Subprime Housing Loans Case Study Example | Topics and Well Written Essays - 1000 words

Subprime Housing Loans - Case Study Example The information sources will originate from six arrangements of information. The point of the information is to develop a lot of borrower attributes, advance qualities, property qualities, loan specialist qualities and macroeconomic factors. The principal information arrangement is the Home Mortgage Disclosure Act (HMDA) information from 2000 to 2007. The point is to acquire singular advance level information, (for example, regardless of whether a credit is being acknowledged or dismissed, credit sum, pay, race and sex of the borrower, and so forth). The HMDA information is additionally used to infer proportions of moneylender attributes, the Herfindahl-Hirschmann Index of the Census tract and whether the loan specialist is a bank. The subsequent informational index is the Department of Housing and Urban Development's (HUD) rundown of moneylenders that spend significant time in the subprime market to code each advance as being subprime or not. The thirda informational collection is the U.S. Statistics information to infer Census tract level segment, property and borrower qualities. The Census information is coordinated to HMDA by state, region and Census tract number. The fourth informational collection is from a significant credit authority for tract middle FICO score (MEDFICO) and obligation to-pay proportion (DTI), which are broadly acknowledged borrower chance factors utilized by contract investors and specialists in their loaning choice. The credit authority information is additionally coordinated to HMDA information by state, province and Census tract number. ... The principal information arrangement is the Home Mortgage Disclosure Act (HMDA) information from 2000 to 2007. The point is to get singular advance level information, (for example, regardless of whether a credit is being acknowledged or dismissed, advance sum, pay, race and sex of the borrower, and so on). The HMDA information is additionally used to determine proportions of loan specialist qualities, the Herfindahl-Hirschmann Index of the Census tract and whether the moneylender is a bank. The subsequent informational collection is the Department of Housing and Urban Development's (HUD) rundown of banks that represent considerable authority in the subprime market to code each advance as being subprime or not. The thirda informational index is the U.S. Evaluation information to infer Census tract level segment, property and borrower qualities. The Census information is coordinated to HMDA by state, province and Census tract number. The fourth informational index is from a significant credit authority for tract middle FICO score (MEDFICO) and obligation to-salary proportion (DTI), which are generally acknowledged borrower hazard factors utilized by contract investors and merchants in their loaning choice. The credit department information is likewise coordinated to HMDA information by state, area and Census tract number. Fifth, I coordinate the House Price Index (HPI) information from the Office Federal Housing Enterprise Oversight (OFHEO) to HMDA information by year and Metropolitan Statistical Area (MSA). This information is utilized to bui ld neighborhood house value gratefulness rate, which is utilized to compute the advance to-esteem proportion (LTV). The 6th informational collection is the macroeconomic information from the Federal Reserve Bank of San Francisco to control for macroeconomic risk.The strategy to be utilized is the single condition Probit relapse.

Critical Analysis of Globalisation Implications on HRM and Future Essay

Basic Analysis of Globalization Implications on HRM and Future Challenges for People Management inside Organizational Setting - Essay Example , this has come about into exceptional outcomes, for example, expanded seriousness among private and open divisions in various nations around the globe. There are critical estimates that are taken by human asset supervisors to accumulate data with respect to improvement procedures that are indispensable in human asset the board. In this manner, in various associations around, human asset divisions are concentrating on executing systems that encourage change of business so as to adapt to present day difficulties and adventure openings in the business condition (Belcourt and McBey, 2010 6). Globalization has encouraged critical change of human asset; for this situation, organizations can interface with new places far and wide, and chiefs can settle on choices that are bolstered by data assembled from various pieces of the world. Also, globalization is extending abilities through advancement of pools containing minimal, perpetual or liquid representatives. Globalization has additionally advanced procedures of setting up a market situated improvement system, in this manner making more chances to world’s economy. For this situation, the world has been changed over in to a solitary associated worldwide commercial center, which is credited to expanding rivalry and monetary change; indeed, these progressions have a critical level of capriciousness (Ozbilgin, 2005, 45). Intensity has been set up on a state or ventures level, where worth is added to worldwide financial items, administrations and procedure that include HR. Subsequently, this opposition calls for information and aptitudes, which are offered by HR in associations. Besides, information and aptitudes are vital components of a workforce, and they have gotten wellsprings of serious... This article focuses on that associations are relied upon to agree to all standard and guidelines defined by the legislature. Along these lines, theories associations can abstain from confronting difficulties coming about because of changes in legitimate and world of politics. Various associations around the globe are rivaling a point of achieving great open picture that can result high benefit. In this manner, considering difficulties that have been recognized, HR supervisors are relied upon to assume liability of preparing laborers on approaches to offer quality items and administrations to clients. Through along these lines, associations can produce adequate benefits that can bolster them during monetary downturns. The paper has led a basic examination of globalization suggestions on human asset the executives, and it has recognized and talked about future difficulties that are probably going to be looked by HR directors inside association setting. The paper started with presentation area that gave a review of globalization and future difficulties of human asset the executives. The other area secured a basic examination of effect of globalization on the HR the executives. In this segment, the paper sketched out and talked about in extraordinary lengths, factors that has advanced globalization in human asset field. At long last, the last area investigated future difficulties that are probably going to be looked by human asset administrators, accordingly distinguishing solutions for comprehend these difficulties.

