Phases And Track Of The Business Cycle Economics Essay

Phases And Track Of The Business Cycle Economics Essay Business Cycle, term used by economists to designate a periodic increase and decrease in an economys production and employment. Ever since the Industrial Revolution of the 1800s, the overall level of production in industrialized capitalist countries has varied from high output and employment to low output and employment. Economists started to study business cycles because they have a significant impact on all aspects of an economy. Furthermore, the preparation of this report aims to look at the Business Cycle in general, history of business cycle and examples of long waves, phases of business cycle: recession, depression, expansion and recovery and peak and how to keep track on business cycles in order to to understand why there are ups downs in that nations economy and to learn what can be done to prevent recessions and maintain prosperity Business Cycle: a predictable long-term pattern of alternating periods of economic growth (recovery) and decline (recession), characterized by changing employment, industrial productivity, and interest rates. Also called economic cycle. History of Business Cycle: Many people believe that business cycles exist according to the theories. This has not been a permanent belief. In the 19th century, business cycles werent mentioned at all and it was spells of crises which is interrupting the smooth development of the economy. In later years, both economists and non- economists began to believe in the regularity of such crises, analyzing how they were spaced apart and associated with changing economic structures. Obviously, not every economic cycle operates on the same yardstick. The following classification, originally conjured up by Schumpeter (1939), defines a few of them by their duration (trough to trough or peak to peak) for examples: Seasonal cycles within a year Kitchin cycles 3 years Juglar cycles 9-10 years Kuznets cycles 15-20 years Kondratiev cycles 48-60 years Also, Schumpeter labeled the four-phases of a cycle which are: boom, recession, depression and recovery. Boom, is a rise which lasts until the peak is reached; a recession is the drop from the peak back to the mean; a depression is the slide from the mean down to the trough and a recovery is the rise from the trough back up to the mean. Despite the meanings, these phases cycle are moved up into another boom and thus the beginning of another four-phase cycle. Additionally, if any cycle of whatever duration can be described as going through these four phases, the fluctuations cannot really be described as cycles. Theorists of business cycle believe that the economy goes through like waves of economic activity. However, it causes the economy to exhibit this type of activity has been a source of many disruptive, as a result it become far imaginative and exercises. There are many empirical facts that all business cycle theorists should be acquainted. To begin with, empirical evidence shows that throughout the 19th Century, the price level oscillated heavily while output was much less subject to fluctuations. Thus, the early analysis of cycles was based precisely on their definition as swings in price levels and not output. Nevertheless, during the 20th Century there has normally been a constant upward trend in prices by saving few exceptions. Prices varied, of course, but only around this upward trend. Output, however, oscillated heavily in the 20th century thus what were defined as cyclical were movements in output like: in recessions and depressions. Also, output would increase in the recovery and boom. That means the cycle or even a crisis as a movement in output is a rather recent phenomenon. Lastly, Wesley C.Mitchell dedicated much of his life to measuring and analyzing business cycles, thus it is no surprise that Mitchells NBER has maintained the most widely accepted historical record of business cycles in the United States. Long Waves The NBER does not record Kondratiev Cycles (or long waves) and they dont believe these cycles exist. Even so, these four Kondratiev waves have been identified by going through four phases of boom, recession, depression and recovery (the dates and labels are from Kuznets, 1940) such as: (1) The Industrial Revolution (1787-1842) is the most famous Kondratiev wave: the boom began in about 1787 and turned into a recession at the beginning of the Napoleonic age in 1801 and, in 1814, deepened into a depression. The depression lasted until about 1827 after which there was a recovery until 1842. As is obvious, this Kondratiev rode on the development of textile, iron and other steam-powered industries. (2) The Bourgeois Kondratiev (1843-1897): After 1842, the boom reemerged and a new Kondratiev wave began this one as a result of the railroadization in Northern Europe and America and the accompanying expansion in the coal and iron industries. The boom ended approximately in 1857 when it turned into a recession. The recession turned into a depression into 1870, which lasted until about 1885. The recovery began after that and lasted until 1897. (3) The Neo-Mercantilist Kondratiev (1898-1950?): The boom began about 1898 with the expansion of electric power and the automobile industry and lasted until about 1911. The recession which followed turned into depression in about 1925 which lasted until around 1935. We can assume that this third wave entered into a recovery immediately afterwards which one might suspect lasted until around 1950. (4) The Fourth Kondratiev (1950 2010?). There has been much debate among believers on the dating the Fourth Wave largely because of the confusions generated by the low fluctuation in price levels and the issue of Keynesian policies and hence this debate is yet to be resolved. Perhaps the most acceptable set of dates is that the boom began around 1950 and lasted until about 1974 wherein recession set in. When (and if) this recession fell into its depression phase may be more difficult to ascertain (c.1981?), but what has been more or less agreed upon is that 1992 (or thereabouts) the recovery began and has been projected to give way to a boom and thus a new Kondratiev wave around 2010 or so. The Phases Of The Business Cycle Economists have many different ways of labeling the business cycle. The business cycle may be defined as the changes that occur to the real GDP because of alternating periods of expansion and contraction. The phases are: 1. Recession. A decline in the real GDP occurs for at least two or more quarters. During a recession, business people spend less than they once did. As a result, sales are failing. Businesses do what they can to reduce their spending. They lay off workers, buy less merchandise, and postpone plans to expand. When this happens, business suppliers do what they can to protect themselves. They too lay off workers and reduce spending. Since workers earn less, they spend less, and business income and profits decline still more. Businesses spend even less than before and lay off still more workers. The economy continues to slide. 2. Low Point or Depression. State of the economy where there are large unemployment rates, a decline in annual income, and overproduction. The time of the the real GDP stops there decline and starts expanding to the lowest point. Sooner or later, the recession will reach the bottom of the business cycle. How long the cycle will remain at this low point varies from a matter of weeks to many months. During some depressions, such as the one in the 1930s, the low point has lasted for years. 3. Expansion and Recovery. A period in which the real GDP grows; recovery from a recession. When business begins to improve a bit, firms will hire a few more workers and increase their orders of materials from their suppliers. Increased orders lead other firms to increase production and rehire workers. More employment leads to more consumer spending, further business activity, and still more jobs. Economists describe this upturn in the business cycle as a period of expansion and recovery. 