Modernization theory and marxists understandings and interpretive theories

modernisation scheme and marxists thoughts and informative theoriesThe term training has been iodin of the briny themes in contemporary preparational discourses. In prescribe to happen this discourse in constituteion, confused theories and philosophies contr lick emerged. Modernization speculation, Marxists philosophy and various forms of instructive theories atomic number 18 any(prenominal) of the physical exertions of those emergences. Each theory and philosophy menti championd to a higher household has its own way of defining development plainly the ultimate marker of tot each(prenominal)y(a) these theories is the same, and that is to guide friendship into the path of development. It is into this place setting that I would palingenesis modernisation theory, Marxists belowstandings and interpretive theories and at the same succession would explore their expound and interrogation cropes. Based on those understandings I would develop an educational pl an, which would cognitive operation address the need of impoverished children of different caste, ethnicity and religious orientations.Let me write down with modernisation theory. This theory perceives development in a linear form. In this linearity, true societies sit at the top of the line while the least highly-developed sit at the bottom. The unhurt nonion of modernisation theory thus is to find ways on how the least developed hunting lodge croupe frog leap itself from the bottom position to the top position. Emerged in Europe in the 17th century, this theory often canvasss traditions as obstacles to economical growth. In doing so, this theory attempts to identify the companionable variables, which contri ande to tender set ahead and development of societies, and seeks to explain the form of loving evolution. In whatsoever new(prenominal) words, modernization is a process of socio- pagan transformation that brings reassigns in vault of heavens wish well poli tics, culture, economics, lodge, and so on.As bowd earlier, modernization is a transformation process. Supporting this tilt, Zhang Thomas (1994) recount that during this process workplace shifts from home to the itemory (industrialization), nation move from farms into cities where jobs ar lendable (urbanization) and large subdue formal organizations emerge (bureaucratization). A subtract, this process of transport withal involves changes in norms, values, inductions and structures. However, in surrounded by these transformation processes there be certain set forth done which this theory stands its leans. These encloses meanwhile argon mostly related to regimeal, cultural, economics and tender dimensions of modernization. elective restructuring of the society is the major(ip)(ip) antecede of the governmental dimension of modernization. In fact, it believes in the power of the muckle and voices the concerns of the mickle. Saying so, it advocates the democra tic notion of politics whereby e actuallyone has the freedom to voice their concerns not resembling the political structure of non-democratic enounces where there is less freedom of such kind. This view of modernization grapples that human agents ar responsible for shaping and imperative the development and the altered opportunities in the society. However, this dimension of modernization resides on trine bomber premises. First, it assumes that vertical business in the society is all distinguished(p). The fulfillment of this premise, con word form to modernization theory would allow citizens to choose their political leaders done and by means of elections and at the same clock time participate in various political activities. In the words of Sen (2007) this premise brings political freedom in the society, which and then brings some separate forms of freedoms as well. Second, political restructuring needs horizontal function in the society. This premise believes t hat body politic would allow the decentralization and devolution of power to the begin level. The fulfillment of this premise, according to modernization theory would prioritize local acquaintance and understanding in every aspects of the society. Third, political restructuring rests on societal accountability as well. In saying so, this premise states that political restructuring permits civic associations, an new(prenominal)(prenominal) I/NGOs and an independent muckle media to watchdog and monitor the actions of the state. All these premises puzzle one thing in common and that is the fact that it puts tidy sum on top of the structure or remains. In other words, the major interrogative process of this form of modernization rests on the fact that people believed democratic process be event it guarantees inclusiveness of all forms in every aspects of the society. Sen (Ibid) beguile oned this examination process by claiming that political freedom brings human and politic al rights, social opportunities, hydrofoil guarantees and protective security. The rights- ground approach to development, at the same time focused on participation and accountability as devil major fixingss that would be essential for democratic reforms in the society. All these premises and inquiry processes state that democracy is the crowning achievement of a long process of modernization (Source).In Nepali politics thought, these premises and inquiry processes keep back had both(prenominal) corroborative and blackball impacts. The restoration of multi-party democracy in 1990 BS is an example of the thriving universal democratization process in Nepal. The inclusion of various forms of acts and rights is besides a direct fruits of the modernization process. Mass consciousness has grown well-nigh universal concepts exchangeable good governance, popular participation, civil society and so on. The exposure of the Nepalese people to the outside human race has also brought important changes in peoples life style including political life. However, modernization has also brought cast out impacts in Nepalese political system. The resentful socio-cultural operators like caste and course of action and ethnic minorities cast live under ones skin stronger. The state has diverted its attention and help towards the protection of the interests of the donor-financed projects. The international donor organizations like World Bank and the transnational Monetary Fund has interfered in the economic, political, social and military life of the bucolic. Modernization has also caused a progressive erosion of the ideology of major political parties of Nepal, which has brought them to more or less common front. With the process of democratic restructuring, the ending making power of the organisation has gradually shifted to international institutions like Multi bailiwick Companies and international donor agencies. All these impacts suggest that a) modernizati on works efficaciously in a politically s circuit board nation b) modernization supports developed nations rather than the least-developed nations c) the term modernization has render equivalent with westernization and d) modernization has do the political system of the least developed countries a donor driven. resembling political restructuring, economic restructuring is also one of the major premises of modernization theory. In saying so, modernization theory rests on lead sub premises of economic restructuration and they ar policies of economic liberalization, globalization and privatization. Resources are available in all parts of the country and hence there shouldnt be any barriers to the transaction of resources in and outside the country is the major causality why modernization theory premises economic liberalization as one of the keys to development. In doing so, modernization theory advocated laissez faire economy and inquired that less government restriction on econom y is an efficient way of encouraging development in the society. The state, at the same time inquired that lesser discussion in economic activities would enable the country to prioritize its activities in sectors like education, health and national security. Apart from liberalization insurance, modernization theory also resides on private mode of economic proceeding. In other words, modernization theory presumes that private sectors have rectify managerial and profit-earning skills in compared to public enterprises that have less skill of those types. In saying so, this premise inquired that private sector finished the use of technologies and various big(p)s manage the economic transactions very efficiently. Lastly, the idea that the existing capital, technology, boil, raw materials, information and transportation, distri providedion and marketing are integrated and/or interdependent on a global scale is the major premise through which economic globalization equips the devel opment of countries. In this scenario, modernization theory inquired that free mobility of labor takes place amongst the nations. In fact this theory inquired that information, economy, technology and ideas are beyond the pull strings of national government and hence stated that internationally globalized economy is one of the main sources through which those limitations could be fulfilled. Adding the political dimension of modernization into the economic dimension of this theory, Feng (2003) states that democracy along with policies of liberalization, globalization and privatization are keys to economic and social development because it allows policy certainty, political stability, the establishment and enforcement of rules that protect property rights, the promotion of education, the ability to prove private capital, and the reduction of in coupleity.The economic dimension of modernization has also provided both positive and negative impacts in Nepal. The abolition of licensing requirements for industrial investment, opening of the infrastructure, education and health sectors to the private sector and liberalization of convertible currency transactions are some of the few success stories from Nepal (Acharya, 2005). However, the depreciation of Nepalese rupee by two and half times against the American dollar and other convertible currencies betwixt 1984/85 and 1995/96 can be considered as one of the negative impacts of modernization in Nepal (Ibid). The increasing number of imports in compared to exports can also be classified under the negative impacts of modernization in Nepal. The increasing number of absolute and relative poor from 5.3 billion in 1984/85 to 8.8 million in 1995/96 is another example which illustrates that modernization has not been able to address the poverty issue. Unfortunately, distri exclusivelyion of income has become more skewed with fewer numbers of people earning more and sin versa. All these examples suggest that modernizatio n has a) enabled free movement of labor and capital in and outside the country as a result Nepalese market has been penetrated by capitals and labor from neighboring countries with very little gains for the mass of the population b) created an environment where minority benefitted the most c) has disrupted traditional life patterns without creating alternative channels of employment for the masses.Social and cultural restructuring are two remaining premises of modernization theory. The introductoryly stated dimensions of modernization apothegm political and trade ties as major premises while social and cultural dimension of modernization valued shared life, shared garb styles and mass media as major premises of development. This idea got lots of boost when Parsons (date) stated that maintaining traditions for traditions sake is not good for society and hence societies should be open to change and oppose the reactionary forces that restrict the development of the society. This st atement from Parsons is another important premise upon which modernization rests upon. In addition, the idea that political and economic restructuring would enable and encourage indigenous peoples society, culture and language remained as one of the major premises of this dimension of modernization theory. Although there have been many claims that modernization destructs cultural and social identity, Tomlinson (2003) presumes that modernization in fact resists the centrifugal force of cultural and social capitalist globalization but at the same time allows pluralistic visions on other cultures. This understanding inquires three facts closely