Ankgor Civilization, the Khmer Empire in Southeast Asia

Ankgor Civilization, the Khmer Empire in Southeast Asia The Angkor Civilization (or Khmer Empire) is the name given to an important civilization of southeast Asia, including all of Cambodia and southeastern Thailand and northern Vietnam, with its classic period dated roughly between 800 to 1300 AD. It is also the name of one of the medieval Khmer capital cities, containing some of the most spectacular temples in the world, such as Angkor Wat. The ancestors of the Angkor civilization are thought to have migrated into Cambodia along the Mekong River during the 3rd millennium BC. Their original center, established by 1000 BC, was located on the shore of the large lake called Tonle Sap, but a truly sophisticated (and enormous) irrigation system allowed the spread of the civilization into the countryside away from the lake. Angkor (Khmer) Society During the classic period, the Khmer society was a cosmopolitan blend of Pali and Sanskrit rituals resulting from a fusion of Hindu and High Buddhist belief systems, probably the effects of Cambodias role in the extensive trade system connecting Rome, India, and China during the last few centuries BC. This fusion served as both the religious core of the society and as the political and economic basis on which the empire was built. The Khmer society was led by an extensive court system with both religious and secular nobles, artisans, fishermen and rice farmers, soldiers, and elephant keepers: Angkor was protected by an army using elephants. The elites collected and redistributed taxes, and temple inscriptions attest to a detailed barter system. A wide range of commodities was traded between Khmer cities and China, including rare woods, elephant tusks, cardamom and other spices, wax, gold, silver, and silk. Tang Dynasty (AD 618-907) porcelain has been found at Angkor: Song Dynasty (AD 960-1279) whitewares such as Qinghai boxes have been identified at several Angkor centers. The Khmer documented their religious and political tenets in Sanskrit inscribed on stelae and on temple walls throughout the empire. Bas-reliefs at Angkor Wat, Bayon and Banteay Chhmar describe great military expeditions to neighboring polities using elephants and horses, chariots and war canoes, although there doesnt seem to have been a standing army. The end of Angkor came in the mid-14th century  and was partly brought about by a change in religious belief in the region, from Hinduism and High Buddhism to more democratic Buddhist practices. At the same, an environmental collapse is seen by some scholars as having a role in the disappearance  of Angkor. Road Systems among the Khmer The immense Khmer empire was united by a series of roads, comprised of six main arteries extending out of Angkor for a total of ~1,000 kilometers (~620 miles). Secondary roads and causeways served local traffic in and around the Khmer cities. The roads which interconnected Angkor and Phimai, Vat Phu, Preah Khan, Sambor Prei Kuk and Sdok Kaka Thom (as plotted by the Living Angkor Road Project) were fairly straight  and constructed of earth piled from either side of the route in long flat strips. The road surfaces were up to 10 meters (~33 feet) wide and in some places were raised to as much as 5-6 m (16-20 ft) above the ground. The Hydraulic City Recent work conducted at Angkor by the Greater Angkor Project (GAP)  used advanced radar remote sensing applications to map the city and its environs. The project identified the urban complex of about 200-400 square kilometers, surrounded by a vast agricultural complex of farmlands, local villages, temples and ponds, all connected by a web of earthen-walled canals, part of a vast water control system. The GAP newly identified at least 74 structures as possible temples. The results of the survey suggest that the city of Angkor, including the temples, agricultural fields, residences (or occupation mounds), and hydraulic network, covered an area of nearly 3,000 square kilometers over the length of its occupation, making Angkor the largest low-density pre-industrial city on earth. Because of the enormous aerial spread of the city, and the clear emphasis on water catchment, storage, and redistribution, members of the GAP call Angkor a hydraulic city, in that villages within the greater Angkor area were set up with local temples, each surrounded by a shallow moat and traversed by earthen causeways. Large canals connected cities and rice fields, acting both as irrigation and roadway. Archaeology at Angkor Archaeologists who have worked at Angkor Wat include Charles Higham, Michael Vickery, Michael Coe and Roland Fletcher; recent work by the GAP is based in part on the  mid-20th-century  mapping work of Bernard-Philippe Groslier of the École Franà §aise dExtrà ªme-Orient (EFEO). The photographer  Pierre Paris  took great strides with his photos of the region in the 1920s. Due in part to its enormous size, and in part to the political struggles of Cambodia in the latter half of the 19th century, excavation has been limited. Khmer Archaeological Sites Cambodia:  Angkor Wat, Preah Palilay, Baphuon, Preah Pithu, Koh Ker, Ta Keo,  Thmà ¢Ã‚  Anlong,  Sambor Prei Kuk, Phum Snay, Angkor BoreiVietnam:  Oc Eo,  Thailand:  Ban  Non Wat,  Ban Lum Khao, Prasat Hin Phimai, Prasat Phanom Wan Sources Coe MD. 2003.  Angkor and the Khmer Civilization. Thames and Hudson, London.Domett KM, OReilly DJW, and Buckley HR. 2011.  Bioarchaeological evidence for conflict in Iron Age north-west Cambodia.  Antiquity  86(328):441-458.Evans D, Pottier C, Fletcher R, Hensley S, Tapley I, Milne A, and Barbetti M. 2007.  A new archaeological map of the world’s largest preindustrial settlement complex at Angkor, Cambodia.  Proceedings of the National Academy of Sciences  104(36):14277-14282.Hendrickson M. 2011.  A transport geographic perspective on travel and communication in Angkorian Southeast Asia (ninth to fifteenth centuries AD).  World Archaeology  43(3):444-457.Higham C. 2001.  The Civilization of Angkor. Weidenfeld Nicolson, London.Penny D, Hua Q, Pottier C, Fletcher R, and Barbetti M. 2007.  The use of AMS 14C dating to explore issues of occupation and demise at the medieval city of Angkor, Cambodia.  Nuclear Instruments and Methods in Physics Research Bà ‚  259:388–394.Sanderson DCW, Bishop P, Stark M, Alexander S, and Penny D. 2007.  Luminescence dating of canal sediments from Angkor Borei, Mekong Delta, Southern Cambodia.  Quaternary Geochronology  2:322–329. Siedel H, Pfefferkorn S, von Plehwe-Leisen E, and Leisen H. 2010.  Sandstone weathering in  tropical  climate: Results of low-destructive investigations at the temple of Angkor Wat, Cambodia.  Engineering Geology  115(3-4):182-192.Uchida E, Cunin O, Suda C, Ueno A, and Nakagawa T. 2007.  Consideration  on  the construction process and the sandstone quarries during the Angkor period based on the magnetic susceptibility.  Journal of Archaeological Science  34:924-935.

