Excel Logistics Case Essay

Reason To acquaint members with the gracefully bind idea and with the impacts choices along the chain have on stock levels and expenses. Presentation In this game the retailer offers instances of lager to a buyer and requests instances of brew from the distributer; the distributer offers instances of lager to the retailer and requests instances of lager from the merchant; and the merchant offers instances of brew to the distributer and requests lager from the industrial facility (distillery). The plant blends the brew. The lager gracefully chain is demonstrated as follows: Players of the game each take on an alternate job in the flexibly chain. The jobs are the Factory, Distributor, Wholesaler and Retailer. Each position is legitimately connected, and lager can't avoid the contiguous position. For instance, the Wholesaler requests brew from the Distributor, and boats lager to the Retailer. A significant thought in settling on choices is the deferral in the development of brew through the flexibly chain. It takes three periods to move a request for brew between every player in the gracefully chain. In the event that during period 3 the Wholesaler chooses to send 10 instances of brew to the Retailer, the lager would take periods 4 and 5 to move to the Retailer and afterward would be ready to move by the Retailer toward the start of period 6. Likewise, orders are not obvious to the upstream player for one period. For instance, if the Wholesaler puts in a request in period 3, the request is gotten by the Distributor toward the start of period 4. For every time of play, each member follows a similar cycle: 1. The framework is refreshed by your educator where new requests and shipments are gotten, shipments enroute are progressed, and stock levels and raincheck positions are determined (these undertakings are done consequently by the server program. 2. The player refreshes the status screen and surveys current position. 3. A delivery choice is made by new requests and excess, subject to stock accessibility, 4. A requesting choice is made for more brew. There are just two costs associated with this improved variant of a logisticsâ supply chain: stock holding cost ($1.00/case/period) and delay purchase costs ($2.00/case/period). Each group has the objective of limiting the aggregate of these expenses by adjusting the expense of having (stock holding cost) with the expense of being out of stock when a client orders lager (delay purchase cost). The server program monitors the expenses acquired by each group. Toward the finish of the game, the complete game expense for the appropriation framework is the total of the four individual participants’ absolute costs (retailer cost + distributer cost + merchant cost + manufacturing plant cost). The objective is to limit group costs. Activity The game starts with a completely stacked â€Å"pipeline† of instances of lager: †16 instances of stock in each position’s â€Å"current inventory,† †4 cases in every one of the â€Å"production delay† pipeline, †4 cases in every one of the â€Å"shipping delay† pipeline, †each position has an underlying request for 4 instances of lager. Definitions The accompanying terms are utilized in the status report: Current Demand †This is the interest for the current time frame at this position. For the Retailer, this interest is dictated by an outside interest stream. For every single other position, this interest mirrors a request put by the downstream situation in the flexibly chain during the past period. Delay purchase †This is the interest that has not been met to date at this position. At the point when a position doesn't satisfy need by delivery instances of lager, the delay purchase sum is expanded. This sum does exclude the interest during the current time frame. Current Shipment †This is the sum that is being transported to the downstream situation during the current time frame. After the requesting and delivery choices have been made, the â€Å"status† catch can be utilized to refresh the status report. The status report will mirror the current request and shipment choices. Recall that after the educator has refreshed the framework, the â€Å"status† catch ought to be squeezed again to get a report that mirrors the execution of the choices for the past period. On Hand †This is the current sum in stock at the position. This is the aggregate sum that can be dispatched this period from this position. Due Next Period †This is the quantity of units that are booked to show up at this situation next period. Due In Two Periods †This is the quantity of units that are booked to show up in two periods. Current Order Release †This is the quantity of units that are being requested from the upstream position. Theâ upstream position won't see this request until after the framework has been refreshed to the following time frame. Stock Cost †This is the combined stock expense for this position. This is determined from the genuine stock equalization toward the finish of each reproduced period. During the update procedure, the framework first ships material to the downstream position, refreshes the combined stock and raincheck costs dependent on the stock and delay purchase levels, and afterward gets new material into the position. Delay purchase Cost †This is the aggregate raincheck cost f or the position. Complete Cost †This is the absolute aggregate expense for the position.

