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Mgmt 404 All Discussion Week 1 to 7 - 637 Words

MGMT 404 ALL DISCUSSION WEEK 1 TO 7 To purchase this visit following link: http://www.activitymode.com/product/mgmt-404-all-discussion-week-1-to-7/ Contact us at: SUPPORT@ACTIVITYMODE.COM MGMT 404 ALL DISCUSSION WEEK 1 TO 7 MGMT 404 All Discussion Week 1 To 7 MGMT 404 Week 1 DQ 1 Case Study: A Day in the Life MGMT 404 Week 1 DQ 2 Case Study: Moss McAdams Acc. Firm MGMT 404 Week 2 DQ 1 Project Scope MGMT 404 Week 2 DQ 2 Case Study: Sharp Printing AG MGMT 404 Week 3 DQ 1 Project Schedule MGMT 404 Week 3 DQ 2 Risk Management MGMT 404 Week 4 DQ 1 Managing Resource Constraints MGMT 404 Week 4 DQ 2 Reducing Project Duration MGMT 404 Week 5 DQ 1 Project Baseline MGMT 404 Week 5 DQ 2 Project Communication MGMT 404 Week 6 DQ 1†¦show more content†¦MGMT 404 ALL DISCUSSION WEEK 1 TO 7 To purchase this visit following link: http://www.activitymode.com/product/mgmt-404-all-discussion-week-1-to-7/ Contact us at: SUPPORT@ACTIVITYMODE.COM MGMT 404 ALL DISCUSSION WEEK 1 TO 7 MGMT 404 All Discussion Week 1 To 7 MGMT 404 Week 1 DQ 1 Case Study: A Day in the Life MGMT 404 Week 1 DQ 2 Case Study: Moss McAdams Acc. Firm MGMT 404 Week 2 DQ 1 Project Scope MGMT 404 Week 2 DQ 2 Case Study: Sharp Printing AG MGMT 404 Week 3 DQ 1 Project Schedule MGMT 404 Week 3 DQ 2 Risk Management MGMT 404 Week 4 DQ 1 Managing Resource Constraints MGMT 404 Week 4 DQ 2 Reducing Project Duration MGMT 404 Week 5 DQ 1 Project Baseline MGMT 404 Week 5 DQ 2 Project Communication MGMT 404 Week 6 DQ 1 Case Study: Western Oceanography Institute MGMT 404 Week 6 DQ 2 Case Study Kerzner Office Equipment MGMT 404 Week 7 DQ 1 Case Study: Buxton Hall MGMT 404 Week 7 DQ 2 Case Study: A Day in the Life revisited Activity mode to provide quality study notes and tutorials to the students of MGMT 404 All Discussion Week 1 To 7 in order to ace theirShow MoreRelatedGainesboro Machine Tools Corporation9292 Words   |  38 Pagesfinance this growth through a public offering of equity. 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Commitment and Work Engagement of Public †MyAssignmenthelp.com

Question: Discuss about the Commitment and Work Engagement of Public. Answer: Introduction Organization development refers to the successful change in an organizational performance. However, in an organization change is required to influence the worker behavior and motivation process. In order to bring development in an existing system, change is crucial in an organization. Chang is associated with the improvement of knowledge management, learning process and organizational values and norms (Woodcock, 2017). Organizational development is associated with the ongoing systematic process to implement effective change in the organizational system. This study deals with the organizational development in the context of IGA store, which is a U.S based grocery store. Organizational developmental needs focus on the requirements to meet the future needs of an organization. However, IGA is a U.S based grocery stores and it is operating in many small towns of various countries. In Australia IGA has stores and it is operating as a franchise. In the recent years, huge competition is the major issue for IGA in the global market as well as in Australian supermarket segment. Aldi and Woolworths are the major competitors of IGA in Australian grocery market (News.com.au, 2017). In order to compete in the global market, IGA needs organizational development. To understand the business developmental needs in the organization To make a plan to give shape the developmental needs To take necessary actions to implement the organization developmental needs in IGA store Skill development need is one of the major needs of organizational development. In order to gain competitive advantages, it is crucial for an organization to identify the training need of the staffs (Bolman Deal, 2017). In the context of IGA store, they are facing huge competition in the global market. For this reason, they need to improve the knowledge of the employees and enhance their learning ability. However, training includes workshops, general management training, and conduction of the learning program to understand the skill gaps of the employees. IGA needs to invest to establish the learning needs to achieve a better outcome from their business. Organization of the training in a planned process will be helpful for IGA to meet the learning needs of the employees. One of the most important skills that need to develop is the communication skill. However, the training process within the IGA should focus on the development of the communication skill of their staffs. This will he lp the staffs to focus on the effective communication with the customers to enhance their marketing process. In order to identify the organizational development it is important for IGA to conduct an external audit by the help of audit agencies. Such external agencies will be helpful to reveal the exact needs of the organizational development. Product innovation is crucial to gain competitive advantages in the international market (Baumgartner Rauter, 2017). However, IGA is a grocery store and offers a variety of grocery products to the customers. Hence, bringing innovation in the product feature will make them unique in the global market and lead them to achieve significant success in the business. Product innovation is associated with the analysis of different kinds of information to understand each element of the product development (Serrat, 2017). In the context of IGA, product innovation enables them to carry out market research, target market analysis, identification of the customer preference, use of technology and assessing the manufacturing capabilities. Those ensure the organizational development. Innovation in the food products like in the drink, which is an essential part of the daily life, will be helpful for IGA to improve their business. Production of organic dink will be a new innovation for this organizat ion, which can enhance its business in the global market and the customer domain that are health conscious. Involvement of the third party will be helpful to identify the skill based activity. However, audit process via external agencies will be helpful to reveal the efficiency of the skill of the employees within IGA. Development of the work process Work process analysis is another need for organizational development as it allows the organization to bring change in the operation process (Serrat, 2017). Measuring the quality control process will increase the efficiency and accuracy of the work. In order to analyze the work process KPI will be helpful for IGA (Key performance indicator). This will be effective to measure the performance of the employees during their work. Review of the existing practice and implement of the new policy regarding the workplace are vital for the organizational development (Woodcock, 2017). However, IGA focuses on the good quality food and they try to offer quality food at a reasonable rate. Hence, adoption of the environmental sustainability policy will be effective for such organization to provide service with environment information. This may help them to achieve sustainable development in their business. In order review the existing business process proper monitoring by creating proper documentation will be required. On the other hand, IGA should analyze the business process by reviewing the product outputs, profit margins and performance analysis. Communication plan is an important change management technique. However, it will help IGA to motivate the employees and to implement changes in an organization. Establishing a change management framework and collection of the authentic data is important for the implementation of change (Van der Voet Vermeeren, 2017). Collection of the data enables IGA to find the risk, competition, and opportunity in the current market. Force field analysis highlights the change problem in order to tackle them. On the other hand, culture mapping and devise a project plan are crucial, as culture mapping will help IGA to establish it organizational value, norms and practice while project plan gives an idea of new change management. Four main forms of the consultative process For IGA it is important to give information to in consultative process as it will help the stakeholders to understand the change management process. This will allow the employees to identify the areas which need to be improved. On the other hand, information needs to gather from market research and collaborative work is required to implement changes in the organizational development of IGA. Apart from this, the involvement of the stakeholders in the decision-making proves will be effective to enhance the consultative process. Providing empowerment to the employees is an effective process to involve the stakeholders in the decision making process (Ezeuduji, 2017). Employees waste their valuable time to fight each other in the workplace. Thus, for IGA it is crucial to manage the conflict in the workplace to increase the productivity. On the other hand, often the misunderstanding occurs between the management and the employees that hamper the workflow in an organization. Hence, conflict management will establish a good communication between the employees and the management of IGA. Conflict management also helps the business managers to establish a good relationship between the employees and the management. This will enhance the efficiency of the work and is effective for the organization to meet the business goal (Ashkanasy Dorris, 2017). Work division is one of the main principles of Fayols that highlights if the employees are specialized for a particular work then their working efficiency will be increased (Ehrhart Kuenzi, 2017). For IGA it is crucial for the employees to maintain the discipline in the workplace as it is required for the organizational development. Unity of direction is another important principle of Fayols that will allow the employees to work on the same objectives under the direction of one manager. Remuneration will be effective for IGA to satisfy their employees as employee satisfaction is closely related to organizational development. Maintenance of the equity in the workplace is required for IGA, as managers of this organization should fair with their employees to increase their efficiency. Application of Fayols management principles will be effective for IGA to develop a positive work culture in their organization. Therefore, this will be act as an effective tool for the employee motivation . Role of new legislations in affecting the process IGA is a multinational company hence, in order to get new entry, a new market of a foreign country needs the green signal from the government. On the other hand, the introduction of the new regulation by the Australian government may resist the organizational development as well as the implementation of the new change in IGA stores. However, often government introduces special tax in the foreign business. This will create difficulties for IGA to expand their business outside of their own country (Rofcanin, Las Heras Bakker, 2017). Adhocracy culture is an important type of organizational culture as it provides a dynamic environment in the workplace. In this culture, a long-term goal has been established to create new resources (Ashkanasy Dorris, 2017). Market culture is another effective organizational culture. In this culture, the employees become competitive and focus on their targeted goal. Hierarchy culture focuses on the structured environment of an organization Coordination is the main aim of such culture. Clan culture is a friendly organizational culture focuses on the tradition and the loyalty. This culture aims to develop the long-term human resources. However, in this organizational culture, the needs of the customer is defined and effective service is provided. Normative culture highlights strict regulation in the workplace. However, the employees have to comply with the organizational policies in a proper way. Therefore, Academy culture includes high skilled employees. However, this culture leads t he employees to feel respected in their workplace (Van der Voet Vermeeren, 2017). Increased training is the major aim of such culture. In the context of IGA they should follow clan culture as it will enable them to understand the customer need, which is crucial to bring development to the organization. By following the clan culture IGA will be able to enhance their customer loyalty. This will enable them to meet the needs of the current market and also allows them to retain the existing customer and get new customers. Organizational developmental plan for IGA The aim of the organisational developmental plan is to gain competitive advantage and in the long run become the market leader and in order to achieve this plan some of the points that have to be considered are: Emphasis on skill and performance development of the employees. One of the major strategies is to develop a training program to develop the skill of the employees (Sides, 2017). Conduction of the workshop will be helpful for IGA to enhance the training program. The focus of the company will be to encourage and develop a process of product and service innovation. Innovation and adapting to the changes of the business environment is one of the ways in which a company can gain competitive advantage in the industry. With the help of market research the company can understand the needs and requirements of the consumers and develop products and services accordingly. This will also guide the company in creating new features which will be more users friendly and aligned with the requirements and feedbacks received from the consumers (Mitchell, 2013). The company can incorporate models and theories of operational management in order to increase the efficiency and the performance level of the company, resource allocation should also be effective and should comply with the companys objective. Six sigma or lean production should be implemented by the organisation. Another step that the company should take in order to develop and grow in the industry is to incorporate sustainable measures in the decision and policy making process of the company. This will help the company build a good reputation among the stakeholders. Burke-litwins organisational development theory In this theory he has explained that there are two types of changes that are prevalent in an organisation: First order change- He explains that these are the changes in an organisation that leads to other changes as well. The changes that take place in this process can be divided in two categories transactional change and organisational climate Second order change- these are the changes in an organisation which takes place due to changes that take place fundamentally. This leads to transformational changes in the organisational as well as changes in the organisational culture (Stone, 2015) Conclusion IGA is a grocery store, which requires developmental plan to achieve the competitive advantages in the global market. It has been observed that the company requires skilled labors; hence this is the first step that is required to be taken towards organisation development. This will improve the existing skill of the employees and allow them to compete in the global market. On the other hand, product innovation will enable this organization to make their business unique in the international market. However, for this reason, a particular market research is required. Apart from this organizational operation percess needs to be improved to bring a good working culture in this organization. Financial resources and workforce are required to be managed in a proper way. The development plan that has been described above is a combination of the two types of changes that are discussed in the theory produced by Burke-Litwin. References Ashkanasy, N. M., Dorris, A. B. (2017). Organizational culture and climate. Baumgartner, R. J., Rauter, R. (2017). Strategic perspectives of corporate sustainability management to develop a sustainable organization.Journal of Cleaner Production,140, 81-92. Bolman, L. G., Deal, T. E. (2017).Reframing organizations: Artistry, choice, and leadership. John Wiley Sons. Ehrhart, M. G., Kuenzi, M. (2017). The Impact of Organizational Climate and Culture on Employee Turnover.The Wiley Blackwell Handbook of the Psychology of Recruitment, Selection and Employee Retention, 494-512. Ezeuduji, I. O. (2017). Change management for sub-Saharan Africa's rural tourism development.Current Issues in Tourism,20(9), 946-959. Mitchell, G. (2013). Selecting the best theory to implement planned change.Nursing Management-UK,20(1). News.com.au. (2017).AUSTRALIAS love affair with Aldi may be waning as a resurgent Woolworths finds its mojo and IGAs decline accelerates. Retrieved 15 November 2017, from https://www.news.com.au/finance/business/retail/aldi-momentum-slowing-ubs-says/news-story/0e0fe8865c6619b837f31034450e53a2 Rofcanin, Y., Las Heras, M., Bakker, A. B. (2017). Family supportive supervisor behaviors and organizational culture: Effects on work engagement and performance.Journal of occupational health psychology,22(2), 207. Serrat, O. (2017). Building a learning organization. InKnowledge solutions(pp. 57-67). Springer Singapore. Sides, E. C. H. T. (2017). WHAT IS ORGANIZATION DEVELOPMENT?.Cases and Exercises in Organization Development Change, 3. Stone, K. B. (2015). Burke-Litwin organizational assessment survey: Reliability and validity.Organization Development Journal,33(2), 33-50. Van der Voet, J., Vermeeren, B. (2017). Change management in hard times: can change management mitigate the negative relationship between cutbacks and the organizational commitment and work engagement of public sector employees?.The American Review of Public Administration,47(2), 230-252. Viitala, R., Viitala, R., Kultalahti, S., Kultalahti, S., Kangas, H., Kangas, H. (2017). Does strategic leadership development feature in managers responses to future HRM challenges?.Leadership Organization Development Journal,38(4), 576-587. Woodcock, M. (2017). Team development manual. Routledge.

