Market Structures and Pricing Essay

Market structures and pricing Revenues Consumers * Inverse demand curve gives willingness-to-pay * Benefit consumer(s) derive(s) from additional good; * Area under inverse demand curve measures total willingness-to-pay, total benefit or total surplus. * Maximum price I can charge as producer determined by inverse demand function * Marginal revenues; revenue of next unit I sell Strategies * Profit maximization * Marginal profits equal to 0 (MR=MC) * Classic economic theory; entrepreneurial capitalism * Owner makes strategic decisions * Managerial capitalism; * Ownership changed * Control changed * Potential conflicts between shareholders and management * Firms got bigger: coordinate difficulties * Revenues maximization * Decreasing revenues bad for image * Financial institutions want certainty * Low revenues mean relatively high risk for suppliers * Low revenues may lead to budget cuts, including management * Bonus * MR=0 * Marketing effort * Managerial utility maximization * Managers maximize own satisfaction * Growth maximization * Long term strategy * Behavioral theories * Different groups, satisfy all groups to survive: satisfying * Altruistic objectives: public interest * Welfare maximization * What strategy is relevant? * Autonomy and income advancement * Successful business is most important personal objective * Growth objective * Profit maximization * Model * Economic profit ≠  accounting profit Market structures * Perfect competition * Monopolistic competition * Oligopoly * Monopoly Perfect competition * Many (small) suppliers and buyers: ‘price takes’ * Demand function for individual company * Products are perfect substitutes * Free entry and exit * Information is perfect (available to all no cost) * Free movement of products: supply responsive to market forces * Innovation exogenous: producers reactive rather than proactive. * Benchmark: Welfare is maximized (p=mc) * Efficiency * Productive efficiency: AC cannot be lower * MC curve passes though minimum of AC * Allocative efficiency: resources are distributed and used as preferred by consumers: P=MC * Pareto efficiency: no one can be made better off without making anyone else worse off. Monopoly One seller; can influence price (output) Price > marginal cost: economic inefficiency (although the firm itself may be efficient) * Barriers to entry * Initial costs * Sunk costs * Brand loyalty * Economies of scale * Patents and licenses * Anti-competitive behavior Revenues * Demand: Q * Inverse demand: P=a/b-1/b*Q * Revenues: R = P*Q = Q*a/b-1/b*Qâ‚‚ * Marginal revenue: ∂R/∂Q * Additional revenues from next unit sold * ∂R/∂Q = a/b-2/b*Q * Twice as steep as inverse demand * Positive if ÃŽ µÃ'€ < -1 * Demand is elastic (point-elastic) Natural monopoly * Market can only sustain 1 producer * Competition (P=MC): all competitors make a loss * P>MC: loss when P help to sustain monopoly or oligopoly * Government; policy regulation * Spatial pre-emption; new entrants do not have access to necessary inputs * Cost barriers * Reputation: customer loyalty, safety * Exit barriers: shrinking a firm is expensive (labor, capacity) * Entry-deterring strategies; pricing, spare-capacity, corporate deals (price discrimination) Oligopoly: non-corporate behavior * Competition based on output (quantity) or price. * Two basic oligopoly models: * Cournot (quantity competition) * Bertrand (price competition) * Cournot: firms determine output simultaneously, and the bring this to the market; * Bertrand: firms announce prices. Demand is allocated to low-price firm(s), who then produce(s) demand Cournot competition * Assumes that firms produce identical products * Demand: Q=a-b*P * Inverse demand: P=a/b-1/b*Q * Now we have 2 producers (duopoly): P=a/b-1/b*(Q1+Q2) * Profits maximized when MR=MC (Equivalent to monopolists), taking the competitors action as given. * Inverse demand: P=a/b-1/b*(Q1+Q2) * Revenues firm 1: R1=Q1*[a/b-1/b*(Q1+Q2)] * Marginal revenues: MR1=a/b-1/b*(2*Q1+Q2) * Equilibrium: MR1=MC1 * Expression in Q1 and Q2 * Similar expression for company 2 * MR1: ∂R1/∂Q1 = * P*∂Q1/∂Q1 + Q1*∂P/∂Q1 * P + ∂P/∂Q1*Q1 * 1 + (∂P/∂Q1*Q1/P)*P * (1+1/ÃŽ µp)*P * MR1=MC1: (1+1/ÃŽ µp)*P=MC1 * P=MC1/(1+1/ÃŽ µp) * Cournot oligopolist sets price above MC! * –Same for monopoly Bertrand oligopoly * Price competition (again assume identical goods) * Firms announce prices. Demand is allocated to low-price firm(s), who then produces demand. * If a firm sets above its competitor’s price, clients will prefer the competitors (identical goods). * Bertrand equilibrium is therefore equivalent to competitive equilibrium: price equals marginal cost. Price discrimination * Conditions: * Market power * Different groups of consumers (based on willingness-to-pay, demand elasticity etc.) -> segmentation * Resale is not possible * Cost of discrimination may not exceed additional profits * Market should be transparent. * Charge different (groups of) consumers different prices to maximize profits -> price discrimination * First, second and third degree First degree pricing discrimination * Perfect discrimination: each unit of output sold at different price; * Price determined by inverse demand curve; * What is the optimal output? Second degree price discrimination * Non-linear pricing: price depends on how much you buy; * Fundamentals; * Application; * Consumer decides on how much to buy; * Self selection constraints * 2 consumers each spends Ri to receive Xi * Buy Xi if benefitsi (Xi)-Ri >0 * Benefits 1 (X1)-R1> benefits1 (X2)-r2 * Benefits 2 (X2)-R2> benefits2 (X2)-r1 * Consider an individual demand function (for convenience, marginal costs are 0) * Monopolists want to supply X1 at a total price of A * Consider two individual demand functions * Monopolist would like to supply X1 at A+B+C and X2 at A * But: if consumer 1 also purchase X2 at a price of A, he/she will get surplus B (self selection) * If the monopolists would charge A+C for X1, consumer 1 gets surplus B and the monopolist higher profits. Can the monopolist get higher profits? * Make X2 unattractive for consumer 1` * Offering less of X2 (loss of monopolist) allows for higher profits from X1. Third degree price discrimination * Set prices for different groups of consumers: examples? Summary * Profit maximization * Monopoly, perfect competition: two extremes. * Regulation of monopoly: incentives. * Cournot oligopoly: * decide on production, then price determined in market * Cournot ologipolist has monopoly power (p>mc) * Bertrand: * decide on price, then output determined in market; p = mc * Price discrimination * Higher profits * Market power