The Role Of Accounting In The Collapse Of Game Group The WritePass Journal

The Role Of Accounting In The Collapse Of Game Group Introduction The Role Of Accounting In The Collapse Of Game Group , the company officially filed for administration as it became evident that it could no longer continue as a going concern (Robinson, 2012; BBC, 2012). Past experience suggests that accounting has contributed to many cases of corporate failure. This was the case with the failures of Enron, WorldCom and many other companies. The objective of this paper is to discuss how accounting contributed to the failure of The Game Group plc. The paper begins by presenting theoretical and empirical evidence on how accounting can contribute to corporate collapse in section 2; section 3 discusses how accounting contributed to the collapse of the Game Group by making reference to the evidence presented in section 2; section 4 provides a summary and conclusion of the paper. Accounting and Corporate Collapse Creative accounting has been cited as one of the principal causes of corporate collapse. Companies like Enron, WorldCom and Tyco International filed for Bankruptcy under Chapter 7 as a result of poor accounting. The managers of these companies were involved in lies, deceit, cover-up and above all shoddy accounting, which could not be sustained for long. As a result, the share prices of the companies were bound to fall and thus the companies themselves were bound to file for bankruptcy under chapter 7 of the US Bankruptcy Code. Creative accounting involves the use of accounting techniques that may or may not be in compliance with generally accepted accounting principles (GAAPs) but that certainly deviate significantly ethical standards (Ghosh, 2010). When involved in creative accounting, managers often make use of novel approaches to reporting income so as to influence the outcome of contractual agreements that are determined by financial reports (Ghosh, 2010). Creative accounting involves systematically misrepresenting the true earnings and asset values of companies. Creative accounting has been responsible for a number of high profile cases of corporate failures such as Enron, WorldCom, Adelphia and Tyco International. One of the most commonly used forms of creative accounting is earnings management. Earnings management occurs when management employ judgment in financial reporting and transaction structuring with the intent of altering financial information either to influence the outcome of contractual agreements that depend on financial reports or to mislead interested parties about the performance, changes in financial position and financial position of the company (Healy and Wahlen, 1999). Earnings management represents â€Å"a purposeful intervention in the external financial reporting process, with the intent of obtaining some private gain† (Schipper, 1989). Most of the figures in the balance sheet and income statement are based on accrual accounting which arises because not all transactions are settled in cash at the time they are entered into. Therefore, accrual accounting must be used to record assets and liabilities that arise as a result of the time difference between the inceptio n of the transaction and the time the transaction is settled. This has resulted in the use of discretionary accounting. Managers employ discretionary accrual accounting to satisfy their selfish desires (Heemskerk and Va der Tas, 2006). The use of discretionary accruals is considered earnings management when managers employ it to influence the share price of their company or to obtain some other benefit that is of a personal nature. Earnings management has been an important subject of debate in the accounting literature with most studies focusing on understanding the factors that motivate managements to manae earnings. A bonus-maximisation theory has thus been suggested which states that managers manager earnings to maximise bonuses. For example, evidence suggests discretionary accruals are employed by managers to maximise short-term bonuses (Healy, 1985). Similar evidence is suggested in Gaver et al. (1995) and Hotlthausen et al. (1995) who observe that managers make use of accrual accounting to reduce earnings when earnings are above their maximum bonus level. However, such accruals are not employed when the minimum bonus level has not been attained (Holthausen et al., 1995; Gaver et al. (1995). An income smoothing theory has also been suggested which argues that managers like to observe a smooth pattern in earnings. Consequently a number of accounting techniques are employed to ensure that earnings are smooth over time. Gaver et al. (1995) provide evidence that is consistent with the smoothing theory. In addition, Guidry et al. (1999) and Tao (2007) observe that earnings management is carried out because managers do not want significant differences to occur between actual and predicted earnings. It has also been argued that managers hate reporting a decline in earnings. Consequently, accounting techniques are employed to ensure that the change in earnings over time is positive. Burgstahler and Dichev (1997) provide evidence that is consistent with this incentive by observing that managers tend to emphasise an increase in earnings in the Annual Report Section titled: â€Å"Management Discussion†. In Tenneco’s 1994 Annual Report for example, the CEO Dana Mead stated as follows: â€Å"I must emphasise that all our strategic actions are guided and measured against this goal of delivering consistently high increases in earnings over the long term† (Burgstahler and Dichev, 1997: 99). In addition Eli Lilly laid so much emphasis which lasted for a period of 33 years before being broken. Some firms emphasise the importance of increasing earnings during press releases or the announcement of earnings. The CEO of Bank of America for example, Richard Rosenberg in 199 4 stressed the importance of increasing earnings in a press release by stating that â€Å"Increasing earnings per share was our most important objective for the year† (Burgstahler   and Dichev, 1997: 100). The foregoing indicates that managers are more inclined to reporting an increase in earnings rather than a decrease. Barth et al. (1995) for example suggests that firms tend to maintain an upward trend in earnings so as to improve valuation ratios such as the price-to-earnings (P/E) ratio, the price-to-book (P/B) ratio, etc. P/E and P/B ratios are important in determining how the market will value the price of the equity of a firm (Penman, 2007). Therefore, managers will be motivated to maintain high P/E and P/B ratios through earnings management so as to benefit from a high market valuation of their firms’ equity. Similar evidence is provided in DeAngelo   et al. (1996) who observe that a distortion in a firm’s upward trend in earnings results in significant declines in the stock price. Accounting and the Collapse of the Game Group Section 2 above focused on understanding how accounting can lead to corporate collapse. The evidence shows that managers tend to make use of creative accounting techniques which results in an inflation of earnings and thus the share price. Given that the share price does not reflect its intrinsic value, the long-run effect is a significant decline in the share price with the ultimate effect being the collapse of the company. This section is concerned with whether there was any use of creative accounting in the Game group which led to its collapse. So far, the evidence shows that accounting had nothing to do with the collapse of the group. Rather, the company’s collapse can be attributed to a variety of other factors including poor strategic planning, declining video game industry, and the cyclical nature of the video games industry . 3.1 Poor Strategic Planning It was rather, poor strategic planning on the part of the company that resulted in its collapse. The company failed to anticipate and plan for changes in its external environment. The company continued using strategies that were no longer relevant in the context of its external environment. In addition, the Game group had a poor pricing strategy. Prices of Game Group’s games were too high compared to prices of competitors such as Amazon and Play. Many customers are migrating from store shopping to online shopping. According to Administrators at Price Water House Coopers, Game Group’s collapse can be attributed to its ambitious overseas expansion and the closure of proximity stores. Game Group’s strategy was characterised by two fundamental problems. Firstly, the company expanded massively into different countries (Yin-Poole, 2012). This means that the company had significantly high levels of fixed costs which could not be sustained. When fixed costs are significa ntly high, the business risk of the firm increases significantly. Secondly, Game and Gamestation stores were in close proximity. This resulted in the cannibalisation of sales of one store by other stores (Yin-Poole, 2012). Therefore, many stores were simply incurring fixed costs which could not be covered by sales revenue. 3.2 Declining Video Games Industry The company suffered significantly because of poor developments in its external environment. Wallop (2012) observes comments by the CEO of the company Mr Shepherd who claims that in 2012, the size of the video game market had declined by 40% from its 2012 figure. This contributed negatively to the performance of the company. The company’s share fell by 2.44 to 4.31p and resulting in a decline to less than  £15million. Customers made significant changes in their consumption of video games. Most customers were interested in buying only new releases such as Fifa 2012 and Modern Warfare. Lesser known titles could not perform well because of declining demand Wallop (2012). The Game Group could not survive because it had a lot of games in stock that did not meet the current tastes and preferences of consumers of video games. 3.2 Cyclical nature of the Video Games Industry Despite making a profit of  £90million in 2009, the Game Group recorded a loss of  £15million in 2011 (Wallop, 2011). The main reason for this loss was the intense cyclical nature of the video games industry (Wallop, 2011). The market lacks exciting new hardware. In addition, the industry has been suffering from piracy. Lack of new hardware and an increase piracy has resulted in declining demands which has eroded industry profits. As a result the Game Group could no longer survive in the industry. The Game Group was also affected by the introduction of digital games, which can be regarded as a perfect substitute for video games. For example, in 2010, sales of digital games totalled  £411m representing an increase by 23 percent from the 2009 figure. On the contrary, the video game industry witnessed a decline in sales by 17 percent to  £1.53billion between 2009 and 2010 (Wallop, 2011). In addition, the development of smart phones and the IPAD has affected the video games industry. These devices come with free digital games. This resulted in the decline in video games sales and thus contributed to the collapse of the Game Group (Wallop, 2011). Summary and Conclusions The objective of this paper was to analyse the impact of accounting on the failure of Game Group. The above analyses show that Game Group’s collapse was in no way related to accounting failure. There was no evidence to suggest that managers at Game Group were involved in creative accounting. Unlike the case of Enron, and other major corporate failures, the Game Group had no special purpose entities which enabled it to high liabilities off the books. Game group’s failure can be attributed to poor strategic planning rather than to accounting failure. Based on the analysis, there is no evidence suggesting that Game Group was involved in inappropriate accounting. Rather, the evidence shows that Game Group simply did not plan properly. Game Group did not put in place strategies that would enable it respond adequately to changes in its external environment. The company failed to analyse the threat of substitute products, new entrants, bargaining power of suppliers and customers as well as industry rivalry. References Healy, P.M., Wahlen, J.M., 1999. A review of the earnings management literature and its implications for standard setters. Accounting Horizons, 13, pp. 365-383. Hayn, C., 1995. The Information Content of Losses, Journal of Accounting and Economics, 20, pp. 125-153 Heemskerk, M., and L. van der Tas. 2006. Veranderingen in resultaatsturing als gevolg van de invoering van IFRS. Maandblad voor Accountancy en Bedrijfseconomie: 571-579. Holthausen, R. W., Larcker, D. F., Sloan, R., 1995. Annual Bonus Schemes and the Manipulation of Earnings, Journal of Accounting and Economics, 19 (1) pp. 85-100   Epstein, B. J., Jermakowicz, E. K., 2007. Interpretation and Application of International Financial Reporting Standards, Wiley and Sons Inc. Penman, S. H. (2007) Financial Statement Analysis and Security Valuation, 3rd ed. Irwin: McGraw-Hill. Schipper, K. 1989. Earnings Management. Accounting Horizons, pp. 91-102 Robinson, A. (2012) GAME officially files for  administration Retailer fails to find a realistic prospect for a solvent solution for the  business, available online at: computerandvideogames.com/340810/game-officially-files-for-administration/ [accessed: 29th March 2013]. BBC (2012) Game Group to file for administration, available online at: bbc.co.uk/news/business-17455742 [accessed: 29th March 2013]. Wallop, H. (2012) Game shares slump on profits warning, loan breach fears, available online at: telegraph.co.uk/finance/newsbysector/retailandconsumer/9004248/Game-shares-slump-on-profits-warning-loan-breach-fears.html [accessed: 29th March 2013]. Wallop, H. (2011) Can Game Group survive?, available online at: telegraph.co.uk/finance/newsbysector/retailandconsumer/8895015/Can-Game-Group-survive.html [accessed: 29th March 2013]. Yin-Poole, W. (2012)   Why Game Collapsed: PwC cites unfortunate proximity of stores and ambitious overseas expansion, available online at: eurogamer.net/articles/2012-03-26-why-game-collapsed   [accessed: 29th March 2013].

