Real Estate Development and Investment in the course Msc Project Essay

Real Estate Development and Investment in the course Msc Project Management - Essay Example ers & constructers as these contemporary methodologies are much more accurate and reliable as and when contrasted against traditional approaches of property valuation and management. Modern approaches of property valuation ensure that operators and other massive investors do not use the traditional approaches to their own personal advantage. Some analysts believe that the property bubble could have been avoided if the property prices had stayed on track. A diminutive part of the bubble-burst is also blamed on brokers, as even today most of the populace do not use a certified property valuator and just get their estate agents to estimate a value for them. Although, contemporary methods are much more complex and time consuming as compared to traditional methodologies that are less effective and easily manipulated, but the old methods do provide results within an extremely shorter time frame. As a matter of fact, with the increasing popularity of the Web 2.0, one may easily search for the property prices using old methodologies such as â€Å"Comparable sales† online through various WWW region specific services, such as a decent website for such an analysis in the UK is www.mouseprice.com. (Calnea Analytics Limited, N.D) At the outset, no two properties can ever be valued at an analogous value as no two properties are the same. A property might be worth much more for a particular occupier, whereas that same property could be worth nil to another. (Kilpatrick, 2004) The traditional property valuation methodologies used to focus much more on the property’s location and rates of surrounding property; but the new methodologies focus more on the use of a particular property. Nevertheless, even according to the modern approaches, a property may be of a significantly distinctive value for two different buyers. For example, a wheat farmland might be worth more to a wheat farmer than to an occupier who wants to set up a ranch. Therefore, a wheat farmer will consider

Coaching youth sports Research Paper Example | Topics and Well Written Essays - 1500 words

Coaching youth sports - Research Paper Example Most developed economies spend millions of dollars in promoting sports, training the new comers to it and making people aware of the importance as well as over all benefits of sports activities. This piece of research paper addresses basic techniques in teaching of softball to young players and positive ways of identifying appropriate skills in individual players and explains how sports can develop physical skills as well as self esteem in young people. Coaching Techniques for Softball As Softball is a team sport, it requires using of specific evaluation tools and techniques that can also be used to assess the developments of the individual parts to make up the whole of the team (American Sport Education Program, p. 9). Improving basic physical skill is key element to success of any sport, and therefore, it is highly important that all the techniques and tactics that are planned to coach softball players must be useful to improve the physical skills of the players. Similarly, there a re some non-physical skills like remembrance, mental capacity, communication skill, character training etc that are also important for effective performance in any sport and these are also to be considered while coaching is given to softball players. Evaluating the effective techniques for coaching softball requires understanding what are the essential physical skills required for softball. They are strength, speed, agility, flexibility and power (American Sport Education Program, p. 9). Techniques and tactics can be different from team to tem, from coach to coach, but all these techniques must be able to boost the above mentioned essential physical skills. Prior to starting physical training and coaching of physical skills, the trainers or coachers must convey messages regarding the importance of the coaching, motivate the athletes to improve in their present skills, try to make all the coaching techniques to be given to athletes are unbiased and constant and convey the feedback of the coaching to the, etc. In softball techniques, Hitting coaching is perhaps most important one. It involves quickness, strength and hand-eye coordination etc. While coaching to help players better hit, it must be carefully considered to make them comfortable in proper grip and stance as well (American Sport Education Program, p. 22- 24). Another important technique of coaching is stride, which is a controlled forward move in the direction of the pitcher in order to help the hitter transfer her weight while she swings. Coachers should also train how the players can effectively position their bat and how can they be angled well. Teaching the proper hand-position in bat is also highly important. In each and every step, through out every different move forward and along with different types of hitting, the coacher should teach different stance, hand position and better grip tactics to the players so that they can have gradual improvements in overall moving and other important parts o f the softball game. A well structures and effective coaching of softball with different techniques must be well-planned, considering various programs like a) monitoring academic progress, b) arranging team program, c) creating goal chart, d) administering coaching, e) cooperating with team-players etc (Veroni and Brazier, p. 36). Ways to identify skills appropriate to individuals Players are individually different in terms of their age, gender and physical strength and therefore certain skills are more appropriate to some

Demand For Electricity