Cycle of Photon Essay Example | Topics and Well Written Essays - 1250 words

Pattern of Photon - Essay Example A photon oozes molecule wave duality, subsequently has the two qualities of both a molecule and a wave. It is of irrelevant mass and doesn't have electric charge. It has twofold conditions of polarization and can be portrayed by three contentions. These contentions are wave vector parts, frequency and heading in which it is engendered. A photon moves with the speed of light in void space and its vitality is influenced by force and vector. A photon is among the absolute rarest particles that are indistinguishable from their antiparticles, for this situation, antiphoton. Photon is a summed up term used to clarify the electromagnetic range in the scope of infrared (IR) radiation to noticeable light. Progress in the core A photon is one molecule that can change in the core of an iota. Despite the fact that movement is restricted in the core, a photon can change starting with one position then onto the next. It is at the core that the vitality of a particle is found. In any case, it is fu ndamental to note here that the type of the photon isn't changed despite the fact that its speed is exceptionally high inferable from the elevated level of vitality in the core. It moves alongside rakish energy that isn't subject to its recurrence. The segment estimated along its course of movement, in this alluded to as helicity, and must be a whole number of the boards consistent, meant as h. Round polarization conditions of the photon are gotten from the two helicities depicted above, either positive or negative of boards steady. Movement of a photon offers ascend to vitality being created and subsequently law of preservation of energy must become an integral factor. Preservation of energy concerning a photon is additionally alluded to as transitional invariance and necessitates that multiple photons are made having invalid force. An enormous estimated photon has consequences for the core of a molecule. In spite of the fact that said to be massless, its belongings can't be ignore d. A photon could change Coulombs law and there would be additional degrees of opportunity for electromagnetic fields. Vitality levels A particle has a changed number of vitality levels additionally alluded to as vitality states. In every one of these vitality levels, electrons sway with vibrations and along these lines produce vitality. The quantity of electrons in every vitality level increments as the good ways from the core increments. The more prominent the separation, the higher the vitality discharged. A photon is produced when an electron happens to move from a higher vitality level to a lower vitality level. The frequency of the photon is equivalent to the separation between the two vitality levels. This photon radiated has vitality and this straightforwardly relative to recurrence and Planks consistent yet contrarily corresponding to its frequency. The vitality produced by a photon isn't reliant much on its mass since its mass is practically unimportant however it is reali zed that every single issue ha mass and consumes space. In any case, note that photons show a similar conduct paying little heed to the vitality level they are transmitted by the traveling electrons. They travel at a similar speed regardless of whether moving from high vitality level to bring down vitality level and the speed can fluctuate in more than ten sets of size from the most minimal energies of radio waves to the amazing floods of gamma radiation. Photons are typically portrayed as parcels that convey vitality with them however the vitality in the bundles is discrete. On the off chance that the photons are going as a pillar, power of such a shaft relies upon the quantity of photons every second. Light is likewise depicted as

Solar Air Conditioning free essay sample

Does sunlight based cooling truly meet the prerequisites for today’s â€Å"Green Energy† request; and is it fit to be executed? Sun oriented cooling is any cooling framework that utilizes sun based force. This can be accomplished through inactive sun based, sun oriented warm vitality transformation and photovoltaic change (daylight to power) techniques. gt;Passive sun powered doesn't utilize warm vitality to make a chilly situation or drive any immediate cooling forms. Is executed by utilizing Cool rooftops, that are rooftops that can convey high sun powered reflectance (the capacity to mirror the noticeable, infrared and bright frequencies of the sun, diminishing warmth move to the structure) and high warm emittance (the capacity to transmit assimilated, or non-reflected sunlight based vitality), and green rooftops or living rooftops, which are tops of structures that are halfway or totally secured with vegetation and a developing medium, planted over a waterproofing layer. It might likewise incorporate extra layers, for example, a root hindrance and waste and water system frameworks. We will compose a custom paper test on Sun powered Air Conditioning or on the other hand any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Determining the word green alludes to environmentalism and not the shading green, likewise with green rooftop tiles or rooftop shingles), utilizing the instruments of warmth move: heat conduction, convective warmth move, and warm radiation. gt;Solar warm vitality transformation is actualized for the most part in business and mechanical applications and is experienced in two unique sorts such are: a-Solar open-circle A/C; utilizing air disregarding strong desiccants (like silica gel or zeolite) to expel dampness from the air to permit a proficient evaporative cooling cycle. The desiccant is then recovered by utilizing sunlight based warm vitality to dehumidify, in a financially savvy, low-vitality utilization, persistently rehashing this cycle. A photovoltaic framework can control a low-vitality air course fan, and an engine to gradually pivot an enormous plate loaded up with desiccant, just as to run ventilation frameworks to limit vitality misfortune. For warming porpoises, air is gone through an enthalpy wheel (frequently utilizing silica gel) to diminish the expense of warming ventilated air in the winter by moving warmth from the warm inside air being depleted to the new (yet chilly) flexibly air. For fluid kind applications, a desiccant like calcium chloride can be blended in with water to make an alluring recycling cascade, that dehumidifies a room utilizing sun based warm vitality to recover the fluid, and a PV-controlled low-rate water siphon. b-Solar shut circle assimilation and adsorption cooling; the sun powered forced air system and sun based radiator is controlled by sunlight based vitality gathered in the emptied tube sun oriented warm boards . The warm vitality gathered is then conveyed to the sun oriented controlled chiller utilizing a Corn Glycol (liquid catalyst) arrangement and an arrangement of channels, siphons, and controls. In the winter, even at beneath frigid temperatures outside, our cleared cylinder sun powered warm gatherers despite everything produce a plenitude of warmth. The framework can be structured with the goal that this warmth is then moved into your structure, either decreasing or almost wiping out the activity of your current warming framework. This implies free sun powered cooling in the late spring, and free warming vulnerable season. Coming up next are regular advances being used for sunlight based warm shut circle cooling. Ingestion: NH3/H2O or Ammonia/Water Retention: Water/Lithium Bromide Absorption: Water/Lithium Chloride Adsorption: Water/Silica Gel or Water/Zeolite Adsorption: Methanol/Activated Carbon gt; Photovoltaic change; These sort (sun to power) comprise of PV (Photo-Voltaic) cells giving electrical vitality to run a fume pressure framework, essentially for private porpoises, is likewise actualized to help capacity to a portion of the segments (coursing siphons, fans, ionizers, blowers, and so on ) utilized in the business and modern frameworks referenced previously.