4. Peak. The point of real GDP stops increasing and begins its decline; the highest point. At the top, or peak, of the business cycle, business expansion ends its upward climb. Employment, consumer spending, and production hit their highest levels. A peak, like a depression, can last for a short or long period of time. When the peak lasts for a long time, we are in a period of prosperity. One of the dangers of peak periods is that of inflation. During periods of inflation, prices rise and the value of money declines. Inflation is more of a threat during peak periods because employment and earnings are at high levels. With more money in their pockets, people are willing to spend more than before. In this way, demand is increased and prices rise. Graphically the phases would look like so: How Do Economists Keep Track Of The Business Cycle? For many years, economists have tried to identify why there are ups and downs in that nations economy. They want to learn what can be done to prevent recessions and maintain prosperity. Therefore, they ask the following questions which are: (1) in what phase of the business cycle is our economy at the present time? And (2) Where is the business cycle heading? On the other hand, economists believe that there are five causes of the business cycle. The first cause is changes in capital expenditures. Businesses have expectations of sales growth, when the economy is strong. They invest heavily in capital goods. Although, businesses may decide that they have expanded to their limit, so they begin to pull back on their capital investments and cause an eventual recession. The second cause of the business cycle is inventory adjustments. At the first sign of an economy reaching its peak, there are some businesses that cut back their inventories and then build them back up again at the first sign of a trough. Both actions cause the real GDP to fluctuate. Innovation and imitation are the third causes of the business cycle. Innovations include new products, new inventions, or a new way of performing a task. When a business innovates, it often gains an edge on its competitors because its costs decrease or its sales increase. Whatever the case, profits increase and the business grows. If other business in the same industry wants to keep up, they then copy what the innovator has done (imitation) or they come up with something better. While, Imitation companies usually invest heavily and an investment boom follows, the innovation spreads to another industry and the situation changes. Additional investments are unnecessary and economic activity may slow. The fourth causes of the business cycle are the credit and loan policies of commercial banking. When easy money policies are in effect, interest rates are low and loans are easy to get. They encourage the private sector to borrow and invest, thus stimulating the economy. Eventually the increased demand for loans causes the interest rates to rise, which discourage new borrowers. The economy keeps declining until interest rates fall and the business cycle begins over again. So it wont be slow down and decline. The final cause of the business cycle is external shocks. Shocks such as increases in oil prices, wars, and international conflict, have the potential to either drive the economy up, or down. The economy may benefit when a new supply of natural resources is discovered. Such was the case with Great Britain in the 1970s when an oil field was discovered off its coast in the North Sea. The British economy of course profited seeing that world oil prices were at an all time high, but the high prices hurt the United States at the same time. Conclusion The central idea of business-cycle, that the economy has regular and periodic wavesa cyclelasting for several years, has few adherents today. Perhaps such cycles never existed, or perhaps they once did but no longer do because the government now plays a large and active role in the economy. However, the business-cycle approach remains useful because it is an easy way to introduce a number of macroeconomic topics, including the adjustment process that remains central in macroeconomics. It also provides a transition from our examination of monetary theories to an introduction to Keynesian economics, a very different way of viewing the macroeconomic.

Risk Management in Business: A Case Study

Risk Management in Business: A Case Study INTRODUCTION SITUATION Every day, there is the chance that some sort of business interruption, crisis, disaster, or emergency will occur. Anything that prevents access to key processes and activities can be defined as a disaster. Companies can experience many different threats to their mission critical systems such as fires, floods, lightning storms and humidity to disgruntled employees, hackers, human error, power failures and viruses. A disaster can happen at any time and it is vital to be prepared in the event that one occurs. NEED To be prepared for a business interruption, the organization must have a carefully crafted and comprehensive plan that describes risks, impacts, and step-by-step recovery strategies for critical business processes in various disaster and emergency scenarios. Without a plan, the team will be flying blind when an interruption occurs. The plan provides the necessary tools to mitigate interruptions and resume operations as quickly as possible, greatly facilitating decision-making and taking action when there is scant time and stress levels are elevated. CHALLENGE Using the information in the risk assessment to create effective recovery strategies for critical processes in all departments, incorporating these strategies into a comprehensive business continuity plan, and encouraging ownership of the plan across the organization, and ultimately, achieving the highest resiliency possible with limited resources. SOLUTION Create the recovery strategies department-by-department, process-by-process. This allows each department to focus on strategies specifically relevant to their critical processes without extraneous information from other departments. Do the same for your business continuity plan, writing smaller plans by department. Also, use a template to document your recovery strategies to ensure process consistency across the organization. Finally, have plans reviewed and approved by department heads and distributed to all employees to encourage ownership and pride in the plan. RESULT Each department in the organization will have a comprehensive action plan for business continuity outlining the steps to take to recover vital processes in various emergency scenarios. All employees will have their own copy of the plan, ready to use immediately when a disruption occurs. Employees will take ownership of the organizations business continuity effort and this effort will be further ingrained in the organizations corporate culture. CHOCOLATE MANUFACTURING COMPANY AN OVERVIEW The Chocolate Company since inception in 1990 has been largely responsible for satisfying the countrys demand for Chocolates and Sugar Confectionery. Situated at Rusayl Industrial Estates in Muscat, Sultanate of Oman, the plant has various lines producing a wide range of confectionery like Éclairs, Toffees, Fudges, Caramels, Hard Boiled Candy and Enrobed Chocolates. These products are available in attractive packaging and premium Gift Boxes making them ideal for gifting as well as for own consumption. Most of the packaging in the Gift Pack segment has been carefully selected to ensure its enduring utility, thereby giving our valued customers an added benefit. The confectionery is produced by experienced personnel under stringent quality control and hygiene standards. State-of-the-art manufacturing facilities ensure products of international quality. The company in its relentless pursuit of quality obtained HACCP Certification in April, 2004. The Company, through its uncompromising stand on quality and competitive pricing, has successfully penetrated countries all over the Gulf, the African continent, Asia, Australia, New Zealand, Canada, South Africa, USA and the UK. The principal business processes involved are Procurement of raw materials and consumables. Production and Quality control. Distribution and marketing. Inventory Management. Pricing and cost control. Feedback from consumers and redressal systems. Publicity and promotional activities. Recruitment and HR. Finance Administration. Corporate communications and public relations. Legal and secretarial matters. Investor relations. Maintenance of equipment and other assets. Capital expenditure for equipment and other purposes. IT systems and telecommunications. Transportation and Logistics. Today, manufacturing sector companies like chocolate manufacturing operates in increasingly complex, competitive and global markets. The ability to manage risks across geographies, products, assets, customer segments and functional departments is of paramount importance. The inability to manage these risks can cause irreparable damages. Chocolate company will always face the likelihood of being impacted by uncertain or adverse future events. These uncertainties will have an impact on a companys ability to generate capital and shareholders returns. The company Board expects that management will not only look at where the company may be exposed to risk, but also how these risks can be managed to influence favorable business outcomes. RISK AND RISK MANAGEMENT Risk Management Methodology followed by the chocolate company The risk management methodology at the chocolate company encompass the scope of risks to be managed, the process/systems and procedures to manage risk and the roles and responsibilities of individuals involved in risk management. The framework is comprehensive enough to capture all risks that the company is exposed to and have flexibility to accommodate any change in business activities. The chocolate companys effective risk management methodology includes Risk Policy framework. Identification of risks. Measurement and Impact Assessment. Management of the risks. Monitoring Reporting and Control. A. Risk Policy Framework The following fundamental principles should be considered by the company to develop and implement a proactive risk management program and help them to identify any potential areas of concern: Acceptance of a risk management