Transformation of a Korean Bank Essay Example for Free

Transformation of a Korean Bank Essay Question 4 The IT related decisions taken by the Kwangju Bank include the downsizing of the information systems and the reengineering of banking processes, headed by the then chairman of the board for the bank. These were impacted by the competition in the global market in that having employed the former information system, the bank was too was weak compete against the foreign banks in the US, Japan and Europe. The bank could not establish its individual business strategies to stand prominently in the global market for the reason that the information system employed. Hence, all these factors led to the important decisions in the area of information technology (Rainer Watson, 2012). Question 5 Risks The OLTP system is the most significant and critical system of a bank due to its direct linkage to the financial interests of the customers. Any trivial issues in the system may critically impinge on the credibility of the bank. For this reason, downsizing the OLTP system of a bank is a pioneering, yet exceedingly risky venture for any bank (Young, 2011). Opportunities * Catch the attention of customers by assisting them in managing their financial interests rather expediently; * Capable of providing banking services whenever and wherever the customers wish for; * Support electronic â€Å"wallets†, automatic teller machines, self-service terminals, home banking, and commercial banking; * Adequately flexible for helping the development of novel products and the making of more effectual banking decisions Question 6 The new system facilitates the customers in getting better service as in quality and timeliness. For instance, the transaction processing speed has been enhanced considerably from four to six seconds to 0.7-2.0 seconds for every transaction. The bank is now capable of serving customers 7 days a week and 24 hours a day, rather than the typical eight hours. Also, customers have a greater number of financial services to select from since development cycles of new product have been considerably trimmed down from months to weeks (Young, 2011). Additionally, having employed the new system, the bank was capable of reducing the operating costs with optimized performance and pursuing novel strategies of business, more effectively. The new open information system imparts enhanced freedom from the domination of vendors and flexibility, and permits more convenient espousal of new technology. Question 7 The programs had been developed in a bit by bit manner without a general outline. As a consequence, it was very costly and difficult to modify or maintain the programs. Moreover, it was very difficult to efficiently develop novel programs responding to the swiftly modifying market environment. Question 8 The vendors supplying the systems based on mainframes attempted to hinder the project for the order of protecting their potential as well as current markets. The superior personnel at the computer center of the Kwangju Bank were mocking regarding the project since they were uncomfortable with the novel technology. Moreover, academicians who were paid for evaluating the project inferred that undertaking involved a great risk because the technology was not adequately mature. Question 9 Yes, the banking process reengineering had to accompany with the development of the new information system. This is because the banking operations were obstructed by its computer vendors and computer systems. The bank was unable to establish its distinctive business approaches since the existing information systems were incapable of supporting them. Conversely, the expenses on information systems were escalating at a greater rate compared to the rate of escalation of the bank’s returns (Rainer Watson, 2012). References ICFAI Center for Management Research. Learning with cases. Retrieved from http://www.icmr.icfai.org/casestudies/learn_case.htm on Jan, 26th, 2012. Rainer, K. Watson, H. (2012). Management information systems moving business forward. John Wiley Sons, Inc. Young Moo Kang. (2011). International Case Study 3: From a dinosaur to a chameleon – Transformation of a Korean Bank. Dong-A University, Korea. Retrieved from http://www.wiley.com/college/turban/0471400750/international/dino.html on Jan, 26th, 2013.

Process of Concurrent Utilization Review Essay Example for Free

Process of Concurrent Utilization Review Essay In Health Industry, the process of Concurrent Utilization Review has its own importance for the management of health care industry enabling them to control the Length of Stay(LOS) of patients in the hospitals and their use of ancillary services. This process is vastly used in the system and procedures adopted in the hospital care because of the high cost involved in it, though its application can be put practically in use in other medical settings as well. The Concurrent utilization review implies that players providing medical care facilites need to provide all the information necessary in the health care to their payers who in turn determine its usability in the current settings of the hospital, before alloting the certificate for reimbursement to the plan. The process has a direct impact on the hospitalized American patients who are covered under the health insurance schemes. Insurance companies are payers in the field. They either conduct their own reviews or hire a review company to access the level and need of the patient and hospitals are providers who hire its own staff for this purpose. Staff members provide all the clinical information required to be authorized for reimbursement, but the first level of review is conducted by a registered nurse who is highly qualified to cover patients of a particular area. Nurses provide all the details of patients to payers including the severity of illness, the duration of patients kept on observation and assessment by registered nurses. If patients condition is considered as stable and he or she does not require this assessment then they are kept for observations in settings considered cheap. Second part of the information is the summary of the plan discussed and formulated for the care of patient. Then the role of payers comes in who evaluate this information to see the usability, the importance of this plan for patients and furthermore if this plan has followed the requirements of the terms of the contract signed with the provider. After this process of evaluation only, the plan is certified for reimbursement. Mary Ellen Murry went deep further to analyse the extent to look into the practical effectiveness of this process since its application in the Health Industry. There are various aspects to it that Mary Ellen tried to make the payers in the Health Industry to focus on. Reviews are undertaken to make sure that inpatients and outpatients are getting proper care in timely manner and the treatment and health care is cost-effective.    