Future of Marine Communication in the Navy Essay

Future of Marine Communication in the Navy - Essay Example As ages went by, the more traditional audio/visual aids used under naval communication were replaced by more advance radio, satellite and underwater communication. The need for development of communication systems in Navy was always greater than it was in merchant ships as a larger number of lives depended on it. The atrocities of war always were a far more serious threat and the slightest mistake could result in catastrophic consequences. "Communications is everything, it's the ability to pass information down to our units that are supporting us and are working in our group, and up to our bosses so that they have a feeling of assuredness that we're doing the right thing in a timely fashion, and we're answering their questions, as well", Harris said." (http://www.news.navy.mil/search/display.aspstory_id=21269) The most basic form of audio communication was simply through raising a voice by mariners if the vessel is close enough. Another form is through sounding the horn on the ship. For instance, a long blast every two minutes used when operating in a fog. Visual communication was widely practiced through the use of lights. Lights were flashed on and off to signal messages between ships. The use of lighthouse is far old. Many of the basic audio visual aids used for centuries by mariners are still in practice. In 1916, the United States Navy Department was connected by teleph... Communication was established shortly after this between the office of the Secretary of the Navy and the captain of the battleship New Hampshire. The Secretary then gave orders to the ship for the next day's movements, this being the first event that a ship of the Navy was ever operated direct from the department by wireless telephone. This demonstration was followed by communication with various naval stations, widely separated, by long-distance landline. This accomplishment was nothing but a realization towards the wonders which the future brought with development of communication technology in the Navy. The Development of Communication Equipments in the Navy With the realization came concrete steps towards the expansion of the industry of communication equipments for the Navy. Companies started entering into the business of research and manufacturing of such technologies globally. With extensive research a number of systems and technologies emerged. A review of the technologies developed and the companies which developed them is given in the pages that follow. Marcom - Integrated Communications System The Marcom is the foundation of the Navy's newest digital integrated voice / data switching system for affordable command and control equipment supporting communications and radio room automation. It uses latest technology to offer the user of command and control system a low cost, user friendly, solution to the complex voice, video and data communications needs of current and future endeavours. L-3 Communication Systems-East designs, located in New Jersey, is specialized in developing, producing and integrating communication systems and support equipment for naval applications. As part of L-3 Communications Corporation, the company is ranked as one

REFLECTION LEARNING Essay Example | Topics and Well Written Essays - 2000 words

REFLECTION LEARNING - Essay Example The participants in the activity were my lecturer who acted as the lone examination officer, one elderly patient and I, the learner being examined. I choose this particular topic since many people are currently suffering from diabetes and I would really like to give them an insight of how these injections are administered. I learnt how to perform the operation through my theory classes in school and from observing how professionals in the field performed it. I was at first nervous before I began the operation but on repeatedly watching other professionals perform it and occasionally being involved I have in turn gained confidence. During the course of my practice I have not treated other ailments but have participated in caring for the patients who suffer from them. The activities I have assisted them in include cleaning themselves, feeding some of them and following up on whether they are correctly taking their prescribed medications. At first, I had to observe the patient in question to determine whether his disease symptoms called for the injection. After determining that it was the right thing for me to do, I had to obtain the patients consent to begin the process. I then wore my apron for the purpose of protecting my clothes from any spillages that would accidentally have fallen on my clothes. I washed my hands and positioned my patient on an appropriate chair so that I could effectively start administering the injection. The process involved selecting the most appropriate site to inject and was done once the doctor had also certified that the patient required the injection. The process of injecting the patient began by cleaning up the selected area with a swab of alcohol and ensuring that the needle had no air bubbles. I then inserted the needle at an angle of ninety degrees into the patient’s body. This was done gently to ensure that no unnecessary pains and harm was caused to the elderly patient. I then

POLICY MEMO PAPER ON DOMESTIC POVERTY Research Example | Topics and Well Written Essays - 1750 words

POLICY MEMO ON DOMESTIC POVERTY - Research Paper Example Therefore, conservatives believe that the solutions to the United States poverty level indices should emphasize more on higher marriages rates, personal responsibility, and fewer births out of wedlock. However, on the other side, liberals believe that the solutions to the poverty level indices in the United States can be addressed by focusing attention on the negative impacts of cutting government budgets for anti-poverty programs, the need for instituting early childhood development programs and addressing the negative effects of proving tax reliefs to the wealthy. According to report from the Bread for the World Institute about 12.9% of people in the United states are poor, implying that 1/8 people you come across in the United States at least one is poor. In addition, the report further states that about 12.1% are also food insecure, sometimes referred to us â€Å"at risk of hunger† Therefore, it is not a coincidence that food and poverty rates are at the same levels. Thus, this is a vivid implication that the despite the sweeping of the 1990s welfare reforms and the recent year’s economic growth in the United States, domestic poverty still remains a big challenge (Melissa and Benjamin, 2014). The concept of welfare reforms in the U.S. is not a new idea. The Federal government has been responsible for funding low-income Americans’ subsidy programs in the past years with the aim of reducing poverty to enable low-income families attain self-sufficiency through e.g. TANF program (Office of Family Assistance, 1999). For instance, some of the objectives of the TANF program are: Superficially, the objectives aforementioned seem not be advocating for the permanent stay of the low income earners in the welfare programs, but with the initiation of the welfare programs by the Federal government, the problem of poverty has worsened over the years regardless of the achievements made economically. Therefore, the involvement of

