Chick-fil-A Customer Service Essay Example for Free

Chick-fil-A Customer Service EssayChick-fil-A president Dan Cathy greeted employees at the newest Charleston area restaurant with a Bible verse, a prayer and a message about doing business the Chick-fil-A Way. Most people recognize the famous Chick-fil-A cows and their misspelled pleas to Eat Mor Chikin. But not every peerless may be aware of Chick-fil-As unique way of doing business. With a focus on quality food, superior customer service and dedicated employees, Chick-fil-A has construct a restaurant empire. Another freestanding restaurant undefendable Sept. 29 on Dorchester Road near the Ashley Phosphate Road intersection in northward Charleston. Two days before the opening, new employeescalled team members in the Chick-fil-A worldserved dinner to their family members and listened as Cathy explained the importance of smiling and treating customers with honor, dignity and respect. Chick-fil-As mission, he say, is to enliven God by being a faithful steward of what is entrus ted to us. Sandwich history Cathy is the son of Chick-fil-A founder S. Truett Cathy, who entered the restaurant business in 1946 when he opened Dwarf Grill in an Atlanta suburb. It would be another 20 years before the world was introduced to Chick-fil-A.In 1961, Truett Cathy accepted leftover pieces of volaille dresser from Goode Brothers Poultry. The poultry ships company provided airlines with boneless, skinless volaille breasts that would fit in the plastic trays used to serve food on airplanes but had plenty of leftover pieces to sell. Truett Cathy had considered adding chicken to his placard and decided to take the poultry company up on its offer to take the leftover pieces too big for the airline trays. Truett Cathy spent months perfecting the recipe and calculation out the best way to cook the chicken quickly.After four years, he had a boneless chicken sandwich. According to Chick-fil-A history, Truett Cathy originally called it a chicken steak sandwich but began thinkin g of something that could carry a trademark. The best cut of a steak is the fillet, so why not call the sandwich a chicken fillet, he thought. The name morphed into chick fillet and eventually became Chick-fil-A (with a capital A to emphasize quality). The source Chick-fil-A opened in Atlantas bullbrier Mall in 1967. The first freestanding restaurant opened in Atlanta about 20 years later.The restaurant has continued its incredible growth, expanding heavy into the western United States, introducing a breakfast menu and healthier menu options. The Chick-fil-A Way Certainly Chick-fil-A isnt the only quick service restaurant to settle billions, but what sets Chick-fil-A apart is the companys corporate philosophy, its emphasis on values, customer service and treating employees like family members. Dan Cathy attributes the companys success to his 84-year-old father, whom he describes as a tremendous influence, a patriarch and Moses figure in the family and in the company.Thanks to hi s fathers influence, Chick-fil-A has stayed the course, Dan Cathy said. Despite the many potential distractions, the company waistband focused on its recipes, hot food, clean restroomsthe things that are important to customers. Interestingly, Dan Cathy refers to his company as being in the hospitality businessnot usually the first description that comes to mind when thinking about fast food. But Cathy said the idea of being in the hospitality business began when his family opened its first diner. Thats our heritage, our roots, he said.When the focus is on the customers and employees, success pass on follow, according to Chick-fil-As philosophy. Its all about the people, Dan Cathy said. You crumbt have great degustation food until you have a good relationship with your employees. Chick-fil-A offers $1,000 college scholarships to its employees, having awarded about $20 million during the past 30 years. The company also has a unique arrangement with its operators, providing franc hisees with the chance to sublease a restaurant for $5,000. Each month operators pay the corporate office 15% of gross sales and 50% of net earnings as a franchise fee.Operators are assured a minimum annual income of $30,000. The company continues its long-standing tradition of being closed on Sundays, so employees can spend time with their families and attend a worship service. Despite opportunities to go public, Chick-fil-A remains a private company so it can retain promise over its key values. Chick-fil-A has proven a business with values and principles can do well. And not just survive but thrive, Dan Cathy pointed out. In 2004, Chick-fil-A achieved sales of $1. 74 billionan increase of 13. 8% over 2003.The company is opening 61 new restaurants this year, and customer satisfaction scores are the highest they have ever been, Cathy said. The company will introduce milkshakes to its menu next summer. And a spicy chicken sandwich is being tested in the Tampa, Fla. , area. Family t ies have local roots direct the new Dorchester Road location is Daniel Dickerson, whose family has been operating Chick-fil-A for years. His father was one of the first Chick-fil-A operators, and his brother, Patrick Dickerson, is the operator of the Mount Pleasant Chick-fil-A.Raised in Charleston, Daniel Dickerson previously ran a investment company in Ocala, Fla. Dickerson said he looks up to the Cathy family and also tries to live up to the legacy his own father left behind. Dickerson oversees 72 part- and full-time employees at his join Charleston store. Many of the employees are teenagers, and Dickersonfollowing a company traditionemploys students who are involved in their schools and extracurricular activities. Chick-fil-A promotes involvement and works around students schedules.Dickerson said he would rather have 20 students with less availability than students who arent involved in their schools. At the family night celebration, Dan Cathy assured the parents of the many t eenage employees their children would be working in a supportive environment. If grades arent maintained, students work schedules could be cut back. From providing scholarships to closing on Sundays, Chick-fil-A continues to do business its own way, based on principles Truett Cathy instilled in the company more than 50 years ago.In 2002, Truett Cathy published Eat Mor Chikin Inspire More People, a book that explains Doing Business the Chick-fil-A Way. Truett Cathy opens a chapter on priorities and commitment by recalling when a reporter asked him how he would like to be remembered. Cathy responded, I think Id like to be remembered as one who kept my priorities in the right order. We live in a changing world, but we need to be reminded that the important things have not changed, and the important things will not change if we keep our priorities in proper order. Holly Fisher is the supplements editor for the Business Journal.

Tennagers are ready for adulthood and the responbility Essay Example for Free

Tennagers are energetic for due date and the responbility EssayTennagers are ready for adulthood and the responbility it bring them. In this essay i will talk ab forbidden why they are ready for the resbonbility also I will defy you proof of their responbility.Working proves thie responblility because they ingest to concentrate on the job at hand to get paid and they always have to be on time. Since they works for their own pocket they dont need to ask their parents for money and this to happen they have to be responbile and to my account they are. They are at the legal age of getting their licenses so they can can get a car or a motorbike as a transport so they dont need to depend on their parents to take them anywhere. Having vechiles means they have to clean it and maintain it so it looks good for me showing this means they are not wasting and planning ahead.People approximately them, Family and friends respect them for what choices they make in the future or made in the past. So this shows that people can trust them to make the right choices for their sake and others. This gives me an incursion on how they are maturing and becoming a role model to others.They learn from their own and others mistakes so they dont repeat them ever again in their life. Which shows they are candid minded and are ready to learn new things.They do some voluntary work at old age home and orphanages to help out with the people and befriend them. In my account this shows that they can take care of other and themselves and others at the same time.Some teenagers do act like childrens at some point and do some stupid things that are reckless which leads to crimnal records or end up in the hospital Eg.drunk and driving. So for those teens I have to disagree because they are not ready to take on the responbility that comes with adulthood.In this Essay I have summarised on why teenagers are ready for adulthood which are on how they work, Have respect from others, Can get their licenses , Doing voluntary work, They learn from mistakes and Why they are not ready for adulthood. I think I have left you with something to think about soTelling a teenager the facts of life is like giving a fish a bath. Arnold H. Glasow

Multimedia Using Adobe After Effects Computer Science Essay

Mul meterdia Using adobe brick later on Effects Computer Science evidenceIncrease in engineering making wider use of mul beatdia system and its lotions. For a trade good presentation multimedia is apply to present in very(prenominal) effective and innovative counselling. Every internet engineering makes use of this multimedia. To bring a good output in some(prenominal) broadcasting medias multimedia is utilise. In global the term multimedia has legion(predicate) definitions each author de nones it in their take ways. According to J Grimes it is The combination of two or much media(J Grimes,1998). Media merchantman be anything bid audio, telecasting, artistry, icons, text etc.Multimedia is in the form of global hierarchical constitution, the softw argon of this applications provides direct communication to their users. Multimedia is used not that in internet but a manage in intranet like LAN (Local Area Net kit and caboodle). To get the information or to access the remote systems or servers the take or information mustiness pass finished multimedia to the networks. Because before sending the data to the network the media cross-files should be compressed with the help of multimedia to avoid the communication delay. At the receiving end some of the constraints like delay, jitter will be used for the effective transmission of audio and pictorial matter files. This is the reason why communications network technologies ar increasing rapidly. To produce an effective animation with good effects multimedia and its applications atomic number 18 wide used. To produce good effects in that respect argon many fluctuations and softw ars available in the market. Of them adobe brick subsequently Effects is the one which produces affective result (CH Wu, 2009).The earlier version of by and by effects is CoSA which came in January 1993 pays solitary(prenominal) macintosh (Adobe, 2008). From then to till now many versions were evolved with ad ding extra features to the existing. Some emerged