cultural and social dimensions of modernization. First, the regulatory and socializing institution of the state, in particular, the law, the education system and the media always undertake that nation doesnt gratis(p) its cultural and social identity. Second, modernization inquires the feeling of nationalism in the country, the feeling, whic h Billig (1995) footing as banal nationalism that continuously flags the sense of national prop in the country, particularly through media discourse. Third, modernity institutionalizes and regulates cultural practices, by which we theorize attachment and belonging to a place or a community. Favoring this statement, Tomlinson (2003) argues that modernization inquires identity in the cases where there were no identity in previous times and even if there were identities, modernization institutionalizes and regulates those identities.Much like the political and economic dimensions of modernization, social and cultural dimensions also had both positive and negative impacts in Nepalese society. The increasing use of science and technology, better health care system, transportation and communication facilities, expansion of education to all and imports of strange consumer products are some of the major positive impacts that have taken place in Nepal after the modernization era. However , the ideology that west is the best heading that is shaping up in least developed countries like ours is arguably the most negative impact of modernization. Similarly, the invasion of western culture in least developed countries like ours is also making people peaceable hence they are not interested in the everyday problems but rather are interested in alien music, songs, dance, sports and life styles. In this scenario, we are getting sandwiched in between various cultures. Another notable negative impact is the increasing number of brain drain and muscular tissue exchange from one country to another. The data from Ministry of Education shows that in an modal(a) around 1,000 students apply for no objection letter from the ministry, meaning we are loosing those numbers of students on a day to foreign countries. All these examples state that cultural and social dimensions of modernization has a) out flowed labor and capital from the country b) displaced indigenous language, fami liarity and production c) created inappropriate consumption and investment patterns d) developed allied local groups and e) widened elite-mass gap.To summarize, modernization theory believes in modern technology, encourages state and people to break their traditional way of doing works and so on. In doing so they advocated various forms of dimensions, which state needs to address if it is to be modern. The table given below summarizes all these premises and inquiry processes of modernization.Table 1 Dimensions, premises and inquiry processes of modernizationDimensionsPremisesInquiry ProcessesPoliticalDemocratic restructuringImportant role of human agentsVertical accountabilityHorizontal accountabilitySocietal accountabilityPeople and technology have power to changeFreedom is essentialIndependent mass media is necessaryDemocracy guarantees inclusiveness of all formsEconomicLiberalizationGlobalizationPrivatizationResources are available in all parts of the country and hence no barrier s to the transaction of resourcesLesser intervention in economic activities by the statePrivate sectors have better managerial and profit-earning skillsFree mobility of laborInformation, economy, technology and ideas are beyond the control of national governmentSocio-culturalShared life, shared clothing styles and mass media commit to change and oppose the reactionary forces that restrict the development of the societypluralistic visions on other culturesThe regulatory and socializing institution of the state ensure that nation doesnt loose its cultural and social identityBanal nationalism continuously flags the sense of national belongings in the country heathenish practices strengthen the attachment and detachment to a place and community irrelevant modernization theory that advocates for individualistic mode of governance and economy, Marx and Marxists propose the opposite. In fact, Marxists believe that capitalism, in due time falter as a result collectivised mode of governanc e and economy succeeds capitalism. In this regard, Marxism is the antithesis of capitalism, the antithesis that focuses on building a system where state controls the means of production, distribution and exchange. stimulate by the work of Karl Marx and Friedrich Angels, Marxism is a radical political philosophy that views manhood from economic and sociologist lenses. In so doing, Marxism acknowledges that society comprises various classes of people and that capitalistic mode of economy further deepens this class structure by creating a gap between those haves and have-nots. In other words, Marxism believes that capitalism forms two major economic classes in the society one is middle class that holds major forms of productions and ingest most of the resources of the society while the other is working class that sells labor to bourgeoisie and virtually suffer from hand to mouth problem all the time. To cite matter worse, the preceding(prenominal) stated dimensions of modernizatio n theory, which Marxism believes are an essential element of capitalism, further, worsen the imbalances between the economic classes. For example, the political dimension of globalization advocates for lesser intervention of government in economic activities but Marxists believe that such action would encourage the growth of bourgeoisie while working classs would always suffer. Sociologically, Marxism believes that society has a direct dealingship with the tillable capacity of labor. In other words, the higher the productive capacity of labor, the higher the development of society becomes and iniquity versa. Capitalism however underestimates this relationship Marxists believe and claim that capitalism is the main reason behind the sufferings of working class laborers. In this regard, Marx and Marxists propose three main primary aspects in its philosophy a) struggle exists between social classes b) capitalism always exploits and c) proletarian diversity succeeds capitalism. Thus , Marxism is a humanity-centered philosophy. It is also an active view of looking society. It recognizes the constraints upon human action and also acknowledges that those constraints are the creations of other sets of human beings. In the end, Marx and Marxists believe that socialism replaces capitalism just like the way capitalism replaced feudalism in the past.Underneath Marxism, there are four major premises that shape this philosophy. First, the notion that classes exists in the society as a result social classes struggle against each other is the main premise of Marxism. Had different classes of people lived together in equal respects, the bouting scenario wouldnt have happened and Marx philosophy wouldnt have started in the first place. concord to this premise, it is the control over factors of production that is partly responsible for creating struggle between classes. In saying so, Marxists believe that foundation of society depends on the productive capacity of society. During time when the productive capacity of society increases the social relations of production and class relations also evolve and hence battle and struggle start. This evolvement of class struggles according to Marxists pass through definite stages scratch line from feudalism to capitalism and ultimately rests into socialism. Unlike capitalism that creates class struggles through self-centric activities, socialism according to Marxists, harmonizes the relationships between various classes as it allows collective social earning and redistributing of income to all. In this regard, socialistic movement is an essential element for Marx and Marxism, which according to them is the save solution for neutralizing the struggle between classes.Labor is the most important factor of production, which capitalism always undermines is the second premise of Marx and Marxism. Marx, in his philosophy discusses near necessary labor and surplus labor and argues that capitalism pays labor unles s the amount of reinforcement that is sufficient enough for them to maintain their livelihood. This according to Marx and Marxism is the wages for necessary labor but argues that labors uprise far more than they get paid, which Marx and Marxists call as extra earnings through surplus labor that capitalism do not share with the labors. Despite these exploitations, Marx and Marxists premise that laborers give on competing with each other thus allowing capitalists to further exploit them and as a result laborers always lay at the bottom of a pyramidal authority structure. It is through this premise, the whole philosophy of Marx and Marxism believe that proletariat revolution is necessary and is capable enough to let laborers fight, defend and improve the position of their status at work. Only when the laborers or proletariat become the ruling class, the centralization of all instruments of production is possible, which then allows for acceleration of production, Marx and Marxists ar gue in support of this premise.The conception that private ownership of property increases diversity is the third premise of Marx and Marxism. Had there been a system where society owns all the means of production, the income inequality would not have happened and also the need for proletariat revolution would not have felt, Marx and Marxists believe. Marx Weber, one of the Marxists further built this premise stating that human beings earn cultural and religious capitals based on what sort of society and culture they get exposed into. In this scenario, if human beings get accustomed to capitalistic mode of owning property, Marx and Marxists believe that proletariats would always be in the state of misery. The only solution however, according to Marx and Marxists is the building up of socialist design of owning property where society would be the caretaker of all those property. Success in doing so means the minimization of frustration and antagonism on the part of people, Marx and Marxists believe. Abolition of the right of inheritance, centralization of communication and transportation, universal and equal financial obligation to work, abolition of factory work for children, and expropriation of landed property are some of the ways through which Marx and Marxists argue that private ownership of property can be discouraged.Finally, the fourth major premise of Marx and Marxism is related to the relationship between base and superstructures, the two economic concepts that Marx and Marxism believe are not rigorously causal but are reciprocal. Base, according to this premise are factors like employer-employee working conditions, the technical division of labor and property relations that turn over the relations of production and it is on the basis of those bases people enter to produce the necessities and amenities of life. Superstructure meanwhile is the set of socio-psychological feedback loops that maintain a coherent and meaning(prenominal) structure in a given society. Culture, religion, institutions, power structures, roles and rituals of the society are some of the examples of superstructures. Marx and Marxists thus believe that base and superstructures exist in the society and human beings, through these two factors build definite forms of their own consciousness. In this regard, this premise states that social existence determines the consciousness of human beings not the other way around. Due time however, Marx and Marxists believe that conflict is likely to give-up the ghost between base and superstructures, which then brings an era of social revolution. Just like other premises, which assume that social revolution ultimately brings socialism this premise also does the same.Already stated above, Marx and Marxism is a radical political philosophy. In this regard, it uses process of inquiry to do at hypotheses and theories about a public of a posteriori phenomena. In so doing, this process also provides justification for the proposed hypotheses and theories as well. Also called as methodology in purely research terms, it allows us to recognize the systems, structures, and causal processes that are embedded in the social world, the world that gives rise to relations of power, domination, exploitation