PROBLEM IDENTIFICATION Essay Example | Topics and Well Written Essays - 750 words

PROBLEM IDENTIFICATION - Essay Example These two areas are very important because the front office provide the first impression that guest have about a hotel. The front office agents must therefore exhibit high standards of mannerism in greeting guests, welcoming them; smiling and having guests feel at home. The root cause of negative mannerism and knowledge at the San Francisco Marriott Marquis hotels front desk services can be categorized as inadequacies in personnel, procedures, policies and equipment. The weaknesses on the blueprint are on the physical evidence and the onstage employee action areas since they affect customers’ actions. In the blueprint for the Marriott Marquis Hotel, front office is physical evidence. Physical evidence in this case is the environment and people within the front office area. For every moment of truth and each action taken by the customer, the physical evidence that customers come into contact with is critical (Baum & Odgers, 2001). Front office consists of tangibles, that customer come into contact with that are likely to influence how business customers perceive quality at the Marriott Marquis Hotel’s front desk. Poorly arranged front office will deter business customers from booking the hotel. Onstage employee action is the second area on the blueprint that is affected by the weaknesses mentioned above. Front office are onstage employees and are actively involved in making reservations, giving suggestions, phone calls receiving, manage registration process, fulfilling guest needs/delivering bags, solve their problems, and process the registrations of their business customers. There is high degree of interaction with business customers in the blueprint thus the type of interaction influences their action. Poor manners and knowledge by front office agents will definitely results into poor guest experience and impression of the hotel. In this respect, personnel attributes such as poor training, attitude, poor communication etiquette, bad customer

Organizational Leadership Term Paper Example | Topics and Well Written Essays - 2750 words - 2

Organizational Leadership - Term Paper Example Resources should be readily available for organisation’s operation to flow smoothly on a daily basis. When resources are insufficient in an organisation, activities in various departments are delayed. This delay affects the pace or timing or achieving set targets and objectives. For organisational goals to be achieved, effective strategies have to be outlined, and required resources have to be availed. Also, the organisational leadership has to be outstanding. This paper will analyse concepts in organisational leadership and implications of theory X, Y and Z leaders in modern organisations. According to theory X, employees in every business organisation do not like what they do. It argues that employees must be forced to do assigned duties and responsibilities, through pressure and control from managers. In a business organisation, the most vital resources are the human ones. These resources (employees) determine the success of the organisation in its quest to achieve its goals and objectives. The way they execute assigned duties enables managers to check whether objectives are likely to be realised or not. Leaders in an organisation are responsible for performance of employees. They are required to set a good direction that should be followed by all members within the organisation. The direction set is vital in outlining how things should be run in the company. Theory X states that for all operations to run as planned, the leaders in an organisation should be harsh. They need to be strict, and on employees’ heels so that good results can be realised, at the end of specified period because theory X gives authority to management not to involve employees when making vital decisions on behalf of the whole company. Management only consult among themselves when coming up with plans and strategies to counter uncertainties. The fast decision making process is vital to an organisation since decisions are made quickly, hence minimising

Effects of Melatonin Treatment :: Biology Essays Research Papers

http://www.ceri.com/melaton.htmEffects of Melatonin Treatment In order to discuss Melatonin as a drug and its effects on behavior we need to define Melatonin and what role it plays in relation to brain and behavior. Melatonin is a hormone that is secreted into the bloodstream by the pineal gland. The pineal gland is a small, pea sized structure near the center of the brain. Signals from the eyes regulate the secretion of Melatonin. A person's internal clock, will fluctuate between a 23-25 hour a day cycle. Therefore, our Melatonin levels decrease and increase with the rising and setting of the sun, which aid to putting an individual on a 24 hour awake/sleep cycle.(1) The actual effects of taking Melatonin orally have been disputed for quite some time. Some facts that I had picked up were that Melatonin levels decrease with age. This decline can account for the difficulty many elderly people have with falling asleep. As the pineal gland breaks down, less and less Melatonin is being released, therefore making it more difficult to regulate the internal clock. There is still a lot of information about Melatonin that remains unknown. There is much controversy as to what the drug actually can, and does, do. Many people claim that it is capable of extending a person's life, "curing" insomnia, working as an anti-oxidant, changing a person's mood, de-stressing people, improving one's sexual life, and curing certain types of depression, but many believe otherwise. (2) I am not thoroughly convinced either way because of the contrasting opinions. I decided to make my own observations and come to my own conclusions by conducting a little experiment of my own. I am going to focus on just the effects of whether or not Melatonin will aid people in getting sleep. Observation has always been a simple way for me to derive whether or not something actually works. But in light of our class discussion, I do not know if that is the most appropriate way to look at things. We have discussed that some behavior is internal and we do not see that on the exterior of the body. But for all intents and purposes, my observations for the effectiveness of Melatonin were external ones. My internal clock is really messed up. I usually sleep until 9:30 in the morning, but never head off to bed before 3 or 3:30. So Melatonin looked like a very appealing idea to procure a little more sleep.

