The Role Of Discretionary Fund Management Accounting Essay

The topic of Discretionary Fund Management for IFAs divides sentiment. Some see it as an indispensable tool in supplying an holistic service to clients. Others see it as an unneeded and potentially dearly-won craze. As usual, the truth lies someplace between these two extremes. Used right, aˆÂ ¦ However, there are legion considerations etc This usher will explicate what DFM is and the cardinal considerations. Most significantly, it will assist you to place whether Discretionary Fund Management can profit your clients, and the stairss that should be taken to set in topographic point an effectual DFM service. ROLE OF DISCRETIONARY FUND MANAGEMENT Discretionary Fund Management involves deputing the twenty-four hours to twenty-four hours investing determinations to a professional investing director, normally referred to as a â€Å" Discretionary Manager † . The Discretionary Manager will specialise in pull offing investing portfolios, and the purpose is that they will possess a higher degree of cognition and experience than a general fiscal advisor. The Discretionary Manager will take duty pull offing the client ‘s portfolio, and does non necessitate to obtain blessing for the client for single determinations. They will alternatively utilize their expertness to run into the client ‘s aims, which will be agreed at the beginning. While the advisor and client will keep regular contact with the Discretionary Manager, for the agreement to work efficaciously it is indispensable that the Discretionary Manaher is given liberties over twenty-four hours to twenty-four hours determination devising. The advisor ‘s function is still an of import 1, as the Manager will be working towards run intoing whatever wants and needs the advisor has agreed with the client. It is besides critical to emphasize that while the activity may be delegated, the advisor can non depute regulative duty for run intoing the client ‘s demands. Economic Backdrop? RULES AND REGULATION While it can non be credited with kickstarting the usage of Discretionary Managemtn by IFAs, the Retail Distribution Review ( RDR ) has brought the ( issue to the forefront.. ) , peculiarly in the runup to the RDR â€Å" deadline † ( 31st December 2012 ) . One of the key alterations brought by the RDR is that it will widen the scope of merchandises that an Independent Financial Adviser must see within client portfolios, which for many will necessitate increased expertness and more robust procedures for research and due diligence. As a consequence, increasing Numberss of IFAs are looking towards Discretionary Fund Management to help them with run intoing their regulative duties. Resource Wage Expertness However, advisors need to be cognizant that neglecting to utilize Discretionary Directors right could ensue in them transgressing regulative regulations, instead than helping them. Recent counsel from the FSA stated that houses would necessitate to see a broad scope of investing solutions in the market before urging a Discretionary investing service. & lt ; analyse paper and cardinal findings & gt ; FSA CIP paper This counsel from the regulator underlines the importance of robust due diligence before come ining into a discretional agreement, and besides highlights their concerns with clients potentially being â€Å" shoe-horned † into unsuitable agreements. Tax The cardinal revenue enhancement consideration with discretional fund agreements is that for each dealing within a Disretionary portfolio, a possible Capital Additions Tax ( CGT ) liability arises. Each sale is treated as a disposal for CGT intents, and any addition on that sale is added to the sum of the client ‘s nonexempt additions in that revenue enhancement twelvemonth. Any losingss on gross revenues can be offset against additions, and any additions above the client ‘s one-year freedom ( ?10,600 for 2012/13 ) are taxed at either 18 % or 28 % , depending on the client ‘s entire nonexempt income. It is the duty of the advisor and the client to guarantee that these additions are documented on the client ‘s one-year self-assessment. This means that the Discretionary director will necessitate to be familiar with the client ‘s revenue enhancement personal businesss to avoid making unneeded liabilities. The FSA have besides made it clear that they expect revenue enhancement to be taken into history when measuring the suitableness of any investing solutions This once more highlights the demand for the advisor to place the client ‘s fortunes and ends to outset, and for there to be a clear definition of duties between client, advisor and Discretionary Manager. Another possible complication is that the European Court of Justice has late recommended that all elements of discretional direction services should be capable to VAT. While the full deductions of this recommendation are yet to be clear, this is something that all advisors will necessitate to maintain an oculus on traveling frontward. Appropriate Tax WRAPPERS/PLATFORMS As revenue enhancement is an of import factor to see, the pick of revenue enhancement negligees and platforms used to ease Discretionary Management is highly of import. We will supply an overview of the most common below. This is non an thorough list, but is intended to cover the most common negligees available. ISA – Individual Savings Accounts are available to all UK occupants aged 18 and over ( although cash-only ISAs are available to occupants 16 and over ) . The ISA acts as a â€Å" negligee † , within which all additions are free from income and capital additions revenue enhancement. As discetionaryu minutess can incur a CGT liability, ISAs are a potentially valuable tool to minimise revenue enhancement liabilities. The chief drawback with ISAs is that one-year parts bounds are comparatively low ( ?11,280 for 2012/13 ) , and it can take many old ages to construct up the size of portfolio where Discretionary Management is likely to be most effectual. However, a cardinal portion of sound fiscal advice is that clients should maximize their one-year ISA parts whenever possible. SIPP – Another common revenue enhancement negligee for DFM is the SIPP ( Self-Invested Personal Pension ) . SIPPs are a specific type of Personal Pension, and portion the common features as below: Contributions – Contributions upto ?50,000 per input period ( revenue enhancement twelvemonth for most persons ) receive income revenue enhancement alleviation. This is known as the â€Å" Annual Allowance † threshold. Tax Relief – Contributions receive full revenue enhancement alleviation upto the client ‘s highest fringy rate. For illustration, a higher rate taxpayer will have revenue enhancement alleviation of 40 % on all parts paid into a Personal Pension. Eligibility – Clients must be UK occupant and under the age of 75 to put up a Personal Pension Plan and obtain revenue enhancement alleviation on parts. Personal Pensions enable the client to do big parts, which will turn in a tax-efficient environment. The major disadvantage is that under pension legilsation benefits can non by and large be accessed until age 55, and even at this point there are limitations on how benefits can be taken. Typically a client will buy an rente ( income for life ) with their pension fund, or pull down financess from the strategy within authorities bounds. While pension financess these yearss are used for an increasing assortment of intents, it is of import to emphasize that for most clients the cardinal intent is to supply for an income in retirement. SIPPs differ from conventional Personal Pensions in that they allow a greater scope of investings to be held, giving more freedom to do investing determinations. This flexibleness lends itself to DFM services, as the specializer fund director can The downside is that charges It is of import to set up whether the SIPP will let DFM, and what the costs of this will be. These costs should be factored in when measuring whether DFM services are appropriate for the client. usage SIPP instance survey Offshore INVESTMENT Chemical bond Investing Chemical bonds are corporate investings written under Life Insurance statute law. The regulations may at first glimpse appear esoteric, but a house apprehension is required to place their possible usage for Dicretionary Fund Manahement and fiscal planning in general. A thorough analysis of Investment Bonds is beyond the range of this article, but a brief overview will follow. The Life Insurance is normally nominal, with the huge bulk of the investing applied to the financess held within. The investing financess are capable to life company revenue enhancement on income and capital additions, with no farther liability for the investor. Offshore bonds ( typically based in revenue enhancement oasiss such as the Isle of Man or Jersey ) differ from conventional onshore bonds in that investing returns can are rolled-up without farther revenue enhancement, which enables investings to be switched without incurring a CGT liability. Tax is basically deferred until enchashment. This construction offers possible advantages for DFM, as switches can be made without CGT being an issue. Clients utislising a DFM service are likely to be higher rate revenue enhancement remunerators due to the big amounts typically involved, and it is possible to postpone encashment to a point where they are no longer higher rate revenue enhancement remunerators, cut downing the overall revenue enhancement payable. Offshore Chemical bonds do non hold the little part bounds of ISAs, and there is greater flexibleness than a SIPP over how and when benefits can be taken. As a consequence, they are normally used in Discretionary Fund Management. However, it is of import to emphasize that they do non keep the same revenue enhancement advantages. A common misconception is that Offshore Bonds are â€Å" tax-exempt † , but the financess are taxed within the bond, and there may be a farther revenue enhancement liability at encashment. They are besides well more complex, and must be used carefully to optimise revenue enhancement efficiency. Platform Over recent old ages, â€Å" Platforms † are going an progressively common tool in IFA services. Platforms are described by the FSA: ‘Internet based services used by mediators ( and sometimes clients ) to position and administer investings. They tend to offer a scope of tools which allow advisors to see and analyze a client ‘s overall portfolio, and to take merchandises for them. Equally good as set uping minutess, platforms by and large arrange detention for clients ‘ assets ‘ â€Å" Wrap † is the term typically used to depict a type of platform that offers entree to a broad scope of investings, with an â€Å" unbundled † bear downing system where payments to fund directors and advisors are crystalline. They besides provide hard currency direction installations, and enable all investings to be held in one topographic point, cutting down on paperwork and easing the administrative load. In the context of DFM, there is a possible struggle as both the platform and DFM will necessitate detention of the assets held, and this ab initio created barriers to the two services being used together. It is going more platitude for DFMs and Wrap suppliers to work together, and at that place will frequently be a list of DFMs available via the Wrap. An advantage of utilizing DFM via a wrap is that the advisor can keep sight and a degree of control over the assets held, and it is besides possible to choose which portion of the portfolio the DFM has entree to. This can do it easier to see how the financess under discretional direction tantrum into the overall image for the client. The obvious disadvantage is that the wrap adds another bed of bear downing to the service. This once more steers the service towards higher cyberspace worth clients, and emphasises the demand to place clients for whom discretional direction AND wrap disposal are an indispensable demand instead than an expensive luxury. ADVANTAGES OF DFM Advocates of DFM point to several benefits from IFAs in utilizing this service. Improved Investment Performance – although this can non be guaranteed, the increased investing expertness and specializer cognition of the discretional director should hopefully take to overall greater investing returns Frees up clip and resource – a common ailment from IFAs is that they spread themselves excessively thin. The clip and resource they would otherwise hold spent on twenty-four hours to twenty-four hours montoring of investings can in theory be put to more effectual usage in other countries. The obvious illustration is that it allows the advisor to pass more clip with the client, constructing relationships and looking at a holistic image of their fortunes and aims. Speed – As the DFM is able to move without the client ‘s consent, they can respond more rapidly to altering fortunes, and take advantage of new chances that arise. Reduced Investment Risk – The DFM ‘s greater cognition and deepness of research should enable the building of a more diversified portfolio, which can cut down the impact of investing volatility. DISADVANTAGES OF DFM On the other side of the coin, critics of DFM cite a figure of hazards and drawbacks to utilizing a DFM service Fees and charges – Discretionary direction services do non come cheaply, and it adds another bed of payments that the client must run into, either from their fund or their ain pocket. In order for the service to be of value to the client, the DFM must reimburse these extra charges through improved investing public presentation. Many argue that the existent benefit provided by DFMs is limited. Impact on Adviser/Client Relationship – DFM involves a 3rd party taking twenty-four hours to twenty-four hours investing determinations on behalf of the client. For many clients, this raises the inquiry of what the fiscal advisor is making to warrant THEIR fees. Unless the client sees the value of the advisor ‘s function, this can hold a negative consequence on the client ‘s relationship with the advisor. Lack of Control – The DFM will hold authorization to do determinations without confer withing the advisor. There is the hazard that the DFM will non pull off the investings in the manner the advisor and client expected, particularly if the original footings of the understanding and the client ‘s aims were obscure. To battle against this, the advisor will necessitate to supervise the activities of the DFM. The enticement could be for the advisor to pass valuable clip watching what the DFM is making, particularly if the advisor does non hold full assurance in the DFM. Regulatory duty – As has been stressed antecedently, the advisor is still responsible for the overall service being provided to the client. A hapless DFM non merely reflects severely on the advisor ; it can set down the advisor in hot H2O with the FSA! Cardinal COMPONENTS OF A DISCRETIONARY MANAGEMENT SERVICE Therefore far we have explained the function of the DFM, the relevant regulations and ordinance, and distribution channels for DFM services such as revenue enhancement negligees and platforms. We have besides provided what are considered to be the most common advantages and disadvantages in a DFM service. We will now concentrate on the stairss that should be taken Client Cleavage Central to the service being provided is the client. Discretionary Fund Manahement services are unoikely to be of value to clients who do non necessitate them, and alternatively do jobs. Besides, the advisor runs the hazard of falling foul of the regulator if clients are non provided with suited solutions to their demands. The FSA identified that â€Å" shoe-horning † of unsuitable clients into DFM agreements was s important concern, and highlighted that Size of Fund: As the Discretionary Manager will incur charges, it is improbable to be suited for clients with financess of less ?100,000 to put Control: With a discretional service determinations will be made without the client ‘s blessing Engagement: How frequently does the client want to be involved twenty-four hours to twenty-four hours etc Trust: Is the client willing to release control to another professional. Inserts another person into the client/adviser relationship Aims – What is the client looking to accomplish with their investings? Clients with more conservative ends are less likely to be suited for a DFM service. Due Diligence Degree of Discretion Investing Vehicles Client Meetings Goals Reporting Charges Wage Documentation Review – Even if the above stairss have been completed, there is no warrant that the agreement will be successful. CASE STUDIES Decision

