Prayer On The Field Of Medicine - 874 Words

In the 21st century, the number of methods in which to treat a patient has increased. In modern society, the most common method for treating a patient is in the form of medicine. This is in large part due to the growing advancement of technology and research. In medicine many forms of treatment are offered to the ill, ranging from therapy, ancient healing techniques, and herbal methods. Of late, a different treatment known as intercessory prayer has gained some attention. This is the act of praying on behalf of patients. The history of intercessory prayer originates from religious people believing that praying on the behalf of the sick can heal the said patient. Intercessory prayer should not be supported in the field of medicine because prayer and religion are separate entities from medicine. Secondly, practicing intercessory prayer in a medical practitioner’s field of work is unprofessional. Intercessory prayer should not be supported in the field of medicine because religi on should be independent from a medical practitioner’s field of work. Praying is defined as the religious act towards worshiping a deity and medicine is defined as the act of healing others. The fundamental definitions for both of these terms are completely opposite, which is the reason for great discrepancy between the two methods. Although, many argue that intercessory prayer may lead to healing, combining religion and medicine just results into several controversial issues. Another glaringShow MoreRelatedThe Natural World1041 Words   |  5 Pagesand medicine, and thus be better able to serve the Christian people. Such a curiosity has crossed into other fields within Christianity, leading the Christian faith to employ research into their own faith. Such being the case with distant intercessory prayer (IP). On the other hand, science strives to understand and analyze all aspects of the natural world, which since 1965 has included IP. Thus, there are both proponents and op ponents to the religious claims that distant intercessory prayer in theRead MoreEastern Vs Western Medicine Essay1308 Words   |  6 PagesEastern vs Western Medicine When the average American catches a cold, they head to their doctor who assesses their condition and prescribes medication to help alleviate their symptoms. The patient then heads to the pharmacy, gets their medicine, starts a course of treatment, and eventually feels better. That is the average cycle of treatment in our society. Someone suffering from a headache will take a painkiller; for a cough, cough syrup; and for a stuffy nose, a decongestant. In the western partRead MoreCAM Modalities is an Alternative Therapy705 Words   |  3 Pagesdefinition. The categories are complementary, alternative, and integrative medicine and the domains are biologically based therapies, manipulative and body-based methods, mind-body interventions, energy therapies, and alternative medical systems. Complementary refers to a non-mainstream approach with conventional medicine in conjunction, while alternative refers to a non-mainstream approach in place of conventional medicine. (NIH, 2013). These are two contrasting or bipolar points the complementaryRead MoreHealth Care Provider and Faith Diversity 1238 Words   |  5 Pages This paper will discuss three different religions that a health care provider may care for in the nursing field. It will discuss the spiritual perspective, as well as the critical components of healing, such as through prayer and meditation. The writer will give a brief summary of each religions belief. The three religions that will be discussed in this paper are Native American, Hinduism, and Buddhism. This paper will discuss what is important to people who are cared for of a particular faithRead MoreDifferent Cultures And Religions Of The Field Of Nursing1687 Words   |  7 PagesIn the field of nursing, there are many different cultures and religions that can affect the way that a patient may want to receive care. Some groups may also wish to use certain alternative therapies that may differ from those that Western health care workers are more familiar with, and the nurse should be willing to learn about the method that a person of a different culture may wish to use. There are also some alternative therapies that can be used in conjunction with American medicine and areRead MoreComplementary Medicine And Alternative Medicine1556 Words   |  7 Pagesterms complementary medicine or alternative medicine are used interchangeably with traditional medicine in some countries. They refer to a broad set of health care practices that are not part of that country s own tradition and are not integrated into the dominant health care system. It is also referred to as complementary or traditional medicine. Use of complementary medicine practices alongside modern medicine, while using alternative medicine instead of modern medicine practices. It Is extremelyRead MoreComplementary And Alternative Medicine ( Cam )985 Words   |  4 PagesModalities Paper Complementary and alternative medicine (CAM) is important in todays’ health care for researchers, practitioners, and consumers. Society should be aware of the safety of taking herbs, therapies, and any health topics. The CAM website can be a useful website to research information that a person wants to gain background on. In the following paper, I will give definitions of alternative, complementary, integrative medicine, conventional medicine role, CAMs philosophy, five domains of therapiesRead MoreAlternative Medicine : Modern Medicine1321 Words   |  6 PagesParth Patel Spiritual Healers Alternative medicine has grown in great popularity among third world countries. Where modern medicine can often be impossible or just out of financial reach, people have some to seek other methods of healing. Though curing the common sickness is not the only thing spiritual healers have claimed to have the cure for, it’s a big interest to many people all around the world. Across many countries all around the globe long passed on traditions and ceremonies are beingRead MoreThe s Belief System A Worldview1744 Words   |  7 Pagesis extremely important in the health care field in order to promote healing within the patient. The health care professionals must be able to ensure that the form of care being provided does not offend or go against the patient’s belief system. Two major religions that exist in the world today are Christianity and Scientology. In Christianity, faith is centered on God. These individuals are devoted to the word of God through biblical teachings and prayer. In this situation, the caregiver must beRead MoreThe Understanding of Medicine of the Ancient Romans1364 Words   |  5 Pages In our world today, many of our medicine and medical treatments have been brought down from generation to generation, starting from cultures from several centruies ago, being passed down to our hospitals today. Some of our practices started from Ancient Rome.The understanding of medicine from the Ancient Romans evolved from the many â€Å"medical methods of the Greeks, the Etruscans, the Egyptians, the Persians, and other conquered peoples (Crystallinks, â€Å"Medicine and surgery†, Source 1).† They mainly

How Technology Has Impacted Children - 1787 Words

Tony Safranek Mrs. Newcomer Advanced Composition B4 30 April 2017 Mindless Addictive Students Technology has only been around for 20 years and has already inflicted pain on many. Especially those that are students and did not become used to the new style of teaching compared to the new style of teaching. The old style of teaching is the classical version where students are able to learn what they love to do instead of taking all the classes children hate and end up failing. Classical style of teaching benefits the students because they actually want to learn. The integration of technology has negatively impacted children of this generation because it causes health problems, technology leads to terrible work ethics and performance in†¦show more content†¦Blue light may seem harmless, but what many don’t know is that it can cause sleep disruption, depression, and long term vision issues. â€Å"The eyes are not built to stare at digital screens all day, as modern world demands. ‘Patients underestimate how their technology use ma y be contributing to eye strain and do not consider ways to reduce this stress’† (NewsRx 1). Screen time can impact kids and will negatively impact their health and eye exposure before bedtime has been proved to disrupt sleep patterns. On the same article the group talks about some symptoms people may experience from using technology. â€Å"Americans report experiencing