An Economic Overview Of South Korea Economics Essay Essay Example

An Economic Overview Of South Korea Economics Essay Essay Example An Economic Overview Of South Korea Economics Essay Essay An Economic Overview Of South Korea Economics Essay Essay The Korean peninsula is located in the northeasterly portion of Asia. The southern half of the peninsula boundary lines on the east sea and the Yellow Sea. To the North, Korea portions its boundary line with China and Russia. Besides the mainland peninsula, Korea besides has approximately 3,000 islands. Japan ruled Korea from 1910 boulder clay 1945. Subsequently the peninsula was divided into two parts and this led to a cold war. After the Korean War ( 1950-1953 ) , Korea remained split into two parts- the Republic of Korea ( ROK ) and the Democratic People s Republic of Korea ( DPRK ) . A demilitarized zone was established with the US set uping a base with soldiers near to this zone in South Korea ( issd.org 2004 ) . The Republic of Korea ( ROK ) is ideally situated geographically in Asia. It is close to China, the new taking economic system in the universe. Japan is besides close-by and a good trading spouse. Furthermore, Singapore, a stable economic state is a close trade spouse and India, which is fast going the 2nd economic system in the universe is back uping the South Korean economic system. The Republic of Korea ( ROK ) authorities was officially established on August 15, 1948. The caput of province is the President. He is the state s representative in international personal businesss. When the President is absent, so the Prime Minister stands in for him and Acts of the Apostless as president. The premier Minister s function is that of executive helper to the President. An executive subdivision, of which the President is caput, consists of the premier Minister, the Cabinet, 15 executive ministries and 16 independent bureaus. This includes the Jeju Special Autonomous state ( issd.org 2004 ) . Society South Korea has a strong political system led by a president with a batch of power. Presidential elections are held every 5 old ages and the whole state ballot for him. The President elects his Prime Minister. The Legislature is elected every 4 old ages and consists of the National assembly.243 of the 299 seats of the national assembly is by voting. The remainder is appointed by political parties. The ROK has 9 states and 7 provincial- degree metropoliss. Koreans are of one cultural group and background. As at the terminal of 2002, the state s population stood at about 47,640,000. Now it stands at about 48,636,068 ( July 2010 est. ) Life anticipation as at 2001 was estimated at 76.5 old ages, and now in 2010 it is 79.8 old ages. The state is ranked at 12th in the Human Development Index, 2010.Gross National Income ( GNI ) per capita ( 2010 ) is $ 29,518 ( UNHDI 2010 ) . Literacy Rate: It is estimated that all over the age of 15 and over can read and compose. The literacy rate for the entire population stands at 97.9 % . For males it is 99.2 % and for females it is 96.6 % ( 2002 ) ( CIA Factbook 2010 ) . Environment The state has a entire surface country of 99,720 sq kilometer of which the land country is 96,920 sq kilometer. H2O country is about 2,800 sq kilometer and the seashore line is 2,413 kilometres ( CIA Factbook 2010 ) . The state s land mass is largely made up of mountains, turn overing hills and highlands. There are broad coastal fields to the West and the South. A negative consequence of the fast growth industrialisation and developing economic system every bit good as urbanisation has caused a batch of pollution to the environment. ( OECD/IEA 2003 ) .Fortunately the authorities has acknowledge this as a job and has introduced programs to clean the environment and protect it. Pollution of air and H2O every bit good as the environment are chief issues to turn to. Most of them are connected to wellness jobs. By the terminal of the 1980s the authorities launched an environmental policy to look at get the better ofing the jobs. The Korean Environmental bureau became a Ministry in 1990. The state started turn toing its jobs and started following and paying attending to international pacts in footings of pollution, such as the Kyoto-Protocol ( iisd.org 2004 ) . Climate: Korea is portion of the monsoon country in Asia. It has a temperate clime. There are four distinguishable seasons. Traveling air from Asia influences the conditions more than air from the Pacific ocean. Winters are long and cold with snow. In contrast, the summers are short, hot and humid. The Spring and Autumn seasons are nice but short. Average temperatures in Seoul in January is approximately -5C to 2.5C. IN July it is pleasant at about 22 25C. There is adequate rainfall in Korea to assist agribusiness. Rainfall is about neer less than 75cm and sometimes it goes every bit high as 100cm. Rainfall nevertheless can change and dry seasons or drouth can happen. Most rain falls between June and September. The state does non acquire typhoons like Japan. About 1 to 3 typhoons can go on yearly. These can convey heavy rain with deluging which can do tonss of harm and deceases. In 1984 such a typhoon and inundations caused deceases of about 190 people and left 200,000 people stateless ( Cou ntry Studies ) . Local Culture: South Koreans have traditions and cultural activities that span 1000s of old ages. However, there have been recent lifestyle alterations. These are as in other states mostly due to modernisation and a fast turning economic system. Tied to this are the higher incomes from occupations and this leads to consumerism. Lifestyle alterations and a higher younger population addition critical positions of old-style civilization and traditions. So there is a clang between younger people and older people in footings of civilization and traditions. Clothing is but one such factor. Manner, coming from Western states, has a singular influence on people. This leads to fashion-consciousness and Westernization. More money leads to more purchasing and shopping. Electronicss besides has a major influence on immature peoples lives. South Korea manufactures hi-tech merchandises and these are used widely, such