A Very Old Man with Enormous Wings by Gabriel Marquez

Gabriel Marquez is famed with producing a large collection of fine literature. A Very Old Man with Enormous Wings guides readers into the depths of deep moral and spiritual truths—all done through the vision of a children’s tale; yet, it’s far from a simple short story for elementary students to digest. It’s Gabriel Marquez’s method and style that reaches out to the cultured individual as we look at point of view, character construction, and symbolism. Marquez, in fact, is very deliberate in his tone and thematic language which creates the power behind his tale. I will assess this short fiction piece and offer critical evidence to aid in dissecting how and what is the author’s true message: He blended magical realism with satirical undercurrents against the Columbian government. Marquez complicated his meaning by incorporating religion with government upheaval into Columbia, a country based in Catholicism. This steadfast government preferred to control its people instead of creating unity. The characters, too, hide their motive as Gabriel Marquez provides vivid descriptions of why the human mind has become so tainted by its own grip on material vices and following a strict higher order. Materialism and the Columbian government have put up walls, according to Marquez, between the spiritual world and the individual. In fact, an entire village in A Very Old Man with Enormous Wings is so blinded of the true essence of human spirit that they cannot tap into it—even when a village cages an angel in town. Yet, could this1968 publication, an early creation by Marquez instead be a satirical stab at an artist who hopes to fool a small village of simple-minded folks? This idea generates great conflict as readers attempt unravel this complicated piece. Marquez’s story stirred up religion, the Latin American government, and social disharmony. Symbolism surrounding the ideal of his vision of the Latin American government was a tricky undertaking for Marquez. The main reason that this was a risk for Marquez is that if someone were to chastise or publicly mock the Columbian government, the repercussions most often led to the arrest of an individual. The government didn’t allow free-press or speaking out against the government. Since Columbia, by-and-large, is a catholic country Marquez’s angel can be viewed as a symbol of the constant praying done by their lower-class society. They prayed for their freedom, safety, and peaceful survival. It’s very ironic how a poor community is forced to save every peso they work so hard to earn. The limited funds netted by individuals and households winds up being just enough for survival. The government, in turn, looks the other way as it pilfers every peso they can from individuals and families. It’s almost a dictatorial monarchy that could be likened to the story of Robin Hood and the problems he faced when trying to share the wealth with the less fortunate. In Marquez’s story, he showed readers that the people of this simple Columbian village prayed often and deeply to God, praying for an angel to save them from this constant torment. Many times, their prayers were focused solely on having a just government to represent them. They, however, never new what a just, fair legal system was. This small Columbian village and its political practices remained hidden from many neighboring countries. In dissecting this short story, I must look further into symbolism. Marquez also painted a picture of the poor woman in the story. The poor woman is actually the symbol of the poor Columbian people. The poor people prayed; yet, nothing seemed to be going their way—whether they held rosary beads or not. Marquez, in his compassionate, writerly ways used his poetic license when he brought an angel to this community that was in dire need of reconciliation. The angel, however, does not fit the stereotypical white-winged halo of beauty, grace, and heavenly wisdom. Here, the angel arrives on the scene in its crumpled state of near-paralysis. Even the angel’s wings are covered in stench. This stench on these heavy, infected wings is symbolic of a suffering community. Marquez wrote the following to initiate this winged-angel into the story, which created a tone of what was to come from our angel: his huge buzzard wings, dirty and half-plucked, were forever entangled in the mud. This description helps to create the theme of a troubled Latin American society. Every time a new election brings about a different government official or president, there seemed to be a need for spiritual aid for the Columbian nation. They always feel back on spiritual healing, but the healing never came to them. So, to display this, Marquez created the new government official, or president, as an angel coming to save Columbia in hopes of solving their massive problems. It so fitting, and ironic, that Marquez depicts the president as an angel. The president and government were anything but angelic toward its people. So to bring the message home, Marquez described a withered up, decrepit angel that is caged by the community—partly because they didn’t know what to make of this bird-creature. Marquez added in the short story, a poor woman who since childhood had been counting her heartbeats and had run out of numbers; the Portuguese Man who couldn’t sleep because the noise of the stars disturbed him†¦and many others with less serious ailments. Marquez further conveys meaning by creating characters that seem to have something missing. The angel, although it is a fantastic sight with its huge wings, appears to be very human, even ordinary. At best, it’s a disappointed angel that was forced into a standstill by the seeing eye of the people who yearned for a better system of government. We sense upheaval and emotions from the characters, yet he does not create concrete characters that the reader can relate to. There is a purpose to his magic, though. Our angel is described as a helpless angel, one that is caged by the people. Even though he appears to be so weak and unable to even walk, they cage him. This, in effect, symbolizes how the government has instilled decades of fear into the people, blinding them and weakening them. They cannot speak for themselves for fear of being imprisoned by the government. More irony can be seen here because the people are fearful of being imprisoned by the government rule when they are already caged by this oppressive government. The character of our angel creates the style of the story. It is, both fascinating and distressing. Readers discover an underlying source of tension by how ill-mannered they treat this angel-like creation. In reality, we know that people don’t sprout wings. So this is either some kind of monster, a cruel trick, or completely imagined. When the doctor examines this caged winged-man, he feels that the wings are perfect for this creature. He is left to wonder—since he believes the wings are a perfect fit—why God did not grace us with wings as well. They are a natural addition to the old man’s frame. When we look at the logic of the situation, we either feel it has supernatural intentions or its wings were meant to fit him. The author even has Pelayo and Elisenda overcome their own shock and dismay when they, too, feel he is a familiar creature. As readers, we are steered in the same direction and simple acceptance of this winged angel. In fact, none of the people that come to view the winged-man ever question its existence. At the end, we are left to wonder whether he was or was not an actual angel. In any event, he is, at the very least, an old man with wings. The caged angel is placed on a families’ property. The family living on the property are representations of the cabinet of the government figure. Marquez created a poor family for the angel to land on. Once the angel arrives, the family accepts it and discovers a means of generating some income. They use the angel as if the angel were a sideshow freak at a carnival attraction. The people in the village, as displayed by Marquez’s talented ability to create plot, are tainted by conventional wisdom, superstition, and ignorance. This ignorance is something that has been instilled by a government that refused to allow its people to grow and expand their individual knowledge base. Even though the angel is treated distastefully—and the angel appears pensive and even in pain—it is in no way, a bad angel or a representation of the angel of death. He is just a vulnerable creation who is plagued by the heavy burden of his wings. Again, these dysfunctional, stench-ridden wings represent the cabinet of the government that has plagued the community into submission. The following phrase written by Marquez helps signify the fact that these villagers are a people easily swayed by the voice of confidence. First, out of all the people they might call on to help decipher who, what, and where this apparent winged creature came from, the villagers called upon a fortune teller of sorts. Marquez wrote, They called in a neighbor woman who knew everything about life and death to see him, and all she needed was one look to show them their mistake. Marquez, then, related how quickly this apparent all-knowing woman comes to a conclusion about this winged man without more than a bat of her eye at the winged individual. â€Å"He’s an angel,† she told them. â€Å"He must have been coming for the child, but the poor fellow is so old that the rain knocked him down. Here, Marquez uses clever wit to state this woman as either a gifted clairvoyant or another peasant who has found a crafty way to make some money by offering counsel to people in need of aid. In closing, it’s important to remember that several techniques aided in developing the old man’s existence. Marquez used detailed sensory imagery that were visual (his wings, fading hairline, and parasites) and ocular (we could smell this angel and feel his wings brush up against us as it pressed ag ainst the cage. Furthermore, Marquez does not depict the angel as some glorified dove or eagle with thick plumage. Instead, we are given the image of the withering, stench-filled feathers of a buzzard. This, in essence, is the picture we are to visualize when we think of the Columbian government and how it treated its people. Marquez purposely goes against the stereotypical angel and makes his point in poetic fashion. Marquez presents us with a new slant on angels: What if they were real and were nothing like we expected them to be? He develops stress and apprehension between this old man’s dying magical qualities with his equally unclean human characteristics. Thus, we cannot clearly place our character in one mental state. For one, he doesn’t appear omnipotent or heavenly. He does appear to be lost and in the wrong place, unable—or unwilling—to communicate with the people of Columbian. Once again, this symbolically drives home Marquez’s point: The Columbian people are living in a harsh reality of an unjust governing body. In the end, the old man is a stubborn, dying man of flightless wings who has lost his wings of life by sucking the life out of its people.

Brachytherapy in Treating Cervical Cancer-Free-Samples for Students

Brachytherapy is a form of cancer treatment where radioactive pounds sealed in a wire, pellet or capsule is introduced into the body with the help of a catheter in order to damage the DNA of the cancer cells. It has a wide spread of application in the treatment of prostate cancer and cervical cancer. The benefits of brachytherapy are that it allows an augmented dose of radiation in a limited area unlike the other types of the radiation treatments. It actually helps to lessen the damage to the surrounding tissues due to radiation. The last two papers are about improving the image guided brachytherapy techniques in the treatment of cervical cancers. Two of my chosen papers are related to the same, as IGBT helps in a more accurate treatment and lesions that are too large for applying the other treatment techniques.   Significant improvements have occurred in the last three decades due to the use of the 3-D image guided procedures. Incorporation of the transrectal US in the image guide d brachytherapy have been found to be effective in centers that have do not access to MRI. The monly used method in the treatment of the cervical cancer is the Manchester Point A system. But the 2-D X ray image shows no contract of the soft tissues. Image guided brachytherapy helps to target the desired tissue.   There had been increasing evidence of the benefits of the image guided brachytherapy in cervical cancer, which is the main rationale behind the chosen papers. The objective of this paper is to give an overview of the gynecologic brachytherapy, with a focus on the recent advancements and their implications on the cervical cancer in women. The paper describes about the evaluation and the staging of the patient, According to this paper the initial stages of evaluation includes the cervical biopsy of the hystopathological diagnosis. According to the FIGO r mendations, patients with who would be receiving the radiation treatment should have a planning of the CT stimulation before the initiation of the EBRT. The paper also brings about a parison between the high dose rate brachytherapy and low dose rate brachytherapy. Previously LDR was used exclusively for treating the cancer by using a cesium -137 isotope. Since 2000s, the utilization of the HDR has increased considerably. The HDR employs a remote after loading technology allowing a small iridium source connected to the end of a cable that is robotically driven via the multiple channels ceasing at the dwell positions for different span of time.   The article also refers to a third type of treatment that is monly not used in the US known as the pulse dose rate (PDR) brachtherapy. The paper also gives an account of the choices, by which cervical brachytherapy can be performed, namely the intracavitary, interstitial, or a binatory approach. A cohort study was done in order to measure the clinical ou es of the image guided brachytherapy. The study pared the 2D versus the 3D IGBT . In the patients treated with both the EBRT plus chemother apy followed by a brachytherapy could show a local relapse free survival 74 % of the selected patients. Similar improvement was found in another study containing patients from Vienna. It can be understood from the paper that brachytherapy can improve the local control, reduce the toxicity and improve the overall survival rate of cervical cancer in women. The study of the paper also enables one to understand that the disadvantage of brachytherapy is that, it is invasive. The randomized control study involving 2D planning and 3D planning in selected patients showed better results in patients being treated with image guided brachtherapy. The paper also gave an account of the appropriate treatment target volume, the appropriate dose and the fractionation scheme. Although the progression from the 2D- 3D based imaging and the treatment planning for the cervical cancer has increased the overall survival of the women. Further data from the 3-D based treatment is required associated with the decrease in the toxicity of the technique. The previous paper focused on the effectiveness of overall brachytherapy in cervical cancer, but this article will aim to focus on the advantages of using imaging brachytherapy over conventional methods of brachytherapy.   The paper involves a retrospective analysis of the ou es in patient suffering from stage IB-IVA cervical cancer treated with primary radiation therapy. The ou e measures were the relapse free survival of the patient, distant metastasis, pelvic control and other adverse events related to the treatment. 126 patients have been analyzed out of which 43 patients have been treated with CBT between the years 2000-2007, and 83 patients have been treated with IGBT between the years 2007- 2012. The conventional bracgytherapy involved the application of the low dose brachytherapy and high dose rate brachytherapy was used after 2005. The standard brachytherapy applicators used were intracavatary ovoids and tandem.   From 2011, interstitial needles can be introduced in to t he ovoids for optimizing the dose distribution around the neoplasia. All the records of the adverse events were recorded if prompted by the signs and the symptoms.   The results concluded that cervical cancer survival rates have increased with the introduction of IGBT. The application of the MRI based adaptive IGBT technique was found to be useful for the patients with stage IB-IVA cervical cancer. The overall survival rate was found to improve from 51% to 83% with the shift from conventional brachytherapy to imaging brachytherapy. The study confirmed that there had been a significant decrease in the distant metastasis in the group treated with IGBT. The pelvic control rates were also found to be improved in the IGBT group. Data obtained from the patient’s record found that the IGBT patients were more likely to plete the chemotherapy faster than the patients’ receiving the conventional brachytherapy. The use of IGBT in the primary chemo radiation of the cervical cancer is superior to the CBT and should be considered as the new standard of care. It can be known from the paper that there is a requirement of improvement of the nodal and the PAN tumor control, using the PET-CT and the lessening of the adverse events in both the standard and the adaptive IMRT. A 3D MRI based image guided brachytherapy have been found to reduce the toxicity as discussed in the previous paper. The objectives of the paper were realistic. One of the limitations of the paper is that the sample population of the cohort was not large. Although there are several studies that have actually provided the evidences of imaging brachytherapy. Brachytherapy is an essential ponent for the treatment of the cervical cancers that have progressed locally. It allows the dose of the tumor to be amplified sparing the nearby tissues. Image guided brachytherapy have found to lessen the local recurrence. The article focuses on how the 3D conformal brachytherapy can be used in a hospital setting and how the brachytherapy services can be improved. The radiological studies operative parameters and patient workflow and intensive therapy planning can pose challenge to the clinical resources. The paper also discuses about the translational research opportunities in the field of brachytherapy. One of the concerns is that some proportion of the tumor will display biological resistance to the radiations and even to brachytherapy. The objective of the paper was to find new advancement in the field of imaging-brachytherapy. Hence the paper had been appropriate in stating the recent advancements in the radiotherapy techniques like the intensity modulated radiotherapy (IMRT) and the stereotactic body radiotherapy (SBRT). This research paper also enables one to understand the demerits of the therapy, such as IMRT had been unsuccessful in achieving the target volume doses unlike that of the image guided brachytherapy. The paper informs that IGBT is more time consuming and requires individual planning and contouring. Additional resources such as MRI/CT scans and the patible applicators are required. The cost of setting up an IGBT is about 10-15 % more than that of the conventional procedures of brachytherapy. In a clinical setting with IGBT facilities there should be provisions for an intrauterine brachytherapy applicator as most of the patients will be having an intact uterus, which will require the placement of an intrauterine tube. It can be understood from all the three papers that image guided brachytherapy makes 3D models by using the cross sectional image. It should be mentioned that the points of similarities between the three papers were much more than the differences as all the three papers focused on the advancements in the field of brachytherapy in treating cervical cancers and the advantage of using image dependant brachytherapy over the conventional treatment of the brachytherapy. The difference between the three papers is that the last two papers focused more on the improvements in the image guided brachytherapy. The last papers exclusively mentioned the advancements rather than just paring with the conventional standards. Various retrospective studies and the cohort studies described in the three papers have showed better survival rates in patients with cervical cancer. Among the three papers my choice of paper was the first one as it had elaborately stated the difference between the new techniques and the old ones such as the difference between the HDR brachytherapy and the LDR brachytherapy, the selection of the applicator. It further gives information about the intracavity brachytherapy, interstitial brachytherapy. An appropriate treatment planning was mentioned. This assignment has not only aided us to know about the different image guided brachytherapy techniques but have also informed us with the procedures undertaken in brachytherapy Banerjee, R., & Kamrava, M. (2014). Brachytherapy in the treatment of cervical cancer: a review. International journal of women's health, 6, 555.   Otter, S., Franklin, A., Ajaz, M., & Stewart, A. (2016). Improving the efficiency of image guided brachytherapy in cervical cancer. Journal of Contemporary Brachytherapy, 8(6), 557–565. https://doi.org/10.5114/jcb.2016.64452 Rijkmans, E. C., Nout, R. A., Rutten, I. H. H. M., Ketelaars, M., Neelis, K. J., Laman, M. S., ... & Creutzberg, C. L. (2014). Improved survival of patients with cervical cancer treated with image-guided brachytherapy pared with conventional brachytherapy. Gynecologic oncology, 135(2), 231-238

