Fundamental of portfolio management

The equity risk premium is the excess return required by investors to compensate risks of holding a stock rather than holding a â€Å"risk free† asset. Jason ,2011) Under the Capital Asset Pricing model: , risk free investments involve borrowing and lending among investors and borrowing positions offset by lending positions, therefore let Y = and representative investor's risk aversion be . (Bodied, Kane and Marcus, 2011). We rearrange this equation , indicating the equity risk premium is influenced by average risk aversion and variance of the market portfolio.It's obvious that when risk aversion of investors and variance of market portfolio increase the equity risk premium will goes up, and vice-versa. There are many empirical evidences show that during the Global Financial Crisis the volatilities of market increase, for example Chewer (AAA) have recognized the increase of volatilities in stock markets during financial crisis. Besides, according to the research of Steven, Mic hael and Bob (2011) derived from trades in options on the S&P/ASX 200 index showed that the implied volatility climb up during the SGF and reach the peak in 2009.The increase of stock market volatilities not only represent the increase of risks (Karol 2011 and Brooks 2001) but also have negative relationship with risk aversion. (Chewer 1989 and Carney 2000). There are some events can be summarized in mention of an increase in risk aversion, for example after the Lehman Brothers bankruptcy in September 2008 the stock market price hardly dropped and the bank lending dramatically decreased, consistent with this there was a overshooting of risk aversion. Paolo, John and Chairs,2011) In conclusion, during the SGF both average risk aversion and risks of market increased, therefore the equity risk premium went up. Part D The keenness in the distribution of returns has became important in asset pricing because the traditional mean-variance measurement cannot fully characterize return behavi ors (Samuelsson 1970,Campbell and Hence 1992;Circler and Huber 2007).This report will discusses the importance of keenness in returns in asset pricing with he respects of investors' preference for positive keenness and aversion to negative keenness, which asset pricing factors may be a proxy for keenness, the distinction between keenness and co-keenness in returns, and some researches include behavioral finance researches will be provided. What is keenness and why it's important Keenness is a measure of the asymmetry of probability distribution around its mean.Positive keenness has more probability distribution towards positive value, while negative keenness has more probability distribution towards negative value. The skewed distribution of asset returns was first point out by Dominant(1985), and it caused by the asymmetrical reactions of investors to goods news and bad news from companies. Chem.., Hong and Stein (2001) argued that there was another reason The main reason for the i ncreasing importance of keenness in returns is that the unrealistic assumptions of traditional mean-variance framework.The mean-variance measurement assumes the returns are normally distribute and quadratic preference, however it rarely happened in real word, therefore the insemination of expect returns and risks may exhibit. According to the finding of Roll(1977) and Ross( 1977) that the portfolio used as a market proxy is inefficient, the Sharper's CAMP have been suggested as invalid. It's also supported by Bernard and Allotted(2000) that the (unadjusted) mean-variance measurement Sharpe ratio can lead misleading conclusions.For overcoming this bias Parka's and Bear (1986) and Leland (1999) have developed performance measure incorporating keenness. Besides, Harvey and Suicide (2002) and Krause and Litterbug (1976) have recognized the importance of keenness that systematic keenness and conditional keenness are important to asset pricing since hey characterize the true distribution of asset returns. Furthermore, in traditional mean-variance framework such as Capital Asset Pricing Model there is only a single efficiency risky asset portfolio.While accounting for the mean-variance-keenness in returns, there are multiple efficient portfolios, which could be considered to provide diversification portfolios. (Harvey and Suicide,2000) Investor's preference for positive keenness and aversion to negative keenness The positive skewed distribution has a longer tail on the higher-return side of the curve, while the negative skewed distribution has a longer tail in the lower-return did.The asset with negative skewed returns distribution has greater risks that the returns will decrease than what the standard deviation measures, and for positive skewed distribution there are fewer risks the returns will decrease (Mini, 2011) Theoretically, investors have preference toward positive keenness and aversion toward negative keenness, since increasing positive keenness will decrea se possibility of large negative rate of returns.There are many literally evidences show the preference of positive keenness, for example in 1967 Aridity presented that rational investors with reasonable utility functions should prefer positive keenness in the distribution of investment returns†. Following Aridity (1976),Chinchilla et al. (1997) and Parka's et al. (2003) have recognized investors' preference for positive keenness as well. What's more, investors show their preference toward positive keenness in gambling, lotteries and entrepreneurship (Thomas, Jose and LU-Santos, 2009).Nevertheless, some investors exhibit preference for negative keenness in real life, here investor is not only represent individual but also economic agent. Prefer repertory investment is a an example of negative keenness preference, which with reasonable average yields but a small chance of heavy losses, to the opportunity of recouping the original cost(Maker, Nicholas, Dominic and Raymond additi on, economic agents facing a stream of stochastic monetary payoffs will show preference for negative keenness (Nazism, 2004).This also supported by Richard â€Å"economic agents may prefer negative keenness under some certain conditions† (Richard, 2010). From the research of Harvey and Suicide (2000) we can know that negative keenness receive higher return. In their research they assumed investors require payment for negative keenness, and excess returns could be result from the market inefficiency. The higher return of negative keenness may be a reason that in some circumstance investor will prefer negative keenness.Although investors expect the returns of asset exhibit positive skewed distribution, commonly the returns are negatively skewed distribution, since investors react to good news and bad news from corporations asymmetrically. It's explained by Dominant (1985) who first pointed out the skewed distribution of asset returns, and he reposed that the increase of stock p rice caused by good news is to some extent offset by the increase in the risk premium, which is required by higher volatility.For the decreased stock price caused by bad news is amplified further by the increased in the risk premium. Which asset pricing factors may act as a proxy for keenness The traditional mean-variance CAMP use beta to measure the systematic risks, and there are lots of studies suggest that the beta can't fully capture the systematic risks. Ban (1981) suggested market capitalization ,and Fame and French (1992) proposed kook- to-market ratio have relationship with the cross-section of stock returns(Chi- Hoist ,2006).There are many debates about whether asset pricing factors such as size and book-to market ratio may be acting as a proxy for keenness. The SMB factor measures the spread in asset returns between small and large size firms, and the HIM factor measures the spread asset returns between high book-to-market ratio and low book-to-market ration assets. In th e research of Harvey and Suicide(2000) they found that when adding keenness alone or Jointly with HIM and SMB to portfolios had similar results, therefore they lamed that book market ratio (HIM) and size (SMB) factors can be act as a proxy for keenness.Recently, Chunk Johnson and Shill (2007) also proposed that SMB and HIM are proxies for higher-order moments, and the Fame and French factors could be superior. However, there were some probabilities of errors in variables in their research. Conversely, Smith (2007) applied the condition three-model factor, which was proposed by Harvey and Suicide (2000), he argued that there was little impact on the price of market beta after adding the size(SMB) and the book-to-market(HIM) actors when the conditional keenness has already included in the model.The study of Jail(2004) showed that the conditional keenness plays an important role in stock market (HIM) factors. Even though there are many arguments about the extent those SMB and HIM asset s pricing factors act as a proxy for keenness, as least from the studies of Chunk Johnson and Shill (2007) and Jail (2004) we can conclude that the SMB and HIM those non-market factors can't completely act as a proxy for keenness.Distinction between keenness and co-keenness in returns Keenness is a measure of the asymmetry of probability distribution around its mean or a single asset, while co-keenness measures the symmetry of a variable's probability distribution in relation to another variable's probability distribution symmetry, which provide estimation of risks of assets connect to market risks. Theoretically, investors show their preference towards positive conciseness that present the asset has higher possibility of extreme positive returns than market returns.Thus, jocoseness also plays an important role in asset pricing, and there are many studies support it. The studies of Harvey and Suicides (2000), Smith (2005) and Errand and Sys (2005) provided evidence that the conditio nal jocoseness can help explain the cross-section of stock returns. Baron-Ideas (1985) and Limit (1989) suggested the pricing of jocoseness. Moreover, jocoseness extends capital asset pricing theory to some extent.The study by Krause and Litterbug provided the evidence that jocoseness can be regarded as a supplement to the covariance measurement of risks in explaining the returns on individual NYSE stocks and in the process to interpret the other discrepancies between returns, and the returns when take the NYSE stocks on the whole. Conclusion In conclusion, keenness in returns plays an important role in asset pricing, and there are many researches can provide evidence for it. For example, the studies conducted by Campbell and Hence (1992) and Harvey and Suicide (2000).

