Data and Assumption on New Technology Innovation Essay Example for Free

Data and Assumption on New Technology Innovation Essay Yesterday at the stroke of midnight a series of tragic events came to a closing when Othello, Venices most eminent and respected Moorish general, killed himself in his wifes bedchamber after smothering the young bellenone other than Venices coveted Desdemonawith a pillow. According to several witnesses of the bloody suicide, the mentally tormented general was under the notion that Desdemona had been illicitly tupping his first-in-command, Michael Cassio, a lie fed to him by the ironically misnamed Honest Iago. Iago, the villain responsible for the murder of his own wife as well as a Venetian gentleman, has been taken by Cyprian officials for questioning and possible torture. However, it is known that he orchestrated a plan to create conflict between General Othello and Lieutenant Cassio surrounding Desdemona that he hoped would result in the death of both Cassio and the lady. Witnesses to the blood bath describe the scene gravely and painfully. I walked into the room and there was Othello, with his wife Desdemona slain on the bed. It was really shocking. Her face was very pale, and though she was evidently dead, it seemed she was trying to say something, says Gratiano. Another witness describes Othellos suicide with great distress. He was very calm, but there was a wondrous rage in his face, like a monster. I had never seen him like that before. He took his sword and drove it into his chest before anyone could stop him. The only survivor of the discord is Lieutenant Cassio, who suffered a major injury in his leg from Iagos sword. When asked whether he was ever involved with lady Desdemona, Cassio responded, We were dear friends, and it pains me greatly that she is gone. But we never shared more than the touching of hands or a brief brush on the shoulder. As for the man who caused this, I will see to it that he pays for his cruelty with his own suffering. A funeral will be held in three days near the town square. Mourners are welcome, including former suitors of Desdemona. Michael Cassio asks that all that attend bring memorabilia of the lost ones such as locks of hair, clothing, letters, or embroidered handkerchiefs.

Leadership: Impact On A Healthcare Organization

Leadership: Impact On A Healthcare Organization The field of health-care is labor intensive and based on powerful know-how (Kanste, 2008). In contemporary medicine both therapeutic as well as nursing tasks are performed by a team, rather than an individual, being it a doctor or a nurse, respectively. No team work can be effective without a leader; this is also true for good nursing in which the leadership is very crucial and vital. All the results of good nursing à ¢Ã¢â€š ¬Ã‚ ¦may be spoiled or utterly negative by one defect, viz: in petty management (Florence Nightingale as cited in McEachen Keogh, 2007, pg.01). The health care environment becomes more competitive every day. There are few professions in which the complications of poor performance are as serious as in nursing and there are few professionals who feel the pressure of responsibility more keenly than nurses (Kenmore, 2008). This paper presents discourses on the contemporary leadership styles and highlights the characteristics and development of an effective leader a nd discusses the impact of effective leader on organisations potential to succeed. Leadership styles The continued search for good leaders resulted in the development of many leadership theories. Although leadership is not a new concept, and its fundamental function is well documented, there is no theoretical agreement or a universal definition of leadership (Farag, Mc Guinness Anthony, 2009; Mahoney, 2004 and Murphy, 2005). However, some scholars believe that certain leadership characteristics or personality traits are innate in effective leaders (Murphy, 2005). Thus the perspectives of Great man or trait theories which dominated until 1950s, states that leader are born and not made (Murphy, 2005). In the 1950s, behavioural and social scientists began to analyse leadership behaviour. The behavioural theory says that leaders are not born to lead, but learn leadership behaviour (McEachen Keogh, 2007). The efforts of these researchers were fundamental in isolation of three common leadership styles: autocratic, democratic and lassiez-faire (Murphy, 2005). The Contingency theory by Fi edler was further expanded by Herset, Blanchard and Johnson as the Situational theory (Murphy, 2005). Later, some contemporary leadership theories such as the charismatic, transactional, transformational and shared leadership theory gave rise to the contemporary leadership styles (Murphy, 2005). The contemporary leadership styles include quantum, charismatic, transactional, transformational, relational, shared and servant leadership (Murphy, 2005).Though there are many leadership styles identified in the literature, laissez-faire, transactional and transformational leadership styles are the primary leadership styles identified in the nursing and management studies (Farag et al., 2009). Laissez-faire leadership indicates the absence of leadership (McGuire Kennerly, 2006). This leadership style is ineffective in promoting purposeful interaction and it contributes to organizational demise (McGuire Kennerly, 2006). Transactional leaders view the leader-follower relationship as a process of exchange (McGuire Kennerly, 2006). On the other hand, transformational leadership is a process that motivates followers by appealing to higher ideals and moral values (Trofino, 2005). The transactional leader sets goals, gives directions and tends to gain compliance by offering rewards for performance (McEachen Keogh, 2007). Whereas, by inspiring a shared vision through clear roles, effective teamwork and providing feedback on individual or team performance transformational leaders enables the staff to explore their professional practice (Halm, 2010). The three elements of transactional leadership are: contingent reward, where the leader provides reward that is dependent on the performance; passive management by exception, where the leader takes corrective action when problems arise and active management by exception, where the leader takes corrective action in anticipation of problem (Chen, Beck Amos, 200 5; McGuire Kennerly, 2006; Rukmani, Ramesh Jayakrishnan, 2010). Similarly, the four elements of transformational leadership are idealized influence, inspirational motivation, intellectual stimulation and individualized consideration (McGuire Kennerly, 2006; Halm, 2010). The expected outcome of transactional leadership is enhanced role clarity, job satisfaction and improved performance (McGuire Kennerly, 2006). On the contrary, the ultimate outcome of transformational leadership is to change the mental model of employees, to link desired outcome to values held by employees and to build strong employee identification within the group or organization (McGuire Kennerly, 2006; Halm, 2010). There are also some pitfalls and limitations of transactional leadership. Transactional leadership might not yield the same results across culture; such as, most North American culture which emphasize individualism, whereas many Asian culture emphasize collectivism (McGuire Kennerly, 2006). Hence, transactional leaders need to understand at which level to establish their reward system- individual or collective reward (McGuire Kennerly, 2006). Transactional leaders cannot provide leadership over task areas in which they have no expert knowledge (McGuire Kennerly, 2006). Likewise, there are some limitations