How does a free market prevent a monopoly Essay Example for Free

How does a free market prevent a monopoly Essay We often listen to this statement that there are no monopolies in a free market or a free market prevents monopolies. Though there are some arguments about if the statement is completely true and, if a government plays a part in making or preventing a monopoly. To understand and to validate the statement first we need to understand few terms used in the statement and concepts of market. Types of market economies There are majorly four types of market economies namely: * Free-Market Economy (or Liberal Market Economy). An economic system comprised mainly of privately-owned enterprise (businesses), low levels of regulation and relies heavily on the free-price system to allocate resources. This is distinguished with a planned economy based on private enterprise. * Social Market Economy A free-market system that utilizes heavy taxation and regulation and recognizes organized labour at the national level, but relies on the free-price system rather than economic planning to allocate goods and services. * Market Socialism and Socialist Market Economies An economic system comprised of state-run or worker-run enterprises and either a free-price system or a directed and regulated market to allocate resources. This is distinguished with a socialist planned economy. * Mutualism and Cooperative Markets A form of participatory economics where enterprises are run as worker and consumer cooperatives (socially-owned) which compete with each other in a market economy. This is distinguished from participatory and cooperative planning. To describe free market economy in a nutshell, it is the kind of economy in which the system of prices is a result of a vast number of voluntary transactions, rather than of political decrees as in a controlled market. The freer the market, the more prices will reflect consumer habits and demands, and the more valuable the information in these prices is to all players in the economy. Through free competition between vendors for the provision of products and services, prices tend to decrease, and quality tends to increase. Types of Competition There are namely four major kinds of competition * Perfect Competition * Monopolistic Competition * Oligopoly * Monopoly Monopoly exists when a single seller controls the supply of a good or service and prevents other businesses from entering the field. Being the only provider of a certain good or service gives the seller considerable control over price. Monopolies are prohibited by law however; government-regulated monopolies do exist in some business areas because of the huge up-front investment that must be made in order to provide some types of services. Examples of monopolies in the India are public utility companies that provide services and/or products such as gas, water, electricity and railways. To talk about monopoly in detail while single-firm monopolies are rare, except for those subject to public regulation, it is useful to examine the monopolist’s market conduct and performance to establish a standard at the pole opposite that of perfect competition. As the sole supplier of a distinctive product, the monopolistic company can set any selling price, provided it accepts the sales that correspond to that price. Market demand is generally inversely related to price, and the monopolist presumably will set a price that produces the greatest profits, given the relationship of production costs to output. By restricting output, the firm can raise its selling price significantly. The monopolist will generally charge prices well in excess of production costs and reap profits well above a normal interest return on investment. His output will be substantially smaller, and his price higher, than if he had to meet established market prices as in perfect competition. The monopolist may or may not produce at minimal average cost, depending on his cost-output relationship; if he does not, there are no market pressures to force him to do so. If the monopolist is subject to no threat of entry by a competitor, he will presumably set a selling price that maximizes profits for the industry he monopolizes. If he faces only impeded entry, he may elect to charge a price sufficiently low to discourage entry but above a competitive price—if this will maximize his long-run profits. Though monopoly has its advantages like in some industries it is the most cost-effective way of providing services, example is public utilities, as it would obviously be inefficient to have 2 or more competing sewer or power distribution systems in a city, monopoly has many disadvantages like Poor level of service as there is no fear of competition, No consumer sovereignty. Consumers may be charged high prices for low quality of goods and services. Lack of competition may also lead to low quality and out dated goods and services hence making it necessary to check a market from becoming monopolist to safeguard the interests of consumers. Now coming back to the question ‘how does a free market prevent a monopoly? ’ In a free market, competition drives away bad ideas. What stops monopolies? Small companies being allowed to set up and compete, without loads of regulations and fees making it impossible for them to afford to keep costs down. The free market prevents people from cornering the market, because there is always someone else that is capable and willing to make the same product for the same or lesser price. Eventually, if that keeps going, everything will be free in the free market, or rather, people will start trading for goods and services again, like they used to. Of course, along this path to free produce, you have the interruption of the Laws of Supply and Demand, where you eventually have too much product for the demand, and can no longer make a profit because of your losses. Price Wars eventually even themselves out, because at a certain price, everyone will be able to buy your product, and then no one else will need it anymore. When you have a high demand for a product, the price is naturally high. This obviously attracts investors and manufacturers to that field in order to make as much profit as possible. As more competitors enter that field of production, the prices for the product fall accordingly, until the supply meets the demand, and prices regulate based on 1. The cost to produce, and 2. The fact that everyone already has one and likely doesnt need another right now. For e. g. in the early days of the automotive market, Ford used to say You can have the Model-T in any colour you want, as long as its black. Then Chevrolet came in with more colour choices, and to compete, Ford had to change its policy or they would have fallen off the face of the Earth. Though there is an argument that exists, which says government sometimes does enable formation of a monopoly for example corporate trusts. Government supports an entity to a level that it becomes very big and later, in order to keep a check on the entity from preventing it to become a monopoly, government lays down set of rules and regulations which make it practically impossible for new budding competitors to grow up to the level of first organisation and compete efficiently, resulting in formation of a monopoly. But in the end, No matter how successful a company is, it is never immune from competition. It always faces at least potential competition, as well as actual competition from companies that offer substitutes. References: http://wiki. answers. com http://www. britannica. com http://answers. yahoo. com http://www. physicsforums. com.

