Prozac Nation

Prozac Nation tells the story of Elizabeth Wurtzel’s childhood, her troubled relationship with her father who left her and her mother and refused to accept his responsibilities to his family, her move to Harvard, and her mental decline leading to several stays in hospital and a suicide attempt. Finally, after trying many different psychotherapists, psychiatrists, and medications, she tries Prozac and it helps her rise above her despair. In the Afterword to Prozac Nation, written for the paperback edition in 1995, Wurtzel asks the question that will have occurred to many of her readers.What on earth makes a woman in her mid-twenties, thus far of no particular outstanding accomplishment, have the audacity to write a three-hundred page volume about her own life and nothing more, as if anyone else would actually give a shit? (p. 354) She gives a long answer, the crux of which is: I wanted this book to dare to be completely self-indulgent, unhesitant, and forthright in its telling of what clinical depression feels like: I wanted so very badly to write a book that felt as bad as it feels to feel this bad, to feel depressed.I wanted to be completely true to the experience of depression—to the thing itself, and not to the mitigations of translating it. I wanted to portray myself in the midst of this mental crisis precisely as I was: difficult, demanding, impossible, unsatisfiable, self-centered, self-involved, and above all, self-indulgent. (p. 356) Wurtzel certainly succeeds in her aim to portray herself as capricious and self-preoccupied. Indeed, according to her own description, she seems so impulsive, self-preoccupied, needy in relationships, and manipulative that readers will probably wonder whether depression is indeed Wurtzel’s most basic problem.It’s very tempting to speculate that Wurtzel has just as much claim to a diagnosis of borderline personality disorder as she does to depression. Wurtzel says that her psychiatrists gave her a diagnosis of atypical depression, and DSM-IV-TR tells us that personality disorders may be more common in those with atypical depression. Of course, even if I were a psychiatrist, which I’m not, would be ridiculous to offer a diagnosis based on an autobiography.What is clear, however, is that Wurzel’s goal of telling some general truth about clinical depression is not accomplished. Reading Prozac Nation is a very different experience from reading other memoirs of depression such as Tracy Thompson’s The Beast and Martha Manning’s Undercurrents because Wurtzel manages to provoke such a mixture of conflicting feelings in her reader, while other authors of depression memoirs provoke far more consistent sympathy. By the end of the book, one feels far more sympathy for Wurtzel’s mother and her friends than one does for her.Normally, I count myself as able to identify and empathize with people who suffer from serious mental illnesses, but I have to confe ss that, given the way she describes herself, unless she has changed dramatically, I’d recommend her friends to run a mile rather than put up with her manipulation. Note that one gets a similar impression from Wurtzel’s second memoir, More, Now, Again, (reviewed in Metapsychology April 2002) in which she becomes addicted to Ritalin and cocaine, and spends most of her time lying and hiding her addiction from her friends, mother and publisher.In Prozac Nation, Wurtzel several times suggests that she was addicted to depression and makes clear that her self-defeating behavior was often willful. What makes it so hard to sympathize with her is that that her problem seems to be her personality, rather than some affliction she has to overcome. To be more precise, Wutzel describes herself sometimes as the agent of her predicament, and other times as the victim of it, and it’s unclear for the reader what reasons there are for these switches.She manipulates people close to her: for instance, she tells calls her therapist at all times of the day and night, and then tells her therapist that if she does not listen to her problems, her (Wurtzel’s) blood will be on her (the therapist’s) hands. Sometimes even her crying seems like a deliberate action. But at other times she feels immobile, and can’t get out of bed. Consider, for example, how she feels after her brief romance with a man called Rafe, uring which she was miserable, clingy, and insecure, and she explicitly ignored his request that he spend time away from her, since he needed to be with his family, who had their own needs. I couldn’t move after Rafe left me. Really. I was stuck to my bed like a piece of chewing gum at the bottom of somebody’s shoe, branded with the underside, adhering to someone who didn’t want me, who kept stamping on me but still I wouldn’t move away. (250) Wurtzel’s alternating acceptance and denial of her agency bemuse s the reader, and ultimately makes Wurtzel a less credible witness to her own mental states.Far from knowing exactly how it was for Wurtzel, even though it is clear that she was desperately unhappy for most of the time, readers will be confused and exhausted by her narrative. Far from undermining the work, these features are what make Prozac Nation so distinctive, standing out among other memoirs. It is a tour de force, and a powerful evocation of Wurtzel’s experience, although it’s not so clear whether that experience is depression, borderline personality disorder, or some other mental disorder.

3 Paragraph Paper About the Novel Night Essay

Ellie weisel was the survior and author of the book Night. Ellie was born September 30,1928 in Sighet, Romania. He led a life representative of many Jewish children. Growing up in a small village in Romania, his world revolved around family, religious study, community and God. Yet his family, community and his innocent faith were destroyed upon the deportation of his village to the concentration camp in Auschwitz in 1944.†Never shall I forget that night, the first night in camp, which has turned my life into one long night, seven times cursed and seven times sealed.† (Elie Wiesel, Night, Ch. 3). Ellie Wiesel survived Auschwitz, Buna, Buchenwald and Gleiwitz. He was let free in 1945 and made his way to Paris and started wrighting his first novel Night. During world war 2 many people were anti-semitism. Anti-semitism means prejudice or hatred of, or discrimination against Jews for reasons connected to their Jewish heritage. Jewish people were blamed for the black pleg. They were also blamed for how bad the economy was. Hitler one of the most famous people during this time was using the jews as a scape-goat to get more votes. A scape-goat is just a group/someone you may put the blame all on.During world war 2 Jewish people were used as scape-goats and at the time of all this if you were German you may have been anti-semitism. One of the most memorable events at this time were The deportation of the jews. The nazis had enough of the jews and were ready to do there † final soulation† every jewish person with either that star david on them or had the letter J on there id was getting deportated to the concentration camps. See more:  The 3 Types of Satire Essay The German authorities used rail systems across the continent to transport, or deport, Jews from their homes, primarily to eastern Europe. German railroad officials used both freight and passenger cars for the deportations. German authorities generally did not give the jews getting deported food or water for the journey, even when they had to wait for days on railroad spurs for other trains to pass. Packed in sealed, suffering from overcrowding, they endured intense heat during the summer and freezing temperatures during the winter. Aside from a bucket, there was no sanitary facility. The stench of urine added to the humiliation and suffering of the deportees. Lacking food and water, many of the deportees died before the trains reached their destinations. Armed police guards accompanied the transports; they had orders to shoot anyone who tried to escape.

Gambling addiction’s effect on family Essay

Gambling is a distraction for most people, something to look forward to on a vacation or the occasional trip to the racetrack. However, there are others who can’t control their interest in gambling. Instead of doing it on an occasional basis, it becomes an everyday activity and a cruel addiction. Individuals who become addicted to gambling often get overwhelmed by the activity and allow it to become the dominant thing in their lives at the expense of themselves and their family. Addiction Addicted gamblers get into trouble when they start chasing their losses. A gambler may go to the casino or go online to gamble with a fixed amount of money. According to the American Academy of Family Physicians, the increased access to gambling throughout the United States the problem of pathlological gambling is likely to increase in the future. Sponsored Links Pedialyte ® For Children When it Comes to Rehydration, Other Household Beverages Can’t Compare. www. Pedialyte. com Function The gambler doesn’t want to lose, but when those losses occur, he doesn’t want others to know about it. He wants to hide his losses because he doesn’t want to disappoint others and he doesn’t want to face the consequences of what is happening. So when an addicted gambler is losing, he is hurting his family by losing money that cannot afford to be lost and he is hurting is family even more by lying to them. According to a report by the National Opinion Research Center at the University of Chicago, there are 2. 5 million pathological gamblers in the United States and another 3 million problem gamblers. Impact In many cases, the addicted gambler’s family doesn’t find out about the problem until many months or years have gone by. The gambler may manipulate the family’s money for a while to make it look like all the funds are in tact. However, after a given period, that won’t be possible because the money will be gone. The gambler’s spouse or significant other may discover the shortfall in a routine examination of the accounts or the gambler may admit the problem when the guilt becomes overwhelming. Either way, trust has been destroyed in the relationship. Treatment Preventing a gambler from gambling is difficult, but if family members know about the problem and really want to help, they can practice tough love in order to prevent the gambler from doing more damage to himself and to the family. A support group like Gamblers Anonymous can also help. GA, modeled after Alcoholics Anonymous, uses 12 steps to increase self-awareness and identify character defects that can help the individual arrest his gambling problem. However, the compulsive gambler cannot be â€Å"cured. † Identification The American Academy of Family Physicians has identified some of the behaviors associated with pathological gambling, which can help family members identify if a family member has a gambling problem. These behaviors include preoccupation with gambling; repeated failed efforts to control gambling; gambles to escape problems; lies to family members, therapists and others to conceal gambling losses and relies on others to provide money to relieve desperate financial situations.

