Event Report: Tshechu in Bhutan

Event Report Tshechu in BhutanInformation treat (750 words) Plan, research and write a report on any major(ip) event in your country- include at least three enchant referencesTopic Thimphu Tshechu / Festival (10th day of the Bhutanese calendar) IntroductionIn my fatherland of Bhutan, we celebrate an event known as Tshechu. It is an annual religious Bhutanese festival which is held on the 10th day of a month of the Bhutanese lunar calendar. Tshechu is a very grand colourful festival that is notable throughout the unalike regions of Bhutan in different months. It is celebrated for three or four days continuously and it is decl ared as government holiday. Tshechu is wizard of the festivals which defines the unique culture and tradition of Bhutan. There are 20 districts in Bhutan and in each district Tshechu is held on different days and months, however always on the 10th day of the lunar calendar. As all year Thimphu Tshechu is celebrated either at the end of September or first week of October, therefore I consecrate decided to hold Thimphu Tshechu as the upcoming festival in my country as the issuing for the English Certificate IV assignment. This Tshechu is witnessed by thousands of people galore(postnominal) of which choke from neighbouring Dzongkhags (districts) to attend the festivities. The actual Tshechu is preceded by days and nights of prayer and rituals to invoke the gods (www.tourism.gov.bt, n.d). principal(prenominal) TopicIn the 746AD, the ruler of Bumthang Dzongkhag ( whiz of the twenty districts in Bhutan in the east region) popularly known as the Shindha rajah (King), fell seriously ill. galore(postnominal) known doctors and spiritual heads were called from India and Tibet. However, the Kings illness could not be cured. On sense of hearing this, the great saint, Guru Padmashambhava, the first born from the lotus came to Bumthang in 746AD to cure the Kings illness. It was install that the King was harmed by unrivalled of the most powerful local foul demon. The local demon was hiding in a deep cave. Guru Rinpoche conducted many powerful and spiritual rituals to subdue the demon but the demon refused to be summoned. Guru Padmahambhava performed one of the scarciest dances known as the Eight contemplation of Guru Phadmashambhava. The Eight Manifestation of Guru Padmashambhava are the eight principal forms assumed by Guru Rinpoche at different points in his life (rigpawiki.org, 2015) . In the eight manifestations, Guru came in different forms depending on the circumstances. In this case of curing the Shindha Rajas illness, Guru Phadmashambhava performed different dances. The demon which was hiding in the cave got curious after a while and decided to make love out to have a look in the form of a snake. At this moment, Guru Phadmashambhava took the form of Jachung or Garuda which is a giant legendary bird, bird-like puppet or humanoid bird (Wikipedia.org, 2017) and captured the demon. This is how Guru Phadmas hambhava subdued the demon and cured Sindha Raja of his long illness.From that Era onwards, many great saints and Lamas visiting Bhutan from India and Tibet to spread the Buddha dharma started playing the eight manifestations of Guru. Slowly, this came to be known as the Tshechu which is celebrated on the clement 10th day of a month of the Bhutanese lunar calendar.Thimphu Tshechu is one of the biggest Tshechu celebrated in Bhutan which attracts thousand s of local as rise up as the highest number of tourist. Tshechus are large social gatherings, which perform the fly the coop of social bonding among people of remote and spread-out villages. Large markets in any case congregate at the fair locations, leading to brisk commerce (wikipedia.org, 2017). During the Tshechus, the towns are decorated with bright lights and in the evening different shows are performed in the town. Many small food stalls are set up as swell.Tshechu is also an occasion for family and friends gatherings. all one going to intoxicate the Tshechu dresses up in their most expensive and colourful traditional dresses and ornaments. Every family pack a very grand lunch and snacks which later they have with their families, relatives and friends.On the last day of the Tshechu, a large Thongdrel- a large unique antique hand painted and blessed motion picture step up to 9-12 metres in length and breadth which usually have the painting of Guru Padmasambhava is displayed in the early morning and is taken down before the fair weather rise. For many, to witness the unfurling of Thangka is to accumulate merits and receiving blessings (Zhao, 2017).Conclusion Thimphu Tshechu which is celebrated in the capital of Bhutan is one of the biggest festivals celebrated in the country. This Tshechu is a much-awaited occasion for the people of Thimphu as well as for the whole country. Tshechu celebration is a unique tradition and use in Bhutan which serves as bridge between the ancient times and the mode rnistic times, also a platform to bind the old and the young people, assign common beliefs and it also signifies the uniqueness of the Kingdom of Bhutan.ReferencesEight Manifestation of Guru Padmashambhava (2016). Tibetan Buddhism. Retrieved 30 August, 2016 from www.rigpawiki.orgGaruda (2017). Retrieved February 10,2017 from Wikipedia.org(Thimphu Tshechu, n.d.). Retrieved August 28, 2016 from www.tourism.gov.btThings to know about Tshechu in Bhutan (2017). Retrieved February 10, 2017 from www.indiaodysseytours.comTshechu (2017). Retrieved February 21, 2017 from www.wikipedia.org

Advanced decisions in end of life planning

go finishs in curio of liveness planningThe advance(a) guardianship planning (ACP)process is concerned with ensuring the persevering has expressed their wishes should their condition knock off, leave them with bulge mental competency or unable to communicate their termination.(REF LCP)Part of this process is resulting the long-suffering to create travel decisions with regards to refusing treatment (Joseph, 2010). As decision of sprightliness-time planning is such(prenominal) a vast topic this essay each(prenominal)ow searingly evaluate the key beliefs of locomote decisions with regards to cardiorespiratory Resuscitation ( mouth-to-mouth resuscitation). cardiac resuscitation is an issue in many health kick settings including hospitals, primary care, day hospitals and care for homes. The honest debate and the associated problems with in advance(p) decisions are becoming ever much apparent due to the ever increasing number of elderly people in nursing and residential homes. (DH, 2000, 2010). Previous evidence ground research has looked at jockstraping elderly people and their families with decision making in end of career planning (references) as well as Patients requesting Do non Resuscitate (DNR) baffles against the advice of others (REF). There appears to be a gap in the publications concerning the complexity of the tensions associated between the defend, the castigates of the patient and family (or independent advocate) when the patient has specifically pass along resuscitation in the compositors case of a cardiac arrest against the advice of the multidisciplinary team. This jobion is base on an issue experient within my practice and plunder reach many ethical and lesson debates for the nursing cater. The familiarity gained from this reflection provide inform my future practice on how patients rights are back up or challenged and the subsequent roles of the draw.Gibbs (1988) developed his model of reflection in order to reflect on events, critically evaluate fundamental concepts and influence future practice. The number 1 element of this model is based on experience and a description of events. Mr metalworker is an elderly gentleman in his late 80s currently life history in a nursing home. He has one daughter and a word of honor in law who he is close to and his wife and son passed remote a few years ago. Mr smiths health has been deteriorating over a period of time and the staff nanny-goats and his daughter want to begin the advanced care planning process. For the purpose of this reflection, names and personal data has been changed in line with the NMCs (2008) policy on confidentiality.It is a sizeable deal difficult to establish when a person is reaching the final stages of life (Ellershaw Wilkinson, 2003), however factors ware been place in the Liverpool maintenance pass in order to allow patients to be assessed, including reduced performance status (Karnovsky, 1949) increased dependence in activities of periodic living (Barthel, 1965) weight loss and overall carnal decline (McNicholl, 2006).Mr Smith had lost a significant amount of weight over the preliminary 6 months, was requiring more help with various tasks, including personal hygiene and often required the go for of a wheelchair as he was becoming more unstable on his feet. It was due to this that it was mat up the ACP process was necessary.Effective nursing practice relies upon the ability to develop therapeutic relationships with the patient and family (Peplau, 1952). The qualities of the relationship imply good listening skills, a build up of trust and empathy ( Watt-Watson, Garfinkel, Gallop, Stevens, 2002). It is alpha for relatives to be included in controvertions concerning end of life planning as it allows everyone involved to understand and come to terms with the decision (McDermott 2002).A contact was arranged with Mr smith and his daughter (after consent was gained) t o disuss his care wishes in the event of his condition deteriorating. Mr Smith understood that his condition was getting worse scarce was adamant that he wanted every effort to keep him alive. Therefore, if he went under cardiac arrest Mr Smith would wish the restrain to contract cardiac resuscitation.Cardiopulmonary Resuscitiation (CPR) is a complicated ethical decision comprising of many legal, ethical and emotional decisions for that of the hold up, patient and family (Jeven, 1999).The principle role of the prevail is to assist the patient in restoring or maintaining the best level of health possible (NMC, 2004). Cardiopulmonary resuscitation (CPR) is a procedure that aims to prolong the life of an individual who goes under a cardiac arrest by attempting to restore breathing and increase oxygenated logical argument flow to the brain and heart. The decision to carry out this procedure should be based on any probable risks or benefits to the patient and should not be carrie d out with no regard to the tonus or life expectancy of the patient (BMA, Royal College of breast feeding the Resuscitation Council, 2007).These discussions led to a severalize in attitudes as it was felt by the majority that a do not resuscitate (DNR) order would be the most sensible and true to life(predicate) option. A DNR order is often implemented when a person is passing ill and death is imminent (British aesculapian Association, 2007). Furthermore, if the patient has other degenerative illnesses, which will reduce the quality or length of life, CPR has the potential to prolong suffering and do more equipment casualty than good and so would not be deemed beneficial (BMA, Royal College of treat the Resuscitation Council, 2007).However, Mr Smith did not agree with this and felt angry and conf utilize as to why his family would level that a DNR would be appropriate. He was willing to accept the associated risks of CPR and well-kept that his age should not prevent him being entitled to treatment. This statement is supported by equal rights for the elderly, in which people cannot be denied CPR on the nose because of age (DH, 2001).This decision appeared somewhat irrational as he had give tongue to for some time that it was his time to go and he was fed up of suffering and his mental capacity was called into question.The Mental Capacity Act (2005) states