The Effect Of Inflation On The Economy - 822 Words

Some variables in Economics are very close related to each other. In many cases, the combination of these variables can cause an unexpected effect on the economy. One of these examples can be observed using the Phillips Curve. This curve can be used as a tool to represent the inverse relationship between inflation and unemployment in the short-run. In order to comprehend this inverse relationship, we must first know what inflation is, how we define unemployment, and how these two variables are connected using the Phillip Curve. If we understand the meaning of each one of these variables in the economy, it will be easier to comprehend the logic of a short-run tradeoff between unemployment and inflation. Inflation, in the economic, can be described as the sustained increase in the level price of goods and services over a period of time. The effects of inflation can be diverse in the economy. It can affect the economy in positives and negatives ways. One of the negative way in which inflation affects the economy is that it increases the opportunity cost of holding money, in others words, it decreases the real value of money. A high and prolonged rate of inflation can also discourage saving and investment. Inflation is told to occur when there is an excessive increase in the money supply. Although, an excessive money supply does not necessarily causes inflation. Among the positive effects of inflation in the economy, we can talk about that it allows the central bank toShow MoreRelatedThe Effects Of Inflation On The Economy1572 Words   |  7 Pagesexactly inflation is, what its effects on an economy are, and what the root causes of inflation are. Rampant inflation is very damaging to an economy and can have long lasting effects on the country and the World financial markets. Because of globalization the world is more interconnected than ever and in turn no economy is fully insulated from disruptions to the global markets. The difference between inflation and hyperinflation is also discussed. As the title states, inflations damaging effects on savingRead MoreInflation And Its Effect On The Economy1197 Words   |  5 PagesIntroduction Inflation is an aspect of macroeconomic instability and is a rise in the general level of prices in an economy. When inflation occurs, every dollar of income buys fewer goods and services than before and reduces the purchasing power of money. Inflation doesn’t always mean all prices are rising, and during periods of rapid inflation some prices may be constant and others may fall. It is measured by the Consumer Price Index (CPI), the two types are demand-pull and cost-push, and affectsRead MoreInflation And Its Effect On The Economy1217 Words   |  5 PagesIntroduction Inflation is another aspect of macroeconomic instability and is a rise in the general level of prices in an economy. When inflation occurs, each dollar of income will buy fewer goods and services than before and reduces the purchasing power of money. **Inflation does not mean that all prices are rising and during periods of rapid inflation, some prices may be relatively constant while others may fall. Almost all prices are set by supply and demand, and if the economy experiences inflationRead MoreEffects Of Inflation On The Economy1212 Words   |  5 Pagesinfluences that cause inflation such as energy, food, commodities, and other goods and services. The entire economy is affected by rise of the cost of living. It also affects the cost of operating a business, borrowing money, mortgages, corporate and government bond yields, and every other aspect of the economy. There are several advantages of inflation in the economy. Some include moderate rates of inflation which allows price s to adjust. This is considered a sign of a healthy economy. With economic growthRead MoreInflation And Its Effect On The Economy1200 Words   |  5 PagesIntroduction Inflation is another aspect of macroeconomic instability and is a rise in the general level of prices in an economy. When inflation occurs, every dollar of income will buy fewer goods and services than before and reduces the purchasing power of money. Inflation doesn’t always mean all prices are rising, and during periods of rapid inflation some prices may be constant and others may fall. Measured by the Consumer Price Index (CPI), the two types are demand-pull and cost-push, andRead MoreInflation And Its Effect On The Economy1617 Words   |  7 PagesInflation is defined as the sustained increase in the general price levels of goods and services over a period of time. When the price level rises, each unit of a currency purchases fewer goods and services, reflecting a reduction in purchasing power per unit of currency. Every economy experiences inflation through the business cycle, which is defined as the natural fluctuation in economic activity between inflation (expansio n), and recession (contraction). Inflation is not necessarily a negativeRead MoreInflation And Its Effect On The Economy1532 Words   |  7 PagesInflation is the rate in which the prices and services are rising above zero percent, which involves a declining value in the power of currency. While deflation is when the inflation rate goes below zero, making it a negative inflation rate. â€Å"Inflation has a direct impact on the investment environment; a rising or declining inflation rate can shift the balance of investment returns between stock, bonds, and other alternatives† (Little, 2010). An economy having zero inflation will eventually resultRead MoreInflation And Its Effects On The Economy2825 Words   |  12 PagesGlobal economy has been changing significantly in past several decades which has been affected by the goods and services in the national borders leading to the movement of the country up and down in the international system economically. The economy of the co untry is strictly hit by two important factors that are: deflation and inflation. Deflation can be defined as the decrease in the price of the goods or services provided. In the other hand, inflation can be defined as the increase in the priceRead MoreThe Effects Of Inflation On The Economy1129 Words   |  5 Pagesago, many economists did not believe that inflation –the escalation of prices that makes the money to be less valuable in the market- (Newnan, Eschenbach, Lavelle, 2014) could rise together with unemployment because they stood in the wide belief of a direct relation between economic growth and employment. That is to say that when the nation’s economy is in its healthy moments, the rate of unemployment will decrease, and in the other part the inflation will increase because people have more incomeRead MoreThe Effects of Inflation in Malaysian Economy Essay645 Words   |  3 PagesInvestment will drop because inflation. There may be greater uncertainty for both firms and households when inflation. Firms become unsure of what their costs will be and what prices they will receive from selling their products in the future so may be reluctant to invest. The good timing for company to grow their business is when the economic conditions is at low inflation (Inflation, n.d.). This is easy for businesses to have a well planning for their activities and investments. Most of the time

George Orwell s 1984 And Modern Day Society - 1504 Words

College Tuition Imagine college graduation day, walking down the aisle to receive a diploma that one has worked towards for their entire life. However, the moment is bittersweet because one’s education has put him/her into thousands of dollars in debt by the high tuition prices of colleges and loans to the government. Dehumanization by the totalitarian government in the book 1984 by George Orwell is similar to the dehumanization in modern society between the government and colleges onto the student through high tuition costs and overpowering government control which causes loss of opportunity. The concept of dehumanization occurs in the book 1984 and in modern day society with a restriction on choices. In 1984 Winston Smith’s limitations were to either perform deliberations and actions against the Party with the fear of getting caught every day or to hide his thoughts and feelings. Due to Winston’s confined choices he made up his mind on the day when he opened u p his journal and wrote â€Å"DOWN WITH BIG BROTHER† in all capital letters. Winston then continued to act against the party and not hide his actions â€Å"but for a moment he was tempted to tear out the spoiled pages and abandon the enterprise altogether. But he did not do so† (Orwell 18-19). Winston knew his acts against the Party were jeopardizing, but due to the dehumanizing government he could no longer hold back his feelings for the Party which effectuated the confined choices that he could make. The limitations onShow MoreRelatedGovernment Surveillance And Totalitarianism In George Orwells 19841593 Words   |  7 PagesThe Correlation of Government Surveillance and Totalitarianism in 1984 During the production of 1984, author George Orwell never envisioned a tangible reality housing the society he constructed. He wrote the novel as a warning, a cautious exposà © showing those what could happen if society lost its sense of humanity; housed in a painfully relevant satire of totalitarian barbarism. In his novel 1984, George Orwell addresses the issue of government surveillance through his strategic use of point of viewRead MoreAnalysis Of Annabel s Annabel 1696 Words   |  7 Pagespurpose that it was intended too. Stacey empathizes that Winters novel really puts gender and gender identity into perspective and that Winter put a lot of love into all of her characters. Making them believable and relatable especially in relation to modern day sexism. Everything from Stacey D’erasmo’s review is nothing but praise toward Kathleen winters novel and its symbolism of freedom. Review Number 2: O’Grady Carrie. (2011). Annabel by Kathleen Winter – Review. Retrieved October 24, 2017, fromRead More1984 vs Today Essay857 Words   |  4 Pages1984, a novel by George Orwell, represents a dystopian society in which the people of Oceania are surveilled by the government almost all the time and have no freedoms. Today, citizens of the United States and other countries are watched in a similar way. Though different technological and personal ways of keeping watch on society than 1984, today’s government is also able to monitor most aspects of the people’s life. 1984 might be a dystopian society, but today’s condition seems to be moving towardsRead More George Orwells 1984 Essay1690 Words   |  7 PagesGeorge Orwells 1984   Ã‚  Ã‚  Ã‚  Ã‚  War is Peace. Freedom is slavery. Ignorance is strength. These are the beliefs that the citizens of Oceania, in the novel titled 1984, written by George Orwell, live by. In this novel, Oceania, one of the three remaining world super powers, is a totalitarian, a society headed by Big Brother and his regime, known as the ministries of Truth, Love, and Peace. A totalitarian government is defined as a government characterized by a political authority which exercisesRead MoreAnalysis Of George Orwell s Dystopia 881 Words   |  4 Pageswritten and published in 1949 by Secker and Warburg. Its name being â€Å"1984† by George Orwell. â€Å"Big brother is always watching,† the language the author utilizes drops subtle hints from time to time about what could possibly happen in the real world in near future. 