Perfect Competition Essay Example | Topics and Well Written Essays - 1750 words

Perfect Competition - Essay Example Perfect Competition The model of perfect competition is based upon four assumptions. Firstly the firms are price takers. There are so many firms in the market that and single firm does not produce enough of the whole to be able to influence the market price. Therefore, they are considered as price takers where the price has already been determined at the market forces of demand and supply. There are no barriers of entry or exit for the firms. There are no stopping firms who wish to enter or leave the market. The existing firms have no role in this process. All firms are producing homogenous products. This means that the products of all firms are identical and as a result there can be no marketing in terms of names of brands. All the producers and consumers have perfect information regarding the prices of the products. Very few firms or industries come close to this model in the real world. We may see such conditions temporarily in the agricultural industry but, these do not exist in the long run. In per fect competition as stated in the assumptions above it is assumed that there are many small firms and that they cannot do anything to influence the market price. Therefore, they are considered as price takers where the price has already been determined at the market forces of demand and supply. There are no barriers of entry or exit for the firms. There are no stopping firms who wish to enter or leave the market. The existing firms have no role in this process. All firms are producing homogenous products. This means that the products of all firms are identical and as a result there can be no marketing in terms of names of brands. All the producers and consumers have perfect information regarding the prices of the products. (Sloman,2006) Very few firms or industries come close to this model in the real world. We may see such conditions temporarily in the agricultural industry but, these do not exist in the long run. In perfect competition as stated in the assumptions above it is assu med that there are many small firms and that they cannot do anything to influence the market price. The firm’s contribution to the industry and market is so small that even if it changes its output it will have no effect on the market price of the product. Thus, the firm can produce any quantity hoping to sell all of it at market price. Considering this it is derived that the demand curve is perfectly elastic and thereby, marginal revenue earned for each additional output sold is same throughout. Therefore, the marginal revenue is equal to average revenue (Bamford et al 2002.). Thus, considering that the individual firms do not affect the market price the only real decision which they have to make is the level of output to be produced. This decision can be taken by taking into account the costs of production. Considering the basic objective of the firm is to maximize profits it will produce at the point where marginal costs equals marginal revenue (MC=MR). (Bamford et al. 200 2) The first thing which needs to be understood is the difference between the short run and the long run. During the short run the number of firms in the industry is fixed. This means that no new firms will be entering the market in the short run. The existing firms will have the chance to earn abnormal profits in the short run. However, in the long run there will be other firms entering the market. Firms will enter the market if there will be signs of abnormal profits. On the other hand, if there are losses some firms may also leave the industry. (Sloman,2006) The total revenue to be earned by the firm will be equal to the price multiplied by the quantity sold. If the total cost of producing this specified number of units is lesser than the total revenue then it can be said that the firm is making abnormal profits. This will actually be an incentive for the firm to keep producing at the current rate. However, if total revenue equals total coast (TR=TC), then the firm is barely maki ng it to the breakeven point. It is this point where the firm is earning normal profits. On the other hand, it is plausibility that the total cost is greater than the total revenue. If the costs are greater, the firm may exit the industry altogether. This may not be the case at all times. If the total revenue is greater than

Importance of Social Work

Importance of Social Work Social work involves working with some of the most disadvantaged and vulnerable people in society. It is working with individuals, groups and communities, putting into practice Social Work Values that aid people to overcome possible oppression they face. The actions of Social Workers are to promote social change, help solve problems and empower and liberate people to help enhance their well being. (British Association of Social Workers, 2002) It needs to be understood that Social Workers must be vigilant against the possibility of exploitation or oppression of Service users through unethical Practices. (Thompson, 2005: Pg 108) All Professional occupations are guided by ethical codes and underpinned by Values (Bishman, 2004) and from the very beginning of Social Work, the profession has been seen as firmly rooted in values (Reamer, 2001) (Cited by Bishman, 2004) Every person has a set of beliefs which influence actions, values relate to what we think others should do and what we ought to do, they are personal to us. (Parrot, 2010:13) Although society may been seen as having shared values we are all brought up with different personal values bases, this is an important point to consider when working with others, because our values can influence the way we behave. It would therefore be seen as foolish to underestimate the significance of values within the Social Work Profession. (Thompson, 2005: 109) Our Personal Values can change over time, and our behaviour can alter as a result of the situation we are in. From a young age one of the most important values instilled in me by my parents was to have respect for others, this should be carried throughout life as we should treat others the way in which we would expect to be treated. The importance of having a value base for Social Work is to guide Social Workers and protect the interest of Services Users. (Parrot, 2010:17) As a practising Social Worker it is important to recognise personal values and to be able to understand, situations will present themselves were personal and professional values can conflict. It was only when we had the speakers in that I began to question my own values. NISCC outlines a code of Practice for Social Workers to adhere to, from listening to the speakers in class one issue that was highlighted was that of partnership. Partnership is now a very evident part of everyday language of people involved in the process of providing care. (Tait and Genders 2002) However it is not always put into practice. Mr Y referred to being kept in the dark about his illness, he was eventually given a diagnosis, but it was never explained to him what the meaning of this diagnosis was or how it would affect his life. Social Workers have to exercise professional discretion, due to the nature of their work; judgements have to be made which involve values and consequences that make the worker accountable for their actions. (Thompson 2009) Partnership working is very important for people with a disability, I was able to recognise a conflict with my personal values when one of the Mr X spoke about a visit to the GP, where the GP was asking the carer how the Service User was feeling rather that asking them, from listening to this I was able to recognise that this is something that I have done in the past and possible infantilises the individual with comments such as referring to them as we dote or wee pet and I never thought that there was anything wrong with using these statements, however from the experience gained I can recognise that my personal values and the professional values are in conflict at this point. It is a way of oppressing this individual, and failure to promote their rights as an person. When viewing this in conjunction with the NISCC Code Of Practice, it was clear that there was a conflicting of values. NISCC states that as a Social Care worker we must protect the rights and promote the interests of service users and carers as the Disabled Movement states Nothing about us, without us. We need to consider the Service User perspective, one of the speakers stated effective partnership working should include the professionals and the Service user. Partnership is a key value in the professional value base underpinning Community Care. Braye and Preston-Shoot 200343) Partnership should be promoted in several ways such as keeping an open dialogue between professionals and Service Users, setting aims, being honest about the differences of opinion and how the power differences can affect them and providing the Service User with information that helps to promote their understanding. (Braye and Preston-Shoot 2003) In the case if the speaker who was not given a diagnosis for a long time and was just put out of the consultants office this key areas did not apply. Another issue that was striking was that of independence, initially my personal view was not of someone with a disability being independent, my personal experience in the past had led me to believe that people with a disability required a lot of help and were dependant on a carer to provide that help, I didnt view them as being in employment. Some of these values were quite dormant until I began working in the Social Care Field. The Speakers that we had in from Willow bank explained that they all have jobs and aim to be as independent as possible. This highlighted the conflict between my personal and professional values which I need to be aware of. The NISCC code of practice states a Social Worker should promote the independence of Service Users, this is one conflict that I can acknowledge with my personal values, I need to look at the bigger picture an view the service users as individual people with unique traits and interests it is important that they are not labelled due to their disability, It is viewed that it is society which disables physically impaired people, disability is something imposed on top of impairments by the way we are unnecessarily isolated and excluded from full participation in society. (Oliver 1996) My Personal view was that I believe that we should aim to do things for people with disabilities, I have often found myself carrying out tasks for them that I know they are able to perform themselves, when the speaker from sixth sense spoke about how she had been spoon fed and pushed around the playground as a child had gave her a sense of learned helplessness, it made me acknowledge my own actions. Again this is another area where my personal values conflict with the professional values. Respect for persons in an extremely important values, although I believe I was brought up to show respect for others by creating dependency in a way is disrespectful to the individual. The promotion of independence is important, it is crucial to see those with a disability as individual people. The NISCC code of practice highlights As a social care worker, you must respect the rights of service users while seeking to ensure that their behaviour does not harm themselves or other people. Keeping in line with the NISCC Code of Practice I need to actively challenge my own prejudices in order to ensure that I am promoting anti-oppressive practice. Being able to understand the value conflicts in practice can prove to be very beneficial. It can help us acknowledge the differences in the power structure, which can oppress the service user. Social Workers aim to empower the Service User, to help them help themselves. It is important that Professional values are always at the forefront to promote anti-oppressive practice. Social Work Practice is underpinned by laws, policies and procedures. It is important to always be aware of the Service Users perspectives, this will help ensure more effective and efficient practice. Both our personal and professional values need to be acknowledged for effective and efficient practice. It is of little use if Social Workers have a professional value base which doesnt inform or influence their practice, Social Work ethics can be understood as Values put into actions. (Banks, 2006)

Older Woman Essay -- essays research papers

Older Women - Hidden Sexual Abuse Victims Although other forms of violence within the family have received increasing attention from professionals and the media over recent years, including the physical abuse and neglect of children, child sexual abuse, and domestic violence, elder abuse remains relatively hidden. This is especially true of sexual abuse of older persons. While there are some references to stranger rapes of older women, the topic of elder sexual abuse within the family is rarely addressed in the professional literature, and seldom confronted by social workers, medical personnel or advocates. This is partly true because sexuality is usually associated with younger people. Yet, if sexual abuse is a function of power and control, frail older persons, who often have little power and may be dependent on others for care, can be extremely vulnerable to sexual mistreatment. Elder sexual abuse is defined as coercing an older person, through force, trickery, threats, or other means, into sexual contact against her or his will. It often begins with covert activities such as inappropriate remarks and threats, and escalates to more severe types of mistreatment, including: the offender forcing the victim to view pornography or to listen to explicit sexual accounts; sexualized kissing and fondling; oral-genital contact; digital penetration; vaginal rape; anal rape; rape by objects; exploitation (e.g., prostituting or swapping the victim); sadistic acts, and ritualistic abuse.1 The prevalence of elder sexual abuse is not known because no systemic study has been done to determine how widespread the problem is. Where it is uncovered, it is usually by adult protective services workers who are called to intervene in other types of mistreatment of older persons, such as physical abuse, neglect or financial exploitation. In the first study of its kind, Holly Ramsey-Klawsnik, Ph.D. in 1991 examined twenty-eight (28) Massachusetts cases in which sexual abuse was identified by elder abuse case workers. All the victims resided in the community (not in nursing homes or other institutional facilities). All were female, ranging in age from 65 to 101, while all but one of the offenders was male. Four out of five of the offenders were care givers to the victims, the vast majority of whom had significant impairments which made them totally dependent on others for dai... ...e services will reduce the victim's dependence on the abuser and will also reduce her isolation, both of which contribute significantly to vulnerability to abuse. The rape crisis center and local adult protective services programs should cooperate on other interventions such as legal remedies in order to avoid duplication of effort and to reduce the confusion to the client. Vulnerable older persons need and deserve the skilled attention of all those with whom they come into contact in order to reduce their vulnerability to sexual abuse. Work Cited 1 Ramsey-Klawsnik, Holly, Ph.D. "Elder Sexual Abuse: Preliminary Findings." Journal of Elder Abuse and Neglect. Vol. 3(3), 1991. 2 Ibid. 3 Holt, Malcolm G., CSS "Elder Sexual Abuse in Britain: Preliminary Findings." Journal of Elder Abuse and Neglect. Vol.5(2), 1993. 4 Russell, Diane E. Rape in Marriage. Indianapolis: Indiana University Press, 1990. 5 Ramsey-Klawsnik. 6 Illinois Department on Aging, Elder Abuse and Neglect Program: FY 1995 Annual Report. Springfield, Illinois, 1996. 7 Groth, A.N., "The Older Rape Victim and Her Assailant." Geriatric Psychiatry, 203-215, 1978, as cited in Ramsey-Klawsnik. 8 Ramsey-Klawsnik