Strategic Human Resource Planning In Business

Strategic Human Resource Planning In Business Strategic Human Resource Planning is the process of anticipating long term HR Supplies and demands relative to changing conditions inside and outside an organization and then crafting the HR programs and other initiatives in order to meet the organizations needs. There is no single definition of Human Resource Planning (HRP), many definitions and models of HRP exist. Some authors focus on the technical side i.e. mathematical and behavioural side of HR forecasting, there a few others who focus on the managerial side of which includes the way decision makers tackle HR issues for the benefit of the organization. Organizations that manage HR strategically tend to outperform the competitors who do not do so Organizations Strategy: Organizations Corporate Strategy describes organizations sense of purpose, its plans and actions for its implementation. A clear and precise strategy is essential for the business for the following 2 reasons. There is need for people working with in an organization to co-operate in order to achieve maximum benefit. There are effects of changing environment Different level of reward practices may closely compliment different strategies and are significantly related to higher level of organizational performance . (Allen Helms, 2007) Primarks Organizational Strategy: Primark Stores Ltd is a leading clothing retail brand in UK at the moment with over 160 Stores in UK and Ireland. The overall strategy of Primark like any other business is to reach to maximum no of people as a value for money clothing brand and maximize its profit. Primark linked up its stores with each other through a better use of people at their head office and stores, developed new stores and increased their product line. Through the use of proper organizational strategy, today Primark is one of the leading retailer in UK and it all happened because developed a Marketing / planning strategy keeping in view their HR and organizational planning. Organizational Strategy HR Strategy: Like marketing /planning strategy, HR strategy is required for businesses to maximize their output and organizational efficiency in an effective manner. HR strategy is a step by step plan of action which organizations deploy in order to recruit, develop and retain the human resources to meet the objectives of the organization. HR strategy is concerned with developing a highly focused strategy and approach to manage and lead people. Schular Jackson, (2007) In developing such a strategy two critical questions must be addressed. What kinds of people do you need to manage and run your business to meet your strategic business objectives? What people programs and initiatives must be designed and implemented to attract, develop and retain staff to compete effectively. Schular Jackson, (2007) In order to achieve the above objective, Primark developed a strong organizational strategy which lead them to the success they are enjoying today as a major clothing retail company. P Organizational Culture Corporate Culture: Organizational Culture can be defined as specific set of values that are shared among people and groups within an organization and this controls the way these people interact with each other within the organization or outside with the other stakeholder. Corporate culture is unique set of values, customs and traditions that makes an organization distinct. Organizational culture and corporate culture are often used interchangeably but there is a huge difference between them as all corporation will also be organizations but all organizations cant be corporations. Corporate culture is an important part of big businesses. As a major Retailer in UK, Primark has always been unique in its values and traditions. Primark has always been an organization with a focus on providing unique customers services experience to its customers. Whether its personal banking or services for businesses, Primarks assets are its people who provide best service to its customers. Like many other unique things as part of its corporate culture, you will mostly find Barclays at the corner of the high streets. Learning Organizations: A central theme of learning organizations is that learning is an effective part of the organizational development (OD). Original idea of learning organizations has been around for many years but this concept became popular during 1960 1980 by major writers such as Argyris (Kaizen Institute Ltd -2000) Another contribution in this regard was made by Senge, who suggests that organizations should develop a culture of learning and to instil peoples commitment and learning capacity at every level in the organization. Senge suggested five basic features of learning organizations. System thinking the recognition that things are interconnected and organizations are complex systems Personal mastery Mental Models Shared Vision Team Learning Lane et al. emphasise that training in the organisations ICT (information communications technology) skills is essential for corporate survival and should be part of a continuous learning culture Primark as a Learning Organization: Primark Stores Ltd has always paid immense amount of attention towards the development training of staff. Primark Stores Ltd is providing valuable information on ethical trading to its staff and workers related to its suppliers. As a major buyer, Primark has over 600 suppliers based in 16 different countries and spreading across 3 continents, Primark has always focus on the training and learning issues of these more than 700,000 people. Primark has been quite active in raising awareness on child labour issues in these countries and has always promoted the values of ethical trading. This ethical training staffs is the focus of problem solving issues with the suppliers. The role of suppliers is equally important at the same time and Primark Ltd has got more training programmes for the suppliers and its own key staff members who can get involved more actively with supplier in solving these on daily basis. Primarks staff are given extensive awareness on issues relating to all areas of business and staff members are provided further specialized training from time to time, in order to help them do their work in an effective manner. (Source: http://primark.co.uk) Comments Suggestion In this section we defined the issues relating to HR Strategy, Organizational Culture, and Primarks role in development of its staff as a learning organization. As we know that an effective HR Strategy is helpful in achieving the overall goal of the organization, Primark stores made its people are real valuable asset and utilized this resource in an effective manner. The success Primark is having today is because of its Business Strategy which was very well backed with Organizational and HR Strategy. Recruitment Selection Process of Primark Stores: Primark Stores has a multi-dimensional recruitment and selection process a few years ago and job vacancies were advertised through multiple ways, including in store postings, Job Centre advertisement and advertisement of vacancies over the internet. Although we know that Primark Stores has not been focused more on internet related issues in the past and there was no other way available for the people a part from going to job centres and Primark Stores itself asking about the vacancies. With the current passage of success, Primark Stores has made the recruitment process more transparent and easier to access. Primark Stores have now got an Online- Recruitment System and vacancies are displayed onto the website immediately. After initial registration, candidates are asked to answer a set of question related to customer services and other issues related to the retail industry. On the successful completion of these questions, candidates are issued an application reference number for further processing of their application, if they were successful during this phase of application. Recruitment Process For Retail Operatives: The current recruitment process of Primark Stores consists of the following key stages. Candidate needs to fill an online application form to get register with the online recruitment system. At next stage, candidate needs to answer a set of online questions regarding the customer services and retail business environment. On Successful completion of this stage, candidates are invited for a personal interview A job is offered after a successful completion