Nestle Philippines Incorporated CSR Essay

Nestlà © Philippines once again demonstrated its full support to environmental protection with the formal recognition of 41 business partners who have been able to improve their environmental performance through their active participation in the Greening the Supply Chain Program (GSC), on their 11th year. Under its Greening the Supply Chain (GSC) program, Nestlà © Philippines is influencing its suppliers, vendors and other business partners to improve their level of environmental performance. â€Å"This ensures the continuous improvement of environmental performance throughout the supply chain, from producing and purchasing of raw materials, to manufacturing, packaging, distribution and finally to the consumer.† Engineer Renato Alvarado, Nestlà ©Ã¢â‚¬â„¢s Corporate Safety, Health and Environment Executive, said. Alvarado explained that the GSC program requires measures to reduce water consumption and energy efficiency initiatives. The company, for its part, has also made substantial investments for its wastewater treatment, solid waste disposal and solid waste segregation. Construction of the new factory will start this month and is expected to be completed in March 2012. The facility will produce Coffee-Mate Non-Dairy Creamer and Bear Brand Powdered Milk Drink. To ensure the program’s effective implementation, Alvarado said they also provide free education on environmental management system and a forum for exchanging best practices for business partners. The firm also makes available its customized assistance such as initial environmental reviews and follow-up visits, he added. â€Å"Environmental protection is a responsibility.† said Alvarado. â€Å"Nestlà © promotes activities which help establish awareness on the importance of  environmental protection, transforming this awareness to conviction and sustainable actions among its employees, business partners and other stakeholders not only in business but even on personal level.†

My Tuesday with Morrie Essay

Life is a class, from the day we came to the day we leave. In this class, we learn to learn, learn to live, learn to accept relationships, learn to face death, and learn to adapt to this long and fancy journey of life. Since our childhood, we constantly wonder what our futures will be. Our future life style, future career, the coming deterioration of our body functions and even death, are all in blur that whenever we think of them, we will be occupied by fear. Sometimes, we cannot help but ask: what is the feeling of death? Where will we go after we die? It is always hard for us to be easy with death because we fear it. Therefore, we rush to work hard to get what we desire within the short span of life. However, it is a pathetic fact that we are sometimes blinded and lose what we really need when pursuing what we â€Å"desire†. Even worse, we will not realize it until we are about to die. Tuesday with Morrie can help us realize it before hand. My Encounter with Tuesday with Morrie I am really grateful for this course and Miss Yang. Thank you for giving me a chance to read Tuesday with Morrie, a book that enlightened me in understanding the meaning of life. I am the same kind of people as Mitch Albom, who is always occupied by work and spare no time in other parts of life. When I was reading this book on every Thursday, I put myself in Mitch’s position. The Abstract of the Story Tuesday with Morrie tells a real story about an old professor, Morrie  Schwartz, who had been gradually paralyzed by ALS and was about to die. His student, Mitch Albom, accidently saw his professor being interviewed in the television. Shocked by the upcoming death of his dear professor, Mitch went to meet Morrie in order to grasp some time to say goodbye to the professor who inspired him during college. During the last three months, no matter how busy Mitch was, he would went to see Morrie on Tuesdays to attend Morrie’s lessons about the meanings of life. They talked a lot ranging from death, love, marriage to culture etc. Inspired by the lesson, Mitch realized that love dwarfs all the fame and fortune. Luckily, he successfully saved a precious relationship. Three Kinds of Attitudes towards Life Life is the same process for everyone which stars from birth, living to death. However, everyone has his own particular understanding of life. In my opinion, most of the attitudes towards life can be divided into three main categories. Those who have monotonous and dull lives conceive life as a process of birth, eating, drinking, sleeping, getting married, growing old and finally going to the heaven, which is apparently meaningless. The second type views life as a trade. Their theme of life is what they can obtain from life. Their spontaneous reaction to any new experience is bound to be: what it worth to me? In the world built on this kind of attitude, happiness turns out to be a competition. Most people in the modern world are living with this life style where competition and efficiency dwarf everything. The third kind of attitude expresses a theme: what I can bring into life. Their objective is to bring others happiness, which eventually will bring happiness to themselves. I admit that I am in the second category. Tuesday with Morrie taught me how to move into the third. Cherish What You Own at the Present. In Tuesday with Morrie, Professor urged us to remember a philosophy: â€Å"If you’re always battling against getting older, you’re always going to be unhappy, because it will happen anyhow.† Since we cannot reject it, why don’t we just ignore it and cherish what we have right now? We should enjoy every stage of our lives. When we are kids, we should enjoy playing and being an innocent kid. When we are adults, we should enjoy working hard,  giving out, embracing love and being an enthusiastic adult. When we are old, we should enjoy the peace of life and being an experienced yet calm old man or woman. As long as we accept who we are right now and learn to enjoy it, every stage is meaningful and wonderful for us. Many of us skip other processes lying in the middle but only see the very end of life and therefore rush every day to try to obtain more, more and more. This is not living. Realize What We Need In the modern world, there are innumerable people like Mitch, who was always occupied by his work, by his pursuing of fame and fortune. Though I am still a student, I have already been trapped in this kind of life style, too. Due to the countless homework and researches, I barely have time to have fun with friends or care for my families. I can obtain all I desire but I seldom feel quite happy. I was confused and could not find a way out. Morrie helped me. He said that when you learn how to die, you learn how to live. Death is a wake-up call for all of us. When faced with death, all the fortune and fame, those we desire and fight for in our whole life, become useless. There was an experiment carried out among students. They were given five stuffs, including a box of matches, a Channel perfume, an LV bag, a Benz car and a big house. Everyone was given a few million dollars and they could buy whatever they want. The result shows no one ever chose to buy the matches. However, when the professor assumed that the students were in a deserted island, all the students bought the matches. It is obviously that, compared with a box of matches, those luxuries are of no use in the deserted island. Matches can start fire to warm, to cook and to make signals. That was what they need. Nowadays, people are hard to be satisfied because they are always pursuing things much more than they actually need. If we can learn lessons from Morrie’s death or the students’ realization in the experiment, we can figure out how much we have already owned and suddenly we can get away from the depression of the constant struggle for more and start to enjoy living itself. It is a pity that the modern world encourages the second type of life style I mentioned above. A set pattern designed by the society forces us to struggle  for colleges, exams, promotions, money, marriages, houses and cars etc. It seems every one takes it for granted and has been accustomed to it. We lost our judgment. Morrie, as a man dying soon, told us that wealth could not buy happiness and contentment. Life should not have been that hard. My Changes after Reading the Book When Morrie asked Mitch to drop by every Tuesday, Mitch hesitated and said he might not be able to because he was so busy. However, he made it. After reading Morrie’s fourteen lessons on the meaning of life, I decided to learn from both Morrie and Mitch. I have to abandon my forever excuse: I am so occupied and I have no time. I started calling my parents and my sister regularly and occasionally went out with friends, as well as doing some charity works. Amazingly, it suddenly occurred to me that I am a human, a living human. Though it is hard to suddenly change from type two person to type three, who can live as wisely as Morrie, I am working on it and I am making progress.

Charles Robert Darwins Accomplishments

Charles Robert Darwin, the biologist, the psychologists, philosophist, founder of evolutionism who put forward the doctrine of biological evolution, which destroys all kinds of idealistic theology and species invariance. The idea of a gradual and continuous change in all species of plants and animals was expressed by many scientists long before Darwin. But it was Darwin who put forward a completely new hypothesis regarding living nature, generalizing individual evolutionary ideas into one, the so-called theory of evolution, which was the most widely spread in the world.He published â€Å" The Origin of Species by Natural Selection† in 1859. It should be noted that despite the huge popularity among the reading public, the idea of a gradual appearance in the living nature of new species for the scientific community of the time turned out to be so unusual that it was not accepted immediately.Darwin suggested that in competition among animal populations, only those will survive th at have properties of benefits under given specific conditions, allowing producing offspring as well. His theory is based on three principles: a) heredity and variability; b) the struggle for existence; c) natural selection.Variability is an inalienable property of all living things. Despite the similarity of living organisms of the same species, two completely identical individuals cannot be found within the population. This variation of features and properties creates the advantage of some organisms over others. A certain variability, or adaptive modification, is the ability of individuals of one species to react in an identical way to changes in the environment. Such group changes are not inherited, so they can not supply material for evolution.The core principle of natural selection has the following implications: Organisms have a tendency to overproduce while living space and food are limited so that creatures must fight for survival. Variants exist in individuals within the same population, and individuals with favorable variations that adapt to the environment will survive and multiply offspring, while individuals without favorable variability will be eliminated. His natural selection principle is based on the prevailing fusion genetic hypothesis at that timeHowever The modern theory of evolution the synthetic theory of evolution (STE), based on the synthesis of Darwins theory of natural selection with Mendels genetics, proves that mutations are the cause of variability abrupt changes in the hereditary structure of the organism that occur randomly do not solve the problem either.The question arises after so many years of the discovery that whether the theory of evolution is the only logical explanation for the development of life?Evolution is the development of life. Recognition that evolution is taking place is the only logical explanation for the observed regularities of modern biological diversity, which i s also confirmed by the paleontological chronicle and embryological data. The theory of evolution is an explanation of the mechanisms of evolution, there can be many theories of evolution

Technology Impacting The Changes In The 21st Century Workplace Research Paper

Technology Impacting The Changes In The 21st Century Workplace - Research Paper Example ICT makes telecommunication possible (Drucker, 2001). It enables employees to work from virtual offices and communicates with individuals and businesses around the world. Flexible work schedules are increasingly gaining popularity since employees can accomplish numerous obligations, responsibilities or duties at home or while traveling. There are business apps and software that enable employees to access business directories and databases even outside the vicinity of the enterprise building. According to Mayhew (2014), it is common to find team Managers and business leaders who live and work in different towns and cities and even in different countries. Further escalation of business application and involvement with ICT is due to the social media that has a vast outreach of populations across different demographic levels including age, gender, workgroup or class, race and religions (Lee, 2010). In reference to Drucker (2001), ICT has numerous roles in the 21st-century business world. The functions of ICT, particularly software apps for businesses, can be enlisted in different ways depending on the area of application. The general organization software apps break down corporate barriers, allowing product groups, functional departments or even factory workers to find and share critical business related information instantly (OBrien, 2005). OBrien (2005) argues that to the company’ Operations ICT reduces defects, shrinks cycle times, and cuts waste. Service companies, for instance, use ICT to streamline communication and to order with customers and suppliers. In reference to Rijsenbrij (2009), ICT is very significant in business staffing.

