Increasing Queues In Exit Of The Retailer †Myassignmenthelp.Com

Question: Discuss about the Increasing Queues In Exit Of The Retailer? Answer: Introduction In this report, an outline of a retail system is discussed concerning the issue related to queues at the checkout point. Oz Super market is the new retail chain which is making a move to establish a new marketing chain system with the faster accessibility of the products and to increase the features of the selling system so that the products become more attractive. The main objective of this new retail chain system is that the organization is to make sure that the people are more interested to come in the store and do buy products and then leave (Xiang Rossetti, 2014). In a better way, it can be said that the retailing organization intends to make a hassle free environment for the customers concerning the issues related to queues. In many cases in the super markets, it is seen that the number of exit queues in the check out point is also increased in a lot of amounts. In this report the issues related to the queues are given in details to understand the problems properly. Several recommendations are also discussed for decreasing the queue in the exit of the retailer shop. Discussion The point is that the organization has introduced a lot of new features that will help to decrease the queues to a greater extent. The main thing is to determine the challenges regarding the queues. First, the problems are to be understood with a clear view. Then the reasons for the problems are to be identified to have a proper idea of the issues. After identifying the problems and the issues related to the queuing of the customers the solutions are to be generated to make the response of the whole system faster. The aspects of making the system more advantageous are discussed below. The new retail chain is interested in stocking the products like household, stationary and non-perishable goods (Zhou et al., 2016). The types of the products should be considered in such a way that the people or customers can be easily convinced to by the product according to their need. Any unwanted or unattractive product is not allowed in the organization so that the customer lost their time in thinking about the product at the queue. It is seen that the increment of the queue at the exit has been created due to the change of products that the customers have bought. The retailer chain has brought a new technology called as the Pay Wave model that is utilized for decreasing the queue to a greater extent. By showing or waving the card at the entrance the customers can easily enter into the shop (Shi Lian, 2016). Several trolleys are also connected with RFID tags and readers. Radio frequency identification detector is a newly developed technology which helps to keep track of the products in the primary data record system. The objects or products are automatically goes in the queue for payment just after picking due to the implementation of RFID technology. The object is deleted from the queue if it is removed. Due to the implementation of the card system customers no longer wait in the exit after making the payment and thus the queue is decreased to a greater extent. Those people or customer who has no PayWave card can easily make payment by asking in the front desk of the shop (Qiu Zhang, 2016). In that case they are given a card which is issued by the store. That card will also function in the same way and if there is insufficient balance then a alarm will start ringing. This process makes the whole system faster in response than the previous system. It is also cleared that the customers with PayWave are not given more priority in case of making the payment at the exit to decrease the queue. In the new retailing system one more important thing is to tag the products with RFID. The main advantage of RFID is that it can be applied to make the record of the objects that are sold by the retailer. RFID works by radio frequency. A RFID tag is attached to every product of the retailer chain (Chai et al., 2017). If a product is picked, then it is automatically come to the queue. If the product is cancelled later by the customer, then it is come out from the queue itself. Thus it is important to tag each objects with RFID and the amount which is saved for the implementation of RFID is used for the customers welfare. Another feature is the shopping salary station that can be used in the retailer chain to decrease the queue at the exit. The summary stations are placed in several places of the retailer chain so that the customers are able to see the features and details of the products anywhere (Kumar Shinde, 2016). At the stores, customers can easily identify and find all the features related to the product. For this reason, the main crowd in the queue is decreased to a large extent. Another important feature that can decrease the queue at the exit is the parking. Parking is indirectly related to the queue at the retailer chain exit system. In case of peak shopping period the store car parks are counted in minute with respect to the time duration (Kesavan Mani, 2015). In non-peak periods, the rates are much decreased and also free in case of disabled parking. It is a very appropriate state that can make the queue decreased in a large amount. Conclusion From the above discussion, it is concluded that the retailing chain should bring new features which are discussed above. These features can decrease the amount of queue at the exit of the organization. RFID, PayWave card and shopping summary stations are recommended to handle the queue in the exit in a proper way (Cheong Choy, 2015). Car parking facilities should also be modified to make the queue system more decreased. References Cheong, M. L., Choy, M. (2015). Data Analysis of Retailer Orders to Improve Order Distribution. In Reshaping Society through Analytics, Collaboration, and Decision Support (pp. 211-238). Springer International Publishing. Kesavan, S., Mani, V. (2015). An overview of industry practice and empirical research in retail workforce management. In Retail Supply Chain Management (pp. 113-145). Springer US. Kumar, J., Shinde, V. (2016, March). Performance analysis of queueing model using supply chain management. In Computing for Sustainable Global Development (INDIACom), 2016 3rd International Conference on (pp. 2266-2272). IEEE. C, S., Chai, E., Sundaresan, K., Rangarajan, S., Qiu, L. (2017, June). Konark: A RFID based system for enhancing the in-store shopping experience. In Proceedings of the 4th International on Workshop on Physical Analytics (pp. 19-24). ACM. Qiu, C. M., Zhang, W. (2016). Managing long queues for holiday sales shopping. Journal of Revenue and Pricing Management, 15(1), 52-65. Shi, Y., Lian, Z. (2016). Equilibrium Strategies and Optimal Control for a Double-Ended Queue. Asia-Pacific Journal of Operational Research, 33(03), 1650022. Xiang, Y., Rossetti, M. D. (2014). The effect of backlog queue and load-building processing in a multi-echelon inventory network. Simulation Modelling Practice and Theory, 43, 54-66. Zhou, H., Wang, J., Li, X. E., Wang, J. Q. (2016). Business competition among the individual retailers in a supply chain is a common event, and it plays an important role in making supply chain decisions. In a newsvendor setting, this paper investigates a supply chain system with a sole manufacturer who may face a production disruption and two independent retailers who compete with price and service level. The demand at each retailer is... Operational Research, 16(1), 131-160.