Professional Development Assignment Example | Topics and Well Written Essays - 1500 words

Professional Development - Assignment Example The skill of flexibility within me also helps in developing a positive attitude owing to which I accept fresh challenges with ease and also broadens my thought process owing to the presence of this particular positive attitude in my character. The positive attitude prevents me from becoming demoralised in my work. I also have the tendency to work rigorously as a result of which in spite of several failures in my task, I never intend to always come forward for the reason of attainment of that particular task. The interpersonal skill within me also assists me to make effectual communication with others. I would also like to add in this context that I also possess qualities of a good listener and have the flair of getting along with people well that too owing to my good communication as well as listening skills. Weaknesses The weakness in me is the lack of confidence in work and also while talking to the customers and even my friends or class mates owing to my poor pronunciation. In cer tain instances, this dearth of confidence results in embarrassing me in front of others. This dearth of confidence while communicating with people is my greatest weakness which might hold me back from scaling heights in the profession I am in presently and the one that I wish to pursue in the future, as both calls for the requirement of this skill to a large extent. Thus, to overcome such weakness increased growth in the level of confidence is required which is only possible with the help of regular practice or training. I must focus on my confidence level as it is regarded as essential while dealing with customers in any kind of business along with triggering self-assurance in the competitive environment. I even... The reflective summary of the study has been prepared by taking into consideration the requirement of the development of the needed skills towards the attainment of my career objectives. The SWOT analysis that the researcher conducted on himself helped him to identify the skills that the researcher lack in and the ones that needs honing. Based on that analysis and according to the basis of priority the cognitive skills need to be developed initially. This will entail the need of enhancing the researcher’s listening skills which will further trigger the development of his cognitive skills. The researcher intends to develop this skill within him in the initial three months by way of enrolling myself in the required regular classes that will assist in the development and promotion of this skill. The next aim will be to develop my communication skills which the researcher can start consequently with the development of the earlier mentioned cognitive skills. The researcher will req uire initiating communication with the people present around him without feeling shy. He needs to overlook the aspect of poor pronunciation which restricted or resisted him from communicating with people around him for all this time in order to effectively develop this skill. The researcher will also need to start communicating or strike conversations with the customers coming to his place of work. The researcher’s active participation in the discussions during his course classes will also be a contributing factor for the development of communication skill.

HARRIER JET VS SOFT DRINK CO Coursework Example | Topics and Well Written Essays - 1000 words

HARRIER JET VS SOFT DRINK CO - Coursework Example These offers invite other parties to be part of the contract if interested. Second element of contract specifies that valuable consideration must be made for a contract being called it a binding. Consideration is the value which convinces other party that they are interested to enter the contract. Third element of contract stands valid only when the offer is accepted as it was offered initially excluding conditionality (Burton, 2009). In case of conditionality the contract goes back to first stage as counter offer and after negotiations the contract again is bound to be accepted by both parties. Finally, for a contract to be binding, mutual acceptance by both parties is necessary. Both parties must understand the legal relations and legal consequences. The doctrine of objective theory of contracts supports the argument that contract is determined to be valid by reference to external acts and indices, not by the internal intentions or subjective meetings. It further states that a contract agreement is liable to binding on what is communicated rather what is thought of it (Turner, 2005). In this regard contract only exists legally significant by external acts of the party not by the intent. The objective expression of intent of one party in objective theory is considered from the vantage point by being reasonable to manifestations and this theory of contract is prodigiously accepted in common law authorities. Objective theory of contracts states that contract is a matter of evidentiary practicality which confirm that a contract cannot be a something like fairy tale which is far beyond pragmatism. This doctrine supports the fact of fairness, protection, freedom and autonomy of contract under which philosophical and catchy keystrokes can be announced justified. Objective Theory of contract certainly apply to this case declaring it as a matter of impracticality and expression of intent as vantage and philosophical

Couple Questions Essay Example | Topics and Well Written Essays - 250 words

Couple Questions - Essay Example He is an important man who commands respect and yes, children will certainly be influenced by an official address by the President of the United States. Keeping children in school should be a goal for Democrats and Republicans alike and it is a shame that his attempt to encourage children to stay in school has been hijacked by conservatives in this country. A sizable percentage of what seem to be otherwise normal Americans think Obama is a 1) Muslim, 2) foreigner, 3) socialist. Where did they get those ideas? Propaganda has been employed in various degrees of success by the right-wing reactionary conservative movement in the United States which has sought to portray President Obama as a socialist, a Muslim and a foreigner. While detractors decry his attempts at implementing universal healthcare in this country as â€Å"socialism†, in fact President Obama is trying to promote equality and ensure that all Americans, regardless of race, social status or income, have access to the same levels of healthcare in this country. Importantly, the President has recently gotten into trouble with Republicans and conservatives in this country as he tries to overhaul the lucrative American healthcare system and institute publically-funded healthcare throughout the United States. The conservative media has implemented a wide reaching campaign to discredit the President and they have been successful in a variety of regards. Referring to him as Barack â€Å"Hussein† Obama on television stations such as Fox TV, conservative broadcasters have done an excellent job portraying this President as something which he is not. Importantly, this President is trying to make significant changes to American society and right wing analysts have tried their best to keep him down. Fortunately he remains a tireless advocate for the disadvantaged and remains the peoples’

I have a dream--situational analysis Essay Example | Topics and Well Written Essays - 1750 words

