Role of International Financial Institutions in 2008 Financial Crisis

Introduction Late towards 2007, the earliest effects of 2008 financial meltdown were already being felt at some sectors of economy in several countries, notably in Europe and America. The financial crisis that would later become apparent throughout the year 2008 did not only catch the world unaware but would later turn out to be the worst in recent times.Advertising We will write a custom essay sample on Role of International Financial Institutions in 2008 Financial Crisis specifically for you for only $16.05 $11/page Learn More The 2008 credit crunch did not only result to worldwide financial crisis but also caused slowed economic growth of the world’s largest and leading economy that eventually triggered the global recession that started as early as 2006 (Hines, 2008). In fact, the global credit crisis that is just ebbing away has its roots in United States banking system and more specifically as a result of lending towards mortgage housing and credit lending in general as we shall get to see in the following chapters. In 2005 the United States housing industry flourished and reached its peak in terms of value and business bustle, by then the banking industry had aligned their lending funds towards this end as a result of the positive and sustained growth in the housing industry. This is the point from which we shall trace the major root causes of the 2008 financial crisis; this paper intends to show that the current regulatory standards instituted by various financial institutions internationally largely contributed to the 2008 financial crisis. Even more disappointing is the fact that the financial regulatory standards that were in place were unable to anticipate and therefore avert the ramifications of the financial crisis before it happened as should have been the case. Background to the Financial Crisis In order to understand how the financial crisis came about it is important to review the factors that culminated to the widespread credit crunch that finally caused the 2008 financial crisis. By reviewing these factors it will be possible to identify specific financial regulatory standards that can be directly attributed to the crisis.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More But first let us briefly define what the term financial crisis implies in this context, which incidentally is our first indication that the recent financial crisis was largely a function of the failings of the international financial institutions policies. Credit crisis is a term that has been coined to describe the situation whereby accessibility of loans or credit finance becomes limited due to their unavailability. It is a trend that results to financial institutions reducing the amount of loans that they can disburse to clients irrespective of increased interest rates that they can charge on such loans (Pattanaik, 2009). In these circumstances, prerequisite conditions that are necessary before the loan can be disbursed are therefore reviewed and made stricter in order to limit the amount of credit finances that can be disbursed (Graham, 2008). Credit crisis is said to occur when the relationship between interest rates and credit loans being disbursed are heavily skewed, or when there is a general reduction of loans available in spite of increased demands (Pattanaik, 2009). Ideally the relationship between interest rates and availability of financial credit is such that increased interest rate in the market means that financial institutions are willing to increase lending in order to increase profits. Thus, because financial institutions are regulated by internationally accepted financial standards, their failure is therefore a reflection of these international financial regulatory standards. In a journal article by Acharya et al that sought to investigate the causes of 2008 financial crisis, it dire ctly attributed the crisis to have been triggered by the housing market collapse which occurred as early as 2006 (Acharya, Philippon, Richardson and Roubini, 2009). It is during this period that two prominent financial players in the housing market collapsed; the Ownit Mortgage Solutions Company and New Century Financial in what should have signaled to the policymakers that housing market was crumbling (Acharya et al, 2008). But instead no body realized this and the financial situation continued to aggravate further.Advertising We will write a custom essay sample on Role of International Financial Institutions in 2008 Financial Crisis specifically for you for only $16.05 $11/page Learn More By the time in what is now referred as housing bubble busted most banking institutions have invested significant amounts in the housing industry that had accumulated over time in a sort of loose credit lending. The aftermath was increased mortgage payment defaults an d foreclosures on existing loan repayment that was taking place on large scale. The steps that led to increased forfeiture of loans by lenders can be analyzed in the following steps. The first step was the induced easy loan terms and reduced interest rates by the banks tailored for housing finance (Hines, 2008). These incentives nudged borrowers to take up substantial mortgages with prospects of future renegotiation on mortgage terms and rate with hope of easier rates. In addition due to growth boom in the housing industry borrowers easily took up mortgage loans as an investment option with intention of selling the properties at higher values at a later time and this kept on happening (Hyoung-kyu, 2007). As we shall later discuss in this paper, this should not have happened with strong financial regulatory standards in place. Underlying all this was the fact that more housing constructions were taking place as investments funds that financed housing sector flowed from every other se ctor of the economy. By the time the housing bubble eventually busted many players had invested substantial amount of money in the industry that could not be written off easily without encountering huge losses that would lead to bankruptcy. This is because the housing value plummeted at a rate that had not been foreseen. The bank reacted immediately by increasing mortgage interest rates and phasing of earlier easy mortgage packages, additional lending on mortgage was tightened and all forms of lending in general almost halted (Acharya et al, 2009).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The borrowers on the other end moved to dispose-off housing properties and salvage finances that could still be obtained from the mortgages, thereby triggering drop in house values. In the resulting scenario many borrowers choose to forfeit their mortgage to the banks rather than sell the houses in a collapsed market since it would have eventually cost them additional funds to settle the difference (Hines, 2008). The other option of financing the full cost of the mortgage was now complicated by increased interest rates, and so now the credit crunch nightmare had began. In fact, housing industry is not the only sector that hoodwinked consumers to apply for large chunks of loans; it was the same case in automobile industry and in credit cards. Increased availability of liquid cash from foreign reserves had prompted the financial sector to invent financial packages such as Mortgage-backed securities (MBS) and others like Collateralized-Debt Obligations (CDO) (Rose and Spiegel, 2010). B oth of these are forms of funds that allowed investors to finance the housing industry and gain financial returns through banking institutions. The consequences of housing industry collapse was therefore greatly felt by the banking institutions that had advanced loans in all the three sectors that were hardest hit, these sectors were the first to announce financial losses (Rose and Spiegel, 2010). It is from such financial reckless practices as this that exposed further the financial institutions to the shocks of financial crises similar to the one experienced at the time. Thus even at this point we get to see how lack of financial regulatory oversight failed and thereby directly contributed to the financial crisis itself, which is a factor that would become even more apparent as we discuss the major factors that caused the financial crisis itself. Major Factors Attributed to Financial Crisis To understand how the international financial regulation policies might have contributed to the financial crisis, let us discuss the major factors that significantly contributed to the financial crisis and investigate the failure of financial regulatory oversight for each of them. Credit crisis is a phenomenon that can be triggered by any of the various factors in the financial sector or combination of several such factors. There are mainly five reasons that directly affect financial institutions loans and which in extension can trigger a credit crisis assuming they happen all at once. One of the reasons is anticipated fall in value of collateral assets that are used by creditors to obtain loans from banks (Graham, 2008). In this case the financial institutions become reluctant and unwilling to give out loans that are secured by such assets where all indications points to their market values plummeting. Other reasons could be sudden exogenous adjustment in regulation by