framework: A formal risk management framework is needed at this company, to guide the integration of risk management into the companys day to day operations. Corporate governance and risk: At this company,corporate governance is the prime responsibility of the Board of Directors and the General Manager. It combines legal duties with responsibilities to improve and monitor the performance of the company. Establish the risk response strategy: Following the agreement on the risk assessment rankings in all functional departments, management action will need to be taken to reduce the risk levels where they have been deemed unacceptably high or alternatively remove constraints where they are preventing the business from pursuing opportunities. Assigning responsibility for risk management change process: It is important for the company to ensure that the daily operation of the business supports this strategy and that the staff understands the proposed changes. Re-sourcing: Risk management is the responsibility of all levels of management. Communication and training: Implementing a communication and training program is important to introduce the concept of risk management. Monitoring of risk management process: To ensure that risk responses gaps are filled and that the risk responses continue to operate effectively and remain appropriate in light of changing conditions. B. Identification of Various Risks of The Company While drafting this Risk management Policy, the primary risk exposures at the company X that are identified is provided below, which are inclusive but not exhaustive and it will be the responsibility of the Risk Management Committee to review these on a periodic basis. I. Market Risks It is the risk that the value of the company will be adversely affected by movements in market rates or prices, foreign exchange rates, national global fluctuations, credit spreads and/or commodity prices resulting in a loss to earnings and capital. The market risks identified at this chocolate company are as follows Government Policy risks Product Risks Environmental risks Volatility of export orders Price Competition in the local export market Currency fluctuation for export orders II. Operational Risks The operational risks identified at chocolate company are as follows Fire Allied Risks Machinery breakdown/ obsolescence Volatility of Raw material Packing material prices Quality/ Ageing risks of Raw material/ Packing material Delivery risk of Suppliers Loss of data information- IT security Manpower Availability risks Accidents Inventory carrying risk III. Reputation Risks These are risks arising from negative public opinion resulting from failures of process, strategy or corporate governance. The Reputation risks identified at this company are as follows Contamination-hygiene Product expiry/Shelf life Corporate Governance IV. Credit Risks Non receipt of receivables or delay in receipts is the credit risks attributable to the company. These may be identified as Payment risk from customers-local Payment risk from Customers- export Security from customers Advance to Suppliers V. Liquidity Risks The possibility is that the company will be unable to fund present and future financial obligations. These may be identified as Cash flow working capital management CAPEX decisions Cost overruns VI. Strategic Risks Risk those are arising from adverse business decisions or the improper implementation of such decisions. These may be identified as follows Business Plan forecasts. Attrition of key people. C. Risk Prioritizing and Impact Assessment Risk Prioritizing To adequately capture institutions risk exposure, risk measurement should represent aggregate exposure of the company to both risk type and business line and encompass short run as well as long run impact on it. To the maximum possible extent the company should establish systems / models that quantify their risk profile. However, in some risk categories, quantification is quite difficult and complex. Wherever it is not possible to quantify risks, qualitative measures should be adopted to capture those risks. The company should utilize a Risk Matrix to evaluate the level of risks which are identified in the Company. The Risk Matrix is formed by assessing the probability of the risk, the severity of the risk, and the quality of control that exists specific to those risks. Scoring is attributed for each the three parameters namely probability, severity and Internal control. The aggregate score is computed and ranking of the risks is ascertained. The probability of the impact occurring is arranged ranging from low to high. Scores assigned as 4 for High, 2 for medium and 1 for low. Severity of the Risk is assessed as High, Medium and low based on the experience and normal prudence. Scores assigned as 4 for High, 2 for medium and 1 for low. Quality of Internal control is also similarly categorized as high, medium and low. The scores assigned in the reverse order since the better the existing control the lower is the impact and vice-versa. So scores here can be assigned as 4 for Low, 2 for Medium and 1 for High. Aggregate Score was thereafter computed after adding the individual scores for each parameter. Companys Risk Matrix using the above method is shown in Annexure I ii. Impact Assessment The company being a medium scale manufacturing unit should focus on the manageable risks like Operational risks, Liquidity risks and Strategic risks. Market risks, Credit risks and Reputation risks though an integral part of risk management may not need detailed impact assessment at this stage unless the probability of such factors seem to be out of proportions in time to come. Impact assessment of the Operational risks, liquidity risks and strategic risks at the company termed herein as Manageable risks, can be assessed as follows Risk associated with any event has two components, loss severity and loss probability. Loss, in itself consists of expected and unexpected components. The unexpected loss component could be severe or catastrophic. Usually, expected losses are adjusted for in pricing or in reserve allocation. Unexpected losses require capital allocation. Given that operational risk, liquidity and strategic risk events are most often subject to internal control, any manageable risk system that passively measures these risks would clearly be inadequate. Once risk factors are identified as likely causes of the Risk losses, mitigating steps need to be initiated. While quantification would indicate risk magnitude and capital charges, it may not by itself suggest mitigating steps. This makes it advisable for the company to combine qualitative and quantitative approaches to manageable Risk. The broad steps involved here would be: determine the types of operational losses that could occur identify the causal risk factors estimate the size and likelihood of losses Mitigate associated risks Qualitative Approaches Qualitative approaches involve Audits, Self-assessments Expert / collective judgment. Critical Self-Assessment: (CSA): This is one of the common qualitative bottom-up approaches where line managers of the company can critically analyze their business processes given specific scenarios to identify potential risks and gaps in their risk management processes. Tools like questionnaires, checklists and workshops are used to help the managers analyze the risk profile of their business units. The key idea behind this method is that businesses managers of this company are in the best position identify and manage the Operational Risks pertaining to their business units. Risk Audit Employing the services of external (or internal) auditors to review the business processes of a business unit is another approach. This process not only helps identify risks but also helps put in place the oversight organization for the manageable risks. Key Risk Indicators (KRI) Using the KRI approach the company can blend the qualitative and quantitative aspects of Operational Risk management. Factors that have predictive value and that can be easily measured with minimum time lag can serve as risk indicators. Some risk indicators inherently carry risk related information, for instance, indicators like sales volumes, order size, etc. Others are indirect indicators, for instance, production budgets, production lifecycle, performance appraisal etc. Key indicators are identified from several potential factors and are tracked over time. The predictive capabilities of the indicators are tested through regression analysis on historical loss data and indicator measurements. Based on such analysis, the set of indicators of the company being tracked can be modified suitably. Over time, as the model gets refined, the set of indicators can provide early warning signals for operational losses. D. Management of the risks Managing Market Risks: The chocolate company may be exposed to Market Risk in variety of ways as described earlier such as environmental issues, export orders, future contracts, Price competition, customer profile and marine transportation risks. Besides, market risk may also arise from activities categorized as off-balance sheet item. Government Policy Risks: Change in government policies, tax