as nomadic phones, computing machines and the cyberspace. Many people are taking occupations h armonizing to their aptitudes and abilities and non merely for the income. Higher incomes have made it possible for people to pass more clip and money on leisure activities. Leisure activity disbursement has increased from 10 % to 25 % of entire family disposable income. Despite this variegation of life style, many people still maintain a traditional life style whereby the household ideals are treasured. Besides, that the organisation is more of import than the person ( PWC 2005 ) . Buyer behaviour: As the economic system in South Korea developed and people became more employed, so demand for assorted merchandises increased. Consumer behaviour in the field of touristry is noteworthy. In 2009 Korean Air celebrated 40 old ages of being in service and the demand for abroad travel increased. Besides, the domestic market welcomed many tourers to Korea. Samsung developed hotels and Hyundai supplied autos to the auto rental market. Millions of Koreans travelled out of Korea and this figure was set to turn by approximately 8.6 % ( Au A ; Jung 2009 ) . The Korean people and consumers shortly became trade name and monetary value medium as in other booming economic systems. Peoples would shop as their incomes allow. The higher income groups would shop in up-market stores and countries, purchasing expensive branded merchandises. Lower income groups will still shop in lower-end section shops and markets. Even during the Korean economic slack in 1997- 1999. Buying merely slowed down, but did non halt. Even the recent universe economic crisis did non halt purchasing wholly, it merely slowed down. Consumer disbursement besides affects the South Korean furniture market which amounted to over US $ 5 billion in the twelvemonth 2009. It is a big market, when compared with the other 60 states monitored by CSIL. This market was executing good during the twelvemonth before the fiscal crisis. As for future tendencies, CSIL prognosiss are for a stable state of affairs for the twelvemonth 2010 and a moderate recovery for the twelvemonth 2011 and2012 ( CSIL Milano 2010 ) . ROK Economy: South Korea did non go a to the full developed state overnight ; it is still developing. It can be said that South Korea, though technically Less Economically developed, it is classified as a freshly industrialized state ( NIC ) . The sudden and rapid economic development and growing started at a rate and gait non seen since World War II. NIC states are those that have non reached the position of a developed state. However, it has outpaced other developing states. After WW II, South Korea was dependent on assistance from the US. In 1961 South Korea underwent an internal revolution. The states swayers embarked on a series of 5 twelvemonth programs to go self-supporting. The 5-year programs were devised to convey economic prosperity, wealth and political stableness. One end was to cut down importing of goods and instead bring forth locally. Another end was to export manufactured goods and so stimulate industrialisation. Development: The five-year programs 1962 -1966 a focal point on fabrics ; do South Korea self-sufficient 1967- 1971 move the province into production of heavy industry 1971 1976 Continue to switch the province in to heavy industry ( including Fe and steel ) 1977 1981 the development of industries ; the purpose is to vie on universe markets ( do electronics and autos ) 1982 -1986 -Goal to make high-technology merchandises 1987 -91 go oning on the ends of old 5-year programs 1992 1996 investigate and get down developing aerospace A ; micro technology. It was through the 5-year programs that South Korea changed from an developing state after WW II to an economic giant and a thriving economic system in the universe. At present it is home to a hi-tech and industrialised fabrication economic system. Its finished merchandises of high-end electronics and autos are exported all over the universe. The quality of its merchandises is high and sought after. Electronicss by LG and Samsung every bit good as autos by Hyundai and Kia are sold worldwide. It was merely possible to make so by holding a skilled work force. To achieve this state invested a batch of its GDP in instruction. The planetary economic downswing and recession affected Korea merely like other states. Despite this, Korea is in the favorable place that recovery is possible. This is the anticipation by the International Monetary Fund ( IMF ) . The anticipation is based on the state s economic footing. The anchor of Korea is its sound and developed industries which make merchandises that are renowned for its quality and technological promotions. Shipbuilding has made Korea the universe s leader in this field. Semiconductors and shows are besides extremely ranked. Today Korea has one of the fastest turning economic systems in the universe and the taking economic system in Asia ( korea.net 2010 ) . Korea which has a topographic point on the G20 states is expected to turn the 5th fastest of all the member states. It is predicted that if growing is sustained that it will travel up into 4th place in 2011. At a meeting in September 2010 held by the G20 Finance and Central Bank Deputies, the growing for Korea is estimated at 6.1 % for 2010. It is predicted that growing for 2011 will be about 4.5 % . China, its neighbor, is presently turning at 10.5 % , and India is following at 9.4 % . The strong fiscal militias of Korea and its fight in exports is assisting the state to come out of the economic downswing. The IMF and G20 states are impressed with Korea s ability to get the better of the economic recession whereas other states are fighting to make so ( C. Ji-Eon 2010 ) . The organisation for Economic Co-operation and Development ( OECD ) ranks Korea foremost in footings of its member states. Datas by the OECD shows Korea s GDP rate growing to hold increased by 7.1 % compared with that of last twelvemonth. Korea shows the highest rate of the 17 OECD states who submitted informations. A strong point of Korea s economic system is its competitory power in footings of fabrication industries. This helped the