and currency depreciation would be highly like to happen. In the long run, the government would not allow their currency to depreciate indefinitely which might mean the deterioration of the whole economy. Thus, they government would increase the interest rates to prevent this tendency, that might be the long run effect of quantitative easing. Don’t waste time! Our writers will create an original "Central Banks Use Of Quantitative Easing Example For Free" essay for you Create order

My Best Friends Taught Me That Friendships Are All About...

My best friends taught me that friendships were all about ‘memories.’ Around this time last year but three months prior, I reconnected with an old â€Å"party pal.† Her name was Ashie, we grew closer than before. Ashlie introduced me to so many new things, we thought alike, act alike, and had the same dreams. Occasionally, I would sense this feeling that I have met myself again; just in another lifetime. I became real friends with a wonderful person. Others say, â€Å"Your best friend is usually an ideal person of your future love.† I fell in love with her personality and self being. I fell in love with the person she was encouraging me to become. Ashlie and I was always on the move, especially when I got my first car. Absolutely nobody could make us remain still, we always had something that was needed to be done. She was overwhelmingly perfect, but something was wrong. She stood out like a plumeria in Asia, incomplete and out of place. 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Bmw Case Study - 12111 Words

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Joy Luck Club Themes - 1270 Words

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Boarding school Essay Example For Students

Boarding school Essay Should you choose a day or boarding school? When choosing a private school, the question of boarding or day school may arise. The question is not which one is better; it is which one is better suited for your child and their needs? There are both advantages and disadvantages to both school settings which will be discussed here. The main advantage of boarding school is the preparation it gives for adulthood. Many children are anxious about being away from their parents. This may weigh heavy on your decision, but know that even children with this anxiety may benefit from boarding school. Learning independence is one of the main functions of boarding school. It teaches children how to take care of themselves (to a reasonable degree) and prepares them for life at college. The teachers at boarding schools are well educated and the classes are small in size. Diversity is another boarding school advantage. Often times a child is sent to a boarding school away from their area of the world. This allows them to be surrounded by a diverse class of people who can introduce them to different cultures, which brings me to another point. Boarding schools are the best choice for international students. While sending you child to another county to get their education can be done through host families, boarding schools offer more in the way of social interaction and a feeling of safety and home. Boarding schools, especially those outside of your home country, help give you the peace of mind you need when being separated from your child. The children are monitored well but still given the freedom to have social lives and fun. They form relationships with other students that often last a lifetime, and this is certainly a Pro! Though it is clear that boarding schools have many advantages, they are not right for every child (or parent). For some, day school may be the best option. As mentioned above, some children feel anxious about being away from their parents. Going to boarding school may help them get past this feeling or it may intensify it. You know your child best so you also know which situation it would be for them. You may wish to give boarding school a try Just to see what happens, but be prepared to bring your child home if they become intensely unhappy with their situation. You want them to get a good education but not at the expense of their mental and emotional wellbeing. Day school provides the right balance between family life and school life. Your child can go to school to learn and develop social skills, but come home and have bonding time with the family. Plus, day school is much less costly than boarding school and this may play a role in your final decision as well. It is clear that both types of schools have advantages. The best thing to do is research all the options and talk things over with your child to get their take on things. In the end you will likely know what choice to make, and if it was the wrong one well nothing in life is permanent. n issue that aroused debates among both students and parents. It was a matter of reat concern since it had the ability to ultimately shape the future of a person. Yearly rankings of senior high schools in this country usually places most boarding schools before their day counterparts thus inducing the concept that boarding schools are generally a better choice when it comes to academic excellence in senior high schools. Apart from this observation most people have not taken the time to impartially and objectively compare these two types of high schools. My attention was drawn to this issue again during last years election when every political party during their campaigns gave much priority to education. The two leading political parties in Ghana (NDC and NPP) both promised to construct a number of senior high schools. After the elections, I waited patiently to see if President Mahama would fulfil his promise of constructing 200 senior high schools for Ghanaians. The construction of the first 50 schools has already been set in motion. These new schools would all be day schools and this however hasnt gone down well with some people. Why are people more attracted to boarding schools than day schools? The answer to this question lies not in the school system but the quality of students produced. It would be imperative to compare boarding schools