Organizational Structure of Proctor and Gamble

Organizational Structure of Proctor and Gamble Procter Gamble The company I have chosen for the assignment of managing change in organization is Procter Gamble. The company is a Fortune 500 American multinational corporation headquartered in Downtown Cincinnati, Ohio that manufactures a wide range of consumer goods. It is 6th in Fortunes Most Admired Companies 2010 list. PG is credited with many business innovations including brand management and the soap opera. History and Background of Company In 1887 PG institutes a pioneering profit-sharing program that gives employees an ownership stake in the Company. This significant innovation helps employees connect their vital roles with the Companys success. In 1924 PG becomes the first company to conduct deliberate, data-based market research with consumers. This forward-thinking approach enables us to improve consumer understanding, anticipate consumer needs and respond with products that improve their everyday life. In 1994 PG becomes one of the first companies to formally respond to consumer correspondence by establishing the Consumer Relations department. The addition of toll-free phone numbers in 1973 and e-mail in the 1980s further enhance consumers ability to contact us and keep the consumer at the heart of all we do. In 1995 Crest is co developed with Indiana University. This collaboration delivers a product that is a breakthrough in the use of fluoride to protect against tooth decay, the second-most prevalent disease at the time. In 2002 PG develops Naturella feminine pads specifically to meet the needs of low-income women in Latin America. Based on deep consumer understanding, Naturella responds to consumers desire for freshness with chamomile, a unique ingredient never before used in feminine care products. In 2005 High Frequency Stores common in developing markets emerge as our largest customer channel. Consisting of nearly 20 million stores across the world, HFS represents a particular opportunity in fast-growing, low-income markets. Through HFS, we connect to consumers with affordable products and packaging specially designed for their needs. Investigation Organizational Structure of Procter Gamble General definition of Organization structure: Organizational structure specifies the firms formal reporting relationships, procedures, controls, and authority and decision-making processes. Developing an organizational structure that effectively supports the firms strategy is difficult, especially because of the uncertainty (or unpredictable variation) about cause-effect relationships in the global economys rapidly changing and dynamic competitive environments. When a structures elements (e.g., reporting relationships, procedures, and so forth) are properly aligned with one another, that structure facilitates effective implementation of the firms strategies. Thus, organizational structure is a critical component of effective strategy implementation processes Types of organizational structure Simple Structure The simple structure is a structure in which the owner-manager makes all major decisions and moniÂÂ ­tors all activities while the staff serves as an extension of the managers supervisory authority. Functional Structure The functional structure is a structure consisting of a chief executive officer and a limited corporate staff, with functional line managers in dominant organizational areas, such as production, accounting, marketing, RD, engineering, and human resources. Multidivisional structure The multidivisional (M-form) structure conÂÂ ­sists of operating divisions, each representing a separate business or profit center in which the top corporate offiÂÂ ­cer delegates responsibilities for day-to-day operations and business-unit strategy to division managers. Procter Gamble The structure of the Procter and Gamble is multidivisional structure. Because the simple structure is used in a small organization where the owner works as a manager and take all the big decision for the company. Typically, the owner-manager actively works in the business on a daily basis. Informal relationships, few rules, limited task specialization, and unsophisticated information systems describe the simple structure. Frequent and inforÂÂ ­mal communications between the owner-manager and employees make it relatively easy to coordinate the work that is to be done. Functional structure is used for the organization which is growing but relatively small organization. This structure allows for functional specialization, thereby facilitating active sharing of knowledge within each functional area. Knowledge sharing facilitates career paths as well as the professional development of functional specialists. However, a functional orientation can have a negative effect on communicatio n and coordination among those repreÂÂ ­senting different organizational functions. Because of this, the CEO must work hard to verify that the decisions and actions of individual business functions promote the entire firm rather than a single function. Procter gamble is a relatively big organization with a business spread internationally so they are using multidivisional structure. The multidivisional structure of PG consists of operating divisions, each rep-resenting a separate business or profit center in which the top corporate officer deleÂÂ ­gates responsibilities for day-to-day operations and business-unit strategy to division managers. Each division represents a distinct, self-contained business with its own functional hierarchy. As initially designed, the M-form was thought to have three major benefits: (1) it enabled corporate officers to more accurately monitor the perÂÂ ­formance of each business, which simplified the problem of control (2) it facilitated comparisons between divisions, which improved the resource allocation process; and (3) it stimulated managers of poorly performing divisions to look for ways of improvÂÂ ­ing performance. Active monitoring of performance through the M-form increases the likelihood that decisions made by managers heading individual units will be in shareholders best interests. Brands and Products Brands Beauty and Grooming Products Some of the most famous products of beauty and Grooming brands are as under: CoverGirl Dolce Gabbana Puma Gillette Health and Well-Being Some of the most famous products of Health and Well-Being brand are as under: Vicks Oral-B Always Household Care Some of the most famous products of Household Care brand are as under: Ariel Bounce Bounty Background to Change In January 1999, Jager, a PG veteran became the new CEO taking charge at a time when PG was in the midst of a corporate restructuring exercise that started in September 1998. Jager faced the challenging task of revamping PGs operations and marketing practices. Soon after taking over as the CEO, Jager told analysts that he would overhaul product development, testing and launch processes. The biggest obstacle for Jager was PGs culture. Jager realized the need to change the mindset of the PG employees who had been used to lifetime employment and a conservative management style. On July 1, 1999, PG officially launched the Organization 2005 program. It was a program of six-year duration, during which, PG planned to retrench 15,000 employees globally. The cost of this program was estimated to be $1.9 billion and it was expected to generate an annual savings (after tax deductions) of approximately $900 million per annum by 2004. Change in Organization Structure Till 1998, PG had been organized along geographic lines with more than 100 profit centers. Under Organization 2005 program, PG sought to reorganize its organizational structure from four geographically-based business units to five product-based global business units Baby, Feminine Family Care, Beauty Care, Fabric Home Care, Food Beverages, and Health Care. Internal Change The change the PG going to make internally is starting new business unit in the organizational structure. This change probably effects the whole organization. Because it must share the organization sources financial as well as human resources. External change Environment is changing rapidly so the organization also needs to be a dynamic to cater the environment change. PG is the big organization so its new business unit definitely effects the environment and creates a new market. The Mistakes Committed The Organization 2005 program faced several problems soon after its launch. Analysts were quick to comment that Jager committed a few mistakes which proved costly for PG. For instance, Jager had made efforts in January 2000 to