Jazz free essay sample

I went to a Jazz show on November third at the Forefront Grill. The band, Joe Booze and l, played a wide range of music for us while this spot was loaded up with different gatherings of individuals eating, drinking and visiting. This band played their melodies by utilizing three guitars, drums, saxophone, trumpet, xylophone and the Plano all through the entire whole time. The main tune called, Through the Eyes of Love, was played from the film called The Ice Castles. This melody began with the xylophone, and afterward the guitars and the remainder of the instruments sounded in.They began the tune with an exceptionally brilliant tone and center quick rhythm. It had a great deal of outsmarts and it was extremely extraordinary simultaneously. This tune was made by an exuberant inclination and gave crowds a smidgen data about what sort of music they would perform for the following three hours. We will compose a custom article test on Jazz or on the other hand any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Likewise, this melody was an extraordinary opener since it made the crowd (it was uniquely around 15 of us, for the most part older) engage in the show, for example, applauding and tapping with their feet to feel the musicality and the tempo.This tune for reasons unknown helped me to remember being In the club late around evening time, moving my life away. This melody unquestionably put my depression on in light of the fact that I was unable to quit tapping my feet and moving to the beat. The subsequent melody was called, Fly Me to the Moon, which is composed by Bart Howard and sung by Frank Sinatra. It is a Latin-roused sounding consonance which set the sentimental state of mind toward the start of this tune. A piano and saxophone at that point substituted the tune of the tune just as they were moving like two darlings traveling to the moon.As the energy of the tune warmed up, the surface changed inside the tune as the saxophone took the song and the piano and different instruments inside the gathering were in backup. The musicality, which was ceaselessly consistent, appeared to get quicker like a heartbeat by the peak of the melody. It was likewise now that the elements of the tune were progressively getting stronger until all instruments met at the top with a blast and afterward changed the elements again to a moderate level until the melody arrived at an end.Finally, the third tune that Joe and his group played was, I just have Ice For You. This melody had a high recurrence pitch sound and a moderate rhythm. I felt like this tune was significantly more settled, it didn't have so much mood and tune going on contrast with the other two tunes. I felt like this melody was fundamentally about adoration and communicating love for someone else. Generally speaking, I preferred this jazz a great deal. It was quite extraordinary and enjoyable to listen as well. I carried a few people with me this time and they cherished it as much as I did.I might suspect I had a superior encounter this time than I did the first run through around at Sashs wine bar. Jazz By mammas I went to a Jazz show on November third at the Forefront Grill. The band, Joe Booze guitars, drums, saxophone, trumpet, xylophone and the piano all through the entire the crowd (it was distinctly around 1 5 of us, for the most part older) engage in the show rhythm. This melody for reasons unknown helped me to remember being in the club late around evening time, someone else.

Shot guns should be banned free essay sample

Firearms dont execute individuals, individuals murder individuals. Firearms are the best way to shield a regular citizen from hooligans around the globe. America is likewise one of the most perilous places because of hooligans and maï ¬ a groups who are the criminal personalities of homicide and shootouts, they approach any firearm you can consider. How might you feel in the event that you hindered one of these packs? you need weapon to ensure yourself. You wouldnt need to wind up dead isn't that right? I unequivocally accept that all regular citizens should claim a weapon in the United states. Since when do hoodlums comply with the law? Prohibiting firearms is simply removing Americans rights to protect themselves and their assets. Restricting firearms is simply opening the entryway for additional shootings as now the hoodlums will have weapons and ordinary reputable residents will resemble exposed targets. As I would like to think the main thing that stops a criminal is the idea of the individual inside has a weapon sitting tight for me. We will compose a custom paper test on Fired weapons ought to be prohibited or on the other hand any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The legislatures should make laws like nobody with a psychological sickness may possess a weapon, in light of the fact that nobody in their correct brain will go and enthusiastically execute a few youngsters. A firearm can't ï ¬ re itself, it must have somebody pull the trigger. On the off chance that weapons are restricted lawbreakers will simply utilize different things like blades, pencils, vehicles and wrenches. Americans reserve an option to ensure themselves with firearms. On the off chance that their Government chooses to turn on them, Americans were given the privilege constantly Amendment of the Constitution, to have weapons for their security. Removing firearms from everyone in America won't bring down any crime percentages. Hooligans won't quit violating the law paying little mind to the laws. They will get firearms, in the event that weapons are restricted and, at that point individuals who need weapons for insurance have no real way to ensure themselves. In addition to the fact that guns are required for self security, we use them for chasing too, if America bans weapons, creatures like deers, and other untamed life would be over populated and will in the end be living in our locale on the streets or even in our terraces, this will cause auto crashes and loss of yields because of the creatures eating them. I firmly accept that weapons ought not be prohibited in the U.S. To finish up firearms guarantee the wellbeing of civillians from peril and furthermore help for chasing purposes. Firearms are not the issue to murders, the individuals pull the trigger, I positively accept that weapons must not be restricted in America.

How to Manage and Prevent Road Rage

How to Manage and Prevent Road Rage Stress Management Situational Stress Print How to Manage Feelings of Road Rage Road Rage is an Increasingly Dangerous Phenomenon By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on June 24, 2019 How Stress Impacts Your Health Overview Signs of Burnout Stress and Weight Gain Benefits of Exercise Stress Reduction Tips Self-Care Practices Mindful Living Sean Murphy/Getty Images With more and more people in the world--and particularly in the workforce, our roads are becoming increasingly crowded. Inside our cars, its easy to feel isolated from the world and forget that there are other people with different priorities. That can cause us to be far less polite to one another while driving than we would be if we met in person and had to face each other on a more personal level. Additionally, when we’re all frustrated with traffic, sometimes people make mistakes or pull impolite driving maneuvers, which can lead to anger from other frustrated drivers and create a cascade of hostility. This often results in road rage, which can pose a significant threat to health and safety for everyone on the road. Road rage and hostile driving may be common, but that doesnt make it safe. Obviously, road rage may make us more prone to accidents, However, there are other risks as well; people experiencing road rage may face increased health risks that come from high levels of stress, tension, and anger. These episodes of acute stress may become chronic stress, which leads to many negative health outcomes. In addition to the toll stress takes on the ragers body, the increased risk of a car accident due to road rage puts all drivers at risk. Moreover, some incidents have become violent as a result of everyday road rage that escalated out of control.   By being a courteous and defensive driver, you can cut down the level of frustration you might cause other drivers, doing your part in keeping road rage at bay. But if you yourself experience road rage, here are some techniques you can use to stay calm in the car: How to Manage Road Rage Breathe: Breathing exercises can help you cleanse your body of stagnant air and stale energy, getting your blood more oxygenated and, of course, releasing tension. Focusing on your breathing brings your attention inward and makes frustrations seem more removed, without taking your focus too far away from the road.Listen: Listen to music or audiobooks. Music can subtly color your experiences, adding an exciting soundtrack to your commute. Audiobooks can supply you with a mild distraction that can make your drive enjoyable enough that you find annoying drivers and bumper-to-bumper traffic less frustrating.Relax: Practice Progressive Muscle Relaxation (PMR) and Deep Muscle Relaxation (DMR). When you’re frustrated, you store the tension in your body. These techniques will help you learn to quickly release the tension you’re carrying, even as you sit in the car, which will help you feel more physically and emotionally relaxed.Play: Use cognitive-behavioral interventions like Counting Idiots. Basically, if you accept that a certain amount of people are going to make fools of themselves on the road, and decide to make a game out of counting them, you can cut down on the stress you feel in response to their rude maneuvers.Plan: Manage your time wisely. Often, when we’re frustrated on the road, it’s because we’re in a hurry and can’t get there quickly enough because of traffic. Organizing your schedule so you can leave earlier, and planning for traffic, can leave you feeling more relaxed because it really won’t matter as much if the trip takes a few extra minutes. Experiment with these techniques and others from The Tension Tamers Section, and you should find your driving time to be more pleasurable, and your commutes safer.

How to Manage and Prevent Road Rage

How to Manage and Prevent Road Rage Stress Management Situational Stress Print How to Manage Feelings of Road Rage Road Rage is an Increasingly Dangerous Phenomenon By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on June 24, 2019 How Stress Impacts Your Health Overview Signs of Burnout Stress and Weight Gain Benefits of Exercise Stress Reduction Tips Self-Care Practices Mindful Living Sean Murphy/Getty Images With more and more people in the world--and particularly in the workforce, our roads are becoming increasingly crowded. Inside our cars, its easy to feel isolated from the world and forget that there are other people with different priorities. That can cause us to be far less polite to one another while driving than we would be if we met in person and had to face each other on a more personal level. Additionally, when we’re all frustrated with traffic, sometimes people make mistakes or pull impolite driving maneuvers, which can lead to anger from other frustrated drivers and create a cascade of hostility. This often results in road rage, which can pose a significant threat to health and safety for everyone on the road. Road rage and hostile driving may be common, but that doesnt make it safe. Obviously, road rage may make us more prone to accidents, However, there are other risks as well; people experiencing road rage may face increased health risks that come from high levels of stress, tension, and anger. These episodes of acute stress may become chronic stress, which leads to many negative health outcomes. In addition to the toll stress takes on the ragers body, the increased risk of a car accident due to road rage puts all drivers at risk. Moreover, some incidents have become violent as a result of everyday road rage that escalated out of control.   By being a courteous and defensive driver, you can cut down the level of frustration you might cause other drivers, doing your part in keeping road rage at bay. But if you yourself experience road rage, here are some techniques you can use to stay calm in the car: How to Manage Road Rage Breathe: Breathing exercises can help you cleanse your body of stagnant air and stale energy, getting your blood more oxygenated and, of course, releasing tension. Focusing on your breathing brings your attention inward and makes frustrations seem more removed, without taking your focus too far away from the road.Listen: Listen to music or audiobooks. Music can subtly color your experiences, adding an exciting soundtrack to your commute. Audiobooks can supply you with a mild distraction that can make your drive enjoyable enough that you find annoying drivers and bumper-to-bumper traffic less frustrating.Relax: Practice Progressive Muscle Relaxation (PMR) and Deep Muscle Relaxation (DMR). When you’re frustrated, you store the tension in your body. These techniques will help you learn to quickly release the tension you’re carrying, even as you sit in the car, which will help you feel more physically and emotionally relaxed.Play: Use cognitive-behavioral interventions like Counting Idiots. Basically, if you accept that a certain amount of people are going to make fools of themselves on the road, and decide to make a game out of counting them, you can cut down on the stress you feel in response to their rude maneuvers.Plan: Manage your time wisely. Often, when we’re frustrated on the road, it’s because we’re in a hurry and can’t get there quickly enough because of traffic. Organizing your schedule so you can leave earlier, and planning for traffic, can leave you feeling more relaxed because it really won’t matter as much if the trip takes a few extra minutes. Experiment with these techniques and others from The Tension Tamers Section, and you should find your driving time to be more pleasurable, and your commutes safer.