Write about being a revenue cycle director in managed care Term Paper

Write about being a revenue cycle director in managed care - Term Paper Example President, I am tasked with verifying, reviewing and updating all information relating to the demography on the managed care’s database, SoundConnect, which is primary a care service provider. i. Evaluating equipment, systems and staffing so that they meet the set standards of business. I provide assessments, appraisals and recommendations to the Chief Financial Officer and other top level management. After I send my recommendations, they are then responsible for making the appropriate changes. iv. Monitoring the productivity of all the departments. These productivity metrics include claims that have been rejected, denied or processed. It also includes collection volume, payments of patients, rates of fee schedules and account write offs. v. Ensuring that the staff attends training programs for specified functions. Through reviewing the staff, I am able to gauge their job proficiency. Additionally, I schedule staff meetings aimed at enhancing staff development and improving communication. vii. Using the billing system and systems of collection for processing and billing. I am an accountant by profession and therefore I ensure that the billing systems are utilized by the staff at the care. I also conduct training programs to make sure that proficiency testing for all staff is established. Friedman et al., argues that, the revenue cycle director is part of the managerial staff and as such, is involved with contributing to the vision and strategic strategies that a managed care facility adopts. Therefore, the director sets the strategy and vision in alignment with the goals and initiatives of the critical revenue cycle for every business line (Friedman et al., 2013). As the director, I provide the strategy and vison for the Pain Center, Home Health, Orthopedics and the Ambulatory Surgical Center. My job extends to managing and leading intrinsic revenue cycle projects. I perform this role by providing the total oversight and direction of the core areas that

Music Appreciation Essay Example | Topics and Well Written Essays - 250 words - 2

Music Appreciation - Essay Example Thus the usage of themes from other composers was quite acceptable. According to Hoffer, â€Å"people in the classical period, including composers, seemed to attribute little mystery to the act of creating music, an attitude that would change radically in the nineteenth century.† As compared to the nineteenth, twentieth and twenty first century the musical patronage as termed by Hoffer does not exist because of copyright issues. Current composers are more oriented on individuality, mystery, creativity and success and any infringement is punishable by law. When compared to the classical age, it can be concluded that there was no mystery in works of art such as classical music and there was less awareness of copyright issues as compared to this century where every composer wants to be unique in his/her own way The composers in the Viennese Classical Period should not have been more concerned about plagiarism because this is the age that sought to bring about a nineteenth, twentieth and twenty first century that is conscious, full of mystery, creativity, individualism and success by composers. For example, if Mozart did not prepare a booklet of musical hymns, then a lot of musical arts that depended on his work would not have been realized. Composers today should be concerned with plagiarism. Creativity is something that should be fostered in the musical culture. This century cannot be compared to the classical century of musical patronage where musical hymns were shared and anyone could use them. If in this century it was right to commit plagiarism, then a lot of composers would be creating music and there would be other composers who would take that music and make the best out of it and be more successful that the original composer. What is important to note about this issue is that success matters in this century and everybody composer

History and Development of W Retreat & Spa Case Study

History and Development of W Retreat & Spa - Case Study Example He was responsible for looking after the music affairs of the resort. In 2011, the resort appointed Marcus Reinders as the Managing Director of the resort, Mauro Gomez as the Chef Executive, Jennà © Lombardo as the Fashion Director of the resort and Joseph Boroski as the Director of Cocktail Culture. The resort was voted as the best by Lonely Planet Magazine in 2012. Nikolaj Retpen replaced Mauro Gomez as the Chef Executive and DJ Truck was appointed as the resident DJ of the resort (Etihad Holidays, 2012).   W Retreat & Spa – the Maldives, cast away in the blue waters of the Indian Ocean, lies dexterously in the immaculate beauty of Fesdu Island. With a perfect weather, as well as a never-ending sunshine, the spa is an ideal water sports playground and retreat (Flyer Talk, 2009). Below the surface of the hotel lie clear waters where residents can observe sea turtles as well as the starfish poses, whereby they can take pictures. From Malà ©, the capital city of the Maldives, people must fly in a seaplane in order to reach the small Fesdu Island. The luxurious resort is a small but jawdroppingly picturesque 25-minute seaplane journey from the town of Malà ©. Unlike many island spas, the travelers are lucky there are no such things as bridges because, apart from the guests and staff of the spa, this part of Indian Ocean is uninhabited. However, people should make no mistake as taking a trip to this tropical heaven is far from roughing it. The hotel’s bi-level beachfront rooms roost on soft sand. The rooms also have a constant supply of warm water taken straight from the Indian Ocean. It also includes smart amenities such as sundecks, private plunge pools along with outdoor rainforest showers. All these were made possible by the fact that the hotel is surrounded by an ocean (Asia Web Direct, 2013).

Depression and what you learned about it Essay Example | Topics and Well Written Essays - 500 words

Depression and what you learned about it - Essay Example However, it stops being a normal state of mind whenever there is a constant feeling of sadness the cause of which is not in any way directly related to the loss of something or someone valuable. If it is indeterminate in a sense the feeling of sadness cannot be pinpointed with accuracy, then there is depression. A depressed mood is not necessarily a mental or psychological medical condition when it is associated with adverse life events such as a recent death of a loved one (as mentioned above earlier), experiencing a traumatic natural disaster, a job loss, financial difficulties, a divorce, bad relationships, or major life stages such as reaching middle age or having a menopause already. It has a number of symptoms which can serve as warning signs to seek treatment right away. Some of these common symptoms are loss of appetite, memory loss, lack of mental concentration, loss of interest in normally pleasurable activities, lack of energy, insomnia, or excessive sleeping. The depressed person usually has negative thoughts about life, low feelings of self-worth, guilt, helplessness, anxiety, and irritability which can lead to suicide (Beck & Alford, 2009, p. 30). Whenever the feelings of sadness (depression) persist over a long period of time without any direct cause for it, then it becomes a serious mental condition which is clinically termed as a major depressive disorder (MDD) based from the differential diagnosis approach recommended by the American Psychological Association (APA) using their Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition (DSM-IV). The severity, frequency, duration, and kinds of symptoms exhibited by a depressed person may vary from one individual to another because of so many factors. However, depression is a common but serious ailment that is often not treated because either the depressed did not recognize it as such, or is

The film A Streetcar Named Desire from the silent film era through the Essay

The film A Streetcar Named Desire from the silent film era through the 1950s - Essay Example Stella is married to Stanley played by Marlon Brando and they are expecting a child. Stanley and Blanche are the two central characters of this movie. The story gradually becomes interesting as friction begins to develop between Stanley and Blanche. Stanley being an uncouth, randy, sweaty and rough character does not like Stella very much which ultimately leads to immoral and violent depictions in the movie. The movie received a lot of criticism upon its release regarding the vulgarity and decadence depicted in it. Brando’s performance as Stanley is hailed as one the best performances in the history of American cinema. Brando was able to represent the exact nature of Stanley in front of the viewers. Stanley had to be uncouth yet attractive to women and Marlon Brando was just the man for that. This paper will analyze Marlon Brando’s acting skills in this movie. Later on, these skills and tools will be associated with the method acting presented by Uta Hagen in her book R espect for Acting. Stanley wears shirts that reveal his muscles and sweat; he drinks and smokes in a greedy fashion yet he possesses a grace in his personality. He is gentle in his own sense. Brando played this character in very realistic manner. He gave the character true raw emotions. His style in this movie is said to have influenced the Hollywood film industry so much that it inspired many artists such as Sean Penn, Jack Nicholson and James Dean. Before Brando’s performance in this movie, no matter how violent the emotions in acting may be, audience could always spot a hint of modesty in it. Brando left a mark on acting style that was adopted by Hollywood and embraced by the audience immediately. Brando portrayed more than just the violent nature of the character. Every single action of the Brando in this character feels as real as his anger outbursts. Moreover, Brando was able to pull off this role with such delicacy that he left a lot of fragments of Stanley’s pe rsonality for the audience to interpret. There are instances where the audience cannot easily interpret the actions of Stanley because there is no apparent cause for the way he behaves and this makes the audience wonder about the life of the character which ultimately leads to the development of sympathy towards characters. The character shows that it has much more than just his raw violent outbursts and callous behavior (Ebert). Brando sank in this character so well that the audience could not view Stanley and Brando as two different individuals. In fact, Brando himself became the character and was soon associated with Stanley. The charms of his acting can be measured by the fact that the audience started learning to develop sympathy for film characters after this movie. Brando presented Stanley to the audience in a manner that would distress them but this distress is accompanied by enticement. The audience fell in love with a loathsome character. The charm of the character overpow ered them. Brando’s sexual appeal and charms superseded Stanley’s uncouth and rowdy behavior. If we take the audience out of picture, even then it would be hard to separate the two entities as they resolved well together. It seems that Brando did not make any effort playing this character. He was so at ease that it appears Stanley is a part of Brando’s personality. Such realistic acting comes from specific methodologies that involve the resolution of the character and the actor. Unlike the conventional acting of the rest of the cast of the movie, Brando’

Human Resource Management Essay Example | Topics and Well Written Essays - 2250 words

Human Resource Management - Essay Example Various nations have been subjected to this problem, out of which the condition of South Africa is worth mentioning. The mismatch has been widening in economies over the years and is evolving as one of the primary causes of concern for organizations. Educational institutions and organizations have been jointly working towards increasing alignment between skills demanded and skills produced. Researchers have identified a number of ways organizations could devise policies and procedures for handling this skills shortage. Not only do they require modification in the job designs but also must consider altering the existing human resource strategies. The project seeks to explore the various possible alternative suggested by researchers and practitioners that can be applied for designing jobs in organizations confronting with labour market shortages (Dychtwald, Erickson, Morison, 2006, p.88). Impact of labour market shortages on organizations Organizations are faced with a number of dilemmas arising out skill shortages in the economy. Researchers and business practitioners are of the opinion that skill shortage has a direct impact on labour costs in organizations. Labour shortage happens to be one of the propelling factors for undertaking offshore recruitments as the local skill availability falls short of the demands. Researchers have identified the standard for cost effectiveness as the price of the available as well as qualified workers for both off shore and on shore (Atwater & Klass, 2007). In other words it can be said that declining skills are directly associated with climbing labour costs in organizations and firms. According to Atwater & Klass, (2007), skill shortage impacts businesses directly by ways of relocation of existing business processes like manufacturing, production and services from one region or country to another. This might include outsourcing or even subcontracting within the same country or shift ing business practices from one nation to another. Although firms might gain from the phenomenon in the way of availing of skilled personnel at lower prices, however, it involves great structural losses. The wide range of educational requirements along with the severity associated with the search costs happen to be so high that researchers have not yet been able to draw a conclusion as to whether hiring off shore skills is an option optimum for adopting (Atwater & Klass, 2007). Although organizations and industries today are in different stages of off-shoring their jobs and functional activities, Atwater & Klass, (2007) are of the opinion that organizations maintaining the view that availability of labour is a local issue are likely to face serious competitive disadvantage as compared to those who consider looking at labour as a global market (Atwater & Klass, 2007). Main considerations in designing jobs for organizations facing labour market shortages According to a research conduc ted by McKinsey Global Institute states that the looming shortage of local talents have been having serious implications for the nation’s multinationals by triggering the process of organizations recruiting offshore skills (Farrell &