I have a dream--situational analysis - Essay Example This was the most famous speech he ever made which almost immortalized him. Dr. King, even to this day, remains an icon of anti racist movement. The rhetoric "I have a dream" became part of all the freedom movements to come and his words "Let freedom ring" reverberated from all corners of the world, as a sanctified slogan of freedom loving humankind. The rhetorical situation had many constraints at the time. Even though it was John Kennedy, one of the most exalted Presidents of America, the sworn enemy of racism, Kennedy had realized that it would take years to remove the evil from its roots. He was a new President, still testing the water of American politics and was not yet ready for a civil war like situation with the racial frenzy South. Things had not changed much from the days of Abe Lincoln. President Kennedy had to send federal troops to admit James Meredith to the University of Mississippi, in 1962, the very thing he really wanted to avoid. The President also had to order the marshals to accompany Meredith while attending his University Classes. King knew that in Kennedy he had a sympathizer and now it is known that Kennedy had already decided to do a lot for the rights of the black population, during his second term as President. But in 1963, even Kennedy was not in a position to do much to aid King. King knew that he had to fight his own battles, possibly with subtle help from the President and his Attorney General brother, Robert Kennedy. King's first task was generating support from the Black Community. There were a few fractions fighting for the civil liberty in an unorganized way. He knew that their strength lies in unity and undivided, fractionless black community. He knew that unless he did that, the movement had no chance of success. He also knew that President Kennedy's assassination in 1963 and the aspiring Presidential candidate, Robert Kennedy's murder in 1967, had removed any hope of administrative support for the movement, and the mild, rather wily successor, Lyndon Johnson never showed any such intention either by word or deed. King had to depend on his own rhetoric, wit, oratory and determination to make a success of the fight for civil liberties. This entire speech, its timing, location was towards that one particular goal. He had to enthuse and inspire them ('Let freedom ring'), explain and get them committed ('We cannot turn back'), and make them march with him towards the glittering goal of 'Free at last!' His eloquent speech was interrupted many times by the admiring frenzy of the audience that is the result of great purpose and happiness of having found a suitably inspiring leader at last for the cause. The rhetoric produced both short term and long-term effects. For the first time in recent decades black community of America was maintaining a united struggle for their

Final exam Assignment Example | Topics and Well Written Essays - 750 words - 1

Final exam - Assignment Example Temin, further, argues against the efficiency of slave farming; as they argued that slaves were more efficient as compared to free white farmers (Temin et al. 739-783). a). Business unionism refers to trade-consciousness, where there is advocating for simple and pure trade-based union formation, as opposed to revolutionary or class-based union formation. In this case, the business unions are run like business ventures. On the other hand, class-conscious unionism refers to the labor unionization efforts that identify the class struggle existing between the different levels of the employees within the labor category (Fusfeld 3-23). b). Fusfeld talks of the period before 1918, as a time when labor radicalism and demand for changes was repressed by employers, working cooperatively with state and local governments – as well as court authorities. In other cases the national government came in to repress the attempts to bring about social change to the capitalistic model (Fusfeld 3-23). c). The new relationships between capitalist and workers become characteristic with class lines, where the workers were not asking for favors from the capitalistic model, but worked squarely on the basis of the class struggle. Here, the workers defiantly challenged the capitalist class – as a result of the awakening, to pursue class and better victory and living standards (Fusfeld 3-23). d). Engagement in unionization fosters political association on the basis of class – where it increases the workers’ political engagement, as well as the development of a distinctive work-based character. As a result, the erosion of unions leads to a decline in working class-based politics (Fusfeld 3-23). a).The institutionalist approach to looking at economics, places the focus on comprehending the role of the progressive process and the effect of organizations in influencing economic behavior. The approach views institutions in a

Prescription Drug Monitoring and Drug Abuse Article

Prescription Drug Monitoring and Drug Abuse - Article Example With high rates of abuse of opiate analgesics among teenagers in the United States, a particularly urgent priority is the investigation of best practices for treating pain in adolescents as well as the development of prevention strategies to reduce diversion and abuse." This addresses the issue of the abuse and misuse of prescription drugs. Determining whether or not a person is abusing or is addicted to a prescription medication can be a daunting task for officials. This is particularly true for patients receiving chronic pain relievers such as opioids (Compton, Darakjian, and Miotto, 1998). Prescription drugs that are commonly prescribed for this purpose include fentanyl, hydromorphone, meperidine, morphine, and oxycodone. Opioid analgesics appear to be the prescription drugs most commonly abused (Weaver and Schnoll, 2002 and Zachny, et al, 2003). "In 2002, opioid analgesics accounted for 9.85% of all drug a... identifying the causes and sources of diversion, without interfering with legitimate medical practice and patient care" (Gilson, Ryan, Joranson, and Dahl, 2004, pg. 1). Search Strategies Since this manuscript is academic in nature, only academic journals were used as reference material. An Internet search was conducted utilizing a keyword search of 'prescription drug monitoring and drug abuse.' When the results were returned via the Google search engine, 'scholarly resources' for the keyword string was chosen and the resources were carefully picked from that subcategory according to content and relevance. Background/Significance According to Bedell (2000, pg. 2129), "Misuse of medications is a major cause of morbidity and mortality. Few studies have examined the frequency of, and factors associated with, discrepancies between what doctors prescribe and what patients take in actual practice. Discrepancies among recorded and reported medications were common and involved all classes of medications, including cardiac and prescription drugs. Older age and polypharmacy were the most significant correlates of discrepancy. The pervasiveness of discrepancies can have significant health care implications, and action is urgently needed to address their causes. Such action would likely have a positive impact on patient care." Chronic, nonmalignant pain is often treated with opiate drugs. Due to the addictive nature of opiates, this practice is quite controversial. One study on the problem took place at Seattle's VA Medical Center. It was designed to "create opiate abuse criteria, test inter-rater reliability of the criteria, apply the criteria to a group of chronic pain patients, and correlate the risk of opiate abuse with the results of alcohol and drug testing" (Chabal,

Interaction Project Essay Example | Topics and Well Written Essays - 750 words

Interaction Project - Essay Example It would be vital for us to understand first the laws regarding marijuana use in Colorado before reviewing Congressman Polis views. The Colorado state allows adults aged 21 years and above to possess only 28 grams of Marijuana or THC. This applies to both residents and non-residents. Also, non-residents would not be able to purchase more than 7 grams in a single transaction. The operating hours of marijuana stores according to the state is from 8am to midnight, however, cities have the power to set their own hours but within those allowed by the state. One is not allowed to consume marijuana openly and publicly. It’s also an offence to drive under influence of marijuana, transporting and exporting marijuana, and to possess marijuana in federal land. Adults can only grow 6 marijuana plants [C]. That said, I was privileged to schedule a meeting with the Congressman Polis to discuss more on the matter. As per the policies I conversed with the congressman through e-mail at first, where he agreed for a face to face interview at the Fort Collins Office [A].Polis would like Marijuana to be removed from the Controlled Substance Act and make it to be regulated the way Alcohol is regulated. Polis bold move to legalize marijuana is inspired by the following major factors. First, marijuana is known for its medicinal value. However, on this matterfurther scientific research needs to be done to examine its long-term effects. Polis also argues that, there is substantial evidenceproving that by regulating marijuana just like alcohol would keep away marijuana from our children. Also, this means cartels and criminals would be out of business, hence growing the state’s economy through the various taxation levies. According to Polis the existing prohibition policies have failed to address the needs of citizens and regulation of marijuana like alcohol is the way

Democracy in the United States and Great Britain Essay Example for Free

Democracy in the United States and Great Britain Essay Although the need for government to have leadership that provides direction is universal among states, the form that the government leadership assumes varies. Government structure varies significantly between the United States and Great Britain, despite that each is a democracy and share a common history. In fact, the common history of the United States and Great Britain suggests reasons to explain the broad differences between the governments of each respective state. In the wake of the American Revolution, the people of the United States rejected the forms and institutions, most notably a monarchy and Parliament, of British government as well as British sovereignty. Possessing a democratic presidential government, the United States has two separately elected agencies of government. The executive and legislative branches of the United States, the President and Congress, respectively, both derive their power from the people, whereas in Great Britain only the legislative branch, Parliament, derives its power from the people, as the executive is elected by Members of Parliament, thus effectively combining both branches within a single institution. The Parliamentary system in Great Britain and the Presidential system in the United States both have histories marked by an absence of abject failure, yet neither system can be considered truly perfect. Consequently, the analyst cannot conclude that either system is better; rather, he must recognize that there are merits and faults in both systems. The Parliamentary system tends to legislate efficiently, whereas a presidential system tends toward gridlock. However, the presidential system grants both elected representatives and citizens greater influence in government. The Parliamentary system tends to favor Prime Ministers who have much experience, whereas the Presidential system favors Presidents who are responsive to the general will of the people. Also every week the British prime minister appears before the House of Commons and must answer questions put to him or her by the members of Parliament. Sometimes it is suggested that the president of the United States should be subject to similar questioning by members of Congress, as a way of encouraging closer interaction between president and Congress. If the president did so, however, it would be his or her choice; the president is elected directly by the people and is answerable to the voters rather than the legislature. Whereas the prime minister has no choice because he or she is a member of Parliament and is directly accountable to that body. Herein lies a very basic difference between the presidential system of government as it exists in the United States and the parliamentary system that has evolved in Great Britain. Another point is that the framers of the U.S. Constitution adopted the principle first enunciated by the Baron de Montesquieu of separation of powers. They carefully spelled out the independence of the three branches of government: executive, legislative, and judicial. At the same time, however, they provided for a system in which some powers should be shared: Congress may pass laws, but the president can veto them; the president nominates certain public officials, but Congress must approve the appointments; and laws passed by Congress as well as executive actions are subject to judicial review. Thus the separation of powers is offset by what are sometimes called checks and balances. In a parliamentary system, by contrast, the legislature holds supreme power. The prime minister is chosen by members of the legislature (Parliament) from among their own number and in practice is the leader of the majority party in the legislature. The cabinet members must also belong to the legislature, where they are subject to the same kind of questioning that the prime minister experiences. If the prime minister loses the support of the majority in the legislature on a significant vote, he or she must resign, and elections are called immediately. Thus, whereas in the United States, elections are held at fixed intervals, in Britain and other parliamentary countries, they may occur at any time, the only restriction being (in  Britain) that they must be held at least once every five years. In Conclusion, the governments of Great Britain and the United States of America have many differences, they are, at the core, provides leadership and direction to their nation.

