Research in Motion Coursework Example | Topics and Well Written Essays - 1500 words

Examination in Motion - Coursework Example The Blackberry telephones spearheaded the period of advanced mobile phones despite the fact that the opposition has developed in the ongoing years from different stages, for example, Android, iPhone and Windows. The interest for Blackberry telephone has fundamentally expanded on the grounds that most organizations have embraced undertaking advances and there is a developing worry of workers who need to access corporate information safely while out of office. Most cell systems give information benefits thus the Blackberry telephone fits consummately in the environment. Request has additionally been fuelled by the developing changes in buyers’ inclinations. The advanced cell showcase is presently significantly dependent on stage as opposed to equipment and this has expanded the applications accessible to the purchaser henceforth expanding the interest for the PDAs. The cell phones have become a focal piece of an individual’s life subsequently purchasers require a gadget t hat can offer additional highlights (Baumol and Blinder, 2011). The client base has additionally become altogether because of an expanding working class who are pulled in to purchase the Blackberry telephones. The expanded interest has brought about the exponential increment in deals and benefits. The gracefully of PDAs has additionally expanded because of innovative headways that have made it simpler and less expensive to create them. They are numerous organizations creating PDAs and as such the quantities of telephones fabricated is high. From the previously mentioned, we understand that the gracefully has expanded after some time. Subsequently, it is clear that more units must be offered to accomplish benefit. Cell phone request development The market structure of Blackberry telephones can be depicted as an oligopoly. The fundamental players in the advanced cell showcase are Apple (iPhone), Nokia (Symbian), Google (Android) and Microsoft (Windows Phone). The item offered by these contenders is separated through different changes to the working framework. The boundaries to passage in the advanced mobile phone advertise are high. Infact, an organization needs to lay a colossal capital venture and amazingly forceful showcasing strategies so as to begin in this market. The valuing in this section is genuinely uniform and high. The PDA advertise is described by steady advancement if just to stay serious. The turnover of customers is high since purchasers would wish to evaluate the new and extravagant applications in the diverse PDA stages. Piece of the overall industry Comparison (January 2012) In request for Blackberry to keep thriving in this market, there is requirement for consistent advancement and propelling of new item. The market of cell phones is exceptionally unique and this necessitates an organization remains on the bleeding edge of development. The other pattern that has a promising future is the (applications) showcase. The purchasers need applicat ions in their telephones that make their lives simpler and loaded with fun. To thrive in this section, Blackberry should try to have a hearty network of designers through giving of impetuses. The ongoing information blackouts experienced ought to be a relic of past times as this may prompt mass departure of current clients of the administrations (Redo, 2008). The center datacenters ought to be supported up and different come up short over systems set up to ensure endorsers administration accessibility. Blackberry telephones have exceptionally low value versatility. This infers regardless of whether the value transforms, it has next to no impact on request. With more pay, there is a probability of more purchasers of the

Effect Of Work Stress In Maruti Suzuki Commerce Essay

Impact Of Work Stress In Maruti Suzuki Commerce Essay Prologue to Maruti Suzuki Ltd. Maruti Suzuki India Ltd. is a main maker car organization in India. It was built up in December 1983 with the mission to motorise India. Maruti was Collaboration Company between Suzuki Motors Corporation, Japan and Government of India. Maruti is one of the biggest conservative vehicle producing organizations on the planet so till 2012. As far as creation, Maruti is the biggest auxiliary of Suzuki Motor Corporation and the organization has delivered more than 15 million vehicles since the turn out of its first vehicle on fourteenth December, 1983. In the work segment, Maruti has in excess of 75000 representatives and its assembling offices are situated at two areas in India in Gurgaon and Manesae, both south of New Delhi. Maruti Suzuki is the main Indian organization to cross the 10 million deals mark since its inception. In 2011-12, the organization sold over 1.13 million vehicles including 1, 27,379 units of exports.(Marutisuzuki 2012) Marutis Philosophyâ Marutis utilizes its Green Philosophy in the stems of Three Rs: Reduce, Recycle and Reuse strategy in its plants, so that there is a negligible weight on normal assets. The organization has propelled various activities under its Three Rs umbrella to make the plants increasingly productive as far as asset use. It is likewise ensured with ISO 14001:1996 for its Environment Management System program and uses the standard of Smaller, less lighter, shorter and neater for its tasks. Issues in Maruti Company: As indicated by laborers who are utilized at Maruti Suzuki, exceptionally upsetting working hours have been a significant worry for the pressure of the representatives who are working in the Maruti Suzuki. As indicated by the laborers, the unpleasant working hours drives the attempts to delayed stalemate. Exorbitant of outstanding burden and severe time the executives is the significant reason for the worry for the laborers. There are a few explanations behind the reason for the work worry for the representatives. In the few reasons the significant seven explanations behind the work pressure are,(Cherry 2012, Sengupta 2012) 7 Reason for Work Stress Contrasts in compensation pay No recompense Occupation weakness Absence of advancement possibilities Under-advancement or over-advancement Muddled or unjustifiable execution assessment frameworks Being over-talented or under-gifted for the activity Contrasts in Salary Pay The principal purpose behind the work worry for the representatives is primarily because of the distinction in the compensation pay. For the most part about 70% of the representatives are contract based workers and they paid exceptionally less pay when contrasted with different specialists who are working in a similar evaluation as adjusted laborers. No recompense Since a large portion of the representatives are contract based workers the organization has not furnish them with any stipend. Subsequently they didnt get any stipend from the legislature also from the organization. Employment uncertainty As agreement based work there is no security for the representatives for their activity. They can be terminated at any second. This is likewise an explanation behind the representatives for their pressure. Absence of advancement possibilities As an agreement based worker, there is no advancement possibilities for them. Representatives need to accomplish the work what the work is allocated for them. This is likewise a purpose behind the workers for their pressure. Under-advancement or over-advancement Since there is no appropriate assessment framework or execution examination framework for the advancement, Employees are advanced in a premise of their impact to the directors. This prompts different specialists for the worry in their working. Hazy or out of line execution assessment frameworks As said before there is no legitimate assessment framework for the exhibition. Also, this prompts muddled advancement to the workers. So it prompts worry for the laborers. Being over-talented or under-gifted for the activity As the greater part of the representatives are contract based representatives, and subsequently the position what they are really going after a superfluous position. For instance a worker who Mechanical Engineering and working in the account office. So the vast majority of the representatives are resembling under gifted or over talented for the occupations, so this likewise prompts worry for the representatives in their working.(Sengupta 2012) Maslows Hierarchy of Needs Maslows chain of importance of requirements is a hypothesis proposed by Abraham Maslow in his paper A Theory of Human Motivation in the year 1943. Maslow essentially utilized the terms like Physiological needs, Safety, Belongingness and Love, Esteem and Self Actualization needs to portray his human inspiration hypothesis. http://upload.wikimedia.org/wikipedia/hall/thumb/6/60/Maslow%27s_Hierarchy_of_Needs.svg/450px-Maslow%27s_Hierarchy_of_Needs.svg.png Pecking order Maslows pecking order of requirements can be clarified with the assistance of a pyramid. The most major degree of necessities is indicated at the base and at the top requirements for self-completion. Maslow clarifies the pyramid with four layers and he called them as Deficiency needs or D-Needs. The four layers are Esteem, Friendship and love, Security and Physical needs. He likewise clarifies that the most major needs may not be the physical needs. Maslow additionally utilize the term Meta inspiration so as to propel the individuals. He likewise clarifies that human brain have the capacity for equal handling and in this manner by propelling the individuals additionally they can accomplish their hierarchal needs. Along these lines Maslow recognized the probability that the various degrees of inspiration could happen whenever in the human psyche, however he concentrated on distinguishing the essential sorts of inspiration and the request in which they ought to be met.(Cherry 2012) Physiological requirements Physiological necessities are the physical prerequisites for human endurance. In the event that any of these necessities ate not got, at that point the human brain wont work appropriately and this prompts extreme disappointment. Hence food, sanctuary, love and regard are a portion of the fundamental physiological needs that a human ordinarily hopes to be with him.(Cherry 2012) Security needs The wellbeing needs in the sense professional stability, secure condition, methodology for shielding the person from one-sided authority, investment accounts, protection arrangements, sensible incapacity lodging, etc..(Cherry 2012) Wellbeing and Security needs include: Individual security Money related security Wellbeing and prosperity Wellbeing net against mishaps/sickness and their unfriendly effects Love and having a place After physiological and wellbeing needs the following essential requirement for a human is the adoration and things. This need is particularly solid in adolescence and this can be gotten by fellowship, family and others love towards him. Maslow discloses that people need to feel a feeling of having a place that they are acknowledged in their social gathering. For instance little social gathering like family in which they are being acknowledged and they are perceived in the group.(Cherry 2012) Regard All people have a need have a vibe that they should be perceived in the general public and they have to have their own regard. The distinction or brilliance won't help anybody to get their regard they have to have their own confidence so as to be regarded. Maslow states that while he initially thought the requirements of people had exacting rules, the chains of importance are interrelated as opposed to forcefully isolated. This implies regard and the resulting levels are not carefully isolated; rather, the levels are intently related.(Cherry 2012) Self-completion What a man can be, he should be. This citation clarifies the requirement for self-realization. Maslow clarifies that everybody ought to have their own self-realization so as to turn into the most that one can be. For instance ladies may imagine that she should be the best mother for her youngsters than some other mother. In comprehend this degree of need, the individual should requirements to accomplish the past needs and furthermore ought to be ace in them.(Cherry 2012) Self-amazing quality Self-amazing quality alludes to when an individual tries to assist the limits of their optimal self, to encounter a closeness past ones self. Cloninger later consolidated self-amazing quality as a profound element of character in the Temperament and Character Inventory.(Cherry 2012) F. W. Taylors Scientific Management Theory F. W. Taylor was an American mechanical specialist finished his degree in Mechanical Engineering from Stevens Institute of Technology in 1883. He is notable as the dad of logical administration. Taylors Contribution to Scientific Management F.W. Taylor has composed the well known book called Principles of Scientific Management in which he mostly forces three standards, they are First: To clarify through straightforward representation. Second: To persuade the peruser through deliberate administration, as opposed to clarifying some bizarre substance. Third: To demonstrate that the administration aptitudes are genuine science. And furthermore he clarifies that the essential standards of logical administration which can be applied for every single human movement. For instance a straightforward co-activity between the people in the organization can raise the creation estimation of the business. And furthermore he persuade the perusers be basic outline by accurately applying all his principles.(Taylor 1911) Taylor has characterized logical administration as follows: Logical administration is worried about knowing precisely what you need men to do and afterward find in that they do it in the best and least expensive way.(Taylor 1911) Standards of Scientific Management The standards of Scientific Management are: 1. Supplanting general guideline with science. 2. Getting amicability in bunch activity as opposed to disunity. 3. Co-activity instead of riotous independence. 4. Increment underway and profitability rather than limited creation. 5. Advancement of laborers by giving preparing. Aftereffect of Work Stress Because of the work pressure two significant issues happened in the Maruti. Low Production No Co-activity between the business and worker Low Production Because of work worry for the representatives, their hundred percent contributions for the work couldn't obt

