Economic Growth of the Australia and the China

Question: Discuss about theEconomic Growth of the Australia and the China. Answer: Introduction The countries, which has developed have the economic crisis, and the effects of that crisis are delays in some conditions. Different countries experience the different problems and the different solutions for the problems. Thither is a connection between the countries along with the world economy, which is closer and has the effects on the economy. The recovery that has noticed has the restrictions for some of the states as well as the regions. The crisis regarding the economic development of the countries occurs due to the poverty. The economic growth of the Australia as well as the China has the greatest impact on the guild. This essay includes the comparison between the economic growth of the Australia and the chinaware. How that economic growth involves the society both in a positive way as well as in a negative way. The Australians and the China both are the originating countries. There is the comparison of the economic growth pace for the past five years of both the countries. The Australians and the China are the developing countries, which has increased their coordination with each other and has the demand in the economy for the greater articulation in the global economic affairs (Graduate Institute Geneva, 2010). Australia- GDP The gross domestic product or the GDP is the important measurements for the evaluation regarding the carrying out of the economy of the Australia. The GDP figures have published by the Australian Bureau of Statistics, which has grounded on the annual and the quarterly. Below is the table, which shows the adjustment of the price changes to the gross domestic products for the Australia. This table actually reveals about the economic growth rate of the Australia. The appraisal of the GDP of the Australia is as follows: years economic growth GDP (%) 2011 2.7 2012 3.6 2013 2 2014 2.7 2015 2.4 Australian GDP Growth Performance Economic growth slowedand the recessional of the ten years, the Australia has the growth of the 3.4% because of the average per year. Until 2013, there had an improvement of the economic performance of the Australia and had the growth of the GDP with average 2.7% in the year 2013. The gross domestic product of the Australia is growing about the 3.3% in the second quarter of the 2016-15. At that place was the expansion, which is strong in the June 2012 and that brought the annual growth 2.9% for the year 2015-2016 financial years and went forward about the 100 quarters and do not have any experience in the technical recession. The yearly growth rate of the Australia is averaging about the 3.49% until 2016. The GDP annual growth has reached in the first quarter about the 9%.The economy of the Australia has ruled by the service sector about the 65% of the entire GDP. Nevertheless, the success of the economy has based on the mining, which is the 13.5% of the GDP and the agriculture, whic h is the 2% of the GDP because the Australia is the major exporter of the commodities. The other sectors involve the manufacturing, which is close to the 11% and the construction, which is about the 9.5% (Australia GDP, 2016). Structure of the Gross Domestic Product The demand for the raw goods has increased in the Australia, which leads to the strong rise in the prices of the global commodity. This is the reason for the dynamic growth in the Australian economy. The terms of the trade were also high and caused the substantial rise in the power of the purchasing regarding the households. The price of the commodity was also high, and that is the cause of the boom in the mining investment, especially in coals and the iron. The increment of the Australia has mainly driven by the mining investments for the last 10 years. The Australian economy transits the mining boom from the investment phase to the production stage. The production capacity extends for the iron and the coal and this affects the Australias exports to the Asian market in a positive direction. The financial sector and the mining sector along with the related professionals and the services have increased the importance of the increment rate of the Australia in the past 5/ years. As comp ared, the manufacturing output has shows the shares, which is shrinking. So the result includes the mining and the production of the services instead of goods with the financial sector replaced the manufacturing, which is the biggest single industry in the economy (Australia Economy, 2016). For the calculation of the GDP, the Australian Bureau of Statistics uses three methods: the production, the expenditure, and the income approaches. Production Approach The production approaches estimate the value added of all the producers by deducting the value of goods and services produced by the intermediate consumption, after that add taxes on products, and subtract the subsidies on the product. Expenditure Approach This approach determines the expenditure of the final use of the goods and the services, which includes households consumption final expenditure, final consumption government expenditure, capital formation, and the net exports, which is the difference between the exports and the imports. Income Approaches This approach helps to find out the economies income. The income of the economy has estimated by adding the employees compensation, gross operating surplus, gross mixed income, and the taxes and deducting the subsidies on the production and the imports. The volume has determined at the level of the total GDP by denying the current price, which has determined by the implicit price deflator in the expenditure approach. Each of the approaches is finding out the same value of the GDP in the case of the measures compiled with the help of the sources of the various data. The GDP has categorized annually by the American Bureau Statistics by balance them in supply and using tables. By balancing the supply and with the help of the tables, all the three approaches that find out the value of the GDP are same. The estimation of the GDP has acknowledged by the Australian Bureau of Statistics and about the issues regarding the GDP. As per the Australian Bureau of Statistics, the growth that is quarterly has adjusted in terms are very sensitive for the timing of recording the transactions. If the transactions record has delayed by the one- quarter, the movements of the adjustments have deformed for the three consecutive quarters. The quarterly national accounts are depending on the indicators, which has partial estimated in addition. The concept, as well as the scope of the series of the national accounts with the relevant partial indicator, is different from each other. For the improvements of the accuracy, the American Bureau of Statistics revised the figures with the help of the availability of the accurate information. Press releases that information, in which the data has revised (Trading Economics, 2016). The Importance of the Australian GDP For the measurements of the economic performance, the growth of the GDP has considered as the most important indicator. The changes in the rates of the original GDP has known as the economic growth and the best scale for the ups and the downs of the economy. It has specifically used for the analysis of the short term. The growth figures of the GDP and the GDP report of the government are close to the important information, which gives the information that is important and that information shows the description of the state of the Australian economy. Forecasting the GDP of the Australia The GDP growth of the Australia and its forecasting has described in various sources. The Reserve Bank of Australia, the Government, commercial banks, consultancies are watching the Australian economy and updates the GDP growth of the Australia. The twenty various forecasts on the GDP of the Australia has collected by the Focus Economics and give the average that is consensus forecast through the economists surveyed. From the minimum and the maximum projections of the GDP growth