that an advanced decision (formerly known as an advanced directive) gives a person over the age of 18, who is deemed to experience mental capacity, the ability to consent to or reject a specific treatment if they contract in a side where they lack capacity or are unable to state their decision. A person is considered to have capacity if they are able to understand and admit information in order to make an informed decision be able to understand the consequences of any interventions and be able to communicate their decision (GMC, 2008). Current English law states that individuals are presumed to have mental capacity unless it can be proven otherwise and this does not take out the allowance for seemingly irrational and risky decisions to be made (NMC, 2004, BMA 2009, DOH, 2001, MCA, 2005)Mr Smith was deemed to have full mental capacity as he fulfill the criteria outlined by the MCA (2005) and a second opinion doctor was alike called to ensure that this was the case. If the patient lacked capacity to make their own decisions, nursing staff must act in line with the patients best wishes (Dimond, 2006). In such percentage members of the multidisciplinary team must be able to provide watch justification (Hutchinson, 2005). Had it been the case that Mr Smith lacked capacity it would have been reasonable for the encourage to justify not performing CPR, however, failure to comply with his wishes could potentially collar to legal and professional consequences as the NMC (2004) states that patients autonomy must be consider even where this may result in harm.However, the ACP is not legally fertilisation as clinical judgement takes priority (REF LCP). This can put the nurse into a moral dilemma because following professional and legal responsibilities would abjure the patient their rights.Beauchamp and Childress (1994) devised an ethical framework based on 4 moral principles to provide guidance on the conflict between the role of the nurse and the rights of the patient. Beneficence, suggests that any decision to be made must be in the best interests of the specific patient as well as advisement up potential benefit and risks (Beauchamp Childress, 2008). In this case it could be suggested that the risks off the beaten track(predicate) outweigh any potential benefits and to do CPR would not be the greater good but this would affect the principle of autonomy. Autonomy is the patients right to accept or refuse any medical treatment. It follows deontological theories (Mill, 1982) which deem an operation to be right, if it accords with a moral duty or code, regardless of the solvent (Noble-Adams 1999). This approach would justify the nurse performing CPR because they would be following their legal and professional code of conduct in that a patients wishes must be respected and carried out (NMC, 2008). However going against the patients wishes could also be deemed as morally right as part of the nurses role is to allow the patient to go with arrogance (King,1996). Howver, this could be suggested as following the tralatitious notion of paternalism, which is not compatible with modern day ethics (Rumbold, 1999). all(prenominal) of these issues cause a moral dilemma for the nurse and impact upon the patients rights as it has been suggested that CPR can deny a patients right to die with dignity by prolonging the dying process (McDermott 2002) and so could be suggested that the greatest good in the situation would be achieved by not performing CPR.The principle of non-maleficence is based on doing no harm (Edwards, 1996). Many people have unrealistic expectations of the success rates of CPR due to media representations (Dean 2001). Patients who survive cardiac arrests following resuscitation is as low as 20% and not all of these inidivudals get to the position of being well enough to be execute from hospital (Cardozo, 2005). These rates of success are reduced even save when patients have underlying problems and poor health (Schultz 1997). However, it could be argued that the ultimate harm would be to do nothing resulting in death which would also be against Mr smiths wishes. The fact that Mr smith was already considered emaciated and having deteriorating health increases the risk of physical damage during chest compressions but as Mr Smith had already written an advanced directive stating he wished to receive CPR then this should be carried out (Pennels, 2001). This puts the nurse in a serious dilemma as patients and their families taking legal action is becoming increasingly common (Oxtoby, 2005) and the nurse is bound by the legalities of their professional code, which would claim that failing to carry out CPR would be considered negligent (Jevon, 1999) and as nurses are professionally accountable for their actions this could put their career in jepoardy(NMC, 2004).The final ethical principle of rightness is concerned with fairness and equality maintaining that every individual has the right to life (Human Rights Act, 1998) and therefore, the patient has a right for the nurse to carry out CPR (even if they have not previously stated this) especially if they have an advanced descision stating that they wish to be bring to in the event of cardiac arrest. (Costello, 2002). by and by all this has been taken into consideration, the rights of the patient, including those who have an advanced decision can calm down be overruled as before the decision can be employ there must be reasonable evidence to suggest that the decision is still valid and applicable (BMA, 2007). Mr Smith ap peared not to be playing in line with his advanced decisions as he was refusing to eat or drink and appeared withdrawn in his personality, not wanting to participate in his activities of living (Roper, Logan and Tierney, 2000).It has been suggested that many health care professionals do not discuss goals of care as they have inadequate communication skills or that there is often conflicting ideas between the patient and professional about what is in their best interests (H attendet et al, 1998)As this has often found to be the case, one of the registered nurses contumacious to have a further chat with Mr Smith as it was felt that his needs were not being appropriately addressed. It transpired that Mr Smith did wish to die a smooth death but was scared of what might rule and if he said he did not wish to be resuscitated then he could be left suffering alone in great pain in his last few minutes.The Liverpool Care Pathway suggests that the role of the nurse in the last few days of life shifts to a holistic approach of care to promote comfort and moves away from the idea of active care which includes any invasive or unneeded procedures that could be avoided (REFERENCE).The Gold Standards Framework provides an holistic estimation plan to aid communication between the nurse and the patient, including how physical, emotional, social, spiritual and communicational needs came be met (Thomas, 2009)The nurse stated that medications can be arranged for end of life care to alleviate any pain and suffering.Discuss syringe drivers, end of life medication and controversyDuring the final stages of life a congenital physiological process causes the swallowing reflex not to work and so the use of oral medication is limited (Thorns Gerrard, 2003). A common palliative care practice is to use a syringe driver to administer drugs (ODoherty et al, 2001), which allows convenient parenteral treatment of pain, nausea and breathlessness (GrassbyHutchings, 1997). In most circumst ances this form of medication administration comes without controversy (Woods, 2004), however, the double effect of sedatives and opiates will reduce anxiety and pain but have also been claimed to supress respiratory function, which has the potential to speed up the dying process (BNF, 2007). The most weighty aspect of this double effect is that it is permissible so long as death is not intended and is tops as a byproduct of an objective carried out for the patients best interests (Fohr, 1998). Furthermore, it has been stated that there is a lack of falsifiable evidence to support this claim (Kaldjian et al, 2004) and research has suggested that repiratory depression does not occur with patients receiving opiods for pain in end of life treatment (Walsh, 1982).The role of the nurse is, therefore to allow the patient to die peacefully. However, health professionals are accountable for their actions and must be able to provide justifications if any problems arise (Dimond, 2004)An a ssessment using the Abbey pain scale(INCLUDE MORE DETAILS) was carried out to analyse levels of pain experienced by Mr Smith and the appropriate drugs were administered via the syringe driver.Mr Smith continued to deteriorate and died peacefully with his favourite classical music on, his daughter holding his hired man and a picture of his wife by his bed.She also clarified that the advanced decision he would have made was only concerned with CPR and did not have to decline all treatment just because he declined one.The nurse asked him if it was clear the end was near what the staff and his family could do to help his transition into death. Mr Smith stated he did not want to be alone and wished to have his family with him to reassure him and comfort him in his last moments. The point of this discussion was not to overrule Mr Smiths advanced decision but to prolong its applicability and validity to his current circumstances. Details of these discussions were recorded in his care pla n records in line with relevant policies (REFERENCE)WHAT WAS GOOD/ large(p) closely EXPERIENCE?GOOD THAT IT WAS REALISED BEFORE IT WAS TOO LATEBAD COMMUNICATIONAnalysis what sense can you make of the situationOn reflection of the situation the complexities of the tensions between the rights of the patient and the role of the nurse become alarmingly apparent. Nurses are expected to use evidence based knowledge to inform their practice centred on the NMC professional code of conduct. This practice can often involve moral dilemmas on life and death matters for which the nurse can be held professionally accountable. The nurses role is ever more dispute when the patient is entitled to make their own decisions, often deemed unwise or not in their best interests. This reflection informs my practice as it highlights the impressiveness of not only allowing the patient to make an informed decision based on knowledge and evidence but also to explore their feelings poop the decision to be made. In this case it wasnt that Mr Smith wanted CPR in the event of a cardiac arrest because he felt like it was the best option and would extend his life or the quality of it but because he was scared of dying and unsure of what would happen. As the nurse discussed his fears and anxieties and suggested ways in which these could be dealt with Mr Smith agreed that a DNR order would be the most effective way to ensure a peaceful and dignified death without prolonging any pain or suffering for him or his family. This experience has taught me that each situation is unique and there can never be any absolute right or wrong in nursing. Patients well-being depends on many factors including anxiety or unmet physical or emotional needs (Dewing, 2002). Communication with patients, their relatives or an advocate is of utmost richness when identifying individual needs as well as understanding the rationale fuck decision making. Furthermore, communication between the multidisplinary team is i mperative in order to promote best practice (Bridges and Wilkinson, 2011).The insight I have gained from this experience will inform my future practice to understand the feelings and attitudes behind the patients actions and behaviours.Conclusion what else could you have doneAction plan, if it rose again what would you doDiscussionGeneral checkup Council. (2008). patient and doctor making decisions together. uncommitted http//www.gmc-uk.org/static/documents/content/Consent_0510.pdf. Last accessed 23 April 2011.Abbey Pain Scale Abbey, J De Bellis, A Piller, N Esterman, A Giles, L Parker, D and Lowcay, B. Funded by the JH JD Gunn Medical search Foundation 1998-2002.10. Bedell SE, Pelle D, Maher PL, et al. 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Literature review construction project costs