Negative Automatic Thoughts and Social Anxiety

Negative Automatic Thoughts and Social Anxiety Social Anxiety Disorder Print Negative Automatic Thoughts and Social Anxiety By Arlin Cuncic Arlin Cuncic, MA, is the author of Therapy in Focus: What to Expect from CBT for Social Anxiety Disorder and 7 Weeks to Reduce Anxiety. Learn about our editorial policy Arlin Cuncic Updated on December 02, 2019 Social Anxiety Disorder Overview Symptoms & Diagnosis Causes Treatment Living With In Children  Mixmike/Getty Images Negative automatic thoughts are the subconscious thoughts that occur in response to everyday events. These thoughts are irrational, self-defeating, and may fuel social anxiety disorder (SAD).?? The Role of Negative Automatic Thoughts Social anxiety has been shown to be related to increased negative thinking.?? Within cognitive behavioral therapy, it is believed that what you think becomes what you feel and do. For instance, if you experience negative automatic thoughts like Im stupid or Theyll make fun of me when about to give a presentation, anxiety, and fear occurs. The negative thoughts can be overwhelming and dominate how you think and act. In our day to day routine, the most deeply held beliefs are not spoken. Your opinions of yourself as a person or as a friend arent always expressed. If you have social anxiety, you may have incredibly strong negative feelings about yourself. In order to make a change, you need to recognize these intrinsic beliefs and understand that they are holding you back. Identifying Negative Automatic Thoughts When undergoing therapy for social anxiety, your therapist may suggest focusing on overcoming negative automatic thoughts. To identify them, one recommended process is to write down some thoughts you have about yourself on a piece of paper.?? It is essential to write down these thoughts as they occur. You may be surprised about some of the negative thoughts that come into your mind, but keep writing and take the time to focus on yourself. These are the beliefs that guide how you think and act. This is the first step in overcoming negative automatic thoughts. Your therapist will work with you to review these beliefs and how to replace them.?? You may be guided through disputation, a process where you question your deeply held beliefs and thoughts. For example, lets say one of the things you wrote down about yourself is, I am unloved. This thought impacts all you do, worsening your anxiety and filling you with loneliness. Your therapist will walk you through the process of challenging these irrational beliefs.?? You would be asked about your loved ones, your parents or family, your significant other, and your friends. Their feelings for you may directly contradict what you have identified as a belief about yourself. This discordance shows that you are actually loved and valued and that your inner thoughts are false and irrational. You Can Change Negative Thinking Conquering Social Anxiety by  Eliminating Negative Automatic Thoughts The process of recognizing and disputing negative automatic thoughts is an essential step forward in managing social anxiety.?? While your therapist will work with you thoroughly to challenge several deeply-held beliefs, this is a learned skill that you can practice on your own in daily life. With practice, you can recognize the thoughts when they occur, realize that they are irrational, and adjust your thoughts to match reality. As you continue to work on this yourself, you may find yourself growing more confident and less anxious.?? While you may still be nervous or afraid of certain situations, it may not be as debilitating or overwhelming, allowing you to live a richer life. Managing Negative Thoughts on Your Own Self-help strategies for managing negative thinking include:Keeping a journal in which you track negative thoughtsPracticing mindfulness to maintain awareness of your thinkingUsing positive affirmations to replace negative thoughts with more positive ones A Word From Verywell If you are living with severe social anxiety that has not been diagnosed or for which you have not received treatment such as medication or therapy, make an appointment with your doctor or mental health professional. It is important to seek help to overcome the negative automatic thoughts that may be holding you back and continuing to maintain the anxiety that you feel in social situations. The 7 Best Online Anxiety Support Groups