Deception Point Page 3

He clucked ruefully. â€Å"Thirty-four. Almost an old maid. You know by the time I was thirty-four, I'd already-â€Å" â€Å"Married Mom and screwed the neighbor?† The words came out louder than Rachel had intended, her voice hanging naked in an ill-timed lull. Diners nearby glanced over. Senator Sexton's eyes flash-froze, two ice-crystals boring into her. â€Å"You watch yourself, young lady.† Rachel headed for the door. No, you watch yourself, senator. 2 The three men sat in silence inside their ThermaTech storm tent. Outside, an icy wind buffeted the shelter, threatening to tear it from its moorings. None of the men took notice; each had seen situations far more threatening than this one. Their tent was stark white, pitched in a shallow depression, out of sight. Their communication devices, transport, and weapons were all state-of-the-art. The group leader was code-named Delta-One. He was muscular and lithe with eyes as desolate as the topography on which he was stationed. The military chronograph on Delta-One's wrist emitted a sharp beep. The sound coincided in perfect unison with beeps emitted from the chronographs worn by the other two men. Another thirty minutes had passed. It was time. Again. Reflexively, Delta-One left his two partners and stepped outside into the darkness and pounding wind. He scanned the moonlit horizon with infrared binoculars. As always, he focused on the structure. It was a thousand meters away – an enormous and unlikely edifice rising from the barren terrain. He and his team had been watching it for ten days now, since its construction. Delta-One had no doubt that the information inside would change the world. Lives already had been lost to protect it. At the moment, everything looked quiet outside the structure. The true test, however, was what was happening inside. Delta-One reentered the tent and addressed his two fellow soldiers. â€Å"Time for a flyby.† Both men nodded. The taller of them, Delta-Two, opened a laptop computer and turned it on. Positioning himself in front of the screen, Delta-Two placed his hand on a mechanical joystick and gave it a short jerk. A thousand meters away, hidden deep within the building, a surveillance robot the size of a mosquito received his transmission and sprang to life. 3 Rachel Sexton was still steaming as she drove her white Integra up Leesburg Highway. The bare maples of the Falls Church foothills rose stark against a crisp March sky, but the peaceful setting did little to calm her anger. Her father's recent surge in the polls should have endowed him with a modicum of confident grace, and yet it seemed only to fuel his self-importance. The man's deceit was doubly painful because he was the only immediate family Rachel had left. Rachel's mother had died three years ago, a devastating loss whose emotional scars still raked at Rachel's heart. Rachel's only solace was knowing that the death, with ironic compassion, had liberated her mother from a deep despair over a miserable marriage to the senator. Rachel's pager beeped again, pulling her thoughts back to the road in front of her. The incoming message was the same. – RPRT DIRNRO STAT – Report to the director of NRO stat. She sighed. I'm coming, for God's sake! With rising uncertainty, Rachel drove to her usual exit, turned onto the private access road, and rolled to a stop at the heavily armed sentry booth. This was 14225 Leesburg Highway, one of the most secretive addresses in the country. While the guard scanned her car for bugs, Rachel gazed out at the mammoth structure in the distance. The one-million-square-foot complex sat majestically on sixty-eight forested acres just outside D.C. in Fairfax, Virginia. The building's facade was a bastion of one-way glass that reflected the army of satellite dishes, antennas, and rayodomes on the surrounding grounds, doubling their already awe-inspiring numbers. Two minutes later, Rachel had parked and crossed the manicured grounds to the main entrance, where a carved granite sign announced NATIONAL RECONNAISSANCE OFFICE (NRO) The two armed Marines flanking the bulletproof revolving door stared straight ahead as Rachel passed between them. She felt the same sensation she always felt as she pushed through these doors†¦ that she was entering the belly of a sleeping giant. Inside the vaulted lobby, Rachel sensed the faint echoes of hushed conversations all around her, as if the words were sifting down from the offices above. An enormous tiled mosaic proclaimed the NRO directive: ENABLING U.S. GLOBAL INFORMATION SUPERIORITY, DURING PEACE AND THROUGH WAR. The walls here were lined with massive photographs – rocket launches, submarine christenings, intercept installations – towering achievements that could be celebrated only within these walls. Now, as always, Rachel felt the problems of the outside world fading behind her. She was entering the shadow world. A world where the problems thundered in like freight trains, and the solutions were meted out with barely a whisper. As Rachel approached the final checkpoint, she wondered what kind of problem had caused her pager to ring twice in the last thirty minutes. â€Å"Good morning, Ms. Sexton.† The guard smiled as she approached the steel doorway. Rachel returned the smile as the guard held out a tiny swab for Rachel to take. â€Å"You know the drill,† he said. Rachel took the hermetically sealed cotton swab and removed the plastic covering. Then she placed it in her mouth like a thermometer. She held it under her tongue for two seconds. Then, leaning forward, she allowed the guard to remove it. The guard inserted the moistened swab into a slit in a machine behind him. The machine took four seconds to confirm the DNA sequences in Rachel's saliva. Then a monitor flickered on, displaying Rachel's photo and security clearance. The guard winked. â€Å"Looks like you're still you.† He pulled the used swab from the machine and dropped it through an opening, where it was instantly incinerated. â€Å"Have a good one.† He pressed a button and the huge steel doors swung open. As Rachel made her way into the maze of bustling corridors beyond, she was amazed that even after six years here she was still daunted by the colossal scope of this operation. The agency encompassed six other U.S. installations, employed over ten thousand agents, and had operating costs of over $10 billion per year. In total secrecy, the NRO built and maintained an astonishing arsenal of cutting-edge spy technologies: worldwide electronic intercepts; spy satellites; silent, embedded relay chips in telecomm products; even a global naval-recon network known as Classic Wizard, a secret web of 1,456 hydrophones mounted on seafloors around the world, capable of monitoring ship movements anywhere on the globe. NRO technologies not only helped the United States win military conflicts, but they provided an endless stream of peacetime data to agencies such as the CIA, NSA, and Department of Defense, helping them thwart terrorism, locate crimes against the environment, and give policymakers the data needed to make informed decisions on an enormous array of topics. Rachel worked here as a â€Å"gister.† Gisting, or data reduction, required analyzing complex reports and distilling their essence or â€Å"gist† into concise, single-page briefs. Rachel had proven herself a natural. All those years of cutting through my father's bullshit, she thought. Rachel now held the NRO's premier gisting post-intelligence liaison to the White House. She was responsible for sifting through the NRO's daily intelligence reports, deciding which stories were relevant to the President, distilling those reports into single-page briefs, and then forwarding the synopsized material to the President's National Security Adviser. In NRO-speak, Rachel Sexton â€Å"manufactured finished product and serviced the customer.†

Anti-dumping case of Vietnam Catfish in US market

Anti-dumping case of Vietnam Catfish in US market Abstract The â€Å"Vietnam Catfish war† was a famous yet controversial case in recent trade disputes. The U.S. Anti-dumping law protects American industries from supposedly unfair import competitions (Lindsey, 1999, p.2). On June 28, 2002, the coalition Catfish Farmers of America (CFA) and eight individual fish processors filed an anti-dumping petition against imports of â€Å"certain frozen fish fillets from Vietnam† under the US. Anti-Dumping Law to the Department of Commerce (DOC) and the International Trade Commission (ITC) (Le, 2004, p.1). Over one year after the original investigation conducted by the US. DOC, the case was finally concluded with the imposition of anti-dumping duties on imports of fish fillets from Vietnam. The range of the duties is between 37 and 64 percent on value of imports (Reynolds & Su, 2005, p. 40). This is what the US. Government said, is it true that the Vietnamese government subsidizes Vietnamese firms in Mekong Delta to unfairly gain a better market share in the U.S.? Or is it just the result of domestic political lobby in the U.S.? This paper will try to discuss related issues surrounding the story of that catfish war. The paper will go through the steps used in the class: issue, rules, analysis, and conclusion (I.R.A.C). Introduction the ISSUE Raising catfish is an important source of income for households residing in the Mekong Delta in Southern Vietnam for more than 50 years (Nguyen, Nguyen & Phillips, 2004, p.20). Catfish is also produced in the Southern United States where it is a major source of income for fish farmers in Mississippi, Arkansas, Alabama and Louisiana (Hanson, 2005, p.1). In 2002, aquatic products represented 12 percent of total exports from Vietnam, and export value frozen fillets (mostly catfish) is 18 percent of the total value of aquatic exports (VASEP website). The increase participation of cheaper Vietnamese catfish in the U.S forced the Catfish Farmers of America (CFA) to lead a move to halt catfish imports. First, Vietnamese products were forced to be labeled as â€Å"Tra† and â€Å"Basa† instead of â€Å"Catfish†. Second, on the ground that Vietnamese government subsidized Vietnamese catfish farmers, in January 2003, the U.S. Department of Commerce ruled in favor of the antidumping claim and established duties ranging from 37 to 64 percent on imports of frozen catfish from Vietnam (Reynolds & Su, 2005, p. 40). In July 2003, the U.S. International Trade Commission ratified the ruling. As a result, Vietnamese exports of catfish to the U.S. plummeted, almost being shut down completely. Other facts According to the U.S. International Trade Commission, the catfish industry is the largest farm-raised fishing sector in the U.S. In 1999, it accounted for 80 and 64 percent of aquaculture production in volume and value, generating 440 million U.S. dollars (Hanson, 2005, p.1). The delta of the Mekong river, in South Vietnam, also provides a good hab itat for catfish. Known as Basa and Tra, Vietnamese catfish raised in ponds and cages that are placed in the river itself. In 1996, two years after the trade embargo of US. against Vietnam was lifted, Vietnam started exporting frozen fillets of Basa and Tra to the U.S. with sales of a few hundred tons and initially marketed as â€Å"Chinese sole†. West Coast Chinese restaurants responded allowing Basa to take one percent of the US. catfish market (Nguyen, Nguyen & Phillips, 2004, p. 22). The level of exports increased significantly in the early 2000s, reaching a market share in U.S. consumption of catfish of 8.4 percent in 2000 and 19.6 percent in 2002 (Hanson, 2005, p. 4). Also between 2000 and 2002, Vietnamese production capacity expanded by 100 percent, and approximately 50 percent of Vietnamese Tra and Basa was sold in the U.S. market.

Business Ethics and the Role of the Corporation Essay

Business Ethics and the Role of the Corporation - Essay Example For years, questions are raised on compliance of ethical values whereby many that violate laws, regard to have done so due to a loophole in the law. In this case, their defenses majors on strict compliance with laws that ignores ethical issues of fairness and honesty. Experts such as Dr Michael Novak provide insightful thoughts towards this discussion as he explore on business ethics and the role of the corporation. In examining this, I will answer the following questions as I seek to expound on Dr Novak views on business ethics and the role of the corporation. 1. Why does Dr. Novak have two sets of responsibilities for his definition of business ethics In his thought, Dr. Novak has two sets of responsibilities, which explore on the discussion of business ethics, which involves meeting the responsibilities of small businesses and corporations. The main reason why the Dr. Novak has two sets of responsibilities for his definition of business ethics is because they are vital behaviors t hat augment success. Business ethics regards an individual who has mastered habits required to fulfill his or her objectives. In his discussion, Dr Novak affirms that, a business serves the common good of the community it serves. In other words, it an economic association that seeks to satisfy customers with their commodities, increase profit margin, creates jobs opportunities and new wealth, and create a pleasing working environment where substantial work is rewarded to generate economic growth. It is considerable to discern that a business corporation falls under that category of augmenting economic growth, customer and employee satisfaction, and serving the community in honesty. Accordingly Dr Novak states that, a business ethic entails creating and imaging a World based on values of individuals, community, realism, creativity, and virtues of enterprises. In involves respecting individual rights to their own creativity and economic initiative. In this light, it means having a cul ture worth of the benefit of people, the needy, the business and community, and the maker. In a business set up, Dr, Novak regard ethics as the responsibilities of the small business and corporation to promote virtues of enterprise that initiate on creativity and economic initiative. 2. What does Dr. Novak say about the rule of law and its relationship to businesses? In his discussion, Dr. Novak creates notable insights on the rule of law and its relationship to business. He outlines that, the rule of law demands individuals or participants who have mastered habits required for business imperative. The rule of law of business springs its nature towards increasing customer satisfaction with commodities of values; augment a reasonable return on the Business Corporation and economic growth through economic initiatives such as creating job opportunities. This involves promoting ingenuity, invention, and progress through human enterprise, mind, and invention. Still, the statute of the la w majors on economic interests of citizens, establish a sense of community, respecting individuals rights hence, shaping a business culture that fosters virtues. With this in mind, the imperative of the law demands people in business to encourage their employees, shareholders to perceive policy issues and political ideas seriously, retires, and participating to electoral campaigns to vote. Following this, business cannot exist without the rule of law. Its relationship to the business entails the following. When individual rights are respected this would increase employee satisfaction, which increases work performance, and eventually boost economic growth. For success, businesses depend on individuals ready to work as a team. Contracts depend on the fulfillment of respect