Demand For Electricity INTRODUCTION If future demand for electricity is to be matched by adequate supply, then it is essential that models are built for estimating accurately, what the future demand for electricity is likely to be. In order to accomplish this, it is necessary that the factors affecting electricity demand are clearly indentified and quantified. It is even more crucial in the case of energy industries because, future energy demand requires investment spending today (due to their huge capital investment requirement and long lead time).[1] In other words, if a country should underestimate its future electricity demand, then it would most likely not make adequate capital investment in the present time which would then result in a shortage of electricity supply (when compared to demand) in the future. One of the most influential factors affecting the demand for electricity is the price of electricity.[2] The price of electricity has since been incorporated into the majority of electricity demand models.[3] This paper tries to examine the effects of the price of electricity in the UK on its own electricity demand. The focus here is to determine the price elasticity of demand for the period 1980-2008 (annual time series data) by the use of a loglinear regression model. The research paper will take the following format. Chapter one is the introduction, chapter two will be the literature review, chapter three will focus on the modelling approach and data analysis and chapter four will be the conclusion and findings. LITERATURE REVIEW Price Elasticity According to economic theory there is an inverse relationship between the price of energy and the quantity of energy demanded. As energy prices rise the quantity of energy demanded falls and vice versa. Given that all other factors are held constant[4]. Economic theory further postulates that the demand for energy is not as responsive to the changes in energy prices as compared to other commodities that are more responsive to their individual prices[5]. Economists define price elasticity as consumers sensitivity to price changes or the degree of responsiveness of changes in quantity demanded to changes in prices and is given by the formula below as: Since price elasticity is the ratio of two percentages, we therefore do not express it in any unit. Price elasticities are usually negative this is due to the inverse relationship between demand and price. Demand elasticities are mainly of two types which are; elastic and inelastic. If the values of elasticity of demand fall within the absolute values of 0 to 1 then demand is said to be inelastic and this can be interpreted thus as a change in price results in a less than proportionate change in quantity demanded. On the other hand if the values of elasticity of demand equals to the absolute value of one or above one, then demand is said to be elastic. In the case where elasticity of demand is equal to the absolute value of 1, it is interpreted as; a change in price leads to a proportionate change in quantity demanded. If the elasticity of demand is greater than the absolute value of 1 then it is interpreted thus as: a change in price results in a more than a proportionate change in quantity demanded. For example in the inelastic range, if price increases by 10 percent on a commodity with a price elasticity of -0.3 then the demand for the good falls by only 3 percent. However, in the case of the elastic range, a commodity with an elasticity of -2.0 would face a fall in demand of 20 percent, if price was to increase by 10 percent. This relationship can be further illustrated in the figure below. Figure 1: Relationship of supply and demand with two demand curves Figure 1 shows a supply curve (S1) and two demand curves which have different elasticities of demand (D1 and D1). D1 is more elastic than D1 (i.e. less steeper). At equilibrium, the supply curve S1, with both demand curves D1 and D1, have a common equilibrium price and quantity at P1 and Q1.Now, let us now assume that the supply curve shifts to the left due to say an increase in the cost of production (i.e. the price of coal used to generate electricity). Then, the new equilibrium point will depend on the nature of the demand curve that is used as shown in figure 2. If the demand curve is relatively elastic at (D1), then prices will rise and demand will fall by a much larger amount when compared to the more inelastic demand curve (D1). Note here that with the inelastic demand curve, the price and quantity demanded (P2 and Q2) are much larger than in the case of a more elastic demand curve at (P2 and Q2). In reality this can be explained by the fact that, if the demand for a commodity is inelastic then, any increase in costs (for example generation costs as mentioned above) can easily be passed on to the consumers without much reduction in supply, hence the larger price. On the other hand if the demand for the commodity were to be elastic then only a much smaller portion of the cost increase would be passed on to the consumer. Figure 2: Shows the effects of a shift in the Supply Curve We can also see the effects of a shift in the demand curve on price and quantity. If we assume that demand curves were to shift outward to the right (i.e. increases) from (D1 to D2) and (D1 to D2) while supply is held constant then with a more elastic demand curve the equilibrium price and quantity (P2 and Q2) would be much lower than if demand were to be inelastic (i.e. P2 and Q2). Figure 3: Effects of a shift in the Demand Curve From the three above illustrations it is quite clear that the resulting impact of changes in supply or demand on equilibrium price and quantity will vary in accordance to the nature of product elasticity. Price elasticities can be used to show how consumer demand responds to changes in price as well as the ease at which individuals can switch over to a substitute, when commodity prices go up. A consumer who has a fixed income has three options of responding to price changes in the short term; (a the consumer can switch over to a substitute; b) they can purchase less of the commodity without any additional purchase of a substitute; or (c he or she can still buy the same quantity of good while reducing his or her consumption of other commodities that make up their total expenditure. In the case of electricity the degree at which it can be substituted is very limited. Electricity can be used mainly for heating, lightening or a wide range of electric appliances such as (computers, television sets, printers, irons etc.). In the case of heating, a consumer may substitute the use of electricity for natural gas (and in the case of less developed countries may even substitute it for it for kerosene or firewood). However, the consumer also has the option of switching over to an appliance that uses a more energy conserving source. For end uses such as power supply for television