central bank that touches on lending requirements by banks or which elevates reserve requirements (Grah am, 2008). In both these two circumstances, Basel I and Basel II guidelines have been specifically developed to address this challenges by setting levels at which financial institutions should maintain their Capital Adequacy Ratio (CAR) and Capital to Risk Assets Ratio (CRAR) (Claessens, 2008). Capital Adequacy is a financial term that is used to define the regulatory guidelines that requires financial institutions such as banks to reserve certain percentage of their Primary Capital Base that is consistent with the institutions lending (Basel.org, 2000). A bank must ensure that its capital base assets are at a minimum of 8 percent of its assets; the rule of thumb that applies is lending of $12 for each single dollar of the bank’s capital (Scott, 2005). The purpose of calculating capital adequacy is to ensure that a bank is not exposed to financial risks that are caused by the lending policy of the institution. These regulations were developed by the Basel Committee on Banking Supervision which redefined the international Capital Adequacy standards on 2004 that are now used to regulate financial institutions all over the world (Rasmusen, 1988). As we can therefore infer from the happenings of the 2008 financial crisis, most banks were not adhering to these standards as set out by Basel II guidelines. The central bank might also trigger credit crunch through regulations that intend to tightly control financial institutions lending. In such instances the banks usually respond by enacting measures that prevent their loss or transfer their operating risks to the creditors usually through increased interest rates of loans or reduction in lending. However these factors alone cannot by their own trigger credit crunch, more often credit crisis is caused by an array of factors that combine together over a long duration of time. The hallmarks of a credit crunch usually include extensive sustained losses by lenders caused by sloppy and hasty lending policies over g iven period of time as was the case in 2008. Sometimes it is due to plummeting of collateral assets that were used to secure loans which substantially lose value overnight as it also happened to the United States housing industry. When this happens the bank sustains huge losses caused by loss in value of the assets. The implications that follow are two parts: the bank has no adequate loan reserve that they can continue to disburse to future consumers, and two despite the availability of loans the banks becomes timid and cautious towards future lending (Hyoung-kyu, 2007). The next phase of credit crisis is limited lending and inaccessibility of the loans by consumers and lack of funds in general that virtually affect every other sector of the economy triggering what is then referred as economic recession (Hines, 2008). This therefore are the major factors that are likely to cause a financial crisis, some of which as we have seen were attributed to the 2008 financial crisis. However t he effect of a credit crisis last for sometime only depending on the extent of loans that were disbursed by the banking industry, and the extent in which the losses can be absorbed assuming the banks affected were not much. In the following section we are going to analyzed in detail the specific financial regulatory policies that were flaunted by the financial institutions culminating to the 2008 financial crisis. Failure of Financial Regulatory Standards The Bank of International Settlements (BIS) is an international financial institution body based in Switzerland that serves two important functions; develops and promotes financial policies and provides banking services. IMF on the other hand has the mandate to regulate global financial systems notably in two major areas that include balance of payments and stabilizing exchange rates. For this reasons BIS is better placed to influence the outcome of financial crisis since it is the institution that is mandated with the responsibili ty of developing various monetary policies. In fact BIS has very specific mandate to set and regulate one of the policies that is at the centre of the financial crisis i.e. CAR as we have so discussed. As a result it is the major sponsor of both Basel I and Base II financial regulations which are crucial in regulating safe lending as we shall get to see shortly The shortcomings of Basel financial frameworks have been apparent for as long as the first guidelines were instituted. Despite the many advantages that Basel guidelines were promoting, they also had inherent advantages. When Basel I accord was implemented its focus was on setting the minimum possible capital levels for financial institutions and also ensuring that banks embraced low value assets as collateral. The flip side of this rationale was an increased risk to financial institutions brought about by incomplete analysis of the dynamic market parameters. As a result numerous changes were required to be made on basel I fra meworks which culminated with development of basel II accord. One such amendment was in 1996 for market risk that saw the CAR expanded to incorporate the risks associated with other financial market force. However even then Basel I accord had still other inherent limitations (Basel 2000). The Capital Adequacy calculation for instance did not provide an accurate and reliable financial guideline for determination of CAR (Basel 2000). Another disadvantage under Basel I accord was the tendency of the banks to undertake regulatory capital arbitrage which enabled them to manipulate their core capitals in order to reflect favorable capital assets that made them compliant, lastly the accord did not offer ideal risk mitigations approaches to banks (Basel 2000). Hence Basel II was born in 2004 to address these shortcomings and incorporate other challenges that banks were facing in the financial sector. Throughout this period we can see how the BIS sponsored financial policies was wrecking hav oc and promoting a culture of dubious financial dealings that financial institutions kept even after these guidelines were overhauled. The new Capital Adequacy calculation is guided by three core principles that are referred as pillars: market discipline, operational capital requirement, and supervisory review (Basel 2000). Pillar number one pertains to regulatory capital of three critical risks that a bank encounters during it routine financial operations: market risk, credit risk and operational risk. For each of this risk the accord provides various calculation techniques that set the desired level of accuracy such as standardized approach, foundation Internal Rating-Based (IRB) approach and advanced IRB for calculating credit risk (Basel 2000). The underlying working definition of capital categorizes banks equity into two groups: tier I capital and tier II capital. Tier I Capital is defined as the actual equity inclusive of retained earnings while Tier II Capital is the subordin ated debt in addition to the preferred shares (Basel 2000). Tier I capital are financial institutions assets that can absorb financial losses of a bank during trading without necessitating the bank to enter into bankruptcy. Tier II capital are the other type of assets that are reserved primarily to absorb losses of large magnitude during the event of bankruptcy. It is this categorization of financial institutions capital that has provided a loophole for banks to circumvent and thereby lend more than they should ideally be allowed through invention of concepts such as financialization. For instance capital adequacy ratio is calculated by dividing the bank primary capital by the sum of the bank’s assets (Basel 2006). The core capital is a sum of both Tier I and II capital while assets in this case refers to the weighted assets or the minimum requirements as set by the banking regulator, such a ratio should not exceed the Basel accord threshold level that is set equal to or less than 8%. The CAR is further adjusted to calculate the three other subcomponents of the capital adequacy namely: standardized approach, basic indicator approach and advanced measurement approach that offer varying degree of accuracy (Basel 2006). For this purpose the approach used in calculating risk weighting requires the bank to categorize the nature of the assets into two: fund based assets and non-funded assets (Basel 2006). Fund based assets usually include bank investments, loans and liquid cash at its disposal, while non-funded assets include items in the Off-Balance sheet that are first taken through a series of conversions in order to ascertain their true value. Despite these elaborate calculations it is still possible for a bank to obtain a positive ratio if factors that affect market risk are not considered. What we know for a fact is that somehow just before the 2008 financial crisis; most financial institutions have been flaunting or circumventing basel II accords en ma sse up to the time of the crisis. One of the recent advanced theories in economic studies that attempts to explain the cause of the 2008 financial crisis has been advanced by Foster and Magdoff. Foster and Magdoff theory attributes the 2008 financial crisis to the broader factors of monopoly finance capitalism which is a function of a