with day schools to ascertain their advantages and disadvantages. This might help to clear the air and throw some light to some misconceptions about both types of school systems. Making education affordable, accessible and quality should be the topmost priority of any government when it comes to the educational sector. These are the three basic requirements of every school. Every child should have access to quality education at the most affordable price. Since time immemorial, the governments of Ghana have always tried to contribute their quota to making education more accessible and ffordable to Ghanaians. Quality of education is of great relevance when it comes to school selection. Every parent wants their children to get access to quality education no matter their income level. Since day schools are usually considered to be less expensive, is the quality of education obtained in these schools comparable to boarding schools? Boarding schools are equipped with facilities solely for the purpose of academics. Students stay on campus and have both compulsory and optional study periods. Day schools lack very much in these areas but can work with parents to ensure that children are given the opportunity to study at home. This is however very difficult since most parents are not trained professionally to cater for the childs academic needs. Generally, since boarding students are restricted and compelled to study, it becomes an academic plus to them. Students are monitored 2417 with the necessary push to ensure academic success. Also, boarding schools have the advantage of compulsorily involving the students in sporting activities. Thus ensuring that students are healthy, doesnt limit academic excellence to only boarding schools but shows that day students need to work quite harder to attain the same level of success. On the issue of affordability and accessibility, boarding schools are more accessible and less affordable whereas day schools are more affordable and less accessible. Day schools require one to stay at home while schooling thus making it relatively difficult for people from far places to school in such an institution. The cost and time involved would be unbearable thus limiting day schools to people who live within a reasonable distance to the school. However the cost of accommodation, feeding, house boarding uniforms and other cost associated with boarding schools are eliminated. The senior high schools to be built must therefore be strategically positioned to serve their purpose. They must be affordable as well as accessible, especially to the people in rural areas. Apart from the three main factors to consider (quality of education, accessibility and affordability), are there other factors to consider? The answer would be a big yes. After gaining access to quality, affordable education, we expect to have a well- rounded literate who can serve his country in the best of capacity. Moral declination is on the rise and while some people blame this degeneration on parents, some also seem to hold the teachers responsible. However, research seems to point to the fact that weak morals are predominant in societies where children at very early stages of life tend to leave their parents. They are more prone to peer pressure since their source of counsel is no longer their parents but their peers. Gaining early independence is not entirely a bad thing. It gives the child a sense of responsibility, confidence and the opportunity to build profitable networks with other students at an early stage. It is however crucial to note that day schools do not guarantee moral uprightness in students and boarding schools do not promise responsible students. Parents, teachers and students need to work together to produce well rounded students. When it comes to choosing the appropriate senior high school, the decision should not only be left to parents. Both children and teachers should also be actively involved. However, inasmuch as children want their wishes to be heard by their parents, they should do well to be considerate since the financial standing of their parents plays a very important role in selecting a school. The primary and paramount factors to consider are; quality of education, accessibility and affordability. Four reasons shaped our decision. I share these and other insights with you. I had taught in day schools and was a Deputy-Director of one of them. Yet we chose to send both daughters to boarding schools. Here are the reasons why. I hope that our experience will help to inform you as you make this critical decision about which kind At the time we were considering sending our children to private school we were fortunate to be living in an area which had good schools. My late wife Nancy indeed had graduated from the local high school. Criminology EssayThis loss of diversity may also be een as detrimental to a holistic conception of education (for example a library may provide books on wartime evacuation but might not be as good a resource as the pensioner down your street who was themselves evacuated). Boarding School Living with peers of their own age, round the clock, teaches children how to get along with each 0th Living with peers of their own age, round the clock, teaches children how to get along with each other and compromise. A variety of characters and interests must be accommodated, teaching children tolerance and compromise in a regulated environment. This can be especially helpful for working with university or company colleagues in the future. Furthermore, many boarding schools celebrate diversity as international students with different cultural, religious and ethnic backgrounds frequently make up a significant minority of the student body. A proportion of non-boarding day pupils, and boarding students whose fees are paid through bursaries (means-related grants), scholarships (academic grants), or by the state (e. g. children with parents on military or diplomatic service overseas) means that students are not all drawn from one class or income bracket. Friendships and relations between peers are governed by the rules