The Effect in Hong Kongs Economy Essay Example for Free

The Effect in Hong Kongs Economy Essay I. Introduction The financial crisis in the Asian economies in 1997 has created tremendous interests in the economic point of view. This report focuses on the economic situation of Hong Kong in 1997-98, which has some very special features among the economies in the region. In the Asian Financial Crisis, the economy in Hong Kong did not sufferer from any banking or currency crisis like some of the Asian countries such as Indonesia, Malaysia, South Korea and Thailand, which their troubles began with a severe depreciation in their currencies. This triggered capital outflow and bankruptcy of many financial intermediaries and firms. The currencies of these countries have long been maintained at a relatively constant rate with the US dollar until 1995. Their depreciation is due to the central banks were unable to defend speculative attacks. Regarding to this, the government of the Hong Kong Special Administrative Region of the Peoples Republic of China successfully supported the currency by paying the cost of having high interest rates. Hong Kong dollar is pegged with the US dollar, at a rate of HK$7.8 to US$1 since 1983. This is due to the effort of the Hong Kong Government and the Hong Kong Monetary Authority (HKMA), the central bank of the Hong Kong. However, the economy is expected to enter one of the most severe recessions in the post-war period after the Asian Financial Crisis. Section 2 in this paper will offer background information of the Linked Exchange Rate System. It defines how the monetary authorities defend the currency peg. Section 3 will summarize on how and why the Hong Kong dollar was under speculative attacks during the Asian Financial Crisis. Section 4 is a postscript on how the HK government reacts to the situation and the actions that was taken. II. The Background of the Linked Exchange Rate SystemAs a small opened economy, the currency of Hong Kong was used to be backed by stronger currency, pound sterling at first and later, US dollar. There was only about nine years (1974 -1983) in which a floating exchange rate regime was  adopted. By the end of 1983, under both external (speculative attacks) and internal (political uncertainty) factors, the authorities decided a fixed exchange rate regime and peg Hong Kong dollar with the US dollar at HK$7.8 to US$1. The latter is known as the Linked Exchange Rate System, which is effective since October 17, 1983. The Linked Exchange Rate System is in practice a modified version of a classical currency board. A classical currency board is a system where there is no place for a central bank. The current Hong Kongs currency board maintains certain functions of the HKMA as the central bank of the SAR. The rest of this subsection discusses their distinction. In general, currency board refers to a monetary institution that issues base money solely in exchange for foreign assets, specifically the reserve currency. (Williamson, 1995, p.2)With the currency board, the monetary authorities can not change money supply at will. If the currency board would like to issue new cash, it must first increase its stock of the chosen reserve currency given certain fixed exchange rate stipulated by law. Which means the supply of home currency can increase only when commercial banks puts an equal amount of reserve currency in the currency board. Usually, the foreign reserve is more than the monetary base (cash in circulation plus deposits from commercial banks), so there is a net worth on the liabilities side that equals to the excess amount of foreign reserve. With buying or selling domestic credits, the central bank can perform open market operations and sterilized intervention of exchange rate. The currency board can stabilize the value of the home currency to a stronger one. This is an attractive feature for small countries. With people having confidence in this monetary system and the fixed exchange rate, a stable economic environment will promote trade, and investment. Over the recent decade the Hong Kong Government has increased the power of the monetary authority as a central bank. In April 1, 1993, the Hong Kong Monetary Authority (HKMA) was established to perform many of the functions of a central bank. Due to historical reasons, instead of a central bank, three note-issuing banks, the Standard Chartered Bank, HDBC and now Bank of China are allowed to issue notes. In order to issue notes, under the management of HKMA they have to pay the Exchange Fund in US dollars and receive the Certificates of Indebtedness (CIs) at the official rate HK$7.8 to US$1. With this system, the money supply is determined when firms in the export sector gain more US dollars through trade. They still need to pay their workers in HK dollar so they will use the US dollar in exchange for the domestic currency with the licensed banks. When banks are short in HK dollar, they can exchange for HK dollar with the US dollar in their hand with the note-issuing banks at HK$7.8 to US$1. If the note-issuing banks are short of HK dollars, they will use the mechanism of currency board to obtain CIs and supply more domestic currency to the economy. In principle, the exchange rate in the market floats. There is no law that forbids any bank to use a rate different from the official one. It is an arbitrage mechanism that helps to fix the exchange rate in the market. For instance, if the rate in the market is HK$8 to US$1. Banks will submit Hong Kong dollar to the note-issuing banks for US dollar at the official rate HK$7.8. They will gain the differential 20 ¢ by selling the US dollar in the market. More banks will follow and thus the demands of HK dollars increase. As a result, HK dollar will appreciate and the above arbitrage process will end when the market rate goes back to the official rate. When there is pressure of depreciation in the domestic currency against US dollars, the note-issuing banks will have to use the CIs to exchange for US dollars with the Exchange Fund. Contagion in the market in response to the depreciation will finally lead to a huge reduction in the foreign reserve. III. Speculative Attacks on Hong Kong Dollar in 19971. Before October, 1997During the first two quarters of 1997, Hong Kongs economy performed extremely well. Even though other Asian economies began to expose their problem in the second half of the year, Hong Kong has no sign of down-turn even in the third quarter. 2. After October, 1997The Asia Financial Crisis began with the speculative  attacks on other Asian currencies: the Thai baht, Philippine peso, Malaysian ringgit, Indonesian rupiah and Singapore dollar. While the Thai and Indonesian governments seek assistance from the IMF, Philippines central bank attempted to intervene the market and the Singapore central bank allowed the currency to depreciate. Hong Kong dollar remained steady, but later the HKMA admitted that US$1 billion of the foreign had been used to defend the currency. A second attack occurred in mid-August. From the summer to October, the stock market is very volatile and the Hong Kong dollar is strong but under pressure, while other currencies depreciates against the US dollar; however, the Hong Kong Government reassured the public that the peg exchange rate will sustain and there was adequate reserve to defend from speculative attack. However, the speculative pressure on both Hong Kong finally stroke Hong Kong stock market at the end of October. On October 23, the Heng Seng Index dropped to 23% from the previous Friday. The HKMA used interest rate to intervene the market to defend the currency peg as overnight HIBOR increased drastically except in mid-July. Naturally, the corresponding impact on the stock market was negative and severe. 3. Why were there speculative attacks?With adequate foreign reserve, the HK government has for a long time maintained budget surplus every year and the fundamentals of the economy are sound in the first three quarters, so what has attract the international speculators to target the Hong Kong dollar? Unlike some Asian countries, the financial system of Hong Kong is well-regulated and well-supervised. Although a few investment banks and firms have bankrupted after October due to overinvestment, the sort of crises in Indonesia and South Korea did not occur in Hong Kong. In fact, being one of the most developed financial centers in the region, financial and banking regulations have been continuously introduced and strengthened in the past few decades, this has helped avoid the problem of moral hazards. For example:†¢The Protection of Investors Ordinance (1974): this prohibits firms using fraudulent, coercive and exaggerated means to induce investors of buying or selling securities. It also regulates the issue of associated documents and publications. (Edward, 1987, p. 82):†¢The Securities Ordinance (1979): this regulates the operations of the Stock Exchange, the  registration of dealers and investment advisers and trading practice. It forbids dealers to involve in transaction outside the exchange, allows investigation of malpractices, and provides for the establishment of a Stock Exchange Compensation Fund to compensate the clients of defaulting brokers. (Edward, 1987, p. 82)†¢The Banking Ordinance (1986): this ordinance (i) governs both banks and DTCs under the supervision of the Commissioner of Banking (now a part of HKMA); (ii) institutes a minimum capital to risk assets ratio requirement; (iii) imposes a new liquidity requirement and (iv) allow the commissioner to issue guide-lines for banking operations from time to time. (Ho, 1991, p. 98) Still, there are three possible reasons for speculative attacks:First, the real exchange of Hong Kong and US dollars has a large appreciation of Hong Kong dollars since 1983 which reflects Hong Kongs lack of competitiveness. Yet, Hawkins and Yiu (1995) compute the Real ERRI for traded goods and show no loss of competitiveness for traded goods sector. However, the fact that Hong Kong has transformed into a service-based economy, the competition Hong Kong faces might be more in financial services and tourism, rather then in manufacturing products. Since other Asian currencies have depreciated, Hong Kong might suffer from lack of competitiveness against financial centers like Singapore, or tourism industries in regions like Thailand and Malaysia. Furthermore, as an important entrepà ´t, between China and the rest of the world, because the Renminbi has not been devalued also reduces Chinas competitiveness. This might have a negative impact on Hong Kong re-export sector. There were increasing requests and rumors for the devaluation of Hong Kong dollars to put a lift of competitiveness in 1997, which gives political pressure on the local authorities, and under such environment, speculators might perceive that their attacks will succeed. Second, political uncertainty also increases the probability of speculative attacks. On July 1, 1997, the former British colony was handed over to the Peoples Republic of China. Foreign investors might be skeptical on the independence of Hong Kong economic policy. Some of the economists did not show confidence on this matter. Anna Schwartz (1993) thinks that Hong Kongs experience with a currency board represents a dilution of the features that distinguished the institution. It did not maintain a fixed  exchange rate between the Hong Kong dollar and sterling during the years when it was linked to sterling; it then shifted to a link to the US dollar, after which it let the exchange rate float; and it then returned to a fixed exchange rate with the US dollar. It has since introduced discretionary powers for the Exchange Fund to exercise. Limited as these powers may be currently, they strike me as a slippery slope that portends further erosion of rule-based behavior. Chinas willingness to maintain rule-based behavior once the island reverts to its control adds to the uncertain future of a currency board in Hong Kong. (Schwartz, 1993, p.176) Maurice Obstfeld and Kenneth Rogoff (1995) share Schwartzs concern, After China takes over in 1997, it will also assume ultimate ownership of Hong Kongs foreign currency reserves. Despite its promise not to tamper with Hong Kongs economy, China would not likely want to see its dowry squandered in battling speculators. Thus, even Hong Kongs currency ultimately could fall. (Obstfeld and Rogoff, 1995, p.91) Was George Soros as pessimistic (or optimistic) as these economists in 1997?Third, many people have suggested that the actual target of the speculators is really the stock market. If the speculators can successfully give pressure to the Hong Kong dollar and the only response of the HKMA is to increase interest rate; therefore, speculators will be able to gain by short selling stocks in the market. If this is the case, the authorities should be flexible in choosing the instruments to defend the currency. IV. A PostscriptWith the estimates of a -2% growth rates and 4.2% unemployment rate for the first quarter of 1998; and a recession was expected. This suggests that the full impact of the Asian crises on the real sectors have began. During this period, interest rates stayed high and Hong Kong dollar was under discretionary speculative attacks. In June, the further depreciation in Japanese Yen gave additional pressure. On June 22, as a result of internal political pressure, the government adopts the first budget deficit policy since 1982 in order to stimulate the economy without abandoning the currency peg. The policy turned an initial surplus estimate of HK$10.7 billion into a deficit of HK$21.4 billion. This HK $44 billion rescue package involves:†¢Suspending land sales until March 31, 1999 to slow down the collapse of the real estate market in Hong Kong†¢An exemption of  interest earned locally from profits tax †¢Putting out HK $2 billion to help small and medium firms in non-export related sector. †¢rates rebate for the first quarter (worth HK$3.85 billion)This expansionary fiscal policy has helped shorten the recession of Hong Kong. As the Asian economy slowly recovered from the Asian Financial Crisis, Hong Kong has also managed to climb back from its recession. Reference Corsetti, G., Pesenti, P. and Roubini, N. (1998). What Caused the Asian Currency and Financial Crisis?. New York University. Edwards, A. Hong Kong: a guide to the structure, development and regulation of financial services. The Economist, 1987Government of Hong Kong Special Administrative Region. (1998, February). 1997 Economic Background. Government of Hong Kong Special Administrative Region. (1998, May). First Quarter Economic Report. Government of Hong Kong Special Administrative Region. (1997, July) Hong Kong Monthly Digest of Statistics. Hawkins, J. and Yiu, M. (1995). Real and Effective Exchange Rates. reprinted in Money and Banking in Hong Kong, edited and published by the Hong Kong Monetary Authority. Ho, R. (1991). The Regulatory Framework of the Banking Sector. The Hong Kong Financial System. Oxford University Press. Hong Kong Monetary Authority. (1997, July) Monthly Statistical Bulletin. Hong Kong Monetary Authority. (1997, August). Quarterly Bulletin. Jao, Y. C. (1997). Of Pegs and Boards. reprinted in Hong Kong Monetary Authority, Quarterly Bulletin, November 1997, p.70-72. Kydland, F. E. and Prescott, E. (1977). Rules Rather than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy, 85, p.473-491. . Krugman, P. (1979). A Model of Balance-of-Payments Crises. Journal of Money, Credit, and Banking, Vol. 11, No. 3, p.311-325. Krugman, P. (1996). Are Currency Crises Self-fulfilling?. NBER Macroeconomic Annual, National Bureau of Economic Research, p. 345-378. Krugman, P. (1998), What happened to Asia. MIT. Lui, Y. H. (1991). The Foreign Exchange Market. The Hong Kong Financial System, Oxford University Press. Nugà ©e, J. (1995). A Brief History of the Exchange Fund. Money and Banking in Hong Kong, edited and published by the Hong Kong Monetary Authority. Obstfeld, M. (1994). Logic of Currency Crises. Monetary and Fiscal Policy in an Integrated Europe edited by Barry Eichengreen, Jeffry Frieden and Jà ¼rgen von Hagen, Springer-Verlag. Obstfeld, M. (1996). Models of Currency Crises with Self-fulfilling Features. European Economic Review, 40, p.1037-1047. Obstfeld, M. and Rogoff, K. (1995). The Mirage of Fixed Exchange Rates. Journal of Economic Perspectives, Vol. 9, No. 4, Fall, p.73-96. Schwartz, A. (1993). Currency Boards: their past, present, and possible future role. Carnegie- Rochester Conference Series on Public Policy, 39, p.147-187. Scott, R.H. (1986). Monetary Policy in Hong Kong. Hong Kongs Financial Institutions and Markets. Oxford University Press, 1986 South China Morning Post, June 23, 1998 Issue. Williamson, J. (1995). What Role for Currency Boards?. Institute for International Economics