of the Australia, it gives the view about the future GDP growth rate of the Australia. The monthly Focus Economics Consensus forecasting for the Australia and the monthly Focus Economics Consensus for the reports of the Asia are involved in the forecasting is of the GDP growth of the Australia. The availability of both the reports is either on the ad-hoc basis or on the annual subscription. Download that report or buy, which is available in the online stores. The Economic Growth of the China The economy of the China has grown at the slowest rate in 2015, which raises the pressure on the Beijing for addressing the fears about the slowdown, which affects the global markets. The growth about the 6.9% of the full year and shortage due to the expectations of the government of about 7% and the growth in the year of 2014 are about the 7.3%. The growth of the GDP has shown by the National Bureau of Statistics about the 6.8% in the month of the December. The expectations of the past quarter were concerned about the health of the second- largest economy in the world, which discloses the various challenges such as weak exports, the level of the high debt, and the slow investment. The industrial output of the China in the month of December was about the 5.9%, which has compared with the earlier and it has found from the forecasting that there is rise of about 6%. The fear of the China economy has came from the surface of the stock market. The growth of the GDP has not collapsed in t he case of the figures of the fourth quarter are low as compared to the expectations. The additional Government actions have included in the Chinese economy, and that leads to the collapse. There was also the quarterly growth about 6.8% in the market instead of 6% (Trading Economics, 2016). The Chinese economy has extended up to the 1.8% on the second quarter, which accelerates the revised growth about the 1.2% and beats the market expectations about the 1.6% extension and that is the strongest growth for the China in the month of the September 2015. The growth rate of the China has averaged in the 2010 until 2015 about the 1.85%, and in the second quarter of the 2011, it has reached at the 2.50% and now the growth rate of the GDP has declined. The National Bureau of Statistics publishes the report of the growth rate of the GDP of the China (Financial Times Ltd, 2016). years growth rate of GDP in % 2011 9.5 2012 7.7 2013 7.7 2014 7.3 2015 6.9 (Chinability, 2016). The growth of the GDP has declined in 2015 up to the 6.9%. The growth is slow and causes the jitters for the world, as the China is the main parts of the global economy. The prices of the commodity were decreases and the cheaper oil hurting the producers of the oil and the surplus, which came from the steel output are decreases and in the danger of the survival for the national steel industries. The exporters of the China, as well as the investors, are worried about the demand, which has fallen in the market. The China has the fear about the global market as well as the capital, which is present in the country at the unrepeatable pace. The investors have the clues about the equity market of the China and the depreciated value of the currency at the beginning of the year, and the policy makers can make the slowdown, which neglects the financial crisis and the instability of the society for the China (Jones Company, 2016). Components of the Growth of the GDP The main sources for the growth of the China are the final consumption, Gross capital formation, and the net exports, which the difference between the total imports and the total exports. The consumption has not grown immediately, and the exports are declines. The main work for the rebalancement of the Chinese economy has based on the policy makers. The Government started the steering of the economy, which has excluded from the investment and the exports, and the growths are depending on the domestic consumption. Nevertheless, it is difficult to prove that the Chinese households are spending more and saving less. It will require the economic restructuring for the full rebalancing. This involves the state-owned enterprises, which has trimmed down for the over capacity sector like the coal mining and the steel processing, in which the profit is minimum. The indicators of the activity of the China are the fixed assets investment, retail sales, and the production of the industry. The fig ures for the growth of the China, which has included in the demand of the commodity (News Ltd, 2016). The Comparison of the China Growth and the Australia Growth The economy of the Australia has the experienced about the repeated growth and the characterized minimum unemployment, which involves the inflation, low public debt, and the financial system that is strong and the stable. From the 2012, the Australia has the experienced about the continuous economic growth for the 20 years and the average is about the 3.5% a year. The demand for the resources, as well as the energy from the Asia and the China, has grown and creates the channel for the investments of the resources, and the exports of the commodity have grown. The rate of the Australian dollar has become high and affects the manufacturing sector, and the largest parts are the service sector of the Australian economy and accountable for the GDP about the 70% and for the jobs about the 75%. The Australia was not that much affected by the financial crisis because of the banking system remains strong, and the inflation was in control. The Australia is the major exporter of the natural reso urces, energy, and the food. Because of this, the Australia attracts the foreign investments at the high level. It also involves the reserves regarding the coal, iron, copper, gold, natural gas, uranium, and the sources of the renewable energy. The various major investments like the US$40 billion for the project of the Gorgon Liquid Natural Gas are the major reason for the expansion of the resources sector. Australia is one of the markets where there is minimum restrictions regarding the imports of the goods as well as the services. The process has increased the production and the growth and creates the economy with high flexible and the dynamic. The Australia plays the vital role in the WTO, APEC, the G20, and the other forum. The China has moved from the system, which has centrally planned for the market orientation that plays the major role in the global. From 2010, the China becomes the biggest exporter of the world. The beginning of the reforms is the phasing out the agriculture and expansion, which involves the price liberalization, fiscal decentralization, autonomy of the state enterprises increases, creating the system of the diversified banking, growth of the stock market, private sector, and the beginning of the foreign trade and the investment. The implementation of the reforms has done by the China in the gradualist fashion. In the previous years, China was renewing the support for the enterprises, which has state owned and it has considered the important, significant economic security and looking for the competitive national champions. The China keeps its currency associated with the US Dollar for years and it has revalued by the 2.1% against the US dollar and move to the system of the exchange rate that involves the various currencies. In the mid of the 2012, the China has become the second- largest economy in the world after the United States. The value of the dollar of the Chinas agricultural and the output of the industry, which exceeds those to the US, the China has the second position after the US in the production of the services as well as the value. Still, it has the per capita income below the average. The government of the China faced many economic problems such as reduction in the high domestic savings rate and the corresponding demand of the domestic; sustenance of the proper growth of the work about the 10 millions migrants and various economic crimes; contains the damages of the environment and the society, which is related to the rapid transformation of the economic. The growth of