Saturday, December 28, 2019

AIDS and Healthcare Workers Essay - 728 Words

The case of Doctor David Acer and his HIV infected patients reads as a question of ethical and legal dilemmas as well as a murder mystery. According to authorities, Dr. Acer either knowingly or unknowingly infected five of his patients with the strain of the AIDS virus he himself was infected with (Altman, 1993). Whether or not Dr. Acer was guilty of intentionally infecting his patients is not able to be answered beyond any reasonable doubt, however the ethical questions it presents merit discussion. The family of a deceased victim, Miss Kimberly Bergalis, pushed for laws mandating that healthcare workers be tested for AIDS and required to tell patients of positive results (Altman, 1993). I believe this to be an unfounded and unethical†¦show more content†¦He also goes on to describe that 19,000 patients of infected 57 different healthcare workers were tested following this incident, and none presented with the virus from medical treatment (Altman, 1993). If there is a need for regulations allowing a patient to know there is a possibility for HIV infection from treatment, it should be no more than a requirement for all informed consent forms to list the possibility that healthcare workers may be infected with HIV. It should also state that the risk is incredibly low. As well as only one health care professional ever infecting a patient with HIV, it’s still unclear whether Dr. Acer accidentally or intentionally infected his patients. Sources differ in opinion when presented with the question. The Federal General Accounting Office stated that no evidence supported that Dr. Acer deliberately infected those in his care (Altman, 1993).The most plausible accidental infection would be through a needle stick. However, Altman explains, â€Å"†¦studies have shown that only about one stick in 300 transmits the infection† (Altman, 1993). Therefore, his success rate would be unheard of if the patients he infected were selected, as suggested by Dr . Acer’s claimed friend, Edward Parsons. Parsons’ gave the case against Dr. Acer a motive, sharing that in a private conversation Dr. Acer told him, â€Å"When it starts affecting grandmothers and younger people, then you’ll see somethingShow MoreRelatedThe Need for Sharps Safety in Hospital Settings927 Words   |  4 Pagesbeen fanned into a wholesome revolution in the nature of nursing care due to the ever changing healthcare needs and demands of patients. This has led to a paradigm shift from generalized patient care to a patient centered approach. The increase in interaction and individualized patient management has improved healthcare delivery. However, on the flipside, this has not come with new challenges. Healthcare providers are increasingly being exposed to new health hazards as new and sophisticated treatmentRead MoreThe Effects of HIV Related Stigma 790 Words   |  3 PagesFor nearly three decades, the world has struggled to control the HIV/AIDS epidemic. The fact is that poor understanding of the related issues of stigma, discrimination and denial has hampered national and international programs. (3,4,5) HIV/AIDS is not merely a medical problem, but a social problem as well (1). Stigma and discrimination are as central to the global AIDS challenge as the disease itself. (2) HIV-related stigma and discrimination can be described as a devaluating process of PLWHA whereRead MoreAre You a Good Communicatior Essay854 Words   |  4 PagesAre you a good Communicatior HCA/230 April 14, 2013 University Of Phoenix Are you a good Communicator? Effective Communicator is a vital in the healthcare workplace. It’s the welfare of others and the fundamental that focus and effective communication that is between colleagues that can make the difference in quality and the consistency of care that is delivered to the patients. When people consider themselves to be good communicators, and Identifying the effective communication process itRead MoreThe Provision Of Healthcare Country s Veteran By Providing Excellent Healthcare1401 Words   |  6 Pages The provision of healthcare country’s veteran by providing excellent healthcare that assures and improves their health and well-being. They administer benefits to veterans and their families and provide quality services to our customers in a timely, compassionate manner. The strategic challenges that they face and the competitive milieu in which they operate are strikingly different from those in other economic sectors. System Managed Care supplied an incentive for emphasizing qualityRead MoreEssay about Operations Management in Health Care792 Words   |  4 Pagesproviding goods and services to customers (Encarta, 2005). In the healthcare industry, operations management generally focuses on providing a service of healthcare to patients. An organization has three basic functional areas, and theses are: finance, marketing, and operations (Operations Management, 2004, p.4). Since operations is one of the three basic functions of an organization it holds a strong significance in the healthcare industry. The contents of this paper will explain what operationsRead MoreEmergency Room And Acute Care876 Words   |  4 Pagescomplexity and inequity associated with IFHP, it has been suggested that creating a tailored social welfare policy and healthcare model suited to the characteristics of refugees may hold promise (Barnes, 2013). There has been a range of further suggested changes to regulations, including suggestions that fewer categories of m igrants be delegated to simplify the system with respect to healthcare access (Ruiz-Casares, 2016). This, combined with better coordination on the provincial and federal levels regardingRead MoreDecision Making Based on Mission and Vision of an Organization932 Words   |  4 Pagespresident in his decision about the case of an operating room nurse who may have HIV/AIDS. What could be the decision and how will the decision be communicated to the physicians, employees, to the board, and the public. The thought of a healthcare worker with a positive human immunodeficiency virus (HIV) diagnosis sounds risk laden for someone who is undereducated on virus transmission risks. As a leader in a healthcare facility, it is imperative the president of Community Medical Center dispel theRead MoreThe Epidemic Of South Africa1666 Words   |  7 Pageswas understandable, it was not rational; ebola is not easily infectious and can be contained without such extreme measures. In addition, besides the ethical dilemmas blanket quarantines present, they had the added effect of discouraging health care workers from going abroad to eliminate the disease at its source. Ultimately, as Dr. Deane Marchbein, President of Doctors Without Borders/ Mà ©decins Sans Frontià ¨res USA writes, the response to Ebola in the U.S. was a â€Å"widespread failure† which did littleRead MoreWestern and Traditional Healthcare1715 Words   |  7 PagesHealthcare professionals have been trying to establish west ern healthcare in Haiti due to the increasing number of Haitians being infected by AIDS. However, Haitians choose to see voodoo priests instead of western medical doctors because religion is very important to them and voodoo priests provide the spiritual healing they seek. The consequence of western doctors not understanding the importance of voodoo religion in the treatment process is the biggest deterrent to Haitians accepting western healthcareRead More Africas Health Care Crisis Essay1529 Words   |  7 Pagessuffering from preventable, treatable, and fatal diseases everyday at a higher rate compared to developed countries. The healthcare crisis in Africa is the primary cause of all these deaths, and includes inefficient healthcare systems. Consequently, Africans inefficient healthcare systems results in poor delivery of care and a shortage of health professionals. The healthcare crisis in Africa is a current issue impacting the lives of many Africans who dont have the same a ccess to resources as

Friday, December 20, 2019

Chinua Achebe s Things Fall Apart And William Butler...