acquire Warner-Lambert and American Home Products. Contrary to PGs cautious approach towards acquisitions in the 1990s, this dual acquisition would have been the largest ever in PGs history, worth $140 billion. However, the stock market greeted the news of the merger negotiations by selling PGs shares, which prompted Jager to exit the deal. Implementing Strategies to Revive PG In June 2000, Alan George Lafley (Lafley), a 23-year PG veteran popularly known as AG, took over as the new President and CEO of PG. The major difference between Lafley and Jager was their style of functioning. Soon after becoming CEO, Lafley rebuilt the management team and made efforts to improve PGs operations and profitability. Lafley transferred more than half of PGs 30 senior most officers, an unprecedented move in PGs history. Building Diversity in the Organization At PG, we believe in taking advantage of all the unique and special differences that our employees possess and leveraging them to the fullest. Since diversity is a business strategy for PG, our efforts are focused on bringing in people from different ethnic and cultural backgrounds with remarkably diverse lives and career experiences. Organizations that are in touch are far more capable of understanding consumers from all walks of life. They are far more capable of understanding, appreciating and leveraging their own diversity. They are more capable of tapping the diversity of outside partners. Our recruiting efforts target universities all over Pakistan and are aimed at bringing in people with different leadership and thinking styles. Today, our organization draws from more than 30 schools and universities. We also focus on gender diversity by targeting women at universities for females and holding diversity sessions for female students on campuses. Women offer a different perspective that is crucial to our success. We aim to balance not only organizational diversity but also diversity within the various departments. Women make up about 25 percent of the workforce at PG Pakistan. To stress this goal to our employees, PG Pakistan has introduced many initiatives. To avoid defining our diversity objectives too narrowly and limiting them to percentages and representations of certain groups, PG has made tremendous recruiting efforts and has launched programs such as flexible work arrangements and the day-care center. Diversity is respected and required across all levels of the company. In fact, diversity action plans are developed in each region of the world to give local diversity strategies the best chance of success. Change Management Model: Dealing With Change 1. Denial The first response to a significant change is often shock, a general refusal to recognise the information. In this way we protect ourselves from being overwhelmed. Common responses include: Denying: This cant be happening. Ignoring: Wait till it blows over. Minimizing: It just needs a few minor adjustments. It is possible to continue working in the denial phase, but sooner or later the impact hits home and a personal response is required. Management Approach OF PG Be up front with information to individuals and groups of staff. Let them know that change is going to occur. Acknowledge their fears of change as legitimate. Explain what to expect and suggest actions they can take to adjust to the change. Give them time to let things sink in, and then have a planning session to talk things through. 2. Resistance In this phase things often seem to get worse. Personal distress levels rise. It is common to spend time looking for someone or something to blame, or to spend time complaining about the new set-up. Resistance is about fear of change. People may become physically ill, feel all sorts of physical, emotional, and/or mental symptoms. Some people may doubt their ability to survive the change. During this phase there is a greater focus on mourning the past, more than preparing for the future. Many people want to avoid the situation or pretend it is not happening, sometimes by moving back into denial. The self-acknowledgement of feelings being experienced, will ready people to move more quickly to the next phase. Management Approach of PG Listen, acknowledge feelings, respond empathetically, encourage support. Dont try to talk people out of their feelings, or tell them to change or pull together. If you accept their response, they will continue to feel they are able to tell you how they are feeling. This will help you respond to some of their concerns. Use questions to stimulate broader thinking and perspective setting. 3. Exploration After a period of struggle, individuals and organizations usually emerge from their negativity, breathe a sigh of relief, and shift into a more positive, hopeful, future-focused phase. People realize they are going to make it through OK. It can be as subtle as just feeling better, or as obvious as sleeping through the night for the first time since the change started. The timing is different for each person. New directions do not emerge all at once. Rather, what emerges first is the energy to put a search into action. People begin to discover and explore new ways, to start clarifying goals, assessing resources, exploring alternatives, and experimenting with new possibilities. A motivation to swing into action occurs without trying first to find the right way. It is important to resist completing the exploration phase too soon by accepting something less than what the person is capable of. This is a period of high energy, with creativity at its peak. Management Approach of PG Focus on priorities and provide any needed training. Follow-up on projects underway. Set short-term goals. Conduct brainstorming, visioning and planning sessions. Foster all learning opportunities to help overcome fear of change. 4. Commitment Finally, the individual has broken through the problems, discovered new ways of doing things and/or adapted to the new situation. The commitment phase begins with focus on a new course of action. This could be new ways of doing the job, or finding a new job. The successful commitment to a new course of action shows there has been learning growth and adaptation on the part of the individual. Management Approach of PG Set long-term goals. Concentrate on teambuilding. Create a mission statement. Validate and reward those responding to the change. Look ahead. Strategies pursuing by the Procter and Gamble Strategy 1 Delight the consumer with sustainable innovations that improve the environmental profile of our products. Strategy 2 Improve the environmental profile of PGs own operations. Strategy 3 Improve childrens lives through PGs social responsibility programs. Strategy 4 Engage and equip all PG employees to build sustainability thinking and practices into their everyday work. Strategy 5 Shape the future by working transparently with our stakeholders to enable continued freedom to innovate in a responsible way. Resistance and its Handling y PG Strong resistance to change is often rooted in deeply conditioned or historically reinforced feelings. Patience and tolerance are required to help people in these situations to see things differently. Bit by bit. There are examples of this sort of gradual staged change everywhere in the living world. PG the Psychological Contract is a significant aspect of change, and offers helpful models and diagrams in understanding and managing change potentially at a very fundamental level. Also, certain types of people the reliable/dependable/steady/habitual/process-oriented types often find change very unsettling. People who welcome change are not generally the best at being able to work reliably, dependably and follow processes. The reliability/dependability capabilities are directly opposite character traits to mobility/adaptability capabilities. Certain industries and disciplines have a high concentration of staff who need a strong reliability/dependability personality profile, for example, health services and nursing, administration, public sector and government departments, utilities and services; these sectors will tend to have many staff with character profiles who find change difficult. Age is another factor. Erik Eriksons fascinating Psychosocial Theory is helpful for understanding that peoples priorities and motivations are different depending on their stage of life. The more you understand peoples needs, the better you will be able to manage change. Be mindful of peoples strengths and weaknesses. Not everyone welcomes change. Take the time to understand the people you are dealing with, and how and why they feel like they do, before you take action.

