Perfect competition Essay

A profit maximiser increases output until MC=MR at Q1. The intersection of MC with MR gives the profit maximising level of output. The intersection of MC with MR gives the profit maximising level of output. To find the market price one must project up from Q1 to the demand curve and across the vertical price axis, P1. Consumers are willing to pay P1 for Q1. Unit costs are only P2 so the firm is making an abnormal profit of (P1-P2)*Q1. The four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers. These four characteristics mean that a monopoly has extensive (boarding on complete) market control. Monopoly controls the selling side of the market. If anyone seeks to acquire the production sold by the monopoly, then they must buy from the monopoly. This means that the demand curve facing the monopoly is the market demand curve. They are one and the same. The characteristics of monopoly are in direct contrast to those of perfect competition. A perfectly competitive industry has a large number of relatively small firms, each producing identical products. Firms can freely move into and out of the industry and share the same information about prices and production techniques. Single supplier: The essence of a monopoly is a market controlled by a single seller. The most important aspect of being a single seller is that the monopoly seller IS the market. The market demand for a good IS the demand for the output produced by the monopoly. This makes monopoly a price maker, rather than a price taker. Unique Product: To be the only seller of a product, however, a monopoly must have a unique product. There are no close substitutes. A monopoly is an ONLY seller of a UNIQUE product. Barriers to Entry and Exit : A monopoly is generally assured of being the ONLY firm in a market because of assorted barriers to entry. Some of the key barriers to entry are: (1) government license or franchise, (2) resource ownership, (3) patents and copyrights, (4) high start-up cost, and (5) decreasing average total cost. A monopoly might also face barriers to exiting a market. If government deems that the product provided by the monopoly is essential for well-being of the public, then the monopoly might be prevented from leaving the market; Specialized Information Monopoly is commonly characterized by control of information or production technology not available to others. This specialized information often comes in the form of legally-established patents, copyrights, or trademarks. It could be a secret recipe or formula. Perhaps it is a unique method of production. While these create legal barriers to entry they also indicate that information is not perfectly shared by all. Natural Monopoly Sometimes markets become monopolies simply because it is more cost effective to have one firm serving an entire market than it is to have a number of smaller firms competing with one another. Firms whose economies of scale are virtually unlimited are known as natural monopolies, and the goods they produce are referred to as club goods. These firms come to be monopolies because their size and position makes it impossible for new entrants to compete on price. Natural monopolies are usually found in industries with high fixed costs and low marginal costs of operation, such as cable television, telephone, and internet providers. Legal Monopoly Sometimes a government will pass laws reserving a specific trade, product or service for government agencies. For example, many times a government agency will be in charge of running water. The legal barriers that are put up prevent other companies from competing with the government. Technological monopoly occurs when the good or service the company provides is has legal protection in the form of a patent or copyright. For example, if a company develops and patents a drug to cure brain cancer, that company has a legal monopoly over that drug.? Arguments for monopoly : – The beneficial effects of economies of scale, economies of scope, and cost complementaries on price and output may outweigh the negative effects of market power. – Encourage innovation.

Research design and methodlogy Essay

This chapter presents and discusses the method of research used and the procedures utilized by the researcher in this study. It likewise includes the sources of data and the treatment of data. Methodology of the study This investigation adopted the compare and contrast qualitative research method as this is the most appropriate way in determining the effect the type of business to the success of the business. In addition, the quantitative approach was included to complement the qualitative part of this research. The Archival Research is defined by Bordens, Kenneth S. , and Abbott, Bruce B. , (1999) as a non-experimental strategy that involves studying existing records. These records can be historical account of events, census data, court records, police crime reports, or any other archived information. This qualitative study is divided by two parts. They are: 1. Compare Motherhood and Feminism in Beloved 2. Contrast Motherhood and Feminism in Beloved. And, the quantitative study focused on interviewing twenty persons who have read the Beloved novel. The researcher took pains in reading, searching and analysis of the different parts of this study. The researcher examined the comparison and contrast of Motherhood and Feminism in Beloved. The historical background is one of the main focus of this study including their success. The final phase was the analysis, presentation and the drawing of the conclusions and the recommendation. RESEARCH INSTRUMENT The primary research instrument and technique was used in the gathering of data for this study. In addition, the researcher used secondary sources taken from books and journals. These secondary sources had guided the researcher to broaden the point of understanding specifically the effect of Motherhood on Feminism in Beloved. The analysis of variance was used to compare the different topics found in Beloved and the respondents answers grouped according to Age, Gender and Highest Educational Attainment. The formula for Analysis of Variance includes Y i = e i where e i is N(0, ? 2 ) [2. 1] RESEARCH PROCEDURE The researcher seeks the primary as well as secondary materials as the best way to examine the effect of Slavery on Motherhood and Feminism in the Beloved Novel. After a through studying, reading and scrutinizing the different data, it is best to use the secondary sources as a basis for company business analysis and then coming up with the output – Results of the Effect of Slavery on Motherhood and Feminism in the Beloved Novel. Chapter IV PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA This chapter puts forward the presentation, analysis and interpretation of the data collected. The questions identified in the problem are used as the bases for the presentation. The sequence of the structure includes table, analysis and interpretation of the data of the current study. PRESENTATION OF THE STUDY PART I 1. Compare Slavery to Feminism in the Beloved novel. There are similarities between slavery and feminism in the Beloved novel. 1. 1 Both slaves and women have responsibilities in the Beloved Novel. The slaves must clean the homes and even be the unwilling sex toys of their owners. The women have the responsibility to take care of the children in the Beloved Novel. Here, the Nation Journal states about Morrisons intentions in writing Beloved, â€Å"What is this absolute obsession with violence? I mean, violence is two things. First of all, it takes a certain amount of courage, physical courage, but it also requires a certain laziness of intellect. So it’s both easy and hard. It’s such a child’s view, as is the puny language that accompanies it. I guess I shouldn’t dump that on children, but it certainly is not adult. † The language of literature that is bellicose, that is warlike, is the prized language 1. 2 Both slaves and women have feelings. For, both the slaves and the women can feel both sad and happy. Sethe was sad to feel that her child, Beloved would grow up a slave like her. Sethe felt sad when she knew she would never see her husband again. Here, Toni Morrison has conjured a way to bring back the past to the readers of this novel where slaves too have feelings . 2. Contrast Slavery to Feminism in the Beloved novel. There are differences between Slavery and Feminism in the Beloved novel. 2. 1 Slaves are the property of the owners but Women are not the property of their husbands. For the slave owners feel that they have the right to rape the women slaves because they feel that slaves as their property. The wives cannot be forced to have sex with their husbands or anyone else against their will . 2. 2 Slaves can not own their children but free women can own their children. Sethe killed Beloved because she did not want her to grow up and suffer as a slave like her. She is too possessive of her children. Women who are free, includes freed African Americans, can own their children. Beloved flirts with Paul D. because she wants to have a child of her own. She plans to take care of the child until it grows old. She wants to give her child the love and caring that her mother, Sethe, was too selfish to give her . 2. 3 Slaves have no freedom to do what they want whereas free women are free to do what they want anytime provided it does not violate the rights of others. The slaves are classified as animals in Beloved and have to right or privilege. However, free women a right to fall in love and to roam anywhere they want. This is the reason why Sethe ran away from her owners. This is also the main reason why Sethe’s husband, Paul D. and Stamp paid ran away from their owners. Sethe’s mother in law, Baby Suggs feels that she is now happy for being free to stay at her home to do whatever she wants . Being an African American herself, Toni Morrison â€Å"Historically, women in Africa have dominated the use (and instruction) of literary forms that include proverbs and folk- tales. In consequence, it is important to determine the scope of the narrative traditions in black women’s literature and to specify the nature of this relationship–to discuss olktales, for example, in conjunction with the voices of/in the tales. The tellers, the mode of telling, the complications and sometimes obfuscations of telling become critical not only to the folkloric traditions, but to the larger narrative traditions as well† PART II This quantitative essay was done in order to know how people feel about the Beloved story by African American Toni Morrison which was published recently in 1987. For the society changes and humans evolve both in mind and in spirit. The environment where one lives is called reality. And literature evolves or alters its role, its action, its form of practice just like the environment of which it is a part. The people reading the book will cherish their past where their grandparents were once slaves or owners of slaves. 4. 0Frequency 4. 1 Age Table 1 AGE of Respondents Age Range Frequency Percent Rank. 15- 24 11 55 1 25- 34 5 25 2 34- 44 3 15 3 45- above 1 5 4 Total 20 100 The above table shows that there are eleven respondents belong to the 15 -24 age level. This group represents fifty five percent of the entire respondent population. This group level is ranked 1 in the above table based on their percentage. Also, there are five respondents belonging to the 25 -34 age level. This group represents twenty five percent of the entire respondent population. This group level is ranked 2 in the above table based on their percentage. There are three respondents belonging to the 35- 45 age level. This group represents fifteen percent of the entire respondent population. This group level is ranked 3 in the above table based on their percentage. Lastly, there is only one respondent belonging to the 45 and above age level. This group represents five percent of the entire respondent population. This group level is ranked 4 in the above table based on their percentage. There are more respondents belonging to the 15- 25 age level. 4. 2 Gender Table 2 GENDER of Respondents Gender Frequency Percent Rank F 14 70 1 M 6 30 2 Total 20 100 The above table shows that there are fourteen respondents belong to the Female Gender. This group represents seventy percent of the entire respondent population. This group level is ranked 1 in the above table based on their percentage. Also, there are six respondents belonging to the Males Gender. This group represents Thirty percent of the entire respondent population. This group level is ranked 2 in the above table based on their percentage. There are more respondents belonging to the Female Gender. 4. 3 Education.

