Exploring the Hospitality Industry free essay sample

Hospitality businesses are open 365 days a year, 24 hours a day Constant strive for outstanding guest satisfaction leads to guest loyalty leads to more pro? t Services are mostly intangible the product is for the guest’s use not possession only Inseparability: characteristic of services that makes them inseparable (1) from their means of production, and (2) from the customers experience of them. Inseparability requires that a consumer of a service interacts (sometimes physically) with its producer to receive its bene? s Perishability: one of the four fundamental characteristics of a service, it refers to the fact that (in general) services cannot be produced and stockpiled (inventoried) before consumption: they exist only at the time of their production The hospitality business is selling an intangible and perishable product Perfecting service Service is ‘the act or means of serving’, to serve is to ‘provide goods and services for’ and ‘be of assistance of’ Guest expectations have increased and the realisation that ‘we buy loyalty with service’ have caused the hospitality industry to be re-vamped The essence of teamwork: ‘if you are not serving the guest, you had better be serving someone who is’ someone in the back of the house is serving someone in the front of the house, who is serving the guest (employees are sometimes called internal guests; one employee serves another employee who serves the guest) helps to achieve the common goal: guest satisfaction External guests the people who are willing to pay for a company’s service their satisfaction ultimately measures a company’s success Internal guests The people inside a company who receive or bene? from the output of work done by others in the same company Steps for success in service 1. We will write a custom essay sample on Exploring the Hospitality Industry or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page focus on the guest 2. understand the role of guest service 3. weave a service culture into education and training systems 4. emphasise on high touch instead of high tech 5. thrive on change leadership involves change, because the external environment is changing when implementing change: 1. State the purpose of the change 2. Involve all employees in the process 3. Monitor, update and follow up Total quality management (TQM) helps improve service to guests by empowering employees to give service that exceeds guest expectations Works best when managers are lso good leaders, they have to create a stimulating work environment in which guests and employees become an integral part of the mission by participating in goal and objective setting Achieving TQM is a top-down, bottom-up process that must have the active commitment and participation of all employees from the top executives down to the bottom of the corporate ladder TQM focusses on error prevention Quality control (QC) focusses on error detection By empowerment employees will feel responsible for their jobs and have a stake in the company’s success To empower employees, managers must: 1. Take risks 2. Delegate 3. Create a learning environment 4. Share information and encourage self-expression 5. Involve employees in de? ning their own vis ion 6. Be thorough and patient with employees The hospitality industry is a service industry; this means that we take pride in caring about others as well as ourselves. Ensuring that guests receive outstanding service is a goal of hospitality corporations CHAPTER 3 Pleasure travel 82% of domestic travel is leisure travel (leisure, recreation, holidays and VFR) Nearly half visits friend and relatives Reasons for travel To experience new and different surroundings To experience other cultures To rest and relax To visit friends and family To view or participate in sporting / recreational activities Reason for increasing travel Longer life span Flexible working hours Early retirement Greater ease of travel Tendency to take shorter, more frequent trips Increase in the standard of living The appeals of travel Scenic beauty Pleasant attitudes of local people Suitable accommodation Rest and relaxation Airfare cost Historical and cultural interest Cuisine Water sports Entertainment (e. g. , nightlife) Shopping facilities Sports (golf and tennis) Factors in? encing travel Entertainment Purchase opportunities Climate for comfort Cost Travel is an experience, not a tangible object The experience and the memory occur in the mind, leaving no concrete evidence as to why travel was undertaken and why the trip is experienced in so many different ways by different people Business travel Amount of business travel has declined General economic climate Acts of terrorism Companies’ reduced travel budgets These days business travel is often combined with leisure travel Business travellers for business purposes such as Meetings All kinds of sales Conventions Trade shows Exhibitions Compared to leisure travellers, they tend to be young, spend more money, travel farther and in smaller groups. However, they do not stay as long Business travel will gradually decline even further and leisure travel will increase Many people have more leisure time and higher level of education More disposable income The cost of travel has remained constant or dropped The social and cultural impact of tourism Tourism can leave both positive and negative impact of communities Tourism has made signi? ant contributions to international understanding Tourism is a means of enhancing: International understanding Peace Prosperity Universal respect for, and observance of human rights Fundamental freedom for all, without distinction to race, sex, language, or religion Tourism is a sociocultural phenomenon, exchanging sociocultural values The competitiveness of international destinations is based on such attributes as Service quality Price Safety Security Entertainment Weather Infrastructure Natural environment Political stability What is ecotourism? ‘Responsible tourism’ A reaction to the negative consequences on natural resources, ecosystems and cultural destinations Environmentally responsible travel and visitations to relatively undisturbed natural areas, in order to enjoy and appreciate nature that promotes conservation, has low negative visitor impact, and provides bene? ially active socioeconomic involvement of local populations Ecotourism is more focused on individual values Promotes biodiversity Promotes conservation Minimises the environmental impact of tourism Increases knowledge of culture and the environment Sustains the livelihood of locals Cultural tourism Visits motivated wholly or in part by interest in the historical, artistic, scienti? c, or lifestyle / heritage offerings of a community, region, group or institution It bene? ts from the United Nations Educational, Scienti? c, and Cultural Organisations (UNESCO), which designated a number of World H eritage Sites worthy of protection and preservation due to outstanding value of humanity Placing local arts and crafts in hotel lobbies, guest rooms, and restaurants increases the demand for them and at the same times creates a desirable local ambience in the hotels Cultural tourism enhances the arts and crafts of a destination by roviding new markets for artisans, often reviving a fading art or craft and fostering the development of traditional forms Heritage tourism Tourism that respects natural and built environments, the heritage of the people and place, and appreciation for historical milestones and ‘heritage trails’ The purpose of preservation is to protect those assets for the enjoyment of present and future generations The challenge is heritage tourism is ensuring that the increased number visitations does not destroy the very qualities that attracts tourists in the ? rst place Four steps to a comprehensive heritage program Assessing the potential Planning and organising Preparing, protecting, and managing Marketing for success Nature tourism Tourism motivated by nature, such as visits to a national park Baby boomers have increasingly become interested in nature tourism CHAPTER 4 Franchising A concept that allows a company to quickly expand by using other’s money instead of own ? nancing. For a fee, the franchiser grants certain rights such as the trademark, signs, proven operating systems, operating procedures and reservation system and purchasing discounts The franchisee agrees (under contract) to operate in accordance with the franchiser’s guidelines Management contracts A management contract is an arrangement under which operational control of an enterprise is vested by contract in a separate enterprise which performs the necessary managerial functions in return for a fee. Management contracts involve not just selling a method of doing things (as with franchising) but involve actually doing them Responsibility for rapid hotel industry boom since the 1970s Popularity because they involve little or no up-front ? nancing or equity Types and location of hotels 1. Based on location City centre Generally located in the heart of the city within a short distance from business centre, shopping arcade Resort hotels They are also termed as health resort or beach hill resort and so depending on their position and location. They cater a person who wants to relax, enjoy themselves at hill station. Most resort work to full capacity during peak season. Sales and revenue ? ctuate from season to season Freeway Hotels and Motels (Motor) hotels offer a convenient place to stay that are reasonably priced with few frills. Guest can simply drive up park outside the of? ce, register, rent a room and park outside the room 2. Based on the level of service (Classi? ed into economy, and luxury on the basis of the level of service they offer) Economy / Budget hotels These meet the basic need of the guest by providing comfortable and clean room for a comfortable stay 3. Based on the length of stay Transient Hotel These are where guest stays for a day or even less, they are usually ? ve star hotels. The occupancy rate is usually very high. These hotels are situated near airport Residential hotels These are the hotel where guest can stay for a minimum period of one month and up to a year. The rent can be paid on monthly or quarterly basis. They provide sitting room, bed room and kitchenette Semi residential hotels These hotels incorporate features of both transient and residential hotel 5. Based on target market Commercial hotel They are situated in the heart of the city in busy commercial areas so as to get good and high business. They cater mostly businessmen. Convention hotels These hotels have large convention complex and cater to people attending a convention, conference Suite hotels These hotel offer rooms that may include compact kitchenette. They cater to people who are relocating act as like lawyers, executives who are away from home for a long business stay. Casino hotels Hotel with predominantly gambling facilities comes under this category, they have guest room and food and operation too. These hotels tend to cater leisure and vacation travellers. Gambling activities at some casino hotels operate 24 hours a day and 365 days a year Vacation Ownership Political correct way of saying time-share A person purchases the use of a unit for block of time, usually in weeks The idea is that you bene? t by pre-paying for a vacation place rather than renting it, as you might otherwise do. The pro? t that would have gone to the rental stays in your pocket. Under a Vacation Ownership plan you agree to a one-time purchase price and an annual maintenance fee, Vacation Ownership purchasers own their accommodation time and purchase the right-to-use it for a speci? ed number of years CHAPTER 5 Function and departments of a hotel The main function of a hotel is to provide an outstanding lodging experience Provide all the comforts of home to those away from home A large hotel is run by a General Manager and executive committee, key associates: Rooms Division director FB director Marketing and Sales director Human Resources director Chief accountant Chief engineer Role of the hotel General Manager Large hotels can be impersonal, but the GM has to make sure that he / she gets to know the guests and makes their stay memorable. GMs can be present in the lobby of the hotel or in FB outlets at peak times Guests like the feeling that the GM has personal interest in their well-being Qualities of a GM Leadership Attention to detail Follo w-through People skills Patience Ability to delegate ef? ciently The GM sets the tone, selecting and training the best people, and others try to match it Management structure The GM, with the input from the executive committee, makes all the major decisions affecting the hotel These executives compile the occupancy forecast together with all revenues and expenses to make up the budget The departments The rooms division’s director is responsible to the GM for the ef? cient and effective leadership and operation of all the rooms division departments This includes ? ancial responsibility, employee satisfaction goals, guest satisfaction goals, guest services, guest relations, security and the gift shop The front of? ce is the hub or nerve centre of the hotel It is the ? rst impression that the guest gets from the hotel The guest relies on the front of? ce for information and service throughout the stay The duty of the FOM is to provide outstanding guest services to exceed needs Main functions of the front of? ce staff To sell rooms To maintain balanced guest accounts To offer service such as handling mail, faxes, messages, and local hotel information A hotel balances their accounts at the end of each business day The night auditor waits until the hotel quiets down at 1. 0 AM and begins the task of balancing the guests’ accounts receivable The daily report contains rooms occupancy percentage (ROP) and average daily rate (ADR) ROP is rooms occupied, divided by the number of rooms available ADR is the total rooms revenue, divided by the number of rooms sold Property management systems A system that help the hotel to accept, store, and retrieve guest reservations, history, requests and billing arrangements electronically It is designed to assist front of? ce employees with Reservation management Rooms management Guest account management Revenue management It is a demand-forecasting technique used to maximise room revenue Based on supply and demand principle To increase pro? tability Management would like to sell every room at rack rate (= published rate that the hotel wants to get for the room) But most of the rooms are sold at discount on the rack rate To allocate the right type of capacity to the right guest at the right price so as to maximise revenue or yield per available room Yield is ROP * rate achievement factor Rate achievement factor is ADR divided by rack rate Revenue per available room (rev par) is total room revenue, divided by the number of available rooms Communications CBX or RBX Telecommunications department Guest communication.

