License Plate Recognition

Emerging Trends in Computer Science and Information Technology -2012(ETCSIT2012) Proceedings published in International Journal of Computer Applications ® (IJCA) Automatic Vehicle Identification Using License Plate Recognition for Indian Vehicles Sandra Sivanandan Department of Computer Engineering K. K. Wagh Institute Of Engineering Education & Research, Hirabai Haridas Vidyanagari Amrut-Dham, Panchavati, Nashik-422003 University of Pune, Maharashtra Ashwini Dhanait Department of Computer Engineering K. K.Wagh Institute Of Engineering Education & Research, Hirabai Haridas Vidyanagari Amrut-Dham, Panchavati, Nashik-422003 University of Pune, Maharashtra Yogita Dhepale Department of Computer Engineering K. K. Wagh Institute Of Engineering Education & Research, Hirabai Haridas Vidyanagari Amrut-Dham, Panchavati, Nashik-422003. Yasmin Saiyyad Department of Computer Engineering K. K. Wagh Institute Of Engineering Education & Research, Hirabai Haridas Vidyanagari Amrut-Dham, Panchavati, Nashik-422003. ABSTRACT In this study, a smart and simple algorithm is presented for vehicle’s license plate recognition system.The proposed algorithm consists of three major parts: Extraction of plate region, segmentation of characters and recognition of plate characters. For extracting the plate region edge detection and morphological operations are used. In segmentation part scan line algorithm is used. Character Segmentation for Devanagari Number Plates is also presented. Optical character recognition technique is used for the character recognition. The objective is to design an efficient automatic authorized vehicle identification system by using the vehicle number plate.Here we are presenting a smart and simple algorithm for vehicle’s license plate recognition system for Indian Vehicles. In this study, the proposed algorithm is based on extraction of plate region, segmentation of plate characters and recognition of characters. In India we find plates having Deva nagari fonts as well (though according to rules it is not allowed). Character extraction for Devanagari font is slightly different as compared to English font because of the header line (shirorekha). We propose algorithm for character extraction for Devanagari font. The recognized plate an be then compared with police hotlist database to identify stolen vehicles. The paper is organized as follows: Section II provides an overview of the overall system. Extracting the plate region is explained in Section III. Section IV gives the segmentation of individual plate characters. Section V deals with recognition of characters using optical character recognition based on statistical based template matching algorithm which uses correlation and section VI deals with verification of plate according to Indian rules. The paper concludes with Section VII. KeywordsDevanagari, Edge detection, License plate recognition, Optical character recognition, segmentation. 1. INTRODUCTION License plate recogn ition (LPR) is a form of Automatic Vehicle Identification. It is an image processing technology used to identify vehicles by only their license plates. Real time LPR plays a major role in automatic monitoring of traffic rules and maintaining law enforcement on public roads. The LPR system’s significant advantage is that the system can keep an image record of the vehicle which is useful in order to fight crime and fraud (â€Å"an image is worth a thousand words†).Early LPR systems suffered from a low recognition rate, lower than required by practical systems. The external effects (sun and headlights, bad plates, wide number of plate types) and the limited level of the recognition software and vision hardware yielded low quality systems. However, recent improvements in the software and hardware have made the LPR systems much more reliable and wide spread. 23 Emerging Trends in Computer Science and Information Technology -2012(ETCSIT2012) Proceedings published in Internat ional Journal of Computer Applications ® (IJCA) in night condition, contrast enhancement is important before further processing [1]. . STRUCTURE OF LPR SYSTEM Fig. 1) Original Image Fig. 2) Gray Scale Image Flowchart of Proposed System The algorithm proposed in this paper is designed to recognize license plates of vehicles automatically. Input of the system is the image of a vehicle captured by a camera. The captured image taken from 3-5 meters away is first converted to gray scale. We apply vertical edge detection algorithm and morphological operation i. e. open and close for plate extraction. After applying morphological operations image is filtered out to get exact plate region. Plate region is cropped.Row segmentation separates row in plate and column separation separates characters from row. Finally recognition part OCR recognizes the characters giving the result as the plate number in ASCII format. The result in ASCII format is can be verified on the basis of rules followed in India. Fig. 3) Gray image after contrast enhancement 3. 2 Vertical Edge Detection Before applying edge detection median filter is to be applied to image for removing noise. The main idea of median filter is to run through the signal, entry by entry, replacing each entry with the median of neighboring entries.Such noise reduction is a typical preprocessing step to improve the results of later processing (edge detection) [2]. 3. EXTRACTION OF PLATE REGION Plate Extraction is done in following steps 3. 1 Convert image to Gray Scale 3. 2 Apply Vertical Edge detection 3. 3 Candidate Plate Area Detection ? Morphologically Close image ? Fill holes in image ? Morphologically Open image 3. 3 Filtration of non Plate region 3. 1 Conversion To Gray Scale This is pre-processing step for plate extraction. We apply Formula: I( i, j) = 0. 114*A( i, j,1) + 0. 587*A(i, j, 2) + 0. 99* A(i, j,3) where, I(i,j) is the array of gray image, A(i,j,1), A(i,j,2), A(i,j,3) are the R,G,B value of original im age respectively. Sometimes the image may be too dark, contain blur, thereby making the task of extracting the license plate difficult. In order to recognize the license plate even In ascending order of values: 0, 2, 3, 3, 4, 6, 10, 15, 97. Center value (previously 97) is replaced by the median of all nine values (4). Edge detection is performed on the given image, which aims at identifying points in digital image at which image brightness changes sharply or, more formally, has discontinuities.There mainly exists several edge detection methods (Sobel, Prewitt, Roberts, Canny). We use here Sobel operator for vertical edge detection. If we define A as the source image, and Gx and Gy are two images which at each point contain the horizontal and vertical derivative approximations, the computations are as follows: 24 Emerging Trends in Computer Science and Information Technology -2012(ETCSIT2012) Proceedings published in International Journal of Computer Applications ® (IJCA) Where * i s 2D convolution operation. Fig. 5) Closed Image Fig. 4) Sobel Vertical Edge detection Fig. 6) Filled Image 3. Candidate Plate Area Detection A morphological operator is applied to the image for specifying the plate location. We build a morphological operator that is sensitive to a specific shape in the input image. In our system rectangular box is employed as a structural element to detect the car plates. In mathematical morphology structuring element are represented as matrices. Structuring element is a characteristic of certain structure and features to measure the shape of an image and is used to carry out other image processing operations [4]. Typical rectangular structuring element is shown in figure. Fig. ) Opened Image 3. 4 Filtration Of Non Plate Region After identify the ROI, image is then filtered using following filtering techniques. First find the connected components in image. The first technique involves removing of all white patches which has more or less area than t he threshold. For instance components having area < 2000 or >20000 are eliminated. Using Bounding Box method, draw Bounding Box around components and fill the image. According to the height values, for instance, only the objects with a height greater than Tmin_h and less than Tmax_h are retained, and eliminate the other objects.After that, if the width values of the retained objects are greater than Tmin_w and less than Tmax_w, the objects are retained; otherwise, the objects are removed, and so on. Where: Tmin_h : Minimum height of the object. Tmax_h : Maximum height of the object. Tmin_w : Minimum width of the object. Tmax_w : Maximum width of the object [6]. After filtering plate region is cropped by searching for the first and last white pixels starting from top left corner of an image. Plate is cropped from original image after getting coordinates. Using two basic operation of morphology (erosion and dilation), opening and closing of image is done.The opening of A by B is obtai ned by the erosion of A by B, followed by dilation of the resulting image by B. The closing of A by B is obtained by the dilation of A by B, followed by erosion of the resulting structure by B. For closing image 10*20 rectangular structuring element is used. After closing image we have to fill the holes in this image. A hole is a set of background pixels that cannot be reached by filling in the background from the edge of the image [3]. Then image is opened using 5*10 rectangular structural element. Values are determined according to the size of the image.Here we have used 1280X980 resolution images. 25 Emerging Trends in Computer Science and Information Technology -2012(ETCSIT2012) Proceedings published in International Journal of Computer Applications ® (IJCA) 4. SEGMENTATION OF PLATE CHARACTERS Before applying the OCR, the individual lines in the text are separated using line separation process and individual characters from separated lines. Steps for Character Segmentation: 4. 1 Binarization of Plate image 4. 2 Scan Line Algorithm for row segmentation 4. 3 Vertical Projection for column segmentationFig 6) Filtered Image on basis of area Fig. 7) Bounding Box and filled image 4. 1 Binarization Of Plate Image Binarize the plate image. Threshold for binarization must be such that characters are displayed well. For that we take average of all pixel values in plate image and calculate threshold. Fig. 10) Binarized image Fig. 8) Image after filtration on basis of height &width of objects 4. 2 Scan Line Algorithm The scan line algorithm is based on the feature that there is transition from 1 to 0 and 0 to 1 transition in character region in a binary image.Thus the total number of transition in character region is more than the total number of transition in other region. There are at least seven characters in license plate region and every character has more than two Jumps[7]. We can choose twelve as the threshold value. If the total number of transitions in a ce rtain line is greater than twelve, this line may be in character region. Otherwise, it is not in character region. Algorithm: 1) Let H be height and W be Width of Plate image. 2) for(i=H/2 to 0) { Count no of transitions ie 0 to 1 and 1 to 0 in cnt; if cnt