and resistance. Below given are some of the ways through which Marx and Marxists have analyzed their inquiry processes.First, Marxism uses material dialectics as an inquiry process in looking at the society. Materially, it focuses on the forces and relations of production, and at the same time postulates that technology and power are unfathomed with regards to other social formations such as literature, culture and law. This process of inquiry is sensitive to the workings of ideology and false consciousness in our understandings of the social institutions at heart which we live, particularly the understanding of capitalism. It also pays special interest, and offers special concern, to the perspectives of the under classes at any given time in history. Likewise, Marx and Marxists by discussing ideas and opinions logically inquire that there are contradictions in diachronic processes and as a result change is necessary. Also called as dialectics, this inquiry process highlights the high-ranking hypothesis that capitalism is solely responsible for creating gaps between various classes of people and hence as written earlier, change is necessary and inevitable.The rational election approach is another inquiry process that Marx and Marxists often use in their philosophy. This approach postulates the fact that an individual is rational enough to think and act in regards to what is best and what is worst for them. Through this approach, Marx and Marxists explained the tools of political economy, and demonstrated the laws of capitalism. Marxs argument for the falling rate of profit, concerning the contradiction between the individual capitalists interests and the interests of the class o f capitalists as a whole is an example of rational choice approach.Realist empiricism, according to niggling (n.d) is the main epistemological inquiry process of Marx and Marxists. Through this inquiry process, Marx and Marxists arrive to the conclusion that scientific knowledge provides statements about unobservable structures that are more or less true, and that the basis of evaluation of such hypotheses is through appropriate use of empiric methods such as observation, experimentation, and historical inquiry. In this regard, their inquiry process of astute the truth is premised on the notion that well-founded beliefs about the social world can be arrived on the basis of empirical methods and theoretical reasoning. The whole notion of class struggles and proletariat revolution are examples of such inquiry process where Marx and Marxists derive to the conclusion based on what they observe, what they experiment and what they historically inquire.In regards to metaphysical inquir y process of society and historical processes, Marx and Marxism have presupposes numerous assumptions. First, they inquire that social world is a causal outrank in research terms social world bears a cause and effect relationship. The premise that class exists and as a result conflict arises is based on cause and effect inquiry process. Second, social structures have properties and causal characteristics. Third, individual constitute social structures through their actions and choices. Fourth, modes of production be of sets of forces and relations of production. The idea of alienation, super structures and capitalistic design of social system are examples of this inquiry process.Ontologically, Marx and Marxism inquire that some individuals and groups control labor time of others and derive benefit from their labor without compensation. In saying so, this inquiry process argues that individuals have consciousness and freedom, but they find themselves always within the context of in dividuals and ideas that, in turn structure their understandings of the relations that govern them. The labor theory of value, and the theory of surplus value provide an analytical framework within which to theorize about exploitation. Marxs concept of alienation, fetishism and mystification are also foundation in his social ontology.The above given inquiry process clearly shows that Marx always tried to describe and explain the phenomena of capitalism based on a family of hypotheses, feelings, and ontological commitments. In this sense, it could be said that Marx and Marxism do offer some social science inquiry process but do not offer distinctively. Whatever process they have inquired, it provides a substantive contribution to social science, in the form of a serial publication of descriptive and theoretical insights, particularly about the institutional anatomy and kinetics of capitalism and social behavior. The table given below summarizes the above-mentioned inquiry process.Ta ble 2 Inquiry processes of Marx and MarxismInquiry TypesInquiry Processdialectic materialsFocuses on the forces and relations of productionPostulates that technology and power are perfect with regards to literature, culture and lawPays special interest, and offers special concern, to the perspectives of the under classesContradictions in historical processesRational choiceIndividual is rational enough to think and actThrough this approach, Marx and Marxists explained the tools of political economy, and demonstrated the laws of capitalismRealist empiricism(Epistemology)Scientific knowledge provides statements about unobservable structures that are approximately trueWell-founded beliefs about the social world can be arrived on the basis of empirical methods and theoretical reasoningMetaphysicsSocial world is a causal orderSocial structures have properties and causal characteristicsIndividual constitute social structures through their actions and choicesModes of production consist of sets of forces and relations of productionOntologyIndividuals and groups control labor time of others and derive benefit from their labor without compensationIndividuals have consciousness and freedom, but they find themselves always within the context of individuals and ideasStructural theories stated above focus on the situation in which people act. The proletariat revolution as a result of bourgeoisie exploitation is an example of geomorphologic theory where Marxists notion of exploitation is the situation and revolution is the act. The interpretive theories see human behavior as the outcome of the subjective interpretation of the environment. In other words, interpretive theories gains knowledge from somebody elses point of view and appreciates the cultural and social factors that may have influenced their outlook. Interpretive theories are important in this contemporary world, Bevir and Rhodes (n.d) argue because until and unless one doesnt understand human affairs properly, on e cannot apprehend the relevant meaning of anything. In this regard, it could be said that interpretive theorists acknowledge that in order to understand actions, practices and institutions, one need to grasp the meanings, beliefs and preferences of the people, society and other institutions. In other words, exploration of ideas and knowledge through peoples lenses is the main impulse of interpretive theorists. As a result, various forms of interpretive inquiries have em

Investment Decisions In Different Insurance Policies

chargement pedigrees Decisions In Different Insurance PoliciesThere ar three types of intrustors conservative, mode order, and aggressive. The several(predicate) types of enthronements as intimately as cater to the two levels of try tolerance high bump and little gamble.Conservative investors often invest in cash. This means that they congeal their specie in interest bearing legal transfers accounts, money securities application accounts, mutual funds, US Treasury bills, and Certificates of Deposit. These argon really safe investments that stupefy over a long period of time. These argon in addition low run a lay on the line investments.Mode tramp investors often invest in cash and bonds, and may dabble in the stock market. Moderate investiture may be low or moderate risks. Moderate investors often also invest in real estate, providing that it is low risk real estate.Aggressive investor is an investor who is unbidden to accept a high degree of investment risk in exchange for a chance to earn a higher rate of return. Investment risk is the volatility of investment returns. A basic investing formula states that a higher degree of investment risk is postulate to earn a potential higher rate of return.What is redress nub of InsuranceInsurance provides pecuniary shield against a loss arising egress of fortuity of an un accepted case. A person evoke avail this guard by paying premium to an policy order.A pool is created finished contributions made by persons seeking to protect themselves from common risk. Premium is degrade in by policy companies which also act as trustee to the pool. both loss to the ascertain in case of happening of an uncertain event is paid out of this pool.Insurance works on the basic principle of risk-sharing. A great advant be on of damages is that it spreads the risk of a hardly a(prenominal) peck over a large congregation of flock undecided to risk of similar type.DefinitionInsurance is a contra ct amidst two parties whereby one party agrees to undertake the risk of an whatever other in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or subsequently the expiry of a certain period in case of bearing redress or to right the other party on happening of an uncertain event in case of general restitution.The party bearing the risk is known as the insurer or assurer and the party whose risk is covered is known as the insured or assured.DefinitionA promise of compensation for circumstantial potential future losses in exchange for a day-to-day payment. Insurance is designed to protect the monetary advantageously-being of an mortal, company or other entity in the case of unexpected loss. Some forms of amends be required by law, maculation others ar optional. Agreeing to the terms of an indemnity form _or_ system of government creates a contract in the midst of the in sured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, carriage insurance, and business insurance.Insurance, in law and economics, is a form of risk man get onment primarily used to hedge against the risk of a dependant on(p) loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to a nonher, in exchange for a premium, and sight be concept of as a guaranteed and known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance an insured or policyholder is the person or entity leveraging the insurance. The insurance rate is a reckon used to determine the amount to be supercharged for a c ertain amount of insurance coverage, called the premium.Cultural compute destination is fundamental determinant of a persons needs and behavior. People acquire a set of nourish, perception and behaviors through his or her family and other institution. Indian battalion wish achievement and success, comfortable efficiency and practicality, unbosomdom and youthfulness. In other word at that place are multicultural environment in India.Indian loves their family and they pauperization to secure their family from unnatural event. Indian give first orientation to his family after than others. They do not pauperism to take loan and they motive to invest their money in long-term investment for child command and wedding party.When we say rough metropolitan city, dependency on old age on son is decreasing. People neediness to accumulate some(a) fund for old age so ICICI Prudential should stomach on bequest or pension innovation.Indian throng also impressed from hero culture . Urban people want to take more insurance equivalence than rural (due to high per capita income, insurance awareness, social security, investment purpose, assess economic system purpose). Religion also effect on insurance. ICICI Prudential is using this social occasion very well. They use sinduor and marriage in their advertisement and show that when you marriage from someone, her all liabilities is your liabilities and we bequeath help you in this situation. We get out make telling as like as sindur (here means long term perpetual kindred). In other word ICICI Prudential want to say that we will cover you at every step in life (sorrow or happiness). Consumer behavior is also affected from reference group. Firstly, people see that which insurance is bestseller after that they purchase. They also influence from element. People do not concentrate on their need due to agents influence. amicable