The author deems that each individual had tragedies particularly the common man who dealt with it in his lifetime. He contends that tragedy possibly will also depict ordinary people in domestic surroundings. Miller had a new view of tragedy in which he saw tragic experience as impartial of widespread ethical matters. But, in all honesty, I would argue against Miller’s view of believing that tragedy is impossible in a world of moral relativity. Many views of tragedy have been portrayed over time; nonetheless the author shows a side which not many people seem to relate tragedy with although it is most likely one of the most common. In his paper, he describes a view of tragedy that is very different to how it has been illustrated in the past. This in turn connects the readers with two works that seemingly contradict with the ideas of Miller and can be seen as tragedies, they include Chinua Achebe’s novel Things Fall Apart and William Butler Yeats’ poem â€Å"The Se cond Coming.† In the novel Things Fall Apart by Chinua Achebe, as we all readers know pursues the stereotypical set-up of developing a tragic hero to a certain extent. In my eyes, the common man is Okonkwo whose tragic figure is troubled with a fatal flaw that in the long run directs to the ultimate devastation of him and those inspired by him. In the first few chapters of the novel it is clearly evident that the common theme of the tragic hero is present. For instance, the author states, â€Å"Okonkwo had clearly washed hisShow MoreRelatedThings Fall Apart By William Butler Yeats3426 Words   |  14 Pages50 Things Fall Apart refers to a situation deteriorating from an original functionality and transitioning into negative change in perspective of the experiencer. I have already read the book, so I can only give my opinion in that perspective. The phrasing itself, that things fall apart, versus ‘things are falling apart’ or ‘things can fall apart’ foreshadows the inevitability of this destruction with no chance of stopping it. Things Fall Apart begins with an epigraph by William Butler Yeats to