versions erects only MAC systems some are compatible with WINDOWS operating system some are with command prompt like UNIX and LINUX. There are also versions which also support both the operating systems. The Prior version of CoSA was later on in 1994 attained by the Adobe Company (Adobe, 2008). From then, that brand released many versions including Page Maker and Adobe After Effects.The primary use of Adobe After effects is to create motion graphics and visual effects, which allows user to alter, animate and composite media in 2D and 3D space with its various built-in hammers and plug-ins. After effects and some NLEs (Non Linear Editing systems) are layer oriented this means each and every object media has its own individual tracks. In business this also has track oriented system which means all media objects fall in to same track without overlapping each other. This makes p conducteing easier and can bear with less efforts. Th ere are different software packages available to support not only small volumes of media objects, but also support large volumes of data. The develop suited software for large volume data is Appleshake. Using Shy switch adobe After effects will oppose the clutter selectively by hiding the layers (Adobe, 2008).The main interface consists of several panels of them the three almost instantant are Project Panel, Composition Panel and Timeline Panel. The Project panel acts as interface to import stills, audio and video footage items. The footage items used here are in the time line panel, where timing and layer order can be adjusted. In composition panel the items visible at the current time marker are displayed.This report starts by giving a brief friendship about the multimedia and its applications, Adobe After effects. Later discusses about the existing features in After effects and future advancements for the same. Finally the summary includes.2. LITERATURE reviewTo support each and every common individual need multimedia is used. So, todays globalised world is known as The world of Multimedia(Slawson, 1993). The features of multimedia are used not only for creation of movies or for animation with good effects. This is also used in many organisations for communicating over the networks. As electronic process for doctrine technologies is becoming to a greater extent expensive, an interactive process of learning method was introduced finished multimedia (Slawson, 1993). Interactive learning multimedia is treated as process, rather than the technology which always provides potential knowledge for the updated technologies (Slawson, 1993). To create such classes in interactive and effective way Adobe after effects is used. Adobe is used to create, edit and alter the motion graphics for DVD, video, Film etc. The latest versions of Adobe has many more extra features which gives good composting and resulting in a blockbuster results. though multimedia is expens ive to learn, the significance of it is increasing day by day because of its enormous effects and capability. So many people are showing touch on towards learning the same. To be sleep together a multimedia professional no prior qualifications are required. There are no age or gender constraints, so anyone can become professional in this at anytime. Innovation of ideas is important here because to edit an existing graphical image or to create sore motion picture creativity is important. Composting software packages like Apple shake are used to create a node or workflow process. for each one package has its own importance the importance of those and its features will be discussed in detail in the coming sections.MultimediaIn todays world the term multimedia is used very often. Till now there is no standard definition of multimedia each author describes it in their own convenient way (B Furht, 1998). The term media refers to a form of human interaction that is amenable to computer capture processing such as audio, video, graphics, text, images etc and the term multi refers to the combination of the media present in a single application( B Furht, 1998).Multimedia Compression and Technologies StandardsThere are many widely accepted technologies in the world of multimedia, every day many bran-new technologies are emerging in to the market. So, the importance of products changes from day to day life. But all emerged and existing products are based on some standards which are used for compression. Let us now discuss in brief about some of those standards and products like dissipated Time player, Video for Windows, Indeo 1 ( Intel Video) (CH Wu, 2009). There are also some new and basic standards like ISO (International Standard Organisation) and MHEG (Multimedia and Hypermedia training Coding Expert Group) (CH Wu, 2009). Basing on these standards the compression techniques follows.2.1.1(A) Quick Time shamQuick Time is a basic technology essential by Apple Comp uters (CH Wu, 2009). The format of this media is compatible with almost all Operating systems like Linux, Windows (NT/95/XP/7) and for all apple computers (CH Wu, 2009). This technology is the most commonly accepted mass storage for multimedia communications. The media format of this supports MPEG ( execution Picture Expert Group) which is an ISO- standard, Indeo (Intel Video). This also supports the photo CD format for Kodaks and MIDI (Musical Instrument Digital Interface) (CH Wu, 2009). The main intention behind developing this technology is such that it can be used by anyone without any charge. So it is a trusted player which can be easily downloaded from the internet with free of cost.2.1.1 (B) Video for WindowsThe technology Video for Windows (VFW) was demonstrable by Microsoft specially for Windows environment (95/NT/XP). After this technology Active Movie emerged with in no time this replaced VFW and designed in such a way that it supports the VFW technology (CH Wu, 2009).T hen after multimedia world has experienced an excellent technology which not only supports video but also audio files and that file is AVI( Audio Video Interleave). These file formats play back with a small size of 320240 pixels (quarter VGA screen) using the software. If the processor is of Intel versions it plays with the size of 640480 pixels (quarter VGA screen) because Intel computer can able to cope up with good graphics accelerator by using run length encryption method to compress the information(CH Wu, 2009). In addition to it, this also supports player formats like quick time and Indeo by using video compression algorithms.2.1.1 (C) Indeo (Intel Video)The basic intention behind developing this product is not only to play back audio and video files, but also to store it on a personal Computer (PC). So this was originally developed by the David Samoff question Center for the conversion of NTSC (National television receiver System Committee) analog signal in to digital video signal (CH Wu, 2009). The software of this may be a choice for compression in Quick time and Video for Windows. The major comparison among the above two technologies and Indeo product is Quick time and VFW will be compressed by the software and computer hardware will be used for Indeo which achieves higher frame rate with better resolutions. For compression of Indeo through hardware the requirements are a PC size phone card using DVI (Digital Video Interface) technology which is based on 1750 chipset of Intel (CH Wu, 2009). Indeo uses the Compression technique called Vector Quantization with run length coding in the ratio of one hundred sixty1. Video Conferencing is the major application of Indeo which can store minimum of 70 minutes video in a CD-ROM. Based on Video Conferencing application Intel has launched one more product named PCWG (Personal Conferencing Work Group). The compression technique used here is software instead of hardware to cope up with reasonable cost. Intel h as developed many products based on different standards. As Indeo is based on Vector Quantization it works much faster than MPEG (Motion Picture Expert Group) and H.261.This is an ITU-T (International telecommunication Union- Telecommunication) Video Conferencing standard based on DCT (Discrete Cosine Transform) (CH Wu, 2009).2.1.1 (D) MHEG (Multimedia and Hypermedia Information Coding Expert Group)To control the presentations of multimedia and hypermedia MHEG is a standard lively by ISO for a set of object classes. To support the multi vendor client or server environment MHEG-5 technique was introduced (CH WU, 2009). Vendors who developed applications in this environment perplex feasibility that application can be developed once and later information can be interchangeable according to the end user (client/vendor) environment. MHEG has excess multimedia handling capabilities like it is used for representation between different computers and compatible with all typ0e of OS, has 3 different spatial coordinates compared to HTML (Hypertext Markup language). This is good at time synchronisation. ARMIDA service which is a product prototype developed for video conferencing (CH WU, 2009).COMPRESSION STANDARDSThere are many widely accepted compression standards like GIF (Graphical Information Format) which is mostly used for internet services and ISO (International standard Organization) standard for high quality of delivery. This report illustrates about the two major ISO compression standards which are accepted worldwide.2.1.2(A) JPEG (Joint Picture Expert Group)This standard is used for concretion and decompressing the contort or gray scale images which was set by ISO standard. JPEG is used for compressing the still pictures like images, graphics, warp FAX, audio graphical conference, desktop publishing etc. The standards of JPEG follow four coding processes.Base Line System This is a simple and efficient system which is suitable for many of the applications. To encode the data it uses sequential coding which means data passes in a single through which produces 8 bit resolution for each input (CH WU, 2009).Extended System The extended system improves the quality of base line system by producing 12 resolution bits. For encoding the data is uses arithmetic coding by progressive build-up. This progresses low frequency blurred image to higher frequency quality image and successive approximation for most significant to least significant bits (CH Wu, 2009). Progressive build-up is suitable for communication sensitive applications. Arithmetic encoding compresses almost 5-10% better when compared with Huffman coding. vertical encoding method The name itself indicates it is hierarchical, so it build-up the data from low to high. This means it follows the pyramid shape model form low pixels to high pixels. It uses DCT (Discrete Cosine Transform) encoding method for comparison between current and succeeding frame (CH Wu, 2009). This supports both 8 and 12 bit resolutions.Lossless Method This is widely used in medical applications where exact reconstruction of the image is required. Each pixels digital value can be 2 or 16 bits. It supports sequential encoding and also user has a choice of selecting encoding methods either arithmetic or Huffman coding (CH Wu, 2009). This does not make use of DCT.Fig 1 Block plot of JPEG compression schemehttp//www.design-reuse.com/articles/17954/jpeg-application-engine.html2.1.2(B) MPEG (Motion Picture Expert Group)The MPEG standard was developed by the ISO/ JTC1/SC29/ WG11 for compressing motion pictures in contrast to JPEG which is used for still images (CH Wu, 2009). MPEG standards specify and reduce on decoding process with bit syntax format. It leaves a separate space for encoding process. This has two standards MPEG-1 and MPEG-2 in addition to this there is one more standard which is under progress MPEG-4. Let us discuss in brief about the same.MPEG-1 For compressing video on digital s torage like CD-ROM MPEG-1 is used (CH Wu, 2009). In storage media the compression is rate about 1 to 1.5 Mbps (Mega bit per second) and in communication networks its range is about 6 to 9 with compression ratio of approximately 1301.MPEG-2 In addition to the video compression on media it also used for compressing interlaced digital video in cable, satellite TV, HDTV (High Definition TV), High- quality digital storage media and video service through communications with range of 6-9. The compression ratio of this is 30-1001 (CH Wu, 2009).MPEG-4 This is a long term project which was started in 1993 with the expected completion year as 1998 (CH Wu, 2009). This sets for all type of applications and has advanced coding method. It has got the following features in addition to the compression potential.Content based scalability and error prone environments have universal access capabilities by providing good robustness.Content based interactivity for multimedia access, exercise and bit-str eam editing (CH Wu, 2009). In addition to this it has coding methods like hybrid natural and synthetic methods with improved random access which is temporary. In MPEG-4 MSDL ( MPEG-4 Syntactic Description nomenclature ) was introduced to describe the flexibility of bit stream structure, configuring, decoding of the program, selecting, describing, editing, and downloading. MSDL include slits, profiles and algorithms. Profile may be a single or combinations of one or more algorithms. Algorithm is a collection of tools for providing one or more functionality. Tools are simple and basic technique (CH Wu, 2009).Syntax of MSDL layerFLEX 0 This is used in switching between pre-defined algorithms like MPEG-1, MPEG-2, JPEG, etc (CH Wu, 2009).FLEX 1 This syntax is for configuring decoders using standard tools like DCT and Huffman coding (CH Wu, 2009).FLEX 2 used for tool updating and downloading (CH Wu, 2009).Fig 2 Block Diagram of MPEG encoderhttp//www.altera.com.cn/end-markets/broadcast/d elivery/encoder/bro-encoder.htmlMultimedia ApplicationsNow-a-days we can find the use of multimedia in not only media, entertainment and arts field but also in almost all places and in all services like hospitals, government organisations. Its also used in the field of education departments like physics, mathematics etc. The following are some of the important applications of multimedia.Commercial Purpose Creativity is most widely useful in these areas because for doing any type of business a good popularity is vital. For launching a product a good advertisement is necessary where in which creativity should be used here to deal with.Education To make the classes interactively for the students multimedia is used by giving SFX and VFX effects.Entertainment Multimedia is basically developed for this field where different types of media are include. Used to create animation movies, multimedia games. Many video games include multimedia techniques which are a good time pass and in additio n to it this improves the knowledge of the player. Multimedia games can be available through online to play or it can also be obtained through CDs.In Mathematical and Scientific field Multimedia has extensive range of use in the research field. Because after creation of a particular soupcon or a single substance using multimedia that molecule will be studied by enlarging the size or increasing the properties of it. In this way multimedia will also be used in the field of calculations.For creation of any visual or animation graphics the most commonly used effects are special effects popularly known as SFX and visual effects named as VFX. To edit these there are many editing softwares available of them the most popular editing software is Adobe After Effects which commonly known as AE.Adobe After Effects (AE)Adobe After effects is mainly used for workflow process management for colour processing. To achieve a perfect quality of colour blended emotions or graphics to the images AE is used. The currently used software for editing in version of AE is AECS5. Prior to this there are many previous versions which are used for colour blending process. The basic version of Adobe is CoSA and the code name for it is egg in the year of 1993 in January (Adobe, 2008). The features of this are mask with form compositing, effects, keyframes, transforms (Adobe, 2008). In the same year but in the month of May one more version of it is released but with extended features. Both versions of these CoSA1.0 and 1.1 support MAC operating system (Adobe, 2008). From then to till now there have been many technologies and versions evolved. The report concentrates on AE and its versions.Adobe After Effects CS5To succeed in todays media culture visual richness and outstanding performance is required which can be obtained through CS5. Its new 64-bit native support helps most of the computers to work more efficiently with complex projects like HD, 2k and 4K. A broad range of innovative featur es from the new roto brush allows for creating the stream line of workflow. This enables to create ordinary graphics in to extra ordinary graphics which results in blockbuster effects while delivering the work with variety of screens.2.3.1(A) Features of CS564-bit performance support To craft complex 3D scenes it works flexibly with all types of available RAM and different types of processors (Adobe, 2008). It is easy to work on large frames, camera moves, preview of long deep layered composites, a single layer can be viewed in to different types of output format. The four colour channels of this are red, blue, green, alpha.Fig 3 64-bit native supporthttp//www.attotech.com/solutions/Adobe/Format memory requirementsstandard definition720486 pixels x 4 color channels* x 8 bpc =1.33 megabytes/frame10 seconds 29.97 fps = 398.6MB (Adobe, 2008)high definition19201080 pixels x 4 color channels* x 16 bpc =15.82 megabytes/frame10 seconds 23.976 fps = 3.7GB (Adobe, 2008).Digital cinema40962 304 pixels x 4 color channels* x 32 bpc =144 megabytes/frame10 seconds 24 fps =33.75GB (Adobe, 2008).optical Innovation After Effects CS5 includes Mocha for After Effects CS5 v2 with the Mocha Shape plug-in, Color Finesse 3, and Digieffects FreeForm (Adobe, 2008). As these are third party plug-ins included with CS5 the user interface was installed in only English language.Efficient Composition Performs composite productions very faster with maximum bit depth rate because of the new roto brush tool. There is a new support for colour LUTs (Look Up Table) and other breakthroughs. Production of pipelines was excellent and in complex digital workflow productions good support of XMP metadata is important.CS5 completely uses innovation of technology everywhere (Adobe, 2008).Deliver everywhere Work with a wider range of media types-now including AVC-Intra and expanded RED camera support-and render the final results in formats from mobile media to feature films at maximum bit depth and res olution, using industry-unique colour management and new custom Colour Look-Up Table (LUT) support to help ensure accurate results across a variety of delivery platforms (Adobe, 2008).The Adobe After effects not only works well in Windows environment but also it is compatible also with MAC and can produce good result. The Roto brush tool is a very powerful tool which separates spotlight and background and chooses which environment and position of scale sets to fix the image. If drawing a position of image is unsure then positioning an outline on the picture with roto brush gives good result. The digieffects which is a free from effects which gives 3D modelling effects.3. RESEARCHIn multimedia applications the effects used are like SFX and VFX to edit this Adobe after effects are used. The following are the key point which I found in my research on this topic.Adobe After Effects is an application which is used for 3D Compositing and as well as visual effects. It is one of the most t op10 compositing software.Well coming to software, there are more drawbacks on that compare to newer versions.Newer application is more user friendly and more reliable compare to previous versions.It supports all types of major media formats for both import and export.In newer version i.e., After Effects CS5, it only supports 64bit Os. So application can take more memory from Os which support up to 64GB of memory. So that huge amount of data can be accessed through local HDD (Hard Disk Drive) and also from network. The speed of the drive can be experienced by using 1Gbps of LAN.But in this the main issue is multitask cannot be performed. This means at a time only application can be run and processed.Due to this backlog, working on more files at a time is not possible so the process becomes time go through one.The drawback of this issue can be overcome by installing the application and plugins which we used in more than one application. But it takes 2-3Hrs of time moreover it is a t ime consuming program. In addition to it one user cant work on multiple projects/files at a time.4. PROPOSED SOLUTIONTo overcome the delay process, there is a trick which should be followed to open multiple applications.The trick is as follows.I.e., just add the letter -M after the path at target tab.The image is as follows.Using this script multiple applications can be opened at a time which works faster and also save the time depending on the configuration of the user machine. If the machine is of good configuration a very good quality of speed can be experienced.Fig4Explanation of Multi Application4.1 ADVANTAGES AND DISADVANTAGESAdobe After Effects CS5 boost the performance and results in a high quality of production. Its features like roto brush tool used to create and separate foreground and background images without much time. Its third party plug-ins increases robustness and efficiency of the program. Its 64-bit native support makes the process compatible with all type of pro cessors. Use good colour blending and movie rendering techniques which gives good effects with innovation of ideas. This also supports auto key frame modes and provides flexibility to customer or client for choosing his own colour Look Up Tables (LUT).In any product there are not only advantages but also we can find disadvantages. This split up discusses all about the disadvantages of CS5. For installing CS5 the OS should support some features like OSx10.5.7 (Adobe, 2008). As this supports 64-bit native support every third party plug-in of it should be upgraded to the same. This is not only time taking process but also costly process. CS5 is not compatible with older versions so every time backward version like CS4 must be installed in addition to the CS5. This makes to work on the current projects without difficulty. Installing on a single PC two or more versions decreases the speed of the processor as older versions works only on 32-bit applications. For AE lights and other 3D la yers there is no real interaction of 3D. So the lights and 3D layers should be applied separately in Photoshop this is another important drawback which should be considered.5. CONCLUSIONThis report describes briefly about the multimedia and its applications. A very clear and basic explanation about working flow of Adobe After Effects and its current version CS5 which is popularly known as AECS5. This musical theme also discusses about the problem of opening multi applications at a time and provided the solution for the same. The detailed explanation about the roto brush tool and its importance is provided. This research has clearly explained the merits and demerits of AE (AE CS5). As the technology has good advancements in day to day life the long term project which is still in progress should come out with good advancements.The future advancements of this technology can be upgrading the software with built in lights and 3D effects with good real 3D interaction. CS5 must be compati ble with backward versions of CS like CS4 and Cs3. In addition to this there can be many future advancements based on the technology developed.