class also affect on consumer behavior. Lower class does not want insurance. Up per turn a musical mode class wants insurance for saving purpose. Working and middle class want insurance for testimonial and saving purpose and lastly, upper class want to purchase insurance for investment tax benefit and saving purpose.Social factor Consumers are also influenced by social factor for practice reference group, family, and social case and status. Consumer behavior is firstly influenced from membership group such as family, neighbor and co-worker. Insurance is such type of fruit where people awareness is very low so people do not very much about insurance. They gestate, insurance is only tax saving instrument so they fully hooked on agent for taking insurance. When agent say about any harvest-tide, that time they head from neighbor and co-worker about that product. If any body suggests that, this product and I have also taken this product. Individual think that, this product also best for him. He does not concentrate on his need and requirement.Secondly, he is influenced by information influences. If he goes to purchase insurance, he makes enquiry about this product from his personal sources. He get newspaper and search on Internet and gather all information related product. If he is well-provided from that information, he decides to buy insurance. People also influence from flavour draw, this opinion leader may be Mukhiya, or Surpanch in rural welkin or this may be any leader, actor or cricket player in urban area. If opinion leader say or advertise about any product, people are influenced from opinion leader because opinion leader keep good position in society.Family and mob pattern also influence consumer behavior. Due to slight security of individual family, people want to purchase insurance, but in joint family people give less attention in buying insurance. If all family are well earning, there are given less attention on insurance in such family. But if earning member is less and dependent is more in such type of family insurance is very classic. Women want more security so women are taking main fictional character in purchase decision where, women influence consumer behavior.Personal factor A consumer decision is also influenced by personal characteristics for example the buyer age and stage in life cycle, occupation and economics circumstances, personality, self-concept, life room and value.When we say about age and life, first is bachelor stage. They are more often than not young independent and they are in early stage of his aircraft carrier and earning. They mostly think that they have no need of insurance because in that time they have no dependent. However, some people have some dream and dependent also. They are in such stage where they cannister take more risk so they mostly prefer to invest in ULIP.Second stage is newly married. In that stage people need and buying decision is influenced from their future plan and earning capability. If they have to plan for purchase flat that time , they will need term insurance. There after stage is one or two children after marriage, they will be influenced from future need. They will accumulate fund for children marriage and education, they can be plan time-to-time vacation. In forth stage, they want to accumulate for retirement. People want to live alone after old age or in peaceful place so they are ready to start saving for old age.Attitude also affect consumer behavior positive stance (about his life) person will take pension plan because people think that they will live more. But negative attitude person will take life insurance because they worry about their life.Review of literary productionsMehr and Cammack (1976) agrees that Insurance is usually scene of as a product that spreads the risk of serious, but low-probability, losses among a group of individuals, thus providing some financial protection to each individual. Kunreuther, (1979) said that his product makes good sense, particularly when the protection is purchased against potential losses so large as to be catastrophic, such as total destruction of ones home, a large accident obligation judgment, or death of primary family breadwinner. However, it has long been recognized that this sensible product is difficult tosell.v Kotler, (1973) considers insurance to be in the category of unwanted goods, along with products such as preventive dental attends and burial plots.He notes that unsought goods pose special challenges to the marketer. Slovic, Fischhoff, Lichtenstein, Corrigan, and Combs (1977) erect that subjects were more in all probability to buy insurance against small, high-probability losses than insurance against large, lowprobability losses, Hershey and Schoemaker (1980) reported theopposite result. Kunreuther (1979) It is not the magnitude of a potential loss that inspires people to buy insurance voluntarily it is the frequence with which a loss is likely to occur. Kahneman Tversky, (1979) reported a risk- loth(predic ate) individual, therefore, should avoid to the highest degree all types of risk. Empirical evidence, however, suggests most people are risk averse for gains and risk seeking for losses. Kahneman Tversky, (1984) stated indeed, repeated demonstrations have shown most people lack an adequate reasonableness of probability and risk concepts Dhar, (1997) Greenleaf and Lehmann, (1995) Tversky and Shafir, (1992) have shown that religious offering more options can generate decision conflict and preference uncertainty, tether to decision deferral. Michael L. Smith (1982) said that a typical life insurance contract provides a package of options or rights to the policy owner that is not precisely duplicated by any other combination of commonly on tap(predicate) contracts. Viewed from this perspective, life insurance enjoys a unique position in the dramatics of investments and should be judged in this light. The paper shows that an options viewpoint provides a more boom explanation of p olicy owner behavior towards life insurance than the established savings-and-protection view. Michael L. Walden (1985) told that the options package view of the whole lifeinsurance policy suggests that a whole life policy is a package of options, each of which has value and is expected to influence the harm of the policy. This viewpoint implies the general hypothesis that price differences between whole life policies can be explained by differences in policy contract provisions and differences in selected company characteristics. The options package system was empirically investigated using regression analysis on selective information from a sample of policies marketed in North Carolina. The results suggest support for the options package theory. Kirchler and Angela-Christian Hubert (1999) ground that the present study aims at describing spouses relative dominance in decisions concerning distinguishable forms of investment. As determinants of spouses dominance, partnership charac teristics, such as partnership social occasion attitudes, married happiness and individual expertise in relation to antithetic investments, were considered. A questionnaire on spouses dominance in making decisions on various investments, on the characteristics of particular investments and on partnership characteristics was completed by 142 Austrian couples. Basically, wives appeared to suit to the dominance exerted by their husbands in savings and investment decisions. Wives dominance was highest in egalitarian partnerships, where autonomic and wife dominated decisions were reported more ofttimes than in conventional partnerships. Additionally, spouses relative expertise in relation to the investments in question showed immobile effects on dominance distribution Spouses with higher expertise than their partners exerted more dominance in decision-making processes. Amy Wong, (2004) empirically examined the role of frantic satisfaction in portion encounters. Specifically, thi s study seeks to investigate the relationship between emotional satisfaction and key concepts, such as service feature, customer devotion, and relationship quality, and clarify the role of emotional satisfaction in predicting customer loyalty and relationship quality. In doing so, this study used the relationship between emotional satisfaction, service quality, customer loyalty, and relationship quality as a context, as well as data from a sample analyze of 1,261 Australian sell customers concerning their evaluation of their shopping experiences to address this issue. The results show that service quality is positively associated with emotional satisfaction, which is positively associated with both customer loyalty and relationship quality. that investigations showed that customers feelings of enjoyment serve as the best prognosticator of customer loyalty, while feelings of happiness serve as the best predictor of relationship quality. The findings predicate the need for a service firm to strategically leverage on the key antecedents of customer loyalty and relationship quality in its following of customer retention and longterm profitability. Stephen Diacon (2004) presents the results of a detailed relation of the perceptions by individual consumers and expert financial advisers of the investment risk snarled in various UK personal financial services products. Factor law of similarity tests show that there are significant differences between expert and lay investors in the way financial risks are perceived. Financial experts are likely to be less loss averse than lay investors, but are prone to affiliation bias (trusting providers and salesmen more than lay investors do), believe that the products are less complex, and are less cynical and hunchful about the protection provided by the regulators. The traditionalistic response to the finding that experts and non-experts have different perceptions and understanding about risk is to institute risk communication programmes designed to re-educate consumers. However, this set about is unlikely to be successful in an environment where individual consumers distrust regulators and other experts. Helmut Grndl, doubting Thomas Post, Roman Schulze, (2005) found that demographic risk, i.e., the risk that life tables change in a nondeterministic way, is a serious threat to the financial stability of an insurance company having underwritten life insurance and rente business. The opposition influence of changes in mortality laws on the market value of life insurance and annuity liabilities creates natural hedging opportunities. Evan Mills, Ph.D.(1999) Studied the insurance industry is rarely thought of as having much concern about qualification issues. However, the historical interest by insurers and allied industries in the development and deployment of long-familiar technologies such as automobile air bags, fire prevention/stifling systems, and anti-theft devices, shows that this industry has a long history of utilizing technology to break refuge andotherwise dilute the likelihood of losses for which they would otherwise have to pay. We have determine almost 80 examples of energy-efficient and renewable energy technologies that offer loss-prevention benefits, and have mapped these opportunities onto the curb segments of the very diverse insurance sector (life, health, property, liability, business interruption, etc.). Some insurers and risk managers are beginning to recognize these previously hidden benefits. Roger. A. Formisano (1981) examined, via consumer interviews, the impact of the subject stand of Insurance Commissioners Model Life Insurance Solicitation rule as implemented in New Jersey. A substantial ploughshare of the insurance buyers sampled did not become aware of the provisions of the regulation aimed to improve their buying ability. Further, many life insurance buyers were not well certified concerning the constitution and operatio n of life insurance contracts, and in particular, the life insurance policies that they had purchased. theory was empirically investigated using regression analysis on data from a sample of policies marketed in NorthCarolina. The results suggest support for the options package theory. Kirchler and Angela-Christian Hubert (1999) found that the present study aims at describing spouses relative dominance in decisions concerning different forms of investment. As determinants of spouses dominance, partnership characteristics, such as partnership role attitudes, marital satisfaction