the economic has progressed in the coastal provinces than the interior, and by 2011, it has more than the 250 million of the migrant workers, and they are dependent on the reloca tion of the urban areas for finding the work. The other consequences are the population control policy of the China, which has one of the rapidly growing countries in all over the world. The China has deteriorated the environment such as the air pollution, soil erosion, and decreases in the water table especially in North, which has the long-term problem. China lost the land due to the erosion and the economic development. The government of the China seeks to the addition of the production of the energy and the other sources of the coal as well as the oil are focus on the nuclear as well as the alternative development of the energy. In the year 2011, China faces the problems of the high inflation, which has resultants from the program of the credit-fueled stimulus. Some of the measures have taken for controlling the inflation, but the growth of the GDP has slow down about the 8% in the year 2012. The economic slowdown of the Europe has the contribution towards the China. It has furt her expected that there would be the growth of the China in the coming years 2013. Debts have become low from the stimulus program especially in the local government. The price of the property has challenged the policy makers currently. The five-year plan of the government has adopted in the year of 2011, which emphasized about the economic reforms and the increase in the domestic consumption for making the economy less dependent on the exports in upcoming futures. Only China has made the progress, which is marginal regarding the goals (Nationmaster, 2016). Conclusion It has concluded that the economic growth of the China is more as compared to the Australia and the affects of that growth are more than the Australia. References Graduate Institute Geneva.(2010).the financial and the economic crisis and developing countries. Retrieved on 29 september 2016 from https://poldev.revues.org/144 Australia GDP.(2016). GDP in Australia. Retrieved on 29 september 2016 from https://www.focus-economics.com/country-indicator/australia/gdp Trading Economics.(2016). Australia GDP annual growth rate. Retrieved on 29 september 2016 from https://www.tradingeconomics.com/australia/gdp-growth-annual News Limited.(2016). What the Chinese economic slowdown means for Australia. Retrieved on 29 september 2016 from https://www.news.com.au/finance/executive-lounge/what-the-chinese-economic-slowdown-means-for-australia/news-story/655a8cf4f052e34032ca34d7564c8aa0 Trading Economics.(2016).China GDP growth rate. Retrieved on 29 september 2016 from https://www.tradingeconomics.com/china/gdp-growth Jones.D and Company.(2016). China economic growth in 2015 is slowest in 25 years. Retrieved on 29 september 2016 from https://www.wsj.com/articles/china-economic-growth-slows-to-6-9-on-year-in-2015-1453169398 Financial Times Ltd.(2016). The Chinese economy at the glance. Retrieved on 29 september 2016 from https://ig.ft.com/sites/numbers/economies/china Chinability.(2016). GDP growth in china. Retrieved on 29 september 2016 from https://www.chinability.com/GDP.htm Australian Economy.(2016). Australia economic outlook. Retrieved on 29 september 2016 from https://www.focus-economics.com/countries/australia Nationmaster.(2016). Australia and China compared:Economic states. Retrieved on 29 september 2016 from https://www.nationmaster.com/country-info/compare/Australia/China/Economy

Risk Management in Insurance Free Samples â€Myassignmenthelp.Com

Question: Discuss about the Risk Management in Insurance Sector. Answer: Introduction Insurance sector has been increasingly immersed in a permanent updating process that fosters the changes required for adapting in both the new economic environments as well as growing level of safety (Titman, Keown and Martin 2015). In this particular case, general insurer had recently expanded after implementing acquisition as well as organic growth. For attainment of proper strategic planning process, Board need proper management of business interruption risks that will make an effective strategic planning process for the insurance companies. This is essential as Board showed concern regarding lack of effective management because of business interruption risks exposing the insurer regarding increased reputational risk (Sadgrove 2016). This present segment will explain the contribution whereby management of business interruption risks can be effective for proper strategic planning process. After reviewing the current strategy, Board decided working upon the inadequate business conti nuity as well as crisis management planning. Insurance companies have been active after utilizing wide-variety of exchange traded activities. Global demographic changes as well as calamities forced several domestic and international insurance companies for focusing products (Prez?Gonzlez and Yun 2013). This aims at improving the asset and liability management in along with financial risk managerial process as well as systems. Therefore, Insurance company risk managers as well as financial professionals focus mainly on insurance sector learning the sector. It is where insurance companies that identifies, measures as well as monitoring and controlling financial risks (Meyer, Normative and Kunreuther 2016). Explaining the contribution that the management of business interruption risks makes for an effective strategic planning process Business Interruption Risk in Insurance termed as form of Insurance Coverage replacing business income lost because of an event. This majorly interrupts the operational aspects of a business like fire or in case natural disaster (McNeil, Frey and Embrechts 2015). Therefore, Business Interruption insurance is not sold under any separate policy but rather added to the property or casualty policy mainly involved in the comprehensive package policy Business Interruption Insurance Premiums is deducted from ordinary business expenses. This policy type pays out cause of business income loss as covered from underlying property or casualty policies (Malhotra 2015). The amount payable based upon the past financial records of the business. This business interruption risk should be minimized by conducting a proper strategic planning process within the insurance company by the insurer. When it comes for effective decision-making activities, it is essential for keeping account of the legal requirements whereby insurance companies believes in satisfying the following factors as listed below: One of the factors that need to be considered in a proper strategic planning process is ensuring commitment of one of the insurance company Senior Managers (Lucey, Agnello and Laney 2015). In other words, having a project sponsor dedicates sufficient influence for ensuring the backing of all the solved activities. The other factor that needs proper attention is developing the scope of the project after identifying the areas of insurance companies for viewing at the physical locations (Lam 2014). Resource allocation is the factor involving human resources gaining help from project development or financial resources for elaborating activities (Kwon 2015). Other factor involves Business Continuity for smooth process for insurance companies (Hull 2012). Proper Strategic Planning Process will enable various insurance companies for reacting and returning to normal disaster-related business interruption (Hopkin 2014). In a particular insurance company, Strategic Planning Process involves various phases such as: Analyzing the risks from the event of unavailability- Proper Strategic Planning Process in an insurance company consider the elements such as people, technology, suppliers as well as building or infrastructure and information (Gold 2012). This risk of unavailability analyzes on the probabilities for assigning each threats. In other words, this enable the company for ascertaining the additional measures for taking reduced consequences for given case. This will act as a decision tool for