Use These Better Verbs in Academic Writing

Use These Better Verbs in Academic Writing If youre new at academic writing, or simply trying to become a better academic writer, there are a few key elements that you need to focus on to develop your skills. First and foremost, you need to be aware of the ten main features of academic writing and why they should all be present in every scholarly article or essay. These are:Complexityâ€"Academic writing is purposefully more complex than other types of prose. Your word choice should reflect a higher reading level, and its common to incorporate a lot of passive verbs and subordinate clauses.Formalityâ€"Academic writing carries a certain tone of formality and should avoid colloquial language, slang expressions, or extensive use of contractions.Precisionâ€"When youre presenting research, its important to be precise and thorough with your presentation of it. This means that nuances of words are important, and synonyms should be carefully considered to find the best one. This is especially true for verbs, which we will cover later in this article.Objectivityâ€"Scholarly research should be conducted and written objectively, rather than incorporating personal biases and opinions. In such, there will be fewer words that address the reader or refer to the writer; rather, the emphasis will be on the information provided within the essay or article and the clarity of that information.Explicitnessâ€"Your academic writing needs to be explicit and clear, which makes it possible for other researchers to replicate your study or pick up where you left off. This means that vague wording should be avoided and transition words should be incorporated to connect ideas and paragraphs.Accuracyâ€"Since academic writing focuses on established methodologies for research, the words you choose to use need to be accurate. This means that you might need to find words that have narrower meanings that their broader counterparts.Hedgingâ€"This goes along with the idea of avoiding vague writing by making clear assertions. Hedging refers t o having a clear stance on a topic and relating that stance in your writing. If the data you are examining shows patterns, you must clearly state that, even those patterns go against your initial hypothesis. If prior research you are using as sources shows gaps or biases, its important to clearly state that, as well.Responsibilityâ€"Academic writers must, above all else, be responsible. Academic research is conducted and published to help inform everything from legislation to diet to parenting and more. In other words, as a scholarly writer, you have a responsibility to provide accurate information that is as unbiased as humanly possible. If you are using a source to inform your research, you must clearly state that and avoid plagiarism of others ideas.Organizationâ€"Your academic writing must be well organized and logical to ensure your reader understands your research process, your proposed hypotheses, and the conclusions youve drawn from your study.Planningâ€"Research requires ad equate planning and is often conducted in stages that must occur in a certain order, so your academic writing must be well planned. For example, you cant write a review of literature without first finding sources related to your research. Likewise, you cant comment on the biases or gaps that might be present in prior studies if you havent first explored the scope and quality of literature available on a topic.Academic writing requires precision, planning, and focusing on the nuances of verbs. Photo by Robert Bye on Unsplash.Better verbs for better scholarly writingBetween jargon and overused phrasing, and the requirements listed above, academic writing can seem stiff, boring, and repetitive if you read and write enough of it. Scholarly writing can be more limited than other styles of prose, mainly because it needs to maintain an objective point of view, provide clarity on a topic, and be organized in such a way as to allow another researcher to apply the same methodology to replicat e the results.The good news is you dont have to stick with the same, commonly used verbs in your academic writing. In fact, in most situations, there are better, more appropriate verbs that can be used than the ones that are standard across research.Sometimes, a simple thesaurus search can result in replacements and rephrased statements that create a stronger, more nuanced connection or example, which is one of the primary goals of academic writing in the first place. In this way, eliminating weak, overused verbs will make your scholarly writing tighter, less repetitive, and better overall.Lets start first with some commonly used phrases that could have better options. While I dont suggest that you rid your writing of these phrases entirely, make a point to mix it up with stronger alternatives if you find that you use them repetitively.Aims toYoull often see an abstract or introduction containing the words This paper aims to … or This study aims to …. In most cases, it is unnece ssary and repetitive, and could be replaced with a verb that will usually follow aims to anyway. For example, instead of writing This paper aims to evaluate the longitudinal research related to XYZ, you could skip aims to and write, This paper evaluates the longitudinal research related to XYZ.Other potential replacements are:This paper/study/research…analyzesadvances (the work of/the idea that)assesseschallengesconsidersconveysdiscussesdisputesdissectsestablishesexploresevaluateshighlightsidentifiesillustratesintroducesinvestigatesoffersoutlinesproffersprovesrevealsscrutinizesstrengthens (the position that)supportsunveilsMuch/little is known aboutThis common phrase in academic writing is another example of repetitive wording that can be replaced with more powerful verbs. Instead of noting that much is known about [x, y and z], eliminate the passive be verb and replace it with an active one.Here are some good alternatives:Academic research has explored [x, y and z] extensively.Mul tiple researchers have posited that [x, y, and z] are…Previous studies have shown that…Numerous researchers have found that [x, y, and z]…Few studies have been conducted on [x, y and z].Current literature on [x, y, and z] does not explore how…However, prior studies have failed to consider [x, y, and z].The data suggests/These findings suggestWhen detailing information that is gathered from research, these expressions are often used and can become repetitive.Here are some good alternatives:We can extrapolate from the data that….These findings show evidence that…We can surmise from these findings that…The findings suggest is an example of an overused phrase in academic writing. Photo by José Alejandro Cuffia on Unsplash.Verbs based on purpose of useDr. Elaine Khoo, from The Writing Centre at the University of Toronto at Scarborough, offers the following suggestions for academic verbs to use based on the intent of your sentence.Showing change or differenceIncrease:broade nenlargeexceedexpandgenerateimprovemaximizeoptimizeDecrease:declinedeteriorateerodeminimizenarrowreduceworsenDifference or varying:altercontrastconvertdeviatedifferdifferentiatedistinguishdivergeevolvemodifyrevisetransformShowing stabilitymaintainsustainShowing keeping within a certain range/ keeping under a certain levelconfineinhibitprohibitrestrictShowing in-depth studyanalyzeexamineinvestigateobservesurveyStating, restating or reemphasizing ideas conceptsStating:acknowledgeargueattributecommentproposeestablishidentifymentionnoteobservestateRestating:elaborateexpandEmphasizing:emphasizestressDescribing phenomenon or dataDescribing phenomena:acquiredefineimpactsignifysymbolizeDescribing data:approximatedemonstrateindicatelevels offreflectStating positionPositive:advocatehold the view thathypothesizeproposeNegative/contradict:denydisputenegaterejectShowing uncertainty or an extrapolation of informationUncertainty:predictspeculateExtrapolation of information:deduceimplyinferproject Showing componentscompriseconsistconstituteincorporate