of assessment centre and going through a rigorous activity of group tasks and presentation. Recruitment for Management Positions: Same methodology of online applications applies for management positions as well. Job vacancies are advertised through Primarks Recruitment website. Candidates are presented with a set of online questions regarding the management of business / real life issues. On successful completion of questionnaires, candidates is issued an application reference number and is invited for a Panel Interview. This interview session can be a panel interview or one to one interview and candidate is tested on the basis of his education, expertise and communication skills. Candidates ability to handle different difficult situations is also analyzed. On successful completion of interview session, candidate is invited to attend an assessment centre and this is the stage where candidate has to go through group tasks, presentations and this gives HR Team a complete idea about the suitability of the candidate for a particular job role. (source: www.Primark.co.UK / Recruitment) Advertising Jobs: As mentioned earlier that Primark Stores has totally transformed its recruitment procedure into a complete online recruitment solution. Every job vacancy is advertised on this recruitment website. This shows Primarks commitment as an equal opportunity employer. Training: Providing first class training to every staff member is a top priority of Primark Stores Ltd. Staff members are providing opportunities for career growth through different in-house promotions and training activities. (source: http://www.primark.co.uk/page.aspx?pointerid=12d70092c3a14002a5814a0630d4b102 ) Support for New Starters: As mentioned earlier that Primark considers training very important as part of future development of its staff. A thorough induction day is conducted for every new staff member giving him / her an opportunity to know about the business and working environment. At the same time Staff members are familiarised with health safety issues, fire hazards, emergency evacuation procedures and basic customer services skills. Personal Experience of Working at Primark I myself have the experience of working with Primark Stores and i was provided a good induction session on my first day. It was a thorough induction session covering all aspects of business and other issues related to the business. I was provided a very good customer services training and that helped me a lot during my job with Primark Stores. Diversity: Diversity refers to variety of different individuals belonging to different societies available in one single environment. Primark has got a very diverse kind of organizational culture. You will find staff belonging to almost every ethnic group working at Primark Stores. Gender Diversity: Primark is an equal opportunity employer and encourages females to be part of its team. Females are present in Primark workforce in a huge quantity. Females are given opportunities to be part of management and many female managers are working in Primark, making Primark a more successful organization with their matchless skillset. General Discrimination: Primark as an equal opportunity employer discourages any kind of discrimination at work. Primark workforce is quite diversified and focus remains on working as a Team. If there is any issue regarding discrimination, HR team at Primark takes strict action against the ones who are involved in this issue and result can be a job penalty. Comments Suggestions: In the above section, i tried to highlight the recruitment and selection procedure of Primark Stores. Their training procedure and their focus on staff development. I described my personal experience of working at Primark Stores and how team work is considered important while working at Primark. In my view change in the recruitment procedure has been quite positive but a delay in different recruitment activities is an issue of major concern and it should be sorted out. Rewards Benefits: Primark Stores rewards its staff through different ways. In house promotions is a major source of motivation for staff, staff is also provided opportunities of training at various Stores of Primark. A competitive Salary and 28 days paid holidays are given to permanent staff members. (source:/ www.Primark.co.uk/recruitment) Induction Process and CMI Induction Best Practices: As mentioned earlier that induction at Primark is a very important process for new staff members. They are provided with an extensive training on all issues and areas of the business. As being an organization with its focus on Learnings, Primark continuously provides in house on job training to its staff members. That not only contributes in the success of Primark, but at the same time, it is good for personal development of staff member. (Staff Handbook 2008) I am now going to highlight some of the induction practices adopted by Primark Stores. Flexible Working: As Primark is an employer with its focus on the development of its team, its people, Primark offers flexible working pattern to its employees. This approach not only provides opportunity to the workers to adjust their remaining activities according to the flexible environment of Primark work pattern. Thus it promotes health living and better life style. Work Life Balance: Primark Provides the opportunity to staff members to work either full time or part- time or they can work on weekends. This flexibility of work availability is very handy and it gives a chance to the staff members to balance their day to day life and work. Primarks Culture Its Effects on Employees: AS mentioned in the first part of this assignment, every organization has its own culture which makes it unique as it comprises of its values and tradition. As with all major retail sector organization, Primarks focus remains on providing better customer services and this can be attained only through a team work. This team work is a part of Primarks organizational culture which not only makes it a better and bigger organization but at the same time it makes its staff a unique asset for the organization. As Primark Stores consists of a diverse work force so people belonging to different ethnic background form a base of a culture at every Primark Store. This culture would be truly different from one store to another and it does affect the employees of the organization. (Source: Staff Handbook 2008) Disciplinary Procedures: Disciplinary Procedures are very important and form the basis of well disciplined work force. Primark strictly follows its disciplinary procedures and staff members are introduced with these procedures on their induction day and during various other training sessions. Staff is encouraged to follow the terms conditions of their contract, which not only is beneficial for the staff members but at the same time it is beneficial for the organization as well. Uniform is a part of Primarks Quality Service Culture and staff members are strictly advised to follow the dress code of the organization. Discrimination at work and other issues related to harassment are dealt with strictness. (Source: Staff Handbook 2008) Legal Requirements HR: Legal requirements are very important as part o the HR Planning process and HR team ensures that they are fulfilling all legal requirement during the recruitment selection process. Staff members are informed about different legal sides of the business and how legally Primark protects its employees in case of any incident or injury during work. These all things are very important and should be reviewed on a regular basis as they not only ensure the safety of the employees but at the same time keeps the organization on a right track which maximizes its chances of business growth. (Source: Staff Handbook, 2008) Comments Suggestions: I have analysed the induction practices in this section and it was quite helpful in knowing the work and training pattern of Primark Stores. As we know that people are the major assets of Primark stores and these induction practices ensure that people know about their responsibilities as part of the company and how to deal with situations arising during the course of work. Legal side is very important and staff should be familiarized with the basics of HR and employment law and health safety at work. These things not only protect employees during work but at the same time, it protects the employers from getting involved in lengthy legal proceedings in case of an incident.