rates, introduction of new tax regimes, reduction or abolition of incentives etc carry risk to any entity in terms of its costing and pricing. In the short and medium term the company does not perceive any major risk in this segment, however the management has to be aware of any forthcoming changes that the government might envisage. Should there be any drastic change in Government policies that would affect its profitability especially in case of exports; the Company has contingency plans for producing at an alternative location outside Oman. Product Risks: Since the product is that of food item the company has to be 100% careful to maintain the product quality, product specification, pack sizes, contents in each pack etc. Producing lesser or poor quality products and not as per specification is a risk which company X needs to constantly be aware off. To mitigate such risks the company X should develop a well defined production policy develop a well defined Quality control and checks policy develop a well defined storage and Distribution policy Environmental risks: The company does not use and generate hazardous substances in its manufacturing operations. Hence the chances that the company may in future are subject to liabilities relating to the investigation and clean-up of contaminated areas is negligible. However the company should have a laid down policy of disposal of waste at pre-designed disposal points mainly for the rejected, expired and damaged items of raw materials, finished products and packing materials. Volatility of export orders: Some customers and sectors served by the company are directly dependent on general economic development, competition and frequent fluctuations in demand for their products. The prices for these products are, in part, dependent on the prevailing relationship between supply and demand. Possible price fluctuations are therefore apt to have a direct influence on each customers working capital management decisions, with subsequent influence on the customers Order Intake. This may lead to volatility in the development of Order Intake of the company. The company has a policy of geographically diversifying its customer base, as also expanding the customer base in each export market, so that transfer to less volatile locations can be made in short notice. Price Competition in the local export market: The Company does business in very competitive local and export markets. In spite of the competition the company has a 70% market share in the local market and its export business is expanding.Both these local and export markets in which it competes are highly fragmented, with a few large, international manufacturers competing against each other and against a high number of smaller, local companies. Sometimes new entrants or existing players suddenly lower their prices to get rid of the companys products. This has, in some cases, adversely impacted sales margins realized by certain of companys products. To mitigate this risk the company has taken the following steps: Maintaining complete information of its Competitors with respect to their latest technological developments, market strategies, new investments, management changes etc. Has developed emergency alternative plans to introduce different product ranges with minimal structural changes with similar or lower prices. Currency fluctuation for export orders:The Company exports its products to a large number of countries like Canada, USA, Australia, African countries, and the Middle East. Almost all export orders of the company are fixed in US dollars. Since Omani Rail is pegged with US Dollars, the fluctuation of the currencies in would have negligible impact on the export realizations at company X. Company X has a policy of booking export orders in terms of US dollars to avoid the risk of currency fluctuations. Managing Operational Risks: Being a chocolate manufacturing company, it deals with the retail market. The most important risks are those of Operational risks. Operational risk is associated with human error, system failures and inadequate procedures and controls. It is the risk of loss arising from the potential that inadequate information system; technology failures, breaches in internal controls, fraud, unforeseen catastrophes, or other operational problems may result in unexpected losses or reputation problems. Fire Allied risks: These are general risks applicable to almost all establishments. This includes Material damage to the companys property due to Fire lightning, Earthquake, Third party impact, Accidental damage, explosion, riot strike, storm tempest, burst pipes, Own Vehicle impact, malicious damage, and theft. The company should take necessary steps in mitigating such risks by taking â€Å"Property All Risks Insurance Policy† â€Å"Loss of profit insurance cover† Machinery breakdown/ obsolescence: This risk identified is a major risk element as the company has been established two decades earlier by using imported refurbished Plant and machinery. Though most of the machinery is in running condition as of now the chances of spare part obsolescence is quite high in a majority of such machines. The physical status and the possible mitigation for major machinery can be shown in ANNEXTURE II Volatility of Raw Material/ Packing Material prices: The Company faces a medium level risk in its Raw material Packing material prices. The main raw materials at are Sugar, Glucose, Milk Powder, vegetable fat, coconut, coco whey powders. The packing material required is Wrappers, Bags, Gift boxes, Gift Tins and cartoons. Other than a few packing materials almost all of the raw materials and packing materials are imported as shown below Quality risk Raw material Packing material: This is a medium sized risk and the company should take reasonable care to mitigate such risks. Since the majority of the raw materials and packing materials are imported by the company, the purchase committee should implementing a stringent policy of Should have a multiple suppliers from the same country or region. Should have proper Quality checks for each Consignment while receiving delivery. Should have a stringent penalty clause on variation of specifications in the agreements with suppliers. Delivery risk of Suppliers: This is major risk element at the company because of the fact that in most cases purchases are imported and made through Letter of Credits. Non Delivery or delayed delivery in such purchases may affect the performance of the company. The company is implementing proper penalty clauses in the purchase agreement for delayed and/ or non-delivery of the ordered items. Transporting risks: In case of local sales, the company transports the products mostly through its own personnel. The company therefore, takes a general Transit Insurance policy covering accidents and theft. Inventory carrying risk: Inventory Carrying risks are of three types: Storage risk Overstocking under stocking risk Expiry risk Storage risk The storage policies currently are The company can keeps the entire inventory in closed warehouses. Over-stocking Under-stocking: The company can maintain a good optimized production planning system in correlation with its sales plan so that it can have a optimum stocking policy. The current production plan is quite satisfactory and hence the risk is low to medium. But the company is mostly dependent on Export market, the volatility of export orders may lead to overstocking or under-stocking of inventory. Expiry risks: This risk is low to medium. Expiry risks of inventory can be mitigated by proper planning of Sales, Purchase, Production and Distribution. The Storekeeper needs to maintain up-to-date records. A system is being implemented to provide on-line information about the stock position i.e. the quantity in stock, Re-order period, Ordering level and the Expiry dates of each of the Raw material, packing material and finished stocks to the Sales, Production and Purchase department so that immediate action can be taken by the respective departments. Manpower Availability risks: There is a shortage of skilled manpower in Oman. This is however met with the expatriate staff employed mainly from the sub-continent. The company therefore faces a medium risk in terms of availability of skilled manpower. The company can met unskilled manpower availability with the local Omani population and also from expatriate staff. The gap of skilled labor availability is likely to increase and therefore the costs also increase. To mitigate such risks, the company can develop long term strategy to invest in higher capacity production machines so that the requirement of manpower is kept low. Accidents: The Company can face a chance of accidents at the factory, however the accident risks at the company is low, as it does not deal with hazardous material and the production processes are not complex. However the company may face risks from mechanical or electrical installations which cant be entirely ruled out. So the company needs to take the following steps: By providing ELCB (Electric Leakage Circuit Breakers) in all electrical circuits and ACBs for the main transformers By providing Hot masks to the manpower Having a good machinery breakdown