Free Essays on The Logic Of Collective Action

In his book, The Logic of Collective Action: Public Goods and the Theory of Groups, Mancur Olson writes about how groups are formed. As an economist, Olson investigates the economic incentives and disincentives for group formation, especially political and trade organizations. â€Å"Olson demonstrates that firms may prefer to ‘free ride’ on the efforts of others rather than pay a share of the costs.† (Ciglar and Loomis 212) His conclusion is that individuals are led to act in a self-interested manner that interferes with any desire to work toward a collective good. Producers of a certain product have an interest in selling the product for as high of a price as possible. It is in their collective good to find ways to push prices and profits higher. An easy way to achieve higher prices is to organize and establish set prices. However, the organization of a trade group would require full participation of all makers of the product within the market. If one producer refused to join the group and sold the product for less money, that producer would come to dominate the market. A group is unlikely to form because each individual producer has a stronger interest in being the one who does not join and comes to undersell the competition, similar to the â€Å"tragedy of the commons.† There is a conflict between the individual interests of the producers and their collective interest. Another type of group is one that is seeking a benefit, but not selling. Collective bargaining is an example Olson uses. Workers have an interest in unionizing to drive up wages and force better working conditions. Non-joiners would not endanger union members. However, non-joiners would gain the benefits of the collective agreements. Therefore, each individual has an interest in not joining but still receiving the benefits and becoming a free-rider. Joining requires the use of resources. Why would someone join a group when the benefits would be gained even wit... Free Essays on The Logic Of Collective Action Free Essays on The Logic Of Collective Action In his book, The Logic of Collective Action: Public Goods and the Theory of Groups, Mancur Olson writes about how groups are formed. As an economist, Olson investigates the economic incentives and disincentives for group formation, especially political and trade organizations. â€Å"Olson demonstrates that firms may prefer to ‘free ride’ on the efforts of others rather than pay a share of the costs.† (Ciglar and Loomis 212) His conclusion is that individuals are led to act in a self-interested manner that interferes with any desire to work toward a collective good. Producers of a certain product have an interest in selling the product for as high of a price as possible. It is in their collective good to find ways to push prices and profits higher. An easy way to achieve higher prices is to organize and establish set prices. However, the organization of a trade group would require full participation of all makers of the product within the market. If one producer refused to join the group and sold the product for less money, that producer would come to dominate the market. A group is unlikely to form because each individual producer has a stronger interest in being the one who does not join and comes to undersell the competition, similar to the â€Å"tragedy of the commons.† There is a conflict between the individual interests of the producers and their collective interest. Another type of group is one that is seeking a benefit, but not selling. Collective bargaining is an example Olson uses. Workers have an interest in unionizing to drive up wages and force better working conditions. Non-joiners would not endanger union members. However, non-joiners would gain the benefits of the collective agreements. Therefore, each individual has an interest in not joining but still receiving the benefits and becoming a free-rider. Joining requires the use of resources. Why would someone join a group when the benefits would be gained even wit...

Critical reading response Essay Example | Topics and Well Written Essays - 1000 words

Critical reading response - Essay Example He offers three possible solutions for these issues. He states that mandatory attendance should be abolished and replaced with policies allowing kids to attend classes only when they want to. He also suggests removing children from schools, declaring them to be prisons where learning is limited. Additionally, he views that abolishing the curriculum is also a possible solution because people merely remember what they believe is interesting and useful to them. In order to assess the veracity or, at least, appropriateness of Holt’s claims, the major points of his article will be analyzed. First, Holt states that learning is inherent in every human, and that babies learn the basics of living and survival from the day they are born. Without any formal instruction, kids learn to communicate and interact with people around them. They learn through discovery, association, application, and mistakes (Holt, â€Å"School is Bad for Children†). This is a very strong point. Yes we sh ould acknowledge that school provides specialized information of some subject matters, but it does not mean that learning the same is impossible outside school. To prove this, one can simply look at the greatest minds in man’s history like Albert Einstein, Blaise Pascal, Pierre Curie, the Wright brothers, Thomas Alva Edison, and Alexander Graham Bell. These great minds did not acquire their knowledge from traditional schools because they were all home-schooled (McKee 16). Therefore, with the undeniable inherent ability of man to learn coupled with proven achievements of those that never went to school, it is easy to agree with Holt on this matter. Another statement made by Holt is that school environment encourages passive learning, thereby decreasing the utilization of man’s inherent ability to learn through active discovery, association, application, and mistakes. It also encourages the thinking that to be wrong is a crime, and to be right is the only acceptable thin g. In school, students are dictated by the experts on what is important, what they need, and what they should do. Technically, everything is spoon-fed (Holt, â€Å"School is Bad for Children†). Holt is not exaggerating when he states school teaches kids to do something only if they are forced, bribed, or deceived, since school rewards excellence and correctness. Despite the idea that teachers encourage children to analyze and ask, at the end of the day, they still follow a pre-set standard of what is correct and incorrect. Knowing the correct and universally accepted answer is the only way to pass, and passing is the only way to move forward. These standards place children in categories --- stupid, average, or brilliant (McKee 21). Moreover, it gives a false idea that learning and living are separate things that cannot merge together. The live outside the school, and learn inside with the experts. It reinforces the belief that children cannot be trusted to learn on their own --- they need experts to tell them what they should know to be considered knowledgeable and learned (Holt, â€Å"School is Bad for Children†). Holt again presents unquestionably strong arguments on this matter. Everyone who experienced school can relate to a great chunk of Holt’s standpoints. Another controversial statement is Holt’s declaration that schools shut kids’ brains and lead them to vices, particularly drugs. Several people may react negatively

Fieldwork observation report Assignment Example | Topics and Well Written Essays - 250 words - 1

Fieldwork observation report - Assignment Example In order to ensure that the learners grasp the knowledge the teacher asked both oral and written questions some were simple while others were a bit complex. As a professional the teacher was very kin on the way he was handling the pupil’s answers. Whenever a pupil gave the correct answer, he would personally appreciate him and request the pupils in helping him to do so by applauding. However what pleased most is that the teacher did not refute wrong answers whenever the student gave a wrong answer, the teacher would commend the attempt made and encourage the pupils to make the necessary improvement then proceed to ask another pupil to correctly solve the sum or do it by himself. In conclusion this was a very interactive class. A part from giving all students equal treatment, the teacher effectively used verbal and non verbal communication skills to teach. At the same time he carefully handled the pupils’ answers in the best manner he could. This was quite

