Credit Ratings Role In The Financial Crisis - Free Essay Example

The global financial systemà ¢Ã¢â€š ¬Ã¢â€ž ¢s institutional framework has been evolving over time.Every crisis has helped decipher a gap in the financial structure which is then fixed by the regulating authorities.It hasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t been very often that the regulators were able to identify the gaps before the market identified it.This does not serve the purpose of existence of regulatory authorities.In future the role of regulatory authorities should be pro active in nature rather than reactive mode of undertaking corrective actions. The subprime crisis which originated in the united states led to a global melt down which was severe.The mortgage market in the United States saw a tremendous growth in the initial years of the 21st century. Subprime borrowers started obtaining mortgages due to availability of cheap credit, lenient lending practices and appreciation in real estate values. These mortgages were inturn sold by the lenders to investment banks who packaged them into exotic securities and sold them to high risk taking investors seeking high returns. Investors had faith in these packaged securities primarily because of Credit Rating Agenciesà ¢Ã¢â€š ¬Ã¢â€ž ¢ (CRA) ratings of these securities as à ¢Ã¢â€š ¬Ã…“investment gradeà ¢Ã¢â€š ¬?. In 2007, the tide turned and credit became expensive. Home values dropped. Majority of the subprime buyers started defaulting their loan payments. The CRAs rapidly downgraded all the securities for which they had given favourable ratings. This dissertation is undertaken to understand the emergence of structured financial products, the rating process followed by the credit rating agencies for rating them and the mistakes done by the rating agencies, a major contributor to the subprime mess in the United States which had ripple effect across financial markets all over the world. Literature Review: The following research papers and articles have been referred and reviewed in order to gain indepth knowledge about the work done about the dissertation topic under consideration. This would facilitate a clear understanding of different view points to the issue and enable a comprehensive analysis of the topic. According to V.Gupta,R.K.Mittal K.Bhalla (2010),low interest rates ,abundant liquidity and a chase for yield led to the emergence of sub prime lending which was given undue support by the credit rating agencies. Credit rating agencies gave investment grade ratings to securitization transactions based on subprime mortgage loans.The CRAs combined lower rated mortgage loans with equity to form mezzanine CDO enabling a higher credit rating . Also CRAs used the same risk metric for assessment of all instruments. The CRAs assigned supersafe, triple-A ratings to structured products that later turned out to be extremely risky, and in some cases worthless. This has been illustrated with few examples of downgrades.The paper concludes that The regulatory framework should also facilitate the conduct of stress tests by users on key model parameters, and provide for the disclosure by credit rating agencies of the economic assumptions underlying their rating of structured products. According to Katz and Salinas (2009), faulty credit ratings and the flawed rating process have been the key drivers to the financial crisis 2007-2008. While the easy availability of (what turned out to be flawed) ratings fueled the growth of thismarket, the subsequent downgrades in ratings accelerated the marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s collapse.The paper suggests that While corporate debt ratings are based on publicly available, audited financial statements, structured debt ratings are based on nonpublic, nonstandard, unaudited information supplied by the originator or nominal issuer. Moreover, rating agencies had no obligation to perform due diligence to assess the accuracy of the information and often relied on representations and warranties from the issuers about the quality of the data, which later proved to be inadequate. The researchers note that the credit rating agencies have always been slow to react to market events and a few examples have been quoted.Few measures suggested by t he researchers include managing conflict of interest, better transparency, direct government oversight etc. According to Fender and Kiff (2004) , rating od collateralised debt obligations involves assumptions such as default probability, recovery rates and correlated defaults of pool assets. The research paper analyses one of the rating methodologies used which is termed as Binomial Expansion Technique.A comparative analysis of this method and Monte corlo Simulation is done. The paper elaborates the implications of usage of different techniques on the rating outcomes. It finally discusses how methodological differences might induce issuers to strategically select rating agencies to get CDOS rated. According to Barnett- Hart(2009), Collateralized debt obligations (CDOs) have been responsible for $542 billion in write-downs at financial institutions since the beginning of the credit crisis.The poor CDO performance has been attributed to inclusion of low quality collateral with exposure to U.S residential housing market.The role of CDO underwriters and credit rating agencies in the crisis have been discussed. The credit rating agencies failed to rate the performance of CDOS precisely due to over automation in rating methodologies and heavy reliance on input whose accuracy was not verified. The researcher concludes that by understanding the CDO market meltdown story more effective regulatory and economic policies and practices to prevent history from repeating itself in the future. According to Securities and Exchange commission(2008), few observations about credit rating agencies with respect to CDOS have been made.SEC claims that few credit rating agencies could not deal with the substantial increase in the number and complexity of the CDOS since 