1984 still remains one of the most intense and powerful warning signals about the peril of total government control. The time period 1984 was inspired in is crucial to its plot. It was inspired around WorldRead More George Orwells 1984: Unmasking Totalitarianism1749 Words   |  7 Pagesfilled with hope. When failures of the past and present problems collide together, the future is often seen as a place of hope. This mindset was no different in Britain during the mid 20th century, especially in the late 1940’s. World War II had finally ended, the days of fighting Nazi Germany was behind everyone but present circumstances were bleak. Britain was still recovering from the effects of World War II and handling the transition of a new socialist democratic government. From the eastRead MoreFreedom vs Security - George Orwell, 19842554 Words   |  7 Pagesï » ¿Freedom vs. Security: 1984, a Mirror of Today’s Governments and their Methods of Mass Control Tanks to technology and, mostly, its applications in the field of communication, governments and business corporations from all around the world have now more power than ever to track and influence what we buy, what we listen to, what we read, what we watch and, ultimately, what we believe. Recent terrorist threats and armed conflicts that have taken place around the globe have prompted a general feelingRead MoreAnalysis Of George Orwell s 19841377 Words   |  6 PagesIn humanity, there are leaders who feel that taking control over their nation can help to improve their society. However, citizens in those particular societies, have diverse opinions as to their laws and regulations that they are required to follow. With this, every nation has its own particular government, or leader. A government’s role is to regulate and organize their nation, along with their citizens. There are various types of governments, such include democracy, oligarchy, and more specificallyRead MoreG eorge Orwell s Novel, 19841242 Words   |  5 PagesIn the novel, 1984, George Orwell describes a dystopian future in which the citizens are living under the control of a totalitarian regime. The â€Å"Party†, Orwell’s version of the modern day government, used their power to keep constant surveillance of the citizens, censor information, and manipulate the people. Through the use of telescreens and microphones, the Party was able to watch and listen to the citizens whenever they were in range. Party members were also responsible for the systematic destructionRead More1984 Manipulation Essay980 Words   |  4 PagesGeorge Orwell, the author of the classic novel 1984, presents scheming and manipulation as the norm in the State of Oceania. Modern day dystopia can be represented in religion as some worship things such as money over their God. Also, smartphones have become an obsession in modern day society. According to Tim Elmore, author of the article Nomophobia: A R ising Trend in Students, approximately 66% of people sleep with their phone in their bed which shows how attached individuals are to their electronics

Air Pollution in Malaysia free essay sample

In the fourteenth and fifteenth century, British tax assessors used ownership or occupancy of property to estimate a taxpayer’s ability to pay. In time the tax came to be regarded as a tax on the property itself. In the United Kingdom the tax developed into a system of rates based on the annual (rental) value of property. The growth of the property tax in America was closely related to economic and political conditions on the frontier. In pre-commercial agricultural areas the property tax was a feasible source of local government revenue and equal taxation of wealth was consistent with the prevailing equalitarian ideology. When the Revolutionary War began, the colonies had well-developed tax systems that made a war against the world’s leading military power thinkable. The tax structure varied from colony to colony, but five kinds of taxes were widely used. Capitation (poll) taxes were levied at a fixed rate on all adult males and sometimes on slaves. We will write a custom essay sample on Air Pollution in Malaysia or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Property taxes were usually specific taxes levied at fixed rates on enumerated items, but sometimes items were taxed according to value. Faculty taxes were levied on the faculty or earning capacity of persons following certain trades or having certain skills. Tariffs (imposts) were levied on goods imported or exported and excises were levied on consumption goods, especially liquor. -1- During the war colonial tax rates increased several fold and taxation became a matter of heated debate and some violence. Settlers far from markets complained that taxing land on a per-acre basis was unfair and demanded that property taxation be based on value. In the southern colonies light land taxes and heavy poll taxes favored wealthy landowners. In some cases, changes in the tax system caused the wealthy to complain. In New York wealthy leaders saw the excess profits tax, which had been levied on war profits, as a dangerous example of leveling tendencies. Owners of intangible property in New Jersey saw the tax on intangible property in a similar light. By the end of the war, it was obvious that the concept of equality so eloquently stated in the Declaration of Independence had far-reaching implications. Wealthy leaders and ordinary men pondered the meaning of equality and asked its implications for taxation. The leaders often saw little connection among independence, political equality, and the tax system, but many ordinary men saw an opportunity to demand changes. MALAYSIA TAXATION The property tax is a compulsory contribution to be paid by the taxpayer, where the taxpayer in return will receive benefits from the local authorities in the form of tangible and intangible services, community facilities, infrastructures and development projects for their enjoyment . In the context of property tax, enforcement of the tax is intended as a tool to drive the development of areas administered by local authorities. Property tax imposed on the taxpayer is given back by local authorities in the form of services in their respective administrative areas. The imposition of property tax is related to the role of local authorities in developing the area and providing the necessary services and facilities. According to Section 127 to section 163 of the Local Government Act 1976, local authorities are empowered to impose property tax on property owners to carry out the functions and roles of local authorities as an organization which has autonomy over the local populace. The local authorities should ensure that the management of tax collection can be implemented effectively in the development process and services provided appropriately . -2- Local authorities have important responsibilities in carrying out their functions and roles, especially in property tax management to ensure the welfare and amenity of residents can be realized. If the local authority is weak and incompetent in handling the management of the property tax it would certainly affect the results of tax collection which is to be used as financing development projects and services provided. In addition, the arrears in property taxes will increase due to poor management and will burden the local authorities. This will have an impact on the quality of work and services performed. The prevalent issue of lower tax revenue in local authorities throughout the country continues to pose a very serious predicament. Complete procedures which have been established in the provisions of the Act will guide local authorities in managing the property tax but the property tax collection performance is still under unsatisfactory level. For example, according to the Economic Report of the Ministry of Finance, revenue of the collection performance in local authorities throughout the country showed a worrying decline in the rate of decrease of 11. 7% recorded in 2007 and 0. 3% in 2008. The implications of the tax reduction has resulted in a deficit spending of RM75 million and RM1,179 million in 2007 and 2008 due to the higher prevailing costs. Collection of property tax revenue statistics generally show the majority of Malaysian local authorities collect property tax of less than 70% of the total taxable amount, while for the collection of property tax arrears show only within 30%-50%. As an example, local authorities in the state of Johor and Kuala Lumpur City Hall (Dewan Bandar Raya Kuala Lumpur, DBKL) showed that the amount of property tax arrears recorded amounted to about RM168 million and RM435 million in 2009 and this is certainly an issue of concern. This depicts the overall situation of property tax performance of local authorities in Malaysia which is in a poor condition and has not reach a satisfactory level, where the country’s agenda has set the target and vision to encompass about 70% of communities in Malaysia will be living in municipal areas in the year of 2020. -3- TYPES OF PROPERTY TAX IN MALAYSIA Tax on property was introduced in 1974 under the Land Speculation Tax Act. This was subsequently replaced with the Real Property Gains Tax Act in November 1975. Although in existence since the mid-70s, the Government pro-actively adjusted the rates of the RPGT through the years to cater to the property market conditions. It’s natural for most people to react to the reintroduction of RPGT, having enjoyed full exemption for a few years previously, however, compared to the original rates of RPGT which range up to 30%, the recent hike of up to 10% is actually quite mild. There are several types of property tax in Malaysia and they are as follows . A) Assessment tax B) Quit rent C) Capital gain tax D) Inheritance tax E) Others tax A) ASSESSMENT TAX : Assessment tax is a type of local tax which is only applicable on the residential property. Rate of assessment