Australian Engineering Practice Free Samples †MyAssignmenthelp.com

Question: Discuss about the Australian Engineering Practice and Skills. Answer: Engineering is the use or the application of knowledge which can either be scientifically acquired, socially acquired or even practically acquired purposefully to come up with new design or to an extension improve on the existing structures and design.it is a field that is broad and involves various engineering disciplines. Basically, as an engineer, the expectations that primarily come to mind is to be able to critically think of new design or improving on the existing ones so that the various problems within the society are solved. Hence, the knowledge learnt in the university is a reflection of the expected outcome of an engineer(American Society of Civil Engineers, 2011, p. 643). The perspective of engineering remains the same both in the university and the real world since the expectation remains the same. However, there are new roles that one expects to play was an engineer in Australia which includes maintaining the technical competences, precisely solving the various challenges in the society and also enhancing great effectiveness at work. There are various competencies one needs to have to be an engineer including eligibility for membership and also immigration assessment .as an engineer, some of the values that I would add in the engineering field are professionalism, integrity, teamwork and also innovation(Frankline, 2014, p. 975). An expert is someone that has a sustained experience in a particular field of practices or professionalism. Generally, one is considered an expert when the person has a vast knowledge or skills pertaining to a particular matter of discussion. It is derived from experience in that it is a direct function of time and also depends on the quickness of the person in question. (Ronnie, 2011, p. 543). Reading through books and journals in various engineering helps one to acquire knowledge pertaining to engineering as a profession and also to develop some of the core values that are needed in life such as teamwork and integrity. Innovation helps one to understand the importance of teamwork which helps one to take a short time to learn some particular concept rather than working on it alone which ends up consuming time and also one may not be able to completely perform a particular task within the stipulated specifications. This directly starts from the various group projects that are provided in class(Ludden, 2008, p. 346). Listening, seeing and reading are very key in engineering. Listening helps one to understand various concepts. Seeing helps one to be able to identify various problems within the society. It also helps one to be able to critically reason out on how solutions can be computed. On the other hand, reading is equally significant since it makes one be more knowledgeable and also gain new concepts that he or she was not aware of. The process used when carrying out a research is a qualitative and quantitative analysis that involves both collections of data and reading past articles on the subject under discussion. This helps one to understand the concepts and be able to write them down or explain the various process in own words. After doing a research, the noted down findings are electronically stored through computers in a paraphrased language. Paraphrased language involves first comprehending the concept and the various aspects involved and then noting them down in own understanding(Pearson, 2007, p. 735). Collaboration is one of the key factors for success in every organization. This is because all the members will be able to participate and share ideas on particular areas. There are various skills that are gained as one grows particularly teamwork and commitment. It becomes one of the major challenges more so with a teamwork whereby you will realize that some of the team members are not cooperative and also not committed in terms of handling certain things. Thus it sometimes becomes a demoralizing factor Engineers Australia Stage 1 Competencies is based on three particular issues or competencies which defines its importance as described below. It helps to identify whether a person has the professional knowledge and the skills required for the engineering practices. Besides, stage one competency helps to determine whether a person possesses the professional and persona; attributes that are essential for engineering practice A situation that occurred once was when giving instructions to fellow teammates in a hockey sport. This came as a result of rules that had changed and were due to be effected on an upcoming tournament. The situation was not difficult as the team members had learned to cope with new rules and were always flexible and dynamic. The were no difficulties during issuing of the instructions Collaboration helps to achieve best results within a precise duration. It makes work easier and also saves on time since the contrary which is a bit of resistance slows down a process. Collaboration entails some behaviors which have been observed from great collaborators such as understanding, integrity and also patience(Nottingham, 2009, p. 622). After the review of the various skills and attributes, I can