2002. Rating agencies failed to document significant steps in rating of CDOS including reasons behind deviation from the models. Also the internal audit procedure of rating agencies varied significantly.The report summarises the remedial actions that the Nationally Recognised Statistical Rating Organisations(NRSRO) would take after the SEC examined them and came up with issues to be looked into. Under the new law and rules, NRSROs are required to make certain public disclosures, make and retain certain records, furnish certain financial reports to the Commission, establish procedures to manage the handling of material non-public information and disclose and manage conflicts of interest. The Commissionà ¢Ã¢â€š ¬Ã¢â€ž ¢s rules additionally prohibit an NRSRO from having certain conflicts of interest and engaging in certain unfair, abusive, or coercive practices. According to Partnoy (2008), Credit rating agencies have been the primary drivers of second level securitisation.Investors did not examine the underlying assets and depended on parameters set by rating agencies to assess the CDOS. If the Credit rating agencies had used reasonable and accurate models and assumptions , the CDO transactions would not have been problematic. The paper suggests some policy prescriptions which include elimination of explicit reliance on credit ratings and the claims made by rating agencies that the ratings are mere opinions should not be accepted any longer. The researcher suggests that rolling average of market measures is a much better representation of the instrument than the unchanged credit rating .Credit default swap spreads would provide a warning about the CDOs and their true performance in the market. According to M.K.Datar(2011), the role of CRAs in the crisis has attracted attention basically owing to the severe downgrades during the initial stages of the crisis. The conflict of interest in the payment model has been discussed and the author suggests that investor pay model should be adopted as the issuer pay model creates a bias as rating agencies might be prone to give good ratings because the issuers are paying for it.An alternative platform pay model has been suggested in the paper wherein an issuer approaches a clearing house (platform) with a preset fee to get a rating. The platform would get the ratings done from a pool of recognised CRAs. This process avoids direct contact between the issuer and the rating agency.The paper concludes that better disclosures by CRAs and their subsidiaries in respect of details of earning from rating and non-rating revenues, default and transition statistics would play a key role in improved governance in CRAs. Problem Definition: The dissertation work is undertaken to understand the reasons behind the emergence of the subprime crisis in late 2000s and the role of credit rating agencies in the crisis.The study is divided into two parts studying the pre crisis and post crisis situations and analysing the change in credit ratings of various complex instruments in response to the crisis. The objectives are briefly stated as below: Understand the evolution of structured financial products Understand the causes of subprime crisis Study the credit rating process for CDOS Study the factors that drove the rapid downgrade of CDOs in the initial meltdown stages Analyse the flaws in the rating process which led to failure in forecasting true performance. Suggestions and corrective action for facilitating accuracy in credit ratings of complex products. Research methodology: Research Design: The method adopted for research is causal research wherein the problem in question is understood and the degree of impact of the cause on the effect under study is analysed. The financial crisis that began in 2007 is studied and the contribution of credit ratings to the crisis is analysed. Credit ratings serve as the control group in this research. Finally suggestions for improvement in credit ratings and measures to be taken are proposed. Methods and Techniques of data collection and analysis: To achieve the research objectives, secondary data from reliable sources are being used. Thorough study of the existing literature is being done to understand different ideas and view points on the topic which would facilitate a comprehensive analysis of the issue. Methodology adopted for rating complex products by leading credit rating agencies has been studied in detail which includes statistical tools and financial models. Data sources: Data is being obtained from various secondary data sources for study and analysis. The major sources used for research are as follows: Credit Rating Agencies websites and reports Banking for International Settlements(BIS) working papers and reports Securities and Exchange Commission reports Journals and papers published on Credit ratings contribution to the Crisis. DRIVERS TO EMERGENCE OF FINANCIAL CRISIS 2007-2008: The financial crisis was fuelled right from the early 2000s through various factors , the most important of which is sub-prime lending. This inturn led to construction of CDOs at a later stage in order to transfer the concentrated risk of banks to the investors . Hence it is vital to get a clear idea about the emergence of sub prime lending and evolution of CDOs . Sub-Prime lending: The sub-prime mortgage market caters to customers who are unable to meet normal credit and/or documentation requirements for mortgages. Subprime lending is riskier than normal lending for the banks. Hence banks tend to charge a higher interest rate to compensate for the risk. Over the past decade, this mark-up over prime rates has been about 2%, making lending potentially very lucrative. Only by the mid-1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s did the subprime mortgage market begin to take off as a number of factors emerged which apparently mitigated the default risk on such loans and hence led to an increasing number of banks lending ever-larger amounts to this sector. Some important factors which contributed to a boom in subprime