sets, electricity has no substitutes. The consumer also has the option of purchasing a more efficient television set and maintaining the same level of service while using less electricity. Replacing appliances such as television sets may involve the change of a relatively expensive appliance and as such would take some time to do so. Since, this will involve a first initial capital outlay which i n turn depends on the income of the consumer, frequency of wage payment and payment of bills schedules etc. The time period required by consumers to substitute a relatively expensive appliance in response to higher energy prices is usually referred to as the long-run adjustment time period. On this the basis of this analysis, it is expected that the price elasticity of demand is usually inelastic in the short run and more elastic in the long run. This is because in the short run the consumers options of responding to higher electricity prices are limited i.e. he is restricted to reactions such as, reducing his or her level of appliance utilisation (for example running the heater for lesser hours of the day) or reducing his expenditure on other commodities to maintain the same level of electricity consumption. In the long run however, his options of responding to high energy prices are increased compared to the options he had in the short run. In the long run the consumer can fully respond to price changes by the purchase of appliances that are more efficient and/or the purchase of appliances that use a cheaper energy source. That is why in the long run elasticities tend toward a more elastic range than in the short run. Earlier Literature on Price Elasticity of Electricity Demand Earlier literature on electricity demand has revealed that the price elasticity of demand for electricity is relatively inelastic in the short run and tend to be relatively more elastic in the long run. The previous works written on price elasticity of demand are far too much to be fully discussed in this research. Therefore we shall focus on only the summary of a few. Taylor (1975) wrote one of the first literatures on electricity demand surveys. After carrying out reviews on various existing studies of commercial, industrial and residential electricity demand, he reported the following: (a in the case of residential demand for electricity, short term price elasticity ranged from -0.13 to -0.90 while long run price elasticities ranged from near 0 to -2.0. In the case of commercial demand, price elasticities were valued at -0.17 for the short run and -1.36 for the long run[7]. Boone kamp (2007) using the bottom up model on an annual data series for the period 1990-2000 reported that the household long term price elasticity ranged from -0.09 to 0.13[8]. Pouris (1987) conducted an analysis for the elasticity of demand for electricity for South Africa using data for the period (1950-1983) and determined that the long term price elasticity of electricity demand for the period was -0.90.[9] Bjoner and Jensen (2002) using a loglinear fixed effects model on panel data for the period of (1983-1996) discovered that short term price elasticity to be -0.479.[10] Filippini and Pachuari (2002) using a loglinear model on a monthly household panel data series discovered that the household short term price elasticity for electricity ranged from -0.16 to 0.39.[11] Zimmerman and Bohi (1984) carried out a detailed review of existing studies of energy demand. They reported that general consensus figures for residential price elasticity of electricity were -0.2 in the short run and -0.7 in the long run. The range of estimates in commercial electricity was too volatile to provide any consensus on values.[12] Al Faris (2002) used an error correction model to estimate short term price elasticity for UAE, Kuwait, Oman, Qatar and Bahrain to range from-0.04 to- 0.18.[13] The analysis carried out was based on an annual time series data for the period 1970-1997. Garcia Cerruti (2000) calculated the price elasticity for residential demand for electricity in California to have an estimated mean value of -0.17.[14] In summary, earlier literature show that price elasticity of electricity demand are normally inelastic in the short run and tends to be more elastic in the long run. However, on the whole price elasticity of electricity demand are usually inelastic (i.e. the absolute value of the co-efficient of price elasticity is usually below 1). MODELLING APPROACH AND DATA ANALYSIS According to Lin (2003)[15] he identified that there were three major factors affecting the demand for electricity in any country which were, electricity prices (tariff), GDP (Gross Domestic Product) and population. He went further to say that there were other factors as well contributing to the price of electricity which varied with different countries. Such factors includes nature of weather (i.e. people tend to use more electricity for heating purposes during cold seasons than in hot seasons) and changes in the structure of the economy. Pouris (1987)[16] identified the two major factors affecting the demand for electricity as price and GDP. Using the common independent variables identified by both Lin and Pouris, we have the following model; Log EDt = a + b1LogPEt + b2 LogYt + µEquation Where: EDt = Total electricity demand in period in a given year (Gwh) PEt = Average price of electricity in constant terms for a given year ( £/Kwh) Yt = GDP of country for period t in constant Billion Pounds a = Constant b1 =Price elasticity of electricity demand b2 =Income elasticity of electricity demand  µ= Disturbance term (represents all other factors affecting the demand for electricity) We use the log functional form because it enables us easily determine the price elasticity for electricity demand which is the regression coefficient of price. The price elasticity of demand for electricity is also assumed to be constant.