(4300 words excluded references and index)ABBREVIATIONSLAN- Local Area NetworkAE- Adobe After EffectsNLE- Non Linear Editing SystemsDVD- Digital Video DiskINDEO- Intel VideoMHEG-Multimedia Hypermedia Information Coding Expert GroupMIDI- Musical Instrument Digital InterfaceVFW- Video For WindowsAVI- Audio Video InterfaceDVI- Digital Video InterfaceMPEG- Motion Picture Expert GroupJPEG- Joint Picture Expert GroupITU-T International Telecommunication Union- TelecommunicationDCT- Discrete Cosine TransformHTML- Hyper Text Markup linguistic communicationGIF- Graphical Interchange FormatISO- International Standard OrganisationHDTV- High Definition TVMSDL- MPEG-4 Syntactic Description LanguageSFX- Special EffectsVFX- opthalmic EffectsLUT- Look Up Table

Photographer Comparison Essay: Cindy Sherman and Omar Diop

Photographer Comparison Essay Cindy Sherman and Omar DiopIntroductionThe following study go forth analyse and comp ar the young photographers- widely cognize for their conceptual fictional charactertions- American Cindy Sherman (b. 1954) and Senegalese Omar Victor Diop (b. 1980). The plough selected are Albert Badin by Diop and Untitled (Self-Portrait with Sundress), some(prenominal) of which feature a persona explored through self- depictionure and conceptual portraiture. Thus, the work go in hand with my theme of identicalness.Cindy Sherman studied optical arts at university, focusing firstly on painting before later on the job(p) with photography, which is now her almost prominent medium. Sherman is one of the most respected photographers of the late twentieth century. The majority of her photographs are self-portraits, each featuring a feminist element which challenge the representation of women in monastic order and media, as easy as American popular culture. He nce, her works are a vehicle for commentary on contemporary American society.Omar Victor Diop studied at the Business School of Paris and worked in communications before concentrating solely on photography. His most famous serial is Diaspora (2014) featuring staged self-portraits inspired by Spanish portraiture of the 14th and 15th century. It explores the identity of new-fangled Africans and the role of African history, culture and heritage in the formation of such(prenominal). Thus, his works explore the interconnectedness of collective and personal identity.Note Diops name is some(prenominal)(prenominal) correctly spelt as Omar Victor Diop and Omar Viktor Diop. In this study, the former will be intaked. DiopAnalysis of formal qualitiesDiops series Diaspora meaning the dispersion of people from their original homeland-was first exhibited in 2014. The series appropriates Spanish portraiture of prominent African figures who experienced African diaspora in the 14th and 15th cen tury, with Diop as the subject. Diop produced this series plot of land residing in Spain, during which he experienced cultural alienation. In recreating portraits of famous Africans who were estrange in the most extreme sense in Europe- experiencing racism, mocking, and complete abandonment from society- Diop conducts a personal search for both his own identity and the collective identity of Africans in Europe.The work investigated in this comparative study is Albert Badin (medium), a recreation of a historic portrait by Gustaf Lundberg. Badin- originally named Couchi- was born in 1747 or 1750 in either Africa or Saint Croix before macrocosm forced into slavery. Badin- meaning trickster was treated as a noble savage and permitted to work as a Swedish court-servant and butler of Queen Luisa Ulrika of Sweden. Badin was also a diarist and a fond member of the Swedish courtly life.As with the opposite figures in the Diaspora series, Badin- as stated by Diop- did not fulfil the usual expectations of the African diaspora insofar as they were educated, stylish and confident, even if some of them were owned by white people and treated as the exotic other. (via theguardian.com) Thus, through recreating the portrait, Diop investigates his own cultural heritage and gives figures omitted from history a voice once more, as well as celebrates them, as despite existing at a time where it was very unlikely for them to flourish during colonisation and slavery. (via trueafrica.co) they managed to lead a successful life.Diop achieves this through restaging the original portrait, wearing a go up-identical costume and recreating the composition and colour scheme of cool shades of blue and white, which create a sense of harmony and balance.However, the portrait is not exactly copied in Diops piece, merely appropriated. It is readily recognisable, however, the works in Diops series all have a modern-day narrative through references to football. In Albert Badin, these are a whi stle and a red card which replace the original works chess pieces. Curator Raquel Wilson has stated the utilise of football equipment demonstrates the wave- ploughshareicle duality of living a life of glory and recognition while simultaneously confronting the challenges of being other (via omarviktor.com). Modern African players achieved recognition in Europe, yet face ease racism, similarly to Badin. Diop states that this is the kind of conundrum I am investigating in my work. as there is a very interesting blend of glory, hero-worship and exclusion. (via theguardian.com). The use of football equipment in Diops works ties together racism in both the past and present.In damage of formal qualities, the work mimics and appropriates the original portrait. Diop has a near identical angled tilted head, however, the original portrait is titled to the left whereas Diop turns to the right. Diop wears a similar costume and pose, as well as facial pattern both figures have eye-contact wit h the viewer in a confrontational, yet playful and manner, as if the figure were challenging the viewer to a game of chess or- in Diops work- presenting the viewer with a red card and whistling at him. In football, this means that the player has to leave the field. This could be representative of Diop criticising the viewer and indeed society of omitting Badin from history, punishing them with the red card.Annotations of DiopModern appearance through the high quality of photograph, the piece appears sleek and meansable, which is to be expected, as Diop also works in fashion photography. The work is not edited to mimic the old and worn appearance of the original piece, as Diop wishes to give the piece a clear modern look. Although Diop recreates a portrait from the 18th century, there is a clear modern narrative through the aesthetics of the work and the use of football equipment. This highlights that problems Badin experienced hundreds of years ago- such as racism and alienation- r emain contemporary issues today, and should not be forgotten.Comments on racism in past and present through football props By making all the figures carry objects related to football, like balls, red cards and studs, I linked them to the present in order to situate them within the line on immigration and the integration of foreigners into European societies. All these eminent but unknown people were the first to obtain recognition for black people for their extraordinary talent. Today, its a talent for football that gives you that passport. (Omar Victor Diop via trueafrica.co)Symbolic form Diop holds the whistle and red card in a staged manner, allowing the viewer to clearly impinge on the objects. The viewing audience eye is drawn to them, indicating their importance.Head turned to right Diop does not exactly replicate the original portrait, although the overall composition is near identical.Annotations of original portraitHead turned to left one of the key differences amid Di ops work and the original portrait.Chess pieces Badin hold chess pieces, representing his intellectual as well as playful and entertaining personality.Interpretation of function and dissolveDiop himself poses as a forgotten man. The work is a self-portrait, and as a Sengalese himself, Diop thus explores his own identity, as well as his African heritage. Diops work demonstrates the link and interconnectedness between cultural and collective identity and his personal identity, critically through putting himself in the shoes of figures of the African diaspora as Diop takes on the role of Badin and poses as him. done the use of modern football equipment and the sleek appearance of the photograph, there is a modern narrative prevalent in the piece. As Diop stated, he wanted to bring these rich historical characters into the current conversation about the African diaspora and contemporary issues virtually immigration, integration and acceptance. (via thegurdian.com)Evaluation of cultur al significanceAs mentioned previously, Diop gives African historical figures omitted from historical discourse a voice who Diop states ought to be celebrated (via trueafrica.co) and forces the figures into a modern narrative once more. Diop himself belongs to the modern generation of young, successful Africans who chose not to abandon their country, despite being presented the chance to Diops family is in the upper materialistic and Diop studied and worked in Europe for many years. Thus, contemporary issues relating to Senegal and the African continent influence his work greatly. The portrayal of Africa in often a negative one, featuring nothing but meagreness and generalising the large and diverse continent to nothing but sort outs. In depicting successful African figures who were forgotten in historical discourse, Diop reminds the viewer of the complexity of African history and culture, and speaks against and challenges the negative representation of Africans in popular cultur e.Furthermore, Diop explores what it means to be a part of modern Africa, and investigates how history influences both personal and collective identity. Through confronting the viewer with historical figures- perhaps in a damning