Votes for Women Essay Example | Topics and Well Written Essays - 1500 words

Votes for Women - Essay Example He was in a very powerful position, as there was no Liberal MP who could even try to oppose him. It is well known that Asquith was totally against the campaign for women's vote right. Partly this was so because of the way he considered the voting: he did not think there was need for each individual to need to have a vote, he considered that such representation was more an issue of representing a class or community. That is why one man could represent the ideas of all of his family. Moreover, there were lots of serious problems facing the Parliament within 1900 - 1914, and Asquith was sure that "women's rights to vote" was a minor issue. In addition he paid no attention to demonstrations while he was sure that they did not reflect people's thinking. There was another aspect. If the law giving women the vote was ever going to be passed, it would have to happen in the Parliament. That means that such parties as the Liberals, the Conservatives and the Labour Party would have a part to play. It is false to think that all male politicians were opposed to female suffrage. In fact the Labour Party supported it, and leading Labour figures were deeply involved in the case. A substantial part of the Liberal Party supported it as well, together with many leading Liberals, including Churchill, Sir Edward Grey, and Lloyd George. Nevertheless there was much opposition to it among the Conservatives, as was vividly depicted in conservative Lord Curzon's speech in 1912. In society those who were against the female suffrage used a wide range of arguments, in 1900 many of the opponents to the movement simply considered that it was self evident that women were not intended to vote. To put it differently women should not have the vote because they simply were females. This was probably the position of most citizens in the country. It is worth mentioning that when people began to rationalise the opposition, occurred women who spoke out against female suffrage. The first group of people who opposed the movement were the people who considered the system to be fine and could not be improved further. Those people objected to giving anyone who was not already eligible to vote the right to do so. They had the vote right themselves, and feared any franchise extension. An elitist system of government and objection of widening the democracy was their major belief. As the debate over enlargement the pool of voters grew, arguments against women's suffrage began to occur. One of them was that all government, in England and in the Empire, rests on physical force, which women do not possess, or do not want to contribute to it because of their constitution. The idea is that women are too physically weak and it is not in their nature to be soldiers. The second aspect of the argument was that women influence would evidently help the introduction of pacifism into society. In relation to the Empire there were two further argument lines. One meant that if women got opportunity to gain power in Britain, a demand for the

The Role Of Cultural Policy On Organisational Management Dissertation

The Role Of Cultural Policy On Organisational Management - Dissertation Example The study will seek to determine the effects of cultural policy within an organization. The utilization of an exploratory design enables the research to conduct research and gather raw information from the identified sources. This will be fundamental in opening up the direction for further research within the field by other researchers. Different data collection methods will be utilized in collecting qualitative data, which will be utilized in making recommendations within the research. Primary data will be collected through interviews and questionnaires sent to individuals who will be selected through the utilization of random sampling methods. These questionnaires will contain both closed and open-ended questions which will be utilized in the collection of qualitative data. Secondary data will be collected from existing literature and published material from research conducted by other researchers within the same field of study. This information will be fundamental in providing gui delines for establishing the findings of the research. Qualitative approaches to data analysis will be utilized in seeking to analyze the collected data. Iteration will be continuously utilized during the data collection period in seeking to ensure the analysis process becomes simplified and reduce the data analysis time. After the interim data analysis, memoing of the data contained within the filled questionnaire will be performed in seeking to summarise the information contained within the data.

Marketing- CRM (customer relationship management) Case Study

Marketing- CRM (customer relationship management) - Case Study Example A feasible generalized definition of CRM is that it is information enabled relationship marketing. This definition, however, doesn't de-link CRM with technology because information management in the modern business world is completely technology enabled. The expected output of CRM is development of positive relationship with key customers or customer segments that improves shareholder value of an organization. In the modern context, CRM is an effective methodology of IT enabled execution of relationship marketing strategies to develop long term & profitable relationships with customers. As per Kaplan and Norton (2000), no strategy is complete without a strategy map. Looking into CRM, the strategic framework of CRM need to be very clearly defined before the implementation begins. The strategic framework of CRM is not established as a standalone framework rather finds its roots deep into the organizational strategic framework starting from the board room. ... The strategic framework of CRM is not established as a standalone framework rather finds its roots deep into the organizational strategic framework starting from the board room. The business strategies of an organization form the foundation of customer strategies, whereby the former is formed at the CEO & board level comprising of business objectives comprising of strategies & directions pertaining to organization wide competencies and the latter is formed at the marketing department level that use the business strategies to target market segments & customers. The root of strategies can be established using the Balanced Scorecard mechanism developed by Kaplan & Norton as shown in Figure 1. Figure 1: Balanced Scorecard strategic framework (Kaplan and Norton. 1996) First of all, the organization needs to have clearly defined Vision & Mission statements pertaining to CRM. The next step is to define the strategic business goals of the organization that is in line with these statements. These goals should be focussed towards achieving unique positioning of the company in the markets & in the perspective of the customers. For example, some companies may like to establish an image that they offer low cost products & services whereas others may like to achieve an image of offering premium & high profile products & services at premium costs. Similarly, some companies may like to establish large market segments comprising of multi-domain areas whereas some may focus on thin market segments comprising of niche areas. Whatever be the positioning defined for the organization, the leadership team may like to establish corresponding CRM goals and then expand them into key CRM

Consensual Relationship Agreements Case Study Research Paper

Consensual Relationship Agreements Case Study - Research Paper Example The consensual relationship agreement (CRA) involves the two individuals acknowledging that their relationship is voluntary and promising to behave professionally while at the place of work. They also agree to behave ethically, therefore not offending other employees with their behavior; favoritism between them is discouraged. Moreover, the involved parties at the workplace are required to sign the consensual relationship agreement and abide to its rules and regulations. However, workplace romance can at times compromise the employees’ concentration, especially when the two lovebirds work in the same place. According to Amaral (2006, p.1), the mixture of genders in the places of work and time spent together creates room for growth of romantic feelings towards the employees, which yields to significant consequences. Most managers are sued by their employees for sexual harassment and failed relationships. Therefore, CRA works as a savoir for employers in such situations. In addition, a relationship that has the potential of yielding to a lawsuit is not worth it; therefore, CRAs creates a balance between individual interests. According to Amaral (2006, p.1), office romance has serious repercussions such as low productivity, as other employees believe that the boss is favoring his partner who is an employee. Therefore, in my future workplace, I would recommend the use of consensual relationship agreements, as their rules oppose favoritism and encourage professionalism. Upon signing this agreement, the involved parties are expected to comply with the rules and regulations of the CRAs. Consensual relationship agreements also reduce legal issues associated with sexual harassment. Upon signing a consensual relationship agreement, the parties attest that they are in the relationship voluntarily, and therefore, sexual harassment is out of question. In addition, CRA ensures that a relationship ends amicably,

Explain and discuss real property concepts Essay

Explain and discuss real property concepts - Essay Example This paper examines the real property concepts with regard to ownership, rights acquisition, disposal and transfer. The main difference between land and chattels is that land is immobile while chattels are built or placed on land. The ownership of property, real or personal, is determined by a court of law and arises where a person wants right to them. One can obtain rights that are enforceable by a court of law called the title on property based on the rules within a particular jurisdiction. The right to use varies from possession to usage and disposal of property. A person is granted rights upon the possession of a product and this is not different in the case of real estate. The law dictates that a person in possession of land can take legal action against another found trespassing on such property (Miller, 2012). This is brought out as a caution and to avoid cases of disorder. The person interfering with such property therefore needs to demonstrate superior right for the court to accede to such interference. The legal position for the transfer of property is by sale or as a gift. This is from the previous owned consensually to the potential owner and that also means a transfer of title. A will may be used in this case as it allows the distribution of the wealth of the deceased. In the case of a conflict of interest as witnessed in many real estate cases, the courts are called upon to rank the cases and subsequently resolve the conflict (Miller, 2012). These differences mainly arise due to inconsistencies and conflicts nor interest where the owner of the property transfers the valid title to another who is not vetted. These conflicts may also arise from fraudulent operations or mistakes. The identification of real property follows a verifiable and legal description of such property. The law provides that such description should make use of natural and manmade