[17] The data used for the period is in constant terms and aggregated at the national level. We express our data in constant terms because we would like to take out the effects of inflation. The data used is aggregated at a national level because it tends to provide a more stable relationship between independent and dependent variables. Pouris (1987)[18] cited Ehrenbergs (1975)[19] work in which he (Ehrenberg) argued that the advances in physical sciences are to a great extent due to the fact that simple relationships (laws) are achievable because they usually account for the collective behaviour of million entities. Pouris (1987) then argued further that, the success of finding laws in social sciences would be in likely areas where behaviour of large individuals or objects can be aggregated. From the above table we can see that the price elasticity of demand for electricity (for the UK) is approximately -0.15 which agrees with economic theory that; (a elasticities of demand are inversely related to price as shown by the negative coefficient of price elasticity and (b price elasticity of demand for electricity tends to be inelastic i.e. having an absolute value below one. Also we do not reject the result due to the high R2 = 0.9688 (co-efficient of determination) and the fact that the result is statistically significant i.e. the absolute t values for real GDP and real electricity prices are above 2. While their (real GDP and real electricity prices) P values are below 5%. The table below shows the data (for U.K.) used in carrying out the regression analysis. The demand for electricity data and average electricity prices were sourced from the Economic and Social Data Services (ESDS) website. While the Real GDP and Consumer prices were obtained from the International Monetary Fund (IMF) website CONCLUSION/FINDINGS The price elasticity of electricity demand for the period (2008-2020) is about -0.15, which is consistent with economic theory that the co-efficient of price elasticities tend to have negative values and that the price elasticities for electricity tend to be inelastic. If we assume that the price elasticity for all organization and individuals in the U.K. lies close to this value (-0.15) and is constant through out time, then such information could have various implications for the economy. Firstly, an inelastic demand for electricity, would mean that there would be little or no government intervention required on the supply side (existing producers and suppliers) to ensure that producers and suppliers of electricity are able to breakeven (recover costs from generated revenue). This is because an inelastic demand for electricity (with respect to price) would mean that whenever there is an increase in demand and producers have to increase their supply in order to match the rising demand, the costs associated with increasing supply can easily be passed on to the consumer. As such, the government could be able to focus on other activities such as the provision and maintenance of public roads, hospital, and schools. Secondly, it would enable the government easily achieve renewable energy targets set in the power generating sector, due to the fact that the potential increases in costs arising from setting renewable energy targets can easily be transferred to the consumer (due to inelastic nature of electricity demand). The government should however ensure that the targets are set in a fair main manner such that the impact of the targets are felt by all power generators in a similar way and that no undue advantage is given to any one single producer due to the implementation of such targets. Furthermore the government should ensure that the targets are set in such a way that it does not increase tariffs too much so that consumers cannot easily afford their bills. Which in turn would then reduce demand drastically (since the consumers in the short run have the option of turning of their appliances) and hence, adversely affect supply as producers may not be able to recover all their fixed cost. If t his effect (rising prices drastically affecting demand) is unavoidable then the government should adopt policies that could assist in improving the disposable income of its citizens. BIBLIOGRAPHY PRIMARY SOURCES SECONDARY SOURCES Books Articles Bin Lin Q. (2003) Electricity Demand in the Peoples Republic of China: Investment Requirement and Environmental Impact at, www.adb.org/Documents/ERD/Working_Papers/wp037.pdf (Last Visited on 26th of April 2010) Mark A. Bernstein and James Griffin (2005) page 2: Regional Differences in the Price-Elasticity of Demand for Energy Pittsburgh U.S.A.: Rand Corporation Mark Lijesen G. The Real-Time Price Elasticity of Electricity in Science Direct Energy Economics 29 (2007) 251 Elsevier at, www.wlsevier.com/locate/eneco (Last Visited on 26th of April 2010) Pindyck 1979, The Characteristics of Energy Demand, in Energy Conservation and Public Policy , (Ed.)J. Sawhill Prentice Hall, Englewood Cliffs, NJ. Pouris A. (1987) The Price Elasticity of Electricity Demand in South Africa at, http://www.informaworld.com/smpp/content~db=all~content=a739318120 (Last Visited April 2010) Others Bohi, D. (1981) Analysing Demand Behavior A Study of Energy Elasticities, John Hopkins University Press for the Future Inc., Baltimore Ehrenberg A. (1975) Data Reduction: Analysing and Interpreting Statistical Data, Wiley-Interscience, London. Kotze, D. and Cooper, C. (1985) Energy Projections for South Africa, Institute of Energy Studies, Rand Afrikaans University, RSA. Venter, G and Basson, J. (1986) Quo-Vadis, National Non-Nuclear Energy Research in South Africa, Paper Presented in the South African National Committee of World Energy Conference, CSIR Pretoria 9-10, June. Lead Time and Costs EIA/DOE Electricity Market Model (2010) at, www.eia.doe.gov/oiaf/aeo/assumption/pdf/electricity.pdf (Last Visited April 2010) Subhes B. and Andon B. (unpublished): Domestic Demand for Petroleum Products in MENA countries at, http://www.dundee.ac.uk/cepmlp/gateway/index.php?category=13 (Last Visited on 26th April 2010) Website Economics and Social Data Services website at, http://www.esds.ac.uk/ (Last Visited on 26th April 2010) International Monetary Fund Website at, http://www.imf.org/external/index.htm (Last Visited on 26th April 2010) For Details of Lead Time and Costs see EIA/DOE Electricity Market Model (2010) at, www.eia.doe.gov/oiaf/aeo/assumption/pdf/electricity.pdf (Last Visited April 2010) Pindyck 1979, The Characteristics of Energy Demand, in Energy Conservation and Public Policy , (Ed.)J. Sawhill Prentice Hall, Englewood Cliffs, NJ. Pouris A. (1987) The Price Elasticity of Electricity Demand in South Africa at, http://www.informaworld.com/smpp/content~db=all~content=a739318120 (Last Visited April 2010) Mark A. Bernstein and James Griffin (2005) page 2: Regional Differences in the Price-Elasticity of Demand for Energy Pittsburgh U.S.A.: Rand Corporation ID Note 4 Supra Note 4 Supra Note 4 Mark Lijesen G. The Real-Time Price Elasticity of Electricity in Science Direct Energy Economics 29 (2007) 251 Elsevier at, www.wlsevier.com/locate/eneco (Last Visited on 26th of April 2010) Supra Note 3 page 1 Supra Note 8 page 251 Supra Note 8 page 251 Supra Note 4 page 13 Supra Note 8 page 251 Supra Note Bin Lin Q. (2003) Electricity Demand in the Peoples Republic of China: Investment Requirement and Environmental Impact page 5-6 at www.adb.org/Documents/ERD/Working_Papers/wp037.pdf (Last Visited on 26th of April 2010) Supra Note 3 Subhes B. and Andon B. (unpublished): Domestic Demand for Petroleum Products in MENA countries page 10-11,at, http://www.dundee.ac.uk/cepmlp/gateway/index.php?category=13 (Last Visited on 26th April 2010) Supra Note 3 page 1271 ID note 18