economic system to retrieve. Besides, domestic ingestion every bit good as investing helped the economic system to retrieve. Korea is besides the lone state that has grown four consecutive quarters since the 3rd one-fourth last twelvemonth. Korea s economic growing in the 2nd one-fourth last twelvemonth was at minus 2.1 % , but increased by 1.1 % following one-fourth. In the 4th one-fourth last twelvemonth, growing was 6.1 % , while growing in the first one-fourth of this twelvemonth was 8.1 % and 7.1 % growing in the 2nd one-fourth. Meanwhile, German y reported the highest first one-fourth growing at 2.2 % in the first one-fourth compared with the first one-fourth of 2010, followed by Korea ( 1.5 % ) , Slovakia and Sweden ( 1.2 % ) , and The UK ( 1.1 % ) ( J. Seoyoung Choi ) . Korea is ranked eleventh among OECD states, demoing a excess of 1.28 billion dollars in its international balance of payments in 2010. This is harmonizing to OECD Quarterly National Accounts information released August 25, 2010.In this study 12 of the 32 OECD member states showed a excess in the first one-fourth of 2010. Japan showed the largest excess, with 50.2 billion dollars, followed by Germany with 39.7 billion, Switzerland with 20.6 billion, Norway with 14.7 billion, and the Netherlands with 12.5 billion dollars. Korea placed 11th, following Austria ( 1.48 billion dollars ) and Chile ( 1.3 billion dollars ) .A In contrast with this, the US showed a shortage of $ 109 billion followed by Spain with $ 23.4 billion and Italy with $ 19.4 billion in the first Quarter. Korea showed a shortage of $ 7.5 billion in the 3rd One-fourth of 2008, nevertheless, the state rebounded and showed excesss for 6 consecutive Living quarterss since so ( J. Seoyoung Choi 2010 ) . Korea and the G20 in 2010: Korea played host in November 2010 to the leaders of the G20 states in Seoul. They met to discourse the universe economic indexs as states come out of the fiscal crisis. The chief purpose was to see how to stabilise economic systems, travel frontward and seek and excite growing. For Korea, an emerging economic system and state, this was something to be proud of. At last it has earned a topographic point among former taking economic systems. Other organic structures present were the International Monetary Fund ( IMF ) , the World Bank every bit good as the Financial Stability Board. This meeting of the G20 represented more than 85 % of the universe economic system. Past G20 determinations were once more revisted and the meeting pledged to co-operate to and to reform international fiscal organisations to side-step a repetition of the present planetary fiscal convulsion. State Evaluation: ROK has proven that it has a strong, turning economic system. It has a high literacy rate and tonss of skilled workers. It has proven to fabricate many merchandises, such as electronics and autos of high quality. South Korea is a prima state of all new emerging economic systems and is extremely rated by the OECD, IMF, G20, G8 and other international organic structures and organisations. The state has developed quickly despite the fiscal crisis in Asia in the late 1980s -1990s. Now it has tremendous hard currency militias and is turning quickly in the economic field. While other economic systems are seeking to acquire out of the planetary recession, Korea is traveling in front at a speedy gait. SWOT Analysis: South Korea Strengths Great industries Strong, turning economic system Strong trading spouses Member of G20 High literacy rate Skilled workers Biggest shipwright in universe Failings Weather: inundations ; drouth Cutback of purchasing by states Environmental harm: industries Far from merchandising spouses: Europe Opportunities New trading spouses: exports Local consumers Leader in engineering Menaces Political differences with North Korea Other fabricating states: China Loss of trading spouses FOREIGN DIRECT INVESTMENTS: SOUTH KOREA The Korean Government announced in October 2010 that Foreign Direct Investment ( FDI ) in the state has slowed down and the Numberss have dropped by 13.1 % in the 3rd One-fourth compared to a twelvemonth ago. The chief grounds given are a stronger currency ( Kwon ) and a slow recovery of the planetary investing market. The sum as FDI is US $ 2.93 billion in July-September. Last twelvemonth at the same clip the figure stood at $ 3.37 billion. The cumulative DI for the first 9 months came to $ 7.26 billion which was down by 9.4 % of the sum in 2009.The currency ( WON ) stood at 1,164.4 to $ 1 US from January- September 2010, compared to 1,314.9 WON in 2009. Although this is a negative for Korea, other states are every bit affected due to the planetary economic recession. China is one of Korea s best FDI counries. The FDI from the US, Japan and European Union, former strong FDI s dropped by about 41.1 % due to the economic crisis in the mentioned states. However, Japan remains one of th e largest FDI states, holding invested more than $ 1 billion in 2010, although this is down by 42.7 % compared to the Nipponese FDI of 2009. IN contrast, the Chinese FDI stood at 127.2 % up for 2010, with $ 330 million investings. In-between eastern Countries FDI went up to 390 % at $ 167 million ( YonHapNews 2010 ) . A A A A A A Following are facts and figures up to 2006 of FDI by Korea to India ; it is interesting to compare this with the above influx of FDI into Korea. FDI SYNOPSIS ON SOUTH KOREA ( as on 30.06.2006 ) hypertext transfer protocol: //www.dipp.nic.in/korea/fdi_synopsis_korea.pdf FDI inflows A ; blessings: oˆ‚?iˆ Accumulative FDI influxs ( cyberspace of ADRs/GDRs ) during 1991-2006 ( up to June ) is US $ 40.63 billion, including sum of acquisition of bing portions ( upto 1999 ) , RBIs-NRI Schemes, stock swapped A ; progress pending for issue of portions. oˆ‚?iˆ South Korea ranks 9th A ; Cumulative FDI inflows ( cyberspace of ADRs/GDRs ) from South Korea is US $ 0.76 billion ( 2.07 % ) , excepting FDI influxs received for acquisition of bing portions ( upto 1999 ) , RBIs-NRI Schemes, stock swapped A ; progress pending for issue of portions. oˆ‚?iˆ Total FDI blessings ( cyberspace of ADRs/GDRs ) during the last 15 old ages are over US $ 70.33 