Modern World Theories Essay Example | Topics and Well Written Essays - 3500 words

Modern World Theories - Essay Example justice would be most required. Thus, such an effort is made in this discussion to comprehend three of the most prominent theories of the modern world. As a first step, let us understand them in their popular definitions to initiate the discussion. Liberalism, as opposed to Marxism and Neo-Conservatism, is a "political theory founded on the natural goodness of humans and the autonomy of the individual and favouring civil and political liberties, government by law with the consent of the governed, and protection from arbitrary authority [and] An economic theory in favour of laissez-faire, the free market, and the gold standard" (Liberalism. 2008). Now, to understand another major modern theory, Marxism can be well defined as the "political and economic philosophy of Karl Marx and Friedrich Engels in which the concept of class struggle plays a central role in understanding society's allegedly inevitable development from bourgeois oppression under capitalism to a socialist and ultimately classless society" (Marxism. 2008). Another major political philosophy that came out, mainly in the US, as a rejection of social liberalism and the New Left movements is the Neo- Conservatism which is difficult to be defined, yet may be understood as one that "refers to the political goals and ideology of the "new conservatives" in the United States, characterized by hawkish views on foreign policy and a lesser emphasis on social issues and minimal government than other strains of American conservatism" (Definition: Neoconservatism (United States). 2007). Now, to have a comprehensive idea of these philosophies, let us discuss them in detail. Liberalism In critical perspective, Liberalism, as opposed by the other political, cultural, social and economic theories of consideration, may be put in a high status in the modern context as it ensures maximum individual freedom in the democratic way of governments. Various characteristic features of the theory may be considered in favour of Liberalism. Among them the notable ones are the emphasis on individual freedom, opposition to the government regulation through the advocacy of free market, importance on the liberal government, democracy, and civil rights and the equality of opportunity to the individual. There so many values, elements, institutions, and other characteristics that buttress the great role of Liberalism. One of the primary considerations among them is its perspectives on human nature. Liberalism, in its radical social form, has been the champion of human liberty and all its perspectives of human being concentrated on this ultimate concept of the liberals. Human beings, when they are adult, mature persons to enjoy the freedom and selection of things most suiting their growth and progress, were allowed the freedom without the intervention of the government. Unlike the classical liberals who consider the individuals as able to assume the ways of developing their life, modern liberals cling to the idea about human nature "that we are basically moved by impersonal forces and have no capacity to initiate any improvements in our lives. Any such improvement has to come from the outside, and government, with its concentrated and massive coercive power, is the most promising candidate to bring about such improvement"