The Death Of Osama Bin Laden - 927 Words

I’ve never been so excited to hear about a death in my entire life. Saddam Hussein, Osama bin Laden, Strom Thurmond...all were exhilarating—even invigorating—moments of vengeful macabre. But they pale in comparison to this sublimely blissful event; a single occurrence so focused and meaningful, so desired, so anticipated that the simple mention of it in certain company will bring rapturous cheers and talk of grand plans once refrained but now inevitable. Everyone has prayed for this death. For so many, this single demise will bring life to so much. It is the blood sacrifice upon which all future crops shall thrive. On January 12th, Microsoft killed Internet Explorer 8, 9, and 10. They will no longer support the demon spawns of their†¦show more content†¦Browsers not regularly updated to protect against the endless parade of dystopian bandits poised to destroy your credit are basically a welcome mat into your bank account. If you’re a member of a company or organization still hobbling along on IE8, it’s time to start asking IT some hard questions: Why are we still using antiquated software? Did you know internet browsers are free to download and use? Are you aware of how dangerous the continued use of this browser will be to the security if this company’s proprietary information? Did my call wake you? If this is you, most likely your information technology team will tell you they have browser specific intranet web technologies used by a large population within your company that will no longer work correctly if not opened in IE8. This is IT jargon for, â€Å"I’m in the middle of my sandwich.† Don’t believe it. In the vast majority of cases, applications built to run on web browsers will function on any modern browser, with one exception: the styling. And by styling, we’re talking about things like background image handling, rounded corners, drop shadows, and color gradient support. There’s a chance that you might run into some Javascript issues, but generally speaking, Javascript written to work on IE8 or 9 will, for the most part, work everywhere else, because IE is, for all intents and purposes, the lowest commonShow MoreRelatedThe Impact Of Osama Bin Laden s Death906 Words   |  4 PagesThe Impact of Osama Bin Laden’s Death When Osama Bin Laden was the leader of Al-Qaida, he was a huge threat among many countries. Bin Laden’s hatred for the U.S. was remarkably high mostly due to our views on Muslims and because of how our country would not follow or acknowledge any of the changes or his religions. The U.S. was never too worried about their being a huge attack or a surprise attack. 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Essay about Deontological Advertising - 1279 Words

Depending on one’s perspective or level of awareness, the term consumerism might take on a variety of meanings. One thing is quite certain, however, we Americans enjoy consuming and more so, doing it conveniently. Unsurprisingly, the field of advertising in the business world is specifically dedicated to understanding exactly what products or services are of interest to us, the consumers. Commercial entities spend considerable amount of resources to advertising. The pharmaceutical industry is no different. It is with this context in mind and utilizing the Deontological framework, that I will examine the ethical fabric of direct pharmaceutical marketing to consumers. In the age of information, we are no longer limited to television and†¦show more content†¦Let us visit the tenets by which Immanuel Kant, a deontological philosopher, outlined his approach to morals in terms of decisions and acts. In his theory, Kant proposed an objective way of coming to an ethical answer to common â€Å"should I do it or, not† dilemmas. His method, which he termed the categorical imperative, was at the root of his moral philosophy (Johnson). In it, he outlined his three maxims by which to measure a proposed act. These were universality, by which an act faced scrutiny in answering whether the act would survive all persons doing it all the time. Would the world succumb as a result? If considered acceptable one would then accept the act. The second maxim involves us treating humans as ends as opposed to means. Kant’s second maxim would have us prevent malfeasance and manipulation of humans as a means to an end. The third maxim was the ultimate test. In contends that one must act as if one is the highest moral authority in the world. And, as such, the ultimate burden of acting moral, regardless of consequence, would rest on us (Kemerling). With this in mind, overlaying direct marketing to consumers upon this theory should shed light on some questions behind the ethics of pharmaceutical companies. In the 1980’s, drug companies were banned from advertising prescription drugs to consumers. That same decade brought changes in these regulations allowing companies to advertise, mostly inShow MoreRelatedEssay on McDonalds Ethical Behavior, or Not?2199 Words   |  9 Pagesor not McDonalds is ethical for advertising and selling obese and unhealthy foods to its customers. I believe it is important to explore this organization because McDonalds is one of the largest and most well-known food chains around the world. It is important to know that an organization as successful and large as them is also ethical with their approach. 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Contents Introduction: 3 The United Colors of Benetton strategy 3 Three separate cycles of building Benetton’s value 4 Utilitarianism approach 6 Deontological approach 7 Conclusion 9 References 9 Introduction: As the students of MME (Economics and Management studies), we have chosen the topic, which involves our study program, which is the Marketing and Consumer behavior. Our topic is focused onRead MoreThe Media Standards Authority s Two Primary Types Of Responses2477 Words   |  10 Pages Offensive advertising deliberately startles and offends its audience by violating norms for social values and personal ideals, and furthers challenge the public’s conventional understanding of the social order. Offense is often more scrutinized in popular media, such as television, film, and videogames, more so than it is in advertising. However, advertising has the most potential in subliminally molding social norms because it is everywhere and often filtered and passed off as nuisance. 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Triple Bottom Line Approach in Modern Event Management Free Essays