tax is based on the yearly rental amount of the property on rent. This tax is assessed by the local authorities. Rules and regulations of the assessment tax are as follows : Usually assessment tax has a flat value of 6%. This assessment tax is to be paid in two installments. The scope of taxation are for a resident individual is assessable on income derived from sources in Malaysia and income received in Malaysia from outside Malaysia. W. e. f. Y/A 2004 income remitted into Malaysia from overseas by a resident individual, a trust body, a cooperative and a Hindu Joint Family is exempted from income tax. Second, for non-resident individual is assessable only on income derived from sources in Malaysia. -4- Third, for a resident company is assessable on income derived from Malaysia and ncome remitted to Malaysia from sources outside Malaysia. Starting Year of Assessment 1995 onwards only income derived from Malaysia are taxable. Banking, insurance, shipping and air transport businesses are taxed on world income scope. The Imputation Systems is applicable. Fourth, for a non-resident company is liable to Malaysian tax when it carries on a business through a permanent establishment in Malaysia and is assessable on income derived only from sources within Malay sia. There have two types of resident status : ) First, the resident status of individuals : For tax purposes, the tax residence status is determined by the duration of stay in Malaysia, and is not bound by reference to the nationality or citizenship. If a person stays in Malaysia for at least 182 days (not necessarily consecutive) in a calendar year, he would be treated as a resident. However, there are other conditions where the individual can be treated as a resident even if he stays for less than 182 days. An individual is resident in Malaysia in the basis year of assessment if he: is in Malaysia for not less than 182 days in the relevant basis year, is in Malaysia for a period of less than 182 days in the basis year and that period is linked to another period where he is continuously in Malaysia for not less than 182 days immediately before or after the relevant basis year. Where temporary absence occur, the period of temporary absence can be taken to form part of such period, where he is in Malaysia, immediately prior to or after the temporary absence, -5- is in Malaysia for not less than 90 days (need not be consecutive) in the asis year and is resident or has been in Malaysia for 90 days or more in 3 out of the 4 preceding years of assessment; or has not been in Malaysia in the relevant basis year but he is deemed to be resident in Malaysia in the relevant basis year if he is resident in Malaysia in the following basis year and also in the each of the 3 basis year immediately preceding the relevant basis year . Example 1: Resident Status John arrived in Malaysia on 1. 4. 2003 and stayed on until 15. 11. 2003 (total 229 days). Hence, John is resident for the year of assessment 2003 since he stayed in Malaysia for more than 182 days in the year 2003. ) Second, the resident status of companies : A company is deemed to be resident if at any time during a basis year for a Year of Assessment, the management and control of its business is exercised in Mala ysia. -6- B) QUIT RENT : Quit rent is also a type of local tax. Quit rent tax in imposes on all types of landed properties. This tax is payable annually. The rate of quit tax is 0. 003 to 0. 006 US dollars per square foot. Liability of this quit rent tax is usually figures less than 31 US dollars . Stamp duty for the transfer of the real property of RM 250,000 value is now halved. This new benefit on stamp duties was allowed on the 2008 budget. Stamp duty tax is one of the important Malaysia property taxes applicable within the country. For comparison, the stamp duties within the year 2007 and 2008 are given bellow. PRICE STAMP RM 250,000 RM 150,000 RM 350,000 STAMP DUTY IN 2007 RM 4,500 RM 2,000 RM 6,000 STAMP DUTY IN 2008 RM 2,250 (-50%) RM 1,000 (-50%) RM 6,000 (UNCHANGED) C) CAPITAL GAIN TAX : Capital gains tax is not applicable any type of income. Capital Gains tax was abolished on first April 2007. This relaxation also includes Malaysia real estate capital gains tax on all types of properties. Previously Capital Gains Tax was called Real Property Gains Tax and was applicable on the foreigners only. These Capital Gains Taxes had a direct value of 30% on all the income gains due to disposal of the property during period of five years. In this way RPGT becomes 5% thereafter. The 2012 Budget unveiled on 7 October 2011 included a revision of the Real -7- Property Gains Tax (RPGT) rate from the 5% to 10% as part of the Government’s efforts to curb property speculation. The increase was recently gazetted and took effect from 1 January 2012 onwards. Jennifer Chang studies the impact of this move on property purchasers. The rate of 10% applies to gains on properties held and disposed within two years while gains on properties held and disposed between two and five years will be levied a 5% RPGT rate and disposals after five years continue to be exempted from RPGT. RPGT is a form of capital gains tax that is chargeable on gains arising from the disposal of real property, which is defined as: †¢ Any land situated in Malaysia and any interest, option or other right in or over such land; †¢ Shares in a real property company. Anyone disposing of real property in Malaysia whether a resident or non-resident will be charged RPGT on the gains. D) INHERITANCE TAX Inheritance Tax is not assigned in Malaysia. E) OTHER TAXES VAT tax is not charged in Malaysia. On the other hand, government sale tax is charged. The value of 5% GST is assigned on all the hotel and restaurant bills. GST is also charged on other professional bills including lawyer’s bills. -8- INCOME CHARGEABLE TO TAX : ? Gains or profits from a business for whatever period of time carried on. ? Gains or profits from an employment. ? Dividends, Interests or Discounts. Rents, Royalties or Premiums. ? Pensions, annuities or other periodical payments not falling under any of the foregoing paragraphs. ? Gains or profits not falling under any of the foregoing paragraphs. ? Special classes of income. TAX EXEMPTIONS FOR INDIVIDUALS 1. Leave passages within Malaysia not exceeding three times on a year and one leave passage outside Malaysia not excee ding RM3000 2. Medical and dental benefit. 3. Retirement gratuity The full amount of gratuity received by an employee on retirement from employment is exempt if: i. He retires due to ill health; ii. He is an employee in the public sector who has opted for optional retirement or on termination of a contract of employment; or iii. If he retires at the age of 55 or at the compulsory age of retirement under any written law provided that he has been in the service of the same employer or with companies in the same group, for at least 10 years -9- 4. Compensation For loss Of Employment Compensation payment received by an employee for the loss of employment is exempt from tax at a sum of RM6, 000 per completed year of service with the same employer or with companies in the same group. However, the compensation payment received by an employee will be fully exempted from tax if the loss of employment is due to ill health. The tax exemption of RM6,000 per completed year of service is not given in respect of the compensation received by a director (not being a service director) of a controlled company. 5. Pensions Pensions received by an individual are exempt under the following conditions: I. He retires at the age of 55 or at the compulsory age of retirement under any written law; or II. He retires due to ill health For an employee in the public sector who elects for optional retirement, his pension will be taxed until he attains the age of 55 or the compulsory age of retirement under any written law. Where an individual receives more than one pension, the exemption is restricted to the highest pension received by him 6. Death gratuities. 7. Scholarships. 8. Income of an individual resident in Malaysia in respect of his appearances in cultural performances approved by the Minister. 10 9. Interests An individual resident in Malaysia is exempt from tax in espect of the interest received from the following savings or investments:- i. Interest that accrues in respect of any savings deposited with Bank Simpanan Nasional (BSN). ii. Interest or bonus which accrues in respect of money deposited with Bank Simpanan Nasional under the Save as You Earn scheme. iii. Interest which accrues on savings deposits of up to RM100, 000 with a registered cooperative society, Bank Pertan ian Malaysia, Malaysia Building Society Berhad, Borneo Housing Mortgage Finance Bhd, or with any other institution approved by the Minister of Finance. v. Bonus which accrues in respect of money deposits in any savings account with Lembaga Tabung Haji. v. Interest which accrues on savings deposits of up to RM100,000 with a bank or finance company licensed under the Banking and Financial Institutions Act 1989 (BAFIA 1989). vi. Interest which accrues in respect of any fixed deposits account (including negotiable certificates of deposits) of up to RM100,000 for a period not exceeding twelve months with Bank Pertanian Malaysia, Bank Kerjasama Rakyat Malaysia Bhg. Bank Simpanan Nasional, Borneo Housing Mortgage Finance Bhd. , Malaysia Building Society Bhd. , or a Bank of finance company licensed under BAFIA 1989. 11 vii. Interest which accrues in respect of any fixed deposit account (including negotiable certificates of deposits) for a period exceeding twelve months with Bank Pertanian Malaysia, Bank Kerjasama Rakyat Malaysia Bhd. , Bank Simpanan Nasional, Borneo Housing Mortgage Finance Bhd. , Malaysia Building Society Bhd. , or a bank or finance company licensed under BAFIA 1989. viii. Gains or profits which accrues on deposits of up to RM100,000 in respect of money deposited in any savings account under the interest-Free Banking Scheme (IFBS) with a bank or finance company licensed under BAFIA 1989 or the Islamic Banking Act 1983, Bank Kerjasama Rakyat and Bank Simpanan Nasional. ix. Gains or profits which accrues in respects of money deposited in any investment account of up to RM100,000 for a period not exceeding twelve months with a bank or finance company licensed under BAFIA 1989 or the Islamic Banking Act 1983, Bank Kerjasama Rakyat and Bank Simpanan Nasional. x. Gains or profits which accrue in respect of money deposited in any investment account for a period of twelve month of more under the interest Free Banking Scheme with a bank or finance company licensed under BAFIA 1989 or the Islamic Banking Act 1983. xi. Gains or profits which accrue in respect of money deposits in any investment account under the interest Free Banking Scheme of up to RM100,000for a period of twelve months or more with Bank Kerjasama Rakyat and Bank Simpanan Nasional. 