phenomenon that they refer as stagnation that is characteristic of all mature capitalist systems (Foster and Magdoff, 2008). Foster and Magdoff describe mature capitalist system as â€Å"stagnant† because of its monopolistic nature that is caused by few corporations that dominates and control most of the available capital flow (Fostor and Magdoff, 2008). When this happens as it has been taking place since the 1980s less capital becomes available for investment in economic sectors that are most in need while the real capital becomes restricted and unavailable, this outcome is what Foster and Magdoff also attributed to the occurrence of financiali zation. The implication of this unbalanced excessive capital availability in particular sectors only creates demands for investment opportunities that offer high returns and this is where the evils of monopoly-finance capital begin. Hence, from a more general perspective based on Foster and Magdoff theory monopolistic finance capitalism which are a function of international financial policies are to blame for the 2008 financial crisis. More specifically let us see how financial policies notably in United States which was the epicenter of the financial crisis systematically led to the 2008 credit crunch. One was the housing market boom and bubble that was characterized by low mortgage interest rates, increased availability of funds that pooled borrowers to taking unnecessary and inflated mortgages (Gjerstad and Vernon, 2009). Borrowers and investors in the process saved less and substantial funds were channeled to this sector, by the time the housing market was collapsing more than $ 10 trillion dollars was approximately held in the industry. The upshot was more than 50% of home owners that had negative equity or houses that just equaled their mortgage values which could not be sold due to house surplus in the market and cheap going prices (Gjerstad and Vernon, 2009). This was a major lax of the various financial oversight bodies that had the mandate to foresee and prevent such a ballooning financial effect that was taking place in the housing sector all this time. It is for this reason that the 2008 European head of States seminar resolved to have â€Å"An early warning system must be established to identify upstream increases in risks† (Rose and Spiegel, 2010). Perhaps one of the most blatant disregard to financial policies that took place at this time was by the financial institutions in their rush to make a killing from the booming housing market. In fact the financial institutions are to blame for the amount of mortgages that borrowers had obtained t hat were purely for speculative purposes and therefore for investment only, which is not actually a bad thing unless there are no policies to regulate such a widespread speculative investment. By 2006 the number of mortgage and houses that had been secured as investment options were approximately 40% of all the total houses in the market (Gjerstad and Vernon, 2009). This was the main factor that greatly contributed to the housing surplus that made their price falls. Another cause was the securitization, a term that is used to describe a practice where bank can transfer the value of the mortgage to their investors and therefore continue to obtain further funds for lending to borrowers (Gjerstad and Vernon, 2009). Ideally banks are supposed to hold on the mortgage as security until they are paid in full or forfeited; these way additional funds cannot be secured until such time when any of the two outcomes occur. But of course the banks in their rush to lend and make profit out of the interest disregarded this policy. So as it turned out securitization system allowed banks to continue pumping funds to an already saturated sector while hoodwinking investors to believe housing industry to be thriving by transferring mortgage agreements to them. In the process the banks were able to ease the lending terms and lower rates due to availability of funds in a bid to disperse as much funds as possible and therefore make profits. In fact, lending conditions to borrowers were even questionable verging on illegal practices, figures released by Federal Reserve indicates that 47% of borrowers did not make any down payment of the mortgages as required by law (Gjerstad and Vernon, 2009). Over time borrowers were not required to provide evidence of income nor employment as is usually the tradition, instead banks focus was on credit score which depended mainly on the amount that a borrower had in the bank beside other factors. The problem was that the system used to calculate cred it ratings was flawed in the first place and ended up misguiding investors on the value of borrower assets. Currently, the inflated credit ratings that were given to Mortgage-Based Securities (MBS) by credit rating agencies are now under investigations since their high ratings allowed transfer of MBS to investors who later ended up holding less valuable MBS than they initially paid for them (Gjerstad and Vernon, 2009). The government too was to blame for some of its policies which were clearly self defeating; this was because of the government policy that had been put in place mortgage policies which had the vision of promoting home ownership among Americans across the boards through legislations such as Alternative Mortgage Transaction Parity Act (Hines 2008). As far as 1995 the government had started issuing tax rebate to all persons with mortgage. This and other government policies that also failed to control use of adjustable-rate mortgages which do not favor borrower in the lon g run resulted in fueling a housing boom that was already getting out of control under the very noses of financial policy makers. Thus, as we can see the inability of the government to intervene and enforce existing financial regulatory standards during the whole process also contributed to the financial crisis. While the US was dishing out numerous and unsecured mortgage loans to its citizens, Britain was also experiencing increased lending of loans to finance home but not at the unprecedented rates as witnessed in United States. For the rest of the world the global recession was hardly caused by mortgages but by collapse of industries that relied on investor funds that had now been retracted by timid investors and by international companies that were affiliated to US companies that had collapsed in the process (Saltmarsh, 2008). For many businesses the problem was the lack of funds to sustain daily business operations due to the credit crunch emanating from United States. Most thi rd world countries financial institutions are tied up with foreign international financial firms though they always function independently. These local financial institutions therefore adopted strict loan disbursement policies in the wake of the subprime crisis. Without access to regular funds that medium and small businesses have always relied on, most of the businesses had to close down thereby causing unemployment. As a result the most affected businesses in developing countries were the ones exporting goods to developed countries in America and Europe. Most of the businesses exporting commodities were the agriculture sectors, mining, and oil industry. Countries that predominantly relied on agriculture earnings through exports were required to export less due to fall in demand or suspended their exports all together. In the tourism sector the trend was the same with less people unwilling to spend in holidays. Overall the foreign reserves of many countries which are almost always in form of dollar shrunk affecting virtually every other sector of the economy (Saltmarsh 2008). The result was world economies hampered by lack of products market and liquidity funds to sustain growth. As the financial crisis reached its peak in 2009 many countries sprung to action with measures to halt and reverse the economic recession phenomenon by injecting billions of funds. The United Stated was the first to undertake an assortment of measures contained in the economic stimulus package that was signed into law by President Obama (Grabel and Weaver, 2009). The stimulus plan included $787 billion that aimed at reinstating and creating more jobs that were lost during the recession in addition to stimulating the economic activity and consumers spending (Grabel and Weaver 2009). But without restructuring the financial policies that originally contributed to the 2008 financial crisis, the world economies has been recovering at a slower rate than should have been the case. Conclusio n As one gets to analyze the facts that caused the financial crisis the extent of the housing market speculation is notable and significant whereby all the actors in the economy from consumers to bankers continued to pump more funds in housing industry as investment options. For this to have happened the weakness is seen to have been the breakdown of the international financial regulatory policies as we have so far discussed. Indeed, the failure of the international regulatory institutions to intervene and provide an oversight mandate is seen to be the critical factor that led to the occurrence of the financial crisis. At present policy makers continue to investigate and implement measures in order to avert a similar financial crisis from occurring in future and ensure