East Coast vs. West Coast Essay

Throughout the nineties there was an movement in hip hop, the infamous East coast rap vs West coast between rap musicians. It was a separational movement that caused both sides to end the lives of two most influential rappers in the music industry, Notorious B.I.G and Tupac Shakur. Both rappers with similar backgrounds have changed the music scene completely with one sudden movement. Known mainly for their rivalry against one another and compared because of the backgrounds, these two artist had quite a distinctiveness to one another. Notorious B.I.G and Tupac Shakur are great influential artist in the music industry and had similar backgrounds but distinctive enough to cause a separation that influenced the music industry then and now. I had watched a documentary, based off of the infamous rappers and their start up in the music industry, titled Tupac and Biggie where I got information on both sides. To begin with both rappers had similar upbringing for instance, were born in the sta te of New York, Tupac in Harlem and Biggie in Brooklyn. However, Tupac did move around growing up to Baltimore, Maryland in 1984 and finally to Oakland, California in 1988 by the age of 17. Biggie had more of an interesting beginning, unlike his soon to be rival, he had been raised by a single mother who was a teacher and had lived in a 3 bedroom apartment, not how he claimed on his song ‘Juice’ as a â€Å"one-room shack†. Meanwhile, Tupac was also raised by a single mother, however had been a part of the anti-government group the Black Panther Party, which would later be a foundation to his rap verses on political stans. Like most rappers they both would have a rough upbringing, and Biggie would start drug dealing at the age of 14 to help support his family, till discovered musically. Interestingly enough, Tupac had an interest in acting and attended performing art schools and create his passion for poetry, turned later to rap rhymes. Tupac was the fortunate one, and was able to join a music group to help his career while Biggie had to perform out in the streets, as the footage shows. Also, in the film, they discuss how both rappers dropped out of h igh school around the same age, 17,and both to pursue their music passions and help support the family they had. The upcoming of both rappers would influence each on their music that would have an impact on the top charts. Musically, both rappers had distinctive sounds, Biggie was known to have a better flow and well produced beat that  was more Top 40, while Tupac had a greater influence on lyricism because of his deep passion for poetry and political stans. Tupac was well known to speak his mind explicitly and rhymed about topics such as, women rights, african american discrimination, and police injustice. Something most seem to forget is that Biggie used to have open shows for Tupac before the notorious rapper would have his own high fame, this also showed that both rappers had a great friendship before a great dispute The documentary shows rare footage of the two hugging after Biggie’s first album release and great success. The two were loved by audiences and fans but had showed within the top charts throughout the nineties. On ratings Biggie was in the lead with fewer singles that reached higher spots on the charts. Meanwhile, Tupac delivered over 15 singles, and not as many reaching high spots as Biggie had with only 10 singles. Although, both lyrically did have similar writing, rapping about poor upbringings, whether it was an alter ego for Biggie or reality for Tupac, fans wanted more of this profound explicit music. Undoub tedly the two are compared to see which was better, personally cannot judge which was better because of the differences they had on their music, biggie flowed, but tupac spoke. Another great influence these both rappers had for their music and personal lives, was the cliques they surrounded themselves with throughout their high points in fame and fortune. The film talks about how Tupac joined a musical rap group when he had moved to California, Digital Underground, but later had gone solo and joined the record company, Death Row Records. Meanwhile Biggie was signed onto Bad Boy Records, and he had been signed onto the record company by another famous rapper Diddy. Tupac was around many people however, one of his many allegiances was Suge Knight. Suge Knight is an founder of the record company Tupac had been signed onto and was often seen with Tupac by the media in photographs and video footage. Throughout the film the audience is drawn towards the conclusion that Suge Knight was involved in both deaths of Tupac and Biggie. Aswell as Suge Knight, Diddy was also involved in the murders of both musicians, as the film goes on. The death of both rappers were similar but different from one another. The dispute between the rappers had started because of Suge Knight and Diddy, creating the West Coast vs East Coast dispute in the Hip Hop commu nity. This great dispute would have each Coast of rappers defensive over the side they were representing, and cause a huge  rivalry between everyone. From rap group NWA to rappers such as, Snoop Dogg and Nas, everyone in the Hip Hop world took a side. After releasing a record titled â€Å"Who Shot Ya?