Conflict between Trade Unions and Management Essay

According to Fox, a manager should have an alternative ‘frame of reference’ that will help in analysing employee relations. Many managers use unrealistic ‘frames of reference’ that end up distorting the existing facts thus making solutions very elusive. Fox further explains that there is the need to develop an efficient and effective frame of reference that can view industrial relation conflicts in a realistic manner offering proper solutions (1966. Pp. 34). Fox is against some unrealistic ideologies that are used by managers to serve their interests forgetting the needs of employees. According to him workplace ideologies cannot and will never solve conflicts at the work place. Ideologies should be in a position to persuade, self reassure and legitimise work-related issues. It is clear that Fox was against the Unitarists’ view and was in support of Pluralism. According to Fox, the ideology that defines Unitarism is being abandoned because of its incongruent nature of reality (1966, pp.38). Unitarism and Pluralism UnitarismAccording to Fox, there exist two frames of reference, namely Unitarists and pluralist perspectives. Unitarism view conflict as very unnatural and something out of the ordinary, hence its abnormal nature. The Unitarists, as a result, try to eliminate conflicts that exist in the workplace. Unitarists believe clashes in the workplace arise due to poor management and lack of proper communication. Managers with poor communication and administration skills are to blame for any conflicts that result from the workplace. However, other conflicts may also be as a result of few employees that want to start trouble and chaos at the workplace (1966, p. 17). According to Fox, the main elements of Unitarism include a single authority in a Company that has no opposition at all (1966, p.7). In addition, they agree that the organizational managers’ role is to encourage employees to remain loyal and committed to the Organization (Budd et al., 2004, pp. 36). Lastly according to Collins et al. (2005, pp. 23), Unitarists believe that organizations mainly function as teams and, as a result, they have mutual goals to achieve. It means that they have no conflicts of interest among them including between managers and employees. Unitarism support the joining of hands between the managers and employees to achieve shared goals, values, vision and interests as the managers lead by example through active leadership to help in attaining set goals. They believe that conflicts in an organisation negatively affect its operations leading to disloyalty leading to the impairment of many Companies. They believe that the Government is autonomous and should shape the systems in industrial relations. Pluralism According to Collins et al. (2005, pp.987), Pluralists suggests that an organisation has many stakeholders involved in decision-making and pushing their interests. Conflicts, in such environments is standard and cannot be avoided thus the need for managers to handle it in an amicable manner. Pluralists support collective bargaining. According to Fox (1992, p 9), Trade unions do not introduce conflicts in organizations but the conflicts are endemic. If conflicts are handled well, both stakeholders will benefit, and collective bargaining is the path to take. Managers can even become creative in containing conflicts by reaching best agreements and creating very efficient methods of addressing the issues. Conflict in the labour market Conflict is defined as a discontent that comes from a perceived collision of individuals’ or groups interests and desires, when everyone takes a different expression or opinion. Conflicts in the labour market are unavoidable, but if well managed by the involved stakeholders, it can lead to improved performance. Industrial conflict often occurs when the workers are expressing their frustrations with their leaders in management over the way current affairs are being run in the organization. The main causes of conflicts include disagreeing on salary payment, wage increment and remunerations as stated in the employment contracts. Forms of conflict Employees may choose to express their dissatisfaction either in a formal or informal manner depending on the issue being raised. Formal methods of expressing dissatisfaction are well planned and organised in advance while Informal ones occur spontaneously and have no organisation taking the managers by surprise. Types of organised/ Formal conflicts Strikes According to Collins et al. (2005, pp.117), a strike occurs when an employee temporarily withdraws his/her services, an action that is against the employment contract. Strikes are formal industrial conflicts that are organised by respective trade unions that represent workers in various organisations. Trade unions represent the employees to ensure that their working conditions and payments are abiding by the laid down rules. During strikes, trade unions try to eliminate any possible alternative that employers can use to get services denied by the employees. A strike will continue until the top leadership in the organisation address the matter at hand, addressing the issues that caused it in the first place. Work-to –rule According to Budd et al, (2005, pp.44), Work-to –rule is a formal conflict in labour relations where the employees observe all the legal conditions in their employment contracts and deliberately refuse to use their initiative by acting rigidly and like machines that have already been programmed. An example may include nursing staff who refuses to answer Doctor’s calls because it is not included anywhere in the employment contract. Another example may involve a stenographer that refuses to change the grammatical errors committed by her employer because her primary role is only to transcribe. Work-to –rule is not illegal; therefore no employee can be punished, despite it slowing down performance progress in the organisation Protests and demonstrations Workers may also demonstrate against management’s action to undermine their rights. Demonstrations are legal as long as the employees observe the federal laws. Demonstrations may be organised by trade unions representing the employees. Types of unorganised/ informal conflicts Absenteeism According to Collins et al. (2005, pp.124), absenteeism is an informal conflict in the workplace where workers deliberately refuse to go to work. However, absenteeism may not be an industrial conflict because employees may fail to report to work because of many varied reasons for sickness or injury. When employees fail to go to work and they do not give grounds for the absenteeism either prior or after; then it is considered to be an informal conflict. Absenteeism reduces revenue and productivity of organizations, hence management need to come up with strategies that will avoid it. Sabotage Sabotage is a deliberate damage of employees’ reputation and production by employees as a means of expressing their grievances. Workers may choose to slow down production, disable machines used in processing, slander the Company or directly destroy the firm’s property. Most employees that carry out sabotage hide themselves but are willing to avail themselves when the pressure hits up. Resignation Many employees may choose to resign from their positions and even head to the rivalry company as a result of a protest against certain management practices. It may affect the reputation of the Company or even make the firm loose its competitive nature due to losing best employees to their competitor. Theft Employees may choose to steal from their employer as a protest for poor payment. Workers may organise to steal organisations’ consignment meant for their clients or Production purposes ruining their reputation. Legal regulation of conflict in the United Kingdom The United Kingdom labour laws describe strikes as illegal and, as a result ;nobody is allowed to conduct a strike. However, employees can express their grievances through their trade unions or Labour relations as stated in the Consolidation Act 1992 (TULRCA 1992). Any employees taking part in a strike are required to give a notice to the affected employee and get its members to ballot; if they get a majority vote then the industrial action can go on.Legislations in the United Kingdom labour laws that focus on employee rights are in support for Individualism as compared to collectivism Jurisdictions. Individual Conflicts According to Collins et al, (2005, pp.1024), any organization that is aiming at improving its operations need to minimise the individual conflicts at the place of work. Good managers can also turn the individual conflicts to benefit the firm by understanding every employee. Managers can conduct feedback and interactive sessions as well as face-face meetings with its employees. In addition, every manager should understand the dislikes and likes of his staff including their strong and weak points. Leaders should learn to value their employees’ opinions to make them feel valued. They can go ahead and give leave days to employees that look frustrated and tired. When an employee is found to have committed an offence it is very crucial for the managers to handle the disciplinary action with uttermost care. How to resolve individual conflicts Discipline is an action taken against a person that has failed to confine ton the rules set by a Company of where he works. Grievance on the other hand is a condition on employment terms that appear contrary to the stated rules in individual or collective contracts. It is important for the employees to ensure that: Employees understand what their standard of performance and conduct is and the consequences of failing to meet the standards. Managers should identify the obstacles that can make employees not to meet the standards and look for solutions. Both employees and employers should agree on objectives and timeframe to achieve. Employer should resolve a dispute using the employment tribunal If an employee is dismissed the manager should be able to prove to the tribunal that the due process was followed (Clegg, 1979, pp. 21). Collective conflicts According to Collins et al., (2005, pp.24), Individual employees face many problems like low wages, lack of incentives and poor working environment. Even though, the workers face the problems individually, they cannot attract the managers’ attention due to lack of bargaining power. When trade unions address the issues, then it becomes a collective conflict, and it increases the bargaining power of the employees rather than solving a case by case scenario. Trade unions play a significant role in collective conflicts by increasing the bargaining strength of workers in various employment situations collectively. Collective bargaining assists employees in presenting their grievances and ensures that management does not take a unilateral step or decision. Conflict resolution mechanism It is important for management to realize that conflicts at the place of work are inevitable. Employers and employees will always have issues especially in relation to employment contracts and wage payments. Management should come up with an employment tribunal that will deal with the problems whether individual or collective. When some of the conflicts are so complicated, there is the need for mediation to take place as soon as possible. Employers need to address issues at the workplace as quickly as possible. Postponing will only make the situation more complicated. Mediation helps a lot in solving conflicts before they become more complex. It provides a neutral ground fro employer and employees’ to discuss their issues and come up with solutions that are mutual. Mediation should encourage open communication and should be done by professionals that can develop solutions. According to Collins et al., (2005, pp.124), leaders should define to their employees what protocols to observe to reduce conflicts. It is important for them to create a framework that will encourage good business practices, team building, and talent management. A manager should clearly state actions that will not be tolerated. In addition, it is important for organisations to hit conflicts facing them head-on. Employers should seek out issues that will bring conflicts and intervene as soon as possible. This will help avoid some conflicts from coming up. Clegg believes that before solving conflicts it is essential for every party to understand the ‘what’s in it for me’ factor. It is very critical for all sides ton understand the motivation of others before trying to resolve the conflict. Avoiding conflicts by helping others achieve their objectives will provide a platform to conflict resolution (1979, pp. 22). Stakeholders in conflict resolution in the labour market Trade Unions and Employees. According to Trade Union & labour Relations (Consolidated Act 1992) a trade union is an organisation with workers as its members, whose primary function is to regulate the relationship between employees and employers or Employers’ Unions. The main purpose of a trade union is to protect and promote the interests of their workers who are their members.Trade unions try to get highest wage payment for its members and influence the rules and regulations that govern employment. In addition, they work as employees’ source of power as they control the government to formulate laws that benefit the employee. According to Budd et al. (2004, pp. 26), employers need to recognise trade unions because they provide a mechanism at the place of work that improves communication. It also helps to regulate employee-employer relationship. In addition trade, unions maintain active employment culture in labour relations. Most employers, however resist trade unions because the pose a challenge to the authority of the leaders in the organisation causing potential disruption of work at the firm. Some unions may not be willing to co-operate promoting rise in strikes and strives. Many managers prefer other useful channels of addressing employees’ grievances than use of trade unions. The Government Trade Union and labour relations (Consolidated) (1992, p. 108), defines the government as a state of the day, including the other agencies that perform their will through implementation of labour policies and their legislation. The government may be an employer, income regulator, rule formulator, manpower moderator or the protector of employees, thus the wide responsibility. The employer According to Fox (1966, p. 6) the employer is responsible for supplying its workforce with employment contracts that are favourable and abide by the labour laws in the United Kingdom. At the same time, they should provide a working environment that is beneficial to the employee. As much as their primary goal is to maximise profits it is important for the employer to mind the needs of a worker. Budd et al. believes that the company should acknowledge trade unions and use them as opportunities to move to the next level. Trade unions push employees’ agenda and if companies can use the issues raised to benefit the employee then performance will improve automatically as most employees will feel satisfied (2004 pp. 14). Conclusion Organisational conflict, trade unions, Governments, employers and collective bargaining are critical areas of interest in labour relations. Fox’s views on unitarism and pluralism clearly bring out the conflicts that arise at the workplace. According to Fox, the Unitarism perspective explains that what benefits the employee will automatically benefit the employer and conflict should not be taken as a typical phenomenon. According to the Unitarists, many managers and workers see their organisation in a unitary shape and are impressed with existing situations. The pluralists have an opposite view, however, arguing that what benefits the Company disadvantages’ the employees with the reverse being true. They believe that the interests of workers are very different from those of the employer. Due to the existence of poor labour laws, powerful Multinationals and desperate competition of employees, there exist weak employment conditions. In order to have a balance among the competing parties in the working relationship, Fox explains that firms need to go for the pluralist view as the most efficient and effective mechanism for solving conflicts that cannot be avoided. The frame of reference developed by Fox embraces the interests of both parties hence its relevance to the present society. Conflicts can either be organised or informal with strikes, absenteeism, sabotage and work-to –rule being the most common. Many organisations should come up with mechanisms to solve both the individual and collective conflicts appropriately to avoid affecting their operations. There is the need for the Government, employees, employers and Trade unions to work together to ensure that conflicts are handled in a mature manner. References Budd, J. et al. (2004), â€Å"Why A Balance Is Best: The Pluralist Industrial Relations Paradigm Of Balancing Competing Interests†, Industrial Relations Research Association, Research Volume. Pp. 12-48. Clegg, H. A. (1979). â€Å"The Changing System of Industrial Relations in Great Britain†. Oxford University press: Blackwell. Pp. 17-37. Collins, H. Keith, Ewing, & Aileen McCoglan. (2005). â€Å"Labour Law: Text and Materials 2nd Edition, Kogan Publishers: London. PP 1-1100. Commons, J.R. (1919), â€Å"Industrial Goodwill†. McGraw-Hill: New York. Pp.125-193 Flanders, Management & Unions, pp. 172 (08/10/10) Edwards, P. (2010). â€Å"The Employment Relationship†, pp.11-12 Fox, A. (1966). â€Å"Industrial Sociology and Industrial Relations†. Donovan: London Publishers: London, pp. 1- 187. Commission Research Paper No. 3, HMSO, London. Kochan, T. (1980). â€Å"Collective Bargaining and Industrial Relations: From Theory to Policy and Practice†. Homewood, Ill. Irwin: London pp.41-128. Slides, Perspectives on Industrial Relations, Sept 2010 (08/10/10) http://pesona.mmu.edu.my (10/10/10) http://works.bepress.com (08/10/10) http://www.legacy-itc.csomumn.edu/faculty/jbudd/research/buddgomezmeltz.pd (08/10/10) Trade Union and Labour Relations (Consolidation) Act 1992. https://www.google.co.ke/?gws_rd=ssl#. Source document