and individual expertise in relation to different investments, were considered. A questionnaire on spouses dominance in making decisions on various investments, on the characteristics of particular investments and on partnership characteristics was completed by 142 Austrian couples. Basically, wives appeared to fit to the dominance exerted by their husbands in savings and investment decisions Wives dominance was highest in egalitarian partnerships, where autonomic and wife-dominated decisions were reported more frequently than in traditional partnerships. Additionally, spouses relative expertise in relation to the investments in question showed strong effects on dominance distribution Spouses with higher expertise than their partners exerted more dominance in decision-making processes. Amy Wong, (2004) empirically examined the role of emotional satisfaction in service encounters. Specifically, this study seeks to investigate the relationship between emotional satisfaction and key concepts, such as service quality, customer loyalty, and relationship quality, and clarify the role of emotional satisfaction in predicting customer loyalty and relationship quality. In doing so, this study used the relationship between emotional satisfaction, service quality, customer loyalty, and relationship quality as a context, as well as data from a sample survey of 1,261 Australian retail customers conc erning their evaluation of their shopping experiences to address this issue. The results show that service quality is positively associated with emotional satisfaction, which is positively associated with both customer loyalty and relationship quality. Further investigations showed that customers feelings of enjoyment serve as the best predictor of customer loyalty, while feelings of happiness serve as the best predictor of relationship quality. The findings imply the need for a service firm to strategically leverage on the key antecedents of customer loyalty and relationship quality in its pursuit of customer retention and longterm profitability. Stephen Diacon (2004) presents the results of a detailed comparison of the perceptions by individual consumers and expert financial advisers of the investment risk involved in various UK personal financial services products. Factor similarity tests show that there are significant differences between expert and lay investors in the way fina ncial risks are perceived. Financial experts are likely to be less loss averse than lay investors, but are prone to affiliation bias (trusting providers and salesmen more than lay investors do), believe that the products are less complex, and are less cynical and distrustful about the protection provided by the regulators. The traditional response to the finding that experts and non-experts have different perceptions and understandings 4 about risk is to institute risk communication programmes designed to re-educate consumers. However, this approach is unlikely to be successful in an environment where individual consumers distrust regulators and other experts. Helmut Grndl, Thomas Post, Roman Schulze, (2005) found that demographic risk, i.e., the risk that life tables change in a nondeterministic ay, is a serious threat to the financial stability of an insurance company having underwritten life insurance and annuity business. The inverse influence of changes in mortality laws on the market value of life insurance and annuity liabilities creates natural hedging opportunities. Evan Mills, Ph.D.(1999) Studied the insurance industry is rarely thought of as having much concern about energy issues. However, the historical involvement by insurers and allied industries in the development and deployment of familiar technologies such as automobile air bags, fire prevention/suppression systems, and anti-theft devices, shows that this industry has a long history of utilizing technology to improve safety and otherwise reduce the likelihood of losses for which they would otherwise have to pay. We have identified nearly 80 examples of energy-efficient and renewable energy technologies that offer loss-prevention benefits, and have mapped these opportunities onto the appropriate segments of the very diverse insurance sector (life, health, property, liability, business interruption, etc.). Some insurers and risk managers are beginning to recognize these previously hidden benefi ts. Roger. A. Formisano (1981) examined, via consumer interviews, the impact of the National Association of Insurance Commissioners Model Life Insurance Solicitation Regulation as implemented in New Jersey. A substantial portion of the insurance buyers sampled did not become aware of the provisions of the regulation aimed to improve their buying ability. Further, many life insurance buyers were not well certain concerning the nature and operation of life insurance contracts, and in particular, the life insurance policies that they had purchased. exposition of factors1. Company LoyaltyThis factor includes that this is the only company the consumer wants to associate himself with, in future .himself would purchase more policies from the same company , suggest friends and family to purchase policy from the same company , company able to follow up expectation, , constitution benefits benchmarks . The highest Eigen value lies in this factor 35.213. So it is been considered as the high ly modify factor towards study. Therefore it is clear that company loyalty plays an important role in investment decisions of investors.2. inspection and repairs Quality This factor includes hassle free settlements , employees responsible towards customers agents respond promptly , investment in life insurance is more secure than stock market satisfy with relationship to company ..Ease of ProceduresThis factor includes the company provides claims on time cooperative and warm agent , settlement of claims easy and timely , agent is well informed about policies. As we can see, that the Eigen value for factor ease of procedures is 5.830 , which is also a change factor towards the study, so it can also be considered as an important factor in the study.4. Satisfaction LevelThis factor includes that the suggested benefits of Insurance Policy should be met to the investors, Company provides them satisfactory services , fulfill its promise about life insurance policy , Services should be provided on time, and awareness of terms and conditions of policies. As we can see, that the Eigen value for factor satisfaction level is 5.008 , which is also a contributing factor towards the study, so it can also be considered as an important factor in the study.5. Company ImageThis factor includes that the insurance company should be well known in the industry , insurance provider should have saving grace in market (0.758),and company of high repute As we can see, that the Eigen value for factor company image is 4.878, which is also a contributing factor towards the study, so it can also be considered as an important factor in the study.6. Company-Client Relationship This factor includes that the agent remind about premium installments. personal attention on every consumer and understand consumers financial needs . As we can see, that the Eigen value for factor company leaf node relationship is 4.051, which is also a contributing factor towards the study, so it can also be co nsidered as an important factor in the study. remainderIn present Indian market, the investment habits of Indian consumers are ever-changing very frequently. The individuals have their own perception towards various types of investment plans. The study of this research work was focused over consumers perception on investment towards Life Insurance Services. The consumers perception towards Life Insurance Policies is positive. It developed a positive mind sets for their investment pattern, in insurance policies. Still some actions are needed for developing insurance market. The major factors playing the role in developing consumers perception towards Life Insurance Policies are Consumer Loyalty, Service Quality, Ease of Procedures, Satisfaction Level, Company Image, and Company-Client Relationship. Insurance industry has to go ahead. A lot of opportunities are still waiting. This research will help in developing the market share, loyalty and further development in insurance sector..

Statements from the novel soucouyant

Statements from the novel soucouyantThese are statements from the novel Soucouyant by David Chariandy (2007) that condenses the nitty-gritty of the novel. In general, the novel illustrates interting not just as a illness in the form of dementia but it alike immortalizes the heathen content of leadting in the lives of the fabricator, his beget and the other characters in the storey. In a heathen context, forgetting in the novel means leaving behind aces level and customs erasing from recollection ones dark past experiences not retention the hurts and sufferings one has experienced and number pole on ones mistakes and sins in the past as visualised by the characters in the novel.At the outset, the story focuses on the life of the storytellers obtain named Adele who is suffering from early onset or pre-senile dementia. The narrator here is considered a prodigal son who has run past from his home but who longed for her as any son would for his generate, even so a frightening a mother as she had become (33). However, after two years, he went back to stay with Mother though I havent been invited to stay (9). It seemed, as the story progresses, that the narrator wants to get wind her mothers past so he bathroom alike understand his have origins. So, he tried to ask questions from his mother who never deliberately explained to me her past, but I learned anyway (23). She told him everyplace and over again of her encounter with the creature a soucouyant (136). A soucouyant according to what is written in the back cover of the book is an vile spirit in Caribbean folklore. The narrator wishes to confirm this encounter but Mother never explained any of this to me (136). The memorial is interspersed with bits and pieces of the mothers past as fragments of her memory come and go. Some of the stories round Adele are also narrated by Meera, the nurse. The characters who are Adele, the narrators mother and the narrator who has remained nameless t hroughout the story have engaged in episodes of forgetting and reputeing which has something to do with their cultural heritage.The cultural meaning of forgetting in Soucouyant is first of all, significant to Adele who is a Trinidadian immigrant who experienced the worst things in her past. On her part, forgetting includes leaving behind her history and her traditions as she leaves behind her birthplace, Trinidad. It also means erasing from her memory her dark past. The narrator tells of her, she saw sadness and anxiety. She saw violence. She saw war. (161). There was also a time when she experienced being dragged like a doll toward the render of the base, back toward the village and the life that awaits (192). She has suffered a lot, not to mention the secernment during those times because she is dark or a colored woman. In these instances, forgetting seems to be the most creative and life-sustaining thing (32) she could do with her dark past. The pronounce a path so old that n one could remember its origins (45, 136, 173 190) has been repeatedly mentioned in the novel. This path may very well symbolize what Adele has gone(p) through. She tried to forget the heaviness of a history that couldnt leave. She resolved inwardly herself not to remember those dark events in her life again. She has become so good at forgetting that this could have probably affected her own memory which turned out to develop into dementia. The narrator is not sure what really ca utilize her early onset dementia but what the narrator remembers is thatLong ago, she began to forget. It started with prevalent things. Shopping lists and recipes, bus change and savings cards, pens for jotting down those family line tasks that always manage to slip away. nevertheless then Mother began to forget in more creative ways. She began to forget names and places, goals and meanings. She began to forget the laws of manner of speaking and the routes to salvation and the proper things to do wit h ones body. She began to excuse herself from the world we knew (12).Similarly, the narrator asks these questions some her mother Was this a turning point in her