Economic Principles

_____________________________________________________________ BEO1105 Economic Principles Assignment: Semester 2, 2012 DUE: Week beginning the 10th of September, 2012 Value: 20% of Total Assessment * Since the assignment forms a part of the final assessment for the subject, no assistance will be provided by the staff in relation to answers to the questions. However, if you need any clarifications in regard to the questions, you may contact the lecturer/tutor. You should attach the duly completed Assessment Declaration form available in the Assessment Information section of the subject Web site (WebCT). * You should comply with the assignment presentation requirement as outlined in the subject guide. * The assignment must be typed with a maximum of 600 words in total. * The completed assignment must be lodged with your tutor during your scheduled tutorial in the week it is due. ___________________________________________________________________________ Question 1 (9 marks)During the 1 990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of prices and quantities. (a) Computers (3 marks) (b) Computer software (3 marks) (c) Typewriters (3 marks) Question 2 (6 marks) After an economics lecture one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic. a) In what sense is taxing food is a ‘good’ way to raise revenue? (3 Marks) (b) In what sense is it not a ‘good’ way to raise revenue? (3 Marks) Question 3 (5 marks) Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. However, trucking (haulage) firms appear not to experience falling average costs associated with large-scale operations. Why might this be the case? Explain

Proposal for Gender Affirmative Action in Europe

When applying for a Job but also to the university, Judging does not have to be only based on your skills, work experience, studies, grades but it can be largely affected also by your gender or race. The proper term for such an action is, â€Å"affirmative action† or â€Å"positive discrimination†. According to the Stanford Encyclopedia of Philosophy, affirmative action can be defined as, â€Å"positive steps taken to increase the representation of women and minorities in areas of employment, education and business from which they have been historically excluded.Recently, there has been a great deal of discussion related to the proposal of European Commissioner for Justice, Fundamental Rights and Citizenship Mrs. Viviane Reding. The proposal was on improving the gender balance among non-executive directors of companies listed on stock exchanges. Furthermore, proposal should ensure that by 2020, at least 40% of women should be represented on supervisory boards and board s of companies with more than 250 employees. According the collected statistics by European Commission, â€Å"women only make up to 15% of non-executive boards and 8,9% of executive boards.First country in EIJ that came with this idea and implemented it was Norway in 2003. However, is such a proposal ethical? On one side, according to Viviane Reding, a glass ceiling still remains and blocks female talent from top positions. On the other side, positive discrimination, (artificially created) of any kind will always lead into reverse discrimination. Also, it violates one of the basic business concepts, speaking that this proposal restricts ownership of shareholders of the companies who have invested their capital.They are not allowed to fully choose their representatives (non- xecutives, executives, management) by their most rational choice. If the shareholders have to take into account other criteria beside the ability of the best representation of the executives and directors, in th is case, they have to decide upon gender. Then, the representation may be at the expense of effectiveness and managing the company which in turn goes to an expense of profits. Another points of view may be taken from the philosophical side. Utilitarian theory can be stated that an action should be based on the outcomes.Firstly, some may say women enhance diversity in the companies. Secondly, having diverse environment may be a key factor for advancements or successful achievements of a company. Lastly, the ultimate end result which could be in a form of disappearance of gender glass ceiling. Looking at the affirmative action through these points, mention outcomes have clearly positive sides. The utilitarian theory can be similarly stated in terms that it tries to maximize happiness and reduce suffering. In such a statement, some cons may appear as well.When applying for the position that is affected by the quotas, more men may be pplied than women and even if the skills of both gend ers would be comparable, in order to fulfill the quotas more/or even only women would be accepted than men. In such a case, majority is harmed and thus it does not maximize the happiness. Not having freedom of choice based on the skills harms majority again, this time the majority is represented by the shareholders and stakeholders and again, it is based on the theory, that the representation of the company will not be chosen in the best possible way, but in order to fulfill the restrictions..Though, these points of view are nly hypothetical. Another well known philosophical theory which may be applied to this topic is Kantian theory. In principle, it states that in order to determine whether or not an action is good or ethical, we should imagine it as a universal law and determine whether or not that would be detrimental or good. Theoretically, such an affirmative action becoming a universal law would not lead into happiness of majority in society. Creating the quotas/regulations i s not solving the problem, it is critical to rather change the approach to women at the workplace.For instance, by using different tools to support the efforts to balance professional life and personal life which allow women to use their education and skills without a need to resign as mother and come to the decision between family and career. In conclusion, European Commissioner Viviane Reding with her proposal met certain supporters particularly in European Commission, but many opponents have argued as well, thus the proposal was postponed for now. I stand up in the opponents side against this proposal as almost any kind of affirmative action leads into reverse discrimination.

Primary Source Evaluation Assignment Example | Topics and Well Written Essays - 500 words

Primary Source Evaluation - Assignment Example REBA is an assessment tool that can be used to assess the performance of employees giving recommendations to the suitability of the jobs that they do The assessment tool provides categories upon which score are given depending on the critical tasks that the job poses to the employee, this is achieved by assessing the different postures and giving scores to each region. The Reba value totals represent the scores in the groups. The decision table which is shown at the end of the table is used to tell the level of risk that the particular worker is exposed to. After getting the final tally, a recommendation can be given to cushion the employee against an extreme risk that could be exhibited from the assessment. The work is then replaced or dropped. The following is an assessment of a worker, who has been shovelling snow for considerable lengths of time. Step 13 here, he gets (+13) since it can b seen that the one or more of his parts of the body. Similarly its evident that he held on for a long period of time, at least more than a minute. This means that with regard to table C I have to add his activity score 1 = 11 (REBA 2012) The final assessment score becomes 11. According to REBA assessment worksheet, the worker is exposed to a high risk. The best solution is therefore to change the kind of work that he is doing or to discourage it completely for the best interest of the employee.  