It also involves assessment of patients’ health to assure them proper and effective after- care. It is also used to assess if the resources are being used effectively and to differentiate any superfluous or pertinent activity. This is the most crucial strength of this review. Another point worth mentioning is the point when the planned care is refused certification for reimbursement. In this case both the payers and providers are held responsible for the outcome. In a benchmark case between Wickline v. State of California the court gave the statement that: â€Å"a patient who is harmed when care which should have been provided is not provided should recover from all responsible for deprivation of care, including, when appropriate, a health care payer Third party payers of health care services can be legally held accountable when medically inappropriate decisions result from defects in designs or implementation of cost containment mechanisms A physician who complies without protest when his medical judgment dictates otherwise, can not avoid his ultimate responsibility for his patients care. (Murray 2001) This ruling is a reminder to physicians for their duty and obligation in the decision making. Ross too stated in 1996 that according to law, the insurance carriers are bound by the duty to conduct investigation before deciding on refusal of payment. This is another strong point of the importance of conducting reviews according to the existing medical standards.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The review is most applicable in all the cases and the immediate feedback provides health authorities uptodate information on the necessary steps needed, shortcomings arising out of the current care and help insurance givers to update themselves with the requisite reimbursements. The visualisation techniqe of stacked bar gives details on the daily plan activities. (Dr. Tan 1998) Concurrent Utilizaton Review is also not without its limitation. Looking at the large number of providers and players involved in this program all over the country, the process needs requisitive number of registered nurses. In case of the shortage,the investment required for their appointments can become burdensome and the studies conducted on some of the institutions also revealed the fact that some of the staff members conducting reviews are not registered nurses, though they are in possession of baccalaureate degree. The hospital authorities claim that these nurses and staff alloted for review are trained in their requisite field and hospitals can substitute assisting staff instead of registered nurses to perform the Concurrent Utilization Review process increasing the availability of professional nurses. Controversy is going on the extent to which the economic criteria should be taken in the matter of providing quality care to the patients. Hereby most physicians feel that without compromising on the quality of the measures adopted for the health care, cost can be minimized.   The validity of these reviews is also questioned. It is doubted if these reviews have been based on evidence from high-quality studies, definitive randomized trials or meta-analyses of multiple trials, which are the key indicators for the trials. If reviews are found not based on the solid evidence then those developing audit criteria should take expert opinion. Reliance on opinion and inference weakens not only the validity of the criteria for a process-of-care audit, but also the validity of any conclusions derived from applying the criteria. This can be done by having a multi-specialty panel rating on hundreds of different case scenarios depending on the intensity of risks and the panelists make ratings on the basis of literature review and own judgments. Authors involved in Utilization Review process consider cost saving factor as the important criteria in preparing plans for health care. The most effective study conducted I found was by the Wickizer, Wheeler, and Feldstein (1989) who came to the conclusion that these concurrent review programs have led to the â€Å"Decline of hospital admissions by 13%, inpatient days by 11%, expenditures on routine inpatient services by 7%, expenditures on ancillary services by 9%, and total medical expenditures by 7%.† (Murry 2001) They make the use of insurance claims data to determine if costs incurred by the hospitals are matching with the increase in expenditures being incured on the outpatients. Results show that reviews conform to the higher hospital expenditures instead of higher physician office or outpatient diagnostic expenditures. Another study by Wickizer which was conducted in 1991 found that utilization review was showing reduced expenditures of approximately 15% in the surgical cases and slight reductions of expenditures in the mental health and medical areas. These reductions of expenditures showed there have been denials of certification for reimbursement. They came to conclusion that a UR program restricting access to psychiatric care increases the chance of readmission within 60 days. Another telephonic survey   conducted by Remler et al. in 1997 of 2,003, physicians in the United States show the denial rates to be less than 6 per cent in the first rate and 3 per cent subsequently. Both these survyes indicate that the reviews can enable payers to reduce their costs on health care.   The policy implication could be at the cost of reducing the effectiveness of the health care finally being provided to outgoing patients, but to overcome this, hospitals have comprehensive case management programs, to ensure the proper coordination of the care related services including proper utilization of resources. These case managers make a point that every patient has both hospital care plan, including a discharge plan, and along with that a team of clinical social work and case manager associates, are responsible for   the conduct of the UR function. And if this process keeps on going in all the hospitals and other clinics and health care institutes in letter and spirit, then the anticipated denial rates will be reduced to a considerable degree. REFERENCE LIST Murray M.E. 2001. Outcomes of Concurrent Utilization Review. Nursing Economics , 19 (1). 7 pg. Tan J. K.H. 1998. Health Decision Support Systems. Maryland: Aspen Publishers.

MSc International Banking and Finance

MSc International Banking and Finance The financial year 2008-2009 has been very significance in the history of banking industry. The industry faced the biggest ever crises since the great depression. The whole global banking system was challenged for various reasons.   The performance of public sector as well as private sector banks went drastically down. The crisis has not left any country without panic but the impact was subjective.   The developed countries like US and UK suffered more than the developing countries. Many literatures have been written and many case studies took place to analyse the impact of recession. Its has been an important aspect to analyse the performance of banking sector in various continents. In this research I have planned to compare the impact of recession on the Indias biggest private sector bank ICICI which would reflect on the level of impact it has went through. The research would be a comparative performance analysis of ICICI bank and its subsidiaries in the UK, Canada and Russia.à ‚   I believe the Bank is one of the best examples to analyse the performance to find the impact of global financial crises as there are different of opinion in regards to the impact of financial crises on Indian Banking sector.  Ã‚   2.0Title of the research:   Ã‚  Ã‚  Ã‚   The analysing the performance of Bank in financial crises- The case of ICICI Bank 3.0 Rationale for Study The focus of the study is to carry out an extensive analysis of the performance of ICICI bank in financial crisis of 2008-2009 To achieve this aim, the study will examine: The main determinants of ICICI banks efficiency and performance The effect of financial crisis on cost, revenue, profit efficiency and stock return performance of    ICICI banks. The differences in performance of ICICI bank in India, US and in the UK. The effect of banks capital on a its ability to survive in the period of crises, The result and find out the similarities and differences of impact of financial crisis. 