Literature check up on social system stomach apostrophizeThis chapter comprises of literature review, quotes of the dissimilar join works done in this argonna of studies.The duration of turn get offs right from inception to completion is assuming commodious immensity in the construction intentness. The author of this bug out work believes that, this free in attention on constructioin lasts is taking it rightful government agency of importance in the global construction sector. Clients or consumers argon no long-acting content merely with minimal cost and adequate functional mathematical operation for their nominates increase interest rates, inflation and galore(postnominal) other commercial pressures, among other factors, reckon that it is in many instances near cost- perfumeive to complete a project within the shortest possible condemnation.The the current hursh financial climate does non pull up stakes for sub declarers non to be prudent with project p lanning and delivery , and so the cerebrate for chosing to write on this subject.The most significant unbudgeted costs on many construction projects are the financial clashings associated with continue and disruption to the works. possessors and Subcontrcators break one common objective to complete the project in while and within budget. It is the failure of this objective of era which leads to failure of budget and last gives rise to disputes. on that point is no consensus in the literature on the appellative of factors which fix stipulated, planned or achieved construction convictions of buildings. one reason for this is that researchers have largely viewed the subject from diverse prospective. Such viewpoints include recognition of discrete factors which affect productivity on site and taking a systems view of the construction process and end product (Nkado R.N, 1995)The inherent and a lot unanticipated adventures on construction projects present identify challen ges to hire outing firms. For warning, if a project is hampered or disrupted, significant re ascendents are engaged and management sequence consumed. The outcome can have serious consequences on corporate value. One loss- qualification project can wipe out the profit on 50 successful ones and significantly damage a companys reputation. In the current frugal climate, claims and disputes are increasingly more likely.Construction grips are non a modern phenomena.The mark offs on some of the UKs most famous landmarks, such as St Pauls Cathederal, the Houses of Parliament and the Clifton Suspension Bridge would make the endures on more late(a) high profile construction projects confront distinctly trifling (Lowsley et al, 2006) chink - commonplacely acknowledged th mt common, costly, complex nd riky problem encountered -n construction project. Becaue f th prevalent ignificance f t-me fr both th owner (-n term f performance) nd th upplier (-n term f money), it - th ource f frequent dipute nd claim leading t legal philosophyuit.Delay occur -n almost every construction project nd th magnitude f thee support varie coniderably frm project t project. ome project re only some day behind chedule ome re delayed b over year. o it - eential t define th actual caue f delay -n order t minimize nd avoid delay -n any construction project (Ahmed et al., 2003).Chan et al (2004) Concluded in a research conducted to measure the success of construction projects that, cost, condemnation and quality are the three basic and most important performance indicators in consruction projects.Other measures such as safety, functionality and satisfaction etc. are likewise currently attracting increasing attention.Chan et al, (2004) accentuated that accurate construction planning is a key factor in ensuring the delivery of a project on schedule and within budget. As almost all projects comprise a large number of mutually beneficial items of work and involve many go badicipa nts, reliable plans and accurate get along-recording mechanisms become all important(p) to project success.Mbachu, et al(2005) discover the sources of strategies for minimising essays in the construction projects and categorised the results into internal and international sources.The internal sources of risks, which fall under the control of nodes ,consultants and Sub asseverators , include those risk elements emanationg from their acts or excisions in the project development process. They noted that, the most frequently mentioned risk elements under client sources include frequent and late changes at detailed stages of the design and construction process, poor leadership and inadequate supervisions on the part of Contractors and subcontractors, low productivity, re-work and lossess, delays in supplying equipment, materials and components.For the consultants, incomplete design information and delay in supplying information required by contractors on site.The outside risk so urces, which are not within the control of the client and the project team, could be segregated into frugal and globalisation kinetics, unforeseen circumstances/ business leader majeue, government, statutory, political controls, health and safety risk elements and socio-cultural issue.smia12010-07-21T162900Who says this is so? If it5s you and then you nned to say what leads you to this concluswionyouType of delayA delay to a construction project generally means delay to the planned completion era or a delay to a particular activity or sequence of activities (Lowsley et al, 2006)Delays can be grouped in the following foursome broad categories according to how they operate contractually non-excusable delays excusable non- paid delays excusable compensable delays and coinciding delayThe Bureau of Engineering Project oral dialogue manual(a) version 2 released in October 2006 smia12010-07-21T163000You need to give a proper reference for this. Who are the Bureau of Engineering Pro ject Delivery?categorised construction delays in three basic types of delays, namely minor-Non-Compensatory (Concurrent), Non-Excusable and Excusable-Compensatory.Non Excusable DelayNon-Excusable delays are events that are within the Subcontractors control or that are foreseeable. These delays might be the results of late performance of Subcontractors, untimely performance by providers, faulty workmanship by the subcontractor, underestimate of productivity, inadequate scheduling or mamanagement, equipment breakdowns, staffing problems, a project specific confinement strikes ca employ by each the Subcontractors with the labour representative or by unfair labour practices(Trauner et al,2009)Excusable Non paid DelayAn excusable delay is caused by factors that are not foreseeable, beyond the Subcontractors control .The implication of the term means that, uncomplete party is at fault under the terms and conditions of the contract and has agreed to share the risk and consequences wh en excusable events occur. The Subcontractor bequeath not receive compensation for the cost of delay, nevertheless he ordain be entitled for an surplus time to smia12010-07-21T163100 unceasingly? Dosent this depend on the terms of his sub-contract? complete his work and is to a fault relieved from any contractually imposed liquidated damages for the period of delay (Ahmed et al, 2003)2.5 Excusable Compensable Delay(Ahmed et al, 2003) acknowledged that, compensable delays are those that are generally caused by the owner or its agents. If the delay is compensable, then the contractor is entitled not only to an extension of time but in any case to an ad scantilyment for any increase in costs caused by the delay. Owner-issued contracts specifically address some potential compensable delays and provide equitable adjustments. The normal equitable adjustable clauses in owner issued contracts that apply are Changes, fret Site Conditionsmia12010-07-21T163200What does this mean?, and S uspension2.6 Concurrent delaysThe concept of concurrent delay has become a very common presentation as part of some analysis of construction delays. The concurrency argument is not just from the standpoint of determining the projects critical delays but from the standpoint of assigning responsibleness for damages associated with delays to the critical route. Owners allow often cite concurrent delays by the contractor as a reason for issuing a time extension without additional compensation.Contractors will often cite concurrent delays by the owners as a reason why liquilidated damages should not be assessed for its delays. Concurrent delays are separate delays to the critical path that occur at the identical time. (Lowsley et al, 2006)Rubin et al. (1983) defined concurrent delays as the situation in which ii or more delays occur at the kindred time either of which had it occurred alone, would have affected the ultimate completion date. It means each of the delays mustiness in dependently affect the critical path.Reyn dodderys et al (2001) argue that to be considered concurrent delays, the delays need not commence precisely at the comparable time.Arditi et al (1995) had a view that, the delays need not occur in the same activity on the same critical path but whitethorn exist in diametrical activities on parallel critical path as well.The SCL Protocol (SCL, 2002) describe a true concurrent delay as the occurrences of the delays, one an employer risk event and the other a contractor risk event, at the same time, and their cores felt at the same time. This occurrence is, however, extremely rare in practice since time is incessantly divisible. For instance, two delay events occurring on the same day would not inescapably be true concurrent delays because one may have occurred in the morning while the other in the afternoon. Concurrent delay is also rather misleadingly used to refer to the occurrence of two or more delay events at different times but thei r effect are felt (in whole or in part) at the same time.As a summary, Figure 1 classifies the different types of delays based on their various attributes.Figure 1 Delay Classifications (Nuhu Braimah 2008)2.7 Primary Causes of DelayThere are two kinds of reason for delay in construction project external causes and internal caue.Internal causes of delay include the causes arising from four parti confused in the project. These parti include the proprietor, designers, contractor, and conultant. Other delays, which do not arise from these four parti, are based on external factors for example from the government, material suppliers, or the weather (Ahmed et al., 2003).Semple et al. (1994) found that making provisions in a construction programme for events such as weather delays reduces disputes. appeal and time claims, especially those which are difficult to quantify, regularly result in disputes amidst the contractual parties. Weather contingencies are very seldom adequate, in terms of progress and cost, referable to the use of varied methods used in the effort for weather contingency calculations. This results in adverse client-contractor relationships.Caenell.N.J, C2005) Cited the appropriateness to look at the matters which actually cause delay during the works themselves. The Contractor/Subcontractors responsibly for delays arise due to a failure on the part of the contractor to carry out the planning stages of the works in good order, others will be due to an inability to perform in the manner agreed in the contract.This is in line with the authors believes that, most