Impact of retention rate on KFCs performance - Free Essay Example

Sample details Pages: 14 Words: 4132 Downloads: 5 Date added: 2017/06/26 Category Marketing Essay Type Analytical essay Did you like this example? KFC is one of the busiest fast food industries in UK and it is based in USA. KFC has big market share in UK. KFC provides training and good career path to its employees. Don’t waste time! Our writers will create an original "Impact of retention rate on KFCs performance" essay for you Create order KFC faces problems to meet business objectives, increasing customer satisfaction. To overcome difficulties and increasing organizational performances KFC wants to finds out the impact of retention rate on organizational performance. This is one month survey conducting with KFC employees and various secondary resources. Various articles, journals, newspaper and magazines have been collected to find out the information on motivation and organizational performance. 30 employees have been communicated via email to collect primary data. The primary and secondary data show that motivation has major impact on organizational performance. If organization can motivated its employees then performance of employees with a high volume. Employees attitude towards motivation is very positive. Employees want motivation rather than any other things. From the research it is clear that if KFC can improves its motivational strategy it can increase its organization performance. Impact of Retention Rate on Organizational Performance 2. INTRODUCTION Employee retention is a process through which the organization can keep its employees with a certain period of time. Retention is good for both employee and organization. The objectives of the research are about employees retention and organizational performance. Beginning of the research paper describes briefly about the research topic. It has three different parts. The paper is started by pointing out the research topic and its impact. After that the main parts are discussed. Among the three main parts the initial one is Research Proposal. The research proposal starts with the hypothesis. After selecting hypothesis the research proposal describe briefly about the organization. After that the research proposal describes about the context and rational, reason for research, aim, objectives, literature review, methodology, resources and action plan. The next part of the research is Actual Research. It has research design, data collection, and data analysis. The ending par t of the research is Presentation and Evaluation. It is about the analysis of findings, methodology evaluation, conclusion and recommendation. The references, bibliography and appendix are also included with the research. 3. RESEARCH PROPOSAL 3.1 Hypothesis If retention rate is related to organizational performance, than by increasing employees retention rate will increases organizational performance. 3.2 Background Theory Employee retention is the main concern of almost all of the organizations. Basically, small businesses suffer more because of employees high expectation. There are many firms; offer little benefits last 10 years or so. Now-a-days employees need and wants growing every day. Employees want more than their salary. As a result employee turnover is increasing. On the other side the importance of retention become very important for every organization. (Kim McLean, 2008). Employee retention always increases organizational performances. Retention also encourages current employees to remain with the organization. Long term service of employees means they are efficient and effective to their job duties. Again they know very well how to job done. On the other side retention can save several costs to the organization. Such as, hiring cost, training cost, productivity lost, replacement cost and efficiency cost. (Workforce Planning for Wisconsin State Government, 2005). Employee retention has se veral benefit but employees turnovers has several disadvantages. Some of the article shows that, turnover is a silent but significant profit killer. (Kottolli, 2010). 3.3 Brief Summary to the Organisation KFC is one of the busiest fast food industries in UK and it is based in USA. KFC has big market share in UK. KFC provides training and good career path to its employees. The company was founded as Kentucky Fried Chicken byÂÂ  ColonelÂÂ  Harland SandersÂÂ  in 1952. At present KFC have more than 24,000 employees. KFC operates all over the world and its main business trend is Halal food. 3.4 Context and Rational 3.4.1 Problems Faced by KFC Today KFC faces some problem with its employees turnover. Employees do not paying attention to their job duties. They turn up late and try to go home early. They are not very active as they used to in 2008. Customers often complain to the manager that, employees are serving very late. They are more concentrated in gossiping with each others. Some of the KFC stores take 5 to 10 minute to serve customer even though there is only one customer. Some employees are giving resignation without having informed. Due to frequent change of employees, customer dissatisfaction is growing day by day. Lack of concentration of employees and their carelessness shows that employees are not loyal to KFC. Sometimes managers also support employees and careless about KFC code of conducts. 3.4.2 Reasons for the Research KFC undertakes the research to find the ways retain its employees. Employees turnover is growing day by day. KFC wants to keeps its employees in order to provide high level of customer service. KFC also wants to reduce the cost of hiring, training and efficient cost. If employees turnover rate decreases KFC can increase its market share. Also it is possible for KFC to increase its customer satisfaction and bring back previous business reputation. 3.5 Aim The aim of the research is to discover the impact of employees retention rate on organizational performance. 3.6 Objectives A list of the objectives of the research has given below: To reduce employee turnover To increase customer satisfaction To increase employee satisfaction 3.7 Literature Review According to Robert L. Mathis, John H. Jackson in their book, Retention of human resources must be viewed as a strategic business issue. Retention of employees has several benefits and advantages. Employees are getting high level skills when they working same environment for long period of time. But, the result of employees turnover is vital for the company. If an efficient employee gives resign company need to appoint new people. The new employee is not efficient and cannot provide satisfactory level customer service. That cost higher for the company. To support employee retention an article can help further. The world leading company shows high level of employee retention programme. As a result employees are providing high level service and working hard for the organization. Anne bruce (2006), described in his article, ÂÂ  how to motivate every employee. He also described, how Google manage its employees retain with its. He described that, like at Google, one of the webs most successful and growing search engines. Here employees play roller hockey during work hours, bring their dogs to work, and eat lunch and the company cafe. The result? Employees work long, hard hours and love their jobs. Again, survey and research on employee retention is an issue since the early age of industry revolution. A survey takes place in 1980. The focus of the survey was on the employee retention. The survey demonstrated that, people want more from work than money. An early study of thousands of workers and managers by the American Psychological Association clearly demonstrated this. While managers predicted the most important motivational aspect of work for people would be money, personal time and attention from the supervisor was cited by workers as most rewarding for them at work. In a recent Workforce article, The Ten Ironies of Motivation, reward and recognition guru, Bob Nelson, says, More than anything else, employees want to be valued for a job well done b y those they hold in high esteem. He adds that people want to be treated as if they are adult human beings. Another article shows described that, We knew from past experience that Love2reward offered a great product and service (for our employee retention scheme). Its all about giving our team what they want, and feedback tells us that weve got it rightÂÂ  Pizza Express UK. 3.8 Methodology 3.8.1 Chosen Methodology It is easy and very reliable to use qualitative and quantitative methods together. There is a method that gives chance to use qualitative and quantitative methods together and it is, Triangulation of Positivistic and Phenomenological Paradigms. For this research the Triangulation of Positivistic and Phenomenological Paradigms is selected as methodology. Triangulation of Positivistic and Phenomenological Paradigms uses both quantitative and qualitative methods for this research. 3.8.2 Evaluation of Methodology The methodology is very effective for the research as it uses both qualitative and quantitative methods at the same time. If the results of two methods are same, then the result of the research will consistent. Again the methodology of the research collects data from secondary sources and primary sources as well. It has no chance to gives a false result. Therefore the methodology is very effective for the research. 3.8.3 Limitations of Methodology The methodology uses two methods at the same times. This is the main limitation of the research. Because, the variation of results of two methods make the whole research value less. Again, in case of different result from the two methods, the research needs to do again. It is very costly and time consuming. The methodology has other some other limitations two. It uses two methods. But it is very difficult to select two methods for one research. 3.9 Resources A short list of the resources has provided below: Computer with the Internet connection Internet for articles and journals Books and articles Library access for recent magazines and newspapers 3.10 Action Plan A Gantt chart has prepared for the action plan. The Gantt chart is included in the appendix section. 4. ACTUAL RESEARCH 4.1 Research Design 4.1.1 Step-by-step Design Stage 1: Define Research Topic and Describe Research ProposalThe step-by-step research design has shown below: Stage 2: Extensive Research on Literature Stage 3: Find out suitable methodology and creating research plan Stage 4: Secondary and Primary Data Collection Stage 5: Qualitative and Quantitative Data Analysis Stage 6: Evaluation and Presentation of findings Fig: Flow Chart for research design 4.1.2 Step-by-step Explanation Stage 1: Research Proposal Topic is the main subject of any research. Identify a suitable research topic is very difficult task. The topic needs to support by various secondary sources of data. After selecting topic a research proposal is essential. This two are the most important task for any research. It is assume that 6 days are enough for the first stage of the research. Stage 2: Extensive Research on Literature It is the most important part as all the supported evidences are collected from Literature review. Among several literatures the most related 5 or seven literatures need to select and then make a research on the literature. It is assume that 3 days are enough for this stage. Stage 3: Find Suitable Research Methodology and Creating Research Plan As the whole research is depend on the research design it is need to carefully create. All tasks follow the research methodology and the research plan. It is assume that 4 days are enough for this stage. Stage 4: Secondary and Primary Data Collection Data collection is the most important part of the research. For this research primary and secondary data need to collect. It is assume that 7 days are enough for this stage. Stage 5: Qualitative and Quantitative Data Analysis The result of the research depends on data analysis. Both qualitative and quantitative data need to analysis for the result of the research. It is assume that 4 days are enough for this stage. Stage 6: Presentation and evaluation of findings Analysed data is very easy to evaluate and presented. It is assume that 5 days are enough for the presentation and evaluation of data. 4.2 Data Collection 4.2.1 Secondary Data Collection Secondary data is collected throughout the Internet research, using company record, articles, journals, books and web pages. In this section the topic related data is selected and summaries all of them. The data sources are given below: Turnover is a silent but significant profit killer. By Arun Kottolli (2010), Employee Turnover Kills Profits. Keeping good employees is a challenge that all organizations share and it becomes even more difficult as labour markets tighten, by Robert L. Mathis and John H. Jackson. (2008:76), Human Resources Management Retention of human resources must be viewed as a strategic business issue by Anne Bruce, How to motivate every employee Nelson (2003) writes in The Ten Ironies of Motivation that, I have known for yearsthat money isnt everything when it comes to employment Employee retention is most critical issue facing corporate leaders as a result of the shortage of skilled labour, economic growth and employee turnover By www.retentionconnection.com For service-orientedÂÂ  careersÂÂ  such as account management andÂÂ  customer service, high turnover can lead to customer dissatisfaction. By Shelley Moore (2010) The above resources give qualitative data about the retention and organizational performance. From the data it is found that retention can change trend of employee turnover form any company. Retention makes employees motivate. It also brings job satisfaction. It gives clear definition of job responsibilities. The motivated and satisfied employees provide high level customer service. The high level customer service increase organizational performance. On the other hand employee turnover show negative impact to company. The results are hiring cost, training cost, efficiency cost and much other cost. The collection of secondary initially shows that there is a relationship between employee turnover and organizational performance. If employees retention increases then organizational performance also increases. If employee performance decreases then organizational performance also decreases. 4.2.2 Primary Data Collection The questioner method has been used to collect primary data. The primary data is collected by sending e-mail to 30 employees who are working KFC. A total of 10 questions have been set for every employee. From their response and activeness it is found that employees are more concern about retention that any other thing. The primary data initially shows that retention play a major role in organizational performance. Organizational performance will increase if retention increases for the organization. 4.3 Data Analysis 4.3.1 Qualitative Data Analysis Quantitative data collection is very critical task. Here some basic criteria are essential to follow. The analysis of data need to be valid, reliable, fair and must be follows some ethical issues. Valid: All the secondary data are valid. They have strong relationship with the subjects matter. They show the relation between employee retention and organizational performance. Again, all data shows the effect of employee performance. Some of the articles show the survey and research has been taking in order to decrease turnover. It is clear from the initial research that all secondary data are valid. Reliable: Qualitative data has been taken from various reliable sources. Books, articles, journals, and web pages are used to collect qualitative data. Qualitative data also collected from a sample of 30 employees. They provide qualitative data by their questions answer. Fair: Data are directly taken from sources. No modification has occurred while taking data from its sources. No data has been taken in order to support the hypothesis. Ethical issues: Qualitative data collection follows a set of agreed policies, such as literature review, secondary data collection, primary data collection. Data is not modified of misinterpret by any one. While collecting and using data permission from the authority has been taken carefully. In case of web based data, the sources are indicated very carefully. No influence has take place in order make the result of the research similar with qualitative and quantitative data. 4.3.2 Quantitative Data Analysis Quantitative data analysis follows a set of ethical issue. It also uses the valid, reliable and fair policies. Valid: All data are taken from current employer of KFC. Questioner has been set in a way that employees give answer along with their own feeling about retention and organizational performance. All the data related to the topic of the research. Reliable: Data are taken from KFC employees. They are not influence to give the answer. No suggestion has been provided them regarding the questioner. Employees are actively replay their answer and express their free thinking. So, data is reliable. Fair: No answer has been modified in order to get positive result. Participants are always free to replay the questioner. Answer from the questioner has been taken accurately. Ethical: Data was confidential. Only the researcher saw the data. Participants are not influenced participate the research. Participant privacy policy got priority. Data is not affected by anyone. Participate did not get reminder to replay the questioner. 5. PRESENTATION AND EVALUATION Analysis of Findings What is your job position? Reasons: Job position gives the overview about employees experience with the company. It also shows the time spent by employees within the organization. Majority Answer The majority answer was Team Members Conclusion Team members are can give the most recent experience about retention. They are worried about their job duties, getting promotion and other benefits. The sample group is the right one. Please indicate your work experience with KFC? Reasons: Job experiences show that the employees working life experience. Higher the job experiences higher the knowledge about retention. Majority Answer: The majority answer was 3 to 5 years experience Conclusion: The sample of 30 people, with 3 to 5 years experiences show that all employees are aware about employee retention policies. 5.1.3 What is the level of your job satisfaction? Reasons: Job satisfaction levels provide information about employees loyalty to the organization. Satisfied employees are happy with their retention and other policies. Majority Answer: The majority answer was satisfied. Conclusion: Satisfied employees are loyal to the company. They are happy with their retention and motivation policies. They can provide high level of performance in order increase organizational performance. How satisfied you with KFC? Reasons: This is similar to the prevision one. But, it takes the answer critically and specifically about the KFC. Majority Answer: The majority answer was Average. Conclusion: It is very difficult to distinguish the previous answer and present answer. Employees are satisfied with their job but not to KFC. Possibly, job satisfaction of KFC is good but some other policies are not good. How satisfied you with your Payment and other Benefits? Reasons: Payment and benefits is the indicators of employee satisfaction. If employees are satisfied with their payment and other benefits it will reduce employee turnover and increase organizational performances. Majority answer: The majority answer was average. Conclusion: KFC provides many benefits to its employees but the does not enough for employees satisfaction. The average level of job satisfaction shows that employee retention rate will decrease in KFC and its performance will decrease day by day. Do you satisfied with you promotion policy? Reasons: Promotion policies are major indicators of employee retention. If company have suitable promotion policy, employees are very active to meet the criteria to get promotion, as a result organizational performance increase. Majority Answer: The majority answer was average. Conclusion: The answer shows that KFC promotion policy is not good enough to meet its employee satisfaction. If employees are not satisfied with their promotion policy they cannot provide high level of customer service. That will affect organizational performance. If you get better chance to other company what will you do? Reason: This shows the loyalty to the organization. If employees are not loyal to the organization they not provide high level performance. As a result, organizational performance will decrease. Majority Answer: The majority answer was Quite the Company Conclusion: Employees want to quite the organization. KFC need to appoint new employees and level of its performance will decrease. What is your view about employee retention? Reason: It will help to find out employees personal view about retention policy. Majority Answer: The majority answer was very helpful Conclusion: If KFC take better retention policy employees will satisfied. They can help to increase company performance. If you will be promoted as a manager of a new opening store, what is your plan for long term and constant success for your organization? Reason: This question gives chance to employees to take decision about the improvement of company performance. Majority Answer: The majority answer was Retention Policy Conclusion: Most of the employees want to improve retention policy KFC has many employee employees development programmes for its business success. Which is most preferable to you? Reason: Find out the most preferable methods to keep employees and increase organizational performances. Majority Answer: The majority answer was Retention Policy Conclusion: Among all the development programs employees are like retention policy for the improvement of KFC performance. The result of this question indicates that KFC need to improve its retention policy in order to increase its performance. 5.2 Methodology Evaluation The selected methodology for the research is Triangulation of Positivistic and Phenomenological Paradigms. The methodology is best suited for the research as it is used two methods at the same times. The methodology is effective to find out the impact of retention on organizational performance. The data is collected by following a set of ethical rules. All the data are valid, reliable and fair. 5.3 Conclusions The research proves that retention has major impacts on organizational performance. Thus, the hypothesis is supported by the research. Finally it is found that if KFC develops better retention policies it can keep its employees. As a result KFC can increase it organizational performances. 5.4 Recommendations Although the sample of the research was only KFC employees, it can be used by any organization. Both qualitative and quantitative data shows that retention can increase organizational performance. The methodology has some limitation to. The data is collected from a sample of 30 people. Again, only KFC employees provide data. There is no way to make sure that the target employees have replayed back the questioner. Employee may not give the right answer. Though the limitation, this research can help further research in retention and organizational performance. All the resources have valid source identification. The final result of the research is retention rate can help the organization improves its performances. This research is made independently. As the hypothesis of this research is proved and this research is made only on fast food company(KFC) so other fast food companies like MacDonalds and Burger king, Subway can make use of the results of this report for the related featured problems and to improve their performances. Furthermore it is advised to KFC that it should focus on employees retention rate by using different tools for retention such as salary increase, bonuses, promotions and pension schemes. As this is identified that organizational performance is mostly depending on retention rate so company should take this matter seriously to enhance their organizational performance worldwide and to sustain their business profitability. Because of the limitation of methodology (qualitative and quantitative) in future they need to use one methodology so that they cannot find any conflicts by using two different methods and will research on more employees of KFC from different areas so that they can get more people point of view. REFERENCES Bruce, Anne. (2009:3-47), How to Motivate Every Employees, [online] Madison, USA: The McGraw-Hill. Available form: books.google.co.ukhttps://books.google.co.uk/books?id=diMuuBFV6tUCprintsec=frontcoverdq=Anne+Bruce,+%E2%80%9CHow+to+motivate+every+employee%E2%80%9Dsource=blots=PSaBcQc5lTsig=jezrTceSiYVRgmcHCeoMsQjDHxUhl=enei=he Last accessed 25th Oct 2010 Cooper, Evan. (2007).ÂÂ  Job Stickiness Employee Retention Rate.ÂÂ  [online].Available: https://www.morebusiness.com/running_your_business/management/d952374028.brc Last accessed 1oth Nov 2010Â Gordon Barker, (2009) Challenging times require a different talent focus, Strategic HR Review, Vol. 8 Iss: 4, pp.24 28. [online], Available from: Emerald Group Publishing Limited. https://www.emeraldinsight.com/journals.htm?articleid=1795824show=html Last accessed 12th Nov 2010. Jammes Harris Group. (2010). How to Decrease Turnover and Increase Employee Retention.ÂÂ  CBS Interactive. 1 (1), p1-3. Kottolli, Aru n . (2010).ÂÂ  Employee Turnover Kills Profit.ÂÂ  [online].Available: https://akottolli.spaces.live.com/blog/cns!7320740A5EA5572!177.entry. Last accessed 12th Oct 2010. Love2reward. (2009).ÂÂ  Employee Retention / Staff Retention.[online]. Available: https://www.love2reward.co.uk/rewards/solution-finder/employee-retention?sen=Googlelink=7id=311051gclid=CP_EzYzMraUCFVBO4QodhWq8Yg. Last accessed 12th Oct 2010. Nelson, B. (2010).ÂÂ  The Ten Ironies of Motivation.[online]ÂÂ  Available: https://www.cognitivehorizons.com/assignments/ED7672/weekFour.htm. Last accessed 20th Oct 2010. Robert L, Mathis. And John H, Jackson. (2008).ÂÂ  Human Resource Management [online].ÂÂ  Available: https://books.google.co.uk/books?id=_yCe7fiQbokCpg=PA74lpg=PA74dq=%E2%80%9CRetention+of+human+resources+must+be+viewed+as+a+strategic+business+issue%E2%80%9D+by+Robert+L.+Mathis,+John+H.+Jacksonsou. Last accessed 30th Oct 2010 retentionconnection.com. (2010).ÂÂ  Employee Retention: Vital Strategy.[online].Available: https://www.retentionconnection.com/. Last accessed 25thÂÂ  2010 Ross Blake. (2006).ÂÂ  Employee Retention: What Employee Turnover Really Costs Your Company.[online].ÂÂ  Available: https://www.webpronews.com/expertarticles/2006/07/24/employee-retention-what-employee-turnover-really-costs-your-company. Last accessed 30th Oct 2010. Shelley Moore. (2010).ÂÂ  The Effect of Employee Turnover.[online]ÂÂ  Available: https://www.ehow.com/facts_4866742_effects-employee-turnover.html. Last accessed 28th Oct 2010. Susan M. Heathfield. (2010).ÂÂ  Keep Your Best: Retention Tips.ÂÂ  [online].Available: https://humanresources.about.com/cs/retention/a/turnover.htm. Last accessed 29th Oct 2010. wfnetwork.bc.edu. (2007).ÂÂ  Definition of Retention.ÂÂ  [online].Available: https://wfnetwork.bc.edu/glossary_entry.php?term=Retention,%20Definition(s)%20ofarea=All. Last accessed 14th Oct 2010 Buchanan, D. Huczynski A, 2010.ÂÂ  Organizational Behaviour.ÂÂ  7th ed. England: Pearson. Lewis, R. 2007. Business, .England: Nelson Thornes Price,A .Human Resource Management in a business context.3rd ed. England: south-western Cengage learning Bloisi,w. Human resource management. England: McGrawHill education BIBLIOGRAPHY