Athenian Vs. Spartan Women - 2260 Words

Despite Athenian and Spartans being associates of the same influential nation, these two states or ‘Peloi’ and denominations of people in Ancient Greece in (400BC) were substantially different. The women in their own distinct societies endured several problematic issues and experienced inequity, demoralisation and condemnation. The notion of women and their purpose was typically conjectured by men in society, specifically Aristotle who claimed that women brought ‘disorder, were evil, were utterly useless and caused more confusion than the enemy’ . However despite misogynistic, biased and loathsome perspectives of women, both Athenian and Spartan women have all played exceedingly significant roles and contributed substantially to the prosperity of Ancient Greek society in their own inimitable ways. Daily life was one of the most distinguishable factors of Athenian and Spartan women, and it varied depending on social status. The communal job of Athenian women was confinement to daily life in their domain; the home or ‘oikos’, immersing themselves in domestic activities. This notion was verified by ancient writer Xenophon; â€Å"†¦Thus, to be woman it is more honourable to stay indoors than to abide in the fields†¦Ã¢â‚¬  .They were responsible for various jobs in order to support their families including cooking meals and producing textiles. The majority of affluent women had established slave work in their homes; hence they verified their decadence by not partaking in laborious workShow MoreRelatedSpartan Women vs Athenian Women2261 Words   |  10 Pagesmilitary dictatorships are modeled on Sparta. However, history shows us that women had much more liberty in Sparta than in Athens. In fact, the democracy of Athens was available only to free men who wer e citizens of Athens. Moreover, to claim citizenship, an Athenian had to prove that both his parents were astoi. For the father, being astos meant that he was an Athenian citizen, but the mother could not be a citizen. Women were never citizens, but only able to transmit the rights of citizenship toRead MoreComparing The Roles Of Women During Athens And Sparta1445 Words   |  6 Pagesinvestigation will answer the question â€Å"What were the differences and similarities of the roles of women in Athens and Sparta?† This question is relevant due to the fact that the role of women and how they were treated back then are very different than today and we’ve come a long way since then in terms of women’s rights. It’s also important to see the drastic differences between the roles of women from one Greek city to another. The issues that will be addressed are their treatment and roles withinRead MoreAthens V.Sparta Compare/Contrast Essay848 Words   |  4 Pag esAthens vs. Sparta Ancient Greece was comprised of small city-states, of which Sparta and Athens were two. Athens was renowned as a center of wisdom and learning. The people of Athens were interested in arts, music, and intellectual pursuits. Sparta, on the other hand, was recognized for its military strength. A Spartans life was centered on the state, because he lived and died to serve the state. Although the competing city-states of Sparta and Athens were individually different as well asRead MoreSparta Vs Athens Vs. Athens1468 Words   |  6 PagesProfessor Sinclair 13 October 2015 Sparta vs. Athens Although Sparta and Athens were close on the map, they were far apart in many aspects of their civilizations. While having some similarities, the military powerhouse and the intellectual center of Greece had major differences in governments, societies, and cultural developments. The Spartan government was considered an oligarchy (â€Å"oligos† translates to â€Å"few† and â€Å"archia† translates to â€Å"rule†), whereas the Athenian government was a democracy (â€Å"demos†Read MoreAthens vs. Sparta Essay1193 Words   |  5 PagesAthens vs. Sparta During the times of Ancient Greece, two major forms of government existed, democracy and oligarchy. The city-states of Athens and Sparta are the best representatives of democracy and oligarchy, respectively. The focus of the times was directed towards military capabilities, while the Athenians were more interested in comfort and culture. It was the oligarchy in Sparta that put a war-like attitude as its first priority and best met the needs of Ancient Greece. These factorsRead MoreAthens vs. Sparta1146 Words   |  5 PagesDanielle Palawasta Athens vs. Sparta Persuasive Research Paper Henry/Lih- LA/SS- Per. 3/7 Due: 3/22/13 Envision a world where the people are ravenous and yearning for any remnant of food they could obtain, where the society is overrun and no one has a free say. This is the type of society the ancient Spartans would have lived like unlike the ancient Athenians. The Athenians lived a far more diverse life if compared to Sparta. Ancient Athens was better to live in than ancient Sparta due to itsRead MoreAthens vs. Sparta1211 Words   |  5 Pagesï » ¿Athens Vs. Sparta Throughout the ancient world there were two dominating empires. (S) The Athenian City (polis) and the Spartan empire. These two cities were both powerful and famous but significantly different. However, the city of Athens was by far a much more influential and powerful city-state in comparison to Sparta. Although both the city-states had their own strengths such as their government, social structure and their military tactics, Athens was a pivotal city that still to this dayRead MorePericles Funeral Orientation Essay893 Words   |  4 Pagesthe importance and uniqueness of the Athenian government its self (democracy) which created arrogance that eventually destroyed their city-state. Pericles main point was â€Å"these men, who could not bear the thought of losing her, nobly fought and nobly died——these men were worthy of their city——their memory abides and grows† (Thucydides 3). Overall, the funeral orientation was used to honor, give confidence, and create courage and community in addition to Athenian democracy leading Athens to a fatalRead MoreSparta Vs Athens Vs. Athens1722 Words   |  7 PagesSparta vs Athens The two dominating Greek city states, Sparta and Athens, have there own strengths that make them the strongest throughout Greece. Sparta is located in the southeastern Peloponnesus, in an area known as Laconia (Spielvogel 53). Athens is on the peninsula of Attica (Geography). Sparta is know for their immense military might (Spartan Military). Athens is known better for their leading naval force in Greece (Women of the Ancient World). Their government systems were very differentRead MoreAthens V Sparta848 Words   |  4 PagesAthens vs. Sparta The Greek city-states of Athens and Sparta were similar in that they both denied women basic rights, but they are more different because of their culture and political structures. In both city-states, their social structures featured women as minorities. However, their customs and concepts differ tremendously. Generally, Sparta had a very strict military-based state, while Athens focused on the fine arts. Politically, the two city states differed in that Athens had a democracy

Essay about The Development of Emotional Intelligence

DEVELOPMENT OF EI The development of Emotional Intelligence requires a recognition of ones own strengths and limitations, an exploration of how current decisions are framed through beliefs and prior experiences, and the actualisation of potential by using the greater self knowledge gained. However, in a report by the Institute of Management (2002) research showed that the quality of leadership in the workplace was poor. Further, the research reinforces a positive relationship between financial turnover and the priority given to leadership development (Institute of Management, 2002). Fifty-five percent of those questioned gave the characteristic of being inspiring as the most important attribute of leadership, but only eleven percent say†¦show more content†¦Leaderships underlying constructs are inspiration and individualised consideration, entailing shifts in the beliefs, needs and values of the followers (Fiedler, 1996). The transforming leaders behaviours emanate from deeply held beliefs an d values, such as justice and integrity (Fiedler, 1996). Fiedler (1996) argues that past research into leadership has been focused on traits and abilities, and that the most important lesson over the past forty years is that the leadership of groups and organisations is a highly complex interaction between the individual and the social and task environment. Therefore, it could be argued that Leadership research has overlooked Leadership being a social process. How well the leaders particular style, abilities, and background contribute to performance is largely contingent on the control and influence the leadership situation provides. As Feidler (1996) states, if leadership was easy to understand, we would have all the answers long before now. The leadership processes are highly complex. This principle still has to be translated into practice. Fiedler (1996) goes on to say we cannot make leaders more intelligent or more creative, but we can design situations that allow leaders to utilise their intellectual abilities, expertise and experience more effectively. In this highly competitive age, this is likely to be of considerable practical importance. Nevertheless, as Goleman (2000) argues, effective leadership stillShow MoreRelatedEmotional Intelligence And Leadership Development867 Words   |  4 PagesEmotional Intelligence A leader s success hinges on the degree of emotional intelligence (EI) the individual possesses. The ability to manage one s emotions and correctly identify another s emotions is a critical skill all leaders must have. Leaders of teams must have the capacity to control their emotions during times of stress; and, have the ability to listen to and empathize with others to ensure employee satisfaction and engagement. The purpose of this paper is to evaluate this writer sRead MoreEmotional Intelligence On The Early Childhood Development2293 Words   |  10 PagesAbstract Emotional Intelligence assessments have been used to predict a person’s success or failure in regard to school, business and life. There are many studies that provide evidence of the benefits of emotional intelligence to children, adults, parents and employees. A child’s emotions are often treated as petty, irrational and immature, when it is during childhood that children need to be taught how to deal with emotions. The objective of this paper is to give significant evidence that thereRead MoreEmotional Intelligence: Leadership Assessment and Development 1923 Words   |  8 Pages Leadership Assessment and Development Paper I had no clue how the online assessments that I took would help me, like any other person would think. But later, when I took the tests, I realized the importance of these assessments which gave me an insight of my true self, and helped me pin point my strengths and weaknesses in almost every department. These assessments helped me connect more to myself and the people around me. In this paper, I am going to discuss all the results from the various testsRead MoreOrganizational and Professional Development1519 Words   |  6 PagesProfessional Development Introduction Social intelligence has been defined as the ability to understand and manage other people, and to engage in adaptive social interactions like making them to get along with you. Social intelligence entails a persons awareness to a situation and the social dynamics that accompany the situation and the knowledge of the strategies and interaction style, that, he/she can use to achieve the desired objective while dealing with others (Bob, 2008). Social intelligence hasRead MoreEmotional Intelligence866 Words   |  4 PagesThe importance of Emotional Intelligence is something that needs to be recognized. Emotional intelligence is the ability to identify, assess, and control the emotions of oneself, and others. Emotional intelligence is a central parent of our everyday lives, both in professional and personal enviornments , and as such it is important to become aware of exactly how you rate your own emotional intelligence. After the the emotional intelligence test that was provided on www.ihhp.com/testsites.htm,Read MoreEmotional Intelligence Impact An Employees Communication And Success1329 Words   |  6 Pageswill address how emotional intelligence impacts an employees’ communication and success in an organization. Recognizing, understanding and managing the verbal and non-verbal emotions of themselves and others can positively impact their performance and the organizations. Emotional intelligence could be the missing link from taking an organization from good to great. Emotional Intelligence: The Missing Link The understanding of how individuals with average intellectual intelligence (IQ) could outperformRead MoreEmotional Intelligence and Athletic Performance1744 Words   |  7 Pagescomplex emotions, how emotions are affected by events surrounding experiences, and whether various emotional reactions are likely in given social settings. Regulating emotions encompasses the control of emotions in oneself and in others. An individual’s emotional intelligence is an indication of how he or she perceives, understands, and regulates emotions. In sum, emotional intelligence is a form of intelligence that involves â€Å"the ability to monitor one’s own and others’ feelings and emotions, to discriminateRead MoreLanguage Development Of Language And The Processing Speed1635 Words   |  7 PagesEarly language development predicts the amount of vocabulary knowledge as the child develops and is a key factor that is linked with later academic achievement (Pungello et al., 2009; Weisleder Fernald, 2013). Also, background factors must be analyzed and assessed, in order to understand how language growth differs from one child to the next. Exposure to speech is very important and helps influence early development of language and the processing speed (Fernald, Marchman, Wielder, 2013 as citedRead MoreStudies in Emotional Intelligence1467 Words   |  6 Pagesthe concept of emotional intelligence, and with that growth is a gap between what we know and what we need to know. In the article, Emotional Intelligence: Issues and Common Misunderstandings, Robert J. Emmerling and Daniel Goleman inquire as to what emotional intelligence is, how it differs from other established constructs within psychology, whether or not it can be developed, whether or not it can be a better predictor of work performance than traditional measures of intelligence, whether or notRead More Studies in Emotional Intelligence Essay1445 Words   |  6 PagesStudies in Emotional Intelligen ce There is a growing interest in the concept of emotional intelligence, and with that growth is a gap between what we know and what we need to know. In the article, Emotional Intelligence: Issues and Common Misunderstandings, Robert J. Emmerling and Daniel Goleman inquire as to what emotional intelligence is, how it differs from other established constructs within psychology, whether or not it can be developed, whether or not it can be a better predictor of work

Zara case study Essay - 2280 Words

Coursework Header Sheet 209896-18 Course OPER1027: Operations Mngt: Proc/Value Ch Course School/Level BU/UG Coursework Case Study 1 Assessment Weight 25.00% Tutor J Whiteley Submission Deadline 25/11/2013 Coursework is receipted on the understanding that it is the students own work and that it has not, in whole or part, been presented elsewhere for assessment. Where material has been used from other sources it has been properly acknowledged in accordance with the Universitys Regulations regarding Cheating and Plagiarism. 000718551 Tutors comments Grade Awarded___________ For Office Use Only__________ Final Grade_________†¦show more content†¦There vertical integration allows small batches of produce to be distributed and tested out allow them to save more money and cut inventory backlogs. Zara maintains a low cost by avoiding outsourcing (where possible) and producing all its merchandise and produce in home soil in Spain. Also Zara own many fabric dying, cutting and processing equipment that provided Zara added control and flexibility to adopt new trends on demand. Effectively Zara is able to design and manufacture products as well as deliver them in less than two weeks in contrast to competitors such as Benetton and HM which require at least between five weeks and 4 months lead time to fill orders from its retail operations. One major unique characteristic was that Zara own its in house production which gives Zara the flexibility of quantity, variety, and the frequency of the designs they produce. Another way there strategy contributors to their success is that they have the capability to keep a significant amount of product in home soil in there won factories and reserve approximately 85% of their capacity for seasonal adjustments this way they will be able to rapidly respond to unexpected trends in the industry. Additionally they use foreign factories as many other companies do as cost is much cheaper which allows production to increase and distrusted accordingly, however for fast fashion items Zara produces inShow MoreRelatedZara Case Study : Zara Case2492 Words   |  10 Pages Zara Case Study Name Academic Institution Zara Case Study Executive Summary This case study (Ghemawat, Nueno, Dailey, 2003) of the Spanish retail apparel company Zara, one of the six retail brands owned by Spanish company Inditex, focused on a number of issues confronting the retailer. These issues arose mainly from the consideration that Zara defied many of the dynamics of the retail apparel market. Zara, unlike its competitors, owned most of its production as well as itsRead MoreZara Case Study2762 Words   |  12 PagesQ1. With which of the international competitors listed in the case is it most interesting to compare Inditex’s financial results? Why? What do comparisons indicate about Inditex’s relative operating economics? Ans. The four companies shown given in the case have very different business models. Inditex owned much of the production and most of its stores. Inditex is thus a vertically integrated company. This gave Inditex a competitive advantage, which is quick response to the market requirementsRead MoreZara Case Study1833 Words   |  8 PagesZARA CASE STUDY [pic] Introduction The history of Zara started in 1975, when the first store has been opened in Spain. It has been followed by several other stores all over the world. The company’s owner, Amancio Ortega, accumulated 340 million Euros (according to 2001 datas), which is a remarkable growth if compared with other companies. Zara’s brand has become popular because of its quality and efficiency. The secret of Zara is to understand the customer’s need and demands and respondRead MoreZara Case Study3553 Words   |  15 Pages[pic] CONTENTS 1. Introduction 3 2. Zara as Company 4-5 3. Zara’s Model of Operation 6 4. Company’s Structure Read MoreZara Case Study3306 Words   |  14 PagesJune 6, 2007 Zara Case Study Summary Zara is a clothing retail store for women, men and children, concentrating sixty percent of their effort to the women clothing market. Besides retailing, Zara also designs, produces, and ships their lines of clothing to their Zara stores. Zara s corporate concept is to offer fashionable, trendy, designs at a reasonable price. The key to their corporate success is to offer the latest trends and fashions before their competitors. They believe thatRead MoreCase Study - Zara International694 Words   |  3 PagesJay Case Study: Zara International Fashion at the Speed of Light Question 1: In what ways are elements of the classical and behavioral management approaches evident in how things are done at Zara International? How can systems concepts and contingency thinking explain the success of some of Zara’s distinctive practices? Answer 1: Elements of the classical management approach are very evident at Zara International. The classical management approach contains three branches, which are scientificRead MoreZara International Case Study1000 Words   |  4 PagesZara International was a retail shop originated in La Coruna, Spain in 1975. It was clothing and accessories shop and imitated the latest fashion trends and sold them at a lower cost. It became Zara International after entering Portugal in 1988 and then the United States and France in the 1990s. The distributor for this brand is Inditex and is considered the most successful retail chain in the world. Zara has a business strategy that is very different from the retailers nowadays. If a customer ordersRead MoreZara Case Study986 Words   |  4 PagesZara is the flagship brand of the Spanish retail group, Inditex SA, one of the super-heated performers in a soft retail market in recent years. When Indtiex offered a 23 percent stake to the public in 2 001, the issue was over-subscribed 26 times raising Euro2.1 billion for the company. Zara is unique model in business world today it has its own principles which may varies from its competitors in the same industry starting from production strategy ending with supply chain management strategy, theseRead MoreZara Case Study1656 Words   |  7 Pages3.1 HISTORY and BACKGROUND ZARA is the flagship chain store for the Spanish Inditex Group owned by Amancio Ortega, who also brands such as Massimo Dutti and Bershka. It was first open in 1975 in La Coruna, Galicia, Spain. Originally a lingerie store, then the product range expanded to incorporate women’s fashion, menswear and children’s clothes (5). The international adventure began in 1988, opened its first foreign store in Oporto, Portugal. The market growth remained mysterious and it kept growingRead MoreZara Case Study1404 Words   |  6 PagesCompany Case: Zara: The Technology Giant of the Fashion World Identification of the Problem/s or Issue/s Zara, a Spanish-based chain owned by Inditex, is a retailer who has taken a new approach in the industry. By owning its in-house production, Zara is able to be flexible in the variety, amount, and frequency of the new styles they produce. With their unique strategy, Zara has the competitive advantage to be sustainable. In order to maintain that advantage and growth they must confront certain