3.0 Literature Review: The recent financial crisis has left clear evidence of global downturn. Not only developing but also advance countries have suffered in a very bad way. In last year and half market has fallen by 35-40%. According to the IMF data the impact of the recession is comparatively less in the Asian countries. But banks that are involved in the global financial market in subprime mortgages were exposed to the financial downturn. As per IMF records large US banks losses more than a trillion dollars in bad loans and expected to lose more ahead. This time financially US were hit harder than Europe and Asia or African continent. The World Bank survey of 425 Asian firms and 78 banks in 14 developing countries shows that the global financial crisis has constrained trade finance for exporters and importers in developing countries. But the impact varied by the firm size, activity, and countries integration into the global economy. The analysis of performance in the period of crisis also differs from institutions to institutions and country wise. In general, the performance of banks and non banking financial institutions has been measured by various methods but most of the literatures used combination of different financial ratios.   There are number of studies analysing the efficiency and the performance of financial institutions. However, there have been numerous studies analyzed the efficiency of financial institutions. Among these Dennis Olsonand Taisier A. Zoubi (2008) uses 26 financial ratios to distinguish between conventional and Islamic banks in the Gulf Cooperation Council (GCC) region. In the comparison of Islamic Vs. Conventional Banks Dr. Taisier A. Zoubi has mention 16 financial Characteristics of Banking Industry. Dimitri vitas (Nov 1991) has raise the point about the use and misuse of financial ratios. Claudia Girardone. (Feb 2000) has also analysed the Determinants of Bank Efficiency in the case of Italian banks. This paper would use the various financial ratios which describe banks liquidity, profitability, asset quality and efficiency. 3.1 The Financial Crisis and Indian banking industry As its obvious, the global financial crisis is unlikely to spare Indias corporate sector.The perceived impact as reflected in financial markets indicators is acute: the Sensex lost over 50 percent and the rupee depreciated 23 percent in 2008 (IMF Country Report No. 09/186) In 2007 Indias GDP dropped by 4% and expected to remain between 5.5 and 6.5 in 2010 Limited exposure to the sub-prime mortgage market helped Indian banking sector to maintain the stability.   Indias refurbished financial systems and supervision system supported this performance. The well managed financial reform rapid growth and the diversification has given the annual credit growth of above 20% and reduce non performing asset to 2%. In 2008-09 with credit growth of 17.3% Indian banking sector reflected sound and profitable attitude, but all credit mainly goes to the large public sector banks with stable deposit growth. The banking sector in India has less impact of crisis but the banks like ICICI which has its subsidiaries in US and Europe has an impact which may be comparatively less or more. 3.2 ICICI Bank ICICI Bank is Indias second-largest bank with total assets of Rs. 3,674.19 billion (US$ 77 billion) at June 30, 2009 and profit after tax Rs. 8.78 billion for the quarter ended June 30, 2009(ICICIbank.com). The ICICI Bank has its presence in 18 countries worldwide. The Bank offers various banking and financial products. The Bank currently has its owned subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. The shares of ICICI are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). As a largest private bank in India ICICI has its business in the international m arket and first Indian company to be listed on the New York stock exchange. ICICI was not the exception to have an impact of recent financial crisis, as like most of the international banks ICICI was also connected to the US subprime mortgages. ICICI Bank lost its share value more than 50% during the period of crisis. Till August 2008 ICICI Bank was the most valuable bank with a market capitalisation above all Indian private and public sector banks but it has become to become the victim of global financial crisis like other international banks. With asset of $9bn in UK and $5bn in Canada ICICI has the exposure of $12bn in overseas loan The US subsidiary of ICICI also has a debt of $76m in Lehman Brothersdebt And ICICI UK has $3.5 billion investment in various instruments of which around 18% are in US papers. But the same time the capital adequacy ratio at ICICI is 13.4% which is higher than the mandatory percentage. (IBN Analysis) 4.0 Aims Objectives The aim of the study is to analyze the impact of the 2008-2009 Financial Crisis on the performance of ICICI banks and its subsidiaries in the UK, Canada and Russia. In order to achieve the above aim, the study has four main objectives: Whether the Indian banking sector was exposed to contagion effects of the current financial crisis To compare the impact of the Financial Crisis on ICICI Bank India, the UK, Canada and Russia. How were the pre-crisis performance and profitability of ICICI banks in India, the UK, Canada and Russia? During the pre-crisis period, how was the relationship between bank efficiency and financial indicators at ICICI Bank? 5.0 Proposed Methodology and Critical Application There are various aspect of performance analysis which has been used to review or to compare the performance of banks and banking sector. In the performance analysis of Italian banks Claudia Girardone (2000) has mention various determinants of banks performance, profitability, and efficiency. Many studies focus of different characteristics of banks performance like liquidity, profitability, returns on asset and so on. In this study to examine the performance of ICICI bank India and the UK, Canada and Russia the simple accounting ratios would be used and to check further on the difference in performance in different countries the regression analysis will be used. The test will help to figure out the ICICI banks exposure and the effects of the financial crisis on its operations in given countries. The paper discusses the correlation of efficiency scores with the financial indicators such as asset quality, capital ratios, operational and liquidity ratios. Paper uses the set of sixteen financial ratios which are the suggested financial characteristics of banking industry (Dr. Taisier A. Zoubi ) to analyse the performance of ICICI Bank and further examines the difference of performance at ICICI bank in India , UK , Canada and Russia. 5.1 Proposed Data Collection For this research secondary data would be suitable thus, I intend to collect and analyse secondary data for the proposed study. The secondary data will be collected in the form of a literature review and provide details about the performance analysis and recent financial crisis. The financial statements and annual reports are required for the sample period of the research to examine and to run the proposed analysis for ICICI bank India, US and UK, The data is in the original currency (Rupee) of the parent company ICICI Bank India Pvt. Ltd., but provides a choice to covert the data to any other currency, including the USD and GBP. This paper uses the INR-based reports in the selected sample. 