Wednesday, December 11, 2019

Herman Miller Inc free essay sample

From the headquarters of Herman Miller Inc. , Curt Pullen talks amid the unmistakable pounding sounds and commotion associated with a construction work site about his companys plan to rebound from the recession. Pullen, the firms executive vice president and president of North America, says the workers are installing new lower-height Herman Miller workstations designed to accommodate a growing trend in offices toward more open, collaborative environments. The new product, called Canvas, is part of the companys market-shift strategy after the demand for office furniture fell hard during the economic downturn. The plan also involves diversifying into the health care and academic furniture markets and more emphasis on emerging economies. The plan appears to be paying off. For the first time in nearly four years the company reported two consecutive quarters of double-digit percentage sales growth after releasing its second-quarter earnings statement on Dec 15th. Orders in the second quarter rose 34% to 2 million. Significant increases occurred in international markets where sales rose 33%. In 2010 the company acquired UK-based ergonomic workstation manufacturer Colebrook Bosson Saunders and purchased assets from Australian furniture maker Living Edge Group. In 2008, the company announced a partnership with Chinas Posh Office Systems Ltd. to expand in the Asia-Pacific region. The company attributed a year-end surge to gains in its international, health care, learning and retail vertical markets. The expanding health care industry has become one of the companys key growth targets. One of the more recent expansions into the health care field came on Jan. 31 when Herman Miller completed its acquisition of health care furniture manufacturer Nemschoff Chairs LLC based in Sheboygan, Wis. Herman Miller designed the Canvas workstation at a lower height than traditional workstations to facilitate a workplace trend toward more collaborative environments. The design also allows more light into work areas and saves space, the company says. Including sinks and headwalls, to be reconfigured to meet patient needs. 2. Business Strategy: Broad Differentiation Strategies This strategy pursues the buyer’s needs and preference to make them satisfied with the product. And to be different from other rivals, the product must have unique product attributes that a wide range of buyers find appealing and worth paying for. The strategy achieves its aim when an attractively large numbers of buyers find the customer buyer value proposition. Herman miller is pursuing this strategy as we refer to the case study that their products are based on the design which is designed according to the people who use the furniture. Like the president of Herman Miller said: ‘people are important not the furniture. Furniture should be useful’. Besides, this company emphasizes on product design and environmental friendly, these are two basic things that they have been practicing for many decades. Furthermore, they also invest more in research and development for product innovation. Take an example of office design product, Herman Miller’s Insight and Exploration team observed various workplaces to analyze how people collaborate and the ways in which their interactions vary over the course of a day, and throughout the life of a project by differentiating the subtleties of how, when, where, and why people connect independent of content or industry. Senior Researcher Shilpi Kumar notes that, â€Å"outlining these collaborative work behaviors will empower designers and decision makers with a greater understanding for how people really work, and will enable more informed choices in regards to office spaces. Herman Miller takes advantage of the growing desire for green products to create a better world and increase ergonomic furniture, because the consumers are willing to pay a premium for such quality and social responsible product. Since the designer of Herman Miller emphasized quality, excellence, and the continual improvement of their products, obviously one of their product which is designed by Charles and Ray Eames since its launch in 1950 had developed from plastic chair to wood chair in 2000. She also confirmed that this wood chair is 100 times recyclable since Herman Miller is concerned about environmental friendly, and Eames Molded Wood Side Chair earns Gold award at NeoCon 2013 in the Guest Seating category. 3. Functional strategy: Research and Development (RD) This category focuses on strategy that is concerned with the actions in managing particular functions within a business especially in RD. In terms of Herman Miller RD, they invested in research and development (RD) financially. Although there was downturn in financial, Herman Miller still invested tens of millions of dollars in RD. The investment in RD was code named Purple. A result of investment in RD was an outgrowth of project Purple. The goal of this project was to spread beyond the boundaries of normal business. Herman miller created a special team called the accessories team in which the team-identified a potential growth area. This team is made to recruit people with different disciplines needed to support that goal. In addition, this team focuses on contributing ideas to the success of the team from all resources and also to develop a particular product as it goes through that piece of work. This project is in line with functional strategy of RD in which a company’s product development represents the plan for keeping the company’s product in accordance with what buyers are looking for (Thompson et al, 2014). In the case of Herman Miller Inc, they began with research in every real design solution in which the exploitation and insights of the best research leads to human-centered design and problem solving. Herman Miller Inc is doing many things for RD in the case of education, sustainability, performance, healthcare, manufacturing, architectures design and ergonomics. Herman Miller Inc has its major RD activities and projects, i. e. its way to support and develop a company’s product. According to Herman Miller’s financial statement for fiscal years 2006-2011, there was a decline in design and research in 2009 due to the ongoing economic downturn. Figure 1. 1: Spending on Design and research So far, they have done some research projects regarding education such as; student’s research work behaviors behind innovation spaces. In the fall 2012, there was a project Herman Miller funded as a way of investing in the next generation of workers by giving students the chance to apply what  they learn in a real-world setting. Herman Miller wanted them to look at the business objective of the company. Besides Herman Miller providing the funds, the employees of the company also participated in the project. After the field research, the goal of this project was that the students shared what they had learned from going to the company for a workshop. The company also wanted to discover more about places that encourage creativity and the places of creative people. Besides Herman Miller providing the funds, the employee of the company also participated in the project. In regarding with the research in technology, the research starts by understanding which technological trends are creating new behaviors in the workplace. So from that, they can produce new design solution. Over the last three years, a group of designers, engineers, and researchers, the Insight Herman Miller and Exploration Team (I E) has focused on emerging technologies and how they alter social behavior in the workplace. Herman Miller’s goal is to identify the technology trends that are relevant to the office and also understanding new behaviors that allow the designers, architects and manufacturers to bring new workplace design. For healthcare, Herman Miller Healthcare saw the opportunity to study and analyze by doing the research from the discussion of Bluewater health in which prior to design development and also the satisfaction and safety of patients and staff members. Herman Miller Healthcare is sponsoring a research project that will explore how changes in the built environment have affected staff in three important areas: Ambulatory Care, Intensive Care Unit and Emergency Department. 3 4. Functional Strategies: Marketing Marketing is one of the strategies used under functional strategy. First and foremost, Herman Miller products were sold internationally through wholly owned subsidiaries in countries including Canada, France, Germany, Italy, Japan, Mexico, Australia, Singapore, China, India, and the Netherlands. Hence, they use the international strategy to compete its products in each country. In other words, they use the foreign subsidiary strategies because it seemed that they prefer to have a direct control over all aspects of operating in a foreign country that is the reason why they established wholly owned subsidiaries. As a result, this strategy was successful as their brand was recognized by customers and increased customer base spreading over 100 countries. Moreover, they used green marketing strategy to sell their products. This is because they mainly focus on environmental friendly such as Mirra chair, one of their products which was made of 45 percent recycled materials, and 96 percent of its material were recyclable. Therefore, the chairs used 100 percent renewable energy. Due to this strategy used, Mirra chair was recorded as one of the Top 10 Green Products by Architectural Record and Environmental Building News. Hence, this can indicate the success of using this strategy. In addition, Herman Miller engaged in cooperating advertising with strategic partners. As the example of Hilton Garden Inns which they equipped the Mirra chair in some room and on the desk in the room, was a card that explain how to adjust the chair while also providing the advertisement of Herman Miller’s website, how to purchase the products. Likewise, this is one of the advertising used to promote their products by using the strategic partner. As a