lending are discussed below. Introduction to Sub Prime Lending: Evolution of Structured Financial Products: Collateralised debt obligations have been one of the complex financial products which have been instrumental in driving the financial system into a crisis. The evolution of CDOs needs to be understood in order to study the emergence of the financial crisis. The basic principle behind a CDO involves re-packaging of fixed income securities and division of their cash flows according to a specified structure. A CDO is constructed by creating a à ¢Ã¢â€š ¬Ã…“brain-deadà ¢Ã¢â€š ¬? company, a special purpose entity (SPE) or structured investment vehicle (SIV), which buys assets and issues bonds backed by the assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢ cash flows. The bonds are divided into a number of tranches with different claims on the principal and interest generated by the CDOà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. The mechanics of a typical CDO are illustrated in Diagram A.[1] In order to understand the sudden growth in the demand for CDOs which in turn led to the financial crisis , it is vital to list out the reasons behind the growth of CDOs which are as below. Rationale behind growth of CDOs: Securitisation has been a way that helped banks to bundle loans and sell it to investors or make it off-balance sheet items .Once these items are removed from the balance sheet the capital adequacy gets more space and hence banks make new loans and the process continues. This basically facilitates banks to free up cash and easily meet BASEL norms for capital adequacy. The second rationale is re-allocation of risk.CDOs helps banks reduce the concentration of risk and also create securities as per specific requirements and risk profiles of the investors. This facilitated institutional investors to purchase CDOs as they can invest only in highly rated à ¢Ã¢â€š ¬Ã…“ investment grade securitiesà ¢Ã¢â€š ¬?. CDOs allowed these investors to gain exposure to assets that, on their own, had been too risky, while investors looking to take more risk and receive potentially higher returns could buy the most junior or à ¢Ã¢â€š ¬Ã…“equityà ¢Ã¢â€š ¬? CDO tranches.[2] These are the major reasons behind growth of CDOs . Banks only thought of their own benefits and growth and the aftermath of this action was left to the market to face in reality few years down the lane . The consequences of this act of the highly knowledgeable financial community has been faced by people across the globe. Credit Ratings and CDOs: An overview Investors invest in securities based on various criteria one such being reliable ratings given by well known credit rating agencies. Credit rating agencies(CRA) were basically formed to guide investors assess risk of fixed income securities. CRAs have played a major role in the growth of CDOs market as investors relied on the ratings given to these complex structures and based their investments majorly on these credit ratings. They used credit ratings in place of their due diligence for assessment of CDOs. Credit rating agencies are approved by Nationally recognised Statistical rating organisation(NRSRO) . There are three well known players in the U.S financial market which are Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Fitch Standard and Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s These three agencies rated CDOs and the fees generated by rating CDOs were quite high which led to record profits . The percentage of CDO deals that were rated by the credit rating agencies has been given in the below diagram. Source: UBS CDO research Note: The percentage total exceeds 100 as the same instruments have been rated by more than one agency. Revenue earned by the rating agencies has grown since 2002 which has been depicted in the diagram below: Source:thismatter.com/money According to Mark Adelson, current Chief Credit Officer at SP: à ¢Ã¢â€š ¬Ã…“ The advent of CDOs in the mid-1980s was a watershed event for the evolution of rating definitions. Until the first CDOs, rating agencies were only producers of ratings; they were not consumers. With the arrival of CDOs, rating agencies made use of their previous ratings as ingredients for making new ratings à ¢Ã¢â€š ¬Ã¢â‚¬Å" they had to eat their own cooking. For rating CDOs, the agencies used ratings as the primary basis for ascribing mathematical properties (e.g., default probabilities or expected losses) to bonds.[3]à ¢Ã¢â€š ¬? Credit rating agencies failed to examine the accuracy of the prior collateral ratings. They also used other rating agencies ratings as base for rating CDOS without verifying accuracy.To adjust for the shortcomings in other agenciesà ¢Ã¢â€š ¬Ã¢â€ž ¢ ratings they used a system called notching where the rating would be decreased by one notch if the rating has been done by another rating agency. For example , if Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s is rating a CDO which has a collateral rated BB+ by Fitch , Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s would consider the rating as BB and plug it into their rating model. No analysis of accuracy had been done and it would be assumed that the notching would compensate for any errors in the rating done by Fitch. Figure below illustrates a comparison between the collateral ratings and the corresponding CDO ratings at the beginning and also the current scenario. This shows that the CRAs somehow gave huge amounts of AAA rated CDO securities from collateral with much lower ratings, reassuring the fact that that main reason why CDOs were so profitable in 2005-2007 is that it was possible to generate a high proportion of highly rated securities from lower quality assets. That practice backfired, resulting in massive downgrades of the CDO tranches as it became apparent that the rating agencies had been overly optimistic. While in 2005-2007, the initial ratings given to CDO tranches were on average better than the ratings of their underlying collateral assets, current CDO tranche ratings are worse