way, represented through presenting the viewer with a red-card- Diop forces the viewer to contemplate and reflect on African history, critically as Diop himself exhibited the series in Dakar and later in France, which has a colonial past and a large amount of African immigrants. Therefore, both the artist and the viewer contemplates the balance and interconnectedness of modern-day Africa and the rich and complex African diaspora.ShermanAnnotationsCaricature of stereotype In this work, Sherman takes on the role of a middle-class woman, which is indicated by her tacky jewellery and costume, on vacation, shown by her intense sun-tan. Thus, Sherman handles a multitude of stereotypes in the work Americans, women, and the working-class.Analysis of formal qualitie sThe work analysed is Untitled (Self-Portrait with Sundress), however, while researching, it was found that sources have also titled the piece Untitled (Self-Portrait with Spraytan). In this study, the former will be used according to the auction site artnet.com, which was deemed a reliable source. The piece was created in 2003 and is a chromogenic print on smooth white paper with full margins, and 66 * 40 cm.The work is a part of Shermans early 2000s series of self-portraits, which feature Sherman in different costumes and poses, portraying female person stereotypes in American film, television, and advertising. Through the medium of photography, Sherman mimics reality and constructs new identity a persona. In doing so, Sherman criticises the subject and role she takes on. In the case of Untitled (Self-Portrait with Spray Tan), Sherman critiques American society for its superficiality and consumerism as well as banality.As with most of Shermans work, it is a self-portrait, in which Sherman uses makeup, costume, and props to depict a common American stereotype and visually and complaisantly-defined personality type. Sherman is barely recognisable and easily changeable as she depicts an intensely tanned subject in a sundress. The subject is posed in an unnatural manner, and her features are exaggerated, thus creating a caricature.In terms of visual properties, ShermanQuotesI feel Im anonymous in my work. When I look at the pictures, I never see myself they arent self-portraits. Sometimes I disappear. via artlystInterpretation of function and purposeThe work forces the viewer to confront and reconsider stereotypes through. Sherman does not define where she stand in relation to he works, and the interpretation is left open to the viewer. Ultimately, the reaction of the worldly concern to her work says more about the viewer than the subjects themselves.In another sense, Sherman argues that personal identity is comprised solely of social dictates and personal in tention in that she constructs a persona entirely of vison and socially defined personality archetypes. moreProtagonist can escape role, identity construct, fluid, persona Sherman does not fix herself in single social position (quote)Evaluation of cultural significanceSherman has played a major role in various art movements, each of which are reflected in the piece. feminist movement Emerging in the late 1960s, the movement sought to criticise and change the world through art, with a specific focus on women and their roles in society over a longer period of time, being the nineteenth to twenty-first century. Sherman, as other feminist artists, include the female perspective in their works and inquiry the social landscape of their context. She explores femininity as a social construct and examines female typologies. In Untitled (Self-Portrait with Sundress), Sherman takes on the role of the stereotype of a sun-tanned, middle-class American woman on vacation, with a so-called cheap appearance. Through creating this character, Sherman explores the role of appearance in the formation of identity, particularly female identity. Thus, Sherman reworks archetypes as both a creator- and woman- and character. She re-establishes women and what it means to be a woman in todays world, and freezes herself in the role she takes through the medium of photography. Thus, the works are both deeply personal and feminist.The Pictures Generation This label often refers to both contemporary artists and specifically visual artists active in the seventies and eighties. Critically, the artists use appropriation and montage, as well as explore the constructed nature of images through the medium of photography. As with Shermans work, members of this movement often seek to trigger social criticism in viewers saturated by mass media. Indeed, the artists themselves were heavily influenced by the saturated image culture of the United States, and thus, the works challenge traditional art for ms and mimic the artificiality of media and in particular advertising. Works appear mass-produced and blur between fine art and popular images, as they are composed with conceptual frameworks. Sherman specifically explores the boundaries between original and fabricated reality through an exaggerated appearance with a clearly staged environment and printed the photographs in large-scale and bright colours, yet the works are clearly inspired by reality. This creates a blend of performance and photography itself.Diop ShermanMaking comparisons and connectionsFormal qualities Whilst both works share the medium of photography and are self-portraits, the subjects portrayed are vastly different. Both Sherman and Diop take on personas which differ greatly Sherman poses as an American sun-tanned woman, Diop is a historical figure.In terms of visual properties, the photographsPosition, compositionBoth artists appropriate to some extent. Diop directly mimics a historical portrait, whereas Sher man imitates a specific archetype. The subject is easily recognisable, and thus leads the viewer to question the role of appearances in the formation of identity, and how appearances can or cannot be misleading does the fact that the artists dress up as a figure mean they are the figure? As the works are self-portraits and the subject is the artist themselves, there is undoubtedly a strong personal link to each work for the artist.Furthermore, both works have a strong element of artificiality. The photographs are staged and feature the subject in exaggerated costume and makeup, and are not knowing to be an accurate reflection of reality. However, Sherman deliberately creates a caricature of the subject, whereas Diop recreates a historical portrait with added football props, carrying a symbolic meaning. hunt and purpose Critically, Diop explores the paradox of modern and historical identity, as well as the role of history in the formation of contemporary African identity. Through po sing himself as Albert Badin and the use of football symbolism, Diops work investigates the link between our culture, the history of our homeland, collective and personal identity of Africans. Contrarily, Shermans work does not have a focus on history, and sooner focuses solely on modern American society and how this influences the personal identity of women.Cultural significance In terms of cultural significance, the two artists share small to no similarities.However, critically, both artists reflect their own cultural context through their works Sherman mirrors American stereotypes whereas Diop explores the contemporary question many young Africans face today, being balancing cultural history and modern identity.Making connections to own art making practiceFormal qualities Photography, self-portraits, costume and use of props, simple backgroundFunction and purpose Aim of pieces, small size?, artificiality ShermanCultural significance Cultural element DiopSourceshttp//www.artne t.com/artists/cindy-sherman/untitled-self-portrait-with-sundress-aHQ26YzCxxzu-QkGJzHEAQ2http//www.artlyst.com/Cindy.Shermanhttp//www.rencontres-arles.com/C.aspx?VP3=CMS3VF=ARLAR1_213_VFormFRM=Frame%3AARLAR1_254http//africanah.org/omar-victor-diop-2/http//www.omarviktor.com/project-diasporahttp//trueafrica.co/article/omar-victor-diop-on-dakars-spectrum-of-possibilities/https//i-d.vice.com/en_gb/article/omar-victor-diop-is-documenting-a-new-generation-of-african-creativeshttp//www.theartstory.org/movement-feminist-art.htmhttp//www.theartstory.org/movement-the-pictures-generation.htmhttp//www.theartstory.org/movement-conceptual-art.htmhttp//www.blackpast.org/gah/badin-adolf-1747-1822http//www.artspace.com/magazine/art_101/art_market/pictures_generation-51922

Impact Of The Monetary Policies

Impact Of The Monetary PoliciesIntroductionThrough a literature review, this chapter aims to explore the impact of the fiscal policies and regulations on pious platitude lucks and their operations in Zimbabwe. Section 2.1 entrust give a brief over view of Zimbabwe and Section 2.2 will discuss the Zimbabwean economy. Section 2.3 will outline a background on the rationale of financial regulation through the exploration of the Basle distribute II. In section 2.4, financial regulation in Zimbabwe and its influence to the economy will be see to itd. An overview of the lingoing carcass and the type of lucks it is exposed to will be considered in section 2.5. Section 2.6 will explore the Zimbabwean hopeing system and its major challenges withal linking these to the countrys financial regulation. In section 2.7 the author discusses Enterprise Risk Management (ERM) which is an inembodiedd and holistic take a chance counselling good example that organisations argon encouraged to us e as a change causement st aimgy for managing encounters. Section 2.8 will eventually summarise this chapter.Overview of ZimbabweZimbabwe (formerly Rhodesia) is a reachlocked country in south- primaeval Africa. It lies surrounded by the Zambezi River which in the north and the Limpopo River in the south. Its neighbouring countries are Zambia, South Africa, Mozambique and Botswana. Zimbabwes gravid city, Harare, is located in the northeast part of the country (Coltart 2008).Zimbabwe gained its independence from Britain in 1980 after a considerable armed struggle led by the leading party, Zimbabwe Afri gage issue Union Patriotic Front known as ZANU-PF, (Makumbe, 2002). It has a population of 13,349,00 people with a gross domestic product that is estimated to piddle fallen by close to 14% in 2008 due to economic disruptions caused by hyperinflation and the further deterioration in the business climate (World depose 2008).The economy of ZimbabweChitiga (2004) contends that a griculture plays a primal grapheme in the economic consummation of Zimbabwe. The agricultural sector is important to the economy for several reasons (Christiansen 1993).In the 1980s, it was the major employer, employing a total of over 70% of the countrys population. The sector continues to be a major employer to this day. In Zimbabwe, droughts continue to be a major problem and raises concern about provender security (Chitiga 2004). as yet despite the ever changing weather patterns affecting the agriculture sector in Zimbabwe, Coltart (2004) notes that agriculture the mainstay of the economy was all tho destroyed by the politically expedient and violent land reform program arised by the ZANU PF political science in 2000.Collapse of Zimbabwean economy Coorey et al( 2007) argues that, magic spell the initial output collapse is widely attributed to the chaotic seizure of commercial farms in Zimbabwe which is the backbone of the economy, opposite factors have also contributed in recent old age to the countys collapse which include 1) high and accelerating inflation of 230 000 000% in 2008, 2) price distortions due to extensive controls and regulation, particularly relating to the exchange rate which is fixed by the appropriate posit of Zimbabwe (RBZ) at a highly overvalued rate, 3) the collapse of investor confidence due to unpredictable policies and pretermit of respect for property rights, particularly in agriculture and mine and 4) minimal external financing because of woeful relations with creditors and donors and deteriorating economic and social conditions.