Human Resources - Riordan Problem Solution Paper and Defense Essay

Human Resources - Riordan Problem Solution Paper and Defense - Essay Example al analysis and discussion of the human resource management problems in Riordan Manufacturing with a view of proposing the most effective measures of solving the company’s human resource problems and thus enabling it to maintain its competitiveness within the market. The analysis of the current situation at Riordan including stakeholder dilemmas is presented within the paper. An end state vision is also given for the company with identification and analysis of its alternative solution. The paper further recommends the optimal solution and an evaluation of results. Even though performance based compensation strategy may prove advantageous to an organization, there are other social and economic factors which affect the performance of employees which must be considered in compensation them (Dan, Alina and Oana, 2011) Proper employee compensation will prevent loss of valuable employees to business competitors who could be offering higher salaries to their employees. As such adequate compensation plays the role of decreasing employee turnover in significant percentage (Johnson, 2012). It is through redesigning the job structure and specifically defining the roles and obligations of all employees in work activities that the company would utilize the opportunity of implementing the most appropriate job design Organizations are mandated to draft an appropriate job design which will enable employees to identify their job specifications, role and activities. This is because a poor job design leads to a situation where employees are made to perform tasks which they are not skilled or knowledgeable to perform and as a result killing their morale (CÄ ±nar, Bektas and Aslan, 2011) After the analysis of the employee salaries through surveys buy the human resource management team, the results of the surveys must be implemented for an organization to be able to solve any crisis which affects its employees (Khan, Riaz and Rashid, 2011) Riordan has registered declining sales

Arthur Miller’s The Crucible Essay Example for Free

Arthur Miller’s The Crucible Essay A crucible is defined as a severe trial or a container in which metals are melted at very high temperatures. Much like how metals mold to a new shape at very high temperatures, people change when severe trials and challenges present themselves. When innocent lives are lost, a person will realize the wrongs and attempt to make things right again. The character John Hale must forget his old teachings and way of life to try to return the town of Salem to a peaceful community. In Arthur Miller’s The Crucible, Reverend John hale transforms from a prideful prosecutor of witches to a humble defender of the accused because of the guilt he experiences over the innocent lives lost during the Salem witch trials. Reverend John Hale arrives in Salem as a prideful man with intentions of persecuting the accused of witchcraft and ridding the town of all evil. Author Arthur Miller says of Hale, â€Å"This is a beloved errand of him; on being called here to ascertain witchcraft he felt the pride of the specialist whose unique knowledge has at last been publicly called for.†(Miller 1252) Miller explains that the reverend has great pride in having the opportunity to show off his skills to rid the town of Salem of witchcraft. His skills in the beginning of the trials come from his books instead of from his own intuitions. Reverend Hale brings many books into the town in order to use their knowledge to persecute the accused. He believes these books to be infallible, and they cause him to believe that he will solve all of the town’s problems with them. Along with the knowledge from his books, he speaks, â€Å"with a tasty love of intellectual pursuit.†(Miller 1257) These stage directions imply that Hale thirsts to be the all-knowing savior of Salem. In his early days at Salem this thirst and his faith in the judicial system guide him to find the suspected witches and deal with them accordingly. The reverend’s early thirst for heroism soon vanishes as the trials pursue and more unexpected people in Salem are accused of witchcraft. Hale travels to the Proctor residence by his accord, without the court’s authority, to learn more about them because Elizabeth Proctor has been mentioned in the court. Learning about the faith life of Elizabeth, Hale starts to question whether all of the accused participate in witchcraft, and doubt of the infallible judicial system starts to arise in him. This doubt grows as he says to Judge Danforth about the trials, â€Å"But is does not follow that everyone accused is part of it.†(Miller 1300) He realizes now that the accused are given no chance to plead innocent without the sure fate of death. Hale sees flaw in the judicial system that he has lived by, and wonders if the many he has condemned to death had no opportunity at all to seek innocence. Knowing that the accused have no chance for survival but through confession of witchcraft, Hale proclaims, â€Å"I have this morning signed away the soul of Rebecca Nurse, Your Honor. I’ll not conceal it, my hand shakes yet as with a wound!†(Miller 1301) He knows that Rebecca has a good life of faith, and she will most definitely be condemned to death by the so called infallible judicial system because of him. Hale shows the feeling of guilt by signing away the life of Goody Nurse, and realizes that he must try to defend the accused because the court will not. Hale loses all motivation to condemn the accused and no longer holds pride in himself or his judicial system. With his motivation to seek out witches now gone, Hale believes many of the accused to be innocent and tries to convince this to the court. He tells Judge Danforth, â€Å"I beg you, stop now before another is condemned! I may not shut my conscience to it no more—private vengeance is working through this testimony! From the beginning this man has struck me true. By my oath to Heaven, I believe him now.†(Miller 1311) His guilt pushes him to defend the accused in front of the judge so that their blood will not be on his hands. Hale knows his association with the courts will result in the loss of innocent lives, and he cannot live with himself knowing this. Knowing now that the court operates with error, he quits it and denounces its proceedings. John Hale no longer want to participate in the court’s murdering of the innocent, and feels guilty for the lives that he has already condemned through the judicial system. Hale now knows that he needs to think for himself rather than following the laws and rules of the judicial system he has lived by his whole life. Working separate from the court, the reverend says, â€Å"I come to do the Devil’s work. I come to counsel Christians they should belie themselves.†(Miller 1325) Hale knows that the only way to rid the guilt from his mind is to convince the accused to lie and confess so that their lives may be saved. He has lost faith in the court system that will condemn innocent lives, and, throwing away his pride, puts out one last effort to save some of the lives he has condemned. His motivation has changed from condemning the witches in the town to attempting to save the accused. As his efforts are about to fail, he drops to his knees and says, â€Å"What profit him to bleed? Shall the dust praise him? Shall the worms declare his truth? Go to him, take his shame away!†(Miller 1334) His efforts to defend the accused fail, and guilt overwhelms him. Reverend John Hale cannot live with the innocent lives he has sentenced to murder and is humbled as the accused are led to their death. â€Å"Cleave to no faith when faith brings blood†(Miller 1326) says a transformed reverend as the Salem witch trials come to an end. Reverend Hale loses not only his faith in the judicial system, but also in the God who he believed to be too perfect to allow these tragic events to happen. He humbles himself because the pride that he once had leads to the death innocent lives in Salem. In The Crucible by Arthur Miller, Reverend John Hale changes from a prideful prosecutor of the witches to a humble defender of the accused because of the guilt that overwhelms him due to the innocent blood shed at his hands during the Salem witch trials.

William Shakespeares Othello as a Classic Tragic Hero Essay -- GCSE C

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      Simply defined, a tragedy always entails the downfall of the protagonist. As a common standard in tragedy, the protagonist, or "tragic hero" is of high standing who is faced with some opposing force whether internal or external. "Tragedy is the imitation of an action; and an action implies personal agents, who necessarily possess certain distinctive qualities both of character and thought; for it is by these that we qualify actions themselves, and these- thought and character- are the two natural causes from which actions spring, and on actions, again all success or failure depends...." This excerpt from Aristotle's Poetics illustrates an aspect of tragedy upon which many works, including Shakespeare's Othello, are based. In Poetics, Aristotle expresses the writer's obligation to create what is known as a "tragic hero" in all forms of tragedy. He further explains that this persona must be dominated by a "hamartia" or tragic flaw which leads to his downfall. Prevalently in Othello, the protagonist, Othello, can be seen as a classic tragic hero who is opposed by the strong force of his innate naivetà © and over-trust as flaws in his otherwise virtuous character. Through the rapid development of the play, we see Othello's character disintegrate as a result of his growing jealousy and are finally stricken by a powerful catharsis where despite his wrongdoing, the reader feels pity for Othello and his mis... ...ty of Nebraska Press, 1993.    Muir, Kenneth. Introduction. William Shakespeare: Othello. New York: Penguin Books, 1968.    Shakespeare, William. Othello. In The Electric Shakespeare. Princeton University. 1996. http://www.eiu.edu/~multilit/studyabroad/othello/othello_all.html No line nos.    Wilson, H. S. On the Design of Shakespearean Tragedy. Canada: University of Toronto Press, 1957.    Wright, Louis B. and Virginia A. LaMar. ?The Engaging Qualities of Othello.? Readings on The Tragedies. Ed. Clarice Swisher. San Diego: Greenhaven Press, 1996. Reprint from Introduction to The Tragedy of Othello, the Moor of Venice by William Shakespeare. N. p.: Simon and Schuster, Inc., 1957

Elevator

Hey Gaby, I just started my class online with the University of Phoenix, let me tell you a little bit about it because I know you were interested in going back to school as well. Online courses are also known as distance learning, which means that you are earning your education via online. Instead of being in a traditional classroom setting and having that face to face contact with your teacher, distance learning is student centered instructional format that allows you to take courses without having to commit to a regular campus attendance. I personally enjoy doing distance learning; so far I have been able to easily concentrate on my work. The reason why I chose to do distance learning is because I really have a hard time attending regular face to face classes due to my work schedule, very much similar to the situation you are in Gaby. Just like your goals I want to continue to pursue my degree further and I didn’t want to stop attending school so I chose this avenue. Distance learning is a field where instructional systems are designed to deliver education to students who are not able to physically be in classroom site. In my opinion I think you would enjoy distance learning and you would be able to focus a lot easier. I really enjoy doing it because I love working with computers, some people say that they do not like it but most people that I have spoken to say that they really enjoy it as well. You should really try it I truly recommend it; I was scared at first because I was concerned about having questions that I would like to ask my teacher in person and via online you do not have that opportunity. The method used to communicate with your professor and or classmates is through forums and thread discussions. In these forums and threads you post your questions and responses to other posts as well, somewhat like a live chat room. This is referred to as asynchronous communication; because you are not receiving feedback onsite like you would in a regular face to face classroom. To be honest with you it was a little frustrating learning how to navigate thru everything but once I had spoken to my advisors and they explained to me how everything worked things went so much smoother. As the time has gone by I have gotten the hang of it and I think you would pick up the process pretty easily too. Hope that this information has shown you that there is a way for you to continue your education just like I am.