Environmental and Natural Resource Economics Protection

Question: Discuss about the Environmental and Natural Resource Economics Protection. Answer: Introduction In the recent year there is an increase demand by the citizen for cleaner rivers, lakes, groundwater and coastal beaches is taken under consideration by eminent bodies. The average result for EU25 has shown that nearly half of the European Countries are facing the issues related to water pollution. The demand made by the people has created urgency in every individual European country (Kaika, 2003). The New European policy is based on cleaning the polluted water to ensure safety of environment. The role of citizen is crucial in achieving the targets in order to enforce a new European Water Policy. The European Water policy has undergone crucial changes so that people can actively participate equally towards protection of environment (Monte, Fuente, Blanco and Negro, 2009.). A new framework directive was adopted in the year 2000 whereas The Clean Water Act (CWA) is the Federal law followed in the United States which governs water pollution. The main objective of the act is to reinstate and preserve the chemical, physical, and biological integrity of the nation's waters. The act prevents point and nonpoint pollution sources by providing help to publicly owned treatment works (Greenstone and Hanna, 2014). Early European water legislation was passed in the year 1975 for the purpose of rivers and lakes used for drinking water abstraction which was culminated in the year 1980 for setting compulsory targets for drinking water. It also included a variety of quality objective legislation on fish waters, shellfish water and ground water. The main purpose of the legislation was to include the dangerous substances Directives. In the year 1988 Frankfurt Ministerial has introduced many changes in order to fill the gap which resulted in development of the second phase. The Urban Water treatment directive provides a secondary option in order to introduce stringent treatment procedure and the nitrates directive to reduce pollution created from agriculture. A new drinking water directive was reviewed the quality standards which was adopted in November 1998. A directive for integrated pollution and prevention control was adopted in 1996 while addressing the large industrial installations. In USA, the technical name of the Clean Water Act is the Federal Water Pollution Control Act. It was firstly enacted in 1948. The act took its modern form in the year 1972 after the amendments. The changes were subsequently introduced via amendatory legislation to incorporate changes as per the requirements. Comparison in between legislative framework by EU and USA As per the WFD the European water policy has faced multiple changes during the process of restructuring. The framework of current legislature is to protect inland surface waters, transitional waters, coastal waters and groundwater in order to protect environment. The purpose is to improve the status of aquatic life. River basin Management plan is used to promote good environment status. In the year 2007 the Commission launched WISE for the collection and exchange of data at EU level in order to monitor release of pollutant at river basin (Griffiths,2002). The Commission has initiated Blueprint in year 2012 regarding safeguarding Europes Water Resources. Their aim was to make certain that the policies are well incorporated through current EU water policy, integrating water policy. There area is to employ the best practices while filling gaps in the current framework. The main purpose is to make a concrete plan in order to attain objectives in coordination with EU standards for water reuse (Demmke and Deakin, 2001). 75 percent of the European Union Drinking water is supplied through the ground water supplies. The agricultural dump and industrial waste poses a serious threat on the health risk. The WFD makes special contribution towards monitoring the ground water establishment to protect it from contamination (Mininni, Blanch, Lucena and Berselli, 2015). The council directive has essentially mentioned the quality standard for human consumption. The member of state has to regularly monitor the sample in order to mark high standards. Member states are allowed to make additional requirements into the standards. The sampling point method is being used to incorporate policies into system. The Clean water act has helped in improvement of wastewater treatment and has helped in preserving the honor of wetlands. This law is known to be United States' most powerful modern environmental laws. The act is administered by the U.S. Environmental Protection Agency and state governments (Davies and Mazurek, 2014). In February 2006 the commission has adopted directive aim to improve public health and environment protection by laying down provisions. The monitoring and classification of bathing water is integrated into the WFD. The purpose is to ensure efficient quality of water for the people living in different pat of Europe. Urban waste water treatment aims to protect environment from the adverse effect of the urban waste water discharge. The directive has set minimum standards and time-tables for collecting urban waste. It has introduced control on disposal at various points. The directive has also issued required measures to check dumping at various stages (Kelessidis and Stasinakis, 2012). The Clean Water Act of the USA does not openly deal with groundwater contamination. Safe Drinking Water Act, Resource Conservation and Recovery Act, and the Superfund act include provisions related to the ground water. Legislation from the 1970s and 1980s provides important measures against the chemical pollution of surface waters. The previous legislation expired at the end of 2012. It was soon replaced by provisions of the WFD. It requires establishment of priority substance that presents a significant risk to the aquatics life. The list entails all significant information regarding hazardous substances that might cause harm to surrounding (Page and Kaika, 2003). The protection of water bodies from nitrates through agricultural sources is covered by the directive measures. The members states have to send a report to the commission in every four years by providing detail s related to good agricultural practices. They have to mention in their report information regarding designated nitrate vulnerable zones, water monitoring and a summary related action programmes (Tietenberg and Lewis, 2016). The objective of the marine strategy directive is to attain good governance status of marine water by 2020 in order to continue protection and preservation of the marine biodiversity. It includes legislative framework required to manage ecosystem by balancing the marine environment. Each state has to manage a directive in order to achieve GES by 2020 (Williams, 2013). The discharge of pollutant discharged from the ship is considered as a criminal offence. The legislature has introduced penalties for infringement and it ensures effective adherence to policies under the guidelines. The Commission announced entitlement of Blue Growth opportunities to achieve the goals of the Europe 2020 strategy. The national strategies need to be formulated considering sound coastal planning and management (EU legislation of water Quality,2016). The guidelines related to protection of marine waters are governed by four cooperation structures. The OSPAR Convention of 1992, the Helsinki Convention (HELCOM) of 1992, the Barcelona Convention (UNEP-MAP) of 1995; and the Bucharest Convention of 1992 governs the protection of marine water (Water protection and management, 2016). As per the Clean Water Act the Water quality standards allows a degree of specified allowable pollutant level for a particular individual body. The organization set WQS by designating uses for the water bodies. An anti degradation policy is questioned by each state in order to maintain and protect obtainable uses and a high quality waters (Royston, 2013). In European Union the parliament is actively participating in making decisions regarding the protection of water. The parliament in 2008 has supported the new EU water quality rules. The list regarding priority substance is being prepared in order to protect bio-diversity, eco-system. Parliament has ensured list of toxic substances in advance to all the member states. The parliament ensures that every citizen enjoys basic right related to water safety. Conclusion The European Union provides legislature regarding protection of environment against wastage water. The European incorporates policies regarding the protection of waste water. The guidelines issues by the union are checked from time to time by the member states. The main purpose of the directive policies is to protect the ecological balance by managing the water wastage caused by different bodies. The act includes commands and action carried by European Union from time to time while managing the wastage caused due to chemicals and industries. In the USA Clean Water Act (CWA) protect the water bodies against the wastage caused from different agent. The main purpose of the act is to issue directive measures in order to protect interest of every individual residing in the country. The Clean Water Act (CWA) does not directly control the ground water wastage whereas the European Union legislative includes provision related to safe ground and drinking water. The European Union law includes provision related to the treatment of waste water whereas the US Federal laws include separate legislation regarding treatment of clean water. The capacity of legislation passed in different countries is similar on every ground but they differ on the basis of implementation. References Davies, J.C. and Mazurek, J., 2014.Pollution Control in United States: Evaluating the System. Routledge. Demmke, C. and Deakin, S.F., 2001. Towards effective environmental regulation: innovative approaches in implementing and enforcing European environmental law and policy. New York University School of Law. EU legislation of water Quality. 2016. Online. Available at: https://www.ukmarinesac.org.uk/activities/water-quality/wq1_3.htm Accessed on: 18 January 2017 Greenstone, M. and Hanna, R., 2014. Environmental regulations, air and water pollution, and infant mortality in India.The American Economic Review,104(10), pp.3038-3072. Griffiths, M., 2002. The European Water Framework Directive: an approach to integrated river basin management.European Water Management Online,5, pp.1-14. Kaika, M., 2003. The water framework directive: a new directive for a changing social, political and economic European framework.European Planning Studies,11(3), pp.299-316. Kelessidis, A. and Stasinakis, A.S., 2012. Comparative study of the methods used for treatment and final disposal of sewage sludge in European countries. Waste management, 32(6), pp.1186-1195. Mininni, G., Blanch, A.R., Lucena, F. and Berselli, S., 2015. EU policy on sewage sludge utilization and perspectives on new approaches of sludge management.Environmental Science and Pollution Research,22(10), pp.7361-7374. Monte, M.C., Fuente, E., Blanco, A. and Negro, C., 2009. Waste management from pulp and paper production in the European Union.Waste management,29(1), pp.293-308. Page, B. and Kaika, M., 2003. The EU Water Framework Directive: Part 2. Policy innovation and the shifting choreography of governance.European Environment,13(6), pp.328-343. Royston, M.G., 2013.Pollution prevention pays. Elsevier. Tietenberg, T.H. and Lewis, L., 2016.Environmental and natural resource economics. Routledge. Water protection and management. 2016. Online. Available at: https://www.europarl.europa.eu/atyourservice/en/displayFtu.html?ftuId=FTU_5.4.4.html Accessed on: 18 January 2017 Williams, P.T., 2013.Waste treatment and disposal. John Wiley Sons.