result, they can reduce the advertising cost and gain more brand awareness. Lean Production Initially, at Spring Lake, Herman Miller had invested in a giant robot assembly that welded supports inside file cabinet housings, including a tractor-trailer-length automated welding line with 1,000 sensors to drive labor completely out of the process. Unfortunately, big customers like Hewlett-Packard and ATT were pulling their orders of 100 instead of 500 and some wanted file cabinets in two weeks instead of six with much higher quality. The Spring Lake plant could not deliver, and certainly not for the lower prices customers demanded. HMPS created competitive advantage through large assembly – manufacturing based. For example, direct materials and components purchased as needed to meet the demand and some suppliers delivered parts to Herman Miller production facilities five or six times per day. This resulted in a standard lead time of 10 to 20 days for majority of the products and low inventories on hand. Interestingly, HMPS managed to increase the variable costs rather than fixed costs while retaining proprietary control over manufacturing process. It was reported that â€Å"the plant managers across Herman Miller have learned that the best-run plants rely on people, not machines. Only people can solve problems to make assembly lines go faster, run cheaper, and deliver higher quality† (Boozco. , 2010, para 25). Therefore, it can be concluded that labor intensive approach tend to outperform machine intensive approach especially when the products demand further customization with limited time and the majority of industry products are built to each customers unique order. Question 2: Culture at HMI: healthy and largely supportive of good strategy execution. Herman Miller had codified its long-practiced organizational values, intended as a basic for uniting all employees, building relationship, and contributing to society. Herman Miller started in 1905 with the Star Furniture Company and created the Herman Miller furniture company with his son in law named Dirk Jan De Pree. From the beginning, De Pree committed himself to treating all workers as individuals with specials talents and potential. This was part of Herman Miller’s corporate culture which continued to generate respect for all employees and take advantage of the diversity of skills possessed by all. This is one of the functional strategies in corporate culture in Herman Miller Inc in which included the company’s approach to people management, procedures and operating practices that provide the guidelines for the behavior of the company. The impact of this culture became one of the competitive advantages that make strong management and employee satisfaction in the company. The business principles and ethical standard of Herman Miller are the management practices as the key of company’s culture. Herman Miller was one of the furniture company named to Fast Company’s â€Å"Most Innovative Companies† in both 2008 and 2010. Herman Miller had pursued a path of reinvention and renewal. Herman Miller has many ways to develop their products and its culture is also unique. Through the growing of the company, Herman Miller maintains the relationship with the employees. Herman Miller’s commitment to innovation included sharing ideas and opinions from the employees. On January 1979, Herman Miller established new organization structures that included all employees were to be given the opportunity to discuss new plan in small group settings. In addition, Herman Miller also established a plan in which all employees became shareholders. Herman Miller Inc. also focuses on more efficient and environmentally friendly by taking a major initiative in 1981. It is in line with a better world value which is pursuing sustainability and environmental policy. They established environmental quality action team whose goal was to coordinate environmental programs worldwide that involves many employees. A Herman Miller’s culture is grounded in and resides to certain core value and some sets for ethical behavior. Herman Miller had long practiced organizational values that were still used in 2012. The values are as basis for uniting all employees, building relationship, adapt the implied attitude, behaviors and work practices. The company adopted inclusiveness which means they include all the expressions of human talent and potential that society offers. As mentioned before, Herman Miller corporate culture continued to create respect to all employees and looking for and utilizing the skills possessed by anyone. The second value is design in which it is important to Herman Miller Inc. in order to make innovative products. It is the way for them for looking at the world and how it can work. The results of this value are Herman Miller established many innovative products and designs. In 1971 and 1984, they introduced products based on ergonomics principles such as the Ergon chair and Equa chair. For another groundbreaking design, it introduced the Aeron chair which was almost added to New York Museum of Modern Art’s permanent design collection in 1990. Other important values are based on Herman Miller’s best performance that focuses on enriching the lives of employees, customers and create value for the shareholders. The result of this value has made Herman Miller share the gains and pains with the employees especially about the compensation. All employees received a base pay and they also participated in a profit sharing program where they received stock in accordance to the company’s financial performance. The company also offered to the employees the employee stock purchase plan (ESPP), retirement income plan, offered annual bonus to all employees based on company’s performance, and in regard to profit sharing both the employees and executives have same calculation of bonus potential. High performance culture. In Herman Miller Inc. there is a strong sense of involvement on the part of company personnel and emphasis on individual initiative and creativity. Two of the greatest strengths lie behind our heritage of research-driven design. Respecting and encouraging risks, exploring new ideas and freedom of speech. Owners actively committed to the life of the community called Herman Miller, pride in doing things right, sharing in its success and risks. The strengths and payoff really comes in when engaging in people’s own problems, solutions and behavior. Performance is required at the highest level possible. Herman Miller enriches employees’ lives, delight its customers, and create value for its shareholders. Herman Miller includes all the express human talent and potential, everyone should have a chance to realize his or her potential regardless of color, gender, age, sexual orientation. It believes that skill; different educational background could bring the company uniqueness. Adaptive Culture Herman Miller always keep innovating its products to serve their customers better. Herman Miller’s corporate culture, which continued to generate respect for all employees, had fueled the quest to tap the diversity of gifts and skill held by all. The company designs products according to what people want the most, and it is a way of looking at the world and how it works or does not. To design a solution, rather than simply devising one, required research, thought sometime starting over, listening and humility. Manager and employees support each other in dealing with working environment. Herman Miller designed the Canvas workstation, at a lower height than traditional workstations to facilitate a workplace trend toward more collaborative environments. The design also allows more light into work areas and saves space, the company says. In terms of leverage, overall, it can be said that the performance of the company has been improving over the years and regaining its position in the furniture market after the economic downturn. Although it may not do well as compared to its competitors in terms of financing the debt and equity, there is a sign of improvement and effort in positioning its self in the market industry in U. S. iv. Activity Ratios Figure 3. 4. 1: HMI’s Inventory turnover ratio versus its competitors’ ratio The inventory turnover is commonly used to measure the operational efficiency in managing its assets. Based on the figure 4. 1 illustrated above, in 2009, Herman Miller Inc. has the highest ratio compared to other years. This high ratio could indicate two conditions, such as; whether the company has strong sales during the year or it has an ineffective buying activity. However, it is perceived that the company did have strong sales proven from the lowest level of inventory and high sales revenue which are seen in the annual report during the year. While in 2010, Herman Miller Inc. ’s turnover ratio drops significantly compared to the other years. Its cost of sales for the year has the lowest and showed a decrement of 24% from previous year which simultaneously contribute to low ratio as well as indicating the lack of effectiveness particularly in turning its inventory into sales. One of the reasons is that it could be due to the recession which highly affected the company, and hence making them to reduce the cost of sales. However, Herman Miller Inc is getting better in turning its inventory into sales proven from the increment of its ratio by year. Additionally, compared to competitors, the position of the ratio shown for Herman Miller Inc. is located somewhat in the middle. Steelcase is somewhat faster in turning their inventory into sales compared to others. In contrast, HNI has the lowest rate. This proves that Steelcase is more effective in managing its operational assets. Figure 3. 4. 2: HMI’s Average collection period versus its competitors’ ratio Average collection period is the number of days it takes a company to collect its account receivables. As illustrated from the figure 4. 