Illustrative Transactions and Financial Statements Answers Essay

Identify potential problems with regression data. 7. Evaluate the advantages and disadvantages of alternative cost estimates. 8. (Appendix A) Use Microsoft Excel to perform a regression analysis. 9. (Appendix B) Understand the mathematical relationship describing the learning phenomenon. Why Estimate Costs? Managers make decisions and need to compare costs and benefits among alternative actions. Good decision requires good information about costs, the better these estimates, the better the decision managers will make (Lanen, 2008).. Key Question What adds value to the firm? Good decisions. You saw in Chapters 3 and 4 that good decisions require good information about costs. Cost estimates are important elements in helping managers make decisions that add value to the company (Lanen, 2008). Learning Objective One: Understand the reasons for estimating fixed and variable costs The reasons for estimating fixed and variable costs The basic idea in cost estimation is to estimate the relation between costs and the variables affecting costs, the cost drivers. We focus on the relation between costs and one important variable that affect them: activity (Lanen, 2008). Basic Cost Behavior Patterns By now you understand the importance of cost behavior. Cost behavior is the key distinction for decision making. Costs behave as either fixed or variable (Lanen, 2008). Fixed costs are fixed in total, variable costs vary in total. On a per-unit basis, fixed costs vary inversely with activity and variable costs stay the same. Are you getting the idea? Cost behavior is critical for decision making. The formula that we use to estimate costs is similar cost equation: Total costs = fixed costs + {variable cost per unit} number of units T c = f + {v} x |With a change in Activity |In Total |Per Unit | |Fixed Cost |Fixed |Vary | |Variable |Vary |Fixed | What Methods are used to Estimate Cost Behavior? Three general methods used to estimate the relationship between cost behavior and activity levels that are commonly used in practice: Engineering estimates, Account analysis & Statistical methods (Such as regression analysis) (Lanen, 2008). Results are likely to differ from method to method. Consequently, it’s a good idea to use more than one method so that results can be compared. These methods, therefore, should be seen as ways to help management arrive at the best estimates possible. Their weakness and strengths require attention. Learning Objective Two: Estimate costs using engineering estimates. Engineering Estimates Cost estimates are based on measuring and then pricing the work involved in a task. This method based on detailed plans and is frequently used for large projects or new products. This method often omits inefficiencies, such as downtime for unscheduled maintenance, absenteeism and other miscellaneous random events that affect the entire firm (Lanen, 2008). Identify the activities involved Labor |Rent |Insurance |Time |Cost | Advantages of engineering estimates |Details each step required to perform an operation |Permits comparison of other centers with similar operations | |Identifies strengths and weaknesses. | | Disadvantages of engineering estimates 1. Can be quite expensive to use. Learning Objective Three: Estimate costs using account analysis. Account Analysis Estimating costs using account analysis involves a review of each account making up the total costs being analyzed and identifying each cost as either fixed or variable, depending on the relation between the cost and some activity. Account analysis relies heavily on personal judgment. This method is often based on last period’s cost along and is subject to managers focusing on specific issues of the previous period even though these might be unusual and infrequent(Lanen, 2008) . Example: Account Analysis (Exhibit 5. 1) |3C Cost Estimation Using Account Analysis | |Costs for 360 Repair Hours | |Account |Total |Variable Cost |Fixed Cost | |Office Rent $3,375 |$1,375 |$2,000 | |Utilities |310 |100 |210 | |Administration |3,386 |186 |3,200 | |Supplies |2,276 |2,176 |100 | |Training |666 |316 |350 | |Other |613 |257 |356 | |Total |$10,626 |$4,410 |$6,216 | |Per Repair Hour |$12. 25 ($4,410 divided by 360 repair-hours) | 3C Cost Estimation Using Account Analysis (Costs at 360 Repair-Hours. A unit is a repair- hour) Total costs = fixed costs + {variable cost per unit} number of units T c = f + {v} x |$10,626 = $6,216 + $12. 25 (360) |$10,626 = $6,216 + $$4,410 | Costs at 520 Repair-Hours Total costs = fixed costs + {variable cost per unit} number of units |Tc = $6,216 + {$12. 25} 520 |Total costs = $6,216 + $ $6,370 |$12,586 = $6,216 + $ $6,370 | Advantage of Account Analysis 1. Managers and accountants are familiar with company operations and the way costs react to changes in activity levels. Disadvantages of Account Analysis 1. Managers and accountants may be biased. 2. Decisions often have major economic consequences for managers and accountants. Learning Objective Four: Estimate costs using statistical analysis. The statistical analysis deals with both random and unusual events is to use several periods of operation or several locations as the basis for estimating cost relations . We can do this by applying statistical theory, which allows for random events to be separated from the underlying relation between costs and activities. A statistical cost analysis analyzes costs within the relevant range using statistics. Do you remember how we defined relevant range? A relevant range is the range of activity where a cost estimate is valid. The relevant range for cost estimation is usually between the upper and lower limits of past activity levels for which data is available (Lanen, 2008). Example: Overhead Costs for 3C ( Exhibit 5. 2) The following information is used throughout this chapter: Here we have the overhead costs data for 3C for the last 15 months. Let’s use this data to estimate costs using a statistical analysis. |Month |Overhead Costs |Repair-Hours |Month |Overhead Costs |Repair-Hours | |1 |$9,891 |248 |8 |$10,345 |344 | |2 $9,244 |248 |9 |$11,217 |448 | |3 |$13,200 |480 |10 |$13,269 |544 | |4 |$10,555 |284 |11 |$10,830 |340 | |5 |$9,054 |200 |12 |$12,607 |412 | |6 |$10,662 |380 |13 |$10,871 |384 | |7 |$12,883 |568 |14 |$12,816 |404 | | | | |15 |$8,464 |212 | A. Scattergraph Plot of cost and activity levels Does it look like a relationship exists between repair-hours and overhead costs? We will start with a scatter graph. A scatter graph is a plot of cost and activity levels. This gives us a visual representation of costs. Does it look like a relationship exists between repair-hours and overhead cost? We use â€Å"eyeball judgment† to determine the intercept and slope of the line. Now we â€Å"eyeball† the scatter graph to determine the intercept and the slope of a line through the data points. Do you remember graphing our total cost in Chapter 3? Where the total cost line intercepts the horizontal or Y axis represents fixed cost. What we are saying is the intercept equals fixed costs. The slope of the line represents the variable cost per unit. So we use â€Å"eyeball judgment† to determine fixed cost and variable cost per unit to arrive at total cost for a given level of activity. As you can imagine, preparing an estimate on the basis of a scatter graph is subject to a high level of error. Consequently, scatter graphs are usually not used as the sole basis for cost estimates but to illustrate the relations between costs and activity and to point out any past data items that might be significantly out of line. B. High-Low Cost Estimation A method to estimate costs based on two cost observations, usually at the highest and lowest activity level. Although the high-low method allows a computation of estimates of the fixed and variable costs, it ignores most of the information available to the analyst. The high-low method uses two data points to estimate costs (Lanen, 2008). Another approach: Equations V = Cost at highest activity – Cost at lowest activity Highest activity – Lowest activity F = Total cost at highest activity level – V (Highest activity) Or F = Total cost at lowest activity level – V (Lowest activity) Let’s put the numbers in the equations | | | |V = $12,883 – $9,054 |V = $10. 0/RH | |568 – 200 | | F = Total cost at highest activity level – V (Highest activity) F = $12,883 – $10. 40 (568), F= $6,976 Or F = Total cost at lowest activity level – V (Lowest activity) F = $9,054 – $10. 40 (200) Rounding Difference C. Statistical Cost Estimation Using Regression Analysis Statistical procedure to determine the relationship between variables Hi gh-Low Method: Uses two data points. Regression analysis Regression is a statistical procedure that uses all the data points to estimate costs. [pic] Regression Analysis Regression statistically measures the relationship between two variables, activities and costs. Regression techniques are designed to generate a line that best fits a set of data points. In addition, regression techniques generate information that helps a manager determine how well the estimated regression equation describes the relations between costs and activities (Lanen, 2008). We recommend that users of regression (1) fully understand the method and its limitations (2) specify the model, that is the hypothesized relation between costs and cost predictors (3) know the characteristics of the data being tested (4) examine a plot of the data . For 3C, repair-hours are the activities, the independent variable or predictor variable. In regression, the independent variable or predictor variable is identified as the X term. An overhead cost is the dependent variable or Y term. What we are saying is; overhead costs are dependent on repair-hours, or predicted by repair-hours. The Regression Equation |Y = a + bX |Y = Intercept + (Slope) X |OH = Fixed costs + (V) Repair-hours | You already know that an estimate for the costs at any given activity level can be computed using the equation TC = F + VX. The regression equation, Y= a + bX represents the cost equation. Y equals the intercept plus the slope times the number of units. When estimating overhead costs for 3C, total overhead costs equals fixed costs plus the variable cost per unit of repair-hours times the number of repair-hours. We leave the description of the computational details and theory to computer and statistics course; we will focus on the use and interpretation of regression estimates. We describe the steps required to obtain regression estimates using Microsoft Excel in Appendix A to this chapter. Learning Objective Five: Interpret the results of regression output. Interpreting Regression [pic] Interpreting regression output allows us to estimate total overhead costs. The intercept of 6,472 is total fixed costs and the coefficient, 12. 52, is the variable cost per repair-hours. Correlation coefficient â€Å"R† measures the linear relationship between variables. The closer R is to 1. 0 the closer the points are to the regression line. The closer R is to zero, the poorer the regression line (Lanen, 2008). Coefficient of determination â€Å"R2† The square of the correlation coefficient. The proportion of the variation in the dependent variable (Y) explained by the independent variable(s)(X). T-Statistic The t-statistic is the value of the estimated coefficient, b, divided by its standard error. Generally, if it is over 2, then it is considered significant. If significant, the cost is NOT totally fixed. The significant level of the t-statistics is called the p-value. Continuing to interpret the regression output, the Multiple R is called the correlation coefficient and measures the linear relationship between the independent and dependent variables. R Square, the square of the correlation cost efficient, determines and identifies the proportion of the variation in the dependent variable, in this case, overhead costs, that is explained by the independent variable, in this case, repair-hours. The Multiple R, the correlation coefficient, of . 91 tells us that a linear relationship does exist between repair-hours and overhead costs. The R Square, or coefficient of determination, tells us that 82. 8% of the changes in overhead costs can be explained by changes in repair-hours. Can you use this regression output to estimate overhead costs for 3C at 520 repair-hours? Multiple Regressions Multiple regressions are used when more than one predictor (x) is needed to adequately predict the value (Lanen, 2008). For example, it might lead to more precise results if 3C uses both repair hours and the cost of parts in order to predict the total cost. Let’s look at this example. |Predictors: |X1: Repair-hours |X2: Parts Cost | 3C Cost Information | |Month |Overhead Costs |Repair-Hours ( X1) |Parts ( X2) | |1 |$9,891 |248 |$1,065 | |2 |$9,244 |248 |$1,452 | |3 |$13,200 |480 |$3,500 | |4 |$10,555 |284 |$1,568 | |5 |$9,054 |200 |$1,544 | |6 |$10,662 |380 |$1,222 | |7 |$12,883 |568 |$2,986 | |8 |$10,345 |344 |$1,841 | |9 |$11,217 |448 |$1,654 | |10 |$13,269 |544 |$2,100 | |11 |$10,830 |340 |$1,245 | |12 |$12,607 |412 |$2,7 00 | |13 |$10,871 |384 |$2,200 | |14 |$12,816 |404 |$3,110 | |15 |$8,464 |212 |$ 752 | In multiple regressions, the Adjusted R Square is the correlation coefficient squared and adjusted for the number of independent variables used to make the estimate. Reading this output tells us that 89% of the changes in overhead costs can be explained by changes in repair-hours and the cost of parts. Remember 82. % of the changes in overhead costs were explained when one independent variable, repair-hours, was used to estimate the costs. Can you use this regression output to estimate overhead costs for 520 repair-hours and $3,500 cost of parts? Learning Objective Six: Identify potential problems with regression data. Implementation Problems It’s easy to be over confident when interpreting regression output. It all looks so official. But beware of some potential problems with regression data. We already discussed in earlier chapters that costs are curvilinear and cost estimations are only valid within the relevant range. Data may also include outliers and the relationships may be spurious. Let’s talk a bit about each. Curvilinear costs |Outliers |Spurious relations |Assumptions | 1. Curvilinear costs Problem: Attempting to fit a linear model to nonlinear data. Likely to occur near full-capacity. Solution: Define a more limited relevant range (example: from 25 – 75% capacity) or design a nonlinear model. If the cost function is curvilinear, then a linear model contains weaknesses. This generally occurs when the firm is at or near capacity. The leaner cost estimate understates the slope of the cost line in the ranges close capacity. This situation is shown in exhibit 5. 5. 2. Outliers Problem: Outlier moves the regression line. Solution: Prepare a scatter-graph, analyze the graph and eliminate highly unusual observations before running the regression. Because regression calculates the line that best fits the data points, observations that lie a significant distance away from the line could have an overwhelming effect on the regression estimate. Here we see the effect of one significant outlier. The computed regression line is a substantial distance from most of the points. The outlier moves the regression line. Please refer exhibit 5. 6. 3. Spurious or false relations Problem: Using too many variables in the regression. For example, using direct labor to explain materials costs. Although the association is very high, actually both are driven by output. Solution: Carefully analyze each variable and determine the relationship among all elements before using in the regression. 4. Assumptions Problem: If the assumptions in the regression are not satisfied then the regression is not reliable. Solution: No clear solution. Limit time to help assure costs behavior remains constant, yet this causes the model to be weaker due to less data. Learning Objective Seven: Evaluate the advantages and disadvantages of alternative cost estimation methods. Statistical Cost Estimation Advantages 1. Reliance on historical data is relatively inexpensive. 2. Computational tools allow for more data to be used than for non-statistical methods. Disadvantages 1. Reliance on historical data may be the only readily available, cost-effective basis for estimating costs. 2. Analysts must be alert to cost-activity changes. Choosing an Estimation Method Each cost estimation method can yield a different estimate of the costs that are likely to result from a particular management decision. This underscores the advantage of using more than one method to arrive at a final estimate. Which method is the best? Management must weigh the cost-benefit related to each method (Lanen, 2008). Estimated manufacturing overhead with 520 repair-hours and $3,500 parts costs *. The more sophisticated methods yield more accurate cost estimates than the simple methods. |Account Analysis = $12,586 |High-Low = $12,384 |Regression= $12,982 |Multiple Regression= $13,588* | Data Problems Missing data Outliers Allocated and discretionary costs Inflation Mismatched time periods No matter what method is used to estimate costs, the results are only as good as the data used. Collecting appropriate data is complicated by missing data, outliers, allocated and discretionary costs, inflation and mismatched time periods. Learning Objective Eight: (Appendix A) Use Microsoft Excel to perform a regression analysis. Appendix A: Microsoft as a Tool Many software programs exist to aid in performing regression analysis. In order to use Microsoft Excel, the Analysis Tool Pak must be installed. There are software packages that allow users to easily generate a regression analysis. The analyst must be well schooled in regression in order to determine the meaning of the output! Learning Objective Nine: (Appendix B) Understand the mathematical relationship describing the learning phenomenon. Learning Phenomenon Leaning phenomenon refers to the systematic relationship between the amount of experience in performing a task and the time required to perform it. The learning phenomenon means that the variable costs tend to decrease per unit as the volume increase. Example: | |Unit |Time to Produce |Calculation of Time | |First Unit |100 hours |(assumed) | |Second Unit |80 hours |(80 percent x 100 hours | |Fourth Unit |64 hours |(80 percent x 80 hours | |Eighth Unit |51. hours |(80 percent x 64 hours | |Impact: Causes the unit price to decrea se as production increases. This implies a nonlinear model. | Another element that can change the shape of the total cost curve is the notion of a learning phenomenon. As workers become more skilled they are able to produce more output per hour. This will impact the total cost curve since it leads to a lower per unit cost, the higher the output. Chapter 5: END!! COURSE WORK EXERCISE 5-25 – A& B PROBLEM 5-47 -A& B REFERENCES Lanen , N. W. , Anderson ,W. Sh. & Maher ,W. M. ( 2008). Fundamentals of cost accounting. New York : McGraw-Hill Irwin. [pic]