12 xii. Interest from securities or bonds issued or guaranteed by the Malaysian Government. xiii. Interest from debenture (other than convertible loan stock) approved by the Securities Commission. xiv. Interest earned from Bon Simpanan Malaysia issued by the Bank Negara Malaysia. xv. Interest earned from the Merdeka Bonds issued by the Bank Negara Malaysia (effective year of assessment 2004). xvi. Interest earned from a unit trust which is derived from Malaysia and paid or credited by any bank or financial institution licensed under the Banking and Financial Institution Act 1989 (BAFIA 1989) or the Islamic Banking Act 1983. 10. Dividends The following dividends are exempt formed tax: I. Dividends received from exempt accounts of companies. II. Dividends received from cooperative societies. III. Dividends received from a unit trust approved by the Minister of Finance such as Amanah Saham Bumiputra. IV. Dividends received from a unit trust approved by the Minister of Finance where 90% or more of the investment is in government securities. 13 11. Royalties An individual resident in Malaysia is exempt from tax in respect of royalties are as follows: Types of Services/ Amount per annum art works payment for to be exempted (RM) i. Artistic work (other than original paintings) 6,000 ii. Recording discs or tapes 6,000 iii. Translation upon request by any agency a) of the Ministry of Education or Attomey b) General Chambers 12,000 iv. Literary work or original painting 20,000 v. Musical composition 20,000 vi. Cultural performances Approval by Minister However, the exemption does not apply to paragraph (iii), (v) and (vi), if the payment received forms part of his emoluments in the exercise of the individuals official duties. 12. Income Remitted from Outside Malaysia With effect from the year of assessment 2004, income derived from outside Malaysia and received in Malaysia by resident individual is exempted from tax. 3. Fees or Honorarium for Expert Services With effect from the year of assessment 2004, fees or honorarium received by an individual in respect of services provided for purposes of validation, moderation or accreditation of franchised education programs in higher educational institutions is exempted. The services provided by an individual concerned have to be verified and acknowledged by the Lembaga Akreditasi Negara (LAN). However, the exemption does not apply if the payment received forms part of his emoluments in the exercise of his official duties. 14 14. Income Derived from Research Findings With effect from the year of assessment 2004, income received by an individual from the commercialization of the scientific research finding is given tax exemption of 50% on the statutory income in the basis year for a year of assessment for 5 years from the date the payment is made. The individual scientist who received the said payment must be a citizen and a resident in Malaysia. The commercialized research findings must be verified by the Ministry of Science, Technology and Environment. NOTIFICATION OF CHARGEABILITY TO TAX If an individual is taxable and has never received any income tax return form before, he has a duty to notify chargeability to the nearest LHDNM office and request for an Income Tax Return Form. If an individual already has an income tax file but has not receive an income tax return form by 31st March, he must immediately request for the said form from the LHDNM office which issued his last income tax return form. A taxpayer could also download an income tax return form from the LHDNM website http://www. hasil. rg. my. He must then complete and submit the return to the LHDNM office using the address where his income tax file is situated. In the case of a foreigner employed in this country he must give notice of chargeability to the nearest LHDNM office within 2 months of arrival in Malaysia. 15 FILING OF TAX RETURN The completed and signed Income Tax Return is substituted to LHDNM office before or by the required date, and the completed tax retu rn should be sent to the address of LHDNM office indicated on the said form. NON-RESIDENT CITIZEN RELIEF 1. Non-Resident Citizen Relief shall be allowed to an individual who is a citizen but not resident for the basis year for a year of assessment by reason of his employment (in the public services or the services of a statutory authority) which is exercised outside Malaysia 2. An individual who is claiming relief under this provision, should make his claim in the prescribed form and should furnish such further particulars as may be required by the LHDNM. TEMPORARY VISITORS PROFESSIONAL VISIT PASS All non-residents entering Malaysia using professional visit passes (excluding public entertainers) are categorized as temporary visitors. A sponsor for a temporary visitor is required to submit a letter of notification from the LHDNM to the Immigration Department when applying for a professional visit pass. The sponsor should make a written application to the LHDNM providing personal details of the temporary visitor and also submit a copy of the contract / offer letter or other relevant documents. The application for the letter of notification has to be made to: Director, Inland Revenue Board of Malaysia, Non-Resident Branch, Unit 11 (NR/IV),10th 11th Floor, Block 11, Government Office Complex, Jalan Duta, 50600 Kuala Lumpur . 16 IMPUTATION SYSTEM The income tax chargeable on a resident company is credited into a tax account which can be utilized to frank payment of dividends to shareholders. Income tax paid by a company is imputed to the shareholders by means of imputation credits attached to dividends. Where the franking of payment of dividends exceeds the tax credit available in the tax account, the deficit become s a debt due which is payable by the company upon requisition. The imputation system does not apply to a non-resident company and such companies are not subject to dividend franking. WHY MALAYSIA’S GOVERNMENT IMPOSE PROPERTY TAX ? MALAYSIA’ We take RPGT as one of property tax that government imposed in Malaysia . There are many reasons why RPGT is imposed . One of the more significant reasons why the government imposes this tax is to curb property speculation to avoid property bubbles forming . From time to time, the government may decide to increase or decrease RPGT to suit their agenda e. g. they could reduce RPGT to encourage investments (this actually happened between 1 April 2007 – 31 December 2009 where property transactions during this period were exempted from RPGT to spur investments) . The other obvious reason is that RPGT is a source of revenue for the government to develop the nation . WHO PAY THE PROPERTY TAX 1) Resident in Malaysia 2) Non-Resident who live in Malaysia and have assets 3) Companies that operating in Malaysia 17 TREND OF PROPERTY TAX IN MALAYSIA Diagram below shows the trends of the property tax in Malaysia from 1974 up to 2012 . Due to amendment that are made in the budget 2013, there are changes that are happening in the RPGT rate where there is an increase in the amounts of tax eing imposed . This changes that are made are due to the facts to reduce the factor of speculation that are making the price of land and houses to increase rapidly . 18 IMPACTS OF RPGT According to property consultant and analysts, the hike increase of Real Property Gains Tax (RPGT) in the budget 2013 will have very little impact . The increase of RPGT from 10% to 15% will barely give any impacts on the speculation even though the reason for the increase of tax are f or the purpose of solving speculation on houses . Reason as to why there barely any impact or little impact from the increase on RPGT tax rate are due to the facts that, the time taken for houses to be completed upon buying are 2 to 3 years and when the house are finish and ready to be live in or sold, its already 4 or 5 years and the rate of RPGT tax are already little as the periods of RPGT tax covers are only up to 6 years maximize . Taking that into consideration plus the fact that the price of houses are keep on rising, the impact that RPGT are very little . CONCLUSION The property tax in Malaysia can be consider as in the testing period as it just currently being reimposed . Which means that, the current rate of RPGT will change in the near future due to the rising trends of property in Malaysia especially in the housing sectors . The RPGT tax rate can be consider as a tool to reduce speculation of property in the short run,where as, in the long run the impacts that it will have is going to be very little . 19 REFERENCE 1. http://www. ipbre. com/countryProfile/Malaysia/Taxes/ 2. https://docs. google. com/viewer? a=vq=cache:Dj8b9BrRMAIJ:www. harteredaccountants. com. my/resources_assessment. pdf+hl=engl=mypid=blsrci d=ADGEESh8gp__2jEbPCrYONnp3AqFbAij_CBwdwbrQy0Re1bdAGCyoE oeKD7wS88c5AVLJLyDrzOuoYBPANEFQ3XpK5lBTfXQpXTfuDkNuwpD i_r2aMZxYDY0cBbZfKHS5o15HuPCjosig=AHIEtbRFB6TA8WHt5oQfy w1Y-pQs3k0smw 3. http://www. iproperty. com. my/news/5061/real-property-gains-tax-rpgt-the-propertyowner 4. http://savemoney. my/real-property-gains-tax-in-malaysia/ 5. www. iproperty. com. my/news/4258/real-property-gains-tax-gradual-impact 6. thestar. com. my/news/story. asp? file=/2012/9/29/budget/12101379sec=budget 20 APPENDIX 21 22 23

Strategic Business Context Free Samples â€Myassignmenthelp.Com