Social Responsibilities of Business-Free-Samples-Myassignmenthelp

Question: Write a Literature Review on the theories available in relation to Business Organizations. Answer: Introduction There has been a long debate in relation to the purpose of a business entity. The prima faice purpose of a business organization has always been towards making profits and ensuring that the investors and other shareholders get adequate returns for the investment made by them in relation to the organization (Smith 2003). However various contemporary studies have depicted that the aim of the modern day business is not merely to make profit, organizations also has a major role to pay in relation to the society as it is also one of the major stakeholders of the organizations (Weinstein 2013). This is because of the growing competition between various organizations goodwill has become point of distinction. The management of stakeholders in relation to the operations of an organization is a critical component. According to Sharplin (2003) any person, organization, group or the society who can be affected by or is likely to presume themselves to be affected by a particular operation is know n as a stakeholder. Positive relationships are created through a process of effective stakeholder management. The position can be reached by an appropriate management process with respect to the agreed objectives and expectations of the stakeholders. One of the pillars of proper stakeholder management is the carrying out of operations of a business organization based on the principles of ethics. Ethical principles have to be incorporated into the functioning of organization to ensure that the organization is able to make profit as well as ensure that the goodwill of the organization among its stakeholders is maintained. However an organization cannot function solely based on ethics as it is the one of the major functions of the organization to make profit and give proper returns to the stakeholders. The thesis statement of this essay is that the businesses can only function properly if it aims to make profit through the incorporation of ethics in its operations. The paper conducts a literature review on the various theories available in relation to business organizations and provide how the broader view provided by the thesis can benefit the society. The paper also discusses the approach in light of other theories. Literature review According to Friedman (1970), (2007) "social responsibilities of business in a free-enterprise, is huge. He is of a view that the business entities must base their operations under ethical considerations. There are several functions which business entities can serve is relation to the society through basing their operations on the principles of ethics. These functions include providing employment, eliminating discrimination, restricting population and other forms of reforms in relation to the society. However according to the article businessmen have become puppets of intellectual forces which is restricting the fundamentals of free society. A corporation is an artificial person and not a real person however this fact is not enough to come to a conclusion that business entities have no responsibility. The doctrine of social responsibility is further used to clarify the statement. The corporations although is an artificial legal person it comprises if natural people who run its operations. A corporate executive is a worker of the business in a private property system free enterprise. Such workers have direct responsibilities in relation to the employer which means the corporation. The responsibility provides that the business has to be conducted by the employees according to the demands of the employer (Sharplin 2003). These desires are primarily with respect to making money while complying with ethical basic provisions incorporated through law and ethical customs. In exceptional cases the employer may have objectives different to what have been stated above. However as provided by Turnbull (1997) corporations are not alw ays incorporated for the purpose of making profit but may also be for a eleemosynary objective. These corporations do not have the objective of making profit but that of rendering specific services effectively. The article states that if the doctrine of social responsibility is to be taken seriously the scope of political mechanisms would cover all human activities (Shah and Bhaskar 2007). According to the article that the only social responsibility of the business organizations is to direct its resources towards making profit as long as it promotes free trade and does not indulge in deception or fraud. Jenson (2002) provides a relationship between stakeholder management and the theory of values of theory maximization which is known as enlightened value maximization. The concept uses the structure of the stakeholder management theory but also accepts the theory in relation to value maximization in relation to the organization in the long run. The businesses cannot strive if the merely focus on one theory. They need to maintain a balance between making profits and managing the stakeholders at the same time. The article also provides that the theory of balanced scorecard which is a managerial equivalent to the theory of stakeholder management have various flaws if not flawed totally. The scorecard provided to the managers by the theories give no score which means that there is no single measure to evaluate how they had performed. Thus in such a system where there is lack of a proper evaluation method the managers do not get the basis of making evident based and purposeful decisions. T he author argues by considering the positive as well as the normative arguments that the firms who are flowing the traditional stakeholders theories are less likely to succeed in competitive market. To the contrary those firs which adopt a single approach of value creation are likely to flourish in such market. The stakeholders theory is only preferred by the managers and executives as it enhances their powers and does not make them accountable. The idea in relation to a stakeholder is has become one of the most significant additions to the contemporary business ethics (Boatright 2006). The issues faced by all groups of stakeholders have become broadly recognized features with respect to ethical management. According to Beauchamp, Bowie and Arnold (2004) while making a decision the managers must consider the interest of all stakeholders. Commonly the lists of stakeholders include customers, creditors, employees, suppliers, shareholders and the society as a whole. There is not much argument against the concept of stakeholders management provided by modern business models. The argument lies in the fact that how to ensure profitability of the business along with the ensuring the interest of other stakeholders. Dobson (1999) provides an argument that stakeholders management acts as a guide for managers rather than a method of corporate governance. The concept provides a useful guidelines to those executives who how all stakehold ers can be benefited from shareholders primacy and use it as a reason for not considering other stakeholders. Such executives themselves make a mistake towards determining how the corporation should be managed and governed. There is no reason which suggests that a manager who is acting in the best interest of the shareholders would not be able to provide benefits to the other stakeholders of the business such as the society Freeman (2007) provides a study in relation to outlining stakeholders management which is an emerging view for business organizations. The concept of stakeholders management is said to have emerged over the last three decades through scholars belonging to a diverse set of disciplines starting from finance to philosophy. The fundamental principles in relation to the concept provide that the businesses along with its managers must have an aim to create value for employees, customers, suppliers, shareholders and the communities. Carefully attention has to be provided to how to create such values and manage the relationships. However the article contrasts the dominant view which is adopted in the business world which provides for managing the organization to benefit the shareholders and all other benefits and harms are created incidentally. The dominant model of business is resistant to change neither is it consistent with law or fundamental ethical principles as stated by Martin (2010). It has been argued by Hansmann and Kraakman (2000) that the dominant model is a good idea because it provides good consequences for all. The arguments in relation to rights provide that all property rights are provided to the shareholders leaving out the rights of the other stakeholders. Ferrell and Fraedrich (2015) has provides one of the strongest argument in favor of stakeholder management by asking the executives what kind of company they want. Thus businesses must operate in a ethical manner to ensure its proper existence Benefit to the society During the past two decades evidence has been provided through empirical studies that corporate social responsibility initiative provides measurable payoffs towards the organization as well as its stakeholders. The organizations have a major role to pay in the society. They have the power to influence the promotion of ethics into the society and seek its overall development. The organizations provide employment to the individual of the society. These individuals work together in the organization towards a common purpose of making profit and other objectives of the organization. How these individual behave in their work place have a significant effect on their behavior outside the workplace. The organizations have significant power to influence the behavior of those who are working for it through the incorporation of ethical principles in its system (Lawrence and Weber 2014). When the organization introduces strict ethical compliance in relation to its workplace the individuals get us e to such behavior and thus ethical behavior is reflected outside the organization in the society. For instance the incorporation of principles regarding bullying and discrimination into the workplace polices would also ensure that the individuals would reflect such polices in the society however there may a certain exceptions. It has been understood for a long period that the motive of a business is only to make profit. Any individual who wants to start a business activity does it solely on the objective of making profit. However when the business grows and evolves into a large organization its objective must become different as provided by the above discussed literatures. According to Carroll and Buchholtz (2014) a business cannot flourish by only acting on the principles of making profit as there is immense competition in the market and a point of distinction which investors and customers seek between the organizations is in relation to their social involvement. The social involvement of the organizations in an ethical manner can do wonders for the society. The organizations have access to large capital which can be used towards the betterment of the society such as increasing measures towards the protection of environment and indulging in community developments activities. For instance an organization w hich is in indulging in the process of production can incorporate efficient technology to prevent pollution which is a serious concern for the modern day society. This would not only ensure a better environment and trigger sustainability but also enhance the reputational capital of the organization. Through restraining from anti-competitive activities by indulging in ethical dealings the organizations can promote ethical compliance in the society as it would lead to a transparent business structure which is free from corruption. The broader view would only benefit the organization in the long run and along with promoting the development of the society would also ensure that they like up to the expectations of their shareholders through making profit (Martin 2010). Justice and normative theory analysis According to the kantanian theory it is unfair to treat people as means of end and individuals of the society has to be treated as ends themselves. Here the means of end refer to any specific actions for the purpose of achieving a particular goal. The theoretical approach which has been provided by Jenson (2002) in relation to organization proposes that the stakeholder management theory is flawed and a mixture of stakeholder management as well as value creation is needed for proper development is not totally consistent with the Kantnian theory. This is because the theory provides to hold people as the ends themselves whereas the approach provides that people may be used to generate profit for the organization as long as their personal development is also ensured. In the same way the resources of the society can be utilized for the purpose of generating profits for the organization (Bowie 2017). According to the theory of duty of care a person whose activities can reasonable cause harm to another person has a duty of care towards such person and where the duty is violated it results in compensation. According to the approach provided by Friedman (1970) where the motive of the organizations is to make profit only, the organization cannot make profit without utilizing the resources of the society and as the organization has vast influence on the society its actions can harm the society as whole. The organization therefore owes a duty of care towards the society and if any harm is caused they are responsible to compensate the society for such losses. As per the theory of Boatright (2006) which argues that the organizations must use a more synthesized approach by merging ethical approaches with the profit making approach the duty of care theory would provide to ensure the development of society as a whole as it still involves using the resources of the society. According to Follesdal (2015) the term justice is used to define the importance of fairness, equality and rights. People would thing that it is unjust when they are not getting proper return on their investments unfairly, having there right of enjoying equality in the society violated and being unfairly treated because of ones protected traits. In his theory Rawls rejects the utilitarian forms of justice and provides that justice is not the same as morality. A new way to have knowledge about the position of justice has been suggested by him. It has been argued by Rawls that economical and social inequalities are not just unless certain requirements are met. Firstly equal opportunities have to be provided and higher inequalities must advantage those least economical and social resources. Thus the utilitiranism approaches provided by Piacquadio (2017) those economic inequalities can be justified where it maximizes happiness is rejected by the justice theory. Here an argument can be pro vided by Rawls in against the approach provided by Follesdal (2015) that distributing disposable income in the profit of many would enhance the economy. Other theories towards reconciling the view The theories in relation to corporate social responsibility (CSR) provide that the operation of the organization has to be based on two pillars. The organization while having the objective of making profits must also ensure that their actions depict ethical interactions with the surrounding community (Lee 2017). The nature of CSR with respect to an organization also provides the conception in relation to making profit while also having its effects on border question related to the welfare of community. There are four obligations which are imposed on an organization through the concept of corporate social responsibility. Firstly the economic responsibility of earning profits ;Secondly, legal responsibility which is in relation to complying with the legal rules and regulation; thirdly ethical responsibilities which is in relation to doing what is right even when it is not required by law and lastly philanthropic responsibility which means to indulge in the projects of the society even when they are not related to the business activities (Carroll and Buchholtz 2014). The theory is totally consistent with the synthesized approach of ethics and profit argued by this paper and proposed by Boatright (2006). Both the theories provide that ethics and profit making must both be incorporated by the organizations in relation to their operations. As per the theory of creating shared values Crane et al. (2014) there is mutual dependence among the competitiveness of an organization and the health of communities around it. Capitalism can be redefined and next wave of global growth can be unleashed by capitalizing and reorganizing these connections among economic and societal progress. The theory of CSV, thus is not consistent with the approached provided by Friedman (1970) and Freeman (2007) and is totally consistent with the synthesized approach proposed by this paper. According to Pauli (2010) economy can be enhanced through the process of creating more jobs, reducing the use of energy and alongside benefiting community development know as blue economy. The concept is also to some extent consistent with the proposed argument of the paper in relation ethical observations but not in relation to making profits. The economy model proposed the creation of enhanced values rather than cutting cost in a blind manner (Svensson and Pend leton 2014). This proposal can be interpreted as making profits while addressing the needs of the society. the theory of circular economy which is an alternative to the traditional theory of linear economy which provides the concept of make use and dispose, provides a view that resources are to be kept as long as possible for the purpose of extracting maximum values while they are in use and then recover and reproduce material and products at the end of every service life (Tukker 2015). The view is consistent with the theoretical approach provided by Boatright (2006) in relation to the incorporation of ethics with respect to operations. Conclusion A business is successful to the extent that it provide a product or service that contributes to the happiness in all of its forms- Mihaly Csikszebtmihalyi. In case the organizations are provided with the motive of making profit only than in the contemporary business world, such organizations would not be able to succeed. This is because there is so much completion and availability of similar technology that the differentiation which the customers seek is with respect to the social indulgence of the organization. In addition an organization would not be able to address the needs of its shareholders and investors if it does not make adequate profits. Thus the synthesized approach is the best possible approach which can be used by the organization towards their operations. Recommendations The organizations must indulge in social projects even when they are not related to the business The organizations must ensure ethical and legal compliance within the workplace to ensure that the individuals working for them are influenced by such principles. Fair completion and fair trading in the market place has to be used by the organizations in relation to its dealings The organizations has to work on the principles of sustainability as it has been provided and proved by various researches that the concept helps in attaining long term goals. References Beauchamp, T.L., Bowie, N.E. and Arnold, D.G. eds., 2004. Ethical theory and business. Boatright, J.R., 2006. Whats wrongand whats rightwith stakeholder management.Journal of Private Enterprise,21(2), pp.106-130. Bowie, N.E., 2017.Business ethics: A Kantian perspective. Cambridge University Press. Carroll, A. and Buchholtz, A., 2014.Business and society: Ethics, sustainability, and stakeholder management. Nelson Education. Carroll, A. and Buchholtz, A., 2014.Business and society: Ethics, sustainability, and stakeholder management. Nelson Education. Chell, E., Spence, L.J., Perrini, F. and Harris, J.D., 2016. Social entrepreneurship and business ethics: does social equal ethical?.Journal of Business Ethics,133(4), pp.619-625. Crane, A., Palazzo, G., Spence, L.J. and Matten, D., 2014. Contesting the value of creating shared value.California management review,56(2), pp.130-153. Davis, J.H., Schoorman, F.D. and Donaldson, L., 1997. Toward a stewardship theory of management.Academy of Management review,22(1), pp.20-47. DesJardins, J.R. and McCall, J.J., 2014.Contemporary issues in business ethics. Cengage Learning. Dobson, J., 1999. Is shareholder wealth maximization immoral?.Financial Analysts Journal, pp.69-75. Ferrell, O.C. and Fraedrich, J., 2015.Business ethics: Ethical decision making cases. Nelson Education. Ferrell, O.C. and Fraedrich, J., 2015.Business ethics: Ethical decision making cases. Nelson Education. Follesdal, A., 2015. John Rawls Theory of Justice as Fairness. InPhilosophy of Justice(pp. 311-328). Springer Netherlands. Freeman, R.E., Harrison, J.S. and Wicks, A.C., 2007.Managing for stakeholders: Survival, reputation, and success. Yale University Press. Friedman, M., 2007. The social responsibility of business is to increase its profits.Corporate ethics and corporate governance, pp.173-178. Hansmann, H. and Kraakman, R., 2000. The end of history for corporate law.Geo. LJ,89, p.439. Jensen, M.C., 2002. Value maximization, stakeholder theory, and the corporate objective function.Business ethics quarterly, pp.235-256. Khalid Ali, K., Ramly, Z. and Lau, T.C., 2014.Business ethics. Oxford University Press. Lawrence, A.T. and Weber, J., 2014.Business and society: Stakeholders, ethics, public policy. Tata McGraw-Hill Education. Lee, P.T., 2017, May. Business and Ethics. InINTERNATIONAL FORUM JOURNAL(Vol. 14, No. 2, pp. 39-54). Martin, R., 2010. The age of customer capitalism.Harvard business review,88(1). Piacquadio, P.G., 2017. A fairness justification of utilitarianism.Econometrica,85(4), pp.1261-1276. Shah, S. and Bhaskar, A.S., 2007. Shareholder View vs Stakeholder View of a Firm: A Review.Paradigm,11(2), pp.67-76. Sharplin, A., 2003. A challenge to shareholder supremacy in the public firm.Business and Society Review,108(2), pp.225-234. Shaw, W.H., 2016.Business ethics: A textbook with cases. Nelson Education. Smith, H.J., 2003. The shareholders vs. stakeholders debate.MIT Sloan Management Review,44(4), pp.85-91. Suliman, A.M., Al-Khatib, H.T. and Thomas, S.E., 2016. Corporate Social Responsibility.Corporate Social Performance: Reflecting on the Past and Investing in the Future, p.15. Svensson, L.E. and Pendleton, L., 2014. Transitioning to a New Blue Economy. Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility.Ibusiness,6(03), p.117. Tukker, A., 2015. Product services for a resource-efficient and circular economya review.Journal of cleaner production,97, pp.76-91. Turnbull, S., 1997. Corporate governance: Its scope, concerns and theories.Corporate Governance: An International Review,5(4), pp.180-205. Weinstein, O., 2013. The shareholder model of the corporation, between mythology and reality.Accounting, Economics and Law,3(1), pp.43-60. Weiss, J.W., 2014.Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.