to transformational leadership. Transformational leaders need to be updated in their knowledge and skills (McGuire Kennerly, 2006; Halm, 2010). There is a growing demand for evidence-based decision making, where, to show leadership, a transformational leader need to cite hard and factual evidence, as transformational leaders have nothing worth saying without strong evidence. Fin ally, the transformational leaders will be needed to inspire flexible, multi skilled work forces to bridge the barriers established by rigid job description and functional departments (Trofinio, 2004). Transformational leadership is not an alternative to transactional leadership, but it augments transactional leadership (Spinelli, 2006). Therefore, an effective leader achieves a balance between transformational and transactional behavior, thus creating a leadership style which matches the needs of followers (McGuire Kennerly, 2006). The current shortage of nurses at the bedside magnifies the importance of having a strong, clear, and supportive and inspiration leadership across health care organization (McGuire Kennerly, 2006). Characteristics and development of effective leader While there is disparity amongst the theorist definitions of leadership, there is consensus pertaining to qualities necessary to realize effective leader (Murphy, 2005). There are various traits of an effective leader mentioned throughout the literature. Having a vision is a key feature of effective leadership and it is the clarity of vision evolved by the leader about the future of the organization that distinguish them as effective (Joyce, 2009). An effective leader has a vision for the future, which helps him to set objectives, aims, goals and standards and to achieve the set goals; the leader has a plan to implement (Fletner, Mitchell, Norris Wolfe, 2008). Tomey (2009) mentions some of the essential leadership traits which also empower people. These include accessible, collaborative, communicative, flexible, good listener, honest, influential, knowledgeable, positive, supportive and visible (Tomey, 2009). An effective leader should also posses job knowledge, positive attitude, d elegation skills, positive partnership and should be a role model, dependable, motivating, and compassionate (Fletner et al., 2008; Cook Leathard, 2004). An effective leader must recognize the individual strength and weakness of each person involved, shifting focus as necessary in an effort to elevate each persons level of effectiveness as an individual and as a part of a team (Fletner et al., 2008). As Joyce, 2008, rightly quotes that effective leaders walk the talk. Consequently, there is consistency between their values, vision, standards and behavior (Fletner et al., 2008; Joyce, 2008). A good leader should ideally possess all of the identified characteristics, or at least a majority of them (Fletner et al., 2008). Fletner et al. (2008) also reveal that any characteristics can be a leaders strength or weakness depending on the situational needs and persons involved in the given scenario. Neither there is just one characteristic that defines a leader, nor should, the entire identified characteristic be required when determining whether an individual would be an effective leader (Fletner et al., 2008). Likewise, to say one character istic is more important than the other is to fragment the idea of leadership (Fletner et al., 2008). A leader with insufficient leadership training might become exhausted in trying to achieve the organizational goals and thus, in turn, a leader might burnout and dissatisfaction among subordinates might increase (Chen, Beck Amos, 2005). One of the greatest challenges we face in nursing profession is to develop future nurse leaders (Jumaa, 2008; Kleinman, 2004; Mahoney, 2004; Murray DiCroce, 2003). Hence, training effective leaders has been proposed as a key to increase professionalism in nursing (Chen, Beck and Amos, 2005). Although it remains unclear, how to best prepare effective leaders, evidence suggest that graduate education may be an important precursor to the development of effective leadership style (Kleinman, 2004; Mahoney, 2004). Developing a relationship with specific academic provider of registered nurse to Bachelor of Science in nursing programs and graduate education in nursing administration may facilitate nurse managers returning for advanced education (Klienman, 2 004). Onsite and distance education programs may offset obstacles of scheduling and geography (Kleinman, 2004). The feasibility of mandating graduate education requirements for all practicing nurse managers is limited; therefore, continuing education strategies must focus on nurse manager leadership training (Kleinman, 2004; Mahoney, 2004; Wilson, 2005). An effective continuing educational program should consider providing monetary incentive and an organizational commitment that allows sufficient time to be spent on course work, in addition to management responsibilities (Kleinman, 2004). Conley, Branowicki and Hanley (2007), recommend a three component orientation for nursing leaders including nurse manger competencies, precepting by supervisor and written and classroom resources. Learning about the history of nursing, and especially about people who greatly influenced the development of nursing, has a fundamental meaning in fulfilling the vocation for nursing (Kosinska Niebroj, 2 004). In this context, the statement saying that history is a teacher of life seems to be true and of paramount importance for creating leaders (Kosinska Niebroj, 2004). The Leading Empowered Organizations(LEO) program, shared between United Kingdom and United State of America, is constructed around a model that identifies consensus decision making, interdependence, positive discipline, responsibility, authority and accountability as key areas of effective leading (Cook Leathard, 2004). Recognizing the need to invest in nurse managers to reduce turnover, the Pacific Northwest Nursing Leadership Institute was created in Washington State, in 2002, to support the development and preparation of nursing leaders (Wilson, 2005). Thus, there are various programs, education and institutions, to encourage the development of leadership skills among nurses; which highlights the impact that an effective leader can have on the organization. Impact of effective leadership on organization The inability of hospital to retain staff nurses threatens the adequacy of health care delivery and increases personnel and patient care costs (Kleinman, 2004). Many factors have led to rising health care costs, which have increased faster than the general inflation over the past three decades (Spinelli, 2006). Performance standards for effective leaders require them to be accountable for transactional processes such as budgets, productivity and quality monitoring; while at the same time displaying transformational characteristics by acting as a coach, mentor and a leader (Kleinman, 2004; Spinelli, 2006). A creative work climate has a strong relationship to job satisfaction and the nurse manager is an important link in creating such a climate (Sellgren, Ekvall, Tomson, 2006; DeCasterle, Willemse, Verschueren Milisen, 2008). Job satisfaction has been described as the most important predictor for nurses intention to remain employed (Sellgren et al., 2006; Carney, 2008). The perception of staff nurses towards the leadership behavior of their manager was significantly related to their job satisfaction (Sellgren et al., 2006; Klienman, 2004). Staff that perceives job satisfaction is essential for the ability to give high quality and safe care (Sellgren et al., 2006). Job