It is not a paper, it is homework Case Study Example | Topics and Well Written Essays - 1750 words

It's anything but a paper, it is schoolwork - Case Study Example For a spell, until more benefits move in you should work with a skeleton team, maybe only yourselves for the time being to develop business and your better half ought to most likely keep up her office chief position that is as of now in thoughtfulness. As per the will, you were left with $300,000 paid to you in $15,000 increases. Despite the fact that it is planned for your childrens school, you can choose to utilize it to begin your new business. Moreover, you were left with $50,000 for genuine and prompt use. It might take for a little while for you to develop your accounts to help extra staff individuals since you don't have a lot of cash to purchase gear and such. You might have the option to develop extra cash, while your better half is grinding away to purchase and offer vehicles from closeout to flip for a benefit. This will assist you with gaining security while you are moving in the direction of a bigger overhead to have more staff. In a perfect world, you should labor for a year or two and when you feel more steady in your business, your significant other can leave her place of employment at the college and be your office director in your new business. You should think about the middle pay would be around $30,000 to remember as a base compensation for every individual relying upon their particular employment. You will likewise need to contemplate how encountered your different specialists are the point at which you consider their pay base. These suggestions fall in accordance with the first arrangement in light of the fact that now, it is a vocation that Keena can dominate and move into when the business begins to get. She would then be able to begin this is a preliminary procedure in making sense of what necessities are required. This falls in accordance with the all out pay plan by offering serious pay base This falls in accordance with the first arrangement and gives the bookkeeper who is taught a serious base compensation and different motivations to remain with the organization and will likewise assist you with keeping the entirety of your monies all together. This falls in accordance with the