The Causes of Deficit Financing in Pakistan

The Causes of Deficit Financing in Pakistan The aim of any government is to fulfill the socioeconomic responsibilities in order to break the vicious cycle of poverty and also uplift the economic conditions. In Pakistan it has been practiced that the aggregate of tax collection and no tax collection revenues are not ample to meet the government expenditure. To fulfill the gap between the spending and revenues so the economist used the perception of deficit financing. The government borrowing from banking and non banking sector and printing new currency is called deficit financing. Deficit financing shows the difference between projected expenditure and projected spending. To fill the gap of government borrows from 1) state bank of the country 2) borrow from commercial banks 3) borrows from non financial sector such as saving centers, insurance companies 4) the last source is printing new notes known as deficit financing. Deficit financing is a situation where government spends more money than its revenue collection. Deficit financing is used for different purposes the main purpose of deficit financing is used to end the recession when the economic activity slow down in order to retrieve the economy in the better situation. In the third world countries like Pakistan the deficit financing becomes the requirement due to bad governance, insufficient spending policies, corruption, tax evasion, and insufficient tax collection. In the west the phrase Deficit Financing is used to explain the intentionally create a difference between public revenues and expenditures or the budget deficit. This gap or difference can be filled by public borrowing, commercial banks, and central bank. The idle saving of is used to fill this gap that in turn increase the employment and output of the country. Deficit financing is the most important tool of generating capital in developing and underdeveloped countries. In developed nation the new currency notes are used to support the public investment that in turn increases the growth rate of a country. The government used the borrowed money for the development purposes i.e. railways, roads, air services, social overhead capital, schools, hospitals etc. The deficit financing is also used to increase the economic activity of a private sector in the country. The monetary expansion in developing countries attached with high rate of borrowing from banks and international sources to finance their budget deficit, budget deficit is the one factor that contributes in disequilibrium in the balances of payments. In developing countries governments are unable to mobilize or use their domestic resources due to inefficient tax system, in such countries the capital market are also underdeveloped and the interest rate determines institutionally. In such circumstances the supply of money increase that causes an increase in the price level. There are different sources of financing the economic development; these resources are domestic resources and foreign resources. Domestic resources are those in which the government finances through taxation, public borrowing, and the saving of government that include the surplus and also include the deficit financing. The foreign source of finance consists of loans, grants, and private investment. The significance of both domestic and foreign resources has their own in developing countries. The most important thing is used to execute these resources in a way that maximum benefit can be achieved for rapid development. Background of the problem Pakistan is a large country with a population of 17.50 million in 2010. The economy of Pakistan is still facing the low level of per capita income that is stranded at 699 US $ in December 2012. In Pakistan the ratio of the budget deficit is different in different years. From last two decades the budget deficit is 5.4% to 8.7% of GDP. The average deficit rate was 6% in the period of 1970and it was 7.6% in the period of 1980.In 1990s the deficit ratio was decreased to 6.4% of GDP due to a reduction in development expenditure. The ratio was not achieved by enhancing the tax system but due to the reduction in the development expenditure. The Pakistan tax system is still narrow and punctured due to the poor and weak tax administration. The balance of payments deficit has become a permanent problem of Pakistans economy. For the last fifty years Pakistan has been facing continuously from a current account deficit. The international loans are used to finance the deficit. The debt service charged more than 5% of the GDP of the country. With large budget deficit there is need of rapid growth of domestic credit. In underdeveloped countries the role of free capital markets is limited. The main source of government deficit is financed by the banking system. Like other developing countries Pakistan is also facing a large budget deficit as the most outstanding problem. Deficit financing is also responsible for high inflation rate, decrease growth rate, and low opportunities for private investment. Pakistan faces different rates of the budget deficit in different years. In last two decade the budget deficit ratio was 5.4% -8.7% of GDP. The ratio was 7.6% in 1980s the ratio became 7.6% in 2001- 2002. The rate of budget deficit in Pakistan has grown consistently with the passage of time. At the time of 80sthe budget deficit has increased as much as faster than the early periods and touched the ratio of 8.4% in 1987-88. The rate of budget deficits has decreased to 7% but that ratio was also considered high one of the experts. Due to large budget deficit there was a high rate borrowing is used to responsible for an increase in the domestic debts since 1980-81. In the period of 90s the severe situation faced by the State Bank of Pakistan to control inflation within the targeted limit and make sure the macroeconomic stability. In the fiscal year of 1998 and 2003 the rate of inflation was 4.6% that were relatively lesser the best rate. In early 1973 and 1980 the inflation rate was two digit figures that were 14.3%. The rate of inflation controlled in the period of 1980 that was 7.2% per annum but unfortunately the rate of inflation again grown to 10% per annum. The high rate of inflation also caused due to excess money supply, fiscal imbalances, and deficit finance sources. Problem Formulation Chaudary and Hamid (2001)Pakistan are facing severe obstacles of generating public revenue. The persistent failure in attainment of public revenue leads the public sector to depend on public borrowing. The result is that the public debt goes to increase the rate of 90% of GDP and the rate of budget deficit increase to 8% of GDP. The figure of budget deficit lead to double digit inflation (ref). These imbalances adversely affect the economy. These problems all are interconnected with each other in order to decrease the public revenues that in turn create the hindrance to meet the needs of the public expenditures. In this regard the efforts are made to improve the taxation system that is not based on the scientific approach, thats why the to attain the target of achieving the projected target failed continuously. The result is that it is not only used to meet the demands of development projects because at that time it not able to meet the demand of the current expenditure. In Pakistan the less than 1% population is taxpayer. According to the economic survey of (1998-99) Pakistan has experienced the sustainable growth rate more than three decades till 1990. Pakistans economy grew at the rate of 6% per annum more than three decades but the situation became adverse in 1990. The collection of tax also became very adverse at a satisfactory level. The other developing nations like Pakistan at the age of early growth need to get higher revenue than the developed nations. Due to the