(Munoz 2006, Dore et al 2008, Hanke 2008) argue that the RBZs polices much(prenominal) as printing of money, quasi-fiscal activities by the RBZ, have specifically caused the economic instability in Zimbabwe. The consensus amongst these authors is that the countrys government policies alongside with the central bank have played a major role in causing hyperinflation which rose to 230 000 00 0% in 2008. Coltart (2004) highlights that the government is chiefly responsible for an economic meltdown. Muponda (2008) notes that Zimbabwes inflation was driven higher by the central banks lack of independence from the government. at that placefore the banks policies have been primarily dictated by the government. The RBZ has been forced to be financier of first choice and literally print money to broth its the quasi fiscal activities.. The challenges lookingd by Zimbabwe have been contributed by various factors including, the land reform programme in 2000 (Coorey et al 2007), political unrest in the country which has isolated the country from the global community through sanctions and withdrawal of investments and international business community. Research by Cukierman (2001) and the IMF (1996) suggest that countries accorded greater autonomy to their central banks also experienced lower average inflation whilst those economies where there is no central bank independence have higher inflation rate. The influence of the government on the RBZ has resulted in the bank implementing unorthodox financial practices such as printing of money which has fuelled hyperinflation.Hanke (2008) refers to hyperinflation as the hallmark of Zimbabwes economic collapse. The state of the Zimbabwean economy has undergone, major changes with major economic and political reforms use by government officials to unsex the economic expectantness of the country in the year 2009. There is the use of multi currencies in the country as the economy was officially horseized by the central bank in February 2009 resulting in the removal of the local capital (RBZ 2009). Since the word sense of multiple currencies, deposits into the banking system have grown to US$705.7 million by 3 June 2000 (Government of Zimbabwe 2009). Already, the economy is on a recovery path as reflected by macro-economic stability, inflation reduction, enhanced capacity utilisation, resulting in improved gene rate of goods and services as well as overall growing business confidence (Biti 2009). monetary Regulation Effective regulation is of fundamental importance for the economic performance of any sector in the economy to foretell market failure (Jalilian et al 2003). The mishaps and failure of large corporate institutions in the financial sector have caught the attention of regulators, who have taken a more stringent regulatory admittance in the financial sector. In recent years, a number of financial crises have brought about a large number of bank failures (Casu et al 2006), such as Barings Bank in 1995 and Northern Rock in 2007. Likewise the banking crises in the early 1980s and early 1990s have shown that banks experience problems which render a potential threat to depositors, investors and the safety of the industry with unpleasant consequences for the economy as a whole (Caprio and Klingebiel 2003). pecuniary regulation centeres on the factors that are inborn to the stabili ty and well cosmos of the financial sector (Stewart 2001).The susceptibility of banks to contagion creates systemic lay on the line which is the find that disturbances in a financial institution or market will spread across the financial system (Heffernan 2005). It is the role of the central bank to implement measures to shield the countrys economy from being affected by the results of the crises. Stiglitz (2000) contends that the aim of regulators is to minimise the possibility of a breakdown in the financial sector and prevent any adverse effects on the long term growth rate in the economy. In some instances government have had to rescue banks to avoid the crises from spreading to other banks and affecting depositors as well.. Restrictions on bank activities, risk adjusted marginal capital requirement, direct intervention of managers decisions are common chord basic devices that can be applied by regulators to control bank risks (Fenandez and Gonzalez 2005).Minimum capital re quirementsVarious authors (Besanko and Kanatas 1996, Calem and Rob 1999) however argue that regulations such as minimum capital requirements are likely to append the risk taking behaviour of banks. reconcileing to Kendall (1992) higher capital requirements may cause riskier bank behaviour at some point in time, although it does not necessarily imply a slip towards a riskier banking system. Beatty and Gron (2001) indicate that capital regulatory variables have significant effects for low-capital banks but not necessarily for other banks. Studies by Barth et al. (2004) also indicate that while more stringent capital requirements are associated with fewer non performing loans, capital stringency is not robustly link up with banking crises or bank findment or efficiency when haughty for other supervisory and regulatory policies.Bank RegulationsBank authorities regularly attempt to force bank soundness by imposing restrictions on banks activities (Constantin et al, 2006). In thei r research, Constantin et al (2006) set in motion that restricting bank activities is negatively associated with bank victimization and stability. Barth et al. (2001) found that greater regulatory restrictions on bank activities are associated with higher probability of suffering a major banking crisis, and lower banking sector efficiency. Lascelles (2005) adds that a survey conducted by Pricewaterhouse Coopers found that excessive regulation was seen as the greatest risk facing the financial sector. However in contrast to this, Fernandez and Gonzalez (2005) indicate that stricter restrictions on bank activities are impelling at reducing banking risk. It would appear overall that restrictions on banking activities forms as a basis of ensuring that banks do not divert from their core business and conduct sound banking practices.Basle AccordIt is because of problems such as the financial crises that the Basle Accord II emphasises on the supervisory role of the regulator. In June 19 99, the Basle Committee on Banking Supervision made its long anticipated announcement to introduce a radical capital accord to introduce a new capital adequacy framework to replace the 1988 Accord (Ong 2005). This framework was and so finalised in June 2004. Cai and Wheale (2007) note that this framework is designed to improve risk way by using models based on past performance to help set the amount of capital banks are required to hold by regulators with the purpose of improving the efficiency of the global allocation of capital. Efforts were made to initiate the new Accord as the first accord of 1988 was highly criticised for its shortcomings. risk.The new accord seeks to overcome the problems of the 1988 framework focusing on three pillars (Basel Committee 2005). mainstay 1 sets out the minimum regulatory capital requirement that is the amount of capital banks must hold against risks. This is intended to cover market risk, credit risk and operational risk.Pillar 2 defines the process for supervisory review of an institutions risk management framework and, ultimately, its capital adequacy. This pillar points out responsibilities for the board and senior management, emphasising on internal control corporate governance practices established by regulatory bodies in various countries worldwide. Sironi and Zazzara (2003) argue that this pillar gives regulators the right to inspect and supervise the activities of banks to take care that they are adhering to the requirements of the frameworkPillar 3 focuses on market discipline. In order to improve the transparency of banks to counterparties and investors, banks will be required to disclose little information on their risk profile and capital adequacy (Gordy and Howells 2006).The benefits of the Basle II are noted in the three pillars, as there will be enhanced disclosure, transparency and this will improve on banks risk management processes. Cai and Wheale (2005), site that banks will need to collect and disc lose new information and face the implications of increase transparency. Cai and Wheale (2005) add that more information will help enable banks to improve overall risk management which in turn is expected to locomote improvements in corporate governance, transparency and the value of disclosure. Ong (2005), supports this and says that Basle II is very important and it is about improving risk management within the financial industry by providing the correct incentives for better corporate governance and fostering greater transparency.The Basle accord on the other hand is criticised for some of its shortfalls. For example the fact that the costs of Basle II are significantly high in terms of implementation and continuing basis in the long run (Gordon 2004). Banks lose their flexibility, innovation and development are interrupted. Due to the fact that limited resources are available, many risk managers will spend a long occlusion of time on interpreting regulations, implementing the solutions and then justifying the output to supervisors (Smith and Walter 2003). Hence little time will be available for innovation and development. The obligingness with laws and regulations is not able to help banks avoiding all risks.Zimbabwean Financial RegulationThe Reserve Bank of Zimbabwe is responsible for the formulation implementation and monitoring of the monetary policy directed at ensuring low and stable inflation levels (Reserve Bank venture). The RBZ does not, however have the operational independence in carrying out this responsibility, as it is required by statute to consult the Ministry of Finance (Dore 2008). This has resulted in the RBZ operating from the executive arm of the government instead of adhering to a binding legal mandate (World Bank 2007). Bade and Parkin (1982) note that political independence is defined essentially as the ability of the central bank to select its policy objectives without the influence from the government. A central bank is said t o be independent of its monetary policy if it is not influenced by political cycles or by the preferences of politicians (Eljffinger and de Haan 1996). The RBZs policies have been influenced by Zimbabwean political authorities