2 above, Herman Miller is getting better in obtaining its receivables shown by the average days taken which was from 58 days in 2008 and 34 days in 2012. This demonstrates that Herman miller Inc. Constantly improve its credit policy effectiveness confirmed by a dramatic slump by years. Comparing to other competitors, originally HNI was the most effective company in managing its credit term policy, as the company only took 38 days in collecting its account receivables compared to Steelcase or Herman Miller. However, the company ended up to be the highest rate at 2012 showing that it is not effective in evaluating company’s credit policy. As a result, when a company possesses a lower average collection period, it is seen as optimal as it indicates that the company does not take very long to turn its receivables into cash. HMI’s current strategies: an issues of need to change its strategies during poor economic conditions The current Herman Miller strategy which focuses on growth strategy, through innovative products and related diversification made the company to survive the Great Depression early in its history, multiple recessions in 20th century and in early 21st century the company recovered from the dot-com bust and was able to continue expanding overseas. The furniture industry is an economically volatile industry. The office furniture segment of the industry was hit hard by the recession. Industry sales decreased 26. 5 percent during the 2009 economic downturn. However, because of the innovative and diversification, Herman Miller was able to outperform its competitors in terms of sales and profitability, during that time Herman Mill’s sales dropped by 19% which is relatively low in comparison with its competitors HNI Corporation and Steelcase which had dropped by 33 percent and 28% respectively. The furniture industry is at its maturity stage, thus Innovation is crucial to the company’s survival. If Herman Miller continues to successfully innovate, it will enable them to compete in the market strongly. The industry had been negatively impacted telecommunication which had reduced the need office furniture. Yet, more employees were spending more hours in front of the computer screens than ever before. Because of Herman Miller’s effective innovation, they were able to respond to the need of ergonomically correct office furniture that had helped to decrease fatigue and injuries like carpal tunnel syndrome. In summary, the company does not need to radically alter its main strategy which focuses more on innovation and diversification as it’s the reason they were not dramatically hit by recessions and competitions among the rivals. 3. Recommendation: i. Reduced current benefit and incentive schemes There are several incentives that had been eliminated by Herman Miller’s management due to the economic downturn in 2009. The suspend of 401(k) contribution plans (saving contribution plan), cut-off 15 percent of current workforce and 10 percent reduction in salary for remaining workforce had been implemented during the crisis. However the pay cuts was discontinued because of Herman Miller’s quick turnaround. The company was stable starting the year 2011, but the selling, general, and administrative were the highest contribution of the operating expenses. Specifically, â€Å"†¦$3.8 million and $16. 6 million of additional operating expenses during fiscal 2011 due to the reinstatement of all of our employee benefits and employee incentive expenses† (Herman Miller’s Annual Report, 2011). The company believed that the large benefit and incentives had created motivated and skilful employees which are the key of its competitive advantage. Even though the company has increased in sales as compared to the year 2010, it is important to cut the costs by eliminating some of the less important incentives schemes and benefits such as $100 rebate on a bike purchase, concierge services and one-site services to name a few. Previously, the company had eliminated the 401(k) contribution plan so that they could stop providing some percentage on the employees’ contribution. It is crucial since it could allow the company to save a significant amount of money in the long run (Richardson, 2009). It can be done by communicating the problems and issues which need to be addressed to the staff before they get out of hand. Address the problems proportionately and regular communication could make the staff be aware on their role to support the company throughout the economy downturn. By having it, the staff might accept the decision positively and provide effort to help the company to fully recover after the recession (‘Recession Business Cost Cutting†, 2013). ii. Reduction in company’s cost of sales According to Herman Miller’s Annual Report (2011), the increase in cost of sales for the year 2011 was due to the increase in sales volume that was driven primarily by cost leverage on higher production, which was partially offset by deeper discounting, higher employee benefit and incentive costs, and higher costs of key direct materials, most notably steel and steel components. Besides that, the cost of direct material increased as compared to previous years which there was increase in the cost of commodities and the increase in discounting, which has the effect of reducing net sales The costs of certain manufacturing materials used in producing finished products are sensitive to the volatility of commodity market price. The cost of direct labor and overhead were increased due to increase in product volume while the cost of freight expenses had increased during the year because of increase in product volume as well as increase in fuel costs in 2011. First recommendation to cut the cost of sales in terms of direct material is substituting lower cost material where possible to replace the expensive one and each angle should be considered for better decision. For example, the substitution of carbon steel to replace expensive stainless steel could reduce the cost but the corrosion protection might not last longer. This method should be applied if only the benefit from the substitution is higher than the cost of reduction in quality (Lewis, n. d. ). Second recommendation is by eliminating unnecessary product features to reduce cost. The company should produce a product that really suits customers’ preferences in buying their products. For example, the company should identify whether customers are purchasing its products because of their unique looks, lower price or high quality. If customers buy the products because of their lower price, unique features may not be needed (Lewis, n. d. ). Third recommendation which is the most effective one is by hedging the price of the steel through futures contract. According to Herman Miller’s Annual Report (2011): â€Å"The company believes market prices for commodities in the near term may move higher and acknowledges that over time increases on its key direct materials and assembly components are likely. Consequently, it views the prospect of such increases as an outlook risk to the business† (p. 34). By locking the price in the contract, it could eliminate any risk of price volatility (â€Å"Hedging in Practice†, 2013). For example, if there is a huge possibility that the price of steel will increase in a certain period of time. Due to that, the company will engage in future contract and lock-in the price for a specific period in the future. Regardless of increase in steel price, the company is eligible to buy the commodity at a lower lock-in price as stated in the agreed future contract. Conclusion Herman Miller Inc. has implemented different strategies in order to improve its performance and expand its self in furniture market, such as diversified strategy, broad differentiation strategy, green marketing, product development and innovation. In addition, besides focusing on those strategies to achieve the business goals, the company also concerns about how it communicates and treat its employees. â€Å"All workers as individuals  with special talents and potential† can be considered as one of the healthy culture at Herman Miller since 1927 and the Company continued to generate respect for all employees and fueled the quest to tap diversity of gifts and skills held by all. According to one of the verse in chapter 42 of the Qur’an: â€Å"Those who hearken to their Lord, and establish regular Prayer; who (conduct) their affairs by mutual Consultation; who spend out of what We bestow on them for Sustenance† (Quran 42:38) The verse above explains the importance of mutual consent in making a decision. Islam encourages Muslims to decide their affairs by consulting with those who will be affected by the decision. Thus, in the case of Herman Miller, it empowers its employees and nurture participative decision making so that the employees feel as part of the company. Surviving in matured furniture industry and the economic volatility such as recession, demand full cooperation from the whole organization. It is not easy to integrate the diverse nature of employees with different backgrounds and behaviors to achieve goal congruence. Thus, Herman Miller’s healthy culture leads to its employee’s readiness to accept any relevant decision by Herman Miller such as cutting their salaries as the employees work with Herman Miller and not just work for it. Furthermore, in term of design value, the designer team of Herman Miller always emphasized on quality, excellence, and the continual improvement of their products. â€Å"At Herman Miller the products we made decade ago are still sold after today, and products we make today we will do for a decade to come. † All in all, Herman Miller should pursue its current strategies and continue to expand those strategies such as product innovation, diversification and so on. We believe that these strategies have made and will make Herman Miller one of an outstanding and award winning Company. They will continue to provide the Company with the ability to renew and reinvent itself in the furniture market and outperform its rivals in the future. From the explanation above, it gives us a broad view of how the company’s long-term strategy and objective affects all their business: from product design to decision-making process to the culture of the Company.