† Tupac was under the impression Biggie had been set out to kill him after a robbery at his home that nearly ended his life with the theifs holding him at gunpoint one night. This would add fuel to the burning flame that they were trying to burn out caused by the record company executives, Suge and Diddy. After one diss record after another the two rappers, Biggie and Tupac seemed to enjoy the drama but were on high alert for one another. However in the end, Tupac was shot and killed in Las Vegas, Nevada on September 13, 1996, he had been kicked out and forced to leave a casino one night after a brawl. Less than a year later, Biggie was shot and killed on March 9, 1997 in Los Angeles, California. Biggie had left a recording studio in Los Angeles, and when outside was shot in his vehicle. Both rappers had a big influence on the music industry, however the fans were left with legends gone too soon. More importantly the deaths of the rappers were a huge impact on the community they each had represented. In Brooklyn, during the funeral of the Notorious B.I.G. many fans of the community were outside in the streets showing their respect that the rapper had deserved. In the film you see footage of the funeral with hundreds of fans onlooking the hearse carrying his body throughout the streets of Brooklyn that he had onced hussled to make a living. At one point of the funeral footage, you can see fans playing one of his hit singles and dancing to the rap song, showing that no matter if dead or alive, the rapper would live on and have respect in the community and be played. However on the other Coast, only close friends of Tupac attended his funeral even though there were many candle lighting ceremonies for the rapper from fans. Tupac was cremated and his ashes were spreaded into the ocean in the West Coast, as well as a few of his favorite things such as, Hennessy liquor, cigarettes, cd’s and gold chains. The legacy of each rapper was different from one another, Tupac spoke for Afr ican American men that had been mistreated by the corrupted justice system, and also towards women, and the respect they should deserve from men. The Notorious B.I.G. left his community with aspiration on being able to succeed no matter where you came from and gave hope to many. Both of the rappers left an impact on the music industry and had different legacies for their community and fans.  Without a doubt, both rappers have had influenced many modern day rappers that are or aren’t in the industry today. The documentary shows different musicians, some that are not even in the rap genre, talking about how each rapper left an impact on their lives, A famous rapper by the name of 50 cent says in the film, that there was not going to be another rapper like Tupac and that there was not going to be another rapper like Biggie. Many artist now pay homage to both rappers to show respect on the struggle Hip Hop has had in being accepted. Now a days rappers have showed respect in many ways such as giving shout outs on songs to the rappers or sample beats from past hits of the late rappers, to even having holograms of the artist at live shows. Another sign of respect to the artist is that their music goes on, even after being gone, unreleased music of both rap pers rises to the public every now and then to remember the days the rappers held the crown. Biggie has released three albums since his death and Tupac five, music that was intended to be released at a point but after the misfortunate deaths was never completely finished. With posthumous albums being released it gives inspiration for musicians to get more of a better understanding of the rappers and pass techniques used by the rappers. The distinctiveness in each rappers work of music, left an influential aspiration for other musicians in the industry, Biggie had a better rhythm with his rhymes and Tupac was open to talk about social issues going on. In the end, both rappers were raised differently and had different backgrounds that influenced their work. Yet throughout their careers the similarities of the rappers was visible and the distinctiveness caused a barrier in their friendship. Leading to a grand movement in music history, but also the the deaths of both rappers. Tupac and Biggie are some of the greatest influentials of rap music and have caused similar aspirations for other artist. Works Cited Biggie and Tupac. Dir. Nick Broomfeild. Perf. The Notorious B.I.G., Tupac Shakur, Nick Broomfeild. FilmFour, 2002. DVD.

