Best Admissions Essay

0-4 Central Square Redhawks playing the 4-0 Christian Brothers Academy (CBA) on their homecoming. As a captain, you have to always be positive with your team and keep them going. You have to be the one to pick your brothers up when they need it, no matter how tragic something is. Football is a very physical sport as everyone knows, but what most people do not know is that it is actually just as much of a mental game. If a whole team comes together and believes they can do something, the odds are in their favor of succeeding. I knew that CBA was the best team around and had the most talent in the Central New York Area. Unfortunately, not everyone believed that we could succeed. By mid second quarter, we were down a whopping 42 points. We were sitting as a team in our auxiliary gym, feeling very disappointed. 0-5 is not the record we aimed for after working so hard in the weight room and on the practice field all summer. We had to make some important changes. Coach explained how we have a second chance. If we win our last two games (league games) we would go to sectionals. Going out with my parents and seeing all of my senior brothers were pretty emotional; though those emotions went away quickly though, as we knew what we had to do that night. To make sectionals, we had to win out, meaning not lose another game. Right before taking the field, we all came together in the locker room, and from that moment on everyone knew that we were going to make it happen. We all came together and each had the game of our lives. Film the next morning was exceptional, but we still got criticized for our mistakes as usual; to improve and get ready for next week. I was never so ready for a game. There is not a better game than playing our archrival CNS, it was a must-win to get into sectionals. The feeling was unbelievable; as our whole team knew we would go out and win that game. Pumping up my team with a speech that could make a grown man cry was the best way I knew to get us ready. When we first took the field in the second half, the frost on the before damp field felt like the frozen tundra. The breeze made it feel like winter already, with that Central New York arctic air creeping in. It felt like true football weather, as the second half was approaching. The start of the season wasn’t ideal, but leading a determined team to sectionals after starting 0-5 is the greatest feeling. We have made the best of what we could the last two games, as our hard work had paid off in a great way.

“Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy” †a Critique

â€Å"Optimal Versus Naive Diversification: How Inefficient Is The 1/N Portfolio Strategy† – A Critique Title: The title of the paper â€Å"Optimal Versus Naive Diversification: How Inefficient Is The 1/N Portfolio Strategy† has been reasonably well phrased.However, it can be argued that the title is a little misleading as the principal objective of the paper is to test how efficient different optimal diversification strategies are using the 1/N portfolio strategy as the benchmark and not to try and elucidate the merits of the 1/N strategy, which the authors are certainly neither advocating for practical purposes nor seemingly seeking to foster greater intellectual attention on the simplistic strategy. The title could have simply been â€Å"How Efficient Really Are Today’s ‘Optimal’ Diversification Strategies? But, care has to be taken before coming to the above conclusion that the authors might have appreciably so, intentionally used the tit le they have in order to attract further attention to their paper by stressing the obvious irony and possible iconoclasm in their conclusions. Abstract: The abstract has been very well written. It captures the essence of the study and conveys the crux of it lucidly to the reader. However, it would have augured better to start the abstract by stating the objective of the study in addition to it being mentioned in the text of the article just as the authors have.That way, the abstract would have had greater clarity. Motivation: The inherent motivation behind the study is laudable and the implied motivation derived from the conclusion is obvious. However, the motivation itself has unfortunately not been sufficiently expressed. Apart from a one-sentence objective, nothing else has been explicitly written about why the study was undertaken. There is one other sentence, which could be construed as the motivation. But, the authors themselves have not given the sentence the same attribute. The sentence itself is a reference to a revious study that found that many investors used the 1/N diversification strategy ignoring several other sophisticated theoretical models and is stated to only justify their usage of the 1/N diversification strategy as the benchmark. It could have been elaborated upon with additional related facts and further evidence supported by literature. Also, a separate paragraph with a heading called â€Å"Motivation† would be desirable to the readers. Introduction: The topic covered by the article has been adequately introduced. The brief description of the various asset allocation models and how they are related to each other is commendable.The introduction has also carefully introduced the methodology, the observations and the results and the conclusions in a logical and concise manner such that readers might understand the study by just reading this part. However, the literature on the Bayesian and non-Bayesian approaches has only been brief ly mentioned in one paragraph. Considering how significant the contribution of the stated articles to the current study might be, it would have only been fitting to include a section called ‘Literature Review’ elaborating on them substantially more than the authors have.That way, they could have been able to make a clearer connection on how the previous studies relate to the motivation and methodology of their study. However, it should be noted that word limits might have been a constraint. In addition, the introduction must be a definite section that is called ‘Introduction’. Methodology: The authors have adopted a robust methodology to evaluate the performance of the diversification strategies discussed. They have been explained in great detail with sufficient appendices in an easily understandable format.There is not much scope for improvement in the methodology and the authors must be greatly appreciated for it. Data: The data has been obtained from hig hly reliable sources, thereby implying that there is hardly any margin for error in the data. No bias or subjectivity is evident. The data has been properly classified and well presented. Results: With well-defined methodology and credible sources, the results of the study are factually accurate even though it can be argued that conclusions from the same are a function of their interpretation just as in every other study. However, there is a drawback concerning the same.The authors have only limited themselves to comparing the performance of models of optimal asset allocation that consider moments of asset returns and not other characteristics of the assets. The authors could have included a section within the discussion of their results in which they could have compared their results with that of other similar studies, even if they involved the analysis of fewer diversification strategies, and sought to establish a reasoning behind how the possible differences between the results o f the studies might be related to variations in their respective methodologies or data.They could have also sought to describe how their study and the underlying methodology have helped overcome previous voids in relevant literature. It might have even been advisable to express why their study is more accurate and hence superior to the others if they did think so. In case the study was known, to their knowledge to be unprecedented and unrelated to any comparative study of portfolio diversification strategies, it should have been explicitly stated as the reason why the above-said was not done.But, it has to be noted that the authors have indeed done the above-said, but only with respect to two of their important assumptions, i. e. , Brandt et al (2007)’s approach to constructing the optimal portfolio using cross-sectional characteristics of equity returns and the dynamic asset allocation models of Campbell and Viciera (1999; 2001) and Campbell et al (2003). Conclusions: The co nclusions of the study are definitely iconoclastic and have huge repercussions for the research community.It points out how inefficient the numerous theoretical models that have been developed on portfolio diversification are clearly indicates that an enormous amount of research has to be undertaken to address this serious shortcoming. The conclusions have been expressed concisely and the limitations of the study have been stated. Their recommendation on the direction for further research is well thought out and justified by their findings and is hence highly commendable.