Small business in Sub-Saharan Africa Research Paper

Small business in Sub-Saharan Africa - Research Paper Example Nonetheless, like in other developed and developing countries, small businesses continue to play a vital role in the country’s economic and social development. The benefits of small business development in Ethiopia are numerous and varied. At the very basic level, small businesses provide competition and employment (Anonymous 2009). Innovation is another product of small business evolution (Anonymous 2009). Job creation and the development of a competitive business sector are all due to the development of small businesses (Anonymous 2009). Therefore, it is essential that Ethiopian authorities invest material and non-material resources to encourage small business development in the country. This paper provides a brief evaluation of the small business climate in Ethiopia. The paper includes recent news and changes in Ethiopia’s small business climate. A discussion of the conditions and factors affecting economic and business development in Ethiopia is provided. The paper also includes a detailed discussion of barriers to creating a sustainable small business atmosphere in the country. The goal of the paper is to create a clearer picture of the conditions and barriers to small business in Ethiopia. This information will create a basis for developing and implementing a set of recommendations to improve the small business climate in Ethiopia. ... Providing Microsoft’s Security Essentials program is merely a part of a broader initiative aimed at supporting small businesses in Sub-Saharan Africa. Insignificant at first glance, the event has far-reaching implications for understanding the current state of small business development in Ethiopia. On the one hand, it is clear that other countries and companies want to support small businesses in their way to organizational and performance excellence. On the other hand, that Microsoft provides Ethiopian businesses with access to free antivirus software implies that not all businesses in Ethiopia can afford purchasing this software legally. Simultaneously, IBM is one of those which realize the importance of small business for every country’s development. Tadesse (2011) writes that small and midsized businesses are responsible for employing 90 percent of the global workforce. Small and medium enterprises also account for nearly one half of global GDP (Tadesse 2011). It i s no wonder that small business development remains one of the top policy priorities in the developed world. Unfortunately, not all countries are equally successful in meeting their policy objectives. Ethiopia: economic and social conditions and their implications for small businesses Ethiopia falls within the definition of a developing country which, nonetheless, strives to meet the main Millennium Development Goals (Stevenson & St-Onge 2005). Unfortunately, most, if not all, economic policy initiatives lead to poor results, as the bigger half of the national population leaves below the poverty line (Stevenson & St-Onge 2005). The country is faced with a serious challenge of poverty but persistently fails to reduce it (Stevenson &

Tyrannical Manner of Governance and the French Revolution Essay

Tyrannical Manner of Governance and the French Revolution - Essay Example The Declaration of the Rights of Man and Citizens provides that everyone is entitled to their opinion. They should not find any disturbance, provided they maintain public order. In addition, Robespierre made comparisons of terror to other principles of the society. Such principles included justice and promptness in the achievement of democracy. According to him, there was an urgency in the application of democracy and the use of terror could lead to the production of the virtues of democracy. The declaration provides the prohibition of injurious actions to the society and that only the law stipulates the requirements of the actions of the society. In my opinion, I disagree with Robespierre that the terror was necessary. This is because he provoked and assumed the strong beliefs and feelings of the people, in relation to their rights. It was wrong for the Robespierre to make terror a government policy for the achievement of political goals. In today’s world, governments are putting efforts to ensure the elimination of terror. I consider the status of the French revolution as a terrorist act, where the government is the mastermind of the terror attack. Robespierre himself was a lawyer and his job entailed the protection of the constitution. He knew that it was a criminal offense to take action to a criminal through mob violence. Therefore, the use of terror was due to fear on his part in the achievement of the governments’ goals. The majority will always have their way in the society. The people of France had become indifferent to the revolution. This is because it involved military conscription and the use of thre ats to the people, in a bid to change their lifestyle. The use of terror was an unfortunate event to the people who were hostile to the revolution. It is in order for the relevant authorities to take wrongdoers to court, where they receive judgment.

Domestic Poverty Research Paper Example | Topics and Well Written Essays - 2500 words

Domestic Poverty - Research Paper Example All these are to assist in understanding domestic poverty and how it occurs as well as the possible ways in which it can be resolved. Various scholars have studied the issue of domestic poverty both in the context of the United States and in the context of other countries. One of such scholars are Danziger & Haveman (2001), who studies and tried to understand various parameters of domestic poverty in the United States as well as how it has been growing since the times of the World War II. Collier & Dollar (2002) discovered that strengthening domestic institutions and policies regarding national wealth could be a useful tool in dealing with domestic poverty. Imig (1996) brought out some of the issues that make anti-poverty groups unable to effectively deal with poverty. However, there are very few attempts made to explain possible solutions to the issue of domestic poverty and this is what makes this research very important. In this research paper, I mainly rely on the information fro m the internet as my major source of information. In this paper, papers written on previous research about domestic poverty are used. To make the information derived from this research more accurate, I have relied mainly on most up-to-date books and research journals written about poverty. This is what we call use of secondary data in a research finding and it is widely used by researchers in their research due to its advantages. One of the major advantages of this kind of research method that has made me to choose it in my research is that it is inexpensive to undertake since it does not require data collection procedures. In my research, I was able to obtain different factors thought to have played a major part in contributing to domestic poverty. According to CQ Researcher (2007), one of the factors, that fuel poverty in the United States is Katrina devastation. Hurricane Katrina coused major destructions in the United States (Brunsma, Overfelt & Picou, 2007). Another factor is c oming in of foreigners especially from poor developing countries and the education inconsistencies among the American citizens. Another factor that has played a very great part in causing domestic poverty is the increasing gap between the rich people and the poor people. This has actually made most of the American to continue suffering in poverty despite their hard work in attempt to earn a living. In my research I also found out that, most poor people are women and among these women a greater percentage are single parents. I also found out that majority of the poor people are not educated beyond high school levels. Moreover, according to 2006 national census, majority of people living in poverty are the children and the old people (CQ Research, 2007). We also discovered that majority of the areas are most affect by domestic poverty are the southern regions of the country. In these regions, the cash allocated to antipoverty programs is very little in comparison to the poverty levels in those regions. The possible solutions to the problem of domestic poverty are actually any activity that can eliminate a cause of the domestic poverty or activities that empower the affected people. Since the majority of people affected by poverty are women, we can have gender empowerment of these women as one of the possible solutions to the problem of domestic poverty. The reason why I have identified this as a possible

Memorandum Law Research on Law Cases Case Study

Memorandum Law Research on Law Cases - Case Study Example Before the case started, the complainant had paid $600 towards the purchase of the freezer. Jones found out and sued the Star Credit Corps for contract rescission. During the case the court fund the terms of the purchase to be unconscionable, they award the complainant with the freezer at a price of $600 to which he had already paid. The court found the contract unconscionable because of the gross inadequacy in the value of the freezer and the price at which it was to be sold. It was found that the credit charges in the contract exceeded the value of the freezer. The purchaser of the freezer was found to be limited financially during the time of purchase to which the seller also knew. The case of the Derby v. Derby is one that is based on divorce. The two were married for twenty two years before Mrs. Derby filed for divorce citing cruelty, years later Mr. Derby alleged adultery and by the wife severally. The court found out that Mr. Derby had signed out an agreement that had been brought to him by the wife citing that he had done so to secure their marriage. The husband says that the wife had promised to live with him if he signed the agreement of her having a real estate that they owned. The court in it ruling stated that, the wife had been opportunistic and used the fact that the husband had been convinced to sign the agreement for them to move back in together. Mr. Derby to sign the agreement in the absence of his lawyer because of the consideration that were misrepresented by the conduct of Mrs. Derby accepting to go back to the husband (Derby v. Derby, 378 S.E.2d 74 (Va. Ct. App. 1989)). The court found the agreement to be invalid as it was unconscionable, the wife had taken advantage of her husband’s emotional weakness and need to rebuild his family to agree. It was not out of free will and voluntary, but it was because of a condition stated. In relation to the Jones case, the intention of the

ADHD and teacher knowledge Essay Example | Topics and Well Written Essays - 1500 words

ADHD and teacher knowledge - Essay Example The most common of which is Attention Deficit Disorder (ADD), or its derivative, Attention Deficit Hyperactivity Disorder (ADHD). Such disorders cause students to be disruptive in class and behave in ways that would greatly affect teacher performance. This study is an attempt to investigate the current status of teachers knowledge of AD/HD? How does their knowledge impact their ability to work with their students? How does teacher efficacy relate to student outcomes? In reviewing the literature on teacher knowledge, it is hypothesized that teachers of regular children easily suspect inattentive and disruptive children as having ADHD. â€Å"Teacher ratings are often utilized because teachers have the opportunity to observe children in different school settings for long periods of time. One difficulty with utilizing teacher reports is that they tend to identify a higher proportion than the 3%–5% suggested in DSM–IV. For example, as many as 15% of the sample in one study would have been labeled ADHD by teachers (Weiler et al., 1999). Glass and Wegar also (2000) found that teachers identified 6% to 15% of students as having ADHD.† (Havey, Olson, McCormick and Cates, 2005). This paper likewise explores the reasons for such discrepancies. Attention Deficit/Hyperactivity Disorder (ADHD) is a behavioral disorder characterized by inattention, impulsivity, and hyperactivity (American Psychological Association. APA. 2000). It is complex syndrome of impairments related to the development of brain cognitive management systems or executive functions. It affects a person’s organization skills, concentration, focus and prolonged attention on a task, processing speed, short-term working memory and access recall, sustained motivation to work and the appropriate management of emotions. Brown (2007) has enumerated the executive functions of the brain that work together in various combinations as