SPSS analysis on modern portfolio theory-optimal portfolio strategies in today’s capital market

Abstract This paper provides information on specific ideas embedded in single index model/construction of optimal portfolios compared to the classic Markowitz model. Important arguments are presented regarding the validity of these two models. The researcher utilises SPSS analysis to demonstrate important research findings. This type of analysis is conducted to explore the presence of any significant statistical difference between the variance of the single index model and the Markowitz model. The paper also includes implications for investors. Introduction In the contemporary environment involving business investments, selecting appropriate investments is a relevant task of most organisations. Rational investors try to minimise risks as well as maximise returns on their investments (Better, 2006). The ultimate goal is to reach a level identified as optimal portfolios. The focus in this process is on initiating the portfolio selection models, which are essential for optimising the work of investors. Research shows that the Markowitz model is the most suitable model for conducting stock selection, as this is facilitated through the use of a full covariance matrix (Bergh and Rensburg, 2008). The importance of this study reflects in the application of different models so as to develop adequate portfolios in organisations. It is essential to compare certain models because investors may be provided with sufficient knowledge about how they can best construct their portfolios. In this context, the precise variance of the portfolio selection model is important, as it reflects portfolio risk (Bergh and Rensburg, 2008). Information on the parameters of different models is significant to make the most appropriate decisions regarding portfolio creation. Markowitz is a pioneer in the research on portfolio analysis, as his works have contributed to enhancing investors’ perspectives on the available options regarding specific models of constructing optimal portfolios (Fernandez and Gomez, 2007). Research Methodology The research question presented in this study referred to the exploration of ideas embedded in single index model/construction of optimal portfolios and comparing them with the classic Markowitz model. The focus was on the construction of optimal portfolios, as the researcher was concerned with the evaluation of constructed portfolios with specific market parameters (Better, 2006). Moreover, the researcher paid attention to the stock market price index, including stocks of organisations distributed in three major sectors: services, financial, and industrial (Fernandez and Gomez, 2007). The behaviour of this index was explored through the implementation of SPSS analysis. The data covered a period of seven years, starting on January 1, 2000 and ending on December 31, 2006. It was essential to evaluate the effectiveness parameters of the single index model/construction of optimal portfolios and the Markowitz model. The criteria for the selection of companies included that all organisati ons shared the same fiscal year (ending each year on December 31) as well as they have not demonstrated any change in position. Results and Data Analysis The research methodology utilised in the study is based on the model of single index/optimal portfolios and the Markowitz model. The exploration of the relationship between these two models required the selection of 35 equally weighted optimal portfolios, as two sizes of portfolio were outlined. An approximate number of 10 optimal portfolios represented the first size, which further generated 12 portfolios. In addition, the researcher considered the option of simulating of optimal portfolios represented at second sizes (Bergh and Rensburg, 2008). The criterion of queuing randomise portfolio selection has been used to generate approximate 23 portfolios from the second size category. The researcher selected five and 10 stocks to analyse the data. The portfolio size split allowed the researcher to explore how the portfolio size could be used to affect the relationship between the single index model/optimal portfolios and the Markowitz model (Fernandez and Gomez, 2007). Results of testin g the data are provided in the table below: Optimal portfolio numberVariance of Single Index ModelVariance of the Markowitz ModelOptimal portfolio numberVariance of the Single Index ModelVariance of the Markowitz Model 100.00370.003950.00210.0023 100.00140.001750.00280.0038 100.00210.002850.00420.0051 100.00200.002150.00250.0030 100.00310.003550.00260.0024 100.00190.001950.00330.0038 100.00880.008650.00670.0071 100.00280.003750.00370.0053 100.00250.002450.00380.0043 100.00220.002350.00210.0020 100.00190.002050.00630.0061 100.00230.002650.02120.0202 Table 1: Variance of Five and 10 Optimal Portfolios Based on the results provided in the table, it can be concluded that the variance between the single index model/construction of optimal portfolios and the Markowitz model is similar. For instance, values of 0.0020 and 0.0019 for the variance of the two models are similar. This means that the results do not show substantial statistical differences between the two models. The tables below contain a descriptive summary of the results presented in the previous table: MeasureSingle Index ModelMarkowitz Model Mean0.00440.0047 Minimal0.00210.0020 Maximum0.02120.0202 Standard Deviation0.00370.0035 Table 2: Descriptive Summary of 10 Optimal Portfolios The results in Table 2 were derived from testing the performance of 10 optimal portfolios. It has been indicated that the mean for the single index model of 10 portfolios is 0.0044, while the mean for the Markowitz model is 0.0047, implying an insignificant statistical difference. The minimal value of the single index model is reported at 0.0021, while the minimal value of the Markowitz model is 0.0020. The difference is insignificant. The maximum value of the single index model is 0.0212, while the same value of the Markowitz model is 0.0202. Based on these values, it can be argued that there is a slight difference existing between the two models. The standard deviation of the single index model is 0.0037, while the standard deviation of the Markowitz model is 0.0035, which also reflects an insignificant statistical difference. MeasureSingle Index ModelMarkowitz Model Mean0.00280.0031 Minimal0.00140.0017 Maximum0.00880.0086 Standard Deviation0.00200.0019 Table 3: Descriptive Summary of 5 Optimal Portfolios Table 3 provides the results for five optimal portfolios. These results are similar to the ones reported previously (10 optimal portfolios). The mean for the single index model of 5 optimal portfolios is 0.0028, while the mean for the Markowitz model is 0.0031, implying an insignificant statistical difference. There are insignificant differences between the two models regarding other values, such as minimal and maximum value as well as standard deviation. Furthermore, the researcher performed an ANOVA analysis of 10 optimal portfolios, which are presented in the table below. It has been indicated that the effective score for the single index model and the Markowitz model is almost the same. Yet, an insignificant difference was reported between the two means and standard deviations for both models. ANOVA AnalysisSum of squaresDfConditionMeanStandard DeviationStandard Error MeanFSig. Between Groups.00011.000.003125.0018704.0005399.089.768 Within Groups.000222.000.002892.0019589.0005655 Total.00023 Table 4: ANOVA Analysis for the Variance between the Single Index Model and the Markowitz Model of 10 Portfolios From the conducted analysis, it can be also concluded that the F-test presents an insignificant statistical value, implying that the researcher rejected the hypothesis of a significant difference existing between portfolio selections with regards to risk in both models used in the study (Fernandez and Gomez, 2007). Hence, the hypothesis of a significant difference between the variance of the single index model and the Markowitz model was rejected (Lediot and Wolf, 2003). In the table below, the researcher provided the results of an ANOVA analysis conducted on five optimal portfolios: ANOVA AnalysisSum of SquaresDfConditionMeanStandard DeviationStandard Error MeanFSig. Between Groups.00011.000.004852.0036535.0007618.096.758 Within Groups.001442.000.004509.0038595.0008048 Total.00145 Table 5: ANOVA Analysis for the Variance between the Single Index Model and the Markowitz Model of 5 Portfolios The results from Table 5 show that the variance between the single index model and the Markowitz model of five optimal portfolios is almost the same. Regardless of the stock number in the selected optimal portfolios, there is no significant statistical difference between the single index model and the Markowitz model. The main finding based on the reported data is that the single index model/construction of optimal portfolios is similar to the Markowitz model with regards to the formation of specific portfolios (Bergh and Rensburg, 2008). As indicated in this study, the precise number of stocks in the constructed optimal portfolios does not impact the final result of comparing the two analysed models. The fact that these models are not significantly different from each other can prompt investors to use the most practical approach in constructing optimal portfolios (Haugen, 2001). Placing an emphasis on efficient frontiers is an important part of investors’ work, as they are focused on generating the most efficient portfolios at the lowest risk. As a result, optimally selected portfolios would be able to generate positive returns for organisations. This applies to both the single index model and the Markowitz model (Fernandez and Gomez, 2007). Conclusion and Implications of Research Findings The results obtained in the present study are important for various parties. Such results may be of concern to policy makers, investors as well as financial market participants. In addition, the findings generated in the study are similar to findings reported by other researchers in the field (Bergh and Rensburg, 2008). It cannot be claimed that either of the approaches has certain advantages over the other one. Even if the number of stocks is altered, this does not reflect in any changes of the results provided by the researcher in this study. Yet, the major limitation of the study is associated with the use of monthly data. It can be argued that the use of daily data would be a more viable option to ensure accuracy, objectivity as well as adherence to strict professional standards in terms of investment (Better, 2006). In conclusion, the similarity of the single index model and the Markowitz model encourage researchers to use both models equally because of their potential to generate optimal portfolios. Moreover, the lack of significant statistical differences between the variance of the single index model and the Markowitz model can serve as an adequate basis for investors to demonstrate greater flexibility in the process of making portfolio selection decisions (Haugen, 2001). The results obtained in the study were used to reject the hypotheses that were initially presented. As previously mentioned, the conducted F-test additionally indicates that the single index model and the Markowitz model are almost similar in scope and impact (Fernandez and Gomez, 2007). Investors should consider that portfolio selection models play an important role in determining the exact amount of risk taking while constructing optimal portfolios. Hence, investors are expected to thoroughly explore those models while they select their portfolios (Garlappi et al., 2007). Both individual and institutional investors can find the results generated in this study useful to facilitate their professional practice. A possible application of the research findings should be considered in the process of embracing new investment policies in the flexible organisational context (Bergh and Rensburg, 2008). Future research may extensively focus on the development of new portfolio selection models that may further expand the capacity of organisations to improve their performance on investment risk taking indicators. References Bergh, G. and Rensburg, V. (2008). ‘Hedge Funds and Higher Moment Portfolio Performance Appraisals: A General Approach’. Omega, vol. 37, pp. 50-62. Better, M. (2006). ‘Selecting Project Portfolios by Optimizing Simulations’. The Engineering Economist, vol. 51, pp. 81-97. Fernandez, A. and Gomez, S. (2007). ‘Portfolio Selection Using Neutral Networks’. Computers & Operations Research, vol. 34, pp. 1177-1191. Garlappi, L., Uppal, R., and Wang, T. (2007). ‘Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach’. The Review of Financial Studies, vol. 20, pp. 41-81. Haugen, R. (2001). Modern Investment Theory. New Jersey: Prentice Hall. Lediot, O. and Wolf, M. (2003). ‘Improved Estimation of the Covariance Matrix of Stock Returns with an Application to Portfolio Selection’. Journal of Finance, vol. 10, pp. 603-621.

