Help with college essay: September 2019

Monday, September 30, 2019

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Sunday, September 29, 2019

The Duties of an Agent to Principal

THE DUTIES OF THE AGENTS TO PRINCIPAL The duties of an agent depend primarily on the contract of agency if there is one. Subject to any such express terms, the agent owes a number of implied duties or obligations to his principal. It is the agency relationship as such that gives rise to these obligations so that, as a general rule, they fall as much on the gratuitous agent as on the paid agent. 1. Obey the PrincipalÃ¢â‚¬â„¢s instructions Section 164 states, The agent must obey the instructions given to him by his principal even if he thinks the instructions are wrong.Sometimes of course the principal may expect the agent to advise him and indeed he may be employing an agent to use skill and care. The agent must not delegate his duty to another person unless such delegation has been agreed with the principal, or is the custom of the trade, or the delegation merely takes pace in relation to purely administrative matters. Case Example : In Turpin v. Bilton (1843), an insurance broker ag reed for consideration to obtain a contract of insurance on the plaintiffÃ¢â‚¬â„¢s ship. But he failed to do so. The ship was lost and the broker was held liable to the plaintiff.In Fraser v. B. N. Furman (Production) Ltd (1967), insurance brokers agreed for consideration to effect an employerÃ¢â‚¬â„¢s liability policy and failed to do so. The employer was held liable for $3000 damages in an action brought against him by an employee for breach of the Factories Act, and the Court of Appeal held that the brokers must indemnify the employer in that sum for breach of contract. Betram Armstrong & Co. V. Godefray (1830) 1 Knapp 381 Facts : The agent was a stockbroker. The principal told the agent to sell stock when the market price reached a certain figure per unit of stock.The agent did not heed these instructions and held on to the stock. When the market dropped the agent was forced to sell at a loss. Decision : The principal successfully sued the agent to recover the difference between the price at which he was instructed to sell the stock and the price at which the stock was eventually sold. 2. A duty to exercise reasonable skill and diligence Section 165 states, The degree of skill and diligence required of an agent depends on whether the person is a gratuitous agent or a non-gratuitous agent. A gratuitous agent is not paid for their services whereas a non-gratuitous agent is paid.A non-gratuitous agent is required to exercise a degree of skill equal to that which a reasonable person would expect an agent of that type to exercise. For example, a real estate agent is expected to display the qualities and expertise of a competent real estate agent. If the agent fails to meet this standard, the agent will be liable to the principle for any loss caused by this breach of duty. A gratuitous agent is not expected to exercise any special degree of skill. The agent must exercise the same degree of care and diligence as they would use in attending to their own affairs.If that person has some special knowledge, they are expected to use that knowledge. Case Example : In Keppel v. Wheeler (1927), agents were employed to sell a block of flats and received an offer from one party which was accepted Ã¢â‚¬Å"subject to contractÃ¢â‚¬ . The agents later received a higher offer but, instead of telling the owners, arranged a resale from the earlier party to the later after the original sale to the earlier party was effected. It was ruled that the agents had acted in breach of their duty to obtain the best price available, and that duty included passing on details of better offers until a binding contract was concluded. . To render proper accounts when required Section 166 states, An agents owes a duty to the principal to keep proper accounts and make them available for inspection. For example, travel agents and real estate agents are required by statute to keep accurate and proper accounts. This duty imposes an obligation on agents to keep their property and money separate from that of their principal. Case Example : In Harry Parker Ltd v Mason [1940] 2 KB 590, where the principal conspired ith agent to make shame bets on the course and bets with street bookmakers contrary to the existing law but agent had failed to apply, as agreed the money that the principal handed to him. The Court of Appeal held that the principal could not recover it from agent on the general principal that money paid under an illegal contract is irrecoverable. 4. To pay his principal alls sums received on his behalf Section 171 states, However, an agent may retain or deduct from such sums received, advances made / expenses incurred by him in carrying out his duty, his commission and other remuneration payable to him for acting as agent. . To communicate with the principal Section 167 states, In cases of difficulty, an agent must use all reasonable diligence in communicating with and in seeking to obtain instructions from the principal. However, in emergencies, th e agent may use his own discretion in adopting a course of action to safeguard the interest of the principal. 