comfortably award myself a 4 star in my various skills and attributes. In particular, the skills that I feel competent in include listening, integrity, teamwork and also honesty. Conversely, there are some skills that I have not fully attained more so teamwork since I experience some challenges to do with handling my fellow team members there always arises issues relating to commitment Taking Thomas Edison as one of the engineers that greatly had a positive impact on the society by coming up with the first commercial light. This was a light bulb that had many attributes including possessing a durable incandescent material and a highly resistant filament material. This he was to achieve after a series of tests without giving up. Presently, credits are still rewarded to Edison after successfully helping to bring a solution to the earlier situation of darkness. Apart from the various technical skills, one factor that comes out in Thomas Edison is commitment and the urge to provide a solution. Besides, Edison was patient and ensures that quality time is applied on the project thereby coming up with a solution that is appreciated up to now(Johnstone, 2009, p. 772). Projects vary in size but what matters is the success of any project. Thus there are some aspects that ensures that a project is properly managed. These include Strategic planning, Communication, Resources and the various personnels that will be involved in the success of the project (Brasier, 2008, p. 643). A project needs that quality time is dedicated towards it to ensure its success. It involves the various stages of proper planning else it may not meet a certain deadline and end up being untrusted. Personally, I am good at managing my time since I always complete my tasks within the stipulated deadline. My best behaviors in terms of time management include completing my tasks on time and also always being updated(Kazi John , 2012, p. 352). However, I do find a challenge when managing my time due to a spirit of perfectionism whereby I would tend to ensure that all my answers and tasks are perfect hence this makes me spend much time on the tasks. Engineering Mind mapping This refers to the visual representations and techniques that are applied by both designers and engineers for the purposes of expressing and generating ideas. It generally deals with ensuring that all the ideas that an engineer has been placed down in a piece of paper to enable the person plan well before embarking on the engineering task(Johnstone, 2009). The tools that are required to perform an engineering mind mapping are very simple and easy to acquire. They include pen and a notebook. The process of engineering mind mapping entails placing the main idea or them in the middle part of a paper and then embarking on the generation of ideas .the ideas are placed just sketchily since there is no order and thus the persons doing the mind mapping just write down anything that comes up in his mind. They may be informed of drawings, comments, questions, material listings a, statements among others as long as they are related to the central topic. Besides, there are no word limits hence the engineer should write everything that comes at the back of his mind. Thereafter the designer or the engineer should be able to link these thoughts together by interconnecting the graphics, pictures and the words(Pearson, 2007). This technique does not necessarily mean that it can only be written by the engineer or the designer starts to design. There are no limitations hence it can be written down at any stage of the process of design. One is able to do the kind mapping at the start in order to generate the problem that needs a solution and also at the middle of the task to generate other possible ways of providing the solution. It is most preferred to be done when one feels like emptying the thoughts that one has or when an engineer or a designer is stuck in the middle I the design process. Below are examples of the mind map. It can also be applied in every aspect of life even in the day to day making of decision.it also helps in making one be more creative as it will give room for expression and expansion of the thoughts that a person has(Johnstone, 2009). References American Society of Civil Engineers, A. I. o. C. E., 2011. Engineering Solutions for Sustainability: Materials and Resources. 3rd ed. London: John Wiley Sons. Edward F. Crawley, J. M. S. . D. R. B. K. E., 2014. Rethinking Engineering Education: The CDIO Approach. 1st ed. new york: Springer Science Business Media. Harding, R., 2011. Environmental Decision-making: The Role of Scientists, Engineers, and the Public. 2nd ed. Chicago: Federation Press. Daniel A, 2017. Effective Communication at Work: Say what you mean and get what you want. 1st ed. Chicago: 50Minutes.com. Ludden, M., 2008. Effective Communication Skills: Essential Skills for Success in Work and Life. 2nd ed. Westminister: JIST Publishing, Nottingham, U. o., 2009. Sustainability Engineering. 1st ed. Nottingham: University of Nottingham. Pearson, N., 2007. FCS Professional Engineering Practice L4. 2nd ed. Pretoria: Pearson South Africa. Stephen Johnston, J. P. G. W. J. K., 2009. Engineering and Society: Challenges of Professional Practice. 2nd ed. Carlisle: Prentice Hall,