Human Resource Management in Organisations - Shipyard Progres Essay

Human Resource Management in Organisations - Shipyard Progres - Essay Example Conclusion and Recommendations 11 References 12 Appendix 13 1. Introduction The evaluation of business plans is of critical importance for understanding the potential of a firm to secure its position in the market. The use of management systems that have been already tested in real market conditions can help managers to develop more accurate assumptions regarding their firm’s potentials both in the short and the long term. Balanced Scorecard is a management system focusing rather on long-term business goals and achievements. Different approaches have been used in the literature for describing the Balanced Scorecard; in accordance with Chi et al. (2011) the Balanced Scorecard (BSC) can be characterized as ‘a performance management system for assisting a corporation in actualising its strategy’ (Chi et al. 2011, p.224). From a different point of view, Rabbani et al. (2011) note that the BSC is based ‘on the critical success factor (CSF) concept of a limited se t of performance measures’ (Rabbani et al. 2011, p.1). The above approaches reflect the aims of Kaplan and Norton in regard to the use of BSC as a management system for measuring organizational performance. ... Reference is made to a specific firm: the shipyard Progres, a firm established in 1837 as part of the shipbuilding industry of Netherlands. Due to the radical changes in market structure and trends, the firm’s existing strategies need to be thoroughly reviewed and updated. Emphasis should be given on the management of staff but also on the management of the firm’s financial sector. The development of an appropriately customized Balanced Scorecard system could improve the monitoring of the firm’s strategies, helping to identify the key reasons of the failures in regard to the firm’s plan for expansion within its industry. Moreover, the specific system could help the organization to estimate whether the project under review, the purchase of an existing dry dock - which could be moored in Eemshaven harbour, is feasible and under which terms it could contribute in the firm’s growth. 2. Balanced Scorecard – usefulness, applicability and pitfalls a gainst Self-appraisal models The performance of organizations in the long term is difficult to be estimated with accuracy. The use of management systems, such as the Balanced Scorecard, helps towards the identification of a firm’s potentials within its market; in fact, the Balanced Scorecard, can offer to a firm’s managers the chance to evaluate the performance of their organization as being influenced by specific strategies and initiatives. From this point of view, the Balanced Scorecard can be characterized as a valuable management tool helping managers to develop a complete view of their firm’s current operational status but also of its perspectives in the future (Ba-Abaad 222009). The Balanced Scorecard has a