of the school and therefore do not always reflect real life. Pupils at the school may be drawn from only one gender or religion, and will certainly be drawn only from the wealthier social classes because of the high fees charged by all boarding schools. Because the school controls a large portion of their pupils lives they may never come into contact with individuals who think differently from them. Also, the very regulation of the pupils lives can lead some to become institutionalised, i. e. nable to cope with life and relate to others utside the regulated framework of the school. It was traditional boarding schools which Evelyn Waugh had in mind when he wrote, Anyone who has been to an English public school will always feel comparatively at home in prison. Boarding School Many specialised interests, such as ballet, tennis or music require training from a young age. Boar Many specialised interests, such as ballet, ten nis or music require training from a young age. Boarding schools, including ballet schools, tennis academies and cathedral choir schools, allow children to pursue excellence with like- minded peers. This would be difficult to arrange on a local basis as specialist equipment and training is expensive and therefore concentrated in a few centres. Boarding schools minimise disruption to childrens academic work by reducing the need for extended travel/time off school to reach them. Specialist boarding schools can lead to an over concentration on one area or style of curriculum to the neglect of compelling those interested in a particular discipline to become boarders when they would have preferred not to. Boarding School As well as allowing for flexibility in curriculum choice, boarding schools can also ccommodate a va As well as allowing for flexibility in curriculum choice, boarding schools can also accommodate a variety of specific family or lifestyle considerations. Children with specific learning or emotional needs can also benefit from specialised help as noted above. Particularly important is the way a boarding school may provide relief for parents from the day to day strains of dealing with a childs problems, making time spent together more pleasant. Sometimes time away from the home benefits the child whose problems may be caused or exacerbated by troubles at ome, for example divorce, bereavement or illness of a parent. On a merely practical level, parents whose work requires them to travel extensively, live in remote areas or abroad may find boarding school a useful way to provide stability and continuity in their childs education. While a boarding school may ameliorate some family problems it is unlikely to solve them. Confronting issues head on with help from local social services could allow families to stay together rather than risking the other problems listed above. It is not unreasonable to expect parents to consider the ducation of their children when selecting their careers and to do so in a way that would not force them to board. Most difficulties of working parents could be equally well addressed by after school clubs or better childcare provision. Debates > Boarding School Do children benefit from attending boarding school? Add a New Topic Add to My Favorites Debate This Topic Report This Topic say yes 34% say NO Boarding schools are beneficial! Yes! People have a stereotypical saying that kids who go to boarding schools dont see school. This is boarding school and teachers are very laid back and relaxed. They dont beat you and children see their parents probably every break they have and on weekends. Christmas is two to three weeks, Thanksgiving is one week, spring break is about three weeks. As well in winter and every four weeks, the students have a four- day break. Kids there arent snobby rich kids. Many are on scholarships and children there are very accepting. Students are also getting a first-class education and most are accepted into Ivy League colleges, whereas public school kids have a lesser chance. So dont Jump to conclusions about how horrible boarding schools are. They arent ad and I know from first hand experience. Check out the Andover Song on YouTube; this will definitely change your mind about boarding school. Posted by: Anonymous Report Post LikeReply 5 Boarding HIGH SCHOOL is a great experience I am going to a boarding high school and I believe it is a fantastic opportunity for a child who is ready for it. It offers many opportunities in an out of school that might not be available in a small town or a school that doesnt life up to your expectations. It fosters a sense of independence and helps children reach their full potential by challenging themselves. Sometimes, the very top schools (Andover, Exeter, Deerfield, etc. ) are very competitive and place a lot of pressure on students, but schools such as the one I am attending is still one of the top, but also wants to make sure that the students are supportive of each other. I think that anyone younger that 14 is too young to be attending boarding school. Many say that you should grow up with your family, and you still do! I see my family almost every weekend and we spend all of the long holidays together. I dont feel as if I have made any kind of mistake. But do know, boarding school isnt for everyone. The student should be mature, and ready to learn about themselves and work hard to become the very best they can be. Posted by: Anonymous Independent Organized Self-Reliance multicultural and multinational backgrounds, exposing one to different lifestyles and making one more adaptable to various situations. Therefore, one is well- equipped to deal with daily challenges, open to trying out new tasks that foster better learning, Posted by: Anonymous Great core values. Good all round education. Friends for life Boarding school is what you make of it and what your parents do to support you. If ou are simply outsourced, then the outcome would be no better if they kept you at home. If you are encouraged, supported and engaged in a shared experience it is great. In any case boarders will always outperform day boys because of the extra time at