Borsch and Baked Potatoes... free essay sample

Borsch and baked potatoes were on everyones lunch menu in my native land of Belarus. Everyone who had such a lunch menu was fair-skinned and spoke Russian. A few years later as I stood in the lunch line with my kindergarten class in a Brooklyn elementary school, I wondered why things couldnt be so uniform and simple. My classmates ranged from the pale skinned with large blue eyes to the rich-chocolate skinned with voluminous, thick hair. The food choices presented to these youngsters were almost as diverse as the bunch themselves. In front of me was a bewildering sight of trays containing foods I couldnt even name in my native language. Fearing that I would pick out something repulsive, I desperately tried to ask the boy in front of me for an explanation or a recommendation of some sort. To my dismay, I could gather neither because between us stood the barrier of language. We will write a custom essay sample on Borsch and Baked Potatoes or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Although my kindergarten experience feels like an occurrence from a century ago, the lessons I learned from attending it will be etched into my heart forever. For the last three summers, I have worked in Assemblywoman Helene Weinsteins district office. Every summer, constituents, much like the overwhelmed little girl in the lunch line, flooded into the office seeking help. In the course of my work experience, I had to often play the role of an interpreter to these Russian speaking constituents. As I served the role of a vital communication link, I was reminded of my desperate struggle to communicate when I didnt speak English. Before I introduced myself as a Russian speaker, I watched with great empathy as the elderly Russians tried to hold up a conversation in Russian with people who did not speak it. It was suddenly very clear to me how lucky I was to be fluent in two languages. In a multi-cultural city like New York City, students like myself are blessed with an opportunity to work with a diverse population. I have been fortunate to have landed a job at an Assemblywomans office. In the midst of my English to Russian conversions, Ive learned about programs that I didnt even know existed. I found out that SCRIE (Senior Citizen Rent Increase Exemption) is the program that allows seniors to keep up with the rising costs of living and HEAP (Home Energy Assistance Program) is a tremendous aid to low income families. The work I dealt with was incredibly down to earth and expanded my mind in ways that are impossible to achieve inside the four walls of a classroom. Nonetheless, waking up on those hot summer mornings, I sometimes wished to put on a bathing suit and head to the beach rather than put on a tailored skirt and head to work. Once I actually arrived at work, I realized that I cried because I had no shoes until I met a man who no feet. My problems seemed trivial in comparison to the issues some constituents faced. On one occasion, a Russian woman in her seventies presented before me a letter. This letter was clearly an eviction notice; the woman had no idea that her life was about to change. I ended up being more than an interpreter, but someone she would spill her worries and pains to. After the staff made some phone calls, it was discovered that this notice was a mistake. I felt immense satisfaction in seeing the joy in her eyes after I delivered the good news. Walking through the streets of Brooklyn today, I am no longer bewildered by its unique sounds and smells. Instead, I embrace its diversity. I cant imagine life in any city other than this one and am certain that the knowledge Ive acquired working for Assemblywoman Weinstein will positively contribute to the continuous journey of life.

french thing Essays

french thing Essays french thing Essay french thing Essay french thing BY 042673 La carte info-microbe Pour cette activit? ©, tu dots cr? ©er une carte info-microbe qui va d? ©crire un microbe bizarre et fascinant que tu as invent? ©. Ta carte dolt comprendre : le nom de ton microbe son habitat ses fonctions quelque chose de bizarre et fascinant un autre aspect une image une description de sa relation avec les humains (ami ou ennemi? ) Phase 2 criterion D: Writing Level 7-8 The student: writes a wide range of phrases and expressions in a simple text effectively to communicate ideas and feelings in a limited range of familiar situations. Ideas are relevant, detailed and include examples organizes information and ideas and uses a range of basic cohesive devices; there is a logical structure and cohesive devices add clarity to the message makes excellent use of a basic range of vocabulary, grammatical structures and conventions, accurately; occasional errors do not interfere with communication writes with a sense of audience. All facts and details are interesting, clear and coherent All necessary elements are well-presented and organized Opinions are Justified (ami ou ennemi) Student correctly uses third person (II, elle, on) Student correctly uses vouloir, pouvoir and devoir Spelling and grammar are correct a range 0T Daslc coneslve aevlces; tnere Is a loglcal structure ana coneslve aevlces La carte InTo-mlcroDe quelque cnose ae Dlzarre et Tasclnant relevant, aetallea ana Include examples organlzes InTormatlon ana Ideas ana uses Student correctly uses third person (il, elle, on) spelllng ana grammar are corr ect ses Tonctlons communicate Ideas ana Teellngs In a Ilmltea range 0T Tamlllar sltuatlons. laeas are student correctly uses voulolr, pouvolr ana aevolr :

Organzational Development The Process of Leading Orginzational Change Essay

Organzational Development The Process of Leading Orginzational Change Case Study 3,4, & 5 - Essay Example Although, they both give individual feelings and perceptions, the first data will take a lot of time because the ideas are not organized in a simpler manner. Not much difference can be noticed from the two data. While meeting Nancy we will majorly focus on the demand that are not being attended to and that need adjustment. The purpose of individual assessment of the team was to mix each other a bit so as to enhance a good understanding of one another. During this assessment it would be possible to realize areas that should be improved and what deficiency is at the working place. In addition to this, it will also ensure that the workers are able to open up to each other. The interrelation will ease the team’s interaction which will enhance maximization of an individual’s output. The instrument that is used was purposely to ensure that the workers are aware of one another discrete working style. It is good to have knowledge of your working partners’ style so as to enhance a good working environment. The instrument was introduced as a way of analyzing individual style of work. Lori describes it as way of letting the workers have a good understanding amongst them, and not to mean that was what they really are. Every member of the team needs to know what style he/she prefers when part of the team. The explanation was done well, although, an improvement on the description should have been enhanced. This is because some employees would make decision without clear understanding of what really describes them. An example is when Cindy objects the word controlling as it has been used to describe someone who seeks attention and lead the rest. She finds the term so negative. Actually controlling does not fully describe someone who follows teams’ decisions. The idea of separating the workers according to the style that they think of themselves was a good idea. They are divided to help us identify what one thinks is the best style to

Major Report on Rational and Adaptive Strategy Research Paper

Major Report on Rational and Adaptive Strategy - Research Paper Example An efficient model provided by Burgelman enables to comprehend the effectiveness of strategies undertaken by an organization in dynamic business environment. Moreover, the two strategy making processes including induced strategy process and autonomous strategy process proposed by Burgelman offer various companies with comprehensive understanding of induced or existing business environment and autonomous business environment or the emerging business environment in determining effectual business environment. Consequently, the two frameworks of strategy making process are related with the strategies formulated and implemented by PepsiCo Inc. in order to identify and measure the effectiveness of these strategies. In this report, the strategies adapted in recent past by PepsiCo are critically analyzed in light of Burgelman model. Based on the understanding of the existing strategies of PepsiCo, certain pertinent recommendations have been provided that can ensure long-term growth and susta inability of the business. . Table of Contents 1 Executive Summary 2 Introduction 4 Key Features of the Burgelman’s 3 Stage Model 5 The Living Organization Develops Using Evolutionary Methods 7 Three Conceptual Frameworks Supporting Strategy Making 8 Tool I – Forces Driving the Company’s Evolution 8 Tool II - Evolutionary Framework of the Strategy Making 9 Tool III- Process Model of Internal Corporate Venturing 10 Strategic Analysis of PepsiCo Based on Burgelman’s 3 Stage Model 11 Induced Strategy 12 Autonomous Strategy 13 Strategies Executed by PepsiCo 14 Environmental Sustainability Initiatives of PepsiCo 17 Implemented Strategies 20 Measuring PepsiCo Success and Identifying Its Barriers as well as Strength Factors 20 Conclusion 24 Recommendations 25 References 27 Introduction PepsiCo Inc. is one of the most successful multi-national companies engaged in foods and beverages products with more than US$ 65 billion net revenues. The company operates in mor e than 200 countries with it’s headquarter in New York, United States. PepsiCo consists of brand like Pepsi-Cola, Tropicana, Frito-lay and Gatorade. The success of PepsiCo can be attributed to its quality products and distinct competitive strategies. The company seeks to achieve healthy rewards to its investors and provide opportunities to its employees by ensuring quality products to its widely distributed customer segments (PepsiCo Inc., 2004). It has not been an easy task for PepsiCo to reach the level as it is now. In its journey to success, the company confronted with many ethical and legal challenges. Primarily, the challenges like entering into other countries with different cultures and laws were indeed difficult to manage and abide by. However, the company has been able to efficiently overcome its challenges with the efficient implementation of its strategies based upon the vivid circumstances (PepsiCo Inc., 2004). Strategic decisions are a complex task to be perform ed by the multinational companies like PepsiCo. The present business environment is complex and dynamic which is affected by several factors. The dynamism in the business environment continuously pressurizes the company to constantly evaluate its strategic decision making process in order to sustain and survive its business in highly competitive business world. The traditional strategic planning process does not provide relevant aid to