billion. oˆ‚?iˆ South Korea ranks 5th A ; histories for approximately 3.78 % with FDI blessings ( cyberspace of ADRs/GDRs ) of US $ 2.67 billion of the entire investing blessings. Top Sectors attracted FDI Inflows A ; blessings: oˆ‚?iˆ Top sectors pulling FDI blessings ( from August 1991 to June 2006 ) from South Korea are Transportation Industry ( 38.17 % ) , Fuels ( power A ; oil refinery ) ( 32.46 % ) , Electrical Equipments ( including computing machine package A ; electronics ) ( 10.62 % ) , Chemicals ( other than fertiliser ) ( 6.07 % ) and Commercial, Office A ; House-hold Equipments ( 3.94 % ) . oˆ‚?iˆ Top sectors pulling FDI influxs ( from January 2000 to June 2006 ) from South Korea are Electrical Equipments ( including computing machine package A ; electronics ) ( 41.49 % ) , Metallurgical Industries ( 26.13 % ) , Food Processing Industries ( 9.81 % ) , Transportation Industry ( 6.69 % ) A ; Industrial Machinery ( 1.69 % ) . Technical coactions: oˆ‚?iˆ Total ( overall ) proficient coactions during the last 15 old ages ( Nos. ) 7,792. oˆ‚?iˆ South Korea has been granted 228 proficient coactions ( 2.93 % of the sum ) since, 1991. oˆ‚?iˆ Top five sectors pulling engineering transportation from South Korea are Transportation Industry ( 55 nos. ) , Electrical Equipments ( including computing machine package A ; electronics ) ( 48 nos. ) , Chemicals ( other than fertiliser ) ( 19 nos. ) , Misc. Mechanical Engg. Industries ( 14 nos. ) A ; Metallurgical Industries ( 13 nos. ) . hypertext transfer protocol: //www.fdi.net/country/images/korea.jpg ROK A ; the UAE The UAE is traveling in front to construct atomic reactor workss to bring forth electricity. South Korea has won the contract to construct the atomic workss here in the UAE. The Korean engineering every bit good as their expertness secured the contracts and the building will shortly get down.

Influence of Jazz and the Blues with an Emphasis on Louis Armstrong and Willie Johnson essays

Influence of Jazz and the Blues with an Emphasis on Louis Armstrong and Willie Johnson essays Perhaps more than any other form of music, jazz music means America. Jazz music, like America itself, is a melting pot of ideas, emotions, and traditions. According to Joachim Berendt, jazz is a form of music that emerged in the United States as a combination of African American and European music. The instrumentation, melody, and harmony are influenced by Western music while the rhythm, phrasing, and production of sounds are influenced by African American music. When we examine at the history of jazz, we encounter a variety of musicians and styles that are unique and impressive in practically every way. Undoubtedly, jazz us unique and important to the soul of American music. One incident that emphasizes the significance of jazz occurred in 1977. This was the year that NASA launched Voyager I and included a recorded greeting for anyone who might discover it. This recording included the jazz greats Louis Armstrong and Blind Willie Johnson as representatives of American culture. That NASA would include jazz musicians indicates the significance that jazz music has had not only on American music, but music While jazz is distinctly American, it can sometimes be difficult to define. One thing that almost everyone can agree upon is the fact that jazz has been a "progenitor of new forms, an inventor of new languages, a creator of new ways to express meaning" (Gennari 1991 439). Another aspect about jazz music that sets it apart is the fact that it hinges on process instead of form. Gennari notes that this allows for jazz to generate new meaning with almost every performance. Because of its subversion of traditional cultures and its "reshaping of aesthetic and social boundaries, jazz has helped define the cutting edge of twentieth century Western A close cousin to jazz is the blues. Shipton notes that two are "genres are joined at the hip like Siamese Twins" (Gioia 1997 4...

What Human Resource Management Is And To What Extent Do Hard And Essay

What Human Resource Management Is And To What Extent Do Hard And Soft HRM Practices Differ - Essay Example The researcher states that in the recent past adoption of HRM practices has been on the rise thus challenging the personnel management existing order in many organizations. A lot of questions have remained unexplained on why HRM has been dominant over the other practices of employment. Attempts to sufficiently define the role of HRM have been unsuccessful. Many scholars had to speculate if there has been anything new formed regarding the precise definition of HRM. Some view human resource management to be in direct rebellion and rejection with personnel management and industrial relations. Others on the other hand view HRM to be a repackaged form of Personnel Management. Interestingly, there has been a considerable degree of extension and overlap between the roles, models, and theories that constitute the disciplines of Personnel Management and HRM. The overlap is in support of the fact and argument that HRM is Personnel Management that has been repackaged, and there is no big change between the two. On the contrast, the HRM outcomes have not been in agreement with that of traditional Personnel management. For example, cultural controls, strategic orientations, and normative concepts are absent in HRM. Many argue that the distinction between HRM and Personnel Management is on the different ways in which the theories and models they share are being deployed. A definite example that districts between the two disciplines are discourse and dialogue HRM treats labor unions. To the labor process theory, HRM has become a universal term describing the different employment governance approach. To define the employment management procedures, it is necessary to distinguish between HRM as a discipline and HRM as a dialogue. To reveal the actual role of HRM it is vital to carry out a definition of based in the context it operates in. In my view, HRM is a regulation mode that nurtures an accumulation capitalist regime. It is because the HRM practices were first being formula ted implemented by the Western nations whose economies are capitalists in nature.