Aims and objectives of Exxon Mobil Corporation

Aims and objectives of Exxon Mobil Corporation This case study is about Exxon Mobil Corporation faced with crisis. Exxon Valdez spilled approximately 11 million gallons of crude oil into Alaskaà ¢Ã¢â€š ¬Ã¢â€ž ¢s Prince William Sound. Lot wildlife such as brown bear, harbor seals, sea birds, bald eagles, sea otters and cormorants suffered a great loss in their population. Those species are affected by spilled oil disaster. The Exxon Mobil Corporation oil spilled case greatly affected the Alaskaà ¢Ã¢â€š ¬Ã¢â€ž ¢s fisheries life, environment of national parks, beaches and forests. All Alaskaà ¢Ã¢â€š ¬Ã¢â€ž ¢s tourism spices are greatly affected by oil spilled due to Exxon Mobil Corporation worst management or slow response. A lot crude oil trading cooperation in the world, like one of the trading Companies Exxon mobile Corporation or Exxon Mobil is an American multinational oil and gas corporation, headquarter of Exxon Mobil are founded on 1870 and located in Irving, Texas. Exxon Mobil Corporation is one of the largest publicly traded companies in the world and ranked on top 5 corporations. ExxonMobil is the largest of the oil or energy industrial with daily high productivity more than 3.5 million barrels of oil equivalent. Exxon Mobil Corporation produces 3 main products such as fuels, lubricants and petrochemicals. On March 24, 1989, Exxon Mobil Corporationà ¢Ã¢â€š ¬Ã¢â€ž ¢s Vessel the oil tanker Exxon Valdez, this oil tanker was control by shipmaster Jeffrey Hazelwood. The oil tanker was sailing the shipping lane from Valdez, Alaska to Los Angeles, California, ran aground on Bligh Reef in Prince William Sound, Alaska. The oil vessel Exxon Valdez was sailing inbound shipping lane due to outbound lane obstructed with small icebergs. Before the tanker arrive the destination, the Exxon Valdez spilled approximately 11 million gallons of its 55 million gallon crude oil. The oil would eventually spill more than 1,100 square miles of ocean in Alaska. This oil spilled disaster was making the Exxon Valdez the la rgest oil spilled case in worldwide. The crisis to the Exxon Valdez involved a lot personnel and equipment over a longer period of time than did any other spill in America State history. This oil disaster involving the problems in providing fuel, berthing, meals, waste management, response equipment and other resources were one of the largest challenges to response management team. The Oil spilled case was involving lot personnel, vessels and aircraft to support the cleanup operation. The Exxon Mobil Corporation spends the cleanup cost approximately more than 2.1billion dollar in cleanup operation. Until now, some of the shoreline still did not fully cleanup or recover. These oil disasters due to the Exxon Mobil Corporationà ¢Ã¢â€š ¬Ã¢â€ž ¢s management did not show fast response on tanker oil spilled case. Examine the aim and objectives of Exxon Mobil Corporation. 3.1 The aim by Exxon Mobil Corporation The Exxon Mobil Corporation was still continuously achieving superior financial and operating results while simultaneously adhering to high ethical standards. The reason is the Exxon Mobil Corporation was committed want to being the world’s famous petroleum and premier petrochemical company.  The following committed such as shareholders, customers, employee and communities. 3.1.1 Shareholders The Exxon Mobil Corporation is committed to enhancing the long term value of the investment and expands the global market.   The Exxon Mobil Corporation are believe that, there shareholders will be rewarded with greatly return due to the business profitably and responsibly. The Exxon Mobil Corporation are implementing the aim and achieve their commitment to shareholder.