the following symptoms of digital eye strain: eye strain, neck and shoulder pain, headache, blurred vision, and dry eyes (NewsRx 1). The effects of blue light and digital eye strain on children are the most concerning of negative impacts on their health because of technology. Even professionals who specialize in the technology industry disagree with children being able to use their products. For example, Steve Jobs â€Å"was what you might call a low-tech parent. And he s not alone. A number of big names in the technology world -- including Chris Anderson and Evan Williams -- also set strict guidelines for how much tech their young children can use† (Basulto 1). With some of these famous people not allowing their children to excessively use their products is saying something and they know whatShow MoreRelatedPositive helpful Technology Essays1044 Words   |  5 Pages Our technology has led to the advancements in the health industry making it easier for sick people to get the treatment they need. Technology use being taught to children is a positive use for the future of education and is necessary for students to succeed in the world, with this education it enables them to be better prepared for the world that awaits them when they enter college and work force. Even the environment is impacted when we stop to take the time to research the things we use likeRead MoreHow Public Education Affects All People870 Words   |  4 Pages we are faced with several difficulties that effects everyone. It all depends on how a person views the education concerns. Everyone wants to solve America’s education issues and it’s essential that we focus on the right things to move forward and offer better opportunities. It’s important that we first focus on how public education impacts all people. It can’t just be what people believe to b e true but how it has actually affected their learning and life. In American public education, it aimsRead MoreHow Has the Nature of Family Life Changed in Australia over the Past 50 Years and What Impact Has This Had on Australian Society ?1026 Words   |  5 PagesMarch 14 2013 How has the nature of family life changed in Australia over the past 50 years and what impact has this had on Australian society ? Society and culture The nature of family life in Australias has changed over the past 50 years mainly due to advances in technology, changes in gender roles and also because of who has power and authority in todays modern families. As a result of these changes, Australias society has been impacted in many ways. For example, there has been an increaseRead MoreThe Effects Of Television On America During The 1980s1289 Words   |  6 Pagespopularity of cable television, and new technology that was invented such as the remote control. Television had a huge effect on society through the way if affected the ways children could be educated and what people watched. It impacted technology through changes in how people watched television and what people could record and watch on television. It also had an enormous effect on the economy through changes in competition in the television industry and how musicians and their music could be madeRead MoreWhat are the Effects of Modern Technology on Relationships? Essa y1448 Words   |  6 Pages Casson (1910) maintains that personal communication has evolved over the years. He argues that technology and social changes have advanced from the period of letter writing to house phone usage, which became popular in the beginning of the 20th century. From the time of letter writing to the current century, technology has evolved to e-communication and cell phone usage. By analyzing the effects that modern technology has had on functionality, time efficiency, and a shear ease on communication,Read More Technology in Education Essay985 Words   |  4 PagesTechnology in Education Today, if you enter an average elementary classroom you might find a computer cart with twenty or thirty lap tops, all with hook-up to the internet. The teacher usually has either a desk top or lap top computer, sometimes both, for keeping track of important information. Technology has, in many ways, positively impacted the educational field. Michigan has made using technology a necessity. With help from the Freedom to Learn Program, improvements in classroom technologyRead MoreI Am A Teacher s Degree Program1421 Words   |  6 Pagesbooks with my students. As I began student teaching, however, I realized not all children have had the same experiences as I have had with reading. Although I am not sure I want to be a literacy specialist, I chose the literacy Master’s Degree program because I wanted to help all children, especially struggling readers, develop a love for reading and become successful readers and writers. If I had not seen children struggle with reading, I am not sure if I would have ever chosen literacy for my Master’sRead MoreTechnology Is A Cure For Boredom893 Words   |  4 Pagesyears ago. Before technology took over the lives, boredom resulted in more challenging and meaningful activities. Even though, people believe technology is a cure for boredom, it negatively affects the way children and adults operate and hinder the creativity in today’s society amongst businesses and schools. Many years ago, children spent their free time drawing made up characters with unwritten stories behind them or reading their favorite book and had minimum access to technology. In today’s societyRead MoreEssay about The Impact of Technology on Education1045 Words   |  5 PagesImpact of Technology on Education Technology has greatly affected and impacted the way things are presented and taught in the classroom. Technology has had a large impact on the materials that are used and the way we use these materials to teach in the schools. Most everything that is used in today’s classroom has been a result of technology. All materials, including textbooks and the Internet, have been invented and have had some connection to the growth of technology in the schoolRead MoreThe Societal Influences on the Educational Impact of Students731 Words   |  3 PagesThe societal influences on the educational impact of students are numerous. Two of the most important are income inequality and technology Income inequality and the effects on education have been at the heart of a contentious debate. As researcher Sean Reardon of Stanford University, explained recently in The New York Times: â€Å"We have moved from a society in the 1950s and 1960s, in which race was more consequential than family income, to one today in which family income appears more determinative

Financial Market Essay Example Pdf - Free Essay Example

Sample details Pages: 18 Words: 5318 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? A commercial bank is a type of financial intermediary and a type of bank. After the Great Depression, the U.S. Congress required banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term commercial bank to refer to a bank or a division of a bank primarily dealing with deposits and loans from corporations or large businesses. Commercial bank is the term used for a normal bank to distinguish it from an investment bank. This is what people normally call a bank. The term commercial was used to distinguish it from an investment bank. Since the two types of banks no longer have to be separate companies, some have used the term commercial bank to refer to banks which focus mainly on companies. In some English-speaking countries outside North America, the term trading bank was and is used to denote a commercial bank. During the great depr ession and after the stock market crash of 1929, the U.S. Congress passed the Glass-Steagall Act 1930 (Khambata,1996) requiring that commercial banks only engage in banking activities (accepting deposits and making loans, as well as other fee based services), whereas investment banks were limited to capital markets activities. This separation is no longer mandatory. It raises funds by collecting deposits from businesses and consumers via checkable deposits, savings deposits, and time (or term) deposits. It makes loans to businesses and consumers. It also buys corporate bonds and government bonds. Its primary liabilities are deposits and primary assets are loans and bonds. 