therefore the bank has been lacking central bank independence. Another core function of the RBZ is to maintain stable banking system through its supervising and lender of last resort functions.Post 2003 monetary polices and regulationThe crook point in Zimbabwean financial services sector was marked by the appointment of the new central bank governor in 2003. During this period the governor issued a monetary policy and financial regulations which sought to minimise non-core banking activities practiced by banking institutions (Dore 2008). The other objectives were to instil market discipline and improve corporate governance and risk management systems. As a result of the RBZs severe supervisory efforts, various banking institutions experienced liquidity and solvency challenges. Consequently, nine financial institutions were laid under curatorship whilst 3 were liquidated. Banks currently face risk management challenges, economic and political uncertainties and new regulatory requirements emanating from the RBZ regulations and unstable political environment (Muponda 2008).The RBZ governor, notes in the 2009 monetary policy (Government of Zimbabwe 2009) that prior to 2003, an adverse macroeconomic environment, weak supervisory approaches, and regulatory forbearance gave rise to a number of fundamental flaws in the operations of banks. These include 1) a shift from core banking business to speculative transactions, 2) abuse of bank holding company structures to evade regulation, 3) poor corporate governance, risk management practices and insider dealing, 4) rapid local and regional expansion with no proper internal controls, and adequate capacity and 5) disregard of prudential laws and regulations. Smith and Walter (2003) suggest that the fundamental objective of regulators is to develop frameworks and guidelines that will further strengthen the stability of banking system. This objective is achieved in promoting the adoption of these frameworks in banks. To enhance the supervisory process, the RBZ has developed and issued guidelines for the banking sector in order to address operational and structural deficiencies prevailing in the financial sector, (Government of Zimbabwe 2009). These guidelines are shown below in table 1.Basel II implementationThe Basel II implementation in Zimbabwean banking industry is still in its preliminary stages. A survey by Ernest and Young in 2005 (Lescellos 2005) shows that many banks in developed countries have come up with implementation programmes of Basle II whilst in developing countries implementation is still at the initial stages. This survey is confirmed by evidence of the current implementation place in Zimbabwe. The current guidelines setup by regulators in Zimbabwe is th at all banking institutions must fully adopt standardised approaches for allocation of capital for risk (credit, market and operational). However a technical guidance on Basle II implementation in Zimbabwe will be issued in due course to provide a alley map and expert guidance on full Basle II implementation in the country, (Monetary Policy 2009).This shows how slow the progress has been in the full implementation of the framework in Zimbabwe, and could be the cause of the major problems faced by countrys the banking industry. Cai and Wheale (2005) however report that awareness and preparation for Basel II in the rising markets and developing countries has increased significantly over the past two years.Banking SectorIt is widely accepted that the banking system has a unique position in the national economy (Heffernan 2005). A banking system that is able to operate efficiently is of crucial importance to any economy (Quagliariello 2002). The banking system must not only be efficie nt in carrying its role as an intermediary in the financial market but it must also be economically robust to stand fast adverse shocks such as a major policy change to economic downturn. Traditional functions of banks include lending money to borrowers and taking deposits. They play a financial intermediary role of providing loans to borrowers and collecting deposits from savers (Casu et al, 2006). Poorly operating banking systems can impede economic growth, intensify poverty and destabilise the economy. These poor operations can be due to banks with inadequate risk management processes (Stiglitz 2000).Banking RisksThe nature of banking activities eposes banks to the following risks Due to the nature of banking activities, they are exposed to various risks. These credit risk, market risk, liquidity risk, operational and foreign exchange risk.Credit riskThe Basle Committee on Banking Supervision (2000) define credit risk as the potential that a borrower or counterparty will fail to meet its obligations in accordance with greater terms. Credit risk is associated with the traditional lending activity of banks and it is simply described as the risk of a loan being repaid in part or full (Casu et al, 2006).Liquidity riskThis is the possibility that a bank will be futile to meet its liquid liabilities because of unexpected withdrawals of deposits. An unexpected liquidity shortage means that the bank is not only unable to meet its liability obligations but also unable to fund its illiquid asset (Matthews and Thompson 2008)Interest rate riskFinancial intermediaries are potentially exposed to divert rate risk because of the mismatch in the midst of the maturity, or time to repricing of their assets and liabilities (Faff and Howard, 1999). The interest rate sensitivity exhibited by a financial institution will depend, in part, on the approach which its management adopts to controlling risk.Operational riskThe Basel Committee on Banking Supervision in 2003, recommen ded the correct determination of the risks to which a banking organization is subject. This concerns, in particular, operational risks, which are all those management events that may determine unexpected losses (Cornalba and Guidici 2005). The New Basle Accord (2000) defines operational risks as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events (such as political and economic factors), including legal risk but not strategic and reputation risk. Market riskAccording to Matthews and Thompson (2008), market risk is the possibility of loss over a given period of time related to uncertain movement in market risk factors such as interest rates, currencies equities and commodities.Foreign exchange riskExchange rates may change rapidly which exposes firms to foreign exchange rate risk, which is the risk that losses may arise from rises or falls in the value of a currency in terms of the domestic currency. Eichenbam and Evans (1995) suggest that there is a link between monetary policies and foreign exchange rates. Contractionary shocks to monetary policies are followed by sharp persistent increases in exchange rates, which ultimately results in foreign exchange rate risk.Other risks that affect banks include strategic, regulatory and legal and compliance riskThere is a clear sense that risk exposure of the financial system has increased by changes that have taken place (Hellwig 1995). Casu et al (2006) notes that changes such as deregulation, conglomeration, and globalisation have posed serious risk challenges. Calomiris and Maso (2003) emphasise that the risk taking behaviour of banks affects financial and economic fragility. In turn regulators have undertaken greater efforts of regulation to impose new risk management standards to shape bank risk (Elsinger et al 2002). In compliance to this banks have improved their risk management systems. Examples of other regulatory reforms advocating for risk manag ement frameworks are the Sarbanes Oxely Act of 2002, the Basle Accord II and the Committee of Sponsoring Organisations of the Treadway Commissions (COSO) Enterprise Risk Management of 2004.Zimbabwe banking sectorThe Zimbabwe financial sector consists of the Reserve bank, discount houses, commercial banks, merchant banks, finance houses, building societies, a development bank and the Post office savings bank, insurance companies, pension funds and a stock exchange, (Dore 2008). There are currently twenty-eight banking institutions in Zimbabwe,fifteen commercial banks, six merchant banks, three discount houses,4 discount houses and one development bank. All banks are licensed by the RBZ and regulated under the Zimbabwe Banking Act of 1999.Zimbabwes financial services sector has witnessed phenomenal growth since economic deregulation in 1991 (Muranda 2006). During the period of 1991 to 2003 new domestic banks entered, financial sector. New Innovations and development have been witnesse d with the introduction of new products and services within the sector. Table 1.2 below shows the banking sectors growth trend from 19992 to 2004 of financial.However the banking sector has been gripped with many challenges, which began to surface during the period of the land seizures in 2000. These policies created extremely difficult economic and political challenges for the banking industry. The IMF (2006) argues that events in the banking sector have been concurrently influenced by political factors.. The situation was heightened in 2003 by the new regulations set by the appointed RBZ governor. It was reported by Voice of America (2004) that at least six of Zimbabwes new commercial banks are were in trouble. It linked this distress to the governments new monetary policy announced in December 2003, in which the central bank vowed to stop speculation in the Zimbabwe dollar and related instruments.Biti (2009) in the Zimbabwean fiscal policy points out that between 2000 and 2008, t he financial sector has severely been undermined by inconsistent macro-economic policies, negative real interest rates, massive capital flight and erosion of deposits. Overall, the financial sectors balance sheets were reduced to less than 25% of their 2004 value, reflecting an erosion of the real value of financial assets and liabilities in Zimbabwe dollars (World Bank 2005). In order to remain afloat, most banks have had to downsize their operations by closing some branches, especially those in the outlying service centres, leaving about 65% of the population without access to banking services. The rural areas were particularly affected by this. Factors that have influenced liquidity risks include frequent ad hoc changes in interest rates by the RBZ, lengthening of maturity of treasury bills at highly negative interest rates (IMF 2008). Foreign exchange risk in the banking sector has increased because of the dominance of foreign currency transactions (Hanke 2008).Dhiwayo (2004) re ports that, prior to the introduction of the new monetary policy in December 2003, the Zimbabwean banking sector was characterised by poor corporate governance and risk management systems, high levels of insider abuse through assessed loans to related parties (often relatives and friends), overindulgence in speculative non-core banking activities, inadequate capitalisation, lax prudential supervision and regulatory forbearance. This report highlights that three financial institutions were placed under liquidation whilst nine were placed under the administration of a curator. In light of this the central bank adopted a framework known as