prioritizing some of the recovery strategies. There are some of the difficulties associated with the current phase for encountering the risk analysis involving having a log of incidents affecting the insurance companies as well as accessing the necessary information at the same time (Goda 2015). Business Impact Assessment- Proper Strategic Planning Process will analyze the effect of not performing in a set of business continuity process after listing as well as sorting critical recovery-post disaster (Glendon, Clarke and McKenna 2016). This particular step considers as an important step as it defines Business Continuity Plan based on the outcome. Performing Tests- Proper Strategic Planning Process means determining way for facing the disaster after exercising the performance (Embrechts and Hofert 2014). This action plan will enable staff members for verifying the solutions for implementing the procedures as developed for meeting the business requirements of the insurance companies. Further, it will identify aspects for reviewing purpose. Tests can even be performed in various stages as dependent on gaining understanding of matured solutions or implementation procedures at the same time (Eilers and Lawrence 2015). Selection and designing the solutions for recovering the activity- Proper Strategic Planning Process will be analyzed for performing the process for minimizing the recovery time (Dorfman and Cather 2012). These solutions can be well defined after defining the unavailability scenarios of elements for performing the process. Study of the dependence process- Proper Strategic Planning Process enables aspect for possible dependency between processes Business Interruption Risk Assessment used for insurance planning as well as prevention. In other words, this risk assessment help in providing information on business interruption as occurred from the event of a catastrophe (Dionne 2013). In contrast to risk, it majorly deals with technical as well as structural aspects focusing widely on economic damage. Focus is on catastrophic events as opposed by business continuity management for identifying as well as quantifying the documents especially in case of emergency and crisis management purposes (Cummins and Santomero 2012). Business Interruption assessment recommended when a particular business organization takes out plans for renewing the business interruption insurance policy. In other words, this assessment is helpful by reviewing the existing insurance cover (Cole, Gin and Vickery 2013). Therefore, Business Interruption assessment is considered invaluable from contracting a new plant or an existing one at the same time. It is important to consider the fact regarding the companies with interruption risk assessment (Cole et al. 2013). This should conduct workshop with the company management for analyzing the worst-case scenarios as well as developing strategies for ensuring business in getting back to normal phase. This will mainly involve cost calculation after proper examination of level of affordability part. Therefore, insurer should render general information for selecting the most appropriate insurance policy or in case renewing the business interruption insurance. This in other way takes into consideration economic analysis at the catastrophe situation. Henceforth, it requires outlining the measures at the given event of catastrophe and making management aware regarding any preventative measures (Born et al. 2014). Analyzing the risks for the Insurer of inadequate business continuity and crisis management planning Unplanned events have a devastating effect by the insurer on the insurance companies. Some of the crisis includes fire, damage to stock as well as Key staff members suffering from illness. This crisis makes it difficult for carrying out normal day-to-day activities (Blaunstein, Trump and Linkov 2014). This can even give rise to losing of important customers as well as going out of business altogether. In order to minimize inadequate business continuity and crisis management planning, it is essential to conduct good planning by taking proper steps at first place (Bennett et al. 2014). This present segment will take into consideration identifying potential risks as well as preparing for emergencies for testing the business for coping up with the disaster Accidents happen so it is important to consider the fact that business profits as well as company reputation is at risk (Baxter et al. 2013). Shareholders on the other hand depend upon the company livelihood gaining reassurance for minimizing major incidents or occurrence of crisis. Most of the insurance companies make forward-looking statements from the Annual report and accounts. This describes the principal risks as well as uncertainties faced by insurance companies. These are some of the statements involving mitigating ways affecting the risks. The present segment indicates good design as well as management of facilities backing up with proper Business Continuity Plan. Insurance can be noticed as a supplementary mitigated risk for line of defense (Akotey and Abor 2013). On the contrary, combining an effective risk management strategy aligning with suitable Business Continuity Planning The core factor of Business Continuity Planning aims at rendering appropriate level of details for anticipated users. It comes under user-friendly as well as familiar format (Meyer, Normative and Kunreuther 2016).. This act as an adequate means for maintaining business as well as company reputation Need to Plan for Possible Crisis It is important for planning continuously in way of protecting the impact of potential crisis like fire, theft to IT system failure and flood. This is restricted for accessing to premises or staff members suffering from illness. Planning plays an important role for insurance companies that lack resources for coping up at the time of crisis. Plan failure can be a disastrous attribute that need proper attention as far as possible. One of the practical way for catering various needs are divided into Business Continuity Planning in given ways. Risk Management in Insurance offers another form of protection. This is another possibility of loss. Sharing risk among small group of community members act as a mutual aid groups (Meyer, Normative and Kunreuther 2016). During worst times, business can never recover and lead towards cease trading. Planning Process should involve attributes such as: Identifying the potential crisis Determination of attributes used for minimizing the risks from these disasters Setting out activities occurred from business continuity plan Testing the plan on regular basis Benefits of using continuity plan will make sure of coping with the crisis and find ways for minimizing the disruption to the business as well as customers. In other words, this will prove to customers, investors as well as insurers whereby business is robust enough for coping with any crisis and remaining edge by the competitors (Titman, Keown and Martin 2015). Crisis affecting business Depending upon the business specific circumstances, there are wide-variety of possible events constituting the crisis. This crisis includes: Natural Disaster- This particular crisis involves flooding caused by burst water pipes especially on heavy rain or wind damage (Meyer, Normative and Kunreuther 2016). Theft or vandalism- This means theft for computer environment likes proving to be devastating effect. Fire- There are few other situations affecting potential by physically destroying the business (Titman, Keown and Martin 2015) Power Cut- This involves loss of power possessing serious consequences (Blaunstein, Trump and Linkov 2014). IT System Failure- This involves computer viruses, hackers attacks affecting employees possessing ability to work in an effective way. Terrorist attack- This considers one of the risks to the employees in the business operations at the time of terrorist strike. Assessing the possible impact of risks affecting the insurer It is essential to analyze the probability as well as consequences of crisis affecting the insurance business. It