Analysis of Ford Motor Company’s Essay

Ford Motor Company (FMC) manufactures and sells vehicles worldwide. The company has two business segments that include automotive segment and financial services. Ford carries out operations in North and South America, Europe, Asia and Africa. Hence, the company has to ensure that its operations are working effectively to meet its organizational objectives. The company also has to ensure that its operations management strategies are adequate to provide maximum benefits to the company. Domestic car manufacturers are facing intense competition from foreign vehicle manufacturers such as Toyota, Honda, Nissan, Mercedes Benz, BMW and Audi just to name a few. There is thus the need to manage operations so as to improve efficiency, reduce costs and in the process achieve competitive advantage. Heizer and Render (2011), noted that operations management is a transformation process that occurs in companies producing goods and also in service organizations. Transformation process involves daily activities that focus on creating value for the organization. Operation processes are determined in terms of effectiveness (whether the process is able to attain company objectives) and efficiency (is the process using resources adequately). According to Davis and Heineke (2005), different types of transformation could be physical as in manufacturing, location as in transportation, storage as in warehousing, health care which is physiological, and informational which is telecommunication. Ford has numerous activities involving several areas that can lead to cost saving and translate into increased profitability for the company. By effectively implementing and executing operations management strategies, the company is able to deliver value to customers and generate more revenues and profits. Ford employs a wide range of operations strategies and one of these is product strategies. Product strategies employed by Ford includes having many vehicle platforms, brands, and models. As a result of their product strategy, the company is able to produce vehicles that are tailored to different customer requirements. The company’s manufacturing processes and product development carried out in one target region is different fro m another region (Kassab, 2011). Another strategy used by Ford is product pricing whereby its products are priced relatively low thus ensuring that as many people as possible can afford its products. Through this strategy the company is able to attract and retain customers which in turn lead to  increased sales. Ford has a wide range of product offering and is thus able to attract large number of customers. The wide range of products offered by the company allows it to maintain a balanced revenue stream Its product strategy is also an effective method in increasing market share as its numerous brands and models is able to attract a large number of diverse customers. Ford has shifted its product strategy towards new vehicle segments and this has proved to be profitable for the company (Automotives, 2011). Ford uses numerous production or manufacturing strategies that aims at promoting efficiency and effectiveness. Ford focuses on reducing time and material waste in production, increasing quality and reducing cycle times. All these strategies contribute to cost reduction by the company. In order for an organization to sustain growth in such a competitive market, it must be able to eliminate processes that waste resources, improve on product quality and achieve customer satisfaction. These factors enhance the company’s competitive advantage and its ability to remain in business. Ford previously utilized a total quality management (TQM) production strategy, however the company is currently shifting towards a six sigma approach. TQM was introduced in the company in the 1980’s to improve product quality resulting from intense competition from foreign manufacturers. TQM emphasizes on processes driven by quality and aim at achieving customer satisfaction. Implementing total quality management meant that processes within the company had to be adhered to strictly and continuously improved in order to meet customer satisfaction. TQM philosophy looks at developing a corporate culture that is customer focused, empowers employees and seeks continuous improvement. By focusing on the customer, Ford was able to provide value customers with product value and quality that ensured customer satisfaction. This in turn translated into revenue for the company due to repeat sales and first time customers. Essential components of effectively implementing TQM include a commitment from all stakeholders and a change in work culture. Managers at Ford demonstrate such commitment to quality by clearly initiating strategies and policies that aim at promoting quality enhancing activities. Ford’s workers at all levels are informed on steps that should be followed in order to achieve improved quality (Dahlgaard & Dahlgaard-Park, 2006). Total quality management reduces wastage in the production process and eliminates defects. The reductions in defects and  wastages assist in lowering production costs which can subsequently l ead to an increase in contribution margin. Lower costs can also facilitate the company’s lower pricing strategy to attract customers and gain competitive advantage. By implementing total quality management Ford was able to reduce amount of waste from production process and also improve on efficiency thus improving performance (Dahlgaard & Dahlgaard-Park, 2006). Ford has shifted towards a Six Sigma approach which aims to sustain company’s ability to manufacture quality products. The Society of Manufacturing Engineers magazine in 2011 noted that Ford’s reputation as a company that offers quality products was being tarnished as a result of a number of setbacks including recalls affecting several models and delays in introducing new ones to market. Customer surveys showed that customer satisfaction and quality of Ford cars had reduced and was behind competition thus the need for the company to shift to a new approach in order to improve on quality concerns. Six Sigma is more structured and profit oriented compared to total quality management. Ford shifted to this new approach in an attempt to improve on its processes and increase cost savings. The company also aims at establishing a consistent approach that can be used to solve quality related problems by improving organizational learning. Smith, (2003) in his article, â€Å"Six Sigma at Ford Revisited† noted that Ford saved $1.0 billion from elimination of waste 5 years after implementing Six Sigma and that internal customer satisfaction survey showed that customer satisfaction increased by 5%. This provides ample evidence that the company’s strategy has been effective in lowering costs and that customer satisfaction regarding the company’s products was heading in the right direction. One of the strategies being utilized in Ford’s production process is a â€Å"Global Product Development System† whereby the company has established a single template for designing, engineering and manufacturing its vehicles worldwide. One of Ford’s global product development systems is aimed at enabling the company to develop vehicles faster, improve its competitive ability and provide profitable growth. The system aligns the company’s technology and global product plans and car programs on characteristics that differentiate Ford vehicles in the market. The global product strategy establishes a standard that all Ford vehicles should conform to which leads to consistency in Ford products and also improves on brand recognition since products will have attributes that  differentiate Ford products from its competitors (Kassab, 2011). Since Ford manufacturing points are located across different regions, the global product strategy enables various production regions to produce products that have similar attributes. According to Kassab (2011), every time production centers are reinventing production processes the company losses time that could be utilized in developing new vehicles. Therefore one Ford global product development system is used in the production process to reduce time wastage and ensure consistency in production. Another strategy used in the Ford production process i s JIT in an effort to improve on the time it takes to produce a product. Ford decided to adopt this strategy due to inadequacies in material handling and inbound logistics. Using a just in time system enables the company to connect with suppliers and also assists in reducing production lead times and enhances the company’s capability to manage inventory, cost of transportation and storage costs. Just in time system involves delivering required production component when they are needed in the production process. In relation to logistics, Ford has established different solutions to ensure that supply and distribution is achieved. Ford has numerous â€Å"Order Dispatch Centers† where products are transported to and from the company (Penske, 2013). Order centers assist the company in centralizing its logistics network and reducing inventory levels. The company has uniform procedures, carrier requirements and technologies that streamlines supply, improve on performance and accountability (Penske, 2013). Ford utilizes logistics management technologies maintains and tracks information on delivery status and schedules applicable to routing. Through these technologies, the company is able to monitor its supply chain and ensure that all operations aspects of production are functioning appropriately. Ford also has in place capacity strategies where the company practices efficien t use of facilities and expansion facilities projects when required. By increasing capacity the company is able to increase output and generate more revenue. The company also has in places processes and systems to ensure efficient use of facilities. These processes involve being highly automated and strategically placing production points to ensure maximum