Administration of Contracts in Business Law

Two parties may decide to form an agreement in concern for their business. And for that reason, each of them will leave saying that they have a deal. However, the law differentiates between enforceable agreements from mere promises. When parties present themselves to the court alleging that one of them refused to perform according to their agreements, the court looks at their promises and check whether all the elements of agreement exist. If they exist, then the court will enforce such agreement.   Keywords:   Enforceability, Offer, Acceptance, Consideration Contract law supervises people in the administration of their promises. It is necessary to recognize that not all agreements that people form are enforceable in the eyes of the law. For a court to enforce a deal, it must look for the presence the elements of an agreement. If all of them exist, then the court will proceed to force the parties to perform their obligations. As an illustration, this paper will analyze a case between Peter and Brett (Nephew) and decide whether there is an enforceable agreements of not. The explanation whether the uncle/nephew relationship has any effect on whether or not there is a binding agreement is a matter of presumption applied to cases of social and domestic agreements. When looking at these agreements, their enforceability dwells on their subject matter as opposed to the parties’ relationship. In most cases, agreements originating from a business setting have a presumption that the parties intended to create a legal relationship (Koffman, & Atkins, 2014). The rule doesn’t even apply to domestic relationship, but also to any commercial context where free gifts are offered as in (Esso Petroleum Ltd v Commissioners of Customs and Excise, 1976) Concerning family cases, a good example of the application of a binding agreement between relatives is in (Parker v Clarke, 1960). This case involved elderly relatives convincing a young couple to dispose their house and relocate with them. The elderly relatives promised them that they would give the young couple a share in their house in return. However, their relationship fell out, and the elderly couple dismissed the young couple. When the matter went to the court, the court rebutted the presumption given to the domestic agreements and held that the agreement was enforceable. Similarly, in the case of (Merritt v Merritt, 1970) the court rebutted the presumption both the husband and wife in had no intention to form a legal relationship in their agreement. So like this case, Brett should not assume that the court will be blinded by the fact that he was contracting with his uncle. The court will look at the subject matter of the agreement which is the ‘sale of a car.' The law of contract dismisses any thought that the acceptance can occur by the silence from the offeree. On the other side, it also explains to what extent a silence can indicate a sign of acceptance. However, it's not a silence as such. It's a situation where the offeree's conduct demonstrates an acceptance of an offer. For instance, in (Brogden v. Metropolitan Railway Co, 1877), the court held that the plaintiff accepted the offer the moment he made the amendments and sent the draft to the defendant. Also, the court traced a sign of acceptance by indicating that the actions of the parties demonstrated acceptance. That is, the plaintiff sent the coal after the agreement, and the defendant accepted the coal.   Additionally, in (RTS Flexible Systems Ltd v Molkerei Alois Muller GmbH & Co KG, 2010), the Supreme Court ruled that as far as the parties had carried out their obligations, it meant that they had accepted the terms of their agreement even though they had not signed it. The court went on clarifying that the parties’ conduct had shown that they had performed as if the contract draft applied, and they treated it as if it was already a contract. The same principles were applied to (Limited v Amphenol Limited, 2009) Tekdata bought some from Amphenol and indicated that it would be its and condition that would guide their contract. On the other side, Amphenol disputed those sentiments and said that Amphenol's terms and conditions would administer the agreement. Nevertheless, the parties continued with their normal trade until when the dispute emerged. In solving the dispute, the court of appeal held that Amphenol was the last to issue its terms, so its declarations would apply. These kind of judgments are more popular in cases where one party commences work before they agree to the terms of the contract. So like the mentioned cases, Peter’s terms would prevail. Consideration is a fundamental constituent of any enforceable contract. In English law, any contract without a consideration is   treated as voidable. In other words, if one party promises another something without getting something in return, the law cannot enforce such a promise.   A valuable explanation to consideration is in (Currie v Misa, 1875). The judge said consideration is, "some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered or undertaken by the other" Also, the House of Lords described consideration as the "price that one to a contract pays for the promise or the performance of the other party," (Dunlop Pneumatic Tyre Co Ltd v Selfridge & Co Ltd, 1915). Like offer, and acceptance, even consideration has some rules that attached to its validity. In (Turner, 2013), the book summarizes the rules of consideration into three principles; these are that "the consideration must be sufficient but need not be adequate. The second rule is that past consideration would not be a useful consideration, and the third one is that consideration must come from the promise." In the concerned question, this paper will concentrate with the first principle. By stating that consideration must be sufficient but that it need not be adequate, this means that it requires that there should be an exchange of something of value but not something equivalent to whatever you received. In other words, there should be an existence of a bargain, though it doesn't have to be a good one. The same explanation was given in (Korunich v Holliday, 2013) where the court stated that a "good consideration does not need to have a value comparable to the promise." So considering t he explanations above, $500 is a valid ‘consideration’ for a contract to sell the diesel motor car if the parties accept it. If Brett tells Peter that he would challenge the validity of the contract due the fact that he entered into the contract thinking he was buying a diesel car, but Peter gave him a diesel car, then it would be a question of unilateral mistake. In (Emanuel, 2010), Emanuel explain that â€Å"a unilateral mistake happens where one party to a contract is mistaken but and the other party is aware of the mistake.