Matrilineal social structure of spotted hyenas

Matrilineal social structure of spotted hyenas The spotted hyena, Crocuta crocutaâ ¸ has developed a matrilineal society wherein the females are more prevailing and forceful than guys inside the groups. Female and male practices meet up to shape a complex cultural structure that advances inconstancy and regenerative achievement. This species is an uncommon case of matrilineal progression and social association rather than the normal male-prevailing cultural structure present on account of most well evolved creatures. Researchers keep on reading the spotted hyena for its strikingly advanced social conduct, which might be equivalent to that of certain primates and conceivably even people (Jenks et al., 1995; Drea et al., 2002; Engh et al., 2002; East et al., 2003). The spotted hyena, crocuta, is a canny creature that sorts out itself into enormous factions of 50-80 individuals (Engh et al., 2002). While most warm blooded creatures show a male-prevailing society where guys battle for rank and the option to duplicate, the spotted hyena has built up a matrilineal society (Jenks et al., 1995). Females are more prevailing and forceful than guys and give their position to their posterity (Jenks et al., 1995; Engh et al., 2002). They are answerable for regenerative decision because of their prevailing status (East et al., 2003). Guys routinely travel to families outside their natal society, in spite of the expense of access to food, for the possibility of higher regenerative achievement (Engh et al., 2002). They likewise participate in explicit ideal practices to allure females to decide to mate with them (East et al., 2003). These refined practices have developed to advance inconstancy and generally accomplishment for the spotted hyena. Significantly more incredibly, a similar social structure and practices of prevailing agreeable cooperations developed inside a segregated gathering of seen hyenas brought up in bondage (Jenks et al., 1995). The spotted hyena is certainly an exceptionally one of a kind instance of cultural game plan (Engh et al., 2002). With further examination, the development of this noteworthy instance of sex-job inversion and complex progression may before long be completely comprehended. It might give further understanding into comparable social game plans seen with different creatures, for example, primates (Jenks et al., 1995). The investigation of spotted hyenas may even give knowledge into progressively crude phases of human cultural structure, particularly where there are matrilineal societies. Females are without question the more prevailing sexual orientation inside spotted hyena tribes and they practice this predominance with regards to generation (Engh et al., 2002; East et al., 2003). They are on normal bigger, progressively forceful, and more savage than guys inside the family (Engh et al., 2002). Their extraordinary life systems an augmented clitoris through which sex happens gives them full power over sexual exercises and accomplices (East et al., 2003). There is no possibility for constrained lovemaking essentially on the grounds that the male hyena needs the females full collaboration for appropriate copulation to happen (East et al., 2003). Speculations for the development of this physical trademark incorporate (a) counter-advancement within the sight of high paces of constrained lovemaking and (b) determination for generally increasingly predominant and forceful people bringing about masculinization (Drea et al., 2002). Since increasingly predominant and forcefu l females likewise accomplish a higher position inside the faction, they will in general be progressively effective in raising a bigger number of youthful. A higher position relates to more noteworthy access to food and subsequently higher odds of endurance for both mother and posterity (Engh et al., 2002). Female spotted hyenas have numerous models for picking mates. They incline toward migrant guys to natal guys, those conceived inside the network a potential measure for counteraction of inbreeding (Engh et al., 2002). Significantly more incredibly, females for the most part lean toward guys of comparative age, forestalling sexual connections with fathers or children (East et al., 20023). Females additionally show inclination for progressively agreeable, less forceful guys (East et al., 2003). This determination for less forceful guys further underscores the sexual dimorphism, both in conduct and physical qualities, present in this species. Females have sexual relations with a few guys when in heat, potentially to discourage guys from child murder (East et al., 2003). This conduct further builds changeability it is very basic to see single litters whose offspring can be followed to various dads (Engh et al., 2002). It serves to befuddle guys and prevent them from executing whelps that might possibly be their own an unpredictable conduct that shows premonition and clever idea (East et al., 2003). Female decision for less forceful guys and conduct to forestall child murder may have developed to counter the amazingly high-chance pregnancies these creatures experience because of their life structures (Drea et al., 2002). In an examination led by Engh and partners (2002), the conceptive slant among male hyenas was explored. One of the significant revelations was that foreigner guys had a colossal favorable position over natal guys. Over the 10-year time frame that one group of hyenas was watched, it was discovered that worker guys sired 97% of the whelps, while natal guys just sired 3% (Engh et al., 2002). This clarifies the guys conduct of leaving natal groups and moving somewhere else: the expense of rank and access to food are exceptionally exceeded by the regenerative advantages in a non-natal faction (Engh et al., 2002). Inside the gathering of migrant guys, it was discovered that rank didn't have a factually huge impact on a guys regenerative achievement. Truth be told, guys a couple of positions beneath the most elevated positioning migrant had the most achievement regarding fledglings sired (Engh et al., 2002). When all is said in done, residency the proportion of to what extent an outsider ma le had been in the group was seen as a superior pointer of conceptive achievement. The worker guys paces of creating offspring expanded essentially the more they stayed in the tribe, demonstrating a solid relationship among's residency and regenerative achievement (Engh et al., 2002). Male spotted hyenas are likewise seen to display practices to make themselves progressively alluring to females. As found in an ongoing report by East and partners (2003), there was no regenerative favorable position to badgering, shadowing, or protecting females from other rivalry. Truth be told, guys showing these practices were regularly assaulted or pursued away by females and other family individuals. Rather, guys discovered altogether increasingly regenerative accomplishment by encouraging associations with females over longer timeframes a shockingly mind boggling conduct near that of people (East et al., 2003). Having these well disposed connections likewise apparently solidified the guys puts inside the group progressive system by and by, a complex sociological conduct, particularly when seen outside the request for primates (East et al., 2003). The advanced arrangement of pecking order was even reproduced in bondage by a gathering of already unranked hyenas gathered at earliest stages (Jenks et al., 1995). Incredibly, these youthful hyenas gathered themselves in a matrilineal progressive system, as saw through the span of two ages (Jenks et al., 1995). This organizing happened in spite of the absence of maternal contribution for the original, demonstrating that social association is customized into the spotted hyenas personal conduct standards (Jenks et al., 1995). While the original had almost no maternal connection to help rank them inside the family, they proceeded to impact their own offsprings place in the faction chain of importance, similarly as saw in wild tribes (Jenks et al., 1995). The main critical distinction between the exploratory tribe and wild factions was the speed at which the fledglings positions settled inside the network. Test bunch fledglings hardened their place a lot quicker than those in the wild, perhaps because of littler numbers and less development inside the faction (Jenks et al., 1995). The spotted hyena is a striking creature. It shows amazingly complex conduct that prompts modern social structure something that is seldom found in warm blooded animals outside of primates (Jenks et al., 1995). Truth be told, the matrilineal gathering structure of hyena families is fundamentally the same as that of Old World primates (Jenks et al., 1995). The feeling of association as such is so solid inside the hyenas developed standards of conduct that matrilineal structure is even observed to immediately rise in disconnected hyenas brought up in bondage (Jenks et al., 1995). Complex sexual practices, for example, the females decision of accomplice dependent on foreigner status, residency, and age, appear to advance the making of this social structure (Engh et al., 2002; East et al., 2003). Painstakingly sustained connections among same-and other gender people show the multifaceted associations between tribe individuals that likewise add to the improvement of matrilineal associatio n (East et al., 2003). Female strength is even upheld by organic instruments and the modified life structures of this species (Drea et al., 2002). With further examination, the conditions that prompted the advancement of this novel framework may before long be revealed. This will give knowledge into the spotted hyenas sociological history, yet in addition into that of Old World primates and perhaps even that of people. It is an energizing possibility that will ideally develop inside the years to come.