6. Not to let his interest conflict with his duty Section 168 states, An agent must not allow the possibility of personal interest to conflict with the interests of his or her principal without disclosing that possibility to the principal.Upon full disclosure, it is up to the principal to decide whether or not to proceed with the particular transaction. If there is a breach of his duty, the principal may set aside the contract so affected and claim any profit which might have been made by the agent. Case Example : In McPherson v Watt (1877), a solicitor used his brother as a nominee to purchase property which he was engaged to sell. It was held that, since the solicitor had allowed the conflict of interest to arise, the sale could be set aside. It was immaterial that a fair price was offered for the property.The corollary to the above case is that the agent must not sell his or her own property to the principal without fully disclosing the fact. This lead into the next duty. 7. Not to make any secret profit out of the performance of his duty In discharging the agents, an agent canÃ¢â‚¬â„¢t take any secret profit as corruption in the form of commission payments on a confidential basis, coffee money or Ã¢â‚¬Å"kickbackÃ¢â‚¬ , tips and so on. If the agent take the secret profit, the profit must be submitted to the principal. In other words, the agent canÃ¢â‚¬â„¢t use the property of the principal to do something against the contract that agent for selfish motives.That means agents can create a profit, only the principal agents are prohibited from using the property for personal gain. Section 168 states, If the principal knows and agrees on a secret, the agent can save profit because the profit is not a secret anymore. It should be noted that the secret profit is the profit earned outside the knowledge of the principal. If the principal give consent, the a gent can take the profit. In situations where the principal does not agree with a secret profit, the principal has the option as follows: I. The agency contract may be terminated, if the contract is not to profit member.For example, A has ordered B to sell the estate belonging to A. B has reviewed the estate before sale, find some of the mines in the estate is not known to A. B tells A that he wanted to buy the estate for himself, but conceals the discovery of the mine. A, when knowing this, can either refuse to sell the estate or otherwise manage the sales out of choice. II. Principal may recover the secret profit from an agent For example, as happened in the case of Tan Kiong Hwa vs S. H Chong. Plaintiff has purchased a flat from a company in which the defendant was the managing director.Plaintiff has ordered the defendant as agent to sell the flat at RM45000 but the defendant has successfully sold at RM54000. The difference in price of RM9000 has been credited to the company acco unt. Soon the company is wound up. The court ruled the plaintiff entitled to recover from defendants for RM9000 has defaulted in carrying out his duties as an agent. III. Principal may refuse to pay a commission or other remuneration to the agent. Section 173: An agent was found guilty of misconduct in successful agency not entitled to receive any advice relating to the business he was one proceeds. In the case of Andrews vs Ramsay & Co. the principal was member instructions to agents to sell the property and agreed to pay a commission of ? 50. The agents have to find the buyers and was given a ? 100 deposit. Agents then have to pay around ? 50 to the principal and keep the rest of the ? 50 commission. In the transaction, the agents have to get ? 20 from buyers. The court ruled the principal right to demand a secret agent commissions earned from buyers. IV. Principal reserves the right to expel the agent for breach of duty. Principal reserves the right to expel the agent if the agen t was using the property for profit secrets principal from agency business.Principal has such rights as the agent had failed to discharge its duties entrusted. If the principal has suffered loss as a result of the actions of the agent, he is entitled to claim damages. Principal reserves the right to expel the agent because duties. V. Principal may sue the agent and the third party to recover damages corruption if it is a loss of the contract. What happens in the case Mahesan vs The Malaysian Government Officers Cooperative Housing Society, the plaintiff was its director defendants. Defendant had purchased a piece of land worth $ 944,000 from a landlord who has obtained the land at $ 456,000 only.Plaintiff to know the fact but did not inform the defendant. As a result, the plaintiff has obtained $ 122,000 in bribes from land owners for the sale and purchase agreement. The court ruled that the defendant is entitled to claim the amount of loss suffered by the crime. 8. A duty not to di vulge confidential information To maintain confidentially about any matters communicated to him as agent, and not to disclose them to prospective third parties or anyone else. The relationship between principal and agent is a fiduciary relationship, depending upon mutual trust. Case Example :In Robb v Green [1895] 2 QB 315, an injunction was obtained against a former manager of a business to prevent him using for his own purpose a list of customers of the business which he had copied out while he was the manager. Faccenda Chicken Ltd v Fowler [1986] 1 AER 617, the duty of good faith is broken if an employee makes or copies a list of his employer's customers for use after his employment ends or deliberately memorises such a list even though, except in special circumstances, there is no general restriction on an ex-employee canvassing or doing business with customers of his former employer. . A duty to act personally An agent is not permitted to delegate to another person the tasks th e agent has been appointed to perform. A principal has chosen an agent because of that personÃ¢â‚¬â„¢s expertise. The rule with respect to delegation can be relaxed by express agreement between the parties. If an agent delegates authority without permission, then the agent will not be entitled to be paid commission for any delegated acts. However, the rule has no application in relation to minor clerical or administrative tasks.These tasks can be delegated. Case Example : De Bussche v Alt (1878) 8 Ch D 286 ,agent was appointed by the principal to sell a ship in China at an agreed price but the agent was unable to effect such a sale and obtained the principal's permission for the appointment by agent of a sub-agent to sell the ship in Japan. The Court held there was no breach of duty by agent in appointing a sub-agent as delegation was expressly agreed.