achievement of efficiency. Ford has work design strategies whereby the company practices job enrichment and institutes motivation systems. Ford has a competency center that assists employees in planning their career,  enrolling in training and development programs, and assisting employees on how to balance professional and personal lifestyles (Hines et al, 2004). The company aims at developing an individual who in turn improves on overall organizational capability. By developing its employees, Ford is able to maintain high levels of motivation and morale which eventually leads to improved productivity. The American Psychological Association (2003) in an article â€Å"Occupational Stress and Employee Control† noted that Ford Motor Company has shifted virtually all of its manufacturing operations to a team-based approach in which employees have far greater control over their work. Instead of simply follow directions from supervisors, employees can talk directly to suppliers about parts quality, research better ways to run equipment, and take independent action to eliminate product defects. A pilot program, which began at Ford’s Romeo, Michigan engine plant in the early 1990s, raised productivity and quality along with job satisfaction so successfully that Ford expanded the approach, giving virtually all employees targets and allowing them to find ways to reach them. Ford encourages a self-management environment to boost and maintain employee morale. Employees are involved in problem solving groups and have a say on operational matters related to their jobs. Employees also participate in decision making processes within the organization. As a result of increased employee motivation, employees perform their job activities well which subsequently leads to increased productivity. By maintaining high motivation levels the company is able to retain high performing employees which benefit the organization in the long term. As a multinational company, a comprehensive location strategy is critical to a successful operations management execution. Ford has presence in North and South America, Europe, Asia and Africa where the company is involved in the production and sale of Ford vehicles. These markets are strategically targeted in an attempt to increase company growth. By having a global presence the company is able to penetrate into new markets and increase market share in the global arena. Ford is a well-known brand globally and its name recognition has assisted the company to penetrate new markets. An international presence assists the company in terms of product development, differentiation and distribution as vehicles are developed to meet customer requirements in specific regions and reduce distribution costs to various geographic regions. Operations management at  Ford Motor is influenced by factors such as competition. Competition plays a part in determining how a company does business. Ford therefore has to plan its operations to ensure it is able to gain competitive advantage and maximize revenues. Ford faces domestic and international competition from General Motors, Chrysler, Toyota, Honda and Nissan. In today’s environment, a car company does not have a great future unless they have a plan for increasing their sales globally. If an auto company is not a global automaker, it is not doing the job that it should. Ford therefore has to position itself to ensure that its operations are efficient, effective and are able to differentiate company products on a global scale. Another factor influencing operations management is customer requirements since this impact whether a company is profitable or not. Ford should ensure that its operations meet customer requirements in terms of quality, design, prices and spe ed of distribution. Success factors The first success factor in determining Ford’s successful achievement of its business objectives regarding its operations management strategies is financial. Operations management strategies employed in the company aim at ensuring efficient use of resources and reducing cost in the process. The main tools utilized by Ford to achieve success include Six Sigma, just in time inventory management, location and distribution strategies. Ford has successfully utilized the strategies to achieve its cost reduction strategy and this is evidenced by $1.0 billion cost saving after implementing Six Sigma. A just in time system contributes to the success by reducing costs incurred in transporting and storing raw materials and work in process inventory. The company’s distribution strategies include the use of order centers that improve on efficiency by reducing cost incurred in transporting final products to dealerships. Ford Media (2011) stated that the company’s sales increas ed by 19% in 2010 to $1.935 million compared to the previous year which is the largest increase of any full-line automaker. This achievement is indicative of the success of the operations management strategies implemented by the company. Another success factor in relation to operations management strategies in the organization is the social condition that exists within the company. Ford has different motivation methods that ensure that employees are highly motivated in their professional duties.  This is achieved by training and developing employees and also by ensuring that employees have control over their job activities. The American Psychological Association (2003) noted that increased employee control in job activities is an effective strategy in reducing occupational stress. Ford Motor position and market share in the industry provides measurable evidence on whether the company strategies have been successful. The company recorded mixed fortunes in its target market. Whereas the company increased market share in 2011 to 16.5% compared to 16,4% in 2010 and 15.3% in 2009, market share in Europe decreased to 8.3% compared to 8.4% in 2010 and 9.1% in 2009 (Sustainability Report, 2011/2012). This shows that the co mpany’s strategies were successful in its domestic market but unsuccessful in the European market. Despite these unflattering results, the company still maintains a strong international presence in the Americas, Europe, Asia and Africa. For 2012, Ford’s total U.S. market share was down 1.2 percentage points to 15.3%, while Ford’s U.S. retail share of the retail industry declined seven tenths of a percentage point. The declines largely came from the discontinuation of the Crown Victoria and Ranger, capacity constraints, and reduced availability associated with our Fusion and Escape changeovers. In Europe, market share declined 0.4 percentage points to 7.9% (Sustainability Report, 2012/2013). Quality is important to Ford in improving customer satisfaction and overall company performance. According to the 2012/2013 Sustainability Report, the results are mixed. In the U.S. first time buyers increased 0.5 percentage points to 10.6% in 2012 while customer loyalty decreased 0.9 percentage points to 47.7% in 2012. In Europe, first time buyers decreased 2.0 percentage points to 7% in 2012 while customer loyalty increased 1.0 percentage points to 52% in 2012. Ford has decentralized its operations to ensure that the company manufactures products that meet customer requirements by producing high quality vehicles. Ford Motor Company’s mission is one team, one plan and one goal. The mission is for the company to work together as a lean global enterprise measured by customer, employees, investor, supplier, dealer and union satisfaction. The company’s mission statement influenced its operations management strategies since the company’s one team and implemented strategies aim at achieving lean production where wastes are eliminated to reduce cost. The strategies also aim at improving customer satisfaction by providing quality products.  Ford strives to be a lean global enterprise by implementing strategies such as Six Sigma to achieve its objectives. The ultimate goal of all strategies implemented in the company is to increase profitable growth through increased customer and employee satisfaction and by reducing costs. References American Psychological Association. (2003). Occupational Stress and Employee Control. Retrieved On September 15, 2013 from http://www.Apa.Org/Research/Action/Control.Aspx Automotives Insight. (2011). New Product Strategy Pays Off For Ford. Retrieved On September 28, 2013 from http://www.Autosinsight.Com/File/96519/New-Product-Strategy-Pays-Off-For-Ford.Html Dahlgaard, J. J., & Dahlgaard-Park, S. M. (2006) Lean production, six sigma quality, TQM and company culture. The TQM Magazine, 18 (3), 263 – 281. Retrieved from EBSCO Host Database on September 21, 2013. Davis, M.M., & Heineke, J. (2005). Operations Management: Integrating Manufacturing and Services. (5th ed.). New York, NY: McGraw – Hill Irwin. Ford Media. (2011). Ford’s 2010 Sales Up 19 Percent – Largest Increase of Any Full Line Automaker: Foundation Set for Growth In 2011. Retrieved On September 28, 2013 from https://media.ford.com/content/fordmedia/fna/us/en/news/2011/01/04/ford_s-2010-sales-up-19-percent–largest-increase-of-any-full-li.html Heizer, J. & Render, B. (2001). Operations Management (10th ed.).Upper Saddle River, NJ: Prentice Hall. Hines, P., Holweg, M., & Rich, N. (2004). Learning to evolve: A review of contemporary lean thinking. International Journal of Operations & Production Management, 24 (10), 994 – 1011. Retrieved from EBSCO Host Database on September 29, 2013. Kassab, C.R. (2011). Speedy Delivery – Global Product Development System Defines Ford. Ford Magazine. Ford Motors. Retrieved On September 28, 2013 from http:// corporate.ford.com/innovation/innovation-detail/fs-global-vehicle-product-development Penske. (2013). Ford Motor Company. Six Sigma Initiatives streamline operations. Retrieved On October 5, 2013 from http://www.penskelogistics.com/casestudies/ford2.html Smith, K. (2003). Six Sigma At Ford Revisited. Quality Digest, 23 (6), 28-32. Retrieved from EBSCO Host Database on October 2, 2013. Society of Manufacturing Engineers.