obstacles that prevail in getting the higher growth rate this could lead to the unsustanability to survive. According to the economic survey of 1998-99 the growth rate of Pakistan goes to down at 4.5% per annum, the ratio was about 6% in the last 3 decades and same ratio was 3% for few years. The deficit finance is the result of failure in an increase in the public sector to increase their savings. The trend shows that the efforts made in collecting taxes do not meet the demand of the public. It is important to note that Pakistan is not attaining the targeting revenue through tax. According to world development report (1979, 1991and 1997) the rate of tax collecting in the other developing countries is 25%. In the period of 1998-99 the tax shortfall was approximately 20%; it shows that there is need of detailed study of the tax reform system. The economic crises over in 2008, Pakistan have enjoyed greater economic activity. The policy maker in Pakistans fights a battle against the crisis hit in 2008-2009. The sudden increase in the oil prices also causes the alarming situation for the deficit in foreign debt and also decrease the value of the rupee. Pakistan made efforts to seek the international monetary fund after the allies of China, USA, and Saudi Arabia to refuse to provide the funds to the country in October 2008. Pakistan has provided the US$ 1 billion loan for 23 months. Pakistan asked the IMF to raise their loan from US47.6 billion to US$ 12.1 billion in February 2009. In august 2009 the IMF increases the time span to 25 months and increase the grant to US$11. 3 billion to meet their financial needs. Previous studies Ishfaq and Chaudhary (1999)The debt history of Pakistan started in 1984-85, when the surplus revenues turned into a deficit. The fiscal deficit and debt converted into multiple rates. The total deficit rate was Rs 89.2 billion in 1990-91 that rate was increased to 66% in 1997-98 and approximately to Rs 148 billion. The domestic debt was increased to 185 percent the amount increased Rs 448 billion to Rs 1280 billion and foreign debt increased to 156 percent the amount was Rs 272 billion to Rs 697 billion in the same time period. Pakistan has an opportunity to do some measures for the establishment of the macroeconomic indicator rather than to go for deficit financing for generating the revenue. In the mid of the 2008 the Pakistan started registering the imbalance in the overall economy. At the end of the 2008 the Pakistan fiscal deficit was increased to $ 5.6 billion that exceed to $ 8 billion. The trade deficit also increases to $ 13 billion to $ 18 billion. Foreign reserve has fallen to decrease to $ 6.5 billion. (Baig, 2011) Pakistan forced to take the help from the IMF in order to get financing for the deficit finance of their economy. The help provided by the IMF was the package of $6.7 billion that was later increased to $ 11.3 billion in 2009. The IMF also helped Pakistan by providing bilateral and multilateral aid that also causes to increase external debt and liabilities to $ 54 billion from $ 41 billion in January 2008. Pakistan is also used to sovereign bonds and sindak bonds in order to use another form of deficit financing. This also creates a problem for a country to repurchase these bonds according to their specified time table or schedule because different countries have different foreign currencies. In these situation investors does not show their concern toward the investment. (Baig, 2011) These both measures are taken by the international market that is not so enough for the needs of the Pakistan and then government compelled toward the third mode of deficit finance monetization. The Pakistani government relies on the domestic borrowing that is the cause of disparities in the debt dynamics. The domestic debt borrowing increased to 24% in the mid of 2008. Pakistan domestic debt was multiplied from Rs 2610 to Rs 4490 in the fiscal year of 2007.At the end of March 2010 Pakistan domestic debt was $ 53.2 billion which was appoximately30.6% of GDP. All the source of the deficit finance is failing to attain the desired results and lead the economy toward the negative direction. By the mid of 2010 Pakistans total domestic debt reached to $ 100 billion and there is already paid interest about $5.6 billion and debt servicing amounted $ 7.6 billion annually that was expected to cross the limit of $ 10 billion after the fiscal year of 2010-11. (Baig, 2011) Deficit finance works only when there are such sound policies that direct the planners that how to spend money in a way that raise debt, generate revenues and also plan some actionable ideas that directs that how to repay the debt. For the attainment of all these targets there should be a need of honest and sincere governors that Pakistan does not have. In this way we are able to increase the debt and rising the liabilities that is useful for the upcoming generation to pay off that. The money that is used to spend on the future of the Pakistani people should also be spent on the future of Pakistan that could be served as the bureaucracy, foreign visit, corruption and government functionaries. Today the Pakistan debt situation is alarming and we have no plans that how to raise sustainable revenues and having no idea that how to accumulate the external and domestic debt. We have very few and tough choices to make serious and valuable decisions. (Baig, 2011) Causes of Deficit Financing in Pakistan The main causes of deficit financing in Pakistan are: Increase in government expenditure: The government expenditures both development and non development are increasing as time passes. The government has not been able to meet the expenditure by its revenues. Ineffective budget deficit: There are ineffective fiscal policies implemented in Pakistan and fiscal indiscipline also result the public debt. Fiscal deficit: The average fiscal deficit in 1990s was 7% of GDP. The public debt increased from 66% of GDP in 1980 that almost 100% by the mid of 2000. In 2004-2005 the fiscal deficit was 3.3% of GDP however; it increased to 4.2% in 2006-2007. Low saving: The people of Pakistan are consumption oriented. Due to high consumption rate the saving ratio was lower than 16%. Rapid population growth: The rapid population growth also a main cause to slow down the economic activity of a country. According to economic survey of 2007-2008 the population growth was 1.8%. In underdeveloped countries the increase in money supply is one of the major causes of disequilibrium in the balance of payment with heavy government borrowing from banks and as well as from international source of finance. In such developing countries government relies on the deficit financing due to unable to use their domestic sources due to the inflexible tax structure. The capital market of such underdeveloped nations is not able to determine the interest rate and the interest rate was determined by the institutions that in case the result of excess money supply. Purpose Statement The rationale of this study is used to test the theory of association that relates the dependent variables and independent variables. Here in this study the factors (exchange rate, inflation, tax, interest rate) that is affected by the deficit financing are independent variables and GDP is dependent variable. Its individuality will be statistically restricted in this study. Objective of Study The following objective will be paying consideration to guide the study. To study the impact of deficit finance on the exchange rate To analyze the effect of deficit financing on the tax rates. To study the impact of deficit finance on the interest rate. Significance of Study Our study is about the impact of exchange rate, inflation, taxes and interest rate on deficit financing. In which we will see that how the factors are directly or indirectly affect by the deficit financing.