Saturday, September 28, 2019

An analysis of the Culture of an organisation Essay

An analysis of the Culture of an organisation - Essay Example Organisations are increasingly focusing on developing the Ã¢â‚¬Ëœright cultureÃ¢â‚¬â„¢, or Ã¢â‚¬Ëœculture with qualityÃ¢â‚¬â„¢ or a Ã¢â‚¬Ëœculture of customer serviceÃ¢â‚¬â„¢ with a view to inculcate certain values and norms in their organisational settings. It is widely assumed that better, stronger and more importantly the right culture can largely influence the effectiveness and success factors of the organisation (Schein, 2004, p. 7). Southwest Airlines is an outstanding example for best cultural practices within the organization as its dedicated employees do more than delivering the friendly and high-quality customer services for which the company is widely known and this is the way its people and culture bring result. This paper presents a brief description about organisational culture and describes the theoretical framework in relation to Schein model of organisational culture based on the empirical evidences from the application of organisational culture in Southwest Airlines. This paper mainly focuses on the unique culture of Southwest Airlines to deliver highest quality customer service and its impact on organisational performance. Southwest Airlines, the Dallas-based airline carrier, continues to differentiate itself from other carriers with exemplary customer service delivered by more than 45,000 employees to more than 100 million customers every year (Investor relations, 2013). The company was founded by Herb Kelleher and Rollin King in 1971 as a low cost airline service in busy markets of less than 500 miles. In 1980, the company adopted its mission as Ã¢â‚¬Å"dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride and company spiritÃ¢â‚¬ (Smith, 2004, p. 27). Even after 32 years, Southwest Airlines perceives its people to be the highest valued assets and asks them to be highly dedicated to continually providing highest quality

Friday, September 27, 2019

Management at Ace Security and Multiboost Essay - 1

Management at Ace Security and Multiboost - Essay Example This paper illustrates that the need is to adopt a management approach that provides the greater level of motivation and satisfaction to employees that would ultimately have a positive impact on their performance and productivity. In this case, the company should adopt an approach to management that aims at providing benefits to employees and rewarding them for their performance. These rewards are paid in addition to the basic payments received by the employees The term total reward is used to define what employees get in return for the work done by them in addition to the compensation and benefits. This total reward system consists of four components that include an increase in the pay or compensation in cash, benefits, and opportunities for learning and development along with career advancement and the succession of career. In the case of Ace Manufacturers, the company should shift its existing framework to a new system. The company is required to change its strategy and goals of t he business, its philosophy of management and its human resource strategy for the purpose of attracting and retaining the pool of talent. The company should ensure employees that their system of rewards is well developed and managed. This reward package would pay and reward employees on the basis of their performance. With the help of a total rewards system the employees are ensured that they are valued by the company and in this manner, the company would gain the competitive advantage in the market. So, it is required that people are happy, appreciated and recognized in the company and a fruitful work environment should be provided to them. The company should take the decision of restructuring the compensation needs of employees and this decision should be communicated to employees in a clear manner. In the case of Multiboost, there have been problems of change and the specialization and division of labor is lacking in efficiency that has led to the lower level of motivation for em ployees. There are also the situations of conflict between the management and the staff in the company.