life? The morsel when she first realized that something was wrong with her? That something more serious than cutlery or bangles had gone missing? That so many other things were getting lost(p)? This man beside her, for instance. Her husband. She haves his name, of course. Its Roger. But what else does she know? (78).Likewise, forgetting, for Adele means no longer remembering the hurts and painful experiences she had in the past. With her dementia, she would surely not remember those pains and hurts in her secret past again. She has erased memories in her mind and the narrator says She tells me now that she doesnt understand that thing expected memory. She doesnt understand its essence or dynamic (166).It is just incongruous that in the past and even in the present, there are things that Adele can still remember. This is evident in what the narrator has said that She never forget. But I dont remember it. Not even a atomic bit. I remember something else from that trip, though (196). This shows that Adeles memory is even better than the authors. This also goes to show that Adele somehow uses selective remembering and forgetting. Pleasant and good things are remembered enchantment unpleasant, traumatic experiences are better left forgotten in obscurity. divagation from Adele, the narrator himself has tried forgetting his past. He tries to forget what happened to his mother and his father by running away from his home to another place. His mother staggered into forgetfulness. She wandered the streets of our neighbourhood and upset peoples garbage bins (18). While his father became increasingly quiet and withdrawn, He stop communicating to anyone, including Mother and me (28). The narrator describes the place where he stayed The city was for me a good place of forgetting. I found my anonymity in a series of rent-by-the-week rooms, in under-the-counter jobs as a dishwasher and holiday flower-seller (30). Yes, he was able to forget those things that happened to his family but solo for a little while. This is because, he later forgot to forget and he remembered everything again which leads him back to his mother and to his hometown. For the narrator, forgetting means repenting of his mistakes and making amends by living his life anew and by taking care of his mother.When he goes back to his home he tried to understand his roots, his history. He tries to prove that Your history is your note and design (137). Though his mother is someone so entirely unwilling to hire that she has forgotten me (8). He tries to imagine his mothers life before it all slips away into darkness. Thus, he attempts to draw his mother to a conversation to help him know the truth about his mothers childhood and what could have caused her dementia. He asks her questions such as You mean you dont rememb er, Mother? (12) Dont you remember, Mother? (15) Do you remember, Mother? (92) Can you remember it now, Mother? Can you tell me this last thing? Today, before I go? (194). However, with his series of questions, his Mother doesnt explain anything to him. This is because She told, but she never explained or deciphered. She never put the stories together. She never could or valued to do so. It is only through the help of Miss that he is able to understand the exposit of his mothers life. And he is able to confirm of his mothers life when he said that it is come-at-able to live with almost no memories (54).In addition to Adele and the narrator, Meera, the nurse is also severe to hide something and to forget her past. Although, it is not quite obvious in the story, her feelings became transparent upon seeing her mother. Meera unbelievably asks the narrator You fetched my mother? (124) while her mother keeps on calling her name. She was neither enthusiastic nor happy to see her own mo ther. The narrator also tells her I dont care, Meera. It doesnt matter to me. I just wanted to know more about you. I thought we could talk about things (125). This leads to the conclusion that Meera is not sharing about her life. She is probably hiding something and is trying to forget the memories altogether. It was later found out that Meera used to crank call the wandering lady (159). Many times, Meeras calls were stupidly banal. Giggling requests to speak to Oliver Clothesoff (160). For Meera, forgetting means turning back on past mistakes and sins and correcting her mistakes. Eventually, she becomes the nurse of the wandering lady who used to be the subject of her crank calls.For Adele, the narrator and Meera, forgetting gives them a way of escaping from their repugnant past. It has its advantages but it also has its disadvantages. The narrator confirms this through a quote During our lives, we difference of opinion to forget. And its foolish to assume that forgetting is al together a bad thing. Memory is a bruise still tender (32). Human beings sometimes need to forget especially those unpleasant, traumatic experiences that happened in ones life. But it should not keep one from moving on to the future like what happened to the narrator and to Meera.The novels title which is Soucouyant refers to an evil spirit in the form of a vampire-like old woman who sucks blood from her victims. A soucouyant is a monster worth forgetting because it symbolizes something disagreeable or horrible. In addition, Adeles encounter of a soucouyant symbolizes everything in her life that is horrid, distasteful, horrible, hostile and unkind which are worth forgetting. Indeed, Soucouyant is aptly described as a novel of forgetting. However, inauspicious to the title, the novel Soucouyant is worth reading and remembering.

Challenges of change facing British airways

Ch t by ensemble in allenges of alter facing British air shipwayChosen Question prefer a London-based organisation and go the challenges of tack facing it and how it is approaching the extremity of change. Where possible do so by reference to theories of change bangment. leading AND MANAGEMENTExecutive SummaryAirline traffic is a c at oncentrated assemble. It has been well-k immediatelyn in the direction of being the mainly sparingal confederation in all everywhere the world. Marketing executive must alike be ready for action on the way to manage with the challenges of this variety of business organization.British Airways is atomic number 53 of the market influential within the airline businesss industriousness in U.K. The corporation has it huge opportunity. The airline is dedicated towards superior-service. In count, it has its combative advantages. British Airways has enormous opportunity of increasing and getting better of its services.In this we discuss v irtually the various challenges of change approach by the British Airways and in what way it is approaching the procedure of change.IntroductionBritish Airways is one of the leading airlines in the world. This facial expression traces the airlines history and discusses the process of turnaround during the eighties under the leadership of Lord King and Colin Marshall.The case withal discusses the concomitant turbulent period under CEO Bob Ayling and the challenges go about, including recession, competition, terrorism and the disconnect war. The case closes with an outline of the tasks ahead of the incumbent CEO Rod Eddington. The case tail end be used to illustrate the importance of leadership in bringing about cultural change.Challenges faced by British AirwaysThe economic conditions that prevailed byout 2009/10 were the most salwayse they rescue ever encountered. As a result of the worst recession for 60 grades, their industry has faced a series of permanent structural cha nges that afford drastically tightend their r even soues in the misfortunate consideration and drop permanently changed the economics of rail a premium airline.These problems atomic number 18 in themselves formid adapted. But, in addition, British Airways faced a list of daunting challenges of its own. These included the need to Raise finance at a time of continuing crisis in the debt markets Radically reduce their historic woo base Change earning(a) practices Complete their mean merger with Iberia Win an acceptable anti-trust agreement to cooperate with Ameri underside Airlines and Iberia on North Atlantic travel architectural plans and Tackle their 3.7 billion pensions deficit success all-inclusivey.Twelve months on, they usher out feel satisfied that on e genuinely one of these issues, they film every tackled or made solid work up in overcoming the challenges they faced.Permanent changeThey entered the recession financially ironlike and with their fleet replaceme nt plans fully financed to 2013. In high-flown 2009, they roaringly raised 350 million through a convertible security bond issue, providing them with the finance to keep investing in their business and accountant their focthem on excellent service as the recession brave outs its course. Over the year they reduced their unit be by 6.5 per cent. Their fuel bill skin by nearly 600 million, accounting for a large element of this decrease. social unit be excluding fuel overly fell by 1.8 per cent. This was truly a remarkable securement. It is gravid enough to cutcosts when subject matter is go to do so when capacity is in sharp decline is very gruelling indeed. Their cost base is now far to a greater extent free-enterprise(a), nub they be well placed to strain more(prenominal) profitable branch in the future. They triple-crownly carried the majority of their workforce with them in reservation changes to working practices, including their pilots and engineers. A nu mber of staff have left the Company on voluntary terms. They have succeeded in introducing permanent cost reductions across the airline, including reductions in caboodle complements. Regrettably, these changes were met by unjustified strike action by Unites confine crew branch. BASSA misrepresented the Companys emplacement to its members, failed to represent the views of the majority of cabin crew and has been intent on a confrontation with the airline. The vast majority of their employees discern the need for permanent change and have shown great commitment to British Airways during this difficult year. Their relationship with Iberia is very strong and they have now sign a mergeragreement that they know de surgical incision bring received benefits to their respective nodes and shareholders and protect the brands of the ii airlines. If remaining technicalities are successfully dealt with, as they fully pay, the merger should be concluded by the end of 2010. Similarly, all the signs are that they can win anti-trust immunity from the THEM Department of Transportation on with regulatory approval from the EU competition authorities, to operate a joint business with the Statesn Airlines and Iberia over the North Atlantic. When in place they will be able to operate on equal terms with Skyteam and wind Alliance that already enjoy immunity. Their agreement will mean more competition not less, and greater choice for travellers on these busy routes. Finally, they are progressing with dialogs to agree a way to fund their 3.7 billion pension deficits that satisfies the Trustees and meets their extremity that they will not have to increase their contribution to the schemes in the short term. Whilst the valuation has been agreed with the Trustees, it is currently under review by the Pensions Regulator. If they can keep the schemes open for existing members it will be a significant achievement and one that has eluded many another(prenominal) businesses in re cent years. I fancy you can see how huge an agenda of change they have tackled. In that sense, 2009/10 was a year of great achievement.Financial resultsTheir progress is all the more remarkable at a time when all their principal business customers changed their travel oliciesat the same time, turning their backbone on premium shorthaul travel and reducing their revenues by 1 billion. Against that backdrop, they enter another year of heavy losses in their business. They recorded their biggest ever half year loss of 292 million. Early and far-r to severally oneing action on costs began to show through in the second half of the year and they were even able to post a small operating profit in the third quarter. For the year as a whole their pre-tax losses stood at 531 million compared with a loss of 401 million in the preceding year. They cannot render to lose sight of the scale of their losses in the last two years, even though they came on the back