Managerial Accounting Essay Example | Topics and Well Written Essays - 1000 words

Managerial Accounting - Essay Example This article mainly discusses Breakeven Analysis such that the first section highlights the definition of breakeven point along with its graphical representation. Next section describes the importance of breakeven analysis. Last part of this article outlines the implications of breakeven analysis followed by the conclusion which summarize the article. Breakeven Point The level of sales or production quantity which can bring the company in a position where it neither generates any profits nor incur any losses, that point is called as breakeven point or level (tutor2u). When a particular product is manufactured, it has mainly two components which are variable costs and fixed costs. In order to reach at the breakeven level of sales, variables costs are deducted from the sales to arrive at the contribution margin. The percentage of that contribution margin with respect to sales is then compared with fixed costs resulting in the breakeven level of sales. If the contribution margin is prov ided in per unit terms, then break even quantity to be sold would be found. Following are the formulae for Breakeven Sales Level and Breakeven Quantity: Breakeven Sales Level = Fixed Cost / Contribution Margin (%) Breakeven Quantity = Fixed Cost / Contribution Margin (per unit) Where, Contribution Margin = Sales – Variable Cost Graphical Representation Graphically, breakeven points can also be identified with the help of the following diagram, where it can be observed that the point of intersection between lines OA and BC where line OA describes the normal sales level and BC denotes the total cost of the product comprising both variable and fixed costs. The point Q denotes the breakeven quantity. It is important to note that at point P, the firm is neither incurring any loss nor generating any profit and that is the breakeven point for the sales level. Reasons for Breakeven Analysis There are different reasons due to which business managers are keen to undertake this analysis such that future planning of operating activities, setting sales objectives, avoiding losses, estimating sales and costs forecasts etc. All these reasons are discussed as under: Future Planning Breakeven analysis helps business managers in undergoing rigorous future planning about the different products. By virtue of this analysis, some products are removed from the product line which can no longer generate profits, some of the products are added in as they have the capacity to generate some profits. At the same time some existing products are also continued with as their breakeven analysis provides them the likelihood of earning some profits. Setting Sales Objectives In order to motivate the sales force, breakeven analysis is conducted and then sales force is provided some targets to achieve. As per meeting the different levels of target sales, the company’s profits increase at the same time it adds up more rewards to the sales force. Avoiding Losses The next major reason f or the breakeven analysis is the avoidance of losses. Since the most preferred objective of a company is to avoid losses at any costs, therefore the business managers, conduct this analysis which reveals as which product can be sold in what quantities in order to establish different quantity levels of sales. If a given product’s breakeven quantity is too high and the company does not realize that this much quantity they can actually sold, it means that product will surly incur some losses. So it is

GMO the Necessary Evil Essay Example | Topics and Well Written Essays - 250 words - 1

GMO the Necessary Evil - Essay Example There have been many mixed reactions due to GM foods because of the rampant debate surrounding GMO technology. Today, the process of genetic modification is rapidly advancing throughout the planet. In 2004, 8.25 million farmers in 17 nations grew the crops (Ahmed 30). The production and marketing of GM foods are due to the superficial benefits they hold either to the producer or to consumption of these genetic foods. When it was first introduced, GM seeds developers needed their products to be accepted by producers and focus on innovations that have direct benefits to the farmers and the food industry at large. For example, the International Rice Research Institute located in the Philippines manufactured the GM golden rice to help people in South East Asia that were lacking food. Research has shown that GMO presents significant threats because of inconclusive research on their safety and their effects on the environment. However, I believe GMO is a necessary evil that the human race must contend with because it faces an imminent food crisis. GMO is the necessary evil that will solve the world food problem (Specter 34). GMO foods are unavoidable, and we cannot live without them. The World Health Organization (WHO), the Food, Drug Administration, and other scientific bodies in the world have strongly advocated for the use of GM foods, since they do not predispose the human health to any harm. Additionally, research shows that the risks to human health that may be brought about by the consumption of GM foods are the same as those that are produced by the consumption of non-GM foods. Moreover, GM foods are safe to use as they tested for food safety and passed the safety assessment. Some people believe that GM foods should be eliminated due to the risks they have like the health issues. It is a fact that people have eaten some of the GM foods unknowingly, but no complains of serious concerns (Ahmed 18). By 2040, the world’s population is predicted to increase

Liberal market economy Essay Example | Topics and Well Written Essays - 1000 words

Liberal market economy - Essay Example According to Maurice Mullard, there is a linkage between the commitment to liberal democracy and the concept of market liberal economies. The democracy and market economy are linked with each other. In a democratic country, the policy guarantees the people to choose the government. Similarly, the liberal market economy provides choices in employment, consumer products, education facility and provisions of health. The democracy cannot survive without any commitment towards a market economy and the market economy cannot survive outside the political democracy (Mullard, 2004). The liberal market economy has the potential to outperform the capital economy. The social environmental factors of a liberal market economy are highly influenced through the nature of autonomous work of the economy itself (Pagano & World Institute for Development Economics Research, 1996). The US and the UK economies are strongly anti-trust regulations that forbid the firm’s entrance to financial credit an d capital markets that are driven by profitability and expectations of the market. The liberal market economy strongly follows the philosophy of neo-classical economics in which the firms function in a ‘perfectly competitive’ market and are determined by the short term profits (Deller, 2005). The economist Bennet Harrison and David Gordon viewed that the firms in the US and the UK in the liberal market economy reduces the costs to increase the profit margin in the short run. In a coordinated market economy, firms increase the profit margin through the enhanced productivity, technical advancements and labour training methods. The liberal market economy in view to the bankruptcy as a legitimate business strategy differentiates from coordinated market economies. In the US market, firms use the bankruptcy business strategy as an option to negotiate the labours’ and the suppliers’ contract. The best example was the United Airlines that used this strategy and re structured itself in reducing the costs (Deller, 2005). This kind of strategy has become well known for the motive of short run profitability that has increased the gap between the primary and secondary labour market conditions. A study conducted by Dirk Akkermansa, Carolina Castaldi and Bart Losc found out that liberal market economy and coordinated market economy comprise diversity economies that illustrate varied patterns of specialisation and in comparison, they are quite heterogeneous across the industries. The scholars have concluded that the liberal market economy approximately specialises in essential innovations in industries that are related to electronics and chemicals while the coordinated market economies concentrate on transport equipment industry and machinery industry (Akkermansa & Et. Al., 2008). According to Marijana Milic, the liberal market economy follows the philosophy that assists in promoting laissez-faire capitalism, maximum of free trade and competition. Th e liberal market economy provides rights and freedom to every country in order to enhance the development of the economy according to the supply and demand forces of that country (Milic, 2010). The liberal market economy has a representative relationship with the states and offers special treatment to the big corporations in concentration of economic power. This influences the people in general due to the

Nursing research Essay Example | Topics and Well Written Essays - 250 words - 54

Nursing research - Essay Example Importantly, avoiding entrained thinking is crucial in eliminating conformist tendencies in a team. Consequently, this promotes the formation of a strong team in a healthcare facility with this team working together to achieve the objectives of a healthcare facility since nurses are equipped and well prepared to perform their roles. A nurse manager is an important component in the healthcare system’s overall objective of providing quality care to patients. In line with this, it is important that these nurses focused on engaging every staff member under their department in order to provide quality care to their clients. In line with this, a nurse manager should engage their staff members in practice by ensuring that members provided input on programs that the hospital implemented to promote quality care. By participating in development, implementation, and evaluation processes of programs, a nurse manager ensures a total engagement of all members of staff in practice since they participate in the development of program that promoted quality

650 questions 3 and 4 Assignment Example | Topics and Well Written Essays - 500 words

650 questions 3 and 4 - Assignment Example This method is the best since it considers the time value of money, incorporates all the future cash flows, and has clear criteria of how to decide whether to invest in the project. (Drake & Fabozzi, 2002) Besides, the rate used in discounting is the cost of capital which can be determined with certainty rather than being assumed. Drake & Fabozzi (2002) further underscores that in as much as the internal rate of return (IRR) is a good way of making an investment decision; it is a bit complex and sometimes results into conflicting results. IRR measures the expected rate of the investments that is made by an investor. In instances that the cash flows are both negative and positive, IRR has led to the determination of more than one rate of return thus making it difficult for an investor to make informed and profitable decisions. It should however be noted that in as much as the modified internal rate of return (MIRR) can be used where IRR is improper, MIRR is more complex and cannot be easily understood by those without financial knowledge. NPV thus remains a simple method of making investment appraisal that will certainly help maximize shareholders returns. To ensure that the limited resources are placed in the most profitable investments, the need for capital budgeting cannot be overemphasized. The use of the various investment appraisal methods have been exploited to help make capital budgeting decisions. Most importantly, NPV approach has been lauded as the best method of helping make capital decisions. Nonetheless, NPV alone is not sufficient since other important decisions affecting projects profitability cannot be easily determined by the use of this approach. Sensitivity analysis, scenario analysis, and Monte Carlo simulations have further been used to analyze the returns arising from investment portfolios. When using sensitivity analysis in making capital decisions, investors get to determine the extent to which a change in a specific cost