A Group Therapy Model For Adolescents - 3044 Words

Abstract The purpose of this research paper is to create a group therapy model for adolescents who engage in substance abuse. By using literature and already tested models of group therapy, the goal is create a hybrid of those models while taking out what does not work. The need for this type of group therapy model is evident in the facts about adolescents and substance abuse. This paper will take the reader through all of the steps that are necessary to have an effective group therapy as well as how to run aspect of that group. Keywords: Adolescents, Group Therapy, Substance Abuse. The effectiveness of Group Therapy on Adolescents that Engage in Substance Abuse Adolescent substance abuse is a phenomenon in our country that has been steadily inclining ever since the 2000’s. The effects of this incline are very straight forward and call for action. The facts are that alcohol and drugs are the leading causes of crime among youth and that alcohol and drugs are the leading factors in teenage suicide. (National Council on Alcoholism and Drug Dependence, Inc., 2014) Because adolescence is such a crucial developmental age the effects of alcohol and drug use are catastrophic. To fully understand this phenomenon we must firs operationalize all of the factors we are trying to study. The DSM V classifies substance abuse as, â€Å"A maladaptive pattern of substance use leading to clinically significant impairment or distress, as manifested by one (or more) of the following, occurringShow MoreRelatedAdolescent Drug Abuse1306 Words   |  6 PagesAdolescent Drug Abuse I.) Introduction: Crack, booze, pot, crystal- from the inner city to the suburbs to small towns, the world of the adolescent is permeated by drugs. When a little harmless experimentation becomes addiction, parents, teachers, and clinicians are often at a loss. For this age group (roughly ages 13 to 23), traditional substance abuse programs simply are not enough (Nowinski, inside cover). Today s society provides many challenges for adolescents that ourRead MoreDoes Counseling Overlook Glbt Students Needs? Essay1742 Words   |  7 Pages‘outcasts’ due to the humiliation associated with their sexuality. Most schools may actively promote heterosexism and unintentionally encourage homophobic tendencies. Counselors usually group GLBT students into the high-risk category. According to Bagley Tremblay (2000), counselors consider GLBT students as a high-risk group because they are more likely to abuse drugs, commit suicide, have low self-esteem, engage in unhealthy sexual activities or suffer from psychological stress and depression. ConsequentlyRead MoreAdolescent Females And Self Esteem1262 Words   |  6 Pagescounseling group to increase self-esteem in adolescent females ages 15 to 17. 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Derivatives Mishaps Example For Free - Free Essay Example

Sample details Pages: 8 Words: 2539 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Metallgesellschaft Corporation is one of the subsidiaries of Metallgesellschaft A.G. , a German Conglomerate which largely owned by institutional investors and banks such as Deutsche Bank AG, the Dresdner Bank AG, Daimler-Benz, Allianz and the Kuwait Investment Authority. In 1993, Metallgesellschaft Refining and Marketing known as MGRM which is one of the Metallgesellschafts trading subsidiary, had decided to establish a huge amount of derivatives positions which consists of futures and swaps to perform hedging on its price exposure and MGRM was to sell certain amount of petroleum for up to 10 years at a fixed prices. Don’t waste time! Our writers will create an original "Derivatives Mishaps Example For Free" essay for you Create order Mostly the clients or customers of MGRM are retail gasoline suppliers, large manufacturing firms and government agencies. The total amount of petroleum barrels that MGRM had committed to deliver are 160 million barrels. MGRM provided their customer petroleum at a fixed price who they often face liquidity and margin issues when oil price rises and MGRM believed that it is possible to arbitrage with the spot market and long term contract. MGRM had provided their customers a chance to shift the price risk in the fluctuating oil price market as MGRM had confidence in their financial resources were able to manage risk transference efficiently. One of the MGRM hedging strategy in order to manage spot price risk was to use front-end month futures on NYMEX. Besides that MGRM employed stacked hedging strategy but not spreading them over longer dated and maturity. Eventually, things went opposite to MGRMs assumption and Metallgesellschaft had reported a total loss of $1.3 billion in late 19 93 . Metallgesellschaft had requested bailout from the investors and banks with a total amount of $1.9 billion in order to rescue and prevent it from going into bankruptcy. Causes of Derivatives Mishaps One of the causes that lead to derivative mishaps is the assumption of economics of scale and was mistaken by MGRM by going for long future and entered into OTC swap agreements. When the prices of the oil rises, MGRM will generates a gain but when the price falls, MGRM will suffer losses. Therefore, this