New technological

Many people predicted the downfall of the IT industry a long time ago. After the technological bubble burst by 2000, their predictions saw reality with many dot com companies closing down in the face of investor uncertainty. Huge brand names like AOL eBay took a hit as well and only the strongest like Microsoft survived. Many thought this was the end of technological era even though this was not the case. The IT sector had not stopped growing nor had it declined; it had just stabilized and kept growing, even if not at the same rate as it was a few years ago. With technological advancements coming in by the hour, it is only natural for new people to rise above the rest to make a name for them selves among the multitude of entrepreneurs and whiz kids of the past and present. People like Bill Gates and Steve Jobs still might be the key players in the industry, they do however are no longer the new blood that this industry almost always seems to require in order to stay on top. Google founders Larry Page Sergey Brin could arguably be the next major players after the ones that actually started the hype of the technological era. More recently however, new faces have come up. Two of these are as follows: Technology: Youtube Description: Videosharing website that allows its user to upload, view and share audio visual clips. Popularity: Close to 8 million hits per day. YouTube was founded by Chad Hurley, Steve Chen, and Jawed Karim, who were all early employees of PayPal. Prior to PayPal, Hurley studied design at Indiana University of Pennsylvania. Chen and Karim studied computer science together at the University of Illinois at Urbana-Champaign. The domain name â€Å"YouTube.com† was activated on February 15, 2005, and the website was developed over the following months. The creators offered the public a preview of the site in May 2005, and six months later, YouTube made its official debut. Youtube became on of the fastest growing websites and even outpaced Myspace at this. Its business model is an advertising based revenue model where users clicking on ads are the source of revenue. This was an innovative idea and developed by the three youngsters with Chad Hurley being the Chief Executive Office and Steven Chen being the chief technology officer. Hurley, Chen and Karim got their start in the business world during the dot-com bubble and the bust that followed. Their venture money came in part through their connection to Roelof Botha, the South African former PayPal CFO. YouTube was born when the founders wanted to share some videos from a dinner party with friends in San Francisco. Sending the clips around by e-mail was not possible because they kept bouncing for being too big. Posting videos online wasn’t feasible either as no website allowed it. In 11 months the site became one of the most popular on the Internet because the founders designed it so people can post almost anything they like on YouTube in minutes. Steve Chen grew up in Taiwan until the age of 15, when his family immigrated to the United States. He attended high school at John Hersey High School as well as the Illinois Math and Science Academy and college from the University of Illinois at Urbana-Champaign. In June 2006, Chen was named by Business 2.0 as one of the â€Å"The 50 people who matter now† in business. Hence the person to look out for would be Steve Chen. Karim had a lesser role as he developed the website but was an advisor by the end. Their dreams were realized when Google bought Youtube for a whooping $1.6 Billion and made them the modern entrepreneurs of today. Technology: Fecebook Description: English social networking website. Popularity: Close to 8 million hits per day. The site was founded as Thefacebook in February 2004 by college sophomore Mark Zuckerberg at Harvard University with technical support from Andrew McCollum and financial support from Eduardo Saverin. The site was founded as Thefacebook in February 2004 by college sophomore Mark Zuckerberg at Harvard University with technical support from Andrew McCollum and financial support from Eduardo Saverin. Zuckenberg was not a new player in the field however. In 2003, Zuckerberg and friend Adam D'Angelo launched the Synapse Media Player. The player received high acclaim in its ability to predict songs to play based on the user's previous selections. Several software companies, including Microsoft, expressed interest in the player, though no formal deal was made. This is similar to the way Bill Gates was in his younger years; attaining acclaim as an avid programmer and being noticed by firms like IBM. Hence, it can be safely said that people like Steve Chen and Mark Zuckerberg are the modern day equivalent of Bill Gates and Steve jobs. They might not be as exceptional nor are their innovations as far reaching as Windows or iPod, they still are the current knights of the technological era and have done what their predecessors did before them; create something exceptionally unique with the ability to influence people internationally. References: Grossman, L. (2006). Time: Best Inventions, 2006. Retreived, March 22, 2007 from, http://www.time.com/time/2006/techguide/bestinventions/inventions/youtube.html Grynbaum M. (2004). Mark E. Zuckerberg ’06: The whiz behind thefacebook.com. Retreived, March 22, 2007 from, http://www.thecrimson.com/article.aspx?ref=502875

The Fundamentals of Order Custom Papers Revealed

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Cva Ischemic Stoke - 1522 Words

CVA Patients Profile Patient name: ABC Age: 32 yrs. Old Sex: Male Date of Admission: February 07, 2013 Admitting diagnosis: CVA prob. Thromboembolic Infarct GCS: 11 (Lethargic) V/S taken as follows: BP= 110/80 mmHg RR= 24 CPM PR= 82 BPM Temperature= 38.0 Í ¦C Patient’s History * Past medical history of Bell’s Palsy * Mild Stoke Introduction Cerebrovascular accident (CVA) or Stroke, is the rapid loss of brain function due to disturbance in the blood supply to the brain. This can be due to ischemia (lack of blood flow) caused by blockage (thrombosis, arterial embolism), or a hemorrhage. As a result, the affected area of the brain cannot function, which might result in an inability to move one or more limbs†¦show more content†¦These findings most likely to lead to the correct identification of a case of stroke increasing the likelihood when at least one of these is present. While these findings are not perfect for diagnosing stroke, the fact that they can be evaluated relatively rapidly and easily make them very valuable in the acute setting. ROSIER (recognition of stroke in the emergency room) Is a scoring system, based on features from the medical history and physical examination. For people referred to the emergency room, early recognition of stroke is deemed important as this can expedite diagnostic tests and treatments. Clinical Manifestation * Numbness or weakness of the face, arm, or leg, especially on one side of the body (Hemiparesis) * Confusion or change in mental status * Trouble speaking or understanding speech (Aphasia, Dysarthria) * Visual disturbances/ visual field deficits * Difficulty walking, dizziness, or loss of balance or coordination * Sudden severe