Nietzsche's ideas to modern society Essay Example | Topics and Well Written Essays - 1500 words

Nietzsche's ideas to modern society - Essay Example He is the slave. Actions of free will contribute to dynamism without destruction. The weak-surrender and free-will cannot exist together. Can light and darkness remain at one place? When the light is switched on, the darkness has to go. No option is given to it whether to go or not. Similarly an individual, who knows the proper connotation of free will and acts accordingly, can do no wrong, even when he is gets the moral counseling from any other sources. He knows for certain -- that which is not practical cannot be religious either. Morality is the powerful and paradoxical force that dominates contemporary life. Nietzsche fails to judge morality in the correct perspective when he asserts (Nietzsche, 1998, p.23) â€Å"All naturalism is morality, i. e. every healthy morality, is governed by a vital instant—one or other life’s decree is fulfilled through a specific†¦.† Nietzsche’s method of interpretation and reach about the merits of morality itself is wrong. Just because counterfeit $500 is available in the market (their legal value is zero), one cannot term the original $500 currency as fake. Preaching morals, and telling to do this and not to that, is a process. Morals are not dropped from the heaven. It can at best be termed as the collective wisdom from practical experience of the Realized Souls. Just as a doctor or an engineer attains the professional degree after studying hard for a number of years, similar is the moral/spiritual practice. It is a ladder of progress to be climbed step by step, carefully. Highest reach of perfection is an attainable reality. Human beings live every minute of the existence amidst various temptations of life. With force and suppression, one can build an artificial barrier against passion and negative...Nietzsche’s explanation of morality can be compared to the exercise of explaining a fruit, without tasting it. What is important is experiencing directly to get at the truth. When an arg ument begins with wrong premises, its further steps are bound to be wrong and the final conclusion absolutely wrong! That is the position of Nietzsche when he articulates about morality. No moralist will tell one to walk back. The wise saying goes, do not run away to an ashram (hermitage) on the hills; create an ashram where you are! A moral/spiritual individual views life in its totality and not in parts. He knows that reason cannot penetrate the truth all by itself. It is only used as a tool to a limited extent. When intellectuals discuss and comment upon the subject of morality/spirituality, all such confusions are bound to happen. Nietzsche is an intellectual--a philosopher. His problems of understanding are to be sympathized, rather than condemned. By knocking at the portals of the mind, Nietzsche will not be able to understand the true meaning of morality. He has to transcend the mind, to experience the profound realms beyond the mind.