† This mistake may happen to the concern of a fundamental term, or it can be the identification of one of the contracting parties. Notably, if a unilateral mistake happens due an error in the quality, such error would not invalidate the contract. For instance, in (Smith v Hughes, 1871) the court held that the contract was enforceable even though the plaintiff had made a mistake to the oats. On the other hand, if the mistake touches the requisite part of the contract, i.e a fundamental term of a contract, and the other party knows the mistake, this can render the contract voidable. For example, in (Hartog v Colin & Shields, 1939) the judge ruled that the plaintiff was aware of the clerical mistake with the offer. As a result, the court dismissed the claim as it could not let the plaintiff benefit from of such a fundamental error. To clarify, the court ruled on behalf of the defendant stating that the plaintiff was supposed to consider that the defendant's intention wasn't to sell at such a low price. As for the case of Peter and Bett, the contract can be voidable due to a fundamental mistake. The procedure for contract arrangement starts with one party presenting an offer, and the other one accepting. The acceptance can be in writing, oral or in conduct. Apart from offer and acceptance, a valid agreement must have consideration. There is no rule to what consideration should be. For example, $1 for a car would be an adequate consideration. Koffman, L., & Atkins, R. (2014). Koffman & Macdonald's law of contract (8th ed., p. 79). Oxford: Oxford University Press. Miller, R. (2012). Fundamentals of business law (3rd ed., p. 154). Mason, Oh: South-Weston. Turner, C. (2013). Key facts and key cases (1st ed., p. 31). Routledge. Emanuel, S. (2010). Contracts (9th ed., p. 164). New York: Aspen Publishers. Dunlop Pneumatic Tyre Co Ltd v Selfridge & Co Ltd (1915) Esso Petroleum Ltd v Commissioners of Customs and Excise (House of Lords 1976). RTS Flexible Systems Ltd v Molkerei Alois Mà ¼ller GmbH & Co KG (2010) Tekdata Interconnections Limited v Amphenol Limited (2009)

Religion - The Upanishads Essay Example | Topics and Well Written Essays - 1250 words

Religion - The Upanishads - Essay Example For instance, when we get to question where life comes from or who created the earth and the heavenly bodies. The Kena Upanishad tries to answer these questions through use of events and words contained in the Kena Upanishad. The overall message underlined in the Kena Upanishad is that God (Brahman) is the overall in charge of everything in the world. A person who knows the truth will acknowledge the power of the Brahman and it continues to stress that human beings are mortal because they fail to fully grasp understanding of Brahman (Parmananda, 2004). Brahman is mentioned in the Kena Upanishad as the ultimate and the whole. The Kena Upanishad tries to explain that all we see or perceive in the world comes from one source which is the Whole. The Kena Upanishad strives to make it known that knowledge of God (Brahman) and the acknowledgement of his power is very important in life. Most of the Upanishads are related in their content and identification with one’s self. The Upanishads relate to the relationship between Brahman and us as human beings. One of the similarities between the Kena Upanishad and the other Upanishads is that it acknowledges that life without acknowledgment of the Brahman is pointless. For instance, in the Isha Upanishad it talks of seeing the world through Brahman as the only we to live since it is not possible to enjoy life and realize happiness. The phrase â€Å"He who sees all beings in his Self and his Self in all beings, never suffers† is a thought echoed through the other Upanishads. Another great similarity between the Upanishads is that all of them begin with a c hant. This is so done so that people can have the time to reconcile with their maker or Brahman. This is because it is difficult to cultivate the teachings of the deities if you cannot make peace with your brothers. The chant helps in withdrawing our minds from different distractions of the world before entering into the spiritual world. However, there are differences between the Kena Upanishad and the other Upanishads is that, the Kena Upanishad tries to explain the origin of Man. The main difference is the fact that this Upanishad tries to locate and expand the human being’s consciousness to the level it becomes identical to God’s consciousness (Easwaran, 2007). It does this through questions and answers, for instance when a disciple asks the teacher about the source of the world. He explains of the world emerging from a Whole and the whole becoming the World. The Kena Upanishads resembles the message available in other sacred books such as the bible whereby the orig in of the World and God is explained in the book of John. Topic Two The Upanishads are narrated in a way that makes the reader to more aware of his life through the teachings. Moreover, the Upanishads does not provide answers since it talks of the things that cannot be seen but rather believe in. Thus, I tend to agree with Alex Levin that the Upanishads make the reader aware of his connection to God through the spirit. The Upanishads are narrated in a format whereby the lessons of understanding God are done through thought provoking phrases. For instance, in the Isha Upanishad, there is this phrase â€Å"Whatever We see, movable or immovable, good or bad, it is all â€Å"That.† This phrase is not necessarily an answer but it tries to jog the mind of the reader to be fully aware of the questions that the Sage was asked. Several texts have been used in the Upanishad to make the reader alert and learn more and not just to get simple answers of life (Easwaran,

Hagia Sophia and Pantheon Essay Example | Topics and Well Written Essays - 2500 words

Hagia Sophia and Pantheon - Essay Example However, I was pleasantly surprised by the Apse mosaics within the building that depicted Biblical scenes. Mosaic art gained appreciation in my mind when I observed the Apse mosaics closely when previously mosaic art held no beauty for me. The most important feature in the interior of the building that appealed to my eye was the dome that rests on four concave triangular pendentives. It is because of these pendentives that the rectangular base is transformed to a circular dome as the building rises. One would expect the pendentives to serve only the practical purpose but when I observed the structure of these pendentives, it allowed me to appreciate the beauty of the architecture. The pendentives are both awe-inspiring as well as practical. Even without the pendentives, the beauty of the dome will still be maintained due to the presence of the forty windows that the architects of the original dome envisioned when creating the dome. The presence of these windows has allowed for a good play of light within the internal structure. I feel that without the dome, Hagia Sophia would not have