Demat Account Essay Example for Free

Demat Account Essay I would like to thank my Branch Manager for being a support throughout my Project work. Mr. Deepak Chaudhary has always encouraged me to stay focused towards my project no matter what the conditions are. I have furthermore to thank my respected Project Guide Dr. Renuka Sharma who gave and confirmed this permission and encouraged me to go ahead with my Project. She always guided me in the right direction whenever I asked her for help. I would also like to thank God for giving me the patience throughout my project and my parents who supported me and helped me in all ways. Without all, I could not have successfully completed my project properly in time with adequate data and relevant substance in it. Thanking you, Mehak Mehta CUN120550046 3 Executive Summary This project is about creating a portfolio product that would help Angel Broking. We all know that stock market is a risky investment alternative for all but it is good if investor can make money out of it. The regulatory body for the stock market is SEBI who controls all the activities of the market on daily basis and try to do transaction in a legal way so as to avoid the scams and to protect the interest of the investors. Now days there are many Portfolio managers and Fund managers who invest on the behalf of the investors and they assured them fixed rate of return on their investment in a particular period of time. They all applied various kinds of model to measure the risk available in the market and the tools to manage that risk. There are various kinds of risk which is mainly categorize in two parts 1. Macro level risk 2. Micro level risk I. Macro level risk :- It consist of Systematic and Unsystematic Risk. Systematic risk is that which cannot be reduced but Unsystematic risk can be controlled. Micro Level risk:- It consist of various kinds of risk which are prevailing in the market like Business risk, Market risk, Liquidity risk, Exchange rate risk, Financial risk, Currency risk and Country risk The above are the broad categories of the risk in the market. As we can see from the recession that the global markets also have their impact on the Indian market because now a days companies are doing business at global level so the market of one country can affect the market of other countries also. So we cannot avoid the risk but we can manage the risk and minimize it. In my project I have done the same thing by applying the various models or tools which are helpful to manage the risk while doing an investment. Purpose/Objective of the study:? ? The purpose of the study is to give a portfolio product to Angel Broking as per the needs of the population of Ludhiana region. Endeavour to create wealth over the medium to longer term through investments in equities, across market capitalization by focusing solely on the following:? To measure the risk available in the market, taking into consideration the Nifty 50 stocks. To look deep into the fundamentals of the companies as well as the concerned industry. ? To calculate the expected return from the shortlisted stocks as well as from their concerned industry. ? To measure the risk/reward value of investors’ assets class choices 4 Research Methodology Used in the Project:Type of research project is Descriptive and Exploratory. To make a research project we need to see that whether there would be scope of this study or not, because if our study is not having scope then the whole work done will not be effective. The scope of this study is there in the market because in today scenario everyone looks for the safe and risk free return but they don’t know how to manage the risk which is there in the market so by the help of this study and after seeing the relevance, the Financial managers or the investment companies can take benefit out of it. Because by this they will come to know about the tools to manage the risk and they will be able to sell more investment products because by using it they will be able to give safe return to the investors which will lead to an increase in their goodwill in the market. Methodology used to making of this project is Descriptive research design. Once we decide with the type of research design we need also to know about the collection of data. I have used the secondary method to collect the data from the market. For this purpose different websites are being search out for the relevant information for making the project and various research paper and articles were also studied so as to get reference from those articles. Once I am done with the data collection and fundamental analysis, I then need to apply the tools. In my project I have used mainly four tools BETA, CAPITAL ASSET PRICING MODEL (CAPM), STANDARD DEVIATION and SHARPE INDEX. Sharpe Index tells us the excess return we can generate from the investment. Beta tells about the volatility of the risk. CAPM tells us about the Expected return on the stock, and Sortino ratio tells us that out of the stocks which are giving negative return which will be the stock that will give positive return in near future. Thus by applying all these models we come to know that we can also minimize our risk but for that analysis should be done so as to enjoy the safe return on the investment. Findings:- After applying all the above models I have come to know the Beta of my portfolio, expected return that my portfolio will generate. CAPM help us to know that how much would be expected return on the stock and then we can compare the actual return with the expected return and invest accordingly. Beta helps us to know the volatility of risk in the market and then we can do risk return tradeoff so as to invest in best stock as per our analysis. And Result of Sharpe ratio helps us to compare with the expected return and then do the Sortino ratio if required. 5 Table of Contents I. Introduction to the corporation. Business carried on by parent company and group companies along with brief history, promoters vision Introduction to the parent firm Main competitors Number of employees Organization Structure Study of functioning of all the departments of the company SWOT Analysis Financial Statement Analysis Trend Analysis Strategies adopted Profitability Analysis Review of Literature ? ? ? Review of articles Need of the study Objectives of the study III. Research Methodology adopted IV. Details of actual work undertaken V. Interpretation Analysis VI. Conclusion and Suggestions ? ? VII. Findings of the study Recommendations of the study Glossary VIII. Bibliography 6 Chapter-1 Introduction to the corporation and company 7 Business carried on by the parent company 8 Angel Broking Registered Office Corporate Office G-1, Ackruti Trade Center, Road No -7, 6th Floor, Ackruti Star, Central Road MIDC, MIDC, Andheri (E), Mumbai 400 093. Andheri (E), Mumbai 400 093. Tel: (022) 2835 8800 / 3083 7700 Tel: (022) 3935 7600 9 About the company Angel Brokings tryst with excellence in customer relations began in 1987. Today, Angel has emerged as one of the most respected Stock-Broking and Wealth Management Companies in India. With its unique retail-focused stock trading business model, Angel is committed to providing ‘Real Value for Money’ to all its clients. The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and the two leading Commodity Exchanges in the country: NCDEX ; MCX. Angel is also registered as a Depository Participant with CDSL. Vision To provide best value for money to investors through innovative products, trading/investments strategies, state of the art technology and personalized service. Motto To have complete harmony between quality-in-process and continuous  improvement to deliver exceptional service that will delight our Customers and Clients. 10 CRM Policy. A Customer is the most Important Visitor on our premises. He is not dependent on us, but we are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so. † Mahatma Gandhi Business Philosophy ? ? ? ? Ethical practices ; transparency in all our dealings Customers interest above our own Always deliver what we promise Effective cost management Quality Assurance Policy We are committed to providing world-class products and services which exceed the expectations of our customers, achieved by teamwork and a process of continuous improvement. 11 Evolution of Angel Group ? MR DINESH THAKKAR, CHAIRMAN ; MANAGING DIRECTOR, ANGEL GROUP, started this Journey as a SUB-BROKER in 1987 with 3 Employees and 25 Clients. 1997-2003 ? Dec’97: Incorporation of Angel Broking ? July’98: Angel Research Division started ? Mar’02: Web-enabled back office software developed 2004 ? Apr’04: Incorporation of Commodities Broking ? Sep’04: Launch of internet trading platform 2005 Awarded prestigious â€Å"Major volume driver† award 12 2006 ? ? ? ? Jul’06: PMS function launched Sep’06: Commences MF and IPO distribution Oct’06: Awarded â€Å"Major volume driver† award Dec’06: Crossed 2,500 business associates 2007 ? Oct’07: â€Å"Major volume driver† award for third consecutive time ? Nov’07: Crossed 1. 5 lakh mark in DP account ? Dec’07: IFC acquired 12. 35% stake in Angel Group 2008 ? ? ? ? ? Jan’08: Commences insurance distribution Feb’08: Ranked 1st by NSE for Registered intermediaries May’08: Third party distribution business ramped up Sep’08: Ranked 1st on NSE for largest sub-broker network Major volume driver† award for the 4th consecutive time 2009 ? Jan’09: Ranked 1st on NCDEX on the basis of turnover ? May’09: Awarded the â€Å"Best Retail Broking House† and the â€Å"Broking House with Largest Distribution Network† by Dun ; Bradstreet ? Two Analysts won the ET Starmine Analyst Award ? â€Å"Major volume driver† award for the 5th consecutive time 2010 ? Nov’10: â€Å"Major volume driver† award for the 6th consecutive time 13 2011 ? Mar’11: Awarded the Best Contribution in Investor Education ; Category Enhancement of the Year – Angel Broking Ltd and Broker with Best Commodity Research of the Year Angel Commodities Broking Pvt. A very strong and dedicated Research and Advisory desk. ? One of the highest success ratios in both technical and fundamental calls. ? An excellent IT infrastructure in place with over 18144 trading terminals and 610 VSATs with a server uptime of 99. 9%. ? 100% Retail centric focus and total commitment towards retail customers. ? Some of the best fund managers running our Portfolio Management Services to enable clients to minimize their risk, enhance return and diversify their portfolios. ? Training Programs to upgrade the knowledge base ; competency levels of our employees, channel partners ; even our end customers. Understanding client’s risk ; return profile Offering the right blend of sector and stock exposure Giving dedicated Investment Advisors Giving a choice of different schemes to suit every individual investor preferences Catering to Individuals, HUFs, Corporate, NRIs, Trusts ? Angel Commodities ? ? ? ? Personalized services through branches ; regional hubs Trading ; Relationship Mgmt. Services in Bullion, Base Metals, Energy ; Agri. futures Opportunities in hedging ; portfolio diversification, speculation ; arbitrage Training ; Educational Seminars on Commodities ? Angel Currency Futures ? ? ? ? Comprehensive coverage on Currencies (‘Rupee’ to ‘Euro’, ‘Dollar Index’ to ‘Yen’). Reports covering in-depth fundamentals of the currencies. Latest economic data releases with their likely impact, along with â€Å"Technical levels† Comprehensive reports on currencies ideally suited for any investor / trader. ? Angel Gold ? ? ? ? Personalized Investment Advisory Portfolio Restructuring ; Continuous Monitoring Guidance from Experienced Research Team Periodic Group Meetings with Investors. ? Specialized Products Margin Funding ? Facility to allow clients to take higher exposure 20 ? ? ? Instant Liquidity for Clients Margin is deposited in Cash as well as Collaterals Enabling Clients grab Earning Opportunity Pre-Paid Brokerage ? ? ? ? ? ? Zero Account Opening Charges Attractive Brokerage Rates Free DP AMC for 1 year Assured gifts worth thousands with every account Easy ; Fast Recharge Free Financial Investment Application with every account ? Depository Services ? ? ? ? ? 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What factors will affect the time of a falling paper cone