John Williams (Composer) Essay

Born in Queens, NY, in 1932, John Williams is arguably the most sought-after composer in Hollywood today. Musically, John Williams greatly influences my work and I find his grandiose, sweeping scores a benchmark to which I would like to progress to in my composing career. With 47 Academy Award nominations, he is the most nominated musician in Academy Awards history and the second-most nominated person of all-time (second to Walt Disney). However, Williams’ rise to fame has been slow and it has taken many years for him to become the household name he is today. This encouraged me, as it showed that even a musical legend like John Williams started out small and worked his way up. During his time studying at Juilliard, he worked as a jazz pianist in New York clubs and after his studies, he moved to L.A. where he began working as a studio pianist for renowned composers, such as Henry Mancini and thus, some of his more comedic scores show Mancini’s influence. He soon gained notice in Hollywood for his versatility in composing jazz, piano and symphonic music. When composing a piece of music, I always look to John Williams for inspiration. One of his most famous techniques, and a technique I greatly appreciate, is the concept of leitmotif and his ability to write a fitting and recognisable piece of music to accompany a particular character; a favourite of mine being â€Å"Princess Leia’s Theme† from Stephen Spielberg’s space epic Star Wars. Williams’ collaboration with Stephen Spielberg began when Spielberg was an all but unknown director, with the film The Sugarland Express and with the momentum of that success, they began a long collaboration together, working on films such as Indiana Jones, Schindler’s List, Harry Potter, Jaws, Jurrasic Park and Close Encounters of the Third Kind, with the latter’s musical and film concepts being worked on simultaneously by Spielberg and Williams, an unusual step for a Hollywood film but typical of John Williams for pushing boundaries. His ability to write so many different styles of music, from Schindler’s List to Indiana Jones, is a skill I which greatly inspires me, as well as his flair for conveying a particular theme; particularly in E.T, where his music depicts the childlike innocence of the film. He is a chameleon of sorts and his seemingly effortless approach to composing exquisite pieces of music for completely different genres makes him stand out amongst other notable musicians of our modern culture. He also takes a lot of inspiration from composers such as Richard Strauss and Wagner, and it is evident in the style of some of his work that he admires the grand, symphonic scores and neoromatic style of Golden Age composers Max Steiner and Erich Wolfgang Korngold. When orchestras are performing his pieces, John Williams likes to be the one to conduct, adding more passion and depth to the music that wouldn’t be there if it were another conductor. I have viewed many videos on Youtube of orchestras playing Williams’ creations and each time they have played with a fervour and respect that spawns a magical, tangible atmosphere, making the music stay with you long after the orchestra has stopped playing. The fact that his scores are not particularly technically difficult, yet still require a musician of great calibre to play them, shows how much effort Williams puts in to evoke the emotion and theme of the film. Star Wars is perhaps Williams’ most famous and memorable scores and is the highest-grossing non-popular recording of all-time. The combined scores add up to more than 14 hours of orchestral music – a magnitude unheard of by most musicians. It is this tenacity and dedication that I admire most about John Williams and is, most likely, what gave him the remarkable career he has enjoyed for so many years.

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

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Team Building Essay Example | Topics and Well Written Essays - 750 words

Team Building - Essay Example Conflict resolution process is essential to resolve conflicts that arise between individuals and/or groups. Conflicts can arise at many levels such as interpersonal levels, role level, between multiple parties, and at external levels (Fisher, 1977, Rev 1985 2000). At workplace, most common conflicts occur at interpersonal levels, which arise between individuals because of different needs, goals, and beliefs. The most common factor that is involved in interpersonal conflicts is the relationship between two individuals. It is very difficult for a third person, like a manager, to analyze interpersonal relationship between two individuals because relationships are shaped by a variety of incidents in the past. Hence, it becomes extremely challenging to resolve interpersonal conflicts that arise because of relationship history (Collins & O’Rourke, 2008a). Nevertheless, such conflicts can severely affect their performance and behavior. Hence, it becomes important for managers to addr ess conflicts at these levels in order to ensure smooth flow of work and maintain healthy environment in the team. Very often, interpersonal conflicts are trigged by lack of communication or misinterpretation of communication. Interpersonal conflicts can be addressed by fostering effective communication among team members. For this, the team members must first be made to realize the significance of communication in workplace. This can be achieved by conducting this simple teambuilding exercise named ‘Do you know what I mean?’ (Kumar, n.d). This teambuilding exercise involves participation from the entire team. Firstly, one volunteer from the team should be advised to draw different shapes/pictures of at least 10 different things that come to his/her mind on a chart. Next, the volunteer must instruct the team members verbally to draw these exact shapes without actually showing the chart. The team members may be allowed to ask questions. The result of this exercise will b e that none of the group’s pictures will match the original picture exactly (in shape and/or size), and some may be completely different. This exercise will make the team members realize the importance of communication in understanding the other person’s viewpoint in order to produce the desired outcome. Communication breakdown is considered as an important cause for interpersonal conflict. Therefore one has to possess or acquire effective communication skills to handle conflicts. Communication skills that are essential in conflict resolution include listening, asking appropriate questions, clarity of words and speech, and translating the conversation in the right manner that is acceptable to both the parties involved in the conflict. In this teambuilding exercise, the team members need to ask open ended questions so that they get a better idea of the picture that needs to be drawn. Open-ended questions help in acquiring more information from the other person; and begi n with words such as ‘how’ or ‘what.’ However, during conflicts, people tend to ask closed-ended questions that elicit only a ‘yes’ or ‘no’ answers (Collins & O’Rourke, 2008b). Open-ended questions provide more information and learning to the listeners. Another important aspect of communication, especially important in conflict resolution, is to listen to the other person. In the present exercise,