Piagets Cognitive Theory Children And Young People Essay

Piagets Cognitive Theory Children And Young People Essay b. The basic concept of Piagets theory of cognitive development. As we know, the famous theory of cognitive development was found by Jean Piaget. He was born in 1896 (Newkirk, 2009). Newkirk also mentioned that Piaget was a theorists and also a biologist. Besides,the author reported that Piaget did observing his own children and attracted to changes that occured and developed in childrens mind and the factors behind these changes. In addition, Gartrell (2011) also stated that Piagets method by questioning the children is called as clinical method. Children started to develop their understanding through their surrounding based on four stages of cognitive development. As mentioned by Gartrell the stages are the sensorimotor stage, preoperational stage, concrete operational stage and lastly formal operations stage. The first stage is sensorimotor stage which starts when the babies were born until age of 2 years old while second stage starts around the age of 2 to 7 years (Santrock, 2011). The author also claimed about the other stages, that are the third stage, concrete operational stage which lasts from 7 until 11 or 12 years old and lastly moving to the fourth stage is formal operations stage. Compared to the other three stages earlier which involving babies and children, this last stage is involving with the adolescence and adulthood. This is the highest stage in cognitive development because this is where a person can make such reasoning and hypothesis (Santrock, 2011) for example, not only concrete events but also towards abstract events such as feelings or inferencing scientific experiments. Furthermore, Santrock (2011) proposed that there are two basic tendencies that will go together with these four stages, which are organization and adaption. Ormrod (2011) stated that organization is possibility of a person to handle their process of thinking. It is also called as schemes which means the building block of intelligent behavior. Next, adaption is the process of an individual to adapt to the environment (Ormrod, 2011). In the same way, Ormrod stated that there are two basic processes in adaption which are assimilation and accommodation. According to Krause, Bochner and Duchesne, cognition is the mental processes involved in perceiving, attending to, understanding and recalling information (2007, p43). Piagets theory of cognitive is underline into the consciousness of mind and thinking. As children are developing, their way of thinking started to change from time to time accordingly to the four stages. Piaget was not really interested into the knowledge having by the children but he was more fascinated by the way of children think, observe their surrounding and how they express it into speeches (Krause et al., 2007). The authors too found that Piaget and his theory are important because he is the first theorists that came out with such theory about development of children from the aspect of cognitive and his idea is still be using untill now even though it has been years. c. Discuss how the Piagets theory apply to child development. Self development is very important in childrens life because it develop in them while they are growing up. In Piagets theory of cognitive development, he focused of four stages of children development that are, sensorimotor stage as the first, secondly is preoperational stage, next concrete operational stage and last but not least formal operations stage. As explained earlier, sensorimotor stage is occured from the birth untill the age of 2 years. According to Krause et al.,(2007), infants in this stage will begin to develope their reflexes by doing some motor activities and senses. They are trying to understand the world around them. For example, infants will show happy expression or laughing when we are teasing and cuddling with them, this shows that infants started to make sense things around them but with limited abilities because it is only based on what they get through their senses. In sensorimotor, there are sub-stages that divided into 6 categories, that are reflexes, primary circular reactions, secondary circular reactions, coordination of reactions, tertiary circular reactions and early representional thought (Brenda, 2010). The first sub-stage is reflexes, according to Brenda (2010) this sub-stage is occured from the birth of the infants until 1 month old. During this stage, infants understand their surrounding by using si mple reflexes for example they will starting to smile. Next, primary circular reactions sub-stage is when the infants are 1 to 4 months. Variety of actions will be perform. For instance, infants are sucking his or her thumb, and as a result they will repeat the same actions because it pleasure them. As it goes on, third sub-stage is secondary circular reactions which occured during 4 to 8 months. Brenda (2010) mentioned in this sub-stage, the infants will be doing the same actions but it extends out to the environment such as replacing sucking their thumbs with rubber toys. In other words the infants are having improvement in their reactions. Moreover, in fourth sub-stage which is coordination of reactions from the age of 8 to 12 months. They will begin to show clear actions and observe others behavior other than starting to develop ability in recognizing the things that had been shown to them. As example, instead of sucking thumb, infants will replace it with their toys. They may s queeze their rubber toys, when it goes mooo mooo, they will get excited and squeeze it again. Krause et al.,(2007) proposed that the infants also will understand that their toys are exist even though they cannot be seen or touch it or called it as object permanance. For example, a doll at first was played by infant, when we put and hide it under blanket the infant will be able to look for it. Infants who do not reach this sub-stage will not be able to look for it, but they will just not realize it. As the infants are growing up to become toddlers, the sub-stages also moving to the next, tertiary secular reactions where occured during toddler age 12 to 18 months. This is the time where toddlers will learn the concept of trial-error experiments with the purpose of getting attention (Brenda, 2010). Specifically, one of the activity might be doing by toddlers is hitting fork and spoon on the dining table, just to know what will happen, what sound will come out, and what are the reaction s they will get from others. Krause et al. called this process as goal-directed or intentional action (2007, p46). Last but not least sub-stage is early representional talk, from the toddlers at age of 18 until 24 months old (Krause et al., 2007). Based on the authors, this last sub-stage is where we can see the toddlers start to imitate others. During this stage, people around them need to be careful and only if possible showing them the good side especially their parents. This is because since parents are the closest people in toddlers life, they will observe what their parents are doing. For example, if the mothers usually sweeping the house at the morning, the toddlers will observe it and will do the same action of sweeping the house even though it is without the broom. As I experienced this too, during my visits to my aunties home, she has a 19 months old toddlers. I realized that her child keep following my way of reading magazines and drinking coffee from my mug. Even though the objects are not with the baby, but she followed my actions. In my opinion, parents need to get close with toddler to help their growth and try to play game with them such as peek-a-boo game because this will help the children to strenghten their object-permanance ability and moving to the next stages as Piaget had observed. The second stage that apply to child development is preoperational stage, which occured within the age of 2 to 7 years old. Newkirk (2009) proposed that children in this stage will develop from several aspects. They will be more capable in the usage of language skills for instance they can explain the objects by replacing it with pictures or words. But they still not be able to speak like adult, they can at least use one or two-words sentences to delivered messages. According to Newkirk, imagination level of children in this stage will usually increase and they are more curious to all things instead of being logical. Unlikely the first stage, in this second stage children will spend more of their time by putting role while they are playing. For instance, children always pretend a box is a house for them to shelter. Even myself experienced that during my childhood. I built my so-called home by using boxes and I create my own family members using my dolls to stay in that house, I even pretend cooked meals for my family. This prove that childrens imagination during this stage is very high but they still need supervision from parents in case they are exposed to unappropriate elements. Krause et al. (2007) noted that there are three main characteristics of preoperational stage which are egocentrism, centration and animism. The author define egocentric as the person who is unable to share another persons idea or view because the person considered that all view are the same with he or she. Piagets had done with the Three Mountain Tasks model experiments, and as the result the children expects that the person on other side of the model is seeing the same view as them (Krause et al., 2007). Next is centration, the authors described the meaning as the children focus on one feature of problems while ignoring other features. For example, children will not understand if we tell them Your sister is my daughter because their ability is limited. Moving on, the last characteris tic is animism. In this characteristic, the authors claimed that children belief that all things have lives. They considered inanimate objects have emotions and feelings like them. For example, a girl who age 3 years old always talk with her teddy bear as the teddy bear is alive and answers her. Piagets third stage in child development is concrete operational stage which is from the age of 7 to 11 years (Santrock, 2011). During this stage, children are able to logically think about the concrete events and starting to eliminate their egocentrism which means they started to learn to view others perspective too. Even though they are getting capable in the usage of logic but they still having the difficulty in understanding the hypothetical concepts (Krause et al., 2007). The authors also claimed that there are several processes in this stage that involve in child development, that are reversibility where the children have the ability to think about the reverse event such as in mathematical solving problems where they need to add and subtract and add it back, secondly is seriation which menas the ability to mentally put things in order according to its features for example size, weight, and height. Next is compensation, where the children have the ability see that something is i ncrease because of something is decrease such as the height is increasing because of the width s decreasing and vice versa. Besides, the fourth is classficiation which means the ability that children have to name and identify the sets or group of the objects by its features such as size, colours and appearance. Class inclusion is the fifth processes mentioned by the authors which bring the meaning of ability to understand that a small amount of groups can be combine to form a large group as Krause et al. called it as multiple classification (2007, p53). For example a car can be include into its brand name such as Proton or under large group of vehicles. Last but not least the processes found by Krause et al. (2007) is conservation, whereby children at last know that quantities, or lenghts are not related at all to the arrangement or appearance of the things. For example, a child is presented with two same sized of bowls filled with flour, but when one of the full bowl flour is pour into jar with different sized he and she or he will still know that the quantity of the flour is the same either it is in bowl or jar. Lastly, the fourth stages in Piagetian is formal operations which occur to 11 years old children and beyond (Santrock, 2011). As we can see, this is the highest level of child development in Piagets theory as it goes until our adulthood. Santrock stated that in this stages people continue to develop ability of thinking with presence of abstract concept. Logically, children begin to take notes about the possibility of the consequences of every events they experienced and also started to think in a formal way. Besides, Krause et al. (2007) suggested that children in this stage are already know how to use deductive and inductive reasoning. As the author define deductive reasoning as the potentiality of children to use a general principle to determine a specific outcome, on the other hand inductive reasoning is using and observing specific outcome to include general principles. In this final stage also children will develop their problem solving activities. When entering adoloscence, the y are able to do systematic planning in their life and also make a hypothesis, inference far better than stages before (Brenda, 2010). Overall, that are the four stages that involve in child development until adolescence. d. Discuss how the Piagets theory apply children in preschool and early primary levels. Preschool children are basically who are still develop their cognitive abilities in stage two, preoperational. As stated by Krause et al. (2007) regarding applying Piagets theory into preschoolchildren who are still in stage two, there will be at least two parties that involved in helping to apply this cognitive theory to children firstly parents, secondly educators or teachers.Moreover, by introduce to children this concept means we are letting them to be independent and explore their world by themselves. Preschool children who are basically age between 4 to 6 years are in preoperaional stage. As I explained in previous sub-questions, children in this stage has become more capable in obtaining language skills and using it to represent objects but still limited because they cannot reached the events where explanation need to relate with concrete logic. Firstly as parents, they must give freedom to their children especially preschool children to play with their friends since children in this stage will spent more of their time with playing (Krause et al., 2007). Nowadays, majority of parents always having misconceptions, they think that they cannot let their children play too much, in fact they should not too strict in controlling their children. What parents should do is by letting their children play with their friends but make sure to supervision who are their friends. Logically, according to Krause et al., by giving children chance to play, they will explored their world while inter acting with friends (2007). Create a safe-mode place for them to play so that they feels your attention towards them, during this process children will encounter some problems. This is the right time to let them be independence by solving their problems but with supervision. Even though at first they might not really capable in solving it but it will be better as they go through this process and get knowledge from what we called as hands-on experiences (Krause et al., 2007). Besides, Ormrod suggested that parents should always communicate with their children especially who are in this stage. This is because children may feel left out if their parents are too busy and even do not have time to spend with them. In other way, this also a good opportunities to increas the level of self-esteem of the children. On the other hand, teachers also play an important role in applying preoperational stage towards preschool children. Newkirk found out that since children during this stage will usually be in egocentrism state, they do not realize about other perspectives (2009). So, as a teacher need to know how to handle this situation for example letting the children having conversation with the peers in class will enhance their understanding of others world or teachers can create a questions and answers session with the preschool students. The purpose of doing that is because to increase the self esteem of children and to let them hear others views too so that their level of egocentrism can be decrease. As an educators,creactivity is needed to attract preschool children in learning such as by using visual aids to stimulate the childrens mind (Newkirk, 2009). Examples of visual aids are like bringing props such as the real fruits if teachers want to teach about type of fruits in class. After finis hed teaching, teachers can serve the students with the fruits, and let them have the hands-on experience. The author also did mentioned that in order to develop preoperational stage between the children, use things that are different for examples cue cards written words and ask them to create sentences based on cards that they have or teachers can ask the preschool students to work in a group. In addition, interactions with peers will help the preschool children to improve their cognitive development or it is called as disequilibrium (Ormrod, 2011). Why talking with peers can help the children? This is because, logically the children and peers are at the same age level, so they can be more understanding between their group. How can we know if the children are applying preoperation stage in their cognitive development? Krause et al. (2007) described that the development at each cognitive stages is called as milestones. In this preoperational stage, Krause et al. also reported the childrens milestones development is from the aspect of thinking and language skill whereby they know to replace objects with drawing, words or gestures. As for instance, when children are at shopping mall, they are able to tell their parents by pointing to the things that attract them such as toys and dolls. Besides children also learnt to produce sound for example while they are playing with their soldier toys, they can make sound like dush dush to indicate the soldier toys they are playing with are fighting. In contrast, children who do not develop well in this stage will no be able to differentiate between the living things and inanimate objects. For example, they are treating the real cats and cat doll the same as both have feelings, emotions and know how to feel hungry whereas only the living things can feel all that. In a nutshell, children will reached each stages when the readiness come and they still need to be taught to guide to the right path. Krause et al. (2007) did proposed that teachers and parents should not teach their children the highest level of stages if it is not the right time by means the children are just not ready yet. e. Summary. In conclusion, I agreed with propose suggested by Ormrod (2011), Piagets theory have its own benefits and disadvantegous. As Piagets idea was the first to talk about cognitive development among children, his idea is the famous one and still be used even until today. In my opinion, Piagets theory had changed peoples view about children development. Even though as reported by Newkirk (2009), children development are not always moving from each stage according to the age that Piagets planned, but they still will moving according to the stage either it is fast or late. Last but not least, implementation of cognitive theory in children development is very effective as it will be very helpful towards the children themselves as this theory help to influence children in the aspects of biological maturation, activities, social experiences and equilibration.

Robbert Harris :: essays research papers

We have all read interesting, touching stories in our lifetime. I have read a few, myself. The one that really sticks out in my mind is, The Unquiet Death of Robert Harris by Michael Kroll. This story left me filled with emotions, opinions, and questions.   Ã‚  Ã‚  Ã‚  Ã‚  The story was told by a man named Michael Kroll that had a very dear friend on death row named Robert Harrison. They had been friends for ten years and now that friendship was to come to an end. Nothing that night seemed to go as planned or on schedule. Michael and a few others including Roberts’s brother, waited several hours in a small room only to be filled into another small room, where they continued to wait. When Robert finally came into sight Michael was a little relieved. Nothing happened for a long time then they took Robert out of the room. Michael was confused and wasn’t sure what was going on. Finally they brought Robert back, and of course they executed him.   Ã‚  Ã‚  Ã‚  Ã‚  At the end of this story my first reaction was sadness. I felt awful for Michael, Robert, and everyone that was involved. I thought this story was the worst thing I ever heard, and I wanted to cry. My next reaction was anger. I was horrified that one human being could do something as horrible as this to another.   Ã‚  Ã‚  Ã‚  Ã‚  Next my brain started rattling with opinions. First I though the death penalty was a horrible thing, and should be outlawed completely. Then I started to think, what if it was my family, and someone had killed one of my family members. I would want that person dead! I wouldn’t care how they did it, when, or even where they did it, as long as I knew that they paid for what they did. In order to insure that they would never hurt anyone in my family, or even anybody at all ever again, they would have to be dead in my opinion.   Ã‚  Ã‚  Ã‚  Ã‚  Then came the questions. One major question I had was how did the death penalty ever come into the picture? Did some creep invent it, or was it discovered by accident? When did they start using the death penalty, and what state was first to use it? Is it legal in all states in the United States of America? After a person is executed, does the family get to perform a proper funeral as they please?