Intellectual Diversity free essay sample

However a type of diversity that has been growing in buzzword in recentness, especially among the conservative communities of college campuses, is intellectual diversity. Intellectual perversity, along with academic freedom is what activists like David Horopito characterize as being the equal treatment of an individual, regardless of political affiliations or religious beliefs. The leftist tendencies inherent in academia are of course not a new development, though they have been better-documented as of late by conservative writers. The issue that these writers discuss is how intellectual diversity is threatened in these different environments through partisan politics as well as the liberalized environments themselves. The issue of intellectual diversity is a quandary that the government must ell with carefully. They cannot simply issue strict laws regarding the protection of intellectual diversity on campus because this does not satisfy what everyone wants and more importantly what they need. The government, as well as these conservative activists has to realize that there will always be a liberal opposition in the world. We will write a custom essay sample on Intellectual Diversity or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They must recognize that although it is completely just to fight for equal treatment and opportunity for people with different views, it is not k to shield these people from the opposing liberal perspectives completely because that limits the individual to to be able to explore the different ideas in the world and learn to embrace the opposition. It will ultimately limit them from being able to become a well- rounded and educated person. Conservative students are being crushed in liberal campuses and in classrooms where teachers have different views. Case after case of liberal activism and indoctrination has been publicized by conservative activists. This is because activists like David Horopito have realized the effects of a liberal atmosphere, and biased teachers. In Schools of Reeducation, Frederick M. Hess touches on the topic of a young college student of Washington State, Deed Swan, a conservative Christian father of four that was flunked with the explanation that he revealed opinions that have caused me great concern in the areas Of race, gender, sexual orientation and privilege. In David Horizons In Defense of Intellectual Diversity students from the University of Denver and Duke are described as having to deal with seeing partisan propaganda posted on doors and hallways as well as joking warnings from teachers that say that any Republicans should drop his course because of his strong liberal opinions. Because of these and many other displays of Iberia dominance in college campuses, conservatives are starting to take a st and, Mr.. Horopito for example wrote the Academic Bill of Rights.The way conservatives are placed in such hostile environments is not fair, just, or virtuous, it is impartial and nonpartisan. The government must be extremely scrupulous in the ways they deal with intellectual diversity and the laws they implement because it could have negative impacts on the professors and administrators of colleges and universities. In The Right to Tell the Truth, Ann Marie B. Barr retells her story of a terrible experience she had undergone when teaching courses on oral religions at South Dakota State University.Students inspired by David Horizons Academic Bill of Rights literally induced the poor teacher to fear her job. She felt that they forbade her to express an informed professional opinion. Barr, a women completely qualified to teach the course was unable to, because if she ever said anything that her students didnt agree with they simply dropped the course. I dont believe David Horopito would support such behavior arousing from his bill, but this is why the government must be extremely careful, prudent, and meticulous when dealing with such a delicate sue as intellectual diversity.Where is the justice in scaring teachers to falsify the truth? Or sacrifice their right to have and informed professional opinion, there is none. Conservative students must not be shielded from the liberal opposition because it debilitates them from learning how to deal with it; it wont broaden their minds to new ideas and instead will hold them back from becoming the educated, well rounded, less biased individuals that they have the potential to become. The population that Mr..Horizons Academic Bill of Rights is directed towards is the unfortunate conservative students who are put at a equi distant due to the hostile environments where liberal propaganda roams free and biased liberal teachers treat them unfairly. But the thing is that these students many times dont break down and crumble at the feet of this liberal monster, but instead grow from the experience. The students come out stronger in the end after going through such a hard experience. They are able to become strong minded, and intellectually powerful.No college student should ever be put in an unfair situation where they are scared to think and say what they want due to their surrounding environment, or are not able to attain the same grade as a colleague because of their personal beliefs; but they also shouldnt be protected like a mommy with her baby because in the real world there will be those strong minded liberals that you will have to face and converse with, and they need to have already experienced liberal feedback in their lives in order to be able to respond back effectively.Again the government must be careful not to just create strict laws that protect intellectual diversity. The level of intensity of these laws must be restricted in order to allow the conservative individual to till grow as a human being. As in many controversial arguments both sides of intellectual diversity bring up valid points. The side for intellectual diversity argues that we all have the right to have different political, religious, and social views, but regardless of what they are still be treated equally.The side against intellectual diversity argues that if the government enacted strict laws to enforce it, this would lead to negative impacts on professors and administrators of college campuses as well as debilitating students from experiencing real world conflicts and learning from them. The truth is that both sides of the argument are correct and there is sufficient evidence to prove both points. We the people must not allow one side to emerge from this conflict victorious, because this will leave the other side out to suffer the storm.Instead we must compromise between the opposing views and find a way to work in concert in order to find a solution that benefits both sides equally. There are many realms of diversity however the One that always seems to be the most controversial, and difficult to so lve, is by far intellectual diversity. The fight over whether intellectual diversity should be enforced by the overspent is not a new one. This is an ongoing conflict that recently has spurred heated debate, now the time has come to solve this problem.It is the single most important responsibility of the government to protect the people, therefore the government not only has the right to create laws on this issue but it is its obligation. However the government must recognize that there are indeed two sides, and it must not show sympathy for either one but instead compromise between the two to find a middle ground that will satisfy both sides. The solution therefore lies in reconciliation.

Asthma tops childhood illnesses essays

Asthma tops childhood illnesses essays Social class dominates our society in a gargantuan amount of ways. Its effects are felt in nearly every aspect of our lives. Its an unfortunate scenario, because an individual and his or her family seems to be measured by the house they live in or the clothes they wear. A persons income is a basis for how they are judged by others, but there are also other issues when comparing people who live in low income housing versus high income housing. Due to the large number of issues that occur in low income housing health has become a huge dilemma for everyone who is subjected to these poor conditions. Its an unfortunate occurrence, but its another problem that people with low income has to deal with it constantly. However, individuals and families who have a high income deal with some of these problems, but not on as much of a regular basis as the poorer families. The bottom line is social class affects how healthy you and your children will be. If you are part of a low social clas s it doesnt necessarily make you an unhealthy person, but the risk is much greater when you compare a person of a low social class to the risk of a person in a mid to high level social class. The research and statistics that have been acquired in these studies will prove that your social class can certainly determine the amount of health risk one has just by knowing their income level. Asthma is the most common illness among children in the New England region. It affects one out of every eight children in the northeast region known as New England. This study that was performed showed that more than 400,000 children currently have this condition in New England. The study also proved that the lower household incomes had the higher percentage of children with asthma. The poor housing proved to have many factors that brought on this disease. With everything from leaky roofs to cockroach droppings blamed for a diseas...