the Troubled Bank Resolution Framework (RBZ 2004) to effectively deal with banks experiencing problems. They key objectives of this framework were to 1) restore stability of the financial sector, 2) strengthen the banking system and promote sound banking practices, 3) develop permanent solutions for troubled banking institutions and 4) promote econom ic development and growth.The Zimbabwe Allied Banking group was form in 2005 which was amalgamation of the some of the troubled banks. Dollarisation of the economyOver the years the financial sector has been experiencing various challenges such as, cash shortage, foreign currency fateful markets, abolition of notes and coins and the use of bearer cheques, loss of confidence in the banking system by depositors and the most influential factor which is inflation. Many depositors have lost their savings. foregoing to 2009, the Zimbabwean economy had been unofficially dollarised. Unofficial dollarisation occurs when people hold much of their financial wealth in foreign assets even though foreign currency is not a legal tender. It can include the holding of foreign bonds and other non-monetary assets, foreign-currency deposits (either abroad or domestically), and foreign notes (paper money) in wallets, under mattresses, and in safety deposit box boxes, (Hanke, 2008). However in the Janu ary 2009 monetary policy, the RBZ governor approved that all sectors in the economy can operate in foreign currency and that lending will be two tier, that is in local currency and foreign currency. Dollarisation has the effect of moderating the adverse effects of inflation on financial intermediaries balance sheets (Ize et al 2004). This It could be argued that this two tier market system exposes banks to credit risk (in the form of settlement risk and default risk).Minimum capital requirementsA capital verification exercise conducted by the Reserve Bank in January 2009 indicated that of the twenty eight (28) banking institutions operating in the country, fifteen were found to be in compliance with the minimum capital requirements whilst three are marginally below, with the remaining ten being undercapitalised. Capital regulation is motivated principally by the concerns that a bank may hold less capital than is socially optimal to its riskiness and negative externalties (Rime 2001) . Chiuri et al (2002) considers that the enforcement of capital requirements has had a negative effect on the supply of bank loan over a period of time and the effect tends to be stronger for initially less capitalised banks. The adverse impact of more stringent minimum capital requirements has been somewhat smaller on foreign owned banks than it has on domestic banks (Clarke et al 1999).Enterprise Risk ManagementA recent trend in risk management has been the development of an integrated, enterprise wide approach to assessing the business risks that can impact an organisation to achieve its objectives and to develop programmes for managing those risks (Miccolis et al 2001). In contrast to the traditional silo approach to managing risk, the ERM approach requires that a company-wide approach be taken in identifying, assessing, and managing risk, (Liebenberg and Hoyt, 2003). ERM enables firms to benefit from an integrated approach to managing risk that shifts the focus of the risk mana gement function from primarily defensive to increasingly offensive and strategic (Bies 2004). Various risk management bodies have been influenced by the proposals of ERM.COSO (2004), defines ERM asA process, established by an entitys board of directors, management and other military unit, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.The common method of risk management has been known to treat risks separately. nether this approach according to Lam (1997), Cumming and Hirtle (2001), various categories of risk are managed separately in individual risk silos. Liebenberg and Hoyt, (2003) also criticise the traditional risk management approach as a highly disaggregated method of managing firm risks. An enterprise-wide approach to risk management treats each of these risk classes as part of the firms overall risk portfolio that is managed holistically.Kleffner et al (2003) observes that financial institutions often manage risks in individual risk silos. To manage risk on an enterprise wide basis, banks must expand their focus beyond traditional concepts to include economic and political factors along with risks related to reputation, ethics and data integrity (Pricewaterhouse Coopers 2002). It is therefore important in this research to examine how banks have adopted their risk management framework having considered political and economic factors affecting Zimbabwean bank s. Although ERM is increasing, not as many institutions have implemented it (Walker et al 2002). This may be due to lack of knowledge on its benefits, lack of commitment from board of directors, lack of experienced and qualified risk personnel , a corporate culture that discourages ERM and inadequate systems and technology (COSO 2004).Lam (2007) encourages banks to adopt an ERM programme regardless of their level of sophistication in risk management. He identifies three reasons why banks should adopt ERM 1.) banks face complex risks that are highly interdependent, and an ERM framework enables a bank to manage all major risks and their interdependencies, 2) an ERM framework provides the overall computer architecture for a banks risk management programme and 3) empirical research and industry surveys have indicated that there are clear business benefits for adopting an ERM programme.Liebenberg and Hoyt, (2003) observe that ERM benefits firms by diminish earnings and stock-price volatility, reducing external capital costs, increasing capital efficiency, and creating synergies between different risk management activities. It would appear that ERM helps an organisation to function as a whole or one system as various units dependant on each other. This enables risk management to be implemented fully as risks are consolidated and not treated separately.Influencers of ERMThe trend t oward the adoption of ERM programs is usually attributed to a combination of external and internal factors. The major exter

Love in Andrew Marvell in To His Coy Mistress and John Donnes The Sunn

Love in Andrew Marvell in To His overmodest Mistress and John Donnes The Sunne lift These two rimes, To His Coy Mistress and The Sunne Rising are similar poems, they are both metaphysical (metaphysical means more than physical) poems written around Shakespeares m. The main physical composition of these poems is the same it is romance and the cognise of a woman. Yet the two poets have very different opinions on these two things. Within both poems are arguments, in To His Coy Mistress it is with the woman and in The Sunne Rising it is with the sun. The Sunne Rising is to the highest degree a mans argument with the sun over how important it is compared to his woman. To his Coy Mistress is about a man trying to seduce the woman. The main theme of the two poems is love. There are other themes in the poems which are linked to love, in To his Coy Mistress the theme time and how it is passing by is introduced The three stanzas develop the theme, in the firs t stanza the narrator in the poem talks about how they could be together forever, Till the conversion of the Jews this is saying how they have all the time in the world so they can take it slow, in the second stanza time speeds up, The graves a fine and private place, But none, I think do there embrace. This means that he will not be able to love her when she is dead and alone. In the third stanza the man is saying they cant stop time, they should take things fast and make time try and keep up with them. The Sunne Rising has a very different theme, it is the sun and the world, instead of the argument being with the woman about them being together, in The Sunne Rising it is about how the sun think... ...entre is, these walls, thy sphere. This is saying that if you flicker here sun you are shining on my whole world, this room is my world and my woman is the centre of it. This shows how Donne uses imagery to illustrate the mans love for the woman and how he feels about her. This shows how both writers feel that imagery is a good way to get feelings across within a progressing argument. These two poems have similarities in structure, poetical voice, use of imagery, tone and in the use of themes. Yet both poems also have difference in these same areas. In The Sunne Rising he already has his woman and in To his Coy Mistress he is trying to seduce the woman. I believe The Sunne Rising by John Donne was the more successful poem because I thought the author got the mans feelings for the woman across to the reader better.

Mother Daughter Relationships - Mothers and Daughters in Amy Tans The Joy Luck Club :: Joy Luck Club Essays

Mothers and Daughters in The Joy Luck Club The first three stories in this theatrical role are talking about the relationship between mothers and daughters and the last one is concluding the whole book The Joy Luck Club. By examining this section, on that point is one moral in these four stories, which is the relationship between daughters and mothers, is very strong and mothers and daughters have similar fate and face. The plots in these four stories can come out the moral above. In Magpies, when An-mei hsu thinks about her daughters marriage is fallen apart, she recalls her mother and how she followed her mother to Tientsin. An-mei overly recalls the conflict between her mother, Wu Tsing and Second wife of Wu Tsing. She remembers how Second wife be to her mother and how Wu Tsing forced her mother to become his Fourth wife. Finally, An-meis mother died by taking too much opium. An-mei realizes her mothers situation is as same as her daughter, some(prenominal) of them cannot s ave their lives very well and they like magpies. In Waiting between the Trees, Ying-Ying St. Clair recalls her story in the childhood, when she sees signs in her daughters house. Ying-Ying recalls how was her first marriage, how she met her first husband and final outgrowth on her first marriage. Ying-Ying also talks about her birth year of Tiger and the relationship between she and Clifford St. Clair and how both of them become equally. Ying-Ying realizes the relationship between her and Clifford St. Clair is also as same as her daughter and her husband. Ying-Ying also talks that her daughter is as same as a Tiger. At the end, Yin-Yin know her daughter testament go upstairs when her daughter fight with her husband and she will wait for her coming. In Double Face, when Lindo Jong looks at her daughters face, she compares American faces and Chinese faces. Lindo Jong recalls what her mother had told her part by looking her face. She also remembers how she moves to America and she realizes that her face becomes American face already. In A pair of Ticket, Jing-Mei Woo talks about her sprightliness before she meet her two sisters. Also, Jing-Mei talks about the meeting in the Airport with her father and aunt. In the meeting, Jing-Meis father talks about Jing-Meis mother and how she get away when Japanese came to China and how she leaves her two daughters on the rail.