Interest Rate Behavior and Lending in Microfinance

An Essay on Interest Rate Behavior and Lending in Microfinance Abstract: This essay analyzes factors which affect interest rate behavior and its subsequent impact on lending in microfinance. Here we have used regression model for our analysis. Furthermore comparison has been drawn among the different sources of loans outside Bangladesh. Here the experience of microfinance outside Bangladesh like India, South and South-East Asia, Latin America has been fully illustrated. This essay conducts analysis on the basis of the existing literatures on Microfinance.Interest Rate Behavior Determinants of interest rate of lending in Micro-finance: * to expand and improve business operation * recruiting personnel , * marketing the services , * improving financial information system, * constructing new offices * Default * Unwillingness to pay * Poor Management * Economic recession * Inability to pay * Staff identifying * Checking creditworthiness * processing loan applications, * disbursing loans, monitoring * collecting repayments, * costs of the space occupied, * communications, transport, * support staff, Grant * Equity * Foundation * Trust * Saving Account We can observe that in MFI lending there is higher interest rate than the commercial bank’s lending rate. The interest rate charged here is higher as cost of funding, processing, cost of risk of loan losses and profit are higher in this case. The graph below shows the different ingredients interest rate. As above-mentioned factors are very much crucial in this sector that is why require extra attention and thereby require the MFI to charge high interest rate. Rosemberg, R. , A. Gonzalez and S.Narain (2009) and Gonzalez (2010), suggest that though small loan provided by the MFI has low default rate but has higher administrative cost that most of the cases cannot be offset by economies of scale. These administrative costs are the single largest contributor to interest rates. Finally, they suggest that, a bigger loa n size may help them to reduce their lending interest rate. Further, they also emphasize if higher loans were received by more experienced borrowers then credit risk would decline and thereby interest rates. Lending in Micro-finance: Accordingly the loan transaction may be described in the following steps.First, the financial firm decides how much to charge and what the optimal loan size to offer must be in order to reach its profitability goal. Once known the value of the lending interest rate and the average loan size the financial institution offers, a potential customer decides whether s/he wants to request a loan. Taking into account the credit history of the potential borrower and its income-expenditure stream, the financial institution builds a risk profile of the individual. With this at hand, they decide where to lend or not. The loan transaction process is given below: P. otler of Groningen university with his vast research wanted to show that profitability will increase w hen lending interest rates and/or productivity and/or the loan size increase or when the funding cost declines . He also showed that The lending interest rate will be negatively correlated with the loan size. So if they wish to achieve a higher profitability it is likely that all else equal they will offer loans of higher size. When microfinance institutions start operations they usually offer loans of small amounts because they do not have much capital or experience and debtors tend to be people without credit history.We find that the lending interest rate is negatively correlated with the productivity of financial institutions and years of operation and positively correlated with the funding costs. What Can Reduce the Interest Rates in Microfinance? P. cotler also shows that probability that financing boosts growth is weakened if interest rates are extremely high. There are two policies to reduce interest rate : * One is to reducing funding cost and * Another is increasing product ivity. How could productivity be raised? Institutional factors such as technology use and management quality and commitment to efficiency should be variables to consider.Further, it should depend on with what capacity loan officers to reach their target clients. Such capacity not only depends on the quality of infrastructure but maybe more important on the geographic and demographic characteristics of the country in which microfinance institutions operate. 1 Effects of Competition over Lending Behavior in Microfinance Competition in a good influencing factor for the markets, consumer protections, efficiency of allocation and incentive for the development of new products. MFI’s enjoyed a monopolistic market in the early years of its inception.Monopolistic market power is associated with allocative inefficiency. Allocative inefficiency refers to the welfare losses as a consequence of high prices a monopolist charge. There is even further loss if the monopolist employs inefficie nt technology (productive inefficiency). Besides, there may not be demands to invest in efficient technology and introduce new products. Therefore, it would be realistic to assume competition can be beneficial in the context of microfinance market as it may result in improved and new financial product designs, better customer services, lower costs and lower interest rates.The other side of the argument is that microfinance market makes use of soft-information and depends on strong MFI-client relationship. MFIs provide financial services for the poor that are considered not creditworthy by the conventional banks. They are often praised for overcoming the problem of information asymmetry and providing loans without collateral requirements. They do so by establishing strong personal relationship with clients. Another tool is the usage of other forms of collateral such as group lending that generates social collateral.Competition and the effort to win clients and expand market share, th erefore, may lead to low screening and lending standards. There are some indications of lose MFI-clients relationship with intense competition. Increased competition is also associated with an increase in information asymmetry, which makes it difficult for MFIs to know about the general debt level of clients. This in turn may lead to manifold borrowing, serious debt burdens, low repayment rates and poor portfolio quality.The effect of competition could go both ways and deserves an empirical investigation. However, very few examine the effect of competition among MFIs and the literature on competition in microfinance is limited. Below is an overview of the few available related works. The focus on making MFIs profitable and financially-sustainable started in the 1980s and 1990s. The essential elements of this approach are competition, regulation and profitability. The essay explores the Latin American microfinance market where the commercial approach to microfinance proceeded rapidly .It describes the market as facing rising competition, which leads to market saturation in some countries. Olivares-Polanco (2005) examines some of the subjective and descriptive evidences. He investigates the effect of competition by mainly focusing on outreach (measured by loan size). His findings show that increased competition results in lower outreach. Navajaset al. (2003) studied competition in the Bolivian microfinance market by focusing on two major MFIs (Casa Los Andes and BancoSol), which collectively have around 40 percent market share.The results suggest that outcome of competition is ambiguous since competition leads to innovation thereby expanding outreach. However, it reduces the ability of lenders to cross-subsidize less profitable smaller loans. In a similar study, Vogelgesang (2003) examines how competition affects loan repayment performance for Caja Los Andes. The analysis indicates competition is related with multiple loan taking and higher levels of borrower ind ebtedness. The probability of default is also shown to be high with higher levels of indebtedness.On the other hand, he argues the probability of timely repayment is high in areas where there is high competition and high supply of microfinance services. Thus, the results seem inconclusive. A theoretical model developed by McIntosh and Wydick (2005) characterizes the effects of competition between MFIs where increased competition leads to increased information asymmetry. As a number of competing MFIs amplify in a market, which makes information sharing between them challenging, borrowers may engage in multiple borrowing which increases the debt level of clients and the probability of default.This in turn can make worse off borrowers with a single lender since this behavior will create an externality by inciting MFIs to respond to multiple borrowing by adjusting interest rates upward. In a Ugandan microfinance market, which McIntosh et al. , (2005) studied, there is a rise multiple bo rrowing and decline in repayment rate as competition intensifies. Other works that do not address the effect of competition among MFIs but present an argument about the possible effects of competition includes Hermes et al. (2009). Their work examines how overall level of financial development in a country affects the efficiency of MFIs.After presenting a balanced argument that the effect of financial development on efficiency could be both negative and positive, they empirically document a positive effect of financial development of efficiency of MFIs. They suggest competition, among other channels, through which financial development could affect efficiency. On a related work, Cull et al. (2009b) investigates how MFIs perform under the pressure of competition from formal banks. Their results show that in a country where there is larger formal bank presence, MFIs tend to deepen their outreach (i. . , extend their outreach to women and also lend in small amounts). However, the effec t on other performance indicators, such as profitability, appears weak. Findings Given significantly large numbers of people in developing countries are financially excluded and the relative success of MFIs in promoting access to finance for the poor, it is not surprising to see MFIs get the attention they are enjoying. With the growth of the microfinance sector and increasingly varied players comes intense competition, which the effects on MFIs outcomes are not clear.In this essay, we take the first approach in measuring competition in a standard way. Interestingly, the measure shows indeed competition is growing in the microfinance market. As a next step, a critical question is addressed, namely what is the effect of increased competition. We consider important dimensions of MFIs’ performance. These are outreach, loan repayment, efficiency and profitability. The results document strong negative effects of competition on performance of MFIs, after controlling for various mac roeconomic and MFI factors.We show competition is negatively related with outreach while it is associated with rising default rates. Furthermore, declining efficiency and deteriorating financial performance is shown to be associated with intense competition. The results might appear rather depressing for microfinance enthusiast, anyone for that matter, who would like to see the sector grow and bring all the positive benefits along. What could be done? These calls for measures that do not put a halt on the growth of the sector rather ensure the (negative) competitive effects are minimized.This may include designing ways that makes sure MFIs do not compromise lower lending standards for increased market share. At the same time, designing ways that promote information sharing between MFIs, so that a borrower that default on one MFI loan could not turn to another MFI in the neighborhood and granted a loan, can contribute to lower delinquency as well as better borrowers’ welfare. In addition, promoting financial literacy among clients may help them in their borrowing decisions, which in turn may limit multiple loan-taking. Finally, as we show in the results, increased competition is negatively associated with efficiency of MFIs.Innovative ways among MFIs that could enhance efficient service provision may also help in ensuring benefits from the growth in the microfinance market. Incentives and Disincentives that Affect Lending Behavior in Microfinance In late 1980s and early 1990s thousands of non-governmental organizations (NGOs) and specialized finance institutions around the world initiated micro enterprise finance programs. Most of these programs are financially supported by the international donor agencies or governments to improve the lives of the poor.Therefore, for NGOs micro enterprise finance appears to be socially motivated. Reasons Why Banks Make Micro and Small Enterprise Loans Frequency of Response* % of total a) Profitability of micro and small loans 72 49% b) Changing market conditions and increasing competition in lending to large/medium enterprises 64 44% c) Regulations imposed by the government 25 17% ————————————————- d) Poverty alleviation / social objectives 29 20%Disincentives for Making Micro and Small Enterprise Loans Frequency of Response % of total a) Higher administrative costs 29 40% b) Risky borrowers 12 17% c) Interest rate controls 21 29% d) Not interested in micro enterprises 5 7% e) Lack of network and personnel to serve this market 23 32% f) Other 18 5% Banks’ Lending Behavior and Loan CharacteristicsBanks Age and Their Portfolio Share in Micro/Small Business Loans Out of 148 banks, 119 banks answered to the question on loan portfolio analysis. When these banks are classified according to the number of years since they were established, it is found that the newly established banks, o n average, have a larger share of loan portfolio delegated to small and micro enterprise loans than the older banks. Loan Terms The findings of this research indicate that, the loan terms provided by these commercial banks for small and micro enterprises ranges between three months to six years.On average, the loan term for micro enterprise loans is 2. 