Question: Provide an analysis of the broad strategic business context of your selected project. Include details about the departments, stakeholders, location and area of business that may influence uncertainty, risks and issues related to this project. Explain why analysis of the business context is important in project risk appraisal. Answer: Risk management is an approach to identify, analyze and to either accept or to mitigate an event that has a probability of occurrence and could also have an adverse impact on the business of an organisation (BusinessDictionary.com, n.d.). Risk management is one of the most important tasks that the managers have to undertake right from the beginning of a project work as a project can be vulnerable to hundreds of risks that can hinder the operations of a project (Investopedia, 2005) Most of the times, the success of a project work depends upon the ability of the company to deal with the risks that come in the way of the project. If the management is well equipped to deal with the upcoming risks, the project has a greater chance of success whereas if a management does not have the tendency to deal with risks, it will be affected by uncertainties and will ultimately fail in the project (Mindtools.com, n.d.) CONSTRUCTION PROJECT A project related to the planning, coordinating and controlling the construction of residential, commercial, heavy civil, industrial, and environmental buildings is known as a construction project. Construction projects are the costliest projects in the world that account for almost 8-9 percent of the worlds gross domestic product. Due to their large budget and accountability, construction projects are highly vulnerable to a number of risks, which makes it crucial for the project managers to adopt a risk management strategy from the very beginning so that the project has higher chances of success. Further, the involvement of too many stakeholders, in the construction project, makes the project even more vulnerable to risks (Stakeholdermap.com, n.d.). The construction industry has been prone to high risks die to a number of factors. Below given is the lost of few of the factors that increase the risks to a construction project: Issues related to cost and time in the completion of the project High possibilities of disputes Intense competition in the construction industry Reduced margins and risk of losing profits Poor level of worker safety and occupational health Tendency of the contractors to save greater time and money Pressure related to safety and health of the workers Expectancy to receive higher returns of the investment made in the project RISKS IN CONSTRCUTION PROJECTS The risks which are not determined before or during a construction project can have a much greater effect on the project as compared to the risks that have previously been assessed by the management and the risks in construction project can cause very huge loss or damage to life, property and finances of the stakeholders. In general, the risks related to a construction project can be classified into business risks, financial risks, technological risks, project risks and political risks. Let us now discuss the risks that are associated with the construction projects: Risks related to the completion of a project these risks arise when a company undertaking a construction project is not able to complete the project within the specified time. The stakeholders involved in this risk are the contracting company, the contractor and the end users (if any). The contracting company suffers because the project gets delayed. The contractor on the other hand suffers because he/she has to pay for the delays in terms of pre-fixed penalties or deductions on the price of the contract. The contractor also loses his or her reputation for not completing the project on time. If there are any end users of the building being constructed, they suffer because they are deprived of the opportunity to use the structure (Cidc.in, n.d.) Price risk These risks are related to the price of the project, which can fluctuate due to the supply-demand factors. In general, the price of the projects is fixed in the very beginning by the contractors as they prepare the estimates and budgets of the project and required resources. Some contracts are awarded at fixed prices while some contracts can be awarded at variable prices, which means that the prices of the project could vary along the timeline of the project. As a result, any kind of fluctuation in the prices of the resources could actually have a huge impact on the contractor as well as on the contracting party. Resource risk these risks are related to the shortage of raw material that might be required for the day to day work operations of the project. Construction projects are very large in size and they require a vast variety of resources everyday. The unavailability of these resources ca actually has a very negative impact on the project as it might get delayed or the work might come to a halt while the contractor would still have to pay for the labor and operating charges. If the risks related to the availability of resources are not accounted for, the contractor might suffer as there will be delay in the project ("Construction Industry Development Council", n.d.). Technological Risks the technology being used in a construction project can also have significant risks as it might not be up to the mark and could also render wrong or inappropriate results. The technology being used can also effect the successful completion of the operations and the structures might not get built properly. Failure due to technological factors can have impact on the contractor, the contracting company and on the end users as well. The technology failures can easily be seen and are definitely bound to occur if not taken care of. If technological failures occur, the contractor would lose his or her reputation, the contracting party might incur losses while the end users will have to use a structure while is not properly constructed and is prone to the risk of failures. Political Risks Construction projects are also highly vulnerable to political risks as the changes in government, taxes, laws, regulations and policies can have serious impacts on the operations of the project. The local and the national government has a major role to play in the construction project work. Some projects can also face resistance from government agencies half way down the timeline and therefore, it is recommended that the constructors should assess the government risks right in advance and should work accordingly. If the construction project has been initiated by the government itself, then the contractors also include the risk of delays in payments, which can cause a breach in the trust between the two parties. The stakeholders in such risks are the construction companies, the government and the contracting firms. The construction company might lose its business if the political or legal system changes and is against the project (Schieg, 2006). Financial risks There are a great deal of financial risks involved in a construction project. Construction projects are usually very long in duration i.e. a smallest construction project can take up to 1 year to get completed whereas construction of huge buildings or infrastructures can take up 5-q0 years. In such conditions, the financial risks related to the project increase. The contractor needs to make a proper assessment of the time value of money so that he can estimate the cost of the project that would incur after the completion of the project, which would include the interest rates, hike in the prices of the resources, time value of money, exchange rate risks, etc. if these risks are not accounted for, the contractor might have to incur very heavy losses and would not be able to complete the project successfully ("Construction Industry Development Council", n.d.) Health and safety risks Another major risk in the construction industry is related to the health and safety of the construction workers. The employees working in construction industry have to deal with a number of complex machines and work in complex environment that has the risk of failure. Further, the material can sometimes be harmful and can cause injuries if it is not handled properly. It is considered to be one of the biggest risks in the construction industry as a number of workers become victims of health related issues and injuries on a daily basis. The key stakeholders in such risks are the contractor and the employees/workers. The workers would obviously be affected if the work conditions have an adverse impact on their health whereas the contractor might have to pay for the treatment of the employees in case they meet an accident while they are working at the construction site. Therefore, it is highly important for the construction companies to maintain a safe working en vironment ("Risk Management in Construction | process of managing risk", n.d.). The risks identified above are the most important risks when considered from the viewpoint of construction project managers as they can have the greatest impact on the operations of the project. These risks also involve the key stakeholders of the project and it makes it even more important for the managers to asses these risks right from the planning phase of the project. RISK ASSESSMENT TOOLS AND TECHNIQUES There are a number of risk management strategies, tools or techniques that the management of construction firms can use to assess the level of risks and their impacts that would likely be experienced by the organisation. The techniques and strategies used for risk assessment can vary from company to company, industry to industry and project to project. Let us now discuss some risk management strategies or tools that can be used by the managers to assess the risks in the construction project: Risk assessment matrix a risk assessment matrix is one of the best and the easiest ways in strategic and risk management to identify, analyze and manage any type of risks that might occur in the lifetime of a project. The matrix is also known by other names, such as probability and impact matrix. It is a tool that can be used right from the starting of a project to the end of the project and analyze the risks continuously throughout the lifetime of the project (Brighthub Project Management, 2016). Using a risk assessment matrix, the management aims at rating the risks according to the probability of the occurrence of the risk and the likely impact that it would have on the organisation if it actually occurs. The risks are arranged according to priority in the matrix while the priority is decided by computing the product of probability of occurrence of a risk and the likely impact that it would have on the organisation when it occurs. In general, the probability of the occurrence of a risk can be rated in percentage while the impact can be classified into negligible, minor, moderate, significant and severe. For example, if a risk is identified to have an 80-100% probability of occurrence and would have a severe impact on the project, the risk is classified as an extreme risk while a risk with a 1-20% possibility of occurrence and negligible impact on the organisation is classified as minimum risk. The risks are generally divided in to 4 categories, i.e. extreme risk, high risk, moderate risk, low risk and minimum risk ("What is a Risk Matrix?", 2013). Further, these risks can be related to consequences too. In general, minimum risks are known as insignificant risks that have a negligible amount of damage to the the project, low risks are known as marginal risks that do not have much significant damage to the project, moderate risks are