The Neo Accountant Essay Example | Topics and Well Written Essays - 2500 words

The Neo Accountant - Essay Example A. Hopwood has correctly stated: "Accountants and other members of the management team searching for means of understanding and improving standard setting and budgeting; must therefore see the process in its entirety and respond to it as a complex human and technical problem rather than one standing in technical isolation." The Contingency Theory can best explain how management should respond to proposed change. The theory is summed up in two words: It depends! Accountants and other members of the management team will have to respond to each situation by looking at it whole. According to Fiedler's Contingency Theory of Situational Leadership, situations of proposed change that appear low in control must be managed in a directive and task-oriented manner. On the other hand, situations that are high in control must simply be dealt with in a supportive fashion; in this case, managers can stay out of their subordinates' way to a large extent (Boje). All changes in accounting practices are sure to have extensive effects on the organization as a whole and the community of people it is involved with. Accounting practices with the aid of latest technology that make an organization more efficient may improve the state of an entire economy. Given that finance is the basis of organizational operation, accountants cannot isolate themselves and be looking for an improvement in accounting practices without consulting other branches of management as a team. Consultation, then, has got to be the first step in the introduction of accounting or managerial change. This essential step to change involves many departments of management, including planning. Forecasters and planners along with those that propose change have to work in agreement before any lasting change can be implemented, let alone expected to have results that lead to increased efficiency, productivity, and profitability. According to Brewer, Brownlee, and Juras, who have writte n on the implementation of activity based costing and the change management process: "Implementing change in an organization is about ninety percent cultural and ten percent technical." To put it another way, applying accounting change is easy when it comes to the technical side of things. But organizational change is never about technicalities alone. Before applying new accounting principles expected to lead to greater organizational success, it takes a long time for any firm to convince the people that it must convince, and plan with the workforce it must plan change with. Vroom And Yetton's Contingency Model of Normative Leader Decisions is clear on this point. The model asks for consultation or the group decision process if the commitment of group is essential. But if the managers have got all the necessary information, they are advised to be autocrats, making decisions for all and going with the flow (Boje). Take the example of digitization alone for the simple fact that the technological age has brought tremendous change in all areas of human life. Bhimani writes about digitization only in an organizational context:Digitization impacts the form, substance, and provenance of internal accountinginformation with attendant consequences on the behavior and actions of organizationalparticipants and on the functioning of enterprises more widely. Knowledge about theinfluence of the deployment of

Business systems in Japan and China Essay Example for Free

Business systems in Japan and China Essay Introduction After the World War Two, Japan embarked on a journey of reviving its economy. The fast industralisation process is nothing short of spectacular. Japan’s basic infrastructure was basically destroyed in the war and she grew from a war-torn state to a world leading economy in a few decades. This requires good company and government governance, in order to achieve this result. Japan is also a major technology and export hub in Asia and she is currently the world third largest economy by Gross Domestic Product. (World Bank, 2014). Prior to the economic reform of Deng Xiao Peng, the Chinese government has total control of all the State Owned Enterprises (SOEs) under the communist system. It is a very highly centralized system that only the Chinese State government has power and control over it.(Laaksonen, 1988) Under the reformation policy, individuals are allowed to trade and sell surplus products in rural area and small businesses are allowed in urban or city. This marks the start of the China’s Socialist market economy. As a result of the open door policy, Chinese economy grew from a third world country to the second largest economy of the world in less than four decades. (World Bank, 2014) Despite the great differences of these two economy, the fact that its governance and cultures are deeply influence by the idea of Confucianism. (Chan, 1986) Hereby, in this article, discussion will be separated into two parts that are based on the similarities and differences between the two business systems. Differences 1. Keiretsu Vs Reform Policy In Japan, Keiretsu formed the largest business group and its one of the key contributors to the Japan’s economy which usually employed Japanese style of management and system. Zaibatsu was the forerunner of Keiretsu which are family run and it is the main business system before Second World War. There are two types of Keiretsu: namely horizontally organized Keiretsu and vertically organized Keiretsu. In horizontally organized Keiretsu, capital and human resource are closely knitted together and cross directorships and holding of stock among group members are not uncommon. The cross-holding of stock among the top 6 corporate group was as high as 24% (Tokyo Business Times, 1989) in the late eighties. This allows the group to be very close  and strong. Some of the examples of company with this structure are Mitsubishi and Sumitomo. (Okumaru, 1976).The governing of company are handed to professionals or agents to prevent dispute among group members. In vertically organized Keire tsu, it is formed by a huge parent company. She has its own supply distributorships and suppliers. Every flow and operations of the company follows a top to down process so as to control inventories and manufacturing quality. Many small and medium sized enterprises in japan utilize this system. Some of the example of such company are Sony and Toyota. In 1979, China started her reform programme after the initiating of economic open door policy by Deng Xiao Ping. The state government vows to liberalise and modernised China’s key industry like agriculture, technology and defence. More autonomy are given to the State Owned Enterprise to manage their own division. For example: The State Owned Enterprises are given the rights to form their company structure in accordance to the needs of leaner production process or market maximization. Hence, workers are now able to choose and change job with respect to their interest and expertise. This highly promotes the effectiveness of the State Owned Enterprises. (Lichtenstein, 1993) The state government also implements the use of Profit and Loss contract (yinkuibaokan) whereby a portion of the profits are contributed to the state government and the remaining profit can be kept by the State Owned Enterprise. China’s state government also undertake a few other methods to reform, this includes the downsizing of the State Owned Enterprises , setting up of stock exchange in Shanghai and Shenzhen and transformed some important industry to shareholding companies so that it can trade. All in all, this gives rise to the socialist market economy in China whereby capitalism way of managing the economy is enforced. 2. Developing its own industries Vs Foreign Direct Investment Ever since the Second World War, Japan has decided to become an export driven economy, and the Japanese have been fast to recover its economy by competing fiercely in the ever increasingly saturated market. The products they are churning out are of good reliability and they often undercut its co mpetitors by a huge margin to win the contract. As illustrated in the case of Hitachi at a sales presentation in 1985, Hitachi stressed to undercut its competitors severely. (Fallows 1993) Japan owed its rapid industralisation process to the huge domestic exports. The export ranged from the early days textile to  automobiles and later on, high technologies products such as semiconductors. Japan invested heavily on research and development to create high value products to make it desirable to the world. As a result of the severe undercutting of competitors. Japan’s enterprise have to come out with several ways to enhance efficiency to ensure profitability. Toyota created a system called Just-In-Time (JIT) which emphasize on the redundancy of keeping live inventory. (Uno, 1987) It was first created in the 1950s and later slowly dispersed into the different industries and plants in Japan in the 1960s and 1970s. It requires close and collaborative relations with all suppliers for it to work. However, with good implementation, it can ensure lean production with little slack and good flow process. This process brings about the envy of the industrialised world especially in the United States. Other industrialised nations tried to emulate the success of JIT, but not always with positive results due to the poor implementation. Japanese companies also used Total Quality Control(TQC) in manufacturing. It is first coined by Professor William Demming of New York City but it is the Japanese that utilize it.The ideas of Total Quality Control is to have no or little tolerance for rework. Reworking a product are deemed as a wastage of time. By adopting a do it once, do it well approach, further time and cost can be saved to make the production lean. After the 1979 economic reforms by the Chinese state government, the state government allow Foreign Direct Investment (FDI) to enter into Chinese market. It is the movement of long term foreign financing that allows a shareholding of at least 10% of the State Owned Enterprises. This usually includes the transfer of technology and know-hows to the host country from the Multi-Nationals Companies (MNCs). As a result of the transfer of technology, the host country in this case the State Owned Enterprises will have gained insights on the production process. Hence, further research and development by the State Owned Enterprises is possible. Also, in 1979, the state government created four Special Economic Zones (SEZs) in Guangdong and Fujian province to encourage the facilitation of Foreign Direct Investment that mainly foreign investment will stay in this four zones. The state government realizes that by creating four zones is not enough to open up the market. Therefore, in the 1980s wholly-owned foreign enterprises are allowed and also more east coast ports are opened up to encourage foreign trades and investment. China State government viewed  Foreign Direct Investment as a very important catalyst to improve its economy. Subsequently, foreign enterprises are given the same treatment as a State Owned Enterprise and the joining of World Trade Organisation in November 2001 makes a very huge milestone in China’s economic history. Due to rising manufacturing cost Japan industries, Japan has begun to pour Foreign Direct Investment into China to cut cost. As evidenced by (Kunii et al., 2002) , during the period of first six months of 2002 , Japanese firms concluded deals of $3.15 billion. This goes to show the importance of Foreign Direct Investment for both countries in a win-win situation. Japan can benefit from the low production cost and China can benefit from the capital inflow and technology transfer. As of 2012, China is the leading Foreign Direct Investment in the world. (Perkowski, 2012). 3. Socialist Market Economy Vs Capitalist Market Economy The socialist market economy is the only model that are used by the Peoples Republic of China (PRC). It is based on the dominance of State Owned Enterprises and maintaining a free open market, its origins can be traced from the Chinese economic reforms introduced under Deng Xiao Ping. During the early stage of economic reform in China, socialism are deemed as the basis for the reform, and therefore has to adopt capitalist techniques to survive. It is also known as the social capitalism despite adopting the free market system of capitalism. (Schweickart, 2006) Japan adopted the system of capitalist market economy which got its influence from her western counterparts. It’s a system that encourage free trading in the market in the forms of products, shares and commodities. Despite Japan uses Keiretsu in their business systems, it is still by large using a capitalist system. The need for consumption of luxury products and export of domestic shows the use of capitalist system. Similarities 1. Intervention of government bodies Historically in Japan history since Meiji Restoration, Japanese government has always played a very important role in the industrialisation. To be able to play catch-up with the western nations, the government deemed the intervention necessary. It also enable the government to be strengthened through the lending of private funds and invest it in key industries such as  shipbuilding, communication in the Meiji’s government. The intervention of government in financing benefited the big groups of zaibatsu and later on Keiretsu. After the Second World War, the Japanese government once again realised the importance of state support for the companies and economies to grow quickly. (Johnson, 1982) In recent times, Japanese government agencies such as Ministry of International Trade and Industry (MITI) and Ministry of Finance (MOF) have been actively participated in business by giving funds and supports to industry that are of utmost national interest. On the other hand, big business can exert huge influence on the political scene by endorsing political candidate that are beneficial to the interest of the big corporation. With respect to Japan, Korean government intervention of chaebols (big conglomerate) are largely similar to Japan. In the earlier days, the Korean government invested heavily and provide financial aids to chaebols such as Lucky Goldstar and Samsung. With the strong backing of the government, these companies are able to flourish. (Song, 1990) By 1990s, the reforming of State Owned Enterprises especially small and medium state enterprises became a top priority for the Chinese state government. After a carefully study by the state government, a new reform system formed under the name of â€Å"the Regulations for Transforming Managerial Mechanisms of the State Owned Enterprises’ ( Liberation Daily, 1992). This includes of fourteen kinds of power to instill self-management. Even though, it’s a move by the Chinese state government to liberalized State Owned Enterprises. But, government steps by steps intervention of the process is still very much needed. Especially, during the early periods of reforms, they are many uncertainties and fluctuations in the market that requires government intervention to ensure the reformations process is smooth and steady. 2. Confucianism Influence All the major East Asian management system have been influenced heavily by the Confucian tradition. (Oh, 1983). This includes China, South Korea and Japan which has some olden Chinese co-relation. It does not only has heavy influence towards these countries culturally but also economically. For example: In Japan, huge emphasis is put on the seniority in both workplace or at home. Similarly, likewise for Korea. Respect are to be given to elders or person with high seniority. Individualisms and competitiveness are not  part of the teaching of Confucianism. In the economy of these East Asian countries, they are generally competitive and placed a lot of emphasis on individual actualization. Though, these countries are influence deeply by Confucianism, its more applicable to the management level which is at micro level. At macro levels, the government efforts and communitarianism could be the explanation for the competition in the world market. Conclusion In conclusion, this article has discussed about the similarities and differences between Japan and China. There are three main differences that are discussed in this article. Firstly, its Japan’s Keiretsu and China’s reform policy. Japan’s Keiretsu was the predecessor of zaibatsu and it’s the dominant force of Japan’s economy. Deng Xiaoping pushes for economic reforms and turned its communist economy to a socialist economy. Secondly, Japan invested heavily in the research and development of technology as to become world major exports nations. Through the process of undercutting its competitors, Japan’s enterprises utilize Just in Time process and Total Quality Management to ensure high efficiency and lean production cycle. On the other hand, China relied on Foreign Direct Investment to boost its economy. In the process of Foreign Direct Investment, not only it creates jobs for the country but also learn about foreign technologies through technology transfer. Lastly, the Chinese employed a socialist economic models which is often referred as state capitalism whereby the government still practiced one party communism. Japan on the other hand, support a free trade market which is similar to the capitalist systems in the west. The article also discusses the importance of government or state intervention of the economy. For Japan, the government provides good infrastructure and financial aids to industry that are deemed promising. In china, the Chinese state government slowly guides its economy through intervals of reforms to prevent the reformation for being too fast or slow. Lastly, Confucianism plays a big role in influencing the management style of Japanese and Korean organization but not so much in China State Owned Enterprises. References Businessweek, (2002). In Japan , China is Sexy. pp.22-23. Chan, W. (1986). Chu Hsi and Neo-Confucianism. 1st ed. Honolulu: University of Hawaii Press. Johnson, C. (1982). MITI and the Japanese miracle. 1st ed. Stanford, Calif.: Stanford University Press. Laaksonen, O. (1988). Management in China during and after Mao in enterprises, government, and party. 1st ed. Berlin: W. de Gruyter. Liberation Daily, (1992). Regulations for Transforming Managerial Mechanisms of the State Owned Enterprises. Lichtenstein, N. (1993). Enterprise reform in China. 1st ed. Washington, DC (1818 H St., NW, Washington 20433): Legal Dept., World Bank. Oh, T. (1983). A Comparative Study of the Influence of Confucianism on Japanese Korean, and Chinese Management Practices. 1st ed. Honolulu: Academy of International Business Asia-Pacific Dimensions of International Business. Okumaru, H. (1976). Six Largest Business Groups In Japan. 1st ed. Tokyo: Diamond Publishing. Perkowski, J. (2012). China Leads In Foreign Direct Investment. [online] Forbes. Available at: http://www.forbes.com/sites/jackperkowski/2012/11/05/china-leads-in-foreign-direct-in vestment/ [Accessed 12 Aug. 2014]. Schweickart, D. (2006). China: Market Socialism or Capitalism?. p.137. Song, B. (1990). The rise of the Korean economy. 1st ed. Hong Kong: Oxford University Press. Tokyo Business Time, (1989). Intimate Links With Japans Corporate Groups. pp.14-19. Uno, K. (1987). Japanese industrial performance. 1st ed. Amsterdam: North-Holland. World Bank, (2014). Gross Domestic Product 2013. [online] Available at: http://databank.worldbank.org/data/download/GDP.pdf [Accessed 31 Jul. 2014]. Word Count: 2503 words