The practice of pilgrimage during medieval times Essay Example for Free

The practice of pilgrimage during medieval times Essay Examine and Comment on the practice of pilgrimage during medieval times and its significance in the medieval church As pilgrimage in medieval times is a very large topic to explore, I have decided to use Canterbury as my focus. Canterbury was and is still seen as a very important place for pilgrimage and was the main reason why pilgrims from other parts of England, Europe and all over the world have come to venerate St Thomas Becket. I want to examine how pilgrimage at Canterbury developed and evolved from Beckets death in 1170 to the Reformation in the 1500s. What kind of an effect did this have on the Cathedrals revenue; surely the Cathedral saw a large profit? Even though people had been visiting Canterbury for centuries in small groups so that they could respect and honour saints like Augustine, Dunstan and Alphege, however, was it pilgrimage to the shrine of Thomas Becket, the murdered Archbishop, which made most the money for Canterbury?Did pilgrimage to his shrine help to make a very wide impact on pilgrimage in England as it brung the majority of pilgrims to Canterbury Cathedral? During the medieval ages Canterbury Cathedral saw its peak years in terms of the number of visitors and revenue generated as well as its downfalls which I would like to explore along with the common criticisms of pilgrimage. R.Finucane begins his book Miracles and Pilgrims by asking why pilgrims in the early middle ages would be drawn to the mouldering remains of a saint. The answer is most likely to be because they wanted a cure for their illnesses. Finucane describes cripples writhing on the floor of Beckets simple tomb1Thomas Beckets death in 1170 had a massive effect on the number of pilgrims that came to Canterbury. After he died in 1170 news of miracles spread almost immediately, not just in Canterbury but in other places around England. For example two days after the killing a Gloucester girl was cured of a head complaint after praying to the martyr2 A monk called Benedict who was responsible for the relics recorded the first set of miracles. The following year another Canterbury monk, William recorded 483 miracles. Between the two monks the total which was recorded was 703 miracles in the first ten years after the Archbishops death. From these results we can see that William recorded a larger number of miracles than Benedict which shows that the news of miracles at Canterbury had spread widely even between the early years of 1171 and 11723. Sarah Hopper also tells us that it is estimate that almost a third of visitors to the shrine were foreign and it is also interesting to note that his shrinew received more foreign pilgrims than any other. This large number of miracles that occurred would have encouraged more pilgrims to gradually come to worship at the shrine of St Thomas Becket and when pilgrims first started to visit the Cathedral to venerate Thomas Becket their experience would be a very ordered process. When they got there, there would be welcomed by a monk who would act as their guide and lead them on a tour which was very well structured. Monks would lead the pilgrims to the North transept which was the first pilgrimage station where Becket was murdered. From here the pilgrim would see a column removed and an altar in it place to mark the spot, they would see two broken pieces of steel that had shattered Richard le Brets swords. This reminds pilgrims of the horrendous nature of Beckets death. However what was achieved by Beckets martyrdom was a better understanding and appreciation of what Becket suffered for his beliefs. Some pilgrims might also go up the stairs, on their knees if they wished to the high altar where Beckets body was left the night of his murder. Ascending this path towards the shrine would have been very symbolic for the pilgrim. The quality of the shrines location was of a very high quality as it was at the highest end of Canterbury Cathedral. This was because by following this course the pilgrims would be enacting not only the last steps taken by Thomas Becket but they would be also on a spiritual journey themselves. The next station they may visit is the crypt where the atmosphere was very different, more sombre and still. There they would see Beckets tomb raised and there would be two oval holes where pilgrims placed their heads or their hand against the stone coffin. In John Adairs book The Pilgrims Way he notes that a foreign pilgrim once wrote that church seemed to be piled on church, a new temple entered as soon as one ended4. This implies that the Cathedral was slightly overwhelming for many pilgrims going from station to station, all of which having their own significance. When they had seen scenes of Beckets miracles in the stained glass windows this would encourage many to filled their lead ampullae at the Wall of St Thomas. This water which could be brought at Canterbury was said to contain some of the saints blood. When Becket died the monks used cloth to salvage some of the blood from the saint. This water was also given to many churches in England. This would also see the spreading of the message about Beckets divine healing power. Was this water effective in miraculously curing diseases? Adair also mentions John who was a chaplain to the Archdeacon of Salop was bothered by an unlpeasant polypus in his nose. It started to cause paralysis he described the sensation of the water as cold as ice, chasing the disease through his body and almost freezing his brain5 after a large sneeze he came across a cherry stone in his mouth. He was healed and walked home and he would not leave the cherry-stone behind as it was his evidence of a divine intervention On 21st Febraury 1172, Becket was canonised by Pope Alexander III which brought a larger number of pilgrims to Canterbury. By making someone a saint this would increase their popularity and make them better known. The cult of Thomas Becket had now officially began and thus leading to more people wanting to make their pilgrimage to Canterbury.One can only assume that Pope Alexander heard about Thomas Becket through news of him spreading because of pilgrims. Pilgrims also came to Canterbury to seek penance from St Thomas Becket. Penace was a common reason for many pilgrims to go on a pilgrimage. This was the idea that if you commited a sin you would carry out a pilgrimage to beg forgiveness at the shrine of a saint such as Thomas Becket. Chaucer (c1340 -1400) described, when a man has sinned openly, of which sin the fame is openly spoken in the countryCommon penance is that priests enjoin men commonly in certain cases, as for to go, peradventue, naked in pilgrimages or barefoot One example of a pilgrim who walked in a sackcloth among pilgrims and also barefoot was Henry II, who was also the most famous pilgrim who sought forgiveness Furthermore he was also the most famous royal pilgrim who sought redemption at Beckets shrine after his men murdered the Archbishop. He walked barefoot from the West gate of the city to Beckets tomb. He allowed himself here to be scourged. This was not an unknown act amongst pilgrims. It was a frequent practice and seen as a punishment for those who were making a penance at Canterbury. The pilgrims would be beaten with rods by the clergy. Pilgrimage can also be seen as a spiritual journey as Langland describes that You must travel , both men and women, through Humility, until you arrive at Conscience: there Christ may know for certain that you love God above all else6. So, this highlights the religious importance behind doing a penance as well. It was mainly local people who would come to visit Beckets tomb up to 1220 when his bones were translated to the new Trinity Chapel which stood on the site of the old Trinity Chapel. However, why did they choose to move his body there? a Canterbury monk explains that it stands on the site of the old Trinity Chapel, where he celebrated his first mass, where he was wont to prostrate himself with tears and prayers, under whose crypt for so many years he was buried, where God for his merits had performed so many miracles, where poor and rich, kings and princes, had worshipped him, and whence the sound of his praises had gone forth into all lands7. These associations with the Archbishop was why they chose to translate his body to the new Trinity Chapel Festivals Celebrated at Canterbury Festivals celebrated at Canterbury would also attract more pilgrims to Canterbury. People would crowd around the doors outside the Cathedral on the vigils of the Translation and of saints Martyrdom. Here pilgrims may spend the night. Examples of activities that pilgrims would do include prayers, devotions, games and music. However, this would also give the opportunity for many thieves to steal from the pilgrims as they would often wander around the large crowds. Beckets translation led to the annual Canterbury fair on the 7th July which was The Feast of the Translation. Many booths and stalls would be opened making a lot of money from visitors. As the Feast of the Translation was set in the summer and not the winter like The Feast of St Thomas of Canterbury has attracted a larger number of pilgrims from further away. It is said that the first jubilee in 1220 gained a sum of à ¯Ã‚ ¿Ã‚ ½1,142 5s 8. This sum was mainly made up of the offering to the saints shrine and also the site of t he martyrdom There were also other factors which affected the revenue which were of a more social and political nature. For example when the Cathedral hosted the Black Princes funeral in 1376 and the crowning of King George and Queen Isabella in Canterbury Cathedral this saw extremely high amounts in these years. The Customary and revenue at Canterbury It was very important for the shrine to be well guarded every day and night because they had many important tasks to carry out. There was a guide of the custodians duties called the Customary which was written by two monks. There were two guards in the Trinity Chapel one was temporal and the other spiritual. In the summer they would get up at five and it would be six in the winter. They would celebrate a daily Mass in honour of Becket at his shrine and the spiritual guard was responsible for this as well as ringing a bell to gather the pilgrims . These guards also had to ensure that the pilgrims were well looked after because many would be exhausted so they would be offered food and refreshments. Before the Feast of the Translation they had to prepare the shrine for the festivities which were about to take place. The Customary also lists the expenditures from the coins that were offered at the shrine. We assume that because of the many people that visited the shrine the Cathedral generated a great amount of revenue. However, Woodruff calculate that even though there were large some of money received by the Cathedral on both of its own Jubilee years of 1320 and 1370 the cellarers expenditures were extremely large and the accounts show an unfavourable balance9. In other words, this emans that more money had been spent than generated at Canterbury Cathedral at this time. The Corona Beyond the Trinity Chapel at the very eastern end of the Cathedral a special unique chapel was added to protect the Corona or Beckets Crown which was a thin saucer of bone that had been sliced from the Saints skull. This would have also brought more pilgrims because it was a holy relic. Pilgrims would venerate the segment of skull that had been set in a golden likeness of his head encrusted with gold. The Black Death (1349 -51) in the fourteenth century also had its impact on the practice of pilgrimage in Canterbury. The potbreak in 1348-9 led to the shrine of St Thomas Becket benfiting finacialy through generous offerings. Around this time many may have gone to Canterbury in the hope that they would be healed. At this time when the Black Death was at its worse St Thomas saw some very generous offerings as well as St Mary who was in the undercroft However, in the 1400s how did the practice of pilgrimage develop? Offerings from pilgrims would add up to à ¯Ã‚ ¿Ã‚ ½700 at the shrine alone itself. Was the practice of pilgrimage at Canterbury any different at all from its earlier stages ? It wasnt an ordered process anymore. It would be a much noisier atmosphere compared to the early stages of pilgrimage at Canterbury. Many pilgrims would visit Beckets shrine at the apex of steps and altars. For a few coins pilgrims had the opportunity to see the canopy of Beckets shrine raised up and this would reveal gold and silver ornaments and gems and rubies. After the pilgrims had seen the sights at Canterbury and spent a night perhaps at Eastbridge Hospital they would leave the next day with phials of Canterbury water. This was their proof to their neighbours that they had seen he famous tomb of Thomas Becket. However criticisms of pilgrimage to Canterbury soon developed and it is becoming more and more evident that people were lavishly spending their money on souvenirs. William Thorpe was charged with heresy by the Archbishop of Canterbury in 1407 because he expressed his views of how he believed that it was a disservice to God by wasting money and forming rleations with lascivious women in places such as Canterbury as well as Walsingham10 . Did the medieval pilgrims actually abuse pilgrimage or was their behaviour natural because of society at the time. This is certainly the reason as People in medieval times were eager to travel to new places and were probably overwhelmed by the sights and wanted to purchase items as proof that they had seen the famous tomb. However, the more people that came to Canterbury Cathedral the more revenue that was gained Diana Webb notes that in 1370 Simon Sudbury, bishop of London told a group of pilgrims that were on their way to Canterbury for the Jubilee indulgence that they would receive no benefit from it11. The group of pilgrims who had heard this accused the bishop of criticising the merits of Thomas Becket. They prophesised that the bishop would meet an evil end and he was killed by the rebels from Watt Tylers rebellion in 1381.It was also commonly believed that as saints were able to leave their graves so a man didnt have to come in contact with a relic to invoke them or even punished by them. Then when a woman called Aliza heard that a woman had lost their sight after visiting Beckets tomb she burst out laughing, saying, Others whom the Martyr receives in sickness, he sends back healed, you, however, went there well, and now return blind. While dissolved in laughter, Aliza was suddenly blinded, and eventually only partially cured12. Others may citicise motive such as going on pilgrimage for casual sexual experiences and some may use the journey in order to commit adultery. Is there any evidence however that pilgrimage was abused in this manner? Sarah hopper tells us that most of Chaucers pilgrims show to a certain degree their lack of moral values and spiritual discipline. This In 1500 a Venetian described how he saw the shrine the magnificence of the tomb of St Thomas the martyr, Archbishop of Canterbury, is which surpasses all belief13. This was certainly the case until the Reformation where it is written that twenty -six wagons were required to transport all the trasures away from Beckets shrine when Henry VIII destroyed it. After 1538 when Henry VIII destroyed Beckets shrine and his bones there was no longer the amazing shrine for pilgrims to see. However, pilgrimage had again changed before Henry VIII destroyed the shrine . In 1532 there was evidence in a decrease of revenue. In one of the sacristys books a note that the combined offerings at the cathedral added up to à ¯Ã‚ ¿Ã‚ ½ 13 13s 3d and this about thirty times less than received at the shrine when pilgrimage activity at Canterbury was at its highest. After the Reformation, Canterbury saw a significant decrease in pilgrims visiting the Cathedral. In 1538 when Henry VIII destroyed Beckets shrine and his bones there was no longer the amazing shrine for pilgrims to see. Overall, pilgrimage to Canterbury had developed greatly in medieval times from Beckets martyrdom in 1170 to the Reformation in 1538. Early key episodes such as Beckets murder in 1170, his canonization in 1173 and his translation have seen a significant increase in pilgrims coming to Canterbury. The main motive seems to be in order to get healed because it is was news of his miracles spreading further that more people visited the tomb and then the shrine. Its most significant increase as suggested my most scholars such as Dianan Webb, was in 1220 when his bones were translated because of what medieval life was like this would have been a breathtaking and an amazing sight to behold. As time goes on motives may have been more based on seeing and just as an opportunity to travel. There are criticisms that have developed and even though we assume because of the large number of pilgrims that visited Canterbury and even though large sums were offered, it seems that because of large expenditures this did not make the cathedral much of a profit. When Henry VIII destroyed the shrine this meant that there wasnt much for people to see anymore seeing what seemed to be an end to pilgrimage at Canterbury. Overall, I believe it was Thomas Becket who William Langland describes a symbol of resistance to oppression of the Church by the secular power of his day14 which was the main reson that pilgrims ventured to Canterbury. 1 R. Finucane Miracles and Pilgrims- Introduction page 9 2 William Purcell- Pilgrims England Chapter 7 Canterbury and St Thomas p.167 3 Sarah Hopper- To be a Pilgrim The Medieval Pilgrimage Experience Chapter 5 p.60 4 The Pilgrims Way- John Adair page 68 5 The Pilgrims Way- John Adair page 40 6 Piers Plowman- William Langland passus V page 61 7 The Pilgrims Way- John Adair page 68 8 To be a pilgrim- Gods Magic Shrines and Miracles Sarah Hopper p.127 9 European Pilgrimage- Indulgences and Jubilees pg 73 10 To be a Pilgrim chapter Oppositions to Pilgrimage- Sarah Hopper page 162 11 Pilgrims and Pilgrimage Diana Webb- page 72 12 R. Finucane Miracles and Pilgrims- p.34-5 13 Pilgrims England Chapter 7 Canterbury and Thomas William Purcell page183