than their associated collateral pool ratings which is an area that needs attention. The following figure shows the downgrades of CDOs over the years. The numbers on the y-axis correspond to the rating scale with lower numbers equal to higher-quality ratings (1=AAA, 22=D). An overview about the credit ratings and CDOs has been done. The following section elaborates the rating methodologies adopted by the rating agencies which have different variables considered for the purpose of rating the complex financial instruments and the assumptions behind them. CDO Rating Methodology: CDOs are based on portfolios of instruments combined together and not on a single loan. Rating these complex structures requires ascertaining a probability of default (PD) to each instrument in the portfolio and involves assumptions relating to recovery rates and default correlations. Thus it combines credit risk assessments of the individual assets and estimates about default correlations using credit risk modelling. There are two widely used methodologies for rating CDOs namely Binomial expansion technique Monte Carlo Simulation Each method is discussed initially and then a comparison is done between the techniques and their impact on the ratings. Steps in the Rating Process: The reliability of a CDO rating depends on the agencyà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to assess the credit risk in the underlying asset pool and accurate modelling of the distribution of cash flows from the asset pool to different groups. All rating agencies generally follow a two stage rating process. In the first stage, analytical models are used to assess credit risk. The tools applied for analysing CDO pools differ according to the nature of underlying assets and are also based on the rating agencies. The second stage of the process comprises of structural analysis. This stage involves detailed modelling of cash flows, legal assessments and evaluations of third parties involved in the deal such as asset managers. The results of the cash flow analysis are used as input in the credit model in the form of adjustments in particular model assumptions. Finally, all information is aggregated and combined into a single, alphanumeric rating which is benchmarked to the historical performance of bonds. RATING METHODOLOGIES: The famous CDO rating methodology is based on Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s quantitative approach for determining expected losses for CDO tranches which is called the binomial expansion technique (BET). BET was introduced in the year 1996 and is still used in CDO analysis along with a number of other new methodologies. The method relies on the use of à ¢Ã¢â€š ¬Ã…“diversity scoreà ¢Ã¢â€š ¬? (DS) which is used to map the underlying CDO portfolio with a hypothetical portfolio that consists of homogeneous assets equal to the diversity score. For calculating expected loss distributions a simpler hypothetical portfolio of homogeneous, uncorrelated securities is used in place of the original portfolio. As the number of assets in the hypothetical pool is assumed to equal the diversity score, it will be lower than the number of assets in the actual CDO portfolio to account for uncorrelatedness under the BET. Given the homogeneous nature of the hypothetical portfolio, the behaviour of the asset pool can be explained by DS+1 default scenarios with default occurring for 0 assets, 1 asset, DS assets, where the probability of each scenario is calculated using the binomial formula. After working out the cash flows and losses under each default scenario, the obtained output from the binomial distribution are converted into estimates of the portfolio and tranche loss distributions. An alternative method that is used in by three major rating agencies is Monte Carlo simulation technique which estimates the default properties of the underlying CDO asset pool based on repeated trials of random defaults with correlation structure that is assumed. In this process, default events are simulated within a credit risk model, where default occurs when the value of assets fall below that of its liabilities. The modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s main inputs are asset-level probabilities of default and pair-wise correlations of assets, which are converted into an estimate of the entire poolà ¢Ã¢â€š ¬Ã¢â€ž ¢s loss distribution. This distribution is used with other inputs, to determine the required subordination level (level of credit enhancement) for each CDO tranche, where desired tranche ratings are assumed constant or given.MC approaches give more accurate loss distribution estimates, they are computer intensive and take a long time to provide accurate results. Especially for cash flow CDOs it is very difficult to construct an efficient MC simulation that accounts for all cash flow nuances .Sometimes it takes hours for an MC simulation to determine the subordination level for an AAA tranche and this can be complicated when further assumptions are made. In managed portfolios, the relative value of the simulation approachà ¢Ã¢â€š ¬Ã¢â€ž ¢s asset-by-asset analysis is less while some of the BETà ¢Ã¢â€š ¬Ã¢â€ž ¢s implicit simplifying assumptions (like equal position sizes) closely resemble typical covenants in managed deals. The choice of rating methodology basically considers a trade-off between accuracy and efficiency, and the result may differ for certain types of CDO structures. This is one of the reasons for Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s to introduce a new Monte Carlo simulation-based method called CDOROM to rate static synthetic CDOs, while it continues to use the BET and its modifications for rating cash CDOs and managed structures.

Alice Walker Essay - 1482 Words

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Hope helps Celie overcome oppression, abuse, and other challenges. Celie is used as an example of the life of a woman during the time of the Civil Rights Movement

Factors that Influenced Shakespeares Writing of Romeo and...