Form and Structure of Abigails Party Emily Huntley Essay Example for Free

Form and Structure of Abigails Party Emily Huntley Essay Mike Leighs Abigails Party was primarily shown on television and wasnt initially meant for the stage, until it was realised how successful it was. The plot is based around a mirror of two partys, one involving 5 adults all living in the same estate but of very contrasting backgrounds and classes which Mike Leigh also depicts, and the other of the sixteen year old daughter of Sue, whos organised a typical teenage rave. The essence of the play is that generally speaking the younger generations should be observed at parties but in Mike Leighs example the irony is that the adults seem just as drunk and obscene as what is imagined next door. This is where the comedy arises and is developed throughout the play as the adults keep a close eye on the teenagers but there is no one to observe the adults. Mike Leigh has also drawn the attention of the audience by focusing on class by contrasting the classes of the characters, Beverly and Lawrence who are aspiring for true middle class, a poor newly married couple and a middle class divorcee. This situation in itself is controversial due to Sue not being nearly as wealthy as Beverly and Lawrence but being by far the most cultured of the group. Another example of this would be shown in Ang, her occupation as a nurse can actually be called a well known and accepted profession, although she has little money and isnt well cultured or travelled, as an outsider you can see the intelligence that Mike Leigh has tried to depict over the other characters. The play is composed of two acts, both of which surprisingly end with the focus on Sue, the most timid character. I think this was purposeful on Leighs behalf as although she seems to be a pretty insignificant character she holds a lot of unknown power over the people in her company. Especially Lawrence who realises her class is above his and he aspires to be like her by seeking her approval. As the play develops so does the amount of alcohol consumed and the tension between the two married couples. Especially from Beverly and Lawrences points of view as they start verbally abusing each other in the presence of their guests, which I believe would not occur otherwise as Ang, Tony and Sue would realise their true characters. Therefore I could also state that the play is structured around class, parties and also alcohol. Everything in the play including props, lighting and sound effects is ultra realistic. The set includes real food and drink with a working record player and lamps, which provide the naturalistic lighting throughout the whole play, and the constant thumping from next door really makes the situation believable. To enhance the realism, Mike Leigh also wrote the play in real time, this means that the duration of the play is natural over the period of an evening, with no days or hours skipped. Another tool used by Mike Leigh to develop true realism is the use of colloquial dialect. There is no stylised or poetic language and also no imagery used. It is written so the audience can easily place themselves in the characters positions. Discussing the structure of the play is hard considering the definitions of A Well Made Play 1.) Exposition (introduction of characters and situations) 2.) Conflict (a huge problem is bought to the surface) 3.) Complications (the problem develops) 4.) Climax (the most dramatic, and tension filled part of the play) 5.) Dà ¯Ã‚ ¿Ã‚ ½nouement (the resolution) The exposition occurs between pages 1 and 13 when the characters are introduced to each other and also the audience. This is the period when the audience makes their own assumptions of the characters, and they can recognise different relationships and tensions. This is when we also realise about Lawrences hectic lifestyle and frequent suffering of heartburn so that his heart attack doesnt come as a complete shock and the audience understand and sympathise more. The conflict is primarily to do with Beverly and Lawrences relationship and the strain that it is clearly under. But we also see the stress between Angela and Tony periodically. The complication is when the tension builds as more and more alcohol is consumed predominantly between Lawrence and Beverly. The climax is clearly Lawrences heart attack, which is the outcome, of a stressful job, a nagging wife, being polite to unwelcome guests the consumption of alcohol and the constant thumping of the party next door. This is when the focus and drive of the play changes completely from the future life these characters have built themselves to the present situation. Lastly the dà ¯Ã‚ ¿Ã‚ ½nouement. In Abigails Party there doesnt seem to be a definite resolution, the play is left on a cliff hanger as the audience is left in the dark as to whether the conflicts have been resolved and if not the final outcome of the situation. Abigails Party is referred to as a comedy, but of various types, it contains a slight element of black comedy in the fact that Lawrence has a heart attack. But throughout the play, Leigh develops another form of comedy, not through one-liners, but due to the characters dialogue and movement etc. For example, Tonys monosyllabic answers, Angelas lack of social etiquette, Sues shyness and total dislike of the situation, Lawrences frequent cultural references even though everyone can see he is uneducated in Shakespeare and Beethoven and is simply attempting and failing to reach a higher social class (nouveaux riches). And Beverlys clear lack of self-control concerning Tony and insulting Angelas lipstick. Abigails Party is essentially written as a comedy, until the end, which presents more opportunities, and shows a more tragic and retrospective feel. This play is unique in that it is completely down to the director as to how they depict it as it can be of two extremes tragic or comic, excluding Lawrences death, which is clearly comic with the reference to Angs cramp etc. In the production I saw, it was comic and I thought this worked well but having considered it to be a tragic play I think this could be just as effective.