What Is The Concept Of Electromagnetic Conduction? Essay

What Is The Concept Of Electromagnetic Conduction? Essay The concept of electromagnetic induction was discovered simultaneously in 1831 by Faraday in London and Joseph Henry, an American scientist working in New York that same year. Faradays law describes electromagnetic induction, whereby an electric field is induced, or generated by a changing magnetic field.. but Faraday is credited for the law since he published his work first An emf can be induced in many ways-for instance, by moving a closed loop of wire into a region where a magnetic field exists. The results of these experiments led to a very basic and important law of lectromagnetism known as Faradays law of induction. This law states that the magnitude of the emf induced in a circuit equals to the time rate of change of the magnetic flux through the circuit. With the treatment of Faradays law, we complete our introduction to the fundamental laws of electromagnetism. These laws can be explained in a set of four equations known as Maxwells equations. Together with the Lorentz force law, they represent a complete theory for describing the interaction of charged objects. Maxwells equations relate electric and magnetic fields to each other and to their ultimate source, namely, electric charges. To see how an emf can be induced by a changing magnetic field, let us consider a loop of wire connected to a galvanometer. When a magnet is moved toward the loop, the galvanometer needle deflects in one direction,arbitrarily. When we take magnet away from the loop, the needle deflects in the direction . When the magnet is held stationary relative to the loop, no deflection take place. Finally, if the magnet is held stationary and the loop is moved either toward or away from it, the needle deflects. From these observations, we observe that the loop knows that the magnet is moving relative to it because it experiences a change in magnetic field. Thus, it seems that a relationship exists between current and changing magnetic field. Faradays Law: an Explanation Listed below are the two mathematical forms of Faradays Law: the point or differential form, and the integral form. Although the two forms appear highly distinct, they mean exactly the same thing and can be used interchangeably in calculations. The point form equation can be transformed to the integral form equation and vice versa by the application of a single vector calculus theorem 1. Although synonymous, the two forms of the law lend themselves to different conceptual understanding depending on the physical context. Physicists and electrical engineers often like to state Faradays Law in the more compact point form, but prefer using the integral form for calculations since it is more physically intuitive. Avoiding the drudgery imposed by attempting to understand the sundry mathematical symbols, Faradays law says that a time-varying magnetic field induces an electric field. More formally, here is the essence of Faradays Law: The sum of all electric field components tangent to a closed spatial path, or loop, is equal to the negative time-rate of change of the magnetic flux through the surface bounded by that path. First, lets understand what is meant by flux. Imagine water flowing through a pipe in which a screen spans the cross-section . The flow of water across the screen can be considered flux. Similarly, magnetic flux refers to a magnetic field intersecting a surface. Now imagine that, as the water flows through the creen in the pipe, its rate of flow increases, i.e. it accelerates. This means that the time-rate of change of the water flow is positive relative to the direction of flow. On the other hand, if the flow rate decreases, then this time-rate of change is negative with respect to the direction of flow. The same applies to the magnetic flux through a surface: if its magnitude is increasing with respect to the fields direction, then the time-rate of change is positive; otherwise, it is negative. In this figure, there is a changing magnetic field, represented by the red arrow coming out of the page. Surrounding this changing magnetic field (and flux) is an arbitrary closed path along which are marked several tangential electric field components. The sum of these components, relatively speaking, is what is indicated by the left sides of the equations in table 1. Faradays Law equates the two last concepts: the total electric field summed around a closed path (the left side of the equation) is equal to the time-rate of change of the magnetic flux through the surface bounded by that path (the right side of the equation). Physically, this means a time-changing magnetic flux gives rise to an electric field in its neighbourhood. Recall from our earlier discussion that there must be an electric potential, or voltage, associated with every electric field. Thus our understanding of Faradays law can be extended to say that a time-variant magnetic field induces an electric potential or voltage. Faradays Law: Consequences Faradays Law is so fundamental to the workings of our universe that if the truths it conveys were not so, it is difficult to imagine how the universe as we know it would be different. One could say that electromagnetic waves wouldnt exist, and without these, perhaps, the universe wouldnt either. Or, perhaps, life would continue, but in a dramatically different way than what we experience. But this is a discussion best left for philosophers. What we do know for certain is that mankinds understanding of these laws has had a colossal impact on how we live in our world today: various inventions and technologies that incorporate Faradays Law have revolutionised mankinds living for well more than a century. Faraday law describe how electromagnetic (EM) waves are generated and, with the help of two other electromagnetics equations, propagated through various media. EM waves are essential to our existence and to our quality of life. EM waves of many different frequencies are responsible for myriads of different phenomena: low frequency EM waves are used for radio transmissions and television broadcasts; low- to mid frequency microwaves are used in satellite and mobile communications and in microwave ovens; mid-frequency infrared radiation from the sun heats our planet; mid-frequency visible light waves allow us to see and makes plant and animal life on earth possible; mid-frequency ultraviolet radiation is enjoyed by tanning sunbathers; high frequency x-rays are used in medical diagnostic equipment and in materials analysis; and ultra-high frequency gamma radiation is involved in subatomic phenomena Now let us describe an experiment conducted by Faraday. A primary coil is connected to a switch and a battery. The coil is wrapped around a ring, and a current in the coil produces a magnetic field when the switch is closed. A secondary coil also is wrapped around the ring and is connected to a galvanometer. No battery is present in the secondary circuit, and the secondary coil is not connected to the primary coil. Any current detected in the secondary circuit must be induced by some external agent. Initially, we might guess that no current is ever detected in the secondary circuit. However, something quite amazing happens when the switch in the primary circuit is either suddenly closed or suddenly opened. At the instant the switch is closed, the galvanometer needle deflects in one direction and then returns to zero. At the instant the switch is opened, the needle deflects in the opposite direction and again returns to zero. Finally, the galvanometer reads zero when there is either a steady current or no current in the primary circuit. Th e key to under-standing what happens in this experiment is to first note that when the switch is closed, the current in the primary circuit produces a magnetic field in the region of the circuit, and it is this magnetic field that penetrates the secondary circuit. Furthermore, when the switch is closed, the magnetic field produced by the current in the primary circuit changes from zero to some value over some finite time, and it is this changing field that induces a current in the secondary circuit.As a result of these observations, Faraday concluded that an electric current can be induced in a circuit (the secondary circuit in our setup) by a changing magnetic field. The induced current exists for only a short time while the magnetic field through the secondary coil is changing. Once the magnetic field reaches a steady value, the current in the secondary coil disappears. In effect, the secondary circuit behaves as though a source of emf were connected to it for a short time. It is customary to say that an induced emf is produced in the secondary circuit by the changing magnetic field. The experiments shown in Figures 31.1 and 31.2 have one thing in common: In each case, an emf is induced in the circuit when the magnetic flux through the circuit changes with time. In general, The emf induced in a circuit is directly proportional to the time rate of change of the magnetic flux through the circuit. Where is the magnetic flux through the circuit (see Section 30.5). If the circuit is a coil consisting of N loops all of the same area and if _B is the flux through one loop, an emf is induced in every loop; thus, the total induced emf in the coil is given by the expression. The negative sign in Equations 1 and 2 is of important physical significance. Suppose that a loop enclosing an area A lies in a uniform magnetic field B. From this expression, we see that an emf can be induced in the circuit in several ways: The magnitude of B can vary with time. The area covered by the loop can vary with time. The angle _ between B and the normal to the loop can vary with time. Any combination of the above the three can occur. Faradays law as two different phenomena Some physicists have remarked that Faradays law is a single equation describing two different phenomena: The motional EMF generated by a magnetic force on a moving wire, and the transformer EMF generated by an electric force due to a changing magnetic field. James Clerk Maxwell drew attention to this fact in his 1861 paper On Physical Lines of Force. In the latter half of part II of that paper, Maxwell gives a separate physical explanation for each of the two phenomena. So the flux rule that the emf in a circuit is equal to the rate of change of the magnetic flux passes through the circuit applies whether the flux changes because the field changes or because the circuit moves (or both). Yet in our explanation of the rule we have used two completely distinct laws for the two cases. Applications of Faradays Law The ground fault interrupter (GFI) is an interesting safety device that protects electrical appliances against electric shock. Its operation makes use of Faradays law. In the GFI wire 1 leads from the wall outlet to the appliance to be protected, and wire 2 leads from the appliance back to the wall outlet. An iron ring surrounds the two wires, and a sensing coil is wrapped around part of the ring. Because the currents in the wires are in opposite directions, the net magnetic flux through the sensing coil due to the currents is zero. However, if the return current in wire 2 changes, the net magnetic flux through the sensing coil is no longer zero. (This can happen, for example, if the appliance gets wet, enabling current to leak to ground.) Because household current is alternating (meaning that its direction keeps reversing), the magnetic flux through the sensing coil changes with time, inducing an emf in the coil. This induced emf is used to trigger a circuit breaker, which stops the current before it is able to reach a harmful level. Another interesting application of Faradays law is the producing sound in an electric guitar. The coil in this case, called the pickup coil , is placed near the vibrating guitar string, which is made of a metal that can be magnetized. A permanent magnet inside the coil magnetizes the portion of the string nearest the coil. When the string vibrates at some frequency, its magnetized segment produces a changing