school and with their peers. Posted by: Anonymous Yes, but depends on the school, the child and the age There is no question that the top 20 boarding schools in the US are a great opportunity, and most kids will have a tough time even academically qualifying to attend, and will likely not be accepted. These are very, very difficult schools to get in o. If your high school student is a top student, is ready for high school at the highest level, and can perform well on the SAT test, than boarding school is a fantastic option, both academically and socially. If, however, parents are looking to dump their average child at a second rate boarding school for their kid that is younger than high school That is a disgrace, unless the circumstances are so extreme that some kind of specialized boarding school is needed for intervention purposes. So there is really no yes or no answer to the question. It depends on the circumstances. Posted by:

Reflective Writing for Trending Issues in Data- myassignmenthelp

Question: Discuss about theReflective Writing for Trending Issues in Data Generation. Answer: Introduction Reflection is a tool and technique that allows critical understanding regarding self from various learning. The scope of this current reflection is regarding a presentation done in Portfolio 1 which concerns Trending Issues in Data Generation. The scope of self-reflection along with an action plan for improvisation has been included for data generation topic. The presentation had included several discussions and facts for data management priorities with their issues and solution. Self-Reflection Data generation trending issues have been of immense importance in recent years. Data has impacted all corners of regular lives with immense rise of importance in businesses. The positive aspects of my learning from presentation had been multifarious. There is high transfer of learning that has happened to me from this course as well as from preparing this presentation. We had to look through various source of information and study multiple trends in this domain for arriving at recent trends. I left there has been high development in my knowledge and skills from undertaking of this assignment. I had to look through various books, journals, websites, company magazines and take guidance from my professors. All aspects of data related applications are analysed using large volumes of data with their issues as well as challenges. The positive aspect while preparing the presentation had been working in group developing a frame of mind to contribute in team work. I had to undertake sincere hard work in the area to understand impact of technology in our regular lives. Though I undertook application of Big Data in everyday lives as well as across businesses, I faced significant challenges which were the negatives associated with the presentation and in group experience. I was unable to comprehend and assimilate learnings from all journals as well as websites. Upon diagnosis of my personal self, I learned that I lack communication techniques which led to my incapabilitys to communicate with my team regarding my areas of research and ways to integrate the same into the presentation. I had to face several conflicts while working in group for making the presentation. Action Plan In order to overcome the negatives that I faced in my learning gaps, I aim to undertake an action plan for improvement. I will have to go through all learning from my course material and then undertake research in the area for development of a presentation. I will take help from self-help books such that I am able to learn skills relating to its application for Big Data analysis. I will also take guidance from my professor and guide for developing better presentation in the future. My professor will be the best guide who will be able to provide me with knowledge to overcome difficulties in the area. Further, I will maintain a self-reflection journal in which I will update regular skills that I have in data analysis. This self-reflection journal will be updated on a six-month basis with various inputs from myself as well as from my friends. This skill updation will allow me to track my levels of development.

Decisions Making Of Service Sector Company †Myassignmenthelp.Com

Question: Explain Decisions Making Of Service Sector Company? Answer: Introduction: The beginning of Vodafone brand started because of revolutionary idea of cellular boom when mobile telephone services were offered via the partnership between MillicomInc and Rascal Electronics Plc. In year 1991, Vodafone Group Plcwas established as an independent company. It has been the commitment of Vodafone for offering best services to customers. Company also strives to bring new offerings and innovative products to customers. Vodafone is becoming a preferred choice in many countries because of innovation and technical competence (Anderson et al. 2013). Vision statement- Vision of Vodafone Plc is to become a partner of choice and leveraging telecom experience by delivering integrated value adding services. Transformation of society is done by bringing innovative services and products in emerging markets. Vodafone helps in transformation of society by making innovative services and products available to customers and help them tacking some of the relevant business challenges faced by the. Business of Vodafone is focused on emerging markets, new serves, enterprise and data so that they are able to achieve their ambition of making contribution their global development and making contribution to business (Bjrnenak and Helgesen 2013). Mission statement- The mission of Vodafone Plc is to empower and connect the people and communities. Mission is to create value adding jobs through developing telecommunications centers of excellence. Their objective is to enhance the value of shareholders and make contribution to society by providing customers with customer friendly services and innovative products. Products and services: Business services of Vodafone helps organization to prepare future challenges, increasing connectivity and helps