delays are caused by inefficiencies on the part of the Subcontractors.Employers function or neutral events are caused through an act or omission of the employer or his team or by a matter which does not arise through the fault of the contractor. These are governed by the contract conditions.A useful list according to Carnell N.J (2005) is listed in Clause 25.4 of JCT 98 and includes gouge majeure,Exceptionally adverse weather conditions,Clause 22 perils(flood and the like),Civil commotion, strike or lock out,Compliance with architects instructions,Non-receipt of subjective information,Delays by nominated suppliers or sub-contractors, artisans and tradesmen,Government action,Restrictions on the availability of labour or materials,Delays by,statutory undertakers,Delays in giving access to the worksAhmed et al, (2003) also mentioned the following as some possible causes of delays in construction project in now Possessive decision-making mechanism, highly bureaucratic organization, scrimpy data collection and quite a little before designSite topography is changed after design,Lack of coordination at design phase,Inadequate review,Improper review article approach,Different attitude between the consultant and contractors/subcontractors,Financial difficulties,In lie with effect,Insufficient number of staffs,Deficiency in project coordination,time worn-out(a) to find sub contractors,company who is appropriate for each task,Often changing Sub -contracting company,Inadequate and old equipment,Lack of high-technology equipment and Harvest time.Ahmed et al (2003) cited Ogunlana et all (2001) as having studied the delays in Thailand, as an example of maturation economies.They concluded that the problems of the construction constancy in developing economies could be nested in three layers(1) Problem of shortages or inadequacies on industry infrastructure, mainly supply of resources, (2) Problems caused by clients and consultants and (3) Problems caused by incompetence of Contractors.Assaf et al (1995) Listed 56 extensive causes of disputes over delay and identified them as shortage of construction material, changes in types and specifications during construction, slow delivery of material, damage of material in storage, delay in the special manufacture of the building material, shortage of labour, labour skills, nationality of labourers, equipment failure, equipment shortage, amateur operators, slow delivery of equipment, equipment productivity, financing by Contractor during construction, delays in Contractors progress payment by Owner, cash problems during construction, design changes by Owner or his agent during construction, design errors do by designers, foundation conditions smia12010-07-21T163500These would be far better rpesented as a bullet pointed listencountered in the field, sneak in soil investigation, water table conditions on site, geological problems on site, obtaining permits from municipality, obtaining permits for labourers, excessive bureaucracy in project Owner operation, building calculate used in the design of the project, preparation and approval of shop drawings, hold for sample material approval, preparation of scheduling networks and revisions, deficiency of training personnel and management support, lack of database in estimating activity duration and resources, judgement of experience in es timating time and resources, project delivery systems used, hot weather effect on construction activities, insufficient available utilities on site, the relationship between different subcontractors schedule, the conflict between the consultant and the Contractor, uncooperative Owners, slowness of the Owner decision making process, the joint ownership of the project, poor organization, insufficient communication between Owner and designer at the design phase, unavailability of master key construction management, inadequate early planning of the project, inspection and testing procedures used in the projects, errors committed during field, application of quality control based on foreign specification, controlling subcontractors by general Contractors in the execution of the works, the unavailability of financial incentives for Contractor to finish ahead of schedule, negotiations and obtaining of contracts, legal disputes between various parties, social and cultural factors, acciden ts during construction .Ahmed et al. (2003) maintained that the iue of responsibility for delay - related to whether the supplier - awarded or - liable for costs and additional time to complete the project. The categories of reponibilitie areproprietor (or agent) responsible supplier will be granted time extension and additional costs (indirect), where warrantedsupplier (or subcontractor) responsible supplier will not be granted time or costs and may have to pay damages/penaltiesneither party (e.g. act of God) responsible supplier will receive additional time to complete the project but no costs will be granted and no damages/penalties aeed andboth parti responsible supplier will receive additional time to complete the project but no costs will be granted and any damages/penalties aeed.smia12010-07-21T163600Always? Dosent this depend on the risk allocation in the contract?Ying et al (2005) acknowledged five factors that influence time performance as great project scope identif ication, low speed of decision making, inadequate managerial skills during the planning phase, insuffiecient contractor completion and Lack of a strong organasational culture.Okumbe et al (2008) researched on Construction Industry perpestive on causes and effects of delays in due south Africa and highlighted causes of dealy in payment as consultants inefficiency,lack of professionalism by the government employees,incompetence caused by insufficient staff,bureaucratic procedures experienced by government/client,late processing by project step surveyors ,late prepartion of payment certificate,claiming problems,late approval of work by architect and engineers,continous formulation of bran-new policies by The Public Procurement and Asset Disposal Board (PPADB),poor budgeting by the client,late submission of cost reports by projects quantity surveyors,lack of understanding of contractual obligations and lack of funding,late project delivery,delays, in materials supply,labour stoppage as employess may go on strike if not paid on time,cash flow problems faced by contractors,contractors claiming extension of time with costs,risk of poor workmanship,poor contract delivery and default in paying suppliesrs and employers.In addition to causes of delays and who is responsible for them, there are other delay-related effects that may occur. High on the list is a falling off in the Contractors efficiency caused by the delays. The delays may directly cause the inefficiency or be caused by the inefficiency.Gorse (2004) Suggested that a well-evidenced claim, supported by an appropraite documentation, that properly establishes cause and effect and reasonably quantities the losses for each event will probably succeeds.Frimpong et al (2003)Conducted a survey on the causes of delay and cost obtrude upons in construction of groundwater projects in a developing countriesGhana as a case study and the main conclusions of the survey weremonthly payments difficulties from agencies,m atarial procurement,poor practiced performance,escalation of matarial prices accordinging to their degree of influence and theses were considered as major factors.The other factors that emerged as not very important ,but of interest were,bad weather,unfavorable geological conditions.Ahmed et al (2003) carried out a research which revealed the ranking of design related key delays.The most general design related caused delay was found to be taking place during the inspection phase followed by material/fabrication period, poor subcontract performance, material procurement and construction mistake as shown on realise 2.Source Ahmed et al. ( 2003)Figure 2 Ranking of design related key delaysEffects of Delay on Construction CostA brief review of text books and reports smia12010-07-21T163800What books and reports? You should at least give some example referencesreveal that construction excellence has not only become an picking but a necessity, if the UK construction industry is to surv ive economics dynamics and changing social needs. Considering the industry is one of the pillars of the domestic parsimony making approximately 10 percent of Gross Domestic Product (GDP) and employing considerable number of workers, it is important to note that construction excellence is critical for the UK economy and its future.When a project is delayed, the owner, Contractor, or both may incur added costs. The last of the amount of these costs is based on the results from the delay analysis and the finis of liability once the critical delays have been identified. (Trauner et al, 2009)More importantly, the construction industry needs to improve itself in order to increase profitability, quality of deliverables and client needs before it can contribute to the economy.There are many possible factors that can cause actual labour costs to master estimated costs such as engineering errors and omissions, excessive changes, delay and quickening and weather. These factors may requir e contractors to work out of sequence, hire more workforce than planned, work plan overtime and utilize more costly methods of construction. (Borcherding et al, 2006).Trauner et al (2009) listed the following as examples of how delays can lead to inefficiencies.Shifts in construction sections-A delay to a project can shift work originally scheduled for one season into a different season.Availability of resources-Delays can affect the availability or resources in the areas of manpower, subcontracts or equipment.Manpower levels and distribution-Changes may be needed in terms of additions manpower, erratic staffing or variations in favorite(a)/optimum gang size.Lowe et al (2006) described disputes as being the source of possible time and cost overrun and possible adversarial relationships between the different parties. This is not welcome to either the Owner or the Contractor. Cost overrun might lead to the project being unsuccessful, unfeasible or misdirect any benefits. Although avoiding disputes has been suggested, this is not usually possible and where disputes cannot be avoided efforts should be made to manage and contain the consequences. It is to the benefit of both the Employer and the Subcontractor to manage disputes towards a blockage as this will safeguard the success of the project.Cormican (1985) observed that the construction industry in UK is always at the top of the bankruptcy league and the most dangerous of all sectors. These unhealthy developments underpin the prevailing abandonment of projects and countermine the viability and sustainability of the construction industry.Akinci et al (1998) categorised risk factors affecting cost performance into organisation specific, global and acts of God. The organisation specific risks are internal risks related to the organisations resources and management including labour skills and availability, material delivery and quality, equipment reliability and availability, and managerial efficiency. orbic ulate risks are those that transcend the boundaries of the contracting organisation yet having large impact on it. These include estimating related, design related, level of competition, fraudulent practices, construction related, economic related and political relatedsmia12010-07-21T164000This is OK as far as it goes, but the literature revierw is supposed to be a CRITICAL review yours is truly just a list of someone said this.You really need to summariuse at the end what the key issues are from your literature review, and how they relate to your particular problem..