I want you to choose a suitable topic for each page Assignment

I want you to choose a suitable topic for each page - Assignment Example I think the film exhibits Curley more as a â€Å"Mayor of the Poor† evident in the way he offers himself to be the most approachable person of that rank in comparison to others that assumed the same position before. This is evident in the way he constantly makes contact with the people whom he thought desperately needed money and voted for him immensely. Hence, disentangle them from what they were struggling with in financially. Literally, he had no business with the rich but more specifically the poor who comprised the immigrants and supported him politically in maintaining his mayoral position. Curley extensively utilized his charismatic and magnetic speaking prowess in outdoing his competitors (Allison & Bulger 33). Hence, it is for this reason he manages to offer series of speeches throughout the city and country to win people’s heart. One incident that he successfully managed to outdo his competitor was when he was challenging Kenny. He took his speech and read impeccably to the people besides later repeating how Kenny would have done while repeating sections and statements that his competitor showed flaws in delivering it. Hence, revealing the dull and weakness side of Kenny. Curley’s house is a metaphorical representation of his life and political career. It signifies his rise in politics and personal life from a poor background to the level he is at the top of everybody by being a mayor in Boston. Similar to any political career that has a climax, this also happens to Curley whereby after loosing power, skills as well as other political antics becomes obsolete to the extent together with his wife moves to a small house. This is shifting of power from one personality to another especially, which is a common scenario when attached its attachment encompasses material and position. The film utilizes Curley’s climax in his political career in revealing the true traits of this charismatic mayor. This is because while he was poor and

Orthodox Interpretation of Japanese War Memories Essay

Orthodox Interpretation of Japanese War Memories - Essay Example The other argument is based on the assumption of the Allies that the government of Japan has declined in properly addressing the country’s war responsibilities during the war. It is also the view of the English speaking Allies that the people of Japan do not adequately acknowledge the responsibility of Japan during the war. Hence, the Japanese should accept the responsibility of the country during the war and this will propel the Japanese government doing the ‘right’ things in context of the war (Seaton 2). Seaton is of the view that this interpretation is flawed. He attributes this to the fact that there are two varying proportions of the interpretation. One of the proportions is described as the ‘state-centered approach’ whereby there is the political and parlance of the war memory (Seaton 2). The other is described as the ‘culturally determinist’ approach where it is analyzed in both sociological and anthropological focusing on the cha racteristics of the Japanese society as unwilling and conforming (Seaton 3). Why this Interpretation is flawed According to Seaton (p. 9), there are three aspects of how this interpretation is flawed. One of the aspects is that it moves precariously between war responsibility and war memories. This is because war responsibility in the current context is highlighted by constantly by political, moral and legal implications of war conduct. On the other hand, war memories are concerned about the way people see past events from the perspective of today’s context. Although the two aspects are related to some aspect, it is important to note that they are very distinct from each. Seaton (p. 9) asserts that while the Japanese government may refuse to compensate, there are Japanese people and the government that remembers the war. Hence, the way Japanese people feel about the way their government compensating could be based on their memory of the war. The development of memory studies has been greatly enhanced by the society acknowledging the fact that history is based on the environment that is changing constantly. Hence, technological, political, and social environments have affected the way many people are viewing past events. Hence, the Japanese cannot be limited to the environments that were present during the Second World War. There are two paradigms within which war memory and commemoration are studied which are; the political and psychological paradigms (Seaton 9). Seaton in Chapter 3 further argues that although Japan has been accused frequently of failing to address the past, the orthodoxy fails to note the main fact that ‘addressing the past’ is kind of unhelpful because it puts the roles of responsibility and memory into one and in so doing smudges the difference between individual, collective and official narratives. The orthodoxy has put across many texts that argue about Japan failing to address the war responsibility issues officially which has in turn spilled over to the orthodoxy claiming that Japan has an inadequate memory. This has led to observers of the Japanese people on how they remember the war being obscured. It is in this context that the orthodoxy has also ignored to look into how other nations handles their war memory including the English speaking Allies. Hence, the Japanese people are held responsible and in so doing, other nationals who were also responsible for the war have

Computer games and violence Essay Example | Topics and Well Written Essays - 750 words

Computer games and violence - Essay Example dition of Archives of Pediatrics and Adolescent Medicine, research conclusions have been stated which prove that the violence depicted in computer games have a definite negative effect on social attitudes of the child. The experiment included research scientists from the Universities of California, San Francisco and Pittsburgh. A hundred male undergraduates, from varying socio-economic and ethnic backgrounds were chosen to participate. They were divided into two groups; each group playing a computer game, one more violent than the other. The results were surprising: Before and after playing the game, both groups filled out a questionnaire that tested their attitudes towards violent acts and their attitude towards risky pastimes - alcohol and marijuana use, and unprotected sex. Their blood pressure was measured during play. Men who played Grand Theft Auto had greater increases in blood pressure, more negative moods, more uncooperative behaviour, more conflict in their social interaction with others, and more permissive attitudes toward using alcohol and marijuana, compared to those who played The Simpsons. The more violent game, Grand Theft Auto included involvement with the mafia, bludgeoning the villain with a baseball bat, drug dealing and so on as part of its game’s plot; while, The Simpsons required the player to deliver Lisa Simpson’s homework to the Principal on time (ABC Health and Wellbeing, 2006). Long-term exposure to violence may lead to desensitizing the child or player to real pain. Battering or killing people becomes commonplace. If this idea is reinforced with rewards, the child may end up desiring this harmful kind of violence. The popular idea that playing violent games actually helps the child to vent their aggression is wrong. They only lead to skewed perceptions of Right and Wrong. How has the depiction of violence in computer games changed over the years? The first game to seriously bring up concerns was Legend of Zelda in 1987. The

Structures Impacted by Tsunami Bores Research Paper

Structures Impacted by Tsunami Bores - Research Paper Example The study seeks to offer understanding into the ways by which the coastal areas can be able to prepare themselves to withstand dangerous hydrodynamic forces associated with large tsunami waves that are progressing to the mainland.The conduct of this study is based on the recent occurrences of tsunamis that have majorly hit parts of the world such as Japan, Philippines, and Chile. As a result, many human lives have been endangered out of the tsunami waves that have extended into the mainland, hence causing severe destruction of buildings. The economic loss attributed to these tsunami attacks are also enormous with the 2011 attack costing US$319 billion worth of damages. The current study aimed at showing that the design of buildings needs to be done in consideration of the hydrodynamic forces, especially in the tsunami prone areas. By developing new guidelines and recommendations, it is aimed that the same will be applied in hydrodynamic constructions. In testing for the interaction b etween the bore and the structure, it is determined that a zero level of water momentum results in an impulsive force being exerted in the upstream. Consequently, the study established that for narrow channel conditions, the run-up power can strongly be affected by the channels. These channels can be built through SPH method as shown in the figure 2 below. Therefore, the study recommends taking special care in interpreting the hydrodynamic forces following initial impacts from the bore.

Gross Domestic Product Essay Example | Topics and Well Written Essays - 2000 words

Gross Domestic Product - Essay Example The results and data concerning the growth of GDP come along with major influences on decisions made by both private and public policy makers and economists. GDP is based on survey and approximations of data collected over specified a duration (Ang et al. 2006). Quarterly and annual GDP approximates are extrapolated from economic survey and census data recorded from economic sectors like manufacture shipments, housing rates, and retail sales. GDP is a measure of the flow of services and goods produced within the economy market; these are products and services traded for cash. Although some non-market products are included in the data used to compute the GDP, numerous vital bits of data undergo omission from the census data used to compute GDP. Some of the vital information data include countries expenses in bettering healthcare, expenses of combating rising crime and emergency housing due to unforeseen occurrences among others. Such omissions weaken the reliability of GDP as an indic ator of progress (Islam & Clarke 2002). Information and expectations about the growth of gross development product come along with great influence notably echoed by numerous influential and interest groups. Developing countries tend to lay too much trust in the results of GDP as a reflector of their economic and social well fare (Kubiszewski et al. 2013). Since 1960, scores of scholars have expressed negative sentiments on the use of interpretations computed from the calculation of GDP as a proxy for social wellbeing. Since the creation of GDP, respectable economists have stressed that GDP is a measure of the activity of the economy and not the economy’s wellbeing. Scholars have further cautioned against the equation of GDP with social well-being and economic growth.  