Dialectic of the Union Blockade during the Civil War Essay -- U.S. His

The Civil War in the United States from 1861 to 1865 serves as a dark reminder of how disjointed a nation can become over issues that persistently cause heated debate among party factions. Most students that have taken courses in American history understand the disadvantage possessed by the Confederate States of America as they fought against the powerful Union army for what they perceived as a necessary institution of slavery. Historians have debated over the effectiveness of the blockade and if it was important in creating the failures faced by the Confederate States of America. This debate has generated the contested question of â€Å"Did the Union blockade succeed in the American Civil War?† The blockade, whether considered a success or an absolute failure on the part of the Union, holds grand significance in the history of the United States. The increased development in the Union’s naval department correlates directly with the necessity of possessing ships that cou ld withstand the threat of blockade running. This dialectic will focus on two opposing theses on the matter of how successful the Union blockade was in guaranteeing a victory for the Union. Within â€Å"Reassessment of the Union Blockade’s Effectiveness in the Civil War,† M. Brem Bonner and Peter McCord make an argument for the success of the blockade by assessing statistical data comprised from the efforts of blockade-runners to breach the hindrance caused by the Union. The authors frequently employ the objecting side of the effectiveness argument when discussing the legality of the blockade and the successes some blockade-runners had in smuggling goods in and out of the Confederacy. On the opposing side of the argument, Daniel O’Flaherty condemns the blockade as ineffecti... ...he historian who reviews the event. The Confederates were able to continue blockade running up until the conclusion of the war, while the Union strengthened its navy in order to compensate for the imbalance of ship maneuverability. If the blockade proved completely effective, the supplies Confederate soldiers possessed throughout the war would have unobtainable via blockade running. It would also distort the history of the Civil War to name the blockade as the main reason for the South’s deterioration, when it only aided to existing problems leading to the conclusion to the war after the South’s surrender. Works Cited Bonner, Michael Brem and Peter McCord. "Reassessment of the Union Blockade's Effectiveness in the Civil War." The North Carolina Historical Review (2011): 375-395. O'Flaherty, Daniel. "The Blockade that Failed." American Heritage 6.5 (1955).