Affordable Healthcare Act in North Carolina Essay

Affordable healthcare coverage for all Americans was a challenge the government faced. The United States was the only developed country without national health care system in place for citizens. The government actively sought to provide affordable insurance while controlling escalating costs and improving quality care. Americans deserve to have an opportunity to prevent chronic illnesses before they transpire. The purpose of this paper is to discuss how the Affordable Healthcare Act impacted North Carolina, its impact on economics, and ethical implications. Impact of the Affordable Care Act on the Population The Affordable Care Act made a positive impact on the lower class Americans in North Carolina. People without insurance are less likely to go to the doctor due to costs. As a result, urgent care or the emergency rooms end up being their plan of care. Americans without health insurance â€Å"have less access to effective clinical services including preventive care and, if sick or injured, are more likely to suffer poorer health outcomes, greater limitations in quality of life, and premature death† (Institute of Medicine, 2009, p. 49). In 2011, childless, nondisabled, nonelderly adults, unemployed or homeless could not qualify for Medicaid (Milstead, 2013). According to the case study figures one (2009) and two (2014) provided by Milstead (2013), there was an increase of 62% in children between the ages of 6-18 years that are currently receiving health care though the Affordable Care Act. There are several factors that may have contributed to the increase of enrollees such as si mple requirements, pamphlets, websites, and healthcare professionals educated about the quality of care. This act will assist healthcare professionals in promoting primary prevention. This in turn, will assist in preventing advanced disease processes. Quality of care will improve with both the collaboration of an interdisciplinary team as well as preventative measures. Patients want fast and convenient access to quality care (White, 2011). The Impact of economics on patient care Economic status should not be a consideration when providing care. The wealthy can buy their way out of any approaches that limit choice or  restrict access to what is judged more convenient and perhaps higher quality care (Knickman & Kovner, 2011). Even within the United States, expenditures on health care vary a great deal across communities and states with little to no difference in health outcomes. In essence, cost containment in health care will happen if we can figure out how to invest in healthy lifestyles in ways that lead to long-term financial and health returns (Knickman, 2011). Preventive care is the best way to reduce health care costs. Relationship between patients’ quality care and cost The Affordable Care Act will provide individuals with health insurance and reimbursement will be based on quality and volume of individuals a clinician treats (Siberman et al, 2011). Because of the Affordable Care Act, there should be an increase of competent clinicians to treat and prevent chronic diseases. In order to receive quality care, health care providers must make ethical decisions about care, not decisions based off how much care would cost. Ethical implications of the act for organization and patient Ethical decision making involves explicit questions that should be answered in order to decide whether the proposed action is good or morally correct. Ethics applies to the determination of right and wrong in how people relate to one another. It is essential that all clinicians have ethics in mind when determining care. The education of professionals is included in the Affordable Care Act in hopes to increase quality of care, access, and treatment of patients (Kohlenberg, 2011). Clinicians should make appropriate decisions when ordering diagnostic tests to make sure they are not wasting the organization’s money yet still providing exceptional care. Conclusion The government actively sought to provide affordable insurance while controlling escalating costs and improving quality care. The Affordable Care Act made a positive impact on the lower class Americans in North Carolina. Economic status should not be a consideration when providing care. The Affordable Care Act will provide individuals with health insurance and reimbursement will be based on quality and volume of individuals a clinician treats (Siberman et al, 2011). In order to receive quality care, health care  providers must make ethical decisions about care, not decisions based off how much care would cost. It is essential that all clinicians have ethics in mind when determining care. In the end, patients want fast and convenient access to quality care (White, 2011). Reference Institute of Medicine.(2009). Uninsured Americans. In A. Kovner & J. Knickman. Jonas & Kovner’s Health Care Delivery in the United States. Springer Publishing Company, LLC. Laureate Education, Inc. Knickman, J. & Kovner, A. (2009). The Future of Health Care Delivery in the United States. Springer Publishing Company, LLC. Laureate Education, Inc. Kohlenberg, E. (2011). Contribution of nursing education programs to the implementation of the Affordable Care Act in North Carolina. North Carolina Medical Journal, 72(4), 289-292. Siberman, P. (2011). Implementation of the Affordable Care Act in North Carolina. North Carolina Medical Journal, 72(2), 155-159. White, H. (2011). What is Cost, Anyway? In A. Kovner & J. Knickman. Jonas & Kovner’s Health Care Delivery in the United States. Springer Publishing Company, LLC. Laureate Education, Inc.

Analysis of Arthur Miller’s Presentation of Abigail Essay

Arthur Miller wrote the play â€Å"The Crucible† in 1953 which was in the middle of the McCarthy political ‘witch-hunt’ in America. However the story had appealed to the playwright for many years, therefore ‘The Crucible’ can be described as a political parable as it was inspired by the decade of McCarthyism. Miller wrote the play set in an area of Massachusetts called Salem in 1692 where some adolescent girls were dabbling with supernatural powers and witchcraft. They were eventually jailed and the jails were filled with men and women accused of witchcraft. Ultimately twenty people ended up hung. The inhabitants of Salem were rigid in their interpretation of the Bible, believing in witches and the Devil. They believed also that the Bible instructed them that witches must be hanged. This relates to the McCarthy trails that were happening in the USA during the 1950s as the trails were about the admission of adherence to communism, consequently witnesses were brought before the committee to name names. This naming approach was very similar to the process of witch trials; Miller then began to relate this to the public confessions as parallel with the naming of names at Salem in 1692. Subsequently Arthur Miller wrote a play in relation to this and uses Abigail to convey similar ideas to the McCarthy Trials in the 1950s. In the McCarthy trails the only way to clear your name was to name members of the extremist party, but even still a person’s reputation would be extremely tarnished. Therefore I will be looking at the presentation of Abigail and how it conveys this idea, in relation to the McCarthy Trials. During the beginning of Act One we discover Abigail is a girl who can’t be trusted and people don’t believe her. Paris refers to her as a ‘child’ so she is assumed as being young and questioned over how she can make up so many lies. From being referred to as a ‘child’ the audience makes an assumption that Abigail acts younger than her age and there is immense significance of this quote as she is referred to as a ‘child’ more than once and by different characters. Abigail has endless capacity for dissembling so she is a brilliant liar and doesn’t know when to stop. Her lies in this particular scene appear not to be very convincing as she is worried and anxious; hence she is lying for a way out. From this Abigail could be presented to be small and weak as she is forced to sit in a chair while Parris towers over her and doesn’t take any action of rejection. Parris is threatening Abigail to tell the truth as she is a compulsive liar; consequently it is extremely hard to get her to tell the truth. Our impression of Abigail develops later on in Act One as she loses her innocence since she becomes no longer believable to the audience, her lies are over looked by them as they realise she is withholding the truth. When Proctor enters Abigail starts to become nervous which is highlighted from her reaction whilst she is alone with him and he says ‘Ah, your wicked yet, aren’t y’! ‘ Abigail reacts with a nervous ‘laughter’ and becomes frightened of Proctor. Consequently Proctor acts powerful and continues to act powerful and dominant towards Abigail by forcefully saying ‘child’ to Abigail to give recognition of her still being a child, this is the second time that Abigail has been called a ‘child’ by different characters highlighting the importance. While Abigail does react angrily and infuriately to appear powerful and gain control over Proctor, her reactions are childish, she moans when she doesn’t get her own way, so she acts like a little ‘child’ which is why she is being called a ‘child’. This part of the play is foreshadowing events to come, we know that she is going to eventually turn wicked and evil so her innocence is lost as we realise that she will later turn wicked as the wickedness can be used as a way out. When Abigail is alone with the girls she takes control of them and becomes the leader of the group and the girls begin to look to her for an answer so they look up to her. They follow her lead so she has the power of the group. She gains this power of the girls by saying ‘I will come to you in the black of some terrible night and I will bring a pointy reckoning that will shudder you. ‘ Abigail threatens the other girls so they are so frightened of her that they follow her lead, this becomes clear nearing the end of Act Three. The word ‘shudder’ is onomatopoeia and this adds dramatic affect and gives you a real sense of the word and makes it come to life and sound real. It is this word order which Miller uses that makes you really think that this is going to happen if the other girls do not obey her. The adjectives used during this statement from Abigail are ‘black’ then ‘terrible’ and ‘pointy’ these are all threatening adjectives and are the type of words that you would visualize when a murder was taking place so this intensifies their anxiety. During this scene the audience discover just how devious and manipulative she can be, in this instance she shows this by being threatening and dangerous to the other girls. Danger changes sides towards the end of Act One during Abigail’s questioning as she starts to become frantic. She begins rushing out excuses as quickly as possible to conceal her lies, as she comes dangerous close to being exposed. Abigail is scared of the fact that if people don’t believe her, then she will be caught in the act of lying, she is anxious about this. Furthermore Hale says ‘perhaps some bird invisible to others comes to you’ thus implying an insight to the deviousness of Abigail. This provides inspiration later for Act Four; therefore implying Abigail is not innocent and is an untrustworthy character with a deeper meaning, perhaps Abigail is lying. Abigail proceeds out of this situation by catching on to the circumstances there are in hand and uses them as weapons to propose the excuse of making herself look like the victim in this entirety. Consequently people can’t accuse her, which because of her selfish behaviour leads her on to accusing Tituba by saying ‘She makes me drink blood! ‘ This describes Abigail’s destructive nature and the deviousness of Abigail’s thinking put into practice. From this I can call Abigail opportunistic as she has seen a way out; she has explored it and taken it. While this is selfish behaviour, it is certainly a very clever move by Abigail to relieve some of the pressure from her and give her a chance to think about what she is going to say next. The audiences’ response from this action taken by Abigail is that it is ludicrous that she can accuse somebody and say a few words and make the court believe her. This links in with the McCarthy trials because all the court was interested in was names and they were so desperate for a name that once one was named with a motive they seized it.

Cognitive Psychology Defined

Cognitive Psychology Defined Free Online Research Papers What is Cognitive Psychology? Cognitive psychology is the study of mental processes. This includes thought, emotion, memory storage and recall, decision-making skills, logic, and problem solving. The basis for cognitive psychology started in Ancient Greece with the philosophies of Plato and Aristotle, and development of this genre continues today. Over the years, many have tried to discredit cognitive psychology as a true science, but it has proven to be a valid perspective in the field of human study (Willingham, 2007). Philosophical Beginnings The question of how the mind works was first studied by Ancient Greek philosophers such as Plato and Aristotle. Although their scientific methods were crude and did not necessarily prove anything, the questions they raised were valid and psychologists and scientists have attempted to answer them ever since. Ancient philosophers did raise some valid points about human development, one of which being the systematic function of the world and human life, allowing for some prediction of life events. Another important point is that life events center on what is happening in the world around a person and his or her place in it, and do not depend on mystical events or spiritual intervention, per se (Willingham, 2007). With the progress of science during the Renaissance period, the development of nondeterministic views unleashed the concepts of free will and the soul, leading to the diminishment of study of the human mind for a time. Later, during the 17th century, Rene Descartes and others would raise the questions once again of where thoughts come from, and introduce science back to psychology with the concepts of memory and perception (Willingham, 2007). The Foundation of Psychology and the Development of Behaviorism In the 19th century, William Wundt was credited for the foundation of modern psychology. Wundt began the first psychological journals and studies of psychology in universities. He convinced the scholarly world that psychology was a valid science because of his structuralist views on it. Meanwhile, William James would focus on the purpose of mental processes known as functionalism (Willingham, 2007). John Watson questioned James’ and Wundt’s theories. Watson would permanently link psychology to science by introducing the behaviorist perspective to psychology. Watson defined behaviorism as the ability to predict and control behavior by determining that the only observable form of human thought rests in their behavior, which can be broken down into the simplest building blocks to relate all people’s basic actions (Willingham, 2007). The Impact of Behaviorism on Cognitive Psychology In the early 20th century, behaviorism became the main focus of all psychology. Concepts of soul and mind went out the window because the only observable form of psychology was behavior. People can see how others behave, but they cannot see the thoughts that make them react, so the simplicity of behaviorism was readily accepted by all. The most famous example of this was Ivan Pavlov’s dog experiment, in which the association of behavior and stimulus was recorded (Willingham, 2007). In the latter 20th century, people’s faith in behaviorism began to decline. Most of the experiments conducted about it were done using animals, which surely must be a lesser being than humans. Additionally, the question of where behavior actually comes from dawned to give rise to the quest to know what mental processes take place to produce it (Willingham, 2007). One of the actions behaviorism left unexplained was language. B.F. Skinner would be the first to pose the question, how can we study language in animals that cannot speak? Though Skinner would fail to explain this adequately in his book Verbal Behavior (1957), he would pose many questions that led to the disintegration of behaviorism and the birth of cognitive psychology (Willingham, 2007). Were it not for the failure of behaviorism, so widely accepted, cognitive psychology may never have existed. Also, behaviorism asked an important question: Why do people act the way they do? Cognitive psychology simply took this one step further and asked: What mental processes take place to produce thoughts and behavior? To answer this question, behavior must be observed closely when treating clients from a cognitive perspective. If one changes the mental processes that control their behavior, then the observer must ensure that the correct process has been changed in order to produce the desired effect. Technology Proves Psychology Some of the most important psychological discoveries of the 20th and 21st centuries have occurred because of neuroscience. Neuroscience has laid the explanatory groundwork for localization of many functions within the brain, permitting the further study of each specific area based on the knowledge of the senses or jobs it controls. Later technology would develop a three-dimensional x-ray of the brain called a computed tomography (CT scan) that would permit doctors to see specific areas that might be damaged. With magnetic resonance imaging (MRI), an even better picture can be obtained. With an electroencephalogram (EEG), electrical activity can be measured to gauge how and when neurons fire in the brain. Even better than all these are the positron emission tomography (PET) and functional magnetic resonance imaging (fMRI) scans. These produce three-dimensional, colored images of the brain and show neural activity in the same picture (Willingham, 2007). Aside from neuroscience, the technological development of the computer has helped all people to have a better concept of the brain and mind. Computers in the 21st century are smaller and better than ever. They multitask with ease at the fastest speed ever. The comparison of the computer to the mind makes sense to most people (Willingham, 2007). The brain that controls the human mind and behavior is analogous to a supercomputer whose complete power is not completely understood yet by man. Conclusion Cognitive psychology is the study of mental processes. It has its roots in introspective philosophy as well as behavioral science. Cognitive psychology also attempts to explain behavior with the mind/body connection, a concept once swept under the rug as incredible. Cognitive-behavioral therapy is successful in many examples and case studies in the last fifty years and is still widely used in psychology today. References Willingham, D. (2007). Cognition: The thinking animal (3rd ed.). Upper Saddle River, NJ: Pearson/Allyn Bacon. Research Papers on Cognitive Psychology DefinedThree Concepts of PsychodynamicEffects of Television Violence on ChildrenMind TravelThe Relationship Between Delinquency and Drug UseInfluences of Socio-Economic Status of Married MalesBionic Assembly System: A New Concept of SelfHip-Hop is ArtCanaanite Influence on the Early Israelite ReligionResearch Process Part OneArguments for Physician-Assisted Suicide (PAS)