the ones which are not a great threat but can still cause of sizable damage, high risks are known as critical risks as they can have significantly large consequences while extreme risks are the ones which have catastrophic consequences, i.e. these can render the project completely useless (Risk Matrix, 2005) The advantages of using a risk matrix are given below: The system of risk matrix is beneficial in promoting a robust discussion so that the actual discussion is much more useful than just the rating. Risk matrix provides a very useful approach that helps in the prioritizing risks according to their possibility of occurrence and possible impact on the organisation. It also helps the management in controlling and running a risk workshop By assigning priority to different risks, the management can efficiently deal with the risks that have a higher priority than the ones which have less possibility of occurrence and would also have a negligible impact. One of the best advantage of a risk assessment matrix is that it provides a graphical or a visual representation of the risk data. Risk Register the risk register is another efficient approach that helps in maintaining a record of all the risks and the results of qualitative risk analysis, quantitative risk analysis and risk response planning. The basic objective of risk register is to keep a detailed account of identified risks, including their description, category, possible causes, possibility of occurrence, impact on the objectives, proposed responses, owners and current status. The risk register is always shared amongst the stakeholders of the project so that they can experience a higher degree of involvement in the project risk management. It facilitates a system of decision making in the organisation by proper definition of the risks and by involving all the stakeholders in the process of risk management (Developing and Populating a Risk Register Best Practice Guidance, 2009) The main components of a risk register are given below: Date the first and the most important component of a risk register is the date. It is important to note the date on which the risks are either identified or modified. The other types of dates that can be included are target or completion dates. Description of the risk this is the column or the row that provides a detailed description of the risks Risk type this is a very important component of the risk register where the type of the risk is identified. This defines the area or the operations to which the risk is related or the business area which would be most impacted by the risks. Likelihood of occurrence the likelihood of occurrence basically provides a description of the possibilities that the risks has of occurrence. The possibility is generally divided into percentage, such as Low (0-30%), Medium (31-70%) and high (70%). Severity of effect it is another component of the risk register which defines the impact that the risks would have on the operations of the organisation. Risk Rank this component of the risk register defines the magnitude or the level of the risk. In general, the rank of a risk is defined as the product of the likelihood of occurrence and the consequences of the risk. Risk trigger these components basically define the triggers that would indicate that the right time has come for the management to deploy all the contingency or preventive measures that they had planned earlier. Prevention plan these are the plans that the management has planned earlier to deal and prevent the risks that had been identified. Contingency plans these plans are related to the situations where the management would want to address the risks once they have occurred (Development, 2013). Risk owner this component of the risk register identifies the people who are responsible for the implementation and prevention of risks using the prevention and contingency plans. Some of the risk owners can be stakeholders, the project team, the project manager, project sponsor. Residual Risk The risk that still remains after all the contingency and prevention plans have been implemented is known as the residual risk and even this is recorded in the risk register (register, 2016). Let us now discuss some of the importance of risk registers: It helps in gaining a better understanding of the risks that the organisation or a project is likely going to face in the near future. It increases the awareness of the project management teams about the extent of the risks that have been identified It helps in differentiation and identification of risks that the organizations management is ready to accept and the level of risks that the organisation itself is willing to accept. It helps in identifying the ability of the management to control and reduce the risk if it occurs (Roughnotes.com, 2016). It helps in reporting the status of the risk at any point of time throughout the lifetime of a project It helps in identifying the triggers and important events that help in recognizing the beginning of a risk related event. It has the greatest benefit of identifying the risk owners, the risk controllers and involving all the stakeholders in the decision making process by sharing the right information with them. It helps in differentiating between the contingency plans and the prevention plans (Roughnotes.com, 2016) It also has a benefit of recorded dates. It informs the management about each and every modification or changes made in the risk management plan (Healthandsafetyatwork.com, 2016). Both the above techniques identified for the purpose of risk assessment and management are two of the best techniques available for any of the organisation to increase the chances of success of its project by successful identification, planning and mitigation of risks. They are not only just flexible but also provide an approach that helps in identification of risks right from the beginning of a project to the end while there can be significant changes made in the running life cycle of a project. Therefore, it is important to undertake such approaches in the life cycle of a project which allows the project management team to have a flexible approach towards risk assessment, management, control and mitigation . IMPLEMENTATION AND RISK PLANS It is never enough to just have risk management strategies until and unless they are implemented along with all the appropriate resources to deal with the risk. An organisation that assesses the risk and is not able to deal with them is never successful in saving the project from the damages of the risks. In general, the risks can be positive and negative. The positive risks are the ones which, if occur, have the potential to get benefits for the company and the project on the overall whereas the negative risks are the ones which, if occur, can have major drawbacks for the company and can result in the failure of the project in extreme cases. Therefore, it is very important to incorporate risk management strategies along with all the required resources to make the best use of the positive risks and at the same time neglect or prepare to deal with the negative risks so that the project can be saved from failure. RISK MANAGEMENT IN PROJECT LIFE CYCLE A major area where the companies fail in the project management approach is when they are not aware of the stages in a project life cycle where as risk management program should be identified and implemented. In general, there is not such particular position in a project life cycle where the risks should be identified by the managers. Rather, the assessment of risks should be started well before the commencement of the project and should be carried out until the project is completed with success. In general, a project has to go through a number of stages and the long duration of construction projects greatly increase the vulnerability of the projects to the changes in risk. In construction projects, new risks can arise on a daily basis, which can be extremely dangerous and can be more drastic than the ones which had been already identified by the project management team. In such a condition, it is definitely required that the risks should be identified on a daily basis according to the changing situations. It should be ensured that with the completion of every short term goal and the beginning of a new operation, the management should once again check and identify the risks that might have a greater possibility of occurrence than before. The management should carefully compare the prevailing situations with the risk register and the risk assessment strategies to once again consider the risks that have failed to occur till that particular time while it would also provide an in sight to the upcoming risks according to the prevailing situations (Anon, 2016). The continuous assessment of risks throughout the life cycle of a project would render the following advantages to an organisation: A system of continuous assessment of risks helps in eliminating the redundant risks or the ones which have failed to occur. It helps in identifying new risks that may arise as a result of change in the situations It helps in reassessing the previously identified risks and assigning them new probabilities based upon the new probability of occurrence and updated impact that could be born by the organisation if the risk occurs. Sometimes, in construction projects, changes in weather conditions, employment rules regulations, governmental policies, etc. can introduce new risks in the project life cycle. Therefore, it helps in reassessing the risks and finding out the new ones. It helps in updating the risk registers and matrix continuously, throughout the life cycle of the project, until it reaches its final stage or is successfully completed. STRATEGIES TO UPDATE RISK REGISTERS THROUGHOUT THE ENTIRE PROJECT As discussed above, it is highly important for the project management teams to continuously make assessment of the risks that have occurred, that did not occur and the ones which have increased probability of occurrence. The risk registers require continuous update so that a better approach towards risk management can be ensured and the chances of success of the project can be increased exponentially. It is never enough to just create a register that contains components related to risks while there is no valid information or if the information is not updated from time to time. The risk registers should evolve along with the life cycle of the project. Let us discuss some strategies that can ensure regular updation of risk registers and other tools and techniques that the organisations or the risk management teams used to analyze and plan to deal with