Function of Water in the Human Body

Function of Water in the Human Body Water mainly enters the human body through the food and drink we consume. A small proportion of water is obtained from oxidative metabolism e.g. in respiration. Human beings mainly lose water by excretion in urine and faeces. Water is also lost through evaporation e.g. as sweat (Campbell N. A. et al. 1999, Frederic H.M. 2006) The kidneys are highly specialised organs of the body and play an important role in homeostasis. The kidney maintains homeostasis by regulating water balance, waste removal and blood composition and pressure. The kidneys dispose of waste by-products of metabolism and hence prevent the build up of toxic products in the body and to regulate the chemical components of the bodys fluids by responding to any imbalances of body fluids. These functions are fulfilled by a process of filtration of blood, which mainly includes the movement of solutes between the internal fluid and external environment. The movement of solutes is normally through a transport epithelium, in the case of the kidney it is in the form of a tubular channel; this tubular channel gives the kidney a large surface area. The kidneys weigh less than 1% of the human body, they receive approximately 2 % of blood pumped with each heartbeat. Urine exits the kidney through a duct called the ureter. The ureters of both kidneys drain into a common urinary bladder. Urine leaves the body from the urinary bladder to the urethra which empties near the vagina in females or through the penis in males. (Campbell N. A. et al. 1999, Michael F. et al. 2001) At one end the nephron forms a cup-shaped structure called glomerulus From the glomerulus a tube runs towards the centre of the kidney first forming a twisted region called the proximal convoluted tubule and then a long hair-pin loop in the medulla, it runs back upwards into the cortex where it forms another twisted region called the distal convoluted tubule, this then joins a collecting duct which leads down the medulla and into the renal pelvis The functional unit of the kidney is a nephron. Microscopic sections of the kidney show that the kidney is made up of thousands of nephrons. Fig1b shows the location of a nephron and Fig2 shows the detailed structure of a nephron. Each renal capsule is supplied with blood by the afferent arteriole a branch of the renal artery this splits into many capillaries in the capsule which then rejoin to form the afferent arteriole. The nephrons structure is closely related to its function of regulating solutes Osmoregulation is maintaining constant levels of water in the body. Cells cannot survive a huge deviation from its osmolality. Hence, cells have a continuous movement of water across their plasma membranes. A net gain of water will cause the cell to swell up and burst, while a net loss of water will cause the cell to shrivel up and die. Water is transported by osmosis around the body. Osmoregulation is accomplished by creating an osmotic gradient; this requires lots of energy and is done by maintaining solute concentrations in the body fluids. The osmolality of the body is fixed at a mean of 2905 mosmos/g. The kidney is able to maintain a constant osmolality as its able to adjust the rate of water excretion over a wide range. The volume of the extra-cellular fluid is mainly determined by the concentration of sodium ions, hence slight adjustments to the renal excretion rate have a major impact on the extracellular fluid volume. Changes in tubular sodium transport is accompanied by parallel movements of water, this results in no net change in body fluid osmolality (Campbell N. A. et al. 1999, Frederic H.M. 2006, Michael F. et al. 2001) The loop of Henle creates a longitudinal osmotic gradient across the medulla; this aids the reabsorption of water and other important solutes. Ascending and descending limb are parallel and adjacent to each other with a layer of tissue fluid in between. Fluid enters from the proximal convoluted tubules flows down the descending limb and then up the ascending limb. This is known as a counter-current flow. Thewalls of the descending limb are permeable to water, while the walls of the ascending limb are impermeable to water. The ascending limb of the Loop of Henle is made up of a thick