policy Constant monitoring of the gas line leakages The company needs have a Manpower Accidents and Injury Policy to cover the possibility of injury or death of manpower within the factory premises. Managing Reputation Risks Reputation of the company may also get hamper in various situations some of which are Contamination-hygiene: Being in the Food sector the company should take utmost precaution to avoid any sort of contamination in its products which will reach to the general mass. The company should take precaution for the quality of the raw material and packing material that is required for the entire production process and the stocking procedure. The company can follow the following policy: Stringent Quality control checks of Raw materials and packing materials Stringent Quality checks of the entire production process Maintaining Hygiene standards of the Government of Oman both in production and stocking. Sample testing at each stage Have a third Party damage policy insurance coverage owing to contamination Product expiry/Shelf life risks: This is again a very vital risk to the company as it is in the Food sector. The Government of Oman is very stringent in its laws to avoid expired products to be sold to the general public. So the company should take utmost care to avoid this risk by providing a stringent Distribution policy of its finished products Checks and controls before distribution of products. Monitoring distributed products on a daily basis Attributing Responsibility to a Senior Personnel for the management Corporate Governance: Corporate Governance Policies and Procedures manual are already in place at the company. Hence the risk associated with it is low. The management has to ensure proper compliance of the policies already undertaken to avoid any risk of reputation arising out of non-compliance of corporate governance. Managing Credit Risks: Credibility Risk of Customers: The Company should develop a credit policy based on regions, volume and credibility ranking of the parties. Export: The Company exports to a wide range of countries. The contacts of customers are mainly through visits and through mail. It is initially very difficult to assess the credibility of the customers abroad. The risk element is therefore medium and high. The company should mitigate this risk in the following manner: The company should back up the export orders by Letter of Credit from the parties. In case L/C mode is not practicable, the company can ask for advance payments or Security deposit, or post dated cheques which will cover the entire order taken prior to effecting delivery of the goods. The company currently did not enter into any distribution agreement with any export party and deals with parties on a case to case basis The Company can set up a network of distributors for handling exports sales as far as practicable. The company can also set up more than one distributor; in each region/country, so that price advantage can be achieved through minimal risk. The company should select distributors with proven track record, and the distributorship agreement should be through a internationally binding legal contract. Local: Local sales are affected by the company mainly to retail customers like supermarkets and hypermarkets, small shops and to two distributors in the interior. The company should take the following steps: Sale to all hypermarkets and supermarkets where the volumes are above a certain limit are, as far as possible, affected by means of an annual contract with all modalities and terms and conditions clearly laid out. For single shop outlets, the company may face the risk of shop closing down and non-payment or delayed payment. To counter this company should maintain small stocks with such shops and should have a regular but frequent collection system. In case of distributors the company should have legally binding distribution agreements. Limit setting: An important element of credit risk management is to establish exposure limits for each single customer and distributors. The compan

Anti-Federalist :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Most Americans were very suspicious of government, but the Anti- Federalist was really mistrustful of the government in general and strong national government. This mistrust was the basis of their opposition to the constitution. They feared it had created a government the people could not control. Many distinguished Americans were Anti-Federalists. Leaders included George Mason and Elbridge Gerry. Both attended the Philadelphia Convention but had refused to sign the constitution.   Ã‚  Ã‚  Ã‚  Ã‚  The Anti-Federalist argued that the Constitution had many flaws. The thought that it should have been developed in meetings whose proceedings was open to the public. And it would undermine a republican form of government. It gave too much power to the national government at the expense of the powers of state governments. It gave too much power to the executive branch of the national government at the expense of the other branches. It gave too much power because of the â€Å"necessary and proper clause.† It did not adequately separate the powers of the executive and legislative branches. In addition, it allowed the national government to keep an army during peacetime. And also it did not include a bill of rights.   Ã‚  Ã‚  Ã‚  Ã‚  They feared that because of these flaws in the Constitution, the new national government would be a threat to their national rights. They also thought that the constitution had been developed by an elite and privileged group to create a national government for the purpose of serving its own selfish interest. They thought the only safe government that if it had a local and closely linked with the will of the people. And controlled by the people, by such means as we have yearly elections and replacing peopled in key positions often.   Ã‚  Ã‚  Ã‚  Ã‚  The Federalist knew that many members of Congress and the state governments were against the new Constitution, largely because it reduced their powers. So the federalist decided not to ask the Congress or state governments to approve the Constitution, even though they were expected to do so.   Ã‚  Ã‚  Ã‚  Ã‚  Today, now that the Constitution has worked successfully for 200 years, it would be easy to ignore the anti-federalist of 1787 and 1788 as an unimportant historical force, a collection of no constructive reactionaries and cranks. Actually, the anti-federalist may well have represented the views of the majority of the Americans, whose reasons for preferring the old Articles of Confederation were firmly within the democratic tradition.   Ã‚  Ã‚  Ã‚  Ã‚  Among the anti-federalist were fiery old patriot leaders who feared

Lessons on Divorce :: essays research papers

Divorce, of Course, of Course Bridget Burke Ravizza wrote the article, â€Å"Selling Ourselves on the Marriage Market† and is an assistant professor of religious studies at St. Norbert College, De Pere, WI. After talking with an unnamed group of college students, she discovers that â€Å"These college students have grown up in a society in which nearly half of all marriages end in divorce.† She also reveals â€Å"they are fearful that their future marriages will go down that path, and some question whether lifelong commitment can—or should—be made at all.† Furthermore, Ravizza finds that â€Å"students are bombarded with messages about sexuality and relationships—indeed messages about themselves—that seem to undermine authentic relationships.† Simply put, culture has accepted divorce as a â€Å"normal† thing and has already begun to affect the next generations. The surveyed students are so fearful of divorce, they are, in essence, afraid of marriage a s well. They even go to the extreme of avoiding divorce by saying they may not get married at all to prevent the â€Å"undermining of an authentic relationship.† The fact of the matter is, as the polled students infer, that half (if not more) married couples do get a divorce in today’s society. Whether or not this unfortunate trend will continue down through the following generation is a theory yet to be proven, though it would make sense. The article is missing a few necessary citations, however. I noticed no reference given as to whom Rachel Greenwald is or what her expertise are in relation to the subject. She is simply referred to by her best-selling book, Find a Husband After 35: Using What I Learned at Harvard Business School. Likewise, the theologian Paul Wadell is referred to by nothing other than his book Becoming Friends: Worship, Justice and the Practice of Christian Friendship. Also, the poll discussion with the college students at the beginning of the article is not given a source or from what part of the country the college was located. I agree with the article’s thesis. Divorce has slowly seeped its way into the â€Å"normal† way of life and is running rampant through our country and Americans have become numb and desensitized to its abhorrence. Unfortunately, it is becoming more and more prominent and society equates this as normal. The Funk and Wagnall’s Dictionary defines divorce as the â€Å"Dissolution of a marriage bond by legal process or by accepted custom.