Marketing Literature Review Essay

Marketing as a management Function3 †¢ Integration of marketing Function7 †¢ Changes in Business Environment10 †¢ Marketing Challenges15 †¢ Bibliography21 Marketing as a Management Function Marketing as a management function which in its simplest term refers to the basic functions of management namely planning, organizing, leading and controlling (POLC). These four functions are necessary for the achievement of organizational goals. It is important that these activities should operate in harmony with one another since they are interrelated. For instance, according to Cole (1996), a manager cannot just do planning and ignore the other aspects. Although these four functions do not tell the whole story about what constitutes management, they are a convenient way of describing most of the key aspects of the roles of management. Planning Plans and decisions are essential requirements to organizational tasks and management. Business success depends significantly upon the successful planning and decision making. Hence, planning is usually listed as the first function of management as we must have a plan before we can organize. Planning can be defined as the management function which involves setting the company’s goals and then determining the means to achieve these goals, in other words, deciding how best to achieve them. In simpler terms, it means deciding now, what to do in the future, given certain intended conditions. The word now indicates present circumstances and the current state of affairs pertaining to an organisation. So, it has been observed that environmental scanning, consisting of the SWOT analysis is therefore a pre-requisite for the planning process. It includes the internal and external environment of the organisation which allows the firm to take advantage of the opportunities and minimize the impact of threats. In addition, the company will have to consider the changes and developments in the macro marketing environment which is the PEST factor (Demographic, Natural, Political/legal, economic, socio-cultural, and technological). The second important element which is ‘what to do’ can also be referred to as ‘what to achieve’. These are expressed in terms of a statement of objectives, goals and targets. The third element, future, may be any time that succeed in the next second or a fraction of it. The future is basically characterised by uncertainty and uncertainty involves risk. Therefore, effective planning requires an effective and efficient process of coping with the uncertainty and the risk of the future to enable achievement of organisation’s objectives. Organizing In order to reach the objective outlined in the planning process, structuring the work of the organization is a vital concern. Organizing is the management function which focuses on arranging and allocating work, authority and resources among an organization’s members that blend together to develop one purpose, to accomplish the goals. These goals will be reached in accordance with the company’s values and procedures. This function involves the setting up of an organizational structure whereby work is allocated, lines of authority and responsibility defined and a system of rules and regulations which guide the conduct of employees laid down. Bateman, Snell (2007) pointed out that a manager must know their subordinates and what they are capable of in order to organize the most valuable resources a company has, its employees. This is achieved through management staffing the work division, setting up the training for the employees, acquiring resources, and organizing the work group into a productive team. This structure should constantly change to suit the organizational needs. Leading Leading inv olves influencing others to engage in the work behaviours necessary to reach organizational goals (Bartol 1997). The manager must communicate with his/her subordinates, explain his/her plans to them, and lead and motivate them to exert their maximum efforts to achieve the goals. Motivation is an internal process that energizes people to engage in certain types of behaviours. Frederick Winslow Taylor’s Scientific Management Movement, was one of the earliest attempts to understand and to deal with the problem of worker motivation. Some major contributors to motivation theories are Abraham Maslow for the Hierarchy of needs theory, Douglas Mc Gregor for Theory X and Theory Y, Frederick Herzberg for Motivation-Hygiene Theory. Leadership has been defined by Dobbins and Pettman (1997) as the ability to motivate people to work towards achieving common goals, to make ordinary people display extraordinary performance. There are different theories of leadership with various stages at its development: traditional theories, contemporary theories and future of leadership. The major contributors to leadership theories are Handy (1993), Kouzes and Pasner(1993), Cacioppe (1997), R. Likert(1961), Blake and Mouton (1964), Fiedler (1967), and Hersey-Blanchard (1968). Controlling Controlling is the management function aimed at regulating organizational activities so that actual performance will conform to expected organizational standards and goals (Bartol 1997). Therefore, the controlling function consists of three steps: i) Establishing a standard or target, ii) Measuring current performance and comparing it with the standard, and iii) Taking corrective actions if deviations are detected. Control is essential at every managerial level since each level has its own planning and responsibility regarding the respective set of activities. However, there is a misconception that control is from top management due to the fact that responsibility increases with the level of hierarchy. Integration of Marketing Function Integration is a marketing catchphrase of the moment. It has risen up because of social, market and technological developments have become more salient and significant than before. The harmonizing of integrated marketing must start with the planning process, by allowing adequate feedback and flexibility to achieve increased organizational fluidity. For the delivery of good customer satisfaction, there should be coordination at three levels. ? Co-ordination among various marketing activities. Nowadays companies need to use a wider range of communication tools and messages effectively by embracing Integrated Marketing Communications (IMC). IMC requires â€Å"integration and co-ordination of an organization’s many communication channels, such as advertising, direct marketing, sales promotion and public relations and publicity, to deliver a clear, consistent and compelling message about the organization and its products† (Kotler, 2000).