of record profits in 2007/08. T heir business simply will not survive long term unless they s chair losing money on this scale.Dividends and executive payThe programme of change they are pursuing in the business is all about making sure they have the resources to turn out outstanding service to their customers, secure and honor employment to their staff and strong returns to their shareholders. Given the state of their market they have frozen pay across the airline for two years. They have once again decided it would be inappropriate to pay a dividend or executive or staff cash bonuses.Customer focusTheir primordial focthem must remain on their customers no matter how severe the economic conditions they face. The customer is at the very heart of their plans to build an efficient international premium airline and to achieve lasting and sustainable profitability for this business. During the year, they go on to outperform in their punctuality scores, not just at close 5, but across the network. Maintaining tha t record has involved some magnificent work by people right across the business and they take considerable pride in their achievements. Their customer service scores remain strong despitesignificant operational disruption.An industry in transitionintegration will be a growing theme for their industry for the foreseeable future and they are pleased with their ownprogress in build young partnerships and alliances. But progress on liberalising the global industry cadaver painfully speechless, nowhere more so than in the recent draw out Open Skies negotiations between the THEM and Europe. They had hoped that the conclusion of the EU-THEM second stage negotiations would have resulted in the immediate removal of THEM restrictions on ownership and control and the protectionist Fly America policy. Unfortunately, instead of the ambitious agreement that had been promised by both sides that would have acted as a template for further global liberalisation across other trading blocs, they have ended up with an agreement that fails to deliver a truly open market for aviation. This represents a missed opportunity to fabricate a healthier and more efficient industry for the future. Indeed, the only hope for progress may lie in moving the issue to a more powerful arena such as the Trans Atlantic economic Council where Europe could offer wider trade concessions, in sectors such as agriculture, in return for progress on air transport. These restrictive ownership and control requirements that prevent cross-border airline mergers, need to be consigned to the history books and fast. Only so will they see the true benefits that normalisation of the industry can achieve as is already the case with other sectors of the global economy.Climate changeAs a company they have led the way in searching for existing and radical ways to tackle clime change. non only have they set ourselves industry-leading targets to cut their own emissions, they are also strong advocates of carbo n trading and believe aviation should be part of a global emissions trading scheme. The Climate Change Summit in Copenhagen in December presented the industry with an ideal opportunity to come together and relieve oneself this a reality. For many reasons the outcome from the summit was disappointing not least as no reference was made to the airline industry. However, it is fall out the governments of the world recognise the airline industry is taking a accountable position and is indeed ahead of its regulators in wanting to tackle climate change. The industry continues to work closely together to develop and promote its position. Its now down to the regulators and Governments to show commitment to the industry and to allow them to play their full part in contributing to the global reduction in babys room gas emissions.Economic outlookThe worst of the recession seems to be over. Unemployment in the UK, for example, seems to have peaked and at lower levels than had been feared. I n their own business, February cut them record the first increase in premium traffic since August 2008. But recovery is precariothem and it would be foolish to assume they are out of the woods yet. The new UK Government will be forced to dispatch some very unpopular finales in the workweeks and months ahead. Tackling the deficit remains the biggest priority. The new coalition Government plans to make immediate cuts in the deficit, they believe this threatens real dangers, not least that increased taxes and hasty spending cuts could throttle consumer self-assurance and trigger a double dip recession. It is vital that the UK develops a credible, careful plan to reduce thedeficit, spelling out the reductions that are needed and the timescale in which they will be achieved. With election grandstanding now out of the way, this must be a priority for the new administration.A tremendothem effortIts been an immensely difficult year for my colleagues across the business and I want to t hank them for the howling(a) work they have done. The spirit theyve shown in backup the business through one of its most difficult periods has been unbelievable. Its involved a lot of hard work and considerable personal sacrifices.Their prospectsTheir own recovery depends very oft on how fast the general economy returns to growth. They remain cautiothem on that. They expect the climb out of recession to be a relatively slow one. However, I am convinced that the work they have done over the last 18 months to restructure their cost base and the progress they have made on the challenges they faced at the start of 2009/10, mean they are a far more resilient business today. That means they can be confident about surviving through further economic uncertainty. More importantly, it means they will be in a position to achieve higher levels of sustainable profitability when conditions mend. That is very good word of honor for their customers, their staff and their shareholders.Approach es for the variothem challenges faced by the British AirwaysOne of the significant ways to distinguish one airline from another is in terms of the quality of its stopping points. They use operational systems to run the business and business intelligence, delivered by backing Objects query and reporting tools, to manage it.British Airways Improves Customer Relationship perplexity and Maximises Revenues with Information Delivered by patronage ObjectsThe airline market is fiercely competitive with strong demand for lucrative business traveller routes due to capacity restrictions at major European airports and low cost entrants offering cheaper flights for the unfilled passenger. Leading UK airline British Airways, is underpinning its strategic operations with business intelligence (BI) delivered by Business Objects solutions. British Airways use BUSINESSOBJECTS, the integrated query, reporting and online analytic processing tool (OLAP) to access, analyse and share information sto red in British Airways data warehouse. British Airways is also currently in the process of extending the decision making process widely distributed via WEBINTELLIGENCE, the internet BI solution from Business Objects.Strategic Decision MakingBritish Airways is one of the worlds most successful airlines, carrying over 48 million passengers a year. Peter Blundell, Knowledge dodge Manager, British Airways, says One of the significant ways to distinguish one airline from another is in terms of the quality of its decisions. They use operational systems to run the business and business intelligence, delivered by Business Objects query and reporting tools, to manage it.BUSINESS OBJECTS is used passim British Airways, with dozens of applications taking information from a central data warehouse. These cover all aspects of the business from CRM applications supporting the frequent flyer programme, through yield management and revenue epitome to catering supply chain management. Blundell exp lains, With BUSINESS OBJECTS they have been able to translate any line manager with the capability to assess relevant business information without requiring an army of data specialists.British Airways primary challenge is to make the airline as a whole and each route profitable. This is alter since the company is unable to change product offerings very quickly. With the capacity restrictions in many airports, routes have to be negotiated and published some six months in advance. BUSINESS OBJECTS supports their long term planning, analysing the number of flights per day, routes and aircraft types that are most appropriate, says Blundell. This drives their negotiation for capacity constrained routes.Maximising YieldEvery airline has to achieve a balance between availability of higher priced business lay and filling the flight with cheaper leisure fares. British Airways is using BUSINESS OBJECTS to analyse customer behavitheir and flight sales to maximise yield on each route. The bu siness and leisure traveller have very disparate needs, with the business traveller looking for frequency of flights, punctuality and good customer service, dapple the leisure traveller is looking for value for money. Customer service also provides an area of differentiation. British Airways promotional activity tailors offers based on customer preferences and travel history. The costs the market will bear are different on each route, at different times of the day and week and depend on the level of competition on that route. BUSINESSOBJECTSenables them to better visit booking and customer profiles and use that information to maximise yield on each flight by creating the right promotional offer to each customer group.British Airways Leads Punctuality LeagueTwo of the most successful BUSINESS OBJECTS applications have addressed punctuality and baggage discourse. Analysing sources of delay, by type, route and reason has enabled British Airways to significantly improve its position in the punctuality league of European airlines. For business passengers, punctuality and efficient baggage handling are critical factors that drive the choice of airline. British Airways wanted to improve its punctuality and BUSINESS OBJECTS was part of that solution. By analysing any problems with BUSINESS OBJECTS they have become one of the top rated European airlines for punctuality. A similar compend using BUSINESS OBJECTS to look at baggage handling enabled the company to highlight reasons for baggage failing to connect with the right flight. While on that point was time for passengers to make the connection it was not always possible for their baggage to make the same journey. They have overcome that problem and significantly meliorate our baggage handling as a result, says Blundell.Worldwide Business tidingsHaving created a business intelligence infrastructure that is underpinning decision making throughout the British Airways head office, the company is now looking to b roaden its exploiter base from one thousand to potentially ten thousand worldwide via its intranet. Blundell explains, They plan to use Business ObjectsWEBINTELLIGENCE internet BI solution to deliver the business intelligence functionality they have developedto airports and offices around the world. By supplement the intranet and WEBINTELLIGENCE, they can deliver keybusiness information in a cost effective manner.Using WEBINTELLIGENCE, British Airways will be able to provide local managers with secure access to the localinformation pertinent to their operation, underpinning the drive to maximise revenue and market share and minimise costs across specific routes. Blundell explains, British Airways business goal is to broaden the decision making ability by providing pertinent information. Empowering people to make decisions on behalf of the company leads to better customer relationships. By making information acquirable via the intranet they can ensure improved consistent customer service worldwide.By analysing any problems with BUSINESS OBJECTS e have become one of the top rated European airlines for punctuality.ConclusionBritish Airways remains cautiously optimistic about its future prospects. However, it iscertain that considerably more work lies ahead if the airline is to succeed. The FSASplan incorporated by BA resulted in considerable cost savings, and divestments alsoraised funds to pay off debt. The goal of the FSAS plan was to achieve a 10%operating margin and hence more recent cost cuts and job loses have been made byWillie Walsh order to accomplish this.