10 Commercial banking can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to normal individual members of the public (retail banking). Origin: The name bank derives from the Italian word banco desk/bench, used during the Renais sance by Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth (de Albuquerque, Martim, 1855). However, there are traces of banking activity even in ancient times. In fact, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the words banco and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as merely convert the foreign currency into the only legal tender in Rome- that of the Imperial Mint (Matyszak and Philip, 2007). In the most basic terms, commercial banks take deposits from individual and institutional customers, which they then use to extend credit to other customers. They make money by earning more in interest from borrowers than they pay in interest to those whose deposits they accept. Theyre different from investment banks and brokerage s in that those kinds of institutions focus on underwriting, selling, and trading corporate and municipal securities. The Balance Sheet: A banks balance sheet is different from that of a typical company. You wont find inventory, accounts receivable, or accounts payable. Instead, under assets, youll see mostly loans and investments, and on the liabilities side, youll see deposits and borrowings. Loans represent the majority of a banks assets (Saunders and Cornett, 2005). A bank can typically earn a higher interest rate on loans than on securities, roughly 6%-8%. Loans, however, come with risk. If the bank makes bad loans to consumers or businesses, the bank will take a hit when those loans arent repaid. Because loans are a banks bread and butter, its critical to understand a banks book of loans. Other assets, including property 11 and equipment, represent only a small fraction of assets. A bank can generate large revenues with very few hard assets. Compare this to some other co mpanies, where plant, property, and equipment (PPE) is a major asset. Surprisingly, cash represents only about 2% of assets. Thats because the bank wants to put its money to work earning interest. If the bank simply sticks its cash in a vault and forgets about it, it will have a hard time making a profit. Thus, a bank keeps most of its money tied up in loans and investments, which are called earning assets in bank-speak because they earn interest. Banks dont like putting their assets into fixed-income securities, because the yield isnt that great. However, investment-grade securities are liquid, and they have higher yields than cash, so its always prudent for a bank to keep securities on hand in case they need to free up some liquidity. Assessing Assets: A banks assets are its meal ticket, so its critical for investors to understand how its assets are invested, how much risk they are taking, and how much liquidity the bank has in securities as a shield against unforeseen probl ems. In general, investors should pay attention to asset growth, the composition of assets between cash, securities, and loans, and the composition of the loan book. Also, investors should note a banks asset/equity (equity multiplier) ratio, which measures how many times a dollar of equity is leveraged. The liability side of a banks balance sheet is made up of various types of deposit accounts and other forms of borrowings used to fund their investments. A major difference between banks and other is their high leverage or debt-to-asset ratio. Assets and liability management (ALM) is the management of the structure of a banks balance sheet in such a way that interest related earnings are maximized within the overall risk tolerance of the banks management (J.S.G Wilson, 1988). 2.2-The Bank for International Settlement (BIS) and the Basel Accords: 2.2.1-The Bank for International Settlement (BIS): 12 The Bank for International Settlements (or BIS) is an internation al organization of central banks which exists to foster cooperation among central banks and other agencies in pursuit of monetary and financial stability (Wikipedia online, 2008). It carries out its work through subcommittees, the secretariats it hosts, and through its annual General Meeting of all members. The BIS also provides banking services, but only to central banks, or to international organizations like itself. Based in Basel, Switzerland, the BIS was established by the Hague agreements of 1930. As an organization of central banks, the BIS seeks to make monetary policy more predictable and transparent among its 55 member central banks. While monetary policy is determined by each sovereign nation, it is subject to central and private banking scrutiny and potentially to speculation that affects foreign exchange rates and especially the fate of export economies. Two aspects of monetary policy have proven to be particularly sensitive, and the BIS therefore has two specific go als: to regulate capital adequacy and make reserve requirements transparent. Capital adequacy policy applies to equity and capital assets. These can be overvalued in many circumstances. Accordingly the BIS requires bank capital/asset ratio to be above a prescribed minimum international standard, for the protection of all central banks involved. The BIS main role is in setting capital adequacy requirements. From an international point of view, ensuring capital adequacy is the most important problem between central banks, as speculative lending based on inadequate underlying capital and widely varying liability rules causes economic crises as bad money drives out good (Greshams Law). The BIS sets requirements on two categories of capital, Tier 1 capital and Total capital. Tier 1 capital is the book value of its stock plus retained earnings. Tier 2 capital is loanloss reserves plus subordinated debt. Total capital is the sum of Tier 1 and Tier 2 capital. Tier 1 capital must be at least 4% of total risk-weighted assets. Total capital must be at least 8% of total risk-weighted assets. When a bank creates a deposit to fund a loan, its assets and liabilities increase equally, with no increase in equity. That causes its capital ratio to drop. Thus the capital requirement limits the total amount of credit that a bank 13 may issue. It is important to note that the capital requirement applies to assets while the bank reserve requirement applies to liabilities. 2.2.2-The Basel Accords: The Basel Accord(s) refers to the banking supervision accords (recommendations on banking laws and regulations), Basel I (first published in 1988 and enforced by law in 1992 by the G-10 countries) and Basel II (published in June 2004) issued by the Basel Committee on Banking Supervision (BCBS). They are called the Basel Accords as the BCBS maintains its secretariat at the Bank of International Settlements in Basel, Switzerland and the committee normally meets there. The Basel Committe e consists of representatives from central banks and regulatory authorities of the G10 countries, plus others (specifically Luxembourg and Spain). The committee does not have the authority to enforce recommendations, although most member countries (and others) tend to implement the Committees policies. This means that recommendations are enforced through national (or EU-wide) laws and regulations, rather than as a result of the committees recommendations thus some time may pass between recommendations and implementation as law at the national level. Tier 1 capital is the core measure of a banks financial strength from a regulators point of view. It consists of the types of financial capital considered the most reliable and liquid, primarily Shareholders equity. Examples of Tier 1 capital are common stock, preferred stock that is irredeemable and non-cumulative, and retained earnings. Capital in this sense is related to, but different from, the accounting concept of shareholders equity. Both tier 1 and tier 2 capital were first defined in the Basel I capital accord. The new accord, Basel II, has not changed the definitions in any substantial way. Each countrys banking regulator, however, has some discretion over how differing financial instruments may count in a capital calculation. This is appropriate, as the legal framework varies in different legal systems. 14 Tier 2 capital is a measure of a banks financial strength with regard to the second most reliable form of financial capital, from a regulators point of view. The forms of banking capital were largely standardized in the Basel I accord, issued by the Basel Committee on Banking Supervision and left untouched by the Basel II accord. Tier 1 capital is considered the core capital and more reliable form of capital 2.3- VALUE-AT-RISK 2.3.1-BANK LOANS: A loan is a debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the l ender and the borrower. The borrower initially receives an amount of money from the lender, which he pays back, but sometimes not always in regular installments, to the lender. This service is generally provided at a cost, known as interest on the debt. The lender may subject the borrower to certain restrictions known as loan covenants. One of the principal duties of financial institutions is to provide loans, this is typically the source of income to banks, bank loans and credit also constitute one of the ways of increasing money supply in the economy. 