1.0 Introduction Events play an important role in host destinations in terms of the economy, culture, and society (Li and Blake, 2009). events are defined as â€Å"spatial-temporal phenomenon, and each is unique because of interactions among the setting, people, and management systems, including design elements and the programme† ( Getz, 2008: 404). We will write a custom essay sample on Triple Bottom Line Approach in Modern Event Management or any similar topic only for you Order Now The most obvious benefits are economic, as events like the Australian Grand Prix can fill hotel rooms and restaurants (Derret, 2004). Overall, Getz (2008: 405) argues: †¦destinations develop, facilitate and promote events of all kinds to meet multiple goals: to attract tourists (especially in the off-peak seasons), serve as a catalyst (for urban renewal, and for increasing the infrastructure and tourism capacity of the destination), to foster a positive destination image and contribute to general place marketing (including contributions to fostering a better place in which to live, work and invest), and to animate specific attractions or areas. However, events also have social, political, cultural and environmental impacts, for example, successful events can help to build community pride and increase cohesiveness (Gursoy et al., 2004). This report focuses on the Australian Grand Prix, which is held annually in Albert Park, Melbourne. The race has been in this location for 16 years, since it moved from Adelaide in 1994 (Lowe, 2004). This event would be defined as a hallmark event, as it is a â€Å"major†¦ sporting events of international status which are held on either a regular†¦ basis† (Hall, 1992: 263). The Albert Park race circuit is unusual in that it is a temporary track that is laid out on public roads within the park area, especially for the Grand Prix each year. Melbourne won the race to stage the Grand Prix after an aggressive takeover strategy, but there were immediately a series of protests from local environmental campaigners who argued that any economic benefits to be derived from the race would be dwarfed by the ecological damage that would be caused by having up to twenty-four high performance motor racing vehicles racing in the location (Fairley et al., 2010). These protests have been maintained, on and off, ever since, but have not so far led to a rethink regarding the decision to hold the race at Albert Park (Fairley et al., 2010). Another reason for the continuing controversy over the event is the relatively large amount of government funding that it receives. Critics continually argue that the Australian taxpayer should not subsidise one of the richest and most affluent sports in the world (Fairley et al., 2010). However, defenders of the Grand Prix insist that the economic benefits to the city of Melbourne – due to the thousands of fans who flock to the city each year, as well as the teams, drivers, sponsors and other personnel from the teams themselves – far outweigh the amount of public money that is used (Liu, 2010). Nevertheless, as government-funded race circuits in the Middle East and Asia continue to threaten the survival of ‘traditional’ events in countries such as Australia, Great Britain and Germany, it is clear that â€Å"no Grand Prix event run on purely commercial terms, i.e. without some degree of government backing, can be tenable in the long run† (Liu, 2010: 630). Clearly, therefore, the controversy surrounding the Australian Grand Prix is likely to increase over the next few years. The track currently has a deal to host the event until 2015. This report discusses the implications of the Triple Bottom Line (TBL) approach in modern event management using the Formula 1 Australian Grand Prix as a case study. Section 2.0 discusses the TBL approach briefly, which lays the foundation for Section 3.0 which discusses the application of the TBL approach to the Australian Grand Prix. In this section, the major stakeholders are identified and the impacts of the event on them are noted. Section 4.0 concludes the report, discussing the potential strategies for managing these key stakeholders. 2.0 Background: The Triple Bottom Line Approach According to Hede (2008), the TBL approach is borrowed from accounting and finance and is a method of measuring organisational success that takes into account the economic, environmental impacts of an activity and combines it into a single framework. Thus the aim of this approach is to provide a more rounded and comprehensive overview of the impact of an event than would be the case if it were analyzed purely in terms of a single factor such as its business success and the level of revenues. For example, Henriques and Richardson (2004: 105) argue that â€Å"isolating single strands of economic impact†¦ can be virtually impossible, and would anyway fail to paint a comprehensive picture of the true impact of an event.† The TBL approach recognises that most events have both positive and negative implications and, as such, cannot be judged in simple black and white terms. For example, an event such as a Formula 1 Grand Prix might on the surface seem to damage the ecology of a location such as Albert Park, but might bring in sufficient revenues for the local authority to be able to invest in the park and have an overall net benefit. One of the primary benefits of this approach is therefore the interrelatedness of the three bottom line factors (Henriques and Richardson, 2004). In applying the TBL approach to event management, Hede (2008: 13) combines the TBL approach with Stakeholder Theory and argues that this approach allows the â€Å"underlying principles of the TBL [to] be implemented to special event planning so that the outcomes of special events can be enhanced for their stakeholders.† Figure 1 below shows how the TBL approach and Stakeholder Theory have been integrated into one framework by Hede (2008). Fairley et al. (2010) also advocates the use of this approach. The stakeholder theory of management is designed to serve the interests of all the various groups that have an interest in the corporation and therefore the corporation has an obligation to consider the interests of customers, employees, shareholders, communities, suppliers, and financiers in all aspects of their operations (Kelly and Oliver, 2003). Thus Stakeholder management requires, as its key attribute, simultaneous attention to the legitimate interests of all appropriate stakeholders, both in the establishment of organisational structures and general policies and in case-by-case decision making (Donaldson and Preston, 1995: 67). This is clearly applicable to events management as advocated by Hede (2008) and Fairley et al. (2010), as the interests of all groups need to be taken into account when an event is being hosted. Putting all this together, the TBL approach is one that implies that â€Å"organisations should assume accountability for their economic, social, and environmental impact and that such assessment should be measured and communicated to relevant stakeholders† (and Fairley et al., 2010: 4). 