it does not occur unnoticed as it happened in 2008. Meanwhile world governments remain apprehensive as the last impacts of global recession continues to recede without clear indications of what exactly needs to be don e in order to insulate economies from what appears to be the failings of international institutions of financial regulations. References Acharya, V., Philippon,T., Richardson, M Roubini, N. (2009). The Financial Crisis of 2007-2009: Causes and Remedies. Financial Markets, Institutions Instruments, 18(2): 89-137. Basel.org, (2000). A New Capital Adequacy Framework. Consultative Paper Issued by the Basel Committee on Banking Supervision. Web. Claessens, S. (2008). The Political Economy of Basle II: The Costs for Poor Countries. The World Economy, 31(3): 313-344. Claessens, S. Dell’Ariccia, G. (2010). Cross-country experiences and policy implications from the global financial crisis. Economic Policy, 25(62): 267-293. Foster, J. Magdoff, F. (2008). The Great Financial Crisis: Causes and Consequences. New York: Monthly Review Press. Graham, T. (2008). The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis. London, UK: Pluto Press. Gabor, D. (2010). The International Monetary Fund and its New Economics. Development and Change, 41(5): 805-830. Gjerstad, S. Vernon, S. (2009). From Bubble to Depression? Why the Housing Bubble Crashed the Financial System but the Dot-com Bubble Did Not. Wall Street Journal, 15 (9): 165-172. Grabel, Michael., and Weaver Christopher 2009. The Stimulus Plan: A detailed List of Spending. Web. Hyoung-kyu, C. (2007). Do markets enhance convergence on international standards? The case of financial regulation. Regulation and Governance, 1(4): 295-311. Hines, P. (2008). From Crunch to Squeeze: Global Impact of the Credit Crisis on Commercial and Small Business Lending. Web. Pattanaik, S. (2009). The Global Financial Stability Architecture Fails Again: sub-prime crisis lessons for policymakers. Asian-Pacific Economic Literature, 23(1): 21-47. Rose, A. Spiegel, M. (2010). Cross-country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure. Pacific Economic Review, 15(3): 340-363. Rasmusen, E., (1988). Mutual Banks and Stock Banks. Journal of Law and Economics, 31(2): 188-199. Saltmarsh, M. (2008). Impact of Global Credit Crunch Expands in Europe. Web. Scott, H., (2005). Capital Adequacy beyond Basel: Banking, Securities and Insurance. Washington, DC: Oxford University Press. This essay on Role of International Financial Institutions in 2008 Financial Crisis was written and submitted by user Brodie J. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Sending Children by Parcel Post

Sending Children by Parcel Post Its never easy traveling with children and often it can be expensive. In the early 1900s, some people decided cut costs by mailing their children via parcel post. Sending packages via the U.S. Parcel Post Service began on January 1, 1913. Regulations stated that packages could not weigh more than 50 pounds but did not necessarily preclude the sending of children. On February 19, 1914, the parents of four-year-old May Pierstorff mailed her from Grangeville, Idaho to her grandparents in Lewiston, Idaho. Mailing May apparently was cheaper than buying her a train ticket. The little girl wore her 53-cents worth of postal stamps on her jacket as she traveled in the trains mail compartment. After hearing of examples such as May, the Postmaster General issued a regulation against sending children by mail. This picture was meant as a humorous image to the end of such practice. (Picture courtesy of the Smithsonian Institute.)

How To Write A Cause And Effect Essay Outline, with Examples

How To Write A Cause And Effect Essay Outline, with Examples Cause And Effect Essay Outline Good Example on What causes children to rebel against their parents? Bad Example on What causes children to rebel against their parents? Tips concerning introduction writing In the introduction section of the cause and effect essay, there is an emphasis on a scope with the aim of providing a proper background for the chosen subject matter. Consequently, the issues are set out in the introduction part of the essay. Depending on how one articulates the argument, the writer needs to identify the aim of the essay in the introduction section. Furthermore, in the introduction and conclusion synthesizing the information is crucial as this provides context to the readers who know what to expect as expounded in the body paragraphs. Since the introduction sets the tone for the other paragraphs it ought to be interesting rather than just relying on plain stating the topic sentence. Tips on thesis writing To write an effective thesis, writers ought to be concise and thorough and avoid being vague. Ideally, the thesis statement of the perfect cause and effect essay should appear in the last sentence of the introduction. The thesis focuses on the topic explored in the body and includes the causes and effects with focus on the relation between these. The main details of the thesis are contained in the body paragraphs. In the case when writer is using key terms in the paper, it is essential to define them, if there is an intention to use them to link the causes and effects. Tips on body paragraphs After the introduction, there are body paragraphs, which contain the main ideas and the supporting points or evidence. The body paragraphs are effective when there is an elaboration, while the writer may choose to use in each of the body paragraphs. There should be a seamless transition from one paragraph to the next to support the logical flow of ideas and link them. When the writer researches about the cause and effect essay, they are better placed to use textual evidence. The length of the body paragraphs depends on the length of the essay. Tips on conclusion writing When writing the conclusion the writer considers the important details and points explored in the previous section. Rather than merely summarizing the main points, you need to synthesize the information. The writer ought to leave an impression on the audience who relate to the written essay. At other times, the conclusion may include the way forward and provide the next steps, as the readers are challenged to look and read the essay more keenly and understand its contents and the usefulness of such an essay. Example of outline on a given topic â€Å"What causes children to rebel against their parents?† Rebellion refers to acts of open resistance, violence and resisting authority, while it is closely tied to disobedience, defiance and insubordination. The children are likely to rebel against their parents when seeking to exert their independence and at times provoking them. Poor communication Children need to be understood, and when there is an open communication they are more likely to listen to their parents. Children may also be resentful when they feel that they are not loved in an environment that impedes communication. Children communicate what they feel, think or need, and they may result to using force to get their way. Unmet needs Children have their needs that require to be met and parents should support, love and respect to make it easier for them to understand what their children need. Similar to the lack of communication, when there is no freedom to grow there are no opportunities to grow.   Harsh and demanding rules are counterproductive as children rebel to show their disapproval, while being permissive, may result in feelings of being neglected. Parents are inconsistent Rules are necessary for children, but when there is no relationship, love and warmth, the children face difficulties in understanding what is expected of them. When disciplining, the children consistency should be applied, and failure to do this results in children testing boundaries. The children may overexpress their emotions or remain aloof when dissatisfied that their needs are unmet. Another (bad) example of outline on a given topic â€Å"What causes children to rebel against their parents?† The cause and effect essay outline ought to highlight both the causes and effects with supporting evidence to support the main points. There are various reasons as to why children rebel. The following example of outline is not as effective as the previous one, and the essay outlining mainly focuses on the main ideas causing children rebelling with inadequate emphasis on the effects. Expressing anger Children also express their anger and aggression by rebelling, and the impulsive acts to rebel depends on the home environment, the parents’ behavior and even their personality. Communication Rebellion is reflected through attempts at communicating the childs thoughts, feelings and needs, and even when the children know what they want they rebel to draw attention as their way of communicating. Unmet needs Sometimes rebellious tendencies are beneficial in achieving some form of independence, and if the parents do understand their expectations to meet their needs. At other times, they’re alienated when they feel alienated and their needs are unmet. Parent inconsistent When the parents exhibit inconsistent behavior while disciplining and interacting with their children, there is a risk of the children testing out behavior to identify what standards are acceptable or understand the control that the parents exert.