Four Poems by Derek Mahon Essay

Four Poems by Derek Mahon INTRODUCTION Derek Mahon belongs to the same generation of Northern Ireland poets as Seamus Heaney. But, whereas many of Heaney’s poems are rooted firmly in the rural landscape of Ulster where he grew up, Mahon’s poems reflect his childhood spent in Belfast. His familiar places were the streets of the city, the Harland and Wolff shipyard where his g-andfather and father worked, and the flax-spinning factory where his mother worked. Later on, Mahon would come to study at Trinity College Dublin and from there he spread his wings to travel and work in many different places, from France, Canada and America, to London and Kinsale in Co. Cork. , †¢Ã¢â‚¬ DAY TRIP TO DONEGAL† Tie shift, in both meaning and feeling, that :sxes place between the first and final lines of ~ s poem makes it memorable. The title :=e~s ordinary: Day Trip to Donegal suggests :- :~ :od days out at the seaside or even a school trip with classmates and teachers. ~–~ opening stanza is conversational in tone. I :– ,al at his seaside destination, the poet s n familiar surroundings. There were to be seen† and â€Å"as ever† the hills â€Å"a deeper green/Than anywhere in the : : – seems at this point that we are r: – r :: share a pleasant day at the seaside in Donegal with the poet. However, just as we . – rev. ~†~ comfortable with this expectation, -:::†¢Ã¢â‚¬ ¢Ã¢â‚¬ ¢ appears. We are disturbed by the 2. Deration in the final line and the image : ^reduces: â€Å"†¦ the grave/Grey of the sea Me grwnmer in that enclave. † – – : — : _s -â€Å"rial line of the opening stanza , a similar scenario in stanza two. The poet watches the fishing-boats arriving back at the pier with their catch. This familiar scene is often described in attractive terms by songwriters and painters. But here Mahon startles us in the second line by describing the catch as â€Å"A writhing glimmer offish†. The word â€Å"writhing† is very vivid. The fish are seen as suffering and this notion becomes more intense in the concluding lines of the stanza where he sees them â€Å"flopping about the deck/In attitudes of agony and heartbreak†. A story is told about Mahon as an only child who spent a lot of time alone. His imagination had free rein and in the bicycle shed in the garden at home the Mahons also kept coal. Apparently the boy Derek Mahon suffered guilt when he went to the shed to get his bicycle. He felt pity for the coal which was, to him, imprisoned in that dark, cold, shed. His compassion was evident even then; he felt sorry for the coal! In Day Trip to Donegal we see that the poet’s day is changed by the sight of the caught fish. He feels compassion for them in their dying moments. In stanza three the return journey to Belfast is described. This poem is poised between two worlds — the seaside one in rural Donegal and the urban one in Belfast. Have you noticed how Mahon chooses to describe his arrival back in Belfast? â€Å"We changed down into suburbs/Sunk in a sleep no gale-force wind disturbs. † There is a suggestion here of a â€Å"tamer† world than the wild gale-beaten one of Donegal. The phrase â€Å"changed down† refers to the gear-change of the car, but it also shows how the poet is struck by the difference between the rural and the urban worlds he has experienced on that particular day. The sleeping suburbs seem slow and quiet after the drama of the Donegal landscape. Exam ; Career Guide 241 I t/2 _i O Z LU LU h-U LU U Nightmare Stanza four picks up again on the disturbing imagery of stanza two. There is an intense feeling of terror here as the poet recalls his dream after his day out at the seaside. In his nightmare, the sea is seen as a powerful force of destruction. We can be chilled by his description of the sea performing its â€Å"immeasurable erosions† — â€Å"Spilling into the skull. † The combination of words here is powerful: â€Å"immeasurable erosions† and the alliteration of â€Å"spilling† and â€Å"skull†. The choice of the word â€Å"erosion† is worth noting here. It suggests eating away at something — the action of the sea on the coastline over many years. Why does the poet draw a parallel between himself and the eroding coastline, at the mercy of the infinite onslaught of the sea? Could this be an oblique reference to the political circumstances in which he lived in Northern Ireland? We remember that Donegal was described in stanza one as a â€Å"green enclave†. He has travelled there from Belfast — another political entity to which he returns after his day across the border. In the nightmare he is the helpless victim at the mercy of the relentless sea. It mutters â€Å"its threat† — the poet does not enjoy a peaceful sleep after his day-trip to Donegal. Instead he has a kind of nightmare, a surreal vision which is frightening and sinister. The nightmarish journey continues into the final stanza. Now the sea has become a metaphor for the poet’s own view of his life. He is alone and drifting, has not taken enough caution to prevent this danger and feels surrounded on all sides by the â€Å"vindictive wind and rain†, i. . , the malevolent forces that control his life and which cannot be placated. The poem ends on a note of hopelessness and despair. There is no promise of rescue. His predicament recalls that of the fish described in stanza two — â€Å"flopping about the deck/In attitudes of agony and heartbreak†. †¢ â€Å"ECCLESIASTES† The title of this poem situates it immediately in the context of relig ion — Ecclesiastes being the title of a book in the Old Testament, used frequently by preachers in their sermons. The context of the poem is the Ulster of the religious preachers and the churchmen which Mahon knew very well, being an Ulster Protestant by birth. The opening three lines of the poem are full of feeling. We notice the repetition of God and the rhythm created by â€Å"purist† and â€Å"puritan†, and â€Å"wiles and smiles†. Mahon is imagining himself as a member of the preaching classes and he tries in this poer-look closely at his identity as an Ulster Protestant. There is self-mockery in h s _s= of the phrase â€Å"purist little puritan†. The preacher is narrow minded (little) and rigid his attitudes — a â€Å"purist† puritan would be 3 extreme version of an ordinary puritan *^ would have been very strict in religious :. -†¢Ã¢â‚¬â„¢ moral matters. There is mockery and contempt as he describes the preache’ (Ecclesiastes) as â€Å"God-chosen† and â€Å"God-fearing†. He sees himself as occupying tr-e high moral ground while at the same t~-= basing his morality on fear rather than genuine conviction. The world inhabited by the Ecclesiastes (preachers) is a grim one. The images in ine 4 and 5 convey this most powerfully. The choice of the word â€Å"dank† (meaning da-x sr damp and cold) for the churches and the â€Å"tied up swings† on Sundays paint a joyless picture. Sunday was a particularly gloorny ~ in Protestant Ulster as it was strictly designated for prayer and church-going. Pleasure of any kind was frowned on. Marc then contrasts this life-denying way of lrvr>f with the real life of the world — – â€Å"the heat i the world†. He mentions how such a rigic code of behaviour allows those Churchmer to avoid the humanising interaction with women and the â€Å"bright eyes of children†. He continues with this train of thought in lines to 16. His tone is very critical. He sees tr-e preacher as using his public morality tc 2*c the real challenges of life — the call on eac of us â€Å"to understand and forgive†. The red bandana and stick and the ban? c referred to represent the antithesis of the preacher’s life. The red is a lively contrast n the â€Å"dork doors† mentioned before and the bandana and stick would be used on journe to brighter, livelier places than the dark r of Antrim which are washed by the cole â€Å"January rains†. This dark, cold place is the natural habitat of the preacher. He is following in the tradition of his forebears — â€Å"the heaped graves of your fathers†. Here he can â€Å"close one eye and be king†. This is an allusion to Erasmus, who once said: â€Å"In the country of the blind the one-eyed man is King†. Is this a reference to the closed mm and the bigotry of Mahon’s Ulster? The preacher can lord it over the ordinary peoc whose â€Å"heavy washing flaps† in the housing estates. They are credulous. But Mahon’s preacher has nothing to offer them. The ft imagery of the poem is filled with contemp 42 Exam ; Career Guide cts the preacher â€Å"stiff with rhetoric† forth to the captive audience yet lothing whatever to offer them — ng nothing under the sun†. eamus Heaney writes about Ulster :es in the memory of The Forge, in scape of Bogland, The Harvest Bow and Mahon, on the other hand, has a vision of Ulster — and he shares >n with us in Ecclesiastes. It is a place ;tants and Puritans and Preachers. He :dges that this is part of his own oo, and we find that he has a very ew of the narrow, life-denying f the culture which formed him. IT SHOULD BE† m, the mindset of another type of explored. This time it is that of the jrderer — who kills another man ie sees as a just cause. When ;ntions the Moon in the Yellow ire reminded of the Irish Civil War. :hat name was written by Denis ;et in 1927. Its story is of a man e who tried to blow up a generator ydroelectric station which was and was a symbol of the progress Irish Free State. Blake was shot by ;gt;f the Free State called Lanigan. The = officer of the Free State is the ir in this poem, as he justifies his nd even takes pride in it. : of Murder titeous tone is struck at the