Benihana Company Essay Example for Free

Benihana Company Essay Helping our guests feel welcome is as important as our cooking. And it is just as great a skill. Ever striving for excellence in hospitality, it is truly our restaurant family who has built Benihanas success. Company History: Benihana, Inc. owns and licenses restaurants in the Benihana and Benihana Grill chain of Japanese dinnerhouses. The restaurants specialize in an exhibition-style of Japanese cooking called teppanyaki. Customers sit around a communal table at which a Benihana chef slices their seafood, steak, chicken, and vegetables with lightning speed, grills their meal right in front of them, and then tosses it accurately onto their plates. The restaurants are decorated with Samurai armor and valuable art, and Shoji rice paper screens partition the dining areas. For the fiscal year ending March 31, 1996, the company had sales of over $81 million, an all-time high. By December 1996, Benihana operated a total of 49 licensed and wholly owned restaurants in 20 states as well as in Bogota, Columbia, and Aruba, Netherlands Antilles. Early History, from Tokyo to New York The founder of Benihana, Inc. was a 25-year-old Olympic wrestler from Japan named Hiroaki Rocky Aoki. He got his start in the restaurant business by working after school in his familys coffee shop in downtown Tokyo. His mother named the family business Benihana after a red flower that survived the bombing of Tokyo during World War II. Rocky was a scrapper, defending himself in the streets and schoolyards against bigger boys. He got hooked on wrestling, became a national university champion, and earned a place on the 1960 Olympic team. Although he didnt compete because he was over his weight limit, he did fall in love with New York when the plane stopped there on the way to the Games in Rome. That fall he left Japan for the United States. In 1964, Aoki graduated from New York Community Colleges School of Hotel and Restaurant Management. During the summer he earned money driving the only ice cream truck in Harlem. The job was not easy, as he explained in an article in Management Review. Every time I robbed, I get up earlier the next day and work later to make up. Every time I lose money, I get more challenge. With that philosophy, he managed to save $10,000 during the summer, which, along with a loan, was enough to start his first restaurant, Benihana of Tokyo. Aokis concept for his new restaurant, derived from specialty restaurants he knew of in Japan, was part entertainment and part food service. He wanted to offer Americans food they were familiar with, such as chicken, steak, and shrimp, prepared in a novel setting. He chose the teppanyaki tablea stainless steel grill surrounded by a wooden eating surfacewhere customers could watch a knife-wielding, joke-telling chef prepare and serve their food. His parents and brothers came from Japan to help him get started. Unfortunately, New Yorkers equated Japanese food with raw fish and werent comfortable sitting at a table with strangers. They ignored the midtown Manhattan eatery until the restaurant critic of the New York Herald Tribune gave it a glowing review. Suddenly, everyone in New York, including the Beatles and Muhammad Ali, wanted to sit around one of Benihana of Tokyos four teppanyaki tables. Within six months after the review the restaurant had paid for itself, and Aoki quickly opened another restaurant in a larger, fancier building. The new location provided the same teppanyaki-style cooking but was decorated with valuable art, Samurai armor, heavy wooden ceiling beams brought from Japan by Aokis father, and sliding Shoji screens to provide some privacy. 1965-80: Building a Company The Benihana concept combined reasonable prices with good food, and, by preparing what was eaten right at the table, held waste to a minimum. Profits were good, and, in 1968, Aoki opened his first Benihana of Tokyo outside New York Cityin downtown Chicago. That location made $700,000 in its first year and continued to be one of the companys top earning outlets. Between 1969 and 1972, the company opened six more of its own restaurants and licensed franchisees to open another ten. In a joint venture with the Las Vegas Hilton, the company developed Benihana Village, a 38,000-square-foot complex of restaurants, bars, and other entertainment venues. In 1972, the company grossed $12 million and the Harvard Business School selected Benihana of Tokyo as a case study of an entrepreneurial success story. With business going so well, Rocky Aoki could devote time to his other interests which included racing balloons and powerboats, collecting items ranging from vintage cars to slot machines and learning backgammon. Rocky wanted to play, Joel Schwartz, the companys president, explained in a 1989 Forbes article. To help oversee the chains operations and expansion, Aoki brought in a management company, Hardwicke Cos., as a partner in 1976. The relationship lasted only four years and, in 1980, Aoki ended the partnership, paying $3.7 million to break the contract. As Rod Willis of Management Review explained in a 1986 article, He [Aoki] felt the companys management style clashed with his predominately Oriental workforce, and he wanted to maintain control over each restaurants quality. The following year Aoki settled, without admitting any guilt, a Securities and Exchange Commission charge that he had improperly traded in Hardwicke stock while serving as vice-president of Hardwicke. The 1980s: Ups and Downs To help pay off the debt incurred in the split with Hardwicke, Aoki decided to take part of the company public. He accomplished this by having Benihana of Tokyo (BOT) form Benihana National Corporation (BNC) in 1982 and then taking the latter company public the following year. Investors paid the Miami-based BNC $11 for a unit consisting of two common shares and a warrant to buy another at $6. With the $5.5 million raised by selling half a million of these units, BNC bought 11 restaurants from Aoki in exchange for 60 percent of the BNC common stock and $2.5 million to pay BOTs debt. Later in the year, BNC bought another three restaurants from BOT for $7 million. In spite of the new corporate structure, Benihana of Tokyo and Benihana National Corporation remained under the management of the same group of executives. As corporate president, Joel Schwartz continued to oversee the day to day operation of both companies. Aoki, who served as chairman of both entities, retained 51 percent of the common stock in BNC and kept about 30 restaurants in the privately held BOT. Aoki developed new concepts for the Benihana food chain but he also continued to play hard, becoming a championship-level backgammon player and setting a world record in off-shore powerboat racing. The Double Eagle V, a 400,000 cubic-foot gas balloon, displayed the Benihana logo as it became the first crewed balloon to successfully cross the Pacific Ocean, with Aoki as one of the crew members. One of Aokis new concepts was Benihana National Classics, a line of Chinese gourmet frozen foods, introduced in 1984 and sold in supermarkets. Chinese cuisine was chosen when the company found that Japanese food didnt freeze well. Within a year the Classics were the best-selling Oriental frozen foods in the United States, with sales in one quarter alone reaching more than $40 million and profits climbing to over $4 million. The companys stock took off, going as high as $21.50 in 1985. In December of that year, Restaurant and Institution magazine named Benihana of Tokyo the most popular family-style restaurant in America. At that time, Benihana of Tokyo and Benihana National together operated or franchised restaurants in 60 locations, from Seattle to New Jersey, serving a total of 25,000 customers a day. Benihana Nationals frozen food success quickly attracted the attention of major food companies. When Campbell Soup and Stouffers began offering their own lines of Oriental frozen foods, however, Benihana couldnt compete. The company lost $11 million on frozen foods between 1985 and 1987 and finally sold the business, for $4.5 million, to the small company that had been producing the dinners for them. Frozen food, however, was not Aokis only new idea. In 1985, Benihana National opened its first seafood restaurant, The Big Splash, just north of Miami. Aoki believed the sea would be the primary supplier of food in the future, and, borrowing an idea from a Malaysian fish market, came up with the concept of a seafood marketplace/restaurant. Customers could choose from hundreds of varieties of fresh seafood, decide how they wanted it cooked, and watch it being prepared. The idea was so popular initially that a second Big Splash was opened. The seafood restaurants soon experienced difficulty, however, registering losses of $2.7 million during 1987. The wide variety of options ran completely counter to the tight focus and minimal waste of the Benihana steakhouses. At the Miami location, the majority of customers were retirees who resented the high prices and preferred to eat fish they were familiar with. All we sold was salmon and red snapper, Aoki told Eric Schmukler in a March 1989 Forbes article. The company closed its Big Splash outlets in March 1988. The 1988 fiscal year was a hard one for Benihana, as the company recorded a loss of nearly $7 million. Despite the companys financial problems with Classics and Big Splash, the Benihana restaurants themselves were still popular. By the end of fiscal 1989, the publicly owned Benihana National Corp. reported profits of some $1.8 million on sales of $34 million at its 20 restaurants, with Aokis privately-held Benihana of Tokyo taking in similar revenues. 1990-94: Making a Turnaround Rocky Aoki kicked off the new decade by opening a gallery in one of the Miami Benihana restaurants to display a portion of what was becoming known in the art world as the Rocky Aoki Collection. Having spent more than a year consolidating his diverse collections, Aoki told Antiques Collecting, I think its a natural to have a gallery here. More than 90,000 people eat in this restaurant every year; why not provide them with something beautiful to look at, not to mention buy, if they so desire. In a 300-square-foot space that had been the restaurants gift shop, diners could view etchings by Icarts, lamps by Tiffany and Handel, and bronzes by Remington. The publicity about Aokis collection helped generate business for the restaurant, and overall company revenues continued to grow. Profits, however, were less than a million dollars a year, and BNC stock fell below $1 a share. Angry at the situation, some shareholders sued. As Marilyn Alva reported in a 1992 Restaurant Business article, the shareholders claimed Aoki and his management team were in a conflict of interest by managing the two companies. The complainants further maintained that Benihana management had misappropriated the assets of Benihana National Corporation, passing them through Benihana of Tokyo for their personal benefit. The shareholders, however, were ultimately unsuccessful in trying to take control of the company away from Aoki. Meanwhile, Benihana management took advantage of a health-conscious American publics growing interest in Japanese food and entertainment. With the tag line, We have been the restaurant of the 90s since the 60s, Aoki and Schwartz instituted a major advertising campaign stressing the fact that Benihana had always offered healthful food. Soon afterwards, in 1993, the Atlanta Benihana of Tokyo restaurant added an 18-seat sushi bar and 35-seat Karaoke dining room to draw more customers on weekday nights. Despite the higher labor and food costs associated with sushi, the company reported an increase in beverage sales, and a lot of sampling of the $.99 sushi pieces by people waiting to eat at the traditional teppanyaki tables. Learning from its experience a decade earlier, in 1994 Benihana National Corp. decided to get into the frozen food business again. This time, however, by entering into a licensing agreement with Campbell Soup Co., the company hooked up with a major marketer rather than trying to compete with the big names. The new product was a line of frozen stir-fry kits featuring the Benihana trademark. The dinners served six people and sold for about $8.00. As Peter McMullin, an analyst with Southeast Research Partners, told Florida Review.Net, This time the strategy makes sense because it is linking with a high profile food company to help strengthen the distribution side and offsetting the razor-thin margins of retail by manufacturing with a low cost producer like Campbell. By the end of the fiscal year, revenues were over $70 million, with profits up 41 percent to $2.4 million. 1995 and Beyond: A New Company At the beginning of 1995, Benihana National announced it would buy Aokis 21 Benihana of Tokyo restaurants on the U.S. mainland, along with the U.S. rights to the Benihana trademark, for about $6.15 million. On May 16, a newly created subsidiary, Benihana Inc., acquired the BOT restaurants and, through a merger, simultaneously acquired Benihana National. BNC shareholders received one share in the new holding company for each of their shares of Benihana National. Aoki continued to serve as chairman of the new company and Schwartz as president. Benihana Inc. now owned or licensed the 43 Benihana restaurants in the continental United States along with a franchise in Honolulu. It also had the rights to develop or license Benihana restaurants in Central and South America and the Caribbean Islands. Aoki kept private his Benihana of Tokyo restaurants in Hawaii, Britain, and Thailand. During 1995, the new company took several steps to attract more customers. Benihana introduced weekend luncheon service and, following the success in Atlanta, opened sushi bars in seven locations. The company also instituted a national Karaoke contest for its patrons. In the fall, the company opened its first smaller format unit, called the Benihana Grill, in Sacramento. At 3,800 square feet, the Grill format was less than half the size of the traditional Benihana, and enabled the company to open units in smaller locations, particularly in urban areas. Schwartz had been refining this format since 1989 as an alternative to the companys more common free-standing, special use restaurant buildings. The Benihana Grill was designed to accommodate 10 to 12 teppanyaki tables, compared to the 18 tables in the typical Benihana. Analyst Peter McMullin remarked, Initial indications are encouraging even before the grand opening. With the lower capital costs of approximately $500,000 versus a stan d-alone restaurant cost of $2 million, this could become an enormous growth vehicle for Benihana. The new hours and offerings helped increase guest counts in existing restaurants by 8.7 percent and same store sales by an average of 7.7 percent for fiscal 1996. This rise, plus the addition of the Benihana of Tokyo restaurants and the new Benihana Grill, resulted in annual revenues of over $81 million. Benihanas growth came primarily from increased traffic in its existing restaurants, and the company continued to support that strategy. Early in 1996, in an effort to gain a larger share of the ethnic market, the company launched Spanish-language television advertisements in Miami and Los Angeles. In May, Benihana kicked off a two-year, $5 million ad campaign, focusing on the entertainment value of teppanyaki cooking. We want to bring the Benihana name to a different audience, company president Joel Schwartz told Nations Restaurant News in a May 6, 1996 article. The ads show that Benihana is a place the entire family can come to and have a good timea place they will see the chef perform and flip shrimp. Individual restaurants also developed innovative marketing techniques. A visit and meal at the Benihana in Bethesda, Maryland, for example, is one of the activities in the countys social studies curriculum for third graders learning about Japan. The company did not depend entirely on its existing restaurants for growth. During 1996, it also signed leases for several more Benihana Grills and expanded its franchise operations, including restaurants in Bogota, Columbia, and Aruba, Netherlands Antilles. Benihanas track record of steady growth in same store sales, rising customer count, and profitability appeared to be continuing into the late 1990s as revenues for the first half of fiscal 1997 were up over eight percent from the year before. Further Reading: Alva, Marilyn, Very Rocky Business: Aoki Besieged by Shareholder Suits, Restaurant Business, February 10, 1992. Benihana Buying Founder Aokis Units, Nations Restaurant News, January 16, 1995, p. 14. Benihana Profits Rise 67% for First Nine Months of Fiscal 95, Nations Restaurant News, February 12, 1996, p. 12. Benihana Testing Stir-Fry Kits, Supermarket News, October 17, 1994, p. 28.