Description of a Maintenance Organisation

Description of a Maintenance Organisation Description of a Maintenance Organisation with Suggested Developments to Improve Cost Effectiveness    Table 1: Key Terms and Abbreviations Term / Abbreviation Definition CM Corrective Maintenance CMMS Computerised Maintenance Management System DCC Dublin City Centre FM Facilities Manager FT Facilities Technician GO General Operator HR Human Resources IFM Integrated Facilities Management IR Industrial Relations IT Information Technology KPI Key Performance Indicator NSC National Services Centre OCS One Complete Solution or Outsourced Client Solutions PM Preventive Maintenance RIME Ranking Index for Maintenance Expenditures TUPE Transfer of Undertakings (Protection of Employment) WIOF Water Industry Operating Framework WO Work Order This report provides analysis of the Ervia Facilities department and investigates options for improving cost effectiveness. Ervia is Irelands biggest utility provider and has 2,000 office based employees in 19 locations across the country. Ervia has availed of the Integrated Facilities Management (IFM) model for delivery of maintenance with OCS Management Services being the chosen provider. The cost to Ervia of this service is  £3,000,000 per annum. This 3 year contract is set to expire at the end of 2017. Industrial relations (IR) Mention overall savings expected.  £500,000 in total with a  £100,000 reduction of the IFM contract value. The Maintenance Organisation that I have chosen to base this report on exists within the facilities department of Ervia. Ervia is Irelands biggest utility provider. It is a semi-state body, formed in 2014 and is the parent company of Irish Water and Gas Networks Ireland. Through its business, Aurora Telecom, it is also a provider of dark fibre broadband infrastructure. A Shared Services business unit was created within Ervia that comprises of Facilities, Human Resources (HR), Information Technology (IT), Accounts Payable, Procurement and Major Projects departments. Shared Services would count Irish Water and Gas Networks Ireland as de facto customers. The Facilities department are responsible for the maintenance and upkeep of 19 offices throughout Ireland. There are some 2,000 employees working from these offices. Site security, cleaning, catering, capital projects and fleet management also fall within the remit of the department but for this report, we will focus solely on the maintenance of the office buildings. The maintenance or hard services of the offices is outsourced to the IFM company, OCS Management Services as part of a 3 year contract that is due to expire at the end of 2017. OCS Management Services is part of the wider OCS group. The acronym was originally defined as Office Cleaning Services but is now interchangeably explained as being either One Complete Solution or Outsourced Client Solutions. It has a truly global reach with operations in over 50 countries and provides a full range of facilities related services. For simplicity, we will refer to the OCS Management Services team as OCS for the remainder of this report. The changes I suggest will be recommended for implementation at the beginning of the next IFM contract in January, 2018 and will involve structural overhaul of both Ervia and OCSs facilities maintenance teams. This next IFM contract is set to last 5 years. 2.1 Office Locations One of the main challenges for managing maintenance on the Ervia contract is the geographical spread with offices dotted throughout the country. See Figure 1 for all office locations. It would be far easier to deliver Facilities service if the office staff were more centrally located but being a national utility, Ervia must tie in with the multitude of county and city councils spread throughout the country. Figure 1: Ervia Offices Locations Figure 1 shows the locations of Ervia offices throughout Ireland. 2.2 Contract Value The hard services maintenance contract comes at a cost of  £3,000,000 per year to Ervia. It is based on a Cost Plus model i.e. all Preventive Maintenance (PM) is delivered as part of the contract value with Corrective Maintenance (CM) activities charged as additional costs. Additional costs can accumulate up to a value of  £500,000 per year. 2.3 Work Quantities and Types Facilities maintenance differs from industrial maintenance in that items that require attention may be observed by either office or maintenance staff. Office staff will generally tend to report less serious matters, while maintenance staff typically report the issues which require more urgent attention. In order to separate the noise of often trivial matters observed by office staff from the technical issues observed by maintenance staff, Ervia has developed an Incident Management process. Issues are raised by the office staff using an online incident management system. The raised incidents are dealt with by the maintenance staff along the following lines: If the item involves a non-technical fix e.g. increase in room temperature or lubricating a squeaking door hinge, the incident can be closed once this action is completed. If the item requires a technical fix e.g. a water leak or failed light fitting, the incident is escalated by raising a CM Work Order (WO) in the Computerised Maintenance Management System (CMMS). Equipment running issues or breakdowns are raised directly as CM WOs in the CMMS by Facilities staff. In terms of PM, there are 903 schedules across the Ervia office portfolio. These in turn generate multiples of weekly and monthly PM WOs. The following charts break out the annual mix of maintenance activities by types, quantities and whether they are actioned through self-delivery or out-sourcing. Figure 2: Quantities of Maintenance Activities by Type Figure 2 shows the various types and approximate quantities of Maintenance Activities that are raised annually within the Ervia Facilities department. Figure 3: Self Delivered v Outsourced Maintenance Activities Figure 3 shows the percentage split in terms of delivery of Maintenance Activities. Figure 4: Ervia Organisation Chart Figure 4 displays the Ervia maintenance team Organisation Chart. The 6 employees in the above chart are the Ervia staff in the Facilities department that have responsibility over the maintenance function. There are other staff in the department but we will only consider the above for this report. The Systems Engineer, despite the implication in the job title, sits at a middle management level and is considered to be a peer of the Facilities Managers. The General Operator (GO) stands out as being the only person of that rank that is a member of the Ervia team. The GO in question is a long serving staff member of Gas Networks Ireland and chose not to transfer to OCS when the first IFM contract was awarded. This situation presents a complication as the GO will not take direction from OCS staff and instead all orders have to be channelled through the NSC Regional Sites Facilities Manager. Figure 5: OCS Organisation Chart Figure 5 displays the OCS maintenance team Organisation Chart (based on the Ervia FM contract). The 24 employees in the above chart are the OCS staff that are embedded on the Ervia IFM contract. All roles are subject to Transfer of Undertakings (Protection of Employment) (TUPE) regulations and will move to the new service provider should OCS not be successful in their efforts at contract renewal in 2018. As with Ervia, the OCS Systems Engineer sits at a middle management level and is considered to be a peer of the Facilities Managers. We can see from the above chart that the DCC Facilities Manager has a far bigger team at his disposal than the other mangers. This is because over half of the Ervia office staff are situated in the buildings within his remit. In isolation, the Ervia and OCS organisation charts seem to represent an acceptable scenario. However when we combine them in Figure 6, we can instantly see that improvement steps need to be taken. There is obvious duplication of roles at Facilities Manager and Systems Engineer level. Dual reporting is also apparent with the OCS Facilities Managers and Systems Engineers having to answer to both Ervia and OCS management. Figure 6: Combined Ervia and OCS Organisation Chart Figure 6 displays the Combined Ervia and OCS maintenance team Organisation Chart. The above Organisation Chart may in parts seem both confusing and utterly unbelievable, especially when linking the OCS structure to Ervia. The aim of Table 2 is to further explain the duality of the reporting structure. Table 2: OCS to Ervia Reporting Structure OCS Staff Members Report To OCS Senior Key Account Manager Ervia National Facilities Operations Manager NSC Facilities Manager OCS Senior Key Account Manager Ervia NSC Regional Sites Facilities Manager Regional Sites Facilities Manager OCS Senior Key Account Manager Ervia NSC Regional Sites Facilities Manager DCC Facilities Manager OCS Senior Key Account Manager Ervia DCC Facilities Manager Southern Region Facilities Manager OCS Senior Key Account Manager Ervia Southern Region Facilities Manager Systems Engineer OCS Senior Key Account Manager Ervia Systems Engineer The most remarkable fact about this combined structure is that, somehow, it actually works. It can be safely said that it is both collaborative and operationally effective. Even though each mid-level manager has two persons to report to, somehow the contract proceeds with very little conflict to the extent that at times the relationship between Ervia and OCS has been described as incestuous! However it is clear that it could not be effective from a cost perspective. For instance there are more managers than technicians. The superfluous layer of middle management will be the initial focus when it comes to suggesting improvements in cost effectiveness. From the above we can also conclude, with certainty, that operational efficiency requires improvement. For example, if any of the OCS Facilities Managers or Systems Engineer needs approval to take an action, they will have to seek this from two persons. This can turn into a game of ping-pong as the approving managers may not initially agree on the same course of action. Usually in this scenario, the Ervia approving managers opinion will prevail due to the customer is always right philosophy. The structure as portrayed in Figure 4 is not unknown in the Irish semi-state/public sectors where there have long been accusations by print and broadcast media of wasteful spending (McConnell, 2015). It is a fair question to ask as to how this situation developed. Among the reasons are: As Ervia came into being by virtue of decisions made at government level, the result was the virtual overnight creation of the biggest utility company in Ireland that had rapidly expanding responsibilities. Employees transferred from the Gas Networks Ireland Facilities department to Ervia without an assessment being made on whether they were required or not. Because of the above, it was more pressing at the time to simply get a Facilities department up and running without considering the most efficient means of doing so. 6.1 Phase 1 Development Losing Fat in the Midsection Figure 7: Proposed Phase 1 Combined Ervia and OCS Organisation Chart Figure 7 displays the Proposed Combined Ervia and OCS maintenance team Organisation Chart at the Phase 1 level of development. We can see in Figure 7 that the structure looks less convoluted and is starting to develop a balance. The first task in this development will be to remove the duplicate layer of middle management. The second task will be to change who the Ervia GO reports to. The following two actions will have to be taken to enable this: The Ervia Facilities Managers and Systems Engineer roles will have to be made redundant. The Ervia GO will have to transfer to OCS. 6.2 Phase 2 Development The Rise of the Systems Engineer Figure 8: Proposed Phase 2 Combined Ervia and OCS Organisation Chart Figure 8 displays the Proposed Combined Ervia and OCS maintenance team Organisation Chart at the Phase 2 level of development. We can see in Figure 8 that the maintenance organisation now looks to be much more ordered and has a well-balanced structure. Duplication of roles and dual reporting has been removed. To enable this change, the role of the Systems Engineer will have to be considerably expanded. Up to this point the focus of this role was to collate asset data, install both a CMMS and an incident management system. The Systems Engineer can now fully take the reins regarding a systematic approach to improving work management. To do this, the support of an administrator will be required once the system becomes operational. Once fully realised, this system will negate the need for the 3 administrators that report to the Facilities managers. The reduction in administrators is possible because the new CMMS is configured for paperless WOs and much increased automation of reporting. The maintenance staff will now carry tablet computers to execute completion of WOs. From this point onwards, the Systems Engineers office will become the nerve centre of maintenance activities for the Facilities department with the following items featured prominently: Planning and scheduling of maintenance activities will be managed from there in conjunction with the site based technical staff. This is detailed further in Section 7. The CMMS will be fully managed from there with PM WOs for all sites generated by the administrator on a weekly basis. Reports from the Incident Management systems and CMMS will also be compiled at this office. These will be channelled directly to senior management at OCS and Ervia. The Systems Engineer will chair a monthly meeting with the Facilities Managers and cover upcoming works and resources requirements/availability. Implementation of work prioritisation. Again this is drilled into further in Section 7. 