Econmics(_Microsoft_case quesitons ) Essay Example | Topics and Well Written Essays - 1000 words

Econmics(_Microsoft_case quesitons ) - Essay Example Microsoft became a monopoly because the company was able to create and mandate the use of their own universal data interaction standards to be eventually used in all personal computers. Microsoft was successful at implementing their strategy because, unlike their competitors at the time Apple and Commodore, Microsoft’s philosophy was to create an operating system that allowed any computer be it for personal use or business to operate and communicate and communicate with each other seamlessly (Fisher, 2000). 2) When a firm decides to behave monopolistically it recognizes its influence over market price. In the case of a monopoly, instead of allowing supply and demand to determine the highest price the market will bear, monopolies choose a level of production output and pricing structure that maximizes their own profits. For a monopoly profits are maximized when marginal costs equal marginal revenue. A we can see on the graph the point where Q* and P* intersect corresponds to th e point where MC=MR. If marginal revenue is less than marginal costs, its economically advantageous for the firm to choose to produce less than the maximum output since the savings in costs would more than make up for the increased marginal revenue. If a company operates in a competitive environment instead of being a monopoly production output would be in line with the point in the graph (pl) where price equals marginal costs. Thus in general a monopolistic marketplace is characterized by having higher prices and lower production when compared with an open competitive market. As a rule a monopoly will be very inefficient since a monopolist will produce a level output less than the competitive amount and is consequently Pareto inefficient. Monopolies are detrimental to consumer interests since they allow companies to create abnormal profit levels by obligating consumers to pay higher prices and due to a lack of any competition, product quality, innovation and variety will also be ne gatively affected. 3)From its inception, in order to protect is market share, Microsoft purposely created its operating systems to restrict easy integration and interoperability between PC’s using their Windows operating system and group servers not utilizing Microsoft’s server operating system. The company utilized the practice of bundling its browser Internet Explorer to their Windows operating system without providing the user other browser options by default. The company was also guilty of tying its Windows Media Player with its Windows Operating System which currently has a around over a 90% market share in the European Union (Statcounter, 2011).The European Union investigation concluded that Microsoft was purposely and illegally withholding interface information from its competitors in order to put them at a disadvantage. This is in clear violation of Europe’s antitrust laws. 4) The European Union was originally created in 1958 with the purpose of stopping the wars in Europe. Six countries originally joined the EU: Germany, France, Italy, Netherlands, Belgium and Luxembourg. Soon with the political and economic success of the union many of the other European nations joined the union and today it has over 27 member countries including non European nations such as US, China, and Japan. Today the