What are the differences between the SAT and ACT

What are the differences between the SAT and ACT SAT / ACT Prep Online Guides and Tips Are you curious about what the differences between the SAT and ACT are? If you want a summary, click here to see quickly whether you would be better at the SAT or ACT. But if you want the nitty gritty details about the differences, read on below! 1. What are the content differences on the SAT vs ACT? Take a look at the content difference below. Are there any items that you love or hate? If so, then give the relevant test an extra point. Tally up the points at the end to see which is ahead: 1A. Math The SAT and ACT are very similar in terms of math, but the ACT has more and harder math. Both Tests Cover: Properties of Integers and Rational numbers Sequences Linear and Quadratic Equations: Word problems: Functions Basic Geometry, including Lines, Triangles, Polygons, Circles, 3-D and Coordinate geometry Data Interpretation, Statistics and Probability The ACT Also Covers: Matrices Complex numbers Trigonometry Logarithms Conic Sections 1B. Writing/English Like the Math section, both tests cover the topics below and the ACT also covers the topics listed at right. Both tests cover: Faulty ModifierParallel ConstructionSentence FragmentsPronounsVerb FormsConciseness and RedundanciesNumber AgreementIdiomsAdjective vs Adverb The ACT also covers: comparison/descriptionword choice (non-idiom)transitional logic: which words are best to move from one idea to anothermacro-logic: how to order sentences and paragraphsauthor’s formality and tone 1C. Reading The main difference between the SAT and ACT Reading sections is that the SAT includes fill-in-the-blank questions and the ACT’s Reading is only passages and questions about them. The SAT covers: Passages: main point, identifying details, inferring information, vocabulary in context, and the function of specific parts Sentence Completion: relationship between 2 words and vocabulary-based questions The ACT covers: Passages: main point, inferring information, vocabulary in context, and the function of specific parts Fact Finding: without line number references, find and explain a phrase or sentence Comparisons/Contrasts Cause-Effect Author Method 1D. Science The SAT does not have a Science section, so if you like science, the ACT has a huge advantage for you. Basic Science Knowledge (Physics, Chemistry, Biology) Data Representation: analysis, interpreting trends, and calculations based on data Research Summaries, including: Experimental design/Researcher intent Hypothetical Experimental changes Interpreting experiments Understanding of viewpoints Comparing viewpoints 2: What are the rule differences on the ACT vs SAT? Guessing: On the SAT, there is a  ¼ point penalty for each wrong answer (each correct answer is worth 1 full point). There is no penalty for omitting (just not answering) a question. On the ACT, there is no guessing penaltyguessing wrong and omitting are the same. Passages:While SAT passages do tend to follow the same basic patterns, they are not labeled by type or topic. The ACT, on the other hand, always labels its 4 passages (that are always in the following order): Literary Narrative, Social Science, Humanities, and Natural Science. Sections:The SAT doesn’t title its sectionsMath is obvious, but Reading and Writing have to be differentiated by question type. The ACT titles its sections in huge bold letters. Questions:The tests have very similar question styles in Math and Reading; the English questions in both tests involve students choosing how to replace underlined parts of sentences and paragraphs. However, they differ in how they apply this format. The easiest way to understand this is to compare the English section of the ACT to the Writing section of the SAT. You can download a PDF of each test here:SAT,ACT. Test Structure:The SAT alternates between Math, Reading and Writing sections, and until thechange in 2016, the essay is always the first section (in 2016 it will be the last section and optional.) There are always 10 SAT sections: 3 math, 2 writing, and 3 reading, and 1 experimental section that is not identified (it looks like all the other sections) or scored. They don’t go in any particular order, but you’ll never see 2 math sections back-to-back. A sample order of SAT sections might be: Essay Math Writing Reading Experimental Math Reading Math Reading Writing So, in the end, on the SAT, you’re scored on 8 sections and the essay. The organization of the ACT is much simpler: it has 4 sections that are always in the following order: English, Math, Reading and Science. Sometimes there is an experimental section, but it’s always Section 5, so you know which one it is. 3. How can I see these differences myself? Take a look at three real ACTs from the past, and three real SATs from the past. Examine the real tests themselves and see how they feel different! Also, check out our article on whether the ACT or SAT measures your IQ better. What's next:Are you better on the ACT or SAT? Use this one surefire method to find out. Read about whether you'll be better on the SAT or ACT.

What Is AP International Diploma Do You Need One

What Is AP International Diploma Do You Need One SAT / ACT Prep Online Guides and Tips The College Board’s AP program is recognized by colleges around the world. In addition to taking individual AP classes, students who are interested in attending school in another country can potentially earn the AP International Diploma. In this article, I’ll tell you what the AP Diploma is, how you can get it, and whether it’s worthwhile for you! What Is an AP International Diploma? The AP International Diploma (APID) is an award for students who have taken AP Exams and classes in high school and are interested in attending college abroad.The College Board offers this award because it's a more succinct way for colleges outside of a student's home country to assess performance in the AP program overall.The APID indicates that a student has successfully completed a well-rounded AP curriculum.It's also a way for the College Board's AP program to compete more directly with the IB program. You might think about shooting for an APDiploma if you’re a student in the US planning to apply to universities in other countries or if you’re an international student planning to apply to universities in the US.The APID indicates that a student has demonstrated excellence across a variety of subject areas within the AP curriculum.You don’t need to apply for the APID; it’s automatically awarded if you meet the requirements, which I will go over in the next section. How Can You Earn an AP International Diploma? To fulfill the requirements for the APID, you will need to take at least five AP Exams and earn a score of 3 or higher on all of them.You’ll have to take some specific types of AP courses to meet the APID standards. The first requirement is either two AP Exams in world language and culture or two AP Exams with one world language and culture course and one English course.For example, you could take the Spanish Language and Culture course and the French Language and Culture course.If you’re not taking two languages, you could take the English Literature and Composition course as a substitute for one of the language courses.Keep in mind that you can’t meet this requirement with two world language and culture courses that focus on the same language.Taking Spanish Language and Culture and Spanish Literature and Culture wouldn’t fulfill the requirement. The second APID requirement is one AP Exam that (surprise, surprise) emphasizes an international perspective.Classes you can use to fulfill this requirement include: World History Human Geography Comparative Government and Politics Art History Environmental Science Macroeconomics The third requirement is an AP Exam in either the sciences or math and computer science.Classes you can use to fulfill this requirement include: Calculus AB Calculus BC Computer Science A Statistics Biology Chemistry Environmental Science Physics 1 Physics 2 Physics C: Electricity and Magnetism Physics C: Mechanics The last requirement is one additional AP Exam in a class of your choice.The only stipulation is that it can’t be an English or world language course. AP Psychology, AP U.S. History, and AP Music Theory are all examples of classes you could use to fulfill this requirement.Your choices will partially depend on which classes you decide to take for the other requirements. Here's an example of a set of five classes that would fulfill the requirements for the APID: Spanish Language and Culture English Literature and Composition World History Biology Psychology One exam can’t fulfill two requirements even if it fits into multiple categories.Environmental Science would be an acceptable class for both the second and third requirements, but you wouldn’t be able to take it and say that you’ve completed both of them.You would need to choose another class from one of the two lists to meet the APID standards.If you end up retaking any of your AP tests because you didn’t score a 3 or higher the first time, your highest score will be counted towards the diploma. For the International Diploma, only your peak performance on each AP exam will count! Should You Get an AP International Diploma? First off, you should consider whether the college where you’re applying recognizes AP classes in the admission process.You can search universities all over the world on this page to see whether they will accept AP Exams and classes as markers of academic achievement.At German universities, for example, candidates who have earned AP Exam scores of 3 or higher on four or five tests are admitted, provided they meet the specific requirements for their area of study.If you’re an international student and are applying to college in the US, it’s almost certain that the schools you choose will recognize your achievements in the AP program. Even if the school you’re interested in recognizes APs, the AP International Diploma may not do a whole lot to improve your chances of acceptance on its own.Colleges care about how many AP classes students have taken, and the APID requirements are a good way to keep yourself on track with taking APs in a variety of different subject areas.However, a student who is particularly interested in the sciences might take 5 AP classes without earning the APID because they took two science classes instead of a science class and an international perspective class.That student won’t look much different in the eyes of colleges from another student who took the same number of APs but did manage to fulfill the requirements for the APID. For example, German universities have different sets of AP requirements that don’t align exactly with the APID requirements and will vary depending on your major. In this case, you would want to avoid just going for the APID and pay closer attention to the specific policies.The AP Diploma represents a well-balanced collection of AP classes and a high level of achievement, but it’s not going to make or break your application. If you take five or more AP classes and earn high scores on the exams, but you don’t fulfill the APID requirements, you won’t be any worse off than a student who does.But if you’ve only taken three or four AP classes and need one or two more to fulfill the requirements, you might consider going for the Diploma.Having a concrete goal will make it easier to stay motivated and choose a well-rounded course schedule. That being said, you might go to a high school where only three or four AP classes are offered, and that’s ok.Focus on earning high grades and challenging yourself as much as possible with difficult classes.A strong course record for an international student doesn’t necessarily have to include the APID, but it should include as many APs and other high-level classes as possible that are relevant to your areas of interest. One pencil for each AP class! (Just kidding, don't actually take 25 AP classes. Yes, I counted the pencils; please take your judgments elsewhere.) Conclusion The AP International Diploma is an award for students who plan on applying to colleges outside of their home country. To earn the APID, you must take five AP Exams in certain specified subject areas and earn scores of 3 or higher on all of them. The APID shows colleges that you’ve challenged yourself with difficult courses in high school, but the award itself probably won’t make a huge difference in your application.Taking five or more AP courses (if they’re available at your school) and scoring well on the exams is a great way to make a positive impression on colleges regardless of whether your schedule meets APID guidelines. What's Next? Curious about other international diploma programs? Learn more about the Advanced International Certificate of Education (AICE), created through Cambridge University in England. If you're working on planning your schedule,this guide will help you decidewhich AP classes to take. Read this article for more information about how difficult AP classes and exams will be for you. Want to improve your SAT score by 240 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. 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African-American Culture and Reconstruction in America Essay

African-American Culture and Reconstruction in America - Essay Example The paper focuses on African American culture in America and the reconstruction process reflecting on every aspect that comes with it.  The development of the African American culture was as a result of the process of giving and taking. Cultural influence depended on the class to which someone belonged to, age, and class status in Africa. Especially young people who were taken as slaves adapted so fast to the language and culture of the Americans. There were intermarriages that took place as well as the development of religion. During the reconstruction process, African Americans took part in the political social and economic processes. There were many people who were allowed to hold public offices allowing for interaction. The interactions led to intermingling and, therefore, led to the African American culture.This discussion declares that  during the reconstruction process, African slaves were allowed to get an education and were assimilated to the religion they believed in. A llowing Africans to interact with the Americans and Europeans, in general, meant that there will be proximity that would lead to an agreement as well as marriages and adoption of each other's culture. The type of religion preached by the Americans and Europeans led to a top in slavery practices as well as any form of mistreatment. The reconstruction process led to the growth of the African American culture, merging both the African and American culture.  