takes into consideration assessing the likelihood for a particular crisis concerning possible frequency. This aims at determining the possible impact affecting the operational aspects for the insurance companies (Titman, Keown and Martin 2015). On the contrary, this analysis will help in identifying the business functions for day-to-day running of the business activities in insurance sector. This concludes from given certain roles as well as responsibilities in and across the insurance sector in worst disaster scenario (Blaunstein, Trump and Linkov 2014). Likelihood of risk occurs by grading the probability of a particular crisis presented on a numerical scale. This will majorly help in deciding upon the attitude of the business towards risk assessment activities. It is required for deciding on various low-probability crises possessing damage to the business such as terrorist attack (Meyer, Normative and Kunreuther 2016). Rapid Globalization has increased the connection with potential risk factor. In other words, events occurring in one industry or country give rise to rapid transmission to other industries in and across the globe (Blaunstein, Trump and Linkov 2014). A Pragmatic Solution Business Continuity Plan will take into account factors containing employed competent people for understanding the business. This will have empirical knowledge for various potential crises especially from risk assessments (McNeil, Frey and Embrechts 2015). This particular plan will take into account for factors for preparing as well as guiding a comprehensive on timely manner. Business Continuity Planning needs to be maintained as well as kept up-to-date information. Effectiveness of Business Continuity Planning must be verified by exercising at corporate as well as local level (Meyer, Normative and Kunreuther 2016). Therefore, learning from these tests after allowing continual improvement in providing greater reassurance in maintaining the continuity in the most appropriate way Recommendations The management of the company can make use of an approach that can ensure implementation of the assimilated risk management procedure that is in congruence with the strategic planning process (McNeil, Frey and Embrechts 2015). The management of association between the business interruption risk as well as strategic planning risk can help in integration of risk as well as strategy. The management of the corporation can redesign the existent risk management procedure in order to guarantee assimilation with strategic planning procedures. Therefore, the administration of a firm needs to implement a continuous process that can investigate the overall capabilities of the corporate unit and at the same time the level of flexibility of the unit (Blaunstein, Trump and Linkov 2014). In addition to this, the proposed approach for implementation of an assimilated risk management and at the same time strategic planning procedure include creation of a team led by specialists who are experienced and have done these tasks before. Again, the members or else the participants of the selected team need to be chosen by the respective team leaders. The team leader can act as the specialist or in other words expert who can lead the process of integration of the risk management process and the strategic planning procedure. The effective team can in turn help in the process of development of different scenarios that are essentially driven by data, business driven as well as event determined. The management of the corporation can critically analyze the scenario and examine the degree of acceptability of the risks (McNeil, Frey and Embrechts 2015). Thus, it can be said that the management of business units need to monitor diverse scenario and arrange for regular tracking of particular scenario by various specialists in case if the level of the risks are acceptable. However, if the level of risk associated to the scenario is not acceptable, then the management needs to think about the process of mitigation and process of addressing the detected issues (Blaunstein, Trump and Linkov 2014). In addition to this, the proposed approach also needs to incorporate assimilated risk management procedure that also needs to touch different phases of project, programs as well as portfolios (Titman, Keown and Martin 2015). In addition to this, the mitigation projects also needs to be carried out instantly, the procedure of assessment of risk needs to continuous. The continuous risk mitigation procedure comprises of risk monitoring that acts as a fraction of the entire process of reviewing the program and managing incessantly. Furthermore, the process also involves the identification and mitigation of the residual as well as secondary risks (Meyer, Normative and Kunreuther 2016). In addition to this, the management of the corporation needs to ensure proper identification of the residual risk as well as secondary risks that persists even after implementation of diverse mitigation measures. Again, the residual risks can be considered as the risks that stay behind even after execution of different response policies. However, the secondary risks can be regarded as the direct consequences of the implementation of the risk response. Therefore, the administration of particular needs to make it certain that the risks of the firm is appropriately evaluated as well as managed normally as part of the process of risk management (McNeil, Frey and Embrechts 2015). Creation of symbiotic relationship between risk management as well as strategic planning activities boosting ability for executing strategies and managing ris ks The importance of business continuity planning has been grown rapidly from the past few years. Risk Management as well as Strategic Planning act as tow major key business process as implemented at distinct rates (Blaunstein, Trump and Linkov 2014). There are two integral functions involving in continued separation as well as misalignment leading towards overabundance of potential issues. In case firms fails in incorporating strategic planning into given risk management activities. Without possessing strong understanding of associated risks in aligning with growth strategy for a successful plan Executing a series should be well coordinating in case for Business Planning in way of integration activities for realizing full value of optimized business continuity management (Meyer, Normative and Kunreuther 2016). In other words, Business Continuity Management program integration aligning with sharing governance as well as steering committee members. This reveals involving in Business Continuity Management for proper assessment process. This requires assisting in interview preparation. It means participating in shareholder interviews by listening towards interruption risks for bringing improvement in Business Continuity Planning. Therefore, this concept mainly support towards risk assessment analysis (Blaunstein, Trump and Linkov 2014). Developing Business Continuity Management for informed risk resiliency improvements as well as possible recovery strategies for keeping right focus on cost versus risk reduction benefits Enhancing risk scenario analysis involves viewing at the interruption risk affecting insights (Meyer, Normative and Kunreuther 2016). In addition, conducting Business Continuity Management enables proper conducting proper capability examination in case of post incident analysis. In other words, it requires using more impact way after viewing at the interruption risks in worst scenarios. Performing with the post-interruption event analysis will be determining with the effective programs especially for risk identification and managerial actions at the same time. Performing a Business Continuity Management business renders detailed qualification on interruption risks for bringing improvement for program determination of risk tolerance and acceptance in the most appropriate way (Titman, Keown and Martin 2015). Conclusion At the end of the study, it is concluded that business interruption risks give rise to effective strategic planning process. Every organization