What factors will affect the time of a falling paper cone The issue raised is the motion of paper made cones within air as they are released. The time that the cone will take to reach ground level from the moment of its release depends on several variables, which have to be investigated in order to conclude whether changing them would be relevant in affecting the period of time needed. Hypothesis There are several factors which theoretically could affect the time, assuming that the air is homogenous throughout the room and by using the same paper. We have to understand that a higher or a lower top speed will be the factor which changes the time needed. Thus the factors affecting top speed will have to be investigated. These are shape, top angle, height, type of paper and resistive forces. Some can be cancelled out before experimentation as we know from theory that a mass difference will not affect the free falling object (it will actually but to a negligible extent). Experimentation To investigate how different factors change the time needed one would have to set up a laboratory experiment. Immediately one encounters the first issue: how far will the paper cone will have to be put in order to reach its terminal velocity? As paper cones are quite light in terms of mass one can assume that a 3 meter chute is all right, as according to Newtonian physics the drag (air resistance), i.e. the upwards force will soon be equal to the weight of the paper. The aforementioned variables (top angle, resistive forces) will have to be tested by using different values. To achieve this, the experimenter will have to probe those relationships. Size: cones of different sizes but same paper will have different masses but this will not affect the time as weight is not a criterion after terminal velocity has been reached. Drag coefficient: the drag coefficient is a dimensionless quantity which determines the aerodynamic properties of an object. The smaller it is, the lower the resistive values of fluid air. For instance for a normal cone it is of 0.5 whilst a cube has a drag coefficient (Cd) of about 1.05[1]. The formula to find this value is Cd= Fd / 0.5Và Ã‚ . The airs density is an uncontrollable constant whereas the mass shall be manipulated in order to see the effect. The experimenter will create three cones of different mass, let them drop off from a same height and observe. The time shall be measured. Apparatus Only simple tools such as a scale, a stopwatch or rulers shall be used, no complicated machines such as lasers or position sensors. Variables: Uncontrollable constants: airs fluidity Controllable variables: mass, shape, aerodynamics Uncontrollable variables: time Diagram of set up CONES Cone a is the sample cone Cone b is the same shape and material as A but is an scaled up version. This is done so that the effects of mass difference can be investigated. Cone c is the same size as A but is made of a different kind of paper, a rougher one. This is done so that the effects of the cones aerodynamics can be investigated. Cone d is of different shape than the B but has the same surface area (thus the same mass). This is done to investigate how much the steepness of the sides will affect the cone. The cone is dropped from 3 meters and simultaneously the stopwatch sets off. As it hits the earth the chronometer will have to be stopped. The figures are recorded. The process is repeated at least 5 times with all cones and thus an average is drawn. Thereafter the results are compared. The smaller the time needed, the more aerodynamic the shape is. [1] http://web.archive.org/web/20070715171817/http://aerodyn.org/Drag/tables.html