walled tubule which is impermeable to the outward movement of water but not salt. The red arrows on fig3 show the movement of water amd solutes along the loop of Henle and the collecting duct. Also, the walls of the ascending limb contain pumps to remove sodium chloride from the lumen and add it to the surrounding interstitial fluid. Hence sodium and chloride ions are actively transported out of the ascen ding limb. This is the site of reabsorption in the kidney, here fluid from theenters and the kidney reabsorbs all the useful solutes and water. The permeability of the loop and the collecting duct depends on the osmolality of the blood and is controlled by a negative feedback mechanism by osmoreceptors in the hypothalamus A high concentration of salt builds up in the medullary tissue, this together with urea retention by these tissues, helps build up a high osmotic pressure in the medullary tissue. This creates a gradient of 200 mosm/g across the tubular wall at any point and causes a loss of water from the descending limb. The loss of water concentrates sodium and chloride ions in the descending limb. Salt concentration in the medullary tissue is highest at the apex of the loop, the tissue in the deeper layers of the medulla contain a very concentrated solution of sodium ions, chloride ions and urea. The fluid leaving the ascending limb is hypo-osmolar as compared to the fluid that enters and has a osmolality of approximately 100 mosm/g .Sodium and chloride ions diffuse out in the lower part of the ascending limb. Fluid passes down the collecting duct through the medullary tissue of increasing salt concentration, water can pass out of it by osmosis. The reabsorbed water is carried away by blood capil laries (Campbell N. A. et al. 1999, Frederic H.M. 2006, Michael F. et al. 2001) Control of water regulation Osmoregulation by the kidney involves a negative feedback mechanism. The osmoreceptors are in the hypothalamus and the effectors are the pituitary gland and the walls of the distal convoluted tubules. Osmoreceptors detect alterations of water levels and send impulses to the pituitary gland which then increase or decrease the production of antidiuretic hormone (ADH). In the case of a low osmolality,when the nerve cells are stimulated by osmoreceptors action potentials travel down them, this causes ADH to be released from their endings into the blood capillaries in the posterior pituitary gland from here it is distributed throughout the body. ADH acts on the plasma membranes of the cells of the collecting ducts. ADH is picked up by a receptor on the plasma membrane which then activates an enzyme. This causes vesicles with water permeable channels to fuse with the plasma membrane hence ADH makes the membrane more permeable to water than usual. Hence more water will be reabsorbed by the collecting duct and more concentrated urine will be produced. On the other hand, when the blood water content rises the osmoreceptors are no longer stimulated and hence do not lead to the secretion of ADH. Hence, ADH secretion slows down and the collecting duct cells become less permeable to water, so less water is reabsorbed and more diluted urine is produced  (Campbell N. A. et al. 1999, Frederic H.M. 2006, Michael F. et al. 2001) In conclusion, the regulation of water is essential for the survival of human beings and is carried out by the kidneys and monitored by osmoreceptors in the hypothalamus and controlled by the pituitary gland. Each of these plays an equally important role in the regulation of water and without any one of them the body will not be able to function in a normal manner. [Words: 1328]

Hills Like White Elephants by Ernest Hemingway Essay examples -- Hills