Project management plan Essay Example | Topics and Well Written Essays - 1500 words

Project management plan - Essay Example An effective planning process offers details and facilitates in formation of the project work strategies along with ascertaining an approach to continue and achieve effective findings and objectives of the project (ANA Eastern Region, 2006). An effective project planning ensures to provide effective designs for future initiatives in order to clarify project goals and it also enables to develop the vision of the processes which facilitate to attain the ultimate project objectives. It also evidently enables to identify different issues and provides efficient alternative courses in order to address those issues. Moreover, an effective project planning process further enables to make best utilisation of the resources and it also plays a major role in motivating workforces to effectively utilise the resources and assign responsibilities to achieve the ultimate outcome of the project (ANA Eastern Region, 2006). In terms of preparing an effective plan for ethnic marketing activities, projec t planning stage can also identify certain impacts that can lead to provide substantial benefits towards the organisation’s strategies. With this concern, innovation can be considered as one of the major beneficial aspects for conducting the plan for ethnic marketing to achieve sustainable position as well as to attain competitive advantage in the global market. Moreover, the project plan related to ethnic marketing is further beneficial to achieve substantial growth in the global marketplace due to the reason that there has been a rapid expansion of multicultural consumer segments across different regions (American Hotel & Lodging Association, 2010). Key Stages and Milestones Necessary to Complete Ethnic Marketing Project Plan...In terms of preparing an effective plan for ethnic marketing activities, project planning stage can also identify certain impacts that can lead to provide substantial benefits towards the organisation’s strategies. Key Stages and Milestones Ne cessary to Complete Ethnic Marketing Project Plan A successful and effective project planning considerably encompasses certain major stages. The planning stage in the project management process encompasses a series of activities which involves different elements/parameters of the overall project in order to make the project ready for the execution process. Project plan consists of three major activities such as: Risk Management Plan Quality Management Plan Issue Management Plan Change Management Plan Acceptance Plan Communication Plan Execution & Controlling Stage Project execution and controlling stage can be identified as a major phase where the resources and all project activities are implemented. Project Closing Stage The closing stage of the project management related to the ethnic marketing project is the final step which significantly aims to evaluate the implementation and the results of the activities of the overall project.

MNC Enters India Term Paper Example | Topics and Well Written Essays - 2000 words - 1

MNC Enters India - Term Paper Example The company is basically involved in selling quality home furnishing products and home appliances among others through various franchises and retail outlets. The best aspect about this company is that its products are not very costly and thus are quite affordable. The company is responsible for attracting huge figure of consumers in its various retail outlets due to the deliverance of quality products to them and also complying with their requirements at large. It can be apparently viewed in this similar concern that the company was able to attract around 770 million of consumers who visited various retail outlets of IKEA in the year 2012. The company has a total of 338 stores and includes 154,000 co-workers (Inter IKEA Systems B.V., 2012). This part of the paper will entail the tracking of the exchange rate of Indian Rupee in relation to the US Dollar. It can be apparently observed in this regard that there have been a lot of fluctuations relating to India’s exchange rate. Presently, the value of Indian Rupee has fallen to a new record of 64 per dollar. The value of Rupee has been undergoing major turnarounds during the preceding two years due to the reason of weakening conduct of financial activities. It is even expected that the value of Rupee can fall to as low as 70 per dollar which can create a major turnaround in the currency exchange rate (YCharts, 2013). The following pictorial representation shows that the level up to which the value of Indian Rupees has increased. From the start of the year 2013, the value of Rupee has fallen and this trend is continuing. On the basis of the above discussion, it can be affirmed that due to much fluctuations or variations especially in the exchange rates, the financial condition of the nation i.e. of India has been adversely affected resulting in generating financial downturns by a considerable

Linear B Archives and the Mycenaean World

Linear B Archives and the Mycenaean World What contribution do the Linear B archives make to understanding the Mycenaean world in respect of one of the following: social organisation, cult practices, stock breeding and agriculture, warfare, bronze working? The Linear B archives provide us with the earliest primary evidence about Mycenaean palatial civilisations[1] and an unparalleled insight into the nature of Mycenaean warfare. The archives consist of approximately five thousand clay records[2] and contain information on armour, weapons, chariots, naval warfare and subsidiary details about possible troops. The importance of these documents is greatly enhanced by the complete lack of historical accounts[3] from this era, and also the fact that nearly all of the ideograms used in the archives are devoted to armour, weaponry, horses and chariots[4] means that they are of intrinsic value to the understanding of warfare in the Mycenaean world. However, there are limitations with the Linear B archives, particularly in terms of their chronological range, inventory style and perhaps bias representation of the importance of warfare under normal circumstances. It is also important to consider what other discoveries have made vital contributions to our understanding of Mycenaean warfare, such as the palaces themselves, surviving weapons and representations of war or armour in art. Since all of the tablets come from the palatial centres, one of their most important contributions is that they tell us directly about the economies of the palaces and that their main focus’ were ‘military preparedness’[5], defensive strategies and the wealth to support these things. The Linear B archives record information about the production, refurbishment and also the distribution[6] of many different types of military equipment. It is possible to interpret from the archives, that the Mycenaean’s used a very centralised system to gather and organise military equipment and that this was based around the main palatial complex. Evidence for this can be seen in a tablet from Pylos which lists sixteen different places that were responsible for supplying an amount of bronze in the form of heads for arrows and spears[7]. The tablets also directly show the extent that these palaces were concerned with having a fully equipped force[8], this is mainly due to the sheer number of references to armour and weapons throughout the archives. The many tablets depicting armour are especially useful when trying to understand Mycenaean warfare. Tablets at Tiryns[9], Pylos and Knossos all record suits of armour and provide us with evidence for the use of armour across a wider range of palatial centres than archaeological finds would suggest. At Pylos the tablets mention at least twenty suits of armour with the ideograms for a cuirass and a helmet, and at Dendra there are at least one hundred and forty suits recorded in the chariot tablet[10]. The ideograms themselves are of great value because form them you can see the style and type of armour which is very similar to the suit which was discovered at Dendra and those described by Homer[11]. Not only do the archives provide evidence for the use of armour they also give us some indication of the value of the armour itself. In some tablets the ideogram for armour is replaced with one for a bronze ingot[12], this could be interpreted as a representative of the value of the armour or perhaps as an approximate quantity of material used to make the armour itself. A further contribution made by the archives is the existence of an illustration on the reverse of a tablet. The drawing shows a man wearing greaves and drawing his sword, and was probably the work of a scribe while he was waiting to make his recordings[13]. This is particularly interesting as it allows us to see the influence that warfare may have had on a member of Mycenaean society who chose to sketch this scene and its shows the weapon and armour which was associated with a soldier. Weapons are an essential part of warfare and were a major resource recorded in the tablets. The importance of weapons to the Mycenaean’s can be clearly seen in a tablet from Pylos which records a quantity of recycled bronze by the number of arrow or spearheads it would be able to make[14]. The tablets also contribute to our knowledge of which materials were being used to manufacture weapons, for example we can tell that most weapons were being made from bronze because articles of iron were never mentioned in the tablets[15]. The use of ideograms to depict weapons allows us to partly see how the weapons would be used; thrusting