Why Cheating Is Different in College

Why Cheating Is Different in College No matter what you did in high school when it comes to cheating, you should know that cheating in college is quite different. Its a really big deal. College administration takes cheating seriously. Its not unheard of for whole classes to be expelled for collaborating or outright cheating.  This happened recently at the University of Virginia when a large part of an economics class was caught cheating.  As a freshman, you will be introduced to the honor code at your college. It will outline the rules for your particular institution. Youll also see that colleges have honor courts, where students must go in front of a jury of peers and face charges. Not a pleasant experience for the first year of college. Why Cheating Is More Serious in College When youre caught cheating, even once, you lose all credibility with professors. This is a big loss in college. In high school, we can survive if our teachers lose confidence in us, or even if they dont like us. College is a different story.  Youre going to get to know your major professors pretty well, and youre going to need them for things like recommendations for internships, scholarships, awards, jobs, and special programs. To a great extent, your success will depend on their opinion of you. You cant afford to mess that up. Dont risk this important relationship and lose all respect. Professors are good at catching cheaters. They are smart, they put a lot of time and energy into creating assignments and tests, and they have more time and more resources for catching cheaters. They also have tenure and a little bit more flexibility than high school teachers when it comes to checking out their suspicions and following through with allegations. In high school, theres a tendency to treat cheating less seriously, perhaps because high school students are minors. In college, youre an adult. If caught cheating, youll pay adult consequences.   Your high school education may have been funded by taxes, but your college education is probably funded by you and your parents. Whenever you cheat, you are wasting time. If you cheat in college you are also wasting money. And not just a little bit of money. When you fail a class (and if you get caught cheating, youll probably receive a failing grade), you are losing the money you paid for tuition. This is likely many thousands of dollars! College is competitive. Fellow students will take cheating more seriously in college because they realize whats at stake. Theyre more likely to turn you in. Cheating is for losers. How would you feel if your parent was accused of cheating on the job? What if they were fired for it? Theyd feel the same way if you were caught cheating in college. You dont want to disappoint your parents!