Example Answers to Strategic Human Resource Management Exam

Example Answers to Strategic Human Resource Management Exam Section A, Question 1 To what extent does the approach to Talent Management at Standard Chartered Bank display features of SHRM? Answer: By focusing heavily on its talent management program it can be clearly be seen that Standard Chartered Bank (SCB) is making the practice of SHRM as one of its key priorities. As can be seen from the article, the way SCB adopts its appraisal methodology is of a very strategic angle. By making it a global standard to conduct face-to-face performance appraisals every 6 months goes to show that SCB is reviewing its own performance management objectives to make sure that those objectives stay relevant and achievable, and that is a feature of SHRM. Being sensitive to different cultures by employing different appraisal methods also shows that SCB understands the importance of managers and staff identifying and dealing with real, actual problems in a way that is most familiar and effective to them. That is also another facet of SHRM as through such means, SCB is able to monitor its own competitiveness in the market. Through appraisals, SCB also classifies their employees into 5 categories ranging from high-potentials, to critical resources, then to core contributors, followed by underachievers and finally, underperformers. By doing so they are able to identify areas in which they are lacking and act upon it. Interestingly, as Geraldine Haley explains the classifications, it can be seen that SCB is already identifying the likely flow of talent in the bank and are taking actions to manage the flow. For example, when classifying certain employees as underperformers, Haley goes on to mention that this group of people do not fit the job requirements and they should be transferred to another role or be managed out. Clearly, whether the bank decides to place this group of employees in another role (which fits the idea of SHRM because by placing people where they perform best clearly benefits any company), or by managing them out (thereby reducing unnecessary manpower costs or replacement with a more pr oductive candidate), the intent behind both actions is clearly strategic in nature. The employee classification also allows the bank to understand the their potential and manpower mix which is critical because, the HR department would be able to plan in advance for staff mobility or develop different programs to help develop potential of their talents to another level. So far we are able to see that SCB does indeed view its employees as a strategic key asset in churning out profits for the bank. Yet another SHRM feature being displayed is the secrecy of employee classifications. As mentioned in the article, SCBs stance is that while they do not want certain employees to feel de-motivated and others to boast about their own performances, the whole point of the classification system is to inform managers that there might be actions required on their part to improve the situation. It is true that in SHRM, managers should not cause their staff to feel like they are being constantly monitored for poor performance because this will affect the staffs willingness to contribute towards the company. Again, either way, we see that the actions taken are closely linked to helping the organisation achieve its strategic corporate objectives. The classification system is also being used a guide for regional offices to strategically benchmark against one another to see where they stand. Ever since SCB has been experiencing a high staff turnover rate among newly recruited employees, a solution in the form of a global induction program named Right Start was implemented to curb this problem and they successfully brought down the rate of employees leaving by 5% (http://www.standardchartered.com/annual-report-07/en/business_review/people.html, 2008). SCB has also gone on to groom talents into leaders by means of providing coaching and self-help tools through various medias such as podcasts, videos and workshops. Another key concept is to allow talents to play to their strengths rather than on focusing on managing their weakness. As Hayley explains the strategic rationale on focusing on coaching talents with global roles in the bank, it is because a small 5% improvement from these top managers is enough to cause a huge positive impact on the banks earnings. Under the Best practice view in SHRM, there are 18 Key practices of which SCB can safely said to have achieved at least 50% or more: Realistic job previews; Use of psychometric tests for selection; Well-developed induction training; Provision of extensive training for experienced employees; Regular appraisal; Regular feedback on performance from many sources; Individual performance-related pay; Profit-related bonuses; Flexible job descriptions; Multi-skilling; Presence of work-improvement teams; Presence of problem solving groups; Information provided on firms business plan; Information provided on the firms performance targets; No compulsory redundancies; Avoidance of voluntary redundancies; Commitment to single status; Harmonised holiday entitlement (Source: University of Sunderland). It can be concluded that SCB is investing so much resources towards its human talent management program simply because it views it employees as human capital for the organisation and understands the wisdom in developing and managing its employees in close relation to the values and objectives of the company so that an effective workforce can be grown, and groomed to achieve the strategic objectives of the bank. Word count (865) 1.2 Comment on the relevance of this approach in the light of the recent banking crisis? Answer: The banking crisis of 2008 was largely due to the fall of banking giant, Lehman Brothers (LB). If LB had adopted SCBs view of employees as human capital in the organisation, it could have at least minimised the loss to a certain extent. For one, discussions between employers and staff would have been more open and problem issues could have been brought up and identified at an earlier stage. Inefficiencies in the organisation would have been uncovered if there were a global compilation of performance like in SCB, where CEOs were able to benchmark their performances against regional offices. In a way, having a certain amount of centralised control through talent management would also enable the monitoring of LB companies globally. It is interesting to note that when a German subsidiary of LB requested that top management in the USA forgo multi-million bonuses as a sign of taking responsibility for poor performance, the request was immediately struck off at the first instance. It seems that top management either did not know or did not bother to care what was going on in its other global offices. Therefore it is important for companies to have a solid leadership and to achieve that, organisations must start to take the first step in acknowledging its employees as key assets towards enabling the company to achieve it strategic goals and objectives. Thereafter that, the companys HR policies should be dawn to include short and long term strategies that are inline with the companys corporate objectives. Companies should also consider which view the company would adopt in relation to SHRM. For example, does the company suit the Best Practice view, Bes Fit view, Best Fit Integration view or Resource based approach? Each has its own strengths and weaknesses but the company has to decide which is the most compatible and allow the company to achieve its goals. Perhaps the culture of a company should also be set as culture can deeply affect a employees willingness to contribute positively to the company. Every organisation aims to communicate its own objectives and goals to its employees so a to align the values and attitudes of the employees towards commitment in performance for the company, and in this respect, having an appropriate culture will greatly enable the employee to settle comfortably into the company and be motivated to perform well. Retaining talent is crucial in a companys route of progress and much effort should be put into talent management where employees will feel like that are an important part of a company that cherishes their contributions and seeks to develop and groom them for further growth in their career. With SHRM as the key basic guiding principle, companys should therefore seek to create a pool of talent that will steer it in the right direction, both in good times and bad. Word Count (473) 1.3 Why is it important to measure the impact of SHRM? What might be included in a evaluation strategy to measure the impact of SHRM in an organization to achieve strategic integration? Answer: It is important to measure the impact of SHRM because, firstly, strategies that are formulated into HR policies are closely linked to the strategic objectives of its organisation. The reason why this is so is because the company understands that attitudes and performances of its employees makes a significant difference towards achieving organisational goals. Therefore when an organisation decides to employ the HR unit as a strategically, resources are being invested to make sure the HR unit contributes towards the attainment of those objectives. In measuring the impact of SHRM in a company, there are 18 Key practices of SHRM might be used to ascertain the degree of SHRM present in the company: Realistic job previews; Use of psychometric tests for selection; Well-developed induction training; Provision of extensive training for experienced employees; Regular appraisal; Regular feedback on performance from many sources; Individual performance-related pay; Profit-related bonuses; Flexible job descriptions; Multi-skilling; Presence of work-improvement teams; Presence of problem solving groups; Information provided on firms business plan; Information provided on the firms performance targets; No compulsory redundancies; Avoidance of voluntary redundancies; Commitment to single status; Harmonised holiday entitlement (Source: University of Sunderland). Other possible measurements could be in the form of appraisals where performance management objectives are being reviewed. Through the appraisals the organisation would be able to know how it is faring against the achievement of its own targets relative to the overall performance of the employees. Word count (287) Section B, Question 4 4. What are the main features of a Performance Management system? In what ways can organizations ensure that such systems fulfil strategically useful outcomes (30 marks) Answer: 4.1 Main Features of a PMS The main features of PMS are: PMS consists of business-led outcomes that may be assessed against definite business objectives; PMS is integrated with interlocking procedures and flows of information; There is a mix of quantitative and qualitative objectives; There is a focus on both system design and manner of implementation. Because PMS are sensitive to process and culture, it is hence flexible; PMS rely on a participative approach by mangers and staff alike, which can align with other organisational processes, for example, employee religions, communications and decision-making processes; Lastly PMS have a distinctive and adaptable quality of being people and systems-oriented (Source: University of Sunderland). There are 6 other features of PMS that links it to the overall business strategy of a company which might also guide organisations in ensuring strategic outcomes are met: Objective setting; Ongoing review of objectives; The development of personal improvement plans linked to training and development; Formal appraisal and feedback; Pay review; A competence-based organisational capability review (Source: University of Sunderland). 4.2 Ensuring PMS Fulfils Strategically Useful Outcomes The best way to ensure that PMS is able to fulfil strategically useful outcomes is for the organisation to be involved in the setting of performance objectives and thereafter measure those objectives. When setting clearly defined performance management objectives organisations can gear the scope and nature of the objectives to reflect the organisations own corporate goals. These performance objectives should also be linked closely to the individual employees as well as the organisations capability resources. When setting objectives, coverage should include competence and skill development, ability in meeting operational targets, and creating a suitable corporate culture. Objectives are generally defined into 3 categories: productivity and output related, job-related and person-related. For productivity and output related objectives, these are a measure of quantifiable output targets like: Cost reduction Achieving sales quota Meeting production volumes. For job related targets, these involve meeting the main objectives of the job laid down in its description according to the specified level of competence: Achieving main responsibilities and accountability. Meeting tasks as described in the job description. Meeting the obligations and service relationships to internal and external customers. For person related objectives, these affect the behavioural outcomes of the person performing his job, such as sharing knowledge an ideas with co-workers. Organisations recognise the importance of linking organisational culture with person-related objectives as it can help to bring about a positive change in the organisations culture. For instance, an organisation that wants to have a culture that is collaborative in nature will set objectives on employees and measure an employees research report on the number of references made to other employees work or the number contributions made by the employees colleagues in the report. This type of objective will change a person behaviourally so that he or she is able to meet the performance objectives. As organisations are beginning to shift away from individualistic performance objectives such financial goals and moving towards objectives which links the workforce to the corporate objectives or wider environment such as quality and effectiveness of business processes, other measurements are being introduced to maximise the potential and skill of the workforce through a commitment-oriented strategy. Thus, organisations have also realised that to engage the wider environment, they have to identify the relationship between the 3 key stakeholders an the organisation: Investors who require return on their investment through dividends; Customers who require quality and service for which they pay; And employees who require a healthy and rewarding working environment that provides job security (Source: University of Sunderland). Now that the inter-relationship has been identified, organisations are better able to communicate expected levels of competence from employees and will also be able to appropriately empower staff to deal with activities as a result of their integration. Lynch and Cross (1995), created a model that shows this relationship (see Figure 4.A). This model also identifies the broad measures and integration of objectives at each individual level. Figure 4.A shows The Performance Pyramid from Lynch RS and Cross (1995) (Source: University of Sunderland) 4.2.1 Appraisal Systems As the link between objectives and organisational resources are important, it must therefore be integrated with appraisal systems. Appraisals do the job of reviewing the performance management objectives, and it traditionally occurs annually between the manager and staff. However, as the need for objectives to stay relevant and achievable all the time, reviews of the objectives are beginning to occur more regularly. Hence it can be said that regular reviews also encourages the building of relationship and the occurrence of coaching through such regular discussions. In the design of appraisal schemes, there are 2 types of orientation schemes that emerge: the control orientation and the developmental orientation. In the control orientation approach, it is always assumed in a negative light that a senior entity in the organisation decides the goals, targets, objectives and rewards for the employees to achieve. This results in employees feeling insecure as they feel that they are being constantly monitored and may lead to a breakdown in commitment. Often, when adjustments are introduced to ease such worries, the appraisal scheme becomes ineffective as manager do not address real issues which may cause a loss in motivation or damage in relations between the manager and employee. Standardised controls are put in place so as to maintain consistency and equal treatment for all, however it sacrifices flexibility in the process. The level of impact is low on performance with the exception of a few existing high performers. Thus, this approach is effective when targets are clear and staff are used to it. The emphasis is not so much on enhancing performance through feedback and motivation but more on t he managements authority over the employees. In the case of the developmental approach, the manager is not in control whereas employees are the ones who take the initiative to address uncertainties in wanting to know how to improve themselves. Employees want to be helped and supported through problems and they learn through failures and success. The strengths in this approach include less resistance between the manger and staff, and being able to handle problems in an open way. Problems can also be dealt with on a more objective basis without souring relationships. Employees are also given high trust in their integrity. However, the weaknesses with this approach include less visible outcomes being produced and the manager has to take on a more consultative or counsellor role that they might not be able to perform well in. 4.2.2 Types of Appraisals There are a few types of appraisals which organisations may choose to adopt including the, self-appraisal, top-down appraisal, peer appraisal and multi-directional appraisal. Top-down appraisals are traditional and feedback is gathered from the staff while objectives come only from the top. The weaknesses of this type of appraisal are that too much emphasis is being placed on traditional organisational hierarchies. Favouritism might also be prevalent and employees might not have full knowledge in structures where managers posses a wide span of control. Self-appraisal methods are hardly used. It gives the employees more ownership and a much higher degree of participation in the appraisal scheme. Managers adopt a more supportive and advisory role where they engage in discussions with the staff on setting of objectives. In the upward appraisal model feedback is given from the bottom to top. Employees are often asked to provide such feedback anonymously. Organisations that use this method recognise the need to provide more effective working systems for employees to work more efficiently. In the peer appraisal model, members of the same team are being asked to appraise one another. There may be sensitivities involved when using this method as members might show favouritism to particular members or dislike towards certain members might be the reason for poor rating given. In contrast to the peer appraisal method, multi-directional appraisals sets up to obtain feedback from the outside of the team and it often also includes gathering feedback externally from customers. Its key strength is its being able to overcome the lack of knowledge from a single appraiser as it gathers feedback from many sources. However its biggest weakness lies in the lack of control over hostile ratings being given. Thus appraisals are also a tool to ensure that performance objectives meet strategically useful outcomes. Word count (1409) Section B, Question 5 5. Why are reward management systems critical to SHRM? How can organizations develop reward systems strategically? (30 marks) Answer: 5.1 Why Reward Management Systems are Critical to SHRM In strategic human resource management (SHRM), strategies that are being implemented into a companys human resource policies are closely connected with a companys main adopted strategy in order for it to aid in achieving company objectives. SHRM does so by means of recruiting, developing, maintaining and retaining an efficient, productive workforce. As employees make up a companys workforce, they should then be regarded as key assets in a company. Reward management systems are therefore critical to SHRM because they are used to reward and compensate employees in manners that impact employees positively for the company. For example, well-developed reward management systems uses rewards to motivate employees to grow and develop their potential, thereby increasing the quality of efforts contributed towards the company. Rewards and compensation systems are also critically used in aligning the culture, objectives and philosophies of the company with efforts of the employees, this allows employees to identify themselves as part of the company and thus strengthen their loyalty and commitment towards the company and its objectives (Sherman et al., 1998). In todays competitive environment where companies compete for talent and expertise, rewards play an important role in both the recruitment of talent and retention of long serving employees who have difficult-to-source tacit knowledge in their field of expertise. Having a flexible reward management system also means that a company is able harness other forms employment, for example, hiring of part-timers with relevant experience to temporarily fill in during short-term projects. 5.2 Developing a Reward System Strategically Rewards systems in companies practicing SHRM must obviously be strategic in nature. According to Lawler (1984), there are nine points to consider when making strategic decisions in developing reward systems in companies. The nine points are termed as follows: Base of rewards. Performance and Incentivisation scope for progression. Market position. Internal versus External comparison. Centralised versus de-centralised reward. Degree of pay hierarchy. Reward Mix. Process issues. Reward systems consequences/integration. 5.2.1 Base of Rewards Salaries can be based on 3 options: The type of job a person undertakes. The persons contribution in the job. The knowledge and skill level people possess within the job. The 1st option is to pay based on the growth and development an individual undertaking a job. This is typically done through internally comparing a particular job with other jobs within the company using a job evaluation which measures the tasks that the job is required to perform. External comparisons could be used, whereby companies compare the wages offered by other companies against their own. Job based rewards are typically found in larger organisations where job and pay equity is predominant; an example would be jobs in the public service sector where job grading is used. The 2nd option is to pay based on the individuals performance within his or her job and is commonly implemented in cases where the jobs are small in number or job scopes that are distinct and pay has to be individual. Performance based pay is used to balance job demands and contributions made in order to motivate the individual to enhance performance. The 3rd option is to pay based on the need to acquire new s kills and knowledge so as to enable organisations to meet the new market challenges. 5.2.2 Performance and Incentivisation scope for progression. This point considers the many types and ways of using incentives, whether as a part of an individuals salary or an additional portion. However, the main dilemma lies in reconciling strategic objectives with the use of suitable incentives to motivate and enhance employee performance and commitment to the company. Companies will have to decide the forms in which incentives will take and how it will be distributed as well as the positive and negative repercussions it might bring to the company or its employees. For example, substituting commission for a fixed bonus payout to sales employees might cause low-performers to be happy, while high-performers might become disgruntled they could have earned more on a commission scheme. 5.2.3 Market Position As labour markets are vulnerable to the economy, market trends and political influences, radical changes may happen anytime within the labour market. For example, if there is a labour shortage in certain industries, organisations would be forced to pay a higher wage to acquire the labour needed. As such, organisations are finding it difficult to sustain an internal sense of fairness that comes from a formal measurement of job equity within internal wage structures. Therefore, reward strategies need to be formulated to answer to such external uncertainties, and also be flexible (if it is not already so) enough to accommodate different wage schemes and levels when required. 5.2.4 Internal versus External comparison As reward systems are key to hiring, retaining and developing employees, it is important for a company to benchmark its reward policies against the external and internal environment. Hence, it is important for companies to understand the logic behind market rates of pay and benefit and to know where and how to collect data required to conduct pay and benefits surveys. These surveys are often conducted so that companies are able to rely on the information to make adjustments to current pay and benefit rates, thus staying competitive in their pay and benefit policies. Companies should also be able to present data in a meaningful manner so that proper analysis can take place. Job evaluaton (JE) is defined as a systematic procress by which relative worth of jobs are determined so as to establish which jobs will be paid more over others in the organisation (Sherman et al., 1998). The key features of JE are: A process which compares the relationships between jobs based on demand placed on employees. A process of judgement made by understanding of job descriptions and roles required to perform the job. A process of analysis after generating point factors from judgements, to enable job ranking. A process of structuring whereby job descriptions are formulated, problem solving, identifying key factors equivalent to job knowledge, and more. Score formulation also takes place to establish ranking, building wage structures and create job-grading systems. The important decisions to make in a JE are the selection of appropriate factors and their levels, as well as how value of factors will be expressed. 5.2.5 Centralised versus de-centralised reward Organisations often have to struggle to decide if reward systems should be managed in a centralised or de-centralised manner. Centralised controlling is tight and usually means a standardised rate of wage increment. This may cause employees to be less motivated and innovative in their contribution which becomes unhealthy for the company, this holds true for employees who belong to a business unit selling a varied number of products and services. In this case, it might be better having a de-centralised control of rewards system and empower managers with discretionary authority to reward employees accordingly, hence boosting morale. 5.2.6 Degree of Pay Hierarchy Pay hierarchies exists in organisations and reward systems are dependent on them to a large extent. Pay hierarchies show the distinct difference in power and often reflect career progression. However, organisations are gradually moving away from such distinct hierarchies in pay systems by formulating wage structures that encourages wage overlap and opportunities for increment. Graded wage structures are commonly used and though not all are exactly the same, they share common features such as: A salary grade allocated to a job based on an individuals contribution, the labour market and the degree of complexity present in a job. Salary bands or grade in which employees belong to and have to gain promotion in order to progress on to a higher salary band. Each band consists of at least minimum entry point, market or mid-point and a maximum point that employees can achieve. Salary bands are associated with each other; usually the maximum point of a starting salary band is the commencement of the next salary band. The degree of overlap will have to be determined by the organisation. As employees move up along the band, organisations will have to decide if employees move up to fixed points along the bands or should employees be allowed to skip certain points and progress at a faster rate instead. 5.2.7 Reward Mix Although pay is often identified to be the key ingredient in a reward mix, other benefits such as free annual health screening, pension schemes, certified-skill upgrades, use of company vehicles, etc, are just as useful in rewarding employees. When creating a reward mix, the challenge for companies is to identify the strategic reasons for having each benefit in the reward mix and their costs to the company. 5.2.8 Process Issues In the discussion of process issues, the 1st strategic issue to be considered is communication and transparency. As communicating pay objectives to employees clearly is important in achieving positive human resource results, the existing culture of companies usually decides how open the dialogs are. Traditional companies adopt a closed system and keep salary ranges unknown for purposes of pay review. Other companies with open systems often publicise the salary structure and criteria for which salary increment can occur. Open systems tend to instil confidence and fairness into employees as decision-making becomes more transparent and criteria are made known. The 2nd strategic issue concerns with employees degree of involvement in pay decisions. A company aiming to achieve a team-based operating culture and high employee involvement in all aspect of human resource management should consider allowing employees to be involved in determination of job salaries too. Companies adopting close -based systems usually applies HR policies onto its employees and ultimately, companies have to decide whether leveraging highly on employees trust and commitment or otherwise, is more suited to the companys culture. 5.2.9 Reward Systems consequences/integration As HR objectives change over time, so should reward objectives because rewards should be integrated into HR systems. And if the objectives are inline, then the integration between rewards and HR systems will serve well to make a positive impact on employees who in turn stays committed to churn out more positive contributions for the company. Word count (1700)