Is Jury Nullification Essential Power Or Serious Shortcoming - Free Essay Example

A key feature of the jury is that it must have impartiality and there is an argument that an accused person has the right to expect that the trial will be conducted by an impartial jury.  [1]  This is evidentially accurate as the whole concept of jury nullification would be severely undermined if there was a lack of impartiality, as a bias could lead to a dubious non guilty verdict even when all the evidence points to a guilty verdict or vice versa, and the argument, although it lacks any factual evidence, is still crucial as it is a fundamental principle of the jury, and is therefore an assumption that could not be doubted. The idea of jury nobbling is a critical threat to the impartiality of the jury, as, for example, offering bribes or putting a juror in fear of physical harm, could potentially create an unjust bias and produce gross injustice by acquittals of the guilty.  [2]  In addition, there is an emphasis on that the concept of majority verdicts should no t be allowed to affect any individuals decision, and in the event of not being able to decide a verdict, then that is what the verdict should indeed be.  [3]  Again, this is a furthering of the idea that a jury should be impartial and each juror having their own individual opinion and the argument so far strongly suggests that jury nullification is possibly a serious shortcoming of the system of jury trial as the potential for unjustness is high. A historical example of this is the majority view of the public post 1832 Reform Act, where the jury was viewed to have to the potential to be undemocratic and that they were a threat to the subjects right to be tried by a law which in nature was predictable and certain.  [4]  The argument that one of the defining features is that the jury sits in judgment not only upon the defendant but upon the law itself is threatened by this view as the jury is obviously not certain and predictable, so by the jury sitting upon the law which is s upposed to be certain and predictable, with the added possibility of the jury being able to contradict the law through nullification, it does begin to amount to something which may well be drawn to be questionable. Furthermore, the selection process in the United Kingdom demonstrates how jury nullification could be a shortcoming of our system, although to demonstrate this shortcoming there is need for comparison with the system in the United States. Before the jurors are called for service, first through random selection, they are obliged to fill in a questionnaire, highlighting any potential bias towards the case in hand, and making sure that there is a cross-selection of people, eliminating any potential discrimination and thus attempting to create a just jury.  [5]  This is of great importance in making sure that the end result given is fair and is significantly different to the United Kingdoms selection where it is random with just some exceptions, but all in all is a muc h more anonymous affair than the United States selection process.  [6]  This selection could be said to be undermining the Human Rights Act 1998, with the right to a fair trial, with the right to an impartial and unbiased judiciary free from any pressures being given in article 6 of the European Convention on Human Rights 1950.  [7]  8If the United States system could be applied to this then it would confirm these rights, but in the United Kingdom the lack of inquisition into the jury prior to the confirmation of selection undermines them and could potentially neglect some of the deeper prejudices and biases amongst the 12 people. Another major feature in the jury is propriety, and it can be said that impropriety in a jury could lead to biased results occurring and in the article The Criminal Jury in England and Scotland: the Confidentiality Principle and the Investigation of Impropriety there is a study about whether deliberations should be recorded or not.  [9]  One cannot have a rule that operates in one way where the jury acquits but operates differently where they convict  [10]  is a statement made by Lord Hope in the case R v Mirza is raising the argument of consistency in the jury, that if there was the review of deliberations in acquittals then why not in convictions.  [11]  Although it is against the argument so far, is a pretty valuable addition to the argument against jury nullification as it is coming from a judge, and therefore obviously has a great precedence behind it due to the nature of the job and from the point of common sense, it most definitely is a reasonable point to make. His quote is scrutinised in the article, and it is argued that if the legislation in Britain was changed and video recordings of juries deliberations could be reviewed in the event of an acquittal then they would be able to monitor the reasoning for an acquittal and stop acquittals in the event, for example, that a jury or juror openly dismisses the evidence given and decides to acquit a defendant dishonestly or unjustly.  [12]  Although Lord Hopes statement is completely just and valid, the argument against his statement is also a valid idea, even though the argument could have been strengthened by evidence given in support of P. Fergusons idea that legislation could be enforced as to video recordings only being used in cases of acquittal. Evidence which supports this argument is the procedure of the jury in court, that if a jury gives a not guilty verdict then they will not be asked whether it is unanimous or by a majority, but if a guilty verdict is given then they must say whether it was unanimous or by a eleven to one or ten to two majority.  [13]  This evidence shows that there can be, in jury trials, one rule for one outcome, and another for the opposite and if this was to be applied to the issue of the review of deliberations then it could be said that there could indeed be one rule for acquittals and anothe r rule for convictions, as convictions are based on the evidence given whilst nullifications ignore the evidence and the letter of the law and acquit a defendant anyways the deliberations into acquittals would therefore be able to weigh up the justness of the ignorance. However, although so far only the shortcomings of jury nullification have been commented upon, the idea cannot simply be dismissed as it does have some importance and significance in the United Kingdoms system. An argument for this is given with the hypothetical situation of removing the jury and allowing the judge to enact this power himself.  [14]  In this, it is argued that the judge doesnt have as much social conscience as a jury, and although the social conscience could lead to some prejudice, it is a risk that must be taken to ensure a fair trial and that the power given to a jury that puts them above the law should not be given to a single person or institution as absolute power absolutely corrupts, bu t with the power lying beneath the jury they tread so swiftly they dont burn their feet.  [15]  This first point referring to social conscience is undoubtedly true as the 12 people on a jury obviously would have more of a diverse range of social ideas than a single judge, however the argument of prejudice can be questioned. If, as article 6 the European Convention on Human Rights 1950 states, that the defendant has the right to a trial by an independent and impartial tribunal established by law  [16]  , then there is absolutely no manoeuvrability in the fact that there should be no prejudice, otherwise the term impartial would become utterly undermined, and therefore a breach of the European Convention on Human Rights 1950, and thus the Human Rights Act 1998, would occur. Also, the idea that absolute power absolutely corrupts and therefore the power to ignore evidence should not be given to a single person is unfounded as there is no reasoning or consideration behind it, for example, to why this power should not be given to someone with a higher knowledge base than to 12 people with a much lower knowledge of the subject. Of course there is need for social conscience, but the inference from this argument that social conscience comes above the law is unreservedly absurd and furthers the idea that jury nullification is a shortcoming of our system. Overall, in the United Kingdoms system of juries there is one fatal flaw running through the idea of nullification bias. It may be argued that the jury sits above the law as the absolute power given to them is just, due to their greater social conscience but this furthers the idea of prejudice.  [17]  With impartiality being key to a jury, this idea threatens the impartiality and undermines nullification as there is a strong need to make sure any acquittals are fair and just so that a guilty man is not wrongly acquitted, and many features of the jury, such as the anonymous selection without a great deal of questioning, could actually promote bias amongst juries. This is not to say the idea of nullification is a complete shortcoming as there is some significance attached to the fact that people have the right to a fair trial, meaning that nullification could provide the person with the trial being fair, and therefore jury nullification indeed has some importance.  [18]  However, legislation could be put into place to monitor and review acquittals, such as the recording of deliberations and consequently the reviewing in the event of an acquittal, to reinforce the acquittal being just and preventing any bias or prejudice affecting the outcome of the trial.  [19]  In conclusion, it is submitted that whilst jury nullification is a necessary function in the United Kingdoms system of jury trial, at the moment the flaws outweigh the advantages making it a shortcoming unless action is taken. Word count: 1961.