Mental Health Court Essay Example | Topics and Well Written Essays - 500 words

Mental Health Court - Essay Example The judge granted the request but appointed the court to be the one to manage and monitor the treatment instead of the parents. According to one of the court reporters that I sat with, the case I heard occurs every day in 95b. One of the reasons mentioned in the hearing was that the defendant did not finish his treatment because he opted to work instead of attending treatment and was not dissuaded from doing so by his parents. It made me realize that though there are already significant channels being provided for mental health by the judicial system for those who need it, they are not being fully utilized. The danger is that these conditions can escalate the offense committed that is disincentive both to offenders who have conditions and those the crimes are committed against. When the court appointed one its own officers to oversee the treatment of the defendant who was still a minor, I realized the degree by which the courts have had to take a more active role in rehabilitating offenders. According to the UK based Democratic Health Network, health services should have greater responsibility in ensuring that courts be enlightened regarding the condition of individuals who have mental illness who have committed crimes.

What factors make Switzerland an attractive option for European Dissertation

What factors make Switzerland an attractive option for European commercial real estate investors - Dissertation Example The research aims to investigate what factors make Switzerland an attractive option for European Commercial Real Estate investors. The study will take in consideration those factors in order to understand which type of commercial real estate will be more profitable.The research is based on both primary and secondary data. Primary data will be collected via a mixed method approach. Firstly the author will use an inductive approach to make four semi-structured (exploratory) interviews with individuals working for â€Å"Compagnie des Parcs† (a young commercial real estate company based in Switzerland). The questions will mainly emphasize on the factors that makes Switzerland attractive for European investors. In a second phase, based on the interviews, an inductive approach will be used to create a short survey, which will be forwarded to a few individuals, all covering a particular aspect of the industry. In addition, a case study examining property deals made by Compagnie des P arcs will be assessed. The secondary data will be collected through books, articles, market reports, past dissertations and online sources. The data will be analyzed via different models such as the Grounded Theory for the Qualitative data or the SSPS software for the quantitative data. Hypothesis –Switzerland is an attractive option for European investors. Warehouses and elderly ONE DOESN’T USE ELDERLY FOR HOUSES IN ENGLISH – OLDER? houses are both interesting type of commercial real estate to invest in. Although offices are good alternatives, it does not offer such a high profitability. Because interest rate is extremely low those investors benefit from cheap money and thus high leverage opportunities. In addition, the country is in close proximity to Europe but does not belong to the Euro zone that is forecasted to worsen in regards to its economy. THIS IS NOT WHAT A HYPOTHESIS IS. PLEASE CHECK THIS IS YOUR TEXT BOOK – IT HAS TO BE A STATEMENT WHICH IS OPEN TO BE TESTED Value – This study, which has not been assessed before will fill an important gap for commercial real estate investors. It will add knowledge to a currently under studied area. The research will also help investors in identifying rapidly which factors are essential to evaluate in order to maximize the profit and reduce the risk of future investment. In addition, this study will be important to understand that real estate business cycle cannot be disregarded when entering the market. AT THIS STAGE IT ISN’T CLEAR TO ME WHAT THE RQ IS. YOU HAVE MADE AN ASSUMPTION THAT S. IS ATTRACTIVE AND GIVEN SOME REASONS WHY THIS SHOULD BE SO – BUT WHAT EXACTLY ARE YOU TESTING? THAT IT IS ATTRACTIVE? COMPARED WITH WHAT? IS THIS A TEMPORAL STUDY – LOOKING AT SWITZERLAND IN DIFFERENT PERIODS? A COMPARISON WITH THE RELATIVE ATTRACTION OF OTHER COUNTRIES? HOW ARE YOU GOING TO DEFINE ATTRACTION? HOW ARE YOU GOING TO MEASURE IT? IS A CASE STUDY APPROPRIATE IN THIS SITUATION? Table of Contents Acknowledgements 2 Abstract 3 Background 7 The objectives and purpose of the project 9 The justification for the project 10 The research question 11 literature REVIEW 12 Definition of REAL estate 12 Types of real estate 12 Why invest in real estate 13 Supply and demand in real estate market 13 Cobweb theories 13 Business cycle 14 Real estate cycle 15 Investment strategies 16 Return on investment 17 STEPS in the investment decision process 17 Bibliography 33 Appendix 36 Interviews: 36 The four Sub-market: 43 The user market 43 The Financial Assets market: 44 The Development Market 45 The Land Market 45 The cobweb theory 46 Background In today’s economic context, it is becoming more and more difficult to understand financial trends and currency fluctuations. It was just a few years ago for instance that the Euro was seen has a powerful currency soon to overtake the dollar. Nowadays, economists are anticipating the collapse of this currency and the

Continuous Personal Development In Hospitality

Continuous Personal Development In Hospitality INTRODUCTION In the following report, to be submitted to the restaurant manager I was instructed to find the gap between the staffs current capabilities and the skills requirement that is needed to be developed in order to meet the restaurants further plan. I was also to determine the training objectives for the staff to increase their current set of skills. For the current report I had to do the skills audit. I also had do the secondary and primary research for internal and external environment. For this purpose I have used a number of web sites and books. About the restaurant: Chutney Mary- Londons most fashionable and highly acclaimed Indian restaurant and twice received the award of Best Indian Restaurant in the UK from the authoritative Good Curry Guide. Restaurant opened its door to customers in 1990 Chelsea, London. The new romantic interior combines Indian richness and sparkle sepia etchings of Indian life. Restaurant reflects mix of the finest Indian craftsmanship in a stylish setting. Chutney Mary welcome guest by a comfortable lounge area leading to a dramatic stairway, featuring an enormous Moghul style mirror work mural. Impact Analysis Skill Areas:  Communication skills Do you have the skills? (yes/no):  No Are the skills at a satisfactory level?