dissatisfaction leads to absenteeism, problems of grievances, low morale and high turnover (Wong Cummings, 2007). On the contrary, poor leadership was found to be one of the main reasons for dissatisfaction and intention to leave (Neilsen, Yarker, Brenner, Randall and Borg, 2008 and Sellgren et al., 2006). Altered perfo rmance, affecting patient outcome, which in turn results in higher employment cost is also found to be associated with decreased job satisfaction (Wong Cummings, 2007). The findings of the study done by Wong and Cummings (2007) and Kenmore, (2008), suggest that there is a relationship between leadership and patient satisfaction, patient mortality and patient safety outcomes, adverse events and complications. Positive leadership behavior increased patient satisfaction, and decreased incidences of patient mortality, adverse events and complication (Wong Cummings, 2007). Effective nursing leadership is essential to the creation of practice environments with appropriate staffing level, that support nurses in preventing unnecessary death, adverse events and complications (Wong Cummings, 2007). A recent study done in mental health service organizations show that, both organizational culture and organizational climate impact work attitude and subsequently staff turnover (Wong Cummings, 2007). Effective leaders can also help in the recruitment process by recruiting staff as per the job description and thus help in the organizational development (Neilsen et al., 2008 and Sellgren et al., 2006). The study done by Wong and Cummings (2007), in Singapore, to determine the effect of leadership behavior on employee outcome, shows that in times of stress and chaos, leadership styles that transform, create meaning in the midst of turmoil and produce desirable employee outcome are more beneficial for organizations existence and performance. Conclusion In conclusion, it is apparent that nurses can lead the health care industry as they comprise the major component of all health care employees; being on the front line and having the most frequent direct contact with the patients and their families. The increasing emphasis on fiscal accountability in global recessionary times places even greater emphasis on measuring organizational effectiveness (Joyce, 2009). The need to move a health care organization forward in an era of declining profit margin, diminishing capacity, manpower shortages and technological expansion cannot be overstated. The call for the nurses to become recognized leaders of health care industry; possessing the knowledge, skills and attitudes relevant for effective leadership and the necessity to use the technology of the 21st century to aim for an essentially global community are the key perspective significant to nursing leadership and management(Jumaa, 2008). Effective leadership behavior is the key to productive and happily satisfied nurses with great organizational commitment. Nevertheless, it is how the leader leads in the context of the setting which is paramount. To sum up, positive or effective leadership is critical towards achieving and driving organizational effectiveness. Lymphatic Filariasis Disease: Causes and Treatments Lymphatic Filariasis Disease: Causes and Treatments Abstract Lymphatic Filariasis is a disease that is on the World Health Organizations (WHO) top ten list of diseases to eliminate by 2020. Left untreated and undetected, it can lead to a condition called Elephantiasis. The name comes from the severe swelling of the limbs that occurs during the chronic state of the disease. It is transmitted via mosquitoes to humans in tropical and sub-tropical climates and it is endemic in a large number of countries around the world. Prevention is possible via some very basic methods and early detection and treatment can prevent long-term consequences associated with the disease. Lymphatic Filariasis is a little known disease in the United States but it is on the World Health Organizations top ten list of diseases to eliminate along with Malaria and leprosy (Narain, J.P., Dash, A.P., Parnell, B., Bhattacharya, S.K., Barua, S., Bhatia, R. et al., 2010). A large portion of the population of the planet is at risk of contracting this often debilitating disease. Common Names Lymphatic Filariasis is also referred to as Bancrofts Filariasis and Elephantiasis when the disease it has progressed to its chronic state. (Elephantiasis, 2010). Causative Organisms The main causative organism is a microscopic parasitic roundworm. There are three different types of this worm: Wuchereria bancrofti (most common and makes up 90% of all cases), Brugia malay and Brugia timori (Longe, 2006). Wuchereria bancrofit lives in warm regions on every continent except North America (Callahan, 2002). Brugia malayi is primarily found in India, Southeast Asia and Indonesia (Callahan, 2002). Brugia timori is found to a very limited extent in Timor. Symptoms The disease has two stages, acute and chronic. When the disease is in the acute phase, the symptoms usually include a recurring fever and infections of the lymph vessels or nodes in the arms, legs or genitals which can lead to severe and permanent swelling of the lymph vessels and secondary infections (Elephantiasis, 2010). In the chronic stage, the worms block the lymphatic areas of the limbs which cause overgrowth of the limb or body part because the lymphatic system is not able to perform its function of draining fluid out of the area (Callahan, 2002). Males may also have swelling in the scrotum. This is how the disease gets the name of Elephantiasis because the limbs enlarge to the point where they resemble elephant limbs and the skin takes on a rough texture like elephant skin (Ferrara, 2010). Incubation Period The precise mechanism that causes the pathology of the disease is not known and some people who are infected may not show any signs or symptoms for many months and sometimes even years (Rajan, 2003). The parasite apparently only infects humans and has never been found to affect animals. The parasite migrates to the lymphatic vessels and takes up residence. It then matures into the worm over the course of a few months to one year and begin producing the microfilariae which is suspected of causing the initial fevers and chills that are the first symptoms of the disease (Rajan, 2003). Also, if a person is infected once, they may never actually develop any symptoms even though the worm is living in their lymphatic system and the microfilarasia are circulating in their blood. It is repeated exposure with multiple worms along with the worms excretions and blockage of the lymphatic system that seems to cause the disease to progress to its most severe form especially since the worm will norm ally die sometime after seven year (Rajan, 2003). Duration of Disease The duration of Lymphatic Filariasis varies depending on the number of re-infections suffered by a host. A person with Elephantiasis can live with the disease and usually dies from complications and secondary infections from the worms both living and dead (Wallace Kohatsu, 2008). The disease can last a lifetime and can worsen over time if left untreated. The disfiguring growth of the limbs or genitalia is another side effect as well as permanent damage to the lymphatic system, kidneys and secondary infections. There is also a social stigma to the deformities that accompany the chronic stages of the disease. Those who suffer from the disease are often ostracized. The adult worm normally lives from three to five years and the microfilariae will die after twelve months if not taken up by a mosquito to begin the next phase of the lifecycle (Longe, 