GM Foods †Solving Hunger or Creating Chemical Cocktails

GM Foods – Solving Hunger or Creating Chemical Cocktails Free Online Research Papers Between 1999 and 2005, a reported 850 million people were malnourished worldwide (Skoet Stamoulis, 2006.) The worlds population is expected to reach about nine billion by 2050 (Suzuki, 1999), and available farm land is decreasing (Egide L. Nizeyimana, 2002.)This means that global food provisions must increase in order to supply the growing population (UN EC Council 2008.) Genetic engineering of food crops as a means of yielding higher quantities as well as better quality produce has been suggested as an answer (Coghlan, 2005). However, recent controversies about the reliability of claims made about higher crop yields, in addition to public distrust of government control of GM food, clouds the argument for this solution. Many books and journal articles are questioning if genetically modified (GM) foods can alone solve Third World food shortage, and in comparison, very few support it. The new face of hunger In his (March 2008) article in the Washington Post, the Secretary-General of the United Nations Ban Ki-Moon highlighted a newly emerging threat to the poor and starving people of the world (Ki-Moon, 2008.) Soaring food prices as well as deflating real wages are affecting fragile democracies and food security. People are buying lesser amounts of food and/or cheaper, less nutritious food, and by doing so are affecting their future health. Ki-Moon calls upon the UN to meet urgent humanitarian needs, strengthen on-going UN programs that are fighting world hunger and build drought and flood defence systems to lessen impacts of weather related distresses to micro agricultures. He calls for increase of agricultural production by ‘introducing vital science and technologies that offer permanent solutions for hunger’. Does the Secretary-General mean GM technologies are part of the future action? Living with genetically modified foods The certain differences between traditional breeding (cross breeding within the species’ gene pool that has been with us since ancient ages) and genetic engineering (taking a specific gene out of one genus and placing it into another organism) are clear. It is possible to cross a potato with another type of potato naturally but not with a lemon. Even when groups that are likely to be closely related do succeed in traditional breeding, the litter is generally infertile, like mules for example in the case of horses and donkeys (Anderson, 2000.) With the help of genetic engineering, bio-scientists could place an herbicide resistant gene taken from bacteria into a soy bean to significantly enhance the traditional farm’s chance of controlling weeds, since weed killers could be then sprayed on fields without hurting the soy bean crop. Gene technology provides new ways of identifying particular characteristics of living organisms and transferring them. Genetically modified foods contain genetically engineered ingredients. In the early 1990’s, GM foods were released to the market without labelling due to the then non-existent laws (Anderson, 2000.) Currently the sale and use of GM foods on the Australian and New Zealand market is controlled by Food Standards Australia New Zealand (FSANZ.) Despite the relentless and transparent process for assessing the safety of GM foods, FSANZ admits that ‘†¦the goal of the safety assessment is not to establish the absolute safety of the GM food, but rather to consider whether the GM food is comparable to the conventional counterpart food†¦Ã¢â‚¬â„¢ meaning that they only check the GM food’s chemical composition and not the future effects of the product (FSANZ, 2008.) It is true that millions of people have consumed GM foods or food ingredients without undesirable effects on their well being, and similarly there have been no reports of deaths caused by the consumption of GM foods (Roller, 2001.) Nevertheless in countries where hunger is more prevalent than Australia, there are no ‘more-sophisticated’ tests available to ensure public safety due to expensive set ups of authoritarian bureaucracies. Even though international regulatory services are available to these countries, the implementations of the outcomes of these services are ignored due to the influence of international biochemical companies (Murray, 2003.) GM foods and corporate globalisation in the Third World The advances of mainly North American bio companies (Monsanto, DuPont, etc) and the favourable reception by the American public have given GM foods a disputed image. The organisations and their predecessors built their fortunes on local agricultural business operations and were also involved in the ‘Green revolution’ starting in the 1940’s. The debated aspects of this agricultural transformation in the Third World and the questionable business ethics of these companies are the origin of preconceived distrust from consumer protection bodies in Europe (Borlaug, 2000: Murray, 2003.) Africa, where allegedly GM food production could help local communities’ hunger has proved to be an effortless catch by biotechnical operations. Imposed foreign interests are creating confusion with no clear strategy about risk assessment, while access to scientific literature is difficult and public debate is not encouraged. Regardless, African countries are going ahead with GM food crops. As Maryke Steffens’ June 2008 article states ‘Burkina Faso, Kenya, Malawi and Uganda are preparing for trials with Bt cotton engineered to carry the insect-killing Bt toxin. Kenya is pursuing transgenic maize, sweet potato and cassava. Nigeria is looking into Bt cowpea, and virus-resistant cassava is in the pipeline in Nigeria and Uganda’ (Steffens, 2008.) Asia is not only the world largest producer and end user of food (Feffer, 2004), but has its own problem with food shortages due to its natural disaster occurrences. Should the continent adopt the American attitude towards GM food (that it is safe to eat, safe to grow, and the only way to feed populations) – then the new varieties of crops will change the world. If Asian countries prefer the European view of caution, by labelling GM products and establishing a system that can trace health problems back to their source, globalised biotechnology will not have the opportunities it hoped for. In Central and South America more than 52 million people suffer from malnutrition or hunger (FAO, 2008.)Yet strangely enough, the region is one of the biggest exporters of food. Agricultural GM technology is widely used in Argentina, Brazil and Chile. During the early years of introducing transgenic crops into the region, biotech companies did not charge farmers royalties to use the technology. But now that farmers are keen, the multinationals are pressuring the government for payment of intellectual property rights. Paraguayan farmers have to pay Monsanto $2 per tonne (Altieri Pengue, 2005.) Scientists are getting it wrong Sir David King former Chief Scientific Adviser and Head of the United Kingdom Government Office of Science claimed how useful GM farming could be in feeding the Third World using an example of crop trials around Lake Victoria in Kenya (Poulter, 2007.) During the trial he suggested that scientists discovered chemical identities in plants which attracted root destroying pests. He proposed that by taking this chemical gene element out of crops and inserting it into grass that grow besides commercial plants will encourage pests to eat the grass rather than the food and in turn the crop will produce up to 40-50% more yield. Sir David got it wrong by not properly describing the research in Africa which had no connections to GM technology. Scientists involved with the project found plants that were naturally able to keep weeds away and attract pests. This so called ‘push and pull’ system resulted in the better than expected crop produce. Sir David later resigned from his offic e. A virus resistant GM sweet potato, which was developed by Monsanto in the US, failed a three year test in Kenya in 2004. (Gathura, 2004) The transgenic sweet potato was imported to Kenya for tests after it was developed to have a coat protein responsible for virus resistance. The initial genetic engineering work was done at the Monsanto laboratories, using virus-resistant technologies. The study articulated concerns whether the gene expression was adequate or it failed to address the diversity of virus in this region or just that the gene construct was inappropriate. Curiously during the trials non-transgenic crops used as control produced much more sweet potato compared to the transgenic ones. The tests have raised questions that bio-engineered techniques tried out of the continent may not be replicated in Africa with laboratory results. Australia’s top scientific body, CSIRO was involved in a GM food related controversy recently. Following CSIRO’s campaign to convince the Greenpeace endorsed ‘GM-Free Chefs’ charter’ members not to boycott GM food products, it was revealed that the organisation’s Plant Industry Deputy TJ Higgins have made inaccurate claims. (Wilson, 2008) His CSIRO letter headed personal message to the charter’s top 50 chefs stated assurances that independently reviewed tests have not found any connection between health problems and GM†. His declarations were dismissed by nutritional biochemist Dr Judy Carman, who was employed by Western Australian government to carry out independent studies into the safety of GM foods. Dr Higgins is CSIRO’s co-inventor of the GM Field Pea. The invention process was abandoned because toxicologists found it caused immune problems and lung damage in mice. In his letter to the chefs he also claims that ‘ it is untrue to say that GM food has not been tested for human safety. It has, and very widely. These independently reviewed tests have not found any connection between health problems and GM.’ One of the co-operator of tests of Higgin’s GM Pea, toxicologist Dr Aprad Pusztai, disputes this as he says: ‘There is only one partial clinical study with one GM crop (RR soybean) done in Newcastle and published in 2004 No other human study has been published.’ This study found that genetically modified material might survive in the human intestine, something which is not reassuring for the public. The biochemist’s and the toxicologist’s comments raise doubts whether Higgins, as a plant industry scientist, qualified to make the claims in his letter campaign. GM Foods solving world hunger or chemical cocktails? World hunger is not a myth. The collectively held beliefs that have no basis in explaining world hunger are. We let to believe that there is not enough food in the world to feed the hungry. Then why is the Third World providing a large chunk of our planets daily food? GM foods have been proclaimed as a new agricultural revolution, then why are countries (India, Mexico, Philippines) that allegedly benefitted from the last agricultural revolution of the 1940’s still have a hungry population? Should we accept the claim that GM foods will provide the hungry with food, more in quantity and better in nutrition, we are still poised with the problem of distribution, rising prises and poverty. Arguably genetic modifications of living organisms have been with us since cross-breeding and hybrids, but now scientists are able to manipulate animal and plant cells to the extent that was unimaginable 20 years ago. Gene technology has well-known functions in medicine (insulin, cancer-treatments, etc) not just in our food chain, GM is not evil. However, scientists’ work and reputation can be quickly destroyed when innovations in gene technology get rushed through in commercially funded studies or field tests with possible errors. Hugh Mackay says, in his ethical and moral aspects examining book titled ‘Right and wrong’ that, ‘Freedom to choose is no freedom at all unless it is accompanied by the confidence of knowing we have made the right choice.’ GM foods will not solve world hunger, and we have not got enough knowledge to safely say it is harmless or dismiss it as chemical cocktails. More research and public education needed. Altieri, M. A., Pengue, W. A. (2005). GM Soya Disaster in Latin America. Retrieved 15 August, 2008, from i-sis.org.uk/SDILA.php Anderson, L. (2000). Genetic engineering, food, and our environment. Melbourne: Scribe Publications. Aspin, L., Blake, G., Gualtieri, R., Fanning, A., Cornius-Randall, R. (2004). Food Technology. Melbourne: Pearson Education Australia. Borlaug, N. (2000). The green revolution revisited and the road ahead. 30 year anniversary lecture by a Nobel Peace Prize Laureate. from http://nobelprize.org/peace/articles/borlaug/borlaug-lecture.pdf Choice Magazine. (2003). GM: Genetically modified food, How GM foods affect your life. . Retrieved 10 August, 2008, from choice.com.au/viewArticle.aspx?id=100255catId=100288tid=100008p=1title=GM%3a+Genetically+modified+food Coghlan, A. (2005). Modified Crops, Good News for Farmers. New Scientist(186), 11. Doeg, C. (2005). Crisis management in the food and drinks industry: a practical approach. New York: Springer Science+Business Media. Eastham, J. F., Sharples, L., Ball, S. D. (2001). Food supply chain management: issues for the hospitality and retail sector. Oxford: Reed educational and professional publishing. Egide L. Nizeyimana, G. W. P. a. E. D. W. (2002). Tracking Farmland Loss. Retrieved 12 August, 2008, from geotimes.org/jan02/feature_land.html#bottom FAO. (2008). Freeing Latin America and the Caribbean from hunger. Retrieved 15 August, 2008, from fao.org/newsroom/en/focus/2008/1000780/index.html Feffer, J. (2004). Asia Holds the Key to the Future of GM Food Retrieved 12 August, 2008, from http://yaleglobal.yale.edu/display.article?id=4956 FSANZ. (2008). Frequently Asked Questions on Genetically Modified Foods Retrieved 12 August, 2008, from foodstandards.gov.au/foodmatters/gmfoods/frequentlyaskedquest3862.cfm Gathura, G. (2004). Monsantos GE Potato Fails in Africa. Retrieved 12 August, 2008, from organicconsumers.org/monsanto/africapotato020204.cfm Ki-Moon, B. (2008). The new face of hunger. Washington Post Lappe, F. M., Collins, J., Rosset, P. (1998). World hunger, 12 myths. Oakland, California: Earthscan. Mackay, H. (2004). Right and wrong: how to decide for yourself. Sydney: Hodder. Murray, D. R. (2003). Impacts of genetically modified plants in the Third World. In Seeds of concern: the genetic manipulation of plants (pp. Pages 115 to 128). Sydney: UNSW Press Book. Poulter, S. (2007). Scientist who claimed GM crops could solve Third World hunger admits he got it wrong. Daily Mail Roller, S. (2001). Genetically Modified Foods: Threat or Opportunity? London: School of Applied Science, South Bank University. Ronald, P. C., Adamchak, R. W. (2008). Tomorrows Table: Organic Farming, Genetics, and the Future of Food New York: Oxford University Press. Scrinis, G. (2000). The Precise Problem with GM Foods. The Age Skoet, J., Stamoulis, K. (2006). The state of food insecurity in the world. Rome: Food and Agriculture Organization of the United Nations. Steffens, M. (2008). Agri-biotech in Africa: safety first? Retrieved 11 August, 2008, from http://greenbio.checkbiotech.org/news/2007-06-13/Agri-biotech_in_Africa_safety_first_/ Suzuki, D. (1999). And baby makes six billion. Retrieved 20 August, 2008, from davidsuzuki.org/About_us/Dr_David_Suzuki/Article_Archives/weekly10209901.asp United Nations Economic and Social Council. (2008). Current global food crisis will require increasing amounts of humanitarian assistance. Paper presented at the Humanitarian challenges related to global food aid. Wilson, K. (2008). CSIRO scientists GM letter campaign backfires Retrieved 10 August, 2008, from crikey.com.au/Politics/20080721-CSIRO-scientist-campaign.html Research Papers on GM Foods - Solving Hunger or Creating Chemical CocktailsGenetic EngineeringMarketing of Lifeboy Soap A Unilever ProductTwilight of the UAWPETSTEL analysis of IndiaBionic Assembly System: A New Concept of SelfDefinition of Export QuotasLifes What IfsThe Effects of Illegal ImmigrationRelationship between Media Coverage and Social andOpen Architechture a white paper