6.3 Phase 3 Development Breaking Down the Barriers Something that is not visible from the above organisation charts is the discreet walls that exist between the various site teams. It could even be said that they operate almost as autonomous groups. It is hoped that Systems Engineers increasing prominence will organically bring about change in this area and pull the teams together. There is much to be gained by sharing both knowledge and resources when possible. For instance one of the Facilities Technicians in the Dublin City Centre (DCC) sites is a qualified refrigeration engineer, he could provide technical assistance and advice regarding air conditioning equipment to the other sites. In the longer term, once the maintenance organisation has settled following the period of enforced change, consideration should be given to reviewing how maintenance activities are performed. There are likely to be opportunities for improvement of cost effectiveness in this area also. 7.1 Ranking Index for Maintenance Expenditure (RIME) It is envisaged that a system for prioritisation of maintenance activities will be introduced to the Facilities organisation. In RIME, expenditure refers to both time and cost. RIME works by assigning scores for the following factors: Asset criticality. WO criticality. Amount of time a WO is open. These scores are then multiplied which will, if the system is configured properly, ensure the most important work gets the highest total score. The newly installed CMMS at Ervia supports RIME and automatically provides total scores for WOs. This will allow maintenance staff to see a list of activities assigned to them in high-to-low order of priority. 7.2 Developing the Planning Function Sound planning practices are essential for any maintenance organisation and implementation of such is considered best practice. In the Ervia Facilities department, the OCS Systems Engineer will lead the charge in rolling out planning across the maintenance team. As detailed earlier, The Systems Engineer will chair a monthly meeting with the Facilities Managers and work planning will take centre stage at this meeting. A further aim of these meetings will be to knock down the discreet walls that exist between the different site teams. There should be opportunities to share both learning and indeed resources but proper lines of communication need to be established first. The changes that can be implemented have now been suggested but what are they going to achieve in terms of improving cost effectiveness? The bullet points below will attempt to quantify expected savings: Removing Layer of Middle Management The Facilities Managers and System Engineer each come at a cost of  £100,000 to Ervia. Removing the 4 as proposed, will bring a saving of  £400,000. Reducing Number of Administrators Each administrator comes at a cost of  £50,000 to Ervia. Removing 3 as proposed, while transferring 1 to support the Systems Engineer will bring a saving of  £100,000. Introducing RIME Any savings to be generated here are difficult to quantify at this juncture but a system for prioritising work can only be a good thing and will surely result in at least some cost avoidance by getting the important work done at the right time. Developing Work Planning Again any savings garnered by taking this measure are difficult to quantify at present but will help ensure maintenance best practice is followed. It is worth noting however that the rule of thumb in industry is unplanned maintenance can cost at least 3 times as much as planned maintenance (Strawn, n.d.). Points to note In terms of staff resources, savings are calculated based on the cost to Ervia which takes into account such items as Pay Related Social Insurance and Management Fees charged by OCS as part of the IFM contract. Detailed resource costs are tabulated in Appendix A. It must be noted that only the savings in relation to reducing the number of administrators will impact the IFM contract costs. The removal of the Ervia middle management does not impact the IFM contract value. To quote Jack Welch (2001), the person regarded by many as the greatest company leader of his generation Change before you have to. Ervia needs to get its house in order if there are external changes introduced such as reduced budgets and/or an increase in the number of sites to maintain. At present there is much volatility in Irish political circles with funding of public/semi state companies a constant hot topic. Ervia could be faced with the possibility of having its funding slashed at government level and in tough times the maintenance department of any organisation is often seen as a soft target. Since there is an IFM contract renewal coming at the beginning of 2018, this could be used as an opportunity to begin the implementation of changes. It would mean that the proposed structures could be built in to the new contract which would avoid having to use the change control process that applies during contract run time. Again, to draw from the famed former head of General Electric (GE), Jack Welch, Willingness to change is a strength, even if it means plunging part of the company into total confusion for a while (Slater, 1998). Lets consider, in the following sub-sections, the two main points of impact as a result of implementing the proposed changes. We will also consider on how to mitigate the effects. 10.1 Staff Reductions and Transfers These decisions will not be easy to implement. There will be considerable resistance from the Ervia Facilities Managers and Systems Engineer. Should the situation become intractable, it may be necessary to remove the layer of middle management from OCS instead. The Ervia staff would then transfer to OCS and report to the Senior Key Account Manager. The path of least resistance may have to be followed. It could well turn out that the Facilities Managers and Systems Engineer team are made up out of a combination of OCS and former Ervia staff that have transferred. The Ervia GO may take umbrage at having to transfer to OCS. The last time these attempts were made resulted in failure. The shakeup at administration level could also cause rancour. Because the Systems Engineer is based in one of the Cork offices, the administrator that supports this role will likely come as a transfer from the Southern Regional Sites Facilities Managers team. The two Dublin based administrators will have to be made redundant. Willing to make changes is one thing but successfully managing the change will be crucial. A rocky road will have to be travelled with the possibility of staff morale taking a hit. Potential resentment from the soon-to-be unemployed staff towards retained staff is also likely during the transition phase. The strength that Welch speaks of will have to come from senior management in both Ervia and OCS. Considerable resolve will have to be displayed when communicating to employees that they no longer have a job. A silver lining can be added to the cloud by ensuring favourable severance packages for those made redundant and committing to TUPE regulations for any employee that transfers to OCS. 10.2 Introduction of Work Management Systems It could be perceived by the Facilities Mangers that a power grab is taking place by the Systems Engineer. The onus will be on the Senior Key Account Manager to sell the benefits of the changes in practice. Over time, the benefits should then start to become self-evident as management of work improves, shared learnings disseminate and client contentment increases as a result of a better run contract. 10.3 Industrial Relations Concerns The changes proposed above will not be encumbered by IR action. Neither Ervia nor OCS staff are union affiliated so as long as the employees legally held rights are observed, there should be no issue. The Facilities department could be presented with a dramatic widening of its scope in the next number of years. It is envisaged that Ervia, through Irish Water, will eventually absorb all county and city council staff that are currently involved in maintaining the water services infrastructure. This could involve the transfer of up to an additional 2,500 staff. The knock-on effects for the maintenance team within the Facilities department would be considerable. The multitude of premises that house all these employees would then be in scope for upkeep and repair. There is currently a team charged with developing a plan to allow for the transfer of these staff and premises to the Ervia parent utility group. The Water Industry Operating Framework (WIOF) will contain the new obligations that the Facilities department will be required to meet. Both Ervia and OCS, should they retain the IFM contract, will have to ready themselves for the huge challenges coming down the tracks. The best way to achieve this is to allow for scalability in the systems that are designed and built. While extra staff will no doubt have to be recruited, duplication of roles as per the current situation will have to be avoided. The time is right at present to ensure a solid foundation is laid to accommodate this forecasted expansion. In the predicted scenario, additional costs are going to be incurred. The measures proposed in this report, if implemented, will serve to keep these extra costs to a minimum. At a higher level, there are additional changes that could be made to improve cost effectiveness. As mentioned earlier, the current IFM contract with OCS falls under the Cost Plus model. Detailed below is an alternative to this contract type known as Fixed Price/Output Based. The author of this report has previous experience of this type of IFM contract. The bullet points below show advantages and potential shortcomings: Headline Information (based on example): 10% up-front savings guaranteed over costs incurred by client to deliver maintenance. Built in glide path which consisted of a 1% year-on-year reduction in cost of overall contract. IFM absorbed costs of up to  £5,000 per breakdown. IFM had full authority on staff numbers and how maintenance was delivered. Contract was 5 + 5 i.e. initial duration of 5 years with option by client to extend for a further 5 years without re-tendering. Advantages: Costs for client are tied down. Incentive for IFM provider to implement cost effective maintenance. Disadvantages: Instead of what Emmet and Wheelhouse (2011) describe as collaborative, the relationship can instead become transactional and often even adversarial. Risk that IFM may cut corners regarding maintenance in order to deliver on-budget. Race to the bottom mentality can pervade during tendering where prospective service providers will submit unrealistically low pricing in order to win the contract. Requirements to make it work: Watertight contract with relevant Key Performance Indicators (KPIs) to accurately monitor IFM contract compliance. Condition of equipment in contract scope needs to be thoroughly evaluated during the tender process and the client must have an open book policy regarding historical failure data. Enough financial head room in the contract to allow the IFM provider to make a profit. If this is not present, the contract will inevitably collapse with possible adverse consequences for business continuity. In the example above, the contract was terminated by the client after 2 years due to poor service delivery and repeated KPI failures. The main cause of this, in the authors opinion, would be that the IFM provider submitted such a low price at tendering that they could not meet the agreed contract conditions while generating a profit. To open the conclusion, its fair to say the above analysis may seem cold but it is approached from a business perspective with a view to achieving a sustainable maintenance organisation that is capable of surviving more stringent cost controls that may lie ahead. On the face of it, it would seem that the maintenance organisation within the Ervia Facilities department is ripe for change. And to sustain the analogy, there may even be some low hanging fruit! Listed below are the positives that will come with introducing change: Staff reductions alone will bring  £500,000 in savings and if all goes according to plan, there will no reduction in the level of service to the wider organisation. The introduction of advanced Work Management systems should also improve cost effectiveness but its hard to quantify the level of such at present. Ultimately what is required is to achieve the same level of performance for reduced expenditure or in the utopian situation, an increas