(yes/no):  No Skill level 1-5 (1 is highest, 5 is lowest):  3 Skill level desired:  2 Skill Areas:  Knowledge of the product Do you have the skills? (yes/no):  Yes Are the skills at a satisfactory level?(yes/no):  No Skill level 1-5 (1 is highest, 5 is lowest):  4 Skill level desired:  2 Skill Areas:  Up selling skills Do you have the skills? (yes/no):  Yes Are the skills at a satisfactory level?(yes/no):  No Skill level 1-5 (1 is highest, 5 is lowest):  3 Skill level desired:  2 Skill Areas:  New Technology Do you have the skills? (yes/no):  Yes Are the skills at a satisfactory level?(yes/no):  Yes Skill level 1-5 (1 is highest, 5 is lowest):  4 Skill level desired:  1 The above table shows the current set of skills. The skills required by the staff to accomplish the companys future plans are shown in the fifth column. The chart gives a synopsis to the manger of the areas that need to be develop, in order to reach the companys goal. One of the ways to solve the problem is by gap analysis or impact analysis. It is technique use to pin point the correct gaps between expected levels of service and the actual level of service provided. Gap analysis has played a crucial role in planning asset within public sector and private sectors as well. This analysis also gives a summary of the impacts of the set qualities to the management. This analysis helps the management to recruit new staff in the future. The management can cross reference it to check if the candidate has met the requirement, so that they can achieve their future plans. The analysis is generally used at the macro level. It identifies the key performance area of the organisation. It is necessary to close the gaps in desired and current levels of skills by every organisation in order to be successful in market. Identified Gaps in Chutney Mary: Up-selling: Up-selling guides restaurant to achieve the target set by the management. In Chutney Mary the management had always given the target revenue for every month. From this employees will be aware of their their target market for their product and what exactly they have to up-sell. There is quite a big gap in up-selling. The gap can be closed by giving training to the employees. This to have a good knowledge about the product and will also help in up-selling the brand image of the restaurant. Time management: It is an important tool in the hospitality sector. Time is one of the factors that cannot be wasted by the management. Skill audit the employees are lacking in time management. It sis a new restaurant managers must plan and manage the time. Inability to this will lead to a greater loss of revenue and reputation of the restaurant. For closing this gap special training must be given to the employees regarding time management. Communication skills: Being a hospitality sector it is very important to know that communication skills plays a vital role. In Chutney Mary many of the employees are Asians and Europeans and they are lacking in English so management must be well aware of it. As Chutney Mary is a new restaurant and which serve dietary food so there will plenty of reviews from the customers so staff should be able to explain the concept. For closing this gap management should arrange special English classes for those employees who are not fluent in English. Product knowledge: Product knowledge is one the gaps identified in Chutney Mary. Every staff must aware of the product and brand standards. It can be close by undergoing proper training to the staff which enhance the employees to explain the customers about their product with ease and confidence which will result in up selling. The restaurant must focus on shortage of skills and their impacts on Chutney Mary. From the given skills audit we can find out what skills are the employees lacking in: Lacking in efficiency and effective communication skills. Product knowledge. Lacking in time management. Up selling skills and its techniques of the employees are not up to the mark. Impact of the gaps to the business and achievement of future plans and objectives of the organisation: Due to lack of skills within the staff the restaurant will not be able to achieve future targets. This may have an effect on the productivity and can lead to negative comments and perceptions of the customers. Poor product knowledge may create lower revenue even when the staffs are doing through up selling. This can lead to the down fall of the gross revenue. Thus making lower profit on the sales volume. Less knowledge about the product makes the staff aware of the highlights of the products. It may lead tension and lower self confidence while they are dealing with customers. Lack of skills development results in less productivity of the organisation and poor and unacceptable performance. Lack of communication skills results in higher guest complaints. It increases the number of unsatisfied guest, and thus to bad word of mouth publicity. Because of this the management fails to achieve their future goals. Lack of up-selling technique will result in loss of potential revenue that the company can make. Organisation may lose its business in the market sector. They also have a fear of losing their market position. Explanation of staff development plan: As per the results from the above staff development plan I have explain it in details the summary of these plan: Up selling skills training: Up-selling plays an important role in the organisation since it helps to provide the value of the product than the price verified for it. Up-selling sales report is put on the board for every month to know the whether the restaurant has gain more revenue or not. The restaurant has a target of doing up-selling of  £20,000/- and above within a month time. This will help to increase the sales by 30%. Various up-selling techniques are used by the trainer who are invited from outside. From the above calculation there was  £206 per hour of average increase in the productivity rate. Menu knowledge: having accurate Menu knowledge has a good impact on the employees. By giving the training about the menu, restaurant is hoping to achieve the target of 45% on sale within 3-4 months and from the above calculation it was observed that there was 10% increase in sales. Time management: Time management is done in order to