Wednesday, December 4, 2019

Satan The True Hero Of Paradise Lost Essay Research Paper Example For Students

Satan: The True Hero Of Paradise Lost Essay Research Paper Satan: The True Hero of Paradise LostThe argument over who is the true protagonist of Paradise Lost, has been brewing for centuries. One would gather that Milton, a Puritan, would have no problem casting God as the hero, and Satan as the antagonist. But looking back in history, Milton saw that most epic heroes had conflicts that prevented them from accomplishing their goals. God and his Son have no conflict, and Adam’s story doesn’t really begin until the Fall of Man. Therefore, Milton was forced to select Satan as the hero of Paradise Lost because he adheres to the guidelines of epic poetry set by Homer, Vergil and others. There many examples of how Milton uses and edits the tradition of these previous epics in the formation of the Devil as a hero. One of the most basic examples of heroism in epic poetry is the exhortation of the leader to his followers. In The Odyssey, Homer lets Odysseus give a speech that would convince anyone they could survive the journey to the Strait of Messina, Then we die with our eyes open , if we are going to die, or know what death we baffle if we can.(ln.1243-1245) After passing the Sirens, the ship approaches the Strait, and the crew sees the twin terrors of Scylla and Charybdis, they are mortified. Odysseus again lifts their spirits with this speech,Garcia 2Friends, have we ever been in danger before this? More fearsome, is it now, than when the Cyclops penned us in his cave? What power he had! Did I not keep my nerve, and use my wits to find a way out for us? †¦ Heads up, lads! We must now obey orders as I give them.(1294-1302)Here Odysseus shows the true ability of a hero to lead in the face of adversity. Of course Odysseus had the assurance that he would survive the journey and his crew w ill not, but that does not stop him from leading them. In Paradise Lost, this device is used in the opening scene. After suffering a major defeat at the hands of the Almighty and his angels, Satan awakens in a lake of fire. He first speaks to Beelzebub, his second in command, telling him,All is not lost, the unconquerable Will, and study of revenge, immortal hate, and courage never to submit or yield: and what else is not to be overcome?†¦ Since by Fate the strength of Gods and Empyreal substance cannot fail, Since though experience of this great event in Arms not worse, in foresight much advance’s, We may with more successful hope resolve to wage by force or guile eternal War irreconcilable, to our grand Foe, who now triumphs, and in th’excess of joy sole reigning holds the Tyranny of Heav’n.(106-109,116-124) Beelzebub, perhaps showing signs of little faith in his leader (like Odysseus’ crew), raises some important questions. What if he our Conqueror, (whom I now of force believe Almighty, since no less than such could have o’erpow’r’d such force as ours) have Garcia 3left us this our spirit and strength entire strongly to suffer and support our pains, that we may so suffice his vengeful ire, or do him mightier service as his thralls by right of War, whate’er his business be, here in the heart of Hell to work in Fire, Or to do his errands in the gloomy Deep; What can it then avail though yet we feel Strength undiminisht, or eternal being to undergo eternal punishment?(143-155) Satan, as any good leader would, quickly allays his companion’s fear with more speech. During the speech, Satan casts doubts about God’s supremacy and boldly states that they are better off where they are, Here at least we shall be free†¦ Here we may reign secure†¦Better to reign in Hell, than serve in Heaven.(258-263) Beelzebub is taken aback by Satan’s words and awakens al l of the fallen angels. Once Satan has their attention, he rouses these fallen angels with another speech, askingHow such united force of Gods, how such stood like these, could ever know repulse? For who can yet believe, though after loss, that all these puissant Legions, whose exile hath emptied Heav’n, shall fail to re-ascend self-raised, and repossess their native seat.(629-634)Finally, at the end his speech, Satan sets them all on their course of conflict, Peace is despaired, for who can think of Submission? War then, War open or understood, must be resolved.(660-662) The fallen angels respond with a rowdy confirmation, waving their swords in the and hurling defiance at Heaven. .u8b993ab0fe4d25d85db31f01324e6359 , .u8b993ab0fe4d25d85db31f01324e6359 .postImageUrl , .u8b993ab0fe4d25d85db31f01324e6359 .centered-text-area { min-height: 80px; position: relative; } .u8b993ab0fe4d25d85db31f01324e6359 , .u8b993ab0fe4d25d85db31f01324e6359:hover , .u8b993ab0fe4d25d85db31f01324e6359:visited , .u8b993ab0fe4d25d85db31f01324e6359:active { border:0!important; } .u8b993ab0fe4d25d85db31f01324e6359 .clearfix:after { content: ""; display: table; clear: both; } .u8b993ab0fe4d25d85db31f01324e6359 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u8b993ab0fe4d25d85db31f01324e6359:active , .u8b993ab0fe4d25d85db31f01324e6359:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u8b993ab0fe4d25d85db31f01324e6359 .centered-text-area { width: 100%; position: relative ; } .u8b993ab0fe4d25d85db31f01324e6359 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u8b993ab0fe4d25d85db31f01324e6359 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u8b993ab0fe4d25d85db31f01324e6359 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u8b993ab0fe4d25d85db31f01324e6359:hover .ctaButton { background-color: #34495E!important; } .u8b993ab0fe4d25d85db31f01324e6359 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u8b993ab0fe4d25d85db31f01324e6359 .u8b993ab0fe4d25d85db31f01324e6359-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u8b993ab0fe4d25d85db31f01324e6359:after { content: ""; display: block; clear: both; } READ: Lord Of The Flies Play EssayMilton has given you Satan in the tradition of the epic hero. Even though he knows Satan is not the good-guy, he does possess some of the qualities of a hero. Garcia 4He is the pinnacle of the assembled crew, hailed even by enemies as the strongest of the lot. All the angels face a bad situation (exile in Hell) and yet Satan exhorts them all with a speech. He recounts how they survived some bad encounters in the past, and then says they will survive their present predicament. His speech also spurns the angels into some positive action. The action of war against God sets a task out in front of Satan. This quest allows Satan to fulfill another qui ntessential element of the epic hero. In almost every epic ever written the hero has to overcome obstacles that stand in their way to complete their daunting task. In The Odyssey, Odysseus is away from his home 20 years, 10 fighting the Trojan War and another 10 years trying desperately to get back home. Odysseus quest or journey is to travel against the will of Poseidon to get back home to Ithaca. The invocation of the muses, describes most but not all of the trials and tribulations of Odysseus. Tell me the story of a man skilled in all ways of contending the wanderer, harried for years on end after he plundered the stronghold of Troy. He saw the townlands and learned the minds of many distant men, and weathered many bitter nights and days in his deep heart at sea, while he fought only to save his life, to bring his shipmates home. But not by will or valor could he save them†¦(1-10)Odysseus’ obstacles can be traced back to a mistake he made when he blinded Polyphemos and let his pride get the best of him, announcing to the Cyclops his real name. This allowed Poseidon to enact Polyphemos’ wrath on Odysseus, vowing that he Garcia 5would never see his home again. But Odysseus does conquer those obstacles and finally makes it home. Satan can be said to have the same flaw as Odysseus. He, in part, is the cause of his own demise. Had Satan served God willfully, the war never would have raged in Heaven, and Satan and his Army never would’ve been thrown in the fiery pits of Hell. However, without that action Satan would not be a hero. His being in Hell leads to him realize his purpose, to corrupt the new type of being God has created on Earth. Satan’s journey can be said to be some of Milton’s most original piece of writing, because nobody had ever written about Satan’s journey so intricately as Milton. To quote Isabel MacCaffrey,The voyage of Books II and III is Milton’s greatest original creation. There was precedent for the journey motif in epic tradition, but no real parallel to a voyage by Satan in the Christian literature on which Milton drew.(29)Unlike most epic heroes, Satan does not necessarily come out on top at the end of his journey/quest. This is where many are quick to judge and point out that since Satan losses, he can not be an epic hero. Milton intended for Satan to lose, after all, the epic is based on the Bible and is meant to justify the ways of God to man.(26) Milton was merely explaining that Satan both won and lost. He won in the hero sense by completing his task of corrupting Adam Eve, which allowed Sin and Death to enter the world. But he lost in more ways than one. One of Milton’s central themes is that God knows what Garcia 6Satan will do before he actually does it. This is where Milton’s poetic side and his religious side clash. It creates a hypocritical division because Milton wants to show that God is All-Knowing(Satan is just hunk of mass with no free will) and that Satan is our epic hero(Satan is head the rebel angels). Satan also loses because of the fact that 1)due to his trickery he would be a snake forever and 2)The Son was going to come down to earth and die to save Adam Eve, so that Satan’s action would be eliminated. .u33084c17a44d9030e8b38f44a2aefab1 , .u33084c17a44d9030e8b38f44a2aefab1 .postImageUrl , .u33084c17a44d9030e8b38f44a2aefab1 .centered-text-area { min-height: 80px; position: relative; } .u33084c17a44d9030e8b38f44a2aefab1 , .u33084c17a44d9030e8b38f44a2aefab1:hover , .u33084c17a44d9030e8b38f44a2aefab1:visited , .u33084c17a44d9030e8b38f44a2aefab1:active { border:0!important; } .u33084c17a44d9030e8b38f44a2aefab1 .clearfix:after { content: ""; display: table; clear: both; } .u33084c17a44d9030e8b38f44a2aefab1 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u33084c17a44d9030e8b38f44a2aefab1:active , .u33084c17a44d9030e8b38f44a2aefab1:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u33084c17a44d9030e8b38f44a2aefab1 .centered-text-area { width: 100%; position: relative ; } .u33084c17a44d9030e8b38f44a2aefab1 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u33084c17a44d9030e8b38f44a2aefab1 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u33084c17a44d9030e8b38f44a2aefab1 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u33084c17a44d9030e8b38f44a2aefab1:hover .ctaButton { background-color: #34495E!important; } .u33084c17a44d9030e8b38f44a2aefab1 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u33084c17a44d9030e8b38f44a2aefab1 .u33084c17a44d9030e8b38f44a2aefab1-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u33084c17a44d9030e8b38f44a2aefab1:after { content: ""; display: block; clear: both; } READ: By: kim EssayBreak down Paradise Lost to it bare bones, removing all religious overtones, and you have yourself an epic poem, plain and simple. The hero of this poem is a man named Satan who is banished for challenging the leadership of the clan. This man Satan makes a vow to destroy or corrupt anything created by the clan. This Satan was resourceful, making the best of what he had, very little, and accomplishing his goal. Satan may just be the nonconformist who couldn’t abide by what was considered normal. In any case one must show their admiration for Satan in his unwillingness to serve in Heaven, and then in the way he accepted his resulting role in Hell. Bibliog raphyAnderson, Robert. Ed. Elements of Literature: Third Course Holt,Rinehart and Winston, Inc. and Harcourt Brace Jovanovich, Inc.:Austin,1993. MacCaffrey, Isabel. Satan’s Voyage. Modern Critical Views: John Milton . Bloom, Harold, ed. Chelsea House Publishers: New York, 1986. Milton, John. Paradise Lost. Signet Classic: New York, 1982.