Polypharmacy Among the Elderly :: Health Care

Polypharmacy among the elderly is a growing concern in U.S. healthcare system. Elderly who have comorbities and take multiple medications are at a higher risk for potential adverse drug reactions. Elderly who take over-the-counter medications, herbs, and supplements without consulting their physician are at risk for adverse reactions associated with polypharmacy. Polypharmacy can result from patients having multiple prescribers and pharmacies, and patients who continue to take medications which have been discontinued by the physician. There is a great need for nursing interventions regarding polypharmacy, including medication reviews also known as â€Å"brown bag†. As nurses obtain history data and conduct a patient assessment, it is essential to review the patients’ medications and ask open-ended questions regarding all types of medications in which the patient is taking. In addition, the patient assessment is also an opportunity for the nurse to inquire about an y adverse reactions the patient may be experiencing resulting from medications. Nurses are in a unique position to provide early detection and intervention for potentially inappropriate medications and its associated adverse drug reactions. Project Purpose PICO Question: Among the elderly patients receiving care at Cary Medical Center on Med/Surg, who are currently taking multiple medications due to comorbidities, would reviewing medications at each provider visit reduce polypharmacy and its associated adverse reactions? Currently, through observations and clinical experience on Med/Surg at Cary Medical Center, medication is administered by the nurse. Nurses are responsible and accountable for administrating medications to patients. Patient medication education is conducted by the nurse. Medication education includes informing the patient the reason for the medication, when and how long to take the medication, drug interactions, and importance of checking with primary care provider prior to taking any over-the-counter or herbal products. If the nurse is unfamiliar with a certain medication, a drug book is available for the nurse to utilize and gain knowledge regarding the drug use, action, adverse reaction, and contraindications. Method used to conduct ROL A search for current peer reviewed research studies was conducted using CINAHL, Medline, and PubMed. The research articles were generated by utilizing the search entry with the terms of polypharmacy, polypharmacy among the elderly, adverse drug reactions and polypharmacy, and consequences and polypharmacy. After receiving a few research articles, a new search was conducted replacing the term of polypharmacy with multiple medications. These searches yielded limited research articles pertaining to the topic of polypharmacy.

Analysing the results of the Private Finance Initiative (PFI)

This article considers the consequences of the Private Finance Initiative ( PFI ) and public interface in the United Kingdom ‘s public services. Along with briefly reexamining anterior research based upon the subjects proposed by Broadbent and Laughlin ( 1999 ) , this article suggests a control system need to make incentive to private houses in recent old ages.IntroductionIn these twenty-four hours and age, the issue of control and legalizing in authorities procedure is debated widely. The Private Financial Initiative strategy which has been given the power over the fiscal resource whether has been good strategy to cut down cost and portion the hazard with authorities. In the society, people who are working closely with implementing controls tend to hold their ain opportunism. By looking at the society as whole system that carried with it certain demands from assorted parts, different function has different involvement that must be fulfilled ( Emile Durkheim ) . Organizational maps are to advance integrating, stableness, consensus and balance.Key IssueWho is accountable? To whom? Is the PFI is the good strategy? Is that PFI independency? Government control power? Control lead to command?Private finance enterprise ( PFI )In 1992, UK authorities seeks private sector to assist out the populace sector development with big graduated table and economic sciences cognition. There are two elements of which private sector have involved: finance and operation. In this essay we focus on the private finance enterprise ( PFI ) which is a method of funding major capital investings that less affecting the public fund ( cf. Broadbent & A ; Laughlin, 1999 ; Broad Broad et al. , 2000 ) and that motivate the private sector to be more cost effectual in the design, building and subsequent operation of many public sector undertakings ( McKendrick and McCabe 1997 ) .The aim and intent of PFIThe PFI system was created with the intent to put in capital without enforcing revenue enhancements, raising debts or deviating cost from other precedences. It acts as an mediator between authorities and private sectors to offer better value for money than public resource by comm anding the undertaking over its life-time. By sharing answerabilities with private sectors, authorities can cut down the hazard and increase benefit to public ( Broadbent et al. , 2000, p 23 ) .Accomplishment of PFIIn term of power, PFI has Institutional power which relies on an external legal or regulative base from which power derives. They can hold the power to force providers and contractors