spears, throwing javelins, slings and bows are all shown in the tablets[16]. The ideograms are also useful because it is possible to compare types of swords or daggers by looking at what is different between each separate ideogram. In the Linear B archives there have been large numbers of tablets devoted to chariots or their trappings. Many of these regions have rough terrain so this is often seen as particularly surprising. One example is the region around Knossos, which was, and still is, especially mountainous and the only way to use a chariot would be to bring it to the beach or to the plains some distance away[17]. Records relating to chariots include; a tablet from Pylos listing one hundred and fifty one chariot wheels[18], and the Knossos tablets featuring several hundred chariots and spare parts[19] along with individual inventories which record a name, chariot, horses and a suit of armour[20]. However, of particular interest in terms of chariots are a few texts from Knossos and Pylos. The first, from Knossos, records the distribution of defensive armour to each of the chariot crew[21]. The texts from Pylos, which were found in the Northeast Workshop, list leather items that relate to chariots, some examples are reigns, halters, bridals and saddlebags[22]. These groups of tablets provide us with information that not only supports the other Linear B evidence, but also archaeological finds as well. The archives have far more limited information in terms of naval warfare. At Pylos there are some unclear references to over six hundred ‘rowers’[23], and lists of coastal settlements[24], when considered together, these could be interpreted as naval organisation or defensive preparations. A further important addition to our knowledge of naval warfare is the drawing found on the reverse of a tablet in Pylos, its shows an image of a ship. The image is not only comparable to an ideogram used on a tablet from Knossos, but it also resembles the ships used not by the Mycenaeans but the Minoans[25]. One could argue that there were possible overlaps in the style of ships used from the Minoan period into the Mycenaean era. The contributions made by Linear B are undeniable, but on the other hand it is also vital to consider the disadvantages that these archives have. The records themselves were not intended to be long lasting[26] as they were only preserved by chance. They are in a way comparable to the modern post-it note: a disposable, cheap and transportable way of recording data. The survival of the tablets is also completely random[27], which means that we are often left with fragmented topics and it impossible to tell how complete the archives we have are. The archives are also only based on a certain group of palatial centres and so there is a possibility that there were some differences existing between these and others[28]. Thus meaning that using the archives to get a picture of the entire Mycenaean world is not reliable. A further problem with the tablets is the possibility that there are inaccurate. For example, those found in the ‘Room of the Chariot tablets’, have been interpreted, by some, to be scribal exercises and not genuine records, the reason for this interpretation is that they were all written by different hands in the same characteristic style[29]. If this was the case then much of our evidence for chariots would no longer be valid and the argument for their use in mountainous areas would be far weaker. The archives also have huge chronological limitations in terms of their range as they are either limited to the last year or so before the destruction of the palaces, or they are random undated years[30]. The maximum range of the archives has been dated to between fourteen hundred and twelve hundred BC, and each of the documents only refers to the current year[31]. This makes it extremely difficult to ascertain information regarding trends or patterns across the whole of the Mycenaean era. It is also important to take into consideration that these records represent what can only be seen as a period of unrest for the Mycenaean civilisations. The year before the destruction of the palaces would have probably been far more militaristic than ordinary day to day life. In the tablets we see examples of special provisions made for this time of warfare, one such example was Bronze smiths being excused from having to pay tax because they were so busy making weapons[32]. The tablets from Pylos include records of contributions of gold[33] and specific weights of bronze[34] from local officials; it could be possible that this was to finance the war effort. These records may then be giving us unbalanced view of the priorities of the Mycenaeans, and that perhaps under less pressing times there is a much smaller focus on warfare. Since the Linear archives are almost entirely made up of inventories[35], it is exceptionally difficult to understand either how objects were used or the nature of warfare itself in the Mycenaean world. This is particularly significant when you consider that none of the documents record the existence of an actual army[36]. It seems evident that although the archives provide us with a great amount of information, they do have their limitations. In order to fully understand Mycenaean warfare it is also necessary to consider the archaeological evidence that we have available. For example, the palaces themselves show evidence of a need for strong defences. The building works which took place before their destruction are a clear indication of preparation for sieges and attacks; in particular the introduction of water supplies[37] that would allow those inside the walls to survive, even under a long term siege. Furthermore the contributions in terms weaponry from the archives are much more valuable to us when we use it alongside actual surviving weapons and armour. One of the most important discoveries was the Dendra armour, a full bronze corslet and neckpiece[38] which is made from a number of individual sheets of bronze[39]. Armours of this type were recorded in tablets at both Knossos and Pylos[40] and the armour type can be clearly recognised by the ideograms themselves. We can also use comparisons between archaeological evidence and the tablets to trace different types of sword, and by doing so it is possible to see some possible changes in military practices[41]. Since the archives consist mostly of inventories it is useful to see these items as represented by the Mycenaeans, in particular through art, which gives us the opportunity to see depictions of chariots, weapons and armour in use. One such example of this is the ‘Silver Siege Ryhton’ from Shaft Grave four, which depicts an attack on a walled settlement[42]. What is particularly interesting is that this is a seaborne attack and so could link to the tablets listing coastal settlements from Pylos; it also shows an archer[43] which supports information on weaponry. Another vessel which provides useful information is the ‘Warrior Vase’ from Mycenae, this shows six men marching on each side of the vase. The men all wear white spotted, horned helmets, and carry spears and shields. They wear greaves, short fringed skirts and corslets[44]. The theme of marching soldiers is also seen on the ‘Painted Grave Stelae’ from Mycenae[45]. It is possible then to get some idea of how the equipment of a soldier would be put together and to see that warfare had a big influence on Mycenaean art. The use of boars tusk helmets is far more emphasised through art than in the archives, for example; in the fresco from Akrotiri which is dated to approximately sixteen hundred BC[46], and on a carved ivory relief from the house north of the ‘Oil Merchants’ which shows a Mycenaean warrior wearing a boars tusk helmet. These examples are significant because they represent the need to consider the Linear B tablets as just one part of the picture, and not as a sole contributor to our understanding of Mycenaean warfare. [1] Cline 2010:357 [2] Cline 2010:358 [3] Wardle 1997:45 [4] Cline 2010:367 [5] Cline 2010:367 [6] Cline 2010:367 [7] Rawlings 2007:21 [8] Wardle 1997:63 [9] Lodewijckx 1996:483 [10] Wardle 1997:64 [11] King 1970:296 [12] Wardle 1997:64 [13] Wardle 1997:73 [14] Cline 2010:367 [15] Chadwick 1958:116 [16] Rawlings 2007:23 [17] Lodewijckx 1996:493 [18] Cline 2010:367 [19] Rawlings 2007:21 [20] Wardle 1997:71 [21] Drews 1993:111 [22] Lodewijckx 1996:483 [23] Wardle 1997:73 [24] Wachsmann 1998:124 [25] Wachsmann 1998:125 [26] Cline 2010:358 [27] Wardle 1997:47 [28] Wachsmann 1998:123 [29] Chadwick 1976:169 [30] Cline 2010:358 [31] Edwards 1973:610-11 [32] Chadwick 1958:123 [33] Wardle 1997:39 [34] Wardle 1997:45 [35] Rawlings 2007:22 [36] Chadwick 1976:159 [37] Wardle 1997:73 [38] Hood 1960:9 [39] Hood 1960:10 [40] Wardle 1997:64 [41] Wardle 1997:63 [42] Rawlings 2007:23 [43] Tartaron 2013:64 [44] Suter 2008:82 [45] Suter 2008:83 [46] D’Amato 2013:41

Personal Development Report Essay