3.0 A Triple Bottom Line Analysis of the Australian Grand Prix Hede (2008) identified primary stakeholders as businesses, community groups, governments, residents (attendees and non-attendees), shareholders, sponsors, tourists (attendees), employees (event and non-event), volunteers, and the media, and these are represented in Figure 1. Secondary stakeholders include environmentalists, competitors, emergency services, and event associations and these are not represented in the diagram but are still discussed below. For the Australian Grand Prix, the primary and secondary stakeholders and the impacts they experience are discussed below. F1 Fans and Sports Tourists These stakeholders can be argued to have a strong claim, as they have a powerful and legitimate claim on the event (Mitchell et al., 1997). As noted in Figure 2, their interest is primarily in the social impacts of the event. These stakeholders can be seen as dominant as the success of the event depends on these stakeholders (as discussed below). Event Organisers and Sponsors These stakeholders seem to have the strongest claim, since they have a powerful claim on the event backed by Australian Grand Prix Act, 1994 and by the Australian Government. They can also be seen as dominant stakeholders in the event. Formula 1 races are administered by the Formula One Group (FOG), led by Bernie Ecclestone and owned by CVC Capital Partners (70%), JPMorgan (20%) and Ecclestone (10%). Each race circuit pays an annual sanctioning fee for the right to host a Grand Prix. This varies from race to race based on various considerations, and the precise amount is rarely revealed, but it is estimated that Melbourne pays around AUS$30 million annually (compounded annually at 15%) (Fairley et al., 2010). This would seem to be broadly in line with the fees paid by most other tracks (with the exception of Monaco). Other factors that must be covered by the organisers include the provision of marshals, advertising and promotion, support races, seating and ticketing arrangements, sec urity, ‘parc ferme’[1] and paddock environments for teams and drivers, and the necessary transport infrastructure to get people to and from the event (ref). The real variation concerns ancillary factors such as on-track sponsorship: some tracks retain the rights to sell this advertising and keep the profits, while others trade this for a reduced race sanctioning fee. Again, both FOG and the Melbourne organizers have been reluctant to reveal details of such arrangements, but it is believed that the Melbourne track organises advertising and retains this income. Since 2007, the race has been sponsored by Qantas. Income for racetracks comes from a variety of sources. Actual ticketed attendance over the three days of an event remains important. Fridays are given over to testing sessions, Saturdays to more testing plus qualifying and some support races, and Sundays (always the most heavily attended) are for the race itself. Crowd figures since 1995 have dropped off, but in recent years have begun to improve as shown in Figure 2. As can be seen, the Melbourne event has never reached the 500,000 spectator level that was achieved by the final Adelaide race in 1995, and attendance steadily declined between 1996 and 2005, at which point a small rally took place. The Grand Prix has settled at between 300,000 and 300,500 in recent years, despite the potential inducements offered by Australia finally having a race-winning Grand Prix driver again (Mark Webber) and despite the onset of the financial crisis. In fact, one of the most startling aspects of the attendance figures is that, since 2005, they hav e been remarkably consistent, weathering not only the global economic crisis but also more specific issues such as a number of transport strikes (aimed specifically at the Grand Prix), rising unemployment in Australia, the death of a marshal at the 2005 event, and a number of other problems. Figure 2: Australian Grand Prix Melbourne crowd figures, race day, 1995-2009 (shaded area indicates figures for Adelaide) However, relatively stable attendance figures do not necessarily indicate a stable financial basis for the race, especially given that race sanctioning fees have been rising year-on-year and other costs have also risen. In 2010, the race posted its latest financial figures and revealed a loss of AUS$49 million, a 25% increase on loss from the 2009 race (Reuters, 2010) and a clear indication that the core event itself is may not be economically viable. In fact, losses for the race have been steadily rising year-on-year since at least 2005. Government and Taxpayers Both of these groups have a strong stake in the event, with the government having a powerful and legitimate claim, which combine to create authority (Mitchell et al., 1997). On the other hand, taxpayers have an urgent claim based on the amount of subsidy being provided by the government for this event. However, taxpayers do not seem to be dominant stakeholders because it does not appear that they have the power to determine whether the event continues or not, unlike the government. The total input from the government is approximately AUS$40 million, which means that the government covers the entire sanctioning fee plus a contribution to the running costs (Fairley et al., 2010). When major sporting events receive public funding, there are inevitably grand claims about the economic impact of those events for the surrounding economy. On a simple level, if the state government invests AUS$40 million in the Melbourne Grand Prix, it should be able to demonstrate that the surrounding economy benefits by more than that sum if the government is to avoid accusations that it is merely subsidising an expensive sport. The main way in which tourism organisations try to achieve their economic objective is to attract visitors who spend on the event (and on local products such as hotel rooms and restaurant meals) and therefore the major objective of events tourism is to translate intention to visit a destination into an actual visit (Auld and McArthur, 2003). However, demonstra ting the economic impact of any event is notoriously difficult as Szymanski (2009: 31) notes, â€Å"the investment is easy to quantify and define, but the return – which can include hotel bookings, transport, franchises, restaurant income and almost any aspect of the location’s economic cycle – is much harder to determine.