gained such popularity among modern artists and architects. Pantheon is a building located in Rome, Italy that recounts the brilliance of Roman art and architecture in this age. The Pantheon served as a temple for the Romans and featured all the Roman Gods at different points of the building. The building is a treat in itself and observing the building from the front, with its Corinthian columns, I failed to envision the dome within the building despite having read extensive literature on the building. However, the east of side of the building prominently displays the rotunda. When entering into the building through the Corinthian columns, I felt that I was entering history. The high columns further strengthened these feelings as I realized that I was entering something majestic. This was a place where our ancestors prayed for successful lives, healthy sons and good produce. Howev er, looking at the building, I did not believe that this building was as old as the Roman age, given its condition despite the years. The most beautiful aspect of the building for me was the dome and the oculus in the interior of the building. Standing directly beneath the oculus and looking up gives one a feeling of being engulfed in the majesty of Roman architecture. Pantheon for me was Roman architecture in its prime. The vaulted arches of the dome have inspired many architects since they have been created but none have been able to match the brilliance of the Pantheon. It is not just the arches that catch the eye of the viewer. The architects of Pantheon have also been able to play with light using the circular structure of the dome. However, they have done this by using the top of the dome. The oculus allows light to shine on part of the vaulted arches and through the direction of the light, the Romans were also able to tell time. Combining the practical aspect with the beauty of the building is one of the most beautiful arts of the Romans . Reflection Assignment: Islamic Advancements and Achievements Muslim advancement in mathematics and architecture inspired many other cultures that came in contact with it. One of them was Renaissance culture that took good advantage of the Muslim presence in Spain to learn from one the most developed cultures of that

Reports Essay Example | Topics and Well Written Essays - 500 words - 1

Reports - Essay Example The case study is supposed to help managers make working strategies that go beyond forecasting. According to the authors, managers have to do more than forecasting when coming up with new strategies (Kaplan & Orlikowski, 2014). After eight months of studying the strategy making process in CommCorp, the authors argue that strategy is more than just forecasting. The authors argue that is important for managers consider the past, present and the future of the company when coming up with strategies. By interpreting and reinterpreting the past, future and the present of the company managers can be able to come up with new workable strategy narratives that can steer their companies from uncertainty. The authors argue that strategy making does not revolve around making accurate forecasting. This is due to the fact the future is unpredictable. Secondly, it is imporant to consider the past when coming up with new strategies. The past can help predict the future and ensure that there is continuity from the past. Thirdly, managers should focus on coming up with a strategy narratives that will help the company in times of uncertainty. This means that the narrative should not be perfect but rather be good enough for no w. Lastly, breakdowns in the strategy making process should not be considered as a failure but rather a way of provoking thinking that will produce workable narratives (Kaplan & Orlikowski, 2014). The backbone of any company revolves around making workable strategies whenever when faced with uncertainty (Hill, & Jones, 2012). Managers have to know and understand how to come up with workable strategies during these crucial moments. The article offers priceless information on how managers can come up with strategy narratives. Backed with evidence from a case study of CommCorp, the author lays a foundation on which managers can use to come up with workable

Importance of Operational Efficiency in an Organization

Importance of Operational Efficiency in an Organization 1. Executive summary Operational efficiency and its quality of providing service is most important factor whatever organization either production or service. That is most important part in any company operations whether it is business oriented or nonprofit oriented organizations also are highly concern their organizational growth and local and regional expansion of their operations. Mainly operational efficiency and performance is depending on the external environment drivers. Those external drivers are creating competition and intense of the among the industry player. Therefore future strategic planning, contingency plan, operation strategy is most important and playing vital role to face forthcoming changes. If the organization is not be able to manage those changes that happening in the originations and outside organization directly affect on operational efficiency of the organization. To face those environment changes most prudent strategies make adjustment in organization operating style and strate gies. That does will help to achieve organizations corporate objectives as planned. Mainly manufacturing service organizations are performing functions such as; Sales Marketing Human resource Operation Accounting Finance or treasury IT/Information department Logistic/branch management Channel management Internal auditing Risk management So called functions linking each other and having inter dependencies, no one can override those operational activities. Everybody work in the must focus on very well on operational activities. Because, at the end of year shareholders (investors) are raising questions at AGM, how much of amount of return generate by businesses and whether business operations went smoothly, what will be the future plans to deliver high rate of return for our investment and what type of operational strategy going to carryout to face the completion. So on frequently raise the questions by shareholders. Production and operation management was begun with industrialization. But it play vital role in the service sectors. In the contemporary world named it as Operation Management. Contribution of this subject is making bigger differences for business functions. Multinational local companies have established independent department to manage their operational activities very well. For an instance nowadays eme rging business is banking financial service company name called Nation Trust Bank. That bank routine operations are making huge impact on their business performance. That is because; bank performance is driven by its operational capacity