magnetic flux through the coil. The changing flux induces an emf in the coil that is fed to an amplifier. The output of the amplifier is sent to the speakers, which produce the sound waves we hear. (a) In an electric guitar, a vibrating string induces an emf in a pickup coil. (b) The circles beneath the metallic strings of this electric guitar detect the notes being played and send this information through an amplifier and into speakers. Applications of electromagnetic induction that has had a tremendous impact on the way the society functions is electric power generation. The electric generator (figure 7) uses electromagnetic induction by rotating windings (loops of wire) in a magnetic field. As the windings rotate through the field, a time-varying flux is incident across them, resulting in an induced voltage. Are Monarchies More Stable Than Republics? Are Monarchies More Stable Than Republics? ISRAA EMAD Are monarchies more stable than republics in the Middle East? Many of the political observers stood bewildered and astonished against how to explain the ability and solidarity of the Arab Monarchs, Emirs and Sultans to ride out and stand against the storm and the tide of the Arab Spring Revolutions that have swept the Arab Countries during the past three years. For many of them, the fetch out answer to this shear dilemma has to be a matter related to the typology of the regime itself. The Arab Monarchs possess a unique cultural and hereditary legitimacy entailed their solidarity and stability rooted in the grounds of better governmental performance. This can help us understand the variation between two types of monarchies prevailing in the Arab World; the dynastic one applicable in the GCC countries and the Individual one as in the case of both Morocco and Jordan (Gause, 2013) No Arab Monarchy has been toppled during the Arab Uprising Revolutions save the Kingdom of Bahrain. These dynastic regimes survived for decades against the political storms that have blown away the republican neighboring states. Claims that monarchies in the ME region are inherently more solid and stable or on the other hand, their fall and collapse are only a matter of years away misinterpret the overwhelming situation justifiably as the Arab monarchies are there to stay. Typology of Regimes : Political scientists classify regimes according to their types; Monarchy as in case of the Sultanate of Brunei and Saudi Arabia, totalitarian dictatorship as in the case of the Nazi of Germany and Qaddafi of Libya, Aristocracy as in the ancient Sparta, Democracy as in ancient Athens and United states, anarchy as in recent Somalia, Authoritarian as in the case of Egypt and China and Constitutional as in the case of united kingdom and Japan (Linz, 2000). Arab Spring Shakes Regimes prevailing in the ME: What were called the Arab Spring Revolutions has erupted in several Arab countries, commencing with Tunisia, then crawling to touch Egypt, Libya, Yemen and strikes Syria, leading to the collapse of the republican regimes produced by the revolutionary legitimacy. Accordingly, a significant and remarkable phenomenon has appeared, which should be studied, analyzed and considered deliberately and objectively. Such phenomenon is represented in fact that the Arab monarchy regimes, with its constitutional legitimacy, withstood, even if for a period of time, against the waves and tides of the Arab Spring Revolutions compared to the notorious collapse of republican regimes. The republican regimes could not withstand it terms of its revolutionary legitimacy; alleged fifty years earlier, to resist such revolutions. One should ask what are the reasons beyond such phenomenon? (Al Abdeh, 2012). The most important reason this domino phenomenon is represented in the fact that the constitutional legitimacy upon which the monarchy regimes grounded their superstructures is emerged from societal, religious and historical heritage of the royal families as in the case in Jordan and Morocco. Moreover, the genealogy of these families is ascribed to the Prophet Mohammad (Peace Be upon Him). Such families have not risen to power through the military barracks or conferences. Additionally, these families have not usurped the power through coup detat or assassinations as was the case with most republican regimes that rule the Arab world since a half of century (Kurzman, 2004). The second reason is that the Arab monarchies have stable semi-democratic regimes resulting from constitutional and institutional heritage that is not owned by the dictatorial, totalitarian and absolute republics of fear that ruled the countries in the name of the leading party and the absolute leader. These dictatorial regimes have never recognized the constitution, elections or parliament except for the last decades (Stavestrand, 2013). Monarchy vs Republican Stability Paradigm On the contrary, the monarchy regimes rely on a constitutional and institutional heritage represented in old and permanent constitutions and parliaments with Bourgeoisie political elites that are educated and aware. Under such regimes, the power is peacefully circulated through elections, while the Monarch shall be non-responsible and have all religious and ethnic diversities in the societies of such countries. Accordingly, the peoples of such countries have peaceful and democratic mechanisms for reform; including the right to protest and exercise pressures on the government calling for cabinet reshuffle. These peoples do not need to overthrow such regimes leading to a constitutional vacuum that cannot serve their countries interests and leads to a great chaos and anarchy. Republican regimes Disappointing the youth generation : The third reason lies in the fact that the Arab youths who lived under the republican regimes suffering their oppression and tyranny have hated and fed up with such regimes. On the contrary, such youths and their counterparts that lived under the monarchy regimes tend to the monarchy ones and watch and observe their stability, openness and democracy, not only within the Arab world, but also all over the world. These youths have found that everything is good with these monarchy regimes compared to what they have felt and found under the totalitarian militarized republics of fear and agony. As for the generations that lived under the monarchy and republican regimes in some Arab countries, they have realized for a long period the big difference between the days of Monarchs and princes in comparison with the rule of military who proved to be amateurs and youngsters in terms of politics (Sean, April 2012). The fourth reason is represented in the fact that the Arab societies are mostly parental thus the monarchy regimes are more consistent with their social nature. Under the monarchy regime, there is the Monarch, who is the comprehensive symbol for all people. The republican regimes are, unlike, unfamiliar with the Arab societies and have not proven their success up to date; whatever their supporters introduce any justification that cannot convince even an infant. The unfamiliarity is attributed to the fact the president, in the republican regime, is usually unknown and unqualified amateur of politics. Such a president comes to the power through a military coup or a party and when he/she rise to the power, the same changes into a dictator and seeks to stay in power for life in spite of the fact that such a president does not come to power through the satisfaction and consent of people. Monarchies in the ME and Reform : The last reason lies in the fact that the possibility of reform and change that is available for the Arab Monarchy regimes are absent inside their republican counterparts. The mechanisms of power and constitutional establishments by which the monarch regimes enjoy allow the people to express opinion and thus criticizing corruption and wrong actions and calling for bringing about the change without being subject to punishment. Moreover, the nature of the democratic regime and power rotation between the parties creates a state of competition for the interest of citizen hoping that these parties be reelected. Under the republican regimes, nevertheless, the criticizing and calling for change are regarded as prohibited, treason and assault against the sacred leader and his/her absolute leading party. Hence, there are no elections to overthrow such leaders and in case there are any elections, they are reelected by 99% and thus, they are not obliged to make reforms and offer service to the citizen, as they do not fear of the latter who has no mechanism for expression and change (Halpern, 1993). Conclusion: The generation of spring revolutions in Egypt, Iraq, Syria, Yemen and Libya, who rushed inattentively, without awareness or thinking, after the military machine and their totalitarian revolutionary parties, have come now to realize how awful are the impacts and effects of the catastrophe and the disgusting crime they have committed fifty years earlier against themselves, their sons and grandsons generation after a generation as they have opened their eyes to find themselves under dictatorial totalitarian republics of fear, especially as they have found out that the monarchy regimes that were called the Vanishing Ones are still alive, vital and dominating, while their revolutionary publics encouraged, promoted and propagated by their leaders and parties have vanished and come to end. In fact, the remarkable governmental and constitutional reforms recently carried out by some Monarchs, like Abdullah II; the reigning king of the Hashemite Kingdom of Jordan, and Mohammed the VI‎, the present King of Morocco, including cabinet reshuffle and making essential constitutional amendments, place confirmation on the fact that the Arab monarchy regimes are more stable and persistent compared to their republican counterparts that collapsed in the wave of the first challenge as a result of the domino effect of the arising Arab Spring revolutions. Bibliography : 01/Al-HYPERLINK http://www.majalla.com/eng/author/malik-al-abdehAbdeh, M. (Dec. 2012) The Monarchical Exception While republican dictators fell, Arab monarchies remain stable, Some reflections on the very different fates of Arab Nasserite-type republics and Arab monarchies. 02/Gause, G. (2013) Kings for all Seasons, How the Middle East monarchies survived and persisted the Arab Spring Revolutions. Brookings Center Number 8, September 2013 03/Kurzman C., (2004) The Islamic Revolution in Iran Harvard University Press, 2004, p. 121. 04/Linz, J. (2000) Totalitarian vs Authoritarian Regimes 01/01/2000 Lynne Rienner Publishers 05/Sean, L. (April 2012), Understanding the Monarchial Resilience During the Arab Spring revolutions. 