International Accouting-answers 2 Essay Example | Topics and Well Written Essays - 750 words

International Accouting-answers 2 - Essay Example Options on the other hand are contractual agreements where one is given a right to exchange foreign currencies at a pre-agreed rate on a specific date in future. In this case however, the buyer has an option to exercise the contract or not therefore in the event that the foreign currency depreciates, he can opt to pay at the spot rate (Hull, 2006). It is therefore clear that forward currency options are more advantageous than forward contracts in the case of ABC. The calculation of income using the historical cost model means that costs are recorded in the income statement at their historical value or the actual cost when they were incurred. This method does not consider the current market value of the item. Liabilities are therefore recorded at their actual historical cost and it is assumed that there is no change in their value (money has a constant purchasing power) (Power, 2010). The calculation of income using the current cost model on the other hand means that the liabilities and assets are measured using their current realisable or market value. In this case, the measurement of the costs is considered to be more relevant and therefore the amount of income calculated using this method is also considered to reflect the current state of affairs in the firm. It is therefore clear the current cost model provides a more accurate calculation of income since the costs are measured at fair value (Laux & Leuz, 2009). Translation of financial statements prepared in a foreign currency is a critical part of financial reporting in that it allows for foreign investors to understand the financial statements in terms of the principles used in the preparation as well as the figures in terms of the local currency. An investor will therefore be able to make their decisions based on the specific valuations of the company in their local currency while in a case where they are not translated; an investor may not know which foreign

Operations & Service Management Assignment Example | Topics and Well Written Essays - 2000 words

Operations & Service Management - Assignment Example Orientation, Legal Restriction, Layout and Design, Composition, Process Photography, Darkroom Procedures, Stripping, Plate making, Offset Ink and Paper, Bindery Operations, Offset Press Operation, Production Problems, and Occupations and Evaluation .Main is the usage of special paper for printing for M& S. Note: All corporate and promotional material (e.g. booklets, leaflets and posters) must be approved by the Publications Officer, before being passed to the Print Unit for reproduction. 3-5 working days should be allowed for this, depending on the complexity of the job. In order to obtain order from M&S,Wace Burgess need to focus and assess on the potential risks and reward for its sustenance and integrity .It is ideal to sign a printing services agreement including the expectations of the client stating all the possible format for orders, Costing ,Capacity planning,Utilisation,Turn around time ,Accuracy parameter, designing process and die cutting etc .There should also be stringent clause on payment terms and penalty or adjustments in terms of late completion of order based on impact of loss incurred by W&S. Wace Burgess should also the need to commercialize the new technology on a large scale and to make profits and prove its sustainability." It is important to note that the Wace Burgess is noticed by M&S because they have been successful in printing technology. Now they are faced with a new challenge of managing creativity while getting a big order from a profound organization like M&S: an identity-shift from a small organisation to larger organisation is a bit

Effects Of Heat And PH On Plant Pigments Biology Essay

Effects Of Heat And PH On Plant Pigments Biology Essay The aim of this laboratory exercise is to determine and consider the effect of heat and pH on plant pigment by using the examples of peas, cranberry juice and blackberry juice. Carotenoids, chlorophylls and flavonoids are the three major groups of plant pigment. The results of this laboratory was that the different colour and texture of peas were caused by different pH. In addition, the heat and pH will influence the structure of carotenoids, chlorophylls and flavonoids so that changes the colour of the plant. Anthocyanins are water soluble that easily lose in water. INTRODUCTION: Plant pigments include a variety of different kinds of molecules that absorbs and reflects light. The various pigments contained in their tissues tell the colors differently because they have differing abilities to absorb and reflect various colors of light (Charley 1982). Most of the pigments occur in a specialised bodies lying in the protoplasm of the cell called plastids. Occasionally, the water soluble pigments are dissolved in the vacuoles however they are not generally dispersed throughout the cell. The main pigments of vegetables and fruits fall into two groups: water soluble and fat soluble (Srilakshmi 2003). Plant pigment can be classified as carotenoids, chlorophylls, and flavonoids. Flavonoid pigments are water soluble and it can be divided in to anthocyanins and anthoxanthins (Brown 2008). Anthocyanins are highly water soluble pigment that range in colour from red to purple. The anthoxanthins are colourless, white or pale yellow. However, flavonoid pigments are sensitive to heat and readily to be lost in cooking water (Charley 1982). Carotenoids and chlorophylls are fat soluble which are found in plastids. Carotenoids are the colour groups of yellow, orange and red. Carotenoids are present as alpha-carotene, beta-carotene, gamma-carotene, xanthophylls and cryptoxanthin in plants (Hanson 1954). On the other hand, in green leaves they occur in chloroplasts. Chlorophylls are the green pigments of leaves that found in chloroplasts along with some carotenes and xanthophylls. In addition, it is critical for the light reactions of photosynthesis (Srilakshmi 2003). The pigments of chlorophyll that are commonly include chlorophyll a and chlorophyll b. Chlorophyll a is dynamic blue green in colour and it is present in the florets of blue green broccoli. Chlorophyll b is dull yellow green colour and it is present in stalks. The different heat conditions caused the changes of the structure of chlorophyll which is connected with the loss of magnesium ion from the chlorophyll molecule and replaced by hydrogen therefore affects the colour of vegetables (Stathopoulos 2010). The factors including changes in temperature and pH may influence the colour of anthocyanin in plant food during simmering (Brown 2008). Acid tap water amplifies the red colour of anthocyanins. Alkaline water changes the reddish-blue to blue and then to green. This phenomenon of colour is because the changes in structure of the same basic compound (Srilakshmi 2003). Plant food have been recognised as a good source of carbohydrates and daily fibre. Plant food are also contain minerals and vitamins A, E, C, thiamin, vitamin B6, riboflavin, niacin and folate. Phytochemicals in fruits and vegetables, such as polyphenolics, carotenoids, and glucosinolates, may also have nutritional value (Jongen 2002). However, vegetables lose nutrients when they are cooked, mainly by solution to the cooking water (Charley 1982). The objective of this experiment is to consider the effect of heat and pH on plant pigment by using the examples of peas, cranberry juice and blue berry juice. METHODS AND MATERIALS: The methods and materials required to determine the effect of heat and pH on plant pigment were performed according to the laboratory manual. However, the blueberry juice was changed to blackberry juice. In addition, in the experiment of cranberry juice, group 2 did not collect the value of pH. RESULTS: Table 1: The class pH result of each group about chlorophyll. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Average Sample pH pH pH pH pH pH pH Peas + Distilled H2O 6.83 6.02 6.06 7.2 6.75 6.96 6.6 Peas + Vinegar + Distilled H2O 2.49 2.72 2.6 4.8 3.89 3.77 3.4 Peas + 1N NaOH + Distilled H2O 12.20 12.88 12.23 12.2 12.49 12.78 12.463 Peas + Vinegar + Cold Distilled H2O 2.77 2.97 2.5 4.04 3.65 3.68 3.3 Peas + 1N NaOH + Cold Distilled H2O 12.41 12.78 12.24 12.02 12.72 12.58 12.458 Canned Peas 5.95 5.37 5.2 6.15 5.90 6.17 5.8 According to Table 1, the example of peas with NaOH and distilled water has the highest average pH that is 12.463, followed by peas with NaOH and cold distilled water that is 12.458, which are very close. The lowest pH is peas with vinegar and distilled water that is 3.3. Table 2: The class colour results of each group about chlorophyll. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Sample Colour Colour Colour Colour Colour Colour Peas + Distilled H2O Bright green Bright Green Pea green Green Yellow green Light green 2. Peas + Vinegar + Distilled H2O Dull green Light/Pale Green Brown- green Faint Green Army green Olive 3.Peas + 1N NaOH + Distilled H2O Bright green Green Pea green Green Bright green Bright green 4. Peas + Vinegar + Cold Distilled H2O Very dull green Pale Green/ Yellow Brown green Faint Green Yellow More green than yellow Green 5. Peas + 1N NaOH + Cold Distilled H2O Bright green Bright Green Pea green Green Green uniform Green 6. Canned Peas Brown Pale Green brown Brown Yellow Dark army green Olive Table 2 reflects that sample 1, 3 and 5 have similar colour range which is green, and sample 2, 4 and 6 have semblables colour which is brown. These results shows under the acid conditions, the range of peasà ¢Ã¢â€š ¬Ã¢â€ž ¢ colour is from green to brown. On the other hand, the colour of peas will stay same under alkaline conditions. Table 3: The class texture results of each group about chlorophyll. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Sample Texture Texture Texture Texture Texture Texture Peas + Distilled H2O Firm Firm Firm Firm Dry hard 2. Peas + Vinegar + Distilled H2O Moderately firm, dry, loss of shape Slightly Firm Firm Firm Very dry Soft 3.Peas + 1N NaOH + Distilled H2O Soft, mushy, sticky, loss of shape Mushy Mush Mushy Mushy Very soft /mushy 4. Peas + Vinegar + Cold Distilled H2O Very firm Very Firm Firm Firm Medium plump Not so soft 5. Peas + 1N NaOH + Cold Distilled H2O Very soft, mushy, loss of shape Mushy Mush Mushy Very plump Hardest 6. Canned Peas Very firm Slightly Firm Softish Firm Firm Very soft According to the result of Table 3, the texture of sample 3 and 5 are mush and soft, and others are firm. This result shows the alkaline caused the mush and soft texture of peas, and the acidity of the water will caused the higher firmness of peas. Table 4: The class pH results of each group about anthocyanins. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Average Sample pH pH pH pH pH pH pH Blackcurrant Fruit Drink + Distilled H2O 2.79 3.02 3.06 3.12 3.45 3.12 3.1 Blackcurrant Fruit Drink + Distilled H2O (pH 5) 4.93 5.07 4.85 4.98 5.09 4.95 5 Blackcurrant Fruit Drink + Distilled H2O (pH7) 6.69 7.17 7.1 7.2 7.11 6.94 7.0 Blackcurrant Fruit Drink + Distilled H2O (pH10) 9.97 10.02 10.04 9.95 10.64 10.0 10.1 Table 5: the class colour result of blackberry juice. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Sample Colour Colour Colour Colour Colour Colour Blackcurrant Fruit Drink + Distilled H2O Dark burgundy Red Red Reddish Red Pink Blackcurrant Fruit Drink + Distilled H2O (pH 5) Orange/pink translucent Pink/ Red Grey pink Pink Pink Light pink Blackcurrant Fruit Drink + Distilled H2O (pH7) Brown/orange translucent Brown/ Green Dull green Brown greying Light green olive Pink with a hint of yellow Blackcurrant Fruit Drink + Distilled H2O (pH10) Dark black/green Dark Green Dull green Yellow green Dark green olive Yellowish green colour Table 6: The class pH results of each group about anthocyanins. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Average Sample pH pH pH pH pH pH pH Cranberry + Distilled H2O 2.72 2.88 2.92 3.00 3.00 2.9 Cranberry + Distilled H2O (pH5) 4.25 5.5 4.97 5.02 5.57 5.1 Cranberry + Distilled H2O (pH7) 7.3 7.2 7.03 7.03 7.82 7.3 Cranberry + Distilled H2O (pH10) 10.62 10.1 9.93 10.05 10.41 10.2 Table 7: the class colour result of cranberry juice. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Sample Colour Colour Colour Colour Colour Colour Cranberry + Distilled H2O Light pink Pale Pink Pale pink Faint Pink Light pink Pink Cranberry + Distilled H2O (pH5) Lighter pink Slight Clear/ Ting of Pink Clear with a pink tinge Clear Pink Lighter pink Dark pink colour Cranberry + Distilled H2O (pH7) Light yellow Yellow/ Olive Green Yellow green Faint yellow Apple juice green Brownish Cranberry + Distilled H2O (pH10) Yellow Olive Green Yellow green (slightly greener than 7 pH) Green yellow Apple juice green Olive green According to the Table 4 to 7, although the average number of the pH is close to the laboratory manuals data, the results of each group are slightly different. Because the anthocyanins is very sensitive to pH that even a small different in pH will cause the colour changed (see page 12 to 15). DISCUSSION: The green colour becomes brighter when a green vegetable is first put to cook in boiling water. Greater translucency of plant tissue due to expulsion of intercellular air has been suggested as a possible cause (Charley 1982). As boiling continues, compartmentalization within the cell is disrupted. Constituents, there are organic acid, diffuse from the vacuoles throughout the cell and into the boiling water (Sterling 1944). As the acids contact the chlorophylls the latter are converted to their respective pheophytins. No longer masked by the intense green chlorophyll, the yellow and orange pigments present in green plant tissue now show along with green. This combination together with the pheophytins gives the vegetable a muddy olive green hue (Srilakshmi 2003). Green vegetables that are lower in acid retain a higher percentage of chlorophyll and of their green colour when they are cooked than do more acid vegetables. Vegetables like peas, beans, greens are sometimes canned. During ca nning chlorophyll gets converted to pheophytin due to high temperatures used. Sometimes to retain the colour and to neutralise the acid, alkali is added (Charley 1982). Furthermore, the soda changed texture, any soda not required to neutralize the acid in the cooking water will react with the chlorophyll. The sodium salt of chlorophyll gives to cooked green vegetables an intense and artificial appearing greenness. Vegetables cooked with soda tend to have a mushy texture, due to breakdown of hemicelluloses in the cell walls (Charley 1982).. Anthocyanins have a positive charge on the molecule, and it enables to absorb light and thus have colour. Anthocyanidins are anthocyanins without sugar in their structure . They are pelargonidin, cyaniding and delphindin (Brown 2008). As pH changes, the colour of anthocyanin also changes. In the acid conditions, the molecules have positive charge on the oxygen atom due to the acidity of the cell in which these compounds are formed. This common form at a pH of 3.0 or less, maintains or shifts the hue towards red (Charley 1982). However, as the pH is increased toward a weak acid or even neutral solution, the oxonium (the positively charged oxygen form) is changed to the quinine form. The quinine form has a violet colour. In an alkaline medium still another change takes place as a salt of the violet compound, called a colour base. The alkaline salt of the colour base has a distinctly blue colour (Srilakshmi 2003). Figure 1: The structure of anthocyanin. Red cabbage presents unusually wild swings in colour with a alter in pH, it is because of the presence of more than four hydroxyl groups on the anthocyanin molecule. To ensure that the pH is sufficiently acidic, red cabbage is frequently cooked with addition of some slices of a tart apple in order to avoid the development of a blue, highly unpalatable pigment colour (Srilakshmi 2003). The pigment of bluish green shade was given by the addition of alkali . This shade is probably caused by the presence of anthoxanthins with anthocyanins. On the addition of alkali, the anthoxanthins turn yellow during the anthocyanins turn blue, and then the mixture of the two colours appear green. The addition of alkali alters the structure of anthocyanin molecule and produces a salt (Srilakshmi 2003). CONCLUSION: In conclusion, the bright colors of vegetables contribute to the esthetic pleasure of eating. The three major groups of plant pigment are carotenoids, chlorophylls and flavonoids which are effect by the pH and heat. The colour alters differently under variable conditions. Therefore, we need to understand the changes that take place in the colour of vegetables and how to kept the pigment of the plant.