Thursday, November 28, 2019

Open Education Essays - Educational Psychology,

Open Education Between 1967 and 1976, the ideas and practices of open education spread rapidly across the United States. Even today the idea of open education is still growing in popularity. Since it was just beginning to gain popularity in 1967, parents and teachers swarmed to workshops in hopes of better understanding the open concept. Many schools were switching over to an open philosophy. News of the successful educational style fanned the flames of many disbelievers. Many questions still remained about open education. What did children do? What did teachers do? Much earlier on, there was an effort to prevent the progression of open education. During the 1920 through 30's, private schools were set up to maintain a teacher's power and keep kids as her pupils. People wanted a new model of education and the open school model slowly replaced it. In the 60's there was a critical push for open education. The American population had reached a higher level of consciousness about our social and educational system. Yet, one question left people doubtful of open education. How can you "prove" that open education works? People were worried about educational change, because it could be devastating and expensive. It was never proven that open education worked, but more money was spent on workshops, teaching methods, and curricula to create more acceptance of open education. The word was also debated for a long time, because of the many different meanings. Was it opportunity? Relationships? Sharing? It was unknown. Finally, the word was decided apon--open. Open was trendy for the times. As Lydia A. H. Smith from Simmons College wrote "Open education is an approach to education that is open to change." As I have gone through open education, I have noticed differences in teachers. Teachers are not the typical drone model. Open education dropped the workbooks and lecture style learning and picked up discussion and hands-on developmental learning. An idea following this change in classroom materials and teaching styles was the position a teacher held in a classroom. No longer were they the directors that made everything this way or that, but teachers were now facilitators that would ease one's way through the educational system. Education is not just studying about, but about being. The word about never gave you the eyes to see being. In the US the open educational philosophy was spreading rapidly, in Britain primary schools were in a great push towards the movement for open education. Britain had closely been following open education. Many articles were being published on the idea of open school. These published articles were evoking positive feelings throughout the United States and Britain. As for today, there are many different types of educational philosophies. Once open education was accepted and found to work well society was more willing to accept new educational ideas. Educational philosophy The word philosophy comes from the Greek root philos (love) and sophia (wisdom), it means the love or search for wisdom. Philosophy covers a broad area of topics, but there is something that I want to explore more closely. I will look at educational philosophy, since that is what I am dealing with. Basically, I think philosophy in an educational context is the generalized theory of education or wisdom in education. Whatever education is, or becomes, is the basis of its philosophy. Educational theories are applied in a classroom to see if they show better results than before. If not, the theories are removed. Educational philosophy contains ideas of ideal ways education should be taught. Open philosophy wouldn't have been a popular philosophical education model, if it had not worked as well as it has. I believe that educational philosophy expresses ideas of how society should be taught. Since I have been in an open education program for my whole life, I'm going to talk about its ideals and my feelings. I think open education is based on 6 factors (1) the school as a community, (2) the school in the community, (3) the person and thier moral right to freedom and choice, (4) concern for individual differences, (5) the method of intelligence, (6) building curriculum through and with students. (Lydia A. H. Smith, page 376) To me the best a teacher can be is when they are learning from the students and when the students learn from them. It is best when material is not dictated, but presented through thought and participation. "I believe firmly, that education must be conceived as a continuing reconstruction of experience; that the process and the goal of education are one and the