Differences in Grid and Air Gap Techniques

Differences in Grid and Air Gap Techniques Introduction In this chapter, a literature review was carried out so that adequate information about the differences in grid and air-gap technique could be gathered with emphasis on why these techniques are important in plain radiography of the lateral hip. These two techniques will be analysed to explain better the acquisition of the image. Both techniques will be compared and their advantages and disadvantages discussed. This was done by means of radiography books and journals. Where, possible primary sources of information were chosen. However, original studies could not always be obtained and secondary sources had to be considered. The use of the internet was also important as it served as a source for and access to relevant articles. Related literature was mainly sourced using the online data bases of EBSCO ®, CINHAL ® and Pubmed ® as well as the Institute of Health Cares library and facilities. Image quality Image quality refers to the ability to view the anatomical structure under study with precision and which makes it possible to identify and spot any abnormalities (Bushong, 2008). The quality of the image depends on several physical and physiological factors and this makes it hard to measure. Image quality; Is defined in radiological terminology as the relationship between the structures of a test sample to be irradiated with x-rays and the parameters of its visualisation (Hertrich, 2005, pg.244) According to Bushong (2008), the most important factors that improve or degrade image quality are contrast resolution, spatial resolution, noise and artefacts. Image quality cannot be measured in a precise way since the quality of radiographs is hard to define (Bushong, 2008). In digital radiography (DR) the image quality depends on a number of characteristics that can change the viewing experience. One of these factors is frequency, which is a measure of the total amount of contrast within the image. This characteristic depends on the raw data (x-ray energy) that the imaging detector absorbs. The frequency of the image is represented by different grey scale levels that show the density of a particular part of the anatomical structure. This is how contrast is affected. A high contrast image has high frequency due to the amount of x-ray photons absorbed (Carlton Adler, 2006). Image quality is also subjective and depends on the viewer (Sherer et al., 2006). Different people may need to alter the quality of the image by increasing or reducing the contrast or by changing the sharpness of the image depending on their individual visual abilities (Dendy Heaton, 2003). Dendy and Heaton (2003) argue that image quality also depends on the display system and the way the image is produced. The authors further argue that room lighting also affects image quality and might also diminish image quality. Image contrast Image contrast refers to the difference in densities between adjacent anatomical structures. The amount of contrast produced on an image depends on the structural characteristic of the anatomical part of the body as well as the characteristics of the x-ray beam when it penetrates the patients body. Contrast depends on the attenuations within the patients body due to different densities in various parts of the body. The higher the difference in densities, the higher is the contrast (Sherer et al., 2006). However, small changes in densities of structures would not be detected on a high contrast image since high contrast does not have a great enough exposure latitude to give several shades of grey in the image (Bushong, 2008). This means that having high contrast in an image does not necessarily mean that it is optimal for every radiographic examination. Having low contrast means that better contrast resolution is produced and this gives the viewer the ability to differentiate between a natomical structures that have similar densities. This is why contrast is a very crucial factor in image quality (Oakley, 2003). Scattered radiation affects image contrast and the characteristics of the receptor and display system. The anatomical detail and contrast of small anatomical structures may also be reduced due to image blurring (Carlton Adler, 2006). Noise Noise affects the images contrast resolution and the detail seen in the image. Like audio noise and video noise, radiographic noise is caused by weak signals in areas of the image (Oakley, 2003). The lower the noise the better the contrast resolution and so image quality is better. According to Bushong (2008), there are four main components that affect radiographic noise. These are graininess, structure mottle, quantum mottle and scatter radiation. Graininess and structure mottle cannot be controlled by the radiographer since they are dependent on the image receptor. However, the radiographer can use several techniques and exposure factors to improve image quality and reduce the noise as much as possible depending on the subject under examination. Penetration energy of the x-ray photons (kV) can be increased in subjects that are obese and that are having thick areas of their bodies irradiated. Quantum mottle is also a very important characteristic in defining noise. Bushong (2008) ex plains that quantum mottle depends on the amounts of x-rays that are exposed and absorbed by the image detector. When few x-rays react with the receptor the resultant image will appear mottled. However, when more x-rays are absorbed by the detector, the image will appear smooth. Noise can be calculated by measuring the signal-to noise ratio of the image (Bushong, 2008). If not enough x-ray photons reach the detector, the image is said to be under-exposed, resulting in a low signal-to-noise ratio. However, a high signal-to-noise ratio is achieved if the right radiographic technique is used with the right exposure factors (Bushong, 2008). Spatial Resolution Spatial resolution is a term used in imaging that refers to the resolution of a radiograph. Having a high resolution means that more detail can be seen and detected on the image. Spatial resolution is a very important performance indicator in radiography. Quality control phantoms are used to check the spatial resolution and contrast of an imaging system. Spatial resolution relies on spatial frequency and this quantity could be calculated by seeing the number of line pairs per millimetre (Lp/mm). These line pairs are dark and white lines that are used to assess the resolution of an image. Detail is very important in radiography since outlines of tissues, organs and specific pathologies need to be sharp and detailed. High spatial resolution is also important when assessing for subtle fractures like scaphoid fractures which could easily be missed if the radiograph is not sharp enough (Bushong, 2008). Scatter Radiation When x-ray irradiation encounters matter, some photons pass unimpeded reaching the image receptor whereas other photons are completely absorbed since the energy of the primary x-ray beam is deposited within the atoms comprising the tissue. This absorption interaction of x-ray photons with matter is known as the photoelectric effect (Fauber, et al, 2009). This photoelectric effect is dependent on the matter and its effect decreases rapidly with increasing photon energy (Dendy Heaton 2003). Scatter radiation is made up of photons that are not absorbed but instead lose their energy during interactions with the atoms making up the tissue (Fauber, et al, 2009). This scattering effect is known as the Compton effect (Carlton and Adler, 2006). This happens when the incoming photon interacts with matter and loses energy. This will make the photon change direction and it may leave the anatomic part to interact with the image receptor (Fauber et al, 2009). Scattered low- photon energy reduces the contrast on the final radiograph and is also highly hazardous for patients and staff due to its changed direction and low energy from the primary beam (Dendy Heaton, 2003). Scatter Reduction As explained above, scatter radiation is produced during a Compton interaction in which a primary photon interacts with an atom of the patients body and loses its speed and direction. Scatter is produced mainly in the patient due to the variable attenuation and densities of the different organs in the body and this could be controlled by using anti-scatter techniques and the right exposure factors. Consequently the radiographer should use the adequate technique and exposure factors to reduce the radiation produced within the patients body. Carlton and Adler (2006) argue that when the energy of the primary beam is increased there is a higher chance for the photons to undergo the Compton interaction. This means that the higher the energy given to the photons (kV) the more likely it is that there is Compton interaction with the bodys atoms, therefore creating more scatter radiation and a decline in radiographic contrast (Bushong, 2008; Carlton Adler, 2006). However, Shah, Hassan Newma n (1996) think otherwise. In their study they stressed the effectiveness of anti-scatter techniques on image contrast and concluded that the influence of kV on scatter production is small. The authors further stated that the improvement in contrast that occurs when the kV is lowered is usually due to an increased subject contrast since less scatter reaches the film. Carlton and Adler (2006) also gave importance to the size of the area of body being irradiated. They suggested that by decreasing the area of irradiation as well as applying compression, scatter radiation reaching the detector could be significantly reduced. Using this technique Shah, Hassan and Newman (1996) noted a decrease in the dose area product (DAP) when decreasing the area of irradiation, therefore lowering the risk of increasing patient dose. Anti-scatter techniques Anti-scatter techniques are radiographic techniques that make use of devices or applications such as grids and air gaps so that scatter radiation is absorbed or deviated from reaching the image detector. These anti-scatter techniques help in reducing patient dose as well as improving the quality of the radiographic image. The two main techniques relevant with this study are explained and analysed in the following sub-sections. Grid Technique Grids are used in radiography to protect the image detector from scatter radiation. Scatter radiation degrades the quality of the image and may lead to loss of anatomical detail and information (Sherer et al., 2006). Anti-scatter grids are made up of parallel radio opaque strips with a low-attenuation material interspacing the strips (Sherer et al., 2006). The most commonly used interspaced materials are aluminium and carbon fibre (Court Yamazaki, 2004). The main function of these anti-scatter grids is contrast improvement. According to Carlton Adler (2006), the most effective way to see how well a grid is performing is by measuring the contrast improvement factor. The contrast improvement factor measures the ability of a grid to improve contrast. This factor is affected by the volume of tissue irradiated and by the kV. If the amount of scatter radiation increases, the contrast of the image will be reduced, therefore reducing the contrast improvement factor. This is calculated usin g the following formula: K= Radiographic Contrast with the grid/Radiographic contrast without the grid (Carlton Adler, 2006, pg.263) The higher the contrast improvement factor the higher is the contrast improvement. However, Court and Yamazaki (2004) argue that since contrast can be digitally altered in digital radiography, it is best to calculate the signal-to-noise ratio (SNR) of the image. This is especially useful in cases where there is low object contrast. The interspaced material separating the lead grid lines is also very important in monitoring the functionality of a grid. In the study performed by Court and Yamazaki (2004) it was concluded that aluminium has a higher atomic number than carbon fibre and so it absorbs more low energy scatter radiation. However, aluminium also absorbs some of the primary photons therefore increasing patient dose. Alternatively, carbon fibre absorbs less primary radiation than aluminium (Court Yamazaki, 2004). Grid ratio is also an important factor to consider in improving image quality especially image contrast. The grid ratio is obtained by dividing the height of the strips by the strip separation. As the grid ratio affects the rate of scatter to that reaching the detector it is instrumental in improving image contrast (Dendy Heaton, 2003). There are principally two types of grids, linear grids (parallel grids) and focused linear grids (Fauber, 2009). Both types have their own advantages and disadvantages. Parallel grids are made up of linear lead strips with low-density material interspacing them and are parallel to each other. This variety of grids produces grid cut-off at lateral edges since they do not coincide with the oblique divergences of the beam (Dendy Heaton, 2003; Fauber, 2009). It is also essential that these grids are positioned correctly, perpendicular to the central ray of the primary beam. If this