Feminism Essays (407 words) - Feminist Theory, Womens Rights, Gender

Feminism The word feminism has many connotations. Some include lesbian, feminazi, man-hater, and baby killer. It is interesting to note that all these words convey a negative feeling. It is rare to hear feminism described as female empowerment or as an organized activity on behalf of women's rights and interests, which is how it is defined in the dictionary. Why has feminism taken on such a negative meaning? In this course, feminism has been defined as female empowerment, the recognition of oppression, and the advocation of equality. The syllabus clearly states that academic feminism is not about male bashing?it is about challenging racist, sexist, classist, and homophobic ideologies in order to theorize about a more equitable society, and it is about transforming some of the existing patriarchal and racist paradigms in order to eliminate oppression. In my opinion, any strong and independent woman would want to be labeled as a feminist. Yet many women are cautious, afraid even, of aligning themselves with the word feminist. Fear is part of the equation?the justifiable fear of what lies ahead for any woman boldly proclaiming her commitment to empowerment(Morgan, 55). Is it because in order to be a feminist, a woman must deal with false assumptions about her sexual preference, cultural beliefs, and general outlook on life? I dreaded the long, tedious conversations spent exorcising others of the stereotypes that tend to haunt the collective consciousness?.when we think of the f-word?male basher, crew cut dyke..(Morgan, 56). What woman would want to deal with this constant barrage of insults in order to proclaim herself a feminist? Feminism is often identified with the radical and extreme definition associated with one of its subcategories, Radical Feminism. Radical Feminism emphasized the relationship of women to each other, even going so far as to advocate separatism (women only communes, withholding sex) in order to change the system. Unfortunately, this theory promoted the idea of feminists as lesbians, as man haters who wished to separate themselves from an unjust patriarchal society. Contemporary mass media has also contributed to the negative attitude surrounding feminism. The term feminazi, coined by television and radio personality Rush Limbaugh, is defined by anti-feminists as a feminist who is trying to produce as many abortions as possible, hence the term nazi. Limbaugh is obviously under the misconception that all feminists are pro-choice, which coincides with the whole lesbian/man-hating feeling towards feminism.