Thursday, September 26, 2019

Nutrition Questions Essay Example | Topics and Well Written Essays - 1000 words

Nutrition Questions - Essay Example ure of the nutrient breakdown often results in a lack of energy, excessive sleepiness, or similar problems that would otherwise act to counter weight loss gains. As a result of these limitations oneÃ¢â‚¬â„¢s overall perception of fad diets and drugs is highly suspicious. Adolescence has been defined as a developmental stage distinguishing childhood from adulthood. While the age of 18 is the legal definition of adulthood, the actual developmental transition is determined by psychological and physiological factors. One of the predominant developmental stages associated with adolescence is puberty. As adolescence is a pivotal developmental stage there are a number of nutrition-related problems associated with it. One of the most prominent nutrition-related problems of adolescence is that of malnutrition, particularly its effect on weight gain. While the high numbers of adolescents that are overweight is in great part due to a lack of exercise, a nearly equal problem is overeating, or eating the wrong foods. Another issue is that of under nutrition. Particularly in the cases of anorexia, adolescents are particularly apt to these as they face the challenges of the teenage years. As this is a critical growth period proper nutrition is important as it has been shown to affect health in later life. Specific health problems from poor adolescent nutrition include osteoporosis, heart disease, and diabetes. Other potential problems related to nutrition include stomach and kidney pains brought on by bulimia that, like anorexia, is another frequent disorder related to the adolescent development stage. In addition to these noted nutrition-related problems adolescents in this development stage are susceptible to many of the same nutrition related problems of regular adults; over consumption of daily vitamins can cause a series of health related problems. Ultimately, because of these issues itÃ¢â‚¬â„¢s highly important for adolescents to pay particular attention to their nutrition and

Locate articles on the Internet about how population demographics are Assignment

Locate articles on the Internet about how population demographics are changing in the U.S., and other developed countries - Assignment Example On the other hand, the population demographics of developing countries such as Nigeria, Indonesia, India and Pakistan are characterized by high birth rates. The population in Africa and Asia is estimated to triple by 2030 due to the high fertility rates and unexploited resources in those countries (Shapner, 2007). The changes in U.S population demographics will affect the work, healthcare, private wealth and income security of the citizens. The business firms will be required to increase their social security contributions due to the increase in the number of post-retirement years for their workers (Kachru, 2009). The business firms will have to align their employment practices with the changes in population demographics in order to remain competitive. The firms will have to incorporate diversity in their talent development and implement human talent development programs that aim at attracting next generation of young and skilled workforce (Little and Triest, para 3). The business firms will have to shift more of their employees from full-time positions to part-time positions in order to address the life-balance requirements of the aged workforce and the need for luxury (Kurtzleben, para 4). The aging population in the US will increase the demand for health-care services. This requires innovative health technologies that will address the high increase in acute and terminal diseases such as Alzheimer and cancer. The business firms will have to offer additional medical benefits in order to ensure the aged workforce remain productive (Shapner, 2007). In 2008, the birth rate was 14 live births per 1,000 representing a 2 percent decline from 2007 statistics and general fertility rate was 68.6 live births per 1,000 women aged 15-44 years. The high fertility rate was attributable to increased access to child care services and other societal adaptations such as male involvement in household labor. The mortality rate was 9.7 deaths per

Wednesday, September 25, 2019

Management Accounting Case Study Example | Topics and Well Written Essays - 1500 words

Management Accounting - Case Study Example The PAHs can be associated with oil spills and they include chemicals and carcinogens that are extensively harmful for the health of human beings and marine beings. The increasing level of carcinogens and chemicals in the water may causes severe ill effects on the health of human beings and marine life often causing frequent deaths among them and may also cause these living beings to be born with severe health problems caused by the toxic levels in the water carried through their genes. Also, the effects of the oil drilling activities are long lasting and continue to create damage in the health and lives of the human beings and marine animals for years even after the oil drilling activity or the oil spills have stopped. The spill exposure often lead to severe health problems among the workers involved in the oil drilling activities as well as among the inhabitants in and around the area of oil drilling. Despite the huge negative impacts of oil drilling operations on the social and environmental areas, oil drilling continues to be an important industrial operation for maintaining energy security in different countries. Oil continues to be the greatest source of energy and the demand for oil is continuously rising across the world because it is a natural reserve for energy. As such oil drilling continues to be in a dominant position for boosting the global economic growth and ensuring that a continuous source of energy is maintained. British petroleum is one of the leading oil and gas companies in the globe. The company is reputed for its large scale operations and its sustainability practices in the oil and gas industry. However, the oil spill in the Gulf of Mexico in 2010 caused severe financial and reputational damages for the company (British Petroleum Corporate Website, 2013, p.6). In this respect, the management of the company