2.3.2-VALUE AT A RISK (VAR): This is a technique used to estimate the probability of portfolio losses based on the statistical analysis of historical price trends and volatilities. Value at risk is commonly used by banks, security firms and companies that are involved in trading energy and other commodities. VAR is able to measure risk while it happens and is an important consideration when firm s make trading or hedging decision (Simon Manganelli and Robert Engle, 2001). Some people have described VAR as the new science of risk management, but you do not need to be a scientist to use VAR. Here, we look at the idea behind VAR and the three basic methods of calculating it. Basically, VAR is represented by; 15 VAR= (dollar value of position)(price sensitivity)(potential adverse move in price/yield). .(1) For financial institutions, risk is about the odds of losing money given out as loans, and VAR is based on that common-sense fact. By assuming financial institutions care about the odds of a really big loss on loans, VAR answers the question, What is my worstcase scenario? or How much could I lose in a really bad month? To be more specific, a VAR statistic has three components: a time period, a confidence level and a loss amount (or loss percentage). Keep these three lets take note of this as we give some examples of variations of the questions that VAR answers: What is the most I can with a 95% or 99% level of confidence expect to lose in default on loan repayment over the next month? What is the maximum percentage I can with 95% or 99% confidence expect to lose over the next year? We can see how the VAR question has three elements: a relatively high level of confidence (typically either 95% or 99%), a time period (a day, a month or a year) and an estimate of lose on loan default (expressed either in dollar or percentage terms) (David Harper, 2008). 2.4- PORTFOLIO THEORY AND TRADITIONAL METHOD TO CREDIT RISK MANAGEMENT 2.4.1- PORTFOLIO APPROACH: Since the 1980s, banks have successfully applied modern portfolio theory (MPT) to market risk. Many banks are now using earnings at risk (EAR) and value at risk (VAR) models to manage their interest rate and market risk exposures. Unfortunately, however, even though credit risk remains the largest risk facing most banks, the practical of MPT to credit risk has lagged (William Margrabe, 2007). 16 Banks recognize how credit concentrations can adversely impact financial performance. As a result, a number of sophisticated institutions are actively pursuing quantitative approaches to credit risk measurement, while data problems remain an obstacle. This industry is also making significant progress toward developing tools that measure credit risk in a portfolio context. They are also using credit derivatives to transfer risk efficiently while preserving customer relationships. The combination of these two developments has precipitated vastly accelerated progress in managing credit risk in a portfolio context over the past several years. 1. Asset-by-asset Approach: Traditionally, banks have taken an asset-by-asset approach to credit risk management. While each banks method varies, in general this approach involves periodically evaluating the credit quality of loans and other credit exposures, applying a credit risk rating, and aggregating the results of this analysis to identify a portfolios expected losses. The foundation of the asst-by-asset approach is a sound loan review and internal credit risk rating system. A loan review and credit risk rating system enable management to identify changes in individual credits, or portfolio trends in a timely manner. Based on the results of its problem loan identification, loan review, and credit risk rating system management can make necessary modifications to portfolio strategies or increase the supervision of credits in a timely manner. 2. Portfolio Approach: While the asset-by-asset approach is a critical component to managing credit risk, it does not provide a complete view of portfolio credit risk, where the term risk refers to the possibility that actual losses exceed expected losses. Therefore to gain greater insight into credit risk, banks increasingly look to complement the asset-by-asset approach with a quantitative portfolio review using a credit model. Banks increasingly attempt to address the inability of the asset-by-asset approach to measure unexpected losses sufficiently by pursuing a portfolio approach. One weakness with the asset-by-asset approach is that it has difficulty identifying and measuring 17 concentration. Concentration risk refers to additional portfolio risk resulting from increased exposure to a borrower, or to a group of correlated borrowers. Table 1 summerises strategies for reducing and coping with portfolio credit risk. Table 1: Strategies for Reducing and Coping with Portfolio Credit Risk Technique Advantages Disadvantages Implication Geographic Diversification External shocks (climate, price, natural disasters, etc.) are not likely to affect the entire portfolio if there is spatial diversification. If the country is small or the Institution is capital constrained, it may not be able to apply this principle. It will become vulnerable to covariate risk, which is high in agriculture. Loan Size Limits (Rationing) Prevents the institution from being vulnerable to nonperformance on a few large loans. Can be carried to the extreme where loan size does not fit the business needs of the client and results in suboptimal use and lower positive impact by client. Client could become dissatisfied Protects asset quality in the shortrun but creates client retention problems in the long run. Inimical to relationship banking. Over Collateralization Assures the institution that enough liquidation value will exist for foreclosed assets. Excludes poor, low-income clients who are the vast majority of the market. Not a recommended technique if goal is to better serve the low- and moderate income clients. Credit Insurance Bank makes clients purchase credit insurance. In event of default, bank collects from insurer. Databases and credit bureaus may not exist to permit insurer to engage in this line of business in cost-effective manner. Portfolio Securitization Lender bundles and sells loans to a third party. Transfers default risk and improves liquidity so that it can continue to lend. Allows lender to develop expertise in analyzing creditworthiness in one sector or niche. Requires well documented loans and long time series of performance data to permit ratings and reliable construction of financial projections. Requires a well developed secondary market, standardized underwriting practices, and existence of rating companies. 18 Source: Publication of the Inter-American Development Bank, May 2007. 2.4.2-TRADITIONAL APPROACH: It is hard to differentiate between the traditional approach and the new approaches since many of the ideas of traditional models are used in the new models. The traditional approach is comprised of four classes of models 1. Expert Systems In the expert system, the credit decision is left in the hands of the branch lending officer. His expertise, judgment, and weighting of certain factors are the most important determinants in the decision to grant loans. the loan officer can examine as many points as possible but must include the five Cs these are; character, credibility, capital, collateral and cycle (economic conditions) in addition to the 5 Cs, an expert may also take into consideration the interest rate. 2. Artificial Neural Networks: Due to the time consuming nature and error- prone nature of the computerized expertise system, many systems use induction to infer the human experts decision process. The artificial neural networks have been proposed as solutions to the problems of the expert system. This syste m simulates the human learning process. It learns the nature of the relationship between inputs and outputs by repeatedly sampling input/output information. 3. Internal Rating at Banks: Over the years, banks have subdivided the pass/performing rating category, for example at each time, there is always a probability that some pass or performing loans will go into default, and that reserves should be held against such loans. 