Sleep Deprivation Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Sleep deprivation has become a major problem with Americans. Over 100 million Americans today suffer from lack of sleep. This has been an ongoing problem throughout the centuries. People owe their bodies sleep and scientist are calling it a â€Å"Sleep debt†. An average American owes their body at least thirty hours of sleep. This lack of sleep is as hazardous as drunk driving.   Ã‚  Ã‚  Ã‚  Ã‚  One man caught sleep deprivation at it’s best. He pushed himself to the limits as much as possible. One day he went thirty hours without sleep and was on his way to his parents for supper. On his way to his parents house he stopped on some railroad tracks and stared a train in the face until it hit him. He survived the incident with torn cartilage in his rib. It has been said that had he not had been deprived of the sleep his body needed, his reflexes would have told him that the train was going to hit him.   Ã‚  Ã‚  Ã‚  Ã‚  Cultural belief leads people into thinking that one can not be successful without sleep. This is the main theory that Doctor William Dement bases his study on. Dr. Dement has done marvelous work on REM sleep, sleep apnea and narcolepsy. He is sure that eating and sleeping are in the same category of importance. Eight hours of sleep a night is the minimum of sleep for one person, any less gives a sleep debt that has to be fulfilled.   Ã‚  Ã‚  Ã‚  Ã‚  If you are feeling dizzy during the day...

A Tale Of Two Cities :: Free Essay Writer

A Tale Of Two Cities: I prefer the chapters set in France On reading ‘A Tale Of Two Cities’, my general impression is that the French chapters are a lot more interesting to read. I prefer the chapters set in France because they are much more exciting and I am carried away by the novel whereas I found, that in the English chapters, they were all about Lucie and her undying love for her father and husband. This was, quite frankly, tedious and a waste of Dickens’ effort to put some sentiment into these chapters which are set in London, a long way from the action in Paris. However, Dickens does need to put some sentiment into his book(perhaps he showed a little too much)to give reasons for the characters’ actions. I much prefer Dickens when he manages to move you by the sad death of somebody such as Nancy in ‘Oliver Twist’ or indeed Sydney Carton in ‘A Tale of Two Cities.’ This particular sentence illustrates my point very well. â€Å"It is a far, far better thing that I do, than I have ever done; it is a far, far better rest that I go to than I have ever known.† I felt much sadder when I read these words than Dickens’ paragraphs about angels. I think nowadays people are more inclined to pass over those sentiments and read on because, to us, they sound ridiculous and the symbolic nature of these words is lost. â€Å"Thus, the rustling of an Angel’s wings got blended with the other echoes, and they were not wholly of this earth, but had them in that breath of Heaven. Sighs of the winds that blew over the little garden tomb were mingled with them also, and both were audible to Lucie.† When the chapters set in France are read, they make me feel as though I am with the characters, in the midst of the revolution, thinking their thoughts, walking through the streets of Paris with them. I see the same people, who scare you with their dancing and howls. One such example is The Carmagnole, the Revolutionaries who dance through the streets wailing and screaming, thirsty for the blood of the aristocrats. â€Å"They danced to the popular Revolution song, keeping a ferocious time that was like the gnashing of teeth in unison. Men and women danced together, women danced together, men danced together, as hazard brought them together.