the risks that might occur in the life cycle of a project: It is essential that the risk registers are circulated in all the operational units of the project operational teams so that each one of them can give their feedback about the information contained in the risk registers or make changes that they feel are necessary to keep the register updated. The project manager can fix weekly meetings where front line leaders from all the operational units of a construction project can come together and help in the process of re-assessment of risks. Each of the front line managers are aware of the status of the project and have the ability to provide valuable information that can be used in the process of continuous updation of risk registers. The project manager can also implement a system where the managers or the leaders from all the departments can provide their feedback about the project status and the possibility and impact of future risks through a separate register, which would be continuously analyzed by the risk management team. The team would then extract valuable information from the feedback provided by the operational heads and would make the required changes in the risk registers. Another strategy that the project managers can use to ensure continuous updation of risk registers is to use computer based softwares to feed important data and information. Information systems have always proved their efficiencies in dealing with data and information and allowing the user to easily access and modify them whenever required. Using information systems and softwares, the project managers will be able to track the evolution of the risk registers throughout the lifecycle of the project and would be able to introduce the desirable changes whenever required. Keeping the risk registers and other strategies used for risk assessment is important not just for the project team but is also important for the stakeholders as it provides timely and important information to all and increases their awareness about what exactly is happening in the project. Some of the stakeholders might not be directly involved in the day-to-day activities of the project but they still deserve to know about what all is happening in the project. Further, as they are not involved in the business directly, they can provide valuable feedback to the management by assessing the information from risk matrix or registers from time to time, which might have been actually overlooked by the project management team. ROLE OF STAKEHOLDERS IN RISK REGISTERS There are a number of stakeholders in a construction project, such as the contractor, the sponsor of the project, the employees, the end users, etc. and all of them have their own roles and responsibilities. It is obvious that when the stakeholders have their own stakes invested in the project, they too have some responsibilities towards the project and the risks that are associated with the projects. It becomes the responsibilities of the project management team to involve the stakeholders in the decision making and risk management process and at the same time it is also the responsibilities of the stakeholders to actively participate in the project management process. The stakeholders should be informed of the project status from time to time. The risk registers or the risk matrix should be shared with all the stakeholders as there is always a chance of human error because of which the management could oversee some of the important risks that have a likelihood of occurrence whereas an external viewpoint of the stakeholders and their involvement would ensure that the important risks are not overlooked. Further, the important stakeholders of the project can also arrange for regular meetings or functions where the project management teams would have to come together and disclose all the important information and data to them. In a way, it also falls upon the stakeholders to decide the level up to which the stakeholders want the management to involve them in the decision making process related to risk management. OUTLINE OF RISK MANAGEMENT STRATEGY Risk management is not an easy task at all. There are a number of companies that have tried their best to assess and deal with the risks related to the project but millions of them have fallen victims to identified as well as unidentified risks. One of the major reasons behind the failure of companies and projects due to risks is that they do assess the risks and plan for the mitigation of risks but they do not adopt any approach that could help them reassessing and identification of new risks that come up due to changes in situation. Sticking to the risks and mitigation measures decided before the commence of a project makes a company more vulnerable to the changing environment and any new or unidentified risk can hinder the project lifecycle because the companies are not prepared to deal with them. Even with the implementation of risk registers, a number of companies have reported failure because they do not have proper knowledge and resources that could help the management in prop er utilization of risk register strategies. A number of experts have also given arguments that the failure of risk registers is not just because of individual errors but are also a direct result of the organisation culture and nature, which might not fit with the tools or techniques being used. Another major reason for the failure of risk registers is that it limits the thinking capability, gut feelings and emotions of the managers as they become largely dependent on the information that is explicitly available to them. Further, there is also a belief amongst the managers that risk registers mainly focus on the future which increases their chances of failure because the future can never be accurately determined (Budzier, 2011) Let us now prepare a plan that would help an organisation in preparing and dealing with the risks that might be experienced by them in the near future: First of all, the first and the foremost thing that the management needs to ensure is that the risk management should be incorporated at each and every level od the organisation. The risk management program should be provided with all the resources that are necessary for the success of the project (Blackman, 2015). Secondly, the risk management process should be commenced right from the beginning and should be carried out continuously till the end of the project. The management of risk should be focused on the present as well as on the future, rather than just limiting the program to either the present variables or the future possibilities. Thirdly, no matter what tools or techniques are used for the purpose of risk assessment and mitigation, each and every stakeholder in the project should be aware about all the important information and should also feel that they themselves have a responsibility towards the process of risk management. Regular meetings and sessions should be arranged to identify risks and make necessary modifications in the risk management tools and strategies. Fourthly, the management should actively prioritize the risks that are identified during the lifecycle of the project based upon their likelihood of occurrence and the management should be well prepared to either accept the risks, plan for the mitigation of the risks or to reduce the impact of the risks if they cannot be avoided at all. Fifthly, it is also important for the management to use information systems and technologies in the management of the risks because risk management and assessment is vulnerable to human error and companies cannot afford to lose their projects because of any kind of human error (Developing a Risk Management Strategy, 2005). Lastly, the organisation should never rely upon a single tool or technique to assess and manage risks. For example, organisations can rely upon risk registers to involve stakeholders and to assess and manage risks while it can also adopt a risk assessment matrix to graphically represent the status of the project and the risks associated with it from time to time. CONCLUSION Risk assessment and management is one of the most crucial program that must be carefully planned and executed by all organisations that take up any kind of project, small or big. The business organisations, in the present scenario, are working in a global environment which is highly complex and changing with every second. In such an environment, business organisations and their projects become vulnerable to the changing conditions, which introduce new risks at every turn. Therefore, risk assessment and management should be given a greater importance than it is given in the present times so that the chances of the success of the project can be increased exponentially. REFERENCES Blackman, A. (2015). Effective Risk Management Strategies. [online] Business Envato Tuts+. Available at: https://business.tutsplus.com/tutorials/effective-risk-management-strategies--cms-22887 [Accessed 10 Jun. 2016]. Budzier, A. (2011). The risk of risk registers - Managing risk is managing discourse not tools. 1st ed. [ebook] pp.5-15. Available at: https://www.researchgate.net/publication/220220795_The_risk_of_risk_registers_-_Managing_risk_is_managing_discourse_not_tools [Accessed 10 Jun. 2016]. Cidc.in. (n.d.). Construction Industry Development Council. [online] Available at: https://www.cidc.in/new/articles2.html [Accessed 8 Jun. 2016]. Developing a Risk Management Strategy. (2005). 1st ed. [ebook] vailable at: https://www.imaginecanada.ca/sites/default/files/www/en/library/kdc-cdc/guide_kowalski_risk_eng.pdf [Accessed 10 Jun. 2016]. Developing and Populating a Risk Register Best Practice Guidance. (2009). 1st ed. [ebook] pp.1-20. Available at: https://hse.ie/eng/About/Who/OQR010_20090422_v_11Developing_and_populating_a_Risk_Register_BPG.pdf [Accessed 10 Jun. 2016]. Development, C. (2013). What are the 12 Key Elements of a Project Risk Register Template?. [online] Continuing Professional Development. Available at: https://continuingprofessionaldevelopment.org/key-elements-project-risk-register-template/ [Accessed 10 Jun. 2016]. Smallbusiness.chron.com. (2016). How to Assess Risk in a Project. [online] Available at: https://smallbusiness.chron.com/assess-risk-project-13702.html [Accessed 10 Jun. 2016]. Osbie.on.ca. (n.d.). OSBIE - Ontario School Boards' Insurance Exchange - Identify Risk Management Strategies. [online] Available at: https://osbie.on.ca/risk-management/manual/Strategies.aspx [Accessed 10 Jun. 2016]. register, H. (2016). How to create a risk register. [online] CIO. Available at: https://www.cio.com.au/article/401244/how_create_risk_register/ [Accessed 10 Jun. 2016]. Mindtools.com. (n.d.). Risk Analysis and Risk Management: Evaluating and Managing Risks. [online] Available at: https://www.mindtools.com/pages/article/newTMC_07.htm [Accessed 9 Jun. 2016]. Brighthub Project Management. (2016). Risk Assessment Matrix - How to Use It in Risk Management. [online] Available at: https://www.brighthubpm.com/risk-management/88566-tool-for-assessing-project-risk/ [Accessed 9 Jun. 2016]. v.hk/media/eng/publication-and-research/quarterly-bulletin