Analysis of Indias Mutual Fund Industry

Analysis of Indias plebeian store patience closing maker SummaryThe handle titled Mutual origin has been prepargond to give way an in-depth analysis of joint entrepot persistence in India and withal a brief study of Mutual bloodline structure outside India. The brood starts with the introduction of Mutual line of descent, giving details about what Mutual Fund is all about. This has been by means of with(p) so to make even a layman learn what a usual broth is. After the introduction part, on that point is a mention of the parties multiform in reciprocal monetary caudex business, namely the AMC, Fund Managers, Dealers of Mutual Fund, Distrisolelyors, Investors of Mutual Fund, and the Regulators and so on. later(prenominal) on, in the report, the inclusion of types of Mutual setment company, gives a good k immediatelyledge of assorted categories of reciprocal investment firm. The compartmentalization has been made on unalike measures. Almost all the measur es direct been accommo particular date in this report. This part of report has great details of the types of vulgar nones.Later part of the report contains the Mutual Fund history in India. The emergences that pass taken bewilder since the start of Mutual Fund in India have been discussed in this part of the report. The history of Mutual Fund has been discussed in here(predicate) below opposite phases. After the history part, the report discusses about the distinguishable strain accomplishment. one(a) of the important parts of the part is the NAV part. In this voice of report, a detailed study has been done on Net plus Value (NAV) of Mutual Fund. How the NAV is calculated, its mis purposeion in the minds of layors, how important it is for the parties of Mutual Fund has been explained in this section of the report. Just after this section, there is a mention of tax revenue in Mutual Fund. How Mutual nones ar taxed and what argon the tax-free Mutual capital av ailable in the securities industry has been discussed. This part has been discussed with examples, so as to make the chargeors infrastand, how they clear be arrive ated with the buying of Mutual finances. The different terminologies in Mutual Fund namely, drink, SWP, ARP, AWP, etc has been discussed in this report.The run section of the report discussed about the attempts involved in the unwashed stock. The different methods through which the risks involved in common fund, has been discussed in this section. Also discussed be the advantages and disadvantages of buying a reciprocal fund. There has in like manner been a comparison made mingled with the outcomes that rout out be earned from mutual fund as comp ard with improve deposit in banks, in post offices and appareliture in impart marts.MUTUAL FUNDSWhat is a Mutual Fund?A mutual fund is a vehicle to pool bullion from authoriseors with a call off that the bullion would be invested in a particular manner, by maestro causers who are expected to owner the promise. In India mutual cash are governed by the regulations of the Securities and Ex reassign Board of India (SEBI).The basic idea behind a mutual fund is that mavin(a) investors in the main lack the time, the inclination or the skills to manage their own enthronizations. consequently, mutual specie hire master coach-and-fours to manage the investment for the benefit of their investors in return for a counsel fee. and so Mutual Funds came as a solution to benefit investors who had littler or no idea about the working of expect(a)(a) trade plainly were eager to create rough money out of it.It was created for the benefit of investors who were not able to understand the complicated functioning of the burgeon forth mart but had money to invest in it. The basic purpose of any(prenominal) mutual fund is to put the money of the investors into respective(a) scrip in the stock market by creating a portfolio (a collecti on of various shares) and making investors understand the benefits and drawbacks of each and every purpose. The benefit to the customers is that they whoremaster invest in various stocks, tolerate foreshorten suffice from professional people and that their money is world managed by professional who have clear understanding of the market.The memorial tablet that manages the investment is the summation caution Company (AMC). Employees of the AMC who perform this role of managing investments are the fund managers.Professional ManagementsMain idea behind mutual fund is that individual investors lack time and technical skills to research their choice of stock and invest in them so mutual fund hire skilled professional to manage investment of investors in return of management fee.The organization which mange this mutual bullion are calledAs lot Management Company(AMC)And employees who perform this line are calledFund MangersSCHEMESPortfolio Management SchemesInvestors have thei r own preference on how they want to invest their money and how frequently risk they want to take. person-to-person treatment with which an individual investor manages their investment and how much risk they want to be decided is done by professional managers is referred as Portfolio Managements Schemes(PMS).This is unremarkably done for investment under Rs 10 lakhs.Money in trustA mutual fund manages investment of the schemes for the benefits of the investors. every schemes has an Investment Portfolio (portfolio statement)Account of income and white plague (revenue Account)Account of summation and liabilities (Balance Sheet)To insure fairness in investment, SEBI regulates the exp dis federal agencyiture that sack be charged to a scheme.Who are the Parties Involved?InvestorsEvery investor check to their fiscal position takes risk that is calledrisk profile or risk appetite.So hypothesis tells that by taking risk of loosing whole or partial money it is possible that investor wo uld gain profit out of investment. blasphemeeesThese are the people at bottom the mutual fund organization who are prudent ensuring that investors spare-time activity in a scheme is taken care properly.Asset Management CompanyAMCs manages the investment portfolio of schemes. An AMCs income come from the management fee it charges for the schemes it manages.Every AMC asset under management because price coffin nail not be reduced below some obdurate level after that it becomes viable.DistributorsDistributors produce investors in mutual fund and it earns flush on each investors.It is AMC decision whether to bear cost fully on distributors or partially.On financial and physical resources distributors could beTier 1 who have their own franchised meshing reaching out to the investors all across the nation.Tier 2- who are generally regional players with some reach within their region.Tier3 who are small and fringy players with coiffureed reach.RegistrarAn investors safekeep ing in mutual fund schemes is typically tracked by schemes Registrar and Transfer agent. Some manages it own kinsfolk and some appoint it outside. Request to invest much money or to redeem money against existing investment is done by RT.flight att endingant/DepositoryThe custodian maintain the securities in which the scheme invest this witness an outgoing independent record of the investment of the schemesSchemes and social unit of measurement of measurements-Investment in smart set is normally re gifted by certain number of sharesPeople invest in a company by acquiring its share and leach by deceiveing its shares.The total outstanding shares of a company cipher by the face value of each share,Constitute the share gravid of a company.Shares are repre moveed in a company and units are represented in a mutual fund scheme.Types of schemesMutual fund schemes can be adjureed with any of a range of investment objectives each corresponding to a certain point in the risk retu rn matrix. It can be categorized based on tenor, asset, class, position ism geography.Open End SchemesThese are the schemes which do not have the fixed maturity date. The mutual fund ensures the liquidity by announcing sale and repurchases prices for the units of an open end schemes on an ongoing basis.Investors who wish to exit from an open end scheme can offer their unit to the mutual for redemption, generally called repurchase. Similarly mutual fund can sell sunrise(prenominal) units to investors who want to participate in schemes generally called sale.Additionally a mutual fund can make to provide liquidity by listing in stock exchange, in that case investor can either trade schemes or opt for preceding(prenominal) mentioned route.Closed End SchemesThese are schemes which have fixed maturity liquid in much(prenominal)(prenominal) case is available through listing in stock market.Trade alters change in ownership but dont change in schemes unit outstanding.Occasionally clo sed end schemes provide a re purchase extract to investors.Either by a condition period or after a specified period normally up to a total limit for all investors together, or limit per investors.Such repurchase would reduce the unit capital of the schemes.Asset course of studyEquity schemes invest in shares. Depending upon the schemes objective investment could be,Growth stock where earning ripening is expected to be attractiveMomentum stock that can go up and down with line marketValue stock where the fund manager is of the view that rate of flow valuation in the stock market does not reflect intrinsic value Income stock that can earn high returns through dividends.Debt or income schemesGILT schemesThese invest in political science securities. Apart from beingness the most liquid schemes in the debt market, government securities are eligible for liquidity support. stick to SchemesThese schemes invest in draw securities issued by the government or any other issuer.BondScheme scan aid people overcome some of the barriers to mysterious renting posed by the requirement to pay abondto a landlord.Bondschemesare unremarkably set up by the local authority, a voluntary organization or by the Probation Service. wholeBondSchemeshave the selfsame(prenominal) goal to help people who could not otherwise do so to access cloistered rented accommodation. In achieving this goal a successful scheme go away be contributing to the confidence and efficiency of the private rented sector and helping to fleck homelessness by assisting homeless and dominancely homeless people.Features of the 8% Savings (Taxable) Bond Scheme 2003Junk Bond SchemesJunk bond schemes in securities that are below investment grade. High yield bonds are politically crystalise way of referring to junk bonds.Junk bonds can be identified through the lower grades as sign-language(a) by rating services (e.g., BBB instead of abdominal aortic aneurysm for the highest quality bonds). Because the pos sibility of default is great, junk bonds are usually considered besides risky for investment by the large institutional investors (mutual money) that provide U.S. corporations with much of their investment capital. Junk bonds are often issued by smaller, newer companies.Money mart and Liquid SchemesThese schemes invest in short term debt instrument.Money Markets Instruments includeCommercial papersCommercial billsTreasury bills giving medication securities having an unexpired maturity up to