Developing International Business Strategies Assignment

Developing International Business Strategies - Assignment Example Even though goals are broad, objectives need to be well-defined, visionary, and SMART, i.e. Specific: they should be clear; Measurable: they should be obtainable; Achievable: there should be a genuine path to achieving these goals; Realistic: they should revolve around the availability of resources and knowledge; and Timely: there should be enough time to achieve these goals and objectives (Management for Performance, 2010). The importance of strategic objectives in a business plan is that they provide a framework for future decision-making, secure a basis for more in-depth planning, help in benchmarking, monitor performance, and communicate the business information to others. They should not necessarily indicate to achieve profits, but should be in connection to the requisites and expectation of all the chief stakeholders, and should reveal the basic purpose(s) of running the business. Market Analysis and Research: In this section of the business plan, the entrepreneur should convin ce the readers that s/he has a complete understanding of the market and that s/he can recognize and deal with problems emerging from competitors or market constraints within their market. This step is essential because it provides a basis for developing the marketing strategy as well as for the preparation of sales forecasts. With analysis and research, the entrepreneur determines about their main products and/or services, customers, as well as their competitors and their strengths and weaknesses. Hence, this section should give insight into the market’s characteristics, the entrepreneur’s target customers’ profile, the competitors and how s/he plans to attain advantage over them in order to establish a prosperous venture (Ehmke and Akridge,... This essay discusses that the self-employed mindset is another driving characteristic of an entrepreneur that ignites the desire to gain greater control over life, career, and destiny so as to set their own stage for working on their business. The ingredients for an entrepreneurial success recipe have been explained by a business coaching franchise Action-COACH, that the entrepreneur’s ability to stay open-minded and rely on a work-force instead of being a solo-performer are major contributing factors for a business system to be a success. The principle of formulating a venture that works for its owner, instead of the owner working for it the entire time, is imperative for becoming an actual entrepreneur versus becoming merely the chief employee of one’s own self-employed business.Hadzima (2005) refers to the characteristics of entrepreneurs by using the term ‘Right Stuff’ for individuals who possess a blend of highly effective entrepreneurial traits. He st ates that an entrepreneur must have the ability to cope with risk and uncertainty; even if there’s a severe lacking of one or multiple critical resources, the entrepreneur is still able to make his or her way towards the goals. Another trait is for an entrepreneur to be result-oriented, take control of ownership, and get the task done with sound decision-making skills and a ‘can-do’ attitude. The ‘Right Stuff’ entrepreneur has growth potential so much so that she is ready to accept much higher levels of responsibility and begins to undertake supervisory duties much sooner.

POPULATION, MIGRATION AND ENVIRONMENT Research Paper

POPULATION, MIGRATION AND ENVIRONMENT - Research Paper Example Population is the total number of people living in the same geographical area such as state or country. Population growth is the increase in the number of individuals in a given time period. Population growth rate refers to the rate at which the number of people increases over a unit time period. Several scholars argued that every individual made an impact on earth, however, the exact impact was influenced by other factors such as the average affluence of the population. Changes in population occur due to factors related to births, deaths and migration. Increase in population growth can occur due to increasing number of births or through immigration. Migration is the movement by people from one geographical location to another. Population growth is known to have significant negative impact on the environment. Impact refers to the amount of a particular kind of environmental degradation. Environmental impacts are a product of population, affluence and technology. Impact on the environment is understood as the deterioration of the resource base, the decline of ecosystems and production of waste (Robbins, et al., 2010). The role of population growth in environmental degradation differs from place to place, from time to time. Environmental degradation is a combined result of population growth, the growth in production that is, in economic development and technology applied to the transformation process. Population growth leads to depletion of resources therefore being a trigger to social and economic burden. These resources include food, water, soils and land. People may over-use non-renewable resources such as fossil fuels and renewable resources such as forests to non-existence. Australia and New Zealand environments have been affected by increase in human population. Social and economic activities may lead to emission of air and water pollutants, greenhouse gases and

Explain how krebs in a soldier home would rather observe life than Essay

Explain how krebs in a soldier home would rather observe life than live it. give reason as to why he feels that way use exa - Essay Example But in the later part of the story he is referred to as Krebs, to elucidate the transformation in his character. The Krebs is a German word which in English means cancer. The author very interestingly refers to Harold’s character as Krebs in the later part of the story because he wants to describe the transformation that the character went through, which completely left him disdained from all earthly emotions. He wants to be part of a simple life than involve in complexities. He has transformed into a person who just observes life rather than living it. In the story â€Å"A Soldier’s Home†, Hemmingway describes three very important situations which mark Harold’s transformation into Krebs. It was the time of the First World War, when most of the young lads joined the army to fight for their motherland. Harold Krebs was one such young man who joined the army after college. It was only after his return from the war that the first instance of his transformatio n was marked. Krebs was a little late to return home and was not part of the celebration that the other soldiers received on their return. By the time he came back all the hysteria regarding the war has settled down, people were no longer interested in war stories but Krebs wanted to experience the thrill and in couple of occasions he even lied about the stories. People were interested in lies not the realities of war. This gave birth to a raging conflict within Krebs, against the entire community. People were not interested in his stories and that left him in a state of shock. There were many criticisms regarding this point. As Hemingway’s "Soldier’s Home" opens, Harold Krebs, the protagonist, has just come back from World War I. All the other young men his age have settled back into small-town life and found a niche for themselves as contributing members of the community. But Harold, for some reason, cannot do this; instead, he plays pool, "practice[s] on his clarine t, stroll[s] down town, read[s], and [goes] to bed."(Bernardo, K., n. d.) "Nothing was changed in the town except that the young girls had grown up". â€Å"It appears as if the town was never affected by the war, not as Krebs had been. The town radiates conformity, such as the girls all wearing the same clothes. Harold's mother and father wish for him to conform too, as he once did in college where he too wore the same clothes as his fraternity brothers†(Comtois, Jean P., n.d.).   The second instance in the story which depicts Krebs character slowly turning into an observer of life rather than living it is when he starts appreciating the beauty of the girls of his hometown, but does not want to involve into any relationship with them. In war he had learnt that, one did not need girls to survive, though few of his soldier friends thought differently, he did not believe that the complexities of relationship were worth it. When all of his other contemporaries had returned from the war and settled down into the culture of the town, it was he who could not relate to any emotion and did not even feel it to be worth it. He only felt comfortable eyeing things from a distant. Even this phase of Krebs life was up for many criticisms some of which are, â€Å"

A critique of the delivery of holistic sustainability and potential Essay

A critique of the delivery of holistic sustainability and potential for its enhancement within the built environment - Essay Example This is in contrast with scales at distinct level construction, which have become a common exercise. By taking into account exactitudes of celebrated and currentdevelopment practice, planners and participants through the interchangesexemplifyingcohesiveviable development are guided through the design stages to mound out a holistic sustainable progress. This requires appropriate weighting of environmental, fiscal and socio-cultural ideals of the community where the urban project is proposed to be implemented (Nijkamp 2007). Environmental impact is of the utmost importance and must be sufficiently assessed because of the existence of multiple regulations protecting the environment worldwide some of which have dire consequences which can bring a construction to a standstill (Stephen 2012). Holistic sustainable construction is rising fast through public awareness and ecological construction technologies are making a halt through (Allacker et al, 2008). These changes raise questions what holistic sustainable development means and how it is being approached and interpreted at different levels. It jeopardies sustainability, which remaining an ampule notion in urban scale. In this operational phase, stakeholders are challenged with the question of what applied holistic sustainability stands for, and how it can be appraised. Urban holistic development remains uncertain. Qualitative and quantitate integrated aspects should be taken into account when contextualizing results on operational sustainability (Nijkamp, 2007). Practical ecological performance needs to be calculated (Kanler, 2007). This helps to recognize sustainability at the urban scale level in relations of all-inclusive impressions. Ecological aspects are divided into six sub-categories; building parameters, materials, energy, water, supra-building scale level and land use mobility and emissions of nuisance. These subcategories are further broken down into

Case Study Problem Assignment Example | Topics and Well Written Essays - 2000 words

Case Study Problem - Assignment Example Put differently, business relations are governed by a set of legally binding rules and regulations that seek to ensure that all parties involved operate within the confines of the legal provisions. To a great extent, this has helped in maintaining sanity, ethics and morality within this sphere of specification. It is against this background that this paper provides an in depth review of the Faye’s case study. To enhance coherence and objectivity, this is done in light of the legal issues that arise from the case study. The type of law that the case study relates to is the law of contract. It is widely agreed that the law of contracts is at the center stage of most business dealings. Essentially, a contract refers to an agreement that is characterized by distinct terms between either two or more individuals or two or more entities. In this, one party promises to undertake a certain task for another party in return for a certain valuable benefit that is legally referred to as co nsideration (Atiyah, 1979, p. 67). For a contract to have a legal standing, there are certain factual elements that it has to contain. These include; an offer, the acceptance of the respective offer that culminates in meeting of the involved minds, a definite promise by the accepting party to perform the respective task, an invaluable consideration, an event or time that allows the particular parties to meet their commitments, performance of the respective task and the terms as well as conditions that govern the respective performance. There are different types of contracts that are suitable for particular scenarios. One type of contract that is apparent in the case under review includes the publishing contract. In this respect, there is a contract between Faye, who is the writer and Merrymac & Co., the publisher. Faye requires Merrymac & Co. to publish a book for her. Another type of contract from the case scenario pertains to the author of the book contract. According to Barnett ( 2003, p. 72), this is offered by the publisher in instances where the writer or client is the author of the book as opposed to being the illustrator or artist. Relative conditions in this regard would refer to Faye as the actual author of the entire book, inclusive of the illustrations presented therein. As aforementioned, an offer is one of the critical and factual elements of a contract. From a legal point of view, an offer constitutes a demonstration of the willingness of a party to enter into a certain bargain that has already been made in a bid to justify another party and make it understand that the former’s assent to the respective bargain is accepted and would be concluded accordingly (Atiyah, 1979, p. 83). In other words, an offer refers to a clear expression of willingness of one party to contract under specific terms that are presented by the other party with the view that if the respective offer is accepted, the former party would be bound by the contract. In this regard, there is dire need for acceptance of the offer as it is. For instance, A offers to publish and market a book for B. B on the other hand accepts the publishing and declines the marketing aspect. In the preceding scenario, B has not accepted the offer as it is; rather, he has offered a counter offer to what was initially offered. In light of the problem case study, an offer