is exposed to certain risks. It takes into consideration some of the pure risks such as Fire, Explosion as well as chemical release at the same time. It ensures organization for withstanding any risk or failure of systems for continuing operations without any kind of struggle. Risk Management as well as Insurance Planning requires for an organization for reviewing the risk management strategies opting the risk transfer measures such as availing Insurance cover. Most of the time coordination between technical as well as operational departments considering as unbiased study for technical risk management for future analysis purpose Some of the emerging challenges considers as de regulation especially in Insurance Market. In other words, a global market affects the local markets options in case of self-insurance. Risk and capital management actively seek as well as retain risk emphasizing upon risk and capital management. Focus areas of Insurance Management is identifying internal as well as external pure risks. Existing Risk Control Measures Review with defined guidelines as well as documentation at the same time Reference List Akotey, J.O. and Abor, J., 2013. Risk Management in the Ghanaian Insurance Industry, Qualitative Research in Financial Markets. Baxter, R., Bedard, J.C., Hoitash, R. and Yezegel, A., 2013. Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), pp.1264-1295. Bennett, S., Booth, A., Bourgeois, R.C., Cates, R.E.C., Gilbert, J., Longfield, D., Tasha MacDonald, R.M., Meuser, A. and Seymour, M., 2014. PP GBS CPG Working Group Clinical Practice Guidelines Committee Insurance and Risk Management Program AOM staff. Blaunstein, R., Trump, B. and Linkov, I., 2014. Nanotechnology risk management: an insurance industry perspective. Nanotechnology Environmental Health and Safety. Risks, Regulation, and Management, pp.247-263. Born, P., Payne, H., Scholar, C.H.M.E., Lin, H.A. and Wen, M.M., 2014. Cash-Flow Risk Management in the Insurance Industry: A Dynamic Factor Modeling Approach. Cole, S., Gin, X., Tobacman, J., Topalova, P., Townsend, R. and Vickery, J., 2013. Barriers to household risk management: Evidence from India. American Economic Journal: Applied Economics, 5(1), pp.104-135. Cole, S.A., Gin, X. and Vickery, J.I., 2013. How does risk management influence production decisions? Evidence from a field experiment. Evidence from a Field Experiment (July 1, 2013). World Bank Policy Research Working Paper, (6546). Cummins, D. and Santomero, A., 2012. Changes in the life insurance industry: Efficiency, technology and risk management (Vol. 11). Springer Science Business Media. Dionne, G., 2013. Risk management: History, definition, and critique. Risk Management and Insurance Review, 16(2), pp.147-166. Dorfman, M.S. and Cather, D.A., 2012. Introduction to risk management and insurance. Pearson Higher Ed. Eilers, B.W. and Lawrence, B., 2015. The role of insurance in catastrophe risk management: the European perspective. Embrechts, P. and Hofert, M., 2014. Statistics and quantitative risk management for banking and insurance. Annual Review of Statistics and Its Application, 1, pp.493-514. Glendon, A.I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc Press. Goda, K., 2015. Seismic risk management of insurance portfolio using catastrophe bonds. Computer?Aided Civil and Infrastructure Engineering, 30(7), pp.570-582. Gold, J., 2012. Protection in the cloud: risk management and insurance for cloud computing. Journal of Internet Law, 15(12), pp.24-28. Hopkin, P., 2014. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers. Hull, J., 2012. Risk Management and Financial Institutions,+ Web Site (Vol. 733). John Wiley Sons. Kwon, J., 2015. Collegiate education in risk management and insurance globally: past, present and future. Insurance Economics Newsletter, (71). Lam, J., 2014. Enterprise risk management: from incentives to controls. John Wiley Sons. Lucey, T.A., Agnello, M.F. and Laney, J.D., 2015. Risk Management and Insurance. In A Critically Compassionate Approach to Financial Literacy (pp. 93-116). SensePublishers. Malhotra, Y., 2015. Risk, Uncertainty, And, Profit for the Cyber Era: Model Risk Management of Cyber Insurance Models Using Quantitative Finance and Advanced Analytics. State University of New York, Polytechnic Institute. McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts, techniques and tools. Princeton university press. Meyer, R., Normative, D. and Kunreuther, H., 2016. Robert Meyer Frederick H. Ecker/MetLife Insurance Professor Professor of Marketing Co-Director, Risk Management, Decision Processes Center. Prez?Gonzlez, F. and Yun, H., 2013. Risk management and firm value: Evidence from weather derivatives. The Journal of Finance, 68(5), pp.2143-2176. Sadgrove, K., 2016. The complete guide to business risk management. Routledge. Titman, S., Keown, A.J. and Martin, J.D., 2015. Financial management: Principles and applications. Pearson.

TOEFL Writing Sample

TOEFL Writing SampleYou have found it quite possible to conduct your TOEFL exam writing essay samples free. One of the best sources to get help in doing this is by checking the internet. There are many sites on the internet that you can use to test your English language skills and get help with your TOEFL writing samples. The benefits of using these sites are that they will not cost you any money and they will provide excellent assistance that you could not obtain from books and teachers.The TOEFL writing sample site will guide you in writing an essay and give you hints that you will need to know about how to write an essay. Once you have finished your essay, you can then send it back to the site and they will check it again for accuracy. If it is found to be correct, then you will get some really good feedback and you will be able to improve on the way you present your essay. This is a real advantage because it can save you time.The other thing that you can do once you have finished your essay is to revise it and once you have corrected your mistakes you can then send it to the site again. You will be asked to fill out the same form and you will get some good tips and ideas on how to improve your essay. You can improve your essay by giving more information in your essay and make sure that you know what you are doing before submitting your essay. This is another reason why the TOEFL writing sample site is so popular and widely used.Another great benefit that you can get from these sites is that they can give you practice when it comes to handling your paper. With these online sources you will find that you have some really good practice in handling different types of paper and that you know how to keep all your paper together.Writing essays are not the easiest thing in the world. While you may think that you can just hand write your paper without any trouble, there is one thing that you need to remember and that is that you need to make sure that you get the mo st out of your paper. You will have to make sure that your essay is written properly and that the information you have gathered is accurate and you can then go back and revise the essay so that you do not lose the information that you need.You will need to get some suggestions on how to approach your topic so that you do not get lost in the writing process. It is important that you know what to write and what to change so that you do not lose any of the important points you are trying to convey. In order to do this you will need some helpful tips and hints.The TOEFL writing sample site is the best resource for getting some of the tips and hints that you will need in order to write your essays correctly. This is because they will help you by giving you some tips on how to present your essay properly so that you can then be able to answer the questions of the taker.Free sites on the internet are a wonderful place to get some useful and valuable information in regard to this type of ex am. When you are looking for a site where you can get some quality advice on writing the TOEFL, you should look for one that has been proven to be reliable and has a good reputation.