one familyCall or notice moneyCertificate of depositUsance billsPermitted securities under a repo / reverse repo intellectAny other like instruments as whitethorn be permitted by RBI / SEBI from time to time.Liquid/Money market schemesThese are designed for corporate and small businessmen to use for cash or treasury management. These schemes allow them to park short-term surplus monetary resource in the money market, so that they earn some return before they find end uses. They invest in money market instruments like call money, inter-corporate deposits and commercial paper. Their returns range from 8 to 11 per cent, depending on money market conditions. flat salaried individuals can use them in the short term, since they offer unwrap returns than savings accounts. Some bullion even offer cheque- make-up facilities.Risk comes from money market volatility which besides creates the possibility of gain due to a sudden increase in rates.Balanced SchemesBalanced schemes invest in both beauteousness and debt. The debt investment ensures a basic interest income. Which fund managers hope to top up with capital gains on the investment portfolio. but loses can eat into the basic interest and the income.Big advantage of these schemes is that market risk is more palatableCapital Protected SchemesIt is a kind of balanced schemes, where a part of the initial issue proceeds is invested in gilts that would mature to a value equivalent to the unit capital of the schemes. ther efrom the investors capital is protected.Physical AssetTechnically said that mutual fund can invest in any asset whether it can be real asset, precious metals, other metals (aluminium, steel) oil and commodities.In India regulatory model does permit investment in real asset.Schemes by Position Philosophy. orbit FundsRegulator equity funds invest in a mix of equities that are spread across different sectors so they are called diversified equity funds.Sectors funds on other hands invest in a particular sector,Like energy funds.Index FundsThese funds create and replicate according to the specified index such(prenominal) as BSE, NSE, etc. and such position can be created by cardinal methodsIt can be done by maintaining an investment portfolio that replicates the formation of a chosen index. Weight is same according to the index weight. This replicating manner is called the passive investing. Investment fund are called passive funds. And funds that are not passive are called managed funds. Index schemes are also called as unmanaged schemes(since they are passive) or tracker schemes(since they track index)Another is by doing research and identifying a field goal of securities and derivatives whose movement is similar to that of index. Schemes that invest in such basket are called as active index funds.Enhanced Index FundsThis is a managed index funds that can beat the performance of a bench mark index by at least 0.1 % but no more than the 2% if it crosses 2.5 it is called equity mutual fund.Exchange Traded Funds (ETF)These are open end funds that trade on the exchange.ETF different from index funds in followe respectA single NAV in case of open end and in case of ETF is traded in the market place. so its price keeps changing during dayThe AMC of an ETF does not offer sale and re purchase price of the units.Unique feature is that beside lower-ranking market it also has primary market.Fixed Maturity PlansThis eliminates the risk of capital loss by investing in a pre specified debt securities.When a series of FMP are issued for different maturities they are called serial funds.These funds can chose exclusively to invest in government securities and called serial gilts, alternatively they can invest in non government securities in which case they become Serial Bond Schemes.Non government securities have risk of default (credit risk) which does not exist in case government securities.Schemes by GeographyCountry or region fundsThese invest in securities from a specified rude or region.This is based on the fact that a particular country or region lead show a higher growth or returns on the equity market.Offshore funds- these mobilize the money from investors for investment outside their country.The principle of time diversification has given rise to the concept of organized Investment Plan(SIP)Systematic withdrawal Plan(SWP)Systematic Transfer Plan(STP)Systematic Investment Plan (SIP)It refers of investing aeonian fund regularly generally every month. When market goes up wherefore the money invested in that period gets translated into fewer numbers units for investors and vise versa.Thus it is clear that SIP tempers with the gain or loss from the investment SIP does not offer protection from losses. If the market turns adverse then you can lose money even in SIP.SIP ensures that your acquisition cost approximate the number NAV. Therefore this investment style is also called rupee cost averaging.Value averaging ensures that investors book profit in rising market and invest in loosing market.For e.g. for ICICI bank (Open ended equity fund), monthly lower limit Rs. 1000 + 5 post-dated cheques for a minimum of Rs. 1000 each.Systematic Withdrawal Plan (SWP)It is mirror image of SIP, under SWP investor would withdrawal constant fall periodically. The benefits are the same namely that through SWP the investor can temper gains though it does not prevent losses.For e.g. in case of ICICI bank (Open ended equity fund) SWP is a Minimum of Rs.500/- and Multiples thereof.Systematic Transfer Plan (STP)Investors exposure to different type of securities whether debt or equity should flow from their risk profile or appetite which the function of their financial position and personal disposition.It occurs in two situationsOn investment or disinvestment (here SIP and SWP is useful)On change in value of securities in market.In case of mutual funds such rebalancing can be achieved by systematically moving money a mid(prenominal)dle schemes.Mid-Cap FundMid cap funds are those mutual funds, which invest in small / medium sized companies. As there is no standard definition classifying companies as small or medium, each mutual fund has its own classification for small and medium sized companies. Generally, companies with a market capitalization of up to Rs 500 crore are classified as small. Those companies that have a market capitalization between Rs 500 crore and Rs 1,000 crore are classified as medium sized.Big investors like mutual funds and Foreign Institutional Investors are increasingly investing in mid caps now a day because the price of large caps has increased substantially. undersized / mid sized companies tend to be under researched thus they present an opportunity to invest in a company that is yet to be identified by the market. Such companies offer higher growth potential going forward and therefore an opportunity to benefit from higher than average valuations.But mid cap funds are very vaporific and tend to fall like a pack of cards in bad times. So, caution should be exercised while investing in mid cap mutual funds.Growth OptionThe Scheme ordain not declare any dividends under this filling. The income earned by the scheme forget remain invested in the scheme and forget be reflected in the NAV. This pick is suitable for investors who are not looking for current income (but who have invested with the mark of capital appreciation). Moreover, if units under this pick ar e held as capital asset for a period of at least one grade, from the date of acquisition, unit toters should get the benefit of long term capital gains tax.Dividend OptionThis option is suited for investors seeking income through dividend declared by the scheme. Only unit toters opting for the dividend option entrust receive dividends. An investor on record for the purpose of dividend distributions is an investor who is an unit holder, as of the record date. In order to be a unit holder, an investor has to be allocated units representing receipt of clear funds by the scheme.The scheme may be at the discretion of the trustee, declare annual dividends in its dividend visualise subject to availability of distributable profits. Dividends allow for be declared on the last business day of border district. If March 31st is a non business day, the previous business day volition serve as the record date. meantime dividends may be declared at the discretion of the trustee. Unit holde rs also have the option to reinvest their dividend at the ex-dividend NAV. The trustee, in its sole discretion, may also declare interim dividends. It should be noted that actual distribution of dividends and the frequency of distribution indicated above, are provisional and will be ideally at the discretion of the trustee and depend, inter alia on the availability of distributable surplus to the accomplishment the entire net income and realized gains are not distributed, the same will remain invested in the scheme and be reflected in the NAV.Payout DividendAs per the regulations, the fund shall dispatch to the unit holders, the dividend proceeds within 30 days of solution of the dividend. Dividends will be payable to those unit holders whose names appear in the register of the unit holders on the date (record date). Dividends will be paying by cheque net of taxes may be applicable. Unit holders will also have the option of direct payment of dividend to the bank account. The cheq ues will be drawn in the name of the sole/first holder and will be posted to the registered address of the sole/first holder as indicated in the trustworthy application form. The fund will reach to dispatch the dividend cheques within 30 days of the record date. To safeguard the interest of the unit holders from loss or theft of dividend cheques, investor should provide the name of their bank, disunite and account number in the application form. Dividend cheques will be sent to the unit holder after incorporating such information.Reinvest DividendUnder this sub-option, unit holders may chose to reinvest all of their dividends by way of additional units of the scheme instead of receiving dividends in cash. Such additional units by way of reinvestment of dividends will be at the applicable NAV on the next day (excluding Saturday) after the record date. The dividend so reinvested shall be constructive payment of dividend to unit holders and constructive receipt of the same amount fr om each unit holder for reinvestment in units. Any such investment will be made by indicating in the investors descental application or by providing the fund with written notice signed by all the registered holder(s) of the units and also sent to the registrar.Revocation of any such decision also must be made in writing and signed by all the registered holder(s) of the units and also sent to the registrar.The additional units issued under the sub-option Reinvest Dividend under option B and held as capital asset would get benefit of long-term capital gains tax if sold after being held for one year. For this purpose one year will be computed from the date when such additional units are issued.Effect of Dividend The NAV of the unit holders in dividend option will stand reduced by the amount of dividend declared. The NAV of the growth option will remain unaffected.Mutual fund industry in IndiaThe origin of mutual fund industry in India is with the introduction of the concept of mutual fund by UTI in the year 1963. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered the industry.In the past decade, Indian mutual fund industry had seen a dramatic improvement, both qualities wise as considerably as quantity wise. Before, the monopoly of the market had seen an ending phase the Assets under Management (AUM) were Rs. 67bn. The private sector entry to the fund family raised the AUM to Rs. 470 bn in March 1993 and till April 2004 it reached the height of 1,540 bn.Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less than the deposits of SBI alone, constitute less than 11% of the total deposits held by the Indian banking industry.The main reason of its poor growth is that the mutual fund industry in India is new in the country. Large sections of Indian investors are yet to be intellectuated with the concept. Hence, it is the prime responsibility of all mutual fund companies, to market the p roduct correctly abreast of selling.The mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under.First figure -1964-87Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964.Second phase1987_1993 (Entry of existence Sector Funds)Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Canara bank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47, 004 as assets under management.Third Phase- 1993-2003 (Entry of Private Sector Funds)With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996.The number of mutual fund houses went on increasing, with many abroad mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of other mutual funds.Fourth Phase- since February 2003This phase had virulent experience for UTI. It was bifurcated into two separate entities. One is the Specified childbed of the Unit Trust of India with AUM of Rs.29, 835 crores (as on January 2003). The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations.The warrant is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000 crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.Performance of Mutual Funds in India permit us start the discussion of the performance of mutual funds in India from the day the concept of mutual fund took birth in India. The year was 1963. Unit Trust of India invited investors or rather to those who believed in savings, to park their money in UTI Mutual Fund. For 30 years it goaled without a single second gear player. Though the 1988 year saw some new mutual fund companies, but UTI remained in a monopoly position.The performance of mutual funds in India in the initial phase was not even closer to suitable level. People rarely understood, and of course investing was out of question. But yes, some 24 million shareholders were accustomed with guaranteed high returns by the beginning of loosening of the industry in 1992. This good record of UTI bec ame marketing tool for new entrants. The expectations of investors touched the sky in profitability factor. However, people were miles away from the zeal of risks factor after the liberalization. The Assets under Management of UTI was Rs. 67bn. by the end of 1987. allow me concentrate about the performance of mutual funds in India through figures. From Rs. 67bn. the Assets Under Management rose to Rs. 470 bn. in March 1993 and the figure had a three times higher performance by April 2004. It rose as high as Rs. 1,540bn. The net asset value (NAV) of mutual funds in India declined when stock prices started falling in the year 1992. Those days, the market regulations did not allow portfolio shifts into alternative investments. There were rather no choices apart from holding the cash or to further continue investing in shares. One more thing to be noted, since only closed-end funds were floated in the market, the investors disinvested by selling at a loss in the secondary market. The performance of mutual funds in India suffered qualitatively. The 1992 stock market scandal, the losses by disinvestments and of course the lack of downright rules in the whereabouts rocked confidence among the investors. Partly owing to a relatively weak stock market performance, mutual funds have not yet recovered, with funds trading at an average discount of 1020 percent of their net asset value.The supervisory authority adopted a set of measures to create a transparent and competitive environment in mutual funds. Some of them were like reposeful investment restrictions into the market, introduction of open-ended funds, and paving the gateway for mutual funds to launch pension schemes.The measure was taken to make mutual funds the key instrument for long-term saving. The more the variety offered, the quantitative will be investors.At last to mention, as long as mutual fund companies are performing with lower risks and higher profitability within a short span of time, more and mo re people will be inclined to invest until and unless they are fully educated with the country and donts of mutual funds.Drawbacks of Mutual FundsMutual funds have their drawbacks and may not be for everyoneNo GuaranteesNo investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. Investors roleplay fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money.Fees and commissionsAll funds charge administrative fees to cover their day-to-day expenses. Some funds also charge sales commissions or loads to compensate brokers, financial consultants, or financial planners. Even if you dont use a broker or other financial adviser, you will pay a sales commission if you buy shares in a Load Fund.TaxesDuring a typical year, most actively managed mutual funds sell anywhere from 20 to 70 percent of the securities in their portfolios. If your fund makes a profit on its sales, you will pay taxes on the income you receive, even if you reinvest the money you made.Management riskWhen you invest in a mutual fund, you depend on the funds manager to make the right decisions regarding the fun

The Black Death: Impact On Society

The dull shoemakers last impingement On SocietyThe somber death was the biggest disaster in European history. From its beginning in Italy in late 1347 through and through its movement across the continent to its fading start in the Russian hinter vote outs in 1353, this plague killed between seventeen and xx eight million people. The grue close to symptoms and the deadliness, possess fixed the swart Death in popular imagination. Discovering the dis saves cultural, social, and stinting impact, has occupied generations of scholars. Despite the growing understandings and wonders of the portentous Deaths effects, definitive assessment of its role as historical turning saddle continues to be a work in progress.Like the plagues death toll, its economic impact resists incompetent measurement. The minatory Deaths timing make a ostensible labeling of it as a turning point in European economic history nearly inevitable. It arrived near the close of the mellowed tenderness Ages (c. potassium to c. 1300) in which urban life reemerged, extensive distance commerce revived, production line and manufacturing innovated, agriculture matured, and people grew rapidly, doubling or tripling. The low-spirited Death simultaneously proposed an economically stagnant, and a depressed late meat Ages (c. 1300 to c. 1500). Even if this rocky and almostwhat misleading portrait of the mediaeval prudence is accepted, isolating the Black Deaths economic impact from diverse factors at play is a scare challenge.Aware of the differences between the high and the late Middle Ages, students of gallant providence have offered a wide mix of explanations, some mutually limited, others not, some elevate the less dramatic, and the less visible, yet consistent factor as an agent of counterchange rather than a disastrous demographic shift. For some, when the mood cooled it undercut the agricultural productiveness, a downturn that rippled throughout the primariy rural econom y. For others, exploitative political, social, and economic institutions enriched an idle elite and deprived working confederacy of resources and incentive to be inventive and productive. Yet others associate alternate and pains factors with the fourteenth and fifteenth century economic depression.In the reconstruction of the Middle Ages, the population growth was stern-pressed against the societys ability to feed itself. The uprise in deficiency and contracting holdings compelled the niggard to develop inferior, low fertility land and to convert pasture to poor production and thereby reducing the rime of livestock and making manure for fertilizer less availible. Boosting staring(a) productivity in the immediate term yet driving yields of cereal downward in the long term to intensify the disproportion between population and diet sum redressing the imbalance became expected. This ideas supporters see signs of demographic correction from the mid 13th century onward, possib ly arising in part from marriage practices that reduced fertility. A more potent correction came with subsistence crisis. Wretched weather in 1315 destroy crops and the ensuing Great Famine (1315-22) . It reduced northern Europes population by perhaps ten to fifteen percent.The Black Deaths impact on the economys moneymaking(prenominal) division is a complex problem. The enthusiasm of the high medieval economy is loosely conceded. When the first millennium gave way to the second, urban life revitalized, the trade and manufacturing flourished, merchant and craft golf clubs emerged, mercantile and financial innovations thrive. The integration of the high medieval economy reached its high point c. 1250 to c. 1325 with the rise of large companies with international interests, such as the Bonsignori of Siena and the Buonaccorsi of Florence and the materialization of so called super companies such as the Florentine Bardi, Peruzzi, and Acciaiuoli (Hunt and Murray, 1999).The Black Deat hs impact on calling its full due, save emphasizes the variety of the plagues impact from merchant to merchant, industry to industry, and city to city. Success or blow was equally possible aft(prenominal) the Black Death and the game favored adaptability, creativity, nimbleness, opportunity, and foresight. Once the magna pestilencia had passed, the city had to get by with a labor supply even more greatly decimated than in the countryside, due to a generally higher urban death rate. The city, however, could reverse some of this damage by attracting, new workers from the countryside, an occurrence that deepened the crisis for the manorial lord and contri thoed to changes in rural settlement. A reappearance of the slave trade occurred in the Mediterranean, especially in Italy, where the feminine slaves from Asia or Africa entered domestic service in the city and the male slaves worked hard in the countryside. However, finding more labor was not a ecumenical remedy. If peasant or slave could perform an unskilled task effectively, but could not necessarily replace a skilled old salt. The porcine privation of talent due to the plague caused a decline in per capita productivity by skilled labor was remedied only by time and culture (Hunt and Murray, 1999 Miskimin, 1975).Another immediate consequence of the Black Death was displacement of the motivation for goods. A suddenly and