Views of War in Tennyson’s Charge of the Light Brigade and Whitman’s Dr

Views of War in Tennyson’s Charge of the Light Brigade and Whitman’s Drum-Taps  Ã‚     Ã‚  Ã‚   Even though Walt Whitman and Alfred, Lord Tennyson wrote with different styles and ideals, the common theme of war gave them the similar purpose of exposing the destructive nature of battle while remaining inspiring and even optimistic. Tennyson’s "The Charge of the Light Brigade" reveals a fatal "blunder" that cost the lives of many English soldiers, while asserting that the unquestioning loyalty of the British troops causes tremendous pride. Whitman’s Drum-Taps series of poems, especially "Beat! Beat! Drums!," documents the tragedies that occurred during the Civil War, yet maintains a feeling of hope that the war will help to cleanse the nation and revitalize it. Despite the outward similarities between "Light Brigade" and Drum-Taps, subtle differences exist between the respective authors’ attitudes towards war and the tones that carry over into the poems. The extreme pride Tennyson felt for England as Britain’s poet laureate swayed his writ ing, and critics have since attacked the excessive jingoism that seeps into "Light Brigade" (Marshall 135), since he was unable to capture the immense suffering of battle that could only be seen on the front lines, where he never set foot. Conversely, Whitman was able to grasp the darkest of emotions that war generated in his poems because of the prolonged experience he had caring for the wounded and mourning the dead (Golden 106). Tennyson’s "The Charge of the Light Brigade" and Whitman’s "Beat! Beat! Drums!" appear to be nationalistic poems glorifying war, but while Tennyson paints a heroic picture of valiant soldiers fighting a just war, Whitman employs a mixture of sarcasm and grim reality to portr... ...Jr. A Tennyson Handbook. New York: Twayne Publishers, Inc., 1963: 110-135. Shaw, W. David. Alfred Lord Tennyson: the Poet in an Age of Theory. New York: Twayne Publishers, Inc., 1996: 25-35. Sweet, Timothy. "Whitman’s Drum-Taps and the Rhetoric of War." Traces of War: Poetry, Photography, and the Crisis of the Union. Baltimore: The Johns Hopkins University Press, 1990: 11-45. Tennyson, Alfred Lord. "The Charge of the Light Brigade." The Norton Anthology: English Literature. New York: W. W. Norton & Company, 1996: 1954-1955. Thomas, M. Wynn. "Fratricide and Brotherly Love: Whitman and the Civil War." ed. Ezra Greenspan. The Cambridge Companion to Walt Whitman. New York: Cambridge University Press, 1995: 27-44. Whitman, Walt. "Beat! Beat! Drums!" The Norton Anthology: American Literature. New York: W. W. Norton & Company, 1995: 1004-1005.      

Care of the Malnourished Elderly Patient

Table of Contents Page numbers Abstract†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Chapter 1 / Introduction Origin of the Problem†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 Significance or Importance of the Problem for Nursing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6-8 Problem Statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 Purpose of the Study†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦. 9 Hypothesis- Null and Research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦.. 9 Definition of Terms.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9-10 Assumptions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦. 10 Chapte r II/Review of Literature Review of Literature†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11-16 Chapter III/Methodology and Research Design Research Design†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 Variables†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17-18 Selection of Subjects and Research Setting†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦. †¦Ã¢â‚¬ ¦. 18-19 Data Collection Instruments †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦.. †¦Ã¢â‚¬ ¦ †¦. 19 Statistical Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦. †¦. †¦. 20 Data Collection Procedure †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦. 20 Limitations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 21 APPENDICESA. Request for Permission to Survey Participants†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦. †¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦. †¦. 22 B. Nutritional Assessme nt Survey†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦23-26 REFERENCES . †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦27-28 Chapter I. Introduction Origin of the Problem In our society, malnutrition and under-nutrition is a rising problem for the older adult population. Approximately 35%-85% of residents living in a long-term care facility, 60% of hospitalized older adults, and an estimate of 5%-10% of older adults living in community settings are malnourished (Maher and Eliadi, n. d. ).These statistics sadly show that hospitalized and long-term care patients are more likely to become under nourished compared to the elderly population in the community. According to the Joanna Briggs Institute (JBI, 2007), malnutrition ca n lead to serious or adverse health outcomes. Malnutrition has been linked to lengthy hospital stays with higher complications, morbidity, mortality, and frequent visits to their general practitioner (JBI, 2007). There are several risk factors (i. e. physical, psychosocial, social, and medical factors) that lead to malnutrition (Maher & Eliadi, n. . ). It is predicted that by 2030, the elderly population in the United States will double in size and exceed 70 million people. In light of these predictions, addressing the nutritional needs of the elderly will reach epic proportions and become a complex issue. Based on clinical observation, the signs and symptoms of malnutrition and under nutrition are often overlooked. Observing residents in a clinical setting at a local long- term health care facility precipitated our interest in this problem with malnutrition.The majority of elderly people living in care homes either have dementia, suffer from some form of physical disability, or hav e difficulty swallowing, which restricts them from adequately hydrating and nurturing themselves. With dementia, they usually do not remember how to eat or how to chew. With various physical disabilities, such as upper extremity contractures, their ability to feed themselves is often limited. In the event of swallowing difficulties, their food preference is often altered to prevent choking or aspiration.This often discourages them from eating due to the texture of the diet ordered. With the issues fore-stated, the residents often have to rely on the staff to assist them with meals. Caregivers often contribute to the problem of malnutrition because not enough time is devoted to assisting and supervising the residents to ensure they are eating properly. It is our job as caregivers to know the signs of malnutrition and risk factors that lead to malnutrition so that it can be detected and reported to the physician or dietitian early, before major problems occur.Various nutritional scree ning tools, assessment tools, studies, and research programs are available to help isolate and provide aggressive preventive treatment strategies for those at risk. The Nutritional Form for the Elderly (NUFFE), Malnutrition Screening Tool (MST), and the Malnutrition Universal Screening Tool (MUST) are instrumental in detecting and providing interventions to decrease morbidity and mortality. These various studies help support the fact that malnutrition is overlooked, unrecognized, and left untreated by nurses and healthcare professionals.Other studies find that even though malnutrition was identified, no interventions were put into place to treat this growing concern. Significance of the Problem for Nursing In a hospital based setting, there are several different groups and departments that deal with patient care. These departments and groups consist of nutritionists, doctors, social workers and other disciplines. However, the nurses are ultimately responsible for the entire care of the patient throughout their stay.Nurses realize that many elderly patients come into the hospital undernourished or malnourished related to their being on a fixed income, having reduced