5.2 Access to the Data This study evaluates the cross-country level data compiled from the financial statements of ICICI banks in India US and UK over the period 2004 2009. The primary source for data used in this research is the banks balance sheets and income statements published on the Bank website. The choice of this sample period covers the longest available history of ICICI banks UK, 5.3 Justification of Methods I believe that secondary data is suitable for this research, which can be internal or external to the ICICI Bank and may be accessed through the internet or recorded or published information of bank. As there are various sources to collect secondary data, likes books and periodicals world bank and IMF publications of economic indicators, National census data, statistical abstracts, Central banks data bases, the media, annual reports of the bank, case studies and other archival records. The advantage of using secondary data sources is savings in time and cost of acquiring information and many times its comparatively easy to access. 6.0 Limitations Delimitations of the study The proposed study is limited by time constraints- the completion time limit is three months. The ratios analysis has major implication for assessing bank performance in developing countries but in this case the data is from both developing and developed countries UK and the UK. Given the range of services and the cost difference in India US and UK, Indias cost -assets and cost income ratios should be smaller than the UK as an developed country. This study does not consider the inflation effect, and the risk factor in the respected country, 7.0 Justification 7.1 Academic Benefits The study will be of interest to academics that have an interest in financial services performance review. The results will add to, and update the academic literature that presently exists on performance analysis. The study will also provide a useful insight into the use of financial performance indicators in banks. 7.2 Practical Applications The study will help to understand and measure the impact of crisis on ICICI bank. The result will show the difference of performance of ICICI bank in the given countries which would be of interest to the managers of financial services as it will provide insight into how the performance of the bank could move in the period of financial crisis. The results of the study will help to understand the difference of impact of global financial crisis in cross countries. It will also help to find the effect of banks capital on a banks ability to survive in the financial crisis, and its competitive position. 8.0 Proposed Structure The format of the dissertation will be as follows: Title Page; Declaration; Abstract; Acknowledgements; Contents Page; List of Tables and Figures (including word count); Introduction; Literature Review; Methodology; Results and Discussion; Conclusions and Recommendations; Evaluation of Study and Scope for Further Research; Bibliography 9.0 References ICICI Bank. (2004-09). Annual repots. Available: http://www.icicibank.com/pfsuser/aboutus/resultsann/webcast_09.htm. Last accessed Nov 11,2009. MF Global financial stability report. (Oct 2009). World economic and financial survey. Available: http://www.imf.org/External/Pubs/FT/GFSR/2009/02/pdf/text.pdf. Last accessed Nov 20,2009. world bank. (Aug 2009). India Banking Sector Support Loan Program, Available: http://go.worldbank.org/SRP7OBC9Q0. Last accessed Nov 20,2009 Overseas development institute-Conference Note. (Dec 2008). Measuring Commercial Bank Efficiency Use Effects of the Global Financial Crisis on Developing Countries and Emerging Markets. Available: http://www.odi.org.uk/resources/odi-publications. Last accessed Nov 11,2009. IMF. (Jun 2009). IMF Country Report No. 09/186. Available: https://www.imf.org/external/pubs/ft/scr/2009/cr09186.pdf. Last accessed Nov 18, 2009. Malouche, Mariem. (Nov 2009). World Bank WPS5138. Available: http://go.worldbank.org/7ELI2JEZI0. Last accessed Nov 28, 2009. International Monetary Fund (2009) world economic and financial survey Available: http://imf.org/external/pubs. Last accessed 12/11/2009. Ketul S.. (Aug 2008). IBN Analysis. Available: http://www.gurufocus.com/news.php?id=33505. Last accessed 20/11/2009. Dennis Olson and Taisier A. Zoubi . (March 2008 ). Using accounting ratios to distinguish between Islamic and conventional banks in the GCC region.The International Journal of Accounting.. 43 (1), 45-65. Dimitri Vittas. (Nov 1991). Measuring Commercial Bank Efficiency Use and Misuse of Bank Operating Ratios.CountryE conomicsD epartment The World Bank WPS 806. WPS 806 (1), 1-54. Claudia Girardone. (Feb 2000). Analysing the Determinants of Bank Efficiency: The Case of Italian Banks.University of wales , School of Accounting , Banking and economics. 1 (1), 143-166.

Discrimination is a Virtue Essay -- Robert Keith Miller Essays

Discrimination is a Virtue In the next few paragraphs I will critique the rhetorical effectiveness of Robert Keith Miller’s essay, Discrimination is a Virtue. In his essay Miller tries to redefine the word discrimination. I will evaluate the effectiveness of his argument, and suggest different elements he could have incorporated or deleted to make his paper more effective. Overall, Miller gets his point across and enlightens the reader, but I do not believe he had a goal in writing this to make any tangible changes. The first aspect of this text that diminishes the credibility of the essay, is the fact that the only thing the reader knows about the author, is that his name is Robert Keith Miller. No additional background information is supplied to let the reader know if Miller has any authority on the topic. It is unknown if he is in a minority, if he has been traditionally well educated, or if he is just an observant man who is able to convey his observations through words. The topic that he chose to write on however, is obvious to anyone who is willing to open their eyes. Miller explains to the reader that the word discrimination is no longer used in the context that it was originally meant, but instead is now used to negatively define differences. He expands on this idea, highlighting the fact that our society tries to pretend that these differences don’t matter, when they clearly do. Miller doesn’t seem to have a specific intended audience, instead he seems to be addressing Ame rican society as a whole. He makes the essay accessible to everyone by siting numerous different examples and short parables. This was an effective technique for the beginning of the essay because it drew in the readers attention. Miller ... ...ph, which focuses on politics is the weakest of the three. Miller uses all generalizations in his argument that the voting population is faced with too many options, and too little information. Yet again he makes a valid point, but like the candidates he is criticizing, he fails to back it up. Miller brings up two very good points in this essay, the misuse of the word discrimination and Americans refusal to see differences in our society. He is criticizing a trait that many people in America have, and because of this negative reflection Miller needs to back up his conclusion with solid evidence. If Miller had chosen one of the three examples to expand on, his paper would have had more authority. As it is, Discrimination is a Virtue, brings up ideas that really should be expanded on to make our country a better place, but on its own fails to convince the reader.