2006). Transmission A person contracts the disease by being bitten by an infected mosquito of the genera Culex, Aedes or Anopheles. The mosquitoes are the intermediate hosts and when they bite someone, they inject the third-stage larvae into the blood of the host (Elephantiasis, 2010). Once injected into a human host, the larvae mature into worms which move to the lymphatic system and after about one year, produce embryo called microfilariae (Callahan, 2002). Adult worms live for about seven years (Ferrara, 2010). It is the buildup of adult worms in the lymphatic system over time that causes lymph fluid to collect which leads to severe swelling of the limbs and groin area (Ferrara, 2010). The microfilariae circulate in the blood stream waiting to be taken up by a mosquito. Interestingly, the microfilariae are at their most active in the blood at night when mosquitoes are also most active (Wallace Kohatsu, 2008). This increases the chance of being taken up by a mosquito and continuing the lifecycle. Whe n a mosquito bites and infected host, they take up the microfilariae along with the blood. The larvae mature to the second state in the mosquitoes. Repeated exposure and repeated transmission of larvae that can mature into adult worms is usually what brings on the symptoms (Ferrara, 2010). A person who is bitten once and infected may never actually experience any symptoms. Prevention and Treatment The disease is being attacked from many angles by the WHO. Those who have an active parasite are normally treated with the drug Diethylcarbamazine (DEC) which will both limit the number of microfilariae in the blood stream and gradually kill the parasite (Lammie, Milner Houston, 2006). The drug will cause some nausea and vomiting and sometimes fever depending on the level of microfilariae in the blood (Elephantiasis, 2010). However, because the treatment lasts for over one year, it is sometimes difficult to get the needed medical supplies to the areas with the highest incidence in a cost effective manner. Since the drug DEC seems to act as a deterrent as well as a cure, there is a proposal to add DEC to salt for distribution in the affected areas of the world in much the same manner that iodine was added to salt (Lammie, Milner Houston, 2006). Trials with DEC fortified salt have been carried out in China, Brazil, Haiti, India and Tanzania with great success since DEC laced salt acts as a protective measure as well as providing benefits for those already infected (Lammie, Milner Houston, 2006). Other drugs used in treatment include ivermectin and albendazole and more recently doxycycline (Wallace Kohatsu, 2008). Albendazole will kill the worms but does not have any effect on the microfilaria in the blood so the transmission cycle will continue unless the intermediate host is also reduced or eliminated (Wallace Kohatsu, 2008). In addition to drug therapies, movement of the affected limbs is encouraged along with antibiotics for any secondary infections caused by damage to the lymphatic system (Ferrara, 2010). There is little that can be done once the lymphatic swelling has set in other than attempting to force the lymph out via compression bandages (Elephantiasis, 2010). The other alternative is surgery to correct the affected limbs but this is sometimes not cost effective. Because the causative agent spends a portion of its lifecycle in the mosquito, the preventative measures that are being undertaken include the use of insect repellent and protective clothes in affected areas as well as water treatment to reduce the insect population that transmits the disease to humans (Wallace Kohatsu, 2008). Other measures include the use of mosquito netting, screens on windows and staying inside after dark when mosquitoes are the most likely to be active (Ferrara, 2010). In addition, while the mosquitoes are being dealt with, the population near the affected area can be given DEC as a preventative treatment so that the cycle of transmission is broken (Elephantiasis, 2010). Antibiotics have also been shown to be effective in the past but because antibiotics should not have any impact on a nematode, the effect of antibiotics was dropped until recently. There has also been some investigation into the possibility that a certain population of the worms themselves have a bacterial symbiont which is susceptible to the antibiotics (Rajan, 2003). The suspicion is that the two species have become dependent and if the symbiont dies, the host dies as well. If this is proven true, then antibiotics may also be used at some point in the future to treat lymphatic Filariasis in some cases. It is also suspected that some of the inflammation and other secondary infections might actually be caused by the symbiont rather than the nematode. Incidence: World, USA and Colorado Approximately eighty to one-hundred million people in 75 countries around the world are at risk of contracting Lymphatic Filariasis and forty million are in the chronic stages of the disease and suffer from the disfiguring disability known as Elephantiasis (Lammie, Milner, Houston, 2006). Lymphatic Filariasis occurs primarily in tropical and subtropical countries mostly in coastal areas with high humidity although it also occurs in Japan and China and come European countries (Elephantiasis, 2010). The area with the highest risk is south-East Asia. Lymphatic Filariasis at one point appeared in Charleston, South Carolina until about 1920 but then dies out before World War II (Elephantiasis, 2010). The reason for the disappearance in the United States is due to mosquito control and water sanitation (Elephantiasis, 2010). It occurs in the United States primarily where it has been contracted elsewhere and brought back to the United States (Elephantiasis, 2010). There does not seem to be any incidence of the disease in Colorado primarily because the climate and altitude and mosquito population do not generally offer a good climate for the life cycle. Mortality Rate: World, USA and Colorado Lymphatic Filariasis although impacting millions does not have a high mortality rate. The chief issue with the disease is the ongoing illnesses and secondary infections along with lost productivity and economic hardship suffered by those affected. According the World Health Organization, Lymphatic Filariasis is a targeted disease for elimination due to the large number of people at risk (Weekly epidemiological record, 2009). Those who contract the disease can live with it for all or most of their lives and it is the repeated infections via mosquito bites that eventually lead to the progression to the chronic state of the disease and eventual death ((Narain, J.P., Dash, A.P., Parnell, B., Bhattacharya, S.K., Barua, S., Bhatia, R. et al., 2010) Isolation Technique The disease is difficult to detect because the initial infection may not present any symptoms as the worm moves to the lymphatic system and matures. It can also take some time for the Microfilaria to show in the blood in sufficient quantity. The isolation technique will either focus on detecting the adult worm or the microfilariae. Blood samples can be taken and the sheathed microfilaria can be detected in a Giemsa stain which is a stain specifically used for detecting the presence of microfilaria in the blood (Wallace, Kohatsu, 2008). A methylene azure B. stain is used on the blood sample and if there is microfilaria in the blood, they will appear blue or purple. It is important that this blood be taken in the evening when the microfilaria is most active. The microfilaria can move out of the blood during the day so blood samples taken in daylight hours can sometimes result in false negatives (Longe, 2006). Also, it is possible that an infected person will not have any microfilaria in the blood. The worm itself is very hard to detect because it is buried in the lymphatic system. Another technique used is to look for what is called the filarial dance sign in the scrotum (Wallace Kohatsu, 2008). This is a visible detection of the worms movements via ultrasound. Conclusion Lymphatic Filariasis is a preventable disease that strikes poor countries in tropical and sub-tropical countries. Its debilitating effects have made it a target for elimination in the countries affected. Prevention methods are basic and include proactively spraying for the mosquitoes and treating the population with DEC laced salt or administration of DEC in tablet forms in order to break the cycle of infection. In addition, common precautions against mosquitoes can also be used such as protective clothing, netting and sprays.