"Literature is a luxury: Fiction is a necessity" (Chesterton). Literature is a single phenomenon that will always remain in the lives of people throughout the years. According to Andre Maurois, "In literature, as in love, we are astounded by what is chosen by others." Fiction Literature is one of the most fascinating types of Literature. There are many types of Fiction Literature read across the world and with much selection, the greatest are short stories. Out of those, one very memorable short story is called "Hills Like White Elephants". The author, Ernest Hemingway, has created many intriguing stories with his recognizable syntax. The specific style he is known for may be childish and use only a few small lines, but nevertheless his writings are continuously read by many people. Like any exceptional author would, Hemingway manipulates his text to get across certain themes in the plot of his stories. A couple themes found in "Hills Like White Elephants" are doubt, choices, conseq uences, and decision-making. These themes are noticed by Hemingway's use of various different literary elements in the story. They help the reader better understand the true meanings behind "Hills Like White Elephants"' seemingly empty plot. The characters in this story are very believable because they play very realistic roles. For their situation, these characters are appropriately casted. The protagonist of this story is a girl named Jig. She is portrayed as a flat character where we only see one side of her throughout the story. We only see her doubt and worry over not being able to make a decision. The decision she is trying to make is whether or not to go through with an 'operation' that is not directly stated. We later infer that she... ...about life itself. May we all learn from this reading experience as well as gain knowledge about the world as we know it. Works Cited Akers, Tim. â€Å"Hills Like White Elephants.† Short Stories for Students. Ed. Vol. 6. Detroit: Gale Group, 1999. Short Stories for Students. Gale. Web. 8 Apr. 2015. Hemingway, Ernest. "Hills Like White Elephants". LitFinder for Schools. Gale. Web. 4 Apr. 2015.. Henningfeld, Andrews Diane. Overview of Hills Like White Elephants, for Short Stories for Students, The Gale Group, 1999. Web. 12 Apr. 2015. Johnston, Kenneth G. "'Hills Like White Elephants' Lean, Vintage Hemingway," in Studies in American Fiction, Vol. 10, No. 2, Autumn, 1982. Web. 12 Apr. 2015. Weeks, Lewis E. Jr., â€Å"Hemingway Hills: Symbolism in â€Å"Hills Like White Elephants,† in Studies in Short Fiction, Vol. 17, No. 1, Winter, 1980. Web. 4 Apr. 2015.

Friar Lawrence is to Blame for the Deaths of Romeo and Juliet in Shakespeares Work :: Free Romeo and Juliet Essays

"Romeo and Juliet," a famous love story about two star-crossed lovers who take their lives in order to be together. Their deaths are at the fault of one Friar Lawrence who, being an adult, a man of God and a trusted person in the community, betrayed that trust and attempted to cover up his wrong doings with a plan that ended in tragedy. The Friar was supposed to be a responsible adult and a man of God. This means that people would have come to him to confess their sins. Romeo and Juliet were young and naive and Friar Lawrence understood that very well. He also understood their personalities and circumstances, but still chose to marry them in hope that it would end the feud between the two families. As an adult he was also supposed to be a lot smarter ands wiser. Neither of those qualities were shown in any of his decision making. The lines ?For this alliance may so happy prove to turn your households? rancour to pure love,? (said by the Friar) is proof that he truly married them to end the feud. The position of trust that the families had given Friar Lawrence, he misused. This indicates that he didn?t really value that position of trust very much, because he proceeded in the marriage of Romeo and Juliet. When Friar Lawrence says ?In one respect I?ll thy assistant me for this alliance may so happy prove,? is the exact moment when the trust is broken because he has agreed to t marry the young lovers who were obviously too blinded by love to see the reality side of things. The Friar knew this, and he knew what was right, the fact that Romeo was incredibly impulsive and in love with being in love, and Juliet was naive enough to fall for him, but aside from that he gave in and made the wrong decision. The attempt that Friar Lawrence had made to fix up his wrong doings was a mistake and took a huge role in leading up to the two deaths. He had a second chance to come clean and tell the families the truth, but he chose to ignore that opportunity and came up with a plan that resulted in the deaths of Romeo and Juliet. After Romeo had been banished, the plan that the Friar conjured up was for Juliet to take a potion which would make her appear dead.