Aqualisa Quartz Essay

What is the quartz value proposition to the plumbers? To consumers? The value propositions to the plumbers are †¢Due to Quartz easy installation plumber’s work is reduced to 25% of original time. †¢Plumbers find the installation is straightforward and hence they are ready to send their young apprentices †¢Plumbers said it’s just â€Å"Push-fit-connect’’ and it’s not in the wall and it’s very easy to use †¢On an average plumbers can do more jobs thereby increasing their profit The Value propositions to the consumers are †¢One of the major issues for the customer is to get conistent water pressure which is solved in Quartz †¢Customers can have their required temperature by Thermostatic control rather than checking it for the required temperature †¢Before quartz the survey says that 44% of shower needs replacement. By using Quartz there is less chance of breakdown and hence maintenance is much easy for the customer †¢The product had aesthetic look and elegant design †¢It’s good for the home with the children †¢Suitable for all types of water systems †¢One touch control system and ability to control remotely Aqualisa launched the most significant shower innovation in recent British history: the Quartz shower. The shower provides significant improvements in terms of quality, cost, and ease of installation. In product testing, the Quartz shower received rave reviews. However, early sales of the Quartz have been disappointing. The company is faced with some key issues about whether to change the channel strategy, promotional strategy, and the overall positioning of the product (niche or a mainstream product) in the context of their existing product line. This case shows that despite the fact Aqualisa had a great product it doesn’t necessarily mean that this is going to manifest in great sales of the product. Innovation needs managing in an integrated way; it is not enough  just to manage abilities in a technological superior product. Aqualisa had the generation of a technological innovation but lacked the ability to relate this to end users. The challenge for Aqualisa is in effectively communicating to its customers and making them aware of the fact that they have developed such a product, before their competitors catch up. In order, for Aqualisa to succeed they need to synergise the components of their marketing mix through an effective communication, positioning, and distribution strategies. In the case in states that only about 60% of U.K homes, consumers are only probably going to buy at most two showers in their lifetime and because key influencers in the decision making process like plumbers where apprehensive of adopting the new technology it also led to the company’s low sales because the majority of the UK shower market is made of replacement showers and plumbers tend to remain loyal to their selected brand as it is the most comfortable for them in using when installing because of their previous experiences. Quartz Value Proposition – Plumbers What Plumbers wanted †¢ Ease of installation †¢ Quality product with minimal breakdowns †¢ Service free (minimal service requirement) Product Benefits †¢ Flexible location of the controller unit requires minimal remodeling of the bathroom making shower installation simple, cutting the installation time to half a day Value Proposition Quick and easy installation requiring only basic skills (more installations per plumber per day resulting in higher income) Quartz Value Proposition – Customers What Customers wanted †¢ Aesthetic design (great looks) †¢ Good water pressure without temperature fluctuations †¢ Ease of use †¢ Quality product with minimal breakdowns Product Benefits †¢ Controller unit can be concealed in the ceiling or closet; leading to a sleeker look in the shower stall †¢ In-built pump provides more than adequate water pressure †¢ Electronic thermostat allows for easy controls and steady temperatures †¢ One touch control Value Proposition Clean and sleek looking shower which is easy to use and provides efficient and reliable water pressure and temperature Why is Quartz not selling? Sales Plumber’s Influence †¢Plumbers distrust electronic controls / new technical innovations †¢ Plumbers influence over 50% of shower purchases; In 25% of the cases the purchasing decision is at his sole discretion Limited Distribution Channel Product Price †¢ Priced at a premium and hence unappealing to D-I-Y buyers as well as developers which are both price sensitive segments †¢ Trade Shops account for 80% of mixer showers sales †¢ Staff in trade shops not high on product knowledge, driven by market demand †¢ Showrooms have be the best sales potential but Aqualisa is available in only 25% of all showrooms

Experience Psychology, 3rd edition Essays (608 words) - Free Essays

Experience Psychology, 3rd edition Essays (608 words) - Free Essays Experience Psychology, 3rd edition Chapter 4, States of Consciousness Vocabulary, Key Terms Barbiturates A barbiturate is a depressant drug that decreases the level of activity of the central nervous system. Barbiturates were originally prescribed as sleep aids. With increased usage, barbiturates can lead to impaired memory and decision making. Tranquilizers Tranquilizers are depressants that reduce anxiety and induce relaxation. Tranquilizers are usually prescribed to calm an anxious, nervous person. Opiates Opiates, consisting of opium, depress the central nervous system's activity. When opiates leave the brain, the synapses become under stimulated. For many hours after taking opiates, a person may feel euphoric and pain-free and have an increased desire for food and sex. Stimulants Stimulants work by increasing the level of activity in the central nervous system. The most widely used stimulants are caffeine, nicotine, amphetamines, and cocaine. Caffeine Caffeine is the world's most widely used drug. Caffeinism refers to an overindulgence in caffeine. This condition brings about mood changes, anxiety, and sleep disruption. It usually occurs in people who drink five or more cups of coffee a day. Nicotine Nicotine is the main psychoactive ingredient in all forms of smoking and smokeless tobacco. Nicotine is highly addictive. It stimulates the brain's reward centers by raising their dopamine levels. The behavioral effects of nicotine include improving attention and alertness, reducing anger and anxiety, and providing pain relief. Amphetamines Amphetamines are also known as "uppers." People use them to boost energy, stay awake, or lose weight. They are often prescribed as diet pills. Amphetamines increase the release of dopamine, which enhances the user's activity level and causes pleasurable effects. Crystal meth is probably the most insidious illicit drug. It causes a strong euphoric feeling, especially the first time it is taken. Cocaine Cocaine comes from the coca plant. It is either snorted or injected in the form of crystals or powder. Cocaine enters the bloodstream quickly, producing a rush of euphoric feelings that lasts for about 15 to 30 minutes. Crack, a potent form of cocaine, is believed to be one of the most addictive substances knownmore so than heroine, barbiturates, and alcohol. MDMA (Ecstasy) MDMA has both stimulant and hallucinogenic properties. MDMA's street names include Ecstasy, X, XTC, hug, beans, and the love drug. MDMA has adverse effects on memory and cognitive processing. Hallucinogens Hallucinogens modify a person's perceptual experiences and produce visual images that are not real. Marijuana Marijuana comes from the dried leaves and flowers of the hemp plant. The active ingredient in marijuana is Tetrahydrocannabinol (THC), which does not affect a specific neurotransmitter. However, it does disrupt the membranes of neurons and affects the functioning of many neurotransmitters and hormones. The physical effects of marijuana include an increase in pulse rate and blood pressure, a reddening of the eyes, coughing, and dryness of the mouth. Psychological effects associated with marijuana include a mixture of excitatory, depressive, and mildly hallucinatory characteristics that make it difficult to classify this drug. Marijuana can impair attention and memory. When used in large amounts, it can alter sperm count and change hormonal cycles. Marijuana is the drug most widely used by high school students. Lysergic Acid Diethylamide (LSD) When using LSD, objects can appear to change their shape and to glow. Colors become like a kaleidoscope, and amazing images unfold. Time seems to slow down. LSD's effects on the body include dizziness, nausea, and tremors. LSD acts primarily on the neurotransmitter serotonin, but it can also affect dopamine.