Supply Chain Management and Technology Essay Example | Topics and Well Written Essays - 2000 words

Supply Chain Management and Technology - Essay Example Today with the down fall in economy and the increase in the costs the companies are planning to have a strong and an effective supply chain in their bottom line. The reason is that the implementation of a strong supply chain at the bottom will ensure that the cost is decreased along the production line and the management is effective. However these decreases in the costs and effective management will ensure that the efficiency of the firm gets increases and the profitability and the return on the investment increases. Implementation of Enterprise resource planning in an organization works best in conjunction with a supply chain management system. ERP systems involve a multitude of business activities, including customer service and production planning that are not a part of supply chains (de Burca, Fynes, & Marshall, 2005). The success of supply chain management system lies in the hands of the technology. It can be only successful with the implementation of web- based software and through proper communication. Before the internet the supply chain could not function appropriately the reason is that the collaboration with the other firms was less efficient. The process of feed backs, updates and other important business functions used to take a lot of time. The process of transferring knowledge was all done manually which took time. Collaboration with global partners used to be a challenge for the organizations. But with the introduction of internet and new communication technologies that include email, fax etc. the communication and knowledge and information transfer issue was completely resolved. One of the biggest advantages that the technology has offered to supply chain is the ease of collaboration no matter how distant the customer, the supplier or any other organization is. This helped in developing good relationships at both ends of the supply chain which includes the customers as well as the suppliers. The companies can now also remain updated with their competitors' activities. For example a supplier of consumer goods may be linked up through internet to one of the distributors. In this way whenever the inventory goes down the order will be placed automatically. in this way, the distributor never has to worry about running out of a product and disappointing customers and the supplier doesn't have to worry about maintaining a large inventory in expectation of demand. Systems have also been made to send out multiple requests at a single time. Collaborating this way makes better use of existing resources and paves the way for a larger profit margin on all sides of the eq uation (Chow, 2006). The Importance of Technology Technology today has made both outsourcing and off shoring much easier tasks than they were initially. In a very strong supply chain and a very elaborative business it is sometimes considered good to outsource certain business functions. This helps in saving upon a lot of costs at times. Technology today like internet and some systems have made the task of outsourcing much easier. For outsourcing a task

Public health Essay Example | Topics and Well Written Essays - 500 words - 4

Public health - Essay Example It also aims at providing outstanding programs to its clients (Phi, 2012). The organization identifies chronic diseases as a major factor to mortality rate and major cause of disability. â€Å"Cancer, diabetes, and asthma† are its major identified chronic diseases that are also associated with ethnicity and people’s level of income. This identifies consideration social elements such as â€Å"poverty, education, access to care and local community environment† as initial measures to controlling the chronic diseases. In its role in the public health sector, the organization has initiated social interventions such as â€Å"disease surveillance, capacity building, research, evaluation, policy advocacy, and leadership development† for controlling the diseases (Phi, 2012, p. 1). One of the organization’s blogs is the call for support following the experienced hurricane sandy. The blog effectively communicates its appeal for donation of material commodities such as food, as well as social support. It also calls for blood donation towards managing the victims’ conditions (Phi, 2012). Mortality defines the rate of deaths in a subject area and is measured in units per 100000 people in a population. In a considered set of data between the year 2006 and 2008, San Francisco registered a mortality rate of about 601 deaths per 100000 people. A review of the city’s mortality rate also indicates variability by ethnicity. Death rates among African Americans were for example the highest at a value of 1302 per 100000 people. Whites, Latinos, and the other races with rates of 724, 535 and 446 deaths per 100000 populations respectively followed this (Health, 2012). The city’s trend in mortality rate by ethnic groups corresponds to the Public Institute’s report that chronic diseases prevalence is dependent on social factors. It can

Life in the Country Verse Life in the City Essay Example for Free

Life in the Country Verse Life in the City Essay Even though amenities are more accessible when you live in a big city, it is healthier to live in the country because of the differences in culture and the surroundings. It is healthier and safer to live in the country rather than in the city for a number of reasons, one being that there is less congestion out in the country. With congestion and over population of a city brings gangs and violence. With gangs come drugs, killings, and murders. People become very territorial when a space is over crowed or congested. It was reported that last year in the first week of summer in Battle Creek, Michigan, there was a total of 13 shootings all related to either gangs or drugs. When you live out in the country there are less people living right on top of each other. There isn’t a large amount of crime and acts of violence, because people have their space and they respect others space as well. They don’t feel as though they have to fight to keep what they have because there is plenty to go around. With that being said it is my personal opinion that with more space there is less drama that would build up the kinds of animosity that would make someone want to commit murder. Which is why growing up in the country I can’t remember a time when we had to make certain that our doors and windows were locked, that goes for both our home and our vehicles. Not only is there an increase in crime there is also an increase in pest, rodents, and critters. There are more cases of cockroach infestations in a larger city then there is out in the country that is all because of the congestion. Having to live with cockroaches creates a major health hazard because of the risks posed by cockroach antigens for people who suffer from asthma, also because they carry disease-causing germs. Some of the methods people traditionally use to eliminate them cause additional health hazards. Pesticides are never healthy to breathe in to even ingest. If you put down bate to kill them you risk them tracking it all over your home. If you have pets you have to worry about them consuming it before the cockroaches. Another way people commonly try to treat a cockroach infestation is to bomb their house. There is a reason you can’t be home for this kind of treatment, and why you need to open all the windows in your home at least an hour before you can return. It is very harmful to breathe in. Cockroach antigens are made up of proteins that can be found in the insect’s saliva, feces, eggs, and shredded cuticles. These antigens can cause allergic reactions and asthmatic episodes when they are inhaled because they are airborne. According to health house, â€Å"A large study supported by the National Institute of Allergy and Infectious Diseases (NIAID) has demonstrated conclusively that the combination of cockroach allergy and exposure to the insects is an important cause of asthma-related illness and hospitalizations among children in U. S. inner-city areas. † There is a major difference in the surroundings that can affect a person’s health from living in a larger city versus living in the country. The food that we consume in a larger city is so full of preservatives and additives. There are more fast food restaurants available for a quick meals. Some of the side effects of eating out and ordering in all of the time include high cholesterol, and clogged arteries. The majority of foods found out in the country are organic, because they are home grown. Living in the country as a child we always had a garden with fresh vegetables. Another difference is the air that we breathe when living in a larger city, because there are so many fast food chains and factories, there is higher pollution in the air. For extremely larger cities like Chongqing, Beijing, and Shanghai they have smog alerts where you have to wear a protective mask to prevent you from breathing in harmful pollutants. When you live in the country you’re not at risk of this because there aren’t as many factories creating these pollutants, so the air is crisp and fresh. The worst thing you have to worry about in the country is when farmers lay down the fertilizer for their crops that is an unpleasant smell. One good thing about living in a larger city as opposed to living out in the country would be that there are hospitals. When you live out in the country there aren’t as many hospitals available to you. Just like with everything else there is so much more open space and less people, which create less reasons and finances to have a hospital, because there are fewer reasons for health risks and that you are less likely to have to rush off to an emergency room, doesn’t mean that there shouldn’t be one close by you never know what might happen. A farmer might get his hand caught in a machine while trying to perform routine maintenance. A child could ingest some sort of chemicals such as pesticides. This would have to be the only down fall I can see about life in the country versus living in a large city. However for an extreme emergency there is always an option of having an air lift. You can also still call 911 and have an ambulance out to your place maybe even sometimes faster than if you were living in the city just because there is less traffic. There are always going to be things that challenge our health, wellness, and survival; however, the risks are higher living in the city as opposed to living in the country for two main reasons. First when living in the city there is so much more congestion, overcrowding, and diversity that can bring out the worst in people; in this case, the worst of these brought out are drugs and violence. When you live out in the country you don’t have to worry about these kinds of things as much. The second thing that challenges our health and wellness is what we consume. The air that we breathe to the nourishment we give to our bodies. We are not perfect but the little things that we can change to improve our situation the closer we can come to optimal health and wellness. References americanlungassociation. com battlecreekenquire. com healthhouse. com