style. Mainly employees and customers satisfaction are most important element to show outstanding performance and to attract the new customers. In this industry is driven by managing effectively whole operations of the business. Lack of operation management delivers poor performance. To provide remarkable service wider range of service related need to have well defined operations strategy to uplift business. This assignment report mainly focused on current practice of operation management banking industry and assignment contain the followings. Define operation management, its characteristic and playing role in banking financial service industry. Evaluate the goals and objectives are achieved in operation management objectives. Define systems in operations in relation to service and routine activities. Major resource, tools and systems that are supporting operations and to support quality of service of the bank. Analyzing importance of quality audit and implementation of quality management system in bank. Major weakness and explore opportunities to improve the bank service to satisfy the stake holders of the business. Making recommendation to capitalize the opportunities and avoid weakness of the bank. Conclusion of assignment 2. Define term of operations management According to literature production operation management are considering as one subject but in the current situation totally expert says about it as Operation management is subject that Design, execution and control firms operations that converts it resources into desired goods and services, and implement its business strategy and its define as another way The maintenance, control and improvement of organizational activities that are required to produce good or service. Operations Management deals with design and management of products, process, services and supply chains. It considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services their client wants. First definition can be related the following diagram is simple operation of any organization. Feed Back Input inputs Service Process servicing process Out put Maximize customer satisfaction Employees Money (local foreign) Savings accounts Information Systems Open up Bank A/C Cashiering Credit card promotion Mortgaging Generate bank statements Buying selling of foreign currencies Happiest or loyal customer The above diagram we can see operations different operations in the input level, process level and output level. Therefore we can conclude that 2.1. Operation management from aspect of Nation Trust Bank To get analyze importance of operations of the bank the vision mission and values is helping out it Vision Making life simple by being the benchmark of convenience Mission Be innovative in continuously developing customer centric solutions. Unleash the talent of our team to be the best in the industry. Consistently grow market share and be the most profitable and respected Sri Lankan bank by 2015. Values Inspirational leadership Integrity in all our dealings Open communication Learning focused Meritocracy Prudent risk management Respect for all Innovation and continuous improvement Nurture relationships Socially and environmentally responsible Vision, mission and value are Nation Trust Bank (NTB) operational objectives in relation to corporate objective. Organization chart shows hierarchy of the departments Chairman Deputy Chairman Board of Directors CEO Corporate management Senior management Branch management Managers Operation management Corporate management overlooking the follwing functions Director/CEO DGM Retail Banking DGM SME Banking DGM Cards, Consumer Assets and Strategic Marketing DGM Corporate and Institutional Banking Chief Operating Officer Head of Legal and Company Secretary Chief Financial Officer Head of Human Resources Head of Credit and Market Risk Management Head of Internal Audit Consultant/Head of Treasury Consultant/Head of Operational Risk and Compliance Senior management overlooking functions are; Trade Services Branches and PBC Alternate Channels SME Banking and Factoring Cards and Consumer Assets Branch Operations and Credit Wholesale Banking Consumer Credit Risk and Collections Consumer Sales Treasury Services Leasing Corporate Banking Leasing Operations Management Information and Planning Cards Marketing Collections Central Operations Fixed Income Securities Leasing Zone 2 Leasing Recoveries Marketing Services Retail Banking Credit Delivery Channels Nations Insurance Brokers Technology Legal Credit Operations Credit Risk Corporate Banking Delivery Channels Leasing Zone 1 Internal Audit Infrastructure and Administration Business Banking Compliance and Financial Reporting Business Solutions Delivery Channels Credit Risk Leasing and Factoring By looking at the above orgnization chart and that functions, can get clear idea about the how its importace of the operaton mangement in the NTB operations. Here in the chief oprating officer and head operational risk is paly vital role of for the baking operations. They are responsible for the bank oprations as whole. Operational scope No of branches 40, No of leasing centers 9, No of ATM 43 , 6 personal banking centers as well as Internet Banking 2.2. SWOT analysis of NTB Strenght It is subsidiary of Jhon Keels group, idirectly they can gained group strenght. Reputed coporate brand name Coporate brand value is very high Has selected well profitable segment to provide the banking service Wider product portfolio Strong IT net work staff in every layer having experice More than 20yers experaince in that perticualr field. Carryingout more promotion Respect corporate governance Good Internal auditing risk management Weakness Faliures in th the IT system define some operations wrong manner Poor promotion Newly introdce gurnateed invetment paln will be fail because of it is irrational plan. More customer complins prices and products quality Few brach and ATM Suboptoimization is happening Employee discrimination Poor advertising in relation to market leader. Employee selections very static do not willing to new comers and do recruitment based on the personal contact. Poor strategic implication. Try to do mass scale promotion, it has failed Always try todepend group strenght Poor opertations of mini brach in the supermrkets Opportunities expansion opportunity in further in sri lanka in norht south ( war affected areas) Can be offered more differntiated Service by giving well traning for the staff. Customer driven promotion. Customer feed back system over the phone or by SMS,by mail. Rewarding system for employees Threat High competition in the banking industry. Overriding tax ruels and regulation by bank.may have legal risk for business. New management is do not more concern on the operations Paying high premius to get new business without cinsidering future feasibility. 