The Extensive Use of Financial Ratios by Both Practitioners and Essay

The Extensive Use of Financial Ratios by Both Practitioners and Researchers - Essay Example One of the major reasons for using financial ratios is to compare different firms in the same industry regardless of the size of the organizations. For instance, Return on Equity (ROE) can be calculated by using two variables; profitability or income of the organization and its equity therefore even if the size of the firms differs a lot but still these two firms can be compared to each other (Gowthorpe, 2006). As a result, financial ratios are helpful in controlling different factors while comparing different companies operating in the industry and allowing researchers a platform to compare firms which might have not been possible without these ratios. Similarly, besides controlling the size of the organization, financial ratios control other factors like technology and assuming that these factors are uniform within the same industry. ... he firm is ignored, as investors investing in a riskier firm would like to demand higher return on investment therefore the firm should earn higher returns in order to attract investors Therefore all this considerations or limitations of financial ratios have raised concerns on important issues that are ignored by the financial ratios but despite of this fact, financial analysts, researchers and practitioners have been continuously using financial ratios. ADVANTAGES AND APPLICATION OF USING FINANCIAL RATIOS There are several advantages and applications of using financial ratios which are as follows: ENABLES COMPARISON BETWEEN DIFFERENT FIRMS Financial ratios are helpful in allowing comparison between different firms and their performance and therefore management of the firm is able to take decisions considering its competitors in the industry and overall averages in the industry (Bodie, Kane, & Marcus, 2004) BENCHMARKING TECHNIQUE Because of financial ratios, companies are able to se t their performance targets and measures against the leading firms in the industry and as they aim high, they are able to improve their overall performances (Heaton, 2002). FINANCIAL RATIOS ENABLE ORGANIZATIONS TO EVALUATE FROM THEIR PAST PERFORMANCES Financial ratios allow organizations to compare their past performances against their current performance and in this way they are able to identify whether they are going in the right direction or not (Correia, Flynn, Uliana, & Wormald, 2007). FINANCIAL RATIOS ARE HELPFUL IN IDENTIFY DIFFERENT COSTS AND EXPENSES THAT CAN BE REDUCED With the help of financial ratios, management is able to identify different costs and expenses of the company that have increased over the last few years or costs and expenses in comparison to their competitors and

Global Warming Research Paper Example | Topics and Well Written Essays - 3250 words

Global Warming - Research Paper Example As the paper stresses recent temperature readings worldwide indicate a rapid increase in the temperature of the earth’s surface witnessed during the past century. The information excludes potential causers of the rise in temperature such as the urban heat island effect. The data show a rapid warming trend, especially during the past 30 years. The surface temperature data rhyme with other evidence of warming, for example the shrinking mountain glaciers, evidence of the decreasing polar ice cover, and the increasing ocean temperatures. Extensive research has been done to answer the question as to whether the witnessed warming trend is usual or whether it is due to the 20th century breakdown, which comes with the â€Å"accumulation of excess green house gases† in the atmosphere of the earth. As the discussion explores global warming happens naturally because the climate continuously changes over time. As such, the earth’s rotation gradually increases the sunlight intensity as the earth rotates closer to the sun. The sun acts as the main source of energy to earth. The output of the sun’s energy is constant. However, even the smallest of changes over time leads to climatic changes. Other factors such as slow or fast changes in the orbit of the earth changes the normal distribution of the sun’s energy across the planet, which leads to long term fluctuations of climate such as ice ages. Therefore, scientist cannot say that the sun’s output causes global warming, especially because there has not been an increase in the sun’s output in the last 30 years.

5 Anthropology Questions At a Page each Essay Example | Topics and Well Written Essays - 1250 words

5 Anthropology Questions At a Page each - Essay Example Therefore, the women who believe in God strongly as the sole provider of the child would voluntarily accept to bear other children. This might be contrary to their ability to take care of the children. New findings have revealed that contemporary women are concerned with the number of children they bear; depending on the responsibility one has (Joralemon 25). Therefore, in using the findings, to improve the quality of the birthing experience for women, they should be advised to give birth to the number of children that they can raise well. When comparing two medical systems, for instance, the American Medical System and the Canadian Medical system, there are specific issues, which the researcher would study. First, the quality of medical care offered at each system is probably the most important issue central to the study (Joralemon 45). The researcher would base his/her recommendations on the number of patients under each system and the morbidity and mortality rates. Essentially, this would give a reflection on the quality of health care that the system guarantees. Secondly, the efficiency with which each system is managed or medical duties executed are also examined, to give an overview of the differences in the method that each uses (Joralemon 52). Also, the nature of responsibility is studied to establish the way the medical staff attends to the patients under each system (Joralemon 59). This criterion of study would help the researcher to know the best medical system and the reasons for this. In studying each medical system, the following steps have to be followed; first, setting of objectives, then methodology of study is clarified. This is followed by data collection and presentation, analysis and making recommendations. The barriers that the researcher is likely to face include lack of corporation from the medical staff,