Principles of Building Structure Essay Example | Topics and Well Written Essays - 2000 words

Principles of Building Structure - Essay Example When the beam has sufficient supported against any form of buckling, a failure of the beam is experienced. This results in the generation of the maximum material yield at one point of the maximum moment (Brett 1989). Hence, the applied loads have the potential of ensuring that the beam reaches its plastic moment capacity. This beam is regarded as laterally supported beam and the yield stress governs the design strength. When beams bend on a major axis, they tend to develop a stronger stiffness and strength. Thus, such beams become vulnerable to failure that results from lateral torsional buckling before they acquire their in-plane capacity of the plastic moment, which will brace them against lateral twisting and deflection. These types of beams are regarded as laterally supported beams. Beams bending strength design is governed by yielding and supported against buckling. A laterally braced section of a beam has a bending strength, which is the plastic moment Mp. Inelastic deformation is expected at the service load when the shape factor of the beam is large. However, for shape factors that exceed 1.5, 1.5My limit is applied at the factor load in order to control the inelastic deformation of the various sections of the beam. Such a provision is not expected to limit the plastic moment for the hybrid section when the yield stress is considered to be less than the expected flange yield stress. However, web yielding is not associated with any significant inelastic deformations. When the inertia moment about the axis of bending is less or equal to the out of plane inertia moment, lateral-torsional buckling never develops. Therefore, for shapes, which are bent within the minor axis and those that have lz = ly, lateral-torsional buckling limit state does not apply. Such shapes include circles and squares. Lateral buckling of a beam does not occur when the compression of the flange is adequate and the flexural

Empirical research Coursework Example | Topics and Well Written Essays - 2750 words

Empirical research - Coursework Example The brands of pizza hut, KFC, Mexican food restaurant of Taco Bell and Long John Silver outlets are among the few brands that have been acquired by all these restaurants owners. Over the past years, Yum has been involved in many mergers and acquisitions and this raised a concern of wanting to know more and therefore will express it in an ‘expounding’ study in form of exploration to tackle the causes and effects of Mergers & Acquisition in franchising. It is clear that, in as much as many companies have a variety of reasons for joining with mergers and acquisitions not all mergers get to succeed. Research show that, those who get lucky to succeed, do not get rates greater than fifty percent, from the two different methods used to evaluate on the success of acquisition or a merger. Among the chosen methods, the commonest one used is quantitative where; the performance rate in the share of the companies merging is taken and compared with that of the results of associate companies that want to merges with it. The other method is qualitative, and is usually evident when particular representatives of the companies are interviewed to see whether the merger can be proved successful. Businesses that join the scheme of mergers and acquisitions normally target the economic benefits, which are taken to be a way to grow benefits in synergy and a decrease in costs and form a grounds or room for mergers and acquirers to make a number of decisions. This is one drive that keeps the urge for companies to get involved in acquisition or merger. It refers to an event the combined company makes a lot of profit than the total of the two separate companies. When a merger or acquisition has a positive acquisition value (NAV), it is supposed to be economically. The NAV is defined as Mclean (2003), If this is positive, then the merged

Food Ethics Essay Example | Topics and Well Written Essays - 1250 words

Food Ethics - Essay Example Most people associate agriculture with retrogressive economic engagement while they consume food that primarily comes from the same. This is a clear indication of the increased risk of blind consumption of food with the significant disconnect between the source and the end user. Increasing urbanization is characterized by increased consumption of industrial food with the limited nutritional check (Wendell 145). In essence, the rate of fast food consumption already raises concern among the American families with significant obesity cases increment. People have literally distanced themselves from agricultural activity and define food from what is really to eat or semi-cooked from the supermarket or grocery stores. Wendell raises concern about what people fail to note when they pay for otherwise low quality and nutrition-deficient food. This can be attributed to changing the socio-economic and political structure of the society. People have little time to think over the source of what t hey consume in the name of food. Besides, the prices paid are not questioned neither are the nutritional content. The industrial concentration on mass production and widespread emphasis on food stores for conveniences supports Wendell’s concern on the future of humanity. The emerging lifestyle health risks are directly a product of poor diet. Consumers have distanced themselves from the actual production and offered commercial entities to take control and reap profits. Wendell explores the indirect increase in healthcare costs as a result of food-related health risks. Proposals on engaging in even small-scale gardening for food are highly recommended as the industrial viewpoint is highly unethical. There are various aspects of the ethical concept that Wendell emphasizes as far food consumption is concerned.  

Did Credit Rating Agencies do good work Research Paper

Did Credit Rating Agencies do good work - Research Paper Example This part of the study suggested why the credibility of credit rating agencies came into the scrutiny. Following that, a detailed study was done regarding the agency costs and its effects on the value of a company. It was seen that, agency cost mostly arises due to the principal agent problem. The principal agent problem is nothing but the situation that is characterized by a conflict of interest between the principal and the agent who are the managers and the shareholder respectively. This conflict of interests leads to agency costs and thereby decreases the value of a firm. Thereafter, the information asymmetry and its implications on the financial services industry have been explained. It has been seen that this factor has led to severe economic downturns in the recent times. One such example was the 2007-08 financial crises where huge extent of information asymmetry existed between the financial institutions and their potential investors which acted as a catalyst triggering the f inancial crisis. The following sections explained the reason for the credit crunch and its implications in the economy of Qatar. It was reported that Qatar was expected to be resilient to the global financial crisis. Thereafter a final conclusion has been provided. ... Credit Rating agencies played a critical role by certifying most of the CDO tranches created by financial institutions with investment grade ratings that assured the potential investors about their safety. Furthermore, CDO tranches appealed more to the investors particularly because they offered higher returns compared to the similarly rated corporate bonds. The ratings which were certified to those CDOs appealed to the investors who assumed that the ratings represent a general and vigorous indication of default risks (Griffin & Tang, 2011). However, the rating based approach failed completely in the year 2007-08 with the collapse of the CDO market. In fact the ratings were such inappropriately done that some of the triple-A rated CDO tranches lost 90% of their value and were consequently downgraded as junk (Wojtowicz, 2013). This idea will serve as the ground work of this research. The following sections will explain the involvement of the credit rating agencies in the 2007-08 globa l financial crisis and comments will be made regarding the credibility of these agencies. These facts will be related to agency costs and the effects of such agency cost on the value of the firm will be explained. Thereafter, another topic that will be described in detail is information asymmetry and its consequences in the financial markets. Finally the reasons for the credit crunch and its implication on Qatar’s economy will be discussed followed with a conclusion. Credit Rating Agencies and the financial crisis The rapid development of the international financial markets over the last two decades would have been impossible without the credit rating agencies.

Proffessional Development for Marketers Essay Example | Topics and Well Written Essays - 1500 words

Proffessional Development for Marketers - Essay Example I am very positive that this will be possible, and my target is not only to exceed the previous DVD sales for the first installment of Hunger Games, but to grab the top spot as the best selling DVD franchise in 2013. My vision is to excite my target market and audience with plans that will push them to go out and buy the movie. This target market, I must say, will include those who have watched it at the theatres as well as those who have not (Giles 2010, pg. 61). My target market will be similar to that of the first movie, only a little broader. I will focus on people aged between eighteen and forty, and the primary core will be those aged between twenty-one-to-forty age group, appealing slightly more to men. I expect that people aged between eighteen and twenty-four will view the film as ‘a compelling look at the perils of games in general.’ If you care to know, eighteen to twenty-four year olds tend to engage in video game activity compared to other age groups (Stair & Stair 2001, pg. 83). This movie, if looked at critically, is just a real version of the different types of video games available nowadays (Beckman, Davidson & Maynard 2007, pg. 12). The concepts of surviving, tricking opponents and being smart form the basis of a majority of video games; Hunger Games employed these concepts. Thirty-five to forty age groups may view the movie as ‘childish’, but it is still possible to tap into this ever-so-elusive market. The first movie was one of the biggest U.S box-office hits of 2012, and we all know why (Pride & Ferrell 2008, pg. 19). Good marketing and promotion coupled with even better presentation allowed Hunger Games to share the stage with massive hits like Hobbit, Ice Age 4, etc. I will not go into the specific details regarding the commercial performance of the first movie, but I am confident enough to say that with the marketing strategy I will