Relation between periodontal disease and diabetics Research Paper

Relation between periodontal disease and diabetics - Research Paper Example The said article being reviewed here sought to find causal relationships between two chronic diseases which are diabetes and the two main periodontal diseases, which are gingivitis and periodontitis. The first pertains to a non-destructive inflammation of the gum tissues and is a very common form of periodontal disease while periodontitis is a severe form of the periodontal disease. Both forms are inflammation types of periodontal disease (itis is a medical suffix which means inflammation). Dr. Mealey had sought to find a link between periodontal diseases and the other very common affliction of most Americans, which is diabetes. Incidentally, diabetes affects approximately twenty million Americans, of whom some 35%-40% are not aware that they have diabetes (these figures translate to about 9% of the total adult American population). The main difficulty encountered in most of the medical research studies on diabetes and periodontal diseases is that the relationship between these two ailments is bi-directional. In other words, one disease affects the other disease in a circular sort of way. In this article, the two periodontal diseases (gingivitis and periodontitis) were found to have a marked influence on the pathogenesis of diabetes and the numerous complications arising from diabetes. But on the other hand, diabetes was also found to have an impact as risk factor on the two periodontal diseases. Possible Bias – after reviewing this article, one possible bias is the authors emphasis on diabetes as the causative factor in the prevalence, severity and extent for both gingivitis and periodontitis but as the author himself stated in his conclusions, the studies he had reviewed were all merely suggestive of this causal link. Numerous studies failed to conclusively find the direct link between diabetes and the two chronic inflammation periodontal diseases because the studies done previously failed to eliminate certain factors or confounders that

The impact of violent video games Essay Example | Topics and Well Written Essays - 1250 words

The impact of violent video games - Essay Example Players compete on a higher level and physically and emotionally than people do when reading literature. I think that video games and literature differ a lot. The difference arises once a consideration that encompasses all the attributes of the video games against those of the contents in literature. There is valid evidence that supports the logic that participating in film sports differs from the experience of reading a book, listening to radio broadcast or viewing a typical movie (Atwaan). The statements imply that there may be differences between players who play the same game. Just as literature, the more active acknowledged positive impact of video games is that they help children to improve their manual diversity and computer literacy. Violent acts include unclear but commonly examples of murder and assault with a deadly weapon. Besides, accidents that might result to death of a person and torture are part of the violence. Literature has different impacts to a person. The influence is mostly influential to individuals below the age of eighteen whereby video or graphic violence. They arouse strong emotions that range from excitement and titillation to even terror. The fact also depends on the mindset of the viewer and the method that contains its presentation. Unlike literature, video games are presented in adult action genre and is expected to evoke excite feelings of the targeted demographic without inducing disgust or revulsion. I think the comparison between literature and video games differ and do not have the same impacts on an individual who uses them. In addition, video games that have been a source of controversy of violence tend to be interactive and not passive when compared to research. This clearly indicates how video games and literature differ Video games violence differ in many ways , it has impacted different emotions on children and the viewer of the same they can lead to alienation , psychiatric diodes ,suicide risk,

Life Of Goebbels And His Propaganda Essay Example | Topics and Well Written Essays - 1000 words

Life Of Goebbels And His Propaganda - Essay Example Goebbels believed that the Jews were an obstacle to Germans success and that Jews refused to be real Germans. With all these intrigues, Goebbels was fed up with life and did not see the need to even get up from bed to work at a job that could not satisfy his needs. His political career begun in Sep 27th, 1924 when he started to write about political and cultural issues affecting the people of German, and in this case, the Germans themselves. National Socialism is what he advocated for because he was of the opinion that traditional religions played no role in deliberating Germans from slavery and political divide. Nevertheless, his journey to make things work out was met with challenges. For instance, in 1928, he was accused of being a homosexual; something he claims was just propaganda to disrupt his efforts of liberating the people of German. Points of interest Determination- With many deliberations on the journey of Goebbels and his fight for Germs liberation, it is apparent that b ravely was in him and that he could not stop at any anything less than the victory of his people and his party. Propaganda- In addition, the use of propaganda seems to have been the game of the day as political battles heavily relied on it. The impersonation was a great trait that made Hitler popular especially due to his powerful speeches. His facial expressions and gestures were some of the tactics Goebbels admits to having admired most from him. Goebbels believed in using every means possible to acquire political and cultural victory on what he believed was the foundation of the good life to all Germans. Arguments Although Goebbels was a powerful political and cultural activist, there is some aspect of lack of realism and abuse of human rights. Goebbels advocated for war in order to win political supremacy.

Business Operations Strategies Essay Example for Free

Business Operations Strategies Essay Cost Leadership- Cost Leadership is a way of getting a competitive advantage by finding the most efficient way of manufacturing the good or delivering the service in the industry. A cost leadership strategy is where a business aims to be the lowest cost manufacturer within its industry. Low costs can be achieved through economies of scale in production and distribution, access to cheaper raw materials or inventing an innovative way of producing a product. Visibility- Operations can be influenced with something such as what they can see from the operations in action. Service based businesses will have a higher based level of visibility, while customers will rarely see the operations process of a manufacturing based business. The implications for operations of a highly visible operations process are that the quality of labour will be significant. Operations will generally need to have well trained, highly skilled, adaptable staff that are able and willing to deal with the individual needs of customers. A close relationship with human resource will be essential. Speed is also a crucial factor in operations as customers usually have a much lower tolerance for waiting. Short time lags are important in operations between the customer ordering and the delivery. Otherwise the customer may get sick of waiting and move onto a competitor. Overheard costs- This refers to the ongoing expenses of an operating business. Overhead expenses are all costs on the income statement except for direct labour, direct materials direct expenses. Overhead expenses include accounting fees, advertising, depreciation, insurance, interest, legal fees, rent, repairs, supplies, taxes, telephone bills, travel and utilities costs. Over-head costs can be classes under four titles such as Functional classification, Classification on the nature of expenditure Element-wise classification and Classification on behaviour of expenditure. Globalisation- Gives the consumer the opportunity to purchase products from the business will provide them with the best value for money. Globalisation is the integration of different national economies into a single market where goods and services can be traded easily. This can increase the flow of goods, services, people, finance, and information around the world. It refers to the increasingly global relationships of culture, people, and economic activity. Cost Based Competition- A business can keep it competitive edge by structuring a cost based competition with other businesses. A business can gain price advantage over its competitors by using operational strategies that lower costs. In this approach a business can reduce its prices lower than its rivals. This should increase the profit of sales and market share. Supply Chain Management The supply chain management includes all the businesses directly linked to one another to supply goods and services to one another. This is useful in way of a business being able to consume various resources necessary to produce a good or supply a service. Good suppliers are to be found that can provide good inputs with the best price and reliability. Technology Technology is the equipment and knowledge that are available to help businesses perform certain functions or make products. Technology is very important and very crucial in businesses. The most significant influence is on businesses that fail to keep up with the progress in technology by hanging onto equipment or operation methods where competitors have released new technology giving them an advantage. Adapting new technologies may make a business more competitive if the technology is widely adopted but it prevents the loss of competitiveness. Government based policies Government policies can be a very important influence on the operations functions of a business. They can impact on the operations function include regulation, subsidies and grants, and taxes and tariffs that encourage or discourage aspects of operations or ways the operations functions are conducted. Corporate and Social Responsibility Corporate social responsibility refers to the relationship between business and the broad society and the way its relationship is perceived and managed. The focus of the responsibility is to ensure the business activities have a positive impact on society and the stakeholders in the business. These days the community have high expectations about the behaviour and the behaviour of a business. Volume Volume is that amount of a product that is produced. Sometimes a business will be better off producing more than what is needed to ensure they will have the products ready to be sold. This can work out to be cheaper in ways of getting the products made in bulk, this can be both convenient for the buyer and the seller. An example of this would be Dominos pizza. If they have their pizzas already made and cooked for people, it would be more convenient for them to just walk in and buy it straight out of the oven rather than ordering the pizza and having to wait for the usual waiting period. Quality expectations A business that is customer focussed will try to produce goods and services that will satisfy the desires of its customers. Customers always have their own idea of how a product should be and what quality it should be at. The business must keep their intentions in mind. An example of this would be at JB HIFI. A woman wants to buy a pair of ear phones. She enters the shop intending to buy a $20 headset but the shop does not have the product in her price range, the woman ends up disappointed and goes to another shop. Sequencing and Scheduling These are tools that are used to identify all steps in operations process and organise them into the most efficient way and order to complete. A key role of operations when scheduling and sequencing is to perform a detailed task analysis to determine the different parts of the entire process of making a good or providing a service. There are many factors come under scheduling and sequencing such as- What production and activities are used. When a particular activity will occur. How long an activity will take to finish. What activities are independent and can therefore occur at the same time. What activities are related so that one can occur before the other What resources will be used etc. Legal Regulations Legal regulations are a very important influence on any business. It impacts on the operations functions of a business. Legal regulations are laws that regulate the ways things can be done. They are also important because of the potentially dangerous aspects with the use of the equipment in the business. Each State Government Have legal regulations that govern the behaviour of the employer and the employee in the work place, it is a legal requirement to provide a safe working environment. Logistics Logistics are a massive part of the functions of a business. It is a crucial aspect of the supply chain management. Logistics is important because it can be part of a source of a competitive advantage if a business can do their logistics activities more cheaply than their competitors. An example of this would be when Woolworths spent billions of dollars on overhauling their entire distribution system. This is what gave them their competitive edge over Coles. E Commerce This is one of the fastest growing aspects of supply chain management. The term E-commerce refers to the use of the internet for all aspects of commercial transactions. An example of this would be EBay. This is a website where you can buy and sell your own personal items. Businesses also use this site to sell their products too. This gives them a wider range to sell their products to all over the world. Global Sourcing Global sourcing is important in the supply chain of management because businesses are increasingly seeking raw material and component parts wherever they are cheapest. Buying and selling raw materials around the world is very useful in ways of saving money and making money. Buying raw materials from other countries may work out to be cheaper than to buy the products from the country the business is based at. Outsourcing Outsourcing is a very significant in the development in current business practises. It is a supply chain of management strategy that can provide very significant value to a business. Outsourcing is the term used when goods and services that would normally be part of the business are obtained outside of the business. Inventory Inventory is an area of operations that is undergoing significant change. It is often called stock and refers to the store of transformed resources waiting to be processed. To have an inventory can be very useful in the case of having an impulse of buyers. Having the stock already produced and ready for sale will be convenient for both the buyer and the seller. Economies of Scale (EOS) This is when the managers of a business design a factory to conduct the transformation process. They have to make the decision as to the capacity volume. Economies of scale in other words mean the expansion of a business to minimise costs through the use of high volume and production. An example of this would be Wal-Mart, they are a massive franchise and are expanding all over the world. Product differentiation The Product differentiation strategy and is a very different way of developing a competitive advantage. A product differentiation is concerned with developing products that are different from their competitors because they have benefits or attributes a customer values. This means that customers will be willing to pay more for a differentiated product. Visibility Customers appreciate being able to see what they buy and try it out before they get the product. This is an approach of having good customer service from the staff showing off the product to the interested customer. An example of this is at Athletes foot. The customer enters the shop and immediately gets attended from staff. The staff will then assist the customer in trying and showing the customer what he/she is interested in. Customer Service Customer serive is a massive part of running a successful business. With helpful staff that is able to assist you, this makes things much easier for the customer and will make them more willing to buy the product. So either way with this approach everybody wins depending on how well the customer service. Flexibility When a business is manufacturing a product or delivering a service in a dynamic environment the ability to change is important. A business must have the ability to make changes to suit the changes to keep up its competitive edge and keep up with the game. Flexibility is important for every business because businesses can fall behind and lose track of what else is happening within other businesses. Warranties Warranties are very important to customers. Potential customers often find that a number of competing products will effectively meet their needs. This is to do with products such as cars and white goods such as refrigerators, televisions etc. Warranties become an important part of the consideration in the customers choice. Speed Speed is a major factor within running a successful business. Customers appreciate quick service and prefer to be in and out of the shop as quick as possible. Speed refers to the time difference between a customers request for a good or a service to when it is actually received. Control Dependability Dependability is an important performance objective for many businesses. It means that the business is consistently good in its quality and its performance. This is a key performance indicator for all businesses. Having a dependable business will keep customers coming back for more, and will keep people talking about the reliability of the business. Environmental Sustainability Environmental sustainability is a massive concern to both the wider world and the community and of what the business has of impact on the environment. It is the ability to maintain the qualities that are values in the physical environment. Climate chance, Water, Waste etc. Quality Assurance Quality assurance involves establishing and using a set of procedures and/or processes that will prevent product defects from occurring in delivering services. Global factors There are a number of global factors that influence operations strategies. They include global sourcing, economies of scale, scanning and learning and research and development. Global sourcing is where products are acquired outside the home country and are bought from overseas for cheaper sales. Scanning and Learning This is the competitive global environment within which many large businesses operate which is constantly changing. Technology as an example is changing at a very fast rate. Businesses need to scan and learn off other businesses what is going on in the market of other businesses.