Factors that Influenced Shakespeares Writing of Romeo and Juliet Shakespeare was clearly influenced by the events of his time, and this is apparent especially in Romeo and Juliet. To dismiss this play as a mere fable is to overlook some very important religious and political changes of the time which are evidently woven into the storyline of the play. Shakespeares religious beliefs are uncertain, but it is known that his father was Catholic, and that he lived in a time of religious stratification across both community and family ties. As a result of the queens toleration for vagueness in this area, people became accustomed to religious tension and confusion at a very personal level. Many†¦show more content†¦The youth of England however, were not content with the Settlement. This applies especially to the Protestant youth who wanted the Reformation to be completed on a model provided by Jean Calvins Geneva. 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Idea Of Launching A New Product In The Market †Free Samples

Question: Discuss about the Project Plan Launching A New Product . Answer: Project introduction The following project plan would entirely be based over the idea of Launching a new product in the market. Since, the plan would be for launching a new product, which would be a Micro SD card, this particular project plan would be no less than a marketing plan. Now a typical marketing plan includes certain aspects that would be ignored in this following project plan since, this can be referred as a preliminary plan. However, it also is necessary to involve the details of the product that would be offered to a precise targeted market segment (Bharadwaj et.al, 2013). The educational background is a demographic element that can be considered for segmenting a market, which automatically is created by students. Almost everyone in this precise student or the young segment have an access to mobile devices that they use for their daily purposes of communicating and personal entertainment. For this reason, they need space, enough to store anything they wish; the world has moved into the era of mobile technology along with high-end communication technologies, which clearly justifies the viability o f this project plan (Bhuiyan, 2011). Project teams and their roles The project would certainly be divided into a group of people including the following: Product designer: The first and foremost important role would be of this particular individual. This is the individual that would develop the product in the most innovative and adequate manner. Since, the idea is about launching a Micro SD card that would provide enough space that have never been offered. Thus, it is important for this individual to decide upon; micro SD cards that are available in the market are mostly about 1 GB to 128 GB. This space for some users isnt enough, thus creates the opportunity for the product to be launched. The space that would offer is 256 GB; the designer would also consider the compatibility of devices for some devices might find this much space incompatible (Blank, 2013). Marketing manager: This would be the individual that would be given maximum responsibilities; however he would as well be work closely under managements supervision. The marketing manager would develop the marketing mix, would conduct the STP if he/she feels the need for it, and would develop strategies for targeting and then positioning the product effectively. He would also conduct SWOT and PESTLE for developing a clear understanding about personal strengths and weakness along with the current market conditions (Djelassi and Decoopman, 2013). Workers: These would be teams that will give shape to the product idea that has been finalized. The teams would as well be supervised by their individual project managers that would ensure that each one of the workers is putting his/her best efforts. Product manager: This particular individual would ensure that the final output matches the different standards of quality. Customers demand nothing but quality of the product they are willing to spend their money upon. Thus, this particular person has an important role to play. PR: The PR would be entitled with the responsibility to establish relation with the targeted customer segment along with the probable customers as well. The PR would be allotted a portion of the budget to conduct PR events, such as fair or anything the individual finds suitable (Nicholas et.al, 2011). Project stages and key deliverables Fundamentally there are multiple stages that every entrepreneur must consider before he/she is determined to launch a new product into the market that already has different options for this particular category of product. The stages are: Starting early: It always works for an organization that initiates their launching activities approximately 4-8 weeks early. It would be a waste of time, if an organization is waiting for the right time. Any time that the entrepreneur is planning to launch is right; however, one must maintain the curiosity among the customers (Werbach, 2013). Making the product available to the influencing customers: In other words celebrities; almost 80% of the segment that has been targeted for this project considers celebrities to be their idols (politicians, players, movie stars, singers etc.). An access to such individuals would certainly mean greater potential outcome (Durmu?o?lu and Barczak, 2011). Maintaining low profile: Either developing a contingency plan or maintaining low profile would be better. In case the product that is to be offered is truly innovative one must not expect an enormous release. Unusual: Customers have a tendency to be highly curious to whatever seems new and different. Thus, doing something unusual might click. Seeding social gaps with leaks: Targeting individuals that are naturally eager interested to anything they see would be another way for launching in a better manner. Project time management This particular segment would include the WBS Figure 1: WBS for the product launch Gantt chart The Gantt chart for this particular project would incorporate every tiny detail that would generate for accomplishing the entire task of launching the micro SD card in consideration to the time slot for each activity (Molina-Castillo et.al, 2011). Figure 2: Gantt chart Budget Since, this project would be concerned about launching a new product, it is necessary to decide the budget for executing the entire chain of activities. Marketing activities tend to attract major portion of the budget than actual production of the product (Ernst et.al, 2011). Thus almost 60% of the budget would be directed towards the marketing activities along with the PR activities. Quality plan In order to ensure that the product has been developed considering the maximum quality standard, it is necessary for the management to develop a quality plan. APQP or the Advance Product Quality Planning Standard has been defined to be the organized method for describing along with establishing important steps for ensuring customers are satisfied with the products and services (McGrath, 2013). Risk register The risk register is typically a record or a catalogue virtual or real (hand written) containing every possible risk that the organization might have to come across during its operations. The risk register for this project might incorporate the following: Name of the risk Probability Marketing risks Higher (Since the marketing activities have been allotted with major portion of the budget) Distribution risks Moderate (Since, acquiring new product despite of its size is easy and can be done using internet) Mass appeal Higher (Since, one segment of the market might not consider the approach suitable or preferable that other segment would find attractive) Sustainability risk High (Due to the large number of production houses) References Bharadwaj, A., El Sawy, O.A., Pavlou, P.A. and Venkatraman, N.V., 2013. Digital business strategy: toward a next generation of insights. Bhuiyan, N., 2011. A framework for successful new product development.Journal of Industrial Engineering and Management,4(4), pp.746-770. Blank, S., 2013.The four steps to the epiphany: successful strategies for products that win. BookBaby. Djelassi, S. and Decoopman, I., 2013. Customers' participation in product development through crowdsourcing: Issues and implications.Industrial Marketing Management,42(5), pp.683-692. Durmu?o?lu, S.S. and Barczak, G., 2011. The use of information technology tools in new product development phases: Analysis of effects on new product innovativeness, quality, and market performance.Industrial Marketing Management,40(2), pp.321-330. Ernst, H., Hoyer, W.D., Krafft, M. and Krieger, K., 2011. Customer relationship management and company performancethe mediating role of new product performance.Journal of the Academy of Marketing Science,39(2), pp.290-306. McGrath, R.G., 2013.The end of competitive advantage: How to keep your strategy moving as fast as your business. Harvard Business Review Press. Molina-Castillo, F.J., Jimenez-Jimenez, D. and Munuera-Aleman, J.L., 2011. Product competence exploitation and exploration strategies: The impact on new product performance through quality and innovativeness.Industrial Marketing Management,40(7), pp.1172-1182. Nicholas, J., Ledwith, A. and Perks, H., 2011. New product development best practice in SME and large organisations: theory vs practice.European Journal of Innovation Management,14(2), pp.227-251. Werbach, A., 2013.Strategy for sustainability: A business manifesto. Harvard Business Press.