Stanley Park Essay Example | Topics and Well Written Essays - 1500 words

Stanley Park - Essay Example   Large sections of the park were densely forested in the late 1800s and covered by half million trees that mainly occupied stand that was seventy-six meters, which is many centuries old. Numerous trees were lost and others were planted subsequent to the major windstorms that happened past one hundred years in the year 2006. An important effort was concentrated in the building of the near century-old Vancouver Seawall that mainly attracts numerous residents and corresponding visitors to the Stanley Park. Stanley Park also possesses features forest trails, Vancouver Aquarium, lakes, beaches, and children’s play locations.   The land where Stanley Park is situated was leased by the Vancouver’s City Council in the year 1886. The year 1908 federal government converted the lease of the Stanley Parkland by ninety-nine year. It was possess a lease that was continuously renewable by the park board in regard to the restitution. The park was officially opened in the year 1888 and named after Lord Stanley. Lord Stanley dedicated it to the utilization and enjoyment of the populace of all races, creeds and customs thus being named Stanley Park.   The building of the Lost Lagoon and the corresponding causeway of the Stanley Park took place amidst the year 1913 to corresponding 1916.The lake was built within a shallow section of the Coal Harbour and was named the Lost Lagoon because of its disappearance during low tide.   Moreover, the lake and corresponding causeway into the Stanley Park was designed by Thomas Mawson.  Ã‚  

The Matrix Film Review Movie Example | Topics and Well Written Essays - 1000 words

The Matrix Film - Movie Review Example After Neo is unplugged from the Matrix and joins the freed human rebels in the devastated human world, he comes to accept his fate of being the only one to end the war against the machines. The cast can only be described as superb and precise. Keanu Reeves portrays the lead protagonist Neo; Laurence Fishburne is in the noble role of Morpheus; Carrie-Anne Moss portrays Trinity, Neo’s love interest; and Hugo Weaving plays the role of Agent Smith, the main antagonist and rogue sentient computer program whose sole purpose is to prevent the rebellion from spreading or surviving. All of these actors portray their characters exceptionally well. Reeves is convincing as the antisocial, work-by-day-hack-by-night misfit who cannot escape the belief that there is something more to life. Fishburne and Moss are the epitomes of rebel leaders from their cool attitudes to their bold countenances. Weaving wove in seamlessly with the character of Agent Smith, completely owning Smith’s ser ious demeanor and distaste for the human race. The actors truly and thoroughly complement their characters. The Matrix successfully grabs its viewers in every aspect possible, beginning with the immediate jump into the story. Before the opening credits even finish rolling, Trinity is being hunted down by agents and a SWAT team. Within the first fifteen minutes of the film, Neo’s character is introduced, as well as his mission of finding Morpheus, and Trinity’s success at locating Neo to inform him that Morpheus has also been looking for him. As the first half of act one comes to a close, a huge chunk of the storyline has been revealed, leaving viewers hanging on for more. The movie does not leave them waiting for long as the story rushes into Neo’s capture by the agents. While it is a common practice in the film industry to let as many elements as possible harmonize the film, The Matrix goes above and beyond what is average. From costumes to framing and lighting effects, every element is consciously done to enhance the differences between the real world and the computer-generated Matrix, and to help viewers understand the challenges that Neo is facing. In regard to clothing, while in the Matrix, the costumes of the rebels are very futuristic in style, black and sleek; in the real world, the characters wear tattered, ill-fitting clothes. The costumes alone show the blunt dissimilarities between the Matrix and the real world. The Matrix is meant to be a utopia for humans, which, ironically, has caused the real world to crumble, leaving it in nothing short of complete ruins. The choice of framing, primarily the close-ups, allow viewers to become intimate with the characters. This holds especially true in regard to Neo, who is on the receiving end of most close-ups; his fear and uncertainty are evident as we watch him slowly come to accept the truth of the Matrix and the existence of human beings. The remaining close-ups are used to reveal con flict and hardship between the other characters, such as between Morpheus and Neo, Trinity and Neo, and Agent Smith and whichever rebel he is instigating at the time. Towards the end of the film, a medium close-up between Agent Smith and Morpheus, which is one of the greatest conflict-driven scenes of the film, clearly show the struggle that each character is facing in their attempt to free themselves of the Matrix. The choice of

Evolutionary Ethics Essay Example | Topics and Well Written Essays - 3000 words

Evolutionary Ethics - Essay Example What some evolutionists seem to say is that conduct which causes the doer of that conduct or even the race to which he belongs to survive is good conduct. It may be a plausible theory that prolongation of life in the individual or in the race is a good thing, so that all actions leading to it are good, but this is not an evolutionary theory of ethics. Like Sharmer (2004) wrote: "As we transition from kin and reciprocal altruism to species altruism and bio-altruism and as religion continues to give ground to science, we need a new ethic for an Age of Science, a new morality that not only incorporates the findings of science, but applies scientific thinking and the methods of science to tackling moral problems and resolving moral dilemmas. We have done well thus far, but we can do better" (p. 64) In contrast to the Shermer's statement, there seems to be something unstable about every evolutionary theory which tends to turn into a theory of a different type. This is especially true of the greatest revolutionary theories of ethics, that of the twentieth century philosopher, Michael Shermer. Is there a natural selection and a 'survival of the fittest' in the sphere of morality as there is in the sphere of biological evolution According to Shermer "with an ascending hierarchy of needs from self-survival of the individual (basic biological needs), to the extension of the individual through the family (the selfish gene), to a sense of bonding with the extended family (driven by kin selection [or] helping those most related to us), to the reciprocal altruism of the community (direct and obvious payback for good behaviours), to indirect altruism of society (doing good without direct payback), to species altruism and bio-altruism as awareness of our membership in the species and biosphere continue[d] to develop" (p. 20). If we were dealing with the positive science of ethics we could certainly make generalizations very like those that are made by the Shermer. Individuals and races may vary their conduct, just like the 'chance variations' of Shermer, and we may believe that certain varieties of conduct will lead the race or individuals that practise them to survive, while those practising other types of conduct will perish. There may be a struggle for existence in the world of men as in the world of animals; only in the developed stages of that struggle the qualities which lead to survival will change, as Spencer himself realized. According to Richard Dawkin, "such struggle engages not only human beings but lower beings too, all competing with each other for limited resources"1 (Bromberg). His philosophies are significant in realizing that human beings, in spite of everything, still act reluctantly on a biological level. The use of intelligence, as in the construction of aeroplanes and atomic bombs, and co-operation for

MIDTERM QUESTIONS Essay Example | Topics and Well Written Essays - 750 words

MIDTERM QUESTIONS - Essay Example The mass media is able to effectively set almost any political or public agenda and frame how media consumers view a particular topic. For instance, an overall majority of information that is presented to the consumers against gay marriage would set a public agenda that suggests that everyone is and should be against gay marriage. The agenda-setting and cultivation theories come into play here and have a direct relationship with setting the public agenda. Gatekeeping is a process that all media stories go through internally within the specific media outlet to determine what information is allows to be presented to the public and in what way. Writers and reporters typically are given specific assignments and told to write them from a particular viewpoint. After the work is written, the editors will comb through the work to make sure that it is void of errors and presents the appropriate message for the general public. Because media outlets frame messages, the editors are directly responsible for ensuring that the messages are properly framed and presented in a clear, understandable format. The potential problem that this presents is that the consumer may not be able to peel apart the framing of the mass media. In other words, the consumer is only going to hear a specific message and not always the entire story. This does not mean that the media is lying about the story, but it simply means that the way it is portrayed is framed in a specific manner so that the consumer perceives it in a particular way. Many consumers do not think objectively about a news story and accept what they view to be true. The media can easily take advantage of the ignorance of the general public. The mass media can cultivate an individual’s attitude or perceptions based on the type of message and the specific details of the message that are being portrayed. Cultivation

Leadership in the United States Army Assignment Example | Topics and Well Written Essays - 750 words

Leadership in the United States Army - Assignment Example This principle of leadership is developed by the use of leadership traits, for example as an army leader in the United States, one must know the strength and weakness which one possesses. Experience and knowledge must be considered since one is going to work with groups and one must know the best way to deal with any given situation. Before one can lead, one must be able to do the job of military and again demonstrate the ability to accomplish the mission and demonstrate competence in any mission that is given to him or her. In the United States as an army leader, one must seek well rounded military education or even carry research so as to be technically and tactically proficient (Howell, 2012). Again one must seek guidance from capable leaders who have been in a position to lead and associating with other units of security and knowing their tactics so as to improve leadership skills. As an army leader who has undergone promotion by ranks, one must set the standards by personal example. All the military men who are under the leadership must do what is said and not as what one wants. The appearance, attitude, physical fitness and personal example are the key areas that those who are under the leaders look and therefore as a leader one must observe them properly. This principle is commonly used where a command is to be dictated for example in the case of United States army where the commander must command and communicate in a clear and concise manner (Johnson, 2009). Supervision must be highly looked upon and certainly made that the mission is understood by everyone in the group and questions are given time to be clarified and advice given. As an army commander in United States teamwork always leads to the achievement of the goals and thus being encouraged with perfection.

MIDTERM QUESTIONS Essay Example | Topics and Well Written Essays - 750 words

MIDTERM QUESTIONS - Essay Example The mass media is able to effectively set almost any political or public agenda and frame how media consumers view a particular topic. For instance, an overall majority of information that is presented to the consumers against gay marriage would set a public agenda that suggests that everyone is and should be against gay marriage. The agenda-setting and cultivation theories come into play here and have a direct relationship with setting the public agenda. Gatekeeping is a process that all media stories go through internally within the specific media outlet to determine what information is allows to be presented to the public and in what way. Writers and reporters typically are given specific assignments and told to write them from a particular viewpoint. After the work is written, the editors will comb through the work to make sure that it is void of errors and presents the appropriate message for the general public. Because media outlets frame messages, the editors are directly responsible for ensuring that the messages are properly framed and presented in a clear, understandable format. The potential problem that this presents is that the consumer may not be able to peel apart the framing of the mass media. In other words, the consumer is only going to hear a specific message and not always the entire story. This does not mean that the media is lying about the story, but it simply means that the way it is portrayed is framed in a specific manner so that the consumer perceives it in a particular way. Many consumers do not think objectively about a news story and accept what they view to be true. The media can easily take advantage of the ignorance of the general public. The mass media can cultivate an individual’s attitude or perceptions based on the type of message and the specific details of the message that are being portrayed. Cultivation

Research a Fortune 500 company Paper Example | Topics and Well Written Essays - 1250 words