Securitisation In Islamic And Conventional Financial Systems Finance Essay - Free Essay Example

Sample details Pages: 14 Words: 4210 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? In this chapter the basic features of securitisation used in Islamic and Conventional financial system is presented in respect to the structures of bonds and derivatives. Over the years securitisation has developed into a significant financing tool, offering credit to both the public and the private sectors. In particular, we have seen that under the Subprime mortgage crisis the US credit markets relied heavily on the shadow banking system provided by securitisation to satisfy their financing needs. Don’t waste time! Our writers will create an original "Securitisation In Islamic And Conventional Financial Systems Finance Essay" essay for you Create order There are various kinds of products in the financial market used for the purpose of securitisation. The key motivation for the employing the tools of securitisation include cheaper funding, regulatory capital relief, arbitrage and balance sheet considerations.  [1]  We have discussed in previous chapters that due to the non performance of the loans financial institutions were strapped into liquidity problems. This issue diverted the financial institutions to relay on the bond market to support their financing needs instead of looking for bank loan financing and equity financing for required funds. A bond is kind of a loan or a debt security. In conventional bond structure the issuer of the bond is like debtor and the holder of the bond is like a creditor. The bond issuer owes the holder a debt and pays the holder of the bond fixed interest, until the date of maturity when the principal amount is due. We have discussed in the previous chapters that interest and debt based transact ion in there nature lead to inequity and instable economic situations. And their malfunctioning can be termed as a major element attracting the crisis over the years.  [2]  Bonds are termed as a source of external funding for the issuer to finance his long term financial projects. Bond holders have a creditor stake in the company for a definite term.  [3] Sukuk (plural of Sakk), commonly referred to as Islamic bonds, are proportional undivided ownership rights in tangible assets, or a pool of assets, or in the assets of a specific project or investment activity. Sukuk are used in Islamic financial sector as alternate of conventional notes. Sukuk have developed as one of the most significant mechanisms for raising finance in the international capital markets used by Islamic financial institutions as an alternative to syndicated financing  [4]  as a proportionate interest in the well defined pool of specific assets to yield income and capital interest. The funds raised through the issuance of Sukuk are applied to investment in specified and particular assets rather than for general or undetermined purposes. Identifiable assets provide the basis for Islamic bonds. Since the Sukuk are based on the real underlying assets, income from the Sukuk relates to the purpose for which the funding was used. The Sukuk certificate represents a proportionate ownership right over the assets in which the funds are being invested. The ownership rights are transferred, for a fixed period ending with the maturity date of the Sukuk, from the original owner (the originator) to the Sukuk holders. The process of issuing Sukuk involves the following steps: Origination of assets from Shariah compliant assets. Transfer of the assets to a Special Purpose Vehicle (SPV) which issues after packaging them into securities (Sukuk); and Issuing of these securities to investors. The main difference between the both Islamic and conventional bonds is that issuance proce ss of Islamic bonds should be approved by Shariah principles while the issuance process of the conventional bonds only requires the acceptance or approval of securities commission. Conventional bonds are the debt of the issuer while on the other hand Sukuk is the like an undivided ownership share in specific assets. So the owner of the bond has an ownership claim on the specific assets. But in case of conventional bonds it is the creditors claims on the borrowing entity and in some cases liens on assets as well. Conventional bondholders do not have any responsibilities for the circumstances of the issuers, while the Sukuk holder has a responsibility for defined duties relating to the underlying assets. Sukuk structures have real assets at their core and their structure is based on assets, equity and it could be debt based as well while the conventional bonds are based by large on loans. And ultimate users of Sukuk bonds are both Islamic and conventional investors but Islamic investo rs can not use the conventional bonds as their trading is against the principles of Shariah laws.  [5] Conventional bonds as we know are the sale of debt, which is prohibited under Islamic financial system. Derivatives A Zero Sum Game of Small Investments with Large Consequences For many around us Casino type trading is and was considered more than a threat to the financial system. This breed of synthetic products was identified as Financial Weapons of Mass Destruction  [6]  and for this indistinguishable rationale Alexander Lamfalussy cautioned against the use of derivatives that enhance instability and increase systematic risks against the backdrop of global markets.  [7]  In the global economy, flexibility and innovational methodologies of derivatives makes them very dominating among other assets in respect of growth and popularity.  [8] Derivatives are useful alternatives for holding the underlying commodity or financial asset. They are being used on a large magnitude in financial markets by individuals (for leveraging or gearing), by institutional investors (for asset allocation strategy), by corporate treasurer (for hedging exposure and for enhancing yields) and by banks /ot her financial intermediaries (for their strategic risk management features and for hedging etc).  [9]  As compare to the amount of money needed to buy an actual commodity or financial asset they require a relatively small amount of capital to trade.  [10] Derivatives became an enigma due to the development of a complexity over their basic working, purpose and mechanics. They were created to manage risk and enable hedging, but the troubling part is that they are largely used for speculation, against their projected purpose.  [11]  The current financial crisis is largely blamed on the speculative usage of derivatives. According to OCC only 2.7% of total derivatives are used by end users, (i.e. corporations assumed to hedge their risks); while the remaining 97.3% is used by dealers (OCC 2005)  [12]  concluding hedgers as minorities while the speculators an obvious majority working in the financial market. The three main users of derivative products are as follows: H edgers They use futures to lock in an acceptable margin between their purchase cost and their selling price. Hedgers make purchases and sales in the futures market for the purpose of establishing a known price level for something they later intend to buy/ sell in the cash market to protect themselves against the risk of an unfavourable price change in the interim.  [13] Speculators they trade in derivative market with a higher than average risk in return for a higher than average profit potential especially with respect to  anticipating future price movements, in the hope of making quick, large gains.  [14] Arbitragers in the hope of profiting from the price differential, they purchase securities from one market for their immediate resale in the new market. It is basically speculation about the differences in prices of commodities and assets in different markets. Islamic Financial System introduced different contractual structures (described above) in which de rivatives can be formulated. But the main principle around which they all are developed is the same as prescribed by Shariah laws i.e. there is a freedom of contract under Islamic Financial System transactions but it should be free of Interest, Uncertainty and Gambling Underlying asset must exist that Must be owned by the party willing to sell and Must be envisaged to be delivered.  [15] Islamic derivatives advocate fairness and risk sharing between parties under ethical investment and substance contract. The terms on which transaction will take place should be known, any operation apart from it for example Where time of delivery is not known, or where there is ambiguity in presence of some transactional product or There is excess of inequality, or Delay in delivery of dissimilar products etc these operations are not permitted under IFS. Derivatives issued and formulated under IFS are for sole purpose of hedging as there is no speculation allowe d under IFS. These derivatives are risk management structures to manage currency risk in a global trend and yield curve risk movement to determine the cost of the production. Islamic derivatives are new and are subject to new changes and developmental issues. The economic effect of both conventional and Islamic derivatives is the same except that Islamic derivatives can only be used for hedging and covering risk and not for speculation and hence deemed to be more restrictive for the impacts that caused current global crisis. A derivative is a unique value holder; a financial instrument independent from the underlying asset from which it derives its value. It is an independently tradable entity with referable value to its underlying asset. Types of conventional derivatives include; Forwards, Futures, Options and Swaps. Naked Short Sale In order to create hybrid instruments these forms are usually combined together with traditional securities, loans and bonds. The Forward contracts are customised, simplest in form and risk-exposed contracts for future trade which are undertaken between two parties with diametrically opposing needs to complete a transaction at a future date at a price that is determined today. Their prices are determined by negotiation so a party in a better bargaining position may be able to exploit the situation in their favour. This transaction bears a counterparty risk, i.e. the risk to one party for the default of other. The Futures contract is a standardised exchange-traded, daily-settlement contract with respect to contract size, maturity, product quality and place of delivery where physical delivery hardly ever takes place. These contracts carry fair prices which arrive at by the interaction of many buyers and sellers against exploitations. Unlike forwards they manage to avoid a number of problems like multiple coincidences and Counterparty risk, as the exchange or the clearing house itself is the guarantor f or each trade by being the buyer to each seller and the seller to each buyer .  [16]  Exchange minimises its risk of default by Margining and Marking to Market methods. Under Margin Call each party deposits initial deposits/margins, then the party whose position is losing, pay up as the loss occurs. Marking to market refers to the gain or loss in each contract position. The above mentioned gain or loss is determined by change in the price of the futures or option contracts at the end of each trading day by adding or subtracting from each account balance.  [17] An Option entitles the holder the right (not an obligation) to buy or sell the underlying asset at a predetermined exercise price anytime before maturity against a premium. There are three types of options: A Call Option, A Put Option and a Double Option A Call Option provides the holder a right to buy and a Put Option provides the holder a right to sell the underlying asset at a predetermined price, wh ile a Double Option is a right of the holder, either to buy from or sell to the grantor a specified underlying asset at a predetermined price during a fixed period.  [18] In futures and forwards there will be an obligation to exercise the contract, unless the holder reverses his position before maturity. Inactivity will cause him to pay compensation or deliver the commodity, however, for options no such obligation exists at maturity, inactivity will just cause the option contract to expire and the premium paid will be lost.  [19] Swap is a multiple of forwards with periodic settlement of contractual agreements, based on a predetermined notional amount of the underlying asset in which two parties agree to exchange payments over a period of time.  [20]  For instance interest-rate swaps and currency swaps, they control effective management of both balance sheets and risk profiles.  [21]  In Swap Contracts two parties exchange benefits (cash flows) resulting from a giv en asset or liability. This is very much like a specialized, time limited barter arrangement. For example, two firms, one with a loan on a fixed interest rate over ten years and the other with a similar loan on a floating interest rate over the same period, may agree to take over each others interest obligations, so that the first firm pays the floating rate and the second pays the fixed rate. If one is careful with regards to Interest (Riba) on physical trades, these contracts can be Islamically justified and could be used regularly in the commodities swap markets. Alternatives to conventional derivatives Islamic finance system have developed Islamic derivatives that comply with the rules of Shariah. Their structure uses a combination of different contracts. These instruments may include the following contractual structures; Salam Istasnah, Urbun, Waad Jialah Bai bil-Wafa Bai bil-Istighlal Bai Sarf Murabiha contract Islamic Swap etc A brief su mmary of the most commonly used Islamic financial derivatives are: Salam is a clearly beneficial transaction to the seller where two parties agree to carry out a sale or purchase of an underlying asset at a predetermined future date and fully cash paid price. So before the performance of transaction on the part of a seller is reached, price is determined at a lower than the prevailing spot price for today. The customized nature of Salam makes it closer to Forward contracts. Thus Salam carries the same problems of forwards like double coincidence and negotiated price but counter party risk is avoided under the transaction as buyer can take guarantee or mortgage as security against default.  [22] Note: It is similar to a conventional forward contract with a distinction of full payment in cash to help needy farmers and small businesses with working capital financing, whereas, prohibiting the partial payment as it would signify the use of credit. The subject matter of Salam has to possess defined and clearly specified qualities. If the commodity is destroyed, seller can buy the same from anywhere he wants for the buyer (avoiding the element of Gharar). Salam contract is used for financing the agricultural sector and by banks to purchase a good and then resale through a parallel Salam.  [23] Under Istasnah contract, a buyer contracts with a manufacturer a needed product under specifications upon agreed and fixed price. Unilateral cancellation of the transaction is possible by either party before production begins. Unlike the Salam Contract neither time of delivery or payment in advance is made. Under Urbun, the buyer who intends to buy a certain commodity in the future pays a predetermined amount to the seller as a down- payment. If the buyer purchases the commodity, the down- payment is counted towards the total price for the commodity. If buyer decides not to buy the commodity, the down- payment is forfeited to seller.  [24]  By virtue of h olding equal and opposite option positions on the same strike price, both parties are obliged to honour the terms irrespective of changes in asset value. The sequence of periodic and maturity-matched put-call combines with a zero-cost structure and preserves equitable risk sharing consistent with IFS entrepreneurial investment. Unlike in conventional options, there are no unilateral gains from favourable price movements in the range between the current and the contractually agreed repayment amount. Any deviation of the underlying asset value from the final repayment amount constitutes shared business risk in existing or future assets.  [25] Note: urban looks as if it is parallel to an option contract yet there are serious differences between them. As under profit and risk sharing principal both parties are required to bear the risk of the transaction as the seller may not sell and the buyer may forfeit his down-payment consequently putting the burden of risks on one party is st rictly prohibited. The purpose of Urbun is to secure future purchase of the commodity, unlike option the total price of the commodity is known to the parties at the time contract is entered into and the client does not need to bet on future price of the commodity. The down payment in the transaction is treated as a guarantee showing a serious intention to buy the commodity and latter as compensation to the seller in case the buyer withdraws from the purchase. This payment is counted towards the total price of the commodity upon purchase. While in an option contract the seller sells his right (in the context of Ikhtiyarat) against his property to buyer for a premium, as he is buying an Opportunity from seller to entitlement him to have first right to purchase underlying asset for an agreed price on an agreed term in the future. Waad is a unilateral and legally binding promise and in the context of a classic Murabiha sale resembles a conventional sale and deferred payment model. Wa ad is morally binding and may be enforceable at court, if: (a) If it is a unilateral promise, binding only one of the parties to the Murabiha; and (b) The promise has caused the promisee to incur some liabilities.  [26]  The Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI) has endorsed the extension of the Waad to currency exchange transactions within an Islamic framework .  [27]  The Waad can be used to structure an FX (i.e. currency) option. In this regard, Shariah distinguishes between the creation of an option and the trading of an option. The creation of an option for genuine trade hedging purposes is broadly viewed as permissible, as it reduces uncertainty (Gharar) and is therefore regarded as contributing towards the public good (Maslaha). However, the trading of an option without any accompanying purchase or sale of underlying tangibles and undertaken solely with the objective of making a speculative gain is regarded as impermissi ble as this is looked upon as increasing Gharar. The currency option is conceptually accepted by many scholars and the promisor may be eligible to receive a fee for facilitating the transaction. The cash-flows under an FX option using a Waad emulate the cash-flows under a comparable conventional FX option.  [28] Jialah contract is essentially an Istasnah but applicable for services as divergent to a manufactured product. Under Bail bil-Wafa seller sells an asset to a buyer who pledges to sell back the asset to the original owner at a predetermined future date making it a fusion of sale and pledge (the pledge being to sell back to the owner and not to a third party). Note: This transaction is very near to repurchase agreement as the buyer has rights to benefits from ownership of the asset. A repo is equivalent to a cash transaction combined with a forward contract. Except that the resale price and original purchase prices must be the same. Under the transaction of Bai b il-Istighlal the buyer promises to resell at a predetermined future price and to lease the asset to the seller in the interim period. It is a convenient mean to provide short or medium term financing. The bank first purchases the asset and then leases it the customer before finally reselling it to the customer. The Istijrar Contract embedded options that could elicit if an underlying assets price exceeds certain bounds. It involves two parties; A buyer which could be a company seeking short term working capital to finance the purchase of a commodity approaches a bank. The bank purchases the commodity at the current price and resells it to the company for payment to be made at a mutually agreed upon date in the future.  [29] Islamic banks are increasingly looking for ways in which to hedge their exposures i.e. mismatches between underlying portfolio payments and payments due from an originator, lender or project company in securitisations, loan structures and project fi nancings.  [30]  This agreement is a customised and privately negotiated hedging tool that confirms to the principles of Islamic finance. It is designed for use with Shariah-compliant hedging transactions that use murabaha contracts. This document is prepared to give the industry access to a framework of document which is neutral in terms of treatment to both the trasacting parties and strictly comfirms to Shariah principles and will provide the critical frame work for the growth and evolution of Shariah compliant hedging instrument. Under this agreement two types of transaction can take place; In which the parties agree that they will enter into at a future date or the transactions which one party undertakes pursuant to a waad, to enter into at a future date at the election of the other party. The agreement to enter into such transactions is referred to as a DFT terms agreement. Which will be confirmed by a DFT terms confirmation. Until they are entered into, DFT do not constitute transactions for the purpose of the agreement and are therefore treated differently from concluded transactions (most notably in relation to close-out). However, once entered into, DFT constitute transactions for the purposes of the Agreement.  [31] Islamic Profit Rate Swap (IPRS) and the Islamic Cross Currency Swap (ICCS) are most commonly used swaps. IPRS is used to swap or exchange floating payment obligations with fixed payment obligations while ICCS is used to hedge against fluctuations in currency rate (by swapping or exchanging a series of profit payments in one currency for another). The common underlying Islamic contracts used by the banks in Islamic swaps are commodity Murabiha and Waad. Other common uses of Islamic derivatives are for foreign currency exchange purposes. For the purposes of hedging the exchange rate prices, Islamic banks enter into transactions to exchange different currencies at a future date but at a rate decided today. The Islami c contracts that are used to support these transactions are the Waad, commodity Murabiha and also Bay-Muajjal.  [32] Shariah-compliant swap transactions are traded bilaterally and combine opposite, maturity matched Murabaha contracts with instantaneous (or periodic) transfer of similar assets and delayed payment of the sales price (inclusive of a premium payment for the use of the asset until the maturity date). The basic structure of a ICCS matches two commodity Murabaha sale contracts that generate offsetting cash flows in opposite currencies with maturities desired by the contracting parties. The following example illustrates the functioning of a ICCS .Consider the case of a Malaysia-based Islamic bank that raises revenue in Malaysian Ringgit but faces payments in US dollars over a certain period of time. To eliminate this foreseeable currency mismatch, the bank could substitute its future outflows in US dollars for outflows in Malaysian Ringgit by entering into a CCS with a US dollar-paying counterparty. Under this contract, the Malaysia-based Islamic bank purchases an amount of commodity A on a Murabaha basis (i.e. against future instalments) denominated in Malaysian Ringgit and sells it forward against payment in US dollars. Simultaneously, a GCC-based Islamic bank buys an amount of commodity B, also under a Murabaha agreement, but denominated in US dollars and sells it forward against payment in Malaysian Ringgit. By combining the two Murabaha contracts, each denominated in a different currency, each party will be able to receive cash flows in the desired currency. Finally, both banks sell their respective commodities in order to recoup their initial expense, where the fair value of each commodity (A and B) should wash out at the prevailing exchange rate.  [33] A profit rate swap is best analogised to a conventional interest rate swap. Under the profit rate swap, the parties enter into Murabaha contracts to sell Shariah-compliant assets to each other for immediate delivery but on deferred payment terms. A term Murabaha is used to generate fixed payments (comprising both a cost price and a fixed profit element) and a series of corresponding reverse Murabaha contracts are used to generate the floating leg payments. The cost price element under these Murabaha contracts is fixed but the profit element is floating. This structure, in effect, is not dissimilar to the parallel loans structure. It should be noted that a profit rate swap may also be structured as a series of Waad whereby each party undertakes to the other to swap relevant fixed and floating rate payments at some particular point of time in the future. Under a conventional interest rate swap the parties agree to exchange periodic fixed and floating payments by reference to a pre-agreed notional amount. As with many conventional derivative products, a conventional interest rate swap, is prohibited Islamic Financial System because of the overarching requiremen ts for a transaction for a number conditions for example, Riba the receipt and payment of interest (the effective exchange of interest payments being fundamental to an interest rate swap); Gharar Identifiable object characteristics (quantity and quality) of a bona fide trade and/or certainty about delivery resultsin order to avoid Gharar. uncertainty in the principal terms of a contract (for example price, quantity or material characteristics of any asset sold and hence under a conventional interest rate swap the agreement to make future payments linked to a floating rate); and Maysir gambling or speculation in contracts (and accordingly, conventional contracts of insurance and particular futures and options contracts viewed as akin to gambling are prohibited). Price certainty and balance between borrowers (protection buyers) and lenders (protection sellers) Asset ownership and prohibition of both short selling and leverage (under funding) Islamic Financial Syst em arranges the transaction in such a way that the parties gain the benefit of the positive risk sharing and management solutions that derivatives can offer but without breaching the fundamental prohibitions as discussed above (by using reciprocal Murabaha transactions).  [34]

Caloric Calorie Free Fat Calorie Content - 1446 Words