Plugging into the Experience Machine

Plugging into the Experience Machine Would you be happy if you were plugged into the Experience Machine? If chosen to plug into the experience machine, we can strongly agree that the agent is choosing for hedonic illusion in order to achieve happiness. As hedonist would say the simulation of pleasure is qualitatively the same as real experiences of pleasure. I will discuss the two main factors which conclude that one would not be happy when plugged into the Experience Machine. According to Haybron, hedonism is not a sufficient condition to achieve happiness and the life satisfaction theory is absent when one is the Experience Machine. First, we need to identify what happiness is. Taken by Daniel M. Haybron, Happiness A Very Short Introduction, he identifies three basic theories about happiness. Emotional state theory: happiness as a positive emotional condition, Hedonism: happiness as pleasure and Life satisfaction theory: happiness as being satisfied with your life. Both emotional state theory and hedonism identify happiness in terms of feelings, while the life satisfaction theory identifies happiness in terms of judgments about ones life. To be satisfied with ones life is to regard it as going well by ones standard. By considering all things together, one sees its life as having enough of the things one care about. Thus, life satisfaction is the overall evaluation of ones life. Haybron mentions that life satisfaction should not be taken together with pleasure. The focus of life satisfaction which Haybron describes is not about a question of pleasure as people care about other things besides their own pleasure, b ut to track peoples value. An example can be given by a high achieving artist or scientist who might be satisfied with their life even it is not terribly pleasant, she is getting what she cares about. Haybron categorized three terms to describe happiness under life satisfaction theory. Endorsement: feeling happy and other classic emotions. This is an emotional state which signifies ones life as good. Engagement: vitality and flow. This term concerns the engagement with ones life in the form of energetic, interested, and engaged. However, this can occur even when events are not going well, as an example: when struggling to accomplish a difficult goal. There are two types of engagement. The first concerns on the states of energy or vitality. An example was given by Haybron of a concentrated orchestra conductor who might be cheerful or even happy without being obviously cheerful or happy. The second concerns the notion of flow, developed by Csikszentmihalyi. Flow is the state one experience when fully engaged in an activity, typically a challenging activity performed well. Athletes and musicians describe it as being in the zone. In this state of flow, one loses the sense of self-awar eness. To the individual, time tends to pass different to reality and is not aware of feeling anything at all. Yet Csikszentmihalyi describes it as a highly pleasant state, which an individual is happy. It is opposite to boredom. Attunement: peace of mind, confidence, expansiveness. To understand this one should understand the aspect of tranquillity. It is similar to feeling at home, not entirely a peace of mind but a kind confidence, and stability. In this state, one feels relaxed, living seems natural without inhibition. One of the main arguments of Haybron is that hedonism lacks mental state, as pleasure alone cannot prove happiness because pleasure lacks causal depth. I agree on the Haybrons notion that hedonism itself does not constitute happiness. The pleasure of happiness are not the only pleasures to be had, (Haybron, 143) Hedonism focuses happiness on a matter of pleasure, and may have a certain kind of deep (Haybron, 143) pleasure, or the Epicurean pleasures of tranquillity. However, Haybron distinguishes hedonism from happiness. An important aspect of hedonisms error is that pleasure lacks what Haybron call casual depth (Haybron, 144) He states that all appearances are that happiness has deep, far-reaching, and typically lasting consequences for a persons state of mind and behaviour. Thus according to Haybron, the problem with most hedonistic theories is that they are too inclusive: all sorts of shallow, fleeting pleasures are made to count towards happiness (Haybron, 142) Intuitively, the trouble seems to be that such pleasures dont reach deeply enough, so to speak. They just dont get to us; they flit through consciousness and thats the end of it (Haybron, 143). To this extent, Haybron argues that it is a mistake to equate hedonic states, a states of pleasure with happiness. In the sense, hedonism leaves out too much of what we want to include in our concept of happiness. The problem with hedonism, on this view, centers on the way it relates happiness to time. One of the central questions we might ask about happiness is what is the time of happiness? According to Haybron, hedonisms answer is that happiness is an essentially episodic and backward-looking phenomenon. (Haybron, 143) While this may be true of pleasurable experiences, it is arguably not true of happiness. Arguably, happiness is not just about ones past but also ones present and ones attitude towards, and expectations of, the future. Thus happiness, to a significant extent, is future oriented. Haybron stat es that Hedonism does little more than skim the phenomenal surface off of our emotional states and call it happiness. But happiness runs much deeper than that. (Haybron, 144) From this, we could say, by one experiencing the Experience Machine, one is missing the emotion and feeling of psychological state. Thus, when one enters the experience machine to search for happiness, pleasure itself would not suffice because hedonism lacks the detail to handle such cases. Additionally, Nozick provides a similar assertion that the Experience Machine limits us to human-made reality; it is no deeper than the people who programmed it. Thus, both Haybron and Nozick agrees that pleasure is neither the only value nor the highest value of achieving happiness. When one is plugged into the Experience Machine, engagement would not occur as all challenge is absent in all activities one do because any action one does for a particular activity would only bring positive result in order to experience pleasure. It would be unreasonable to assume that in the Experience Machine, one would painfully spend the time and effort to master a skill. Rather one would avoid such challenge and instantly would obtain such skill. Thus the feeling of flow would not be experienced when taken the path without challenge. Attunement cannot be met when plugged into the Experience Machine because the agent is consciously aware that he is not living the reality. The opposite of attunement, disattunment, define not about anxiety but more like alienation. (Haybron, 23b) Ones circumstances seem alien to them. Unfamiliar with the surrounding environment, realizing that only outcome is to benefit ones happiness. The world would quickly seem unreal as all feedbacks would be inconsistent with any action the agent does. An example of this peculiar experience would be like committing a crime but yet receiving a medal of such action. Thus, one would never feel utterly at home (Haybron, 22b) in the experience machine. The feedback would be different from the reality even though it becomes more pleasurable, it would feel unnatural. Haybron states similar assertion: a troubled, anxious, tense, or stressed out person does not seem to be happy, however cheerful she might be. She isnt really at home in her life. (Haybro n, 23b) This itself diminishes the dimensions of happiness. Any action one does in the Experience Machine inevitably would not matter because the programmed agents who have social relation with the one in the Experience Machine would only react to bring a positive response in favour of agents desire. Thus any action one performs would not alter the future or have any meaning to ones goal. The important aspect of life satisfaction is that it is a judgment of ones life which is independent of ones emotional state. Life satisfaction is not about pleasure but how ones life measures to its value. These values are subjective; there is no objective measure for life satisfaction. Humans value actual experiences, character, achievements and their relationships with others, not solely on pleasure. Thus, when one is in the Experience machine, all pleasure one receive are an illusion, a false belief that one believes in experiencing the reality. Haybron explains that hedonism fails in achieving happiness because it lacks causal depth and it is a mistake to equate the state of pleasure with happiness. The definition of life satisfaction theory demonstrates that happiness has to include other aspects such as engagement and attunement, thus, in the Experience Machine; all these deeper senses of experience are absent. One does not feel the challenge to achieve a certain goal, and all action is immaterial because the feedback is only to bring desirable result. We could conclude that the Experience Machine is missing both emotion and psychological state and without these, one would not be happy as this structure the condition of ones well-being. Bibliography: Daniel Haybron, Why Hedonism is False, from Happiness: Classic and Contemporary Readings in Philosophy, (eds.), Steven M. Cahn and Christine Vitrano. (Oxford, 2008a). Daniel M. Haybron, Happiness: A Very Short Introduction. (Oxford, 2013b). Robert Nozick, The Experience Machine, from Happiness: Classic and Contemporary Readings in Philosophy, (eds.), Steven M. Cahn and Christine Vitrano. (Oxford, 2008). Steven M. Cahn and Christine Vitrano, Choosing the Experience Machine, Chapter 14, Cahn Vitrano, Happiness and Goodness: Philosophical Reflections on Living Well. (Columbia University Press, 2015). Mihaly Csikszentmihalyi, Enjoyment and the Quality of Life, from Flow: The Psychology of Optimal Experience. (HarperCollins Publishers, 1990).