Tuesday, September 24, 2019

3 questions to be answered Essay Example | Topics and Well Written Essays - 250 words

3 questions to be answered - Essay Example The strain is caused by the unexpected change in the number of patients requiring attention and care (Kaplan, Sadler and Little). Such changes may strain the organizationÃ¢â‚¬â„¢s infrastructure and lead to serious challenges to the organization if there is not government support for the operations. Natural calamities are uncontrollable and may lead to displacement of a large population while also encouraging the outbreak of vector borne diseases that may spread faster. Global or international conflicts may lead to war which affects political stability and the provision of the necessary services. Peace facilitates easier accessibility to the affected population, but if the area is marred with conflict the cost of operation may be increased due to the engagement of security personnel in the process. Conflicts pose a greater challenge than natural calamity because of it is influenced by the action of the state or individuals within the government. They may intimidate the population requiring the medical attention (Joint Commission on Accreditation of Healthcare organizations). For example, the Alshabaab militia group forced the population not to engage in vaccination which in turn affected childrenÃ¢â‚¬â„¢s health. Such actions in conflict areas led to poor health among the population. In addition, the organization working in the area is forced to leave as a result of intimidation. Joint Commission on Accreditation of Healthcare organizations. Health Care at the Crossroads: strategies for creating and sustaining community-wide Emergency preparedness Systems. New York: Joint Commission on Accreditation of Healthcare organizations, 2002. Online Kaplan, Susan, et al. Can Sustainable Hospitals Help Bend the Health Care Cost Curve? 12 November 2012. 25 November 2012 .

Sunday, September 22, 2019

Eschatology Religion and Theology Research Paper

Eschatology Religion and Theology - Research Paper Example It is also good to look at the HebrewÃ¢â‚¬â„¢s approach to afterlife, and finally a conclusion can be drawn. According to the traditional definition, eschatology means the doctrinal teachings of the "last things". Eschatology relations involve the relations of individuals (including resurrection, death, judgment, as well as the afterlife). It also explores manÃ¢â‚¬â„¢s relationship with the world. In the latter respect, the doctrine of eschatology tends to be restricted, at times, to the absolute destruction of the world. The biblical usage is not warranted by the restrictions of eschatology. The "last days" may imply the end of the current order, or "hereafter." Eschatology, according to the Greeks point of understanding, as drawn from the Theological Terminology Dictionary, entails studying about the end times. It further integrates the second appearance of Jesus Christ, the rapture, the millennial kingdom of Christ Jesus, the battle of Armageddon, the ultimate judgment of Satan to gether with his false prophets and angles, and the new earth and the new heaven. National Eschatology The hope of national resurrection is expressed earlier compared to the individual resurrection. In the vision of the dry bone, God showed Ezekiel that the divine breath has the potential of breathing new life into the dead, thus featuring a national resurrection: "These bones are the whole house of Israel" (Ezek. 37:11). Ã¢â‚¬Å"Isaiah 26: 19 promises a national resurrection.Ã¢â‚¬ "Thy dead shall live, their bodies shall rise". Resurrection for the individual first is explicit as put in (Dan. 12:2). Martyrs persecution under Antiochus Epiphanes offered a powerful assurance upon the resurrection hope. Therefore, belief in the resurrection of the righteous, at least, was adopted as part of Orthodox Judaism, in exception to the Sadducees. The Sadducees claimed to be the champions of religion of the old-time contrary to Pharisaic innovations. Having attained there is a sharper distinct ion existing between the wicked people and the afterlife fortunes of the righteous, in Gehenna or heaven (Paradise) respectively. According to the significant teaching of the "day of the Lord", (Amos 5:18 - 20), the Israelites have been rebuked because of their anxiousness for it. The day would neither bring light nor joy though that was their hope. It would rather bring mourning and darkness. Because Yahweh is absolutely righteous, the intervention for vindicating His action must include the righteous judgment wherever it appears, particularly amongst His chosen people, who obtained exceptional opportunities and got to know His will. Individual Eschatology in the Old Testament Afterlife existence is much contemplated in the Old Testament. Jesus indeed revealed that immortality was implicit in humansÃ¢â‚¬â„¢ in relationship to God: the LORD God is God of living and not of the dead (Luke 20:38). However, the featured implication was unappreciated in Old Testament. Perhaps in response to the cultic practices of Canaanites regarding the dead, the Old Testament puts little emphasis concerning the afterlife. Sheol could be regarded the underworld as the place where the dead would dwell as shades; their past (former) status as well as character are less accounted for there. The praises made to Yahweh, which used to engage so much of pious activities of Israelite on earth, would remain unsung in Sheol, which would popularly be thought to apply outside the jurisdiction of Yahweh (Isa. 38:18; Ps. 88:10 - 12). In the book of Psalms, (Psalms 73 and 139) there is an assurance that the presence of God will not be deprived unto those who chose to walk with God, in their death. Job