A Students Guide to How Academic free essay sample

In short, your major field, such as LET or chemistry or food science, exists in the university cause there are still unsolved problems in the field that your professors and other researchers are working to solve. In order to do this, the people working in the fields form academic communities to share ideas and information. These communities of scholars, researchers, and scientists share information in writing so that others in the community can analyze and evaluate it. In this way, members of the community can respond and put forth new ideas.This sharing of ideas and responding to ideas is academic discourse. It is the job of students training in these fields to prepare homeless to enter into the academic discourse community. Students do this by learning to research the ideas of others and respond to them in writing with ideas of their own. So, what is academic discourse? A basic meaning of discourse is conversation. We will write a custom essay sample on A Students Guide to How Academic or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page You can think of academic discourse as a conversation, a conversation that is already taking place when you first enter. Whenever you encounter a conversation that is already going on, what do you do before saying something? You listen. As with any ongoing conversation, before entering the academic discourse, a new person will first sites to find out what the other people are talking about. Research in the published literature of the field is the way academics listen to the academic conversation that is already taking place in their field. The conversation of most fields is very long and complex, but, because it is published, it is always available to the members of the community.You read in your field to research, not only important background information, but also to learn the important questions and problems in your field, to find out what issues others are working on. After researching the conversation, an academic who has new information or ideas to contribute will write a new paper to share these new thoughts. How is it done? When students are assigned academic writing, they are often confused by the terms professors use. It may not be clear what a professor wants, for instance, when she asks for an analysis or an argument. These terms refer to academic genres. Genres are certain forms or styles of writing that are designed to accomplish certain purposes. The most common academic genres that students need to master are summary, synthesis, analysis, and valuation and all of these are used to build valid academic arguments. Summary and synthesis are often used to report the ideas of others. When a writer begins a new paper, the first task is to tell readers what part of the long, complex academic conversation this new paper will respond to.The writer uses summary and synthesis, often including quotation and paraphrase with correct citation, to report the relevant parts of what others have said. Summary is a brief description of the main idea of a source and synthesis is a brief explanation of a certain topic using a variety of sources. Quotation, paraphrase, and citation are important because the academic discourse community has decided that its very important to draw a distinction in the new paper between the ideas that are already known or published and the new ideas that this particular paper will present.It is important to show whats known and whats new, but its also important to give credit to others for their words and ideas. To accomplish these things, each community has agreed on certain conventions for referring to and citing the ideas and words of others. Using the forms and styles Of citation that heir community has agreed on is one way that writers gain the respect of the community.If a writer only wanted to report published ideas that are already known, summary and synthesis might be all that was needed, but writers often want to show the strengths and weaknes ses of others ideas in order to compare them to their own. When they wish to respond to the ideas of others in these ways, they use analysis and evaluation. Analysis looks carefully at the parts of an idea and looks for relationships between the parts to learn about the whole. Evaluation compares the idea to some standard or criteria and sakes a judgment about whether it meets those criteria.After reporting and responding to the ideas of others, when writers are ready to present their own original ideas, they know that others will be analyzing and evaluating them as well, so they must explain their ideas very clearly. They often begin by using summary and synthesis to explain the precise meanings of concepts and terms through definition and explanation. However, the community has decided that just explaining new ideas is not enough. In order for ideas to be seriously considered by the community, the ideas must be presented according to the principles of rational academic argument.

The Reconstruction of Eurpoe After World War II essays

The Reconstruction of Eurpoe After World War II essays THE RECONSTRUCTION OF EUROPE AFTER WORLD WAR II Even while World War II war still being fought, leaders of the Allied powers began thinking about how to reconstruct Europe after the war. Winston Churchill of Britain, Franklin Roosevelt of the United States, and Joseph Stalin of the Soviet Union agreed first of all, that they would need to root out fascism entirely. This meant they would not only need to defeat Germany but also need to denazify Germany by punishing those who were responsible. Coming out of the Second World War which completely ruined and crippled Europe, many countries had to face the problems of material, economic and moral reconstruction. This report shows how the countries went about rebuilding a ruined Europe. On June 6th 1947 George c Marshall presented a speech of a plan the forever-changed Europe. It was a plan to rebuild the destructed Europe after World War II. ?Borne from the mind of a wise and diplomatically skilled visionary, the Marshall Plan was the phoenix on whose wings war ravaged Europe would begin its ascent from the ashes of World War II. The Plan took root in the Economic Cooperation Administration (ECA) created by Congress in April 1948. Its official title was the European Recovery Program. It is called the Marshall Plan, however, in honor of its creator - Secretary of State George C. Marshall. Constituting one of our nation's finest for eign policy moments, the Marshall Plan signaled America's unequivocal resolve to assist an economically struggling Europe, and assume a position of leadership on the post-WWII stage. Observing the financial crises which had forced Britain to pull out of Greece, the massive European capital shortages, poor crop conditions, rising inflation, and the budding seeds of communist parties in France and Italy, Secretary of State Marshall was determined not to repeat the mistakes of World War I by simply standing by as bad times turned worse. At the Harvard U...

Product Development of LOreal Assignment Example | Topics and Well Written Essays - 1000 words

Product Development of LOreal - Assignment Example L'Oreal is involved in consumer-driven products especially the cosmetic products which are considered to be the neat business. Irrespective of the nature of the business, the company is committed towards its moral and ethical responsibilities. The objective of the company is to represent itself as "global citizen". The company has pursued reforms and plans to achieve sustainable development; the company was recognized as the top 100 sustainable companies in an international survey by Innovest and Corporate Knights. The company has received several acclamations; it has been listed among the leading ethical companies and is committed towards sustainable investment indices. The company has evaluated its business opportunities and has mitigated the economic risks and challenges of governance. L'Oreal took the major initiative by committing itself towards corporate social responsibility; the company is the signatory of the French Union of Advertisers' Charter (Sustainable Development Repo rt, 2007). The company has launched the L'Oreal Corporate Foundation; this foundation has taken significant initiatives for the promotion of education and healthcare. The foundation was launched with an initial budget of '40 million for a period of five years. The company has been a signatory of Bali Communiqu'; and has therefore undertaken measures towards carbon-dioxide emission reduction and water conservation (Sustainable Development Report, 2007). The precise introduction in actual interprets the product development strategy of the company. The cosmetic industry is regarded as a challenging market with several local and foreign brands; therefore the brand is always in a tough position to achieve market shares in countries where people with conservative approach survive. L'Oreal has realized that through international label it will never achieve market shares, rather for securing shares in distinct cultural society the company has to initially personify traditional approach. The initiatives undertaken by the company in the social, educational and healthcare sector is an attempt to seek acceptance among the distinct. The packaging of the cosmetic product is another crucial area to ensure and achieve product development. The packaging of the cosmetic products as per customer-specific requirements has influenced the product development strategy of the company. The core of the product development scheme is to achieve customer satis faction, and in special cases, it has been to direct the customer towards certain revelations for the improvement of living standards. The company has taken initiatives to ensure that manufacturing of the products includes environmental friendly items, and the recyclable items have been given ample focus. The major drift towards the environmental aspects by the company has been with the intent to secure acceptance among masses. The new and refined version of product development has brought laurels and success for the company. Â