is done incorrectly, there will be grid cut-off and the lead strips will absorb a lot of the primary beam which will show up on the image (Dendy Heaton, 2003). This will result in image deterioration and in the patient receiving an extra dose of radiation when repeating the exposure. The focused grids, however, are designed in such a way that it allows the lead strips to be gradually angled moving away from t he central axis. Although these grids are designed to eliminate the cut-off on the lateral sides, they still have to be used at a specific focus to image distance (FID) depending on the type of grid being used (Dendy Heaton, 2003). Although grids are used to improve image contrast and reduce scatter reaching the detector, this is at the expense of a high radiation dose to the patient. This happens because the mAs has to be increased when using the grid. This is necessary in order to compensate the primary beam photons absorbed by the grid (Carlton Adler, 2006). Air-gap Technique The air gap technique is an alternative technique used to reduce the amount of scatter reaching the detector. By employing an air-gap technique between the patient and the image detector, the energy of the scattered photons decreases especially in the first tens of centimetres due to the large divergence of the beam (Ball Price, 1995). The primary radiation is not affected or reduced, since at this stage the primary beam is almost parallel to the detector (Ball Price, 1995). When the air-gap technique is used, the object to image distance (OID) is increased, which may produce some magnification (Sherer et al., 2006). Anti-scatter techniques are important in reducing low energy radiation reaching the detectors. However, the primary beam should not be deflected or disrupted so that the image acquisition and image quality is not affected (Fauber, 2009).When the grid technique is employed, the grid lines are unable to discriminate between the primary radiation and the scattered radiation and so this could lead to grid cut-off and grid lines may appear on the image (Maynard, 1981). Maynard (1981) argues that with the use of an air-gap the image quality and diagnostic quality of many projections improves. A study by Karoll et al. (1985) analysed the patient dose when the air-gap was employed compared to when the grid was used. In this study the air gap was employed in a digital subtraction examination. Karoll et al. (1985) reported that by using the air gap technique the mA could be lowered without losing spatial resolution. The results of this study were remarkable as the air gap technique allowed 25% to 88% reduction on the mA without increasing the kV or the time of exposure (Karoll et al., 1985). This meant that patient dose was reduced since the mA was lowered and so the patient was irradiated less. Although this study is 25 years old, it is still valid since in direct digital radiography, windowing has given the radiographer the possibility to reduce the exposure factors to a certain limit while still obtaining a good diagnostic image. This means that patient dose could be lowered. Both grid and air-gap technique were studied and compared to assess patient dose by Kottomasu and Kulms (1997). The authors concluded that the air-gap improves musculoskeletal digital imaging without an increase in skin entrance dose. According to Kottomasu and Kulms (1997), this happened since the scattered photons had less energy once diverged by the patient; they were deflected and did not have enough energy to reach the image detector (Kottomasu Kulms, 1997). Barall (2004) also suggested that when employing the air-gap technique the radiographer should apply inverse square law by increasing the SID and applying tighter collimation. This will ensure the highest decrease in patient dose possible (Barall, 2004). The increase in SID could enable a better use of the air gap while reducing magnification by keeping the source to object distant (OID) constant. In relation to the horizontal beam lateral hip projection, there is a reduction in dose and a good diagnostic resultant image wh en compared with the grid technique (Barall, 2004). Trimble (2000) concluded that imaging the thoracic spine without a grid was possible in children and adults of small size. In this study a significant dose reduction was noted and therefore on this basis, imaging the hip laterally using a horizontal beam and applying the air-gap technique instead of the grid may also result in a reduction of patient dose as opposed to using the grid technique. Digital radiography Radiography has been revolutionised and developed throughout the years from screen film (SF) radiography a high quality digital system has evolved (Oakley, 2003). With the introduction of digital imaging systems, image quality characteristics have improved. The process of image formation in DR is similar as in SF. The image is first generated, then processed, archived and presented. Instead of films, DR uses detectors which when exposed to x-ray radiation absorb this irradiated energy which is then transformed into electrical charges, recorded, digitized and configured into different grey scales (Dendy Heaton, 2003). The grey scales presented on the produced image represent the amount of x-ray photons absorbed by the detector. A big advantage in digital radiography is image manipulation post-processing. While viewing the image, the radiographer can zoom in or out, change the greyscale as well as use measuring tools. Another great advantage of DR over SF is that images can be stored safely and archived. This solves the problem of films being lost and enables future reference of the images (Carlton Adler, 2006). There are two types of digital imaging systems: computed radiography (CR) and direct digital radiography (DR). In computed radiography imaging plates containing photostimuable crystals are used, which absorb the x-ray energy and store it temporarily (Kà ¶rner et al., 2007). Processing involves scanning the detective layer pixel by pixel using a high energy laser-beam of a specific wave-length. Since the exposed photon energies are only stored temporarily in the detective layer, the read-out process should start immediately after exposure. This is mainly because the amount of energy stored in these crystals decreases over time. Although this is a big step from screen-film (SF), spatial resolution in CR may decrease if viewing monitors are not of the appropriate resolution (Kà ¶rner et al., 2007). Direct digital radiographic systems use a photoconductor directly converting x-ray photons to electrical charges, once the photons are absorbed. The most common material used as a photoconductor in industry is amorphous selenium. This material has a high intrinsic spatial resolution. However, the material of the detector does not affect the pixel size, matrix and spatial resolution of the detector (Dendy Heaton, 2003). These are affected by recording and read out devices used. Therefore image processing in DR is as important as in SF and CR. In DR image processing is used primarily to improve the image quality by removing technical artefacts, optimising the contrast and reducing the noise (Dendy Heaton, 2003). Radiation Dose The transition from SF to DR has also changed the radiation dose that the patient gets from an x-ray exposure. Radiation dose is the amount of radiation absorbed by the patient due to a radiation exposure (Carlton Adler, 2006). In SF radiography the dynamic range of the receptor (film) is relatively low and so it only detects specific exposures that lie within its parameters. However, in DR the digital receptor can detect a wide range of exposures. This means that a slightly underexposed or overexposed image is acceptable since image quality can be altered using windowing. Therefore in DR the radiation dose could be kept relatively low when compared to SF while still producing a good diagnostic image. This could also work the other way when patients are overexposed to radiation due to the wide dynamic range of the receptors. The ALARA concept is based on the theory that there is no safe dose of radiation using any kind of irradiation or radioactive material (The Ionising Radiation [ Medical Exposure] Regulations, 2000/2007 The Medical Exposure Directive 97/43/Euratom). In this way individuals internal and external exposure to radiation is kept to a minimum. This principle does not only address radiation used in medicine but also social, technical and economic considerations of use of radiation. This principle also takes into consideration the time of exposure of radiation, filtration, and appropriate materials selected to minimise radioactivity depositing on surfaces. This also ensures the safe disposal of materials containing radioactivity such as needles used in nuclear medicine (The Ionising Radiation [Medical Exposure] Regulations, 2000/2007, The Medical Exposure Directive 97/43/Euratom). The use of ionising radiation should be monitored and used carefully to ensure as low a dose exposure as is reasonably achievable to the patient while at the same time producing an image of high diagnostic quality. Relative Literature The latest literature reviewed in relation to this dissertation was that of Flinthman (2006) who assessed thirty-five horizontal beam lateral hip radiographs for image quality. Nineteen of the cases were performed using the air-gap technique whereas sixteen using the grid technique. Several radiologists and radiographers were asked to evaluate the images. It was found that the air-gap was of higher image quality than the grid technique (Flinthman, 2006). In Flinthmans study several persons were asked to evaluate an uneven number of cases that were meant to be compared regarding the technique used to obtain the radiographs. According to Flinthman (2006) it is more important to have a small group of people evaluating the radiographs. This is because the results could be more specific and more reliable (Flinthman, 2006). A limitation of this study is that Flinthman (2006) did not use the same subjects in both techniques to achieve his results and so it is harder to attain valid and conc lusive results that could be applied in a clinical setting. A similar study comparing the grid and air-gap technique was conducted by Persliden and Carlsson (1997). Persliden and Carlsson (1997) studied scatter reduction using the air-gap and the grid technique. This study investigated the effect of the air-gap technique over the imaging plate and demonstrated the positional variation of scattered radiation (Persliden Carlsson, 1997). The authors concluded that by using the air-gap technique, the patient irradiation was lowered. Persliden and Carlsson (1997) argued that even field size and patient thickness greatly affected the use of the air-gap. As well as Persliden and Carlsson (1997), Trimble (2000) looked and assessed image quality of lateral thoracic spine radiographs and chest radiographs. These examinations were both done using the grid technique and the air-gap technique. Trimble (2000) found it important to have a large sample of subjects while keeping the specialists evaluating the images small. Trimbles study resulted in the air-gap being better for high image quality than the grid. Similiar to this study, Gouldings study (2006) who looked at image quality in lateral hip radiography when using both grid and air gap technique. The radiographs were obtained from the accident and emergency department Goulding (2006) worked in, where radiographers performed lateral hip shoot through examinations using their preferred air gap or grid technique. Goulding (2006) took a sample from the recorded examinations of both techniques. The researcher excluded examinations with an exposure of 100 mAs or more as well as any duplicate patient numbers due to re-assessment as well as those examinations that used both air gap and grid technique in the same examination as this signified a very large patient. Goulding (2006) compared the sampled gird and air gap radiographs after reporting radiographers evaluated five areas on each radiograph, chosen by the researcher. The radiographers had to score each area from one to five where one is poor and five is optimum. It resulted that the a ir gap technique had improved image quality more than the grid technique. A limitation of this study was, however, that the patients used to test for both techniques were not the same, and so this could have meant that the results were not totally reliable since patient size and exposure factors were not constant but varied depending on each examination. Conclusion The literature reviewed in this chapter has explored furthermore the roles of the air-gap and grid technique in imaging. It has also analysed the effect of scatter radiation and ways to reduce this in order to improve radiographic image quality while limiting the radiation dose to the patient as much as possible. Several studies were reviewed and analysed and will help to improve this experimental research. Some studies that are similar to this study were reviewed and discussed. In the next chapter, a description of the research design used in this study will be presented.