4. Credit Scoring Systems: 19 A credit score is a number that is based on a statistical analysis of a borrowers credit report, and is used to represent the creditworthiness of that person1. A credit score is primarily based on credit report information. Lenders, such as banks use credit scores to evaluate the potential risk posed by giving loans to consumers and to mitigate losses due to bad debt. Using credit scores, financial institutions determine who are the most qualified for a loan, at what rate of interest, and to what credit limits (Wikipedia, 2008). 2.5-SUPERVISORY AUTHORITY OF BANK CREDIT RISK MANAGEMENT The Bank of International Settlement (BIS) on November 28th 2005 in a press release issued a series of ten principles on Sound Credit Risk Assessment and valuation for Loans: Principle 1: The banks board of directors and senior management are responsible for ensuring that the banks have appropriate credit risk assessment processes and effective internal controls to consistently determine provisions for loan losses in accordance with the banks stated policies and procedures, the applicable accounting framework and supervisory guidance commensurate with the size, nature and complexity of the banks lending operations. Principle 2: Banks should have a system in place to reliably classify loans on the basis of credit risk. Principle 3: A banks policies should appropriately address validation of any internal credit risk assessment models. Principle 4: A bank should adopt and document a sound loan loss methodology, which addresses risk assessment policies, procedures and controls, for assessing credit risk, identifying problem loans and determining loan provisions in a timely manner. Principle 5: A banks aggregate amount of individual and collectively assessed loan provisions should be adequate to absorb estimated credit losses in the loan portfolio. 1 That is, the likelihood that the person will pay his or her debts. 20 Principle 6: A banks use of experienced credit judgment and reasonable estimates are an essential part of the recognition and measurement of loan losses. Principle 7: A banks credit risk assessment process for loans should provide the bank with the necessary tools, procedures and observable data to use for credit risk assessment purposes, account for impairment of loans and the determination of regulatory capital requirements. Principle 8: Banking supervisors should periodica lly evaluate the effectiveness of a banks credit risk policies and practices for assessing loan quality. Principle 9: Banking supervisors should be satisfied that the methods employed by a bank to calculate loan loss provisions produce a reasonable and prudent measurement of estimated credit losses in the loan portfolio that are recognized in a timely manner. Principle 10: Banking supervisors should consider credit risk assessment and valuation practices when assessing a banks capital adequacy. I. Individual Credit Rating: A credit rating assesses the credit worthiness of an individual, corporation, or even a country. Credit ratings are calculated from financial history and current assets and liabilities. Typically, a credit rating tells a lender or investor the probability of the subject being able to pay back a loan. However, in recent years, credit ratings have also been used to adjust insurance premiums, determine employment eligibility, and e stablish the amount of a utility or leasing deposit. II. Corporate credit ratings: The credit rating of a corporation is a financial indicator to potential investors of debt securities such as bonds. These are assigned by credit rating agencies2 such as Standard Poors, Moodys or Fitch Ratings and have letter designations such as AAA, B, CC. The Standard Poors 2 In the United States, the main credit bureaus are Experian, Equifax, and TransUnion. A relatively new credit bureau in the US is Innovis. In the United Kingdom, the main credit reference agencies for individuals are Experian, Equifax, and Callcredit. In Canada, the main credit bureaus for individuals are Equifax, TransUnion and Northern Credit Bureaus/ Experian. The leading credit bureau in Sweden is Upplysningscentralen AB. In India, the main credit bureaus are CRISIL and ICRA. The largest credit rating agencies are Moodys, Standard and Poors and Fitch Ratings. 21 rating scale is as f ollows: AAA, AA, A, BBB, BB, B, CCC, CC, C, D. Anything lower than a BBB rating is considered a speculative or junk bond. The Moodys rating system is similar in concept but the verbage is a little different. It is as follows: AAA, Aa1, Aa2, Aa3, A1, A2, A3, Baa1, Baa2, Baa3, Ba1, Ba2, Ba3, B1, B2, B3, Caa1, Caa2, Caa3, Ca, C. III. A sovereign credit rating is the credit rating of a sovereign entity. The sovereign credit rating indicates the risk level of the investing environment of a country and is used by investors looking to invest abroad. It takes political risk into account. The countries with the least sovereign risk are ranked as follows. Table 2: Country risk rankings (Least risky countries), Score out of 100 Source: Euromoney, Country risk, March 2008. Rank Previous Rank Country Score 1 1 Luxembourg 99.88 2 2 Norway 97.47 3 3 Switzerland 96.21 4 4 Denmark 93.39 5 5 Sweden 92.96 6 6 Ireland 92.36 7 10 Austria 92.25 8 9 Finland 91.95 9 8 Netherlands 91.95 10 7 United States 91.27 According to the results (see table 2), Austrias country rating has improved from 10th to 7th position while the USA has dropped to the10th position from 7th. 2.6-MANAGING CREDIT RISK USING FINANCIAL RATIOS: 22 Ratio analysis (financial and accounting ratios) is a measurement system to analyse the strength, weakness, opportunity and threats (SWOT Analysis) of an FI. The table below depicts some of the frequently used ratios in credit analysis (table 2): Table 3: Frequently Used Ratios in Credit Analysis3 Category Ratio Operating Performance Earnings before interest, taxes, depreciation and amortization(EBITDA)/Sales Net Income/ Sales Net Income/ Net Worth Sales/ Fixed Assets Debt Service Coverage EBITDA/ Interest Payment1.5 Free Cash-flow expenditure/ Interest payments Free Cash-flow expenditures-dividend/Interest Financial Leverage Long-term debt/Capitalization Long-term debt/Tangible net worth Total liabilities/Tangible net worth Current liabilities/Tangible net worth Liquidity Current ratio (current assets/current liabilities) Quick ratio (current assets-inventory/current liabilities) Inventory turnover(inventory/Net sales) Inventory to Net working capital Current debt to Inventory Raw materials,WIP, and finished goods as a percentage of total Inventory Receivables Aging of receivables:30,60,90,90+days 3 These ratios are commonly used in credit analysis but have to be adapted to specific environment of industries and countries. 23 Average collecting period Source: Caoutte, et al., 1998 2.7 Credit Risk Models Over the last decade, a number of the worlds largest banks have developed sophisticated systems in an attempt to model the credit risk arising from important aspects of their business lines. Such models are intended to aid banks in quantifying, aggregating and managing risk across geographical and product lines. The outputs of these models also play increasingly important roles in banks risk management and performance measurement processes, including performance-based compensation, customer profitability analysis, risk-based pricing and, to a lesser (but growing) degree, active portfolio management and capital structure decisions. The Task Force recognizes that credit risk modeling may indeed prove to result in better internal risk management, and may have the potential to be used in the supervisory oversight of banking organizations. However, before a portfolio modeling approach could be used in the formal process of setting regulatory capital requirements for credit risk, regulators would have to be confident not only that models are being used to actively manage risk, but also that they are conceptually sound, empirically validated, and produce capital requirements that are comparable across institutions. At th is time, significant hurdles, principally concerning data availability and model validation, still need to be cleared before these objectives can be met, and the Committee sees difficulties in overcoming these hurdles in the timescale envisaged for amending the Capital Accord (BIS, credit risk modeling, 19th April 1999). Credit scoring models use data on observed borrower characteristics either to calculate the probability of default or to borrowers into different default risk classes (Saunders and Cornett, 2007). Prominent amongst the credit scoring models is the Altmans Z-Score. The Z-score formula for predicting Bankruptcy of Dr. Edward Altman (1968) is a multivariate formula for measurement of the financial health of a company and a powerful diagnostic 24 tool that forecast the probability of a company entering bankruptcy