2.3. Importance of operations management NTB To satisfy the share holders objectives Investors are expecting return by investing money on the banking business. If the bank is not generated sufficient of amount of return on the shareholders will not invest in the bank. Therefore its corporate objectives must design and link with operations. To defense the market share face the competition Another main importance area of the operation management is developing strategy to face the competition. To managing the risk of the business Mainly banks facing the following risk; Credit risk Market risk Asset Liability management risk. Operational Risk When look at all the risk are related with the operation with banking business, if bank the bank stopped their business operations there is no any risk to manage for them. Therefore, managing risk of the banking business should have smooth plan to manage the operations. To fulfill rules and regulation of governed by Central bank of the country To fulfill rules and regulation of governed company act and banking acts Supporting decision making Operational informations are giving support to make the decision making. As example to advertising effectiveness evaluate branded saving accounts can be used no of accounts opened up by customers on daily. To adapt new changes on technological information Technological environment is rapidly changing to adopt those changes ATM came into apply to increase banking operational efficiencies. 2.4. Performance analysis of the operations in relation to organization goals and objective External process changes (customer satisfaction) Personal banking service providing branches New investment plan offered by bank 24 hours banking facility Open mini branch in supermarket location. Online bank account opening systems SMS banking system Door step banking system Billing payment system via their mobile phone Internal process changes (to happy internal customers) new auditing system to analyze the business risk Make contract with the international HR consultancy firm for training development of staff. Policies have been changes when issuing loans Transferring staff between branches to reduce Giving good training for newly recruited employees regarding bank operations. To reduce bottlenecks IT system training was provided. To prevent hacking introduced new system PIN by IT 3. Routine banking operation and related resources, tool and systems in support to improve operation quality. As banks it having so many business process, that can be divided into two External business process Customer focused process Under this process defined that banking service which they provide to the customers. Those service are divided into 3 categories Corporate banking Personal banking Treasury Issue Letter of credit Current , saving and fixed deposit Foreign exchange dealings Shipping other guarantees Credit card Forward exchange booking Import export finance Debit cards Commercial paper SWIFT facility Branded Savings accounts Foreign currency swaps Syndicate loans Certificate of deposit Interest rate swaps Project financing Advice on foreign current market movement Securitization Salary remittance package Structuring , managing and underwriting of initial public offering and private placement of equity Housing loans Company valuation restructuring E exchange money transfer facility Structuring of Corporate debt instruments Holiday banking systems Working capital financing Red carpet banking system Bullion trading Off shore banking facility Leasing Internal business process Internal operation centric process Where mainly internal functions related process can be analyzed Marketing Management Ex. process of introduce of new product This the huge process from the idea generating and to launch to customers is having certain approval to procedure such as; Idea generating new service based products Evaluating feasibility with the market condition Getting approval from the Head of the marketing Head of the marketing and Director of the Marketing, brand manger discussing pros and cons of the product, brand name selection, effect of existing products and competitor response Finalized the approval brand name Registering to launch the product preparing budget and get approval for that brochures designing and making agreement with the ad agency Printing pass books Communicating to customers regarding the product via ad Get feed back from the customer Compare budgeted deposit or account to measure whether branches have achieved budgeted sales. Human resources management Opening new Branch fill the staff requirement Forecasting staff requirement Advertise regarding the vacancy application sorting and short listed candidates Call for the interview 1st interview for them and short listed for second interview Call for the second interview Select the right candidate for the job Giving the appointment letter Familiarizing for the organization via inductions Training for that candidate Permanent those staff Internal auditing system Here try to ensure that bank staff follow the procedure as planned and prescribed the accounts and finance. Here they evaluate Analyze search Fraud and errors Management auditing System auditing (IT) Accuracy of accounting entries Analyze search Ineffective accounting procedures Assets auditing Deposit management Under this category try to manage the deposit level with liquidity and profit. By balancing rules and regulations which are governed by central bank. Channel Development System This is described regarding new branch operation and development of customer service. Managing Assets Liability This also very important business process and functions in the banking operations managing their assets and liabilities. If these two are not balancing each other, the bank balance sheet will show impact on assets and liabilities. It should be managed by well qualified management account or fiancà © disciplined person. Otherwise bigger impacts made on the corporate image as well as destroy the customers relationship and may have position go out of the business. Ultimately it will makes huge impact banking system in the economy. Risk Management System major different risk component those are making bigger impact on the business continuation. According to bank information major risk rating as follows; Risk Areas Component of the risk Credit risk Default risk Security risk Sectoral exposure risk Legal risk Counterparty risk Cross border risk Sovereign risk Market risk and Asset Liability management risk. Interest rate risk Liquidity risk Exchange rate risk Investment risk Group financial risk Share price decline risk Country risk Operational Risk Employee behavioral risk such as omission, fraud, judgmental errors, negligence, etc. Disaster related risk Trained staff turnover risk Insider dealing risk Sensitive information leakage risk Lack of creativity and innovativeness Risk on MIS and IT related risks Planning Budget related risks Shortcoming in the organizational structure