Effective Communication in a Diverse Workplace - 2594 Words

INTERNATIONAL JOURNAL OF ENHANCED RESEARCH IN MANAGEMENT COMPUTER APPLICATIONS VOL. 2 ISSUE 2, FEB.-2013 ISSN NO: 2319-7471 Effective Communication in a Diverse Workplace Ritu Rana Programme Associate, Indian Institute of Foreign Trade, New Delhi, India riturana2222@gmail.com Abstract: Due to globalization, today’s work environment has become diverse as people from different cultures, religions and backgrounds have come together. They bring with them, diverse skills, knowledge and expertise. They have their own views, ideas, perceptions and opinions which are totally different from one anothers as they all come from different walks of life. To succeed in a multicultural society, an organization must value the differences of its†¦show more content†¦Poor communication is one of the top reasons why organizations fail or dont realize their potential. And while most organizations have more communication tools than ever before the question remains, Why are we having such a hard time communicating? Good communication practices help people at all levels in the organization improve their understanding of, and response to, the organizations and each othe rs needs. It helps people make effective decisions that are aligned with the organizations goals and objectives. And, it can motivate performance by linking individual and team efforts with the bigger picture and by recognizing desired behaviors and effort throughout the organization. When employees are poorly informed or communication is neglected, people become cynical and lose their trust and respect for the organization and its leaders. As a result, they may consciously or subconsciously undermine the success of the organization. At best, they will simply be hindered from reaching their potential or performing in the best interests of the organization. How often have you heard people say: There was a communication break-down, The problem was due to a mix up in communication, One hand just didnt know what the other hand was doing, and It was a case of poor communication. How often have you heard managers speak with frustration about good initiatives in their organizations that fa iled because employees were cynical and skeptical of theShow MoreRelated Effective Communication Skills in a Diverse Workplace Essay2413 Words   |  10 Pagesessay will be on effective communication skills in a diverse workplace, we’re going to find out the barriers of communication between different cultures, how important is diversity to all corporation/organization and how to improve our communication style/skills and how to become better listeners in order to avoid any lack of communication in the near future interactions. 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Somthing That Annoys You Free Essays

Everyone in life has something that annoys them, I have a thousand things that bother me. One thing that annoys me the most is when people litter their cigarette butts. Cigarette butts are the most commonly discarded piece of waste worldwide. We will write a custom essay sample on Somthing That Annoys You or any similar topic only for you Order Now The sight of disposed cigarettes is not only an unpleasant sight but disposing butts into the environment does a lot more damage than people realize. Most people are aware of the health risks involved in smoking, few seem to realize that cigarettes are also bad for the environment. Cigarette butt littering has an environmental, economic and social impact on the community. The most noticeable is the impact that butts have on our environment. There is a lot of misinformation out there regarding cigarette butt litter. People who smoke think that because butts are so small, they are relatively harmless. Cigarette filters are specifically designed to gather together particulate smoke components, including toxic chemicals such as cadmium, lead, arsenic and zinc. The biggest myth is that cigarette filters are biodegradable. Cigarette butts are not biodegradable. It’s estimated that trillions of filters, filled with toxic chemicals from tobacco smoke, make their way into our environment as discarded waste yearly. The plastic filters can take many years to decompose. Smokers may not realize that their actions have such a lasting, negative impact on the environment. Absolutely everything about cigarettes can threaten life on our beloved planet. They pollute the ground we walk on and the air we breathe. And if we smoke, cigarettes poison us slowly, stealing our quality of life long before they kill us. Cigarette butts may seem small, but with several trillion butts littered every year, the toxic chemicals add up! Three side effects of littering cigarette buts that annoy me the most are, our polluted water, endangered wildlife and the fires caused due to cigarette littering. Cigarette smoke contains up to 4,000 chemicals so each second the butt is left alight, dangerous toxins are released into the environment. Many people don’t realize that when it rains, water flowing through our streets, down our drains and through our storm water pipes ends up in our harbors, beaches and rivers. Storm water is not treated so all litter and cigarette butts carried by storm water are dumped directly into these waterways. When cigarette butts are discarded on the ground, many of the toxic chemicals will leach out of the cigarette and will run in to the lakes and oceans. Cigarette butts can leach chemicals such as cadmium, lead and arsenic into our marine environment within an hour of contact with water. Cigarette butts can take up to 12 months to break down in fresh water and up to 5 years to break down in seawater. According to the Audubon Society, smoke-free beach laws help reduce butts on beaches by 45%. Cigarette waste accounts for almost a third of the total amount of litter found on US shorelines alone. Cigarette butts are not just ugly, they also present a threat to wildlife. Plastic pieces have been found in the stomachs of fish, birds, whales and other marine creatures that mistake them for food. Cigarette butts have been found in the stomachs of fish, whales, birds and other marine animals which leads to ingestion of hazardous chemicals and digestive blockages. The pieces can get lodged in an animal’s intestinal tract or build up in its stomach, which can often lead to the animal’s death. This litter reduces water quality and potentially harms our precious marine life. Ingestion of plastic cigarette filters is a continuing threat to wildlife. Chemicals in cigarette butts easily leach out of the butts, and are deadly to small but important animals that live in most freshwater lakes and streams as well as the ocean. Discarded cigarette butts pose a significant threat to our environment in terms of fire. Every year, forest fires bring heavy destruction to areas, killing off wildlife and vegetation that take years to return. Some of those fires are started by natural causes; drought, and lightening. But according to the National Fire Protection Agency, upwards of 90,000 fires every year in the United States alone are caused by cigarettes. Cigarette-induced fires claim hundreds of lives in the United States each year, and injure thousands more, not to mention the millions of dollars that go up in smoke in property damage. Flicked butts can cause fires. When thrown from a motor vehicle into dried grass butts can start a grassfire or even a bushfire. Fires destroy habitats for animals, and homes. According to the American Burn Association, about 900 people in the United States die each year in fires started by cigarettes, and about 2,500 are injured. About 100 of the fire deaths each year are children and nonsmokers. Nationally, annual human and property costs of fires caused by careless smoking total about $6 billion. In 1997, there were more than 130,000 cigarette related fires. A cigarette-caused fire is currently responsible for one of the largest forest fires in Canadian history. The smoker has been identified, but Canadian authorities are trying to determine whether he should be charged with a crime. People who throw cigarette butts out of cars while driving are completely clueless to the deathly accidents they can cause. It has been suggested that cigarette butts represent the biggest litter problem facing the world today. There are many reasons why cigarette butts are such a huge environmental issue. First of all, most people don’t think of them as litter. Cigarette butts contain all the carcinogenic chemicals, pesticides, and nicotine that make tobacco use the leading cause of preventable death worldwide, yet they are commonly, unconsciously dumped by the trillions (5. trillions and counting) into the global environment each year. A recent study showed that cigarette waste easily meets standardized tests for city and state agencies to label a substance as toxic waste. Smokers are now spending most of their time smoking outdoors and tossing their butts away on the concrete rather than putting them in to a receptacle. It is very common for highly littered items such as so da cans, snack wrappers, and fast food containers to have a simple â€Å"Please Don’t Litter† message. You won’t find such a message on cigarette packs. Tobacco companies used filters as a marketing tool in an effort to allay fears about the harm caused by cigarettes, even after the companies knew that filters did not reduce risk. Plastic bags have been banned in a number of communities, and plastic tampon inserters have been considered for regulation by several states as environmental hazards and beach blight. The plastic cigarette filter could also be banned to reduce a huge source of unsightly, non-biodegradable plastic waste. Prohibitions on smoking in enclosed spaces have reduced indoor air pollution and related health risks for millions. Certainly, prohibitions on smoking in outdoor public places, including parks, beaches and even outdoor urban areas will prevent some butt waste flowing into our aquatic environments. Cigarette butt waste is the last socially acceptable form of littering in what has become an increasingly health and environmentally conscious world. The best way to educate the public about this serious environmental problem is to start with people you know. If someone you know litters their cigarettes it is important you educate them on the deadly harm they are causing to themselves and to the environment. How to cite Somthing That Annoys You, Papers Somthing That Annoys You Free Essays Everyone in life has something that annoys them, I have a thousand things that bother me. One thing that annoys me the most is when people litter their cigarette butts. Cigarette butts are the most commonly discarded piece of waste worldwide. We will write a custom essay sample on Somthing That Annoys You or any similar topic only for you Order Now The sight of disposed cigarettes is not only an unpleasant sight but disposing butts into the environment does a lot more damage than people realize. Most people are aware of the health risks involved in smoking, few seem to realize that cigarettes are also bad for the environment. Cigarette butt littering has an environmental, economic and social impact on the community. The most noticeable is the impact that butts have on our environment. There is a lot of misinformation out there regarding cigarette butt litter. People who smoke think that because butts are so small, they are relatively harmless. Cigarette filters are specifically designed to gather together particulate smoke components, including toxic chemicals such as cadmium, lead, arsenic and zinc. The biggest myth is that cigarette filters are biodegradable. Cigarette butts are not biodegradable. It’s estimated that trillions of filters, filled with toxic chemicals from tobacco smoke, make their way into our environment as discarded waste yearly. The plastic filters can take many years to decompose. Smokers may not realize that their actions have such a lasting, negative impact on the environment. Absolutely everything about cigarettes can threaten life on our beloved planet. They pollute the ground we walk on and the air we breathe. And if we smoke, cigarettes poison us slowly, stealing our quality of life long before they kill us. Cigarette butts may seem small, but with several trillion butts littered every year, the toxic chemicals add up! Three side effects of littering cigarette buts that annoy me the most are, our polluted water, endangered wildlife and the fires caused due to cigarette littering. Cigarette smoke contains up to 4,000 chemicals so each second the butt is left alight, dangerous toxins are released into the environment. Many people don’t realize that when it rains, water flowing through our streets, down our drains and through our storm water pipes ends up in our harbors, beaches and rivers. Storm water is not treated so all litter and cigarette butts carried by storm water are dumped directly into these waterways. When cigarette butts are discarded on the ground, many of the toxic chemicals will leach out of the cigarette and will run in to the lakes and oceans. Cigarette butts can leach chemicals such as cadmium, lead and arsenic into our marine environment within an hour of contact with water. Cigarette butts can take up to 12 months to break down in fresh water and up to 5 years to break down in seawater. According to the Audubon Society, smoke-free beach laws help reduce butts on beaches by 45%. Cigarette waste accounts for almost a third of the total amount of litter found on US shorelines alone. Cigarette butts are not just ugly, they also present a threat to wildlife. Plastic pieces have been found in the stomachs of fish, birds, whales and other marine creatures that mistake them for food. Cigarette butts have been found in the stomachs of fish, whales, birds and other marine animals which leads to ingestion of hazardous chemicals and digestive blockages. The pieces can get lodged in an animal’s intestinal tract or build up in its stomach, which can often lead to the animal’s death. This litter reduces water quality and potentially harms our precious marine life. Ingestion of plastic cigarette filters is a continuing threat to wildlife. Chemicals in cigarette butts easily leach out of the butts, and are deadly to small but important animals that live in most freshwater lakes and streams as well as the ocean. Discarded cigarette butts pose a significant threat to our environment in terms of fire. Every year, forest fires bring heavy destruction to areas, killing off wildlife and vegetation that take years to return. Some of those fires are started by natural causes; drought, and lightening. But according to the National Fire Protection Agency, upwards of 90,000 fires every year in the United States alone are caused by cigarettes. Cigarette-induced fires claim hundreds of lives in the United States each year, and injure thousands more, not to mention the millions of dollars that go up in smoke in property damage. Flicked butts can cause fires. When thrown from a motor vehicle into dried grass butts can start a grassfire or even a bushfire. Fires destroy habitats for animals, and homes. According to the American Burn Association, about 900 people in the United States die each year in fires started by cigarettes, and about 2,500 are injured. About 100 of the fire deaths each year are children and nonsmokers. Nationally, annual human and property costs of fires caused by careless smoking total about $6 billion. In 1997, there were more than 130,000 cigarette related fires. A cigarette-caused fire is currently responsible for one of the largest forest fires in Canadian history. The smoker has been identified, but Canadian authorities are trying to determine whether he should be charged with a crime. People who throw cigarette butts out of cars while driving are completely clueless to the deathly accidents they can cause. It has been suggested that cigarette butts represent the biggest litter problem facing the world today. There are many reasons why cigarette butts are such a huge environmental issue. First of all, most people don’t think of them as litter. Cigarette butts contain all the carcinogenic chemicals, pesticides, and nicotine that make tobacco use the leading cause of preventable death worldwide, yet they are commonly, unconsciously dumped by the trillions (5. trillions and counting) into the global environment each year. A recent study showed that cigarette waste easily meets standardized tests for city and state agencies to label a substance as toxic waste. Smokers are now spending most of their time smoking outdoors and tossing their butts away on the concrete rather than putting them in to a receptacle. It is very common for highly littered items such as so da cans, snack wrappers, and fast food containers to have a simple â€Å"Please Don’t Litter† message. You won’t find such a message on cigarette packs. Tobacco companies used filters as a marketing tool in an effort to allay fears about the harm caused by cigarettes, even after the companies knew that filters did not reduce risk. Plastic bags have been banned in a number of communities, and plastic tampon inserters have been considered for regulation by several states as environmental hazards and beach blight. The plastic cigarette filter could also be banned to reduce a huge source of unsightly, non-biodegradable plastic waste. Prohibitions on smoking in enclosed spaces have reduced indoor air pollution and related health risks for millions. Certainly, prohibitions on smoking in outdoor public places, including parks, beaches and even outdoor urban areas will prevent some butt waste flowing into our aquatic environments. Cigarette butt waste is the last socially acceptable form of littering in what has become an increasingly health and environmentally conscious world. The best way to educate the public about this serious environmental problem is to start with people you know. If someone you know litters their cigarettes it is important you educate them on the deadly harm they are causing to themselves and to the environment. How to cite Somthing That Annoys You, Essay examples

The Robot free essay sample

6 weeks. 120 pounds. From scratch. These are the cruel limits that our robot must adhere to. Scanning the monitor, these figures taunt me. My teammates pore over code, scan the electronics, and inspect welds. Suddenly, a line grabs my attention. My stomach drops. A rule was redefined, rendering our entire endgame mechanism illegal and useless. Frantically, I screamed the bad news at my teammates and mentors. With 12 hours left, our only option is to tear it off. If only there was a way to rebuild it. We have the parts and machines, but we’re lacking manpower. Exhaustion takes hold. The task ahead is herculean. We must redesign, rebuild, and reattach the entire frame. It’s 10 at night and I’m still at school. Giving up would be so easy. We could just go home and sleep, and chalk our mediocrity up to bad luck. But I’ve had enough of that. We will write a custom essay sample on The Robot or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I glance longingly at the door. Then, slowly I turn around a snatch up a drill. No words need to be exchanged. Everyone just knows. Sleep can wait, we’ve got a robot to build.