to cut down the monetary value and better public presentation. They besides can make economic systems of graduated table by commanding Numberss of private contracts. PFI has proven to be effectual in the yesteryear for illustration, during 1992 and 2003, 563 PFI undertakings with a capital value of ?35.5 billion achieve fiscal near with most of them being decided after 1997 ( Her Majesty ‘s Treasury ( HMT ) 2003 ) . From 1995 to 2002, the one-year PFI plan has increased from nine undertakings numbering ?667 million to 65 undertakings valued at ?7.6 billion ( HMT 2003 ) . Estimate by 2010 it is around 200 undertakings with a entire value of ?26 billion will be closed ( HMT 2006 ) . Without the aid of private sectors, authorities would hold paid tantamount sum of fund to supply public service ( Gaffney et al.A BMJ.1999 ; 319: 116-119 ) .Accountability and control of PFIPFI was given the power of fiscal resources from authorities ; hence, they are accountable to authorities as an agent. In other words, they have duty to the work provided ( Gray, 1983 ) . Consequently, chief transportations finance every bit good as the right to specify and acc ount what is appropriate to agents. The PFI trades have been drying up. The figure of trades completed in 2009 was about the worst of 10 old ages period ( FT 2010 ) . The first ground is private sector houses require higher net incomes for anticipating high hazard. Therefore, PFI can non finish the trades with the limited budget that authorities set. During the fiscal crisis, the cost of adoption has been increasing. In fact, private sector involvement rates of borrowing are much higher than the authorities adoption because there is hazard of default. PFI ‘s undertaking has lower net income due to involvement refunds is higher than if it had been borrowed by the authorities. That means they increase the hazard oppose to authorities. Controling the beginning of finance, the agents are accountable for their determination as the one duty to execute a certain map. Accountability may be dictated or implied by jurisprudence, ordinance, or understanding or outlook. The agents have to bear the effects for failure public presentation as they are accountable for ( Hoskin, K. 1996 ) . Even though, Hoskin ( Hoskin, K. 1996 ) said agents have to take duty for their action, in March 2009, the planetary fiscal crisis created the trouble in support, theA TreasuryA established an Infrastructure Finance Unit in order to guarantee the continuance of PFI undertakings ( Timmins, N, 2009 ) . Furthermore, Government has bail out ?30m for a 2nd PFI undertaking make up the sum of a ?700m wasted in May 2009 ( Webb, Tim, 2009 ) . In fact, the trades from PFI are unreplaceable even though they need to be bail out. However, the PFI debt can non be refinanced without being punished ( Worcester News 2009 ) . There will be punishments to PFI for outdate and out budget. Consequently, PFI will take responsible for those losingss in forepart of authorities for punishments while authorities has to confront the duties to public society.ControlPrinciples have been given the power to PFI to command the finance resource as the agents and ‘Control is the procedure by which directors assure that resources are obtained and used efficaciously and expeditiously in the achievement of the organisation ‘s aims ‘ ( Anthony, 1988 ) . The issue is whether agents prove themselves good strategy or non. PFI claim to supply control system that can do good usage of resource such as: Legislation punishment act as a motivation for houses to complete undertakings on clip and within budget Private contractors are accountable for care disbursals there is motive for high quality building. Private sectors are better directors with better cognition of market and economic systems of graduated table. PFI can transportations put on the line from the authorities to houses. Firms receive net income as the wages for hazard pickings. PFI has chosen the high hazard undertaking However, the bureau theory defined ; there is the possibility that the agent ignore the wants of rule. The ground is PFI has their ain involvement and private information that authorities has no control. The authorities has no control over the twenty-four hours by twenty-four hours basic activities of the PFI, so that they can conceal the information from authorities. By secret contract with private houses they can profit themselves as mediators ( ICAEW-2009 ) . Furthermore, from interpretative position point, agent has their ain civilization to derive benefit as for private enterprise. Culture is something we portion and impact our thought and behaviour. It ‘s besides affected the work organisation, change the manner of construing strategy and reiterate the same everyday brand people wont and behaviour ( Smircich, 1983 ) . Unlike public sector organisations, net income motivation is the motive of private sector. They need to last, develop and be profitable ; hence, they need to carry through their demand foremost when they complete the undertaking given by authorities. Furthermore, PFI become obsolescence because people get used to the environment and status. Therefore, they are non cognizant of the un-certainty hazards. Believing their expertness and disregard the hazard lead to an impulse for the authorities bailout. It can be seen that power of authorities might non alter the civilization of organisation. â€Å" The mission to enforce a new ‘culture ‘ on public sector organisations via structural solutions based on market theory frequently fails to analyse the old civilization or the implicit in value constructions and administrative political relations † ( Gray & A ; Jenkins, 1995 ) . Control systems must be sensitive to organisational civilization. Those running counter to civilization are improbable to be successful ( Hofstede, 1981 ) . Therefore, the authorities has allowed the PFI to run as they have been. On the other manus, one of the cardinal statements is that authorities can command the bureau through societies and organisations force per unit area. For illustration, authorities can present statute law over term and status of contracts or status of economic system such as involvement rate, duty and so on. ( Broadbent 2003 ) As an agent PFI work under the authorities wants but non as they suppose to, hence, their system become