Jack Nelsons Problem Essays

Jack Nelsons Problem Essays Jack Nelsons Problem Essay Jack Nelsons Problem Essay Chapter 1Application Case: Jack Nelsons Problem 1. What do you think was causing some of the problems in the bank home office and branches? There is clearly aproblem with communication, and the effects are felt in the area of employee commitment. Additional contributingfactors include the lack of consistency in the policies and procedures of various locations. There is no cohesiveness tothe staffing activities of this organization. 2. Do you think setting up a HR unit in the main office would help? Of course we think it would! Since there are HR-related problems both in the home office and in the branches, it is clear that if a personnel office were set up, it wouldneed to help to coordinate the HR activities in the branches. 3. What specific functions should it carry out? What HR functions would then be carried out by supervisors andother line managers? What role should the Internet play in the new HR organization? There is room for quite abit of variation in the answers to this question. Our suggested organization would include: HR Unit: job analyses,planning labor needs and recruiting, providing advising and training in the selection process, orientation of newemployees, managing wage and salary administration, managing incentives and benefits, providing and managing theperformance appraisal process, organization-wide communications, and providing training developing services. Supervisors and Other Line Managers: interviewing and selection of job candidates, training new employees,appraising performance, departmental personal communications, and training development. Internet and HR: shiftsome activities to specialized online service portals and/or providers. Continuing Case: Carter Cleaning Company 1. Make a list of 5 specific HR problems you think Carter Cleaning will have to grapple with? Potential answers could include the following:1) Staffing the company with the right human capital by identifying the skills and competencies that arerequired to perform the jobs and the type of people that should be hired. Sourcing candidates andestablishing an efficient and effective recruiting and selection process will be an important first step. ) Planning and establishing operational goals and standards and developing rules and procedures tosupport business goals and strategies. Failure to do so will result in a lack of clarity around performanceexpectations down the line as each store becomes operational. 3) Implementing effective Performance Management through setting performance standards, highquality appraisal of performance, and providing ongoing p erformance coaching and feedback to developthe abilities of each person and support positive employee relations. ) Designing an effective compensation system that will give the company the ability to attract, retainand motivate a high quality workforce, providing appropriate wages, salaries, incentives and benefits. Apoorly designed system will result in difficulty in attracting candidates, turnover and low employeemorale. 5) Training and developing employees both at the management and employee level to be able toperform the job to meet the performance expectations. This should include a new hire orientationprogram as well as a program for ongoing training and development. Lack of attention to thiscomponent may result in errors, increase in operational costs, turnover, and morale problems. 2. What would you do first if you were Jennifer ? Answers will vary; however, probably the most important first step is to ensure that thestaffing process is well designed and targeting the right mix of skills and abilities neededamong candidates. A thorough job should be done in analyzing the requirements of each  job, developing a complete job description for each role, and sourcing candidates thatmeet those requirements. Significant time should be invested in the hiring process toensure that the candidates hired meet the requirements and possess the skills andabilities to do the job. Chapter 3 Application Case: Siemens Builds a StrateUntitled 1gy – Oriented HR System 1. Based on the information in this case, provide examples, for Siemens, of at least four strategically requiredorganizational outcomes, and four required workforce competencies and behaviors. Strategically requiredorganizational outcomes would be the following: 1) An employee selection and compensation system that attracts andretains the human talent necessary to support global diversification into high tech products and services 2) A â€Å"learningcompany† in which employees are able to learn on a continuing basis; 3) A culture of lobal teamwork which willdevelop and use all the potential of the firm’s human resources; 4) A climate of mutual respect in a global organization. Workforce competencies and behaviors could include 1) Openness to learning; 2) teamwork skills; 3) cross-culturalexperience; 4) openness, respect and appreciation for workforce diversity. 