Regionalism Essay -- Population, Suburbs

Our cities are not what they used to be. Over the corse of fifty years the once proud, strong, and viable hubs of American economic prowess are but a shell of what they were built for. The problems that many cities have are no longer condensed to their city limits and the sprawl that was created over that fifty year period is now threatening to enter the suburban spaces that were created when the city’s citizens left. The metro sprawl is starting to loose it’s attractiveness and unless there is more acknowledgment of the problems creeping out of these cities, the same declining trends will create unoccupied commercial and residential districts not unlike the downtowns of many American cities. Without careful discussion about these trends and our communities embracement of a more regional approach, then there will be more problems in less dense suburban areas, making those problems hard to correct. In order to prevent the spread of this urban blight and avoid low occupa ncy rates, communities must implement regional tax policies, plan for more effective use of space, and encourage smart growth. Regionalism is the act of looking at a populated area not as individual localities or municipalities, but as something greater. Instead of approaching our revitalization efforts to one area, the problems should be addressed regionally. This has been an ongoing topic of debate since the suburban sprawl that created communities outside of our cities first started. In fact, it has been somewhat over shadowed by the rising popularity of city revitalization efforts through public private efforts of development. City renaissance is only a small piece of what regionalism is about. Charles Clark, writer of the CQ Researcher article â€Å"Revitalizing ... ...he city have grown far larger than anyone would have imagined. It is not just an urban area that has its own concentrated problems, those problems are now directly involved with it’s suburban parters. The sooner this is realized, the sooner Americans can get to work to grow their areas smartly and soundly. The sooner communities share the revenue that is generated through non resident communal traffic, the sooner they can directly take stake in the all their regions can create and offer. The sooner that space is used effectively within their existing boundaries, the sooner communities can function as a greater neighborhood. As the cities continue to rise, so too will they continue to expand. The only way to make this function work for the good of all who share its amenities, is to implement regionalism into our governing policies.