Assess the practical usefulness and the relevance of game theory in Essay - 2

Assess the practical usefulness and the relevance of game theory in light of the demanding assumptions behind the concept of the - Essay Example This theory is also known as the interactive decision theory, as such being in a more descriptive manner of the theory as regards to its discipline of administration (Tieben 2012). Economists are the main users of game theory in the establishment of results and determination of outcomes from specific business ideas. In addition, the game theory is also paramount in other sectors such as in political science, in biology, in logic, as well as, in psychology (Nicholson & Snyder 2012 pg. 345) The original idea and concept covered by game theory in the early days of its inception was the addressing of zero-sum games. In these games, the gains of an individual or a person were exactly the equal net losses of the other participants in the simulation theory. Nonetheless; with the development of the modern society and civilization, the game theory concepts developed further to incorporate and apply a wide range of behavioral (Peters 2008 pg. 109). In fact, game theory developed into an umbrel la term to refer to or explain the logical side of the science decision. This includes the collection of both humans as well as the non-humans involved in the system, such as the computers (McCain 2010 pg. 189) The modern game theory resulted from the idea that regarded the existence of mixed strategy equilibrium, especially in the two-person zero-sum games, as proved by John Newman. The original proof used by Newman in the development of the game theory was the brouwer’s fixed-point theorem that incorporated continuous mapping into compact convex sets that were standardized through the game theory method as well as the usage of mathematical economics (Hirschey 2008 pg. 208). As such, game theory became an important aspect in the determination of measurable tendencies, as well as, constraints that affect the plausibility of decision making, in addition to determining the right amount of efforts to put into a simulation game in order to guarantee flexible results for the compa ny. This also leads to effective production and management of the company especially considering the right amounts of resources necessary to input into the game, and as such gain the maximum output (McCain 2010 pg. 227). The game theory works closely with the Nash equilibrium. This is especially in the sense that the Nash equilibrium comes around as the concept of game theory that allows derivation of optimal outcomes in the game. This considers the case whereby a game involves the lack of incentives in the players of a game, such as an incentive to deviate from the original chosen strategy after considering the choice made by the opponents. As such, an individual playing the game theory can receive little or no incremental benefits from the changing actions. This also assumes the fact that other players remain at a constant position with their strategies. As such, a game may have a multiple numbers of Nash equilibrium or none at all (Hirschey 2008 pg. 245). The Nash equilibrium is a concept that originated from an inventor known as John Nash, who incorporated this theory into a number of disciplines, ranging in a wide range of perspectives, such as the behavioral ecology to economics. The use of the Nash equilibrium is very simple as it entails application of simple procedures by undertaking all the players’

Literature on Recruitment Essay Example for Free

Literature on Recruitment Essay 1.Ours and Ridder (1992) introduced a novel method to test the hypothesis that firms search sequentially based (in which applicants are screened as they show up) on the relationship between the number of (rejected) job applicants and the number of employees hired. The author used data compiled from filled vacancies for the Netherlands. Different types of search methods were distinguished. The results implied that when firms use advertising, private or 76 public employment agencies, which together cover about 45 per cent of filled vacancies, sequential search is rejected. For about 55 per cent of filled vacancies however, sequential search cannot be rejected. In line with theoretical considerations, when firms use search methods that rely on social networks, sequential search cannot be rejected. 2. Gorter, Nijkamp, and Rietveld, (1993) surveyed the Dutch labor market for recruitment channels and its impact on the vacancy duration. The authors found that labor market segmentation plays an important role in the choice of the recruitment channels; in particular, advertising appears to maximize the difference between expected costs and expected benefits when the vacancy concerned belongs to the primary segment of the labor market, while when it belongs to the secondary segment the preferred recruitment channel seems to be the labor exchange office. By using a piece-wise constant hazard rate, they argued that from the analysis of the time pattern of the hazard rate one may conclude that when advertising is used employers search non-sequentially, while if the informal channel is used employers tend to search sequentially. 3. While Gorter and Ommeren (1994) pushed the analysis one step further. The authors concluded that two main recruitment strategies can be identified: a sequential use of search channels, in which the first search channel chosen is usually the informal channel, and additional search channels are activated one after the other; and an â€Å"adding to the pool† strategy in which the first search channel chosen is basically advertisement and later one or more search channels are activated in order to enrich the pool of available applicants. 4. Redman and Mathews (1995) used eleven hundred cases to examine the effectiveness of recruitment advertisements. Findings showed that, in 1980s there was an increase in public sector recruitment advertising (from 20.8 per cent to 37.8 per cent) and a corresponding decrease in private sector (from 79.2 per cent to 62.2 per cent) over the decade. At the same time the authors mentioned two main problems of recruitment advertisement designers. First, with the supply in labour market in 1993, there was a need for limited and selective response from those readily available skills in order to minimise time and cost consumed by screening, short-listing and selection. Second, despite the general over supply of the labour market, skill shortages remained a problem in number of areas. 5. Mencken Winfield (1998) had explored the advantages and disadvantages of informal and formal recruiting practices in external labour markets. The data was analysed from 1981 Metropolitan Employer-Worker Survey (MEWS). Based on random-digit-dial telephone survey of 2,713 adults, the authors had constructed seven dichotomous dependent variables. The author found that cost made employment agencies less attractive to hiring managers for whom quality rather than volume was the primary concern. 6. Carroll, Marchington, Earnshaw and Taylor (1999) in their study on recruitment in small firms, aimed to find out how practices in small firms compare with the perspective â€Å"textbook† procedures; whether those were seen by small firms as appropriate to their needs; the recruitment problems small firms faced, and what strategies they had adopted to overcome them. 7. Kinder (2000) examined a new model for decomposing e-commerce. The paper suggested that use of the Internet in recruitment processes is likely to change the interface between internal and external labor markets for many firms. The paper predicted that the conceptions behind current research programs in labor market theory may require rethinking in the Internet era. 8. Weiss and Barbeite (2001) focused on reactions to Internet-based job sites. To this end, they developed a web-based survey that addressed the importance of job site features, privacy issues, and demographics. They found that the Internet was clearly preferred as a source of finding jobs. In particular, respondents liked job sites that had few features and required little personal information. Yet, older workers and women felt less comfortable disclosing personal information at job sites. Men and women did not differ in terms of preference for web site features, but women were less comfortable providing information online. 9. A study by Lockyer and Scholarios (2004) on selecting hotel staff, considered the nature of â€Å"best practice† for recruitment and selection. Data from Scottish hotels indicated a reliance on 79 informal methods, particularly in smaller hotels. In larger and chain hotels, structured procedures, including references, application forms and panel interviews, were evident, but, these methods were inadequate for dealing with recruitment and quality problems. 10. A research carried by Henkens, Remery and Schippers (2005) on recruiting personnel in a tight labour market aimed to analyse the instruments employers used to contact with potential workers and to find out, to what extent employers rely on traditional means like advertisement in the news paper or do they behave more actively using world wide web, visiting job fares etc. 11. A study conducted by Rafaeli, Hadomi, and Simons (2005) involved a plant located in Israel and focused on three recruitment methods: employee referrals, geographically focused ads (i.e., the local newspaper), and geographically unfocused ads (i.e., a national newspaper). They found that referrals generated more applicants, more hires, and a higher yield ratio (hires/applicants) than geographically focused ads which, in turn, outperformed unfocused ads on these three criteria. 12. A study conducted by Chand and Katou (2007) on the impact of HRM practices on organizational performance in the Indian hotel industry, investigated the affect of HRM systems on organizational performance in the hotel industry in India. A total of 439 hotels, ranging from three-star to five-star deluxe, responded to a self-administered questionnaire that measure 27 HRM practices. Factor analysis was performed to identify HRM systems, and correlation analysis was used to test the relation between HRM systems and organizational performance. The results indicated that hotel performance is positively related to HRM 80 systems of recruitment and selection, manpower planning, job designs, training and development, quality circles, and pay systems. 13. Breaugh (2008) had discussed employee recruitment and its important areas for future research, where he had reviewed research on recruitment topics that have received considerable attention (e.g., recruitment methods, realistic job previews). He had also addressed topics (e.g., targeted recruitment, the site visit) that have received relatively little attention but that have the potential to be quite important. The author suggested that, before making decisions concerning recruitment issues as what recruitment methods to use, an organization should thoughtfully establish its recruitment objectives.