06/Stavestrand, E. (2013) Freedom and Stability in Contemporary Monarchies, Testing the Theory of Monarchical Exceptionalism. Department of Comparative Politics, University of Bergen Spring 2013 Are Happy Employees More Productive? Are Happy Employees More Productive? Happy employees are productive employees. Happy employees are not productive employees. The topic of employee attitude and job attitude has always been a debatable and confused topic among practitioners even though during periods when employees are being referred to as valuable asset for organizational success and competitiveness. Employees have attitudes or viewpoints about many aspects of their jobs, their careers, and their organizations. However, from the perspective of research and practice, the most focal employee attitude is job satisfaction. The most-used research definition of job satisfaction is by Locke (1976), who described it as a state which is enjoyable or positive that results from the appraisal of ones job or job experiences. Implicit in Lockes definition is the importance of both affect, or feeling, and cognition, or thinking. Organizations are social systems where human resources are the most important factors for effectiveness and efficiency. In order to achieve their goals and objectives organizations require efficient managers and employees. Without their personnel efforts and commitment success cannot be achieved by these organizations. Job satisfaction is critical to retaining and attracting well-qualified personnel. Employee job satisfaction can be described as an attitude that employees have about their organization and job. Methodologically, it can be said that job satisfaction is an employees emotional response which can be compared between actual outcomes and desired outcomes (Mosadeghrad, 2003b). One of the greatest challenge facing service organizations is possibly pursue for quality service. (Sohal, 1994). Thus finding ways for maintaining and improving service quality is necessary. (Bitner et al., 1994). In management employee attitude and reactions to organizational change are associated with departmental performance and this considered as an important assumption. In a service business, customer satisfaction is a critical performance indicator along with measures of unit productivity and administrative effectiveness. In the recent years it has been noticed that the effects of many human resource development factors on business performance has been extensively discussed in business research literature. In service industries, where services are often characterized by an encounter between service providers and customers, the quality and capability of the service providers have a direct, significant effect on the service delivery process and customer satisfaction. The initial interaction, having a great influence on how customers evaluate the service quality, has been better known as the moment of truth as customers start to form their opinion and expectation of the service delivery experience (Normann, 1984). This brief encounter can be vital in achieving a reputation for higher quality and continuous business. PERFORMANCE What is performance? Performance is the result of achieving organizational objectives; a yardstick of success. Porter (1980) asserts that the basis of above average performance in the long run is sustainable competitive advantage. Measuring performance Performance measurement is necessary because it enables firms to take a snapshot of current activity to assess their progress and help refocus strategy. These snapshots must always be compared against others both inside and outside the firm in the following three  main ways: (1) Past performance: recorded successes and achievements in the past. (2) Benchmarking: contrasting performance against that of other firms. (3) Goals: comparing achievements with strategic aspirations and expectations. The problems arise in deciding the criteria by which performance should be measured. Our customers judge quality on a range of objective and subjective issues which are often difficult to pin down. Employee attitude, for example, was ranked as the most important critical success factor to hotel companies, but is difficult to measure accurately. One answer is the balanced scorecard which is a reporting system which shows financial performance for actions already implemented as well as measures that drive performance in the future. These may be viewed in four perspectives as shown in Figure 2: customer perspective financial innovation and learning perspective internal perspective Customer satisfaction Customer satisfaction is related to customer loyalty Service providers are expected to increase their service value over time because customers today are very knowledgeable in seeking out new service alternatives and will defect if they are just merely satisfied. Very satisfied customers were found to be six times more likely to repurchase than those who were just satisfied ( Jones and Sasser, 1995). Other studies, such as Gummesson (1993) and Storbacka et al. (1994), also discussed the link between satisfaction and loyalty. Job satisfaction and job performance The study of the link between job satisfaction and job performance has a controversial history. The Hawthorne studies, conducted in the 1930s, are often credited with making researchers aware of the effects of employee attitudes on performance. Shortly after the Hawthorne studies, researchers began taking a critical look at the notion that a happy worker is a productive worker. Most of the earlier reviews of the literature suggested a weak and somewhat inconsistent relationship between job satisfaction and performance. However, further research does not agree with this conclusion. Organ (1988) suggests that the failure to find a strong relationship between job satisfaction and performance is due to the narrow means often used to define job performance. Organ argued that when performance is defined to include important behaviors not generally reflected in performance appraisals, such as organizational citizenship behaviors, its relationship with job satisfaction improves. In addition, in a more recent and comprehensive review of 301 studies, Judge, Thoresen, Bono, and Patton (2001) found that when the correlations are appropriately corrected (for sampling and measurement errors), the average correlation between job satisfaction and job performance is a higher .30. In addition, the link between job satisfaction and performance was found to be even higher for complex (e.g., professional) jobs than for less complex jobs. Thus, contrary to earlier reviews, it does appear that job satisfaction is, in fact, predictive of performance, and the relationship is even stronger for professional jobs. Relationships between attitudes, performance and customer satisfaction Past research has found positive but weak relationships between employees job-related attitudes and performance (Iaffaldano and Muchinsky 1990 ). Recent research has included customer satisfaction as a correlate of employee attitudes and performance, stressing the importance of quality service to organizational achievement (Wiley 1990, Zeithaml et al., 1985). In todays competitive marketplace, organization effectiveness depends on understanding what customers value and communicating this understanding to employees in the form of employee-performance goals and expectations. ( Crom 1994, Heskett et al.,1994) In another study of relationships between organizational performance, customer satisfaction, and employee attitudes, (Wiley 1990) studied data from over 200 retail stores. He found that, overall, those stores most favourably described by employees were those most favourably described by customers. In particular, customer satisfaction ratings were strongly and positively related to employees descriptions of key aspects of their working environment, especially working conditions, minimum obstacles to accomplishing their work, and a strong sense that supervisors and co-workers stress customer service. A number of employee attitude dimensions were related to customer satisfaction. One such employee attitudinal dimension was effective communication. Thus this study concerns examining relationships between employee attitudes, performance, and customer satisfaction over time. The goal is to determine the extent to which employee attitudes distinguish between departments and the extent to which these differences are associated with productivity, administrative effectiveness, and customer satisfaction. In general, we hypothesize that work groups differ in employee attitudes and that these differences relate to recently achieved performance and customer satisfaction and also predict future performance and customer satisfaction. Defining attitude Secord and Beckman (1969, p. 167) defined attitudes as an individuals feelings, judgment and predispositions which helps to behave in accordance to his environment. Arnold et al. (1995) indicated that attitudes reflect a persons tendency to feel, think or behave in a positive or negative manner towards the object of the attitude. According to Elizur and Guttman (1976), attitudes toward change in general consist of a persons cognitions about change, affective reactions to change, and behavioral tendency toward change. Positive attitudes to change were found to be vital in achieving organizational goals and in succeeding in change programmes (Eby et al., 2000; Martin, 1998; Kotter, 1996; Gilmore and Barnett, 1992). Indicators of employee attitude: The concept of the employees attitudes encompasses a wide range of organizational phenomena (Loscocco and Roschelle, 1991). However, the most significant aspect of this study is the view that employees attitudes are the extent to which people of the organization are able to meet the essential individual needs through their experience to give better performance. There are various employees attitudes that have been selected for inclusion in this study and they will be discussed further. Job satisfaction: The first major cause that will be addressed is job satisfaction. In general, HR practitioners recognize the value of the work condition as a cause of employee attitudes, and it is an area HR can help influence through organizational programs and management practices. In addition, one of the most important areas of the work situation to influence job satisfaction the work itself is often overlooked by practitioners when addressing job satisfaction. Currie (2001) suggests that satisfaction is linked to level to which an individual is satisfied with terms and conditions of employment and the factors relates to the physical work environment. For example, an employee may be satisfied with its pay and their relationship with their peers at work or are satisfied with company policy. Job satisfaction is generally known as a versatile construct which encompasses employee feelings about a range of both intrinsic and extrinsic job elements. It includes important aspects of satisfaction related to pay, benefits, promotion, work conditions, supervision, organizational practices and relationships with co-workers (Misener et al., 1996). As stated, the work situation also matters in terms of job satisfaction and organization impact. Contrary to some commonly held practitioner beliefs, the most notable situational influence on job satisfaction is the nature of the work itself-often called intrinsic job characteristics. Research studies across many years, organizations, and types of jobs indicate that employees give more importance to the nature of the work itself when asked to evaluate different facets of their job such as supervision, pay, promotion opportunities, coworkers, and so forth. (Judge Church, 2000; Jurgensen, 1978). This is not to say that good salary or effective supervision is not important but rather much more consideration should be given to job satisfaction by ensuring that work is interesting and challenging as possible. Of all the main criteria of job satisfaction the works nature involves job challenge, autonomy, variety and scope with other key results like employee retention. (e.g., Fried Ferris, 1987; Parisi Weiner, 1999; Weiner, 2000). Thus, to understand what causes people to be satisfied with their jobs, the nature of the work itself is one of the first places for practitioners to focus on. Employee satisfaction: Employee satisfaction is often referred to as job satisfaction. This is to say that employee needs and wants are satisfied when they perceive certain rewards from the organization, including compensation, promotion, recognition, development, and meaningful work, meet or exceed their expectation (Hackman and Oldham, 1980). The next general point to look at is the notion of wellbeing at work, which (Peccei, 2004) suggests concern an overall sense of happiness, physical and mental health of the workforce. (Currie, 2001). However Warr (2002) argues that job-related wellbeing refers to peoples satisfaction with their jobs in terms of facets like pay, colleagues, supervisors, working conditions, job security, training opportunities, involvement, team working and the nature of the work undertaken. Among determinants of job satisfaction, leadership is viewed as an important predictor and plays a central role. leadership style Among the different factors of job satisfaction, leadership is viewed as an important predictor and plays a central role. Leadership is a management function, which is mostly aimed at people and social interaction, as well as motivating