2. Identify at least four of the strategically relevant HR system policies and activites that Siemens hasinstitut ed in order to help HR contribute to achieving Siemens’ strategic goals. ) Training and development activities to support continuous learning through a system of combinedclassroom and hands-on apprenticeship training to support technical learning; 2) Continuing education andmanagement development to as developing skills necessary for global teamwork and appreciation for  cultural diversity; 3) Enhanced internal selection process which includes pre-requisites of cross-border andcross cultural experiences for career advancement; 4) Organizational development activities aimed atbuilding openness, transparency, fairness, and supporting diversity 3. Provide a brief illustrative outline of an HR scorecard for Siemens. Metrics could include things such as:1. Level of organizational learning:a. Number of hours of technical training per employee (class room and hands-on)b. Number of hours of education management development2. Level of cross cultural team worka. Number of employees assigned to roles including cross-border and cross-cultural experiencesb. Survey results measuring employee climate on dimensions of teamwork, openness,transparency, fairness, diversity3. Extent to which the employees can describe the company’s core values4. Effectiveness of selection process for identifying high quality candidates – number of qualifiedcandidates per position, turnover and retention statistics. Continuing Case: the Carter Cleaning Company 1. Would you recommend that the Carters expand their quality program? If so,specifically what form should it take? Most students will agree that there areopportunities to expand the quality program. The employee meeting approach is a good tart in terms of utilizing high involvement organizational practices. There are opportunitiesto maximize the overall quality of their human capital. For example, training seems to bean obvious area to focus in terms of educating and building awareness about basicstandards and procedures. 2. Assume the Carters want to institute a high performance work system as a testprogram in one of their stores. Write a one page outline summarizing what such aprogram would consist of . Students should include some of the following ideas in their  outline: Identify the types of HR practices they would implement to improve quality,productivity, financial performance; methods for job enrichment; strategies for implementand leverage a team-based organization; ways to implement and facilitate highcommitment work practices; employee development and skill building to foster increasedcompetency and capability in the workforce; a compensation program which providesincentives (for example profit sharing; pay for performance) for achieving major goals andfinancial targets. Chapter 4 Continuing Case: Carter Cleaning Company The Job Description 1. What should be the format and final form of the store manager’s job description? The format noted in figure 4-7 could be a reasonable format to use. Students mayrecommend that Jennifer include standards of performance section in the job description. This lists the standards the employee is expected to achieve under each of the jobdescription’s main duties and responsibilities, and would address the problem of  employees not understanding company policies, procedures, and expectations. Inaddition, students may recommend that Jennifer instead take a competency-basedapproach which describes the job in terms of the measurable, observable, behavioralcompetencies that an employee doing that job must exhibit. Because competencyanalysis focuses more on â€Å"how† the worker meets the job’s objectives or actuallyaccomplishes the work, it is more worker focused. 2. Was it practical to specify standards and procedures in the body of the jobdescription, or should these be kept separately? They do not need to be keptseparately, and in fact both Jennifer and the employees would be better served byincorporating standards and procedures into the body of the description. The exception tothis would be if the standards and procedures are so complex or involved that it becomesmore pragmatic to maintain a separate procedures manual. 3. How should Jennifer go about collecting the information required for the standards,procedures, and job description? She should first go about conducting the jobanalysis, collecting information about the work activities, human behaviors, machines,tools, equipment, and work aids, performance standards, job context, and humanrequirements. The best methods for collecting this information in this case are throughinterview, questionnaires, observation, diaries/logs maintained by employees, In addition,she should ensure that she is identifying the essential functions of the job, and that thedescriptions are ADA compliant