access to food, having poor knowledge of nutrition, or being dependent on others for food preparation. These elderly patients sometimes have chronic illness such as depression, cancer, diabetes, renal failure, and cardiovascular disease that leads to malnutrition or under- nutrition (Briggs 2007). Under-nutrition is a wide spread problem that usually results in the elderly staying in the hospital longer related to a delay in recovery, more complications, and higher mortality rate.That is why it is important for nurses to do a detailed assessment upon admission to prevent these issues or problems. It is the nurse’s responsibility to gather all the background information about a patient during the assessment period. This will help to diagnose the nutritional status from the beginning of the pat ient’s care. Some of the information that is collected during this time, such as the patient’s mental status, allows the nursing team to identify if the patient is oriented or has problems with dementia.According to Briggs’ 2007 article, dementia is a common cause of under nutrition, as are the adverse effects of medications, such as digoxin and some anti-depressants. Antihistamines, angiotensin-converting enzyme inhibitors, and lithium zinc deficiency can alter a patient’s taste and smell. For this reason, the nurse needs to collect a medication list that is current (Briggs 2007). During this process, nurses should ask questions that will reveal information about the patient’s medical history. This is done to identify possible diseases that have an effect on the patient’s nutritional status.Nurses should use all resources available to them after collecting data to assist with care of the patient. It is important for the nurse to know the po licies and procedures at the current hospital to consult specialists in order to improve patient care. This allows each department access to review the patient’s medical information and provide patient care as needed. Nurses are the primary caregivers for elderly patients in the hospital. When a malnourished patient is admitted nurses often develop plans of care to assist patients with improving their nutrition.Some of the ways that have been recommended are serving food at the appropriate temperature, providing food that is packed with nutrients, offering food that the patient enjoys eating, and giving oral supplements throughout the day to increase caloric intake. A good tip that nurses could use would be to always offer food or drinks when entering the patient’s room. From this research we know that poverty is one reason for malnutrition. When developing a plan of care for this patient the nurses can solicit the help of a social worker to help find resources to save money and provide food (Mayo Clinic, 2011).Malnutrition is a significant problem in nursing because it alters the type of care a nurse can provide. For instance, if a wound already exists, malnourished patients are at a higher risk for decreased wound healing. The nurse will then have to improve the nutritional status before proper wound healing can occur. The malnourished individual can become very weak and is thereby prone to falls. The impoverished elderly patient may not only be malnourished but have insufficient funds to purchase needed supplies, such as diabetic test strips and glucose monitoring systems.This could also lead to weakness and the development of further complications. Nurses need to ensure that daily weights and labs are obtained to track the progress of each patient. Malnutrition may seem secondary in nature, but it can grow into a monumental problem. Problem Statement Do registered nurses use evidence-based standards in the care of elderly hospitalized patient s who are undernourished? Purpose of Study The purpose of this study is to examine registered nurses usage of evidence-based standards in the care of undernourished elderly hospitalized patients.Hypothesis Research Hypothesis: Registered nurses use evidence-based standards in the care of undernourished elderly hospitalized patients. Null Hypothesis: Registered nurses do not use evidence-based standards in the care of undernourished elderly hospitalized patients. Definition of Terms For the purpose of this study, the following terms have been defined: 1. Undernourished- defined as an imbalance of nutrients caused by either an excess intake of nutrients or a nutritional deficit. (Maher & Eliadi, n. d. ) 2. Older Adults- Age 64 or older. Maher & Eliadi, n. d. ) 3. Associate Degree Registered Nurse- Registered nurses (RN’s) provide and coordinate patient care, educate patients and the public about various health conditions, and provide advice and emotional support to patients and their family members. Registered nurses must also become licensed by passing a national licensing examination. An associate degree is an academic degree awarded on satisfactory completion of a 2-year course of study, usually at a junior college. (Bureau of Labor Statistics, 2012) (Elsevier, 2009) 4.Evidence-Based Practice- the use of scientific evidence, integrated with clinical experience and incorporating patient values and preferences in the practice of professional nursing care. (Houser, 2012, p. 12) 5. Hospital Setting- a health care facility that provides inpatient beds, continuous nursing services, and an organized medical staff. (Elsevier, 2009) Assumptions 1. If caregivers feed elderly patients, then the proper amount of the meal will be consumed. 2. Registered nurses help to prevent malnutrition in elderly patients. 3. The adequate amount of protein consumed in an elderly patient’s diet prevents malnourishment. . Registered nurses provide help with dietary interven tions of the undernourished. 5. If the proper screening tools are performed on admission, the elderly patient’s weight will improve. Summary People in this nation are living longer. As recognized throughout this research, malnutrition in the elderly patient is at an extremely high level. It is not only the nursing home patients experiencing undernourishment but the hospitalized elderly patients also. Malnutrition is prevalent throughout the elderly community. Through using evidence based practice tandards, malnutrition tools, and education strategies this dilemma can be improved. CHAPTER II. Review of the Literature Undernourishment has long been a prevalent problem among the elderly, especially in an acute-care setting. It has been a long-standing challenge for health-care providers to determine the most effective process for identifying those that are undernourished, at-risk for undernourishment, as well as intervening promptly and appropriately. A review of literature was done to examine registered nurses usage of evidence-based standards in the care of undernourished elderly hospitalized patients.Much of the literature supports the use of nutritional screenings to identify undernourished patients and reduce the number of those patients in the hospital setting. Undernourishment is often referred to as malnutrition. The effects of malnutrition, which is the inadequate consumption of essential nutrients, are very devastating to the health of an individual. As well-known among healthcare providers, inadequate nutrition can prolong wound healing, suppress the immune system, lead to increased length-of-stay, and increase the risk of mortality from comorbidities.The article entitled, â€Å"How well do nurses recognize malnutrition in elderly patients,† describes how well nurses are able to recognize the problem of undernourished patients and if care is being provided to these patients. There are numerous methods that can be used in determining if a patient is malnourished. In this study Mini Nutritional Assessment (MNA), Body Mass Index (BMI), and a detailed questionnaire was used. The MNA is a simple, reliable, and well-validated tool used to determine a patient’s nutritional status.MNA gives a maximum of 30 points. A score of less than 17 indicates the patient is undernourished, while a MNA of 17-23. 5 shows a patient is at risk for malnutrition. BMI is another tool used in determining the status of a patient’s nutritional state. In this study a BMI of less than 20 is considered to be high risk for malnutrition. A questionnaire was given to nurses to determine daily routines related to nutritional care such as amount of food consumed at each meal, snacks between meals, and any oral nutritional supplements given.The study examined elderly patients in a long-term care unit in Helsinki City hospitals in Finland to determine if nurses are able to recognize undernourished patients and if adequate care was provided ( Suominen, Sandelin, Soini, & Pitkala, 2009). The above study included 1,043 elderly hospitalized patients for a two-week period. The nurses measured the BMI of patients as well as their MNA, but the nurses were not aware of the values to determine an undernourished state. In addition, the nurses were asked if they believed the patients were malnourished by simply marking yes or no.The nurses that performed the study participated in a 3-hour course to learn how to organize the study, assess the patients, and to complete the questionnaire (Suominen et al,. 2009). The results of the study, â€Å"How well do nurses recognize malnutrition in elderly patients,† revealed that malnutrition is not recognized by nurses and therefore results in the inability to provide evidence-based care to the patients. The results showed that 56. 7% were malnourished with an MNA