In Favor of Discontinuing the TASP Testing Program :: Argumentative Persuasive Essays

In Favor of Discontinuing the TASP Testing Program Now that the TASP mandatory testing program has been in place for some time, we are better able to understand if the TASP should be continued or discontinued. Those opposed to eliminating the TASP testing program believe that the TASP helps colleges and universities to provide better classes to meet the needs of the students. Those in favor of eliminating the TASP testing program believe the test is discriminatory. I favor the elimination of the TASP testing program because the test is too expensive, the test is unfair to people with test anxiety, and the test keeps students from pursuing a college education. First, I favor the elimination of the TASP test program because the test is too expensive. The TASP test costs twenty-nine dollars to take. Paying twenty-nine dollars the first time may not seem so bad, but if you fail, you have to retake the test. Then, since you failed the test, you have to pay another twenty-nine dollars. Still think that is not bad? Well, if you take the test ten times, the testing fees add up to two hundred and ninety dollars. It is not fair that people should pay to take a mandatory test. The TASP test is taking twenty-nine dollars from you to take the test. Then, if only one section of the TASP needs to be completed, the person taking the test must pay twenty-nine dollars to only do a third of the test. It's probably easier to relate that the cost of the test is twenty-nine dollars for all three objectives, but for one objective to cost the same amount is absurd. The TASP test is too expensive and deserves to be eliminated. Second, I favor the elimination of the TASP testing program because the test is unfair for people with test anxiety. When a person walks into a classroom to take a test, that person thinks that he knows everything needed to know in order to pass. However, as soon as the teacher passes out the test, the student "freaks" out, and his mind goes blank. Test anxiety can cause people to fail the TASP test, and that doesn't seem fair. Then, the person must retake the test, and the same thing happens the anxiety "kicks" in. The person taking the test with anxiety is not likely to pass the test and it is unfair to put him through that ordeal.

King Lear’s Journey of Finding Self-Knowledge Essay

In the play, we see King Lear going through a journey of self-knowledge. The play starts with King Lear who seems to be obsessed with honour. He divides his country, giving the one who honours him the most the biggest part. But the treachery of his daughters, Goneril and Regan, and the loss of the daughter who truly loved him, Cordelia, will make him see clear again. This will make Lear see himself and the world as they truly are. First I’ll show how Lear lacks self-knowledge at the start of the play. Then I’ll shortly discuss what political effects the lack of self-knowledge has on the country. Third I’ll show what causes Lear to regain his self-knowledge. In the beginning of the play, Lear seems obsessed with honour. He divides his country among his daughters based on who praises him the most. Giving the one who praises, or loves as Lear calls it, him the most the will receive the largest area of land. But the strange thing is that; immediately after one daughter speaks he tells her which part of the country she’ll receive. So that means that Lear supposedly knew already how he wanted to divide his country, and that the whole thing is just to boost his own ego. So when Cordelia and Kent, who truly love him, don’t want to play his game of praise, he reacts real strongly and banishes them from the country. He even threatens to kill Kent: â€Å"Thy Banished trunk be found in our dominions, the moment is thy death†. This shows that his hunger for praise and honour make him blind for what is really happening around him. We see this again when Kent, in disguise, decides to serve the King. Kent uses Lear’s hunger for honour to gain employment: â€Å"No, sir, but you have that in your countenance which I would fain call master†. Lear: â€Å"What’s that†? Kent: â€Å"Authority†. Lear is blinded by his hunger and doesn’t even know that the person, who he banished, is standing right in front of him. We see that Lear’s hunger for praise and honour make, him blind for what is really happening around him. He gives away his country to his daughters who are evil minded, and the daughter who truly loves him is banished. So the country is now divided and ruled by the evil daughters, Goneril and Regan. And Lear, even after he divided his country, wants to remain powerful and keeps a hundred knights. Goneril and Regan are unhappy with the way Lear is acting so they turn against him. This leaves the country divided and vulnerable, because Lear still owns a hundred knights. I guess that is why the French invaded, also the fact that Cordelia was banished and married France may have had something to do with it. So the decision of Lear to give Goneril and Regan his country and banish Cordelia seems to have caused a war. The great turning point for Lear is when he left Gloucester’s castle and ends up in a fierce storm. Through Lear’s anger over his last conversation with Goneril and Regan, and the power of the storm starts the process of the change within Lear. Lear starts to see the treachery of Goneril and Regan. Also from this moment, Lear no longer sees himself as a mighty king but as â€Å"a poor, infirm weak and despised old man†. All though Lear still doesn’t blame himself for all this: â€Å"I am a man more sinned against than sinning†. After this Lear goes through another change, it seems Lear starts caring for those around him and not just of himself. He thinks about the poor and how hard their live is, he says: â€Å"Poor naked wretches wheresoe’er you are, that bide the pelting of this pitiless storm, how shall your houseless heads and unfed sides, your looped and windowed raggedness, defend you†. Lear then gains the self-knowledge of how he never helped the poor. When Lear meets Cordelia again his journey of finding self-knowledge comes to an end. He now sees that he punished Cordelia while it should have been her sisters. He asks Cordelia for forgiveness for what he has done. Finally, when Lear returns carrying the body of Cordelia, he once again realizes that he is no different from other people. His life ends with the great words: â€Å"Pray you, undo this button†. So it seems Lear starts as a man who’s blinded by the hunger for praise and honour. Because of his lack of self-knowledge he makes the wrong decisions: banishing Cordelia and giving Goneril and Regan all the power. These decisions had great influence on the country. The country was now ruled by his two daughters, who were too busy with conspiring against him. During the play Lear goes through a long process of finding his self-knowledge. In the last seconds of his life he finds himself.