headache Visual Field deficits * Homonymous hemianopsia * Loss of peripheral vision * Diplopia Motor Deficits * Hemiparesis * Hemiplegia * Ataxia * Dysarthria * Dysphagia Sensory Deficits * Paresthesia (occurs on the side opposite the lesion) Verbal Deficits * Expressive aphasia * Receptive aphasia Cognitive Deficits * Short and long-term memory loss * Decreased attention span * Impaired ability to concentrate *Show MoreRelatedA Short Note On Transient Ischemic Attack899 Words   |  4 PagesTIA or transient ischemic attack is the result of a temporary interruption of blood flow to part of the brain, spinal cord or retina. This is can cause stroke like symptoms, but does not damage to the brain cells or cause the person permanent damage. Although, the symptoms of a TIA are similar to that of a stroke such as numbness one side of the body or muscle weakness, difficulty speaking or understanding speech, loss of balance or dizziness and double visions or difficulty seeing out of one orRead MoreCerebral Vascular Accident ( Cva )916 Words   |  4 Pages Cerebral Vascular Accident April Williams HS200, Section # 01 Unit 4 Capstone Project: Cerebral Vascular Accident (CVA) Kaplan University 08/03/2015 â€Æ' Cerebral Vascular Accident also known as a stroke, happens when the artery that supplies the blood flow to your brain becomes substantially blocked or completely blocked (Overview - Stroke - Mayo Clinic, 2015). Without adequate blood supply the brain cells begin to die or become damaged. It is very important to get medical assistance as soon asRead MoreStroke also known as cerebrovascular accident (CVA), cerebrovascular insult (CVI), or a brain600 Words   |  3 PagesStroke also known as cerebrovascular accident (CVA), cerebrovascular insult (CVI), or a brain attack. A brain attack is the loss of brain function by the cause of disturbance in the blood supply to the brain. This disturbance occurs due to either one of two causes which are ischemia (lack of blood flow) or a hemorrhage (high increase of blood flow directly into brain; parenchyma or into the subarachnoid space which surrounds the brain with tissue). Ischemia is a formation by a blood clot that isRead MoreSymptoms And Tr eatments Of A Stroke1286 Words   |  6 Pagessignificant amount. This statistic only counts the stroke victims that die, but many stroke victims survive with few as well as major issues leading to a compromised life after. So what is a stroke? A stroke also known as Cerebrovascular accident (CVA) happens when there is a loss of blood supply to the brain. In the following we will be looking at the history of the disease, suspected causes, symptoms and treatments. Before we go into the history of a stroke take some time to look at the populationRead MoreA Study On A Cerebral Vascular Accident1464 Words   |  6 Pagescalled a stroke, CVA, or brain attack. The majority of patients who have had a stoke will have another one within one year. Stoke tend to occur more often in the southern United States also known as the â€Å"stroke belt†. This may be related to the larger number of elderly, tobacco use, and obesity. A cerebral vascular accident ranks high in the major leading causes of death in the United States, and it happens nearly every four minutes. There are three different types of stroke ischemic, hemorrhagicRead MorePathogram: Chronic Respiratory Failure Essays7624 Words   |  31 Pages|-Tracheostomy: to prevent closure of airway because of patient’s chronic respiratory failure and | |was brought to the ER from home by his family |little oxygen passes from the lungs into the blood or when |paralysis of throat muscles secondary to past CVA. | |who care for him. The patient’s family found him|the lungs are unable to properly remove CO2 from the |-Trach collar with 40% O2:To maintain adequate oxygenation. Read MoreThe Biological and Psychological Impact of Smoking Cigarettes4626 Words   |  19 Pagesbecause of smoking, it becomes damaged and produces chest pain. The disease cerebrovascular accident(CVA), more commonly known as stroke is a life threatening event in which part of the brain is not receiving enough oxygen and there is a sudden loss of brain function. It occurs when oxygenated rich blood that supplies part of the brain is suddenly interrupted(ischemic stroke). This happens because a small free floating clot or particle, known as embolism, which is travelling

All for One - 1927 Words

Team F | FastCat | Compensation and Rewards | | Spring 2011 | Intro FastCat’s priority is to increase revenue and the new pay structure will accomplish that goal in the long run. The new, cost containment, policy rewards, among other things, behavior aligned with FastCat’s objectives. This in turn will increase revenue, innovation, and customer satisfaction. This new system will need to be assessed over time to make improvements. Choosing a multiple job structure with a person-based pay will allow FastCat to utilize a hybrid structure. We have decided to lead with pay in the more critical jobs and match with the remainder jobs which include low skill or are entry level positions. We have assessed present salaries, created a†¦show more content†¦To offset this, we have designed a merit and bonus plan. Merit Plan The merit pay will increase FastCat expenses; however, it will be worth the cost as the employees who received pay increases will receive raises based on merit. Only 68% of FastCat’s employees will receive merit pay; that is a $28,769 increase. Providing bonuses for workers, who perform their jobs effectively, according to measurable criteria, should increase overall performance within FastCat. According to the original merit plan, the rating system used valid and valuable criteria but the uneven distribution suggested its extreme leniency. Over 68% of the employees exceeded expectations (Appendix 3.2.1 – 3.2.2). To correct this, FastCat should implement a 360 degree feedback program. This will not only encourage teamwork, but it will give employees clarity and challenge them to improve. This directly supports FastCat’s goals of controlling costs, increasing revenue, and creating a team oriented culture The new merit distribution is stricter and has a forced distribution that should help control costs (Appendix 3.2.3). Indeed, merit plans are susceptible to bias. If this occurs, FastCat should consider hiring outside auditors to assess individuals at the company. For now, the 360 degree program should prevent and/or alleviate such issues. Communication is key in implementing this new plan as sometimesShow MoreRelatedAll for One and One for All in the Declaration of Independence796 Words   |  4 Pagesworld, informing it of the intentions of the colonies. These intentions are presented in a list, ranging from absolv[ing] from all Allegiance to the British Crown to hav[ing] full Power (U.S. 1776). The list progresses in a specific manner, starting with what the colonies must do first and moving on to the following goals that can only be reached if the preceding one is accomplished. The final touch that really strengthens the Declaration of Independence is the signatures that follow the conclusionRead MoreThey Used to Call Me Piggy796 Words   |  3 Pagesis