A Fortune 500 company - Research Paper Example Introduction Wal-Mart is regarded as an American based multinational retail business corporation. It is one of the top companies which regained its position in the Fortune 500 list as per the 2012 report. The company emphasized providing quality products to the customers at a reasonable price which supported it to regain its position in the market (Duke, 2012). The management and the marketing strategies that adopted and used by Wal-Mart have a great impact on its increasing sales and the revenue earned. The foremost reasons for the success of Wal-Mart include its effective management, making deliberate efforts to attain its vision and growth among others which are in turn providing the business of the company an edge over others. Management and Marketing Strategies Wal-Mart developed a business model which focused on providing greater satisfaction to the customer with the deliverance of low price products to them. The management of the company followed upon developing its marketing mix strategy. In terms of analyzing management strategies of Wal-Mart, it can be viewed that the management of the company took steps to offer reasonable prices to the different product ranges that they deliver to the customers. The management segments the product type based on the buying capacity of the individuals. In relation to marketing strategies, the company emphasized promoting its broad assortment of products through using hoardings, leaflets and offering special discounts. In this regard, it can be affirmed that the management of the company desires to attract the customers by creating a positive brand name and recognition in the business markets where it operates. Relating to marketing strategy, the management team of the company developed a slogan as a way of promoting its varied products i.e. "Everyday Low Prices."Â   Continuous innovation and the use of technology for making the customers more satisfied are the other managerial approaches that used by Wal-Mart. It can be apparently observed that technology innovation at Wal-Mart typically involves process and service invention that helps in reducing operational costs and time at large. In this context, the management followed three policy goals i.e. respect for individuals, facility to customers and determination for excellence (Hayden et. al., 2002). Different Business Life Cycles that Endured By Wal-Mart The Prosperity Phase- This phase is regarded as the growth phase of any company which is marked by strong economy and market presence. In this similar concern, Wal-Mart maintained this particular phase by offering "high-quality," along with branded products at low prices and also by forming several stores in small towns. Wal-Mart uses the discount merchandising strategy in order to increase the demand and the sales of its products and hence accomplished superior competitive position over others. In relation to this particular phase, the company is growing rapidly due to diversification strateg y that it follows and expanding its outlets in small towns. Another reason for the company to flourish in this modern business market is focusing on delivering high customer services. Due to excessive demand of the products, the management of the company absorbed more employees during this phase (Hayden et. al., 2002). The Recession and Recovery Phase- This is the business phase which exhibits expansion by a significant level. This particular pha