maintain the standards and consistency of the quality of work. Employees must be aware of the importance of time. The organisation has to keep the prospective of events like Olympics 2012. Communication skills: Communication skills are important in any service industry. Customer should know the concept and is easier when the staff has good communication skill. From the above chart 70% of employees who lacked in the communication skill left the job. Training wise restaurant is improvising on training the staff regarding with their English language. Increase in staff retention: In Chutney Mary Staff retention program is not effective. From the above plan it was found that 70% of staff has left the job. Creating a friendly atmosphere and providing regular staff training the restaurant is seeking to cut down the employment cost by 34% by the year end. Summary of this plan: What has to be done: From the above development plan the restaurant is planning to train all the employees within the department. For achieving this, restaurant must follow the objectives which had prioritised in the staff development plan. Special training must be given to the following issues menu knowledge, time management, and communication skills and staff retention. Employees should be trained on the brand standards so as to achieve the objectives. For that restaurant must arrange staff meeting once in a week. And have feedback from the employees and must discuss about what has to be done in order to achieve the goals. Who is going to do it: the objectives are for all level of staff within the organisation. It is the managements responsibility for arranging the trainings and evaluating the staff progress. Performance appraisal or staff performance check can be useful for this purpose. If the employees are successfully trained and are able to achieve this objective they should be rewarded by the manager of the restaurant. When it is going to be done: November 2009 the restaurant starts the evaluating employees recruitment, whether the employees are happy with their job through employees feedback form. December 2009 the restaurant will start with their up-selling training program and it will be finish by the end of 3 months. These programs will be held on Fridays and Saturday for every 1 hour. Brand standards training will be held in November 2009 on every weekend for 1 hour. Time management training will be held on January 2010 and communication skills training will be held in February November 2010. The time duration for all the training is of 3-4 months making them aware of time period. The employees who are lack in communication skills in English will be trained throughout the duration of the program. All this training will be done at management level and at the lower level as well. How it is going to be done: In Chutney Mary management puts training session on the notice board and gives the reminder of the session on the contact number of the employee. Websites resources like brand awareness, customer recommendation helps the employee to grow. Why it is going to be done: It is done to develop the personnel skills of the employees. The restaurant will have efficient staff to provide quality service after completion of the training session. This will result in increase in productivity of the restaurant and customer satisfaction and will improve. The restaurant will have a new face in the market sector, and within the competitors. This will be helpful to achieve the competitive edge against the competitors. How much will it cost: Approximately  £200-300/- quotation has been allocated to achieve these objectives. A total expenditure of the training session which consists of staff expenses, trainer expenses, training room charges etc. will be approximately around  £1000 to  £1500/-. How will the plan benefit the business? Training on up-selling helps to improve the skills of the staff while up-selling the product to the customers and gain more profit. Knowledge of the menu is key tool for the staff so that they can recommend the needs to the guest. This will help the staff to improve their skills and knowledge. Through time management staff will become more efficient and productive and they can become focussed in their work. By using communication skill the staff is expected to interact with the guest and top level management with effective communication. The staff retention will help to identify whether the employees are satisfied with their job. It also creates friendly atmosphere and as a result in smooth running of the operation. It also ensures that employee cost will be reduced. This plan will help the business in getting more customers. It will also help to achieve competitive edge over the competitors and helps to creating a reputation within the market sector. How staff development will be measured: Recommendation by the customers: In Chutney Mary they follow guest recommendation. They also follow the comment cards policy. While presenting the bill folder the comment cards are also presented and through comment cards we receive the customers feedback. For that we have mention certain ratings from 1 to 5. If the ratings are more than 5 staffs are rewarded. It also helps in checking the performance of the restaurant. Sales tracking system: Management keeps track on the sale through this system. In the system they compare the present and past sales and even do the break even analysis. Employees feedback and reviews: In Chutney Mary performance appraisal are given to the employees and this is done on every month. Risk assessment: The introduction of risk assessment. PLANS FACTORS WHICH CAN AFFECT TO CHUTNEY MARY PLANS TO REDUCE THIS RISK High profits Customers wants Wastages Product knowledge Staff must be aware of product knowledge and must reduced the wastages and management must undergo research on their whether their likes and dislikes. Knowledge of the menu Various styles and trends Based on climatic conditions. Allergic situations Staff must know the trends and styles to overcome the place in the market. They must be aware of the seasonal foods so that they can explain them to the customers. Staff must very well tackle with the allergic guest for that the menu knowledge is important. Time management Staffs that are not aware of this skill will not be able to able to meet and keep the time for future events. Staff needs to focus and must always be on time so as to achieve these targets so as to avoid conflicts within the department. Communication skills Many of staff are not aware of English