Studying - With Children! Essay -- Personal Narratives

Studying - With Children! When people think of starting over, a lot of different things come to mind. Starting over could be simply going back to the drawing board in a business venture, rewriting an English paper, or rearranging your life. Even rearranging your life can be from many different aspects. Alcoholics need to start over. Gamblers need to start over. Divorced people need to make a new start as well. In which direction does starting over take you? Starting over for me first of all meant finding a way to keep up with all of the payments a married couple acquire with a home and kids. Everyone always says, "you’ll be just fine." And I suppose that is true. Financially there is always a job out there. Maybe not a high paying job, but a job to get you by. There are other factors. The kids. There are a lot of questions that need to be answered, and depending on their ages will decide how you will answer them and how much information you will give. They do bounce back a lot quicker than us adults†¦ "Mom, are you alright?" asks a concerned four-year old. Ever since Larry...

Lost in Translation by Ewa Hoffman Essay -- Lost in Translation Ewa Ho

Lost in Translation - A Place to Remember As people grow up, there are special places that remain in the memories. These places become a safe haven when life becomes too rough to handle. All the bad qualities of this place disappear in their minds so that only a perfect world exists. This is a place where everything is right and everyday troubles do not exist. In the novel Lost in Translation by Ewa Hoffman, she describes this paradise of sorts as her hometown of Cracow, Poland. Cracow, Poland is where Ewa spent the majority of her childhood up until age fourteen when she emigrated to the Canada with her mother, father, and younger sister Alina. Although she only spent fourteen years there, this place became a magical entrapment for her. In Cracow, Ewa...

Implied Terms :: essays research papers fc

TABLE OF CONTENTS 1)  Ã‚  Ã‚  Ã‚  Ã‚  Introduction 2)  Ã‚  Ã‚  Ã‚  Ã‚  Implied Terms 3)  Ã‚  Ã‚  Ã‚  Ã‚  Custom / Usage 4)  Ã‚  Ã‚  Ã‚  Ã‚  Court 5)  Ã‚  Ã‚  Ã‚  Ã‚  Past Dealings 6)  Ã‚  Ã‚  Ã‚  Ã‚  Statute 7)  Ã‚  Ã‚  Ã‚  Ã‚  Goods Act 8)  Ã‚  Ã‚  Ã‚  Ã‚  Trade Practices Act 9)  Ã‚  Ã‚  Ã‚  Ã‚  Conclusion 10)  Ã‚  Ã‚  Ã‚  Ã‚  Recommendations 11)  Ã‚  Ã‚  Ã‚  Ã‚  Bibliography INTRODUCTION   Ã‚  Ã‚  Ã‚  Ã‚  Agreements are formed in almost every communication; electronic, written or oral; daily. Once an agreement fulfills the components required of a contract, therein lies the existence of terms of a contract.   Ã‚  Ã‚  Ã‚  Ã‚  These terms depict an obligation between parties involved in the form of Express terms or Implied terms. Express terms are material terms stated by the parties involved, and can be interpreted in 3 ways; Oral, Written, Oral and Written.   Ã‚  Ã‚  Ã‚  Ã‚  Implied terms are terms normally not stated or not known by the parties, and may be derived from Custom/Usage, Court, or Statute. Custom terms are referenced to conventions or usages in a particular industry or trade. Court terms are adopted when an oversight of the parties occur, in order to give ‘business efficacy’ to the contract based on prior or past dealings. Statute terms are referred to the various states, territories and Commonwealth Trade Practices Act when the contract is formed.   Ã‚  Ã‚  Ã‚  Ã‚  When a sale of goods involving consumer and corporations, Trade Practices Act and the Goods Act ; statutes established by the Commonwealth and its State parliament; may be used to protect consumers from the conduct of these contracts. Act s.4B of TPA defines a ‘consumer’ as someone who acquires goods or services for less than $40,000. Act s.85(1) of Goods Act applies if goods are worth less than $20,000. IMPLIED TERMS   Ã‚  Ã‚  Ã‚  Ã‚  The case of BROGDEN v METROPOLITAN RAILWAY illustrates one of the early cases of implied terms; in which the conduct of a party is sufficient for the courts to hold an implied terms judgement, despite a lack of an offer & acceptance. The unilaterally signed agreement was actually a counter-offer, despite there was no mutual agreement to the changes of terms by Brogden. But the courts held that the conduct of Metropolitan Railway as valid.   Ã‚  Ã‚  Ã‚  Ã‚  A simple illustration to determine if a term should be implied into a contract is in the case of SHIRLAW v SOUTHERN FOUNDRIES , where MacKinnon LJ quoted, â€Å"†¦in any contract is left to be implied and need not be expressed is something so obvious that it goes without saying†¦Ã¢â‚¬ . Custom/Usage   Ã‚  Ã‚  Ã‚  Ã‚  In a particular industry, references as to what is ‘common practice’ or ‘usages’ of the companies are dictated by themselves and not by the courts. When they act upon a contract based on their trade understanding, certain standards exist. In the case of BRITISH CRANE HIRE CORP LTD v IPSWICH PLANT HIRE LTD , a hire form sent to hirer was merely to facilitate the formal procedures and understanding.