in boosting production and cost efficiency. In order to assist business in harnessing power of total communications, organization brings together data and voice, wireline and wireless. The audio conferencing service of Vodafone is a cost effective and reliable solution that helps in connecting workforce across time zones and geographies. A host of unique online tools and several apps for smartphones assures customer of unparalleled service experience. In addition to this, it offers mobile internet plans, email and connectivity, roaming solution, mobility solutions, secure device manager, business value added services and business device and plans (Hecht 2016). In nutshell, products of Vodafone can be listed down as world calling card, gulf calling card, Vodafone postpaid, handy phone, Vodafone 3g. Services of Vodafone comprised of entertainment, downloads, call management services, finance, sports, updates, entertainment, devotional and tunes amp. Managerial highlights: One of the sources of competitive advantage of Vodafone group is the management and human resour5ces of organization that helps in strengthening customer employees relationship. Key performance information: A number of key performance information are used by executive committee and board for monitoring regional performance of the group against forecast and budget and measurement against strategic objectives. Some of information about key performance indicators involve data revenue and related organic growth, capital expenditure, free cash flow, net promoter score, customer delight index, voice usage, proportionate mobile customers and voice usage. One of important driver of revenue growth is services provided by the Vodafone group. Describing value chain of Vodafone: A value chain analysis is a chain of activities performed by Vodafone for delivering valuable product and service in the market. The division of business process is reflected into the steps of value chain so that it can have the grates impact on the society. Value chain is an initial step towards creating clear value and making social impact. Value chain of Vodafone is based on the analysis of most vital opportunities and risk of the organization and stakeholder consultation and analysis of environment (Bhimani et al. 2016). Value chain analysis of Vodafone: (Source: Kamala et al. 2014) Different economic actors such as partners, suppliers, allies and customers work together for co-producing the value. Value network involve elementary note and links. Complementarity between various links and nodes is the feature of networks. For maintaining the competitive position, it is essential that helps in enjoying relationship by firms. The continuation of Vodafone supply chain journey focus on six areas and they involve: People- This relates to people, skills and career development Global scale- This relates to geographies and buying of partnership Obsession of customers- There are customer centric key performance indicator Operational excellence- It relates to end-to-end management performance and demand management. Sustainable supply chain- Sustainable supply chain involves transparency of activities, joint governance and Supplier relationship management- There is a continuous focus on ethical and environmental procurement. Describing the process of planning, controlling and decision-making: The center of groups action is to ensuring that needs of customers are being fulfilled. Vodafone seeks to deliver value and relevance to communicate to each customer and deliver them to household, individual and business level. Organization employs a channel that they enjoy and is best for them to make most of its deep understanding of customers with the most appropriate products. Using such approach place Vodafone an organization that enhances experience, listen to customers and delivers value. Vodafone uses groups wide issues management process for ensuring that cost reduction are fed into long range planning of company. Relating to country of operations, a range of cost reduction issues are considered by Vodafone such as supply chain and reviewing of various programs and policies. Vodafone is increasingly working by integrating cost reduction issues into decision making in terms of development of products. The products and services of organization intend to meet societal needs rather than just customer needs relating to coverage of network. The need of bottom line of pyramid of world population is addressed by organization is association with several other organizations. Decision making process in Vodafone is influenced by technological changes and such process is made in reference to objectives and goals of organization. Decision making of Vodafone is always aligned and conforms to strategic planning. Most of decision-making processes of Vodafone are based on future and current applicable technology when it comes to services of mobile network services. Decision-making are predictive regarding the way telecommunication industry behaves and this will help in attaining the desired long-term goals. Management accounting information and tools used by Vodafone: The management accounting information system has become an important part of all big and small companies. Management information system helps the organization in compiling all the information related to accounting from different departments of company and this involves all the information relating to operations, sales, human resource and marketing. The present and past financial transactions made by company and profits and loss generated are analyzed by chief financial officer sand monitoring of the available funds for right purpose is also done using this. Company has made use of balanced scorecard methodology for focusing on different aspects of business such as business process, customers, financial, growth and learning perspectives (Ramanathan 2014). Vodafone group are able to create additional values using this methodology. Information system at strategic level of organization involves both external and internal factors and strategic level mangers needs to be supplied