Research On The Two Types Of Ppp Finance Essay - Free Essay Example

Sample details Pages: 24 Words: 7174 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? There are two forms of purchasing power parity. The first one is according to the theory of law of one price which states that, the cost of an identical products sold in different countries should be the same expressing a common currency. The other one is the relative version of PPP, assumption of transport costs and imperfect competition are being considered in this version. Don’t waste time! Our writers will create an original "Research On The Two Types Of Ppp Finance Essay" essay for you Create order Gustav Cassel started the first research on PPP in 1918, nowadays, the theory of PPP have applied on international finance widely. Policy maker viewed PPP as a significant indicator regard to the performance of domestic currency against the foreign currencies and used it to forecast the movement of exchange rate in long run. The purchasing power parity theory acts a key part in macroeconomic policy decision made by government. Within the project, the Purchasing Power Parity for Hong Kong, Japan and South Korea will be analysis, where Hong Kong is the domestic country. The economy of Hong Kong itself heavily depends on trade and financial services, base on her well known free trade and low tax rate system. Hong Kong nowadays was developed as the financial, trading and shipping centre of Asia. Besides of Mainland China, Japan is one of the largest trading partners with Hong Kong. Therefore, I will test Hong Kong against Japan. In order to make a comparison, I will also test Hong Kong against South Korea. The reason that I chose South Korea is because both economies are the member of Four Asian Tigers, they maintaining exceptionally high growth rates and rapid industrialization between the early 1960s and 1990s. Therefore I will test Hong Kong against South Korea, base on the similar nature of the economy between two regions. Nevertheless, according to studies did in the recent past, the topic itself showed different results. But, most of the studies do agreed that real exchange rates can be generally estimated in long run. Through the stationarity analysis and cointegration analysis, I can show whether PPP holds between Hong Kong and Japan, as well as Hong Kong and South Korea. Literature review The University of Pennsylvania (commonly referred to as Penn) documented a series of studies on a modern relationship between income and price known as Penn Effect  [1]  . The main findings shows that, between high and low income countries, the real income ratios are systematically exaggerated by gross domestic product (GDP) conversion at market exchange rates. . This is because; countries with higher incomes consistently had higher prices of domestically produced goods relative to prices of goods included in the exchange rate. Applying this logic to the project, PPP of the countries with similar income are more likely to hold. Therefore, PPP for Hong Kong and South Korea should hold in the long run. The Big Mac Index  [2]  is an example for explaining the concept of purchasing power parity in an informal way and economists widely cite the index as a reasonable real world measurement of PPP. The method of obtaining the Big Mac PPP exchange rate is dividing the price of a Big Mac in the home country (in its currency) by the price of a Big Mac in the foreign country (in its currency). If the value is lower than the actual exchange rate, it implies that the home currency is under-valued, compared with the foreign. In the other hand, if the value is high than the actual exchange rate, it means that the home currency is over-valued. Through the Big Mac Index we may know how well each currency against the dollars, nevertheless, the performance of PPP between the home currencies against dollar itself was not been showed. The reason for this can be the ingredient of making a Big Mac. As both traded and non-traded goods are used in the process, but in different countries, non-traded goods such as labour cost may various. At McDonald UK, a working staff may receive higher wage than a working stuff in China, which means other input cost for the Big Mac may have variation; therefore, the Big Mac price is different in two countries. Theory of Purchasing Power Parity By applying Purchasing Power Parity (PPP) theory, policy makers are able to make forecasts of the long run trend of exchange. There are two different forms of Purchasing Power Parity, which is absolute and relative version. According to the basic theorem of purchasing power parity, which states that one unit of home currency could purchase the same amount of goods in both domestic and foreign country. It ignored some distortions such as transport costs and imperfect competition which implies that absolute PPP are unlikely to hold. The law of one price is derived from the idea of perfect arbitrage. It states that all identical goods should have equal amount of price in a competitive market. Base on the PPP theory, arbitrage will occur due to an agent try to construct a profit through exchange rate transaction. For instance, a can of coke worth 50p in Britain and in France is ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬1, and then the exchange rate is  ¿Ãƒâ€šÃ‚ ¡0.5/ÃÆ' ¢Ãƒ ¢Ã¢â€ š ¬Ã… ¡Ãƒâ€šÃ‚ ¬1. Nevertheless, if the exchange rate is lower, means that sterling has appreciated against Euros. As a result, sterling is more valuable, and people can use the same amount of pounds to consume more coke in France. As people try to make yield through buying sterling, the exchange rate will move back to the original equilibrium level in long run. That is recognized as the absolute PPP. The absolute PPP: S represent nominal exchange rate, p for domestic price and p* for the foreign price. The relative price of the two currencies is represented by the nominal exchange rate. Absolute PPP are unlikely to hold because of several assumptions such as the existence of administrative cost and different types of imperfect competitions are being ignored. This is the reason for the existence of other version of PPP called the relative PPP. Some of the distortions such as transportation costs were taken into account by the theory of relative PPP. In the recent past, some studies showed that, even taking distortions into consideration, the relative version do hold in the long run. The relative PPP: In the relative version of PPP, S stand for the change of the nominal exchange rates in percentage; P for the change in price of domestic country in percentage and P* for the change in price of foreign country in percentage. According to the relative PPP formula above, adjustment of the exchange rates will be made due to the inflation discrepancy between the two countries. The common model for testing PPP through regression study: St = logged exchange rate, Pt= logged domestic price P*t= logged foreign price Ut= error term showing deviation from PPP. In a short conclusion, the theory of PPP show the way of determining exchange rate by checking the percentage change in domestic price and foreign price. The exchange rate performance within two economies is tracked by the economic modeling of purchasing power parity. The countrys perf ormance on trade can be estimated by policymaker if they understand how the PPP theory works. Beside of that, up to date monetary and fiscal policies could be made. Descriptive Data analysis The data I used in the project are mainly collected from GMID (Global Market Information Database) and Hong Kong Census and Statistics Department. The exchange rate and the Consumer Price Index (CPI) of both home and foreign country are the main variables of the PPP Econometric model. I have collected the exchange rate as well as the Consumer Price Index from Hong Kong, South Korea and Japan. The time period of the data is 1980-2009, all of the figures are annual average. The data in monthly and quarterly was not being used due to seasonality and avoiding dishonesty in my findings. In order to make sure the fairness of the test, all the annual data of CPI was being adjusted and the base year of it was set as 2005 automatically. From the Figure 1 of appendix, the actual value of the consumer price index for all three economies is being described. The Hong Kong economy achieved a rapid growth from 1980-1997. Start from 1980s, Hong Kong focus in developing services sector such a s financial services, real estate, insurance, brokering and banking, in late 1980, Hong Kong is being one of the largest financial markets in the world. Nevertheless, in 1997, Hong Kong is in the same situation like many other South East Asian countries which suffered in the financial crisis. Consumer confidence is being damaged significantly which reflect by the plunge in the consumer price index. Up until the end of 2003, the consumer price index starts to rebound. The CPI of Japan increased steadily from 1981 to 1990, but in late 1990s, the growth slowed obviously. Some economists believe that it is because the failure of bank of Japan cut interest rates rapidly enough to offset after-effects of burst of investment bubble during the late of 1980s. Start from the late 80s, Japan mainly specialized in developing manufacturing industry such as electronic and car industry. Until 90s, the developments of its manufacturing industry are highly successful. From the figure 1.2, we c an see that Japans economy affected by the Asian financial crisis is far from the other South East Asian countries. From figure 1.3, the South Korea consumer price index maintains a steady growth throughout 1980 to 2009, even though it has been suffer in financial crisis in 1997. South Korea experienced a rapid industrialization since 1980s, therefore we believe that the main force for supporting its growth is by attracting huge amount of foreign direct investments and a large volume of trade. Nowadays, the economy of South Korean is ranked the fourth in Asia and 15th of universe. Figure 2 shows the fluctuation of the exchange rates within Hong Kong and Japan, and also Hong Kong and South Korea. From Figure 2.1, since 1980 to 1995, the Hong Kong dollar had continued to depreciate against the Japanese dollar reaching HK$0.08/Yen ¿Ãƒâ€šÃ‚ ¥ In 1995, when the yen strike an all time peak the dollar, valuing Japans economy slightly larger than the United States in nominal GD P. Japan becomes the largest economy in world for just a short period of time due to that. The Japanese dollar started to depreciate in order to aid its export. In 1997, Hong Kong had suffered in the financial crisis, the Hong Kong dollar depreciated against Japanese dollar. From 2000-2009, the Hong Kong dollar against the Japanese dollar had fluctuated between 0.65 to 0.80 From Figure 2.2, since 1980-1989, the Hong Kong dollar against the South Korea Won had continued to depreciate reaching HK$0.012/SKW 1. After 1990, Hong Kong dollar began to appreciate up till 1997. In 1997, Both Hong Kong and South Korea were suffered in Asia financial crisis. After that, the South Korea Won had appreciated again as its economy started to recuperate. Stationarity analysis The theory of stationarity states that if the process of stochastic is strictly stationary, the probability law of the data is not time dependent. It means if any consecutive subset of the time series is being taken, its joint distribution function is identical to any other subsets. This implies a stationary series will have both finite variance and constant mean. Therefore, the time series mean will be independent to time t. If we use the non-stationary time series data to compute the analysis, spurious regression will be given by the misleading result. From Figure 3.1, 3.2 3.3, analysis within my data are showed by the correlogram. The data is being logged in order to check for randomness. I run the analysis with 3 lag values. If the data exceeds the critical value of 0.36, then the data itself is non-stationary All my data showed in above figure are being logged and non-stationary. If the data is stationary, the correlogram and its lag value will come up with close to zero. The graphs of spectral density from figure 4.1, 4.2 4.3, showed that there is a non-stationary sign such as zero peak and had dramatically decline from 0 to 0.5 within three countries. These imply that all the logged variables for CPI are non stationary. As seen in Figure 5, the correlogram analysis of CPI showed the logged variables of exchange rates are non-stationary because all the values are exceed the critical value line. The spectral density for the exchange rates in Figure 6 shows that there is also non-stationary sign such as zero peak, and radically decline from 0.0 to 0.5. Therefore, through correlogram and spectral density analysis, all the logged data for Consumer Price Index and the foreign exchange rates could be concluded as non-stationary. Stationarity analysis at I(0) In appendix Table 1, all the data are gathered and analysis by the software PC GIVE. For the log variable of Hong Kong CPI, the lowest AIC value is -7.413 and its corresponding t-adf value is -1.787 at lag 1. That is not within the 5% critical value, therefore, my null hypothesis cannot be rejected. Thus, the data itself is said to be non-stationary. For the log variable of Japan CPI, the lowest AIC value is -9.322 and its corresponding t-adf value is -2.000 at lag 1. That is not within the 5% critical value and that means I cannot reject the null hypothesis. Thus, the data itself is also said to be non-stationary. For the log variable of South Korea CPI, the lowest AIC value is -7.980 and its corresponding t-adf value is -1.718 at lag 1. My null hypothesis cannot be rejected because the t-adf value is not within the 5% critical region, therefore, the data itself is said to be non stationary. Throughout the unit root analysis above, Both Hong Kong, Japan and South Korea have non-stationary data. This is same as the visual analysis. Nevertheless, I will still using further plot to check whether the data are stationary or not. According to Figure 7, all the logged variables of CPI are being plotted. All of them are seem to be converged around 2005. The reason for that is because the CPI is all adjusted to a base year equal to 2005. The definition of stationarity states that the mean should independent to time t. Therefore, the result of the unit-root test in previous should be rejected because all values are showed to be non-stationary at I (0). For the exchange rate LHKD/YEN, the lowest AIC value is -4.682 and its corresponding t-adf value is -3.264. the result is within the 5% critical value. Therefore, the LHK per Yen is said to be stationary. That is contradicting with the visual judgment I worked in previous. For the exchange rate LHKD/WON, the lowest AIC value is -4.214 and its corresponding AIC value is -1.081. This shows that it is not within the 5% critical value region, therefore, data is said to be non-stationary. This is same as the visual analysis I did before. All my variables are showed to be non-stationary through the unit root test and the graphical analysis,. In order to precede the further analysis of stationarity, I should carry on the test on the first difference of the data. Stationarity analysis I(1) From Appendix Table 2, it shows the result of first differencing with 4 lag values in the unit root test. The null hypothesis is showed to be larger than -3.00 at 5% critical value, and my alternative hypothesis will be showed to be lower than -3.00 at 5% critical value. Base on the result for first difference of log value of Hong Kong CPI, the least AIC value is -7.438 and its corresponding t-adf value is -0.9655 at 0 lag. This value is not within the 5% critical value region. Thus, my null hypothesis cannot be rejected which implies that my log data for Hong Kong CPI is still non-stationary at first difference level. From Figure 8, it shows the analysis of the variable for log Hong Kong CPI in first difference level in correlogram and the spectral density. Both of the analysis support the previous unit root test result, therefore, the variable is still to be showed as non-stationary. From Figure 9, the actual value of the HK CPI at first difference level is plotted. Ther e is not much fluctuations were showed in the graph within the series, therefore, the previous result of unit root test is supported by that. Within the graph, we may see that the Asia financial crisis in 1997 is being reflected by the outlier. Base on the result for first difference of log value of Japan CPI, the least AIC value is -9.201 and its corresponding t-adf value is -2.125. The value is not within the 5% critical value region. Thus, my null hypothesis cannot be rejected and the data is said to be still non-stationary. From Figure 10, it shows the analysis of the variable of log Japan CPI in first difference level in correlogram and the spectral density. Both of the analysis support the previous unit root test result, therefore, the variable is still to be showed as non-stationary. In figure 11, the actual value plot of the DLJAPCPI shows that the variable has some characteristics of stationarity as there is several degree of fluctuation around the mean. Base on the result for first difference of log value of South Korea CPI, the least AIC value is is -7.902 and its corresponding t-adf value is -2.863 at lag 0. The value is not within the 5% critical value region. Thus, my null hypothesis cannot be rejected and the data is said to be still non-stationary. Nevertheless, from Figure 12, characteristic of stationarity are showed in my correlogram and the spectral density analysis, this contradicts my previous unit root test result. The actual value of the DLSKRCPI is plotted in Figure 13, characteristics of stationarity are showed in the graph as several fluctuations are around the mean. It contradicts the unit root test I worked in previous. Therefore, second difference level of the data is needed to be analysed in order to check whether the variable are stationarity or not. For the log exchange rate for HKD/YEN in first difference level, the lowest AIC value is -4.345 and its corresponding t-adf value is -3.540at lag 0. The value i s within the 5% critical value, Therefore the null hypothesis is needed to be rejected, implies that the HKD/YEN is stationary. The correlogram and the spectral density in Figure 14 both support the result above, as characteristic of stationarity is showed to be within the variable. Figure 15, is the actual value plot of the DLHKD/YEN. Characteristics of stationarity are shown in the graph as we can see there are several degrees of fluctuations around the mean. Thus, the previous result of the unit root test are being supported. In order to check the stationarity, further analysis is needed to carry on the second difference level for the variable. For the log exchange for HKD/KRW in first difference level, the lowest AIC value is -4.151 and its corresponding t-adf value is -3.875. Again, I need to reject my null hypothesis which means the HKD/KRW is stationary. In Figure 16, it shows the analysis of the I(1) of the variable of log HKD/KRW in first difference level in cor relogram and the spectral density. Characteristics of stationarity within the variable are shown in graph. Therefore, the previous result for unit root test is being supported. The actual value of DLHKD/KRW is being plotted in Figure 17, The plot showed some characteristics of stationarity as there is several degree of fluctuations around the mean. There is a noticeable shock exists within the data which started from 1995 up until 1998, which can be explained the Asian Financial crisis. Stationarity Analysis for I(2) From Appendix Table 3, all the log variables are being analyses in second difference level through unit root test. For the log variables of CPI for Hong Kong in second difference level, the lowest AIC value is -7.376 and its corresponding t-adf value is -3.340. It means I could reject my null hypothesis and accept the alternative one as the value is within the 5% critical value region. Thus, the log variable of CPI for Hong Kong at second difference level is shown to be stationary. In Figure 18, the log variables in second differencing are shown in the correlogram and the spectral density graph. It shows stationarity within the graph, and this supported the previous result of the unit root test. In Figure 19, the actual value of the variable are plotted. The graph showed some characteristics of stationarity as there is several degrees of fluctuations around the mean. Nevertheless, two excessive shocks were shown within the graph. The first one exists from 1997-1999, which can be explained the Asian Financial crisis. The other one exist start from 2007, which can be explained the worldwide financial crunch. For the log variables of Japan CPI in second difference level, the lowest AIC value is -9.049 and its corresponding t-adf value -4.226. It means I could reject my null hypothesis and accept the alternative one as the value is within the 5% critical value region. Thus, the log variable of CPI for Japan at second difference level is shown to be stationary. In Figure 20, the log variable of Japan CPI in second difference level is shown in the correlogram and the spectral density graph. Characteristic of stationarity exists in both graphs within the second differencing. My previous result for unit root test is being supported. In Figure 21, is the actual value of the variable are being plotted. There are several fluctuations shown around the mean. Within the plot, we may discover that there is one excessive shock. Japan suffered considerably f rom a recession in 2007 and its consumer confidence is being affected significantly, which is reflected by the actual value plot. For the log variable of South Korea CPI in the second difference level, the lowest AIC value is -7.711 and its corresponding t-adf value is -6.907. It means I could reject my null hypothesis and accept the alternative one as the value is within the 5% critical value region. Thus, the log variable of CPI for South Korea at second difference level is shown to be stationary. In Figure 22, the log variables of South Korea CPI are shown in the correlogram and the spectral density graph. Characteristic of stationarity do exists in both graphs within the second differencing. It means my previous result for unit root test is being supported. In Figure 23, the log variable of South Korea CPI in second difference level is being plotted. Within The graph, we may also discover that several fluctuation are around the mean, this is the characteristic of stationar ity. Nevertheless, there is one outlier we believe that is caused by Asia Financial Crisis that occurred in 1997. In that year, the economy of South Korea was suffered significantly from a recession. For the analysis