Communication Is The Essence Of Life English Language Essay

Communication Is The Essence Of Life English Language Essay Introduction: Any act by which one person gives to or receives from other person information about that persons needs, desires, perceptions, knowledge, or affective states. Communication may be intentional or unintentional, may involve conventional or unconventional signals, may take linguistic or nonlinguistic forms, and may occur through spoken or other modes.   Communication is the intercourse by words, letters or messages- Fred G. Meyer. Imagine a world without communication!  You have a brilliant plan with you but dont possess the power of communication. You have a strong wish for something, but cannot communicate your desires. Life would be dull, blank and the world would not be worth living. Such is the authority of communication. Communication is the essence of life: It is necessary to convey themselves, human beings need to communicate .An human being has to communicate to express his feelings, pass on information to the other human being and share his opinion and feelings. Types of Communication: There are four types of communication. Verbal Communication. Non Verbal communication Written commutation Visual Commutation Verbal Communication: Verbal communication which involves sound, words, languages and speaking. There are many languages spoken in the world such as Urdu, English, and French etc. The basic language arrangements are gender, class, profession, geographical, area age group and supplementary social fundamentals. Non Verbal Commutation: Non verbal communication involves physical behavior of communications such as tone of the voice , touch, smell and body motions. Creatives and visual non verbal communication such as singing, music, dancing and sculpturing Written Communication: Written communication is writing the words which you want to communicate .Good written communication is compulsory for businesses purpose .Written communication is practices in many different languages like E-mails, reports, articles and memos are some of the conduct of using written communication in business. Visual Communication: This is the last type of communication is the visual communication. Visual communication is visual demonstrate of information such as topography, Photography, sign, symbols, and designs. Television and videos clips are the electronic form of visual communication. Managerial Communication: Managerial communication is a function which helps managers communicate with each other as well as with employees within the organization Communication helps in the relocate of information from one party also called the sender to the other party is called receiver. Managerial Communication helps in the smooth flow of information between managers operational towards a common objective. The message has to be clear and well understood in helpful communication. The group members should recognize what their manager or team leader intends to communicate. Effective managerial communication enables the information to flow in its desired form among managers, team leaders and their respective teams. Managerial communication is of the following two types: Interpersonal Communication   Interpersonal communication normally takes place between two or more persons at the workplace. Organizational Communication   Communication taking place at all levels in the organization refers to managerial communication. behavior of Managerial Communication A successful manager is one who communicates successfully with his subordinates. It is really necessary for managers to converse their views undoubtedly for the group members to understand what exactly is likely out of them. Usually there are two ways managers communicate between themselves and with their subordinates: Verbal Communication: Communication done with the facilitate of the words is called verbal communication. No record is available in verbal communication. Managers must know how to communicate with the employees. He much select the right words while talking with group members. He tone of the voice should be polite and when manager is talking to the employees .They can understand easily what manager is say either they are confuse what manager is saying. Written Communications: Communications is done by emails, letters, reports, etc. Manager much knows how to write the letter or email to the employees. etc not to use color forts and also the size of the forts are same. Body Language: Manager must take care of their body language their appearance should b excellent. Manager should be friendly with the group member but not joking all the time. Managers have to maintain the standard. When the manager talk voice should be clear that everybody can hear and understand easily and most important thing is while he is talking or addressing the employees selection of words must be good. Organizational Communications: There are two types of organizational communication. Formal communication In formal communication Formal Communications: Commutation which fellow hierarchy at the work place. Employees much talk formally in the work place regarding the work done on time or not. Informal Communications: Mostly employees used to talk informally while they are having lunch or dinner or sitting together .E.g. planning for picnic or movie etc. Direction of Communications Flow: There are two types of direction of communication flow Upward communication Down ward communication. Upward Communications: Flow of the information from the employees towards managers .When employees share the view of the work nature, job, responsibilities and what they feel about the organization. Down ward communication: Down ward communication take place when the flow of the information from managers to workers. When manager give work to the employees is called down ward communication. Communications Barriers: There are a wide number of sources of noise or interference that can enter into the communication process which prevent the achievement of the desired result. There are five types of barriers. Language: Language is a big barrier in the communication like I speak Urdu and you speak Malaysian we cant talk to each other with a common language. We need translator or we can talk in common language like English Information Overload. If you are a manager of a company and you are taking to the workers which are not educated and you are telling them in good and selective word which they cant understand also communication barrier. Time pressure: You are manager of the company and you are addressing to the workers and you have only 15mins to say but you have to share the plane of the company and you are speaking fast .Few things are understand by the worker and they are confuse in few things is also the communication barrier. Emotions: You are sitting in the meeting and you gave work to the employees and they have to give output of the work but they are not able to give the result and you became angry and start shouting on him is also the communication barrier. Distraction / Noise: You are attending the formal meeting in the meeting room and discussing a serious issue and party is going on next to the meeting room and you also hear the noise of the cars and horn from the road and you are not concert at in the meeting is also the communication barrier. Recommendation: If you are on the manager post and you want to get more high post or you want to improve yourself to be a batter manager of the company so you have to learn at least 3 ways of communication skill which are as fellows. Clear communication: As a manager you must have to do clear management that everybody can understand easily and also when you are writing the letter to the employees you must know the art of writing the letter. Dont use color forts and different types of forts. Listen: As a manager you have to listen the employees .what they are saying is they are complaining or they want to share the information which is very important for the company .It is also your duty to listen the media and your competitors. This is important to improve your communication skills. Respect: As a manager you have to give respect to every employee in the organization either you are giving order to the employees. If a tense satiation is there you must be polite and dont disrespect the employees. This is also important for communication skills. Conclusion: Communication is very important in your life .Without communication we cant express your feelings. Sometimes communication barrier occurs so we cannot communicate with each other .Specially if your are working in the organization you much have to finish the communication barrier it is the betterment of the company .And for the manager s point of view they much improve their communication skills and body language of the manager should be excellent .Manager should be a role model he have the potential to work in the stress with patience.

Ambition, Greed, Power, and Wealth in Shakespeares Macbeth :: GCSE English Literature Coursework

Greed for Power and Wealth in Macbeth  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚        Ã‚   The play Macbeth, by William Shakespeare illustrates how greed for power and wealth can result in the destruction of oneself as well as others.   The play's central character, Macbeth is not happy as a high-ranking thane - leading him to assassinate Duncan to become King, while unknowingly dooming himself.   Throughout the play many examples are evident of Macbeth's unquenchable thirst for power.        Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   At the beginning of the play, Macbeth was a kind and gentle person.   The only time he killed is when he was in battle.   Macbeth was loyal to the King (Duncan), and did as he wished.   In battle, he kills a traitor to the Scotland who was a high ranking individual.   For killing the traitor so bravely, Macbeth is awarded the title the Thane of Cawdor. The irony of this situation is that the title first did indeed belonged to 'a most disloyal traitor'(pg. 3, line 53). As Macbeth heads home with his new title and a lot more ambition. This is mainly because of the three witches who tell him he will be king.   With this new ambition, Macbeth did not know what to think and he wrote a letter to his wife.   By Macbeth writing this letter it showed at this stage he was still loyal because he still was sharing everything with his wife.   Macbeth at this point still did not have a lust for power.           Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What drove him to become a power hungry tyrant was his wife.   She put ideas in his head that changed him.   A day before Macbeth would not speak of the idea of killing the king and now he was considering it.   By killing the Duncan, gaining the title and king, and not being caught, Macbeth was given an enormous boost.   He now felt invincible and let power finally get to him and corrupt him.   With this new amount of power, Macbeth was not willing to let it slip away.   To protect his power, he did whatever was necessary.   Macbeth cowardly had Banquo killed, going against everything he ever believed in.   Killing Banquo was not enough for Macbeth.   Shakespeare shows to the audience how power can make a person go higher in the world but at the same time make them more vulnerable.   Macbeth was now vulnerable, to solve this he sent the murderers to kill Macduff.

Jack versus Ralph as Leaders in Goldings Lord of the Flies Essay

In today’s modern society, a leader must contain capabilities that include decisive decision making that benefit the rest of society. In William Golding’s Lord of the Flies, the leaders, Jack and Ralph, make decisions that impair the well being of the boys on the island. When Jack and Ralph place the personal need of being in control above the needs of the boys, chaos ensues on the island. Also, When Jack and Ralph both use fear as a tool to accomplish their personal goals that they placed above the needs of the boys, order on the island broke down. Lastly, when Jack and Ralph placed their personal needs of not co-operating with one another, order on the island broke down. In William Golding’s Lord of the Flies, when leaders place their personal needs above the needs of society, order on the island breaks down. When Ralph and Jack placed their own personal needs of being in control of the other boys, order on the island broke down. Ralph stated that he was chief and as long as he was voted chief, the boys would do as they were told to, as stated in the chapter, The Beast from the Water, ‘You voted me for chief. Now you do as I say’ (81). This quotation incorporates the fact that Ralph has grown aware of the fact that he has the power to make decisions that affect the rest of the boys deeply and that he has the top power on the island at that point. Becoming chief was not necessarily a personal need for Ralph at first, but as events occur, he became aware of the fact that he has ultimate authority and will do make sure the boys complete their tasks in order sustain order, even if it meant disciplining them. When Ralph held the meeting by the beach at night in chapter five, chaos ensued as a result of his personal need of being... ...the island. In William Golding’s Lord of the Flies, when leaders place their personal needs above the needs of society, order on the island breaks down. Ralph and Jack both placed both of their own needs of being in control above the rest of the boys, which resulted in chaos on the island. Also, when Jack and Ralph utilized fear and fear of the unknown against the boys in order to get what they wanted, order broke down on the island. Finally, when leaders place the neglect of co-operation above the needs of the boys, order on the island breaks down. These are all fine examples of how leaders can become corrupt of how an excellent leader can be tested with temptation to do wrong. They all provide sufficient proof that Jack and Ralph placed their own personal needs above the needs of society, which in the end, resulted in chaotic breakdown on the island.