Microenvironment in australia

First of all we would have to define microenvironment as those properties over which organizations have control or elements which they have that enables them gain information on their marketing operations. This is to say that, information gotten can be used to provide an improved customer service because the purpose of this study is to make profits through customer satisfaction. Manipulations are made in ways to achieve the objective of the organization. In other words, we can say that micro environment provides the force with which organizations act towards customer satisfaction; any change in any of these forces would lead to the re-studying of the marketplace. Nevertheless, the issue behind this study is to check how it affects retailing in the food industry in Australia and it is one of the factors that are considered when it comes to food retailing. HOW MICROENVIRONMENT IN AUSTRALIA AFFECTS FOOD RETAILILNG Food retailing in Australia is a fast growing one and it is no doubt that industries are seeking better way to meet up with customer satisfaction. This is the driving force behind the carrying out of consumer research. Microenvironment in Australia has affected food retailing to a great state. Competition: One of the effects is that it made the industry to be very competitive. Organizations are doing everything in their power to make sure that they stay in touch with their customers. As the competition increases, there are more advantages to the customers. Consumer Voice: It has created room where customers could provide feedback on a particular product or company. This study, gives organization ideas on how to restructure their services towards customers. Quality Output: Microenvironment in Australia has made organizations to increase the quality of output being rendered to consumers. Consumers are able to have access to quality products. Provision of Threat Analysis: Microenvironment also provides organizations possible threats in the market place that would reduce their profit or rate at which consumers purchasing their products. One of those threats is threats that could come from products that consumers can comfortably use as a substitute to their products. Checking threats that could also come from rival organizations and threat. This study also enables the study of the bargaining power of both suppliers and consumers. Mode of Distribution: Microenvironment has also provided a better form of distribution. Giving a better idea of the networks to be followed in other to make sure that products reach the final customer. The modes of distributive market place change from time to time but in a very slow way. Therefore the inability of organization to recognize these changing factors would affect their mode of distribution. MACROENVIRONMENT IN AUSTRALIA Coming to macro environment, we would provide a definition so as to give us a better understanding of the topic. Another word that can be best used to define macro environment is environmental scanning and environmental scanning can be said to be the concept of a business management use by business organizations to gather in formations in other to have a better competitive advantage. There is a need for organizations to gather information from environmental canning by hanging the plans and strategies for the aim of gaining advantage. Scanning can be carried out in different modes and reason. There could be a requirement for market study due to arising emergency cases. Studies could also be done on a regular base, perhaps once a year and also on a continuous basis. The results gotten from this studies allow the organization to act quickly, be the first to take action before their competitors recognize an opportunity and also respond to any environmental threats. Macro environment also has to do with wider studies of factors of organization and how it affects their day-to-day operation. These factors are: The political and legal environment: For some food retailing, political and legal concerns are put in mind by companies. Political issues and legal issues arising in Australia affect the mode of food retailing. The policies made by the government on imports on raw materials also affect the price of some food products. The economic environment: the issues behind economic factors are of great concerns to firm because it states the price of food products. When the economic status of a community is low, it reduces the purchasing power. That is why the economic factors is likely related and dependent on political and legal factors. The socio-cultural environment: This is a very dynamic part of study in macro environment because it has to do with changing properties of a consumer. These changes can be taste, priorities and purchasing behavior. Knowing the particular type of products need by customers on a social period and needs according to beliefs and cultural practices. The technological environment: Technological factor put into the products determines the mode of retail. These areas could be technology for production and logistics. The affects food retailing. RELATION BETWEEN 4Ps AND FOOD RETAILING First of all we would have to look into organizational marketing. There to main types of marketing and there are known as: Strategic marketing: This is the attempts made by organization on how   the level of competition in the market place.this is with the aims at generating a competitive advantage relative to its competitors. Operational marketing: This is the strategy that deals with the satisfaction of customers and increasing the value gotten