considerably the most realistic one on the island. Piggy is the boy whose real name is never mentioned; however, his real name is not as symbolic as the nickname--Piggy-- that he has been given. Clearly, the name describes his character’s physical stature, and the boys judge him accordingly. Immediately, the boys write him off as the â€Å"fat kid† who is a burden to their circumstance. Despite his identity given from his appearance, he is the most realistic one on the island. Piggy’s propensity toRead MoreHow The Hijab And Factors That May Influence A Teenager1346 Words   |  6 Pagesin all honesty, I don t know. Is it out of habit? Modesty? Guilt? Maybe it s all of these things. Maybe it s none. I m writing this in selfish hope that I ll be able to find my own answers to those nagging questions that live inside my head and threaten to show themselves at moments when I least expect them - on the bus going to school, in the middle of cleaning my room, during the sleepless hours of the early morning. Questions that I’ve evaded and disregarded. Up until now that is. One thingRead MoreDesktops And All Of One Pcs Essay1566 Words   |  7 PagesPersonal Computers Figure 3: J McArthur, (2014), All in One PC [ONLINE]. Available at: http://www.techreviewer.co.uk/2015-time-to-kiss-your-desktop-goodbye/ [Accessed 9 November 2016]. Desktops and All in One PCs Next, desktops are electronic computer systems that stay in one location for quite a while and only moved if needed to reduce space, the whole reason they are justified as desktop personal computers is they stand statically on top of a desk hence the identity. Desktops can be categorisedRead MoreWe Are All One Essay1923 Words   |  8 Pagesthe Prophet Muhammad exemplifies his status as a role model for Muslim societies and individuals. His life is one that was dominated by morals and good habits. The Qu’ran is considered to be sacred to Muslims. 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Bus405 Final Project Free Essays

string(224) " heavy emphasis on small-capitalization stocks or growth stocks with relatively high market valuations; holdings of international stocks or bonds, which are subject to price declines caused by changes in the value of the U\." Final Project Ashford University Trena Mealor Dr. James Prentice August 27, 2012 ? Final Project Investing in the total stock market allows an investor to capture the return of the stock market while at the same time diversifying an investment portfolio. The easiest way to build a total stock market portfolio is with a mutual fund or an exchange traded fund. We will write a custom essay sample on Bus405 Final Project or any similar topic only for you Order Now This particular portfolio is diversified with Vanguard ETF’s that were carefully chosen to seek the highest return with moderately aggressive to aggressive risk strategy. The investment strategy associated with this portfolio is short-term with an aggressive attitude of â€Å"more risk more reward†. 7/24 priceInvestment Amount# of Shares8/13 priceValue Vanguard Consumer Discretionary ETF – (VCR)67. 8910000147. 2970971. 7410567. 0932 Vanguard Financial ETF – (VFH)30. 2510000330. 578531. 5810439. 6690 Vanguard Growth ETF – (VUG)66. 9110000149. 454570. 4810533. 5531 Vanguard Information Technology ETF – (VGT)66. 9310000149. 409871. 7710723. 1413 Vanguard Intermediate-Term Corporate Bond ETF – (VGIT)86. 9410000115. 154386. 579968. 9077 50,00052232. 36 Exchange Traded Funds, also known as ETFs, are mini-portfolios of securities and derivatives that track an asset like an index and/or commodity. When creating a portfolio, it is important to note that there is a difference between diversifiable risk and market risk. According to Elton (1977), diversifiable risk may be caused by random events that are particular to an individual firm. Since these events are random, the influence of events, such as a lawsuit or strike can be almost eliminated via diversification. However, diversification cannot entirely eliminate market risk. Market risk ffects most firms. Examples of market risk include war, recessions and high interest rates. By researching the portfolio funds, the investor can gain an understanding of risk and how it fits into diversification. A single stock has more risk of not creating a positive return than a stock portfolio. In a market dominated by risk-averse investors, riskier securities must have higher expected returns Ross , Westerfield Jordan (1993) indicates, the principle of diversification tells us that the spreading of an investment across a number of assets will eliminate some but not all the risk. Unsystematic risk is essentially eliminated by diversification, so a relatively large portfolio has almost no unsystematic risk. Ong (1982) mentions that diversification can reduce the overall portfolio risk. However, the possibility for the risk reduction depends on the correlation coefficient and the proportion of the total funds invested in each. According to Jordan, etal (2012), the benchmark for a well-diversified portfolio would be a portfolio of all stocks in the market. Relevant market risk of the stocks within the portfolio is calculated using a beta coefficient. Accordingly, a stock with a high beta will bring a lot of risk to the portfolio. The authors further explain, as you calculate the beta for various stocks, you may begin to see groupings of low, average and high beta risk. Beta measures the stock’s risk relative to the stock market average. Calculate the weighted average of these groupings, and you will discover the market risk for the entire portfolio. A â€Å"low† beta is generally 1. 0 or below. The average beta is 1. 00 and assets with a beta greater than 1. 00 have more than average systematic risk. Rosenberg and Guy (1995) further explain the importance of beta as the value of beta measures the expected response to market returns and because the vast majority of returns in diversified portfolios can be explained by their response to the market, an accurate prediction of beta is the most important single element in predicting the future behavior of a portfolio. To the degree that one believes that one can forecast the future direction of market movement, a forecast of beta, by predicting the degree of response to that movement, provides a prediction of the resultant portfolio return. To the degree that one is uncertain about the future movement of the market, the forecast of beta, by determining one’s exposure to that uncertainty, provides a prediction of portfolio risk. We begin with the first description of the portfolio. Unlike mutual funds or index baskets, the investor does not have to make multiple transactions in order to achieve a market price. With ETFs it’s one trade, one price. The first fund in this portfolio is Vanguard Consumer Discretionary ETF. From July 24, 2012 to August 13, 2012 the value has risen from $67. 9 to $71. 14. The annual investment returns of this ETF are: Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Consumer Discretionary ETFSpliced US IMI Consumer Discr 25/50* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20112. 28%1. 42%3. 71%3. 70%3. 83% 201029. 30%1. 27%30. 57%30. 62%30. 