Fate vs. Free Will: Re-examining the Belief through Sophocles’ Oedipus the King Essay

Fate has always been the central argument in almost every Greek drama known to human civilization. Mankind has always been convinced that we cannot go against the tide, as all things are bound to happen, waiting to happen, and will happen. We have always been a believer of oracles, the fanfare of fortune-tellers, we hold our breaths to what the cards will tell of our fortune and our future. But if this is to be believed, then we are unwittingly giving up our free will, our right and capability to make decisions, we are giving away our logic and our right to draw our own lives, but rather, giving it all up to a greater force, an invisible hand that commands us to do what we ought to do. In the interest of discussion and deep philosophical reckoning, may I ask, is life, as unpredictable as it is, drawn by fate or by free will? Oedipus the King, one of the three Theban plays written by Sophocles, has been the center of many discussions on this topic. The question of whether fate or free will contributed to the downfall of Oedipus poses a great many questions to scholars and common folks alike. The question is an unwitting examination of our own lives, are we the products of the choices we take, or victims and collateral damages to a greater, unfolding plan. Fate, has been defined as the will or principle or determining cause by which things in general are believed to come to be as they are or events to happen as they do (Webster 128). By essence, we as common folks cannot choose our own undertaking but rather, just follow whatever it is that is bound to happen. Oedipus life has been marred by the predictions and indications of the Delphian Oracle. He, together with Laius and Jocasta, gave tremendous weight to what fate has instructed them to portray. And in their efforts to change what has been written, they have fallen victims to their own destiny, entangled with the cobwebs of lies and deceit that they made to cover up what their own personal flaws and fears. It is interesting to know and to reckon, however, that the oracle says the son will kill his father and mate with his mother, what if the child that was delivered was a daughter and not a son? Or it would have been a quick and quiet solution if Jocasta or Laius himself killed the baby and not just delegate it to a servant, thus avoiding the case of insubordination, which proved deadly for all the characters involved. Or, they could have just raised Oedipus by themselves, in their own guidance, within their very reach, for no moral man shall kill his own father and have a relationship with his own mother. In shorter terms, there could have been many alternatives, many ways, many options, which could have been effective and could have prevented the tragedy that has befallen the House of Laius. Free will could have worked things out in this tangled story of murder and incest. Logic could have outwitted the fates that are conveniently believed to direct our destinies. But then, some may think, this is still a gamble on the things to come. Again, let me cite another story, this time in the form of a short story by Mark Twain, aptly entitled Luck. It has clearly illustrated how a man who lacks luster in any field, became an illustrious and decorated military officer. He has been pursued, day by day and year by year, by a most phenomenal and astonishing luckiness (Twain 64). This fictional character, Lieutenant General Lord Arthur Scoresby, seems to have all the luck in the world, transforming the worst of blunders into the most brilliant and astonishing of all the military tactics. To romantics, it seems that the universe has conspired to give him the best of fortunes and enjoy the best of life. But again, let me ask, for purposes of reckoning and discussion, what if poor Scoresby â€Å"choose† other field and not enter the world of military, where outwitting and counter outwitting the enemy is a practice? Or, what if the reverend, instead of helping him, just let him fail his subjects I the military school? A choice has been given to the reverend, but alas, he choose to undertake the road that led to the unthinkable and unlikely success of the stupid man. His own choice, then, it is safe to say, has catapulted the General to his place in history. Force, or the lack of it, is an underlying factor in this topic. Oedipus has always known he will one day kill a man that is father, therefore, he should have prevented himself to kill any man, be it a stranger or the man he has believed all along to be his father, King Polybus. Nobody forced him to kill anyone, or at least, no other hand guided the sword that killed Laius but his own. He has been warned that he will one day commit and incestuous relationship with his own mother, then, he should have prevented himself from marrying any woman, be it any woman or the woman he has believed all along to be his mother, Merope. He, therefore, has guided his own undoing. Oedipus, therefore, is the only one responsible for fulfilling the prophecy, for in no page of the play did I find that any other hand or force guided him to do as he did, but his own choice, his own free will. The knowledge of the murder and the incest should have warned him and equipped him with a list of what not to do in his life, but instead, he let his own flaws draw his destiny. The question of fate and free will is an age old problem, and the solution will not be found in the endless debates, lustrous academic and para-academic discussions, or literary discourses. Our lives, whether we believe it or not, are products of our choices, we are of our own doing, or undoing. If we allow ourselves to believe that, like the planets in the universe, lifeless and dull, we are drawn to follow a certain order, then, we practically give up our right to life, our freedom, our individuality, but instead, we accept that we are common, unspecial, and nothing more than a dry leaf mercilessly thrown around by the wind, we are nothing but a stone that will forever remain at the bottom of the sea, or up in the mountains, that we are at the mercy of someone we don’t see. Lastly, let me just share, not a quote or a passage, but a law that has been proven time and time again, authored by the great Sir Isaac Newton. Every object in a state of uniform motion tends to remain in that state of motion unless an external force is applied to it. I believe, no other external force is at play, but that, which we call â€Å"ourselves†. Works Cited Cohen, I. Bernard and George E. Smith. The Cambridge Companion to Newton. Cambridge: Cambridge University Press, 2002. Dodds, E. R. â€Å"On Misunderstanding the Oedipus Rex. † Sophocles’ Oedipus Rex. New York: Chelsea House, 1988: 35-47. Sophocles. Oedipus Rex. New York: Dover Thrift Editions, 1991. Twain, Mark and Justine Kaplan. The Signet Classic Book of Mark Twain’s Short Stories. New York: Signet Classics, 1985.