of the exchange rates in second difference level, the lowest AIC value for HKD/YEN is -4.622 and its corresponding t-adf value is -6.008. This is within the 5% critical value region. Therefore I can reject my null hypothesis, therefore the data is said to be stationary. In Figure 24, the log variables of exchange rate for HKD/YEN in second difference level are shown in the correlogram and the spectral density. Stationarity are existed within the both graphs and these do support my unit test result. In Figure 25, the actual value of the exchange rate in second difference level is plotted, Characteristic of stationarity are shown within the series as there is several degree of fluctuations around the mean. I believe that the excessive shocks were caused by the As ia Financial Crisis which happened in 1997 and this also support my previous result. For the the log variables of exchange rate HKD/KRW in second difference level, the lowest AIC value is -3.779 and its corresponding t-adf value is -5.497. I could reject my null hypothesis and accept the alternative one as the value is within the 5% critical value region. Thus, the data at second difference level is shown to be stationary. In Figure 26, the correlogram and the spectral density graphs shows analysis for the variable for the exchange rate. As the variable are shown to be stationary with both graphs, which support my previous analysis in the unit root test In Figure 27, the actual value of the exchange is being plotted. Several degrees of fluctuations were shown around the mean. Thus, exchange rate is said to be stationarity. Same as the previous actual value plot, one excessive shock was showed within the graph. Through the analysis of the log variable in second difference level, all the data are shown to be stationary at I(2). Ordinary Least Square Estimation and Cointegration Analysis and its interpretation In this section, the performance of the PPP will be analysed by the econometric modelling. The tool which will be used is the Cointegration analysis, in concurrence with the residual from the Ordinary Least Square estimation. Cointegration may be formally defined as: The components of the vector Xt are said to be cointegrated of order d,b (denoted Xt ~ (I(d,b)) if: All components of Xt are I(d) There exists a vector ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±(ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  0) such that Zt = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± Xt ~ I(d-b) b0 For instance, if a set of variables are said to be time dependent. However, through cointegration analyse, it can be said that they are cointegrated at the order of (d,b) if a stationary error term is given out. Take the above equation as an example, Yt and Xt can be non-stationary variable. Nevertheless, in case both Yt and Xt are cointegrated, the error term ut can still be stationary. Through the cointegration process, the non-stationary degree will be eliminated. This implies that misleading analysis will not be given out. My testable hypothesis: In logs: Strong form (absolute PPP) ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±=0 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1=1 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2=-1 Weaker form: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  0 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  1 so that: Weak form ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  0 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  1 so that: With ut such that the relationship is stable in time. Through augmented Dickey-Fuller test, Durbin-Watson test, MacKinnon critical values and several graphical analysis, the residual from the OLS estimation will be exanimate. Thus, if the residual is stationary, we can assume the theory of PPP is being supported by the regression in long run. In order to ensure my accuracy of the analysis, the cointegrating regression Durbin-Watson (CRDW) test is introduced . The CRDW test suggests that if the series with no autocorrelation, then the DW value will go to two. In roughly speaking, if the Durbin-watson statistic is substantially less than 2, it shows there is a positive correlation of the data; If the value is substantially larger than 2, It shows there is successive error terms which are negatively correlated. In regressions, this mean there is an underestimation of the statistical significance level. Analysis for Hong Kong and Japan In Table 4, the results for Hong Kong against Japan through the OLS estimation are showed. The result of DW statistic is 0.718. The regression may contain autocorrelation. Therefore, we may know the price and the exchange rate is not co-integrated. The R-square of the regression is 0.853751. The regression may have perfect predictability if it contains with a R-square equal to 1. So, in this table, 0.853751 implies that PPP is well predicting in these two countries. The coefficient of log variable for CPI of Hong Kong (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) and CPI of Japan (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) is -0.0919722 and 4.62565 respectively. However, the domestic economy Hong Kong shows the positive signs of coefficient and the coefficient of Japan is negative. A weak form of PPP IS appeared as ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  -ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  1. In Table 5, the result of the ADF test is showed. The lowest AIC value is -4.526 and its corresponding t-adf v alue is -3.674. This means it failed to reach the 1% critical region, therefore it seems to have stationary within analysis. In order to check whether there is cointegration for the level terms. Additional graphical analysis is needed. In Figure 28, the test for the residual at I(0) is shows by the correlogram and the spectral density. Although characteristics of stationary are shown in the results of the ADF test, that is contradicted by the graphical analysis. Base on the correlogram graphical analysis, the first lag is above the critical value. In the ADF test, the correspondent t-adf value in lag 0 is -2.183, which is within the 5% critical value. Thus, the regression shows weak stationarity and co-integration do not exists between the consumer price index and the exchange rate. From Figure 29, The actual value of the residual at I(0) is plotted. There are not much fluctuations around the mean in the plot and also showed that there is no cointegration within the level term s, The ADF test and the graphical analysis do support that result. Therefore, The Ordinary Least Square estimation is needed to carry out at first difference level I(1). In Table 6, the OLS results for Hong Kong and Japan at first difference level I(1) is showed. It may contain autocorrelation within the regression as the result of DW statistic is 1.64. Nevertheless, through the CRDW test, there is a possibility of cointegration at I(1). The R-Square is 0.229002, which means the analysis is not a high-quality indicator for tracking the the performance of the PPP for Hong Kong and Japan. The coefficient of log variable of Hong Kong CPI (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) and the log variable of Japan CPI DLJAP CPI (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) is 0.377666 and -0.640497 respectively. In this analysis, the sign of the coefficient matched my expectation as a positive coefficient is given out by the domestic economy Hong Kong and a negative coefficient is given out by the foreign country Japan. For Table 7, the unit root test showed the result for residuals of Hong Kong against Japan at first difference level, the lowest AIC value is -4.335 and its corresponding t-adf value is -3.579. As the t-adf value is within the 5% critical value. Thus, Xt and Yt are showed to be cointegrated in the unit root test. Further graphical analysis will carry out as follow. In figure 30, the regression for Hong Kong against Japan is showed to be cointegrated at first difference level through the correlogram and the spectral density graph. This graphical analysis do support my previous result of augmented Dickey-Fuller test. In Figure 31, the actual value of the residual at first difference level is plotted. Several degrees of fluctuations are shown around the mean within the plot. Which implies that there is a cointegration. Analysis for Hong Kong and South Korea In Table 8, the results for Hong Kong against South Korea through the OLS estimation are showed. The result of the DW statistics is 0.485. the estimation may contain autocorrelation. Through the interpretation of the CRDW test, there is no cointegration among the two variables within the figure. In Table 9, the unit root test shows the result of the residual that Hong Kong against South Korea. The lowest AIC value is -4.386 and its corresponding t-adf value is -2.345. I cannot reject the null hypothesis and accept the alternative as the value is within the 5% critical value. Thus, no cointegration is shown within the estimation. The R-square of the regression is 0.712697. As I mentioned in previous part, if a regression contain a R-square that close or equals to 1, it implies the regression itself may have a higher predictability. In this analysis, the R-square is closer to 1, Therefore, the regression is believed to be consistent. The coefficient of log variable of HK CPI (ÃÆ' Ã… ½Ãƒâ€šÃ‚ ²1) and log variable of South Korea CPI (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) is 0.386482 and -0.680975 respectively. In this time, the signs of the coefficients matched my expectation as the domestic economy shows the positive sign and the foreign economy shows the negative sign. A weak form of PPP is appears as ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  -ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚  1. In Figure 32, the correlogram and the spectral density graph shows the analysis of the the residual from cointegration analysis of Hong Kong against South Korea. My previous result for ADF test is being supported by the correlogram, It shows that the exchange rate and consumer price index is not cointegrated. Nonetheless, according to the analysis of the spectral density graphical, characteristic of non-stationary are shown, In Figure 33, the actual value for the residual of Hong Kong against South Korea is plotted. As several degrees of fluctuations were shown around th e mean which implies that there is cointegration within the data. As the graphical analysis contradict the the OLS estimation at level terms I(0), thus, further analysis in first difference level is needed to carry out. OLS estimation at the first differences I (1). Table 10 shows the OLS estimation of Hong Kong and South Korea at I(1). The result of Durbin-Watson statistics is 1.51 which suggests that autocorrelation may exists within the regression. In Table 11, The unit root test showed the result for the residual of Hong Kong against South Korea at first difference level. The least AIC-value is -4.267 and its corresponding t-adf value is -3.718. It is within the5% critical value. Therefore, the exchange rate and the consumer price index for Hong Kong and South Korea may exist cointegration. In figure 34, the analysis of correlogram and the spectral density graph shows that there are signs of cointegration for the residual for Hong Kong against South Korea at first difference level. From Figure 35, the actual value of the residuals is plotted. The regression itself may contain cointegration as there is some degree of fluctuations around the mean. I believe that the residual at I(0) is affected by the Asian Financial crisis happened in 1997, as one outlier is showed in the actual value plot. According to the analysis we did in table 6, the form of PPP between Hong Kong against Japan is showed to be weak. The constant (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±) is 0.0342385, the slope coefficient (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) is 0.377666 and (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) is -0.640497. (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) is not near to 1 and (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) does not reach to -1. As a result, in a situation that the weak form of PPP exists, given a unchanged HK CPI and a increasing CPI of Japan. The exchange rate of Hong Kong dollar against Japanese Yen will increase. The currency of Hong Kong will stronger than the currency of Japan. For instance, Hong Kong has an inflation, the purchasing power for the Hong Kong currency will reduce. Meanwhile, with the same amount of HKD, fewer amounts of goods and services can be consumed in Japan. The exchange rate of HKD/JPY must increase to maintain the purchasing power of Hong Kong Dollar in Japan. For the other test we did in table 10, the constant (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±) is 0.0205733, the slope coefficient (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) is 0.452422 and (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) is -1.08451. (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) is far away from 1 but (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) is much closer to -1. Due to the ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   -ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   1, thus the obtained performance for the PPP between Hong Kong and South Korea is still a weak form. Frenkel  [3]  (1981) states that two countries are geographically close together, their PPP should also be relatively close. It is due to the low barrier of trade. According to the econometric modelling, the coefficients of the OLS estimation showed that my analysis for the PPP of Hong Kong against Japan and Hong Kong against South Korea is not a good indicator for predicting the long run exchange rate. Even though the exchange rate and consumer price index did exist cointegration relationship, however both the value of ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 and ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 is unsuccessful to match strong and the weaker form of PPP. Referring to the PPP in weak form, in the case for Hong Kong against Japan and Hong Kong against South Korea, both value of ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± was close to 0. Nevertheless, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 for both regressions were not near to +1 and the R-squares of both analyses were comparatively low. That may be caused by some sort of error within the economic modelling. Through the actual value plot, we may discover that the Asian Financial crisis which happened in 1997 had played a major role in creating outliers within my residuals. This may explain the poor performance of my PPP analysis. Also, as the exports markets for Hong Kong, Japan and South Korea are likely to be the same, for instance, the mainland China and the USA. In recent past, the service sector within the GDP of Hong Kong, Japan and South Korea has accounts for 88%, 73.1% and 67.7% respectively  [4]  . The key components of service sector are included shipping, wholesale retail trade and financial services. When you compare the relationship between the main industries in Hong Kong against Japan and Hong Kong against South Korea, it is no doubt to say that they are electronics, chemicals and textiles. Nevertheless, when constructing the price indices, different countries are always using various of goods and services. It means that the fairness of price index of two economies may be low, as they constructed by several of goods and services. Thus, a weak form of PPP is obtained in these three economy. Error Correction Model The error-correction model is based on the theorem of Granger representation. The model itself shows the crucial connection between cointegration and the error correction model. The reason is that when there is connection between the exchange rate and consumer price index in long run, a mechanism should be there to coordinate the exchange rate and the consumer price index back to their equilibrium level. Testable hypothesis: ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ St = a + but-1 + c1ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ pt-1+ c2ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ p*t-1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µt Where: ut = st ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±- ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1Pt +ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2Pt* As series st, pt and pt* are usually non-stationary, so PPP implies cointegration. In Tables 12 and13, the trial and error process are showed. The parsimonious model for Hong Kong against Japan can be found by eliminating the larger t-probs. According to table 13, the parsimonious model from ADL modelling is being achieved. In theory, similar resul t would be given out even the methods of deriving the error correction model are different. Therefore, Engle and Granger two-step procedure is introduced to derive the parsimonious model. In order to test whether the error correction model are hold, OLS estimation is applied again . Through the OLS estimation, all the variables I tested are in log form and first difference level. Secondly, as the above estimation of OLS, I let the log variable of Hong Kong dollars against Japanese Yen be the St value. And in order to make my analysis be more accurate, the lag length for both log HK CPI and log Japan CPI in first difference level are changed to be 4. According to Table 14, we can see that the t-probs of numerous variables are greater than 0.05. As DLHKCPI_4 is 0.693. Therefore, those larger t-prob variables are needed to be eliminated and re-run the OLS estimation. In Table 15, the coefficient value of DLHK CPI_1 is -1.96949 and the t-prob is 0.006, and the DLJapan CPI_1 with t he coefficient value is 8.76664 and the t-prob is 0.002. The test summary in Table 16 shows all pass result for AR1-2 test, ARCH 1-1 test, normality test and the RESET test as no asterisk (*) is present. The value of Durbin-Watson test is 1.44 with 25 observations and 4 parameters. For the 5% significant leve, the lower bounds dL=1.04 and upper bounds dU =1.77. The value is within the lower and upper bounds. Therefore, the exchange rate and the consumer price index are shown to contain serial correlation. Let St be the log value of exchange rate in first difference level and ut-1be the lag value of residual. For the C1 should be DLHK CPI_1 and C2 be DLJapan CPI_2. Also, in the St (exchange rate) in one period corrected in next period, the proportion of the disequilibrium is showed by the value b. Hence, insert all variables within the formula, we may have; ÃÆ' ¢- ³St= 0.0512308+0.464698ut-1-1.96949ÃÆ' ¢- ³pt-1+8.76664ÃÆ' ¢- ³p*t-1+ÃÆ'Ã… ½Ãƒâ€š  µt According to the result of the equation above, positive coefficients for the CPI have shown in the short-run, and for the b value is 0.464698, inconsistency is showed between the actual value relationships in long run. Base on all passed tests result, we may conclude that the PPP tracks well within Hong Kong against Japan. In Table 17 and 18, the ADL Modelling results of the trial and error process ofHong Kong against South Korea are showed. Again repeating the same process for Hong Kong against Japan, the parsimonious model for Hong Kong against South Korea is derived. Through the result, it shows that further derivation of the model can be made in short run. Nevertheless, in order to check whether my ADL modelling is valid, Engle and Granger two step procedure is introduced for analysis. In Table 19, the regression result for the OLS model of the DLHKD/KRW in first difference level is showed. By taking the same step I used in the above analysis. We eliminate larger t-prob value and run the OLS estimation again. Therefore, DLHK CPI 2,3 and 4, also the DLSKR CPI 2,3and 4are being delected. From Table 20, The DW value is 1.19 with 25 observation and 4 parameters. From the Durbin-Watson significance table, we may find that the dL = 1.04 and the dU = 1.77. The DW value is within the lower and upper bounds. As a result, I believe that the data itself may contain serial correlation. Finally, the result for the Table 21 is being analysis. It shows that AR 1-2 test, the normality test and RESET test are all passed excepted the ARCH 1-1 test. Moreover, when all coefficients are inserted into the formula, we got; ÃÆ' ¢- ³St = -0.0425611+ 0.589508 ut-1-1.31079 ÃÆ' ¢- ³pt-1+ 1.81169ÃÆ' ¢- ³p*t-1+ÃÆ'Ã… ½Ãƒâ€šÃ‚ µt The results shows that there is a negative coefficients for the CPI in short- run, and the b-value is 1.81169,it shows inconsistency between the actual value relationships in long run. Conclusion Base on the econometric testing above, even though my data showed characteristics of nonstationarity and cointegrated. In long run, it is obvious that there is no relationship between Hong Kong and South Korea in purchasing power parity, according to my error correction model analysis; and also Hong Kong and South Korea. Therefore I need to examine the quality of the data and also some of the assumption. The consumer price index and the exchange rate of Hong Kong and Japan are showed to be cointegrated in the section of cointegration analysis, nevertheless, the error correction model had confirmed that the two countries do not contain long run relationship. As a result, the data itself cannot be used for forecasting and analysis. For Hong Kong against Japan, there may be flaws within my data due to the negative 1 coefficient. However, all variables in my project showed that the second differencing in the stationary analysis is the signs of stationary; which implies my regression could not assume as a spurious regression. Therefore, there could be a high possibility of the existence of other reasons which would affect the coefficients. Base on the same test I worked for Hong Kong against Japan, the exchange rate and consumer price index of Hong Kong and South Korea are showed to be cointegrated in the section of cointegration analysis, nevertheless, the error correction model also proved that the two countries do not contain long run relationship. From the first difference of actual value plot of residual, there were one major structural break within the data; we may consider that as the consequence of Asian Financial crisis in 1997. For these events, I believe that is the main reason for my failure of Error Correction Model. In order to improve the quality of the analysis, there is a need to increase the series length and identify the flaws of the data. Nevertheless, more structural breaks may result due to the extension of time period. Therefore, we should adding dummy variables within the analysis in an attempt to smooth out the outliers. Hence, to construct a more efficient research.