87% The Vanguard Consumer Discretionary ETF is generatin g 0. 16% of daily returns assuming volatility of 0. 71% on return distribution over 30 days investment horizon. MERGENT online indicates, the one month beta on this investment is 1. 03. This EFT includes stocks of companies that manufacture products and provide services that consumers purchase on a discretionary basis. The following risks are associated with this type of ETF: Stock market risk, Sector risk, Non-diversification and Investment style risk (Vanguard, 2012). Vanguard Consumer Discretionary ETF fund’s manufacturing segment includes the following industries: automotive, household durable goods, textiles and apparel, and leisure equipment. The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing. The next fund in this portfolio is Vanguard Financial ETF, which includes stocks of companies that provide financial services. The investment has a one month beta of 0. 73 which indicates that the investment is 73% less risky than the average. This ETF fund is classified as aggressive is subject to extremely wide fluctuations in share prices. The unusually high volatility associated with these funds may stem from one or more of the following strategies: a concentration of fund holdings in a relatively low number of individual stocks, or in a particular sector of the stock market, or in a particular geographical region of the world; a heavy emphasis on small-capitalization stocks or growth stocks with relatively high market valuations; holdings of international stocks or bonds, which are subject to price declines caused by changes in the value of the U. You read "Bus405 Final Project" in category "Papers" S. ollar against foreign currencies; or investments in bonds that have exceptionally long average durations, whose prices are highly sensitive to changes in interest rates. According to the Wall Street Journal online, the annual investment returns of this ETF: Annual investment returns as of 12/31/2011 (Vanguard, 2012): Year EndedVanguard Financials ETFSpliced US IMI Consumer Discr 25/50* Capital Return by NAVIncome Retur n by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 2011-16. 04%1. 69%-14. 35%-14. 35%-14. 24% 201013. 15%1. 58%14. 74%14. 77%14. 7% Vanguard Financials ETF seeks to track the investment performance of the MSCI US Investable Market Financials 25/50 Index, a benchmark of large-, mid-, and small-cap U. S. stocks in the financials sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, financial investment, and real estate (including REITs). The next ETF in this portfolio is the Moderately-Aggressive Vanguard Growth ETF with a closing price of $66. 91 on July 24, 2012 and an ending close of $70. 48 on August 13, 2012. The one month beta on this investment is 0. 99 with a positive strong direction. Annual investment returns as of 12/31/2011 (Vanguard, 2012): Year EndedVanguard Growth ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20110. 0%1. 27%1. 87%1. 84%1. 96% 201015. 66%1. 46%17. 11%17. 15%17. 23% An investment in this the fund could lose money over short or even long periods. The investor should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share price because they hold virtually all of their assets in common stocks. In general, such funds are appropriate for investors who have a long-term investment horizon (ten years or longer), who are seeking growth in capital as a primary objective, and who are prepared to endure the sharp and sometimes prolonged declines in share prices that occur from time to time in the stock market. This price volatility is the trade-off for the potentially high returns that common stocks can provide. The level of current income produced by funds in this category ranges from moderate to very low. The type of risks associated with this investment is: stock market risk and investment style risk. The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market. The chance that returns from large-capitalization growth stocks will trail returns from the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. The next investment in the portfolio is Vanguard information technology ETF. This ETF seeks to track the performance of a benchmark index that measures the investment return of stocks in the information technology sector. With a one month beta of 1. 1, this fund is passively managed, using a full-replication strategy when possible and a sampling strategy if regulatory constraints dictate. Includes stocks of companies that serve the electronics and computer industries or that manufacture products based on the latest applied science. The risk potential for this fund is aggressive, more risk more reward. Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Information Technology ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 2011-0. 28%0. 80%0. 52%0. 53%0. 66% 201012. 08%0. 66%12. 74%12. 67%12. 99% Vanguard Information Technology ETF is made up of companies in the following three general areas: technology software and services, including companies that primarily develop software in various fields (such as the Internet, applications, systems, databases, management, and/or home entertainment), and companies that provide information technology consulting and services, data processing, and outsourced services; technology hardware and equipment, including manufacturers and distributors of communications equipment, computers and peripherals, electronic equipment, and related instruments; and semiconductors and semiconductor equipment manufacturers. Vanguard Intermediate-Term Corporate Bond ETF which seeks to provide a moderate and sustainable level of current income. Invests primarily in high-quality (investment-grade) corporate bonds. Moderate interest rate risk, with a dollar-weighted average maturity of 5 to 10 years. Vanguard Intermediate-Term Corporate Bond ETF seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity. The fund invests by sampling the index, meaning that it holds a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Intermediate-Term Corporate Bond ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20113. 77%4. 17%7. 94%8. 97%8. 03% 20106. 16%4. 48%10. 65%9. 88%10. 80% All of the fund’s investments will be selected through the sampling process and at least 80% of the fund’s assets will be invested in bonds included in the index. The fund maintains a dollar-weighted average maturity consistent with that of the index. An investment in the fund could lose money over short or even long periods. The fund’s performance could be hurt by: Interest rate risk: The chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be moderate for the fund because it invests primarily in intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds. Income risk: The chance that the fund’s income will decline because of falling interest rates. Credit risk: The chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index. Index sampling risk for the fund should be low. Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Intermediate-Term Corporate Bond ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20113. 77%4. 17%7. 94%8. 97%8. 03% 20106. 16%4. 48%10. 65%9. 88%10. 