Family Power Debate

Affirmative for egalitarian sharing of the family power base. The family has consensus over who has the ultimate say on the day to day decisions. Present day family has very complex type of structure which affects the powerbase determination. A family consisting of a mother (female), father (male), and a child or two will have a very different power base than a family consisting of two same gender parents or a family that has a single parent. Age of the parents and the children also contributes toward power base; when the children are very young, the parents have the power and when the children grow they have their own control.Different cultures have varied family structure based on what they have learned from their parents and grandparents. Socioeconomic status and educational level also contributes to the powerbase in a family. Even though all these factors contribute toward the powerbase, it makes a difference, especially in regard to health care management and family wellness. An adult family member remains to be the traditional base of power in several families which the whole family must accept to make the authority effective.For example, according to Hoffman as cited by Friedman et al (2003), in a traditional nuclear family the husband still maintains more decision-making power over his wife and that â€Å"parents almost always have more power than children † (p. 299). The following statement challenges that this idea is not the healthiest balance in today’s diverse family environment.Affirmative StatementI propose that an egalitarian sharing of power in today’s environment will create healthier family functioning. â€Å"No change in the American Family is mentioned more often than the gradual shift from one-sided male authority to the sharing of family power by the husband and wife. Declining sex role traditionalism, like many social changes, correlates with increasing complexity and conflict in family decision making† (Fried man, 2003). It is often hard in today’s time to get two individuals to agree to the same values. With the economy the way it is currently it takes two incomes to keep a family a float.With two incomes needed this often times leads to the husband and wife sharing the power; in other words and egalitarian system of  power sharing. This sharing of power results from the husband and wife working different hours to provide care for the children at all times. Another reason this sharing of power occurs is that the females in today’s society want to feel equal in their relationships, fueling the need for recognition and equal sharing of power in a family structure. An advantage to this view is that structure must be carefully assessed and recognized prior to distinguishing powerbase.Family function –the intimate, interactive and interdependent sharing of values, decisions, and commitment over time† (Kaakinen, Gedaly-Duff, Coehlo, Harmon-Hanson, 2010, p. 22) det ermines structure and therefore establishes powerbase. In the healthy family, with an equal powerbase is not only perception but a reflection of these values and consideration of leadership and justice. In a family whose perceptions are based on bullying, domineering leadership or abuse, powerbase is reflected by actions committed in fear of punishment and retribution.The opposite is true when the structure of the power is based on equal sharing of decisions and actions as a result of this family interaction structure. This view considers the positive or negative family interactions (structure) to affect the behavior of family members and that powerbase derives recognition from these interactions. What may be considered as perception of the power-holder(s) in family is actually the result of the positive or negative family behavior in response to structure. In a study done by Schoppe, Mangelsdorf, & Frosch, (2001), powerbase is determined by family structure.SolutionPowerbase can co nnote failed impressions as well. Outward assessment of inward mutual support processes are the family system as it exists and as it functions. Changes in what is occurring are changes in support processes as well as actual changes in how individuals exist and experience. Powerbase within the family in a healthy or non-healthy environment is determined by family structure, if the powerbase is shared equally by the adults a better example will be demonstrated and mimicked by the children ( Kaakinen, 2012).

Summit Partners Fleetcor a

Private Equity and Investment Banking SPRING 2010 Summit Partners FleetCor A 1. Summarize the proposed transaction: Summit Partners proposes to FleetCor Technologies (later preferred as â€Å"FleetCor† or the â€Å"Company†) an investment into FleetCor for the total amount of $44. 9 million in return for a post transaction ownership of 54. 2% in the â€Å"Company† and coming down to 46% ownership in the company after newly created stock options for management equivalent to 15% ownership in the company has been completely executed and fully diluted. This investment is in the form of convertible preferred stock with an 8% accrued interest, compounding annually. As the transaction come through, Summit’s prefer stock will be treated equal-footing in liquidity with the other $37. 5 million of existing preferred stock. The proceeds from Summit’s investment will be used as followings: †¢ $9. 0 million will be used to redeem part of a $15 million subordinated debt held by current investors. The remaining $6 million of this debt will be converted by the current investors into the same strip of prefer stock which Summit proposes. †¢ About $16. 6 million will be used as an upfront cash to buy back FleetCor’s seven â€Å"Super Licensees† †¢ The remaining $19. 3 million will be used as a general working capital for FleetCor to fund its growing business and to buy back any other potential licensees. 2. Discuss five key investment strengths: FleetCor’s management team: very well-performed management team consisting of: †¢ Very high quality profile and experienced CEO, Ron Clarke, who has brought FleetCor back on track after just 18 months of working in the company. †¢ Other executives who have many experiences and a lot of knowledge in the industry including H. Steve Smith, Senior VP of Sales and Marketing; Tommy Andrews, Senior VP of Operation; and Scott Ruoff, Senior VP of Business Development. FleetCor has a highly differential busin ess strategy leading a very competitive business as followings: †¢ Middle Market Focus: big market for growing with very little potential competitors and high barriers to entry †¢ Local Market Distribution: FleetCor has created a network of local branches with a complete staff employees including a general manager †¢ â€Å"Semi-Exclusive† Merchant Acceptance Network: FleetCor limits the size of merchant network to provide greater traffic volume to participating retailers. Highly established market shares in the highly potential and continued growth market: FleetCor has 90,000 fleet customers across its entire system comprised especially of four large national accounts such as Sears, UPS, Aramark and National Line Service; and over 500,000 active cardholders. ? FleetCor provided its customers the cost-saving and customized information report to really please the customers and make them high reluctance to switch to new card network providers, leading to low custo mer churn. High gross profit margin (in case of gross revenue report): averagely 5%, double compared to other regular credit card issuing companies or its big competitors in high-end market, however, it has still gained highly growing market share because of its unique and differential business strategy. 3. Discuss five investment concerns: FleetCor is still missing a financial expert who not only has experiences and knowledge in the industry but also has ability to draw fully effective projection for a long-term growth by implementing a stable financial system ( Suggest: Hiring a highly effective and experienced CFO. ? High projected improvements after the acquisition. The company should be a little more conservative due to the fact that there are always some unexpected risks associating with the implication of a new centralized system. Suggest: the company should project in the more conservative way and should establish some preventive control procedures to eliminate these risks b efore really testing the centralized system to avoid any unexpected damages and losses. ? FleetCor has not yet settle the final agreements with the seven â€Å"Super Licensees† for acquiring them, creating some sources of unstable and going concern business ( Suggest: the company should be more specific and aggressive while dealing with the licenses to make the final agreements. Higher gas prices result in a larger A/R financing cost and also lead to a higher bad debt expense, even though the net revenue might still be the same ( Suggest: implement some forms of hedging strategies against the increases in gas prices such as going long on a call option at a specific gas price which might materially increase the A/R financing cost and bad debt expenses. ? FleetCor currently has weak managerial reporting system ( Suggest: bringing in some more IT consultants and programmers to create a more effective managerial and financial system while working along with a CFO who is a financi al expert. . Using Exhibit 4B evaluate the proposed acquisitions. Would you recommend purchasing all of the licenses? Why or why not? Explain Briefly Overall, the proposed acquisitions yield the company a combined entity with much better performance in term of profitability such as: †¢ New combined gross margin is 5% higher than the base only. †¢ EBIT margin is almost 3. 75 times higher than the base only. †¢ EBITDA margin is over 1. 5 times higher than the base only. I recommend FleetCor only acquire 5 effectively operated Licensees out of the seven ones including the ones in the areas of Houston, Carolina, Mississippi, Baton Rouge, and Atlanta because the other two which are locating in Chicago and Tampa are inefficient in term of profitability. Licensee in Chicago will yield a loss of EBITDA and the one in Tampa yield only $83,000 of EBITDA which is very small compare to the cost of acquiring this licensee. 5. Look at the Transaction Multiples Analysis in Exhibit 5d and 6. Analyze the comparables (Exhibit 6): a. Would you recommend using all the comparables listed? Would you exclude any of the comparables? Explain your answers. I would not recommend using all the comparables listed. I would exclude all of the comparables from group of credit card issuers because FleetCor has been operating its business as a merchant card processor which is different from the credit card industry. Basic principle for valuation using industry comparables is that we have to use comparables for the group of companies in the same industry with the valued company. I might want to keep the comparables for the group of other transaction processors. Through my observation, I find that Ceridian which is in the same industry with FleetCor has the most similar Enterprise Value/Revenue Ratio and Enterprise Value/EBITDA with the company (leading to that Ceridian would be a good indicator for valuation of FleetCor b. Based on the comparables how would you value the proposed acquisitions of the licensees? What do you think of the multiples proposed in exhibit 5d? Basing on comparables data of Ceridian, I would value the proposed acquisitions of the licensees at 13. 1xEBITDA. I think the multiples proposed 3. 9x in 2001 and 3. 3x in 2002 in exhibit 5d are way below the multiple of Ceridian, and even much lower when compare to the industry average 16. 9x and 15x accordingly. In general, if the final transaction is completed as proposed, the company will be much better off, and even better if the company exclude the acquisition of the two licensees in Chicago and Tampa. In addition, if all of the big seven licensees do not accept the acquisitions at this proposed multiples, Summit might suggest the FleetCor’s management to raise these multiples and deal specific case to case with each of the licensee. 6. Assume the acquisitions take place on December, 31, 2001. Value Fleet or using the DCF methodology. Use Exhibit 5a, 5b and 5c to complete the valuation. Make assumptions as needed. Assume a market premium of 4. 5%. Make sure you state and explain your assumptions. I will use the equity beta of Ceridian (? =0. 9) to calculate cost of equity for FleetCor because the two companies are considered comparables. Assume the market has been operating efficiency, and according to CAPM: RE = RF + ? *MRP (whereas MRP: market risk premium= 4. 5%, and RF = 4. 27%, 5-year Treasury interest rate). So, RE = 4. 27% + 0. 79*4. 5% = 7. 825%. Another point of view, the company has projected to have very high growth 15%,18%,19%,19%,16% in consecutive five years so that Summit Partners may have to require more return on equity compensating for more risks if this projection failed. I assume that discount rate to be reasonably 18%. The below is my valuation: | |Fiscal Year Ending December 31, | | | |2001 CY |2002P |2003P |2004P |2005P | EBITDA in 2006 | |52,349 | | | | | | |Exit Multiple | |8 | | | | | | |Terminal Value (Firm Value at Exit) | |418,792 | | | | | | |Discounted Terminal Value | |183,058 | | | | | | |Total Present Value to Summit | |226,602 | | | | | | | | | | | | | | | | | | | | | | | | |Discount Rate using | |18% | | | | | | | 7. Look at Exhibit 7. What do you think of the multiples used? What do you think of the Irr’s? Explain and support your analysis. I think the multiples used are reasonable , even though, these multiples might be much below the average and the median of the industry overall, Summit should be conservative for an exit multiple of 8 in case there are some unexpected outcomes happened after the acquisitions and from them make the projection failed. The IRR’s are considered high profitable. Even in the worst case scenario, the EBITDA exit multiple is equal 6, Summit still make 23. 8 % in IRR which is over three times compares to the market at 7. 825%. 8. At this time would you support this transaction? Why or Why not explain. I would fully support this transaction because of the following reasons: 1) FleetCor’s management teams with high profile, experienced, and knowledge executives will make the company’s high projection come true. ) The proposed acquisitions of the big seven licensees has been settled in basis, and soon become a very good deal for the beginning of this investment. 3) Base on my valuation given using the data in Summit’s projections, the NPV (Net Present Value) is way off the positive number showing that this is a very good project. 4) Even though, Summit might approach a conservative way to evaluate the EBITDA exit multiple of 8, the investment still yield a 31. 8% in IRR over the period of five years.