Hypo Group Alpe Adria Analysis

Hypo Group Alpe Adria Analysis 1. General information about Hypo Group Alpe Adria Hypo Group Alpe Adria is an international financial group with more than 380 banking and leasing locations in twelve European countries: Austria, Italy, Slovenia, Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Germany, Hungary, Bulgaria, Macedonia and the Ukraine. The group has a rich historical background. Roots of Hypo Group Alpe Adria date way back in 1896 when the group was founded. Consequently, it has accumulated more than one hundred years of business experience. In the beginning of its activities, it concentrated on financing public institutions and housing construction. Hypo KÃ ¤rnten as it was then known became a universal bank in 1982. In 1988 the Bank took the first step on the road to international expansion by opening a leasing subsidiary in Udine, Italy. It became a public limited company in 1991, and in 1992 Grazer Wechselseitige Versicherung joined the Province of Carinthia as the second shareholder. This marked the beginning of a new era for Hypo Alpe-Adria-Bank. With cross-border activities in twelve countries of the Alps Adriatic region[1], the Hypo Group Alpe Adria has a unique position in the economic area constituted by South Eastern Europe. Its network of branches and offices exists in Austria, Italy and Germany, from Slovenia through Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Macedonia, Hungary, Bulgaria and the Ukraine. Business priorities in the operations of Hypo Group Alpe Adria are the strategic business sectors banking and leasing, with the focus on a common goal: contribution to the prosperity of the Alps Adriatic region and of the people living in it. Hypo Group Alpe Adria is committed to pursuing its goal of becoming the leading commercial bank in the Alps Adriatic region. 1.2. Mission and Strategy The mission of the Group is the following: instead of pursuing global presence as a goal, Hypo Group Alpe Adria is more locally oriented. In the Alps to Adriatic region, with its cross-border markets, it is local market knowledge at a very personal and emotional level, which is crucial. Personal contact with the customers represents the basis of mutual trust for the Group. For this reason the Group sees its relationships as partnerships, which extend far beyond simple money issues. According to the Group, success can only be achieved through human contacts, and it can only be measured in terms of personal relationships, so that partnership at a personal level is the Groups ultimate ideal. Hypo Group Alpe Adria leaves the goal of worldwide presence to the global players. As a leading regional player in the Alps to Adriatic area, it concentrates on the southeastern markets, with the motto banking business is peoples business, confirming its nonnegotiable customer orientation. Respecting differences, growing together and sharing successes with others these are the cornerstones of partnerships with customers on which the business structures of the Group are based. Having in mind that the fundamental strategy of the Group is to achieve growth in the Alps to Adriatic region, Hypo Group Alpe Adria has been pursuing its visionary strategy since 1993 with great success: to establish and develop a strong financial services Group in the Alps to Adriatic region which combines the highly developed Northern Italian, Germany and Austrian business cultures with growth market opportunities in Hungary, Slovenia, Croatia, Bosnia Herzegovina, Serbia, Montenegro, Bulgaria, Macedonia and the Ukraine. As a result, the Group plays a key role in directing funds and economic development to and in the region. Up till now, its successful expansion has given Hypo Group Alpe Adria intensive coverage of the areas, which in coming years will become its home markets. Additionally, long term involvement and commitment are priorities of the Group. Hypo Group Alpe Adria has established itself as a strong and reliable business partner in the Alps to Adriatic region. Its involvement in each country represents a long term commitment, so that businesses operating in any of these countries have the certainty and security they need in order to develop their activities. The Group is actively involved in developing local economies, and consequently, this contributes to the foundations of local prosperity. Furthermore, preserving independence and regional identity is one of the cornerstones of the Groups philosophy. This fact gives customers and business partners the certainty that they are handling their business with a dynamic and internationally minded bank which at the same time is at home in each of the individual regions. Hypo Group Alpe Adria is close to its customers in all the countries it operates in, thanks to its emphasis on independence and un-bureaucratic decentralized structures. 1.4. Regional presence of Hypo Group Alpe Adria It is important to underline that the expansion of Hypo Group Alpe Adria into its core market, the Alps to Adriatic Region, followed gradually. The establishment of the first Austrian bank branch in Vicenza (Italy), under EU law followed with Austrias accession to the EU in 1995. In the same year leasing companies were established in Ljubljana (Slovenia) and Zagreb (Croatia). In the upcoming years further leasing outlets were opened in Slovenia and the expansion of the branch network in Italy and Croatia. In 1997 the number of staff at Hypo Group Alpe Adria went over the barrier of five hundred employees, accompanied by the start of construction of the present Klagenfurt (Austria) headquarters, which was completed in three phases by 2002. By the beginning of the new millennium, Hypo Group Alpe Adria already employed over one thousand people. In the following year it entered the market in Bosnia and Herzegovina. In 2002, Hypo Group Alpe Adrias expansion penetrated into the market of Serbia and Montenegro. The Groups dynamic progress continued in 2003, when it was announced as investor of the year in Bosnia and Herzegovina, opened a leasing branch in Munich (Germany), founded the Biogaspark Alpe Adria and launched tourism initiatives in Carinthia (Austria), starting the Schlosshotel Velden project. Hypo Group Alpe Adria is today active in Austria, Italy, Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Hungary, Bulgaria, Macedonia and Ukraine. In 2005 it numbered approximately 5000 employees at over 250 locations. The year of 2006 has been extremely important for the Group and it conducted strategically important expenditure decisions. It founded Hypo Alpe Adria Bank a.d. in Podgorica (Montenegro), Hypo Alpe-Adria-Rent d.o.o. in Belgrade (Serbia) and Hypo Alpe-Adria-Leasing OOD in Sofia (Bulgaria). The principal company of Hypo Group Alpe Adria is Hypo Alpe Adria Bank International AG, which has its head office in Klagenfurt (Austria). Its owners are BayernLB (67.08%), the GRAWE group (20.48%), KÃ ¤rntner Landesholding (12.42%) and Hypo Alpe Adria Mitarbeiter Privatstiftung (0.02%). The network of Hypo Group Alpe Adria currently has around 7,500 employees serving more than 1.3 million consumers. 2. Hypo Group Alpe Adria in Serbia Hypo Group Alpe Adria conducts its business activities in Serbia from 2002, as a part of the Hypo Alpe Adria Bank International AG Klagenfurt, which originally operated only in the territory of Austria. In the past couple of years, the Group began with its dynamic expansion in the international market, which consequently resulted in great success: the Group became one of the most successful financial institutions in the Alps Adriatic region, with approximately 7500 employees and more than 1.3 million clients in twelve countries. When we arrived to the Serbian market, we made a thorough analysis of finance, economy and legal sector, as well as the political situation of the country, based on which we have determined that Serbia will become one of the most important countries in our network. Serbia has enormous potential and we plan to invest in this country in the future and to become one of the leading financial institutions of the country. (Markus Ferstl, former Chairman of the Management Board of the Hypo Alpe Adria Bank a.d. Beograd) Having in mind that Hypo Group Alpe Adria`s strategic business sectors are banking and leasing, the Serbian market was firstly penetrated in the leasing sector. Leasing represents a relatively new form of financing in the Serbian market. Therefore, a leasing company bearing the name Hypo Alpe Adria Leasing d.o.o., was established in 2002, and it gained a leading position from the very beginning of its activities. The company remained the leader till present time with a cumulative market share of 35.19% in all segments of financing. Hypo Alpe Adria Leasing d.o.o. Beograd currently employs 136 people in affiliating offices throughout Serbia, including Belgrade, Novi Sad, Cacak, NiÃ… ¡, Subotica, Sombor, Zrenjanin, Becej, VrÃ… ¡c, Ã…  abac, Kragujevac and KruÃ… ¡evac. Additionally, not long after the establishment of Hypo Alpe Adria Leasing d.o.o. in Serbia, the bank by the name Hypo Alpe Adria Bank a.d. Beograd was founded in 2002. In just eight moths of business operations in Serbia, the newly founded bank achieved a growth rate of 853%, which exceeded all expectations. Hypo Alpe Adria Bank a.d. Beograd is currently one of the top five financial institutions in Serbia, with a market share of 8.55% and first-class and diversified portfolios. Additionally, it employs more than 800 people and has developed a rich business network consisting of affiliates in almost all bigger cities in Serbia, taking into consideration the headquarters of the company located in Belgrade, in the Business Center Usce where the other member companies of the Group are located[2]. Hypo Alpe Adria Securities a.d. Beograd was founded in 2004. The company is ranked among the top five broker companies in the market of shares and of old savings bonds trading. The youngest company of the Group is Hypo Alpe Adria Rent d.o.o. Beograd, which is the first financial institution in Serbia to offer the possibility of operational leasing for the clients. During the present research, special focus will be on the bank and the leasing company operating in within the system of Hypo Alpe Adria Group. 3. Hypo Alpe Adria Bank a.d. Beograd In order to proceed with the research on Hypo Alpe Adria Bank a.d. Beograd, it is necessary to explain the circumstances in which the banking sector in Serbia existed from 1990s till present time. Disintegration and collapse of socialist Yugoslavia in the beginning of the 1990s announced the so-called lost decade, meaning that major structural features and weaknesses of the banking system were preserved or additionally deteriorated and the overall situation became desperate. The main characteristics of 1990s were losses of markets, repeated wars, economic sanctions and international isolation of the country. Mismanagement and pervasive corruption were main factors, which contributed to the degeneration of the economy. After the major hyperinflation, which occurred in 1993 and 1994, 90 % of all bank loans were perceived as bad. Unprofitable and non-performing foreign currency balance sub-balances dominated balance sheets. One of the main priorities in the reform agenda of the new Serbian authorities, which took over in 2000 was bank restructuring. The essence of the strategy was to undertake bank rehabilitation and re-capitalization only in the cases when it was expected that the banks could be viable institutions with good prospects for privatization through sale to strategic investor at a reasonable price and only if it can be implemented with identifiable fiscal resources. In the beginning of 2002, Serbian authorities decided to conduct one of the boldest bank resolution measures undertaken in transition economies: they liquidated four large and deeply insolvent banks, which accounted for 60% of the book value of the sectors asset and for about two thirds of outstanding commercial credit to non financial sector. Furthermore, banking legislation and regulations were improved[3]. After the first major wave of reform, credit institutions have become more attentive in lending money to the real sector which was still very week. The government immediately acted on attracting foreign investors since there was an urgent need for such a thing. Consequently, from the late 2000 to December 2002, National Bank of Yugoslavia (the central bank) issued eight bank licenses, out of which seven were for the foreign owned banks. Internationalization and privatization of the Serbian banking industry continued in 2005. The share of the market accounted for by foreign banks rose to 67.52%. Out of the ten largest banks, seven are foreign. Successful sales of Serbian banks to foreign financial institutions provided a vigorous stimulus to the countrys banking industry. Total assets of all banks in 2005 jumped by 40.4% compared with the previous year, to 9.07 billion euros. Strong increases in lending to private and business customers were the main forces, which were driving growth. Progress was also made in restoring the confidence of domestic savers: total deposits at the end of 2005 amounted to 5 billion euros. Foreign banks which penetrated the Serbian market played an important role in restoring confidence in the sector and have gathered a significant share of new deposits. One of these banks was Hypo Alpe Adria Bank a.d. Beograd. Hypo Alpe-Adria Banks involvement in the Serbian market began in December 2002, when it acquired Depozitno-kreditna banka. The Austrian bank concluded the purchase of 86.6% of the Serbian Depozitno-Kreditna Banka, founded May 22nd 1991, whose registered offices were in Belgrade. At the shareholders meeting held on October 8th 2002, the Banks name was changed to Hypo Alpe-Adria-Bank a.d., the capital increase to EUR 5.5 million was resolved, and the new Supervisory Board was appointed. The headquarters of to Hypo Alpe-Adria-Bank a.d., the member of the Hypo Group (after Austria, Italy, Slovenia, Croatia, Bosnia-Herzegovina and Liechtenstein), are located in the new part of Belgrade New Belgrade. Referring to total assets, Hypo Alpe-Adria-Bank a.d. is Serbias fourth-largest bank with a market share of 6.47 %. Furthermore, approximately 900 employees are currently working for the Bank in a total of forty-one branch offices throughout Serbia. Market share of top five banks in Serbia (Source: National Bank of Serbia available at http://www.nbs.rs/export/internet/latinica/50/50_5.html) After just several months of its operations in Serbia, the Bank has established itself as a recognizable part of the Serbian financial scene. In its first two years of its activities, Hypo concentrated on corporate customers. The Bank has achieved a particular competitive advantage in the corporate sector with its long-term investment lending. Efforts to develop private customer business began in 2004. The specific focus gradually switched to the housing construction market, which was performing excellently. When we arrived to the Serbian market in 2002, we were among the first ones and there had been only six foreign banks operating in the market. We have used that window of opportunity, the situation when there had been few foreign banks present, in order to develop our credit portfolio. In that period, we had the opportunity to finance some of the most successful companies in Serbia, as well as to develop well-balanced portfolio, which we diversified over the years. Special attention was dedicated to retail sector, mostly in the field of house loans. Additionally, we have formed a special unit for financing of small and medium sized enterprises and this has become one of our corporate priorities, having in mind that these companies are often suppliers and partners of the big companies we already cooperate with. Other than that, our focus is on food industry, agriculture, pharmaceutical and chemical industry. (Vladimir Cupic, Chairman of the Management Board of the Hypo Alpe Adria Bank a.d. Beograd) The Bank is organized in the following sectors and departments: Corporate sector Retail sector Sector of financing public enterprises and local community units Treasury sector Investment banking HR department Economic analysis department Sector settlement Market support sector Logistics sector Sector of organization and information technology Legal department Department of business control harmonization Marketing department The research process will only incorporate the sectors, which are relevant for the research question of the thesis. 3.1. Corporate sector From the very beginning of its operations in Serbia, the Bank has established an extremely developed corporate sector, which quickly expanded in the sense of different departments within the sector, as well as the number of employees. The corporate sector of Hypo Alpe Adria Bank quickly achieved competitive advantage in comparison to other banks in Serbia. Various departments are organized within the sector: Credit department Small and medium enterprises (transferred to the Retail sector in 2006) International financing Products and services of the corporate sector are concentrated on the client and its needs, and include the following: Investment loans (loans approved for the purpose of purchase of machines, equipment, land, real estate) Framework loans (exceeding permissible minus on the account, eskont of bills and revolving lines) Documentary operations (guarantees, credits, purchase of receivables and inkaso) Loans for working capital Till 2006 Hypo Alpe Adria Bank mainly focused on long term corporate loans, which were given to the big corporate clients. Since then, it strategically refocused on small and medium sized enterprises and expanded its offer of products. Corporate sector is known for its extremely innovative products and services offered to the clients. The innovation, which was introduced by the Bank in the market of Serbia, is the so-called cross border financing. This type of financing is dedicated to the clients that operate in more than two countries. The financing capital is actually provided from outside Serbia and offered to the clients under much better conditions than the ones, which are present in the Serbian market. Additionally, the Bank provides special guarantees for the clients within the Hypo Group, and in this way supports their business activities in other countries. Furthermore, another product, which is particularly innovative, was introduced in 2004 and it is called the revolving line. By using this product, clients are automatically enabled to use other additional products, according to their needs (dinar and foreign currency loans, working capital loans, guarantees etc.). The revolving line can be used by big corporate clients, as well as small and medium sized enterprises and entrepreneurs. Being a strategic branch of the Serbian economy, agriculture is one of the top priorities of the corporate sector. The Bank has been extremely active in financing agricultural production: individual agricultural manufacturers have the possibility to finance basic and working capital. Cross selling activities refer to the presentation of banks products from other sectors within the Bank. Acquisition of new clients also represents one of the fundamental operations of the corporate sector. It is particularly important since it is the basis of the planned growth of deposits, as the fundamentals for the primary sources. Special attention within the sector is dedicated to project and structural financing, like: financing of projects for the market or long term exploitation, purchase of shares, mergers / acquisitions of companies. 