with such information that would assist them in making decisions. Management accounting information used by the group includes detailed information about information regarding products and services suitability. Management accounting tools that are not efficient will have negative consequences that are caused by if they are not able to respond to changing market conditions if such employed tools fail to provide the information about market conditions. When concerning tactical level of management accounting, managers have breakdown of their sales regions (Garcia 2015). Vodafone will incur huge loss if efficient information systems about management accounting are not maintained by business. There is need to have constant supply of information about the service and products, available stock and credit ratings incorporated in management accounting. Vodafone group has developed some of the management accounting information that is aligned with business strategic objectives in financial perspectives. Some of the information comprised of return on equity, free cash flow and earnings before interest and tax margin, operating margin. For constructing the infrastructure, Vodafone is spending hugely on their capital expenditure and this has resulted in huge loss. However, construction of such infrastructure is one the competitive strength of business. The profitability generated by core business operations are analyzed using margin of earnings before interest, tax and depreciation (Schmidt et al. 2014). It involves deduction of capital expenditures, taxes and amount of interest attributable to the company. One of the critical sources of growth of Vodafone group is generation of free cash flow that is done by establishing the strategic alliance of the group globally, through joint venture and acquisition. The maximum value generated to shareholders and higher amount of dividend paid is supported to the company by using free cash flow. One of the most crucial bottom lines accounting ratio used by organization is return on equity that is considered as best measure for directly making assessment of the performance of the group against their set strategic objectives and it also depicts actual return earned by shareholders. It also acts as driver of generating higher return to shareholders (Yim 2014). Some of other tool involves for measuring business perspective of organization is annual capital expenditure, operational efficiency ratio that are aligned with the objectives of organization and perspective of their business. In order to provide customer with excellent services and for developing success, they are relied upon their employees. The actual performance of organization is measured by development of capital efficiency programs. A cost reduction plan of $ 1 billion has already been executed by the organization. The program has been extended to some additional amount and this involves both operating and capital expenditures. Nonetheless, the objectives of such program is to make improvement in operational efficiency along with usage of number of own employers ratio and number of subscribers (Ramanathan 2014). At the end of each accounting period, organization completes conduction of ratio analysis for determining the ability of company to repay long as well as short term debts. It also helps in determination of liquidity and solvency ratio of organization. Ratio analysis helps the management of organization in determining the profitability of company by depicting that operations are within the guidelines of company. Maintenance of proper level of inventories and receivable collection period of group are determined using the ratios. Vodafone are able to make proper and viable business decisions by making use of the accounting information The provisions of accounting information are used by managers of Vodafone group for making them informed about the accounting of organization in a better way to make the decisions. All the relevant financial data are provide to the managers so that they can be efficient in making decisions about the organization and thereby contributing to the growth and success. Some of the management accounting information of the Vodafone group comes in the form of budget forecast, financial ratios, cost analysis and variance analysis (Lari and Asllani 2013). Three internal debt protection ratios have been used by group and this comprise of retained cash flow, net interest to operating cash flow and operating cash flow to net debt. A level of debt is established by company using these ratios so that debt amounts are not exceeded by the particular limit. Using variance analysis, Vodafone makes the comparison of the budgeted expenses and actual realized expenses. There are several factors that impact the budget of Vodafone and this involves machine hours, man hours and consumption of materials and many input items. In order for organizations to be efficient in making decisions , Vodafone group assed their accounting information mostly on facts that help them in providing reliable data and thereby making relevant decisions (Campbell et al. 2014). Some of the accounting tools that management of organization intends to adopt in recent time arte balanced scorecard, service and products profitability analysis, environmental management accounting, customer profitability analysis and activity based accounting. There can be employment of some of the costing tools used by business and this involves throughput accounting, activity based costing, target costing, life cycle based costing, costing for batch, jobs, processes and charts (Seuring and Goldbach 2013). Some of the small tools used by Vodafone comprise of activity based costing and they are regarded as resource intensive. They also make use of pricing tools that helps them in determining the appropriate price for products offered and services charged. Since the service sector is always keen on introducing new pricing tools for pricing their products and thereby they make the adoption of segmental and market sensitive pricing (Henry et al. 2016). They have greater interest in se