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How To Prioritize Your Marketing Projects For Huge Growth [PODCAST] How do you decide what marketing idea is worth your time to work on? When working in a team, ideas seem to come from everywhere: Your sales team, product engineers, customer success folks, and yourself! My guest today is CEO and Founder of Baremetrics, Josh Pigford, and he’s here to answer that question. Baremetrics is a revenue and subscription analytics tool that enables companies and marketers to make informed decisions about their marketing strategies. Josh has developed a unique ranking system to score marketing ideas based on project qualities, and his team uses that to decide which projects the company should focus on. Today, Josh teaches us how to prioritize marketing ideas and shares the process Baremetrics uses behind the scenes that helps them focus  on the most effective projects. Some of the topics on today’s episode include: Prioritizing marketing projects with limited resources Josh’s process for coming up with marketing ideas The â€Å"Bulls-Eye framework† for idea prioritization Scoring ideas based on project qualities Josh’s method for testing ideas

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Hospitality Essay Example | Topics and Well Written Essays - 250 words - 2

Hospitality - Essay Example F&B division ensures the achievement of a forecasted sale through suggesting promotional, selling and administrative strategies it ensures the implementation of internal control programs of company, also coordinate with the kitchen department and discuss the matters related to services and food preparations (Walker, 2010). F&B division manager is responsible for planning, organizing, directing and controlling the delivery of services in all required divisions and monitors that all services are performed well. Outlet’s supervisor is liable for the supervision of operations and makes sure that services are performed according to the prescribed policies and standards. Captain of waiters is legally responsible for the administration of service delivery and arrangements to the assigned location. Receptionist is responsible for greeting and escorting customers. Waiter is responsible for taking of the order and serving these orders to the customers on committed time. And the success of full service operation is not possible without the successful completion of each activity (Walker, 2010). The front office is the hub of communication for the hotel. The guests drive the communication as their actions trigger most communication. Describe how and for what purposes the front office and other areas in the Rooms Division communicate. In any hotel Room division plays very important role in the process of hotel working. The dining room managers are responsible for services, seating arrangements, and for the supervision of staff and have direct contact with visitors. This department is a combination of housekeeping and front desk. Room division and front office can have communication regarding the hotel’s promotional plans, cost cutting activities, and they can discuss the marketing and operational strategy, and both departments can have communication related to the hotel’s problems and their solutions (Walker,