This personal development report reflects upon my learning experiences and outcomes during my first year at Nottingham Trent University. It aims to document the ways in which I have developed and areas for further consideration as part of a continual learning process. The report will be structured around 5 main areas as shown below 1. Placing learning on BABM within the wider context of lifelong learning 2. Taking personal responsibility for career planning 3. Taking personal responsibility for the learning process 4. Valuing the importance of developing personal effectiveness 5. Demonstrating an enquiring mind I have also looked at how all this learning at university relates and fits within a wider context of lifelong learning. Conclusions and recommendations for what I am going to do to improve in the months from May 2001 to 2002 are based on the areas I have mentioned in the above. I will do this in the form of a Personal Development Plan using the smart objectives as follows: (Specific, Measurable, Achievable, Related to overall life-long goals and set over a Time period). I have made conclusions of the development plans, which have concentrated both on Core Transferable skills and also some softer skills. Introduction 1.My Learning At University Within A Wider Context Of Lifelong Learning 1.1 The concept of lifelong learning The concept of lifelong learning is as relevant now as it has ever been, with the traditional job for life being replaced by shorter periods of work for different firms requiring essentially the same skills and qualities in employees. Therefore the ability for these skills to be transferable is very important. To develop these skills therefore is extremely important with many employers putting greater emphasis upon these core skills and less emphasis upon specific skills. These skills can be used in many different situations and circumstances to allow the employee to perform to the best of their ability. â€Å"The concept of work is continuously changing. An individual not only has several jobs in a lifetime but may also have several careers. Therefore everybody needs continuous updating of skills and competence throughout their working life† ERT report, 1989 The following skills are widely considered to be Core Transferable Skills  · Organisational Skills  ·Ã‚  Interpersonal/ Social Skills  · Analytic and Problem Solving Skills  · Teamwork  · Creativity  · Self Motivation  · Initiative and Leadership 1.2The learning curve It is these skills that have been particularly important to develop whilst at university and it is the experience of university both academically and socially that has provided the ideal environment for these skills to be developed. The combination of leaving home and adapting to a completely different environment both educationally and socially has meant that the learning curve especially in the first semester was very steep. To live away from home for the first time without any contacts in an unknown city is a life changing experience and forces oneself to adapt and mature quickly after leaving the security of the family home. Being entirely responsible for yourself is also a new experience requiring maturity and forward thinking as well as planning to enable yourself to function. The way in which these skills have been developed forms the backbone for lifelong learning, one which employers recognize and actively seek in graduates. 1.3Lifelong learning defined The concept of lifelong learning is complex and is not easily defined resulting in no unilateral definition, however its importance is widely agreed. â€Å"The Development of human potential through a continuously supportive process which stimulates and empowers individuals to acquire all the knowledge, values, skills and understanding they will require throughout their lifetime and to apply them with confidence, creativity and enjoyment in all roles, circumstances and environment† Longworth, 1996 p22 â€Å"The need for a learning society to convert and compete is not just urgent, it is a matter of economic life and death. It is a matter of social success or disaster. It is a matter of survival† Cann in Bradshaw, 1995 The development of these skills both as part of the BA Business Management Degree and the wider University experience is key to becoming an attractive employee This is particularly so as years two and three of the Degree are â€Å"in company† so the development of these skills and the pace at which these must be  developed is crucial. This report will aim to reflect upon my first year experienc e and where appropriate utilize activities, questionnaires and assignments in an attempt to build a personal development review and action plan for the proceeding 12 months in the form of a personal development plan. 2.Taking Personal Responsibility For The Learning Process The biggest contribution to taking responsibility for the learning process was the decision to further my learning at university. This decision has allowed myself the opportunity to further my learning both academically and socially in ways that I would be unable to had I not made the decision to attend university. Also the decision to accept my place on the BABM course was another way in which I have demonstrated my personal responsibility for learning. The course is intense for each of the three years, more so than most undergraduate courses and the decision to accept a place on this course rather than other courses where workload and intensity were less was important. The course aims to enrich individuals with far greater experience both academically and in terms of transferable skills therefore by choosing BABM I feel I have made the best possible choice to continue my learning in the most relevant way providing me with higher levels of transferable skills than other graduates may have. 2.1 Taking responsibility for myself To be able to take responsibility for the learning process I have had to take responsibility for myself and become more accountable to myself in terms of making myself work harder and setting aside time in which to work. .University work is very different to that I have encountered before in terms of deadlines are much longer, scope for research is much larger, less specific titles to assignments etc etc so being accountable for myself is very important. 2.2 Time management Because the work is very different to that experienced before I have had to manage my time in a much more responsible manner to enable me to fulfill my potential, progress, and attain the best possible marks for myself. Examples of where I have managed my time effectively are physically difficult to produce as the BABM timetable is extremely varied from week to week so to produce a timetable where work and free time could  be planned in advance was very difficult to do. Undoubtedly time management and grades are very much linked and my grades for semester 1 and those received thus far for semester 2 have been good and I feel this has been partly due to my good time management skills. My peer assessment feedback included 5 of 6 people stating that I was well organized and three out of 6 stating that I was disciplined. This is included in appendix 1. 2.3Taking responsibility for learning The DLBM debate where our topic was â€Å"interviews are the most unreliable method of selection† required ourselves to complete a large amount of research. Our group split into two and four with the latter researching that I was a part of. The grade we received for this was high 70% and showed the level of research the group had done and is typical of myself being keen to take responsibility for learning. Development of interpersonal skills I am a member of The Herefordshire Golf Club where in 2000 I was captain. In this role I was required to talk to people of different ages and backgrounds and I feel this role has allowed my interpersonal skills to develop and I have learned a lot from this position as it provides a different scenario from academic studies. This role also developed my leadership skills as well as my organizational skills. 3.Value The Importance Of Developing Personal Effectiveness As part of the Developing Learning for Business and Management module the group completed two sessions on personal effectiveness including â€Å"ËÅ"assertiveness’ and â€Å"ËÅ"effective communication/ active listening’ These sessions have allowed my awareness to the importance of assertiveness and communication skills to be greatly improved and have highlighted ways in which I can improve on these skills. My level of skills prior to the sessions was of a good level and I believe I have the basic fundamentals to allow myself to develop communication and assertiveness naturally. However my increased awareness brought about by the sessions has allowed myself to take a more proactive approach to developing personal effectiveness. 3.1Demonstrated active listening/ effective communication An example of where I have demonstrated both active listening/effective communication whilst  being assertive was in a role-play with Vanessa Knowles DLBM lecturer as part of a tutorial session. Vanessa played the part of the under performing employee and I played the part of the employer. Vanessa used several different behaviour characteristics in attempt to alter my opinions and decisions. I feel that I learnt a lot by this, the importance of clear communication and active listening whilst not letting some-ones behaviour alter my decisions. 3.2Development of self confidence The session also increased my confidence especially as the role-play was conducted in front of an audience and made me more willing to be assertive rather than passive which is a tendency I will sometimes withdraw to. In the peer assessment feedback session this was something people felt was maybe a weakness of myself. Ben Gasson for example said â€Å"You should be more confident and forceful, often what you have to say is just as valid if not more so than other people, just say what you think sometimes† This analysis is very true of myself and to be more assertive I must first become more confident within myself. 