within a two year period with a proven accuracy of 75-80%. The Altmans credit scoring model takes the following form; Z=1.2X1+ 1.4X2 + 3.3X3 + 0.6X4 +1.0X5 (2) Where, X1 = Working capital/ Total assets ratio X2 = Retained earnings/ Total assets ratio X3 = Earnings before interest and taxes/ Total assets ratio X4 = Market value of equity/ Book value of long-term debt ratio X5 = Sales/ Total assets ratio. The higher the value of Z, the lower the borrowers default risk classification. According to Altmans credit scoring model, any firm with a Z-Score less than 1.81 should be considered a high default risk, between 1.81-2.99 an indeterminate default risk, and greater than 2.99 a low default risk. Critics: Use of this model is criticized for discriminating only among three borrower behavior; high, indeterminate, and low default risk. Secondly, that there is no obvious economic reason to expect that the weights in the Z-Score model or, more generally, the weights in any credit-scoring model- will be constant over any but very short periods. Thirdly the problem is that these models ignore important, hard to quantify factors (such as macroeconomic factors) that may play a crucial role in the default or no-default decision. Outstanding also is the KMV credit Monitor Model4. In recent years, following the pioneering work on options by Merton, Black, and Scholes, we now recognize that when a firm raises funds either by issuing bonds or by increasing bank loans, it holds a very valuable default or repayment option ( Black and Scholes, 1973) and (Merton, 1974). The KMV Model is a credit monitor model that helps to solve the lending problems of banks 4 KMV is a trademark of KMV Corporation that was founded in 1989. The KMV model calculates the Expected Default Frequency (EDF) based on the firms capital structure, the volatility of the assets returns and the current asset value. This model best applies to publicly traded companies for which the value of equity is market determined. 25 and further look at the repayment incentive problem (Gilbert, 2004). To try resolving the problems, the KMV Model uses the structural relationship between the volatility of a firms asset and the volatility of the firms equity. The KMV Corporation (purchased by Moodys in 2002) has turned this relatively simple idea into a credit-monitoring model now used by most of the large US banks to determine the Expected Default Frequency (EDF) that is the probability of default of large corporations (KMV Corporation, 1994). The expected default frequency that is calculated reflects the probability that the market value of the firms assets will fall below the promised repayments on debt liabilities in one year. If the value of a firms assets falls below its debt liabilities, it can be viewed as being economically insolvent. Simulations by the KMV have shown that this model outperforms both accounting-based models and SP ratings (Saunders and Cornett, 2007). The relevant net worth of a firm is therefore the market value of the firms assets minus the firms default point. Net worth= (Market Value of Assets) (Default Point) (3) A firm will default when its market net worth reaches zero. (Market Value of Assets)(Asset Volatility) (Market Value of Assets) (Default Point) Distant to Default = (4) (Source: Moodys KMV; Modeling Default Risk, 18th December 2003.) The KMVs empirical EDF is an overall statistics that can be calculated for every possible distance to default (DD) using data either aggregated or segmented by industry or region. To find the EDF for any particular firm at any point in time, one must look at the firms EDF as implied by its calculated DD. As a firms DD fluctuates, so do its EDF. For firms that are actively traded, it would be possible in theory to update the EDF every few minutes (Gilbert, 2004). CRITICS: The KMV EDF Model has been criticized on the basis that they are not true probabilities of d efault. This is reflected in the poor results obtained using KMV empirical EDFs in order to replicate risky bond prices (Kao, Eom et al, 2000). 26 An increasingly popular model used to evaluate the return on a loan to a large customer is the Risk-Adjusted Return on Capital (RAROC) Model. This model, originally pioneered by Bankers Trust (acquired by Deutsche Bank in 1998) is now adopted by virtually all the large banks in Europe and the US, although with some differences among them (Saunders and Cornett, 2007). The essential idea behind RAROC is that rather than evaluating the actual promised annual cash flow on a loan as a percentage of the amount lent or (ROA), the lenders balance the loans expected income against the loans expected risk. The RAROC Model is basically represented by, RAROC = (one year net income on loan)/ (Risk adjusted assets). (5) For denominator of RAROC, duration approach can be used to estimate worst case loss in valu e of the loan: DLn = -DLnx Ln x (DR/ (1+R)) .(6) Where, DR is an estimate of the worst change in credit risk premiums for the loan class over the past year. Ln= Loan DLn= Change in loan class R=Interest Rate According to James Christopher (1996), the immediate purpose of the RAROC riskmeasurement systems is to provide bank managements with a more reliable way to determine the amount of capital necessary to support each of their major activities and, thus, to determine the overall leverage for the bank as a whole. This paper also stipulates that the RAROC system provide a uniform measure of performance and that management can, in turn use this measure to evaluate performance for capital budgeting and as an input to the compensation system used for senior managers. 27 Don’t waste time! Our writers will create an original "Financial Market Essay Example Pdf" essay for you Create order

The Age Of Anxiety By Auden - 894 Words

On the Ages and Stages â€Å"You must not lose faith in humanity. Humanity is an Ocean; if a few drops of the Ocean are dirty, the Ocean does not become dirty†.-Mahatma Gandhi Humanity has always petitioned the idea of impending doom upon Earth and its inhabitants, that our sins will soon spill upon the dried cracking crust and salvation awaits the worthy above with open gates and waterfalls. Despite religious conceptions, humans still walk the material world; searching every crevice of knowledge hoping that one day meaning will be found in our sinful journey through time. Anxiety of what awaits the ending days plunges humans deeper into fear and doubt, giving W. H. Auden a needles amount of material for his sardonic masterpiece on the human function, The Age of Anxiety. Auden truly encapsulates diversity in his writing, always transitioning from prose to verse and from thought to speech. Auden begins part three of The Age of Anxiety in prose with â€Å"At first all is dark and each walks alone. What they share is only the feelings of remoteness and desertion, of having marched for miles and miles, of having lost their bearings, of a restless urge to fin d water†, then beginning the dialogue in verse with â€Å"Groping through fog, I begin to hear A salt lake lapping: Dotterels and dunlins on its dark shore†. The variations in The Age of Anxiety allow for infinite intrigue just like with music, hearing the same thing is boring and dry. Looking past rhetorical analysis andShow MoreRelatedAge of Anxiety by W.H Auden692 Words   |  3 Pages essayists. He generally was a major influence on succeeding generations of poets on Both sides of the world. (http//.www.poets.org) W.H was born in York, England in 1907 but he moved to Birmingham Alabama as a young child. Auden was educated at a Christ church. His father was a doctor and a academic sports teacher. When He finished school he attended oxford University where he also graduated to become a teacher. W.H moved to Berlin England to live for a year then returnedRead MoreAnalysis of The Age of Anxiety by W.H. Auden2680 Words   |  11 PagesAnalysis of The Age of Anxiety by W.H. Auden The themes and ideas in Audens The Age of Anxiety reflect his belief that mans quest for self actualization is in vain. I. Audens background A. As a 1930s poet 1. Views of Society 2. Diagnosis of the industrial society B. Major conflicts of his works II. The Age of Anxiety overview A. As a quest poem 1. Characters search for self-actualization 2. Characters inevitable failure in the quest B. Characters views onRead MoreAnalysis Of Auden s The Unknown Citizen, And Funeral Blues All By Auden2119 Words   |  9 Pagesenjoyable and humorous. Poet W.H. Auden did this. As the 1930s seemed to be drawing closer towards war, Auden became a leading spokesman of his generation, a political writer who warned against dangers that are caused by totalitarianism. His socialism