Romantism And Neoclassicism Essays - Romanticism, Romantic Poetry

Romantism And Neoclassicism Throughout history, the arts and literature have been a form of rationalization of the minds and thoughts of an artist or writer. The progression or regression of knowledge over a period of time can be chronicled or mapped with the use of the literature and arts of these artists. More specifically, the major shift in thinking from 18th-century Neoclassicism to 19th-century Romanticism can be seen in the works of Alexander Pope and William Wordsworth. A deliberation on the works of these two authors show the differences, if not complete opposites between the Neoclassic and Romantic concepts. The purpose of a poem can vary from poet to poet, but for the Neoclassic poet the main purpose was to educate the reader. During this time, Newton and other famous intellects were springing forth new ideas. Ideas such as explanations being formed in terms of moving particles. Pope shares this idea with the reader in "An Essay on Man" (stanza2?): "A thousand movements scarce one purpose gain". Pope's manner of writing is very straightforward. He makes firm statements instead of questionable presumptions and he does this as if he is teaching something with a purpose. This Neoclassic quality of teaching is seen in portions of his poem such as, "His knowledge measured to his state and place, his time a moment, and a point his space." (lines71-73) These uses of ideas and teaching in the poem make the poem less pleasurable for the reader to read as it allows no room for imagination and personal reflection. This is likely intentionally done by Pope as it was common in his time to write with a direct purpose rather than to please the reader. The purpose in writing for the Romantic poet is quite different from that of the Neoclassic poet. The Romantic poet wrote to please the reader rather than to educate. This can be seen in Wordsworth's poem "Ode: Intimations of Immortatlity from Recollections of Early Childhood.", especially in his use of language throughout the poem. Language such as, "The Moon doth with delight" (line12) and "Then sing, ye Birds, sing, sing a joyous song!" (Line168) It is this extensive use of vivid language that force the reader to use their imagination and visualize the events or images in the poem. They can then relate to these events or images and in turn become an active participant in reading the poem.

In america essays

In america essays The movie starts out with Sarah and Johnny Sullivan driving to the U.S. border from Canada, with their two daughters Ariel and Christy. Christy who is narrating the movie through her camcorder like a diary. The Sullivan family is trying to get into America to start their lives over after the loss of their son Frankie, who died of a malignant tumor in his brain. The only memory of Frankie thats left is what Christy has recorded on her camcorder. They drive into the U.S. past the immigration agent passing off that that they are just visiting. Driving through Time Square with these unbelievable looks on their faces, like I cant believe were here. They finally end up to their new home in New York in this run down neighborhood, at this broken down apartment building. Filled with drug addicts, homeless people, and just covered with poverty. They walk into their new home with wood floors; pigeons flying around and just dirty as can be. Few moments they clean up the apartment and furnish it with a fresh coat of paint, and furniture found around town. The mother starts out working at an Ice Cream parlor, while Johnny is taking any audition he can try to pursue his dream of becoming an actor. While being put in a catholic school by their parents. Being the poor girls of the school they still make the best of everything. On the girls first Halloween they go trick or treating in the apartment they live in a knock on every door. Not one person would open the door except for one man, a painter who lives below them who was dying of aids. In which they ended up making friends with. In the movie Susan gets pregnant again but is having trouble with the baby but doesnt want the girls to worry. If the baby stays in her longer it can cause Susan to die, and if the baby is taken out now the baby has a lesser chance of living. So the baby comes prematurely, and Johnny has no money to pay for the hospit ...

Comparisons of Athenian and Spartan Governments Essay

Comparisons of Athenian and Spartan Governments - Essay Example There were two prominent cities in ancient Greece that possess distinct and contrasting governmental systems. Athens and Sparta were the two most powerful city states then and their influence, especially in the field of governance, was widespread in the region. Since the two states have different systems of government, both are worth studying and comparing for the purpose of deriving ideas and lessons on modern states should be run. Sparta’s government has often been construed as similar to the modern autocracy. This impression is brought about by the structure of the government itself. At the helm are the Ephors who were elected yearly by the people. The Ephors were composed of five individuals who did not belong to the royalty. They enjoyed unlimited power when it comes to executing the laws of the state. Due to the blanket authority that the Ephors practiced and also because of their small number, the Spartan government may at best be considered as an oligarchy. Oligarchy l iterally means the rule of a few. However, it must be noted that while the Ephors may have unlimited power and while they may be on top of the governmental hierarchy, they could not actually monopolize political power for several reasons. First of all, being an Ephor is not a birthright and it is also not a position that one can held on to for life. As pointed out, there is a clear length of time that an individual can rule as part of a collective, which is one year. An election would be held every year, which means that an individual may no longer retain his seat as Ephor. The thought of becoming an ordinary citizen after a year of being on society’s highest power structure might discourage an individual Ephor from committing abuses. Since the rule is collective in essence, there was already a degree of check and balance from within the ranks of the five Ephors. If the Spartans are not satisfied with the way the Ephors are managing the affairs of the state or with how they a re treating the citizens, they would just wait for the next elections and the individual Ephors could be subjected to removal or replacement. Under such setup, it is clear that autocracy may not be the most accurate term to describe Sparta’s government. An oligarchy, notwithstanding the fact that it is just for a year, may be the best description. While the Ephors controlled all the executive functions of the Spartan government, there was also the Council of Elders, which may be considered as the equivalent of the senate. The Council of Elders was composed of 28 members who are aged 60 and above. The age requirement definitely borne out of the belief that one’s life experience is reflective of his wisdom. Aside from the 28, the Council of Elders also includes the two kings who, upon the increased powers of the Ephors, have been relegated to figureheads and their only actual governmental function was to become part of the Council. The Council of Elders is responsible fo r making the laws as well as deciding on important issues that affect the state and society. However, whatever decision that the Council of Elders arrive at would not be deemed as a final governmental policy unless this has been approved by the General Assembly. The General Assembly was composed of all male citizens with ages 30 and above. This much larger body, however, â€Å"did not debate but only voted on the issues put before it by the Council of El

Did the Constitutional Treaty Answer the Laeken Questions Essay

Did the Constitutional Treaty Answer the Laeken Questions - Essay Example The main matters dealt with during the Laeken Council held in Belgium included new measures in the area of Justice and Home Affairs which emphasized on the European Arrest Warrant, a common definition of terrorism, and the European Justice the seats of 10 new EU agencies. As a guide for the citizen's expectations raised in the summit, poll evidence in other countries suggest that the citizens want a more effective EU in terms of foreign and security policy, environment and a more clear fight against organized crime. September 11th has stretched the pace of integration of external and internal security. The treaty's provisions in the internal security policies is the "affirmation on the respect for human dignity, freedom, equality, the rule and respect for human rights including minorities, non-discrimination and equality between men and women"3. Common policies on border checks; asylum and immigration are provided under the treaty where cooperation is expected on judicial matters and police implementation scheme. Under this power, the Commission will have the power to take the member states to court for "failure to implement legislation on most justice matters like infringement procedures"4. The treaty is aiming to facilitate recognition of judgments and judicial decisions in criminal matter having a cross-border dimension. Such rules may cover mutual recognition and admissibility of evidence between member states in their criminal procedures. The Council acting by an unanimous vote with its members intends to specifically address crimes like terrorism, trafficking of humans and sexual exploitation, drug trade and arms, money laundering, corruption, counterfeit, computer and organised crime. The concerns specifically expressed regarding security measures were catered for in the treaty. The Constitutional Treaty has addressed the several questions raised during the Laeken council but the new solidarity clause specifies that any member state which becomes a victi m to a terrorist attack or other disaster will receive assistance from other member states. The question on the clear distinction on the exclusive competence of the Union and the member states and the particular the powers assigned by the treaties to the union was raised. The European convention in answer has submitted a proposal that underlines "a catalog of competences is not the aim of the exercise and that the five countries prefer a flexible approach to the issue of competences, but explicitly stating that the Union has no competences other than those conferred on it by the Member States through the treaties"5. More precisely, the powers of the EU may be widespread but is also narrow where exclusive competence is nowhere defined. There is no rigid demarcation line between the EU and its member states. Where EU and its member states have a more forceful power in trade and monetary policies- in other aspects it is playing second fiddle to the member states. Where EU enjoys no general competence and nobody is arguing that it requires one, "the five member states propose t he creation of a new political body, consisting of national parliamentarians mandated by the council, to ensure scrutiny of proposals by EU institutions"6. For the most part, as a proposing body a