Civil war Essay -- essays research papers

Causes & Results of the Civil War The Civil War, in U.S. history, was a conflict that pitted the Northern states of the American Union against the Southern states. The war raged for 4 years (1861-65) and was marked by some of the fiercest military campaigns of modern history. Large armies were involved in large movements, and entire populations were engaged in supporting the war efforts of both sides. The war had international impact, not only because of the growing international stature of the United States, but also because war threatened world access to the South's cotton. Britain and France had particular interest in the war's outcome, but other nations were also affected by it. The chief and immediate cause of the war was slavery. Southern states, including the 11 states that formed the Confederacy, depended on slavery to support their economy. Southerners used slave labor to produce crops, especially cotton. Although slavery was illegal in the Northern states, only a small proportion of Northerners actively opposed it. The main debate between the North and the South on the eve of the war was whether slavery should be permitted in the Western territories recently acquired during the Mexican War (1846-1848), including New Mexico, part of California, and Utah. Opponents of slavery were concerned about its expansion, in part because they did not want to compete against slave labor. By 1860, the North and the South had developed into two very different regions. Divergent social, economic, and political points of view, dating from colonial times, gradually drove the two sections farther and farther apart. Each tried to impose its point of view on the country as a whole. Although compromises had kept the Union together for many years, in 1860 the situation was explosive. The election of Abraham Lincoln as president was viewed by the South as a threat to slavery and ignited the war.   Ã‚  Ã‚  Ã‚  Ã‚  The second of the three S’s that caused the civil war was sectionalism. During the first half of the 19th century, economic differences between the regions increased. By 1860 cotton was the chief crop of the South, and it represented 57 percent of all U.S. exports. The profitability of cotton, known as King Cotton, completed the South’s dependence on the plantation system and its essential component, slavery. The North was by then firmly establi... ...al debates. As the 19th century closed, they faced a rigidly segregated life in the South and hostility across most of the North. Despite the destruction, the war did settle the question of secession. Since 1861 no state has seriously considered withdrawing from the Union. In addition, the war brought slavery to an end. After the issuance of the Emancipation Proclamation, there was widespread acceptance of the fact that Union victory would mean general emancipation. Since the proclamation was a war measure that might be held unconstitutional after the war, the 13th Amendment to the Constitution, which abolished slavery, was passed by both houses of Congress early in 1865. It was ratified by three-fourths of the states and was formally proclaimed in effect on December 18, 1865.   Ã‚  Ã‚  Ã‚  Ã‚  The war also set the South back at least a generation in industry and agriculture. The invading armies devastated factories and farms. The labor system fell into chaos. Not until the 20th century did the South recover fully from the economic effects of the war. In contrast, the North forged ahead with the building of a modern industrial state.   Ã‚  Ã‚  Ã‚  Ã‚  

Charles Schwab Case Essay -- essays research papers

Charles Schwab, a Stanford MBA, founded Charles Schwab & Company in 1971 in California. The company quickly established itself as an innovator. A defining moment came with the 1975 â€Å"May Day,† when Schwab took advantage of the new opportunities deregulation offered. Schwab would not provide advice on which securities to buy and when to sell as the full-service brokerage firms did. Instead, it gave self-directed investors low-cost access to securities transactions. From the late 80s to the early 90s, before the commercial use of the Internet, Schwab used technology to increase efficiency and quality and expand its services. Schwab’s innovations harnessed technology to the solution of business problem. As Schwab’s President and co-CEO David Pottruck put it, â€Å"we are a technology company in the brokerage business.† Schwab introduced TeleBroker, a fully automated telephone system that allowed customers to retrieve real-time stock quotes and place orders. Schwab also leveraged its back-office operations with SchwabLink, a service to provide fee-based financial advisors with back-office custodial services and the capability for RIAs to plug into Schwab’s computers to trade. The RIA market became an important source of revenue for Schwab. By 2000, Schwab had 5,900 affiliated RIAs, who controlled about 30% of Schwab's assets, up from zero in 1987. Merrill Lynch viewed these RIA’s as a â€Å"virtual sales force† for Schwab: â€Å"We don’t compete with the discounters. We do compete with Schwab. They have essentially built a Merrill Lynch by proxy.† Schwab introduced the Mutual Fund OneSource program in 1992, enabling customers to purchase no-load mutual funds without paying commissions. The vast majority of OneSource assets were in non-Schwab funds, except the Schwa bFunds money market, the only money market fund offered to OneSource customers. Funds were ranked and presented to Schwab customers based on objective characteristics (e.g., sector, investment style, or management fees) and performance. Customers could use their Schwab account to buy or sell more than 1,100 mutual funds from about 200 third-party fund families without paying any fees, and the transactions were integrated into their Schwab account statements and reports. Schwab serviced these accounts, aggregating all OneSource trades into a single daily transaction that was communicated electronically to the pa... ...s value proposition. Schwab customers could trade through Schwab’s branch offices, through representatives at call centers, via automated telephone services, over the Internet, and over wireless devices. Schwab sought to take advantage of synergies between the Internet and its traditional channels. For example, Schwab planned to hold over 13,600 online investing seminars in 2000 in its branches for those not comfortable with Internet technology. Looking at the market share in Figure. 1 below, Schwab was the leader in 1999. However, in today’s world competition has gotten even more competitive. Fidelity and Vanguard have become household names in today’s market. Fidelity with their proven customer service, range of mutual funds, stocks, and Retirement plans is well balanced diversified credible firm with a proven track record. Vanguard is one of the newer but fast growing firms. Vanguard trademark is for low commission and expense ratios fees. Vanguard has the lowest fees in the industry and makes a big difference if one is a long-term investor. In conclusion, Fidelity and Vanguard are the tier 1 firms in the industry with Vanguard having the potential to be #1 in the near future.