Review Of After Hours Essays - American People Of German Descent

Review Of After Hours Review of After Hours On Thursday, November 30, I went to see some Kutztown students perform After Hours at Schaeffer Auditorium. It was an all around great show. With the help of a talented band, they did a wonderful job. I'm really not interested in the kind of music that they sang, but they kept my attention the whole time. I thought the back-up band, or whatever you want to call them, was great. You could tell that they really enjoyed what they were playing, and what they were hearing. Alan Apple, who played the piano, was very entertaining. Personally, I thought he made the whole performance even better than it already was. He was very funny and showed great enthusiasm. With Steven Meashey on bass, Andy Scoles on drums, and Joseph Mixon on guitar, everything sounded terrific. The singers themselves had wonderful voices. The only think I didn't like about the show was the music; only because I don't like that kind of music. But because of their great singing and energy, my attention was kept throughout the whole show. The soloists sounded great. I especially loved the way everyone danced their own way, but they stilled seemed so together. After hours was a very enjoyable show. The students and musicians did a wonderful job. I really had a nice time watching and listening to them. Even though I am not really interested in that kind of music, they made me see what people do like about the music. Music

The Affect Weather Has on Human Life

The Affect Weather Has on Human Life Introduction Destructions caused by storms, floods, droughts, earthquakes, and further source of danger often expose human to insecurity, exacting a serious economic cost and weakening livelihoods. These effects can be short-term, but in many instances disaster also damages the lasting habitability or economic normal growth and development of the affected region.Advertising We will write a custom report sample on The Affect Weather Has on Human Life specifically for you for only $16.05 $11/page Learn More While the severity of destruction is an important issue, the timeless and capability of assistance and reconstruction programs, and the flexibility of affected territories and societies, will eventually shape the expectations of the region. Regions or countries that have experienced natural disasters, often known as fragile states in the global literature, are states that have experienced disasters such as floods, earthquakes, hurricanes, or droughts to the level that their safety, economic, health, and welfare structures are damaged or ruined. A current severe and sad example of the hit of natural disaster is the Hurricane Katrina which happened in United States on 29, August 2005 (Barb 2007). At a first glance, the attack on the Gulf Coasts of U.S. seems to be an example of a bulldozer contest at work. In building this research, the method used of ­fers a comprehensible or deep observation of the situations. The investigation, which takes the subsequent section and to which the study precedes to the conclusion of the research, assesses the impact of the attack on economy and health of the inhabitants of the city New Orleans. This proportional and static method employs measures established on the environmental effects of the hit. It points out the environmental effects of the attack on New Orleans economy and the health of the inhabitants. Natural Disaster On August 29, 2005, Hurricane Katrina, one of the most fatal hurricanes hit the southern part of U.S. This incidence caused landfall on the seashore of the Gulf of Mexico and within hours it became the major natural tragedy in U.S history (Jeremy, Matthew 1).Advertising Looking for report on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More The level of the destruction was unparalleled and had a bad effect on lives, huge demolition of property, and movement of hundred of thousands of people. Survivors of these natural tragedies were exposed to several obstacles to revival, as well as health and mental health problems. When Hurricane Katrina hit, the strength of the wind and storm surge aroused the levees and flooded the affected city’s resulting to loss of life, shocking damage, and massive dislodgment of people (Warner Scott, 2005). Eighty percent of New Orleans was flooded and unlivable causing the movement of the greater part of the city inhabitants. Hurricane Katrina caused the prime single movement of inhabitants from a natural disaster in US history. Effects of Hurricane Katrina on New Orleans Economy The economic results of Hurricane Katrina, which strike the Gulf coast of America, are extensive. According to research carried out on the impact of the storm on the city, it was observed that Hurricane Katrina destroyed properties thereby exposing the city to environmental pollution which is harmful to the health of the inhabitants. Furthermore, the wreckage caused by the storm has devastated the economy. Before Hurricane Katrina, New Orleans created about 600,000 non-farm occupations. With reverence to its inbuilt nature, the total economic growth to New Orleans has surpassed $150 billion (Barb, 2007). Hurricane Katrina is an unpleasant shock to New Orleans and the economy of the nation, as a result shifting the economic development of New Orleans both in job opportunities and health wise. Hurricane Katrina in effect, damaged lives (labor) and capita l (production facilities, oil platforms), and consequently it negatively affected New Orleans ability to manufacture goods and services (Falk Baldwin 2006). The storm caused terrible damage in New Orleans (Gulf Coast of America). The levees that divided Lake Pontchartain from the city of New Orleans were destroyed causing the flooding of about 80 percent of the city, thereby damaging industries and houses within the city.Advertising We will write a custom report sample on The Affect Weather Has on Human Life specifically for you for only $16.05 $11/page Learn More New Orleans’ economic infrastructure has several flaws, many of which preceded Hurricane Katrina but have been