Social And Cultural Aspect Of Child Abuse In Punjab

Social And Cultural Aspect Of Child Abuse In Punjab In the article he discussed that children are a very vulnerable sector of our society. Child abuse can occur in every sector of our society, but some children are at a higher risk for abuse. The reason behind the research is to find out what is child abuse and to know the different forms of physical abuses. D.P.Noe said Children are at an increased risk for abuse if they were a product of an unwanted pregnancy, or have parents that are still children themselves. There is an increased risk for child abuse if the parents of a child have history of being abused when they were children. or are have been brought up in a home with domestic violence. Single parents or parents with a drug or alcohol problems put a child at a higher risk for abuse. Certain socioeconomic levels such as children living in poverty place them at a higher risk for abuse. The different types of physical abuses discussed by the author are May present with bruises that are patterned, multiple bruises of different ages, bruising in a non-ambulatory child, burns, and lacerations. The reason behind the research is to know the role of the family life educator that how child abuse can be prevented by the family itself. He said there are different programs to prevent child abuse there are school based programs, Schools are in a unique position to address the child abuse problem through school based programs. School based programs should stress the primary prevention of child abuse by basing content on the cultural forces contributing to abuse. He describe some teaching suggestion in the article which are effective in a family life education program emphasizing the teaching of positive discipline as a primary prevention method for child abuse for example Invite student perspective on the topic of discipline, Invite students to share their feelings with the class. Further more he discussed that what question should be asked by the student and how should they be treated. The role of the teachers. He said equally important is the need to develop activities that will provide students with an opportunity to confront feelings about discipline issues and to learn discipline and guidance strategies that help children develop social competence. The reason behind the research is to know the reason why and how child abuse occur in step families. Evidence from the cases suggests that stepparents are overrepresented among abusers. Jean Giles-Sims and David Finkelhor explained five theories that have been used to explain this presumed relationship. The theories are: social-evolutionary, normative, stress, selection and resource theory. Author also discussed Stepparents and Natural Parents as Perpetrators In Three Types of Child Abuse (physical abuse, sexual abuse and emotional abuse). According to his research step mother conduct more physical and emotional abuse. The social-evolutionary (sometimes referred to as socio-biological) perspective predicts that stepchildren are more likely to be both physically and sexually abused than natural children, using different arguments to explain each type of abuse. According to the normative theory of sexual abuse by stepparents is consistent with a social-evolutionary perspective which ar gues that the justification of incest taboos is to avoid genetic degradation. However, the normative argument does not require a biologically based assumption. In the stress theory it is stated that stepfamilies experience stress, and that stress is related to child abuse. In the selection factor theory author said that it may be that the same factors which make people prone to divorce and remarriage also make them prone to abuse children. It may be that the same factors which make people prone to divorce and remarriage also make them prone to abuse children. Resource theory is the final theoretical approach which explains higher rates of child abuse by stepparents. According to this theory, the more resources a person can command, the more power and authority that person has at his/her disposal to regulate a social system. the reason for conducting this research is to analyse the Ethical dilemmas that are commonly encountered in family sexual abuse cases. In the research the primary ethical problems faced by marital and family therapists working with families in which child sexual abuse is suspected or has occurred are examined. The sexual abuse of children is most frequently perpetrated by males upon females, with stepfather or biological father/daughter molestation being the most commonly reported form of abuse. Kitchener (1984) and Thompson (1990) suggest that the practitioner turn to the following six general ethical principles to guide ethical decision making: autonomy, fidelity, Justice, beneficence, nonmaleficence, and self-interest. These provide a framework for considering the specific ethical dilemmas encountered by family therapists who are confronted with child sexual abuse. Author also discussed the therapeutic treatment of abuse it is recommended that sexual abuse treatment with these fam ilies not be undertaken without specialized training and supervision (Principle .6). The therapist may need to refer the family, a process that can be facilitated by helping the clients understand that this action affirms the therapeutic promise to promote their welfare. Awareness of the meta-ethical principles involved in working with these families can help to identify where principles may conflict. The reason for the study is to identify economic and cultural generative factors of child abuse. There are special circumstances affecting the occurrence of child maltreatment, such as parental youth and inexperience, parental discord and divorce, adoption, and problematic child attributes, which are explored in the research. The evidence for intergenerational transmission of abuse is also examined. The few prospective studies that have used quantitative methods have yielded mixed results, with two (Johannesson, 1974; Sears, 1961) reporting no evidence for an association between corporal punishment and child aggression, and (Lefkowitz, Eron, Walder, Huesmann, 1977 McCord, 1979 Singer, Singer, Rapaczynski, 1984) find a positive association. The reason why parents maltreat their children are parents own background, economic position. Economic factors leads to economic stress, Economic stress generated depression and demoralization in parents, which in turn resulted in marital conflic t and bad parenting-harsh, inconsistent discipline and hostile rejection or non involvement. Divorce is also the reason for the maltreatment of children by parents. Low income and single parents also become the reason for the child abuse. Data obtained from research with non abusive middle-class families. The research also focuses on facets of responsiveness (warmth, reciprocity, attachment) and demanding ness (coer- civeness, confrontation, monitoring, supervision, consistent discipline, corporal punishment) (Maccoby Martin, 1983). Compared to parents from non abusive families, parents from both abusive and neglectful families can be expected to be less responsive and neglectful parents to also be less demanding. The reason for conducting the research is to find the exact relationship between stress and child abuse despite the fact that stress contributes to child abuse. Author discussed three models postulating the influence of stress on child abuse phenomenological model, life change model, and social model. In phenomenological model describe that an early formulation of the stress and child abuse relationship, suggests that abusive behaviour is unleashed by figurative or solid incidents perceived as stressful by adults who are vulnerable to abuse from inadequate upbringings. Stress arises when an incident is judged to be personally threatening. Assessing the threat, including risks to self-esteem and physical comfort, occurs after the individual inventories his or her personal resources for coping. The usefulness of the phenomenological model is limited by its lack of ability to identify unique characteristics of the situation or the abuser. Such constraints as cultural factors, for one, c ontribute to abuse. In the life chain model describe the connection between stress and abuse. This model posits a series of changes in life situation as contributing to the potential to abuse. It also assumes that physical and psychological stress processes are equivalent. The life change model is as follows: C:UsersstudentDesktopaaaaaaaaa.PNG The social model describes another explanation of the connection between child abuse and stress. Child abuse is largely a function of the stresses of poverty, the social model rests on accumulating evidence from child abuse researchers that diminished social or ecological resources accompany poverty and increase child maltreatment among the poor. members of lower socioeconomic groups are exposed to more stressful events than members of higher socioeconomic groups and that the poor are more helpless to the impact of those events. Social isolation is manifest in child abuse. In short phenomenological, life change and social models of stress in child abuse explains that stress in part arises from personal appraisals, cross-sectional life disruptions, and environmental deprivations. This research is done to analyse the different effects of demographic, social, and economic factors on the number of child abuse and there are neglect reports in 18 urban, suburban, and rural counties over a period of 6 years. The analytic portion of this research consists of two parts. The first tests hypotheses about the effect of each independent variable on the dependent variable, child abuse and neglect reports. The model is separately tested for the urban, suburban, and rural counties. The second part uses the independent variables to determine the extent to which the model replicates actual data in each type of county. The time-series approach is used to analyse the growth of child abuse. Eighteen of 58 urban, suburban, and rural counties were selected for analysis. Child labor has become an important discussion topic and that how childrenà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s rights may be protected as globalization has increased so has concern for childrenà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s rights and child labor.. Most societies believe that if children will work they will learn more but conditions that are detrimental to their health is an area of concern. Children who are appreciated by their families are able to learn more an in a less stressful manner compared to those who are not praised and whose work is also not praised. Many conventions have been held by ILO to de motivate those who employ children and force them to work in hazardous conditions. Some international organizations have also been trying to create awareness about childrenà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s rights. In every country organizations are working for rights of child. New institutions are opened to guide the people. UNICEF and various nongovernmental organizations are working to protect Convention on the Rights of the Children and its effective implementation There are several forms of child abuse and the one which has received most concern is the battered child syndrome. There are six main types of abuses that have been discussed including physical abuse and physical neglect. The reason for child abuse could be that as a child the abuser was also maltreated by his parents for not meeting their demands. Such children when marry look for spouses who have been through similar experiences during their child hood. Parents sometimes have unrealistic expectations from their children and when the child is unable to meet these demands the parents become frustrated and become abusive towards the child. Adolescents aged 12 to 17 account for 20% of the abuse and neglect cases. These children can be treated with the help of the family and several different community services. Although the aim of the treatment is to protect the child but it also focuses on the parents. Abusive parents have problems asking for help thus a reporting system can generate better results. Suspected child abuse may be directed by observing a sick or injured child with his parents or by listening to parentà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s explanation of injuries. Parents should be told of places from where they can receive help for parenting their child in a better manner. The emotional aspects of parenting should be incorporated into parental training classes as well as into all other types of parenting education. Family life courses and family planning clinics should inform people of the responsibilities negative along with positive. The American public health association adopted policies to prevent child abuse as a problem which has significant health problems. The cost of child maltreatment has significant and long lasting effects. Cultural acceptance for child abuse is seen in schools in the form of punishments and abuse by parents and neighbors is seen as a problem. Thus measures should be taken to reduce acceptance for child abuse and violence. Coordinated efforts of the public sector and the private sector shall be taken in order to create awareness about the responsibility. Training programs should also be held in order to reduce abuse against children in an effective manner. These programs need funding and support to become more affordable by the society. A conclusion that the article with draws is that those children who have been abused as a child tend to become child or spouse abusers themselves thus research shows that child abuse is directly related to family stress, financial problems and single parenting responsibilities. Child abuse can only be prevented with the help and cooperation of all the sectors private and public including public health, law and order and educational institutes.