Credit rating falling risk Money laundering Risk of technological obsolesces Risk failing business volume and market share Risk is being overtaken and losing the leadership position Overtrading risk and risk of financial disintermediation When look at overall risk, high risk show by operational risk compare to other risk areas. Therefore, to analyze any type of these risks, need to have solid information to mitigate those risks in business operation. Operation management Operations managements are looking after following areas. Those are; Bank or branch opening procedure This is very important part in opening branches and head office. Opening must be done without authorized people. If not that is considered as misused of operational rule on the other hand it taken as illegal act. Therefore those rules regulation must very well. Cash handling process by cashiers Main cashier hand over cash to the counter cashier Get it signed on the log book Cashier log on the computer Carryout the day today operation (saving, withdrawals) Handover cash to main cashier after counting Fill the cash summary by using slip Main cashier reconcile the cash with slip Cash put into the safe box Managing bank electronic data Data management is major important part of business process. Bank decisions are making process based on this process. If there is an error in the data, outcome (information) is will be inaccurate, ultimately, made decision are delivering risk picture. Following the appropriate tool for quality assurance of the data applied by the banks; Describing data that is in the warehouse Specifying what In and out of data is warehouse business events scheduling extract based Documenting and monitoring data synchronization requirements Measuring validity quality of data Data process management and security management system for data building Capacity of the bank To improve productivity of service that providing process by bank need improve existing capacity in terms of ATMs, Branch and staff. Loan Management system The following process is involved in under the loan management; Analyzing suspension of the loan and advance Then made reservation or taking legal action to receiver those loans Managing the Finance of the bank Financial management process overlooking low cost funding sources and mainly following procedure also looking after by fiancà ©e manager Working capital management Corporate tax planning Analyzing Investments Debentures and Share issue Corporate planning Budgeting Bank corporate planning and budgeting strategies are followed by operations, main step that is following certain steps in the corporate, business and operations levels. Analyze the Vision, Mission, Goals and objectives of the bank Carryout position audit (SWOT) and environment analysis (PESTEEL) Generate strategic options Analyze strategic options are generated And Develop functional strategies such as finance, marketing, HR, operation, and IT to achieve corporate objectives. Such as Profitability (Profit before tax) return on capital employed of the bank Growth and Market share of the bank Customer satisfaction and value addition for service Quality of service 3.1. Analyzing and evaluating resources, tools and system to support in the quality operation Bank or any other business resources, tools and system can be divided into 3 categories based on value platform. Those are; Customer capital Structured (organizational) capital Human capital (Human Resources Customer loyalty Corporate brand name and it reputation Business collaboration Intellectual property Patents copy rights Design right Service mark Trade mark Infrastructure assets Management philosophy ,Corporate culture, Management process ,Information systems, Net working systems ,Financial relationship Know how (serving offering process) Education level of employee, Vocational qualification, Work related knowledge, Proactive and reactive abilities, Changeability, Occupational assessment 3.2 Define and implement quality management for bank Quality management defined by American Society for Quality Quality is the totality of features and characteristic of product or service that bear on its ability satisfy stated or implied needs. Banks can focus on their quality the following way. Quality of services or business can be measure by using the following methods; Six dimensional performance matrix Balance Score card systems Generic measurement 3.2.1. Six aspect or dimensional performance matrix Dimension of the performance Type of measures Competitiveness Relative market share Measure of customer base Deposit growth Financial performance Profitability Liquidity Capital structure Market ratios Quality of service Reliability Responsiveness Aesthetic/appearance Comfort Friendliness Courtesy Flexibility Volume flexibility Delivery speed flexibility Specification flexibility Resource utilization Productivity Efficiency Innovation Performance of the innovation process Performance of the individual performance 3.2.2. Balance scorecard (BSC) system BSC is identifying financial and non financial measures to evaluate quality of service. 4 pillars are representing by BSC. Those are; Customer perspectives Satisfaction of the customers Financial perspectives Satisfaction of Share holders Internal business process To satisfy both party what must be offered Learning and growth Improving, developing, changing process and procedures to satisfy all the parties in the organization to improve efficiency of the organizations continuously. 3.2.3. Generic measures system To evaluate service efficiency the following generic measures can be implement Generic Measures Type of measurement Service of Quality Access Easy to find out supermarket Appearance Staff appearance, well groomed Availability products availability Cleanness Gondolas and shelf must free from dust Competence Speed of cashiering Courtesy CSA must polite and respect to customers Responsiveness Response any queries Security personal security 3.3. Implementing quality management system (six sigma model) Improve any process performance either production process or service providing process. This model can be implemented and it has 5 steps. Step Define measures Step Measure Step Analyze Step Improve Step Control 4. Identifying Weakness and opportunities in the process 4.1.Weakness analysis and strategic implication Wrongly define some operations To collect the deposit banking assistant are sending to the outide banking premises, that is very risky because the rob or theft money. Faliures in th the IT system Banking industry one of the key driver is IT systms in those suystmens failutre affect couters, ATM or brnach operation. Therefore IT deparment need to take relavent action to prevent this kind of situations. Poor promotion Newly introdce gurnateed invetment paln will be fail because of it is irrational plan.We the customers are get calcualte benefit of the invesment plan, relizing