History of Slavery in Colonial America Essay Example | Topics and Well Written Essays - 1750 words

History of Slavery in Colonial America - Essay Example The Portuguese first utilized the slave trade around 1562 (Sylvester, 1998). The prime area for slaves was on the west coast of Africa called the Sudan. The peoples inhabiting the Sudan and surrounding areas were known for their skills in agriculture, farming, and mining. Europeans soon realized the commodity these skilled laborers could bring to their countries and began trading them regularly. African tribal wars produced captives, which became a bartering resource in the European slave market. Black and white slave hunters obtained those not captured during war. The main sources of barter used by the Europeans to secure African slaves were glass beads, whiskey, ivory, and guns. The first slaves to arrive in America were brought to the Jamestown settlement in 1619. A Dutch slave trader exchanged his cargo of Africans in that year (Becker, 1999). This was the first time an African set foot in the New World. The first slaves were brought to Jamestown as indentured servants, having to serve seven years for a master before gaining their freedom, the same as white indentured servants. This became a problem in latter years however, when the indentured servants were done with their time, they became competition for their masters and caused outrage among the predominantly white business world. There is some argument a... Some argue however, that the word servant as was used to describe the African slaves by the white settlers was the same inference that the word had in England, which was more akin to the more modern definition of slavery. These same scholars argue that southern plantation owners and slave masters still used the term "servants" to describe their slaves right up until the end of the Civil War. While white indentured servants where still the primary source for cheap labor in the colonies, tensions were growing between the poor workers and the newly emerging merchant class. The merchant class was now able to seize land and hold it as their own, regardless of the poor farmer's objections. The merchant class was also given the right to vote since they were technically landowners. This had the former indentured servants angry, and they were beginning to revolt. Bacon's Rebellion Slavery in the colonies grew in necessity following Bacon's Rebellion. Bacon's Rebellion occurred when a settler named Nathaniel Bacon disobeyed direct orders and seized a tribe of Native Americans for allegedly stealing his corn. Bacon was reprimanded and soon he began leading revolts against the Native Americans who had been attacking small out-lying farmers and their property. While Bacon was repeatedly reprimanded, his attacks continued and grew in their ferociousness. Bacon's rebellion ended when a group of his men surrounded Jamestown and burned it to the ground. The rebellion led the wealthy landowners of the time to begin to look elsewhere for cheap labor, fearing they too would have to endure another rebellion similar to that of Nathaniel Bacon (Bacon's 2005). With the emerging slave class in the colonies, twenty-five thousand and growing by 1700, came new laws

Film Evaluation Reports Movie Review Example | Topics and Well Written Essays - 5000 words

Film Evaluation Reports - Movie Review Example While there is a tendency to see such films as lesser forms of film, they can and should be appreciated for the way in which they show how cultures can take a lighter view of themselves and of their mythologies. Films that use silliness as a basis for their entertainment are often making light of aspects of society in order to shed a light on how serious human beings sometimes take themselves. Woochi (2009) is first set 500 years in the past, a story of mythologies and human politics creating a set up for the events that will take place in the present. The film begins with a story of goblins who steal an item called the Pipe of the Prophecy, the piece having powers that should not get into the wrong hands. The flute is used by the one god to keep the others, each representing the lunar calendar year. Three demi-gods are trying involved in trying to keep the flute from the goblins, or demons, but when they fail, they ask the help of the Taoist Wizards who are able to retrieved the flu te. However, the Master wizard’s apprentice, who is a bit self important and has a huge pride problem, is accused of a murder and he takes the flute and sets himself into a painted manuscript to hide. When it is discovered that both he and the flute are in the manuscript, one of the wizards, Hwadom, goes into the manuscript, only to realize that once he is near the flute, he himself is one of the demons. This is a secret to those demons who take human form. They forget that they are demons until they are near the flute. Through a series of coincidences, the flute is torn into three pieces, thus preventing Hwadom from getting the flute and putting it back together. In modern day Seoul, the goblins start once again causing mischief and the three demigods decide to set Woochi free in order to stop the problem. The goblins, disguised as humans, are outside of any current means to stop them, so setting Woochi, who has some of the same knowledge of the Taoist wizards from 500 years previous, seems the best way to handle the problem. They convince Woochi to help them, and all of them being in modern day Korea leads to a great deal of humor based upon the conflict of how people of another time would deal with modern day life. 2.) What does the film reveal about the personality and interests of the filmmaker? What does the film reveal about the attitude of the filmmaker toward his subject? Explain fully. The film engages myth in order to set up its conflicts and to find ways in which to express human hopes and fears through personifications. The nature of the lunar calendar creatures is to personify specific aspects of the dark side of humanity, thus discussing the human existence through this type of literary study. In creating supernatural elements, the real world is reflected in such a way as to create a sectional discussion of different emotional parts of being human. Mythology often isolates aspects of human existence so that those elements can be explored through a less complex examination. This is often the case with humor as well. Humor allows for a piece of literature to more closely examine a part of human life by isolating a part of it and looking at it from various, unusual perspectives. In this film, the concepts of drinking, bumbling, and sexuality are looked at from the perspective of outsiders looking in, as the time variance creates an ‘alien’ atmosphere for the main characters. Using aspects of