Theories of Reward and Motivation

Theories of reciprocate and motivepsychological science, derived from ancient Greek roots psyche and logos, which marrow mind and knowledge or study respectively, is defined as the scientific study of behaviour and mental processes, in which the behaviour refers to anything we do (Coon Mitterer, 2012, p. 14). Psychologists uses organized observation to gather empirical evidence to derive a scientific conjecture. Not until 130 years ago, when William Wundt set up a search lab to study conscious experience in a scientific manner, that psychological science started as a science (Coon Mitterer, 2012, p. 26). For thousands of years individuals tolerate been informally watch man behaviours. Recently, numerous individuals claim that the theories on human behaviours and mental processes psychologists had invested much time and effort to discover atomic number 18 merely common sense impression (Coon Mitterer, 2012, p. 15). For instance, cognitive process can be improved by crowing rewards, is a common sense that society perceive as the truth. However, the act of raise performance by giving rewards to individual is confined within a small social circle, or are derived from a persons attempt to make sense out of their physical world (Qian Guzzetti, 2000, p. 1). The higher(prenominal) the value of rewards, the higher the drive levels or motivation of an individual, the better the results achieved. Rewards are generally attractive to people, and hence would force them to put in effort to obtain it. This wrong common sense theory which still persists today, giving rewards, especially clobber rewards, will enhance wizs performance, is inaccurate.This theory is first rejected by Sam Glucksberg in his experiment. In Glucksbergs (1964) investigate, he investigated the influence of strength of drive (motivation) on functional immutability strength, which is defined as a type of cognitive bias that involves a tendency to see objects as only working in a particular way (Cherry, n.d.). Glucksberg seek to prove that rewards do not stick out an increase in problem-solving time. In his experiment, Glucksberg set up different scenarios to match the effect of rewards A group of people were tested for time back awayn to solve problem when offered incentives, and an another(prenominal) when incentives are not offered. These two groups were and so divided into further subgroups where the subjects put into test in two other scenarios when the solution is more(prenominal) straightforward and when the solution requires more thought process. This ensured that in that respect was no biasedness in the experiment and that the increase in functional stationariness strength was only collect to increase in drive levels. through and through this experiment, it was concluded that participants used relatively longer time to solve problems requiring more thought process when given rewards. Also, in his research, Glucksberg concluded that there was no effect of rewards on an individual when the solution to the problem is straight forward. homogeneous timings were recorded and the difference are relatively smaller as compared to those of mingled problem solving. Throughout many years, numerous researches upon this topic had been conducted and they concluded with the identical observation (e.g. Bijleveld, Custers, Aarts, 2011 Hagger Chatzisarantis, 2011 Jordon, 1986 Panagopoulos, 2013).In the society, economists generally believes that incentives enhances performance (Panagopoulos, 2013, p. 266). To this day, it has been proven many times by psychological researches, which suggest the opposite to this theory. While this is true in some cases, for example, when the problem is simple and only requires memory work or has a straight forward solution (Bijleveld, Custers, Aarts, 2011, p. 865), it does not work in others. Rewards function as a barrier when individuals are faced with mazy problem-solving capers. Material r ewards stale an individuals ability to solve decomposable problems (Glucksberg, 1964). Glucksberg (1964), concluded in his research that rewards influence drive levels and hence cross problem-solving performance. Similarly, research has also shown that m whizztary incentives not only does not improves integritys performance, it might cause drastic results as well (Bijleveld, Custers, Aarts, 2011). When introduced to the monetary rewards consciously, individuals tend to consciously reflect on the reward, and hence thwart ones performance (Bijleveld, Custers, Aarts, 2011). This research has refute the effectiveness of a justly motivator money. Several research also assess the effect of material rewards on motivation, and results turn out to be undesirable as it rattling undermines it (e.g., Hagger Chatzisarantis, 2011 Jordon, 1986). Hence giving rewards does not enhance performance in many cases.The fact that giving rewards does not enhance, or might harm performance can be explained psychologically. Individuals are unable to focus on the task when given rewards. Bijleveld, Custers and Aarts (2011) indicates that consciously perceived rewards cause people to reflect on what is at stake, hence prompt people to more strongly rivet on task stimuli and details. However, being too focussed in the task can be harmful to an individuals performance. Enhanced ducking might interfere with thought process and hence effective performance, for example, bear upon of unnecessary and irrelevant ideas, hence thwart the enhancement of performance (p.866). mien of distractions is a reason throne divided attention, which causes problem solving cannot take place effectively. This supports the consistent finding where rewards do not result in higher performance. This can also be explained by a research done by Olivers and Nieuwenhuis (2006), that such(prenominal) distractions from the main problem is due to an overinvestment of attentional resources in stimulus process ing, a suboptimal processing mode that can be counteracted by manipulations promoting divided attention (p. 364). Hence, increased focus and concentration due to higher motivation levels, can hurt performance.It is not uncommon to observe individuals being motivated by rewards. This might be the source of the theory. However, such observations are confined to a certain fixed situation in the individuals social setting. In this kind of observation, individuals tend to vitiate taking into account of situations which is inconsistent with their findings (Taylor Kowalski, 2004). They are easily refuted by experiments and research as they are conducted systematically and did not come from mere human observation. Various scenarios and control experiment are involved to ensure that the results have no room for disputes. Differing from the flawed common sense theory of human behaviour, the results which proved that rewards does not enhance performance are unchallengeable as they are suppor ted by facts which can be tested and reiterated by professionals (Coon Mitterer, 2012). Only by involving in psychological research can one actually see a fair and non-biased perspective of human behaviour. Reasons behind thwart performance can be explained scientifically through experiments. They are supported by the science behind human behaviour. Therefore rewards does not give, or rather impair performance.ReferencesBijleveld, E., Custers, R., Aarts, H. (2011). Once the money is in masses Distinctive do of conscious and unconscious rewards on task performance. ledger of Experimental Social psychological science, 47, 865-869.Cherry, K. (n.d.). What is Functional Fixedness in Psychology? Retrieved from Psychology Complete Guide to Psychology for Students, Educators Enthusiasts http//psychology.about.com/od/problemsolving/f/functional-fixedness.htmCoon, D., Mitterer, J. (2012). Introduction to Psychology Active learning through modules. Wadsworth, Ohio Cengage Learning.Gluc ksberg, S. (1964). Problem solving Response arguing and the influence of drive. Psychological Reports, 15, 939-942.Hagger, M. S., Chatzisarantis, N. L. (2011). Causality orientations moderate the undermining effect of rewards on inbred motivation. diary of Experimental Social Psychology, 47, 485-489.Jordon, P. C. (1986). Effects of an extrinsic reward on intrinsic motivation A field experiment. Academy Of Management, 29(2), 405-412.Olivers, C. N., Nieuwenhuis, S. (2006). The beneficial effects of additional task load, positive effect, and instruction on the attentional blink. Journal of Experimental Psychology Human Perception and Performance, 32, 364-379.Panagopoulos, C. (2013). Extrinsic Rewards, Intrinsic Motivation and Voting. The Journal of Politics, 75(1), 266-280.Qian, G., Guzzetti, B. (2000). Conceptual change learning A multidimentional lens. Reading writing Quarterly, 1-3.Taylor, A., Kowalski, P. (2004). Naive psychological science The prevalence, strength, and so urces of misconceptions. The Psychological Record, 54(1), 15-25.Neo Ruo Ting

Put An End To Poverty, Increase The Minimum Wage Essay -- Minimum Wage

It is not shocking to hear that tens of millions of Americans be living in poverty. Startling statistics about the poor are ceaselessly being tossed around on television with images of run-down neighborhoods and malnourished children. The documentary surprise, however, is that millions of those in poverty are broad- snip, lower limit absorb earning workers. Many suppose one should feel morally obligated to help these people. President Barack Obama express it best in his February 2013 State of the Union address, Lets reserve that in the wealthiest nation on earth, no one who works full time should have to live in poverty (Lowrey n.p.). When minimal wage was created, President Roosevelt declared its purpose was to maintain a minimum trite of living necessary for health, efficiency, and general well-being, without substantially curtailing employment (Raising the lower limit charter 1). Considering the poverty rate and poor living conditions present today, this vision is no l onger being fulfilled. In order to create a nation with acceptable living conditions, lowered poverty rates and income inequality, and a stalls economy, the minimum wage must be raised to a habitable rate. Opponents of an increase argue that the economy would suffer, but the reality is quite the opposite. sparing conditions could be greatly improved with a rise in minimum wage, and that is exactly why this is an issue much larger than just the running(a) class. Minimum wage affects all classes and has a large effect on the state of the economy. For these reasons, I propose that minimum wage should be increase to a rate that will adequately provide working families with the funds necessary to survive. Minimum wage was first enacted in 1938 to ensure that workers were maintaining a livable wage. This was mandated under the Fair chore Standards Act (FLSA) of 1938, which also do sure that workers were free from exploitation and unsatisfactory workplace conditions. At the time of this legislation, minimum wage was set at $0.25 per hour this equates to approximately $4 in 2013. Congress monitored the economy and, through the 60s and 70s, made increases to keep minimum wage at an appropriate level. Minimum wage reached its highest value in 1968 when it was raised to $1.60, or about $10.50 per hour today, according to the Bureau of Labor Statistics. Since then, the wor... ... New Republic 244.17 (2013) 12-14. Academic Search Premier. Web. 7 Nov. 2014. Lowrey, Annie. Raising Minimum enlist Would Ease Income Gap but Carries Political Risks. The New York Times. 13 Feb. 2013. Web. 4 Dec. 2014. Minimum Wage Workers Characteristics of Those Employed at or to a lower place the Minimum Wage. Congressional Digest 92.5 (2013) 11-32. Academic Search Premier. Web. 7 Nov. 2014.Plumer, Brad. here(predicate)s why 10.4 million American workers are still in poverty. The capital letter Post.12 April. 2013. Web. 5 Dec. 2014. Prince, Lew. Should Congress Increase the Federal Minimum Wage and Index It To Inflation? Congressional Digest 92.5 (2013) 22-26. Academic Search Premier. Web. 2 Nov. 2014. Sebelius, Kathleen. Annual Update of the HHS Poverty Guidelines. Federal Register. 14 Jan. 2013. Web. 4 Dec. 2014. Sullivan, Sean. snow-covered House official Obama supports Harkin/Miller bid to increase minimum wage. The Washington Post.7 Nov. 2013. Web. 29 Nov. 2014. Warren, John Robert, and Caitlin Hamrock. The Effect of Minimum Wage Rates on High School Completion. Social Forces 88.3 (2010) 1379-1392. Academic Search Premier. Web. 2 Nov. 2014.