Great Expectation Essay

Great Expectations is a novel by Charles Dickens. It was first published in serial form in the publication All the Year Round[1] from 1 December 1860 to August 1861. It has been adapted for stage and screen over 250 times. [2] Great Expectations is written in the style of bildungsroman, which follows the story of a man or woman in their quest for maturity, usually starting from childhood and ending in the main character’s eventual adulthood. Great Expectations is the story of the orphan Pip, writing about his life and attempting to become a gentleman along the way. The novel can also be considered semi-autobiographical of Dickens, like much of his work, drawing on his experiences of life and people. The main plot of Great Expectations takes place between Christmas Eve 1812, when the protagonist is about seven years old (and which happens to be the year of Dickens’ birth), and the winter of 1840. [3] On Christmas Eve of 1812, Pip,a boy aged 7, encounters an escaped convict in the village churchyard while visiting his mother and father’s graves. The convict scares Pip into stealing food for him and a file to grind away his leg shackles. He threatens Pip not to tell anyone and do as he says or his friend will cut out Pip’s heart. Pip returns home, where he lives with Mrs. Joe, his older sister, and her husband Joe Gargery. His sister is very cruel and beats him and Joe regularly, while Joe is much more kind to Pip. Early the next morning, Pip steals food and drink from the Gargery pantry (including a pie for their Christmas feast) and sneaks out to the graveyard. It is the first time in Pip’s life he’s felt truly guilty. This is an important event in the book because the convict will never forget the kindness (albeit forced) that Pip showed to him. The convict, however, waits many years to fully show his gratitude. During Christmas dinner with the minister, Mr. Wopsle, Mr. and Mrs. Hubble, and Uncle Pumblechook, Pip and Mrs. Joe’s moderately wealthy uncle, no one notices the missing food or brandy until Uncle Pumblechook drinks some brandy and spits it out. Pip realizes that he filled the brandy jug not with water, but with tar water. Pip sits at the table being told how lucky he is by all the relatives and holds on to the dining table leg for dear life, scared that someone will notice the missing pie. When Mrs. Joe gets up and goes to the kitchen for the pie, Pip bolts to the door. However, his way is blocked by police officers. They ask Joe to repair their handcuffs and invite Joe, Pip and Mr. Wopsle to come with them to hunt for some escaped prisoners from the local jail. As they hunt through the marshes outside the village, they accost the two convicts while engaged in a fight. One of them is the convict helped by Pip; however, when questioned about where he got the food and file, he claims he stole the items himself in order to shield Pip. The police take the two to the Hulk, a giant prison ship, and Pip is carried home by Joe, where they finish Christmas dinner. A while after Pip’s encounter with the convict, Pip’s life returns to normal. He goes to school, run by Mr. Wopsle’s great-aunt, and becomes friends with Biddy, an orphan who was adopted by the Wopsles. He still feels guilty for the theft. Pip’s Uncle Pumblechook gets Pip invited to the house of a rich old woman named Miss Havisham, who lives in the village in Satis House. Miss Havisham is a spinster who wears an old wedding dress with one shoe on and has all the house clocks stopped at 20 minutes to nine. She hasn’t seen sunlight in years and claims to have a broken heart and just wants to see Pip play cards with Estella, a young girl she has adopted. After this first meeting, Pip frequently visits Miss Havisham and Estella, for whom he harbours a feeling of obsessive attraction. He begins to tenaciously learn everything he can from Biddy in school, in an effort to impress Estella who called him a common labouring boy. One day, when Pip goes to the town pub to pick up Joe, they are approached by a messenger sent by Pip’s convict. He mixes his drink with the stolen file and gives Pip two pounds before leaving. Pip visits Miss Havisham on her birthday where she shows him her wedding cake, which is being eaten by mice, and where she will be laid out when she is dead, a death she looks forward to. He also meets the Pockets. Pip works with Joe for a few years in the forge, doing work that he hates. In an agreement with Joe, he visits Miss Havisham only on his birthday, when he receives a half-holiday. He and Joe work with a journeyman named Orlick. When he returns home, he discovers that Mrs. Joe had been attacked. She becomes a horribly brain-damaged invalid. Pip feels guilty again when the police believe escaped criminals attacked Mrs. Joe. The detectives from London are inexperienced and do not discover anything. Mrs. Joe spends her days calling for Orlick and draws a capital â€Å"T† on a slate. Biddy thinks that the â€Å"T† represents a hammer and that Orlick is the attacker. When Orlick arrives, Mrs. Joe tries to please him and shows him the slate. Biddy moves in with the Gargerys and Pip confides in her about his feelings for Estella. When Pip and Joe are listening to Mr. Wopsle read a murder trial from a newspaper, a London lawyer, Jaggers, approaches Pip, revealing very startling news: Pip has inherited a large sum of money from an anonymous benefactor. The conditions of the receipt of said money require him to leave for London immediately, buy some clothes and become a gentleman. Pip behaves badly in society (mostly over jealousy of Estella) and squanders his allowance, running into debt. He is rescued on his 21st birthday, when he is notified by Jaggars that he is awarded 500 pounds and an increased steady allowance, until such a time as his benefactor will appear. Pip originally believes Miss Havisham is his benefactress (and so the reader is led to believe, as well) for several years as he begins to learn to be a gentleman, helped by the now grown Herbert Pocket, who is assigned as his companion. During this time, Mrs. Joe dies. However, in one of Dickens’ patented plot twists, Pip’s benefactor turns out to be instead Magwitch, the convict whom Pip helped, who had been transported to New South Wales, where he had eventually prospered and become wealthy. Magwitch left all his money to Pip in gratitude for that kindness and also because Pip reminded him of his own child, whom he thinks is dead. The revelation of his true benefactor crushes Pip. He’s ashamed of Magwitch’s criminal past, however, Magwitch now expects to spend the rest of his life living with Pip. Pip, very reluctantly, lets Magwitch stay with him. There is a warrant out for Magwitch’s arrest in England and he’ll be hanged if he’s caught. Eventually, because Magwitch is on the run from the law, a plan is hatched by Herbert and Pip which involves fleeing the country by boat. During these events, it is revealed to Pip that Estella is the daughter of Jaggers’ housemaid, Molly, whom he defended in a murder charge and who gave up her daughter to be adopted by another of his clients, Miss Havisham, in return for his service in allowing her to be acquitted of the charge. Pip later realizes Magwitch is Estella’s father. Pip has an encounter with Orlick, who admits he was the one who attacked Pip’s sister. Meanwhile, Estella has married Bentley Drummle, a marriage that will be an unhappy one. Before Pip flees with Magwitch, he makes one last visit to Miss Havisham. Miss Havisham realizes that she created a monster out of Estella, who broke Pip’s heart, and asks him for forgiveness. Pip confronts Miss Havisham with Estella’s history and present circumstance in an unhappy marriage, blaming Miss Havisham for teaching Estella to be cold and unloving. In the heat of the confrontation, Miss Havisham stands too close to the fire and ignites her dress. Pip heroically saves her, but she later dies from her burn injuries. Pip, Herbert and another friend, Startop, make a gallant attempt to help Magwitch escape, but instead he is captured and sent to jail. Pip is devoted to Magwitch by now and recognizes in him a good and noble man. Pip tries to have Magwitch released but Magwitch dies shortly before his execution. Under English law Magwitch’s wealth forfeits to the Crown, thus extinguishing Pip’s â€Å"Great Expectations†. After an extended period of sickness during which he is looked after by Joe, he returns to good health and returns home to ask Biddy for forgiveness and for her love. However, when he arrives, he finds that it is Biddy and Joe’s wedding day. Thankful for not mentioning his interest in Biddy to Joe while he was sick, Pip congratulates the happy couple. Afterwards, Pip goes into business overseas with Herbert. After eleven relatively successful years abroad, Pip goes back to visit Joe and the rest of his family out in the marshes. Finally, Pip makes one last visit to the ruins of Miss Havisham’s house, where he finds Estella wandering. Her marriage is over, and she seems to have children and wants Pip to accept her as a friend. In the book Dickens says â€Å"There was no shadow of them parting† which is led the public to believe that Estella and Pip ended up together. ‘After over 50 chapters of Pip longing for her, they ended up together in the end of the book’ is the basic logical explanation for why people believe the book was ended as them being â€Å"more than friends†