Racism in Tatum

In the society of today, racism is still prevalent even though many people remain ignorant to it. According to Tatum (1997), racism is â€Å"a system of advantage based on race† (p. 126). Tatum also states that racism is a form of oppression, either from outside forces or people of color who have internalized oppression. In different ways Tatum describes racism, for example that preschoolers are exposed to early stereotypes in an early age by films they see. In addition she writes about how one of her students could not believe that Cleopatra was a black woman because the rationalization of the student was that Cleopatra couldn’t have been black for she was beautiful. The views of that student in the subject of perceiving beauty is obviously misconstrued. According to Tatum (1997), â€Å"if one defines racism as a system of advantage base on race†¦people of color are not racist because they do not systematically benefit from racism† (p. 128). In Peggy McIntosh’s essay â€Å"White Privilege†, she list all the privileges she has came in contact with, sometimes unknowingly, that are tied in with her race. According to McIntosh (1988), â€Å"whites are carefully taught not to recognize white privilege, as males are taught not to recognize male privilege† (p. 178). Instead of knowing all the benefits and privileges one certain race has, those who have white privilege are unknowing in the privileges they receive or choose to ignore them. McIntosh also states that â€Å"obliviousness about white advantage, like obliviousness about male advantage, is kept strongly inculturated in the United States so as to maintain the myth of meritocracy, the myth that democratic choice is equally available to all† (p. 182). Her statement repeats her earlier sentiments that many of those who have white privileges do not acknowledge the fact that they have certain privileges that non-white people do not have because they want to believe in the myth that everyone is equal and everything is available to all those who deserve it. No matter how much people want to believe that everything is democratically equal, in reality it is not at all. Racism has been ingrained in history since the beginning of time. There were rules and regulations to continue separation between races. In Pem Davidson Buck’s essay, â€Å"Constructing Race, Creating White Privilege†, goes through history and mentions the different rules and consequences that are made to insure that people do not associate with other races or marry them. According to Buck (2001), there were laws â€Å"to keep the racial categories separate, a 1691 law increased the punishment of European women who married African or Indian men† (p. 33). In today’s society there is not law that would punish two people in matrimony, but they are stigmatized by both their races. For example if a mixed couple were seen walking down the streets, passersby will be prejudice against them and not see that they are married for love and that it doesn’t matter what their skin color is. All the authors who write about racism have similar notions. The authors can agree that they consider â€Å"White† to be the dominating race, though some want to change that perspective of domination. Through history it is shown that racism existed and will continue to exist today. Racism lingers around every corner, possibly without one even knowing it is present. However, how we perceive racism and the changes we can make in the behavior will slowly change the way racism is ravaging through society. The world is an imperfect world, but perceiving it differently will make the greatest change of all.

Interview Reflection Paper Essay

I did my interview with a relative who we’ll just call â€Å"Sarah† for the remainder of this paper for confidential reasons. Sarah has been struggling with her addiction since the age of 28. She started experimenting with drugs in her late teens. First it was marijuana, all of her friends and even family members were smoking the drug. By the time she reached her earl y 20’s Sarah started experimenting with cocaine which eventually lead to her addiction to crack cocaine. By the time Sarah was addicted to crack cocaine she was already married and a mother of 4, one boy and three girls. Her son was 8 years old and the girls were ages 6, 5, and 3 years old. Her husband was not nor ever was a drug user. He loved her and their children dearly and was trying anything and everything to get Sarah the help that she needed, but at the time Sarah had no interest in receiving any kind of help even after she found out she was pregnant again. Sarah didn’t believe she ha d a problem at the time, however she admitted using the drug multiple times during her pregnancy. Sarah delivered her baby boy in January of 1993. Sarah stated that she tried quitting the drug during her pregnancy and also after she had her baby but struggled, meanwhile her husband was also struggling trying to work and take care of 5 children now. Sarah also stated that on a number of occasions she wouldn’t come home because she was at the â€Å"crack house† with her friends. It got to the point where her husband wouldn’t give her any more money because he knew what she was going to do with it. When Sarah’s funds were cut off she started stealing to support her habit. Sarah admitted to steeling from grocery stores, department stores and even family members including her own husband, she also admitted to prostituting herself for money and/or drugs. This resulted to her being arrested multiple times between 1994 and 1997. In this time frame she also had 2 more children, both boys one born in 1995 and the other 1997. This is when she realized that she had hit rock bottom, she was facing jail time for h er crimes, had 7 children that she did not spend time with and a husband who has just about gave up on her. Sarah was on the verge of losing everything she had left. On October 16th 1997 she was incarcerated for past crimes she had committed, she was sentenced to 1 year in jail and 2 years of probation. During Sarah’s incarceration she went through her detox phase, during the detox phase she was experiencing cravings, anxiety, irritability,  insomnia and depression, she even had thoughts of suicide throughout this process. This process lasted for several months. Sarah stated that this was the hardest part of her incarceration. Looking back Sarah is thankful for having to serve the time because that helped her through her first steps of becoming sober. Part of her probation was her being required to meet with case worker and also having to take random drug test through a program called ZCI for 2 years. As of October 16th 1997 Sarah has remained sober. She now looks back and thinks about everything she put her family through and feels horrible. â€Å"Don’t get me wrong, it is an everyday struggle. I’ve thought about using several times throughout my sobriety, but that’s part of the struggle. I then look back at all the hurt and pain I caused everyone including myself and that’s what keeps me sober†. During this interview Sarah was very emotional, and remorseful. We took 4 breaks within an hour timeframe for her to compose herself. At first I was a little bit sketchy on doing this interview but at the end of the day I am thankful for having to do it because I got on a more personal level with Sarah. Even though I’ve known her all my life I feel like this brought us a little closer, and now she knows that she has someone else to come to if she ever finds herself struggling with her sobriety or any other trials she may be facing. If I was Sarah’s worker I would put her through detoxification process, followed by cognitive behavioral therapy as well as some type of motivational therapy. I would also recommend her to find some type of suppor t system to help her live a drug free productive life.