AFA assing1 Article Example | Topics and Well Written Essays - 250 words

AFA assing1 - Article Example The most significant aspect that contributes to the bad attitude towards Africa is the skin color and language. Historically, Africans have been described as â€Å"the Black† and that notion has brought about huge attitude discrimination concerning African. Racial discrimination has been served to Africans for a long time. Sometimes, Africans are deemed to be mentally retarded or creatures that are still evolving. My role as a budding scholar is to highlight some pretty things that emanate from Africa. In this case, the picture of Africa will be drawn again by demarking phenomenon aspects of Africa such as the attractive culture, good geographical sceneries and people with bright minds. African concepts of God has emanated from a very close affiliation with nature and absolute dependence on the land. Since the nature is very much dependent on the rain, Africa developed a desire to appease the being that brings rains and make the nature attractive. In this case, they realized that there is a supreme that controls the welfare of the nature. They referred to this divine being as God. Monotheism is the concept used to describe the existence of only one Supreme Being known as God. In this case, every person worships the supreme Being making declaration that there exist none-other to be worshiped. A good example of monotheism is the

Business Impact Analysis Essay Example | Topics and Well Written Essays - 1000 words

Business Impact Analysis - Essay Example ing the postal system is the Office of Inspector General (OIG) whose chief officer reports directly to the Postal Office’s Governors and not subject to any supervisory jurisdiction to any other Postal Service in the country (USPS OIG: David Williams, 2010). Due to the delicate nature of the tasks, responsibilities, and accountabilities accorded all personnel working for USPS OIG, a business impact analysis is most useful in assisting management in determining which functions are critical to the continued operation of the organization. According the its official website, the mission of the office is to assist in the maintenance of confidence through safeguarding the organization’s bottom line concurrent with undertaking both audits and investigations. It was specifically stated that â€Å"audits of postal programs and operations help to determine whether the programs and operations are efficient and cost-effective. Investigations help prevent and detect fraud, waste, and misconduct and have a deterrent effect on postal crimes† (USPS OIG: Mission, 2010, par.1). In this regard, the OIG is tasked with focusing on the following strategic goals which are considered relevant as giving direction to the organization: generation of revenue, improving and increasing the organization’s efficiency in performance, focusing on improvement of service, emphasis on a culture which focuses on the customers, increasing awareness on sustainability efforts, and regular monitoring and apprising on regulatory studies and obligations to report (OIG: Semi-Annual Report to Congress, 2008, 7). Business impact assessment is one of the steps incorporated in business continuity planning. Since OIG undertakes audits and investigations, the initial step to identify critical areas that would ensure the accomplishment of identified objectives entails reviewing the STEEP (social, technological, economic, ecological, and political) factors that impact its operations (Van der Heijden, et.al.,

Financial Risk Management Essay Example | Topics and Well Written Essays - 2750 words

Financial Risk Management - Essay Example At the business level, managers use VaR as a standard summery of market risk exposure. A benefit of the VaR which is a, the great value theory, is that it may be computed without full information of the return allocation. Semi or fully non-parametric estimation processes are obtainable for downside risk estimation. Additionally, at an adequately low confidence level the VaR calculate explicitly concentrates regulators and risk manager’s attention on uncommon losses, than on potential catastrophic great losses. The general use of VaR based risk management is that, it has become increasingly significant in the study of the belongings the option market, and the stock market of these constraints. For instance, organizations with a VaR constraint may be willing to purchase out of the money put choices on the market portfolio so as to limit their downside risk. If multiple organizations follow the similar risk management plan, then this will clearly lift the equilibrium costs of the se options. In addition the form of the returns of stock distribution in equilibrium will be influenced by the management efforts of collective risk. As an outcome, it is possible that the allocation of stock returns will become more heavy-tailed. This would involve the effort to control market risk, and therefore to decrease default risk, has it unfavorably increased the chance of such events. A part of the Long Tern Capital Management (LTCM) strategy was to expect that the increase between various rates would become limited, especially, the increases among the rates of corporate bonds and treasury bonds which are at an uncommonly high historical level. â€Å"LTCM was considered unique among hedge funds because of the large scale of its activities and size of its positions in certain markets.† (Long Term Capital Management 1999). 2. Background Barings Bank Francis Baring established Barings Bank in 1762, in UK. The British government paid commissions to Barings to raise fund s to finance wars in the mid 1800s against US and France. Barings was regarded as the London's biggest 'American House.' (The Fall of Barings Bank n.d). Between 1860 and1890, Barings was also occupied in offering loans to Argentina. Barings was on the verge of bankruptcy in 1890 when Argentina failed to make bond payments. However, major banks in London like the Bank of England came forward to assist the bank. This disaster had a key impact on Barings and it persuaded the bank to shift all its business to the North American continent. Barings started a consultancy to advice people especially like those who belong to aristocratic class, in their assets management. The bank began to grow well and continued to earn considerable profits. In 1980s, the bank commenced its operation in US again and acquired the stock broking support of Henderson Crosthwaite, which later on came to be known as BSL.  Barings Bank collapsed in 1995, because of the actions of Nick Leeson, a trader who misapp ropriated almost $1.4 billion. â€Å"The loss was due to a huge exposure to Japanese stock market.† (Barring Banks and Nick Leeson n.d). Industry analysts says that the fall of the Barings is a classic instance of poor risk management practices. The bank had entirely failed to set up an appropriate financial system, operational control system and managerial system. Due to the absence of efficient supervision and control, Leeson got the opportunity to perform his illegal trading activities and that too without being detected for a considerable period of time. The collapses of Barings Bank were happened only because of the