obsolescence and incapable to accommodate. A undertaking bringing theoretical account which focuses less on advanced result and produces installations might non be able to cover with future alterations in demand ( James Barlow, Martina Koberle Gaiser 2008 ) . The money from populace has been wasted. Taking NHS as an illustration they have wasted ?350m a twelvemonth on outside direction advisers at their ain disbursals, while taxpayer wage one million millions to companies who gain benefit in the NHS from PFI.A ( Guardian Feb 2010 ) . In my sentiment, PFI is good strategy for public involvement as they have been supplying aid and support major capital investings, without trusting on immediate assistance from public beginnings. However as bureau theory defined, their work is non efficient as they proclaim because of obsolescence, their ain involvement and other forces ( Baiman1982 ) .GovernmentGovernment answerabilities & A ; controlGovernment has been given power by society through voting so they are accountable to public involvement. In the power theory ( extremist paradigm ) , authorities have gain tremendous power to command over the society. They have the ability to act upon behavior, change the path of events, victory over opposition, and acquire people to make things that they would non make ( Pfeffer, 1992 ) . As a rule of PFI, they have the power to command PFI, their public presentation and procedure. For illustration, in 2009, the authorities changes the accounting criterion ( FT, 2010 ) to accommodate with international accounting. Government politically, forms the manner to roll up more item of how PFI is treating, and should treat in pattern. The authorities besides steer the society utilizing ordinances and societal systems. ( Broadbent & A ; Laughlin, 1997 ) Although, as indicated above, PFI might conceal some information from rule, authorities has other manner to command their item provided with National Audit Office ( NAO ) . By supplying the auditing over PFI undertaking, they can cut down the disregards of bureau with private information. Consequently, authorities can command PFI public consequences as they please and force PFI to follow authorities wants. However, the authorities has control over PFI while the bailout has been increasing quickly. The ground is because their system has less effectual. Mark Mattison discussed that PFI has been provided its best value docket in term of clip, cost of capital and related consequences ( Mark Mattison 2009 ) . The possible ground is NAO is besides an agent so that the authorities might non be able to acquire clasp of PFI public study. An bureau theory â€Å" suggests that principals have lack grounds to swear their agents. The proprietor will happen to decide these concerns by seting nontrivial monitoring costs to aline the involvements of agents with principals and to cut down the range for information dissymmetries and timeserving behaviour † ( ICAEW-2009 ) . The authorities can swear in NAO and PFI study or they need to hold another company to look over. Additionally, authorities has less cognition of expertness than private houses. They tend to concentrate more on the work and politic instead than economic. Therefore, the program has failed to coerce PFI to take the utmost hazard with low return. Furthermore, private house demand to be motivated in order to execute better. By motivate agents, rule can have better consequences. Taking one mill, Hitachi used direct labour hours as overhead allotment base to make inducement for mechanization ; they cut down their cost and increase their end product ( Hiromoto, 1991 ) . From public point of position, the control over authorities was low because public merely can vote one time over 4 old ages for the party to take control. They gain control over the states so that populace has no control over twenty-four hours by twenty-four hours basic of authorities.The job of managerial and political answerabilityGovernment with the power of political as a consequence of their power base in planetary capital markets which was achieved through their function in the allotment of excess value ( Armstrong, 1987 ) . They provide public with context of control over PFI. Stewart ( 1984 ) suggests that managerial and political answerability as different degrees. A cardinal statement is that authoritiess merely accountable in a political, instead than managerial term. Consequently, authorities makes an increasing in ways of control over society. Because of their alone power in society, which their being is depending on how they exercise control over society, anything they do has a controlling result. In combination with a deficiency of twenty-four hours by twenty-four hours control by the election, which has power to vote these organic structures but without a power to order practical action, leaves authoritiess in a unambiguously powerful place. ( Jane Broadbent and Richard Laughlin 2003 ) Furthermore, authorities civilization is politic. They can non merely alter their behavior to managerial merely to command the system of PFI ( Hofstede, 1980 -1983 ) . The civilization of public sector was showed as â€Å" the mission to enforce a new ‘culture ‘ on public sector organisations via structural solutions based on market theory frequently fails to analyze the old civilization or the implicit in value constructions and administrative political relations † ( Gray & A ; Jenkins, 1995 ) .DecisionIn my sentiment, with the power to command PFI through many signifiers in the society, authorities makes them less incentive and mutuality on authorities and associate. Government is under low control of society, so they do non take the duty as a managerial but political.Discussion of the control systemIn the terminal, the staying inquiry is â€Å" Do command take to command † . Equally far as I am concern, the reply can be no. First, bureau job is a affair of struggles between ego involvements, therefore, bureau theory seeks to equilibrate the differences to find the optimum contract for an agent ‘s service ( Eppen, 1987 ) . However, the inquiry is can people swear the control of control ( Baiman 1982 ) . Because as NAO is an audit they still an agent of authorities, they might supply inaccurate study to authorities. Furthermore, the public point of position is NAO is besides under the control of authorities so that