gmental pricing of the products, penetration pricing and marketing pricing. Some of the budgeting tools used by Vodafone include priority based budgeting, incremental budgeting, cash forecasts, rolling forecasts, flexible budgeting and zero based budgeting. The profitability analysis tools used by business include that there is a high level of interest used in services and products. Vodafone group make heavily use of customer profitability analysis and this is done for introducing newer products in the market. There has been a meaningful improvement in cost base by focusing directly increasing efficiencies and cost optimization. Zero based methodology has been used by Vodafone group and that involve three component. This has resulted in absolute cost reduction. There has been a fixed growth in growth net savings based on zero based budgeting. Service revenue performance of the group was slightly above the group. The service line increase in budget was also resulted. Budget also comp rised of planning comprising long range plan, cash flow statement, and debt projections (Kaplan and Atkinson 2015). Voice revenue budget is expected to benefit from acquiring new customers mainly in emerging markets. Forecasts for Cash flow budgets concerning capital expenditure are based on past experience and increasing the ongoing capital expenditures required for rolling out network in emerging markets. Capital expenditure is mainly related to purchasing of property, computer software and plant and equipment. Increase in budgeted capital expenditure is expressed as percentage of revenue. For identifying the variance in business activities, there is comparison made with the actual results and prior forecasts. This will help in understanding the drivers of change and future management so that actions may be taken that are considered appropriate. Organizations also make use of incentive plan for rewarding the performance of management and employees and the measurement has been linked to key performance indicators. Vodafone group has also launched low cost share dealing program that involve dealin g with the service economically. Another management accounting tool used by business is benchmarking and this involves customer relationship management, total quality management and 360 degree reviews. Recommendation for management accounting tool: Management accounting information helps the business in making decisions about business. Organization should be able to make the preparation of budget efficiently as this will help them in planning the purchasing and sales along with motivating employees. Such information depicting helps the organization in deciding whether it is feasible for organization to buy particular products or not. When businesses are considering the expansion, it is required in the part of financial management of business to perform cist volume profit analysis. It is considered a very powerful tool for conducting the analysis and this will help the organization in deciding their appropriate price of the services and products to be sold. It is required by mangers of organization to make the estimation about services and products that helps in dete4rming whether they are profitable. Management accounting should be encompassed by organizations in such a way that it helps in contributing to their development and growth of company. Main objective of any business is to generate maximum profits and that can be achieved by introducing sound financial planning incorporated in the management accounting information. The data related to cost accounting should be presented in such a way that it is reliable by the stakeholders of organizations. Such estimations about cost need to be pre determined. The management information used by organization needs to involve relevant facts and reliable data that are considered as useful for making business decisions. It is essential for business to consider profitable alternatives which is necessary for solving business problems which may arise resulting from increasing business competitiveness. With respect to the management tools, we can classify the management tools into different groups, these are operational, managerial and strategic tools, usage of all the different tools is not mutually exclusive, different pricing strategies may be used in different business sectors, right management tools must be used by the management accountant taking into consideration all the technical knowledge, professional experience as well as judgment. The operational tools involves the cost of activities, profit and product analysis , profitability of revenue generating activities, secondly the costing tools involves the different tools involved in costing, larger the organization, larger is the costing tools involves . Then arrive at the pricing tools which are used heavily by the larger companies rather than smaller entities. All the information related to management accounting involves has to make the decisions of the business. In nutshell, it can be summarized that two management tools that will be recommended for business are ratio analysis and budgetary control. Conclusion: From the above discussion, it can be concluded that Vodafone Plc has employed different management accounting tools for gathering required information necessary to take business decisions. There can be employment of some of the costing tools used by business and this involves throughput accounting. Budgetary control and ratio are the two recommended management accounting tools that should be used by Vodafone Plc. Reference: Anderson, M., Asdemir, O. and Tripathy, A., 2013. Use of precedent and antecedent information in strategic cost management. Journal of Business research, 66(5), pp.643-650. Bhimani, A., Horngren, C.T., Datar, S.M. and Rajan, M., 2013. Management and Cost Accounting: UEL. Pearson UK. Bjrnenak, T. and Helgesen, ., 2013. Customer Relations and Cost Management. The Routledge Companion to Cost Management, pp.250-266. Campbell, D., Datar, S.M., Kulp, S.L. and Narayanan, V.G., 2014. Cost Accounting: A Managerial Emphasis. Journal of Management Accounting Research, 27, pp.39-65. DRURY, C.M., 2013. Management and cost accounting. Springer. Garcia, M., 2015. Cost Accounting Practices in the Service Industry. Demand Media.[online]. Dostupno na: https://yourbusiness. azcentral. com/cost-accounting-practicesservice-industry-26920. html.[17. srpanj 2015.]. Hecht, P., 2016. Cost accounting. John Wiley Sons. Henri, J.F., Boiral, O. and Roy, M.J., 2016. Strategic cost management and performance: The case of environmental costs. The British Accounting Review, 48(2), pp.269-282. 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Tim O Brien Injustice free essay sample