Developmental Psychology Essay Example for Free

Developmental Psychology Essay 1.1. Nature – nurture Nature refers to the inherited (genetic) characteristics and tendencies that influence development. It is the abilities that are present at birth, as well as any abilities determined by genes. On the other hand, nurture is the processes caused by our environment that influences our development. Everything is learned through our interactions with our environment and as a result of our experiences. In the past, hereditary and environmental factors were considered to be operating separately from each other. It was one or the other nature (hereditary) or nurture (environment). Today it is generally agreed that hereditary and environment are both important factors; development is a combination of both. Example: Average longevity is influenced by genetic and environmental factors. To increase your chances of a long life you need to come from a family with a history of individuals who lived to a ripe age (genetic factors). Environmental factors; such as diseases, toxins, lifestyle and social class are also important factors that influence longevity. A person who makes poor lifestyle choices and live in an impoverished area will decrease his/her chances of a long life. Therefore it can be said that both nature and nurture play a role in a person living to a ripe age. 1.2. Stability – change The stability versus change concept explores how much of ones behaviour is consistent and how much is changeable over a lifespan. Simply put, we can ask whether development is best characterized by stability (for example, does a behaviour or trait such as shyness stay stable in its expression over time?) or change (could a persons degree of shyness fluctuate across the life span?). Stability at a basic level is vital for us to recognize that we are still the same person as we grow older. But we also like to believe that our characteristics are not set in stone, that we can change ourselves if we want to. Psychoanalysts believe that personality traits developed in the first 5 years predict adult personality. Change theorists argue that personalities are modified by interactions with family, experiences at school, and acculturation. Example: Costa and McCrae (1994; 1997) have investigated whether the traits that make up the five-factor model remain stable across adulthood and came to the general conclusion that personality traits remain stable after age 30. If a 30 year old woman worried excessively about whether or not her husbands salary was enough to make mortgage payments, then she also is likely to be worried about having saved enough for her childrens college tuition when she is 45 and is likely to be worried about the adequacy of her husbands pension income at age 70. Since Costa and McCrae suggest that personality traits remain stable through adulthood a high degree of neuroticism, as reflected by a consistent and excessive level of anxiety and worry, is likely to persist and find new focal points over time. However, there is evidence that change can be found in personality trait development across the adult life span. Allemand et al. (2008) found that the way people differ in their personality becomes more pronounced with older age. Furthermore, other studies (Donnellan Lucas, 2008) found that extraversion and openness decrease with age whereas agreeableness increases with age (Blanchard-Fields Cavanaugh, 2011, p. 321). 1.3. Continuity – discontinuity The continuity versus discontinuity controversy deals with the question of whether development is a gradual, smooth progression from conception to death (continuity), or a series of distinct and abrupt shifts (discontinuity). Continuity focuses on quantitative changes in number or amount, such as changes in height and weight. Discontinuity focuses on qualitative changes in kind, structure, or organization. An example of continuity is: Infants who have satisfying emotional relationships with their parents typically become children with satisfying peer relationships. And they will eventually become adults with satisfying relationships with others. An example of discontinuity: After spending most of adulthood trying to ensure the success of the next generation and to leave a legacy, older adults turn to evaluating their own lives in search of closure and a sense that what they have accomplished has been meaningful. 1.4. Universal versus context-specific development This concerns whether or not there is one path of development or several. Example: David Schmitt and colleagues (2004) investigated whether one’s attachment style may have a major influence on how one forms romantic relationships. The results showed that 79% of the cultural groups studied demonstrated secure romantic attachments, but that North American cultures tended to be dismissive and East Asian cultures tended to be high on preoccupied romantic attachment. Overall, Schmitt and colleagues concluded that although the same attachment pattern holds across most cultures, no one pattern holds across all of them. East Asian cultures in particular tend to fit a pattern in which people report that others do not get as emotionally close as the respondent would like, and that respondents find it difficult to trust others or to depend on them.