The Jamaican Early Childhood Curriculum Education Essay

The Jamaican Early Childhood Curriculum was late crafted. The course of study is built on the rule that kids learn best when content from assorted subjects along with accomplishments from the developmental spheres are integrated in line with the kids ‘s holistic position and experience of the universe. These rules are larning through drama, sequenced acquisition, single acquisition, the practicians ‘ multiple functions, inclusion of all scholars, integrated course of study and the spheres of development, the acquisition environment, appraisal in early childhood, affecting parents and community ( Davies, 2008 ) . While the course of study address assorted aims that need to be met in furthering Early Childhood acquisition and outlines the needed instructions, there are challenges to the execution of the course of study. Broadly talking, these factors are normally internal and external. These factors cut down the effectivity of the course of study and weaken the opportunity of effectual acquisition at the Early Childhood Level. The factors occur as challenges when there is a mismatch between the state of affairs that the course of study was designed to aim and the world. This difference causes the existent acquisition result to divert from the intended acquisition result. The course of study is usually assume that the pupil is runing at a peculiar degree, the pupils parent and environmental background offer a certain degree of support, and the instructor operates at a certain degree. The existent job occurs when the course of study does non provide for â€Å" the bulk instance † of pupil s. Internal factors normally include instructors, pupils, school substructure and resources. Teachers are the driving force of implementing the course of study efficaciously. A instructor ‘s creativeness, capablenesss and making enables him/her to reassign the content of the course of study in a meaningful manner that will link with the diverseness of scholars. Harmonizing to Jalongo and Isenberg ( 2012 ) a instructor ‘s cognition of the kids and the content of the course of study will enable him/her the ability to supply for the kids ‘s strengths and failing, their involvement and to develop the cognition, accomplishments, values, and temperaments they will necessitate to go productive members of the society. Hence the instructor ‘s function in developing the course of study is to determine what kids should larn and how they should larn it. In making so the instructor ‘s methodological analysis is indispensable in brining the course of study alive. Jalongo and Isenberg ( 2012 ) postulate that the instructor schemes and program for acquisition is the yarn that weaves the course of study. This they say is what of learning and the how of instruction. It ‘s hence, imperative that instructors plan for the pupils larning so as to provide for the diverse acquisition manners in their schoolroom. The methodological analysiss that the instructor employs should suit the pupil ‘s ability to derive cognition and develop the necessary accomplishments. Teachers should therefore choose content that are developmentally appropriate to accomplish required learning result. On the other manus a instructor should besides be competent and get acute penetrations on the capablenesss that kids posses in order to provide for holistic development. If this is non achieved so the execution of the course of study would hold fails to provide for the kids demands and development. The cardinal ingredient for any course of study is ever the scholar ( Jalongo and Isenberg, 2012 ) . They posit that a course of study should concentrate on what a kid know and can make and what a kid should cognize and can make. Hence the content of the course of study should take into history the demands, involvement, age and phase of development and the societal and cultural context if the kid. The kid as the scholar possesses the ultimate success of the course of study. This takes into history the abilities, accomplishments, background cognition and exposure /experience that the kid get before come ining the acquisition environment. Harmonizing to Puckett and Diffily ( 2004 ) being cognizant of the differences in kids ‘s development, strengths and challenges will let course of study contrivers and instructors to be after efficaciously in order to run into each kid ‘s developmental demands. Jalongo and Isenberg ( 2012 ) stated that a course of study should see the foll owers, Child development and acquisition, Child needs, abilities and involvement and Social and cultural context in which kids live. The considerations of these will enable the instructors to execute efficaciously within the instruction and acquisition environment. The school substructures and resources play a critical function in the bringing of the school ‘s course of study. External factors normally include parents, place and community. This is another driving force in the execution of the course of study. The importance of parental engagement is cardinal in the success of academic accomplishment. This sets the foundation of the learning attitude that kids carry to the acquisition environment. Support from parents increases the academic accomplishment in ulterior old ages. Burke ( 2010 ) concurred kids whose parents are actively involved in their instruction at an early age aids the nurturing of a kid ‘s instruction and overall development and is one of the nucleus indexs of ulterior accomplishment. It is through this engagement that kids understand and appreciate the importance of a solid instruction. The engagement of parents can interrupt or construct the execution of any course of study. Parents are incognizant of the powerful consequence that have on what and how the content of a course of study is designed and implemented. I strongly believe that parents are the first line of support for all kids. They are the primary beginning of socialisation and set the foundation for formal acquisition to take topographic point. The place is the initial environment for optimum nurturing and it ideally creates a sense of belonging. Admiting that meaningful parental engagement is need it ‘s non a â€Å" one-size fits all † . We have to take into consideration the socio economic position of these parents every bit good as their educational background. The background of these parents particularly in urban environments allows for restriction on the input they can offer to the execution of the course of study. Hence, few or no engagement occurs and the inability to keep instructors accountable for hapless course of study execution is hapless. Burke ( 2010 ) provinces that when parents are involved in the educational procedure of their kids and, as such, they will be able to include or add extra information a nd penetration from their ain personal experiences to instructors in order to back up their kid ‘s acquisition and development. The community is seen as the secondary beginning of socialisation.