rolling strategy is working when MRGM hedging against MGRM clients trades when only the oil price drops while MGRM suffer loses when the price rises . MRGMs forward contract has leaded them into a dangerous position when there is a rising price of the oil. Such hedging strategy had been exposing the firm to three risk which is the basis risk, liquidity risk and also credit risk. The firm was hedging with a maturity structure which was mismatch with its delivery contracts. It will expose the firm to basis risk because the value of the short dated futures positions is not compensated by equal and opposite variations in the value of the long-dated delivery contract. The value of th e contract will not be able to hedge perfectly because of the mismatch of the maturity. All the gain and losses are settled daily. The holder need to pay or receives an amount equal to the daily change in the future price. When the price drop, MRGM need to incur negative cash flow to fund for the margin calls. Besides that, the future contract contained an option which enabled the counterparties to closure the contract early if the New York Mercantile Exchange future contract was greater than the selling price of the MRGM. This option is attractive to the customer which have financial distress problem. Other than that, the hedge was created with a view that the market would be in backwardationÂÂ  situation. The risk manager believes that the market will remain in the backwardation because it is usually happen in the stock market. Therefore, they decided to follow the hedge strategy. However, the market has shifted to contangoÂÂ  where the futures prices are higher than the spot prices. This causes the increasing in the cost of the hedge. All the gain due to the short positions was more than offset by a loss due to the futures positions. It will causes certain issue as to the size of the firms total open interest was a larger percentage of the total and making these position to be liquidated will be harder and more challenging. The firm also exposed themselves with the risk that not having enough amount of funds in case of immediate margin calls. The firm faced some problems in providing certain amount of funds to maintain the position.A hedge is supposed to transfer away the market risk but the firm was exposed to the risk that needs to find out the cash for the immediate margin call that caused by the contango effect. They were exposing themselves to 85 days worth of the entire output of Kuwait. If oil prices happens to decrease, MGRM would incur losses on their dedicated hedging positions and would undoubtedly receiving margin calls. As such leading to negative cash flow in the short run as no cash would be received for the gain in the value of the forward contracts until the oil was sold although the gain in the forward contract positions would offset the losses. No economic loss would occur because of their hedge strategy, but the size of their position created a funding risk. The stack and roll strategy cause the losses because in a contango market the spot price decreased more than the futures prices. Other than that, German accounting standards also compounded MGRM problems. Lower of Cost or Market (LCM) accounting is a standard required in Germany. While in the United States, MGRM undoubtedly met the requirements of a hedge and received hedge accounting. Therefore, profit was shown in MGRM financial statement. Their hedge losses were deferred because they offset the gains of their forward contract. However, MG was required to subscribe their current losses without recognizing the gains on their fixed-rate fo rward positions until they were realized by using LCM. MGs income statement was a failure since the German accounting standards did not allow for the netting of position.. This drastically changed the market arena for MGRM. Therefore, the swap counterparties required additional capital to maintain their swap positions and the NYMEX imposed more margin requirements on MGRM more than doubling their performance bond requirement. MGRMs positions may not have alarmed the marketplace and they might have been able to reduce their positions in the OTC market without getting their eyeballs pulled out if the hedge accounting had been acceptable in Germany. Hedging Alternative to Avoid Mishaps In this hedging activity did by Metallgesellschaft (MGRM), by guarantying their customers fix price for gasoline, heating oil and diesel fuel. This hedging had make MGRM expose to many different risk, price risk, credit risk and delivery risk. MGRM could use many different ways to hedge their position. These hedging strategies have pros and con as shown below. Alternative A MGRM can use lower hedge ratio, reducing the hedge ratio will minimize cash flow variance and increase the companys liquidity risk. It also takes into account on basis risk, use correlation of assets as hedge ratio. However, by using this strategy MGRMs dynamic adjustments could be expensive; this is because the transaction cost will eventually increase. Alternative B MGRM could hedge with short maturity forwards; this action will let the company to reduce basis risk because MGRM has long short term futures. This action also increases the companys liquidity in market. Alternative C The other option for MGRM to hedge is to include option as part of their hedging strategy. Company could always use option to limit their lost to make sure the risk they face is manageable. MRGM could long zero cost collar as part of their strategy. Zero cost collar is a type of positive-carry collar that secures a return through the purchase of a cap and sale of a floor.