The Corinthia Palace Hotel Company Ltd Company Tourism Essay

The Corinthia Palace Hotel Company Ltd Company Tourism Essay With 380 million international arrivals annually and market share of more than 40% of global tourism Europe commands the position as the number one tourist destination European Commission Vice-president Antonio Tajani- Journal of the Institute of Tourism Studies Dec 2010 pg 30. Company History Corinthia Palace Hotel Company Ltd is a Maltese registered company that owns The Corinthia Palace Hotel and Spa. The hotel enjoys a central location in the San Anton area. This Boutique style hotel neighbours both the Official Residence of the President of the Republic of Malta and the San Anton Botanical Gardens. Initially in 1920s, the site was a private residence called Villa Refalo, which was later sold to the Pisani family in 1959. (IL-Haddiem, 1968). The villa was transformed into the Corinthia Restaurant in the 1962. The company name Corinthia stems from the trademark columns that remain a prominent feature in the Villa Corinthia Restaurant. The restaurant prospered and was particularly popular with both locals and expatriates on field breaks from Libya. The success of this fine dining restaurant led the Pisani family to engage the services of architect Dom Mintoff, who designed and supervised the building of one of the finest hotels of its time. The hotel was amongst one of the first five star hotels in Malta to have full conference facilities in addition to 141 rooms, 11 suites, Garden Spa and 5 food and beverage outlets. The official opening of the hotel in the June of 1968, was conducted in the presence of then Minister of Education, Culture and Tourism, Doctor George Borg Olivier, His Excellency Duke of Edinburgh and renowned actor Roger Moore. The success of this enterprise has set the foundation for Corinthia Group of Companies, as we know it today. The group is organised into four business units, each of which plan and implement well-defined strategies driven by single objective of continued growth. The unanimity of purpose, to achieve our founders vision, towards expanding the Corinthia Portfolio Internationally, is driven by Mr Alfred Pisani himself. To date the company owns or operates sixteen hotels in nine countries. Mission Our Mission is to provide our guests with the craftsmanship of care Company Philosophies The company philosophy is primarily based on the core values, mainly integrity, honesty, trust and respect, which form the foundation of relationships within the Corinthia Group as well as with our customers and business partners. Definition of an Industry. There are numerous sources that provide a definition of an Industry, however, the succinct description in The Oxford English Dictionary of an industry is as follows :- a particular form or branch of economic or commercial activity Snapshot of the Tourism Industry in Malta Economic Performance According to its 2010 report  [1]  , Travel and Tourism contributes towards 19.4% of the GDP (EUR1,151.4 million) with a forecasted increase of a further 3.6 % by 2020. Export earnings from International Visitors is expected to reap in the region of à ¢Ã¢â‚¬Å¡Ã‚ ¬ 777 million with a forecasted growth to à ¢Ã¢â‚¬Å¡Ã‚ ¬ 1443.4 million in 2020. Currently, 23.7% of the labour market are employed in industry related occupations and it is anticipated that this will rise to 28.9 % by 2020. These statistics substantiate that Travel and Tourism is perceived to remain one of the key engines for growth for the Maltese Economy. Tourist Performance Although the National Statistics Office has not issued the official statistics for 2010 Parliamentary Secretary for Tourism estimated that the total number of Tourists to the island was in the region of 1.3 million  [2]  . This is an .1 million increase on 2009 figures  [3]   Capacity : The National Statistics Office December news release Collective accommodation establishments :Oct 2010 reported that there are a total of 158 accommodation establishments on the Maltese Islands which equates to a total bedstock of 17,966 . During the month of October statistic report that the total amount of non resident arrivals in109,581 visitors who stayed an average stay of 6.3 nights. 5 Star Hotels on the Island Currently , there are a total of fifteen accommodation establishments that are classified with a 5 star rating. During the month of October, this accommodation tier enjoyed an occupancy of 73 %. Having an information at hand is invaluable when assessing the viability of an industry. The World Travel and Tourism Council uses set Indices which can be valuable to ascertaining an Industrys attractiveness and future economic potential. The use of PESTLE to scan the Broad Environment for drivers of change There are numerous characteristics or strategic elements that can influence the life cycle of the local tourism industry. One organisation, acting independently, may have very little influence on the broad environment: however, the forces in this environment can have a tremendous impact on the organisation (Enz, C.A, 2010).p16  [4]  . Consequentially, if one was to consider this statement in todays local business scenario, it consolidates the school of thought that theres a limited likelihood that organisations have opportunities to influence the broad environment. However, according to The principle of