Galileo Galilei Essay -- Essays Papers

Galileo Galilei Galileo was born in Pisa along the Via del Cuore in 1564 to Vincenzo Galileo, a man known for his study of music, and Giuli Ammananti. When Galileo was ten he moved to Florance.1 At eleven young Galileo was sent to Vallombrosa for school. At fifteen Galileo decided to be a monk, but because of his father gave up his ambition. In the late summer of 1581 Galileo entered the University of Pisa and embarked on a course of study in medicine. Studying the Aristotelian system, which states larger heavier objects from high places, Galileo became increasingly skeptical. Evidence of Galileo’s brilliance was assured when in 1583, he was attending service in the cathedral and he saw that the flames of the candles osculated back and fourth. It was upon this observation that the pendulum was built. Not having enough money and not having the skills required to stay at the University, they kicked him out. To get by, Galileo began tutoring students. His continuous work with mathematics led Galileo to go to Rome and visit the famous Jesuit mathematician Christopher Calvis. From there on out, Galileo was able to hob-knob with Italy’s mathematical elite. As Galileo’s acquaintances grew, so did his reputation. He went on to make lectures and speeches about his mathematical findings. Unfortunately by 1593 Galileo was in dept. To make up for his financial problems Galileo invented what we know as the thermometer. There was no money in this so Galileo worked at a university teaching ptolemy and kept his job tutoring for a fair price. Time passed and Galileo moved from Giustina to a large three-story house behind the Basilica of San Antonio. Galileo still struggled to make ends meat, which also could be blamed on his mistress Marina... ..., Galileo was dumped with Michelangelo’s, his brother’s, wife and seven kids in May of 1627. When in 1627 Ferdinand II became lord of Tuscany, Galileo was appointed o the council of 200. A year latter in 1630, Galileo finished the controversial Dialogue. Galileo’s book drew much criticism and as a result, by January Galileo went away to be tried in court for believing in the Copernican opinion. After much deliberation on the issue, Galileo was sentenced to imprisonment. Though given many luxuries for a prisoner, Galileo was not allowed to speak or even carry out many of his creative ambitions.2 By Christmas of 1637 Galileo had gone blind and with all his illnesses was struggling just to live. Then on January 8, 1642 Galileo Galilei died.3 Sources 1 Field, Galileo Gaililei, 1 2 Reston, Galileo: A Life, 7-282 3 Unknown, Biography Galileo Galilei, 1 Galileo Galilei Essay -- Essays Papers Galileo Galilei Galileo was born in Pisa along the Via del Cuore in 1564 to Vincenzo Galileo, a man known for his study of music, and Giuli Ammananti. When Galileo was ten he moved to Florance.1 At eleven young Galileo was sent to Vallombrosa for school. At fifteen Galileo decided to be a monk, but because of his father gave up his ambition. In the late summer of 1581 Galileo entered the University of Pisa and embarked on a course of study in medicine. Studying the Aristotelian system, which states larger heavier objects from high places, Galileo became increasingly skeptical. Evidence of Galileo’s brilliance was assured when in 1583, he was attending service in the cathedral and he saw that the flames of the candles osculated back and fourth. It was upon this observation that the pendulum was built. Not having enough money and not having the skills required to stay at the University, they kicked him out. To get by, Galileo began tutoring students. His continuous work with mathematics led Galileo to go to Rome and visit the famous Jesuit mathematician Christopher Calvis. From there on out, Galileo was able to hob-knob with Italy’s mathematical elite. As Galileo’s acquaintances grew, so did his reputation. He went on to make lectures and speeches about his mathematical findings. Unfortunately by 1593 Galileo was in dept. To make up for his financial problems Galileo invented what we know as the thermometer. There was no money in this so Galileo worked at a university teaching ptolemy and kept his job tutoring for a fair price. Time passed and Galileo moved from Giustina to a large three-story house behind the Basilica of San Antonio. Galileo still struggled to make ends meat, which also could be blamed on his mistress Marina... ..., Galileo was dumped with Michelangelo’s, his brother’s, wife and seven kids in May of 1627. When in 1627 Ferdinand II became lord of Tuscany, Galileo was appointed o the council of 200. A year latter in 1630, Galileo finished the controversial Dialogue. Galileo’s book drew much criticism and as a result, by January Galileo went away to be tried in court for believing in the Copernican opinion. After much deliberation on the issue, Galileo was sentenced to imprisonment. Though given many luxuries for a prisoner, Galileo was not allowed to speak or even carry out many of his creative ambitions.2 By Christmas of 1637 Galileo had gone blind and with all his illnesses was struggling just to live. Then on January 8, 1642 Galileo Galilei died.3 Sources 1 Field, Galileo Gaililei, 1 2 Reston, Galileo: A Life, 7-282 3 Unknown, Biography Galileo Galilei, 1