Why Do Financial Markets And Financial Intermediaries Exist Finance Essay

Why Do Financial Markets And Financial Intermediaries Exist Finance Essay As a branch of economics, finance has its own research method, and mainly studies financial sector in a national economy. Content of finance can be summarised as currency issue and return; deposit absorb and withdraw; loan disburse and collection; gold, silver and foreign exchange trading; securities issue and transfer; insurance; trusts; domestic and international monetary settlement and other economic activities. (John, G. Edward, S. 1960) In short, finance is the activity about funds allocation. The place which people engaged in financial activities and funds to flow in was called financial marketing. Although it is not perfect, it relate to a broad area and range of economics. Finance can be divided into two forms, which are direct finance and indirect finance. The difference between these two forms is that whether financial intermediaries get involved. Financial intermediaries are people or institutions which play the roles of intermediary are people or institutions which play the roles of intermediary or bridge between capital supplier and borrower in financial markets. However, to analysis and explain what is the role of financial market and financial intermediaries and why exist, are the main purpose of this essay. Main body 1. What is financial market. Financial markets are the markets where capital providers and capital demanders transaction through the credit instruments. Broadly speaking, financial markets are the markets can achieve monetary loans and funds allocate, deal with trading of a variety of instruments and securities. More complete definition of the financial markets is: financial markets are organisations which can trading financial assets and determine the prices of financial assets. 2. The introduction to financial market. The component of financial markets are very complicated, it is a large system which was composed of many different markets. Whereas, generally based on the trading tools period in financial markets, financial markets can be divided in money market and capital market. Money markets are the places that for trading short-term debt securities and capital markets are the places that for trading medium or long-term securities. Financial markets also can be classified according to several different features they present: 1) Type of asset traded. There are two kind of financial securities deal by financial markets, one is bonds which issued by government, banks or corporations and another one is equity shares which by government or any kind of public company. 2) The means of settlement include cash market and forward market. Cash market, the place for people to decide of price and settlement all take place today. Forward market, for people to agree price on today, and settlement takes place sometime in the future. 3) The obligation to exchange. The buyers have to pay the price which been settled before for asset on the particular date in the future market. The buyers have right to decided whether to buy asset on the date and at the price agreed in the past. 4) The organisational structure of the market. By this way, financial markets can be divided into regulated markets and over the counter market. In regul ated markets, the buyer and seller of each transaction have to enter a contract in exchange such as clearing house; the contract is represented by the clearing house. In an over the counter market, there is no clearing house and dealers just trade between themselves. 5) The method of sale or pricing. Account to this feature, financial market can be classified into market makers and dealers market. 6) The nature of transaction. In accordance with whether the assets traded are newly issued or already issued, financial market be plotted out in two parts, primary market and secondary market. Primary market is the issue of new securities market and secondary market is already issued, in circulation in the securities trading market. Financial markets have direct and significant impact in all aspects of economic activities. Such as individual wealth, enterprise management, and the efficiency of economic operation are all directly dependent on the activities of financial market. 3. What is financial intermediation. Financial intermediaries are the units of economy that absorb money from economic agents with a surplus fund and transfer it to economic agents with a deficit and provide various kinds of financial services. The main functions of financial intermediaries are credit creation, settlement of payment, the distribution of resources, information provided and risk management. 4. The introduction to financial intermediaries. As the medium of capital supplier and capital requester during the process of financial intermediary in the financial market. It has been divided into two parts by John Gurley and Edward Shaw. (1960) They are monetary system and non-monetary intermediaries. As the role of intermediary, monetary system ¿Ã‚ ½Ã‚ ¿Ã‚ ½s main function is purchase primary securities and the creation of money. Non-monetary intermediaries perform only the purchase primary securities and the creation of monetary claims on their intermediary role. This kind of claim is about the form of savings deposit, shares, common stock and other form of funds. There are five main categories of financial intermediaries, deposit institutions, insurance companies, mutual funds or unit trusts, investment companies or investment trusts and pension funds. These five main categories of financial intermediaries carry out the intermediation function according to different methods. 1) Deposit institutions which with the main types like commercial banks, savings institutions and building societies, can take deposits from units in economic agents with a surplus fund and lend the money gathered to economic agents in deficit. 2) Insurance companies are non-deposit institutions which can gathering funds from insurance applicant and invest them in the capital markets. 3) Mutual funds in US or Unit trusts in UK are non-deposit financial institutions; they invest in the equity and bond markets use the money that get by rising from the public. 4) Investment companies in US and investment trusts in US are publicly quoted firms that invest in financial securit ies. They put the funds from individual investors together and invest them amount a number of securities or other assets. 5) Pension funds. A pension fund is an asset pool that employees put their money in during the non-working years when employees retired. Funds always gathered by employers and handed over to pension funds. In the modern market economy, financial activities were closely with the economic operation. However, almost all the financial activities treat financial intermediaries as the center. That is why financial intermediaries play an important role in economic activities. 5. Why financial markets and financial intermediaries exist. Both financial markets and financial intermediaries can facilitate the transfer of funds from surplus to deficit units. The reason why borrowers and lenders have a need for financial markets is that financial marks have two functions, pricing function and discipline function. Financial markets can provide both buyers and sellers a fair evaluation of the assets they are buying or selling. Pricing function can avoid traders been deceived into trading or investing. Financial markets are controlled by it can help financial markets to stop issuers of securities (borrowers) doing the activities which been considered that harmful to the value of their assets. Although financial markets such securities are bought and sold, it sometimes cannot guarantee that to transfer enough capital from lenders to borrowers. Because of two clearly barriers can be identified to the direct finance process. First one is difficulty and expense of matching the complex needs of individual lenders and borrows. Second one is the financial need of lenders and borrowers are complete incompatible. Lenders require to have minimisation of risk and costs, maximisation of returns and translate financial claim into cash with the value more than or equals to capital value itself. Whereas borrowers hope the cost of funds at a particular for a period of time can be lowest. In order to deal with these problems, financial markets need financial intermediaries exist. Size transformation, maturity transformation, risk transformation, liquidity provision, costs reduction and provision of a payments system are six main functions that can help financial intermediaries to be as a bridge links borrowers and lenders easier. The explanation of those six functions will be displayed below. A) Transform the size. Because amount of the deposit which saved by depositor a small than amount of loans required by borrowers. It will be difficult for lenders to pool their money together. However, financial intermediaries can collect small amount of money and put them together to lend to people who need large amount of money. B) Maturity transformation. Most depositors prefer putting their money in short-term for safety, but borrowers generally need long-term loans for their business. Financial intermediaries can satisfy both savers and lenders by working capital. C) Risk tr ansformation. Financial intermediaries would like to take the risks if can be offered some compensation. It ensures the implementation of many risky (but profitable) projects. Because savers not willing to take great risk when they investing money but borrowers choose to borrow money when doing risk projects. D) Liquidity provision. Cash have liquidity because of saving or withdraw by depositors; it is not safe for lenders to hold highly illiquid assets to finance borrowers if financial intermediaries are not exist. E) Costs reduction. Financial intermediaries broaden the choice of the transaction side of trading, increase transaction rate under a given terms of transaction costs. It not only reduces the cost of time spent on the road, but also reduces the contingency transaction and waiting time cost in some extent. Thus, greatly reduce the transaction cost of unit. F) Provision of a payments system. Financial intermediaries provide a payments system for some non-cash payment such as cheques, debit cards and so on. Hans Wijkander (1992) thought that the main reason why financial intermediaries exist is a result of asymmetric information and expensive information products. (Hans 1992) The first category of information asymmetric is compare to other investors entrepreneurs have the information advantage of their investment, and other investors have to spend some resources for access to information. Another type of asymmetric information is about the profit which already gets by investment project. Entrepreneurs can as well as other investors have to spend time and money in order to know it. Information production on technically have professional features. It makes some individuals may become agents of other investors, is product information and obtain benefit. Therefore, this arrangement have some problem which is how can investors ensure that their agents have done their best to pass on their information. When these agents become financial intermediaries, the problem of asymmetric information ca n be solved. Financial intermediaries can gather money from public investors and invest. Under this contract structure, ethical issues have been solved. (Hans, 1992) In a word, financial markets as an important part of unified market system, can offer securities are bought and sold, and use financial intermediation to achieve the goal of transfer money from economic agents with an extra fund to economic agents with a deficit. In carrying out this function, financial intermediates can help to improve the level of investment and savings. From the lending perspective, financial intermediaries engaged in investment or primary securities investment business, its unit cost can be much lower than most of individual investor ¿Ã‚ ½Ã‚ ¿Ã‚ ½s investment. Only in respect of its asset size, can greatly reduce risk through diversification. Financial intermediaries have a large number of depositors which can guarantee normal payment requirement. Because of the importance of scale economy, assets and liabilities of financial intermediaries are highly specialized. These specializations not only improve their competitiveness, but also help increase their chance of survival. Information economists and transaction cost theorists thought uncertainty and the existence of transaction led to emergence of financial intermediaries, and make them have various functions like reduce transaction costs; eliminate uncertainty and the resulting risk. (Web 1) In the modern market economy, no matter trade of means of consumption or means of production, technical and labour mobility etc., they all have to be achieved by currency transfer and closely with financial markets. In this sense, developments of financial markets have a pivotal role in restricting of the development of the whole market system. Conclusion In conclusion, financial market and financial intermediates exits to guarantee the normal operation of economic activity. Although financial markets and financial intermediaries have very important functions on the healthy development of economic and society, there are some arguments of them. Like the story of  ¿Ã‚ ½Ã‚ ¿Ã‚ ½blind men touching an elephant ¿Ã‚ ½Ã‚ ¿Ã‚ ½, someone sees a part of the world, and overstate it, believes that he is the only correct one. In the financial markets, this kind of argument happens every day. Lot of people make decision just based on the information they have exposure to and does not consider the information from other angles. After subprime mortgage crisis, former chairman of the Federal Reserve Alan Greenspan said that  ¿Ã‚ ½Ã‚ ¿Ã‚ ½we have done the best, but you cannot believe that we know everything and never make mistakes ¿Ã‚ ½Ã‚ ¿Ã‚ ½forecasting cannot always 100% accurate. ¿Ã‚ ½Ã‚ ¿Ã‚ ½(Gao mu, 2009) It is can be seen that though th e people wisdom as the characters Greenspan, they make mistake in the view of financial markets. This shows that financial markets are difficult to mastery. To find out a way to forecast financial markets and avoid crisis can be an issue for the whole financial systems.