The Bank of England Monetary and financial stability

The Bank of England Monetary and financial stability The Bank of England is the central bank of the United Kingdom. Sometimes known as the Old Lady of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997. Standing at the centre of the UKs financial system, the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy. The Bank of England exists to ensure monetary stability and to contribute to financial stability. The Bank of England has been issuing banknotes for over 300 years. During that time, both the notes themselves and their role in society have undergone continual change. From todays perspective, it is easy to accept that a piece of paper that costs a few pence to produce is worth five, ten, twenty or fifty pounds. Gaining and maintaining public confidence in the currency is a key role of the Bank of England and one which is essential to the proper functioning of the economy. Core Purpose 1 Monetary Stability Monetary stability means stable prices and confidence in the currency. Stable prices are defined by the Governments inflation target, which the Bank seeks to meet through the decisions delegated to the Monetary Policy Committee, explaining those decisions transparently and implementing them effectively in the money markets. The first objective of any central bank is to safeguard the value of the currency in terms of what it will purchase at home and in terms of other currencies. Monetary policy is directed to achieving this objective and to providing a framework for non-inflationary economic growth. As in most other developed countries, monetary policy operates in the UK mainly through influencing the price at which money is lent, in other words the interest rate. The Banks price stability objective is made explicit in the present monetary policy framework. It has two main elements: an annual inflation target set each year by the Government and a commitment to an open and accountable policy-making regime. Setting monetary policy deciding on the level of short-term interest rates necessary to meet the Governments inflation target is the responsibility of the Bank. In May 1997 the Government gave the Bank operational independence to set monetary policy by deciding the short-term level of interest rates to meet the Governments stated inflation target currently 2%. Core Purpose 2 Financial Stability Financial stability entails detecting and reducing threats to the financial system as a whole. Such threats are detected through the Banks surveillance and market intelligence functions. They are reduced by strengthening infrastructure, and by financial and other operations, at home and abroad, including, in exceptional circumstances, by acting as the lender of last resort. One of the Bank of Englands two core purposes is monetary stability. Monetary stability means stable prices low inflation and confidence in the currency. Stable prices are defined by the Governments inflation target, which the Bank seeks to meet through the decisions taken by the Monetary Policy Committee. A principal objective of any central bank is to safeguard the value of the currency in terms of what it will purchase. Rising prices inflation reduces the value of money. Monetary policy is directed to achieving this objective and providing a framework for non-inflationary economic growth. As in most other developed countries, monetary policy usually operates in the UK through influencing the price at which money is lent the interest rate. However, in March 2009 the Banks Monetary Policy Committee announced that in addition to setting Bank Rate, it would start to inject money directly into the economy by purchasing assets often known as quantitative easing. This means that the instrument of monetary policy shifts towards the quantity of money provided rather than its price. Low inflation is not an end in itself. It is however an important factor in helping to encourage long-term stability in the economy. Price stability is a precondition for achieving a wider economic goal of sustainable growth and employment. High inflation can be damaging to the functioning of the economy. Low inflation can help to foster sustainable long-term economic growth. Monetary Policy Framework The Banks monetary policy objective is to deliver price stability low inflation and, subject to that, to support the Governments economic objectives including those for growth and employment. Price stability is defined by the Governments inflation target of 2%. The remit recognises the role of price stability in achieving economic stability more generally, and in providing the right conditions for sustainable growth in output and employment. The Governments inflation target is announced each year by the Chancellor of the Exchequer in the annual Budget statement. The 1998 Bank of England Act made the Bank independent to set interest rates. The Bank is accountable to parliament and the wider public. The legislation provides that if, in extreme circumstances, the national interest demands it, the Government has the power to give instructions to the Bank on interest rates for a limited period. The inflation target The inflation target of 2% is expressed in terms of an annual rate of inflation based on the Consumer Prices Index (CPI). The remit is not to achieve the lowest possible inflation rate. Inflation below the target of 2% is judged to be just as bad as inflation above the target. The inflation target is therefore symmetrical. If the target is missed by more than 1 percentage point on either side i.e. if the annual rate of CPI inflation is more than 3% or less than 1% the Governor of the Bank must write an open letter to the Chancellor explaining the reasons why inflation has increased or fallen to such an extent and what the Bank proposes to do to ensure inflation comes back to the target. A target of 2% does not mean that inflation will be held at this rate constantly. That would be neither possible nor desirable. Interest rates would be changing all the time, and by large amounts, causing unnecessary uncertainty and volatility in the economy. Even then it would not be possible to keep inflation at 2% in each and every month. Instead, the MPCs aim is to set interest rates so that inflation can be brought back to target within a reasonable time period without creating undue instability in the economy. The Monetary Policy Committee The Bank seeks to meet the inflation target by setting an interest rate. The level of interest rates is decided by a special committee the Monetary Policy Committee. The MPC consists of nine members five from the Bank of England and four external members appointed by the Chancellor. It is chaired by the Governor of the Bank of