Enactment organisations do not have to submit to the existing forces in the environment. (St.John, Harrison ,2010)  [5]  . One example of how this is validated in the local context, is through management agreements that hoteliers have formed with Internationally renowned Brands. In contrast, the Corinthia Palace Hotel, has established its own brand called Corinthia Hotels International Ltd (CHI Ltd). The strategic choice to create a Maltese Brand is a means to differentiate between the International brand names such as Hilton, Inter Continental, Marriot and Starwood Hotels that currently operate on the Island. Through a concept of backward integration the Corinthia Brand has eliminated having to pay substantial contributions to third party Management Companies by forming its own unique Brand. Additionally, it has been able to penetrate the International Tourism Industry by offering Management Contracts to overseas operators in the Industry. The task of measuring competitiveness is full of complexities as there are numerous forces at play. Therefore, it is of paramount importance to have a thorough understanding of both the potential threats and opportunities available. This will then provide the basis for which a company responds to trends and influences by integrating its resources to achieve a strategic advantage on its competitors. Local firms competing within the Tourism Industry invariably have similar resources available to them. Additionally, each will be challenged by similar forces. Therefore, it is safe to assume that most will pursue similar strategies. However, the company that best acclimatises itself through capitalising on its strengths, its unique resources and capabilities is more likely to be successful. All organisations formulate business plans that will enable the firm to use its core competencies to achieve its mission, goals and strategies. PESTLE Analysis Therefore, in order for any business enterprise to adapt to the broad environmental forces it is common practice to analyse key indicators in the macro environment by situational analysis. The four areas that are believed to influence and form the context in which the firm operates are as follows :- Political Forces Economical Forces Socio cultural Forces Technological Forces The Political Environment can significantly influence an industry and organisations. Economic Performance Political Scenario in Malta The tou The Maltese Government recognises that Tourism is a key contributor to the Maltese Economy. The government has collaborated with Public Employment Services, Educational Institutions and Social partners to invest and improve on the current skills set of the current labour market. The broad environment. Forces within both the Broad and Task environment are critical determinants for strategy formulation for any organisation. However, the core of a firms business environment is formed by its interaction and between three key stakeholders and their impact on the market place :- Customers, Suppliers, Competitors. This is more commonly known as the Task Environment. All contemporary organisations within all Industries face forces that can significantly affect profitability. If a firm understands these forces, then it can develop a business level strategy that allows the business to either take advantage or protect itself from these forces, which in turn allows the firm to be consistently profitable.'(Ahlstrom.D,2009)  [6]  . Although many business models exist, most companies use the framework of environmental understanding established by Economist Michael Porter to measure potential of an in Industry. Porters Five Forces Model In the March- April 1979, one of the most cited authors in Business and Economics, Professor Micheal. E. Porter, published an article in the Harvard Business Review, titled How Competitive Forces Shape Strategy.  [7]  . In this article he wrote : Competition in an industry is rooted in its underlying economics, and competitive forces exist that go well beyond the established combatants in a particular industry. Customers, suppliers, potential entrants, and substitute products are all competitors that may be more or less prominent or active depending on the industry. The state of competition in an industry depends on five basic forces. The collective strength of these forces determines the ultimate profit potential of an industry. This article formed the basis of Porters Five Forces Model. This user friendly model is now widely applied by many organisations to formulate the firms business level strategy. Corinthia Palace Hotel is no exception. Key strategic decision makers within the company use this model in their business plan to represent their analysis of the dynamics of the competitive structure and each forces influences the Maltese Tourist Industry . Bargaining Power of Customers Bargaining Power of Suppliers Threat of New Entrants The Threat of Substitute Products or Services Function The hotel has two primary functions which are to provide accommodation and catering services to travellers. Market Although perceived as a business hotel, the main market is leisure travellers. The tour operator and Leisure Segments constitute approximately 64% of the hotels market share. The company enjoys amongst the highest customer retention rate within the Corinthia group, averaging in the region of 20%. Suppliers