The Witch Hunts of Salem and McCarthyism essays

The Witch Hunts of Salem and McCarthyism essays Imagine what it would be like to be labeled a Communist for the mere fact that you happened to sport a goatee? It happened in the 1950's McCarthyism period! Doesn't this sound strangely similar to the Salem witch-hunts? Perfectly normal people accused of being witches just because they were seen dancing strangely in the woods. McCarthyism and the Salem witch-hunts were both attempts by power-hungry people to diminish their competition without any concrete evidence. The causes of the Salem witchcraft trials and "McCarthyism" were irrational fears that witchcraft and communism were going to infiltrate society if drastic measures were not taken. Once the idea that witchcraft might be going on got started, the behavior of normal citizens was open to suspicion of witchcraft. Likewise, the real fear of a Communist take-over had Americans in the 1950's so frightened; some believed that their neighbors might be spies because McCarthy was planting this suspicion so strongly into their minds. Once the hysteria began, it snowballed out of control. In the Salem witch hunts two young girls, Betty Paris and Abigail Williams, were exhibiting strange behavior and were diagnosed to have been touched by the hand of the devil. When pressured to reveal the witch or witches who had caused this, the young girls named several outcasts of society. These accused witches were guilty until they prove their innocence. Many were tortured until they confessed they were in fact witches, so they did not have to endure any more pain. A few who admitted their guilt were spared, while the rest were quickly executed. These confessions became the "proof" of the existence of witches. The hysteria of McCarthyism began when Senator Joseph McCarthy landed a series of highly publicized investigations that intended to bring forward Communists in the State Department and Hollywood. McCarthy eventually lets his "Red Scare" get out of control and said the U.S. A...

Write Super-Fast

Write Super-Fast Write Super-Fast Write Super-Fast By Michael Writing fast and editing later is a good practice. For many people, writing super-fast is an even better practice. Heres why: If you write fast, you dont have time to criticize your writing. And the more energy you spend criticizing your writing, the less energy you will have for writing. Many amateur writers can work up a writers block for themselves with just a few sentences of self-criticism. Dont get started on that road. When you write super-fast, your writing can approach the speed of your thought. Im serious. Even non-geniuses can think much faster than they can type, once they get going. Let yourself fly. Dont slow down your brain. Letting the words flow will actually spur new thoughts, and it will at least prevent you from losing thoughts because you couldnt get them down fast enough. Until you finish writing, you shouldnt edit. Everything that anybody writes is garbage until its edited. Editing is awfully inefficient when you try to edit every word as you type it. For the first draft, try to write like the wind. Wait to edit until you start the second draft, after the sweat has dried. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Writing Basics category, check our popular posts, or choose a related post below:Writing a Reference Letter (With Examples)45 Synonyms for â€Å"Old† and â€Å"Old-Fashioned†30 Nautical Expressions

Case study Essay Example | Topics and Well Written Essays - 500 words - 41

Case study - Essay Example HP had am merger with Compaq in 2002 and other companies that enabled it to register combined revenue of $ 118 billion in 2008 (Malone 23). In 1935, the two owners graduated from Stanford University with degrees in Electrical engineering. This company started up in a garage near Palo Alto, with an initial capital amounting to $ 538. However, it took some time for the company to go public until November 6, 1957. In the early years, the company had not focused into the production of only a single type of product. It diversified on different produce such as different electronic equipment and even did some agriculture. It was until 1990s that the company specialized in the production of voltmeters, signal generators, oscilloscope, and thermometers among others. As years went by, HP participated in the introduction of a lot of new software in the market. In 1984, HP produced an inkjet and laser printers to use in conjunction with the desktops in the market. Until today, HP remains the leading innovators in the software world (Malone 19). The HP Company runs in a unique way, and the style now called the HP way. This involves key ideologies that the co-founders of the company ensured prevailed amongst their employees. These key ideologies include; respect for all individuals, focus on high goals to achieve, always conduct business with high integrity, achieve all the common objectives with the help of teamwork, and are always flexible and innovative in their work (Malone 64). The Government allows the company to operate as a technology producer company. It gives the company mandate to produce software in a standard manner while being under the normal regulations agreed upon by both parties (Malone 9). The HP Company enjoys profits from the manufacture of modern equipment as mentioned earlier. These modern technologies are for different usage for different people. The company makes gaming gadgets, TVs, laptops and

Process Control and Improvement Assignment Example | Topics and Well Written Essays - 2500 words

Process Control and Improvement - Assignment Example Several other issues like logistics, scheduling, procurement, raw material handling, human resource management, are also involved in the process and contribute significantly to the efficiency of the system and the final cost and quality of the product. Since these processes are ongoing and cyclic in nature, any company involved in these activities should be able to effectively control these activities in order to boost its performance and business profits. The paper studies the case of Staple Foods, one of the largest foodservice companies in the world and major food caterers in the region. The problems faced by the company in its daily operations and use of process control systems for improvement and efficiency will be the subject of interest in this study. Staple Foods is well known for its assurance to quality services to the clients and its strong focus upon the growth and expansion of its business portfolio. In the food service sector, it is important to maintain efficient opera tions in production and marketing in order to survive and remain competitive in the industry. In order to achieve the targets, the company decided to integrate three plants into one and implement batch process control in its production line. This helped the company to limit the variances that existed in the production line, control the inventories, and increase its profits, (Goldsmith, 1995). 2.0 Company profile The Company – Staple Foods has been the carrier of a number of brands in the food market. The company offers some excellent food products to its customers and is well appreciated for its consistency in its quality standards. The company was formed in the year 1975 and has built a strong tradition of hard work and faith. The company specializes mainly in the oil products, sauces, soups and flavor bases that are marketed under a number of brand names. With more than 7 production units in the region, Staple foods Ltd. are trying hard to make higher margin profits for its elf. 3.0 Existing Production Process Conditions The procedure utilized in the production unit of Staple Foods is relatively complex and multifaceted which is distributed across a number of production units. The main steps that compose the production plan are – The first step consists of a detailed schedule planning done by the managers of Staple foods, in order to reduce the down time for the participant production lines. The scheduling done during this phase is mainly manual in nature. This is followed by the procurement of resources that are required by each production line in an efficient manner. The quantity, quality and time of resource procurement are very important at this point in order to maintain a steady flow of production and product quality. More often, the resources need to be shared by multiple production lines and the managers are required to plan upon this sharing aspect closely so that no shortage problems arise in case. Variability and wastage can be signif icantly eliminated in this operation step. The production takes place in batches or continuously, depending upon the market demands. The last step involved in the production is the cleaning and preparing the line of a new batch of production cycle. 4.0 Process Problems faced by the Management Controlling the processes involved in the p