Theories for Ethical Obligations of a Company

Theories for Ethical Obligations of a Company For some, the perspective that the fundamental objective or motivation behind business is to profit is acknowledged point of fact and is past argument. To go further and say that the social obligation of a business is additionally just to make a benefit is prone to verbal confrontation. The point of this paper is to talk about the different perspectives of the obligation of business. Moreover, to investigate the ethical obligations that a partnership may have beyond making benefits for its stockholders. The Friedman view Milton Friedmans perspective is that in an capitalist economy, there is unrivaled one obligation of business- to utilize its assets and take part in exercises intended to build its benefits so long as it stays inside the standards of the game, which is to say, participates in open and free rivalry without misleading or misrepresentation (Friedman, 1983). At the point when one is taking a gander at the obligations of an individual or an association they should first inspect their parts. The directors of organizations have a guardian obligation to act to the greatest advantage of the shareholders. The directors are operators of the shareholders and in this manner have an ethical commitment to deal with the firm in light of a legitimate concern for the shareholders, which clearly is to profit as could be allowed and expand shareholder riches. The shareholders are the proprietors of the association and subsequently the benefits fit in with them. Be that as it may, does that entitle the c hiefs and administrators to act in an exploitative way to advantage the shareholders? As per Friedman (1970), a corporate official (administrator) has a direct obligation to his or her employers, and that is to lead business as per their goals, which is for the most part to profit as could be allowed. In an capitalist society it is uncommon to hear that one has started a new business for reasons other than to profit as could reasonably be expected. The corporate official is the agent of the people who own the business and their primary obligation is to them. As expressed by Miller and Ahrens (1988), Friedman accepts that partnerships are a types of private property and, thus, that they have precisely the same social obligation as different organizations in an entrepreneur economy, that is, to profit as could be expected under the circumstances so long as they stay inside the rules of the game which is to say, takes part in open and free rivalry. Friedmans perspective to overseeing business takes the traditional viewpoint. This is a way to deal with administration that supporters permit the invisible hand of free market strengths, with their allocative and facilitating efficiencies in asset allotment, to manage business for societys enhancement and to direct the activities of business. In its fundamental plan, it embraces that the whole social obligation of a business substance is to make benefits and comply with the law (Bartol et al., 1998, p131). This way to deal with administration battles that it makes the best useful for the best number, and subsequently the administration require not intercede. Other Views Advocates of utilitarianism would consider the activities of administration by utilizing this methodology as ethical, on the grounds that with utilitarianism, the results of an action are thought to be ethical on the off chance that they give more good(or advantages) than harm (or costs). Consequently, Utilitarian thinking evaluates activities by reference to the utility they create. This is further contracted by Financial Utilitarianism whereby the activities which create more noteworthy financial utility (benefits) are considered as preferable activities over those which produce less financial utility. Cavanagh (1990) states that money saving investigation is the overwhelming measure in ninety percent of all business choices. In the event that we take after Friedmans view that the social obligation of business is to be profitable, and moreover, results are measured by expenses and advantages, it seems sensible from an utilitarian viewpoint that the best moral activity is that which boosts benefit (Clark Jonson 1995, p3). Moral selfishness can likewise give a premise to shielding entrepreneur administration choices. With this system, if the assessment of the outcomes concentrates singularly on the individual (partnership) long run interest, and the choice results in a more prominent proportion of good contrasted choices, the choice would be considered as ethical. So expanding the benefit of the organization would be over the long haul enthusiasm of the enterprise and consequently would be considered as ethical. Critiques of capitalism accept that the specific inspirations of liberal societies, self interest and the craving for profit, must lead to absence of concern toward the earth and community in general. Dim (1992) backs this by indicating that nature is in crisis and earnest arrangements are required. I accept that if there are no strict controls on generation in a liberal society, for example, Australia, the regular assets will rapidly be depleted and the common habitat will be contaminated to safe levels which can never be turned around. Various writers contend, on the other hand, that organizations ought not run singularly for the interests of the stockholders. (Donaldson 1982, Miller and Ahren 1988). Maybe, organizations have a social obligation that obliges them to consider the interests of all gatherings influenced by the activities of the business. Administration ought not just think of it as stockholders (shareholders) in the choice making process additionally any individual who holds a stake in the result. Along these lines, another approach to break down the social obligations of business is to consider those influenced by the business choices, and alluded to as partners. Freeman (1984), characterized the term partners as any gathering or person who can influence or is influenced by the accomplishment of the associations objectives(p46). Cases of partner gatherings (past stockholders) are workers, suppliers, clients, loan bosses, contenders, governments, and groups (Goodpaster 1991, p53). Stockholders (proprietors) have a budgetary enthusiasm for the business and clearly expect a money related return. The business influences their livelihood on the grounds that they require cash to live and buy material things. Employees have their occupations and again their livelihood to consider. Consequently for their abilities and work they give to the business they expect a compensation, advantages, security (not to be made repetitive), to be dealt with reasonably and not to be presented to a hurtful situation. Suppliers are likewise considered as stakeholders on the grounds that the business depends on them to give the fundamental crude materials which will focus the last items quality and cost. The supplier needs to be approached with deference on the off chance that they are to react to the needs of the business properly and in like manner. Customers also requires to be dealt with as an esteemed individual from the partner system on the grounds that without them the business would not exist. They give the income that is required for the business to attain to its principle objective – to be productive. The community is another partner in light of the fact that in theory the local community gives the business the privilege to exist. They allow the business the privilege to fabricate offices to work, and they buy the business items. For these and different reasons the business ought to consider the group in their choice making methodology. They ought not dirty the earth in light of the fact that basically they are presenting the group to dangers (wellbeing risks). On the off chance that stakeholder hypothesis is to be utilized to break down the social obligation of companies, the inquiries that may be asked are: Is it so natural to consider all the diverse partners in the choice making procedure? Whats more, provided that this is true, is it truly so not quite the same as the Friedman rationality of where a business social obligation is to profit as could reasonably be expected? Stakeholder hypothesis does not give any power to one partner over another, so there will be times that when one gathering will advantage to the detriment of another. The issue that then emerges is which gathering would be given special treatment? Again a cost-benefit examination will need to occur and one will need to compute the utility of a proposed activity for the partners. Anyway, making into note of the diverse partners would that make those organizations more ethical? Kenneth Goodpaster (1991) made the vital point that simply distinguishing a gathering as partn ers in some movement does not, without anyone elses input, point towards a right or proper ethical examination of the action. This hypothesis is one stage forward from Liberalism (free enterprise/free markets) to one of change radicalism. Liberal responsibility scholars accept that in giving more data enterprises are fulfilling the needs of the distinctive partners. Notwithstanding, if enterprises are going to make the move to getting to be more acommodating of all stakeholders and in charge of their activities, they must split far from the liberal models (instrumental thinking) which are set up and move towards a viable method for thinking. Lehman (1999) expressed Viable thinking is the sort of thinking we use in our regular thoughts to settle on good and ethical choices. Communitarianism Companies (organizations) must figure out how to treat their administration, laborers, suppliers and clients, and additionally their shareholders, as individuals from a community. This undertaking requires the epitome of communitarian standards in the working of each association in the economy, both in the private and open segment. A communitarian needs society to raise individuals with implicit good standards which limit them from evildoing; the law is only a move down, to control anybody whose childhood neglects to stick(Stretton, 1994, p267). So individuals will require a lot of educating from family, superintendents and school or from their every day encounters of life in the event that they are to think all the more essentially and with good standards. Communitarians accept that it takes a ton of history and aggregate activity both to add to the complex society that offers an awesome differing qualities of alternatives, and to raise people with certain, skilful abilities to think and pick for themselves (Stretton, 1994, p267). At the point when these people learn or choose that a few things are great and some are terrible, and from there on sees them as awful or great, their attitude to perceive things in that way will turn into the singulars character (Stretton 1994). At the same time, by having a communitarian method for living would organizations still mean to build benefits, or will they exist just to serve the group? What kind of society would oblige the communitarian standards? Would communitarianism cause the partnerships to act in the general population interest? As expressed by Lehman (date obscure) a more extensive communitarian system looks to realize social change through educated dialog in an open circle; in scrutinizing the supposition of financial development it is recommended that procedural progressivism could be utilized as a corporate cover to sustain unchecked monetary advancement that is dangerous in nature (p 12). Communitarians stress over the inclination to lessen reasonable thinking to instrumental thinking which is the kind of thinking utilized by business analysts to land at ideal arrangements at negligible expenses (Taylor, 1995), and is a focal strand in contemporary liberal and responsibility models (Lehman, date obscu re). Conclusions Organizations may have more than recently the obligation to build benefits, and must consider the earth and group on the loose. This may oblige that we move far from the eager industrialist liberal society that we are living in, in the event that we as a group are to wind up more acommodating of others. For the group everywhere (counting enterprises) to be moral, they may require to be taught by organizations, loved ones around them. Partnerships will need to think further or consider more than simply the stockholders in the choice making procedure. Partner hypothesis may be one stage in the right heading yet communitarians would contend that this is simply change radicalism. Communitarians evaluate of progressivism is that both the Friedman and partner hypotheses are instrumental frameworks and in this way contract our reasoning and work through the thought of a company. On the off chance that we do head in this heading, conventional bookkeeping may need to be improved through the innovation of social and ecological bookkeeping to make partnerships more responsible to the group. Natural bookkeeping may be fundamental if partnerships are to fulfill the responsibility associations with partners (companies giving a record of its activities to partners), and on the off chance that it is to change the cognizance of organizations. Natural bookkeeping eventually calls for companies to give and give motivations to their utilization of nature (Lehman, date obscure, p396 BIBLIOGRAPHY Bartol K, et al (1998), Management A Pacific Rim Focus, Sydney, Australia, McGraw Hill. Beauchamp T L Bowie N E (1996), Ethical Theory and Businesses, Fifth Edition, Prentice Hall. Cavanagh G H (1990), American Business Values, Englewood Cliffs, NJ: Prentice Hall. Clark G L Jonson E P (1995), Management Ethics: Theory, Cases and Practice, Australia: Harper Educational. Donaldson T (1982), Constructing a Social Contract for Business, in Corporations and Morality, Englewood Cliffs, NJ: Prentice Hall Evan W E Freeman E, A Stakeholder Theory of the Modern Corporation: Kantian Capitalism, in Beauchamp T L Bowie E (1988), Ethical Theory and Business, Englewood Cliffs, NJ: Prentice Hall. Freeman R E (1984), Strategic Management: A Stakeholder Approach, Boston: Pitman. Friedman M, The Social Responsibility of Business is to Increase it Profits†, New York Times Magazine, 13 September 1970, reprinted in Donaldson T and Werhane P (1983), Ethical Issues in Business: A Philosophical Approach, 2nd Edition, Englewood Cliffs, NJ: Prentice Hall Goodpaster K E (1991), Business Ethics and Stakeholder Analysis, Business Ethics Quarterly, 1, 53-73. Gray R H (1990), The Greening of Accounting: The Profession After Pearce, The Chartered Association of Certified Accountants, Certified Research Report, 17. Gray R H (1992), Accounting and Environmentalism: An Exploration of the Challenge of Gently Accounting for Accountability, Transparency and Sustainability. Accounting, Organizations and Society, 17, 399-425. Gray R H, Owen D L Adams C (1996), Accounting and Accountability, Prentice Hall. Gray R, Dey C, Owen D, Evans R Zadek S (1997), Struggling with the praxis of social accounting: stakeholders, accountability, audits and procedures. Accounting, Auditing and Accountability Journal, 10, 325-365. Kant I (1990), Foundations of the Metaphysics of Morals, NY: MacMillan. Lehman G (1995), A Legitimate Concern for Environmental Accounting, Critical Perspectives on Accounting, 6, 393-413. Lehman G (1999), Disclosing New Worlds: Social and Environmental Accounting, forthcoming, Accounting, Organizations and Society. Lehman G [date unknown], Disclosing New Worlds: A Role for Social and Environmental Accounting and Auditing, Adelaide: The University of South Australia, 1-42. Miller F D Ahrens J (1988), The Social Responsibility of Corporations in Commerce and Morality, Totowa, NJ: Rowman Littlefield. Stretton H and Orchard L (1994), Public Goods, Public Enterprise, Public Choice, St. Martins Press. Taylor C (1992), The Politics of Recognition, In Gutmann A, Multiculturalism and The Politics of Recognition, Princeton University Press: Princeton, NJ, 25-75. Taylor C (1995), Heidegger, Language and Ecology. In Dreyfus H L Hall H, Heidegger: A Critical Reader, Blackwells: Oxford , 247-270.