4 years and for small businesses it is 2. 9 years. These loan terms are much longer than the loan terms provided by NGOs, which are generally between one to three months. Average Loan Terms for Micro and Small Enterprise Loans Sample Size Average (years) Median (years) Micro 57 2. 4 1. 75 Small 46 2. 9 3. 00 Loan term: In micro and small business finance, the loan term or the loan repayment schedule can affect the ability of the borrower to pay his/her loan back.The shorter loan terms or frequent payments of installments can make it easier for the borrower to pay his/her loan back, whereas the longer loan terms and infrequent payment s of loan installments can make it difficult for micro/small business owners to pay their loan on time. Therefore, the longer the loan term, or the less frequent are the loan installments it is more likely for banks to have higher arrears which indicates a positive relationship between the length of the loan term and the level of arrears for a bank.Average interest rate on micro/small loans: In the micro finance literature, it has been widely accepted that micro and small enterprises are capable of borrowing at commercial, or market interest rates. Furthermore, it is also argued that, if micro or small enterprise loans are subsidized by governments, loan default or corruption may be encouraged which may result in higher arrears in banks’ loan portfolios. These arguments suggest a negative relationship between loan rates and banks’ arrears.On the other hand, the higher nominal interest rate paid on a loan implies a greater cash flow burden on the enterprise hence increa sing the likelihood of arrears. Due to data limitations, other financial costs, such as fees and commissions associated with the loan could not be taken into account in this research. Findings: The higher the loan interest rate given everything else is held constant; the higher will be the rate of arrears.This finding contradicts with the common argument that the micro and small enterprises are capable of borrowing and paying their loan back with a high rate of interest. It is however important to note that micro and small enterprises may show different characteristics in loan repayment with respect to given interest rates. One of the most important findings of this study is that many banks are using inappropriate lending criteria when making loans and managing their portfolio of small business loans.In the case of small business loans the banks that require collateral have higher than average levels of loan arrears. Hence reliance on collateral tends to cause poor borrower evaluati on and inadequate follow up once the loan have been made. It is also found that the level of interest rate charged on the loans is not a factor affecting the rate of arrears for micro enterprise loans but it is a factor affecting the level of arrears for small business loans. Justification of high interest rate in Micro financeSmall businesses normally struggle to find out the sources of fund due to the small size of business where lenders face difficulties to cover up the loan money. From several evidences it is observed that small businesses are very efficient to utilize the funds and can rapidly realize profits though borrowing at very high interest rate. An author explained this through an example of a fruit seller who takes loan in the morning, buys fruit, sells it and pay lender outrageous rates to repay the money by the end of the day.So, It is very critical that though rates are high that MFIs have, small business can cover the spread. How can interest rate be reduced? Evide nces from Bolivia pursue us that interest rate in micro finance sector can be reduced by great regulation and create a competitive environment among the micro finance institutions. If situation looks like that MFIs are managing huge profits in that case government should take some initiatives that will discourage MFIs to make extra ordinary profit.Government can give licenses to new MFIs to create competition. But it should be remember that regulatory framework is a vital element. So, before giving licenses government should strengthen the monitoring function. Then we can expect thatat least some of that profitability will be passed back to the customer either through lower rates, reduced fees or another way. Should Subsidy Be Provided To Reduce Interest Rate? From the very beginning of the history of Micro finance we see that it has been growing at an exponential rate over the years.Many evidences about the recovery rates convince us that interest rate is almost justified so subsid y may create distortion in this sector. According to Mary Ellen Iskenderian, President and CEO of Women’s World Banking, â€Å"I don’t think a subsidy is the way to go about reducing rates because, in the end, the reason that microfinance has been so successful to-date is that it has always been about sustainability—sustainability of the institutions to recover their costs as well as sustainability of the borrower to make on-time payments. Responsiveness of lending amount to the changes in interest rate: Example from Bangladesh Bangladesh is a poverty-stricken country. It is a great pleasure for marginal people to get loans from MFIs because it is almost impossible for them to manage loan from conventional commercial banks. So, poor people are willing to pay even high interest rate to get loans. Now the question is that how are poor people responsive to increase in interest rate charged by MFIs? SafeSave, a credit cooperative in the slums of Dhaka,Bangladesh, o perate three branches across the city to provide credit.Administrative records kept by this MFI asserts that when interest rate increases suddenly, less wealthy borrowers reduce their demand for loan and they are relatively more sensitive than the wealthy borrowers. Another important thing is that the loan portfolio of this organization shifts from less wealthy borrowers from wealthy borrowers with the increase in interest rate. Influential advocates now argue that poorhouseholds are so insensitive to interest rates so interest rate in micro finance sector should be deregulated.If this is so, microfinance can readily expandto serve the hundreds of millions of currently excluded households, without sacrificingdepth of outreach. This claim is far from clear as a general proposition. First, diminishing marginal returns to capital disregards the possibility of unequal access to non-capital inputs like managerial skillsand human capital by poor borrowers. Moreover, raising interest rates can in principle exacerbate moralhazard and adverse selection, worsening loan repayment rates and screening out the most reliable borrowers.And, while microlenders may still find a pool of customers afterreal interest rates are raised, the customers may not be from the same pool that was reliable, willing and able to pay the lower rates. In addition, Moral perception to keep costs as low as possible for the poor, have compelled thelargermicrolenders in Bangladesh to keep real interest rates below 40 percent per year,even if it means turning to subsidized resources to cover costs (e. g. , Morduch, 1999). The average fees charged by two large lenders in Bangladesh arejust under 30 percent.The Grameen Bank (which is not one of the two) keeps theirinterest rates and fees close to 20 percent per year (nominal) on their main lending products—and they ignore suggestions to raise rates. Experience inside Bangladesh Credit delivery system by Grameen bank Grameen Bank Credit Delivery means taking credit to the very poor in their villages by means of the essential elements of the Grameen credit delivery system. The credit delivery system of this authentic micro-finance is very much well-functioning. The credit delivery is the most productive weapon of Grameen bank to reach the highest number of its beneficiaries.Grameen Bank credit delivery system has the following features: 1 There is an exclusive focus on the poorest of the poor. Exclusivity is ensured by: i) establishing clearly the eligibility criteria for selection of targeted clientele and adopting practical measures to screen out those who do not meet them ii) ii) in delivering credit, priority has been increasingly assigned to women iii) iii) the delivery system is geared to meet the diverse socio-economic development needs of the poor 2   Borrowers are organized into small homogeneous groups. Such characteristics facilitate group solidarity as well as participatory interaction.Organizing the primary gr oups of five members and federating them into centres has been the foundation of Grameen Bank's system. The emphasis from the very outset is to organisationally strengthen the Grameen clientele, so that they can acquire the capacity for planning and implementing micro level development decisions. The Centres are functionally linked to the Grameen Bank, whose field workers have to attend Centre meetings every week. 3 Special loan conditionalities which are particularly suitable for the poor. These include: i) very small loans given without any collateral i) loans repayable in weekly instalments spread over a year    iii) Eligibility for a subsequent loan depends upon repayment of first loan iv)   Individual, self chosen, quick income generating activities which employ the skills that borrowers already posses    v) close supervision of credit by the group as well as the bank staff    vi) stress on credit discipline and collective borrower responsibility or peer pressure    v ii) Special safegaurds through compulsory and voluntary savings to minimise the risks that the poor confront    viii) Transparency in all bank transactions most of which take place at centre meetings Simultaneous undertaking of a social development agenda addressing basic needs of the clientele. This is reflected in the â€Å"sixteen decisions† adopted by Grameen borrowers. This helps to: i) Raise the social and political consciousness of the newly organized groups    ii) Focus increasingly on women from the poorest households, whose urge for survival has a far greater bearing on the development of the family      iii) Encourage their monitoring of social and physical infrastructure projects – housing, sanitation, drinking water, education, family planning, etc. Design and development of organization and management systems capable of delivering programme resources to targeted clientele. The system has evolved gradually through a structured learning process, tha t involves trials, errors and continuous adjustments. A major requirement to operationalize the system is the special training needed for development of a highly motivated staff, so that the decision making and operational authority is gradually decentralized and administrative functions are delegated at the zonal levels downwards. 6| Expansion of loan portfolio to meet diverse development needs of the poor.   |   As the general credit programme gathers momentum and the borrowers become familiar with credit discipline, other loan programmes are introduced to meet growing social and economic development needs of the clientele. Besides housing, such programmes include:|   | i)| Credit for building sanitary latrines| | ii)| Credit for installation of tube wells that supply drinking water and irrigation for kitchen gardens|   | iii)| Credit for seasonal cultivation to buy agricultural inputs|   | iv)| Loan for leasing equipment / machinery, ie. cell phones purchased by Grameen Bank members|   | v)| Finance projects undertaken by the entire family of a seasoned borrower. Three Cs in Credit delivery: Character: means how a person has handled past debt obligations: From credit history and personal background, honesty and reliability of the borrower to pay credit debts is determined. Capacity: means how much debt a borrower can comfortably handle. Income streams are analyzed and any legal obligations looked into, which could interfere in repayment.Capital: means current available assets of the borrower, such as real estate , savings or investment that could be used to repay debt if income should be unavailable. | | The loan disbursement has been robust year after year and profit has also been increasing year after year. The loan disbursement schedule and profit are summarized below: year| Loan disbursement (million Tk)| Profit/loss (million Tk)| 2001| 146538. 20| 58. 45| 2002| 162286. 24| 59. 67| 2003| 183575. 33| 357. 52| 2004| 209166. 76| 422. 13 | 2005| 3248163. 17| 1000. 44| 006| 306368. 63 | 1398. 15| 2007| 356798. 22| 106. 91| 2008| 418903. 07| 1305. 00| 2009| 498311. 47| 371. 57| 2010| 594460. 61| 757. 24| Interest rate charged on different loan on different duration are given below: Description of the loan| EAIR(Old Payment Method)| EAIR(New Payment Method)| 10-Year stable Level Loans @ Tk. 2,000| 350%| 556. 44%| 10-Year Increasing Loans| 18. 48%| 44. 13%| Actual 7-Year Center Loan History| 15. 39%| 35. 