Cognition Essays (374 words) - Cognitive Biases, Critical Thinking

Cognition What are some other key biases that influence judgment? Judgment seems to be influenced by a variety of things each have their own implication on judgment. Overconfidence serves as a bias on judgment. Fischhoff, Slovic, and Lichtenstein, in 1997, tested this idea. The participants were given the question "Absinthe is a: A) liquer or B) a precious stone." The subjects were to choose the correct answer, and state the probability of being correct. It was found that when the subjects were 100 percent confident in their answers, they were only correct 80 percent of the time. This provides evidence that there is in fact, a dissociation between knowledge and awareness. Another bias that influences judgment is the hindsight bias. This is commonly referred to as the Monday morning quarterback, saying "He should have...." This bias works on the premises that hindsight is 20/20. We can see the hindsight bias in many psychology experiments where the subjects are asked to predict the outcomes of an event, doing so with chance accuracy. After being told the outcomes, the subjects say that the predictions would be easy because the outcomes are obvious. What they are failing to do is to carefully compare the outcomes with reasoning, which may propagate inaccuracy. The confirmation bias is another bias which influences judgement. This bias happens in a variety of forms. First, when subjects are assessing a belief, they are more likely to seek evidence that confirms the belief than evidence that does not support it. Second, when disconfirming evidence is made available to them, subjects often fail to use it, in adjusting their beliefs. Third, subjects will forget non-supporting evidence, and show memory bias toward cases similar to their beliefs. Finally, subjects regularly fail to consider alternative hypotheses, which might explain the available data as well as the current beliefs. Logic can influence judgement to a certain degree. Logic is concerned with whether a particular conclusion is brought about by a particular set of premises. So, when the subjects show the belief-bias patterns, they are not distinguishing between good and bad arguments. Instead, they are willing to support a bad argument that leads to a conclusion which they believe is true, and they are willing to reject a good argument, if it leads to conclusions already believed false. Nevertheless, these biases can influence judgement, but they can be combated if recognized in our cognitive capabilities.

When Do AP Scores Come Out 2019

When Do AP Scores Come Out 2019 SAT / ACT Prep Online Guides and Tips If you've taken an AP exam recently or plan to take one soon, you’re probably wondering: when do AP scores come out?Unfortunately, you have to wait a bit longer for AP scores than you do for SAT/ACT scores. Keep reading to find out exactly when AP exam scores come out. In addition, learn where to find your AP scores and get tips on what you can do as you wait for them. AP Score Release Dates for 2019 AP scores are released each year in early July.While you’ll get all your scores at once, note that scores are rolled out over a few days. They are also released by rough geographic region. For example, in 2016 all the states on the east coast got their scores first, whereas those in the northwest got theirs last. Like in 2016,2017, and 2018, in 2019 AP scores will come out on July 5, and all of them will be released by July 9 (except for late-testing exam scores, which were released in August). The specific dates and times for AP scores in each state are listed below: 2019 AP Score Release Date States/Regions Friday, July 5* Florida, Louisiana, Mississippi, Texas Saturday, July 6* Alabama, Arkansas, Georgia, Illinois, Kentucky, North Carolina, Oklahoma, South Carolina, Tennessee, Virginia Sunday, July 7* Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, West Virginia Monday, July 8* California, Michigan, Ohio, Oregon Tuesday, July 9* Alaska, Arizona, Colorado, Hawaii, Idaho, Indiana, Kansas, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, South Dakota, Utah, Washington, Wisconsin, Wyoming Canada, US Territories, International *All release times are 8 am Eastern Time (ET). If you're taking a late or alternate exam date, your score will be ready between mid-July and late August. Learn more about the 2019 score release schedule at the College Board website. How Do I Get My AP Scores? AP scores are posted online on theAP student website. You'll be able to access them through your College Board account, so make sure you have your username and password on hand. You’ll also need your AP number orthe student ID number you used on your AP answer sheet. AP scores are only available online- you won't get a letter or score report in the mail. (Back when I was in high school, though, and as recently as 2013, scores were only mailed and usually arrived in mid-July. You should be excited about the online score system since it’s much faster!) Worried about your SAT/ACT score? Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now: Why Does It Take So Long to Grade AP Tests? While the fact that AP scores come out online saves some time, why does it take the College Board two months to grade AP exams when you can get your SAT scores after just a few weeks? The reason for this is that it takes a long time to grade free-response questions.Although the multiple-choice sections are graded by a computer, free responses aren’t graded until the annual AP Reading conference in June. The 2019 conference dates go fromJune 2 to June 18. This event is basically a huge conference where thousands of high school teachers and professors gather to grade all the free-response sections on AP tests. The AP Reading usually lasts about two weeks. Since it doesn’t start until June (to accommodate teachers’ and professors’ schedules), this makes the AP scoring process take longer. This is an actual picture from the 2013 Reading conference for AP Studio Art. Each portfolio is looked at by more than seven graders! Read more here if you're curious about what happens during grading. Once the conference is done, the College Board must work quickly to combine the free-response scores with the multiple-choice scores; this process involvesweighing and then scaling them to the final 1-5 scoring scale. Readers have just two weeks to do all of this before final AP scores are posted online in July. Even though the entire scoring process takes two months, it’s actually quite a feat for more than four million AP exams to be graded by real people every single year! Still Waiting for AP Scores? What to Do in the Meantime Since there's no way to see your AP scores before they're posted online, you’ll have to be patient and find a way to occupy yourself in the meantime. AP exams end in early May, but because most school years last until late May or June, try tofinish the school year strong. Your GPA is very important in college admissions, so use your time (now that the AP tests are over!) to maximize your grades, especially in your AP classes. Additionally, since you'll likely be taking finals around this time, make sure to study hard for these so that you can walk away from the class with a grade you're proud of. Finals often count for a big percentage of your overall class grade, so don't put off studying for them! If you're a freshman or sophomore, you might want touse this time to jumpstart your ACT or SAT prep. It might seem early, but the earlier in your career you begin studying for these tests, the more familiar you'll become with them (and the better you're likely to do). If you're a junior, you’ve hopefully already taken the