Antigone and A Doll’s House feminine comparison Essay -- Gender Roles,

â€Å"The emotional, sexual, and psychological stereotyping of females begins when the doctor says, ‘It's a girl.’† (Chisholm). Where do women fit in the social order of society today? Many women today fit in the same role as they would have been expected to long ago. Though generally speaking, women have a lot more options today. The male hierarchy still governs most aspects of society, but with many more limitations because women are discovering that they can stand on their own, and have no need for constant regulating from their male counterparts. Patriarchal influences are the base of society. In Antigone Sophocles tells a tale about Greek values and women’s status. Antigone has just witnessed her two brothers kill each other; one brother died defending Thebes and the other died betraying it. Creon’s law keeps anyone from burying the traitor and Antigone is set on contravening this. Conversely, Ibsen’s playwright, A Doll’s House, i s a story about an intelligent woman, Nora, who is misunderstood by her husband, Torvald. She takes desperate measures to keep her family intact but in the end wines up going out on her own. As the stories progress the both Nora’s and Antigone’s characteristics become very similar in that they are both rebellious, are subservient to male jurisdiction, and are resolute and strong-willed in their decision. Firstly, Antigone and Nora are both mildly chaotic and rebellious. Women, at those times have certain expectations of following patriarchal jurisdiction. When Antigone goes against Creons law she shows her rebellious side. Nora’s seditiousness is demonstrated when Mrs.Linden converses with her and says, â€Å"Why, a wife can’t borrow money without her husband’s consent†(Ibsen 151). During Ibsen’s era many... ...igone is expected to be subservient, but has an urge to defy. Ismene tries to remind her about women’s place in society, but fails in trying to persuade Antigone. Nora all her life has been the little helpless lark that cannot think for herself. Torvald sees her as what a woman was expected to be, and she is powerless. The resoluteness and the strong-will of both Antigone and Nora are vital. Without these qualities they would not of gotten far in their campaigns. Antigone has the constant but shaky decisiveness throughout the story. While, Nora has an unclear decisiveness until the very end when she completely decides to move out and is unwavering to Torvald’s pleas. These characters tell the story of women in the past that have paved the way for women today. Without them who knows how women would have been treated today? Surely, their actions were greatly needed.

Essay --

RECRUITMENT PROCESS Job classification is to group job positions and then value them in a fair and transparent manner according to various functions as well as geographically. Job titling is to provide a title to each job classification in order to define and recognise the responsibility and level of the position. At ArcelorMittal, they use a customised statistical tool known as the LDA methodology which rates the function of the job, its content and the responsibility involved. Factors such as value added by a given business area, scope of function covered by the position, level of skill and professional know-how, geographical scope of the position – regional, national or global, autonomy – reporting levels and several Macro and Micro-economic environmental accountabilities and challenges are considered to obtain a numerical value termed ‘JOB POINTS’, based on which jobs are then classified. After this step an evaluation is carried out by the current incumbent and the manager in order to have a detailed understanding of the position. A report is then prepared on the...

Henry David Thoreau Essay

â€Å"When Nature has work to be done, she creates a genius to do it. † This is a quote from one of the most famous transcendentalists, Ralph Waldo Emerson. Transcendentalism was a movement in the 19th century. It was a religious and philosophical movement the focused on self-reliance and the nature around us. Some of the main philosophers in the movement were Ralph Waldo Emerson who is known for his book Nature, Henry David Thoreau with his book Walden, and also Margaret Fuller who wrote Women in the Nineteenth Century. Henry David Thoreau and Ralph Waldo Emerson are the most influential philosophers from transcendentalism, many of their ideas are still used in modern day transcendentalism. Transcendentalism started in New England during the first half of the 19th century. It started as a religious movement but later became an entire philosophy. Transcendentalists apposed the Calvinist idea of predestination. They also believed in the unity rather than the Trinity of God. Transcendentalism ideals are composed of Hindu texts, and various religions. It became a major cultural movement with Ralph Waldo Emerson’s publishing of â€Å"Nature† in 1836. A year later he wrote his speech â€Å"The American Scholar† which closed by calling for a revolution of the human consciousness to form a new idealist philosophy. By the 1840’s Emerson believed the movement was dying out, until a second wave of scholars came, which included Henry David Thoreau. Henry David Thoreau was the most influential philosopher to come from transcendentalism; his philosophies are still used today. He was an abolitionist. He was part of the Underground Railroad. He is often described as an anarchist because of his belief in individualism, and government should be limited. Thoreau believed non-violent protests were more effective than riots; this was the thought behind civil disobedience. This idea has been used by multiple political leaders; leaders such as Mahatma Gandhi in India, Leo Tolstoy in Russia, and also Martin Luther King in the United States. This is why Thoreau is considered one of the most influential thinkers out of the Transcendentalism Movement. His fame spread by the writing of his book Walden, this was his idea of simple living in harmony with nature. Some of his ideas are used by modern day environmentalists. Many of Thoreau’s ideas are still used today, which further proves that he is one of the most influential transcendentalists. Although transcendentalism is a movement from the 1800s, many of the ideas from it are still used today proving it is still alive and thriving. Thoreau’s ideas of Civil Disobedience have been used to change the world. Many people throughout the world also use his ideas for environmentalism that were published in his book â€Å"Walden† from 1854. Some people may ask, â€Å"Where’s Waldo? † Ralph Waldo Emerson influenced nearly every transcendentalist thinker. Many of his ideas are still used today such as his idea of self-reliance, and his contributions to mysticism. Ralph Waldo Emerson and Henry David Thoreau have contributed a lot to transcendentalism, which still thrives today. Although these two thinkers are the most influential there were many other philosophers that contributed to transcendentalism. Margaret Fuller wrote the book â€Å"Women in the Nineteenth Century† which was very important to the way women were viewed at the time. Transcendentalism is still thriving today, and it will for a long time.

500 Word Illustration Essay

A sense of humor can make a hard time easier to bear. It does not matter what type, from sarcasm to the everyday â€Å"knock-knock† joke, humor has always been a way that I have expressed emotion. Bad days are always going to be around, there is no way to change that, but Humor is always a way to make the saddest of people crack a smile. Laughter is a powerful path into peoples mind, and can relieve pain by forgetting and living in the moment. Pain can be caused by basically anything, death, bad grades, work, or family, but at the end of the day I am always smiling.Laughter is the best medicine has been able to cure people with mental and physical injuries. For me when I am hurt, I do not cry but laugh , maybe from shock of a physical injury, but I always feel better when laughing. When attending an event where something tragic has occurred or at a funeral, I hear laughter. I believe laughing is a way to remember and express feelings. The most unbearable thing I have ever done was say good bye to my team mate, Andy. Having died at the age of thirteen, it was a horrible experience to go through. My defense was humor, and being my sarcastic self relieved the pain and was the only option for me.I remember sitting at the wake feeling extremely uncomfortable, but just laughing with a friend on mine because if we weren’t laughing the pain and shock would tear at us. Math class was unbearable for me. Trying to find the the length of the arc of a circle, at ten in the morning was never fun. Usually my daily nap occurred during that forty minute period, but the constant jokes and comments kept me awake. I began to actually like the class, only because the inside jokes the class had without my teachers knowledged. Obviously Pain is unavoidable, and even though I am young, I have lived through my fair share of pain.I have seen death, and sorrow, but I always moved on with life. Pain never leaves but can be covered by happiness, which laughter creates, and wh ich is very contagious. Living or even being around happy people always makes me smile. A joke is told and laughter explodes. Laughter makes me feel better, because it can make me feel alive, living in that moment and helping me forget the troubles. Laughter can truly cure anything. It helps me forget the pain and live my life. Making a bad situation into a bearable time is always good, Laughter is the key to move on, to smile and to be happy. If there was no humor, how would people react?