Irc, Cva and Var †New Methods in Basel Essay

I. Introduction Last financial crisis was seen as a strong slap on the global economy. It has awakened Basel Committee on Banking Supervision (BCBS) about the importance of an aggregation between market and credit risks that banks have to cope with. In accordance with Saunders and Cornett (2011), definition of market risk is â€Å"the risk related to the uncertainty of an FI’s (financial institution) earnings on its trading portfolio caused by changes, and particularly extreme changes, in market conditions†. Interest rate risk and foreign exchange risk are some typical example for market risks (Saunders and Cornett, 2011). Meanwhile, credit risk is defined as risk increased when borrowers, bond issuers and counterparties in derivatives transaction may default (Hull, 2010). According to Madigan (2010), it would be greater risks when credit and market risks associated than the sum of individual factors. Therefore, it might lead to worse impacts to banks’ operations. From the crisis’s consequences, Nout Wellink – chairman of the Basel Committee believes that it is necessary for supervisors to learn experiences from recent events, thus set up new methods for banks to cope with fore problems (Ferry, 2008). These new rules which are reflected in Basel III support each other to efficiently measure and manage correlated risks, thus calculate capital requirement to cover these risks. A report by Goeth (2010) defines Basel III as an extensive set of measures reformed in order to enhance the regulation, supervision and risk management in terms of banking. This report mentions new methods with their strengths, weaknesses and effectiveness to help banks control and measure risks effectively, especially combination of credit and market risks. They are incremental risk charge (IRC), credit valuation adjustment (CVA) and stresses value at risk (VAR) model. II. Incremental Risk Charge – IRC 1. Strengths of Incremental Risk Charge Model In order to avoid crisis, banks must satisfy capital requirement demanded by Basel Committee to cover individual as well as correlated risks. IRC is a method which helps banks to estimate minimum capital needed to cover risks from unsecuritised credit instruments caused by default and migration events (BCBS, 2009b). It means IRC model calculates the maximum risks in the worst case when banks cannot securitise any products. As a result, banks have to set up the suitable capital for their own business and make sure that they can overcome difficulties even in the worst situation. In other words, banks will be safe from default and migration events, and more importantly, they can avoid crisis by using IRC model. In Basel III, with IRC model, risks can be measured for a one-year capital horizon at 99.9% confidence level, instead of a 10-day VAR at the 99% confidence level as in Basel II (Davidson, 2009). The extension of capital horizon is one of IRC’s strengths because it can evaluate and calculate  banks’ risks more effectively and accurately than 10-day VAR. The reason is one-day or 10-day VAR cannot comprise completely large cumulative price variation occurring several weeks or months as well as large daily losses which only happen two or three times per year (BCBS, 2009b). As a result, one-year horizon is the optimal time for banks to rebalance their capital. 2. Weaknesses of Incremental Risk Charge Model Under BCBS’s approval, banks are expected to improve their own IRC models to calculate risks for individual positions or sets of positions (BCBS, 2009b). It means the Committee hopes banks will have their own choice of liquidity horizon which is appropriate with their business without any issued industry benchmarks or standards (Stretton, 2011). However, it leads to inconsistence within banking system. Furthermore, supervisors have to face with more difficulties in process of evaluating banks’ IRC model. Although IRC helps bank to capture risks more effectively, especially when market and credit risks collide, there is a significant weakness still be existing. It is the overlap of counterparty credit risk cooperated with over the counters (OTC) and repo-style transactions between IRC and CVA (Stretton, 2011). As a consequence, it will lead to duplicate capital charge for the banks. Suggested by Linsz (2010) – the corporate Treasurer of Bank of America, the Committee should apply an integrated approach to combine the overlapping risks by deleting the risk above in IRC model, hence build up more accurate capital charge for banks. In fact, Bank of America thinks duplicated capital charge is inappropriate with risk management practices (Linsz, 2010). 3. Effectiveness of Incremental Risk Charge Model According to BCBS (2009b), IRC model mainly compounds two types of risks: default risk and credit migration risk. The origin of default risks can be obligors’ default and/or default events. As a result, it may lead to direct losses and/or indirect losses respectively. Meanwhile, credit migration risks may come from internal or external rating downgrade or upgrade as well as credit migration events (BCBS, 2009b). A study by Kealhofer et al. (1998) and Kealhofer (2003) (cited in Varotto,  2011), there are two main methods applied to rate company’s performance which are Through The Cycle (TTC) rating and Point In Time (PIT) rating. Both two rating methods are used to evaluate repay ability of a business, thus bank sets up its own capital to cover risks in case of the business’s default. Nevertheless, there are several differences between TTC and PIT ratings are as follows. While TTC rating tries to achieve stable rating which is not influenced by economic variation over mid-term or long-term, PIT rating reflects changes of the market as well as credit migration through the credit rating in a short-term. A study by Benford and Nier (2007) found that banks prefer to use PIT rating because it can update market variations and reflect them through enterprise’s credit rating downgrade or upgrade more effectively. In other words, IRC model which is used to estimate capital requi rement for banks based on their risks is influenced by both credit and market risks. III. Credit Valuation Adjustment (CVA) 1. Strengths of Credit Valuation Adjustment A capital charge for credit valuation adjustment (CVA) is a procedure used to calculate capital requirement for mark to market losses associated with counterparties’ decreased creditworthiness (BCBS, 2011b). Compare with the traditional method, CVA is more dynamic because it allows a bank or a financial institution to have trading opportunities with large exposures that excel limits set up to oppose future risks – the thing that the traditional method does not permit (Algorithmics, 2009). In fact, based on high risk, high return theory, banks have chance to increase their profit by the trading opportunities as above. Therefore, applying CVA approach instead of the traditional one may help banks achieve much profit. 2. Weaknesses of Credit Valuation Adjustment When banks apply CVA approach, they have to face with a difficulty which is seen as weakness of CVA. It is banks cannot identify and evaluate counterparty’s credit rating accurately (Cameron, 2011). One of the reasons of this disadvantage is derivatives which are originally purchased between bank and counterparty can be transferred to the third party, then fourth party and so on†¦ As a consequence, the bank cannot control its  counterparties effectively, thus it will lead to bank’s incorrect rating counterparty. Another reason might be mistakes of rating agencies because they do not have enough information about banks’ counterparty. Therefore, it will cause inaccurate risk measure when applying CVA approach. In addition, a report undertaken in this area (Cameron, 2011) shows that there are some participants found CVA’s structuring is sophisticated to apply in several real situations. The dealer proves that there still be existing a lot of pitfalls and problems through the calculating risk process. As a consequence, it might lead to many difficulties for banks in using CVA. 3. Effectiveness of Credit Valuation Adjustment A study by Barus et al. (2010) found that CVA approach uses one-year market risk horizon instead of 10-day. It is the same horizon with model as well as VAR models; therefore it helps banks manage risks easier based on integrated time horizon between risks controlling models. In addition, BCBS (2011b) states that CVA capital charge includes charge for mark to market losses and counterparty’s devaluation in creditworthiness. If banks purchase securities at current time, then their market price decreases, banks will take an expenditure called mark to market losses. CVA captures these risks above means it covers market risk might occur to the banks. In fact, within the last crisis, only one-third of counterparty credit risks were due to actual defaults while the remaining two-thirds caused by CVA losses, especially mark-to-market losses (Goeth, 2010). As mentioned above, CVA also captures risk of counterparty’s devaluation in creditworthiness. According to BCBS (2011a), creditworthiness mentions ability to repay or meet debt obligation of an individual or an enterprise. Therefore, when the counterparty’s repay ability deteriorates, it will lead to increasing of CVA capital charge for banks (Bushnell, 2007) in order to help banks prepare an adequate capital. Put differently, CVA not only captures market risks but also cover credit risks that banks have to face with. As a result, CVA and IRC model associate and support each other to help banks measure and manage combination of market and credit risks more  completely effectively. IV. Stressed VAR 1. Strengths of Stressed VAR Model According to Butler (1999), VAR is defined as calculation used to measure â€Å"the worst expected loss that an institution can suffer over a given time interval under normal market conditions at a given confidence level.† After the crisis in the year 2007, Basel Committee realised that market condition is not always consistent. Therefore, stressed VAR was created to compute VAR which would be performed on the present portfolio of a bank in case that the related market elements were going through a stressed period (BCBS, 2009a). Based on VAR calculated, banks are required to have an appropriate amount of capital to cover their worst expected loss. One of VAR charge’s strengths is it reduces the pro-cyclical capital which are disadvantages for the banks. As stated by Christopher Finger (cited in Pengelly, 2011), recent data used for calculating VAR moved around and around, and it might lead to bad aggregation of more volatile markets, dealers’ losses and enlarged capital. 2. Weaknesses of Stressed VAR Model The weaknesses that can be easily seen in stressed VAR model is stressed VAR cannot capture migration and default risks of banks. That is the reason why banks also have to apply IRC model to capture these risks. Furthermore, stressed VAR also cannot cover mark-to-market losses which need to be measured by CVA approach. Therefore, banks have to cope with more complexity in risk measure; as a consequence, banks can make more mistakes in calculating risk process. One more important point is stressed VAR is not able to measure risk in a normal market condition, thus banks need to use one more different model – normal VAR calculation to measure this type of risk. Consequently, it will require really careful and complicated risk management system in order to measure risk accurately. 3. Effectiveness of Stressed VAR Model In accordance with BCBS (2011c), the effectiveness of stressed VAR model is performed through it can include all risks, for instance interest rate risk,  commodity risk, etc. over a period of stressed market that banks recently experienced. In other words, the more types of risks stressed VAR can cover, the more accurately banks can measure and manage risks. From the stressed VAR’s definition mentioned above, BCBS suggested that â€Å"it should be based on the 10-day, 99th percentile, one-tailed confidence interval VAR measure of the current portfolio, with model inputs calibrated to historical data from a continuous 12-month period of significant financial stress relevant to the bank’s portfolio.† It means stressed VAR uses the same time horizon with IRC and CVA in order to help banks reduce mistakes in risk calculating process due to united horizon. Concurrently, the same time horizon also assists supervisors to revise banks’ risks more effectively. Besides, in order to set up an effective risk management method, banks have to use time-series data of 12-continuous-month for stressed VAR model that includes financial stress event which is relevant to banks’ portfolio (BCBS, 2011c). As a result, the financial crisis from 2007 to 2009 is the time period suggested by the Committee to banks to be used for building stressed VAR model. V. Conclusion In Basel III, three new methods above – Incremental Risk Charge, Capital Valuation Adjustment and Stressed Value at Risk – are concurrently used by the banks and they support each other to measure and manage risks more effectively. Strengths of one method are supplementary for others’ weaknesses. That is the reason why banks are required by Basel Committee to add both of three methods into their risk management. With normal VAR model, IRC, CVA and stressed VAR approaches help banks not only control risks as individual factors but also measure and manage risks as a combination, especially the aggregation of credit and market risks more efficiently. From that, banks need to set up their own capital which is appropriate with their financial situation in order to face with difficulties that the financial crisis 2007-2009 was the typical example. Besides undeniable advantages of three new rules, the largest banks in the world, such as Bank of America, UBS, Royal Bank of Scotland, still found  significant weaknesses and gave comment on the Basel Committee on Banking Supervision’s consultative documents. Basel Committee should concern about these recommendations to readjust Basel III in order to set up an accurate and effective regulation documents for international banks to help banks in particular as well as financial institutions in general avoid disasters as the financial crisis happened in 2007 to 2009. VI. References Algorithmics, (2009) Credit Value Adjustment and the changing environment for pricing and managing counterparty risk. [Online]. Available at: http://www.algorithmics.com/EN/media/pdfs/Algo-WP1209-CVASurvey.pdf (Accessed: 02 January 2012) Barus, R., Battaglia, F., Jagannathan, R., Mendis, J., and Onorato, M., (2010) Basel III: What’s new? Business and technological challenges. [Online]. Available at: http://www.algorithmics.com/en/media/pdfs/algo-wp0910-lr-basel3-exd.pdf (Accessed: 02 January 2012) Basel Committee on Banking Supervision, (2009a) Analysis of the trading book quantitative impact study. Bank for International Settlements. Basel. Basel Committee on Banking Supervision, (2009b) Guidelines for computing capital for incremental risk in the trading book. Bank for International Settlements. Basel. Basel Committee on Banking Supervision, (2011a) Application of own credit risk adjustments to derivatives. Bank for International Settlements. Basel. Basel Committee on Banking Supervision, (2011b) Basel III: A global regulatory framework for more resilient banks and banking systems. Bank for International Settlements. Basel. Basel Committee on Banking Supervision, (2011c) Interpretive issues with respect to the revisions to the market risk framework. Bank for International Settlements. Basel. Benford, J. & Nier, E. (2007) Monitoring cyclicality of Basel II capital requirements. [Online]. Available at: http://www.bankofengland.co.uk/publications/fsr/fs_paper03.pdf (Accessed: 28 December 2011) Bushnell, C. D. (2007) Detailed Comments on Market Risk NPR’. [Online]. Available at: http://www.federalreserve.gov/SECRS/2007/February/20070213/R-1266/R-1266_17_1.pdf (Accessed: 06 January 2012) Butler, C. (1999) Mastering value at risk: a step-by-step guide to understanding and applying VAR. London: Financial Times/Prentice Hall. Cameron, M. (2011) ‘Securitising CVA’, Risk, 24(2), p. 29. Davidson, C. (2009) ‘Urgency and uncertainty’, Risk, 22(4), p. 72. Ferry, J. (2008) ‘Wary of the IRC’, Risk, 21(9), p. 26. Goeth, P. (2010) Basel III – Design and Potential Impact. [Online]. Available at: http://www.garp.org/media/529782/basel%20iii_goeth112410.pdf (Accessed: 28 December 2011) Hull, C. J. (2010) Risk management and financial institutions. Boston, MA Harlow: Pearson Education. Linsz, D. M. (2010) Basel Committee on Banking Supervision, Consultative Document â€Å"Strengthening the Resilient of Banking Sector†. [Online]. Available at: http://www.bis.org/publ/bcbs165/boac.pdf (Accessed: 28 December 2011) Madigan, P. (2010) When market and credit risk collide. [Online]. Available at: Available at: http://www.risk.net/risk-magazine/feature/1652766/when-market-credit-risk-collide (Accessed: 03 January 2012) Pengelly, M. (2011) Stressed VAR questioned by risk managers. [Online]. Available at: http://webcache.googleusercontent.com/search?q=cache:8Hl5fareW-UJ:www.risk.net/risk-magazine/news/2024562/stressed-var-questioned-risk-managers+Stressed+VAR+questioned+by+risk+managers&cd=1&hl=en&ct=clnk&gl=uk (Accessed: 28 December 2011)