How to manage change and achieve sustainable growth in Hong Kong Dissertation

How to manage change and achieve sustainable growth in Hong Kong Travel Industry A case study on China Travel Service - Dissertation Example The interview results were analysed to develop an understanding of the change management process of CTS, the barriers that it faced and overcame and the outcomes of the change. The analysis of the change process revealed that CTS has succesfully used the change management techniques to instil both a process and culture change. The case study of CTS provides inspiration and insight to other travel organizations in Hong Kong to emulate. Table of Contents Chapter 1: Introduction 1.1. Background and Introduction 1.2. Research Questions 1.3. Research Aims and Objectives 1.4. Research Methods 1.5. Dissertation Outline Chapter 2: Overview of CTS Chapter 3: Literature Review 3.1 Introduction 3.2 Travel and Tourism Industry 3.2.1 Chinese Travel Industry Overview 3.2.2 Hong Kong Tourism 3.2.2.1 Tourism Performance 3.2.2.2 Customer Profile and Segmentation 3.2.2.3 Hong Kong as a Repeat Destination 3.2.3 Factors Affecting Tourism Industry in Hong Kong 3.2.3.2 Government Attitude and Policies 3.2 .3.3 International Events 3.2.3.3 Increased Exposure to the Outside World 3.2.3.4 Increase in Standards of Livng and Purchasing Power 3.2.3.5 Technology 3.2.3.6 Rapid Investment in Infrastructure 3.2.4 Challenges Faced by Travel Industry 3.2.4.1 Perception of Risk Hazards 3.2.4.2 Liberalization and Entry of Foreign Players 3.2.4.3 Competition from Neighboring Destinations 3.2.4.4 Government Controls 3.2.4.5 Cultural Issues 3.2.3.6 SARS and Intermittent Outbreak of other Infectious Diseases 3.3 Strategic Management in Travel Industry 3.3.1 Tourism Organizational Structure and Vision for Hong Kong 3.3.2 Tourism Strategy in Hong Kong 3.3.2.1 Tourism Promotion 3.3.2.2 Tourism Development in Hong Kong 3.3.2.3 Monitoring and Regulation of Tourism in Hong Kong 3.3.3 Lack of Strategic Implementation 3.4Change Management Theories and Concepts 3.4.1 Definitions and Concepts of Change Management 3.4.2Theories of Change 3.4.2.1 Lewin’s Model of Change – The Force Field Analysis 3. 4.2.2 The ADKAR Model 3.4.2.3 Six Changes Model 3.4.2.3 Eight-Step Process for Implementing Successful Transformations Model 3.5 Summary of Literature Chapter 4: Research Methodology 4.1 Introduction 4.2 Research Objectives 4.3 Research Approach 4.4 Research Methods 4.5 Research Design 4.5.1 Secondary Research 4.5.2 Primary Research 4.5.2.1 Sample 4.5.2.2 Sample Selection Method 4.5.2.3 Data Collection Method 4.5.2.4 Data Collection Instrument 4.5.2.5 Data Analysis Method 4.6 Ethical Considerations 4.7 Summary Chapter 5: Findings 5.1 Introduction 5.2 Challenges Faced by CTS in the Current Business Environment 5.3 Opportunities for CTS in the Current and Future 5.3 Strategic Changes made by CTS 5.5 Internal Changes at CTS 5.6 Change Management Process at CTS 5.7 Challenges to Change Management Process and Overcoming Barriers to Change 5.8 Outcomes of Change Management 5.9Analysis of the Change Management Process 5.10 Summary Chapter 7: Conclusions 7.1 Summary of Findings 7.2 Limitati ons of Research and Scope for future Research List of tables Table 1: Total Number of Visitors to Hong Kong in the first six months of 2010 Table 2: Positive Outcomes of Change Management â€Å"How to manage change and achieve sustainable growth in Hong Kong Travel Industry?† A case study on China Travel Service Chapter 1: Introduction 1.1. Background and Introduction The business environment within

Therapeutic Cloning Essay Example for Free

Therapeutic Cloning Essay Introduction   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cloning is the practice of creating a genetically the same copy of an original creature. And although it seems like twentieth-century idea, cloning is actually a part of natural processes, and had taken place many decades before though it was attainable. Since a variant of the cloning process plays such a large role in stem therapies, it’s worth taking a look at how cloning processes work (Cohen, 2002).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Most public attention has been focused on the area called reproductive cloning – reproducing an entire creature be it frog, sheep, dog, or human being. As the twenty-first century unfolds, it is far more likely that what has been called therapeutic cloning – cloning used to cure disease – is going to have a more immediate impact on all our lives. Your chances of getting a cloned liver are greater than your chances of seeing a cloned you (Avise, 2004). Therapeutic Cloning   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Relative to genetic testing, therapeutic cloning is a technology very much in its infancy. Whereas we can plausibly predict, that genetic testing methods and the scope of such tests will dramatically improve in the proximate future, a like projection in the case of therapeutic cloning is more of a stretch. This view notwithstanding, analysis of current regulation of therapeutic cloning does have something to gain from postulating a future world in which therapeutic cloning is in clinical application (Savulescu Hendrick, 2003).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   One likely application of therapeutic cloning is in the treatment of leukemia, and more broadly in various types of tissue and organ transplantation. Therapeutic cloning is important for four seasons. First, there is a shortage of tissue for transplantation. Second, there are problems with compatibility of transplanted tissue form another individual, requiring immunosuppressive therapy with serious side effects. Cloned tissue would be compatible without the infectious risks of xenotransplants. Third, the role of transplantation might be expanded to include common diseases such as heart attack and stroke. Fourth, cloning may prove to be a cost-efficient means of preventing disability and morbidity, and of promoting distributive justice (Shannon, 2005).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In considering the ethical aspects of therapeutic cloning there are two separate issues: should embryos produced during in vitro fertilization (IVF), which would otherwise be discarded, be available for research (with the consent of the couple who produced them); and, should we deliberately create embryos for use in research? It is difficult to argue against using embryos that would otherwise be discarded. The main ethical issue raised by both the production of ES cells and therapeutic cloning, is that of destroying embryos for the purposed of research or tissue for transplantation. If the embryo is considered to have a moral status similar to, say, a child, them embryo research would normally be wrong. On this view, IVF and almost any termination of pregnancy would also be wrong. A less absolute position would be that what is wrong with destroying embryos is a need to respect human life in general. But that wrong need to be balanced against the value of such research. Furthermore, for every live birth, up to five embryos will miscarry. In attempting to have a child by natural conception, we implicitly accept that this loss is a price worth paying to produce a new life. If the loss of embryos is an acceptable price to pay to produce a new life, is it not also an acceptable price to pay to save an existing life (Avise, 2004)? Tissue Therapy via Therapeutic Cloning   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   More than 40 years elapsed since Joseph Murray and his colleagues at a Boston hospital successfully transplanted a kidney between identical twins. This landmark approach was later extended by the medical community to other organs (e.g., heart, liver, lung, and pancreas) and to transplants involving more distant relatives and unrelated individuals. Transplants between unrelated individuals are especially challenging because, unless ameliorative actions are taken, the immune system of a transplant recipient sooner or later rejects the alien cells. To alleviate this problem, donor and recipient typically are matched as closely as possible for genes underlying immune responses, and immune-suppressive drugs also are administered. Such procedures are fairly common and have saved many lives. Nonetheless, modern transplantation surgery remains risky due to inherent immunological intolerances of patients to foreign tissue (Cohen, 2002).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Thus, many research professionals are excited about â€Å"therapeutic cloning,† a new genetically modified (GM) approach that in theory should avoid the immunorejection problem. In this procedure, genes in cells to be transplanted originate from the patient, who therefore serves in effect as both donor and recipient. Because the donor and recipient tissues have identical genotypes, presumably the immune system would not recognize the implanted tissue alien. Another reason for enthusiasm about therapeutic cloning is that this research gives scientists welcome opportunities for basic research on human genetic disorders as they unfold during cell and tissue development (Bellomo, 2006).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The notion of therapeutic cloning for tissue or organ reconstruction in humans traces to the development of nuclear-transfer cloning methods for sheep and other farm animals. As applied to human cells, the procedure might work as follows: A suitable cell is removed from a patient and its nucleus is inserted physically into an enucleated egg. The egg then begins to multiply in a test tube, and, from the developing mass, pluripotent cells (those that possess a capacity to differentiate into multiple tissue types) are induced to grow replacement cells needed by the patient. Nerve cells might be grown to treat Alzheimer’s disease or spinal cord injuries, skin cells could be used to repair burn damage, retinal cells for macular degeneration, pancreatic cells for diabetes, hematopoietic cells for leukemia, neuroglia cells for multiple sclerosis, and so on. When returned to the patient’s body the cloned cells in such tissues or organs ideally would repair or replace the damaged body part, without evoking immunological rejections (Avise, 2004).