Saturday, September 21, 2019

Health Care Spending Essay Example for Free

Health Care Spending Essay In the past seven decades health care spending has been increasing tremendously. The industrial era brought in a new system to help population duel with the cost of medical care. New technology has become a much needed investing in the 21st century which has yield to a great margin between small and big facilities. When looking at all of these factors there is no wonder the nation is spend way too much money on health care, although at times might seem that there is not enough. It seems that the right investment is needed to help aid those that need help the most the elderly and unemployed, with the economy in a fragile state and unemployment rates increasing with the quarters there is no question that decisions about how we are spending on health care needs to change. Even though so many factors are involved in the spending this paper would focus on our current level of expenditures, how and where is the money spent, forecasting what would be coming next. Current level of national healthcare expenditures According to Physicians for a National Health Program (2012), Ã¢â‚¬Å"National Health Expenditures was $2.8 trillion, and the spending as a percent of GDP was 18% for 2012Ã¢â‚¬ (National Health Expenditure Projections: Modest Annual Growth until Coverage Expands and Economic Growth Accelerates). When looking at these facts many would even argue we are spending quite enough when it comes to healthcare or perhaps too much, however is the complete opposite not enough spending is in the right place. These figures does not represent the spent on one area of health care the graph below will provide an idea as to what, when, and where was spent on 2009. Total = $2.3 Trillion Source: Martin A.B. et al., Ã¢â‚¬Å"Growth In US Health Spending Remained Slow in 2010; Health Share of Gross Domestic Product Was Unchanged from 2009,Ã¢â‚¬ Health Affairs, 2012. As shown on the graph 51% of the spending is towards hospital care and physician/clinical services which are great to be invested in, however the rest of the spending in my opinion is not proportionally distribute, yes those areas are extremely important but it would be beneficial if more can be distributed along medication, and other professionals services to include the testing and diagnose of serious illnesses such as cancer. The investment is require to subsidize the needs on these areas, 45 percent of people under age 65 who dont have insurance coverage for prescriptions said they had not filled a prescription in the last year because of the cost. Additionally, 84 percent of working-age people in the U.S. without insurance coverage for prescriptions said they had taken some action such as spending less on groceries or postponing paying other bills in order to pay for their medications, an increase from 71 percent last year (Rowan, 2012). Regarding testing for patients with cancer there should be more funding for the new technology available for test that many patients are not aware, because they cannot afford it or simply because it is not available in their area. Spending: Too much or not enough? In 2010, $2.6 trillion was spent on health care services and products, 61 percent of which purchased hospital care, physician and clinical services, and retail prescription drugs. Private health insurance paid for 33 percent, out-of-pocket sources for 12 percent, and other third party payers and programs for 7 percent. The two largest government health care programs, Medicare and Medicaid, purchased $925.1 billion worth of health care goods and services in 2010, accounting for 36 percent of total health care spending (Centers for Medicare and Medicaid Services, 2012). The increase of cost would continue to rise according to economists, health care managers, and advisors forcing for a new reform to change the system. Thus many are not too please with this idea is a phenomenal that cannot be avoid, there is a need to change in policies and methods in which we spent or invest in health care. Suggesting that the investment is too little would be a denial statement, everyday more and more patients are relying on programs such as Medicare and Medicaid to get the attention required