Elements of Literature Essay

Many literature students are expected to be familiar with the basic terms listed below (and discussed in more depth in your text). Keep this study guide with your text. At the beginning of each reading assignment, write the elements of literature pertaining to the particular type of literature at the beginning of the short story or poem. After reading, define them in your text for class discussion, quizzes, and test preparation. To understand literature, it is necessary that you ask yourself certain questions, such as â€Å"what is the theme of this story? † or â€Å"why does the author use this particular type of imagery? † You are not necessarily reading for pleasure–although it is sincerely hoped you will derive pleasure from your assignments–but for the development of critical analysis skills, so observe the author’s style and intent carefully. Short Stories/Novel Theme–The idea or point of a story formulated as a generalization. In American literature, several themes are evident which reflect and define our society. The dominant ones might be innocence/experience, life/death, appearance/reality, free will/fate, madness/sanity, love/hate, society/individual, known/unknown. Themes may have a single, instead of a dual nature as well. The theme of a story may be a mid-life crisis, or imagination, or the duality of humankind (contradictions). Character–Imaginary people created by the writer. Perhaps the most important element of literature. †¢ Protagonist–Major character at the center of the story. †¢ Antagonist–A character or force that opposes the protagonist. †¢ Minor character–0ften provides support and illuminates the protagonist. †¢ Static character–A character who remains the same. †¢ Dynamic character–A character who changes in some important way. †¢ Characterization–The means by which writers reveal character. †¢ Explicit Judgment–Narrator gives facts and interpretive comment. †¢ Implied Judgment–Narrator gives description; reader make the judgment. Look for: Connections, links, and clues between and about characters. Ask yourself what the function and significance of each character is. Make this determination based upon the character’s history, what the reader is told (and not told), and what other characters say about themselves and others. Plot–The arrangement of ideas and/or incidents that make up a story. Causality–One event occurs because of another event. †¢ Foreshadowing–A suggestion of what is going to happen. †¢ Suspense–A sense of worry established by the author. †¢ Conflict–Struggle between opposing forces. †¢ Exposition–Background information regarding the setting, characters, plot. †¢ Complication or Rising Action–Intensification of conflict. †¢ Crisis–Turning point; moment of great tension that fixes the action. †¢ Resolution/Denouement–The way the story turns out. Structure–The design or form of the completed action. Often provides clues to character and action. Can even philosophically mirror the author’s intentions, especially if it is unusual. Look for: Repeated elements in action, gesture, dialogue, description, as well as shifts in direction, focus, time, place, etc. Setting–The place or location of the action, the setting provides the historical and cultural context for characters. It often can symbolize the emotional state of characters. Point of View–Again, the point of view can sometimes indirectly establish the author’s intentions. Point of view pertains to who tells the story and how it is told. †¢ Narrator–The person telling the story. †¢ First-person–Narrator participates in action but sometimes has limited knowledge/vision. †¢ Objective–Narrator is unnamed/unidentified (a detached observer). Does not assume character’s perspective and is not a character in the story. The narrator reports on events and lets the reader supply the meaning. †¢ Omniscient–All-knowing narrator (multiple perspectives). The narrator takes us into the character and can evaluate a character for the reader (editorial omniscience). When a narrator allows the reader to make his or her own judgments from the action of the characters themselves, it is called neutral omniscience. †¢ Limited omniscient–All-knowing narrator about one or two characters, but not all. Language and Style–Style is the verbal identity of a writer, oftentimes based on the author’s use of diction (word choice) and syntax (the order of words in a sentence). A writer’s use of language reveals his or her tone, or the attitude toward the subject matter. Irony–A contrast or discrepancy between one thing and another. †¢ Verbal irony–We understand the opposite of what the speaker says. †¢ Irony of Circumstance or Situational Irony–When one event is expected to occur but the opposite happens. A discrepancy between what seems to be and what is. †¢ Dramatic Irony–Discrepancy between what characters know and what readers know. †¢ Ironic Vision–An overall tone of irony that pervades a work, suggesting how the writer views the characters. Poetry Allegory–A form of narrative in which people, places, and events seem to have hidden meanings. Often a retelling of an older story. Connotation–The implied meaning of a word. Denotation–The dictionary definition of a word. Diction–Word choice and usage (for example, formal vs. informal), as determined by considerations of audience and purpose. Figurative Language–The use of words to suggest meanings beyond the literal. There are a number of figures of speech. Some of the more common ones are: †¢ Metaphor–Making a comparison between unlike things without the use of a verbal clue (such as â€Å"like† or â€Å"as†). †¢ Simile–Making a comparison between unlike things, using â€Å"like† or â€Å"as†. †¢ Hyperbole–Exaggeration †¢ Personification–Endowing inanimate objects with human characteristics Imagery–A concrete representation of a sense impression, a feeling, or an idea which appeals to one or more of our senses. Look for a pattern of imagery. †¢ Tactile imagery–sense of touch. †¢ Aural imagery–sense of hearing. †¢ Olfactory imagery–sense of smell. †¢ Visual imagery–sense of sight. †¢ Gustatory imagery–sense of taste. Rhythm and Meter–Rhythm is the pulse or beat in a line of poetry, the regular recurrence of an accent or stress. Meter is the measure or patterned count of a poetry line (a count of the stresses we feel in a poem’s rhythm). The unit of poetic meter in English is called a â€Å"foot,† a unit of measure consisting of stressed and unstressed syllables. Ask yourself how the rhythm and meter affects the tone and meaning. Sound–Do the words rhyme? Is there alliteration (repetition of consonants) or assonance (repetition of vowels)? How does this affect the tone? Structure–The pattern of organization of a poem. For example, a sonnet is a 14-line poem usually written in iambic pentameter. Because the sonnet is strictly constrained, it is considered a closed or fixed form. An open or free form is a poem in which the author uses a looser form, or perhaps one of his or her own invention. It is not necessarily formless. Symbolism–When objects or actions mean more than themselves. Syntax–Sentence structure and word order. Voice: Speaker and Tone–The voice that conveys the poem’s tone; its implied attitude toward its subject. Elements of Literature. Literature is a reflection of the society. A writer appeals to our feelings, emotions through various elements of literature, such as plot, character, theme, etc. Read more to know about the elements of literature. We can summarize literature in the words of Ezra Pound that great literature is simply language charged with meaning to the utmost possible degree. Every race has its own literature, for example, English literature, American literature, German literature, etc. Various types of literaturesuch as story, novel and drama delight us through the elements of literature. In literature, theme is important to reveal the story. An author depicts the ups and downs of the protagonist with the help of characterization. The story progresses through various plots. There are prologues and epilogues in Shakespearean drama. Facts on Elements of Literature: Elements of literature denote the things that are used to make up a work of literature. There are different types and forms of literature. They are novel, drama, poetry, biography, non-fictional prose, essay, epic and short story. All these types of literature have some elements. To complete a piece of literature, a writer, dramatist or a novelist need to use certain elements like plot, character, theme, etc. However, elements of fiction and elements of drama differ from elements of poetry. These elements are discussed below: Elements of Fiction and Drama : Literary types such as fiction; drama and short story have some elements. These include †¢ Plot †¢ Character †¢ Setting †¢ Theme †¢ Structure †¢ Point of view †¢ Conflict †¢ Diction †¢ Foreshadowing Plot: Plot is the serial arrangement of incidents, ideas or events. In literature, the plot encompasses all the incidents and provides aesthetic pleasure. The story of the novel progresses through various plots and conflicts. Plots of dramas are divided into â€Å"Acts† and â€Å"Scenes†. Drama has five essential parts. These are: †¢ Introduction of the story where the characters and setting are introduced †¢ Rising action †¢ Climax †¢ Falling action †¢ Denouement Playwrights use dialogue to develop their plots. They reveal information about their characters such as their background and personality. Character: Character plays a pivotal role in a drama, novel, short story and all kinds of narratives. In drama, character reflects the personality of the protagonist and other related characters. The method of conveying information about characters in art is called characterization. Characters can be fictional or based on real, historical entities. It can be human, supernatural, mythical, divine, animal or personifications of an abstraction. There are round characters, flat characters, stereotypical stock characters, etc. In Marlowe’s drama â€Å"The Tragical History of Dr. Faustus†, Faustus is the main character of the play. Setting: It refers to geographical location of the story, time period, daily lifestyle of the characters and climate of the story. In a novel, the setting plays an important role. In short stories, sometimes it plays an important role, while for others it is not. Settings of literary forms have been changing according to theme of the literary piece, for example, Shakespeare’s tragedies and comedies have the setting of palaces, castles whereas modern and post-modern dramas have setting of houses of common people. There were supernatural elements in earlier literature and nowadays absurdity rules the literature. Setting can take place in a house, school, castle, forest, hospital or anywhere that the writers want to extend their scenes. Theme: Theme is another prime element of literature, which contains the central idea of all literary forms such as a novel, drama and short story. It reflects innocence, experience, life, death, reality, fate, madness, sanity, love, society, individual, etc. Thus, it reflects the society as a whole, for example, the theme of Hardy’s novel â€Å"The Mayor of Casterbridge† reflects the role of fate in our life. Likewise, in a drama, theme represents the brief idea of the drama. Structure: Structure is another important element of a drama, novel or short story. In dramas, there are plots and subplots. These also are divided into acts and scenes. Here the contrasting subplots give the main plot an additional perspective. Likewise, novels have different chapters and scenes. Point of view: Point of view is another element of the narrative, through which a writer tells the story. Authors use first-person point of view or third-person point of view. First-person point of view indicates that the main character is telling the story, whereas the third-person point of view directs that the narrator is telling the story. A novel can be written in the first-person narrative, third-person narrative, omniscient point of view, limited omniscient point of view, stream of consciousness and objective point of view. These points of view play an important role in the distinct structure of the story or a play. Conflict: Be it a short story, drama or novel, conflict is the essential element of all these literary forms. A plot becomes interesting and intriguing when it has its share of inbuilt conflict and twists. Conflict can be internal conflict or external. It can take place between two men, between the character and his psychology, between the character and circumstances or between character and society. Use of language or diction: Diction is another essential element of drama. A playwright exhibits the thoughts of characters through dialogue. â€Å"Dialogue† has come from the Greek word â€Å"dialogosa† which means â€Å"conversation†. Shakespeare used this to portray the thoughts, emotions and feelings of the character. This also provides clues to their background and personalities. Diction also helps in advancing the plot. Greek philosophers like Aristotle used dialogue as the best way to instruct their students. Foreshadowing: Foreshadowing is another important element of literature that is applied as hints or clues to suggest what will happen later in the story. It creates suspense and encourages the reader to go on and find out more about the event that is being foreshadowed. Foreshadowing is used to make a narrative more authentic. Elements of Poetry : Poetry is literature in a metrical form. However, free-verse became the popular style towards the modern and post modern age. Like fiction, it may not have plots, setting, etc, yet it has a structured method of writing. There are various kinds of poetry such as ballad, sonnet, etc. All these forms have some elements such as style, theme, rhyme, rhythm, metaphor, etc. that are described below: Style: Style refers to the way the poem is written. Poems are written in various styles, such as free verse, ballad, sonnet, etc. , which have different meters and number of stanzas. Symbol: Symbol represents the idea and thought of the poem. It can be an object, person, situation or action. For example, a national flag is the symbol of that nation. Theme: Like other forms of literature, poetry has a theme of its own. Theme contains the message, point of view and idea of the poem. Imagery: Imagery is another important element that a poet often uses in poems that appeal to our senses. In the age of modernism, T. S. Eliot used images of urban life in his poems. Wordsworth used nature as poetic images in his poems. Rhyme and rhythm: Rhyme is an element that is often used in poetry. It’s a recurrence of an accented sound or sounds in a piece of literature. Poets and lyricists use this device in various ways to rhyme within a verse. There is internal rhyme, cross rhyme, random rhyme and mixed rhyme. It gives the poem flow and rhythm. It contains the syllables in a poem. Every poem has a rhythm in it. It’s about how the words resonate with each other, how the words flow when they are linked with one another in a poem. Meter: This is an important rhythmic structure of poetry. It is described as sequence of feet, each foot being a specific series of syllable types – such as stressed/unstressed and makes the poetry more melodious. Alliteration: Alliteration is another element used in poetry for the sound effect. It indicates two or more words with same repetition of initial letter, for example, â€Å"dressy daffodils†. Here the sound of the letter ‘d’ is repeated. Simile: A simile is a figure of speech used for comparison in the poetry with the words ‘like’ or ‘as’, for example, â€Å"as black as coal†. Metaphor: Metaphor is used in poetry to make an implicit comparison. Unlike simile, here the comparison is implied, for example, ‘Her laughter, a babbling brook’. Onomatopoeia: This is one important element of poetry, which refers to words that sound like their meaning, for example, buzz, moo and paw. Element of literature includes all the elements that are essential to create a piece of literature. These elements help a writer to create splendid poetry, superb drama and soul-touching novel. These elements are used to form the structure of a literary piece. | |