Diabetes Education Plan

Introduction According to Johnson and Raterink (2009), Type 2 Diabetes Mellitus (DM) is a major global chronic health issue. Though, it is found that the condition is largely preventable as many of the risk factors for developing the disease such as excess weight, poor diet, inactivity, smoking and excessive alcohol consumption, are modifiable behaviours (Australian Bureau of Statistics, 2011).A client newly diagnosed with Type 2 DM may be unaware that the illness can be effectively self-managed with changes to diet, lifestyle and if necessary the inclusion of oral hypoglycemic agents (Australian Institute of Health and Welfare [AIHW], 2008). Therefore, the aim of the education plan is to assist the client to make educated lifestyle choices and changes that will improve health outcomes and reduce the risk of diabetic complications. The education plan will develop evidence-based client education strategies that focus on diabetes management and the modification of unhealthy lifestyle b ehaviours.According to Funnell, Anderson, Austin, and Gillespie (2007), developing appropriate indvidualised educational strategies that increase client knowledge enables the client to make self-directed behavioural changes that aid in effective self-management and improved health outcomes. Background Diabetes care and self-management education needs to be tailored to the individual (Funnell et al. , 2007). The client, in whom this education plan is tailored for, is a 50 year old male with a body mass index of 32 who has been newly diagnosed with Type 2 DM.In designing the education plan it is also important to assess and include extended resources of support for the client (Goldie, 2008). Resources of support may include client’s family and friends, utilisation of local community services and allied health care providers such as social workers, dieticians and podiatrists (Hunt & Grant, 2010). For the client to make informed choices they need to be educated on the disease pro cess and possible complications. Diabetes is an illness that occurs when the body in unable to maintain normal levels of glucose in the blood (McKenny & Short, 2011).Type 2 DM is a progressive disease, characterised by hyperglycemia resulting from defects in the secretion of insulin (AIHW, 2012). Chronic hyperglycemia affects function of cells and tissues and may result in cardiovascular disease, kidney disease, vision loss and lower limb amputations due to neuropathy and peripheral arterial disease complications (AIHW, 2008). Treatment of Type 2 DM is complex with evidence emphasizing the need and importance of a collaborative healthcare team approach (Robertson, 2011).Initial treatment for those newly diagnosed involves nutritional therapy and exercise to aid in weight loss (Zisser, Gong, Kelley, Seidman, & Riddell, 2011). However, as Type 2 DM is a chronic progressive condition, pharmacotherapy is usually required (Tsang, 2012). Oral hypogylcaemic agents are typically the first p harmacological intervention to improve glycaemic control and these agents include Biguanides (Metformin), Sulphonylureas, Acarbose, Meglitinides, and Thiazolidinediones (Phillips & Twigg, 2010; Sanchez, 2011). Tsang (2012) argues that Metformin is recommended as the first line of treatment.In addition, due to the progressive nature of the condition most clients will require insulin therapy to achieve and maintain adequate glycaemic control (Nyenwe, Jerkins, Umpierrez, & Kitabchi, 2011). Newly diagnosed clients require substantial guidance and education regarding disease self-management (Johnson & Raterink, 2009). Self-management issues the client and family may have include adhering continually to a daily regime of monitoring blood sugar levels and the self regulation of diet, exercise and medication (Long & Gambling, 2011).Clients and their families also need to know how to manage the complications of diabetes including foot hygiene and the management of hypogylcaemic or hyperglyca emic episodes (Sanchez, 2011). Specific focus of education Through the identification of self management issues and potential areas of knowledge deficit, the nurse is able to tailor an education plan that focuses on the individual learning needs of the client and their family, resulting in mutually agreed upon short and long term goals (Aranda, 2008).Therefore, client and family education will focus on positive lifestyle modifications to increase physical activity and improve eating habits (Bartol, 2012). The lifestyle modifications of healthy eating and increased activity levels improve blood glucose control, aid in weight management, improve general health and may reduce the need for oral hypoglycemic agents (Sanchez, 2011; AIWH, 2012). In addition, education on the self monitoring of blood glucose (SMBG) focuses on self-management strategies.Education should focus on how to perform the test with the use of a blood glucose meter, how to care for equipment and how to manage a high or low blood glucose reading (Sanchez, 2011). SMBG is an important component of diabetes management as it enables the client to learn and evaluate the effects of diet and exercise on blood glucose levels which should aid better adherence to treatment regime (Nyenwe et al. , 2011). Client knowledge deficit in relation to oral hypogylcaemic medications and insulin therapy should also be addressed.Medication education should provide information regarding what each medication is, dosage, possible side effects and if they interact with any other medications (Bullock & Manias, 2011). Education that focuses on medications is important as it can enhance clients understanding and willingness to take it (Bartol, 2011). Lastly, due to the increased risk of foot ulceration and lower limb amputations, it is important to provide an educational intervention that focuses on foot hygiene and care (Ogrin & Sands, 2006).Diabetes education on foot care aims to prevent foot ulceration by focusing on sel f management strategies to improve foot care behaviours (The National Health and Medical Research Council [NHMRC], 2009). Education Strategies Before educational strategies can be implemented you must first identify possible challenges and any potential barriers to learning your client may have (Beagly, 2011). According to Beagly (2011) â€Å"barriers that inhibit patient education are age, literacy, language, culture and physiological obstacles† (p. 31). Preferred learning style, language, cognitive ability and literacy level are determined during the assessment process (Funnell et al. , 2007). As the client is a 50 year old male, the principles of adult learning should be applied when choosing an appropriate educational strategy (Bullock & Manias, 2011). The principles of adult learning highlight that adults bring life experience with them and adults generally prefer self-directed, problem-based education that is relevant and applicable to their lives (Clapper, 2010).One-on -one discussion is one educational strategy found to have positive effects on lifestyle changes and increasing knowledge for clients with diabetes (NHMRC, 2009). One-on-one discussions enhance application of new information through the provision of relevant