ÂÂ  Also called zero cost options or equity risk reversals. This could limit their downside lost. Besides, MGRM also can use long call option with similar maturity to protect themselves from exposing to too much risk. With call option, the company face limited downside and have give the company to realize unlimited profit. As show in the graph, x-axis shows the profit of the company and y-axis shows the price for the underlying asset (gasoline, heating oil and diesel fuel). Alternative D Furthermore, MGRM can transfer all the risk to a third party by selling off all the delivery contracts. By selling the delivery contracts, the company will obtain an origination fee that makes sure a certain profit. The cons from the action is the company has to give up most of the expected profits because not matter how much the contracts earn; the profit will be transfer to the third party. Besides, due to the complexity of the contract it will be hard to sell it. These contracts have non-transparency problem including counterparty risk, embedded option, long term maturity contracts, etc. Alternative E Another alternative is the company own physical storage of the underlying asset. The company can create a large network of storage facilities, having lots of inventory will help company to meet customers demand. But, this alternative is not practical, because it is nearly impossible to store oil for 10 years and it will be very expensive to pay the storage cost. These are the suggested alternative that MGRM could use. But the final decision will still based on the financial experts. They will analysis the current economic performance, inflation and etc to make their final decision. Lessons Learnt from Hedging: Metallgesellschafts near-collapse and experience with derivatives suggests some lessons. Value hedging and cash flow hedging is very important because a hedge with mismatched maturity can create to an enormous funding risks. Problems may occur when a hedging strategy is set up without a careful regard for the financing it may require. MGs strategy should make both of the cash flow patterns and its firms value a crucial part to consider or put it as the main concern. Besides that, another lesson learned is that the accounting and disclosure conventions must be appropriate. Conflicting and inappropriate accounting and disclosure conventions can create uncertainty about a firms hedging strategy and make it difficult for the firm to raise income when it needs to. The case of MG shows the dangers of treating derivatives positions differently from the assets or liabilities that the derivatives are being used to hedge. There should not be accounting reorganization of gains and losses o n derivatives positions used for hedging unless the gains and losses on the positions that are being hedged also are recognized. In additional, it is also very important that both senior managers and the board of directors of a firm should understand how a firm is using derivatives. They should understand the risks associated with it if they use derivatives as part of the hedging strategy. In other words, approval from the board is needed before the strategy is implemented. Senior managers should understand the firms exposure to changes in prices and to basis changes, and should be informed about potential funding needs. For the case of Metallgesellschaft, it is believe that its supervisory board did not fully understand the risks associated with MGRMs forward-contracting and associated hedging strategy or did not correctly evaluate these risks when approved the strategy. Metallgesellschaft also gave us a lesson about the important of boards and managers to acknowledge financi al and regulatory constraints. It is important for hedgers to foresee or expect and to manage funding needs. Financial institutions or the creditor banks play an important rule here. It needs to have the backing of financial institutions that understand and approve of the firms use of derivatives, and are willing to advance credit to fund margin outflows on derivatives positions. For the case of Metallgesellschaft, it is believe that they did not have such an understanding with its creditor banks. Another lesson we can learn from Metallgesellschaft is that cash is the crucial thing when in the time of distress or debacle. Metallgesellschafts delivery contracts were not liquid enough and facing difficulty to the extent of very low possibility to sell it off at a reasonable price. As the strategy was not able to finance by it ownself, Metallgesellschaft had to request bailout from investors and banks to settle its market debts and avoid bankruptcy. Other than that, complexity is another matter influence the risk management which will makes the risk management more difficult. Somehow, the implementation and analysis