The Police

The Police Bittner?s definition of the police is a great definition. They do exactly that, control what needs to be controlled. After reading how many police there are on average per town in the USA, I believe that there is not even close to enough police officers per town. How can an average of 10 officers take care of a town that has a population of 10,000. There are so many crimes that can be completed with the police not even knowing it happened until many days later.A good example of how the America?s law enforcement was little to nothing in the early days is the movie Gangs of New York. In this movie gangs essentially run the whole city and murder, rape, and robbery were not uncommon things to see in the America after the Revolutionary War. There are three duties that the police officer holds. They are crime fighting, peace keeping, and providing social services.South Australian Police officers wearing duty belt...Out of the three duties I believe that officer usually neglect the third du ty, which is providing social services.An example of this is one of my past experiences. In Hartford I asked a police officer if it was okay to cross the street because officers were conducting traffic. One officer said yes as the other was directing traffic right into my friend and me. The car hit us in the legs and knocked us off of our feet. Instead of helping us, the officer directing traffic told us that it was our fault and to get out of the road. I was irate because he didn?t provide me with any social services at all (not even an ?are you alright).The police can sort of be a contradictory group in the sense of a corrupt police officer. Police officers can actually be...

Midterm Questions Essay Example | Topics and Well Written Essays - 750 words

Midterm Questions - Essay Example Anaximander, another Miletian philosopher and is said to be the first writer of philosophy, was said to be the first to draw a map and have speculated that the earth is not flat but spherical floating in air. The first scientific idea on the evolution of man is said to have be Anaximander’s first ideas out of his curiosity. 2. Part 1. For Anaximander the earth is cylindrical in shape; curved and round like a drum with flat surfaces and stays in equilibrium at the center of the cosmos. The heavenly bodies are according to him ‘breathing holes’ in the air. By this Anaximander is trying to explain the existence of the earth the sun and other elements in the sky. It is included in the history of philosophy because philosophy seeks to define what is real the same way Anaximander tries to relate the earth and the cosmos in a cyclical manner of things—why the sun, the moon and the stars are present in a cyclical pattern (Stamatellos,2006). Part 2. For Anaximander the earth never moves because in his cosmos the earth floats in the center and remains there by the forces surrounding it. Three of his astronomical speculations are: (1) that the celestial bodies make full circles and pass also beneath the earth, (2) that the earth floats free and unsupported in space, and (3) that the celestial bodies lie behind one another. Thus in his cosmos the earth is unmoved and everything else revolves around it (Internet Encyclopedia of Philosophy, 2012). 3. Anaximenes’ grand theory talks about the air as major predecessors of things. He pointed out that the moisture from the earth has formed other heavenly bodies. Although Anaximenes’ belief is that the planets, sun and stars including the earth are flat disks, his assumption that these are above an â€Å"all-encompassing air† is one that is closely associated to modern thought of his time (Lawson, 2004). Anaximenes has his own way of explaining the difference between the planet and t he stars; that the planets are moving in connection with air while the stars are fixed on its positions. These ways of thinking are one of the closest founding theories of his time. Anaximenes also imparted the significance of hot and cold on the formation of existing bodies. His works became a global inspiration on the discovery of atomic properties of matter. Anaximenes’ beliefs centered on air as the primary ingredient in the formation of the universe. In comparison, Thales believed that water is the main predecessor, while Anaximander held on to the theory of the constant and limitless source of life. 4. a. Draw and label all of the parts of the Square of Opposition. (Image source: International Encyclopedia of Philosophy) b. Suppose that the proposition â€Å"Some* are* joggers*† is false*. For each one of the corresponding propositions, state whether it may be immediately inferred to be true or false. Provide a succinct explanation of how you reached one of your immediately inferred conclusions. A. All are joggers- universal affirmative E. Not all are joggers- universal negation I. Some are joggers- particular affirmative O. some are not joggers- particular negation Proposition A is false because not all people are joggers some can be swimmers and other kinds of athletes. While proposition E states true that some people are joggers

Critically discuss the developments in banking regulation that have Essay - 1

Critically discuss the developments in banking regulation that have been, and continue to be, put in place as a result of the ec - Essay Example A track record should be kept so that similar incidences are not replayed in a given economy. However, this has not always been the cases. Various financial crises have often been recurrent due to the poor response mechanisms by the local and at times the international regulatory agencies. Failures of various governments in managing trade liberalization. The governments in these cases have failed to properly introduce their national economy into the international capital market (Raghavan, 1998). An important point to note in the issue of the economic and financial crises is that they are similarly characterized in both the developed and the developing countries. The causal factors and the manifestation of the economic crises are more or less the same across all the economies in the world (Raghavan, 1998). There are also some lessons that can be learned from the global financial and economic crises and that can be used to provide an insight into the possible preventive and management mechanisms for future crises. One lesson is that it is not appropriate to make changes in the financial system of a given country when the country is already experiencing a crisis (Raghavan, 1998). It was also observed that ‘when currency turmoil is associated with financial difficulties, raising interest rates may simply worsen the situation by bringing about widespread corporate and bank insolvencies’ (Raghavan, 1998). Besides, it has also been noted that it is often a big loss to a given economy if the currency in the economy loses value in the international money market when it had international creditors (Raghavan, 1998). 2. Causes of an economic and financial crisis The proper management of financial crisis requires a thorough understanding of the possible causes of the crises and the features characteristic of such situations. A reduction in the average income caused by underemployment or unemployment increases the poverty level among a given population. This cou pled with an increase in the cost of living like food prices and other human needs provides a proper avenue for an economic crisis (Raghavan, 1998). The situation then worsens and can only be redeemed by addressing unemployment issues, lowering interest rates, expanding liquidity and increasing public expenditure by the governments (Raghavan, 1998). 3. Developments in banking regulations The banking regulatory measures are aimed at strengthening the global capital in order to have a flexible banking industry. The regulatory developments aim at improving the ability of the banking industry to absorb stress that follows a given financial stress so that the overall effect is not felt on the economy. The efforts also aim at ensuring proper governance and developing techniques for risk management by the banking institutions. The regulations ensure that transparency and accountability are manifested by the banking institutions. They outline the appropriate procedures for market disclosure s by the financial institutions to enable the investors build confidence in the banking institutions. The crises that have been witnessed gave out a picture of what the regulatory bodies have been in the recent past and that led to their failures in mitigating the crises. The characteristics of the crises showed that there were no proper techniques for prudential regulations by the regulatory bodies. Firstly, it was observed that the regulatory procedures were not sufficient enough in managing