and practical advice, thus reflecting the principles of adult learning (Bullock & Manias, 2011). These discussions also enable feedback on progression and application of theory into practice (Kaufman, 2003). Discussions should also include individual and group family education sessions.Mayberry and Osborn (2012) have found that when family members are educated on diabetes management, improvements in clients self-care behaviours, weight and glycaemic control were noted. Providing education through demonstration is another effective adult learning strategy and should be used for educating the client on SMBG and foot care. Demonstration is an effective strategy for my client as according to the theory of self-efficacy, â€Å"observ ing other people can strengthen our beliefs that we can perform similar tasks, even when the task is unfamiliar† (Kaufman, 2003, p. 14). Furthermore, both discussion and demonstration are effective strategies for my client as most middle aged adults still have the cognitive function and ability to learn new skills (Crisp & Taylor, 2009). Diabetes management is multi-disciplinary and requires a collaborative healthcare approach (Hunt & Grant, 2010). As a result, referring the client to a dietitian for review is an important education strategy to aid in positive dietary modifications (Sanchez, 2011).This education strategy draws on the evidence-based practice guidelines for the nutritional management of Type 2 DM (Dietitians Association of Australia [DAA], 2006). The guideline highlights that the primary responsibility of the dietitian is to determine a nutrition plan in collaboration with the client’s needs and goals (DAA, 2006). Referring the client to local community s ervices that provide free group exercise programs is also an important education strategy to be incorporated in the plan (Van Dijk, Tummers, Stehouwer, Hartgens, & Van Loon, 2012).Kaufman (2003) argues that according to social learning theory people learn from one another through observation, imitation and modeling behaviour. Visual material including handouts, information packs and website resources are also effective educational strategies for adult learners as they assist self-directed learning (Beagley, 2011). Self directed learning is an effective intervention to facilitate behaviour changes as it enables the adult client to be responsible for their learning, promotes autonomy and can be shared and discussed with family and friend support networks (Funnell et al. 2007). Conclusion / Recommendations In conclusion, type DM is a self-managed chronic disease that requires those affected to be actively involved and informed in their own health care. This education plan has provided relevant information and identified appropriate evidence-based educational strategies that can assist the client newly diagnosed with type 2 DM to make positive lifestyle modifications and reduce the risk of complications. The education plan also emphasizes the importance of extended family and community support to assist in positive health outcomes.The translation of knowledge, willingness to change and sustain positive self-care behaviours is now the overall goal with diabetes management requiring ongoing education and support from healthcare professionals to help clients implement and sustain lifestyle changes (Long & Gambling, (2011). It is recommended that the client has regular reviews and health checks then modification of educational needs and strategies can be assessed and implemented as the disease process changes and the needs to the client changes (Bartol, 2012; Funnell et al. , 2007). Diabetes Education Plan Introduction According to Johnson and Raterink (2009), Type 2 Diabetes Mellitus (DM) is a major global chronic health issue. Though, it is found that the condition is largely preventable as many of the risk factors for developing the disease such as excess weight, poor diet, inactivity, smoking and excessive alcohol consumption, are modifiable behaviours (Australian Bureau of Statistics, 2011).A client newly diagnosed with Type 2 DM may be unaware that the illness can be effectively self-managed with changes to diet, lifestyle and if necessary the inclusion of oral hypoglycemic agents (Australian Institute of Health and Welfare [AIHW], 2008). Therefore, the aim of the education plan is to assist the client to make educated lifestyle choices and changes that will improve health outcomes and reduce the risk of diabetic complications. The education plan will develop evidence-based client education strategies that focus on diabetes management and the modification of unhealthy lifestyle b ehaviours.According to Funnell, Anderson, Austin, and Gillespie (2007), developing appropriate indvidualised educational strategies that increase client knowledge enables the client to make self-directed behavioural changes that aid in effective self-management and improved health outcomes. Background Diabetes care and self-management education needs to be tailored to the individual (Funnell et al. , 2007). The client, in whom this education plan is tailored for, is a 50 year old male with a body mass index of 32 who has been newly diagnosed with Type 2 DM.In designing the education plan it is also important to assess and include extended resources of support for the client (Goldie, 2008). Resources of support may include client’s family and friends, utilisation of local community services and allied health care providers such as social workers, dieticians and podiatrists (Hunt & Grant, 2010). For the client to make informed choices they need to be educated on the disease pro cess and possible complications. Diabetes is an illness that occurs when the body in unable to maintain normal levels of glucose in the blood (McKenny & Short, 2011).Type 2 DM is a progressive disease, characterised by hyperglycemia resulting from defects in the secretion of insulin (AIHW, 2012). Chronic hyperglycemia affects function of cells and tissues and may result in cardiovascular disease, kidney disease, vision loss and lower limb amputations due to neuropathy and peripheral arterial disease complications (AIHW, 2008). Treatment of Type 2 DM is complex with evidence emphasizing the need and importance of a collaborative healthcare team approach (Robertson, 2011).Initial treatment for those newly diagnosed involves nutritional therapy and exercise to aid in weight loss (Zisser, Gong, Kelley, Seidman, & Riddell, 2011). However, as Type 2 DM is a chronic progressive condition, pharmacotherapy is usually required (Tsang, 2012). Oral hypogylcaemic agents are typically the first p harmacological intervention to improve glycaemic control and these agents include Biguanides (Metformin), Sulphonylureas, Acarbose, Meglitinides, and Thiazolidinediones (Phillips & Twigg, 2010; Sanchez, 2011). Tsang (2012) argues that Metformin is recommended as the first line of treatment.In addition, due to the progressive nature of the condition most clients will require insulin therapy to achieve and maintain adequate glycaemic control (Nyenwe, Jerkins, Umpierrez, & Kitabchi, 2011). Newly diagnosed clients require substantial guidance and education regarding disease self-management (Johnson & Raterink, 