How To Fumble Your Way Through MIT and Still Turn Out Pretty Okay

How To Fumble Your Way Through MIT and Still Turn Out Pretty Okay Sometime in the last four years, between graduation and, oh, a week ago, I decided I wanted to be a doctor when I grew up. (A brief introduction for the uninitiated: My name is Keri, I used to write here, and as a student, I did not want to be a doctor when I grew up.) As a result, I’ve been spending my summer writing essay after essay for twenty-three medical schools to show them who I am: a wonderful, accomplished, compassionate human being who plays well in the sandbox with others and is juuuuuust competent enough to make a halfway decent doctor. Ive also been working full-time, because that seems to be a thing that self-supporting adults do. The illusion of adulthood: it continues. In the last month and a half, I have become a more prolific writer than ever before; naturally, 99% of the words spewing forth from my facehole have been inappropriate for my med school applications. Three weeks ago, I wrote a no-fail guide to cleaning my bathroom instead of writing about my most significant achievement outside the classroom. Ill spare you the bathroom cleaning tips â€" theyre not great â€" but as the blogs already have four years of Keri-is-not-good-at-life-themed posts in the archives, whats another post on the pile? Here are some excerpts of my early drafts, edited out because I have common sense: My first day of school in the United States, at the start of third grade, was less than stellar. I sat in my assigned seat at a table next to Jennifer Kasow, who, after learning my name and who I was, had heard enough from me to confidently announce to the entire class that the new girl ‘talks funny.’ Thanks for that, Jennifer. At least I didn’t have to switch schools midyear after my mom ran over a crossing guard outside the Pinewood Elementary playground. My most significant achievement outside the classroom? I have a checking account. And an emergency fund. I was excited about Med School As demonstrated commitment to diversity amongst its students and faculty, but when I clicked on your websites link to its diversity office, I got a page with nothing on it except Access Denied. I promise you, Im actually a black female immigrant scientist. Please dont redirect me to youarenotblack.com again. You can see why none of this is making the final cut. This is not how my college applications went. I was completely myself without any pretense of normality, and I was sure that would get me everywhere I needed to go, and to an extent, it did. This turned out to be what I was actually supposed  to do, but a slight problem has emerged since then: I am twenty-five, not sixteen, and my mucking about in some sort of soul-searching venture is more self-aware, equally irreverent, and less charming than it was nine years ago. (Nine? The blogs are ten now? I was an annoying prefrosh during their first birthday. STOP HAPPENING, TIME.) From what Ive read about myself on the blogs in an attempt to remember who I used to be (SERIOUSLY. TIME. STOP IT.), college is for thrashing about, taking hold of whatever comes near you, and adopting it as an integral part of your personality as you try to develop a sense of who you are. I havent been around here to write about it as it happened, but heres the skinny: it turns out that ones twenties appear to be for thrashing about even more, trying to consolidate the least awful parts of that college personality with the Sage And Wise Lessons Of Adulthood. Dont quote me on that, as Im only halfway through the decade. Ill get back to you on my 30th birthday. Anyway, MIT did quite a bit to help me out on the whole Sage And Wise Lessons front; I worked there for three years after I graduated, and that radio show of mine is still limping along. The seven years I spent there werent all fantastic â€" my experience was similar to Lauras, only I havent yet Made It and Im still not convinced I ever will â€" but Im a better person because of them, if only because I was constantly surrounded by unbelievably brilliant people and kept pushing my limits to prove that I belonged. (When youre at the Lake Wobegon  of colleges, what other choice do you have?)  As I met and learned from more and more of these wonderful, driven, unique, insert-another-positive-modifier-here people, a few changes came along: Every MIT undergrad I overlapped with graduated, making me Definitely Officially Cruft. I began to feel cranky towards the newest students, in a totally unoriginal, kids-these-days-just-dont-work-hard-anymore way. This is not true. Kids these days still work hard, but with time, technological advances, hindsight, and a little bit of a good ol generational gap, you too can fall prey to the belief that they dont! About twelve seconds later, I got over that crankiness towards the current students. Nobody likes that damn millenials guy, and not just because they lack perspective. Dont be that guy. I stopped pretending that everything was good all the time. If anyone who knows me is thinking, but you complained, like, all the time, yeah. I sure do. Things were even less good than that. Even so, Im pretty okay. Youre pretty okay. Were all eventually gonna be pretty okay. Related: I was diagnosed with a chronic autoimmune illness shortly before I graduated, so all those times in school when I thought I just wasnt tough enough to handle MIT? Turns out I was sick the whole time. If you are in the same boat â€" especially if you are a prefrosh applying to MIT and worried about managing your courses and your health at the same time â€" hit me up. Well talk. Some of the people and things I loved most about MIT went away. Others are still going strong. So it goes. The blogs turned ten. I tested an eight-year-old at work last week. He was born on the day I got into MIT. Hes a child with feelings and a personality and a complete command of sentences and the English language. WHAT YEAR IS THIS I took this super sweet picture of a jellyfish. Its my favorite of all my photographs, except for baby mud wrestling during Steer Roast 2012, and thats only because that was adorable. I would not be here were it not for the blogs. Theyre what convinced me to apply in the first place â€" dont tell Ben or Nance; itll go to their heads â€" and as a first-generation college student, I had no damn clue what I was doing. Regardless of whether or not you end up at MIT, I hope and believe that they will be as helpful for you as they were for me. With ten times more information here now than when I was a prefrosh, youve got a lot of digging ahead of you. Theres a ton of good stuff in these archives, and it grows by the day. More so than usual today, what with the birthday and all. If you have a free moment or two, take some time to look through here and learn from a decades worth of students, staff, faculty, and alumni writing about the things they love (or dont). If theres something you want that isnt there, feel free to ask about it, unless youre a troll or your argument is baseless. And on that inflammatory note, Im out of here. See you in another four to ten years.