Recent Changes in Monetary Policy in Pakistan

{text:bookmark} {text:toc-mark-start} PAKISTAN ECONOMIC POLICY {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} DATED: *15TH* DECEMBER 2009 {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Submitted To: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Sir Ashraf Janjua {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Submitted By: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Nimra Anjum {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Rakana Payam {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} text:bookmark} {text:toc-mark-start} *Sheema H*asanat {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} ACKNOWLEDGEMENT {text:toc-mark-end} We would like to give our special thanks to our Pakistan Economic Policy teacher, Mr. Ashraf Janjua for giving us this opportunity to work and have an insight of the our country’s economy, also to let us interpret our learning in a real situation. We thank him for the assist ance through out this project. Table of Contents MONETARY POLICY Monetary policy is the regulation of volume of money supply, by the central bank in order to achieve relative price stability. If the economy is heating up then the Central bank can increase the bank rate or the reserve requirement. Whereas when there is recession, then the bank rate is reduced. Instruments for the Regulation of Money Supply Open market operations. Cash Reserve requirement Statutory Liquidity Ratio Credit Ceiling Open market operations: It is the buying and selling of government securities. If the M. S is high then the securities are sold so that people buy it and money goes to the SBP and if the M. S is low then you buy securities in this way Money supply increases. Cash Reserve Requirement: It is a requirement in which all the commercial bank have to keep a percentage of cash with the SBP. Currently, it is around 7%. Statutory Liquidity Ratio: It is a requirement in which each bank has to maintain a certain reserve requirement to strengthen their liquidity position. Credit Ceiling: It is the fixation of the upper limit; quotas are assigned to different banks. Components of Money text:bookmark} {text:toc-mark-start} Mo is the resource money and comprises of: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Currency in circulation {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Bank’s Reserve with the SBP {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Other deposits with the SBP {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Cash in the tills of the Bank {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} M1= Currency in circulation + Demand deposits with scheduled banks + other deposits with SBP. text:toc-mark-end} {text:bookmark} {text:toc-mark-start} M2=M1 + time deposits with the scheduled banks. Technically, M2 is called Monetary Assets & M1 is called Money Supply. {text:toc-mark-end} How is Money Created? {text:bookmark} {text:toc-mark-start} There are three sources of creating money: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Net Credit creation by the central Bank (SBP): Credit extended during a period minus recoveries. {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} 1 and 2 are called net Bank credit. Credit is always on the Asset side of Banks. When this credit is used by issuing cheques end up with bank (either the same bank/or any other bank). These cheques are deposits, and are on the liability side of the banks. These deposits/liabilities become money/monetary Assets, and are equal to the credit created by the Banking System. {text:toc-mark-end} How Much Money can be Created? {text:bookmark} {text:toc-mark-start} The share of currency in circulation in Mo and, {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Level of cash in tills and commercial banks reserves with SBP as a % of Mo. text:toc-mark-end} {text:bookmark} {text:toc-mark-start} The higher the value of either of these amounts with respect to M2, the lower the Money Multiplier. {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} 1/c + r (1-c) {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} C= the ratio b/w CIC + other deposits with SBP and M2 {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} R= Cash assets of Scheduled banks: Ca sh in tills of commercial banks + reserves with SBP. {text:toc-mark-end} DOES MONETARY POLICY PLAY EFFECTIVE ROLE IN CONTROLLING INFLATION IN PAKISTAN? Introduction text:bookmark} {text:toc-mark-start} Inflation is politically costly for the government (Haque and {text:toc-mark-end} Salient Features of the Monetary Policy {draw:frame} {draw:frame} {draw:frame} Instruments of Monetary Policy {text:bookmark} {text:toc-mark-start} Cash Reserve Requirement {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} {draw:frame} {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Discount Rate {text:toc-mark-end} {draw:frame} INFLATION TREND IN PAKISTAN (2004-2009) According to the State Bank of Pakistan, the core inflation in the year (2005) was 8. per cent which has almost doubled since the last year (2004) in which the inflation rate was 3. 8 per cent. During this year the non-governmental borrowing increased by 30 per cent. The two main reasons for high inflation during this peri od were because of excessive government borrowings and the price of wheat. According to the State Bank of Pakistan, government estimated that the inflation rate in the next year would range between 7. 7 and 8. 3 per cent. During the year (2006) there was a decrease in the total inflation of the country (general and food) from 9. 3 to 7. 9 per cent and 12. 5 per cent to 6. per cent respectively. The government took several major steps to bring the inflation down during this year as well by tightening the monetary policy and augmenting the supply of essential commodities through liberalization of import regime. As a result the general inflation declined from 9. 3 per cent (2004-05) to 7. 9 per cent (2005-06) & the non-governmental borrowing in the year 2006 became 23 per cent. During 2007 the core inflation reduced from 7. 5 per cent to 5. 9 per cent, due to tight monetary policy. According to the SBP the food inflation increased from 6. 9 per cent (2006) to 10. per cent (2007) becaus e of supply side constraints in which the prices of some key food staples (including wheat, rice, vegetable, ghee etc,) were increased. Where as comparatively the non-food prices grew at a slower pace since last year and the general Inflation (CPI) declined from 7. 9 per cent to 7. 8 per cent. The inflationary trend in the food prices during the year (2008) increased to 17. 6 per cent as compared to the last year in which the food inflation was 10. 3 per cent, affecting people living standards of low and fixed income groups. The non-food inflation had the same increasing trend as in the year (2007), which was 6. per cent and during the year (2008) was 7. 9 per cent. Although the core inflation was reduced to 5. 9 per cent but during this year it went back to 8. 4 per cent because of the global increase in some commodity, higher utility tariff and by local supply and demand driven prices. Inflation during (2008) indicates that the prices of a few commodities (18) essential food items registered sharp increase particularly during the second half of the fiscal year (2008). Other significant contributors to (2008) upward inflationary trend included house rent, which is the index that measures the cost of construction in Pakistan, racing to 11. per cent by April (2008). The current fiscal year commenced with ease in headlines compared to the same month of previous fiscal year. The consumer price inflation annually was 11. 2 per cent during July (2009) as against 24. 3 per cent in July (2008) and 13. 1 per cent in the previous month. A major increase in the core inflation was witnessed in July (2009) of 17. 6 per cent as compared to July (2008) 8. 4 per cent. The food inflation increased by 6. 1 per cent during this fiscal year. The main reason for this high inflation was due to low export growth relative to import, high oil prices and inadequate foreign apital inflow. Conclusively, one can say that inflation adversely affects the overall economic growth, the financ ial sector development and exploit the vulnerable poor segments of the population. Inflation also decreases the real income and induces uncertainty. Considering such undesirable impacts of inflation on the economy, there's a consensus among the world leading central banks that the price stability is going to be the prime objective of monetary policy and the central banks are committed to lower the inflation in the economy. Hence the State bank of Pakistan should adopt inflation as their main focus of monetary policy, by targeting inflation explicitly or implicitly as and when required. EFFECTIVENESS OF MONETARY POLICY STATEMENT IN PAKISTAN Economic policies aim to increase the welfare of the general public and monetary policy supports this broad objective by focusing its efforts to promote price stability. Embedded in this objective is the belief that persistent inflation would compromise the long term economic prospects of the country. The objective of monetary policy in Pakistan, as laid down in the SBP Act of 1956, is to achieve the targets of inflation and growth set annually by the government. In pursuit of this mandate, SBP formulates the country's monetary policy that is consistent with these announced targets. In my remarks today, I plan to provide perspective on: First, why central banks focus on price stability? Second, how the monetary policy transmission mechanisms work? Third, what are the principal features of Pakistan's monetary policy framework? Fourth, selected thoughts on effectiveness of Pakistan's monetary policy framework Finally, what measures are needed to improve the effectiveness of the monetary policy framework in Pakistan? These questions have been a subject of much debate lately, as monetary tightening – an inevitable policy response for regaining macroeconomic stability – has aroused anxiety but better public understanding of this question will help them to appreciate central bank's monetary policy stance. Why Focus on Price Stability? Monetary Policy Transmission Mechanism The monetary transmission mechanism refers to a process through which monetary policy decisions affect the level of economic activity in the economy and the inflation rate. Understanding the transmission mechanism of monetary policy is crucial for appropriate design and efficient conduct of monetary policy. As monetary policy actions affect policy variables with a considerable lag and with high degree of variability and uncertainty, it is important to predict the possible impact and extent of monetary policy actions on the real variables. Thus, by its very nature, monetary policy tends to be forward-looking. It is also important to know which transmission channels are more effective in terms of transmitting changes in monetary policy actions to ultimate policy goals. Since various financial sector developments particularly regarding introduction of new financial products, technological changes, institutional strengthening, and expectations about future policy, etc can potentially change economic effects of the monetary policy measures, there is a need to regularly update, empirically test and reinterpret monetary policy transmission channels. The impact of monetary policy is perceived to transmit in to the real economic activity through five channels. †¢ The first channel and most widely studied and understood channel of monetary policy transmission relies on the link between changes in the short-term nominal interest rate (induced by changes in the policy rate) and the long-term real interest rate that ultimately affect components of aggregate demand such as consumption and investment in an economy. As such, it is the changes in the long-term real interest rates that have its impact on aggregate consumption, business investment and other components of aggregate demand. †¢ The second channel, known as the credit channel, involves changes in monetary policy that not only affects the ability of firms to borrow money (by affecting their net worth) but also affects the ability of banks to lend money. The strength of this channel depends on the degree to which the central bank has allowed banks to extend loans and the dependence of borrowers on bank loans. These factors are clearly influenced by the structure of the financial system and its regulation. †¢ The third channel of monetary policy transmission focuses on asset prices (other than the interest rate) such as the market value of securities (bonds and equities) and prices of real estate. A policy-induced change in the nominal interest rate affects the price of bonds and stocks that may change the market value of firms relative to the replacement cost of capital, affecting investment. Moreover, a change in the prices of securities entails a change in wealth which can affect the consumption of households. Fourth, a policy-induced change in the domestic interest rate also affects the exchange rate that in turn affects the foreign financial flows, net exports and thus aggregate demand. The strength of the exchange rate channel depends on the responsiveness of the exchange rate to monetary shocks, the degree of openness of the economy, sensitivity of foreign private inflows and n et exports to exchange rate variations, and the net worth of firms and thus their borrowing capacity if they have taken exposure to foreign currency. Moreover, exchange rate changes lead to changes in the domestic price of imported consumption goods and imported production inputs affecting inflation directly. †¢ Since expectations influence the inflation dynamics, there is a fifth channel that is based on the economic agents' expectations of the future prospects of the economy and likely stance of the monetary policy. According to this ‘expectations channel', most economic variables are determined in a forward-looking manner and are affected by the expected onetary policy actions. Thus, a consistent, credible, and transparent monetary policy can potentially affect the likely path of the economy by simply affecting expectations. Monetary Policy Framework in Pakistan Considering the economic and financial market structure in Pakistan, SBP has for sometime pursued a monetary targeting regime with broad money supply (M2) as a nominal anchor to achieve the objective of controlling inflation without any prejudice to growth. The process of monetary policy formulation usually begins at the start of the fiscal year when SBP sets a target of M2 growth in line with government's targets of inflation and growth (usually in the month of May) and an estimation of money demand in the economy. The basic idea is to keep the money supply close to its estimated demand level, as both a significant excess and a shortfall may lead to considerable deviations in actual outcomes of inflation and real GDP growth from their respective targets. Underlying this framework are two strong assumptions: first, there is a strong and reliable relationship between the goal variable (inflation or real GDP) and M2; and second, the SBP can control growth in M2. While containing the M2 growth close to its target level is the key consideration in the current monetary framework, the composition of the money supply does matter and at times requires policy actions even if these actions lead to a deviation in monetary growth from its target level. To understand this point, it is necessary to know the major components of money supply and their relative importance. Net foreign Assets (NFA) and Net Domestic Assets (NDA) of the banking system are the two major components of money supply. The NFA is the excess of foreign exchange inflows over outflows to the banking system, or in other terms it is a reflection of underlying trends in the country's external Balance of Payment (BoP) position. It is estimated by the projected values of all major external transactions such trade, workers' remittances; debt servicing, foreign investment, and debt flows etc. The NDA of the banking system, which primarily consists of credit to the government and the private sector, reflects changes in the fiscal and the real sectors of the economy, If is estimated as a residual of M2 and the NFA. Further break-up of NDA is estimated on the basis of projected credit needs of the government and the private sector. NOW coming to the importance of these components of the money supply, depletion in NFA is generally considered as an unhealthy development. Sharp NFA depletion reflects worsening BOP position and a pressure on exchange rate. In such a case, a higher NDA growth, though helps in expanding M2 to reach ifs target level, may further deteriorate external accounts, sharper depreciation of local currency, and higher depletion of country's foreign exchange reserves. Although since FY07, only the indicative M2 growth target is being announced, SBP also takes into consideration the causative factors for monetary expansion while pursing this target. Considering the changes in monetary aggregates and other economic variables, the changes in monetary policy are signaled through adjustments in the policy discount rate (3-day repo rate). Further, the changes in the policy rate are complemented by appropriate liquidity management mainly through Open Market Operations (OMOs) and if required changes in the Cash Reserve Requirement (CRR) and Statutory Liquid Reserve requirement (SLR) are also made. † Significance of various channels that transmit the monetary policy shocks in Pakistan to the real economy has been analyzed by few economists. Ahmad et al. (2005) found that credit channel is the most ‘important conduit for transmitting monetary policy actions to the real economic activity. Evidence confirms transmission through the active asset price channel and exchange rate channel. According to this study, monetary policy shocks impact real output after a lag of 7 to 11 months. Tasneem and Waheed (2006), on the other hand, investigated whether different sectors of the economy respond differently to monetary shocks. The presence of sector wise differences in the monetary transmission mechanism has profound implications for macroeconomic management as the central bank then has to weigh the varying consequences of its actions on different sectors. Investigating the transmission of changes in interest rate to seven sub sectors of the economy, the authors found evidence supporting sector-specific variation in the real effects of monetary policy. They found that the interest rate shock on manufacturing, wholesale and retail trade, and finance and insurance sectors transmit after a lag of 6 to 12 months. On the other hand, monetary policy shocks have negligible impact on agriculture, mining and quarrying, construction and ownership of dwelling sectors. Generally, historical evidence does reflect that Pakistan has been a high inflation and high interest economy given its inherent structural weaknesses. The role and effectiveness of monetary policy appears more visible in the 2000s when financial sector reforms started bearing fruits in terms of a more market based money and foreign exchange markets. Entering the 21sf century, the loose monetary policy stance in the face of low inflation, low growth and low twin deficits, along with structural measures to open up the economy and alleviate some first round constraints, triggered the economy on a long-term growth trajectory of above 7 percent. Monetary policy stance was however altered as the inflationary pressures started to build up in 2005. At the end of the fiscal year, the economy, which had been showing sustained steady growth since FY01, registered a historically high level of growth (9 percent), average inflation rose sharply (9. percent) and the external current account balance turned into deficit (-1. 