2009). Self-management issues the client and family may have include adhering continually to a daily regime of monitoring blood sugar levels and the self regulation of diet, exercise and medication (Long & Gambling, 2011).Clients and their families also need to know how to manage the complications of diabetes including foot hygiene and the management of hypogylcaemic or hyperglyca emic episodes (Sanchez, 2011). Specific focus of education Through the identification of self management issues and potential areas of knowledge deficit, the nurse is able to tailor an education plan that focuses on the individual learning needs of the client and their family, resulting in mutually agreed upon short and long term goals (Aranda, 2008).Therefore, client and family education will focus on positive lifestyle modifications to increase physical activity and improve eating habits (Bartol, 2012). The lifestyle modifications of healthy eating and increased activity levels improve blood glucose control, aid in weight management, improve general health and may reduce the need for oral hypoglycemic agents (Sanchez, 2011; AIWH, 2012). In addition, education on the self monitoring of blood glucose (SMBG) focuses on self-management strategies.Education should focus on how to perform the test with the use of a blood glucose meter, how to care for equipment and how to manage a high or low blood glucose reading (Sanchez, 2011). SMBG is an important component of diabetes management as it enables the client to learn and evaluate the effects of diet and exercise on blood glucose levels which should aid better adherence to treatment regime (Nyenwe et al. , 2011). Client knowledge deficit in relation to oral hypogylcaemic medications and insulin therapy should also be addressed.Medication education should provide information regarding what each medication is, dosage, possible side effects and if they interact with any other medications (Bullock & Manias, 2011). Education that focuses on medications is important as it can enhance clients understanding and willingness to take it (Bartol, 2011). Lastly, due to the increased risk of foot ulceration and lower limb amputations, it is important to provide an educational intervention that focuses on foot hygiene and care (Ogrin & Sands, 2006).Diabetes education on foot care aims to prevent foot ulceration by focusing on sel f management strategies to improve foot care behaviours (The National Health and Medical Research Council [NHMRC], 2009). Education Strategies Before educational strategies can be implemented you must first identify possible challenges and any potential barriers to learning your client may have (Beagly, 2011). According to Beagly (2011) â€Å"barriers that inhibit patient education are age, literacy, language, culture and physiological obstacles† (p. 31). Preferred learning style, language, cognitive ability and literacy level are determined during the assessment process (Funnell et al. , 2007). As the client is a 50 year old male, the principles of adult learning should be applied when choosing an appropriate educational strategy (Bullock & Manias, 2011). The principles of adult learning highlight that adults bring life experience with them and adults generally prefer self-directed, problem-based education that is relevant and applicable to their lives (Clapper, 2010).One-on -one discussion is one educational strategy found to have positive effects on lifestyle changes and increasing knowledge for clients with diabetes (NHMRC, 2009). One-on-one discussions enhance application of new information through the provision of relevant and practical advice, thus reflecting the principles of adult learning (Bullock & Manias, 2011). These discussions also enable feedback on progression and application of theory into practice (Kaufman, 2003). Discussions should also include individual and group family education sessions.Mayberry and Osborn (2012) have found that when family members are educated on diabetes management, improvements in clients self-care behaviours, weight and glycaemic control were noted. Providing education through demonstration is another effective adult learning strategy and should be used for educating the client on SMBG and foot care. Demonstration is an effective strategy for my client as according to the theory of self-efficacy, â€Å"observ ing other people can strengthen our beliefs that we can perform similar tasks, even when the task is unfamiliar† (Kaufman, 2003, p. 14). Furthermore, both discussion and demonstration are effective strategies for my client as most middle aged adults still have the cognitive function and ability to learn new skills (Crisp & Taylor, 2009). Diabetes management is multi-disciplinary and requires a collaborative healthcare approach (Hunt & Grant, 2010). As a result, referring the client to a dietitian for review is an important education strategy to aid in positive dietary modifications (Sanchez, 2011).This education strategy draws on the evidence-based practice guidelines for the nutritional management of Type 2 DM (Dietitians Association of Australia [DAA], 2006). The guideline highlights that the primary responsibility of the dietitian is to determine a nutrition plan in collaboration with the client’s needs and goals (DAA, 2006). Referring the client to local community s ervices that provide free group exercise programs is also an important education strategy to be incorporated in the plan (Van Dijk, Tummers, Stehouwer, Hartgens, & Van Loon, 2012).Kaufman (2003) argues that according to social learning theory people learn from one another through observation, imitation and modeling behaviour. Visual material including handouts, information packs and website resources are also effective educational strategies for adult learners as they assist self-directed learning (Beagley, 2011). Self directed learning is an effective intervention to facilitate behaviour changes as it enables the adult client to be responsible for their learning, promotes autonomy and can be shared and discussed with family and friend support networks (Funnell et al. 2007). Conclusion / Recommendations In conclusion, type DM is a self-managed chronic disease that requires those affected to be actively involved and informed in their own health care. This education plan has provided relevant information and identified appropriate evidence-based educational strategies that can assist the client newly diagnosed with type 2 DM to make positive lifestyle modifications and reduce the risk of complications. The education plan also emphasizes the importance of extended family and community support to assist in positive health outcomes.The translation of knowledge, willingness to change and sustain positive self-care behaviours is now the overall goal with diabetes management requiring ongoing education and support from healthcare professionals to help clients implement and sustain lifestyle changes (Long & Gambling, (2011). It is recommended that the client has regular reviews and health checks then modification of educational needs and strategies can be assessed and implemented as the disease process changes and the needs to the client changes (Bartol, 2012; Funnell et al. , 2007).