Literature Review of Body Temperature Studies

Literature Review of Body Temperature Studies Literature survey Body temperature is one of the vital signs and it is a complex clinical variable, which can be captured accurately and quantitatively analysed 1-2. According to German physician Wunderlich, the normal body temperature is defined as 37 0C and fever as 38 0C 3. A healthy, resting adult human normal core body temperature is 37 0C. However body temperature is not constant and varies among individuals throughout the day, because of individuals metabolism rate, which is directly proportional to the normal core body temperature, time of a day or part of the body in which the temperature measured at, in the early morning the body temperature is lower and in late evening it is high due to after muscular activity and food intake. Body temperature also varies at different sites. In clinical practice the rectal, oral, axillary, forehead and ear are used to measure body temperature. An oral site, which is more convenient to measure temperature is at 37 0C. Axillary site is not accurate to measure the temperature, where temperature fall at least value36.4 0C is noted from this site. Generally rectal temperature is considered to be the gold standard for core body temperature and average temperature is fall at 37.60C.Being an internal core body temperature, it is least time consuming procedure. The temperature is higher than at other sites, due to the low blood flow and high isolation of the area, giving a low heat loss16. Rectal temperature measurement is unhygienic and can pose a risk of injury to the intestinal mucosa, especially in infants and in rectal surgery. It increases physical and psychological stress and can cause embarrassment, anxiety and physical discomfort17. The tympanic is a good site for non-invasive measurement of core body temperature. Howeve r care should be exercised with the different modes of operation offered.18 When summarizing studies with able or adequately able affirmation, the ambit for articulate temperature was 33.2-38.2 0C, rectal: 34.4-37.8 0C, tympanic: 35.4-37.80C. The ambit in articulatetemperature for men and women, respectively, was 35.7-37.7and 33.2-38.1 0C, in abdominal 36.7-37.5 in tympanic 35.5-37.5 and35.7-37.5 0C1. Mackowiak et al. in 1992 recorded the body temperatures of 65 men with the average value of36.8 0C (98.2 0F).4 The thermometer is one of the most attempted and trusted clinical instruments, yet surprising surround the information which it yields. The use of thermometer in clinical medicine was started in the middle of 19th century. However its understanding and significance of temperature measurement in health and diseased condition was occurred from past twenty decades 19. Thermometer is invented in seventeenth-century, it did not reach medicine until the 1870s, it was already in veterinary use because it provided an early diagnosis of the dreaded cattle plague-as discovered 100 years earlier by a French veterinary student. On the other hand the existence of fever had been recognized since 600 B.C. For most of this time, fever was believed to be beneficial, even to absurd degrees. `If there were a physician skilful1 enough to produce a fever it would be useless to seek any other remedy against disease-according to Rufus of Ephesus in A.D. 100. By the 17OOs, however, the ability of willow bark to reduce fever became known and, as ever, once an effective drug was available, excellent use was found for it. The ability to control fever fostered the belief that it ought to be controlled, or at least that it was unhelpful, without much real evidence: `The role of fever in disease remains unexplained. Fever may eventually be shown to confer a greater advantag e to the defence mechanism of the host than to the invasive properties of the microorganism19. In 1861, Carl Wunderlich was the first German physician performed the systemic measurement of human core body temperature in healthy individuals, the average reported value was 37 0C or 98.6 degree Fahrenheit. Because of his work on temperature Wunderlich is generally regarded as the father of clinical thermometry20-21. According to Wunderlich, normal body temperature lies within a range of 97.2 0F/36.2 0C to 99.5 0F/37.5 0C. Wunderlich found that the body temperature is not constant and varies in both healthy and unhealthy individuals. He wrote, The lowest point is reached in the morning hours between two and eight, and the highest in the afternoon between four. In his investigation the body temperature rises in mental exertion, constipation and urine retention.He observed that women have slightly higher body temperature than men and among age groups; older individuals have significantly lower body temperature compare to younger individuals20. Body temperature is influenced by several factors, such as diurnal variation and cellular metabolism, due to muscle activity during the day exercise and ambient temperature 22-23. Daily body temperature is not dependent on site of measurement, which is non-linear, and characterized by moment to moment complex variability 4 .The cosinor analysis of temperature variability data is well established in circadian research of body temperature rhythms, which is described in a simple cosine wave, which is typically characterized in terms of acrophase, amplitude, and mesor, where it filtered out the complex variability data4. Under natural conditions expected timing of the nadir and acrophase , value of the mesor, and amplitude of temperature rhythm was significantly different in an individual’s temperature rhythm, which will be influenced by many endogenous countenance of the environments as well as health status4. During menstrual period, there is an increase in body temperature ranging from 0.5-1.0 ° F/0.25-0.5 ° C is typically observed at or around ovulation(ref- Circannual and menstrual rhythm characteristics in manic episodes and body temperature. in note.) . Comparison of between follicular phase and the post-ovulation luteal phase, body temperature is elevated, but the amplitude of the temperature rhythm is reduced (ref- Circadian rhythms, sleep, and the menstrual cycle. In word doc.). It has been reported that the temperature in luteal stage is 0.4 0C higher than follicular stage (26 ref- in note ). (Check original ref no. in protocol.) This is mainly because of the progesterone hormone level in luteal stage and some studies proved that rise in body temperature is due to effect of progesterone hormone whereas oestrogen has lowering effect. the temperature remain elevated in luteal phase as long as the progesterone levels are increased. ( ref-29 and 33 in note.) )(check 27-28 origina l ref ) Physical fitness varies the normal body temperature; Atkinson G et al found that the physically active groups have higher amplitude of temperature than inactive groups. However the oral temperature of physically active group had lower than inactive group at 2.00 and 6.00. Rest of the time physically active group had significantly higher oral temperature than inactive group. Age has also an important role in variability of temperature. In most of the studies reported that cosinor analysis of temperature; mesor and amplitude decreases with increase in age. Gubin et al reported that normal temperature range is higher in young adults than in elders. Mesor is higher in young adults (97.5 ° F/36.38 ° C) than in elderly subjects (97.1 ° F/36.17 ° C) and amplitude was also increased in young adults than in elderly subjects. The mean circadian acrophase was similar in both age groups (17:19 versus 16:93); however, inter-individual differences were higher in the older group, with individual values varying between 10:00 and 23:00 hours (ref.-48 in note ). In another study Howell et al recorded the oral temperature using electronic thermometer in 105 females age ranges from 61-105 years and reported a group mean of 36 0C,which is significantly lower than in a younger adults.(29 in original protocol). Touitou et al, found that the daily body temperature ampl itude was decreased in the elderly subjects when compared to healthy adult individuals.(30 in original protocol). Nonlineardynamics and complexity theory appear to offer an alternative approach. Many biological structures can be regarded as natural fractals and much physiological behaviour can be explained by deterministic chaos (heart rate, bacterial population growth, hormonal secretion pulses, and epidemics. Furthermore, in many cases, pathological conditions and ageing are known to be accompanied by losses in complexity. The complexity of the temperature curve could be regularly measured in all cases. Consistent results were obtained using three entirely independent methods that measure different aspects (in two cases the dynamic behaviour, in the other the anfractuosity of the curve), with good correlation between all methods. None of the complexity measures was significantly different for the two sexes, nor were they affected by the BMI. On the other hand, all measures of complexity were inversely correlated with age. This finding is somehow coded in the temperature readings, but classical statistical indicators are not capable of bringing it to light. The finding of an inverse correlation between age and the degree of complexity of the temperature curve was likewise not unexpected. Ageing and illness are known to be accompanied by a loss of complexity in certain patterns of chaotic behaviour12. For instance; variability in heart rate decreases with age and in certain conditions is associated with a poor prognosis31. It could be argued that, as has been postulated for heart rate, body temperature is governed by several different regulatory systems (thermogenesis, vasoconstriction- vasodilatation mechanisms, sweating, breathing rate) and at the same time is subject to external factors (ambient temperature, exercise, clothing). Perhaps illness and ageing cause a certain decoupling or isolation of the thermal regulatory system from its surroundings. This in turn could result in less complexity of the temperature plot, leading to lower ApEn and FDc values and higher DFA values12. Varela et al. reported that in healthy subjects, the temperature curve behaves like a natural fractal whose complexity may be analyzed in a consistent manner. In addition, they observed that complexity decreased significantly with age. The complexity of the temperature curve is tightly inversely correlated with the severity of the patients condition. Both mean and minimum ApEn were significantly lower in patients who died than in patients who survived. Consequently one would expect to see a reduced complexity in the temperature readings of critically ill patients, the level of complexity mirroring the patients clinical evolution. In this respect, the mean ApEn value for the patient series was significantly lower than the mean ApEn for a series of 21 healthy subjects. The inverse correlation between the ApEn values and the SOFA scores in most of thein their series was likewise consistent with that premise32. In another study of Varela et al. reported that there was good correlation between complexity results and clinical scores for each patient. Non survivors exhibited lower complexity values than survivors, so low levels of complexity in the temperature curve are poor indicators  of prognosis in patients with multiple organ failure.  The predictive ability of temperature curve complexity is similar to that of the SOFA score33. Available evidence suggested that body temperature is a complex, non-linear physiological variable and has an accepted 24 hour rhythm associated with health. Body temperature is also subject to many sources of endogenous and exogenous variation4. Temperature curve analysis may provide relevant information on the aetiology of fever thus may assist in early diagnosis of disease 12. There are few cases where rectal temperature is measured intermittently using thermometer to generate fever patterns but it is a tedious procedure and has a limited usefulness in diagnosis of certain clinical conditions such as, double quotidian fever curves in diagnosis of mixed malarial infections, visceral leishmaniasis, right-sided gonococcal endocarditis and sustained fever patterns in typhoid fever 13. Musher D M et al found that the fever pattern is not likely to be helpful in diagnosis of sustained fever in Gram-negative pneumonia or in CNS damage with possible exceptions.(new ref in fever pattern). Papaioannou et al studied temperature curve complexity using wavelet transformation in 22 patients with systemic inflammation found that there is a decrease in complexity of temperature especially more in sepsis condition. They suggested that complexity analysis of temperature signals can help in assessment of inherent thermoregulatory dynamics during systemic inflammation and also can increase discriminating value in patients with infectious versus non-infectious conditions, probably associated with severity of illness. However monitoring of 24 hour ambulatory core body temperature so far has been limited and still remains obscure. Studies have shown that core body temperature is not constant, and fluctuates in different clinical conditions and in various endogenous and exogenous factors, where variability of core body temperature patterns is noted. However assessment of 24 hour core body has not been established in detail. Thus standardization of core body temperature using spectral analysis might play a significant role in clinical practice, which would potentially help us to predict clinical outcome in the early part of fever in patients and with other associated clinical conditions.