† It is therefore unsurprising that economic impact reports commissioned by the National Institute of Economic and Industry Research (NIEIR) and the Victorian Auditor-General’s Office (VAGO) produced dramatically contrasting conclusions regarding the impact of the Grand Prix in Melbourne. The NIEIR report, commissioned by the organisers of the Grand Prix, was much more favourable in terms of the economic benefits it identified, while the VAGO report â€Å"State Investment in Major Events† from May 2007 found far more areas where the economic impact was being dissipated and was failing to meet its theoretical level. It is not difficult to see how such issues become highly politicised: the VAGO report was in part funded by those who are opposed to the race due to ecological considerations, while the NIEIR report was funded by those who have strong economic reasons to want to keep the race running. This degree of politicisation adds an extra layer of confusion to any analysi s of the economic impact of the Grand Prix. Still, the losses incurred by the Australian Grand Prix Association, reported by Reuters at AUS$49.2 million which is double the loss in 2006, supports the argument that taxpayers are bearing the burden for hosting this race, with the opportunity cost being less money spent on heath, education, and social services. Additionally, recent research by Giesecke and Madden (2007) demonstrates that economic impact assessments of major events based on input-output methodology (used by NIEIR) typically leads to inflated estimates, supporting the conclusion of the VAGO report that there was no evidence that the Melbourne Grand Prix event is leading to induced tourism. Businesses and Employees These stakeholders also have strong claims on the event, however they are not necessarily powerful stakeholders. The Grand Prix represents a platform for a vast array of other international and local businesses to promote their goods and service offerings (Cairns, 2009). However, while the Grand Prix is a major marketing outlet for involved and sponsoring businesses (Cairn, 2009), the impact on local businesses is less apparent. According to Fredline (2004), those residents and businesses that directly benefit from the hosting of the grand Prix would have more positive perceptions of the event, which was borne out by their research showing that those involved in tourism or other business positively impacted by the event perceived the event more positively than the general population. In their systematic review of the data on the economic impact of events McCartney et al. (2010) concluded that: The overall impact of major multi-sport events on economic growth and employment was unclear. Two thirds of the [18] economic studies reported increased economic growth or employment immediately after the event, but all these studies used some estimated data in their models, failed to account for opportunity costs, or examined only short term effects. Thus, as found by the VAGO report, it seems that local businesses may not be making out as well as they could have from the hosting of the Grand Prix. Environmental Groups, Community Groups, and Residents This is the final group discussed here. These stakeholders have a legitimate claim on the event and also have an urgent claim, but lack the power to change anything major regarding the event. For example, the ‘Save Albert Park’ group as formed in early 1994, however they have still been unsuccessful in their goal of eliminating or relocating the Grand Prix (Fredline, 2004). On one hand, residents benefit from the hosting of the event because they can take part in the festival events surrounding the race day, such as the street parades, markets and annual rock concert and this may improve their quality of life (Fairley, 2010). Additionally, some residents note that the hosting of the event has led to better maintenance of public facilities, employment opportunities, and greater pride in Melbourne and so most respondents in Fredline’s (2004) study (68%) indicated that they would like the Grand Prix to continue. However, some costs and benefits are only felt by some of the population, for example, locals involved in tourism may receive a direct economic benefit while those that normally use Albert Park for recreation may be most affected by this event. This is particularly an issue for the Australian Grand Prix because Albert Park is a public park that is close to the downtown core of Melbourne and is also adjacent to densely populated inner-city re sidential suburbs, which has made it one of the most popular and well-known parks in the city (Lowe, 2004). As a popular public park Albert Park is the home of several sporting clubs and many local residents use the area for general athletic and leisure activities. Fredline (2004) found, as expected, that those residents that used to park frequently were more negatively affect by the Grand Prix and so held more negative views towards the event than those that rarely or never used the park. Overall, the Grand Prix leads to negative impacts of the Albert Park Reserve and also disruption and loss of amenity caused to park users and sporting clubs by the 4-5 months of Grand Prix occupation. 4.0 Discussion and Conclusion The analysis of the impact of the Grand Prix on the local, regional, and national economy seems to indicate that the economic benefits are less than the economic costs, leaving taxpayers to subsidise the event. This picture does not improve when the social and environmental impacts are included, because there seems to be no clear evidence that these ‘intangible’ impacts are more positive than negative. However, the dominant stakeholders (event organisers, fans, sponsors, and the government) seem to be making out well from the event, while the dependent stakeholders (the taxpayers, environmental groups, and taxpayers) seem to be bearing the brunt of the negative impacts. Aggregation of impacts across the entire community or the entire country hides the fact that certain groups within the community are negatively affected by the Grand Prix, even if some groups are reaping benefits. Fredline (2004) argues that this then raises the issue of social distributive justice. It is also clear that some residents may feel disenfranchised by the planning process, as the decision to locate the event in a major urban park was taken unilaterally by the Government (Lowe, 2004). Since the local community can be seen as an ‘internal customer’ to the extent that they are a part of the product being delivered, some kind of internal marketing may be useful in achieving higher levels of satisfaction within the community (Fredline, 2004). A consultative process may be one way of undertaking this. Reference List and Bibliography Books Bowdin, G., McDonnell, I., Allen, J. and O’Toole, W. (2002). Events Management. Oxford: Butterworth-Heinemann. Chalip, L. (2001). Sport and tourism: Conceptualising on the linkage. In Kluka, D. and