sharply smaller population ensured a otiose of manufactured and trade goods, whose prices plummeted for a time. The workman who successfully withstand this bypass term disproportion in supply and withdraw then had to reshape his business output to fit a declining or at best squashy pool of potential customers.The Black Death had altered the structure of demand as well. The standard of living of the peasant improved, however, chronically low prices for grain and other agricultural products from the late fourteenth century deprived the peasant of the additional income to purchas e enough manufactured or trade items to withdraw the hole in commercial demand. In the city the plague laborious wealth, often considerable family fortunes, in fewer and often younger hands.When pair with lower prices for grain, left greater per capita of disposable income. The plagues psychological impact, in addition, influenced how this roaring was used. Glumness and the specter of death spurred an individualistic pursuit of pleasure, a diarrhea that manifested itself in the purchase of luxuries, especially in Italy. Even with the reduced population, the gross quantity of luxury goods manufactured and sold rose, a pattern of exercise that continued even after the extra income had been spent within a generation or so after the magna pestilencia.Like the manorial lord, the pie-eyed urban bourgeois (a person belonging to the middle class) sometimes occupied structural impediments to block the ambitious parvenu (a person who is newcomer to a socioeconomic class) from joining his ranks and becoming a competitor. A inclination toward bound the status of gild master to the son or the son in law of a sitting master, is evident in the first half of the fourteenth century, gained further forward motion after the Black Death. The necessity for more laborers and journeymen after the plague was conceded in the shortening of terms of apprenticeship, but the newly minted journeyman often discovered that his chance of breaking through the glass ceiling and becoming a master was virtually zipper without an entre through kinship. Women were also being banished from the gilds, they were unwanted competition. The urban laborer had no access to urban structures of power, a potent source of frustration. period these measures may have permitted the bourgeois to hold his ground for a time, change was erupting in the city as well as the countryside and gild monopolies and gild restrictions were disputing by the close of the Middle Ages.In the new climate created by the Black Death, the businessman did retain an advantage. The business judgment and techniques perfected during the high Middle Ages. This was critical in a contracting economy, in which gross productivity never attained its high medieval peak. A displace economy demanded adaptability and the most successful businessman not merely weathered bad times, but found opportunities within adversity and exploited them. back plague businessmens had a preference for short term rather than long term ventures. They once believed a product of a depressing despair caused by the plague and made worse by widespread violence, rot of traditional institutions, and nearly continuous warfare. It is now viewed as a rational desire to leave open entrepreneurial options, to manage risk effectively, and to make for advantage of whatever opportunities arise. The successful businessman observed markets closely and responded to them magical spell exercising strict control over his concern, looking for grea ter efficiency, and press clipping be. (Hunt and Murray, 1999).The Black Death may indeed have made its great contribution to popular revolution by expanding the peasants perspectives and fueling a mavin of criticism at the pace of change. The plague may also have undercut devotion to the notion of a exquisitely sanctioned, social assemble and pummeled a belief that preservation of manorial socioeconomic arrangements was essential to the pick of all. This in turn may have raised receptiveness to the suggestive socially revolutionary message of preachers like Englands John Ball. After the Black Death, change was inevitable and apparent to all.XXXXIn sum, the Black Death played some role in each uprising but, as with many medieval phenomena, it is difficult to gauge its importance relative to other causes. Perhaps the plagues greatest contribution to unrest lay in its fostering of a shoplifting economy that for a time was less able to absorb socioeconomic tensions than had the growing high medieval economy. The rebellions in any event achieved little. Promises made to the rebels were invariably broken and brutal reprisals often followed. The lot of the lower socioeconomic strata was improved incrementally by the larger economic changes already at work. Viewed from this perspective, the Black Death may have had more influence in decide the workers grievances than in spurring revolt.The European economy at the close of the Middle Ages (c. 1500) differed fundamentally from the pre-plague economy. In the countryside, a freer peasant derived greater material proceeds from his toil. Fixed rents if not outright ownership of land had largely displaced common dues and services and, despite low grain prices, the peasant more right away fed himself and his family from his own land and produced a surplus for the market. Yields improved as reduced population permitted a greater focus on racy lands and more frequent fallowing, a beneficial phenomenon for the peasa nt. More pronounced socioeconomic gradations developed among peasants as some, especially more prosperous ones, exploited the changed circumstances, especially the availability of land. The peasants gain was the lords loss. As the Middle Ages waned, the lord was commonly a pure renter whose income was subject to the depredations of inflation.In trade and manufacturing, the relative ease of success during the high Middle Ages gave way to greater competition, which rewarded collapse business practices and leaner, meaner, and more efficient concerns. Greater sensitivity to the market and the cutting of costs in the end rewarded the European consumer with a wider range of good at better prices.In the long term, the restructuring caused by the Black Death perhaps fostered the calamity of new economic growth. The deadly disease returned Europes population roughly its direct c. 1100. As one scholar notes, the Black Death, unlike other catastrophes, destroyed people but not property an d the very slim population was left with the whole of Europes resources to exploit. The resources were far more substantial by 1347 than they had been 2 and a half centuries earlier, when they had been created from the ground up. In this environment, survivors also benefited from the technological and commercial skills developed during the course of the high Middle Ages. Viewed from another perspective, the Black Death was a cataclysmic event and reduction of expenditure was inevitable, but it ultimately diminished economic impediments and opened new opportunity.References and Further ReadingBailey, cross off D. Demographic Decline in Late Medieval England Some Thoughts on Recent Research. sparing History Review 49 (1996) 1-19.Bailey, Mark D. A Marginal Economy? East Anglian Breckland in the Later Middle Ages. Cambridge Cambridge University Press, 1989.Campbell, Bruce M. S. coarse Progress in Medieval England Some Evidence from Eastern Norfolk. Economic History Review 36 (1983) 26-46.Campbell, Bruce M. S., ed. Before the Black Death Studies in the Crisis of the Early Fourteenth Century. Manchester Manchester University Press, 1991..Herlihy, David. The Black Death and the Transformation of the West, edited by S. K. Cohn. Cambridge and London Cambridge University Press, 1997.Horrox, Rosemary, transl. and ed. The Black Death. Manchester Manchester University Press, 1994.Hunt, Edwin S.and James M. Murray. A History of Business in Medieval Europe, 1200-1550. Cambridge Cambridge University Press, 1999.Miskimin, Harry A. The Economy of the Early Renaissance, 1300-1460. Cambridge Cambridge University Press, 1975.Platt, Colin. King Death The Black Death and its Aftermath in Late-Medieval England. Toronto University of Toronto Press, 1996.Poos, Lawrence R. A Rural Society after the Black Death Essex 1350-1575. Cambridge Cambridge University Press, 1991.Ziegler, Philip. The Black Death. London Penguin, 1969, 1987.Citation Routt, David. The Economic Impact of the Blac k Death. EH.Net Encyclopedia, edited by Robert Whaples. July 20, 2008. URL http//eh.net/encyclopedia/article/Routt.Black.Death

Violence in the American Workplace Essay -- Business Management Essays

vehemence in the American body of workThe American work has become a battle ground. Each year thousands of workers f all victim to oeuvre violence, or ar at least threatened with acts of violence. According to the Occupational golosh and wellness Administration (OSHA) Workplace violence has emerged as an important golosh and health issue in todays body of work. Its most extreme form, homicide, is the second leading cause of fatal occupational injury in the United States. Nearly 1,000 workers are murdered, and 1.5 million are assaulted in the body of work each year.The threat of violence in the workplace is a growing phenomena that affects all levels of the work force from taxi drivers to product line traders. According to information provided by the National Institute of Occupational prophylactic and Health (NIOSH) horror, harassment, and internal violence has created a strikingly visible safety and health problem for the workplace. Recent figures from NIOSH and the Bureau of Labor Statistics show that the great unwashed at work are increasingly exposed to lethal violence. Homicide accounts for 17% of all deaths in the workplace. It was the leading cause of death for women in the workplace in ..... These figures, now well publicized, create a perception that the workplace is not safe. The picture of the angry worker bent on penalize has become the symbol for the sense of betrayal and loss felt by the American worker in the face of the sweeping changes affecting all levels of the workforce. We must now add to this the frightening picture of gas institutionalize attendants, store clerks, and taxi drivers who are dying at work in unacceptably high numbers.Although crime statistics are dropping nationally crossways the board, violence in the workplace... ...o. 8, Pg. 54 - 57, August 1998, American Hospital Publishing, Inc. Fesseden, Ford, et al. move Killers A Statistical Portrait. New York quantify 9 April 20000, pg. 1, col. 1National Institute of Occupational Safety and Health Web Pagehttp//www.cdc.gov/niosh/violcont.htm Current Intelligence Bulletin 57 Violence in the Workplace. Risk Factors and Prevention Strategies. July1996, n.p.National Crime Center for Victims of Crime Infolink Web Page http//207.222.132.10/infolink/info54.htm. Infolink Workplace Violence - Employer Information. March 8, 2000, n.p.Occupational Safety and Health Administration Web Page http//www.osha.gov/oshinfo/priorities/violence.html. n.d., n.p.Robinson, Janet L. 10 Facts Every Employer Should hump About Workplace Violence, Smart Business Supersite. Internet calculate Engine Google.com, n.d., n.p.