General Happiness Equation Using Econometric Models Of Panel Data Methods Philosophy Essay

General Happiness Equation Using Econometric Models Of Panel Data Methods Philosophy Essay This study presents a general happiness equation using econometric models of panel data methods. The model tries to observe and estimate the relationship between income and happiness after controlling for other factors. With advanced methods, we also test for the presence of personality bias and whether it correlates with income. Finally, we provide some analysis of our estimation results and briefly discuss alternative approaches in the literature. Introduction Empirical research on human happiness have only recently in the last few decades received serious attention from both economists and non-economists. The lack of national-level representative survey data and the difficulty to apply econometric techniques were the stumbling blocks for further research in the past. With the establishments of national socio-economic panel surveys as well as technological advancements that gave birth to neat econometric software packages, the literature experienced a surge in the amount of research as well as the popularity drawn to these works. Things began to look brighter and brighter, and as a result came the birth of a new field called happiness economics. What happiness economists typically try to do is to estimate what they call happiness equations. Using econometric techniques, they could test for a causal link between income and happiness. After controlling for other factors that can cause happiness (eg. education, marital status, disability, unemployment etc.), early work which used simple cross sectional methods suggest a positive and statistically significant correlation. To run Ordinary Least Squares (OLS) regressions on cross sectional data sounds decent, but is in actual fact highly inadequate. What if happiness is also caused by another factor that is unobservable in the data, such as personality? Could it be that ones happiness strongly depends on who he is as a person? On face value, it seems plausible or at least interesting to suggest that peoples capacity to be happy vary from individual to individual. Perhaps some people are born extrovert and optimistic, and as a result tend to be happier than others even if they have less income than them. Then simple OLS will suffer from an omitted variable bias problem, which causes one or more of its classical assumptions to be violated and hence estimates to be biased. To solve this problem of unobserved heterogeneity bias, we can use panel data and propose a fixed effects model. We can run a pooled OLS regression on panel data, but it would still be susceptible to the omitted variable bias problem. Firstly, we can think of the personality variable as a time-constant effect. By exploiting the nature of panel data, which follows the same individual over time, we can eliminate this unobserved time-constant effect by doing some transformation on the data. The simplest way is to perform first-differencing. Namely, we take observations on an individual for two time periods and we calculate the differences. Then we run an OLS regression on these transformed values. In effect, we have removed all unobserved time-constant variables not only limited to personality. Maybe an individuals thumbprints or DNA may be correlated with happiness, we do not know for sure. But the elegance of first-differencing makes it sure that we remove all nuisance unobserved time -constant variables that disturb our primary goal. Through transforming the data in such a way that we are now dealing with relative rather than absolute values, we have also mitigated the problem of heterogeneous scaling in subjective responses. Every individual have their own perception on the happiness score. A score of 7 may be others score of 6, and so on. This would make interpersonal (cross-sectional) comparisons meaningless, and is part of the reason why in the past empirical work on this literature have been viewed with scepticism by many economists. By reasonably assuming that a persons metric or perception is time-invariant, this issue is dealt with in a fixed effects model. There are other advanced transformation techniques that uses data on multiple time periods. One technique performs a time-demeaning transformation on the data. Again, all unobserved time-constant variables will be eliminated. But for details presented later, OLS regression on these transformed values provides more efficient estimators than on the first-differenced values for our purposes. Estimators that result from this method are called fixed effects (FE) estimators. While the fixed effects model allows for arbitrary correlation between the explanatory variables and the unobserved time-constant effect, a random effects model explicitly assumes that there is no such correlation. Estimation on this model is typically done by transforming the data using a method of quasi-demeaning, and then a Generalised Least Squares (GLS) regression is run on the transformed values. The resulting estimators are called random effects (RE) estimators. How these techniques are performed as well as the intuition behind them is explained with technical detail in Section 3. Why we may want to use a random effects model over a fixed effects model is because we may believe that personality has no effect on any of the independent variables, including income. If this is true, then using FE estimators will result in relatively inefficient estimates than RE estimators. But intuitively, personality is likely to be correlated with the ability to make money, and thus income. Studies have shown that happy people tend to earn more in general (eg. see Lyubomirsky et al. 2005). If this were true, simple pooled OLS methods will lead to inaccurate estimates where the effect of income on happiness will be overstated or biased upwards. The fixed effects model allows for this correlation, and is thus more widely accepted in the literature to fit the data better. Lastly, can we test for this assumption? Is the unobserved time-constant variable correlated with any of the explanatory variables? Which model fits the data better? We can do what is called a Hausman test, which tests for statistically significant differences in the coefficients on the time-varying explanatory variables between fixed effects and random effects. The intuition and decision rule on which model to accept will be described in detail later. For comparison, we present the results for pooled OLS, FE and RE estimations together. Although this approach is one of the most popular one in the literature when it comes to estimating happiness equations, there are other alternatives ways. Powdthavee (2009)s work was quite similar to this study, but in addition he used a method of instrumental variables (IV) which involved using another variable to instrument for income. Happiness equations may suffer from the problem of simultaneity, whereby the causal link between happiness and income runs both ways. To address this, he used data on the proportion of household members whose payslip has been shown to the interviewer as the instrument for income. He reasoned that household income is bound to be measured more accurately with a higher proportion of household members showing their payslip. With this direct correlation, as well as reasonably assuming that this proportion has little correlation with happiness, it would allow for an estimation based on an exogenous income effect. Besides his work, other work (eg. Frijters et al. 2004, Gardner Oswald 2007) has attempted to address the endogeneity effect more directly using different types of exogeneous income effects. Another line of thinking interprets the happiness scores as ordinal rather than cardinal. Here, simple OLS estimation would be inadequate. One solution to this would be to use ordered latent response models. Winkelmann (2004) was one example of this in which he performed an ordered probit regression with multiple random effects on subjective well-being data in Germany. To date, there is no statistical software package that could implement a fixed effects ordered probit regression. An alternative to this would be to convert the happiness scoring scale into a (0,1) dummy, thereby roughly cutting the sample into half, and then estimate by conditional logit regression, as attempted by Winkelmann Winkelmann (1998) and later Powdthavee (2009). However, their work combined with Ferrer-i-Carbonell Frijters (2004) seems to suggest that it makes no difference qualitatively whether to assume cardinality or ordinality on the happiness scores. There is no one perfect model that can address all the problems. We believe that the FE RE approach, not only simple, is also elegant and easier to understand. Coefficient estimates can be interpreted easily and the approach also addresses the most important of problems in the estimation, especially that of unobserved heterogeneity bias. Although bias in happiness equations come from many different sources, it is our belief that this source is one of the major ones and is easily removed using simple techniques. Data We use data from the British Household Panel Survey (BHPS), a widely used data source for empirical studies in the UK. The BHPS surveys a nationally representative sample of the UK population aged 16 and above. The survey interviews both individual respondents and households as a whole every year in waves since 1991. To date has been 18 waves in total. Survey questions are comprehensive and they include income, marital status, employment status, health, opinions on social attitudes and so on. The data set is also an unbalanced panel; there is entry into and exit from the panel. Data can be obtained through the UK Data Archive website. Our dependent variable, happiness, uses data on the question of individual life satisfaction. From Wave 6 onwards, the survey included a question which asks respondents to rate how satisfied they are with their lives from a rating of 1 (very dissatisfied) to 7 (very satisfied). This question is strategically located at the end of the survey after respondents had been asked about their household and individual responses in order to avoid any framing effects of a particular event dominating responses to the LS question. For ease of representation, we now refer to happiness as life satisfaction (LS). For income, we use data on the total household net income, deflated by consumer price index and equivalised using the Modified-OECD equivalence scale. The initial value is worked out through responses in the Household Finance section which includes question on sources and amount of incomes received in a year. Inflation would seriously distort our estimation and so is accounted for. Equivalisation involves dividing the total household net income by a value worked out according to an equivalence scale. For example, a household with two adults would have their total household income divided by 1.5. The more adults are there in the household, the higher this value would be. Children would add relatively less to the value than adults. This method would provide an equivalent household income variable, which would account for the fact that different household sizes enjoy different standards of living on the same level of income per household member. Due to economies of scale in consumption, a household with three adults would typically have needs more than triple than that of a single member household. Equivalisation would make comparisons between households a lot fairer or more accurate. Lastly, we use the log form. We use data on the years 2002-2006 (Waves 12-16). There are in total [unconfirmed] respondents with [unconfirmed] observations that have nonmissing information on LS. Descriptive statistics are provided in the Appendix section. Econometric Method We denote as our dependent variable. We have explanatory (binary and non-binary) variables which includes income, employment status, marital status and so on. There are respondents , where . A simple pooled cross-section model would look like (1) where the first subscript denotes the cross-sectional units, the second denotes the time period and the third denotes the explanatory variables. As mentioned earlier, this simple model does not address the issue of unobserved heterogeneity bias. To see why, we can view the unobserved variables affecting the dependent variable, or the error, as consisting of two parts; a time-constant (the heterogeneity bias) and time-varying component. (2) Thus if we regress by simple pooled OLS, we obtain (3) Here one of the key assumptions for OLS estimation to be unbiased has been violated, since the error term is correlated with . The above model is called a fixed effects model. The variable captures all unobserved, time-constant factors that affect . In our analysis, personality falls under this variable. is the idiosyncratic error that represents other unobserved factors that change over time and affect . The simplest method to eliminate is as follows. First, we write the equation for two years as By subtracting the equation on the first period from the second, we obtain (4) where denotes the change from to . In effect, we have transformed the model in such a way that we are only dealing with relative rather than absolute values. This technique is called first-differencing. We can then proceed to estimate the equation at (4) via OLS. Essentially, the error term here is no longer correlated with , as the time-constant effect has been differenced away or minused out of the equation. However this is only the case if and only if the strict exogeneity assumption holds. This assumption requires that the idiosyncratic error at each time, is uncorrelated with the explanatory variables in every time period. If this holds, then OLS estimation will be unbiased. A more popular transformation technique in the literature is the time-demeaning method. Again, we begin from equation (3), and using (2) we rewrite it as (5) Then we perform the following transformation. First, we average (5) over time, giving (6) where and so on. Next, we subtract (6) from (5) for every time period, giving or (7) where is the time-demeaned value of LS, and so on. Essentially again, has disappeared from the equation. With these new, transformed values, we can then use standard OLS estimation. Conditions for unbiasedness remain the same as in the first-differencing method, including the strict exogeneity assumption. As mentioned earlier, the resulting estimators are called FE estimators. In our analysis, we decided to use FE over first-differencing. It is important to state why we do this. The reasoning is as follows. When , their estimation is fundamentally the same. When , both estimations are still unbiased (and in fact consistent), but they differ in terms of relative efficiency. The crucial point to note here is the degree of serial correlation between the idiosyncratic errors, . When there is no serial correlation, FE is more efficient than first-differencing. We have confidence that we have included sufficient controls for other factors in our happiness equation, so that whatever that is left in the error term should be minimal and serially uncorrelated. In addition, FE is safer in the sense that if the strict exogeneity assumption is somehow violated, the bias tends to zero at the rate whereas the bias in first-differencing does not depend on T. With multiple time periods, FE can exploit this fact and be better than first-differencing. Another reason why FE i s more popular is that it is easier to implement in standard statistical software packages, and is even more so when we have an unbalanced panel. With multiple time periods, the first-differencing transformation requires more computation and is less elegant overall than FE. As mentioned earlier, if is uncorrelated with each explanatory variable in every time period, the transformation in FE will lead to inefficient estimators. We can use a random effects model to address this. We begin from (5), writing it as (8) with an intercept explicitly included. This is so that, without loss of generality, we can make the assumption that has zero mean. The other fundamental assumption is that is uncorrelated with each explanatory variable at every time period, or (9) With (9), the equation at (8) is called a random effects model. If the assumption at (9) holds, even simple cross section OLS estimation will provide us with consistent results. With multiple time periods, pooled OLS can be even better and also still achieve consistency. However, because is in the composite error from (2), then the are serially correlated across time. The correlation between two time periods will be (10) where and . This correlation can be quite substantial, and thus causes standard errors in pooled OLS estimation to be incorrect. To solve this problem, we can use the method of Generalized Least Squares (GLS). First, we transform the data in a way that eliminates serial correlation in the errors. We define a constant as . (11) Then in a similar way to the FE transformation, we quasi-demean the data for each variable, or, (12) where is the quasi-demeaned value of LS, and so on. takes a value between zero and one. As mentioned earlier, estimations on these values produce RE estimators. This transformation basically subtracts a fraction of the time average. That fraction, from (11), depends on , and . We can see here that FE and pooled OLS are in fact a special cases of RE; in FE, and in pooled OLS, . In a way, measures how much of the unobserved effect is kept in the error term. Now that the errors are serially uncorrelated, we can proceed by feasible GLS estimation. This will give us consistent estimators with large N and fixed T, which is suitable for our data set. To summarize, if we believe that personality is an unobserved heterogeneous factor affecting LS then pooled OLS will give us biased estimators. To address this issue, we can use a fixed effects or random effects model. In the former case, we prefer the FE transformation over first-differencing. The choice between FE and RE depends on whether this factor is also correlated with one of our explanatory variables. We think that personality may be correlated with income. If so, then we use the transformation in FE to completely remove it. If this factor is uncorrelated with all explanatory variables at all time periods, then we do a transformation in RE to partially remove it as a complete removal will lead to inefficient estimates. In this scenario, RE is still better or more efficient than pooled OLS because of the serial correlation problem. An additional characteristic that RE has over FE is that RE allows for time-constant explanatory variables in the regression equation. Remember in FE that every variable is time-demeaned; so variables like gender (does not vary) as well as age (varies very little) will not provide us with useful information. In RE, these variables are only quasi-demeaned, so we can still include these variables in our estimation. Estimation Results We produce results for estimation by pooled OLS, FE and RE. Besides our key explanatory income variable, other control variables are included in the regression. They are gender, age, marital status,