England. The MPC meets monthly for a two-day meeting, usually on the Wednesday and Thursday after the first Monday of each month. Decisions are made by a vote of the Committee on a one-person one-vote basis. Communications The interest rate decision is announced at 12 noon on the second day. The minutes of the meetings, including a record of the vote, are published on the Wednesday of the second week after the meeting takes place. Each quarter, the Bank publishes its Inflation Report, which provides a detailed analysis of economic conditions and the prospects for economic growth and inflation agreed by the MPC. The Bank also publishes other material to increase awareness and understanding of its monetary policy function. Monetary Policy Committee (MPC) Interest rates are set by the Banks Monetary Policy Committee. The MPC sets an interest rate it judges will enable the inflation target to be met. The Banks Monetary Policy Committee (MPC) is made up of nine members the Governor, the two Deputy Governors, the Banks Chief Economist, the Executive Director for Markets and four external members appointed directly by the Chancellor. The appointment of external members is designed to ensure that the MPC benefits from thinking and expertise in addition to that gained inside the Bank of England How Monetary Policy Works From interest rates to inflation When the Bank of England changes the official interest rate it is attempting to influence the overall level of expenditure in the economy. When the amount of money spent grows more quickly than the volume of output produced, inflation is the result. In this way, changes in interest rates are used to control inflation. The Bank of England sets an interest rate at which it lends to financial institutions. This interest rate then affects the whole range of interest rates set by commercial banks, building societies and other institutions for their own savers and borrowers. It also tends to affect the price of financial assets, such as bonds and shares, and the exchange rate, which affect consumer and business demand in a variety of ways. Lowering or raising interest rates affects spending in the economy. A reduction in interest rates makes saving less attractive and borrowing more attractive, which stimulates spending. Lower interest rates can affect consumers and firms cash-flow a fall in interest rates reduces the income from savings and the interest payments due on loans. Borrowers tend to spend more of any extra money they have than lenders, so the net effect of lower interest rates through this cash-flow channel is to encourage higher spending in aggregate. The opposite occurs when interest rates are increased. Lower interest rates can boost the prices of assets such as shares and houses. Higher house prices enable existing home owners to extend their mortgages in order to finance higher consumption. Higher share prices raise households wealth and can increase their willingness to spend. Changes in interest rates can also affect the exchange rate. An unexpected rise in the rate of interest in the UK relative to overseas would give investors a higher return on UK assets relative to their foreign-currency equivalents, tending to make sterling assets more attractive. That should raise the value of sterling, reduce the price of imports, and reduce demand for UK goods and services abroad. However, the impact of interest rates on the exchange rate is, unfortunately, seldom that predictable. Changes in spending feed through into output and, in turn, into employment. That can affect wage costs by changing the relative balance of demand and supply for workers. But it also influences wage bargainers expectations of inflation an important consideration for the eventual settlement. The impact on output and wages feeds through to producers costs and prices, and eventually consumer prices. Some of these influences can work more quickly than others. And the overall effect of monetary policy will be more rapid if it is credible. But, in general, there are time lags before changes in interest rates affect spending and saving decisions, and longer still before they affect consumer prices. We cannot be precise about the size or timing of all these channels. But the maximum effect on output is estimated to take up to about one year. And the maximum impact of a change in interest rates on consumer price inflation takes up to about two years. So interest rates have to be set based on judgments about what inflation might be the outlook over the coming few years not what it is today. Setting interest rates As banker to the Government and the banks, the Bank is able to forecast fairly accurately the pattern of money flows between the Governments accounts on one hand and the commercial banks on the other, and acts on a daily basis to smooth out the imbalances which arise. When more money flows from the banks to the Government than vice versa, the banks holdings of liquid assets are run down and the money market finds itself short of funds. When more money flows the other way, the market can be in cash surplus. In practice the pattern of Government and Bank operations usually results in a shortage of cash in the market each day. The Bank supplies the cash which the banking system as a whole needs to achieve balance by the end of each settlement day. Because the Bank is the final provider of cash to the system it can choose the interest rate at which it will provide these funds each day. The interest rate at which the Bank supplies these funds is quickly passed throughout the financial system, influencing interest rates for the whole economy. When the Bank changes its dealing rate, the commercial banks change their own base rates from which deposit and lending rates are calculated. Quantitative Easing In March 2009, the Monetary Policy Committee announced that, in addition to setting Bank Rate at 0.5%, it would start to inject money directly into the economy in order to meet the inflation target. The instrument of monetary policy shifted towards the quantity of money provided rather than its price (Bank Rate). But the objective of policy is unchanged to meet the inflation target of 2 per cent on the CPI measure of consumer prices. Influencing the quantity of money directly is essentially a different means of reaching the same end. Read more Significant reductions in Bank Rate have provided a large stimulus to the economy but as Bank Rate approaches zero, further reductions are likely to be less effective in terms of the impact on market interest rates, demand and inflation. And interest rates cannot be less than zero. The MPC therefore needs to provide further stimulus to support demand in the wider economy. If spending on goods and services is too low, inflation will fall below its target. The MPC boosts the supply of money by purchasing assets like Government and corporate bonds a policy often known as Quantitative Easing. Instead of lowering Bank Rate to increase the amount of money in the economy, the Bank supplies extra money directly. This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from. This extra money supports more spending in the economy to bring future inflation back to the target

Huck Finn :: essays research papers