3.2. Human resource (HR) department and relationship towards employees HR department of Hypo Alpe Adria Bank was established in May of 2003 and has developed its activities at a very rapid pace, due to the fact that the number of employees was increasing intensively. In the very beginning of its operations in Serbia, the bank had a total of 27 employees and in just one year the number increased to 323 employees. In 2005, the growth trend continued and the number of the bank staff reached 531 people. Finally, on the closing date, 31 December 2008, Hypo Alpe-Adria-Bank a.d., Beograd had 871 employees. The increase of the number of employees is the result of the extension of the branch office network. Furthermore, additional employees were recruited in the headquarters to cater for the increasing customer demands. Within the initial process of selection and engagement of young experts, 600 potential candidates have been interviewed. Furthermore, database containing more than 1500 biographies of interested candidates was created, which points out to the fact that young people of Serbia are very keen on participating in the creation of modern multinational companies. One of the key priorities of the HR department from the very beginning of its existence was to enable quick integration of new employees into the system. Secondly, the Bank immediately started with the implementation of the Hypo standards, creation of the corporate identity and team atmosphere in the institution. Additionally, a very important strategic goal for the department was to become the source of educational staff, which would be capable of taking on new jobs, initiatives and development. In that sense, many of the employees, who have already acquired standards of the corporation and business modalities, have obtained leading positions within the Bank as the heads of various sectors. As far as the age structure is concerned, majority of employees of the Bank belong to the age group 30 39 years old, as it is shown in the diagram below. Additionally, 47% of all employees have acquired university education, while 33% of employees have secondary education. Activities of HR department are focused in three directions: administration, finance and education. In the area of administration, the department is handling recruitment process and hiring of new people who are competent and can contribute to the environment of the Bank. In the field of finance, the so called time management program is being implemented within the department, referring to the planning of the budget which will be used for the purpose of staff education and various bonus systems realized through completed targets. Having in mind the fact that, contemporary flows of banking operations worldwide demand constant education of the staff in all areas of the business, HR department takes particular notice of education of employees. The department is conducting educational trainings in various forms: motivation trainings, special skills development courses and language courses. This contributes to the raising of the efficiency level of the staff. Educational trainings are organized internally and externally. Some of the most important types of trainings, depending on the sector are: Cross selling courses Microsoft Office Excel seminars Insurance trainings, which enables the participants to obtain the license of the insurance mediator Small and medium sized enterprises trainings Seminars for the sale of pension and investment funds CDO`s and Credit linked trainings Specialist courses MCPD and MCITP Database Administrator for staff in the sector for informational technologies System Oriented Management course 1 and 2 Optional modules Top executive Education Public Finance Basic Training Project management Train the Trainer Project Management for Top Management Cross selling courses for account managers are particularly important for the activities of the Bank, in order to introduce existing clients of the Bank with new products and services. In this way, account managers tend to ensure that the additional product or service is being sold to the client, while at the same time enhancing the value the client gets from the Bank. Moreover, employees have the opportunity of expanding their knowledge in seminars jointly organized in cooperation with relevant public institutions, such as the National bank of Serbia, Association of Banks in Serbia, Serbian Chamber of Commerce, Institute for Business research and other external providers, as well as trainings related to international accounting standards. Having in mind that the Bank operates in twelve countries and that everyday communication involves the use of foreign languages, English courses are provided for all employees, at the expense of the Company. Additionally, certain numbers of employees who occupy the positions, which are directly linked to the headquarters of the Group in Austria, take courses of German language, whose expenses are also borne by the Company. Particularly relevant project of the department was realized in 2008, when the Bank established its internal employee training center. The main goal of the project was to make the best possible use of the existing knowledge and the practical experience of the staff. The center was formed in order to initiate internal transfer of knowledge among employees, information sharing, better communication, which consequently leads to better work performance and improvement of inter-personal relations within the Bank. This modern and completely technically equipped space is intended for internal and in house trainings, seminars and workshops for employees. Additionally, several types of trainings are conducted within the Center: cross selling workshops, Hypo 1 a tool which helps the staff get acquainted about other sectors besides their own, small and medium size enterprises trainings, etc. In just three months after its opening, more than 400 employees have participated in organized trai nings, and in one year more than 900 employees successfully passed over 30 internal educational and development programs of the center, which consequently justified the original expectations set by the management of the Bank. In addition, there is no doubt that one of the key priorities of the Bank is employee satisfaction. HR department in Hypo Bank actively conducts the employee assessment programs, which are incorporated in the employee satisfaction program. Originally, the program was based on yearly interviews of employees and their superiors on the subject of work efficiency and success, through self evaluation done by the employee, and the evaluation obtained from the superior. In order to upgrade the program, in 2007 HR department decided to introduce new actions. One of these actions was employee satisfaction survey. This type of survey is conducted among all employees in the end of every working year, and concentrates on the four most important areas of employee satisfaction: general satisfaction with work and work conditions, communication and interpersonal relations, leadership, bonus systems and career opportunities. Achieved results from the survey serve as the basis for strategy planning for the upcoming years. This is particularly important in order to include the opinion of the staff in the process of future strategy defining and decision making, so that everyone can benefit from it. Furthermore, obtained results were than given to the HR agency Advance Response International that deals with HR issues, and in this way anonymity and objectivity of the research was achieved. At this point, it is necessary to highlight that Hypo Bank has developed cooperation with several human resource agencies for the purpose of various types of train ings: project management, leadership and management, credit and market risk, etc. Asides from the efforts, which are focused on the improvement of communication among employees, inter-personal relations and management, the management of the Bank puts special emphasis on professional development of the middle and top management members. For that purpose, development center operating within the HR department was established in order to assess development necessities of the staff belonging to these levels of management. The center analyses results of interviews, surveys and supervisors suggestions, and consequently creates individual development plan for every employee. Another type of development plan created in the center, is team development plan, which is implemented on the entire teams working in specific sectors. In order to do business well, you need to have products of good quality, but asides from that, you need to have excellent staff. Therefore, we invest a lot in education and training of our employees. For example, in the second quarter of 2006, we realized a special trainee project. We hired motivated young people who had just completed their university education and we enabled them to pass specific trainings throughout the entire Group in two years, in order to get familiar with every aspect of the company business activities. They didnt have trainings only in Serbia; they also visited other Hypo companies abroad. As we often like to say in the Group: our greatest assets are our employees and for that reason we will continue to invest in their internal and external education. (Marija Sutanovac, Head of the HR department of the Hypo Alpe Adria Bank a.d. Beograd). Important point, which should be highlighted in this section, is opportunity for scholarships for university education of employees. Each year Bank supports further education of thirty selected employees and provides funding for their studies. This program represents a special kind of acknowledgement for talented and hard working employees. Furthermore, in cooperation with the Serbian Business Club Privrednik[4], the Bank provides scholarships for ten students, which are not employees of the bank, and in this way shows its support directed to the young people of Serbia. In this way, talented and perspective students have the opportunity to be in touch with the people from the most significant and influential companies in Serbia, and can find employment opportunities upon their graduation asides form their scholarships. 3.3. Marketing department and relationship towards clients Marketing department had a challenging task of providing support to all business activities of the Bank, once it penetrated the Serbian market. The key priority of the department was to create a positive image of the Hypo Bank, as well as to inform the Serbian population about its products and services. Corporate image strategy emphasized values of the bank: its tradition, innovative approach to business, Alps-Adriatic philosophy based on the regional banking client focus, partnership, security, corporate responsibility and independence. The main focus of the department was to create and promote the corporate image, which emphasizes that Hypo Alpe Adria Bank a.d. Beograd takes care of its clients in the same way as it takes care of its employees, and that it is a reliable partner who nurtures the local community in which it exists. The main element of the departments strategy was to create two-way communication with the clients: to reach the clients, and to hear their needs as well. For that purpose, the Bank introduced a special program called clients suggestions. Clients of the Bank have the possibility of sending their suggestions, comments, Hypo Group Alpe Adria Analysis Hypo Group Alpe Adria Analysis 1. General information about Hypo Group Alpe Adria Hypo Group Alpe Adria is an international financial group with more than 380 banking and leasing locations in twelve European countries: Austria, Italy, Slovenia, Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Germany, Hungary, Bulgaria, Macedonia and the Ukraine. The group has a rich historical background. Roots of Hypo Group Alpe Adria date way back in 1896 when the group was founded. Consequently, it has accumulated more than one hundred years of business experience. In the beginning of its activities, it concentrated on financing public institutions and housing construction. Hypo KÃ ¤rnten as it was then known became a universal bank in 1982. In 1988 the Bank took the first step on the road to international expansion by opening a leasing subsidiary in Udine, Italy. It became a public limited company in 1991, and in 1992 Grazer Wechselseitige Versicherung joined the Province of Carinthia as the second shareholder. This marked the beginning of a new era for Hypo Alpe-Adria-Bank. With cross-border activities in twelve countries of the Alps Adriatic region[1], the Hypo Group Alpe Adria has a unique position in the economic area constituted by South Eastern Europe. Its network of branches and offices exists in Austria, Italy and Germany, from Slovenia through Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Macedonia, Hungary, Bulgaria and the Ukraine. Business priorities in the operations of Hypo Group Alpe Adria are the strategic business sectors banking and leasing, with the focus on a common goal: contribution to the prosperity of the Alps Adriatic region and of the people living in it. Hypo Group Alpe Adria is committed to pursuing its goal of becoming the leading commercial bank in the Alps Adriatic region. 1.2. Mission and Strategy The mission of the Group is the following: instead of pursuing global presence as a goal, Hypo Group Alpe Adria is more locally oriented. In the Alps to Adriatic region, with its cross-border markets, it is local market knowledge at a very personal and emotional level, which is crucial. Personal contact with the customers represents the basis of mutual trust for the Group. For this reason the Group sees its relationships as partnerships, which extend far beyond simple money issues. According to the Group, success can only be achieved through human contacts, and it can only be measured in terms of personal relationships, so that partnership at a personal level is the Groups ultimate ideal. Hypo Group Alpe Adria leaves the goal of worldwide presence to the global players. As a leading regional player in the Alps to Adriatic area, it concentrates on the southeastern markets, with the motto banking business is peoples business, confirming its nonnegotiable customer orientation. Respecting differences, growing together and sharing successes with others these are the cornerstones of partnerships with customers on which the business structures of the Group are based. Having in mind that the fundamental strategy of the Group is to achieve growth in the Alps to Adriatic region, Hypo Group Alpe Adria has been pursuing its visionary strategy since 1993 with great success: to establish and develop a strong financial services Group in the Alps to Adriatic region which combines the highly developed Northern Italian, Germany and Austrian business cultures with growth market opportunities in Hungary, Slovenia, Croatia, Bosnia Herzegovina, Serbia, Montenegro, Bulgaria, Macedonia and the Ukraine. As a result, the Group plays a key role in directing funds and economic development to and in the region. Up till now, its successful expansion has given Hypo Group Alpe Adria intensive coverage of the areas, which in coming years will become its home markets. Additionally, long term involvement and commitment are priorities of the Group. Hypo Group Alpe Adria has established itself as a strong and reliable business partner in the Alps to Adriatic region. Its involvement in each country represents a long term commitment, so that businesses operating in any of these countries have the certainty and security they need in order to develop their activities. The Group is actively involved in developing local economies, and consequently, this contributes to the foundations of local prosperity. Furthermore, preserving independence and regional identity is one of the cornerstones of the Groups philosophy. This fact gives customers and business partners the certainty that they are handling their business with a dynamic and internationally minded bank which at the same time is at home in each of the individual regions. Hypo Group Alpe Adria is close to its customers in all the countries it operates in, thanks to its emphasis on independence and un-bureaucratic decentralized structures. 1.4. Regional presence of Hypo Group Alpe Adria It is important to underline that the expansion of Hypo Group Alpe Adria into its core market, the Alps to Adriatic Region, followed gradually. The establishment of the first Austrian bank branch in Vicenza (Italy), under EU law followed with Austrias accession to the EU in 1995. In the same year leasing companies were established in Ljubljana (Slovenia) and Zagreb (Croatia). In the upcoming years further leasing outlets were opened in Slovenia and the expansion of the branch network in Italy and Croatia. In 1997 the number of staff at Hypo Group Alpe Adria went over the barrier of five hundred employees, accompanied by the start of construction of the present Klagenfurt (Austria) headquarters, which was completed in three phases by 2002. By the beginning of the new millennium, Hypo Group Alpe Adria already employed over one thousand people. In the following year it entered the market in Bosnia and Herzegovina. In 2002, Hypo Group Alpe Adrias expansion penetrated into the market of Serbia and Montenegro. The Groups dynamic progress continued in 2003, when it was announced as investor of the year in Bosnia and Herzegovina, opened a leasing branch in Munich (Germany), founded the Biogaspark Alpe Adria and launched tourism initiatives in Carinthia (Austria), starting the Schlosshotel Velden project. Hypo Group Alpe Adria is today active in Austria, Italy, Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Hungary, Bulgaria, Macedonia and Ukraine. In 2005 it numbered approximately 5000 employees at over 250 locations. The year of 2006 has been extremely important for the Group and it conducted strategically important expenditure decisions. It founded Hypo Alpe Adria Bank a.d. in Podgorica (Montenegro), Hypo Alpe-Adria-Rent d.o.o. in Belgrade (Serbia) and Hypo Alpe-Adria-Leasing OOD in Sofia (Bulgaria). The principal company of Hypo Group Alpe Adria is Hypo Alpe Adria Bank International AG, which has its head office in Klagenfurt (Austria). Its owners are BayernLB (67.08%), the GRAWE group (20.48%), KÃ ¤rntner Landesholding (12.42%) and Hypo Alpe Adria Mitarbeiter Privatstiftung (0.02%). The network of Hypo Group Alpe Adria currently has around 7,500 employees serving more than 1.3 million consumers. 2. Hypo Group Alpe Adria in Serbia Hypo Group Alpe Adria conducts its business activities in Serbia from 2002, as a part of the Hypo Alpe Adria Bank International AG Klagenfurt, which originally operated only in the territory of Austria. In the past couple of years, the Group began with its dynamic expansion in the international market, which consequently resulted in great success: the Group became one of the most successful financial institutions in the Alps Adriatic region, with approximately 7500 employees and more than 1.3 million clients in twelve countries. When we arrived to the Serbian market, we made a thorough analysis of finance, economy and legal sector, as well as the political situation of the country, based on which we have determined that Serbia will become one of the most important countries in our network. Serbia has enormous potential and we plan to invest in this country in the future and to become one of the leading financial institutions of the country. (Markus Ferstl, former Chairman of the Management Board of the Hypo Alpe Adria Bank a.d. Beograd) Having in mind that Hypo Group Alpe Adria`s strategic business sectors are banking and leasing, the Serbian market was firstly penetrated in the leasing sector. Leasing represents a relatively new form of financing in the Serbian market. Therefore, a leasing company bearing the name Hypo Alpe Adria Leasing d.o.o., was established in 2002, and it gained a leading position from the very beginning of its activities. The company remained the leader till present time with a cumulative market share of 35.19% in all segments of financing. Hypo Alpe Adria Leasing d.o.o. Beograd currently employs 136 people in affiliating offices throughout Serbia, including Belgrade, Novi Sad, Cacak, NiÃ… ¡, Subotica, Sombor, Zrenjanin, Becej, VrÃ… ¡c, Ã…  abac, Kragujevac and KruÃ… ¡evac. Additionally, not long after the establishment of Hypo Alpe Adria Leasing d.o.o. in Serbia, the bank by the name Hypo Alpe Adria Bank a.d. Beograd was founded in 2002. In just eight moths of business operations in Serbia, the newly founded bank achieved a growth rate of 853%, which exceeded all expectations. Hypo Alpe Adria Bank a.d. Beograd is currently one of the top five financial institutions in Serbia, with a market share of 8.55% and first-class and diversified portfolios. Additionally, it employs more than 800 people and has developed a rich business network consisting of affiliates in almost all bigger cities in Serbia, taking into consideration the headquarters of the company located in Belgrade, in the Business Center Usce where the other member companies of the Group are located[2]. Hypo Alpe Adria Securities a.d. Beograd was founded in 2004. The company is ranked among the top five broker companies in the market of shares and of old savings bonds trading. The youngest company of the Group is Hypo Alpe Adria Rent d.o.o. Beograd, which is the first financial institution in Serbia to offer the possibility of operational leasing for the clients. During the present research, special focus will be on the bank and the leasing company operating in within the system of Hypo Alpe Adria Group. 