bank try to make fool the new customerss. Therefore NTB need to evaluate that promotion of investment plan. Few brach and ATM To satisfy customers need exiating ATMs and branch are not adequate. Therefore top management need to increase number of ATMs and mini brach increse the customer service. Suboptoimization is happening Employee discrimination This always happen in the top management and they dont allow come with new ideas and try discriminte those people as headche for the bank. This is not acceptable level of pracite because of new ideas are helping to develp the bank service. That culture must changed by HR department. Poor advertising in relation to market leader Commercial bank is market leader in the banking industry but problem is that NTB is not spend sufficient amount of cost on advertising and they have selected brand ambassder as sport star that is not reflect imporatnce of the bank service. cost of staff training is very high and cust down other cost NTB has made an agreement with interanationl HRM consultancy firm to get trian the satff. But it is very cost. There are experianced firms are availble in locall to get bank staff training at resonable cost. That must be changed. Employee selections very static do not willing to new comers and do recruitment based on the personal contact. Junior and senior level staff recruitment is made via personal contact, that is not good practice, it will leads poor operational perfornances.That is need to be chaged by HR department. Poor strategic implication Competition of the banking inductry is very high and NTB strategies not capable enough to cope the competition. Try to do mass scale promotion, it has failed Promotion that made by using brand ambassader was not successful. Even the NTB advertising fail to highlight their major benefit of the each of bank accounts. That has already capitalized by other players of the industry. Always try todepend group strenght JKH is large conglomarate bunines group, therfore NTB try use the those group of companies money in their accounts as corporate accounts. But it will not be successful strategy, if any buisness will fail that will directly affect o on the bank operations. Poor opertations of mini brach in the supermrkets In the supermarket bank service expecting customers are very high, but mini branch is included 3 staff members they cant manage rush time banking operations. 4.2. Opportunities analysis and strategic implication Expansion opportunity in further in sri lanka in norht east ( war affected areas) There is an opportunity to open up new brach north east. Because of those areas high ended customer is having desire to get good banking service. Therefor NTB could capitalize that chance. Can be offered more differntiated Service by giving well traning for the staff NTB staff always having an attitude as most prestige bank, but they need change that attitude and need do differentiated bank service for the customers. Customer driven promotion. By analyzing most valuable customer, NTB must offer rewarding system such as; Interest excemeptions Gift vouchers Seasonal promotions on the minor accounts, Customer feed back system over the phone or by SMS,by mail. This will help to increase the customer satisfaction efficicny of the bank by merging with new technological development.That will help to increase the number of customers and reduce operational failures. Rewarding system for employees To motivate the employees need to have proper and stimulus arisen rewardign system to increase the sales and productivity 5. Conclusion According to the report and based on practical application of operation management, can be make the following conclusions Importance of the operations management will be increased in future This subject will be more developed and that knowledge need put into practice. Operation manager role of will highly important. HR department must play as supportive department in managing people to implement operational strategy Marketing department is play a bigger role when comes to the sales management or branch level operation. To improve the business performance and quality benchmarking need be practiced by any company. Most effective bench marking practice is industry based bench marking.

Scouts Maturation through the Evil in the World Essay -- English Liter

Scouts Maturation through the Evil in the World Harper Lees, To Kill a Mockingbird is a very complex novel that has many plots and many evils. Lee tells of an innocent black man accused of rape by a detestable family. She also tells of a man locked up in his house and isolated from the rest of the world. The narrator, Scout, learns about this turpitude, and this ultimately leads to her maturation throughout the story. The three main heinous acts are the way Tom Robinson is treated, the way Boo Radley is isolated from the rest of the world, and the way Bob Ewell commits the unspeakable. One of the main evils in the story is the way Tom Robinson is accused and convicted of rape. At the start of the book Scout calls those who are black, ''niggers''. This demonstrates that at the start of the book Scout did not consider black people to be as good as white people. Instead, she listened to everything that the town said about black people. This quote shows that Scout was still rather immature and had a lot of growing to do. When the jury walks in from Tom"s trial, Scout says to herself, 'I saw something only a lawyer"s child could be expected to see, could be expected to watch for, and it was like watching Atticus walk into the street, raise a shoulder, and pull the trigger but watching all the time knowing the gun was empty'"' (pg. 211). Scout is finally beginning to feel some compassion for Tom Robinson, a black person, after learning of the evil that has been done to him. She is able to realize that Tom Robinson is going to found guilty and feels horrible about it inside.''Naw, Jem, I think there"s just one kind of folks. Folks (pg. 227).' Towards the very end of the book, Scout has finally matured enough ... ...used for his death. Bob he is the one who ruined Tom"s life and ultimately killed him. Tom was just an innocent person, a mockingbird, who was accused and convicted, of a crime that he most certainly did not commit. This quote of Scout"s was so profound, and it was so amazing that she would understand the concept of a '"'mockingbird'"' at such a young age. Therefore, it is clear that Scout has developed quite a bit since the beginning of the story. Towards the beginning of To Kill a Mockingbird, it was clear that Scout still had a lot of maturing to do, but throughout the story, she matured quite a bit. The main factor that led to her growing up was learning of all of the corruption in Maycomb. Even though this evil was obviously not good for people such as Tom Robinson and Boo Radley, Scout would not have grown nearly as much in three years without it.