and distrust of nationalism during this period was strong, influenced mostly by his experiences in the Spanish Civil War, but his social views were always more complex labels that were given to him. Three works of Auden that can be analysed are â€Å"SeptemberRead MoreEssay on Philip Larkin - A Voice of Pain for This Century1626 Words   |  7 Pagesrevelation of his anguish became more and more explicit while his emptiness, brought on by the struggle to understand life, continued to deepen. Larkin began writing poetry at an early age, with heavy influence from Keats, Auden, and, ultimately, Yeats (1974 (Thwaite, Introduction xviii-xix). In 1946, at the age of twenty-three, he began to carry his own voice and write poems that would thereafter strike his characteristic note (Thwaite, Introduction xv). The 1946 poem And the Wave SingsRead MoreEffect of laziness to academic performance5596 Words   |  23 Pagesmany years. The present study applied social psychological constructs to the acquisition of English in the unicultural Hungarian setting. A total of 301 Grade 11 students from the region of Budapest answered a questionnaire assessing their attitude, anxiety, and motivation toward learning English, as well as their perception of classroom atmosphere and cohesion. In addition, their teachers rated each of the students on proficiency and a number of classroom behaviors and evaluated the relative cohesionRead MoreFrom Extravagant Movie Theatres to Lowly Bomba Houses: In vestigating the Degeneration of City Spaces Along Claro M. Recto Avenue, Manila10891 Words   |  44 Pages I. INTRODUCTION Background of the Study With explicit sexual titles such as â€Å"Hayok: Hanggang Saan ka Papasok?† and â€Å"Gisingin ang Gabi,† bomba houses, albeit limited in number, try to lure in customers, of varying ages and social strata. Embedded along the busy and crowded street of Recto, where various forms of illegal and shady businesses loom, these establishments and institutions are but an exemplification of how modernity, particularly through the processes

Management and Team Environment Written Free Essays

Why is it essential to evaluate on what your team needs and wants to achieve? Creating a focus around team needs and design goals and asking, as well as answering the hard design questions as a team is an effective way of coalescing a team around one design direction. How is the ground rules for team operations made in your workplace and tasks and responsibilities shared? Ground rules must be clear, consistent, agreed-to, and followed.Where articulated ground rules are missing, natural behavior patterns often emerge spontaneously. We will write a custom essay sample on Management and Team Environment Written or any similar topic only for you Order Now * We intend to develop personal relationships to enhance trust and open communication. * We value constructive feedback. We will avoid being defensive and give feedback in a constructive manner. List some of the personal rewards and simulation offered to team members acknowledging their excellent performance. * Basic to advanced job-related computer software training to employees. In-house management and supervisory training to all supervisors/managers across departments, including programs ranging from conflict management to grammar skills.* Employees are exposed to work that is award winning and cutting edge as evidenced by the numerous awards continuously received. Also, new employees have a unique opportunity to work with proven leaders in their respective fields. What are some of the challenges you have faced when you tried to bring innovation in your team? Increased effectiveness and efficiencies; * Delivering fresh thinking and new ideas; * Creating synergies across different functions; * Product and service development. 1. With examples explain how external factors contribute innovation in teams. * Management * Manpower * Machine * material and * political * enviroment * socia-cultural * technological and * Ecological Factors Affecting Management Functions at of Mcdonald’s McDonalds is known worldwide and is now in 122 countries with over 22,500 restaurants throughout.To create the successful business that McDonalds has created, there is an excellent foundation of planning, organizing, leading and controlling. These are the four functions of management. However, there are many factors that affect these four functions. They are affected by internal and external factors. They are also affected by globalization, technology, innovation, diversity and ethics. The McDonalds management teams use delegation to deal with the different factors to control the four functions of management on a daily business to keep McDonalds successfully running.No comments PART 2 Case study Analyse the factors you believe led the problems in the bearing assembly team: One of the greatest challenges a leadership has is in moving his or her team though the various team development stages. If a manager has no, or little experience of teams and team dynamics then taking over a team and then leading that team can be a very stressful experience. Every manager should know what the various growth stages are of a developing team and they should know how best to move the team through these stages with the minimum of fuss and stress.Unfortunately, many managers do not get the necessary training or coaching in this area of team development and as such teams go through a lot of stress and turmoil when perhaps this could be minimised quite considerably. He should have enco uraged each team member to do likewise. Ensured that the team had a set of rules and guidelines and that the team had an input into how these rules are formed and agreed. Rodney should have gone over again the agreements made by the team during the forming stage and ensured that the understanding is uniform across the team.The role of Rodney was to ensure that this calm continues and that any behaviours that arised that would have been threaten the calm are channelled in the right direction. Also the leadership has an important role in conveying information particularly in relation to the successes that are starting to occur within the team. He should have been spending a lot of time with individual team members coaching them and supporting them to develop their capabilities that relate to the individual’s team role and the tasks that they have to perform in relation to the team goals.What specific steps can Rodney take to help the team through this crisis Rodney, as a leadership should have ensured that the team meets and understands the team goals, the roles they have to take on and the rules by which they have to play. He should have let th e team bleed a little and then began the healing process by facilitating their coming together. He should lessen the direction and spent time with individuals starting to coach them in relation to their roles within the team and the tasks that they had to perform. How to cite Management and Team Environment Written, Papers

Australian Government Productivity Commission

Question: Discuss about the Australian Government Productivity Commission. Answer: Introduction The focus of revenue for the government of Australia is the tourism industry of the country (Auspost.com.au, 2016). The tourism industry has been the highest GDP gainer for the country. In addition to this, the number of luxury travelers is also on the rise. The Sifotel Hotel, located in Darling harbor, is in the verge of completion in the year 2017 and currently looking for the target market where it can promote its business (Sofiteldarlingharbour.com.au, 2016). With a 35-storey building and more than 600 designer rooms, it is going to be one of the most luxurious hotels in the land of Australia. The report will look into the target market of Sifotel Hotel and specify the customers who will be interested in the hotel. Target market/ segment characteristics Domestic and international The luxury tourist from domestic and international locations should be the target customers for Sifotel Hotel in Darling Harbor in Sydney. It has been seen that the international travelers in Australia has spent $34.8 billion in the year 2015. In addition to this, the number of family trips for domestic travelers has been on a rise. Australia topped the list of buyers in the Pure Life Experience Hospitality Conference that was held in Marrakech as far as buying the hotels and tour operators are concerned. The Accor Group should also give special attention to their food as the travelers in Australia are getting inclined to the luxurious cuisines offered by the country. The travelers who are travelling to the country to taste the food of the