4 percent of GDP) Coinciding with these developments, the fiscal module started to show signs of stress as the fiscal balance was converted into a deficit and the stock of external debt and liabilities, which had been declining since FY00 after the Paris Club rescheduling, began increasing. These indicators largely capture t he high and growing aggregate demand in the economy on account of sustained increase in peoples' income. With the emerging domestic and global price pressures, SBP tightened its monetary policy after a prolonged gap of a few years. The efforts to rein-in inflation, however, proved less effective due to a rebound in international commodity prices and a rise in domestic food prices later on. The rise in the international commodity prices, particularly oil, exacerbated the fight against inflation. The international oil prices (Arabian Light) rose from US$27. 1 at end 2004 to US$50. 9 at end 2006, whereas international food prices rose by 24, 24 and 21 percent during 2004, 2005 and 2006 respectively. Realizing the complications of monetary management and adverse global and domestic economic developments, the implementation of SBP monetary policy during FY06 varied significantly from the preceding fiscal years. In addition to the rise in the policy rate, the central bank focused on the short-end of the yield curve, draining excess liquidity from the interbank money market and pushing up short-tenor rates. Consequently, not only did the overnight rates remain close to the discount rate through most of the year, the volatility in these rates also declined. These tight monetary conditions along with the Government's administrative measures to control food inflation helped in scaling down average inflation from 9. 3 percent in FY05 to 7. 9 percent in FY06, within the 8. 0 percent annual target. This was certainly an encouraging development, particularly as if was achieved without affecting economic growth as the real GDP growth remained strong at 6. 6 percent in FY06. Further Strengthening of Tight Monetary Policy For FY07, the government set an inflation target of 6. 5 percent. To achieve this, a further moderation in aggregate demand during FY07 was required as the core inflation witnessed a relatively smaller decline in FY06, indicating that demand-side inflationary pressures were strong. In this perspective, SBP further tightened its monetary policy in July 2006 raising the CRR and SLR for the scheduled banks; and its policy rate by 50 basis points (bps) to 9. 5 percent. Moreover, proactive liquidity management helped in transmitting the monetary tightening signals to key interest rates in the economy. For instance, the Karachi Inter Bank Offer Rate (KIBOR) of 6 months tenor increased from 9. 6 percent in June 2006 to 10. 02 percent at end-June 2007 and the banks' weighted average lending and deposits rates (on outstanding amount) increased by 0. 93 percentage points and 1. 1 percentage points, respectively, during FY07. In retrospect, it appears evident that monetary tightening in FY07 did not put any adverse impact on economic growth, as not only was the real GDP growth target of 7. 0 percent for FY07 was met, the growth was quite broad based. At the same time, the impact of the monetary tightening was most evident in the continued deceleration in core inflation during FY07. One measure of core inflation, the non-food non-energy CPI, continued its downtrend from YoY high of 7. 8 percent in October 2005, to 6. 3 percent at end-FY06, and to 5. 1 percent by the end of FY07. However, much of the gains from the tight monetary policy on overall CPI inflation were offset by the unexpected rise in food inflation. On the downside, however, broad money supply (M2) grew by 19. 3 percent during FY07, exceeding the annual target by 5. percentage points. Slippages in money supply growth largely stemmed from an expansion in NFA due to the higher than expected foreign exchange inflows. Equally stressful was the impact of Government borrowings from the central bank during the course of the year. The pressure from the fiscal account was due to mismatch in its external budgetary inflows and expenditures. With the privatization inflows and th e receipts from a sovereign debt offering at end-FY07, the Government managed to end the year with retirement of central bank borrowings, on the margin. By end-FYO7, SBP holdings of government papers were still around Rs 452 billion, despite a net retirement of Rs 56. 0 billion during the year. Another major aberration in FY07 emanated from the high level of SBP refinancing extended, for both working capital and long-term investment, to exporters. Aside from monetary management complexities, these schemes have been distorting the incentive structure in the economy. FY08 and Beginning of FY09: More Challenging FY08 was an exceptionally difficult year. The domestic macroeconomic and political vulnerabilities coupled with a very challenging global environment caused slippages in macroeconomic targets by a wide margin. After a relatively long period of macroeconomic stability and prosperity, the global economy faced multifarious challenges: (i) hit by the sub prime mortgage crisis in U. S in 2007, the international financial markets had been in turmoil, the impact of which was felt across markets and continents; (ii) rising global commodity prices, with crude oil and food staples prices skyrocketing; and (iii) a gradual slide in the U. S dollar against major currencies. Combination of these events induced a degree of recessionary tendencies and inflationary pressures across developed and developing countries. Policy-makers were gripped with the dual challenge of slowdown in growth and unprecedented rising inflationary pressures. Central bankers faced a demanding task of weighing the trade-off between growth and price stability. With the exception of few developed countries, most central banks showed a strong bias towards addressing the risk of inflation and responded with tightening of monetary policies. On the domestic front, the external current account deficit and fiscal deficit widened considerably to unsustainable level (8. 4 and 7. 4 percent of GDP). The subsidy payments worth Rs 407 billion by Government, which account for almost half of the fiscal deficit, shielded domestic consumers from high international POL and commodity prices and distorted the natural demand adjustment mechanism. While the government passed on price increase to consumers, the rising international oil and other importable prices continued to take a toll on the economy. Rising demand has cost the country dearly in terms of foreign exchange spent on importing large volumes of these commodities. Rising fiscal deficit and lower than required financing flows resulted in exceptional recourse of the Government to the highly inflationary central bank borrowing for financing deficit. At the same time the surge in imports persisted. As a result, inflation accelerated and its expectations strengthened due to pass through of international oil prices to the domestic market, increases in the electricity tariff and the general sales tax, and rising exchange rate depreciation. These developments resulted in a further rise in headline as well as core inflation (20 percent weighted trimmed measure) to 25 percent and 21. 7 percent respectively in October 2008. Considering the size of macroeconomic imbalances and the emerging inflationary pressures, SBP remained committed to achieve price stability over the medium term and thus had to launch steeper monetary tightening to tame the demand pressures and restore macroeconomic stability in FY09. SBP thus increased the policy rate from 13. 5 to 15%. What Needs to be Done to Improve the Effectiveness of Monetary Policy? Apart from taking policy measures to address the emerging challenges, SBP also introduced structural changes in the process of monetary policy formulation and conduct to make the monetary policy formulation and implementation more transparent, efficient, and effective. Specifically, during the last couple of years, SBP focused on †¢ Institutionalizing the process of policy formulation and conduct †¢ Stepping up movement towards a more market based credit allocation mechanism Developing its analytical and operational capacity †¢ Improving its capabilities to assess future developments to act proactively and †¢ Improving upon the communication of policy stance to the general public. However, the following areas need attention and are keys or effective monetary management. 1. Effectiveness of monetary and fiscal co-ordination would be helpful. Section 9A and 9B of the SBP Act (amended in 1994) art iculates the institutional mechanism for economic policy making and co-ordination and defines the ground rules for both the process and the policy making. However, the track record of the Monetary and Fiscal Policies Co-ordination Board (MFPCB), established in February 1994 that requires quarterly meetings of the SBP and the government, has been less than satisfactory. Furthermore, the sequencing of economy-wide projections is done in isolation of the budget and monetary policy making process, and the budget making process has not respected the monetary compulsions. With rising spending and stagnating revenues, the budget assumes at the start of the year certain recourse to the central bank rather than treat it as mere ways and means advances. . For effective analysis of developments and policy making, timely and quality information is extremely important. However, due to weaknesses in the data collection and reporting mechanism of the various agencies of the country, information is not available with desired frequency and timeliness. Also there are concerns over the quality of data. Unlike many developed and developing countries, data on quarterly GDP, employment and wages, etc is not available in case of Pakistan. Moreover, the data on key macroeconomic variables (such as government expenditure and revenue, output of large-scale manufacturing, crop estimates, etc) is usually available with substantial lags. This constrains an in-depth analysis of the current economic situation and evolving trends, and hinders the ability of the SBP to develop a forward-looking policy stance. 3. Unlike many countries, both developed and developing, there is no prescribed limit on government borrowing from SBP defined in the SBP Act or the Fiscal Responsibility and Debt Limitation (FRDL) Act 2005. Besides being highly inflationary, government borrowing from SBP also complicates liquidity management. Borrowing from the central bank injects liquidity in the system through increased currency in circulation and deposits of the government with the banks. In both cases, the impact of tight monetary stance is diluted as this automatic creation of money increases money supply without any prior notice. Moreover, access to potentially unlimited borrowings from the SBP provides little incentives to the government to put the fiscal accounts in order. Therefore, the foremost task to improve the effectiveness of monetary policy is to prohibit the practice of government borrowings from the SBP. In this regard, appropriate provisions are required to cease or limit government recourse to central bank financing through amendments in the SBP Act and the FRDL Act 2005. 4. Another issue is to make a clear distinction between exchange rate management and monetary management. Currently, there is a general perception that the State Bank is bound to keep the exchange rate at some predefined level and any movement away from this level is then considered as an inefficiency of the SBP. There is a need to understand that for an open economy, it is impossible to pursue an independent monetary and exchange rate policy as well as allowing capital to move freely across the border. Since the SBP endeavors to achieve price stability through achieving monetary targets by changes in the policy rate, it is not possible to maintain exchange rates at some level with free capital mobility. This can only be achieved by putting complete restrictions on capital movements, which is not possible. SBP's responsibility is to ensure an environment where foreign exchange flows are driven by economic fundamental and are not misguided by rent seeking speculation. 5. Finally, based on experience particularly gained during the last two months is to differentiate between liquidity management and monetary policy stance. Recently, when the banking system experienced extraordinary stress due to shallow liquidity in the system, rumor mongering heightened the general public anxiety over few banks' sustainability. Consequently, the SBP had to intervene in the market by injecting ample liquidity through various measures. In some quarters, these changes were deemed as a change in the bank's tight monetary policy stance. However, this was not the case and the bank had to clearly and repeatedly communicate that the existing stance is being continued. Later on, the bank further tightened its monetary policy. It must be understood that quite often, liquidity management can drive the market interest rates away from the direction desired under the monetary policy stance. However, this has to be temporary and ‘the interest rates are bound to move in the policy stance direction. To resolve this issue, the SBP is studying various options, including the introduction of a â€Å"Standing Deposit Facility† to keep the interbank rate within a corridor. In conclusion, it is imperative that above steps be taken urgently. Over the period, however, this needs to be complemented with much deeper structural reforms to synchronize and reform the medium term planning for the budget and monetary policy formulation process Several studies and technical assistance have provided extensive guidance in this area, but the lack of capacities and short term compulsions have often withheld such reforms. What is important is to recognize that a medium term development strategy, independently worked out, would help minimize one agency interest which has often been a source of co-ordination difficulties. It would also help the budget making process more rule based than the incrementally driven process to satisfy conflicting demands. THE RECENT DEVELOPMENTS IN MONETARY POLICY (2007-2009) The SBP has kept its tight monetary policy stance in the period July 01, 2008-April 20, 2009. The policy rate was adjusted upward in November 2008 to shave-off some aggregate demand from the economy and kept constant in January 2009. However, noticing visible signs of demand compression enabled the SBP to reduce 100 basis points on April 20, 2009. During July 01, 2008-April 18, 2009, money supply (M2) expanded by 1. 6 percent against the target of expansion of 8. 0 percent for the year and last year expansion of 8. 1 percent in the comparable period of last year. The reserve money witnessed contraction of 2. 2 percent in this period as against expansion of 10. 3 percent in the comparable period of last year. Net domestic assets (NDA) have increased by Rs. 307 billion as compared to increase of Rs. 627. 5billion in last year. However, it is showing an increase of 7. 6 percent in stock during this period, whereas, last year the growth in stock was 20. 4 percent in the comparable period. Net foreign assets (NFA) have recorded a contraction of Rs. 263. 9 billion against the contraction of Rs. 356. 4 billion in the comparable of last year [See Table-6]. {draw:frame} Government borrowing for budgetary support has recorded an increase of Rs. 240. 5 billion as compared to Rs. 336. 0 billion in the comparable period of the last year. The government has over performed against freezing the net borrowing from SBP at Rs. 57 billion in 2008-09 and the SBP financing has shown a net increase of Rs. 103. 3 billion and financing from scheduled banks witnessed a net increase of Rs. 137. 2 billion during July 01, 2008-April 18, 2009. Credit to private sector witnessed a net increase of Rs. 55. 4 billion during July 01, 2008-April 18, 2009 as compared to Rs. 359. 7 billion in the comparable period of last year. The stocks st ill went up by 9. 1 percent. SBP undertook aggressive monetary tightening during the period, further increasing the policy rate by 300 bps in two rounds. On a cumulative basis, this means a 550 bps increase during the last 18 months up to March 2009. However, the policy rate was decreased by 100 bps on April 20, 2009. These policy measures were in response to carryover of macroeconomic stresses of the preceding year and increase in real aggregate demand. Monetary tightening has worked in the right direction. Weighted average lending rate have witnessed slight decline from 15. 5 percent in October 2008 to 14. 8 percent in February 2009. Weighted average deposit rate on the other hand has increased from 6. 2 percent in October 2008 to 7. percent in February 2009 which implies narrowing of the spread amidst intensive deposit mobilization efforts on the part of the banks. The weighted average yields on 6 months T-bill has declined by almost 250 basis points to 11. 5 percent in March 2009 as against 14 percent in November and December 2008 [See Fig-2]. {draw:frame} Recent Discount Rate in Pakistan (2007-2009) During 2007-08, the SBP contin ued with tight monetary policy stance, thrice raising the discount rate and increased the Cash Reserve requirement (CRR) and Statutory Liquidity Requirement (SLR). In the light of continued inflationary buildup and increasing pressures in the foreign exchange market, the SBP announced a package of monetary measures on May 21, 2008 that included;(i) an increase of 150 bps in discount rate to 12 percent; (ii) an increase of 100 bps in CRR and SLR to 9 percent and 19 percent, respectively for banking institutions (iii) introduction of a margin requirement for the opening of letter of credit for imports (excluding food and oil) of 35percent, and (iv) establishment of a floor of 5percent on the rate of return on profit and loss sharing and saving accounts. The year 2008-09 is characterized by a reduction in CRR by 2 percent in two equal phases to help the liquidity issues of the banking system. Later on, the SBP announced a 200 bps hike in discount rate to 15 per cent on November 12, 2008 in response to persistent hike in core inflation and current account deficit in a last ditch effort to demand compression. Following a slight reversal in the mounting inflationary and demand pressures, the SBP announced a downward adjustment of policy rate by 100 bps on April 20, 2009. SBP’s tight monetary policy and rationalization of fiscal subsidies and expenditure controls are the key factors that contributed a reasonable progress towards macroeconomic stability. The private consumption grew by 5. 2 percent in real term during 2008-09 which implies that notwithstanding substantial reduction in the fiscal and current account deficits, demand pressures are still confronting monetary management. {draw:frame}