from them, as well as to satisfy the customer with prompt services and meeting the customer expectations. It is in the area that we hve to talk about the 4Ps. 4Ps in the world of marketing is stands for: Product: This is the area of marketing that deals with the type of products and how it relates and benefits the intending consumers, checking if it meets up with their expectation and satisfaction. This area carries properties like guaranties and warranties and after sales support. The area of products says a lot on food retailing because it states the particular kind of products that would be provided for the consumers. It states the products that are higher in demand and aids organizations produce these substitute products with better properties in other to compete with organizations are also in the same market place. Price: This is where we talk about setting a price for the product and also not forgetting about discounts. This usually comes classified in monetary forms and any other modes that can be used in exchanging good and services. Pricing a product is also another factor that goes with food retailing. This tells the price that is both comfortable for both the company and the consumer to purchase and own the products. Promotion: These are the steps taken to promote products, brand or company. Possible ways could be through advertising of the product, sales promotion, and creating publicity on the product, brand or company, personal selling or branding. Promotion increases the awareness of products to consumers. It makes them to understand the type of products and its contents and qualities. It also creates the awareness of it availability and products location. So I believe that this part of the 4Ps has a lot to do with food retailing. Placement: This area determines how a product gets to the final consumers. In other words, we are talking about distribution, place the product here it could be of a better reach to the customer and a place where it would bring about revenue to the organization. Placement does a lot to food retailing by stating various factors that leads to the success of the products sale. It dictates the level of penetration in the market, stating how many stores that have the products in them. It also gives types of outlets and channels to use. It gives an idea on the level of competition in the marketplace and also aids the geographical factors. These 4Ps have a lot to do when it comes to food retailing. This is because there alter the rate and mode in which food retailing takes. CONLUSION In conclusion of this whole issue, they is a great level of competition in the food industry marketplace and companies are applying effort to gain a competitive advantages over other competitors. Ways, which are used, are studies carried out through microenvironment and macro environment. These studies gives them better ideas on how to stay in contact with their customers and increase the rate of purchase from them. Microenvironment, deals with the issue of consumer studies and development of better ways to increase the rate of service and satisfaction rendered to them in the food industry. Macro environment deals with wider studies on higher factors that affect food retailing. Such factors are the political and legal environment, the economic environment, the socio-cultural environment and, the technological environment. The study of theses factors and environment contributes to the direction which food retailing follows. REFERENCES Brandenburger, A.M. and Nalebuff, B.J. (1995), â€Å"The Right Game: Use Game Theory to Shape Strategy†, Harvard Business Review, Jul-Aug, pp.57-71 Coyne, K.P. and Sujit Balakrishnan (1996), â€Å"Bringing discipline to strategy†, The McKinsey Quarterly, No.4 Grant, R.M. (2005), â€Å"Contemporary Strategy Analysis†, Blackwell Publishing Ltd., Oxford (U.K.), 2005 Porter, M.E. (1979) â€Å"How competitive forces shape strategy†, Harvard Business Review, March/April 1979. Porter, M.E. (1980) â€Å"Competitive Strategy†, The Free Press, New York, 1980. Porter, M.E. (1985) â€Å"Competitive Advantage†, The Free Press, New York, 1985. Hunger, J. David & Wheelen, Thomas L. (2003) â€Å"Essentials of Strategic Management†. New Jersey: Pearson Education Inc.   

Cheque Truncation

IBM Business Consulting Services Indian Cheque Truncation Initiative Key challenges for Indian Banks Ravi Trivedy IBM Business Consulting Services deeper deeper  © Copyright IBM Corporation 2003 IBM Business Consulting Services The Indian Cheque Scenario – an IBM Point-of-View Cheque volumes will continue to increase for the next 5-7 years – All parties involved have strong reasons to continue to promote check usage Banks – significant revenue flows are tied to the use of checks Slow consumer adoption of electronic payments – cheques are free + Perception of safetyMerchants, Corporates, Governments, and Non Banking Financial Institutions – due to lack of cheap, convenient alternatives and because many accounts payable and receivable systems are designed around checks.  © Copyright IBM Corporation 2003 IBM Business Consulting Services Image based processing of cheques in India present several challenges – which all add up to the cost for t he banking industry Geographical spread & volumes impact speed of physical movement of paper (specially inter-city) Multiple languages & scripts Multiple handling due to current processes in ranches – high rejects in an imaging process Legal & Regulatory issues Lack of Centralized Banking systems in many banks to enable STP Potential for fraud/counterfeit cheques increases  © Copyright IBM Corporation 2003 IBM Business Consulting Services The Truncation initiative will have a major impact on Payment Operations – some key recommendations Indian Model – Truncation at presenting Bank Big Bang approach – mandatory cutover for ALL Branches Each Bank to decide it’s own model – Truncation at Branch or Service Branch or Outsourced Recommendations for Banks Understand volumes, current operationsDevelop strategy & optimized operations architecture in a truncation environment Define new processes (focus on mitigating operational risk) Re-define clear ing operations & organization  © Copyright IBM Corporation 2003 IBM Business Consulting Services RBI’s Working Committee on Cheque Truncation has recommended truncation at the presenting bank itself, to maximize efficiency PRESENTING BANK Big Branches DRAWEE BANK Core Core Banking Banking System System Branch Capture Data and Image One Pass readers for MICR Data, Greyscale & Bitonal Images Front & Back UID assignedAt Teller/Behind Teller Real-time/Batch Intra-Branch Intra-Branch Cheque Clearing Cheque Clearing Clearing House System House System House IMAGE & MICR ARCHIVAL PKI enabled CLEARING CLEARING CLEARING HOUSE HOUSE SYSTEM SYSTEM SYSTEM IMAGE & MICR ARCHIVAL 3 Months + 8 Years Browser based access to images for Banks & Customers Images, MICR,UID2 Clearing House Interface Clearing House Interface Service Branch Service Branch Or Or Or Outsourced Service Center Outsourced Service Center Outsourced Small Branches Images, MICR,UID MIS MIS Signature Signature Verification Verification CustomerCustomer Statements Statements IMAGE & MICR ARCHIVAL  © Copyright IBM Corporation 2003 IBM Business Consulting Services Reduced costs, improved customer service and increased flexibility will drive each Bank’s imaging decision Value realization will differ from Bank to Bank New offers of value to customers Reduced costs from re-engineered check exchange practices REALIZED VALUE Reduced costs via productivity enhancements and fraud reduction Near-term customer service enhancement 2005 2006 2007 TIME 2008 2009 2010  © Copyright IBM Corporation 2003 IBM Business Consulting ServicesWith RTGS and Cheque truncation, Banks will potentially lose a large income leverage The truncation initiative will re-define business models Loss of float Additional cost of infrastructure & Operations Recommendation for Banks Develop a fee based product strategy to offset losses – from customers, from secondary banks†¦. differentiated service models Re-engineer Ca sh Management services for Corporates Create an optimized cost model for Operations – build and operate OR outsource? Utilize the opportunity to image inter-branch cheques to improve customer service & reduce paper process costs Copyright IBM Corporation 2003 IBM Business Consulting Services Technology choices and implementation models will create differentiation in services and operational costs†¦ Each Bank’s defined operating model is directly related to it’s technology choices, implementation options and costs At each Branch vs. at a service Branch Smaller cities in a region? Remote Branches? Certification of Operations is a must! Recommendations for Banks Analysis of current and expected cheque volume patterns should drive future model Optimize model with a mix and match – inhouse + outsourceSelect Open Architectures to enable backwards integration Security, BCP and Operations Management are CRITICAL  © Copyright IBM Corporation 2003 IBM Busine ss Consulting Services Cheque Processing and IBM – A summary view Over 90% of the 40B US cheques issued yearly are processed with IBM Solutions â€Å"VIEWPOINTE† – Bank of America, JPMChase & IBM Joint Venture for Cheque Processing Centers +1 Billion new items stored monthly +5. 1 Million image retrievals daily Storage space occupies 2. 8 PB of data In India, the Reserve Bank uses IBM Solutions for its high speed clearing operationsIBM manages Cheque clearing/processing Operations in over 12 countries Partnering with BCSIS for Cheque solutions for Banks in India Complete end-to-end CHS functionality (Applications, Infrastructure, Integration, Operations Management, Outsourcing Service Centers) Totally compliant with RBI directives, PKI security enabled Based on Open Standards – enables easy integration to Core Systems  © Copyright IBM Corporation 2003 IBM Business Consulting Services IBM uses its structured methodology to enable Banks to maximize their RoI from a Cheque imaging initiative 1 1 Create the VisionCreate the Vision 4 4 Review Bank Operations / Delivery strategy Review / Establish Bank Payments Strategy Obtain Stakeholder commitment 2 2 Develop Business case Develop Business case for Check applications // for Check applications image enablement image enablement Cost effectiveness vs. Business needs Time to market & competitive pressures Identify Applications Systems, Storage & Network Architectures 5 5 Create Implementation Plan Create Implementation Plan Application & integration priorities Rational steps Business Process & Organization Reengineering Coincidence with industry initiativesApplications Setup & Test Applications Setup & Test Setup, configure and Customise applications Integrate with Core Systems, PKI Infrastructure Integrated and User Testing Develop Training program & materials Develop Operations model & timelines Develop infrastructure cost model Develop Operational cost model Develop products & revenue plan 3 3 Develop Infrastructure Plan Develop Infrastructure Plan 6 6 Manage Implementation Manage Implementation Program Management – Process, Change Implement connectivity Establish Organization – Process, IT Training Implement & Test Security for Certification Copyright IBM Corporation 2003 IBM Business Consulting Services Summary – Maximize your opportunities from the Cheque Truncation initiative Well prepared Banks will benefit greatly from the Cheque truncation initiative New Opportunities Improve Customer Services New Product Offerings Product Differentiation Cross-selling Revenue Higher Efficiency Fraud Savings Productivity savings Operational cost reduction Reduction in call volumes & follow-up  © Copyright IBM Corporation 2003 IBM Business Consulting Services Thank You ravi. [email  protected] ibm. com deeper deeper  © Copyright IBM Corporation 2003