3. Hypo Alpe Adria Bank a.d. Beograd In order to proceed with the research on Hypo Alpe Adria Bank a.d. Beograd, it is necessary to explain the circumstances in which the banking sector in Serbia existed from 1990s till present time. Disintegration and collapse of socialist Yugoslavia in the beginning of the 1990s announced the so-called lost decade, meaning that major structural features and weaknesses of the banking system were preserved or additionally deteriorated and the overall situation became desperate. The main characteristics of 1990s were losses of markets, repeated wars, economic sanctions and international isolation of the country. Mismanagement and pervasive corruption were main factors, which contributed to the degeneration of the economy. After the major hyperinflation, which occurred in 1993 and 1994, 90 % of all bank loans were perceived as bad. Unprofitable and non-performing foreign currency balance sub-balances dominated balance sheets. One of the main priorities in the reform agenda of the new Serbian authorities, which took over in 2000 was bank restructuring. The essence of the strategy was to undertake bank rehabilitation and re-capitalization only in the cases when it was expected that the banks could be viable institutions with good prospects for privatization through sale to strategic investor at a reasonable price and only if it can be implemented with identifiable fiscal resources. In the beginning of 2002, Serbian authorities decided to conduct one of the boldest bank resolution measures undertaken in transition economies: they liquidated four large and deeply insolvent banks, which accounted for 60% of the book value of the sectors asset and for about two thirds of outstanding commercial credit to non financial sector. Furthermore, banking legislation and regulations were improved[3]. After the first major wave of reform, credit institutions have become more attentive in lending money to the real sector which was still very week. The government immediately acted on attracting foreign investors since there was an urgent need for such a thing. Consequently, from the late 2000 to December 2002, National Bank of Yugoslavia (the central bank) issued eight bank licenses, out of which seven were for the foreign owned banks. Internationalization and privatization of the Serbian banking industry continued in 2005. The share of the market accounted for by foreign banks rose to 67.52%. Out of the ten largest banks, seven are foreign. Successful sales of Serbian banks to foreign financial institutions provided a vigorous stimulus to the countrys banking industry. Total assets of all banks in 2005 jumped by 40.4% compared with the previous year, to 9.07 billion euros. Strong increases in lending to private and business customers were the main forces, which were driving growth. Progress was also made in restoring the confidence of domestic savers: total deposits at the end of 2005 amounted to 5 billion euros. Foreign banks which penetrated the Serbian market played an important role in restoring confidence in the sector and have gathered a significant share of new deposits. One of these banks was Hypo Alpe Adria Bank a.d. Beograd. Hypo Alpe-Adria Banks involvement in the Serbian market began in December 2002, when it acquired Depozitno-kreditna banka. The Austrian bank concluded the purchase of 86.6% of the Serbian Depozitno-Kreditna Banka, founded May 22nd 1991, whose registered offices were in Belgrade. At the shareholders meeting held on October 8th 2002, the Banks name was changed to Hypo Alpe-Adria-Bank a.d., the capital increase to EUR 5.5 million was resolved, and the new Supervisory Board was appointed. The headquarters of to Hypo Alpe-Adria-Bank a.d., the member of the Hypo Group (after Austria, Italy, Slovenia, Croatia, Bosnia-Herzegovina and Liechtenstein), are located in the new part of Belgrade New Belgrade. Referring to total assets, Hypo Alpe-Adria-Bank a.d. is Serbias fourth-largest bank with a market share of 6.47 %. Furthermore, approximately 900 employees are currently working for the Bank in a total of forty-one branch offices throughout Serbia. Market share of top five banks in Serbia (Source: National Bank of Serbia available at http://www.nbs.rs/export/internet/latinica/50/50_5.html) After just several months of its operations in Serbia, the Bank has established itself as a recognizable part of the Serbian financial scene. In its first two years of its activities, Hypo concentrated on corporate customers. The Bank has achieved a particular competitive advantage in the corporate sector with its long-term investment lending. Efforts to develop private customer business began in 2004. The specific focus gradually switched to the housing construction market, which was performing excellently. When we arrived to the Serbian market in 2002, we were among the first ones and there had been only six foreign banks operating in the market. We have used that window of opportunity, the situation when there had been few foreign banks present, in order to develop our credit portfolio. In that period, we had the opportunity to finance some of the most successful companies in Serbia, as well as to develop well-balanced portfolio, which we diversified over the years. Special attention was dedicated to retail sector, mostly in the field of house loans. Additionally, we have formed a special unit for financing of small and medium sized enterprises and this has become one of our corporate priorities, having in mind that these companies are often suppliers and partners of the big companies we already cooperate with. Other than that, our focus is on food industry, agriculture, pharmaceutical and chemical industry. (Vladimir Cupic, Chairman of the Management Board of the Hypo Alpe Adria Bank a.d. Beograd) The Bank is organized in the following sectors and departments: Corporate sector Retail sector Sector of financing public enterprises and local community units Treasury sector Investment banking HR department Economic analysis department Sector settlement Market support sector Logistics sector Sector of organization and information technology Legal department Department of business control harmonization Marketing department The research process will only incorporate the sectors, which are relevant for the research question of the thesis. 3.1. Corporate sector From the very beginning of its operations in Serbia, the Bank has established an extremely developed corporate sector, which quickly expanded in the sense of different departments within the sector, as well as the number of employees. The corporate sector of Hypo Alpe Adria Bank quickly achieved competitive advantage in comparison to other banks in Serbia. Various departments are organized within the sector: Credit department Small and medium enterprises (transferred to the Retail sector in 2006) International financing Products and services of the corporate sector are concentrated on the client and its needs, and include the following: Investment loans (loans approved for the purpose of purchase of machines, equipment, land, real estate) Framework loans (exceeding permissible minus on the account, eskont of bills and revolving lines) Documentary operations (guarantees, credits, purchase of receivables and inkaso) Loans for working capital Till 2006 Hypo Alpe Adria Bank mainly focused on long term corporate loans, which were given to the big corporate clients. Since then, it strategically refocused on small and medium sized enterprises and expanded its offer of products. Corporate sector is known for its extremely innovative products and services offered to the clients. The innovation, which was introduced by the Bank in the market of Serbia, is the so-called cross border financing. This type of financing is dedicated to the clients that operate in more than two countries. The financing capital is actually provided from outside Serbia and offered to the clients under much better conditions than the ones, which are present in the Serbian market. Additionally, the Bank provides special guarantees for the clients within the Hypo Group, and in this way supports their business activities in other countries. Furthermore, another product, which is particularly innovative, was introduced in 2004 and it is called the revolving line. By using this product, clients are automatically enabled to use other additional products, according to their needs (dinar and foreign currency loans, working capital loans, guarantees etc.). The revolving line can be used by big corporate clients, as well as small and medium sized enterprises and entrepreneurs. Being a strategic branch of the Serbian economy, agriculture is one of the top priorities of the corporate sector. The Bank has been extremely active in financing agricultural production: individual agricultural manufacturers have the possibility to finance basic and working capital. Cross selling activities refer to the presentation of banks products from other sectors within the Bank. Acquisition of new clients also represents one of the fundamental operations of the corporate sector. It is particularly important since it is the basis of the planned growth of deposits, as the fundamentals for the primary sources. Special attention within the sector is dedicated to project and structural financing, like: financing of projects for the market or long term exploitation, purchase of shares, mergers / acquisitions of companies. 3.2. Human resource (HR) department and relationship towards employees HR department of Hypo Alpe Adria Bank was established in May of 2003 and has developed its activities at a very rapid pace, due to the fact that the number of employees was increasing intensively. In the very beginning of its operations in Serbia, the bank had a total of 27 employees and in just one year the number increased to 323 employees. In 2005, the growth trend continued and the number of the bank staff reached 531 people. Finally, on the closing date, 31 December 2008, Hypo Alpe-Adria-Bank a.d., Beograd had 871 employees. The increase of the number of employees is the result of the extension of the branch office network. Furthermore, additional employees were recruited in the headquarters to cater for the increasing customer demands. Within the initial process of selection and engagement of young experts, 600 potential candidates have been interviewed. Furthermore, database containing more than 1500 biographies of interested candidates was created, which points out to the fact that young people of Serbia are very keen on participating in the creation of modern multinational companies. One of the key priorities of the HR department from the very beginning of its existence was to enable quick integration of new employees into the system. Secondly, the Bank immediately started with the implementation of the Hypo standards, creation of the corporate identity and team atmosphere in the institution. Additionally, a very important strategic goal for the department was to become the source of educational staff, which would be capable of taking on new jobs, initiatives and development. In that sense, many of the employees, who have already acquired standards of the corporation and business modalities, have obtained leading positions within the Bank as the heads of various sectors. As far as the age structure is concerned, majority of employees of the Bank belong to the age group 30 39 years old, as it is shown in the diagram below. Additionally, 47% of all employees have acquired university education, while 33% of employees have secondary education. Activities of HR department are focused in three directions: administration, finance and education. In the area of administration, the department is handling recruitment process and hiring of new people who are competent and can contribute to the environment of the Bank. In the field of finance, the so called time management program is being implemented within the department, referring to the planning of the budget which will be used for the purpose of staff education and various bonus systems realized through completed targets. Having in mind the fact that, contemporary flows of banking operations worldwide demand constant education of the staff in all areas of the business, HR department takes particular notice of education of employees. The department is conducting educational trainings in various forms: motivation trainings, special skills development courses and language courses. This contributes to the raising of the efficiency level of the staff. Educational trainings are organized internally and externally. Some of the most important types of trainings, depending on the sector are: Cross selling courses Microsoft Office Excel seminars Insurance trainings, which enables the participants to obtain the license of the insurance mediator Small and medium sized enterprises trainings Seminars for the sale of pension and investment funds CDO`s and Credit linked trainings Specialist courses MCPD and MCITP Database Administrator for staff in the sector for informational technologies System Oriented Management course 1 and 2 Optional modules Top executive Education Public Finance Basic Training Project management Train the Trainer Project Management for Top Management Cross selling courses for account managers are particularly important for the activities of the Bank, in order to introduce existing clients of the Bank with new products and services. In this way, account managers tend to ensure that the additional product or service is being sold to the client, while at the same time enhancing the value the client gets from the Bank. Moreover, employees have the opportunity of expanding their knowledge in seminars jointly organized in cooperation with relevant public institutions, such as the National bank of Serbia, Association of Banks in Serbia, Serbian Chamber of Commerce, Institute for Business research and other external providers, as well as trainings related to international accounting standards. Having in mind that the Bank operates in twelve countries and that everyday communication involves the use of foreign languages, English courses are provided for all employees, at the expense of the Company. Additionally, certain numbers of employees who occupy the positions, which are directly linked to the headquarters of the Group in Austria, take courses of German language, whose expenses are also borne by the Company. Particularly relevant project of the department was realized in 2008, when the Bank established its internal employee training center. The main goal of the project was to make the best possible use of the existing knowledge and the practical experience of the staff. The center was formed in order to initiate internal transfer of knowledge among employees, information sharing, better communication, which consequently leads to better work performance and improvement of inter-personal relations within the Bank. This modern and completely technically equipped space is intended for internal and in house trainings, seminars and workshops for employees. Additionally, several types of trainings are conducted within the Center: cross selling workshops, Hypo 1 a tool which helps the staff get acquainted about other sectors besides their own, small and medium size enterprises trainings, etc. In just three months after its opening, more than 400 employees have participated in organized trai nings, and in one year more than 900 employees successfully passed over 30 internal educational and development programs of the center, which consequently justified the original expectations set by the management of the Bank. In addition, there is no doubt that one of the key priorities of the Bank is employee satisfaction. HR department in Hypo Bank actively conducts the employee assessment programs, which are incorporated in the employee satisfaction program. Originally, the program was based on yearly interviews of employees and their superiors on the subject of work efficiency and success, through self evaluation done by the employee, and the evaluation obtained from the superior. In order to upgrade the program, in 2007 HR department decided to introduce new actions. One of these actions was employee satisfaction survey. This type of survey is conducted among all employees in the end of every working year, and concentrates on the four most important areas of employee satisfaction: general satisfaction with work and work conditions, communication and interpersonal relations, leadership, bonus systems and career opportunities. Achieved results from the survey serve as the basis for strategy planning for the upcoming years. This is particularly important in order to include the opinion of the staff in the process of future strategy defining and decision making, so that everyone can benefit from it. Furthermore, obtained results were than given to the HR agency Advance Response International that deals with HR issues, and in this way anonymity and objectivity of the research was achieved. At this point, it is necessary to highlight that Hypo Bank has developed cooperation with several human resource agencies for the purpose of various types of train ings: project management, leadership and management, credit and market risk, etc. Asides from the efforts, which are focused on the improvement of communication among employees, inter-personal relations and management, the management of the Bank puts special emphasis on professional development of the middle and top management members. For that purpose, development center operating within the HR department was established in order to assess development necessities of the staff belonging to these levels of management. The center analyses results of interviews, surveys and supervisors suggestions, and consequently creates individual development plan for every employee. Another type of development plan created in the center, is team development plan, which is implemented on the entire teams working in specific sectors. In order to do business well, you need to have products of good quality, but asides from that, you need to have excellent staff. Therefore, we invest a lot in education and training of our employees. For example, in the second quarter of 2006, we realized a special trainee project. We hired motivated young people who had just completed their university education and we enabled them to pass specific trainings throughout the entire Group in two years, in order to get familiar with every aspect of the company business activities. They didnt have trainings only in Serbia; they also visited other Hypo companies abroad. As we often like to say in the Group: our greatest assets are our employees and for that reason we will continue to invest in their internal and external education. (Marija Sutanovac, Head of the HR department of the Hypo Alpe Adria Bank a.d. Beograd). Important point, which should be highlighted in this section, is opportunity for scholarships for university education of employees. Each year Bank supports further education of thirty selected employees and provides funding for their studies. This program represents a special kind of acknowledgement for talented and hard working employees. Furthermore, in cooperation with the Serbian Business Club Privrednik[4], the Bank provides scholarships for ten students, which are not employees of the bank, and in this way shows its support directed to the young people of Serbia. In this way, talented and perspective students have the opportunity to be in touch with the people from the most significant and influential companies in Serbia, and can find employment opportunities upon their graduation asides form their scholarships. 3.3. Marketing department and relationship towards clients Marketing department had a challenging task of providing support to all business activities of the Bank, once it penetrated the Serbian market. The key priority of the department was to create a positive image of the Hypo Bank, as well as to inform the Serbian population about its products and services. Corporate image strategy emphasized values of the bank: its tradition, innovative approach to business, Alps-Adriatic philosophy based on the regional banking client focus, partnership, security, corporate responsibility and independence. The main focus of the department was to create and promote the corporate image, which emphasizes that Hypo Alpe Adria Bank a.d. Beograd takes care of its clients in the same way as it takes care of its employees, and that it is a reliable partner who nurtures the local community in which it exists. The main element of the departments strategy was to create two-way communication with the clients: to reach the clients, and to hear their needs as well. For that purpose, the Bank introduced a special program called clients suggestions. Clients of the Bank have the possibility of sending their suggestions, comments,