Economics Commentary- Prices of onions jumped yesterday, buoyed by a ban by India on the export of the item Essay

Prices of onions jumped yesterday, buoyed by a ban by India on the export of the item, traders said. The price of onions rose to Tk 36-45 a kilogram yesterday from Tk 32-42 on Thursday in markets in Dhaka, according to Trading Corporation of Bangladesh. The wholesale prices of onions also rose. â€Å"There is a lack in the supply of onions in the market. Those who are still hoarding stocks are reluctant to sell as well,† said Idris Ahmed, owner of a wholesale store, Dhaka Baniyalaya at Shyambazar. He said onions were selling at Tk 35-36 a kilogram at the wholesale market of Shyambazar yesterday. Prices went up since Friday afternoon, after news of the ban by India, said Ahmed. The prices of locally produced onions also rose, influenced by the move by India, he added. This is the second time in less than a year that India restricted onion exports to curb the hike in prices, according to Indian news reports. On September 8, an Indian ministerial panel banned onion exports following a steep rise in prices, reports Reuters, quoting Food Minister KV Thomas. The restriction came in effect on Friday. â€Å"We will review the ban every fortnight,† said Thomas. Bangladesh meets much of its local demand for onions by importing it from the neighbouring country. Since Saturday, 80 onion-laden trucks entered Bangladesh till yesterday afternoon, our Chapainawabganj correspondent reports. No shipment took place at the Bhomra Land Port yesterday. The trucks carrying onions that came to the Ghojadanga Land Port on the Indian side returned without shipment, our Sathkhira correspondent reports. Babul Hasnat Durul, an onion importer at Sona Masjid, said their suppliers are not shipping onions against the previously placed orders by Bangladeshi importers. â€Å"We are worried. If onions are not exported against the already opened letters of credit (LCs), we will incur losses,† said Durul. The LCs came to a halt following the ban on exports, said Islam of the C& F Agents Association. The disruption in supply from India led to the hike in the prices of locally produced onions, said Mohammad Aminul Islam, an onion wholesaler at Karwan Bazar. He bought a 40 kilogram bag of onions from Pabna on Saturday at Tk 1,450, he said. Prices for the same stood at Tk 1,300-1,350 last week, he added. This article talks about the rise in onion prices that has happened in Bangladesh due to a shortage of onion. The shortage is due to the restriction on onion exports imposed by the Indian government. This has resulted in a decrease in supply (the amount of a commodity that sellers are willing and able to sell at different prices) resulting in price rise. Price of onion in the market is determined by the demand (the amount of a commodity that consumers are willing and able to buy at different prices) for and the supply of onions. Initially the market was equilibrium (this is the point where demand is equal to supply) at point E where at P* price Q* amount was purchased and sold. Due to the ban imposed by the Indian government on exports of onions, the supply of onions in the Bangladesh market has decreased substantially. This is because Bangladesh relies on imports of onions from neighboring countries for the supply in its domestic market The decrease in supply will shift the supply curve to the left from S to S1. This will result in a new equilibrium E1 with a higher equilibrium price. As the article says that the â€Å"price of onion rose to Tk 36-45 a kilogram from Tk 32-42 The higher onion prices will reduce the quantity demanded and people with limited income or low income will have to switch to the available substitutes (goods which satisfy the same wants) like radish. Also industries like restaurants which use onions as inputs will experience an increase in the cost of produced and will be forced to increase price to keep profits constant. The Indian government’s decision to restrict exports of onions will increase the supply of onion in the Indian market. This will result in lower onion prices in India, and hence Indian consumers will benefit. On the other hand onion being a necessary commodity will have an inelastic demand (when for a certain percentage change in price, the quantity demanded will change less than proportionate.) Higher prices in onion will result in a greater expenditure of households and hence Bangladeshi consumers will be the losers. The Bangladeshi farmers and traders who have onion stocks will gain from the higher prices. The Bangladesh government may have to impose a subsidy (payment by government to producers of goods and services either to increase supply or reduced cost) or maximum prices (price imposed below equilibrium price through legislation by the government to protect the interest of consumers) in order to control the onion prices. Provision of subsidy will result in a greater government expenditure which will have an opportunity cost (the next best alternative for government) in terms of various welfare services which need to be sacrificed. Imposition of maximum prices will result in greater shortages and may increase the problem. In order to deal with this situation the government of Bangladesh may resort to import onion from other countries which have surplus. However this is only a short run solution (time period during which at least one factor of production cannot be changed) solution to deal with the immediate prices. Imports will increase supply and thereby reduced price of this commodity and benefit the Bangladeshi households. To deal with this problem in the long run (time period where all factors become variable) the Bangladeshi government should encourage greater domestic production of onion. This can be done by giving subsidy’s to onion producers or spreading awareness to popularise onion production. The government should also try and reduce onion hoarding by traders in Bangladesh market. Hoarding is an illegal activity and the government should be vigilant to stop this. The government also need to improve infrastructure facilities like irrigation, transportation and storage facilities to reduce the fluctuation in the supply of agricultural goods. The government can also build a buffer stock (a stock of essential food grain and strategic materials held by government to deal with unforced seen events) of essential food grains to reduce the fluctuations in the prices of agricultural products like onions. However all this involves a lot of government expenditure which may result in higher government borrowing and greater taxes.