Huck Finn Mrs. Williamson describes a hero’s journey as a cycle where the person is a hero from birth. This holds true for the character of Huck Finn because he fits the description of a hero in the book Adventures of Huckleberry Finn. There are many different phases, or episodes that embody Huck and Luke’s journey. They both start out feeling unfulfilled with their current circumstances, Luke is unhappy living in the desert and feels that he isn’t living up to his potential. Huck is living with his aunt, and then his father who are both abusive in their own way and hinder his progress as a person. Then they both leave home and begin to view the world from a more mature perspective. Luke finds out that life consists of more than just the day to day experiences that he has had and that indeed there are many injustices taking place in the world. Such as the fact that evil people can rule others. Huck discovers this same phenomena, he escapes with Jim and begins to question a hu man’s right to own someone else. In the end they both discover their worth as men who are able to do something to influence the world around them. For example, saving the lives of thousands of people or just one slave.   Ã‚  Ã‚  Ã‚  Ã‚  The period in one’s life of innocence is a starting point for many heroes. This is the time prior to the adventure he is about to embark on. Huck’s childhood consisted of childish games with his best friend, Tom Sawyer. Huck’s days were filled with games of pretend that were supposed to be actual adventures. Most of these adventures were figments of Tom Sawyer’s imagination. This is important to know since it provided the preparation Huck needed to get through the journey on the river. It gave him the tools to survive and maintain his sense of moral well-being. It is ironic, however, that the adventures Huck actually experiences are far more intense than the adventures they pretend to go on. Indeed, truth is stranger than fiction. Huck’s schooling with the widow and Miss Watson are another element of his innocent childhood. He experienced what he called the ‘civilized’ life. He was fed, wore clean clothes, and was well tak en care of. For a boy who lived for adventures and everything nature had to offer, the civilized life did not appeal to him.

Usher and Red Death Essay -- essays research papers

Run From Death and You’ll End Up Finding It   Ã‚  Ã‚  Ã‚  Ã‚  Edgar Allen Poe is famous for his gothic stories and poetries. In The Fall of the House of Usher, the narrator visits his old childhood friend, Roderick Usher. The Usher family is a noble family that is well known for their incestual behavior, which leads to multiple deformations for their offspring. The only living heirs of the Usher family are the twins, Roderick and Madeline Usher, forever chained to the decrepit house they live in with no chance of escape. In The Masque of the Red Death, a plague is reeking havoc upon the country and Prince Prospero can only do one thing: lock himself and his noble subjects in the abbey to party and not worry about death. In both of the short stories, the characters are stationed inside their house, trying to forget all miseries, but death still occupies the back of their minds. The characters within the short stories are trying to prevent death by running away, but they end up rounding the corner to meet up with Death again.   Ã‚  Ã‚  Ã‚  Ã‚  In The Fall of the House of Usher, the noble Roderick and Madeline Ushers are the remaining children of the family line. Since they have been keeping their bloodline pure, they have developed some unusual traits that prevent them from leaving their decaying house. As Madeline lives with a life-threatening disease that will soon take her life one day, Roderick refuses to see his twin sister die in that painful man...

College Acceptance Essay

Education is one of the most important activities that we have to go through in our life. It is the reason why the world is where it is today. All of these progresses and inventions would have never been achieved if it was not for educated people. It helped the society to make smarter and better choices. Almost all of the inventions that make our life easier today are the outcome of education. Scientists, politicians, teachers, etc. are all first educated before they go out to the real world to practice what they have learned. Universities and colleges are the places where people go seeking for higher education. Students will do whatever they can to make sure they end up in one of these places. Unfortunately, not everybody is accepted. Every institution has its own requirements for students have to match in order to be accepted. Not long ago, minorities used to face a very challenging situation if they wanted to get into a higher education institute. These things don’t seem to be that big of a problem right now. Students get accepted to different kinds of schools depending on how good they perform during their high school year and on their SAT test scores. The controversial issue now is whether students’ academic background should be the only factor considered in admission. Even though universities and colleges are home for knowledge and students should be accepted according to their ability to learn, other factors should also be considered to give students a second chance at a higher education institute. Academic eligibility is a major obstacle one has to meet in order to be able to attend a higher education institution. Some people have outstanding performance that allow them to attend the college of their dreams. Others, however, may not be as smart and may lack the eligibility required to attend a college. Universities are places where students face challenging lessons and are excepted to try to the best of their ability to succeed. Those who have a better background in studying habits are more likely to succeed in school. The education we get at an early age will affect us on our journey to success. That is why universities should consider academic performance in their admission requirements. Students with satisfying SAT score and a good GPA should not be worried about getting accepted or not; They deserve it. As long as school is a place for education, those who prove they have been committed to their lessons should be the only ones given the chance to progress in their education. One of the other reasons why academic achievement should be the only factor considered for college admission is for fair treatment and morality. If a person has done a good job through out his/her educational process in high school, he/she deserves to be accepted to their dream college. It would not be fair if he/she is turned down by his/her dream college while a careless classmate gets his acceptance letter. It would not be fair. The student’s moral will be crushed. Not being able to make his/her dream come true after dedicating all their time on their education, will, without a doubt, leave a student hopeless. Therefore, the admission board needs to respect the concept of education and those hard working students and consider only academic eligibility. Admissions should only concentrate on how the student can reply to his/her educational challenges not on how they can run across the field. Athletes can not perform as well as those accepted for their academic eligibility, â€Å"they also regularly finish their college carries in the bottom of their class† (editorial 371). Another reason for the necessity of the sole consideration of academic eligibility for college admission is the future. People in universities are the leaders of tomorrow. They need to have a diverse view of the world supported by their education. They should understand any issue that may come from any part of the world so that they can help solve it. These leaders of tomorrow also need to have a good background in education starting from preschool. They need to understand the importance of education for life. In order to appreciate education, they need to know the rewards that come from it. The future leaders, are those who take