3.3Development of leadership skills In the Belbin peer assessment it was also said that I was sometimes fearful of conflict. This I agree is true sometimes when maybe I am unsure of all the facts or am not in a position to speak confidently, I sometimes let others dominate me when really their ideas are no better than my own. However I feel that the example as mentioned above (role-play) demonstrated my ability not to be fearful of conflict. I am not a person to cause conflict within a group but at the same time I would not say i am fearful of conflict and can be assertive when necessary. One area for development are my leadership skills. Although I feel that I have become much more confident this year and this has enabled me to take a more active or leadership role in certain situations. However I feel that I still have a long way to go to enable myself to be a natural leader and to do so would be a great achievement. To improve this area of personal effectiveness is a definite priority for the next 12 months. My job at Marks & Spencer’s requires me to work on the customer service desk listening to customer’s complaints and dealing with their problems. This role requires me to have good active listening skills and not be fearful of conflict whilst maintaining good customer service. This shows that my personal effectiveness and assertiveness can when necessary be very prominent. 3.4Ability to effectively communicate My ability to effectively communicate has been demonstrated in many ways this year, presentations, debates, meetings, interviews etc. My peer assessment said that my presentation skills are good and I can speak in confidently at a good pace. This was highlighted in the DLBM debate where it was mentioned in the group mark sheet as well as the business simulation feedback sheets. 4.Work With Others To Achieve Goals The ability to work with others to achieve goals is another very important transferable skill that employers seek. The Belbin team role questionnaire included in appendix __ and states that predominantly I am a team worker co-coordinator. This opinion is held by both myself and my peer group showing that I view myself and my group views me as a team worker. 4.1Working with others in practice My ability to work with others to achieve goals, I believe is one of my biggest strengths. Much of the work on BABM is team orientated as this will be the case when in the workplace in years 2 and 3. Examples of this have included the business simulation module where I feel I made a good contribution to the team. Other examples have included the DLBM debate, the organizational behaviour presentation as well as the smaller group assignments we have be set. 4.2My role within groups The experience I have gained working in groups this year has developed many of my skills far more than a normal undergraduate course may have done. My skill within groups is one of analysis and reflection of what others have said and making rational and coherent arguments from debate. This ability has proved to be very useful this year however I feel than within group work I need to take a more pro active role  stimulating debate and discussion. As was stated in my peer assessment feedback I sometimes need to â€Å"relax, say what I think, and be more confident† and this is an area I need to work on in the next 12 months 4.3Teamwork outside the classroom During 2000 I have played golf for The Herefordshire Golf Club where much of the competition is in team format. Very different to university teamwork where communication is key, playing golf requires analysis of the situation and choosing the best course of action in a short time consulting your partner to achieve the best possible result. Again I feel I have learnt a lot from this sporting experience as often I am under pressure to make team decisions quickly at university and although in an entirely different situation the process is the same. 5.Demonstrate An Enquiring Mind An enquiring mind and to be interested in your work is essential to being successful, without this I feel would result in lack of motivation and a significant reduction in output. My educational background shows how my enquiring mind is diverse and heavily influenced the â€Å"ËÅ"A’ level subjects I chose. I tried to choose subjects I was genuinely interested in and felt that I would be most motivated to work hard on. This at the time didn’t include business studies but my work experience at Marks & Spencer’s has led me to become interested in business. I wanted to know why decisions were taken at head office, what influenced them and how they took those decisions. My father works in business and as I have always been interested in his work and find it interesting. 5.1Examples of enquiring mind At university it is particularly important to have an enquiring mind as many of the subjects are only covered very briefly in the actual lectures therefore requiring me to be interested in them and to have an enquiring mind to allow myself to get a good knowledge of each subject. This is very different to â€Å"ËÅ"A’ levels and I feel that I have improved greatly in this area since attending University. However I also feel that I still have a lot of room for improvement particularly in subjects that I find difficult and those that are maybe less interesting to myself. I should try to complete all the recommended reading rather than completing only that which I find interesting. I found the organizational behaviour module to be particularly interesting and read a lot of the textbook despite the fact that the essay I had to write was only a small proportion of the book. For the DLBM debate I was part of the â€Å"research team† as I enjoy finding information that can be used to form an argument. I enjoy reading national papers and try to do so as often as I can as I am interested in the wider scope of global business. My enquiring mind sometimes get the better of me and I find myself reading about completely irrelevant topics to that I am meant to be studying for and wasting time but I believe this reflects my enquiring mind For the information systems/ information technology module we could either build a website of produce a leaflet. Despite the fact I had never produced a website before I chose to do this as I enjoy using computers and felt that although this would be more difficult it would be more beneficial to myself in the long run. 6.Take a Personal Responsibility For Career Planning Taking responsibility for career planning is very important, and the BABM course demands that students do this much earlier than other students on other undergraduate schemes. Because of this career planning is very important specifically with regards to years two and three of the course to enable me to make the maximum of my interview and company opportunities. The first step in career planning for myself was my work experience at Marks & Spencer’s that motivated me to choose the BABM course. Choosing to be on the BABM course itself also was of great importance to my future career with the uniqueness of the course enabling me to gain more experience earlier. 6.1Interview skills development Whilst on the BABM course I have had to take responsibility for my future career and have demonstrated this in a number of ways. Firstly interview technique was important to develop and the practice interview as part of the DLBM module gave good feedback as to my style and competencies. The feedback I got (see appendix 3) was generally good with areas to improve on including becoming more focused upon the process I went through when giving examples rather than the example itself. Also I tended to undersell myself when given the chance to impress but apart  from this the feedback was generally good 6.2C.V and application form enhancement My C.V and application form was also another area that required me to take personal responsibility. I read articles on the Internet and books from the library on how to write a C.V as well as attending lectures on C.V’s. I got feedback from my dad who takes part in selection processes as part of his job as well as Vanessa Knowles the DLBM lecturer. The feedback I got was very good highlighting areas that needed to be improved 6.3Increasing personal awareness of placements For the pre selection week I researched each company individually, sent off for their annual reports, looked at their web sites and read the national press to gain any knowledge I could before I attended the sessions. This gave me an insight not only into the companies that I was researching but also the industries they operated in. It also allowed me to view the types of placements offered to students such as myself and has increased my knowledge of the type of placement I am looking to secure. 7.Conclusions I feel that in the last 12 months I had developed tremendously as a person and feel that I have become much more confident, outgoing and assertive. My transferable skill base has improved greatly due to my experience on BABM and at university generally. I feel that my value as a person to an organization has increased greatly and I feel confident that the skills I have learnt this year will continue to be used long into the future not only just during the period â€Å"in company†. However I realize that my skills can and will be improved enormously by the experience I will gain whilst in company and that lifelong learning is a valid and very important concept. My personal development plan outlines areas I intend to improve over the next two years and contains ways in which I intend to monitor evaluate and measure myself and my development. I have tried as far as possible to make my targets Specific Measurable Achievable Relevant and Timescaleable to enable myself to develop myself in the most effective manner. The personal development plan will allow myself to continually review my progress and will hopefully prove a useful tool in the next two years whilst on the BABM course