the study they provide can non be trusted. Second, the ground is stress make people less motivate. As the essay indicated earlier PFI tend to work less expeditiously. They follow the authorities order alternatively of making what they should make. That makes the system become obsolescence. Another alternate paradigm for direction control & A ; answerability is that people are dominated by the ideological superstructures with which they interact. The civilization of organisation depends on the outgrowth of shared interpretative strategies, expressed in linguistic communication and other symbolic buildings that develop through societal interaction. Such strategies provide the footing for shared systems of intending that allow twenty-four hours to twenty-four hours activities to go indispensable modus operandis or civilization ( Smircich, 1983 ) . Consequently, the alteration in control can take to a depression. On the other manus, the public organisations such as HMT, NAO and the Office of Government Commerce ( OGC ) have made recommendations to better the operation of the strategy. They bring the control to PFI coerce them to work with the punishments as an inducement to execute in clip and budget. ( J Laffont and D Martimort 2002 ) Contingency theory implies that different systems should be adopted in response to different environmental conditions and claims that there is no 1 best manner to do a determination ( Otley, D. 1980 ) hence, any determination that has been made irrespective of its suitableness at the clip, will still be capable to the environmental and external impacts, hence appropriate contingent programs needs to be established to take into history the hazards that are likely to originate in order to outdo brush the uncertainnesss lies beyond. As each method has its restriction we should be cognizant, Variable factors will impact the concern in different ways. Therefore, there is no best manner to pull off organisation when doing a determination.DecisionIn decision, the control procedure demands to be analyzed better before the authorities introduces new control procedure. It depends on the state of affairs and civilization of houses they control. Looking at different literature, I can reason that Government are to a great extent involved in political undertakings, but are bit by bit involved in direction and supplying private inaugural better influence and do informed determinations on strategic programs, as opposed to merely being tools in the procedure. Therefore, both their involvements align and they can work together towards the same end. This nevertheless does non work if a spread is evident between the two. Accountants will non take much notice of controls if they are non involved in doing informed determinations and covering with direction. In my sentiments, in current economic system the private inaugural demand to acquire motivate instead than control.

Fast Food in the Philippines Essay

Food is one of the basic necessities of man in order to stay alive. Whether he likes it or not, man needs sufficient amount of food to sustain his being. This need to meet the food intake parallel with the essential meals per day results to the materialization of the food service industry which deals with preparation and sale of food items or products. Therefore, the food service industry will always remain in high demand because of its category. This industry embraces but is not limited to businesses such as fast food restaurants, school and hospital cafeterias, catering operations, food carts, and bakeshops. The term â€Å"Fast food† is commonly attributed to restaurantssometimes known as a quick service restaurants or QSRs. It is a specific type of restaurant characterized both by its fast food cuisine and by minimal table service. The growing popularity of this type of restaurant resulted to changes in the world society. The fast food industry brought shifts to the consumers’ diet, economy, workforce and popular culture. Restaurants and fast foods are meant for same services except that restaurants offer a large menu including a variety of cuisines as compared to fast foods, which usually offers a small menu with quick service. Another difference between a restaurant and fast food is, restaurants offer meals that are cooked and prepared and is eaten at the premises while fast food usually is pre-cooked meals or serves meals that are cooked easily. Diners may eat it inside the store or they can order their food â€Å"to-go†. In fast foods you usually pay before eating unlike full service restaurants. (http://manilareviews.com/2010/07/food-service-industry-philippines.html) Like every other country, the food industry has flourished very well in Philippines. Filipinos love to eat and that’s the reason why you will see a lot of restaurants and fast foods restaurants scattered in the cities. These restaurants and fast foods can be local or international food chains. Filipino food and chefs are considered one of the best in the world. Some of the popular fast food chains of Philippines are Jollibee, McDonald, KFC,  Chowking, etc. and popular restaurants being Abe, Chelsea, Friday’s, Chili’s and a lot more. More and more studies prove the extraordinary growth of the Fast food service industry in the country. In a recent study, fast food retains its position as the largest and the fastest-growing category in the Philippine consumer food service industry. During 2012, this category reported total foodservice revenue of Php 121.9 billion taking 30% of total value sales in consumer food service. Growth in terms of outlets, transactions and value sales remains vibrant brought by the support of increasing number of shopping centers and small community supermarkets in Metro Manila and key cities nationwide. (http://www.marketresearch.com/Euromonitor-International- v746/Fast-Food-Philippines-7890756/) Food served in fast food restaurants typically caters to a â€Å"meat-sweet diet† and is offered from a limited menu; is cooked in bulk in advance and kept hot; is finished and packaged to order; and is usually available ready to take away, though seating may be provided. Fast food restaurants are usually part of a restaurant chain or franchise operation, which provisions standardized ingredients and/or partially prepared foods and supplies to each restaurant through controlled supply channels.