The Criminal Justice System And Crime Prevention - 970 Words

INTRODUCTION: Deterrence or rational choice, which one is the better, or should I say wiser theory to follow when it comes to the criminal justice system and crime prevention. Using extreme capacitation (Deterrence) can be an effective punishment for many in our society, however, there will still be a small portion of our society that will still commit crimes. The majority of the society would use good-ole common sense (Rational Choice) and not commit crimes in the first place. DISCUSSION: Deterrence and Rational Choice are two theories that our criminal justice system have in place to prevent criminals from committing crimes. Of the many types of deterrence that is available to use that displays our societies consequences, we are going to look at two types of deterrence, General and Specific. General deterrence can be viewed by society as a whole. It allows everyone to both view the crime committed and to see the punishment that follows the crime. i.e. 10 years in prison for robbery or the rest of your natural life in prison for the crime of murder. In this example, the criminal justice system puts on display the punishment for the crimes committed. This is a type of formal sanctions. If done properly, correct penalty can have an impacts on the offenders’ choice on crime. According to the video â€Å"In order for deterrence to work though, the punishment had to be Severe, Swift, and Certain.† (Slide 6). Without severe, swift, and certain punishment some people in our societyShow MoreRelatedCrime Prevention And The Criminal Justice System1776 Words   |  8 Pagesforms of crime prevention using evidence to back them up and then will go on to discuss whether crime prevention is primarily achieved through the criminal justice system or beyond the system, discussing the involvement of the police and whether crime is better controlled through crime prevention techniques or if other methods enforced by the criminal justice system are more efficient in achieving the goal of lower crime rates. Crime prevention is enforced mainly by the government to reduce crime, toRead MoreDeterrence And Rational Choice : The Criminal Justice System And Crime Prevention1196 Words   |  5 Pagesto the criminal justice system and crime prevention. 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Business Law Assignment - 2759 Words

(a) Dylan was shopping at Quills Department Store when he slipped on the highly polished floor and broke his leg. As a result he was out of work for four months and he incurred considerable medical expenses. His leg did not heal quickly or completely because of a hereditary bone defect which he suffered. Hence he had to take on lighter work, which did not pay as well as his former employment. i) What legal action is available to Dylan against the proprietor of the store, or the cleaner or the floor polish manufacturer The case states that Dylan incurred medical expenses due to slipping on the highly polished floor when shopping at Quills Department Store. This case applied to Australian common law, implied terms of negligence. The†¦show more content†¦Dylan can bring an action in negligence to compensate the medical expenses. ii) Will Dylan succeed in a claim for loss of earnings from his change in employment The issue is whether Dylan can bring an action in negligence against the cleaner and proprietor to recover damages for the loss of earnings from his change in employment. First of all, to obtain damages, the remoteness of damages needs to be determined based on whether the defendants negligence was a necessary condition of the plaintiffs loss. As was shown in Overseas Tankship (UK)Ltd v The Miller Steamship Co Pty Ltd (The Wagon Mound (No 2) ) 1966 2 All ER 709 and Metrolink Victoria Pty v Inglis 2009 VSCA 227, the damage must not only have been a direct consequence of the negligent act, but also have been reasonably foreseeable. Nevertheless, in this case, Dylan changed his job four months after the accident, and the reason why he could not do the former job is not because of the slipping injury rather the delay in healing time caused by the hereditary bone defect. However, Dylan might prove evidence to defend, such as the case of Chappel v Hart 1998 HCA 55, but no reasonable person would have knew his hereditary bone defect and provide pro per precautions. Obviously, the risk was not reasonably foreseeable, and the loss was too remote. As a plaintiff can only recover damages for loses thatShow MoreRelatedAssignment On Business Law Assignment3960 Words   |  16 Pages Assignment attachment form When submitting your assignment it must be accompanied by this Assignment Attachment Form. Please make sure that you complete all of the details correctly. †¢ Provide ALL details requested on this form. †¢ Use one form for each assignment. 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