80% ETFs combine the advantages of both index funds and stocks. They are liquid, easy to use and can be traded in any quantity just like stocks. At the same time an ETF provides the diversification, market coverage and low expenses of an index fund. These characteristics combine to create an investment tool that provides investors with the broad exposure they require, at the level they want; at the moment they need it. As such, they are fast gaining a reputation as an innovative investment solution – a claim greatly supported by the accelerated growth in ETFs. Reference Elton, E, Gruber, M. (1977), Risk, reduction and portfolio size: an analytical solution. Journal of Business. Vol. 50, 415-437. Hope-Bell, E. (2008). Focus on: Index investing – exchange traded funds – an innovative investment solution. Professional Wealth Management, , 1-n/a. Retrieved from http://search. proquest. com/docview/205081570? accountid=32521 Jordan, B. , Miller, T. , Dolvin, S. (2012). Fundamentals of investments, valuation andmanagement (6th ed. ). New York, NY: McGraw-Hill. MERGENT Online. Retrieved from http://www. mergentonline. com/companydetail. php? pagetype=highlightscompnumber=116548 Ong, Poh Wah (1982). Measuring the expected return and risk of combining several shares in an investment portfolio. Securities Industry Review. Vol. 8, No I, 6-16. Rosenberg, B. , Guy, J. (1995). Prediction of beta from investment fundamentals. Financial Analysts Journal, 51(1), 101-101. Retrieved from http://search. proquest. com/docview/219118485? accountid=32521 Ross, S. , Westerfield, W. , Jordan, B. (1993). Fundamentals of corporate finance, 2nd ed. , Richard D. Irwin, Inc. https://personal. vanguard. com/us/home Vanguard (2012). Retrieved from https://personal. vanguard. com/us/home Wall Street Journal online. (2012). Retrieved from http://online. wsj. com/home-page How to cite Bus405 Final Project, Papers

Corruption In Government Business Busidate †Myassignmenthelp.Com

Question: Discuss About The Corruption In Government Business Busidate? Answer: Introducation Australia was ranked 13th in the transparency Internationals global corruption index in the for the second year. This index evaluates the perception of corruptions that occur in public service. Major forms of corruption are related to mining industry and foreign bribery in Australia. Corruption has the potential to create catastrophic harm to the overall economic growth of the country. This essay aims to illustrate the various bribing scandals that occurred in Australia and the anti-corruption polcies and legislation that need to be enforced. Professor AJ Brown is a member professor of the Transparency International Australia board."We have every reason to be concerned that next year, unless we start to take some concrete steps to build international confidence, then this may just have just been a little step on a continued way down," Professor Brown said (Direct quote). One of the corruption case was noted when a scandal took place where two firms owned by the Reserve Bank of Australia called the Securency and Note printing Australia were charged with the case of bribing foreign officials so that they can win back note contracts in the year 2013 (ABC News 2017) (News article). Many researchers are of the opinion that illicit flow of funds into Australia and particularly from Asia has been one of the significant problems for which proper laws need to be places with correct transparency (Watt 2015). Moreover, there are two important Australian companies who have embroiled in the different bribery scandals which reach into the offices of the presidents of Sri Lanka as well as the Republic of Congo. These organizations are believed to have been engaged in multimillion dollar contracts (ABC News 2017) (News article). It has been found that Perth based mining industry called the Sundance Resources had bribed the leaders of the Republic of Congo since they required presidential approval in 2007 as they were in need of the Africas most ambitious iron projects of Australia. When the Australian Federal police had conducted an investigation, it showed that a secret share of deal which had a worth of millions of dollars was brokered with the son of Congos despotic president namely Denis Sassou Nguesso. In this regard, the company had successfully captured the presidents support for backing up the project (Belasen and Toma 2015). Another important scandal came into news which included iconic Snowy Mountains Engineering Company (SMEC). The overseas staff of the organization has bribed the officials to secure a $ 2.3 million aid-funded sewerage project in the nation of Sri Lanka in the year 2011. Not only that, they developed a partnership with the Canadian company and together bribed a $ 2.2 million power plant project in the nation of Bangladesh on the year 2007 (Nick McKenzie, 2017). A deal was signed with the Sri Lankan cabinet minister called Mr. Sirisena who was given bribes from the Australian company in the form of donations for which Sirisena would approve the awarding of the dam contract to the organization (ABC News 2017) (News article). Another corruption which had shook the business world of the nation is the scandal of the head of the Primary healthcare namely Peter Gregg as well as his former employer Leightons Holdings and engineering group called WorsleysParsons getting involved in Bribery and corruption. Gregg was found to make a whopping payment of $ 15 million which he claimed to be a legitimate payment but could not prove it (Nick McKenzie 2017). Tabcorp had been also in vestigated by the Federal police as it was engaged in bribing the Cambodian prime minister when the company wanted to get gaming license in the country (Breen et al. 2017) (Academic journal). It is seen form from the discussion that there are many organisations as well as the people who are facing the corruption on the daily basis. In most of the cases it has been seen that a company might be asked by a government official of a foreign country for payment or amount of money in order to pass a licence which will help the organisation to sell a product to consumers there. there are times when the company can only enter into a potential growth markets if they do not provide money to the official. This has been a common form of corruption in the present day and there should be proper solution for it. Effective leadership in today's environment is extremely important where the corruption is prevalent. By participating in different kinds of training activities as well as setting the organisations code of ethics, the leader can set up an example for the employees. This example would be helpful in serving as a reference point for the employees as to how they should act ethically when such a challenging situation arises. Battling corruption does not only include complying with the laws and staying out for being discussed in the headlines. The main importance of battling corruption is that it has a requirement from the leaders to demonstrate activities as well as physical commitment for dealing with the case. In order to achieve this the leaders need to be engaged with their organisations processes of anti corruption. In course of time when this