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Several technical challenges must be overcome before this approach is medically viable. First, nuclear transfer (NT) techniques developed for farm animals will have to be improved and adapted to our species. Second, cells in the proliferating mass must be generated in such a way that they indeed are pluripotent at the outset. Third, the developmental potential of those flexible cells then must be channeled to produce the specialized kind of tissue that the patient requires. Fourth, methods must be devised to put those now-dedicated cells together properly to make therapeutically useful tissue or organ. This may take place naturally when the cells are placed in a patient’s body, or in some cases it may be accomplished initially in vitro. For example, replacement skin tissue for burn victims might be constructed by seeding the cloned cells onto sheets of a polymeric scaffolding substance. Finally, tissue therapy must be conducted such that the cloned cells do no harm when returned to the patient. It would be disastrous, for example, if even a few cells in the transplanted tissue began to divide in an unregulated, cancerous fashion (Shannon, 2005).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Of course, ethical issues will have to be addressed as well. When the initial oocyte created by NT begins to divide into two cells, then four, then eight, and so on, when does the cloned mass become a new human being worthy of protection under the law? Opponents of therapeutic cloning often contend that an individual arises at the exact moment that the first appears, such that any sacrifice of an early cell mass, even for medical purposes, is tantamount to slaughter. Proponents of therapeutic cloning view this notion as nonsense. How, they as, can a few amorphous cells be granted legal rights that take precedence over those of sentient human beings is desperate need of cell therapy? Remarkably, in US society, most of the debate over the possible legalization of therapeutic cloning hinges on this one emotion-laden philosophical issue (Bellomo, 2006).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In such public discussions, a common error (or often, an intentional argumentative ploy) is to equate therapeutic cloning with reproductive cloning. Although the initial laboratory steps in the two procedures are identical – both begin by inserting a cell nucleus into an unfertilized egg – that is where the similarity ends. In reproductive cloning, the GM egg would be re-implanted in the womb and allowed to grow into a fetus and baby, the intent being to generate a fully functional and independent human being genetically identical to its predecessor. In therapeutic cloning, the early clump of pre-implantation cells that comes from the GM egg would be grown in vitro and used to produce replacement tissues for medical rehabilitation (Avise, 2004). Elimination or Treating Heritable Diseases via Therapeutic Cloning   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Although therapeutic cloning does not reproduce an entire organism to develop in utero and live life outside the womb, one motivation for reproductive cloning might be therapeutic. Reproductive cloning could allow genetic engineering interventions to correct defective genes before they have a chance to exert detrimental effects. Correction at the earliest stage would also free germ or reproductive cells and hence subsequent generations from carrying the defective gene (Savulescu Hendrick, 2003).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Certain genetic disorders may enhance certain universal human vulnerabilities, such as those to infection, bleeding, and aging. Beyond increasing these, everyone has inherited vulnerability to some disease or diseases. We would all like to be free from the threat of heart disease, cancer, diabetes, hypertension, and Alzheimer’s disease. Therapeutic cloning might substantially improve the treatment for these diseases since therapy for these is currently limited by the availability or immunocompatibility of tissue transplants (Avise, 2004).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Among the genetic disorders, some are so highly heritable and horrific that we might wish to employ reproductive cloning to enable the use of genetic engineering to correct the defective gene. That would free the clone and all subsequent generations from their ravaging impact (Savulescu Hendrick, 2003).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   However, reproductive cloning is an inefficient and error-probe process that results in the failure of most clones during development. For a donor nucleus to support development it must properly activate genes important for early embryonic development, it must properly activate genes important for early embryonic development and suppress differentiation-associated genes that were transcribed in the original donor cell. Inadequate â€Å"reprogramming† of the donor nucleus is thought to be the principal reason for the developmental loss of most clones. In contrast, reprogramming errors do not appear to interfere with therapeutic cloning, because the process appears to select for functional cells (Shannon, 2005). Ethics of Therapeutic Cloning   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Can therapeutic cloning be ethically tolerable? Debates about the theory of proportionality, the slippery slope and the principle of subsidiarity here center again in a little dissimilar way (Savulescu Hendrick, 2003).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is uncertain whether the principle of proportionality offers a believable a priori opposition against therapeutic cloning. If it is well thought-out suitable to make embryos for study aiming cryopreservation of oocytes; in vitro maturation of oocytes and the like, then it is contradictory to decline therapeutic cloning in advance as being disproportional (Avise, 2004).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A consequentialist opposition, as a slippery-slope disagreement, is that therapeutic cloning will unavoidably direct to reproductive cloning. This objection firstly presumes that reproductive cloning is necessarily and categorically wrong, a premise still debated. Clearly, it would be premature, if not criminally irresponsible, in view of the serious health risks for children conceived by cloning to start clinical trials on reproductive cloning right now. But what if, somewhere in the future, these risks could be controlled? Would cloning then still be entirely baseless – even if it were ‘safe’ – then it is practical to exclude reproductive cloning, and not to forbid other, non-reproductive, relevance of cloning (Bellomo, 2006).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Are there suitable alternatives to therapeutic cloning? First, it is important to note that therapeutic cloning strictu sensu, starting with the first clinical trials, will not come up soon. Much basic research is needed, about the question whether it will be possible to control the differentiation of human embryonic stem (hES) cells in vitro. This study can, and ought to, be made with additional IVF embryos. At the same time, research into potential ‘embryo-saving’ alternatives for therapeutic cloning should be stimulated. For the relative ethical examination it is once more essential to evade the drawback of one-dimensionality. Amongst others, the following options are suggested in the literature: a) the use of adult stem cells; b) transferring a human somatic cell nucleus into an enucleated animal egg; and c) the direct reprogramming of adult cells, i.e., to reprogram an adult cell to make it revert to it unspecialized state so that it can then be influenced to develop into a specific type of tissue (this involves the development of undifferentiated cells without the need to create an embryo) (Shannon, 2005). Summary and Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cloning can be divided into therapeutic and reproductive cloning. Therapeutic cloning is the use of cloning technology to produce, for example, tissues for transplantation to people with disease. Reproductive cloning is cloning to produce a liveborn offspring (Avise, 2004).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The possibility of therapeutic cloning focuses on the concept of stem cells. Stem cells have the ability to develop into different mature cell types. Totipotent stem cells are cells with the potential to form a complete animal if placed in a uterus. They are early embryos. Pluripotent stem cells are immature stem cells with the potential to develop into any of the mature cell types in the adult (liver, lung, skin, blood etc.), but cannot by themselves form a complete animal if placed in a uterus. Human embryonic stem (ES) cell lines obtained from the inner cell mass of the blastocyst or pre-implantation embryo have recently been established. ES cells are pluripotent. Possible future clinical applications of human ES cell technology include: hemopoietic repopulation (‘bone marrow transplant’); treatment of diseases or spinal cord injury; screening of drugs; and as vectors for gene therapy (Cohen, 2002).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   We should distinguish reproductive cloning with a therapeutic intent from therapeutic cloning to produce stem cells. Most of us are familiar with the nightmare scenario of reproductively cloning a person in order to use him as possession for â€Å"spare parts.† Parents who conceive children in the hope that the new child would be a good match immunologically to donate an organ needed by an existing child contribute to this image. With a child cloned from the original, there would be no doubt that the needed organ would perfectly match the recipient immunologically. Creating a person to be a source of spare parts is not what therapeutic cloning is about (Bellomo, 2006).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Therapeutic cloning provides hope for cures or better medical treatment for people with many diseases. These include many of the genetic disorders for which reproductive cloning with a therapeutic intent might be entertained, but they also include diseases that are not necessarily genetic. A therapeutic cloning, cells are extracted from an embryo to clone specific bodily tissues for medical use, particularly transplantation. Type I or juvenile diabetes is one example of a disease that might be cured by therapeutic cloning to produce stem cells. Without contradiction, we can condemn reproductive cloning and at the same time, if we choose, support research with embryonic stem cells (Cohen, 2002). References: Avise, J. C. (2004). The Hope, Hype Reality of Genetic Engineering: Remarkable Stories from Agriculture, Industry, Medicine and the Environment. New York: Oxford University Press US. Bellomo, M. (2006). The Stem Cell Divide: The Facts, the Fiction, and the Fear Driving the Greatest Scientific, Political, and Religious Debate of Our Time: AMACOM Div American Mgmt Assn. Cohen, D. (2002). Cloning. Brookfield, Connecticut: Twenty-First Century Books. Savulescu, J., Hendrick, J. (2003). Medical Ethics and Law: The Core Curriculum. New York: Elsevier Health Sciences. Shannon, T. A. (2005). Genetics: Science, Ethics, and Public Policy : a Reader. New York: Rowman Littlefield.