Schilling, G. (Eds.), The Business of Sport (p. 78-89). Oxford: Meyer Meyer. Derret, R. (2004). Festivals, events, and the destination. In Yeoman, I., Robertson, M., Ali-Knight, J., Drummond, S., and McMahon-Beattie, U. (Eds.), Festival and Events Management: An International Arts and Culture Perspective (32-51). Burlington, MA: Elsevier Butterworth-Heinemann. Elkington, J. (1999). Cannibals with Forks: The Triple Bottom Line of 21st Century Business. London: Capstoen Fredline, L. (2004). Host community reactions to motorsport events: The perception of impact on quality of life. In Ritchie, B. and Adair, D. (Eds.), Sport Tourism: Interrelationships, Impacts and Issues (p. 155-173). NY: Channel View Publications. Getz, D. (2005). Event Management and Event Tourism. New York, NY: Cognizant Communication Corporation. Hall, C. (1992). Hallmark Tourist Events. London: Bellhaven Press. Henriques, A. and Richardson, J, (2004). The Triple Bottom Line: Does it All Add UpLondon: Earthscan. Hiller, H. (1998). Assessing the impact of mega-events: A linkage model. Current Issues in Tourism, 1 (1): 47-57. Law, C. (2002). Urban Tourism: The Visitor Economy and the Growth of Large Cities. London: Continuum. Mason, P. (2003). Tourism Impacts, Planning and Management. London: Butterworth-Heinemann. Morgan, N., Pritchard, A. and Pride, R. (2002). Destination Branding: Creating the Unique Destination Proposition. Oxford: Butterworth Heinemann. Robinson, M., Evans, N., and Callaghan, P. (1996). Culture as the Tourist Product. Centre for Travel and Tourism with Business Education Publishers Ltd. Sharpley, R. and Telfer, D. (2002). Tourism and Development: Concepts and Issues. Clevedon: Channel View Publications. Szymanski, S. (2009). Playbooks and Checkbooks: An Introduction to the Economics of Modern Sports. Princeton: Princeton University Press. Articles Auld, T. and McArthur, S. (2003). Does event-driven tourism provide economic benefitsA case study from the Manawatu region of New Zealand. Tourism Economics, 9 (2): 191-201. Chalip, L. and Leyns, A. (2002). Local business leveraging of a sport event: Managing an event for economic benefits. Journal of Event Management, 16: 132-158. Dwyer, L., Mellor, R., Mistilis, N., and Mules, T. (2000). A framework for assessing ‘tangible’ and ‘intangible’ impacts of events and conventions. Event Management, 6: 175-189. Cairns, G. (2009). Personal reflections on attending the Australian Grand Prix. Critical Perspectives on International Business, 5 (3): 245-254. Crompton, J. and McKay, S. (1997). Motives of visitors attending festival events. Annals of Tourism Research, 24 (2): 425-439. Donaldson, T. and Preston, L. (1995). The stakeholder theory of the modern corporation: Concepts, evidence, and implications. Academy of Management Review, 20 (1): 65-91. Fairley, S., Tyler, D., Kellett, P., and D’Elia, K. (in press). The Formula One Australian Grand Prix: Exploring the triple bottom line. Sport Management Review. Gelan, A. (2003). Local economic impacts: The British Open. Annals of Tourism Research, 30 (2): 406-425. Getz, D. (2008). Event tourism: Definition, evolution and research. Tourism Management, 29 (3): 403-428. Getz, D., Anderson, D., and Sheehan, L. (1998). Roles, issues, and strategies for convention and visitors’ bureaux in destination planning and product development: a survey of Canadian bureaux. Tourism Management, 19 (4): 331-340. Giesecke, J. and Madden, J. (2007). The Sydney Olympics, seven years on: An ex-post dynamic CGE assessment. Centre of Policy Studies, Monash University. Gursoy, D., Kim, K., and Uysal, M. (2004). Perceived impacts and special events by organisers: An extension and validation. Tourism Management, 25 (2): 171-181. Hall C. (1989). The definition and analysis of hallmark tourist events. GeoJournal, 19 (3): 263-268. Hede, A.-M. (2008). Managing special events in the new era of the Triple Bottom Line. Event Management, 11(1/2): 13-22. Kelly, M. and Oliver, G. (2003). Reflections on business decision-making: Time for a paradigm shiftJournal of Academic Ethics, 1 (2): 199-215. Liu, D. (2010). The impact of mega sporting events on live spectators’ imagines of a host city: A case study of the Shanghai F1 Grand Prix. Tourism Economics, 16 (3): 629-645. Lowe, M. (2004). Neoliberal power politics and the controversial siting of the Australian Grand Prix motorsport event in an urban park. Society and Leisure, 27 (1): 69-88. McCartney, G., Thomas, S., Thomson, H., Scott, J., Hamilton, V., Hanlon, P., Morrison, D., and Bond, L. (2010). The health and socioeconomic impacts of major multi-sport events: Systematic review (1978-2008). British Medical Journal, 340: c2369. Mitchell, R., Agle, B., and Wood, D. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22 (4): 853-886. Online Resources Reuters (2010). Under-fire Australian Grand Prix posts AUS$49m loss. Available online at http://uk.reuters.com/article/idUKSGE68F05Y20100916 [accessed 11 October 2010]. Save Albert Park. What is the Albert Park-Grand Prix IssueAvailable online at http://www.save-albert-park.org.au/sapweb/SAP%20Grand%20Prix%20Issue.html [accessed 6 December 2010 [1] Parc ferme, literally meaning â€Å"closed park† in French, is a term used to describe a secure area at a Grand Prix circuit wherein the cars are driven back to the pits post-race. According to the FIA Formula One regulations, the area must be sufficiently large and secure so as to prevent unauthorised access to the cars, while allowing technical checks to take place. How to cite Triple Bottom Line Approach in Modern Event Management, Essay examples

Why Study Liberal Arts Essay Example For Students

Why Study Liberal Arts Essay Egyptian art is primarily religious in nature. Ancient Greek art depicts naturalism. They portray human forms in a realistic and anatomically correct manner. Their art has a conservative form with a very complex detail. Roman art developed as a new source of artistic creativity much more progressive than the conservative Greek art, The diversity of its form and its variety inspired the modern attitude in art. Byzantine art was purposely made to glorify the Christian religion and to express its mystery. It is tilled with spiritual symbolism, illustrates a love tot splendor. It was a combination of Eastern (decorative art forms) and classical Western art (naturalistic art). We will write a custom essay on Why Study Liberal Arts specifically for you for only $16.38 $13.9/page Order now Romanesque art was characterized by its very vigorous style in painting and sculpture, lavishly decorated manuscripts, and retained many basic features of Roman architectural styles. It Vass also greatly influenced by Byzantine art with a highly innovative and coherent style. The basic characteristics of Gothic art styles reinforce symbolic meanings. The church symbolizes the transcendence of the soul, and the underlying philosophy is to create buildings of height and light Different eras different styles, different characteristics and functions of