Process Essay Sample Will Give You a Clue How to Make Your Work an Excellent One

Process Essay Sample Will Give You a Clue How to Make Your Work an Excellent One Process Essay Sample Will Give You a Clue How to Make Your Work an Excellent One Try to Use Our Tips in Writing Your Academic Essay Process essays are academic essay type that should clarify the sequence of actions that should be done to complete definite task. Such kind of essay involves the absolute understanding in the subject to be talked about. You would never effectively explain the issues that you are not acquainted with. Essay needs a skill, especially when you want to make a procedure or process essay writing. So, when you need to advance your work, process essay sample may well be brought into play. Actually, preparing an essay can be an engaging duty. It lets you try to express your point of view and attitude to the problem. Moreover, it may let a writer demonstrate his writing talent, or express his position. 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Value And Risk Management With Client Expectations Construction Essay

Value And Risk Management With Client Expectations Construction Essay New processes and materials pose benefits to architects, designers, and builder and home owners as such change mean the cost of building was lower and in some cases home building projects were able to be completed faster. However as with new processes and materials emerge, new training is required to fully utilise them allowing construction projects to gain added value. With the new ability of clients being able to access information regarding to new materials and processes, the abilities for clients to specify particular materials and processes to be incorporated in the design and construction of the building increases. As opposed to an architect or designer recommending a suitable process or product to be used (Cross, 2001). The increased knowledge acquired by the client regarding to the type of construction materials and processes available enhances the clients vision about the construction project and ultimately this changes their expectations. The changes in clients expectation in construction projects must be properly managed in order for projects to be completed successfully. The aim of this report is to illustrate how value management and risk management can be applied to manage the expectation of clients in construction projects. Background During the late 1990s to the early 2000s a substantial number of houses were built in New Zealand using methods and materials that could not withstand the weather conditions of New Zealand. The calamity resulted in a combination of contributing factors involving the design of the building, the installation of materials, the change in requirement in untreated timber used in construction, the increase in insulations installed in timber framing and the trend to build Mediterranean styled building using monolithic cladding systems. The problem with such construction is that once water or moisture penetrates through certain cladding systems, if there are no cavities between the cladding and the framework, the water becomes trapped and cannot easily escape or evaporate. In addition a change in the New Zealand Standards for timber treatment in 1998 allowed the use of untreated kiln-dried timber to be used in wall framing. When this untreated timber comes in contact with water for a long period of time, the timber will begin to rot. In 2002 the Building Industry Authority appointed a Weathertightness Overview Group to investigate the cause of the leaky homes crisis in New Zealand. In their findings they pointed out the main factors that contributed to the cause of the leaky homes but no one factor was identified as the single cause of leaky buildings (Department of Building and Housing and Consumer NZ). Main factors causing leaky buildings: The trend to build Mediterranean styled buildings using monolithic cladding systems Poorly designed features such as: Recessed windows Flat roofs with narrow or no eaves Two or more stories Solid balustrades and balconies that just extend out from the walls which causes penetration through the external claddings Insufficient details in the approved documents, which are produced to help people meet the requirements of the New Zealand Building Code. Lacking of technical knowledge and skills when houses are designed, detailed and built. Modern systems require far greater level of detail, care and skill. Untreated kiln-dried timber is susceptible to rot when water penetrates the building envelop. The leaky home crisis is a systematic failure of a new building style trend, poor design features, insufficient building requirements, and the lack of technical knowledge to design, detail and construct buildings. The media in effect had an influence on the style of housing that was new to New Zealands traditional designed houses. It is also during this period when manufacturers of building materials begun to market their products directly to the consumers; the end users and owners of buildings (Cross, 2001). Companies such as the Winstone Wallboards Ltd began to market their products to the general public; their advertisings of gypsum plasterboard by-passed the construction industry and directly to the owner. Similarly the makers of Pink Batts, Tasman Insulation New Zealand Limited also began major marketing campaigns to target home owner and potential home owners to incorporate their building products in the construction of houses. The lack of implementation to ensure adequate and safe designs while builders and contractors lacked knowledge regarding to the building product and its application could have contributed to the leaky building crisis. Although this changing in construction product marketing was not a cause of the leaky home crisis, it nevertheless have increased the awareness of building products for clients and this increased their ability and persistence to specify particular building products or processes, therefore changing the expectation of the outcome of the construction project. Client Expectation Clients expectation of construction projects have changed over time in parallel with the changes in technology, especially in the advancements in information systems and marketing campaigns for construction materials. Nowadays manufacturers of building products advertise and market their products directly to the potential clients of construction projects. Good examples of these can be seen on the television media, manufacturers such as Winstone Wallboards Ltd market their gypsum plasterboard for walls and ceilings, while Tasman Insulation New Zealand Limited market their insulation products more commonly known as Pink Batts. This new marketing strategy from construction material manufacturers means that they have effectively by-passed the distribution industries and the building and construction industries in the value chain for the supply of building materials (Cross, 2001). Figure 1: Value chain for building and construction related industries (Cross, 2001) This marketing strategy allowed consumers who are the potential clients of construction projects to have more knowledge of the building products available and be aware of the potential benefits of particular building products. In conjunction with the internet, manufacturers can distribute product information and specification online. Before these changes in marketing and internet sources, construction products were selected and presents to the client by the project team. Compare to now, clients have products in mind before initiating a construction project. They also have in mind the advertised visual aesthetics and performance of the products giving clients an overall expectation of the construction prior to the meeting with the design team (Wilkinson Scofield, 2003). Construction clients are committing something they cannot see until it is completed. The challenge for the project team is translating client needs into design requirements and subsequent critical characteristics. Failing to understand client needs is the issue that creates the largest gap between client expectation and client satisfaction. The second largest gap is held by project delivery being on time. The new marketing strategy could potentially create a gap between client expectation and client satisfaction as the visual aesthetics and performance of the product can only be achieve if it was installed in a particular way for under certain circumstances (Atkin, Borgbrant, Josephson, 2003). Such gaps could potentially become points of conflict throughout the construction project and finally reaching the completion and the clients expectation on the project may not be achieved. If clients are educated by the design team as to what to expect during the design and construction of the project and the standards a design team must offer, then minor divergence can then be view as part of the design process and the efforts could be directed toward resolving those routine problems understandingly and effectively (ACEC Oregon, 2008). Clients who are unfamiliar with the trials and adversity of a major project should be educated on the process prior to the design and construction stages. Doing so will facilitate the clarification of clients expectation and allow clients to adjust their expectation to a realistic level. Clients have four main expectations on construction projects. They are the expectation on scope, cost, time and quality. All of these expectations are defined, estimated, planned and specified during the design phase of the project. It is therefore critical for the project team to identify the clients expectations at the beginning of the design phase so that it could work towards the clients expectations. Once the construction phase of the project begins, there would be little room for adjustments on the focus of meeting client expectation. By that stage the project team are adhering, monitoring, controlling and managing the expectations that were set during the design phase. Figure 2: General client project expectation (Oyegoke, 2006) Clients preconceived expectations on construction projects are highly skewed by the marketing strategies employed by manufacturers. Manufacturers often advertise their products performance under optimum conditions and they have a tendency to omit risks that are associated with the product. This is the main contributor to clients expectations as they have a visualisation of how the product performs but in some cases, these products may not be able to perform at their optimum level due to the environment of the project location, the installation, application and the maintenance of the