Yuan as a Dominant Currency

Yuan as a Dominant Currency This essay expresses my humble opinion on the idea of the displacement of the U.S. dollar by the Chinese currency, Yuan as the dominant currency in the global financial system, the possibilities of it occurring, reasons of why Yuan should displace the U.S dollar which include the benefits of internationalisation of Yuan to the Chinese onshore and offshore companies, foreign companies, global importers, investors, China, and of course to the rest of the world. Although it remains uncertain and questionable, I believe that China could displace the U.S. as the worlds strongest economy, and that the Yuan, Chinese currency may become the world’s global currency, or even replace the U.S. dollar as the dominant currency. It could even happen in our lifetimes. But, it will be a slow and long process that may result in a U.S. dollar decline, not a collapse. Also, I do believe that the Yuan should replace the U.S. dollar as the dominant currency in the global financial system, as the internationalisation of Yuan can bring numerous benefits not only to individuals, but corporations and governments worldwide as well. In the aftermath of the GFC (global financial crisis), the status of the U.S. dollar as the worlds reserve currency has gradually come into question. Heady money printing practices by the Fed of the United States has weakened the value of the U.S. dollar as many countries have considered in diversifying their assets into other currencies in order to diversify their currency risk, causing the reliability of the U.S. dollar to be questionable. The question then remains in which other currency is strong enough to substitute the U.S. dollar as the dominant currency in the global financial system. In spite of the crippling debt and undermine fundamentals in the United States, one of the main reasons why the U.S. dollar still continues to dominate is due to the fact that other countries have their own share of issues as well. And thus, the dollars strength is more relative. But recently, there have been â€Å"rumours† and talks that the Yuan/ Renminbi, the Chinese currency has the ability to supersede U.S. dollar as dominant currency in the global financial system and being the top reserve currency around the globe.   China is currently the world’s biggest manufacturer and exporter as well as its second largest economy according to ChinaDailyhttp://www.chinadaily.com.cn/china/2014-03/02/content_17315230.htm. Yet its currency, Yuan, which is still cautiously managed by the Chinese government, only has a small percentage of market shares which is substantially behind the U.S. dollar, and is hardly being traded on foreign exchange markets. However, the trading volumes are gradually increasing. During the last quarter of year 2013, the Yuan overtook the euro and became the second most used currency in the global trade finance after the U.S. dollar, based on the Society of Worldwide Inter-bank Financial Telecommunication. Since then, it became the 9th most traded international currency around the globe, according to a financial report created by the Bank of International Settlements. Some economists and analysts forecast that the Chinese currency will continue to rise in the next few decades. Al l the signs mentioned above indicate that the Yuan is gaining greater stature to be a more stable and suitable dominant currency. One of the great reasons why the Yuan should replace U.S. dollar as the dominant currency is the stability of Yuan. The steady economy growth of China for the past few years has almost proven its currency, Yuan a steady and safe currency to invest in. People may argue that the euro, yen, British pound could serve as a strong currency that can be the dominant currency as well; however, most of these economies have not been doing great since 2008. This is especially clear in Europe, where a sovereign debt crisis is brewing, and Japan, where a robust recovery from the last two decades has been put on hold by a combination of several incidents like nuclear power disasters, the spill over from the weak European economies and the 2007 U.S. financial crisis. The internationalisation of Yuan will occur before Yuan becomes the dominant currency. Therefore, the benefits of globalised Yuan can be solid arguments in why should Yuan replace the U.S dollar as dominant currency. There are many benefits when Yuan is internationalized. China has started to loosen its control for its financial markets recently and slowly opening up access to the onshore markets. In the year of 2007, the Chinese government started to issue RMB-denominated bonds, notes, and funds, which are named as â€Å"dim-sum bonds† in Hong Kong. Since year 2009, companies located in Mainland China have been able to perform cross-border trade in Yuan. This enables any onshore companies in China to reduce their transaction costs, speed up payments, and ensure for a better management of foreign exchange risks. â€Å"In the longer term, this will and can obtain wider benefits.† says Professor Yeh, associate professor of the Department of Finance at the Chinese University of Hong Kong. For instance, this will enable the companies to lower down the price of their products or services, and pass on the cost savings to the customers. On the other hand, the use of Yuan undoubtedly benefits foreign companies including the U.S. companies as well. Many U.S. companies such as McDonald’s, have taken advantage to issue RMB-denominated bonds in China and Hong Kong to save companies a fortune in terms of interest and transaction costs. Moreover, issuing RMB-denominated bonds is a great way to hedge currency risks as well. Given the slow economy growth in the western countries, holding a RMB-bond can diversify the currency risk imposed by the U.S dollar and euro. RMB- denominated bonds are a good financial instrument for companies to conduct business in China in protecting them from any fluctuations in currency values in the future. More advantage in using Yuan in conducting business with the Chinese is the discounts that Chinese business leaders may provide if a business transaction is deal in Yuan. According to the HSBC’s research, 56 per cent of Chinese business leaders would offer discounts to their trading partners for transactions performed in Yuan for up to three to five per cent. U.S. multinationals with business operations in China can also benefit when they perform transactions in Yuan, as it enables them to centralize their management of foreign exchange. Instead of managing their foreign exchange exposure in China, they could centrally manage it in a regional or global centre in New York, Singapore or even Hong Kong, for instance. Next, China is a top import and export market for many countries around the world including the U.S., according to ChinaDaily USA http://usa.chinadaily.com.cn/epaper/2014-05/08/content_17493372.htm. It was also the biggest recipient of foreign direct investment in the first six months of year 2012, based on HSBC research. According to http://www.cfr.org/china/uneasy-us-chinese-trade-relationship/p10482, the trade between China and the U.S. is healthy. As a matter of fact, 77 per cent of U.S. business leaders claimed that they do import from China and 49 per cent claimed that they have export partners in China, according to a survey performed by HSBC. Since the U.S. has the largest percentage of international trading activities with China, the U.S. could benefit from the use of Yuan in conducting their trading business with China. For the benefits of importers, performing trade activities with the Chinese trading partners in Yuan relates to pricing. When U.S. dollar is accepted as payment in trading transactions, the Chinese companies usually factor in the foreign exchange risk by adjusting their price. By completing the payment in Yuan, the importers stand a better chance to negotiate for a lower price or even obtaining better trade terms. Moreover, invoicing in Yuan helps to increase the supplier base in China importers too, as the Chinese companies appreciate this practice a lot. With a bigger supplier base from which to choose, the importers obtain a bigger bargaining power in negotiating price and terms. On the same hand, a globalised Yuan brings several advantages to international investors as well. International investors could diversify their investment and currency risk by investing into other currency like Yuan, rather than just the U.S. dollar or euro. The modern portfolio theory states that the more unrelated assets you have, the less impact of currency risk will be encountered through diversification (http://www.sec.gov/investor/pubs/assetallocation.htm). Just like any democracy, at least two parties are needed to achieve balance. The same goes to international currencies, with an extra option to invest in, investors could enjoy the diversification advantage. Today, U.S. dollar is the dominant currency; therefore, U.S. domestic fiscal and monetary policy has significant effect outside and inside the United States. If there is more international currency, then there would be more choices and investors will be less susceptible to U.S. policy decisions. While the impact caused by the 2007 global economic crisis did not affect a huge number of Chinese investors, but the fallout has been serious, as values of the savings around the world have plummeted. The 2007 financial crisis has a great impact on the mind-set of international investors, especially, about the safeness of the dollar. National banks, China’s included, have experienced the fall of the value of their foreign currency reserves significantly, as the dollar and euro weakened during the crisis period. Therefore, more choices of international reserve currencies can provide better checks and balances, which are very essential to monetary policy makers around the world, showing the benefits of Yuan being internationalised and as a dominant currency. Furthermore, if Yuan ever became the dominant currency, it would allow China, which holds substantial amount of money reserves, to be less dependent on foreign currency reserves, and therefore less affected by the currency fluctuations. Moreover, a globalised Yuan could bring direct financial benefits to China in the form of seigniorage as well. Seigniorage is the profit made by a government by issuing their currency with the difference between the fair value of the money and the cost of producing it, explained by (investopedia) http://www.investopedia.com/terms/s/seigniorage.asp. So if the fair value of the money is greater than the cost of producing it, the money, then China will enjoy a financial gain. Some economists even estimate this could amount up to USD of 2.5 billion a year. Other than seigniorage, if Yuan became the dominant currency, China could also enjoys further benefits, including prestige, lower borrowing costs for the government, corporations, and households, and a much lower if not zero probability of a debt and financial crisis. The dominance of Yuan would bring obvious benefits to China, which includes a lower risk of capital loss triggered by a depreciation of the U.S. dollar or euro. What about the effects to the Europe, United States, and other countries? Firstly, since the Western economy is not performing well recently, if the benefits from the dominance of the Yuan helps to convince the Chinese to buy more of their debt, it could aid to hold down their borrowing cost, indirectly billing them out from the poor economy. Secondly, with a greater Yuan flexibility, China will worry less about the capital loss on its foreign exchange holdings. As such, China would be more willing to hold on to their fixed exchange rate regime. This could benefits not only to China, but to all the countries that perform trading activities with China as well. During the 2008 GFC, China decided to change back to a fixed exchange rate regime after implementing a semi-floated currency regime for a short couple of years http://www.investopedia.com/articles/forex/08/pegged-vs-floating-currencies.asp. This decision aided the Chinese economy to emerge 2 years later relatively well. Since then, China has been trying to control its economy from growing too fast. If afloating exchange rate regime is used by China, American demand for Chinese goods would definitely force up the exchange rate and inflate the price of the Chinese goods, causing the Chinese goods less desirable eventually http://www.netplaces.com/economics/foreign-exch ange-and-the-balance-of-payments/to-fix-or-float-that-is-the-question.htm. This is undoubtedly important to the Western governments. Thus this should be considered worth facilitating. However, some might believe that the United States would never tolerate the humiliation with its government debt denominated in a foreign currency. But if the U.S. does, it certainly would not be the first country to do so. Most countries denominated their debt in foreign currency whenever they need to make borrowings from the international capital market. Furthermore, history reveals that the U.S. is very pragmatic. History also shows that the U.S. has denominated part of its government debt in foreign currency before, mostly the deutsche mark, a German currency before the adoption of euro, in the 1970s. In any case, everyone has to weigh the benefits and the costs for doing everything. In my opinion, the benefits outweigh the costs in this case. To a certain extent, an international role for the Yuan seems inevitable. How often and widely a currency is used and traded around the globe is generally a function of how significant and important its home country is to the world economy. In the 19th century, while the British Empire reigned supreme, the British currency, Pound was recognised as the top international currency. Ever since World War II, the role of Pound has been substituted by the U.S. dollar, as the U.S. is currently the worlds largest economy. Now that China is catching up rapidly with a stable economy growth that placed itself second after the U.S., the potential of its currency may progress to a point where it substitutes U.S. dollar as a global currency. If the growth continues at its current pace, it is possible that China’s economy could surpass the United States within the next two decades. Therefore, there is a strong reason to believe that Yuan could replace the U.S. dollar and dash into the big lea gue of international currencies. http://www.bloomberg.com/news/2010-08-16/china-economy-passes-japan-s-in-second-quarter-capping-three-decade-rise.html However, the Yuan is still currently far from that league. As a matter of fact, it can hardly be found in the world currency markets. The chief reason is cause by the Chinese policy. The Chinese Government restrictions restrain the Yuan from being traded freely around the globe or being fully convertible into other currencies in almost all financial transactions. The Chinese currency value is pegged to a basket full of currencies which are most probably dominated by the U.S. dollar and is only permitted to adjust each day within an allowed and narrow band. With such limitations, the potential of Yuan cannot progress very far. http://content.time.com/time/world/article/0,8599,1911671,00.html Nevertheless, it is believed that the Yuan could be one of the world’s top currencies and may be able to fully convertible sometime in the future. Therefore, I believe that the Yuan could serve as a potential hedge against the U.S. dollar as the dominant currency to the world. In conclusion there are numerous advantages as for Yuan to be the dominant currency, including the stability of Yuan compared to the U.S. dollar, benefits of globalisation of Yuan to the Chinese companies, foreign companies, international importers, investors, China, Europe, United State and other country around the world. Thus, I do believe that the Yuan should replace the U.S. dollar as the dominant currency in the global financial system.