of Metallgesellschafts strategy was rather complex than the original strategy planned beforehand. The complexity of cash-out option ,delivery contracts and their enormous derivative positions had cause difficulty in evaluating its economic of oil trading. Complexity indirectly building obscurity and confusion resulting in vulnerability in business and difficulty in financing. Last but not least, the other lesson that can be learned is that a firm which established a huge position in market will never gets undetected. When a firm controlling such a large share of open interest, markets can become dysfunctional in two ways which is either the company can gain competitive advantage and to eliminate its competitors , if those participants remain stagnant and disorganized; or the company itself can be eliminated, if other market competitors begin to fulfill the role of counterparty and trade against the company in an organized manner. As Metallgesellschaft gigantic hedging position is transparent enough to alert the specialists in the oil markets, the specialists knew that Metallgesellschaft would have no choice but continue rollin. The specialist traders were waiting for the chance when Metallgesellschaft started to move a big position . Eventually, the lessons we can learned from the case of Metallgesellschaft include the importance of value hedging and cash flow hedging, the accounting and disclosure conventions must be appropriate, both senior managers and the board of directors of a firm should understand how a firm is using derivatives, the importance of boards and managers to acknowledge financial and regulatory constraints, cash is King when in the time of debacle, avoid complexity which affects risk management and a big position in the markets never goes undetected. Conclusion Although hedging is a good way to manage a firms exposure to risk, risk manager should be always be aware and be careful when performing hedging. As what had lead to MGRMs derivatives mishaps is they had overhedged , all the necessary information and data must be collected and carefully calculated and the right amount of the underlying assets needed to be hedged should be measured well planned beforehand. Besides that, Board of Directors and managers must understand the derivatives strategies and implication. As from the case of MGRM , it suggest that the Board might not fully understand the risk associated with the hedging strategy and did not evaluate the risk when approving them. So its critical that Boards and manager must understand the using of derivatives as hedging strategy and their potential risk and ramifications. In conclusion , hedging will be beneficial to firms as it can work as protection against price movements but it will works against you like what had happ ened to Metallgesellschaft if one does not carry out the hedge cautiously, so everything must be planned carefully and managers must be sensitive and knowledgeable about the risk of hedging and always aware of regulatory actions by the officials and potential consequences when establish a hedging position.

The Perception Of Media During The 20th Century - 1067 Words

â€Å"Right on the shooting line, right on the frontier of change.†- stated by one of the most intelligent, and influential communication theorist of all time, Marshall McLuhan, has advanced and changed the worlds perception of media during the 20th century. â€Å"The medium is the message† is said to be one of the most famous statements in history as it focuses towards the overall idea of media, studying the traits and effects of the senses of an individual. Though he is hailed as an influential figure of the internet age, having understood the power of the internet long before anyone else, many new things have been introduced to the world of media today. Whether it is an app to communicate through the use of images and tweets, or an online movie†¦show more content†¦First, let us touch upon what really is a smartphone, and the evolution of the medium itself. Although the mobile phone has been used for many decades, the smartphone has been one of the most succ essful stories of the last decade with the advancement and complexity. Smartphones are mobile devices that offer not only the basic functions of a phone with having the ability to send a text and communicating through calls, but also being able to perform many advanced functions of a computer. Internet access, high quality camera, exceptional memory, recording devices, geo-positioning systems and more are all included within the smartphones in this day and age. With the creation of simply downloading any app on the smartphone also constructed a dynamic feature for the industry. There is an app out there for just about anything and everything, whether it is for social needs, entertainment needs, or even educational needs. This medium has forced us to adopt this certain culture where we are always connected to our peers, communities and the world. The smartphone has pierced itself into society, snatching a huge number of subscribers from five year-olds learning how to spell and speak with an app, to senior citizens keeping in touch with their family and a safety device in the event of an accident potentially.