SAT/ACT at least once. However, if you haven’t, definitely use the time after your AP test to study for one.If you've already taken the SAT/ACT but plan to retake the test, try to dive into your studies once you're done with AP tests. If you’re a senior, you'll likely have already gotten your college decisions by the time AP tests are done, so finish the year strong and enjoy graduation! What to Do After You Get Your AP Scores If you've passed your AP exams,start exploring the College Board's college database to see where you can get credit for your scores. You can also read about the College Board's score reporting serviceand begin thinking more about the college application process (if you're a junior). It won't be too long until you'll be filling this out for the first time. Start researching your options now! On the other hand, if you didn't pass an AP test, you might want toconsider retaking the exam next year, especially if it’s a course you want to get college credit for. Talk to your guidance counselor and/or AP teacher to discuss your options. Finally, check back online in August to see if you qualified for any of the AP Student awards. These are basically awards you get if you earn a certain number of passing scores on the AP tests. If you win an award, it will be included on any score reports you send to colleges. Nice! What’s Next? Above, we mentioned using your time after APs are over to jumpstart your SAT/ACT studying. Here are some of our best resources you can use: Develop an SAT/ACT studying timeline to maximize your score Learn key strategies to improve your scores onSAT Math, Reading, Writing, and theEssay Hear aboutthe most common ACT mistakeand get tips onhow to write a perfect essay Find practice tests for both the SAT and the ACT, for free online Use your dream schools tocome up with a target SAT or target ACT score Aiming for a perfect SAT/ACT score? Read our famous guides to scoring a perfect 1600 on the SAT anda perfect 36 on the ACT. Both were written by a full scorer! Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Compare and Contrast Research Methods Essay Example | Topics and Well Written Essays - 1500 words - 2

Compare and Contrast Research Methods - Essay Example Similarity of data sets used in meta-analysis is in terms of the studies addressing the same research question. Meta-analysis method uses the characteristics of data to make conclusions rather than making general conclusions about data. The method applies when a research deals with quantitative data. Use of secondary data poses the risk of unreliability of meta-analysis. Therefore, researchers need to test the accuracy of secondary data before using it to make conclusions in a research (LaValley, 2005). Other methods of research Questionnaire-Based survey is another research method used in statistics. The method involves isolating samples from a population, obtaining data from the samples and making conclusions about the population based on the sample. Questionnaire method uses questions to obtain data from the field. The method translates research objectives into questions. Focus group is another qualitative research method that goes beyond explaining the quantitative aspects of dat a. Focus group refers to all participants who take part in discussions about a research. This method applies for open-ended research studies that cover a wide range of objectives (Jowett & O’Toole, 2006). Historical research method involves studying what happened in the past and identifying the push factors for these past events. Historians use this method to explain past events by applying scientific skills, conscience and other tools of analysis (Methods Network, 2011). Observation method involves humans using their senses to determine the events taking place and their effects. Observation method can be direct or indirect. Direct observation involves active actions of the researcher to collect data while indirect observation involves collecting data from recorded information, for example, from movies (Management Study Guide, 2012). Action research method involves participation of a group of people who suffer from a similar problem. Attempts to solve their problem reveal the best ways of solving such problems. Applications of research methods in the business sector Historical research is the research method that most business organizations use in their operations. This is because the method involves reviewing past data in the history of an organization. Scholars will be interested in determining the impacts of past events on their performance. The businesses must use past data to identify different variables that affect their performance. Researchers can also use questionnaire method to assess the impact of various strategies on employees and other members of the organizations. Employees answer the questions that the management asks through the questionnaires. The answers help the management in determining whether certain policies are successful in the research. Researchers use focus group method to explain their financial statements. This research method explains quantitative data to give it extra meaning. Businesses explain their financial statements by giving reasons that lead to a loss or profit. Businesses use observation method in observing trends in a population including consumption of goods and services. Action research method is the result of participation of members who suffer from the same problems. Most researchers use action research method to determine the impacts of change among members of the organizations. Change affects all members of the organization and their attempts to deal with the effects reveal the best w

Businesses within the Small Business Administration (SBA) 8A Program Research Paper

Businesses within the Small Business Administration (SBA) 8A Program - Research Paper Example The Federal Government of U.S has, since a long time, actively promoted the socio-economic welfare of small businesses. It is for this particular reason that the Small Business Administration (SBA) was founded to ensure that small businesses have the business acumen and resources to survive and grow in the competitive marketplace. Several opportunities have been provided to small businesses, including the securing of no-bid contracts and granting of prime contracts. In recent years, the 8(a) business development program by SBA has gained a lot of attention owing to generous incentives and growth capabilities offered by the SBA for businesses that meet the criteria for this program. The 8A program was introduced by the SBA with the main objective of assisting and facilitating small and disadvantaged businesses so that they can compete in the competitive marketplace. The popular 8(a) Business Development program is specifically targeted towards small businesses that where individuals who are â€Å"socially and economically† disadvantaged own and control at least 51% of such businesses (Koprince, 2012). Accordingly, it helps such entrepreneurs to get accessibility to mainstream business in the American market. Furthermore, it helps harness the aspirations of entrepreneurs by securing government contracts for such businesses to help them grow. The 8(a) program is separated into two stages: the developmental 4 year period and the transitional 5 year period (SBA.gov). The 8(a) program offers several benefits for disadvantaged entrepreneurs. Firstly, the program entails the â€Å"sole-source† no-bid contract which implies that participant businesses shall not have to bid for contracts and shall be the sole providers of the products to be provided under the contractual agreement (SBA.gov). This holds true for contracts under $3.5 million worth of