people so that they will work towards achieving organisations goals. (Skansi, 2000). Organization believes that their success is in achieving its goals and objectives and this depends on the managers and their leadership style. By adopting the needed leadership style managers can influence employee job satisfaction, commitment and productivity. Leadership style can be categorized as a variety of managerial attitudes, behaviors, characteristics and skills based on individual and organizational values. (Mosadeghrad, 2003b). It is the ability of the leader to motivate employees do perform to the maximum and is also the extent to which management respects workers, operates with honesty and integrity, promotes efficiency, and has open lines of communication with employees (Aronson et al., 2003). Leadership styles comprises of autocratic, bureaucratic, laissez-faire, charismatic, democratic, participative, situational, transactional, and transformational leadership (Mosadeghrad 2003b, 2004). If can be noticed that it is not that a certain style of leadership should necessary result in successful organizational behavior. There is need of different styles for different situations and leaders should know which approach to adopt. A leader may have the skills to act effectively in a particular situation but may not able to perform so in another context. A lot of research stem from research on transformational and charismatic leadership, which have been found to positively affect followers performance and attitudes (Bass and Avolio, 1993 and Shamir et al., 1993). According to Bass (1990, p. 21), transformational leadership takes place when leaders expand and promote the interests of their employees, when they create awareness and acceptance of the purposes and mission of the group, and when they encourage their employees to work towards the benefit of the group and not for their own self interest. Howell and Frost (1989) found that individuals working under a charismatic leader had higher task performance, task satisfaction, and lower role conflict. Employee commitment The concept of organisational commitment refers to a persons affective reactions to characteristics of his employing organization. (Cook and Wall, 1980) Commitment is an internalised employee belief, often associated with soft HRM and a high-trust organisational culture (Mathews and Shepherd, 2002) and is frequently associated with an exchange relationship between the employer and employee. From the point of view of employees, they commit to an organization in return for certain rewards, which can be extrinsic (salary) and intrinsic (belonging, job satisfaction). Legge (1995) suggests that the attitude conceptualization suggests that dedicated employees have confidence on the organisations goals and values, show enthusiasm to put maximum effort and have a strong will to stay with the organization. As such, affective commitment is viewed as an employees positive attachment to the employing organisation and a willingness to contribute towards the attainment of organisational goals (Mowday et al., 1979). It is argued that commitment often establishes an exchange relationship in which individuals attach themselves to the organization in return for certain rewards from the organization (Buchanan, 1974). People join organizations with certain needs, skills, expectations and they hope to find a work environment where they can use their abilities and satisfy their needs. When an organization can provide these opportunities, the likelihood of increasing commitment is increased. It is obvious that this exchange doesnt mean exploitation of employees. Commitment can be characterized by at least three related factors; a strong acceptance of the organizations values and goals, a willingness to exert considerable effort on behalf of the organization and a strong desire to maintain membership in the organization. Other research also indicated that organizational commitment is a better predictor of behavioral intentions than job satisfaction within a change context (Iverson, 1996; Iverson and Roy, 1994). Employees with high organizational commitment are more willing to put more effort in a change project and, therefore, it is more likely to develop positive attitudes towards organizational change (Iverson, 1996; Guest, 1987). It is in the interests of employers to find means of increasing employee commitment. High levels of organizational commitment lead to several favorable organizational outcomes. These include increased attention to safety practices, increased attendance, fewer grievance filings, larger profit margins, and higher customer satisfactions scores (Thompson, 1996), increased organizational effectiveness (Leung, 1997; Ostroff, 1992), more frequent organizational citizenship behaviors (Mayer Schoorman, 1992), higher productivity, lower scrap rates, and reduced turnover (Arthur, 1994), improved customer contract retention (Tornow Wiley, 1991), long-term profitability and shareholder value  (Kravetz, 1991) and higher customer satisfaction (Wiley, 1991; Pugh et al, 2002, Terzo,  2005). Furthermore, employee satisfaction has been positively correlated to service quality, which was then linked to increased customer satisfaction (Pugh et al., 2002). Customer satisfaction has been linked with the financial performance of the company, suggesting that employee satisfaction is linked to financial performance (Terzo, 2005). Further research has shown that satisfied employees have a positive impact on the companys revenues and profits (Jakobson Rauch, 2005). Different variables from employees all link to the customer, which links to the companys profitability and revenue growth (Pugh et al., 2002). Employee voice has been viewed as an aspect of high commitment HRM, and it is considered essential that workers should have the opportunity to express their grievances openly and independently, in addition to being able to contribute to management decision making on task-related issues (Gould-Williams, 2004). Employee involvement and information sharing is another essential component of the high commitment paradigm. Open communication about business matters ensures workers are informed about organizational issues and conveys a symbolic and substantive message that they are to be trusted in an open and positive manner (Marchington and Wilkinson, 2005). Thus it can be said that business success requires more than just satisfied and loyal employees. Instead, it demands the kind of employees who are willing to serve as advocates for the organisation, i.e. committed employees. So, employee commitment represents employee dedication to help the company to achieve its goals. It includes manifests like dedication to doing work of high quality, commitment to resolving customers problems, the investment of adequate time and effort in the work and the will to recommend the companys products and services. Job involvement Job involvement is likely to be affected by aspects of organizational culture. Job involvement is important because of well-established associations with a range of organizational outcome (Gray et al., 2003). It is also found that employees who are more involved in jobs are more satisfied with their jobs and can be expected to be more committed to their organization (ODriscoll and Randall, 1999). Employees who are highly committed towards their organization are more likely to stay than those who are relatively uncommitted (Tett and Meyer, 1993). Employee attachment is an important determinant in predicting organizational success. They describe attachment as having a strong affective component-the degree to which the customer or employee has a positive emotional connection with the organization. It is believed that the way employees are treated (HR practices) leads to a shared employee mind set. This, in turn, leads employees to behave in ways (employee practices) that contribute to a customer mindset that, in turn, contributes to a retention and attraction of customers and the resultant competitive advantage. Therefore, job satisfaction and job involvement are attitudes which are determined by individuals perceptions of their total job situations, including the physical work environment, the terms and conditions of their employment and the degree to which they are given autonomy, responsibility, authority and empowerment in their jobs (Kersley et al., 2006) Thus Organisations that promote and maintain commitment, job satisfaction and work-life balance satisfaction (wellbeing) of their employees through the implementation of high commitment HRM practices will benefit most by superior organisational outcomes and productivity through establishing long-term relationships of support and trust with employees. Organisations that do not pay attention to employee wellbeing at work will have in the long term to deal with the effects of less productive employees. Career satisfaction Career satisfaction was included since such satisfaction refers to overall affective reaction of individuals to their career (Greenhaus et al., 1990). It is reasonable to expect that high levels of career satisfaction would enhance organizational commitment since employees who are satisfied with their careers should perceive greater benefits in retaining membership in their organization than employees whose career have been less gratifying (Igbaria and Greenhaus, 1992). Motivation Herzberg et al.s (1959) two-factor theory of motivation stated that satisfaction and dissatisfaction are two separate entities caused by different facets of work and they were labeled as hygiene factors and motivators. Hygiene factors are categorized as extrinsic factors of job design that contribute to employee dissatisfaction if they are not met. Some examples are: supervision, working conditions, company policies, salary, and relations with co-workers. On the other hand motivators are intrinsic to the job and include achievement, development, responsibility and recognition. There is a very old discussion on whether hygiene factors do contribute to job satisfaction. (Furnham et al., 1999; Warr, 1987). Big five The big five model include five dimensions of personality traits. These traits are useful in determining the behaviour of individuals. These are: extraversion, agreeableness, conscientiousness, neuroticism and openness to experience. Furnham (1997) found that extrovert persons are highly motivated by intrinsic factors. It has been seen that extrovert person would respond more quickly to rewards than introverts. There are other examples that shows how personality traits may affect attitudes is an individual openness to experiences and this allow them to be more innovative and thus more satisfied with their job. (Furnham et al., 2005). Conscientiousness is viewed in earlier findings and suggests that this trait is a constant predictor of job satisfaction. (Furnham et al., 2002). This influence can be explained as conscientious individuals are prone to greater level of intrinsic and extrinsic reward as they are well organized therefore continuously increasing job satisfaction. Managing Employee Negative Attitudes Managers can influence employees in having positive attitudes. Employees should understand behaviours so as to help them to change their attitudes. There should be the will to implement changes even if certain disagree with the idea. Moreover the organization must focus on opportunities rather than concentrating on maters that is not working. Like this negative attitudes can be controlled a to a certain extent. Constraints to achieving positive employee attitude It is said that everyone should have a positive attitude. In practice it is really difficult to maintain a positive attitude every time. Whenever a problem arises, change in attitude is obvious to such an extent that having negative attitude cannot be avoided. The lack of positive attitude is the root cause of tension, anxiety, demoralization, nervousness and depression. Now a day almost everybody is in tension. Employees are tensed because of job dissatisfaction. Conflicts Lack of communication Adaptation in the working environment