product. Clients expectations over the cost of projects have changed over time. Clients expect costs to be kept at a minimum, however most clients are unaware of the so called costs that are involved in a construction project and the overall whole life time cost of buildings. The trends towards green buildings are a good example, the aim of sustainable buildings, the so called green buildings are to reduce the impact of the buildings operation on the environment and this in sequence usually reduces the consumption of energy of buildings. Sometimes clients are too focus on the capital cost, that they fail to recognise the benefits of the reducing the whole life cost of the building through the slight increase in capital expenditure. Time is another important expectation from customers; sometimes the most important expectation. The idea of prefabrication allows construction time to be reduced, as components are made off-site and are brought to the construction site for assembly. However there is a limit as to how many elements of the construction can be prefabricated and the trend to more complex projects which requires a finer level of design detail and thus contributing to the length of construction time. Client Needs Satisfying client needs is a vital requirement for construction projects. As construction projects are induced by the client needs; but often the project outcomes fails to satisfy them. There are many reasons for this, for the design team the challenge is to comprehend client needs, which should be revealed during the briefing stage of the project (Atkin, Borgbrant, Josephson, 2003). Potential clients of the construction industry are too large and varied group for any meaningful detailed classification to be prepared. Nevertheless an understanding of clients is aided by a broad categorisation (Walker A. , 2002). As different clients from different categories will have different needs for it to initiate a construction project. For example: A commercial client, would built offices to sell or lease to others and is expecting a direct financial gain A industrial client would build factories and expect a gain on productivity A public client is expecting a social investment gain from a new school. When the client is satisfied that there is a need for a project, it will then undertake a feasibility study to ascertain whether the project meets all of the objectives of the client (Lavender, 1996). Clients Objectives The most important feature of any building project should be the clients objective in embarking on the construction of the project. The need for the project will normally have risen from some demand arising from the client organisations primary activities as stated before. The needs of clients are stimulated by the environment of their organisation, which presents opportunities to which they respond. Such external stimulus may be economic forces, which give the opportunity for profit, or sociological forces, which presents the chance to respond to a social need, but usually they are a combination of different forces in which the client must respond to as the result of the need to survive. Above this, clients also respond in order to expand as a result of drive and motivation. The effect of forces in the clients environment will therefore trigger the start of the construction process. Although it may not be realised at the time that a project is needed and at that stage it is unlikely that any members of the project team will be involved. When it becomes apparent that a construction project is needed to satisfy the clients objectives, the brief begins to form. A common major problem is that the project team will normally not be involved at this early stage and a number of important decisions which may inappropriately constrain the design of the project may have been made by the time they are brought in (Walker A. , 2002). Figure 3: Triangle of time, cost and quality (Lavender, 1996) Once the objectives are met, the three qualities of a project must then be prioritized to demonstrate the clients preference. To some clients, if the priority is to keep costs down, then a delay may not matter too much. However to other clients, time may be an absolute priority for example a hotel development is scheduled for completion to meet seasonal increase in trade (Lavender, 1996). These three qualities in turn represent the clients expectation of the output of the project, therefore it is vital to communicate with the clients to discover how the client has prioritised these qualities. Clients often perceive the brief as a reasonably detailed statement of what they require, but it is important that the strategic level of the brief is not overlooked at the expense of detail. The clients priorities must be clearly established and are communicated to the project team. It may well be that there is conflict within the clients organisation regarding priorities, but the project team must be confident that it has interpreted the balance properly. To achieve this it will have to understand the clients organisation, its decision-making process and where the highest authority lies (Walker A. , 2002). Changing Expectations Drivers of change in client expectation: New trend in property ownership Increase in number of investment properties (time expectation) Growing project complexity Due to higher need requirements and technological advancements in material standardisation, construction methods, techniques and technologies. (quality and cost expectation) Influence of life cycle costing Cost of repairs and maintenance Influence of alternative materials and systems Shrinking business and project cycles Shortening of the hypothetical supply chain of building materials (cost and quality expectation) Commoditisation of products and services Specific products and trade specialist as a first tier contractor External stakeholder power Clients knowledge base is expanding Suppliers focus Scarce human resources Ethical agenda Green buildings (to reduce energy consumption and effects of global warming) Time is a finite resource, especially with the new trend of increases in numbers of investment properties, clients of construction projects demand their projects to be completed on time for peak market trading. This in effect translates to the increasing expectation for construction projects to be completed on time and method of fast tracking will be employed to ensure deadlines are met. Communication requirements in complex projects are overwhelming in comparison to more traditional projects and there is a requirement for a great deal of interaction and negotiation (Kelly Male, 1993). The increase complexity will add time to the project duration. Client Expectation and Project Management The general definition of construction project management is said to be the planning, co-ordination and control of a project from conception to completion on behalf of a client. This requires the identification of the clients objective in terms of utility, function, quality, time and cost, and the establishment of relationships between resources, integrating, monitoring and controlling the contributors to the project and their output, and evaluating selecting alternatives in pursuit of the clients satisfaction with the project outcome (Walker A. , 2002). Client expectation begins with the briefing process. Briefing is seen as a singular event at the beginning of the projects by the client; however this is not the case. Briefing is a process, where requirements are systematically written down and this will be updated as required. This means that while the project proceeds and clients awareness of the project increases, the ability to make changes reduces as the project progresses (Atkin, Borgbrant, Josephson, 2003). The recommendation is that briefing is a process running throughout the construction project, by which the clients requirements are progressively captured and translated into effect by the design team. Clients nowadays simply expect too much from the design teams; they expect perfection. Any minor delays, added costs or design changes are taken as a sign of incompetence on the part of the architect, engineer or project manager. Managing client expectations is the key to avoiding unnecessary confrontations, demands and claims. Perfection is impossible to achieve, therefore the best approach to ensure that the client is making realistic expectations about the project and its outcomes (ACEC Oregon, 2008). Communication is vital to this process. Communication should take place continuously throughout the project especially in the beginning. Stress that perfection is unattainable at any price and errors and omissions are common parts of the design and construction process. Clients must understand that they can only expect a standard of care that is provided with the managing or design service. These services are provided with the ordinary degree of skill and care that would be used by other reasonably competent practitioners of the same discipline under similar circumstances and conditions. The standard of care is a concept drawn from English Common Law doctrine. The doctrine holds that the public has the right to expect services provided will be have done so with a reasonable normal, careful and prudent manner. In other words, being perfect is not required as long as the service provided was done so with a reasonable due skill and care (ACEC Oregon, 2008). Goals to achieve perfection however should still be set to give the project team a clear direction and allow for measure of performance if necessary. Risk Management Design projects are inherently risky. Every project is different in some way and this carries with it uncertainties. Risk is the term used to describe the amount of uncertainty and number of threats that exist or potentially exist in a project (Ramroth, 2006). Risks can be technical, physical, commercial or environmental (Walker Greenwood, 2002). Managing risk is one of the most important tasks for the construction industry as it affects the project outcomes (Dey, 2009). This outcome is closely tied in with the output of the project; and at the most basic level, the building and construction industry is recognised by its output (Cross, 2001). Clients expectation on risk should be made known to the design team and in turn, the project risks should be communicated to the client. Doing so will reduce any misunderstanding and possible confrontations. Managing Risk Management of risk is an ongoing process throughout the life of the project, as risk will be constantly changing. Risk management plans should be placed to deal quickly and effectively with risks if they arise. It is important to work as an integrated