Sunday, November 24, 2019

Benjamin Harrison Biography - 23rd President of the U.S. Biography

Benjamin Harrison Biography - 23rd President of the U.S. Biography Benjamin Harrison was born on August 20, 1833 in North Bend, Ohio. He grew up on a 600-acre farm given to his father by his grandfather, William Henry Harrison who would become the ninth president. Harrison had tutors at home and then attended a small local school. He attended Farmers College and then Miami University in Oxford, Ohio. He graduated in 1852, studied law, and then was admitted to the bar in 1854. Family Ties Harrisons father,  John Scott Harrison, was a member of the U.S. House of Representatives. He was the son of one president and the father of another. Harrisons mother was  Elizabeth Irwin Harrison. She died when her son was almost 17. He also had two  half sisters, three full brothers, and two full sisters. Harrison was married twice. He married his first wife Caroline Lavinia Scott  on  October 20, 1853. Together they had one son and one daughter along with a stillborn daughter. Sadly, she passed away in  1892. He then married Mary Scott Lord Dimmick on  April 6, 1896  when he was 62 and she was 37. Together they had one daughter named Elizabeth.   Benjamin Harrisons Career Before the Presidency Benjamin Harrison entered into law practice and became active in the Republican party. He joined the military in 1862 to fight in the Civil War. During his service he marched on Atlanta with General Sherman and was promoted to Brigadier General. He left military service at the end of the war and resumed his law practice. In 1881, Harrison was elected to the U.S. Senate and served until 1887. Becoming the President In 1888, Benjamin Harrison received the Republican nomination for president. His running mate was Levi Morton. His opponent was incumbent President Grover Cleveland. It was a close campaign in which Cleveland won the popular vote but failed to carry his home state of New York and lost in the Electoral College. Events and Accomplishments of Benjamin Harrisons Presidency Benjamin Harrison  had the distinction of serving in between the two presidential terms of Grover Cleveland. In 1890, he signed into law the Dependent and Disability Pensions Act which provided money for veterans and their dependents if they were disabled from nonmilitary causes. An important bill passed during 1890 was the  Sherman Anti-Trust Act. This was the first antitrust law to try and stop the abuse of monopolies and trusts. While the law itself was vague, it was important as a first step towards making sure that trade was not limited by the existence of monopolies. The Sherman Silver Purchase Act was passed in 1890. This required the federal government to purchase silver for silver certificates. These could then be turned back in for silver or gold. This would be repealed by Grover Cleveland because it was causing the nations gold reserves to be depleted as people turned in their silver certificates for gold. In 1890, Benjamin Harrison sponsored a tariff that required those wishing to import products to pay a 48% tax. This resulted in a rise of consumer prices. This was not a popular tariff. Post-Presidential Period Benjamin Harrison retired to Indianapolis after his term as president. He returned to practicing law and inn 1896, he remarried Mary Scott Lord Dimmick. She had been the assistant to his wife while she was the First Lady. Benjamin Harrison died on March 13, 1901 of pneumonia. Historical Significance of Benjamin Harrison Benjamin Harrison was president when the reforms were beginning to become popular. During his time in office, the Sherman Anti-Trust Act was passed. Even though it was of itself not that enforceable, it was an important first step towards reigning in monopolies who were taking advantage of the public.

Thursday, November 21, 2019

Are Managers Measuring the Financial Risk in the Right Manner Article

Are Managers Measuring the Financial Risk in the Right Manner - Article Example Conversely, bankruptcy risk denotes a situation where the price of a security, for example, shares plummet without any optimism that it will improve. As such, the investor faces an imminent loss. The author explores at lengthy how different models treat bankruptcy risk differently. For instance, the CAPM model treats bankruptcy risks as unsystematic risks (Srinivas, 2013). The author subsequently verifies it by calculating its correction with future returns. The correlation is a negative figure, which is a characteristic of unsystematic risks. The author identifies the weakness of Adjusted Present Model (APV), which integrates bankruptcy in the calculation of the value of a corporate entity. As per this model, bankruptcy risk only arises due an increase in debt. However, in the corporate world companies go bankrupt due to a myriad of reasons, which include poor management, rivalry and loss of market. The article seeks to chart a new way forward in the calculation of risk by managers. However, to understand what the article proposes with regard to calculation of risk, it is vital to understand the weaknesses of the present methods of risk evaluation. Most methods such as CAPM and APV calculate risks after classification into either systematic or unsystematic risk. In the calculation of the total risk of a firm or a company, unsystematic risk is overlooked. To understand why it is overlooked, it is vital to define systematic and unsystematic risks. Systematic risk denotes the decrease or increase in returns from an investment or a security owing to events or factors, which afflict all firms unfavourably. Unsystematic risk refers to decrease or increase in the earnings from an investment or a security due to reasons particular to a single firm (Damodaran, 2010). The models only consider factors that afflict all the firms (systematic) as unsystematic risks may be addressed through d iversification of the