school seriously. Those who take it seriously are more likely to get satisfying grades that allow them to enter a higher education institute. If we care about our future, we should consider it in all our decisions. The college admission office should consider only academic eligibility because those who think of the future are those who get the satisfying grades and those should be rewarded the acceptance letter. On the other hand, the benefit that colleges get from the athletic students is beyond anyone‘s imagination. Especially small universities need these athletes to compete with other schools and keep their reputation. These small, highly selective liberal universities such as Harvard have a wide selection of sports, but they also need a strong team. The problem these schools are facing is the size of the student body. The schools can not make strong teams if there is not much to choose from. Athletes make up 32% of the male student body at schools like Harvard and Williams, as opposed to only 5% at a school like the University of Michigan. (Editorial 370). If we taking look at the professional sport field, like the NBA, NFL, MLS, and others, we can see that many star players rose from universities and colleges. These pro athletes became stars by playing sports in their universities. These colleges are the reason why we now enjoy our favorite sport every week. Students come from all over the world with great potentials. Students who enter the United States after finishing high school or on the erg of finishing high school, will have a difficult time getting into highly selective universities. America is the home for many immigrant scientists and engineers, and these high school or college students from other countries could be the next scientists or engineers. Other countries have a very difficult grading system than the U. S. A. When the grade conversions are made in the U. S, what was the highest score in the class back home will now be nothing more than the average. This average grade wont take immigrant students to one of these best universities or colleges. Their background is the only chance they have to get accepted. Most colleges embrace diversity and try to accept people of all races. The more universities and colleges accept these type of students, the more diverse the schools can be. They can bring a cultural diversity among students which can be used in the future to solve problems outside of the U.S. therefore, these foreigners depend on another factor other than academic eligibility to be accepted into a college. For most of our population, education is the only way out of poverty or any other problem. people put their faith on it and hope to get the best it can offer. They will do anything to go anywhere it leads them. Before they taste the fruits of education, they have to pass through tests and other obstacles. Getting to college is one of those obstacles. To get accepted into one of the finest schools is a major issue. Students wish to enroll into a school they desire and progress in their education to help themselves, their family, and their country. In order to do this, they need to keep a satisfying score while they are in school. As students, teens have more to offer than their brain. Not one but many of them can make the institute they represent best at what these students do besides learning, benefiting themselves and their schools. Therefore, it is important for universities and colleges to take a good look at the students’ ability to learn, without forgetting but respecting what they can do when they are not in a class room.

Business Related Articles

What does the network layer do? Where does it sit in relationship to the other four layers of our simplified network model? Network layer is the third layer of the OSI model. It performs switching and  routing by creating logical paths, known as  virtual circuits, for transferring data from  one node to another node. Routing and forwarding are the major functions of this layer. It also performs other operations such as  addressing, internetworking, error handling,  congestion,  control and packet sequencing. It maintains the quality of service requested by the transportation layer. It determines how data are transferred between network devices. It Routes packets according to unique network device addresses and Provides flow and congestion control to prevent network resource depletion. The network layer provides the functional and procedural means of transferring variable length  data sequences from a source to a destination host via one or more networks while maintaining the  quality of service  and  error control functions. At this layer, the computer system engages in a dialogue with the network to specify the destination address and to request certain network facilities, such as priority   Network Layer consists of three sub layers: Sub network Access: This layer considers protocols that deal with the interface to networks, such as X. 25. Sub network Dependent Convergence: This layer is necessary to bring the level of a transit network up to the level of networks on either side. Sub network Independent Convergence: It handles transfer across multiple networks. The major Functions of the network layer are: Routing: The most outstanding function of network layer is routing which includes Moving data across a series of interconnected networks the network layer. At the network layer, the devices and software routines handles incoming packets from various sources, determines their final destination, and then transfers the data to their destination. Logical Addressing: Every communication device in a network of an logical address, which is also called as â€Å"layer three address†. The  Internet Protocol (IP) is the network layer protocol which is the best known example of network layer and every machine consists of its own IP address. It manages the connectionless transfer of data one hop at a time, from end system to ingress router, to router to router, and from egress router to destination end system. It is not responsible for reliable delivery to a next hop, but only for the detection of eroded packets so they may be removed. Connection model: The OSI Network Layer protocol can be either connection-oriented, or connectionless. In general, the  TCP/IP Internet Layer supports only the connectionless Internet Protocol (IP). Message forwarding: This is the most important function of network layer. Since many networks are partitioned into sub networks and connect to other networks for wide-area communications, networks use specialized hosts, called gateways or  routers to forward packets between networks. Datagram Encapsulation: Network layer performs encapsulation of messages received from higher layers by placing them into  datagrams  which are also referred to as packets with a network layer header. Fragmentation and Reassembly: The major function of the network layer is transmitting messages down to the data link layer. Some data link layer technologies consist of certain limitations on the length of any message that can be sent. If the packet that the network layer wants to send is too large, the network layer has to fragment the packet before transmitting it to data link layer. It transmits each piece to the data link layer. The fragmented pieces are then reassembled once they arrive at the network layer on the destination machine. Handling and Diagnostics: At the network layer Special protocols are used to allow devices that are logically connected, or that are trying to route traffic, to exchange information about the status of hosts on the network or the devices themselves.