worsened by the damage done by the hurricane and its consequences. Perhaps, the single most important physical infrastructure problem is the changeable position of the levees and the flood-control system protecting the city from upcoming hurricanes. Despite the refurbishments that have been made, the doubt surrounding the city’s safety from future Hurricanes put off much-needed investment, both in the city’s opened business residents and by prospective new businesses and residents. Besides, the city’s physical infrastructures needs major improvement and renovations, not just to essential facilities as streets, transportation networks, and utilities, but particularly to the port and the city’s biomedical facilities. Other main setbacks for the city’s economic infrastructure include the quantity and quality of its labor force and the city’s association with business sectors. Effect on health Hurricane Katrina, the difficult concern of mental illness doubled compared with that in a similar New Orleans population before the hurricane. As occupants reoccupied the town, health authorities became more disturbed about the possibility for respiratory health consequences from danger to water destroyed homes and environment. Wh en experiencing a major storm, health workers are expected to work with other primary responders on awareness functions like preparing removals, carrying out examination for death rate and for infection, and communicating about dangers of post-hurricane, such as the danger of carbon monoxide physiological state created by toxic substances from unsuitable use of generators when power connections are disconnected (Falk Baldwin 2006). Hurricane Katrina caused vast challenges to public health and necessitates wide-ranging reactions.Advertising Looking for report on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More Important concerns included the extensive damage it caused in New Orleans and across several states, as well as the interruption of clinical services; the disconnection of electric, gas, transportation system, and other services; destructive flooding that contributed to the mass departure of New Orleans; the need to supply protection, life, and medications for a long period to one million people who have been evacuated; and the problems in repopulating New Orleans, restoring its health care sector, and going back to fundamental public health roles (Falk Baldwin 2006). The effects of Hurricane Katrina on the health sector of New Orleans consist of the evaluation of huge amount of wreckage and decisions about harmless removal of solid and harmful wastes, evaluations about release of and exposure to harmful substances from manufacturing companies and waste places. Hurricane Katrina left the city of New Orleans in a difficult situation as a result of toxic air pollution which gives inc rease to health hazard of the residents. In line with research on Hurricane Katrina, human exposure to toxic air noxious wastes may cause cancer or other serious health consequences, such as procreative effects or birth deficiencies, or undesirable environmental and natural effects (Falk Baldwin 2006). Example of toxic air toxins include benzene, which is detected in gasoline; perchlorethlyene, which is discharged from some dry cleaning facilities; and methylene chloride, which is used as a solvent and paint stripper by a number of factories in New Orleans and other cities worldwide. Examples of other air toxic which have or will have an negative effect on the residents of New Orleans is carcinogenic hydrocarbons, asbestos, methylbenzene, and metals such as hydrargyrum, mercury, Cr, and lead compounds. In conclusion Hurricane Katrina have negatively affected the lives of many inhabitants of New Orleans (Or Gulf Coast) and caused billions of dollars in property destruction. However, environmental emergencies connecting the discharge, or vulnerable release, of oil, radioactive equipment, or harmful chemicals potentially may have an effect on communities and the neighboring environment. However, discharge caused by Hurricane Katrina is grievous to both the economy and to human health and with the harm done by storm on the economic infrastructures in New Orleans, it was observed that the residents are open to poisonous air toxins at an adequate concentrations and periods and this may result in high chance of developing cancer or experiencing other severe health effects. These health effects may possibly include harm to the immune system, and neurological, procreative (e.g., reduced fertility), developmental, respiratory, and other health harms. Similar to humans, if animals are open to waste from toxics, they may in time contact health problems (EPA, 2003). For example, increases in close air ozone and air pollution can be connected to high rates of asthma exacer bations because the contact has been found to stimulate an increase in airway inflammation. Barb, Palser. Hurricane Katrina: Aftermath of Disaster. Minneapolis, MA: Capstone, 2007. Print. Environmental Protection Agency (EPA). About EPA. 2003. Web. https://www.epa.gov/aboutepa Falk, Helen, and Baldwin George. Environmental health and Hurricane Katrina. Environ Health Perspect (2006): 114: A12-A13. Web. Jeremy, Levitt I, and Matthew Whitaker C. Hurricane Katrina: Americas Unnatural Disaster. Nebraska: U of Nebraska Press, 2009. Print. Warner, Charles, Scott Thomas R. Where they died. The Times-Picayune. 2005. Web. https://www.nola.com/

A considerate of contemporary management function Essay Example for Free