process becomes outdated it is necessary for the leaders to take initiative for their improvement. The leaders should remember that they would be the principal figures who will set the tone of the organisation order to properly establish the examples of ethical conduct. They must be the person who would be able to answer all the difficult questions of the employees as well as the business partners. And other important thing that the leadership keep an eye on is to help the policy makers in adopting tougher laws and re gulations and should step up for their efforts to combat the problem.Ethical behaviour should be the foundation of the initiative and should undertake good corporate governance.They should also encompass business practices at different levels that start from board as well as to employee levels. Both the board and the employees take initiative individually from their own sides to stop corruption (Belasen and Toma 2015). Boards should play an important role by developing incentive structures for the employees which would help to support and ethical leadership and it among senior management. As is seen from the discussion that Global leaders are mainly in the front lines of the battle against production. It is in their hands that they should publicly support anti-bribery laws and speak out against corruption practices. They should also make sure that this that the right to which would ensure that each employee would understand the different types of conduct that are acceptable and thos e which should not be accepted. The leaders should demonstrate their commitment to act against bribery by ensuring that the company address even the minor of the details. This initiative of the leaders should include a thorough background check on suppliers as well as taking the reference checks during the different types of hiring processes. The chairman of Transparency International's Australian subsidiary called Mr. Whealy are of the opinion that unless the anti money laundering regime cannot be developed by Australia, it would continue to fall in the different corruption rankings (Indirect quote). Brown had also stated that "The big gap is in the lack of a federal anti-corruption agency to really cover the gaps that we know exist in terms of public officials and parliamentarians being covered by the right sort of oversight," (direct quote). He had stated that there is urgent need to develop a better vision and there is also an urgency to control the source form where money is coming from. A number of strategies should be initiated by the government with strictness in action. Firstly, there should be proper policies which should be up to date, relevant as well as tailored for the organization as well as to the industry where it operates. Secondly the procedures should be well documented with audited for compliance (Had dad 2017) (Academic journal). Thirdly, a proper culture with top down and bottom up would help in the promotion of transparency and also reward those which identify the corruption and fraud. This would also take steps to protect those who had come forward form adverse action. Fourthly, a proper framework for fraud and corruption control which is necessary for the effective management of the situation is necessary. This would also assign responsibility and also outline the obligations of key stakeholders. Fifthly, a 24/7 hotline for the whistleblowers should be provided with protected disclosure policy. Proper employment screening should also be conducted would be conducted following proper rules. Training should also be conducted which would be tailored as well as relevant and delivered not only at the time of induction but on an ongoing basis (ABC News 2017) (News Article). It shouldbe noted that leadership and proper corporate governance are not the ultimate solution to production process but with proper values and commitment to different kinds of ethical standards, they can help to create a wonderful walking place where corruption becomes the exception rather than the goal followed. Policy and enforcement efforts should be continued so that there can be the shift of the landscape of compliance for different kinds of Global Business leaders. In today's world it is much easier to remain connected and therefore each and every business leaders should carry great power and influence the way others can conduct business. The organisational culture should be developed by them by installing ethics and compliance and by promoting core values setting proper Expectations and providing various kinds of incentive. All these measures would ultimately help in going a long way for achieving the best productivity of the organisation and also help in developing innovate , a creative job and promotion of fair and dynamic markets. It is extremely important for the administrative bodies and the Australian federal police to take important initiatives like proper policy, harsh punishment, greater penalties, as well as the respective organizations to implement strategies to reduce corruption at both the levels in Australia. References ABC News. 2017.Australia fails to improve ranking in global corruption index. [online] Available at: https://www.abc.net.au/news/2017-01-25/australia-fails-to-improve-ranking-in-global-corruption-index/8212226 [Accessed 19 Sep. 2017]. (https://www.abc.net.au/news/2017-01-25/australia-fails-to-improve-ranking-in-global-corruption-index/8212226) Belasen, A.T. and Toma, R. eds., 2015.Confronting Corruption in Business: Trusted Leadership, Civic Engagement. Routledge. (https://books.google.co.in/books?hl=enlr=id=QbE0CwAAQBAJoi=fndpg=PP1dq=Belasen,+A.T.+and+Toma,+R.+eds.,+2015.+Confronting+Corruption+in+Business:+Trusted+Leadership,+Civic+Engagement.+Routledge.ots=NylcSIFOzXsig=nlIuSXEW2PF1tJfKc35CjphaL7E#v=onepageq=Belasen%2C%20A.T.%20and%20Toma%2C%20R.%20eds.%2C%202015.%20Confronting%20Corruption%20in%20Business%3A%20Trusted%20Leadership%2C%20Civic%20Engagement.%20Routledge.f=false) Breen, M., Gillanders, R., McNulty, G. and Suzuki, A., 2017. Gender and corruption in business.The Journal of Development Studies,53(9), pp.1486-1501. (article provided b1) Eicher, S. ed., 2016.Corruption in international business: The challenge of cultural and legal diversity. CRC Press. https://books.google.co.in/books?hl=enlr=id=na8oDAAAQBAJoi=fndpg=PP1dq=Eicher,+S.+ed.,+2016.+Corruption+in+international+business:+The+challenge+of+cultural+and+legal+diversity.+CRC+Press.ots=Xe3G-fyNK7sig=m1ZYOzirtF4f6ocJuseRWCxsOH0#v=onepageqf=false Haddad, C., 2017. Foreign Direct Investment Regulation, Business Taxes, and Corruption: Cross-Country Study of Foreign Bank Presence. Nick McKenzie, R. 2017.Australian companies linked to bribe scandals in Sri Lanka and Congo. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/business/australian-companies-linked-to-bribe-scandals-in-sri-lanka-and-congo-20160823-gqyzlp.html [Accessed 19 Sep. 2017]. (it is a news article) https://www.smh.com.au/business/australian-companies-linked-to-bribe-scandals-in-sri-lanka-and-congo-20160823-gqyzlp.html Watt, B., 2015. Corruption in government and business.Busidate,23(2), p.5. (It has to be bought by the student as it is a paid text book)