Looking for items such as calorie free or reduced calorie content may be slightly healthier than purchasing items with full calorie content. Due to the requirement of what is said to be a 25 percent difference. This could be beneficial in the reduction of single individuals daily caloric intake amount. Now, why is it that calories are going to be listed on all food and beverage products? Is caloric intake the most important aspect or concern of what Americans are putting into their bodies? There was a strategy made by, The Department of Health and Human Services, that â€Å"In 2004 FDA s Obesity Working Group (OWG) developed an action plan to address the overweight/obesity problem within the scope of FDA s regulatory authorities. The OWG†¦show more content†¦Commenting on this study, as we can see trials are already beginning to take place. In order to test out different theories on whether or not calorie display information or value pricing was affecting the selection proc ess of menu items. Price may not be the number one determining factor whether or not a product is purchased but rather the calorie amount it possesses. More so than not, FDA is simply trying to help the nation by providing us with useful and health conscious information. It is really up to us whether or not we want to ignore what they have provided or at least take calorie counting into consideration. Not necessarily saying that every American out there should or needs to calorie count. However, as individuals and as a nation known for having an obesity problem it maybe the right time to stop and consider that the FDA calorie labeling may not be such a downer after all. In the long run it may even lead to a type of uprising for this nations health. For what this nation needs is to stand on our own two feet

Developing and Communicating a Vision

Question: Discuss about the Developing and Communicating a Vision. Answer: Introduction: I was very enthusiastic about the entering into workforce while I have many queries in my mind regarding the working procedures of organizations. I think I have to learn many things about the outside world and the nature of workplace. In the beginning of my joining, I face some difficulties while understanding the organizational culture. But, after 3 months of joining I am confident about my place in the retail store I have joined and I am confident about my roles and responsibilities in the store. During my tenure of employment, I have recognized various competencies used by our manager Kate which are related with rational goal model. The management competency that is used by my manager Kate in the retail store is managing change. It is the role of Kate to develop and communicating the vision among our employees present in the store. Managing change in the workplace is the ability of the manager while demonstrating various aspects of innovation and organizational change. It is required for improving the effectiveness of working procedure along with sponsoring, implementing and initiating organizational change that will help others in managing organizational change successfully (Goetsch and Davis 2014). Managing change is related to the rational goal of the workplace. The management competency of managing change is one of the rational goal approaches of our organization. If we do not accept change in our workplace, then we will not develop ourselves or enhance our skills within the workplace. Organizational change will propose various new approaches, technologies, or methods that will develop faster better and inexpensive ways of completing the tasks while improving our skills in completing the tasks. These factors are included in the employee behaviors. From my managers point of view, many responsibilities are taken by her to implement the management competency in the workplace (Hopkin 2014). She has to work in a cooperative manner in order to develop innovative solutions. She has to take the leadership and responsibilities while setting partnerships, new procedures, policies and business directions. She helped us in developing a clear understanding about our new job roles and responsibilities after the implementation of the change in the workpla ce. While reestablishing the goals of our organization, Kate have to facilitate our teams in a situation of creative thinking and problem solving situation that leads to implementation and development of new methods, structures and systems (DatoR 2014). The management competency of managing change helps the individuals in managing the anxiety and other barriers that may arise in the process of implementation of the process of change management. I think that formulating procedures and approaches of change management is easy. However, the implementation part within the workplace is much more difficult as it consists different obstacles and hindrances from the perspectives of the employees (Marn et al. 2014). I think that by establishing processes and structures while planning and managing the different phases of organizational change in a proper order. However, it will help in raising the chances and confidence among us in accepting the change in our workplace. Apart from that, it would help in creating my own vision while accomplishing the vision of my group. The rational goal model is related to the productivity and profitability of the workplace. The management competencies of a manager include developing and communicating the vision within the group while accomplishing the newly set goals for the organization. The objectives of our organization will be categorized under SMART objectives for effective results. I work in a retail departmental store as a fashion assistant in the women garments section. Our organization is a store that is selling garments and accessories of both men and women. During the time of management competency experiment, i.e. in the management of change, I worked as fashion assistant (Quinn et al. 2014). An audit was being released regarding the performance of our team. In the audit report, it is seen that our performance is not up to the mark. It is the reason of my manger to manage the changes in our company so that productivity can be increased. As a team member, I worked as a communicator between my manager Kat e and our other fashion assistants in the store. The importance of managing change as the rational goal of our workplace has much importance in our store as our audit report shows our slow growth of performance. Experiencing this incident, my manager has taken this aspect as a management competency so that our effectiveness is increased. Now after implementing the change management procedures and managing the change by Kate successfully, the feedback of my coworkers is positive (Scott and Davis 2015). References DatoR, P.P.D., 2014.Competency management: A practitioner's guide. eBooks2go. Goetsch, D.L. and Davis, S.B., 2014.Quality management for organizational excellence. pearson. Hopkin, P., 2014.Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers. Marn, L., Rubio, A. and Maya, S.R., 2012. Competitiveness as a strategic outcome of corporate social responsibility.Corporate social responsibility and environmental management,19(6), pp.364-376. Quinn, R.E., Bright, D., Faerman, S.R., Thompson, M.P. and McGrath, M.R., 2014.Becoming a master manager: A competing values approach. John Wiley Sons. Scott, W.R. and Davis, G.F., 2015.Organizations and organizing: Rational, natural and open systems perspectives. Routledge.