project team from the earliest possible stages on an open book basis to identify risks throughout the teams supply chain (Office of Government Commerce, 2007). Risk management in construction projects involves: Identifying and assessing the risks in terms of impact and probability Establishing and maintaining a joint risk register, agreed by the integrated project team Establishing procedures for activity managing and monitoring risks throughout the project and during occupation on completion Ensuring that members of the team have the opportunity to engage in a dialogue that will promote agreement of an appropriate allocation of risk. Updating risk information throughout the life of the project Ensuring control risk by planning how risks are managed through the life of the project to contain them within acceptable limits Allocating responsibility for managing each risk with the party best able to do so A common risk management process should be understood and adopted at all levels within the integrated project team, and the risk register regularly reviewed and updated throughout the project lifecycle (Office of Government Commerce, 2007). Investment in developing the brief is often cut; however, this will likely lead to delay and cost overruns further on in the project due to changes and potential misunderstandings. Making risks known to the client can help them develop and prepare budgets for the project and this allows the project team to assess the clients expectation on risk. When preparing the budget, it should comprise of two elements of cost, a base estimate and risk allowance. A risk allowance should be included in the budget for the project to cover the potential financial impact of the clients retained risks as estimated in the risk analysis. Risks inherent in the maintenance and demolition of a facility should be considered during design development and the decisions about risk kept on the register for future reference (Office of Government Commerce, 2007). This inherent risk should be included in the whole life costing of the building. Risk Allocation Risk management arrangements should include risk allocation that (Office of Government Commerce, 2007): Is clear and unambiguous Achieves best value for money Represents a fair balance between risk and control Does not create conflict of interest in those required to give independent advice to the client. Contracts are a way to reduce risks as it is used to reduce uncertainty. Mutual agreements regarding to the project must be stated in the contract. Contracts between businesses have evolved to take on various roles (Walker Greenwood, 2002): Recoding the deal that has been agreed and the rights and obligations of the parties. Providing sanction for non-compliance, or incentive to comply Offering sets of procedures that the parties should follow Catering for uncertainty by deciding in advance how parties will bear the risk on unforeseen events. Responding to Risks Project managers must control the threats and uncertainties that would potentially adversely affect their projects. There are a number of strategies to do so (Ramroth, 2006): Avoidance: where risks have such serious consequences on the project outcome that make them totally unacceptable, measures might include a review of the project objectives and re-appraisal of the project, possibly leading to the replacement of the project, or its cancellation. Reduction: a typical action to reduce risk can take the form of: Redesign: including that arising out of value engineering studies Different methods of construction: to avoid inherently risky construction techniques Changing the procurement route: to allocate the risk between the project participants in a different manner. Transfer: transferring risks to another party in the integrated project teams, who would be responsible for the consequences, should the risk occur. Risks should not be transferred until they are fully understood. The objective of transferring risk is to pass the responsibility to another party who can better manage it. Retention: Risks that are not avoided or transferred are retained by the client although they may have been reduced or shared. These risks must continue to be managed by the client to minimise their likelihood and potential impact. Uncertainty should be understood as being a dual and coherent nature with reference to the environment, comprising the building context and the management of construction operation for the specific building (Atkin, Borgbrant, Josephson, 2003). Two concepts that are relevant are the contextual uncertainty and operational uncertainty. Contextual uncertainty includes the environment as a whole that may have an impact on a specific building. The impact could raise doubts about the result or the effectiveness of the achievement. In order to analyse the shape or form of the contextual uncertainty it is necessary to analyse the building from a broader perspective: the environment, the client and the organisation as a whole. Operational uncertainty is defined as every circumstance that may have an impact on the projects efficiency; that is handling the implementation of construction according to a predetermined set of goals. The logical phase of the construction process means that project visions are needed to reduce planning and design uncertainties, and that a plan is needed to reduce production uncertainty. Contingency funds should be in place to ensure that any uncertainty and imperfections of the project can be corrected. Clients should be made aware that contingency provisions are created to recognise that the final design and construction cost may exceed the initial estimated cost. The contingency fund should equal to a reasonable percentage of the estimated construction cost as a reserve to pay for unanticipated costs. Clients should acknowledge that no claims can be made against the project team with respect to increased costs within the agreed contingency. The building construction stage should be easy to plan and managed, if: The client is satisfied with the design; The design is correct and can be realised through construction; The intention of the designer is correctly communicated; and All conditions on site can be anticipated While it is not possible to alleviate all risks, some risks can be eliminated by thoughtful problem solving, while others can be successfully managed so that their impact on the project is kept to a minimum (Ramroth, 2006). Value Management Value management is the process in which the functional benefits of a project are made explicit and appraised consistent with a value system determined by the client. From a value management perspective, a project is an investment by an organisation on a temporary activity to achieve a core business objective within a programmed time that returns added value to the business activity of the organisation (Kelly, Making client values explicit in value management workshops, 2007). Value management is a structured, multi-disciplinary group decision-making process that encourages the enhancement of the value of a project, process or product in a manner consistent with the business goals of the stakeholders and client needs. Value management enables stakeholders to define and achieve their need through facilitated workshops that encourage participation, teamwork and end user buy-in. Stakeholders are people who have a real interest in the outcome of the project. Stakeholders of construction projects could be promoters, owners, financiers, supervisors, planners, engineer, constructors, operators, user and neighbours. The focus of value management is on function value for money, it is not necessarily to reduce cost. Though reducing cost could be a by-product of the value management activities (Office of Government Commerce, 2007). Value means ensuring that the right choices are made about obtaining the optimum balance of benefit in relation to cost and risk, and in its broadest sense, is the benefit to the client. However with value management, it should be recognised that improving the whole-life project value sometimes will require additional initial capital expenditure. The buildability and maintainability of the facility are central to its long-term value. Value management is a very low cost with high benefit exercise. The greatest benefit from applying value management to a project is when it is integrated into the project development plan, with workshops programmed to take place. If integrated into the project management methodology early in the project development the cost can be almost negligible, because of the reduced need for subsequent reviews and opportunities for substituting VM for some of the routine appraisals and quality audits that are always necessary (Hammersley, 2002). Clients Benefit The client is the party that benefit from the long-term operation of the building and therefore should lead the process from inception to the completion of the building. However it is suggested that clients are not interested in technological correctness. The designer on the other hand has the technological competence, but handling all the interdependencies to reach an optimal technological solution can sometimes lead to long design durations; affecting the clients expectation on the duration of the project. The designer may also have little knowledge on how to produce the design to a finished product. This production knowledge and skill lies with the contractors and subcontractors, often designers rely too heavily on the assumption that the design product is easy to produce. Apparently no single party is fully capable of leading, but rather a group of individuals can stand a better chance of succeeding (Atkin, Borgbrant, Josephson, 2003). To increase clients benefits the following key criteria should be made possible: Clients should have enough time to increase their knowledge of the project outcome, based on their requirement Clients should be able to change their mind when the challenges of their requests are made apparent to them Designers should have sufficient time to convert client requests into key technical criteria Designers should have enough time to investigate the interdependencies of the technical criteria in the building system Contractors and subcontractors, when required, should have the ability to view the impact of decisions regarding constructability As identified earlier, the client comprehends the product increasingly as the process proceeds. This suggests that even though it is hard to manage, it should be possible to review the requirements of the client in order to produce a building that satisfies. What is Value Value management is concerned with what value actually means