at the moment. As the economic recession set in deeper less would be available to afford just the basic needs, medication or any treatment; unemployment rates are on the rise and it does not seem it would stop anytime soon. Although the new reform would try to establish some type of stability, until the insurance companies and policy makers come to an agreement to provide a universal premium for service which can be affordable for all, the same problems would continue to emerge. Many factors also have effect on spending considering for example the demand for new technology in the 21st century; this trend has become to some degree a factor in the rise on health care spending. Much of this new technology is beneficial if it provides a new way to used already establish technology, however many studies have revealed that most of them are only here to replace such technology and at some circumstances increase the cost of service. As a country a deeper consideration of such technology is needed not only to save money, but to invest wisely as to what would help the system cut in spending. Future economic needs of health care For years to come the enduring effects of the economic recession and slow recovery, due mostly because of partial growth in incomes, are expected to continue to limit health spending growth. In 2014 the coverage expansions laid out in the Affordable Care Act for Medicaid and for private health insurance are expected to increase the growth rate for health spending, with notable increases expected in spending on physician services and prescription drugs for newly insured patients. By the end of the year, higher income growth and the continuing shift of baby boomers into Medicare are expected to cause health spending to grow roughly two percentage points faster than overall economic growth, which is about the same differential experienced over the past thirty years. Therefore a necessary reform of a national health care perhaps would provide the change needed, the only issue with this suggestion is the funding. Thus a national health care would help every citizen reach the so needed medical attention required at an affordable price there is no surprise that the funding through Federal programs are thinning, and the cost of private insurance keeps on raising. Therefore a more evaluated reform should be put in place where the cost of care should be regulated, and more affordable options are given to the population; an increase on reimbursement of healthcare for basic health needs is necessary to subsidize the cost for complex health needs in order to keep the cost regulated. According to Centers For Medicare And Medicaid Services (2011), Ã¢â‚¬Å"In 2014, national health spending is projected to rise to 7.4 percent, or 2.1 percentage-points faster than in the absence of reform, as the major coverage expansions from the Affordable Care Act (ACA) are expected to result in 22 million fewer uninsured peopleÃ¢â‚¬ (National Health Expenditure Projections 2011-2021). Increases in Medicaid spending growth, and private health insurance growth will contribute to the overall acceleration in national health spending in 2014. There is no question that technology would also continue to raise to help the system provide the best and fast way possible services to those in need. Investing more in health care can only benefit the nation; however the right decisions needs to be made in order to keep the spending growth under control. Reference Centers for Medicare and Medicaid Services. (2012). Retrieved from http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/downloads/dsm-10.pdf Centers for Medicare and Medicaid Services. (2011). Retrieved from http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and -Reports/NationalHealthExpendData/Downloads/Proj2011PDF.pdf Martin A.B. et al., Ã¢â‚¬Å"Growth In US Health Spending Remained Slow in 2010; Health Share of Gross Domestic Product Was Unchanged from 2009,Ã¢â‚¬ Health Affairs, 2012. Physicians for a National Health Program. (2012). Retrieved from http://www.pnhp.org/news/2012/june/2012-health-care-spending-including-administration Rowan, K. (2012). Fox news.com. Retrieved from http://www.foxnews.com/health/2012/09/13/why-americans-prescriptions-are-going-unfilled/