the arts occurred but all of those contributed in the development and establishing the importance of arts in our lives today. Page 141 WHAT TO KNOW: In this lesson, you will learn about the different characteristics, functions and types of art forms (painting, sculpture, architecture) from PreHistoric (including ancient Egyptian art forms), Classical(Greek and Roman) up to Medieval era (Baroque and Romanesque art forms. ) Try to analyze chart form and discover how they develop in every period. PREHISTORIC ERA Pre-historic includes all human existence before the emergence of writing. Their art is of interest not only to the art historians but also to archeologist and anthropologist, for whom the art is only one clue- along with fossils, pollens and other finds to an understanding of early human life and culture. Paintings from the Pre-historic Era Their paintings were found inside the caves which may have been their bay f communicating with each other. It may also be for religious or ceremonial purposes. These paintings may be more an artifact of the archeological evidence than a true picture Of humans first created earl Prehistoric drawings of animals were usually correct in proportion. Image from Treasures of the World, 1961 ICP Library Cave of Lascar, 15000-10000 B. C. Stone Age The dominant features in the painting were large animals native in the region. It was discovered on 12 September 1940 and given statutory historic monument protection. The painting has nearly 2,000 figures composed mainly of animals, unman figures and abstract design. Some sections have been Western Classical Page 142 Unit I identified inside the cave such as: The Great Hall of the Bulls, The Lateral Passage, Thatches of the Dead man, The Chamber of Engravings, The Painted Gallery, and the Chamber of Felines Paintings from Ancient Pet The purpose Of Egyptian paintings is to make the deceased afterlife place pleasant. With this in mind, themes include journey to the underworld introducing the deceased to the gods Of the underworld their protective deities. It emphasizes the importance Of life after death and the preservation Of the knowledge of the past. Most paintings were highly stylizes, symbolic, and shows profile view of an animal or a person. The main colors used were red, black, blue , gold and green taken derived from mineral pigments that can withstand strong sunlight without fading. Paintings from Sarcophagus of Tutankhamen XVIII dynasty, 1362 AD. 1253 BC (Images trot Treasures tot the World, 1961 ICP Library) Page 143 The paintings Of the walls on the tomb shows events Of the life Of the king While he was still on earth and the scenes he expects to encounter in the underworld after his death. Paintings from Classical Greek Era Paintings during the classical era were most commonly found in vases, panels and tomb. It depicts natural figures with dynamic compositions. Most of the subjects were battle scenes, mythological figures, and everyday scenes reveals a grasp of linear perspective and naturalist representation. Most common methods of Greek painting: 1. .u9059d7b86f32348b9e88aca3e2dbfd76 , .u9059d7b86f32348b9e88aca3e2dbfd76 .postImageUrl , .u9059d7b86f32348b9e88aca3e2dbfd76 .centered-text-area { min-height: 80px; position: relative; } .u9059d7b86f32348b9e88aca3e2dbfd76 , .u9059d7b86f32348b9e88aca3e2dbfd76:hover , .u9059d7b86f32348b9e88aca3e2dbfd76:visited , .u9059d7b86f32348b9e88aca3e2dbfd76:active { border:0!important; } .u9059d7b86f32348b9e88aca3e2dbfd76 .clearfix:after { content: ""; display: table; clear: both; } .u9059d7b86f32348b9e88aca3e2dbfd76 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9059d7b86f32348b9e88aca3e2dbfd76:active , .u9059d7b86f32348b9e88aca3e2dbfd76:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9059d7b86f32348b9e88aca3e2dbfd76 .centered-text-area { width: 100%; position: relative ; } .u9059d7b86f32348b9e88aca3e2dbfd76 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9059d7b86f32348b9e88aca3e2dbfd76 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9059d7b86f32348b9e88aca3e2dbfd76 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9059d7b86f32348b9e88aca3e2dbfd76:hover .ctaButton { background-color: #34495E!important; } .u9059d7b86f32348b9e88aca3e2dbfd76 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9059d7b86f32348b9e88aca3e2dbfd76 .u9059d7b86f32348b9e88aca3e2dbfd76-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9059d7b86f32348b9e88aca3e2dbfd76:after { content: ""; display: block; clear: both; } READ: An onlookers view of Pro Choice amongst women EssayFresco- method of painting water-based pigments on a freshly applied plaster usually on a wall surfaces, Colors are made with grind powder pigments in pure water, dry and set with a plaster to become a permanent part tot the wall. Ideal for murals, durable and has a matte style. . Encrusting- developed to use by Greek ship builders, who used the hot wax to fill the cracks of the ship. Soon pigments (colors) was added and used to paint a wax hull. Page 144 Judgment of Paris (370-BIBB c. ) (Image from Treasures of the World, 1961 ICP Library) Vase painting Checker Style also referred to as Checker Vases are red-figured potte ry named after the place where it was found, Shapes commonly found are: 1. Apelike (wine container) 2. Alkalis (a low bowl with two horizontal handles and a low broad toot) 3. Lobes gamines (with high handles and lid use to carry bridal bath) 4. Rater (bowl use or mixing wine and water) Most common motifs were mostly scenes from the life of women (often exaggeratedly idyllic), mythological benefiting were popular among the people of the black sea, or a scene form mythical story or event. Alt used a technique Page 145 called polychrome, combination of different colors specially the brilliant one in an artistic manner. Panel Painting There are paintings on flat panels of wood. It can be either a small, single piece or several pensioned together, Most of the panel paintings no longer exist because of its organic composition. The earliest Novak panel painting is the: Pitas panel (Archaic Period between 540 and 530 B. C,E,) Tomb / Wall Painting Tomb or wall painting was very popular duri ng the classical period. It uses the method frescos either tempera (water-base) or encrusting (wax). It has a sharp, flatly outlined style of painting and because it uses water-based materials, very few samples survived. Page 146 Tomb of the Diver, Pasture 480 BCC Image from Treasures of the World, 1961 ICP Library The image wastepaper using a true fresco technique with a limestone mortar. It depicts a symposium scene on the wall. In tomb paintings, artists rely on the shade and hues of paint to create depth ND life-like feeling- Paintings from the Romantic Era Most of the paintings in this era were copied or imitated from Hellenic Greek paintings. Fresco technique avgas used in brightly colored backgrounds; division of the wall into a multiple rectangular areas (tic-tact-toe design); multiplying perspective; and a trope-l-oil effect.