place can also be the target of Sifotel Hotel. The government of Australia is highlighting the sophisticated local culture of Australia. Thus, they can target the tourists who are coming to Australia to taste the various cuisine of the country (Oates, 2015). The focus of the Accor Group should also be towards the older age group as many luxury travelers are falling under that age. Many travelers in Australia travel after retirement or with family when they are in the verge of retirement (Kmet, 2015). As they have earned and saved a certain amount of money, the urge of luxury travel is found to be more among this age group. As far as the tourism industry of Australia is concerned it is becoming the favorite among the people who are aiming for luxury travel. The numbers suggest that the market for luxury travel has enhanced. There has been a rise of 30.5 percent in the luxury travel in Australia in the year 2015 surpassing the United States, which has seen an increase of 26.2 percent in the same year (Hurd, 2016). Specific characteristics of target market The Accor Group should target the visitors from America, as there has been significant rise of international tourists from these two countries. The visitors from America and China are looking forward to some luxurious holidays in Australia. For the high-end travelers from America and Canada, Australian has been a common favorite. A study shows that there has been significant rise for luxurious holidays at Queensland , Victoria and Western Australia (Travelandtourworld.com, 2016). The topmost state among the list is Queensland, which has received a rise in the booking by 48 percent from the travelers in the United States. Victoria and Western Australia follow Queensland with a rise in booking 26 percent and 11 percent respectively. Due to the huge footfall of luxurious tourism, John OSullivan, the managing director of Tourism Australia has been planning to do a joint venture with one of the travelling companies in the United States. Figure 1: list of countries from where the visitors spend nights in regional areas in Australia (Source: Australian Government Productivity Commission, 2015) The above graph shows that the footfall from the countries like the United States, New Zealand and the United Kingdom is highest as far as spending nights in Australia is concerned. Hence, the Accor Group should target the international tourists from the top three countries and attract them towards the Sifotel hotel located in Darling Harbor region in Sydney. Specially designed advertisement that could attract the tourists from the above-mentioned countries would be helpful to get the most from the target market. The graph also shows that the international visitor from India, China and Singapore should get the least priority as far as the target market of the Accor Group is concerned. As far as the domestic travelers are concerned, the Accor Group should focus on the travelers who are in the age group of 50-54 years. On the other hand, the number of people who are travelling within Australia has been declined in the age group of 24-29 years. According to a study, the age group of domestic travelers was 45-49 years in the year 2002. However, in the ears 2012, the peak age group has risen to 50-54 years (Auspost.com.au, 2016). Thus, the Accor Group can target the individuals who are in the age group of 50-54 years. During that age group, the travelers are more interested in family tours and hence, the promotions should be targeted with the advertisements that will promote the family tours. The domestic holidays for the people living in Australia are mainly interested in weekend breaks that with duration of two to four days. Hence, the target market for the Accor Group should be those individuals who are travelling with the family for a few numbers of days. They can give special discounts in weekends so that the domestic travelers get attracted to Sifotel Hotel to spend their weekend. Conclusion After evaluating the tourism sector of Australia and the type of hotel that Sofitel is coming up to be, it can be concluded that the luxury travelers should be the main target for the Accor Group. Both the domestic and the international travelers are aiming for luxury tours. The main target market from the domestic industry will be the family travelers as they are more likely to go for weekend gateways. The international travelers from the United States should be the target as the flow of tourists from the United States to Australia is the highest. References Auspost.com.au,. (2016).Travel Trends - How Australians Travel - Australia Post.Auspost.com.au. Retrieved 8 September 2016, from https://auspost.com.au/how-australians-travel.html Australian Government Productivity Commission,. (2015).Australias International Tourism Industry Productivity Commission Research Paper(1st ed.). Retrieved from https://www.pc.gov.au/research/completed/international-tourism/international-tourism.pdf Hurd, S. (2016).Australia in prime position for luxury tourism growth.Impactpub.com.au. Retrieved 8 September 2016, from https://www.impactpub.com.au/micebtn/85-news/btn-news/17810-australia-in-prime-position-for-luxury-tourism-growth Kmet, M. (2015).Luxury Travel Report: Things Are Looking Good for 2015.Travelmarketreport.com. Retrieved 8 September 2016, from https://www.travelmarketreport.com/articles/Luxury-Travel-Report-Things-Are-Looking-Good-for-2015 Oates, G. (2015).Tourism Australia Uses Food to Drive Luxury Travel Spending.Skift. Retrieved 8 September 2016, from https://skift.com/2015/12/07/tourism-australias-food-marketing-is-helping-drive-luxury-travel-spending/ Qualia.com.au,. (2016).qualia - Press Releases | Hamilton Island.Qualia.com.au. Retrieved 8 September 2016, from https://www.qualia.com.au/Media-Centre/Press-Releases/Insights-from-the-inaugural-2015-Australian-Luxury Sofiteldarlingharbour.com.au,. (2016).SOFITEL DARLING HARBOUR.Sofiteldarlingharbour.com.au. Retrieved 8 September 2016, from https://sofiteldarlingharbour.com.au/ Travelandtourworld.com,. (2016).Australia a Top Destination for American Luxury Visitors - Travelandtourworld.com.Travelandtourworld.com. Retrieved 8 September 2016, from https://www.travelandtourworld.com/news/article/australia-a-top-destination-for-american-luxury-visitors/

Music, Health and Wellbeing Essay Example For Students

Music, Health and Wellbeing Essay Several studies show that patients health in various populations improved by practicing music therapy (Nonvoter, 2013), which has been widely practiced in remedying numerous, different afflictions such as pain, stress, chronic mental illness, dementia, cardiac disease, cancer, drug abuse, Parkinson disease, formability and potentially even Alchemists. Both musical artifacts and musical performances (such as performing relationships) are explored and considered as possible ways for achieving health and well-being (Baker, 2013). Music therapists can practice music therapy with one or more than one patient, commonly in the form of songwriting, lyric substitution, improvisation, singing, music listening, instruments playing, etc. By exploring sound vibrations, Parkinson patients led to improvements in symptoms, including less rigidity and better walking speed with bigger steps and reduced tremors (Amenorrhea alteration, 2009). L think music in itself is healing. Its an explosive expression of humanity. Its 3 something we are all touched by. No matter what culture were from, everyone loves music. Said by American musician Billy Joel (Andy, 2011). Compared to music therapy twenty years ago, musicians are a new population of music therapy patients. A music therapist can use music psychotherapy to help musicians with needs related to the music profession. Besides helping achieving health, music also plays a to smarter people is not based in evidence, Mozart is a stimulus affecting emotional states, which may influ ence performance in measures that test cognitive ability. According to multiple studies, childrens intellectual developments can be positively enhanced by learning instruments. Baker, 2013). With all the countless benefits, music still has some negative effects. Substantial internalizing symptoms may increase due to maladaptive listening in some circumstances (Baker, 2013). Also, the research about the link between the music of youth subcultures and well-being shows there are potential links between music and delinquency and self-harm. However, other factors like personality or family dysfunction, may have higher influence than listening to music. Comparing to verbal language, music heals and is also one of the most powerful instruments to those who only use nonverbal communication.