language will not be able to interact with the customers and colleagues. English classes must be appointed for the staff and must be made compulsory and other languages must be banned within the restaurant. Increase in staff retention High staff turnover rate will lead to high employment cost. Friendly working environment for the employees. Executive summary From this assignment we were suppose to find out the medium terms plans of Chutney Mary and their objectives and what are the changes must be undertaken to achieve the objectives. Than we have to find out the skills audit for analysing the skills and goals of staff within the organisation. On the basis of skill audit we have to identify the gaps between current capabilities and the capabilities required in future plans. Than we have to find out the impact and what are the plans and objectives of this gap on Chutney Mary In the second task we carried out staff development plan so that the organisation can achieve certain targets and identified the risks which were inhibiting the organisational goals. Appendix 2 From the above development plan the restaurant is striving to achieve the Medium term objectives. Staff development plan is measured and achieved in every month and in result it will show the figures in the report regarding the restaurant success. NAME OF THE STAFF TRAINING PROGRAMMES TRAINING HOURS TRAINING PERIOD COSTS Mr Gaurav Raje (manager  ) and Mr. Sachin malhotra (trainer) Communication skills     For every 2 hrs Monday to Wednesday Approximately 250  £    Mr Oliver (wine trainer and supplier) Up selling    For every 1hr     Friday to Saturday Approximately 200  £Ã‚     Mr. Gaurav Raje (manager)   Time management For every 1hr   Thursday to Friday   Approximately 250 £Ã‚     Mr. Sachin Malhotra (trainer) Brand awareness   For every 1-2 hrs   Every weekends or during briefing   Approximately 150-200 £Ã‚   Mr. Rohit Shelatkar (director) Staff retention For every 10-15 minutes During staff meeting Approximately 300 £ Appendix 3 SALES REPORT OF Chutney Mary OF DATE 30TH OCTOBER 2009(FRIDAY): Chutney Mary Current Last year Last week Covers 121 103 110 Food per head 35.47 31.45 33.78 Beverage per head 21.01 23.36 17.13 Total per head 62.78 54.76 58.99 Revenue net of VAT 6,789 4,943 5,767 Dinner analysis Before 7pm Main After 10 pm Covers 05 181 15 Revenue net of VAT 0 6,389 0 Calculation of average sales per hour: Output = average number of covers in a day average price per cover Input no of people working on the day number of hours worked = 120 55 4 8 hrs = 6600 32 = 206  £. Average turnover rate of the employees: No of people leaving premises 100 No of people working in premises = 7 100 = 70%. 10 Menu knowledge and cost: food cost + maintenance + employees cost = 1500 + 1000 + 7 employees in a shift 8 per hour = 2500 + 56 =2556. = cost per day = 2556 = 21.3% No of covers per day 120 Sales per labour hour: Total sales Labour hour = 6,389 40 = 160  £ sales per labour hour. Appendix 4 Continuous professional development determines latest trends in the organisation so as to raise the capability of delivering professional service. It helps to maintain the high standards and quality within the organisation. It promotes the general welfare of the public. It helps to increase the competitiveness within the organisation Appendix 5 What is a skill audit? Skill audit is defined as a performance indicator which helps to identifies employees performance and skills and it is done at management perspective. The purpose for arranging skill audit is to find out the skills and knowledge that the organisation requires as well as they presently possess. It helps in understanding employees strength and weaknesses and identifies and measures the functional skills of the organisation. These are done through training, job design, out sourcing etc. Appendix 6 The steps for performing staff development plan: To determine the needs and development of the staff. This can be done with the manager of various departments that interact with the staff members. For the improvement of staff development plan the organisation must measure the improvement for each development it must be specific such has production rate must be specific for every organisation. For performing staff development plan organisation provides specific training courses, cross training to the employees so that the organisation can addressed and improve the development plan for the staff. There are two types of staff development plan they are generic plan which are used for specific jobs, positions for every employee. Source: Author unknown (2008) Staff development plan identify the potential resources of the employees to meet the needs. Staff development plan helps employees to update their skills and knowledge in various areas of the department. These plans are generally made at management level. The objectives of the plans to make the employees aware of the brand standards and to make to sell the product and to get positive feedback from the customers and to improve the performance.

Problem Solving Essay -- essays research papers

Problem Solving   Ã‚  Ã‚  Ã‚  Ã‚  There are many different strategies that good problem solvers use to solve a problem. Before using a strategy, you must remember a few things. First, take your time. Few good problem solvers solve problems fast. Second, don't give up. You will never solve a problem if you don't try. Last, be flexible. If a first you don't succeed, try another way. And if the second way doesn't work, try a third way.   Ã‚  Ã‚  Ã‚  Ã‚  There are a few steps to solving a problem that you should follow. First, read the problem very carefully. Try to understand every word and make sure you know what the problem is asking. If you don't know the meaning of a word, look it up in a dictionary. Second, sort out information that is not needed. Third, devise a plan. Even guesses have to be planned out. Arrange information in tables, draw pictures, and compare the information to another problem you know of. Fourth, carry out the plan. Attempt to solve it and work with care. If the attempt doesn't work then go back and read the problem again. Last, check your work carefully. Don't check by repeating the problem, estimate or find another way to try and to solve the problem.   Ã‚  Ã‚  Ã‚  Ã‚  You can understand what the problem means yet still not be able to solve it immediately. One good way to help you solve the problem is to draw a picture. One example of this strategy is suppose you received a problem asking you how many diagonals a...