57%| The â€Å"Old† Payment System: Under the â€Å"old† system, Grameen borrowers made weekly payments for 50 weeks.Their principal balance was reduced by the full amount of the payment, and no interest payment is credited. The â€Å"New† Payment System: Under the â€Å"new† system, the entire structure of loan payments was altered. The loan payment period is now defined as 46 weeks in length, but factored into the system is the anticipation of 6 official â€Å"national holidays† when the we ek’s payment is suspended. ASA Microfinance in Bangladesh: ASA has been working relentlessly to reduce poverty since its inception in 1978.The formal banking sector in developing countries, like Bangladesh, does not typically provide financial services to the poor. This sector concentrates on large loans to the upper class, thereby completely excluding low income groups. The microfinance movement, however, has shown that there is a thriving market among the poor when financial products cater to their specific needs. The poor are a quite active group in any economy. ASA has shown that their needs can be met while at the same time making the providing institution profitable as well.Up to October 2011 ASA's cumulative Loan disbursement has been BDT 481,381 million (US$ 6,326 million) while loan outstanding (principal) is BDT 44,972 million (US$ 591 million) among 4. 43 million borrowers. At the end of June 2011 ASA's Operational Self Sufficiency(OSS) was 182. 48%, Financial Self -sufficiency (FSS) 118. 82% and rate of loan recovery 99. 83%. The loan disbursement over the years are given below: Year| Disbursement in million Tk. (during the year)| 2008| 61,108,00 | 2009| 61,495,00. | 2010| 68,486,00| 011| 44,835,00| The rate of interest charged by the ASA is given below: Category| Eligible Criteria| Initial Maximum Loan Size| Interest Rate| Loan term| Primary Loan| Economically active poor to undertake or strengthen income generating activities (IGAs). | BDT 8,000-20,000 to maximum BDT 50,000 at first loan cycle. | Maximum 27% declining| 4, 6 or 12 months based on nature of IGAs| Special Loan| Small/micro enterprises or entrepreneurs and traders to promote and scale up production, business activity and employment generation. BDT 51,000-500,000 | Maximum 27% declining| 12, 18, 24 or 30 months based on nature of enterprises| BRAC BRAC, a development organization, was formed in 1972 under the Societies Registration Act 1860. Although it was first set up to reset tle refugees in post-war Bangladesh, BRAC later redesigned its strategies in accordance with its philosophy of poverty alleviation and empowerment of the poor. At present, BRAC has a large number of development programs that cover the areas of health, education, credit, employment and training for the poor people of Bangladesh.BRAC carries out licensed banking activities through the BRAC Bank Ltd. and also earns from various income generating projects such as Aarong Rural Craft Centre, BRAC Printers and Printing Pack, BRAC Dairy and Food project, BRAC Tea Estates, andvarious programme support enterprises such as poultry farms, feedmills, seedmills and prawn hatcheries. Microloans: These loans, which range from USD 50 – 700, are given exclusively to individual women who are serviced in a group setting, namely the VO. The VO acts as an informal guarantor by creating peer pressure to ensure timely repayment.Borrowers repay through weekly or monthly installments and deposit savin gs during the regular VO meetings. These loans are generally used for small operations in poultry, livestock, fruit and vegetable cultivation, handicrafts or rural trade. Microenterprise loans (Progoti): These loans, which range from USD 700 to 10,000 are given to both male and female entrepreneurs to support and help expand existing small enterprises which are too small to qualify for credit from mainstream banks. Borrowers generally use these loans to finance shops and small-scale manufacturing activities.A ladder of opportunity :BRAC have developed a ‘ladder’ of financial services to target different poverty groups because we understand that the financial needs of the poor are diverse. The most vulnerable are the extreme poor who do not benefit from microfinance – for this group BRAC have developed a grant-based programme that incorporates asset transfers with non-financial support; BRAC’s Ultra Poor programme. Similarly, it has launched, with the help of the Government, a specific customised product for marginal farmers, which combines access to finance with technical support.Another specialised microloan scheme aims to financially empower adolescent girls, helping them continue their education, build savings and receive livelihood training to start smaller home-based enterprises. The rate of interest charged by the BRAC Bank SL no. | Types of loan| Annual interest Rate| 1| General micro credit (Rural and Urban)| 25%-33%| 2| Micro Enterprise loan| 26%-40%| 3| Ultra poor loan| 22%| 4| Agriculture loan| 22%-33%| 5| Seasonal loan| 26%-33%| 6| Disaster management loan| 2. 8%-21%| Loan Disbursement over the year is given below: Sl no. | year| Loan disbursement(TK)| | 2009| 75680756900| 2| 2010| 38749653600| 3| 2011| 39554248779| 4| 2012| 42235412000| Experience outside Bangladesh There is a vast array of experience outside Bangladesh as microfinance is now a globalphenomenon. The information below is simply intended to give a snapshot of the differentexperiences in a few countries, and to show how the complex issue of interest rates has beenaddressed, either by inaction or explicit action by governments. Figures on interest rates fromvarious countries in different parts of the world are given below, in particular those nearby inAsia.Countries are also mentioned where the government or parliament (not necessarily thesame) has sought to impose a ceiling on interest rates in the twin belief that poor peoplecannot afford to pay the high interest rates charged by MFIs and that it is indeed immoral thatthose who are poor should pay higher interest rates on loans than those paid by richerindividuals. South and South East Asia The table below (prepared for the Joint Donor Strategy initiative) gives a summary picture ofthe situation in selected countries in the S. nd SE Asia Region, showing data assembled byEDA Rural Systems, with the comparative rates in Bangladesh at the bottom of the table forcomparison: Three importa nt conclusions can be drawn from these figures. 1. First, that the interest rates charged by MFIs are invariably higher than the rates charged by commercial banks, on average approximately 100% higher. 2. Second, that in general the rates charged by informal moneylenders vary much more widely than either the rates charged by the banks or by MFIs, and almost always are substantially higher than the rates charged by the MFIs. . Third, the interest rate charged by almost all NGO-MFIs in Bangladesh, 30% effective annual rate, is by no means out of line with what is being charged elsewhere in South and South East Asia. If any person wants to borrow from traditional banking system he has to fill out application form. He has to go to the bank for many times for the sanctioning of loan that incurs substantial amount of transportation cost for him. In addition to high transportation cost, there are some processing cost and commissions charged by banks.Ultimately, Effective interest rate is q uite higher in case of borrowing from traditional banking system. On the other hand, traditional banks can’t cover up administrative cost by providing small loans. Comparison of Interest Rates of Various Sources of Loans in India Quoted Cost and Cost after Adjustment for Transaction Costs From the table we see that there is no transaction cost in case of borrowing from MFIs loan. From the evidence of India, we have found that MFIs are used to make election engineering.The main motive of MFIs is to provide credit to women and poor. But, politicians are trying to use it as a political tool. Government provides subsidy which are distributed through MFIs. Large number of impoverished people is a big vote bank for politicians. In this process government influences the decisions of the voters in time of election. In Tamil Nadu we see that government passed ordinance that MFIs could not charge more than 12% interest that may ultimately drive out huge number of lenders from the marke t.So, poor people have to rely on nonchalant public sector banks and according to Mahajan and Ramola they will not have no recourse except money lenders for borrowing. Interest rate, Lending ; Microfinance Less Dependence on Money lenders, Mahajon etc More economic activities because of easy funding reduce asymmetry of information, rural development possible. Downward competitive environment in informal market. Rise in income level, Purchasing power, Overall standard of living. Production, consumption level increases. ResultEliminate the practice of charging usury, greater financial leverage, only does it help to reduce poverty, it Scales down inequality as well. Fig: Effect of Interest rate, Lending ; Microfinance On the Perspective of Latin America In Latin America, the leading MFIs all operate under a formal legal framework, usually as specialized MFI banks, under the supervision of the central bank. Figures for five of the best known institutions are given below, all of which ha ve substantial numbers of clients (by the standards of the region) and are currently operating profitably.Probably the most interesting (for Bangladesh) is Comparators which has from its inception deliberately targeted poorer clients, as can be seen from the current average size of loans ($277). Leading Microfinance Institutions Primary Indicators (End Third Quarter 2003) The figures below for the same five MFIs show the average rates of interest which they are receiving on their various loan products. Descriptive Statistics | Mean| Std. Deviation| N| NO. CLIEN No of CLIENTS| 94000. 00| 65490. 457| 5| AVG. LOAN Average Loan| 1002. 0| 501. 657| 5| LOANST Total Loan| 78000000. 00| 42361539. 160| 5| Regression Variables Entered/Removed(b) Model| Variables Entered| Variables Removed| Method| 1| NO. CLIEN No of cLIENTS(a)| . | Enter| a All requested variables entered. b Dependent Variable: LOANST Total Loan Model Summary Model| R| R Square| Adjusted R Square| Std. Error of the Estimate| Change Statistics| | | | | | R Square Change| F Change| df1| df2| Sig. F Change| 1| . 169(a)| . 028| -. 295| 48213878. 375| . 028| . 088| 1| 3| . 786| Predictors: (Constant), NO. CLIEN No of cLIENTS The unstandardized parameters tell you the difference in Y per unit change in X whereas the standardized tells you the difference in Y in standard deviations per standard deviation difference in X. With the exception of BancoSol, these rates are all higher than those charged by the NGO-MFIs in Bangladesh (in the case of Compartamos substantially so), but their operating costs are also higher than the leading NGO-MFIs in Bangladesh due largely to the higher costs of staff.Nonetheless all five institutions are profitable and the high returns achieved by the three most profitable institutions have enabled them to achieve the most rapid rates of growth in client numbers in the 21 months covered by thee figures; almost triple by Banco Solidario; more than double by Compartamos; and over two t hirds by Mibanco. Leading Microfinance Institutions: Costs and Interest Rates (End Third Quarter 2003) As reported by Helms and Reille, when BancoSol in Bolivia began as a bank in 1985, it charged a combination of interest and fees equivalent to 65% effective annual interest rate. Today, BancoSol, operating in a highly ompetitive environment, has brought down its costs and charges interest rates on its products yielding the 24% shown in the table above. According to one of the managers at BancoSol, the banks growth from 4,500 to 55,000 clients in just ten years has been possible by its ability to charge sustainable rates of interest. Further, whilst its return on average assets is a modest 1. 6%, its current return on average equity is over 11% (because of the leverage it has been able to exercise on its equity). Conclusion Obtaining financial information from institutions involved in microfinance is no easy task.In most countries because there is no financial authority that collect s it and makes it available to the public. Furthermore, the absence of governmental or organized market supervision means that these entities can freely decide how to measure – if they want to do it– the variables describing their different sources of income and expenditure. Finally, even if there were an informal consensus on how to measure these variables, that would not necessarily ensure that the information is reliable since it is very likely that accounting deficiencies might exist. 1. David L. Wright, Dewan A. H.Alamgir, Microcredit Interest Rates in Bangladesh ‘Capping v Competition’, Donors’ Local Consultative Group on Finance, March 2004. 2. P. Cotler , What Drives Lending Interest Rates in the Microfinance Sector? , August 4th, 2010, Microfinance Workshop, Groningen University. 3. Esubalew Assefa, Niels Hermes and Aljar Meesters, Competition and Performance of Microfinance Institutions, August 2010. 4. Mahajan, Vijay and Ramola, Bharti Gu pta; (August 2003); ‘Microfinance in India – Banyan Tree or Bonsai’, a Review Paper for the World Bank 5. Donoghue, Kieran et al, (June 2002), unpublished manuscript for AusAID ‘ Interest Rates in Microfinance’ . Porteous, David, of Finmark Trust, South Africa (2003); unpublished paper ‘Is Cinderella Finally Coming to the Ball? † 7. Hatice Jenkins, Commercial Bank Behavior in Micro and Small Enterprise Finance, Development Discussion Paper No. 741, February 2000. 8. Microfinance Institutions Under Interest Rates Ceilings, Denis H. ACCLASSATO, Laboratoired’Economied’Orleans (LEO), Universited’Orleans, Preliminary Version, June 2006. 9. Sinha, Sanjay, (2003); ‘Experience in Selected Countries in South and South East Asia on Regulation and Supervision, and Comparative Interest Rates’