A considerate of contemporary management function Essay ? A considerate of contemporary management function of the employer-employee relationship The six journal articles that have been looked at stem from the original Locke, (1982) article. Frederick W. Taylor popularised of scientific management. The essay will discuss 5 aspects of Taylor’s ideas about scientific management and show how understandings of contemporary management functions and the employer-employee relationship have been developed from Taylor’s ideas. What was Taylor’s idea about the management? Management involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively. The ideas about the relationship between employer and employee have been developed from a nother. Retain critical employees is important and necessary. According to the Fitz-enz(1997), the company average losses 1 million with every 10 people who is the managerial and professional employees. In addition, the total cost of least a former employee at least a year of wages and benefits, up to two years of unpaid salary and benefits. This is a huge economic loss with a company loses a number of critical employees. As a manager, we must give employees adequate physiological, safety, love, esteem. One of the advice is managers should look into a way to motivate employees to achieve a satisfactory and unmet needs through activities and exercises. Managers have a responsibility to create a suitable environment to inspire employees to their fullest potential. If no such right environment, will lead to a big difference such as lower job satisfaction, lower productivity, lower profit with a company. How to effectively improve the relationship between managers and employees? Taylor given 4 methods. (a) Scientific management: In Principles of Scientific Management (1911)Fredrick Winslow Taylor, the â€Å"Father† of scientific management utilises scientific methods to define th e â€Å"one best way† for a job to be done (b) Scientific selections. Taylor advocated selecting only â€Å"first class†(i.e., high aptitude) men for a given job because their productivity would be several times greater than that of the average man. (c) Money bonus. Taylor claimed that the money is what employees want most, he thinks employees should be paid from 30% to 100% higher wages for to do his job. (d) Management responsibility for training. Taylor thought that most contemporary managers should fully accept the notion that training new employees is their responsibility. My understanding about the  employer-employee relationship has also been shaped by these articles. I have learnt that (1) Scientific management can focus speed of production, low cost production and availability of an unskilled workforce. In addition, today’s use of scientific management can use time and motion studies to increase productivity, hire the best qualified employees and design incentive systems based on output. Equity theory is a theory of social comp arison effect on employees. This theory appears to be very common, but it is very important. Equity theory refers to the rate of employees with their work output and input compared with others. Time input includes the time of the work, work habits, work experience, work attitude, and so on. When they found unfair, they usually can’t change the rate of others, can’t change their input, so employees will find ways to change their output. This may mean that they will reduce their work time or effort to work. Then, the manager can use the equity theory to motivate employees. Managers can use a more open system of remuneration paid for employees to understand each position and every effort should position relative to how much salary can be get. (2) Scientific selections: Everybody have their own good aspects, based on each person strengths and rational allocation of work. As a result, not only can bring effectively produce but also can make person enjoy their work. According to the Wren (1979) notes that Taylor focuses on scientific selection can promote the develop ment of industrial psychology and personnel management and other areas. (3) Money bonus: How to influence people? The most common method is money bonus. Such as up wages, bonuses, benefits. These things are the most effective way to influence the work of passion and power of a work. Through the Vroom’s (1946) expectancy theory, we can find that an employee will play his better efforts when he is convinced that his efforts would be better evaluated. And these evaluations will bring him more rewards such as bonuses, salary increases. These rewards will meet staff personal goals. Individual employee attitudes and enthusiasm in their work will determine to a large extent a company’s performance. According to the Porter (1968) and Lawler’s expectancy model of motivation, this model proposes two factors that determine spending on a number of tasks energy. The first is the personal rewards from work to get. These returns will be the psychological perception of employees is their own work to be sure. The second is that these returns will be formed job satisfaction. (4) Management  responsibility for training: The staff training is an essential element of human resource management. Managers can’t ignore their training responsibilities. Understanding management system in staff training in this area can help you build an effective training system to help you prepare new employees for their work To sum up, from the six articles considered, scientific management can not only getting the most output from the least amount of inputs but also focus on those work activities that will help the company reach its goals. Taylor’s idea has shaped modern employer-employee relationships. Work is still specialised, personal are still trained. The quality of work is still rewarded in bonuses, as well as other. Reference: 1.Three chapters in The Ideas of Frederick W Taylor: An Evaluation’. 2.Wren, D. A. The evolution of management thought (2nd ed.). New York: Wiley, 1979. 3.Towards a unified model of employee motivation / Darren J. Elding, Andrew M. Tobias and David S. Walk [Chichester, West Sussex, England] : John Wiley & Sons, Ltd., 2006 4.Kotter, John P. What effective general managers really do / John P. Kotter Boston [etc.] : Graduate School of Business Administration, Harvard University, 1982 5.Managing in the new millennium : understanding the manager’s motivational tool bag / Patricia M. Buhl Burlington, Iowa, etc., National Research Bureau, etc.], 2003 6.A review of employee motivation theories and their implications for employee retention within organiz Hollywood, FL : Journal of American Academy of Business, 2004 A considerate of contemporary management function. (2016, Mar 24).