Justice is the pursuit of right, the elevation of goodness, and the elimination of evil; however, such lucid definitions often lack substance when stood up to the tests of reality. Injustice is the denial of rights and the lack of morality for the embracement of barbarism. When looking for injustices in the world, what most readily comes to mind are violent crimes? Murder, theft, and rape are domestic injustices commonly recognized, but injustices, like reality, exist in perception. Therefore, to deem someone or something unjust, first agreement upon its definition must be established. When the United States declared her independence, we perceived the unjust indignities to be clear; however, to the militant king, the refusal to pay his taxes was injustice and the nullification of his law was the warrant for war. When such implied meanings come in to play, one has to determine what is just. In order to eliminate war, first all nations must outline the true meaning of â€Å"injustice† and find suitable solutions for reparation. The most diligent participant of war is the injustice done upon both sides, the backing of both by god, and the misconception that both will prevail due to their side being right and just. These differing views of injustice and justice are what cause the eventual degradation of war. (JRSOT) Tim O’Brien takes account of the injustices of war when he refers to opposing emotion and feelings. â€Å"The beauty was spelling binding as the horrific napalm burned the forest to the ground. (O’Brien) The contradicting impression, of awe and beauty combined with that of horror and grotesqueness leads one to a sense of immeasurable injustice experienced by those fighting the war. A war he hated, he still found the thrill of combat alluring, even as the fear of death overwhelmed his body, forcing his feet forward by quivering will. The emotional damage was the injustice upon the men, due to the memories that will haunt them forever. â€Å"There were many bodies with real faces, bu t I was young then and I was afraid to look. And not, twenty year later, I’m left with faceless responsibility and faceless grief. † (pg. 180, O’Brien) Injustice once more finds its discontinuous meaning bearing not only upon willful acts of corruptness, but upon the unsuspecting soldiers of piece, fighting to stay alive, sane, and together. Reflecting upon the travesty of war, one begins to realize, aside from the soldiers of opposition, there remain innocent victims, caught between the fences, killed, slaughtered, and mercilessly hunted for their unfortunate occupation of a warzone. The injustices, done upon these innocent bystanders are just one of the many costs of war. Families lose their members as well their homes. (Incite Magazine) â€Å"The old guy walked with a limp, slow and stooped over, but he knew where the safe spots were and where you had to be careful and where even if you were careful you could end up like popcorn. † (pg. 33, O’Brien) The devastation brought about by war, affects not only economic, physical, and emotional well being, but it leaves a disastrous scar upon the land. Following the Vietnam War, orange gas, a carsogenic toxin, was widely used as a biological weapon. This weapon, though severely lethal to humans, also caused permanent damage to the environment. Vietnam is of a tropical climate. It is clothed in towering rain forests and blossoming clover fields. (Incite Magazine) Animals run abundantly through the undeveloped slopes and the shadowing forest floor. Industry has destroyed many of the once beautifully adorned civilizations of the four legged and winged; however, the noxious pollution released by industry in Vietnam has been minor compared to the devastasion caused by war. In every war the assault falls most heavily on the countryside. In Germany, during WWII, mortar shells redecorated the hill sides, and tanks rolled on, crushing the fertility from the land. The chemicals released to combat each other brought with them the collateral damage. When the war was over, thousands of lives had been taken and millions of dollars had been squandered. The environment has always recovered from our stupidities. How long, though, before will it be unable to repair the atrocities of our reckless ways? Tim O’Brien refers to the Vietnam War as something incomprehensible, incalculable, and exclusive to those that lived it, breathed it, and carried it home. He attempts to convey the ambiguity of war and embellished story-telling as reflecting the actuality of combat. In order to truly understand the experience of war, one must find fiction in order to convey it properly. (O’Brien) The enemy could melt into ice, and consolidate before your very eye: such was the terrible progression of the war, and the fiction that crept into reality. The surreal seeming of war, is mixed with the reality of it. When written upon paper the occurrences recounted transcend reality, but, in actuality, the comprehension of the event, in the mind of the soldier, was, in fact, experienced that very way; as in a dream characterized by the cinematic embellishment of fiction. The contradictions that he depicts, â€Å"it was atrocious; it was thrilling,† is proof of the injustice of war, and the injustices he felt were around him. â€Å"There were time in my life when I couldn’t feel much, not sadness or pity or passion, and somehow I blamed this place for what I had become, and I blamed it for taking away the person I had once been. â€Å"(pg. 185, O’Brien)