Friday, September 20, 2019

The multiple challenges facing the retail banking industry

The multiple challenges facing the retail banking industry Retail banking is facing multiple challenges. These challenges have been categorized in 5 different sources. Security, Decrease cost, Mergers and acquisitions, Regulatory compliance and Revenue growth. (McCormick, Edson, Natesan, 2007) These variables are also linked to efficacy and efficiency of a service sector. They have also argued that with the increase in access points efficiency is being affected and security concerns have been increased to a greater extent. The basic reason behind this point is customer identity is anonymous at these new access points. The anonymity is responsible for increasing crimes and fraudulent which is the major security concern. Novell provides hardware and software management system which helps to increase efficiency in retail banking sector. Manual processes leads to increasing cost of compliance and further leads to regulatory and compliance violence and corporate reputation risk (McCormick, Edson, Natesan, 2007). As a measure of efficiency revenue growth can be measured as function of excellence. Merger and acquisition is the crisis situation which impacts the retail bank sector from recovering losses for 3 months average taken from Retail Banking Technology Trends survey Dec.2006. Novell has developed a system which is concerned towards operational excellence as well as regulatory compliance and security as a function of Retail Bank efficiency. In majority of countries that can be classified as transition economy, foreign capital controls an increasing share of the banking sector (Weill, 2003). This research is based on comparative analysis of efficiency of foreign owned and domestic owned banks. Furthermore (Weill, 2003) has concluded that efficiency of banks with foreign ownership is higher than the efficiency of local banks. Parametric approaches, such as the stochastic frontier approach, use econometric tools to estimate the efficiency frontier have been used for the study as it provides room for random errors. Few of variables used in (Weill, 2003) are Personnel and interest expenses, Price of labor, Investment assets etc. While considering the cost efficiency foreign ownership has influenced positively on the banks in countries with transition economies (Weill, 2003). The reason behind it is that foreign banks have better know how of the working and better corporate governance. This research has left a room for further study on origin of advantages of a foreign owned bank. (OKEAHALAM, 2008) has argued that internationalization increases competition in the banking sector and effects efficiency. However a study has been conducted showing larger but inefficient banks of Namibia and smaller yet efficient banks of Tanzania. Policy makers should ensure that entrants have high quality management and will transfer technology and skills. This finding is consistent with entry and behavior based primarily on the desire to transfer a monopoly structure and derive economic rents (OKEAHALAM, 2008). Key finding from the study of Namibia and Tanzania is that lack of competition has made efficiency vulnerable. Another unusual thing can be concluded that foreign entry essentially does not make markets more competitive or efficient. Market only becomes competitive when it is already concentrated with local or foreign banks. Another article discusses that customer efficiency increases with greater self service utilization. In case of self service input cost of retail bank is decreased. This issue exactly mirrors the concern in the firm productivity literature that focuses on methods for Ãƒ ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"explainingÃƒ ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ã‚ multifactor productivity of firms given that it is also measured as a residual concept. (Xue, Hitt, Harker, Customer Efficiency, Channel Usage, and Firm Performance in Retail Banking, 2007) Possible explanations for the differing efficiency scores for the majors and regional banks are diversification, technological change, organizational restructuring, different customer bases, and the effects of the globalization of financial services (KIRKWOOD NAHM, 2006). This study further concluded that efficiency of major banks is increasing. Their productivity has also increased a lot whereas regional banks are in danger their efficiency is decreasing and profits are shrinking. This decreased productivity is directly proportional to banking efficiency in Australian banks. This trend can be used in my study to gauge the tangible factors and their effect in Pakistani Market. Another research of Xue related to customer efficiency show that self-service through the Internet has a significant migration effect on personal service and, consequently, saves service delivery costs and improves customer efficiency. Contrary to conventional wisdom, we find no evidence that increasing levels of self-service damage customer relationships (Xue, Customer efficiency: Concept and its impact on service management, 2002). Thus Internet or Virtual Banking services are adding on value to the efficacy and productivity of retail banking services. ATMÃƒ ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s, Debit Cards, Credit cards, Online Cheque writing facilities, Pay Orders, Demand drafts, Online Banking and all the possible technologically advanced instruments effect the preferences of consumer in selection of a service provider bank. Therefore output relies on customer base which is element of efficacy. Concluding remarks can be technology change has direct relation to banking efficiency. After reading all articles it can be concluded that efficiency is very broad term and handling all variables will make research complex. Therefore to get more accurate result it is necessary to shortlist few variables. (NEAL, 2004) has used ROA (Return on Asset) as a measure of efficiency for measuring it from 1995-1999 in Australian Banking case. He has used product of net margin and asset utilization to gauge this variable. The data shows better results for national banks as compared to regional ones. This research is Australia based and focuses on national and regional bank. However corporate and consumer banking has not been separated. The variable ROA in fact can be used for both retail as well as corporate banking. (Hassan Isik, 2002) mentions that previously cost efficiency or input saving efficiency were used to measure the efficiency of banks in Turkish researches. This study is the first to focus on output side inefficiency along with input side inefficiency in Turkish banking, using the so-called stochastic frontier approach. The approach behind using it is that Profit is the key while bank is making losses with less or even same input. Profits are the outlook and are punished even when input becomes costly. On evaluating Turkish banks by both criteria Turkish banks becomes efficient while evaluating by profit efficiency methods.