Feminism Portrayed in Three Different Time Periods Essay

Feminism is something that has played with Literature since the beginning of time. Novels and poems were a way for women to express themselves in ways that they never could at home. I chose pieces of Literature from the three different time periods that we have covered. For the Romantic Era, I chose the differences between Barbauld and Wollstonecraft. For the Victorian Era, I chose â€Å"Mrs. Warren’s Profession†. For the 20th Century, I chose â€Å"To Room 19†. Barbauld and Wollstonecraft were both feminists. The differences between them vary from Wollstonecraft’s devout Christianity, and Barbauld’s in-your-face feminist views. Wollstonecraft agreed with the views that women should not be walked on, and wrote â€Å"Vindication for the Rights of Women†.†¦show more content†¦I don’t believe that what she did was wrong. I think she found a way for her family where there wasn’t one, and just because she wasn’t socie ty’s idea of a lady means that she was not a good person. â€Å"To Room 19† is one of the more depressing ideas of feminism. This story shows a woman who did everything right, but none of it mattered in the end. Susan loved her husband, and did everything that he asked. Susan was the perfect housewife that did everything she was asked. She never fought or yelled, even when her husband cheated on her. The downside to being the â€Å"perfect† woman is you are not yourself. She held everything in to the point where she lost who she was. She became a robot to society. Susan thought that by allowing her husband to do whatever he wanted, she would find her own happiness. She lost herself when she held in all of her feelings. Susan killed herself because she was miserable, and nobody noticed. The idea of feminism in this story is that a â€Å"perfect† woman to society is a miserable woman. Society believed through the ages that women were to be seen, and not he ard. Clean, cook, and take care of the children. Those were the tasks assigned to women, and to stray from that path was dishonorable. Of all the stories, and movies that we have seen play out over the years there will never be true equality among men and women. I chose these pieces to prove that views of women may change slightly over theShow MoreRelatedFeminism : Women s Rights On The Grounds Of Political, Social, And Economic Equality897 Words   |  4 PagesIn the play Trifles, feminism is portrayed by the female characters in the book as well as the male characters. Feminism is defined as: the advocacy of women s rights on the grounds of political, social, and economic equality to men (â€Å"Feminism†). The female characters are represented in a way that highlights the best characteristics of females, which in turn gives the reader or viewer a strong sense of feminism. 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In fact, Lawrence puts question that to what extent a mother should care for her children and shows what happens if a mother becomes wife-submissive through the character of Gertrude Morel who is also known as Mrs. Morel. This paper would attempt to explore the character of Mrs. Morel through the feminist point of view. Before discussing Mrs. Morel’s character through the magnifying glass of feminism, it is needed to focus what does feminism means and what doesRead MoreThe Works Of Vincent Dance Theatre1687 Words   |  7 Pagesanalysing the works of Vincent Dance Theatre and how they have used and practised different theories in their work. I am also going to be exploring different cultural concepts from the work and how they relate to society. The director of Vincent Dance Theatre is Charlotte Vincent, the founded the company in 1994 and has continued to create such interesting and powerful work which involves a very wide range of different concepts and cultural meanings. Charlotte Vincent is a very creative practitionerRead MoreSusan Glaspell s A Jury Of Her Peers1408 Words   |  6 Pageswives work together to defend the widow. During this time period, sexism was a widely spread concept. Glaspell was a strong willed advocate of women’s rights, and promoted feminism throughout her life, oftentimes featuring this concept in her many works. Glaspell’s literature provides a glimpse into the psychological differences between men and women, as well as their division among social roles. Despite the prevalence of sexism during this time period, Glaspell also emphasizes the importance of the roles

Essay on Native American Ritual Dancing - 3056 Words

Native American Ritual Dancing â€Å"It has often been said that the North American Indians ‘dance out’ their religions† (Vecsey 51). There were two very important dances for the Sioux tribe, the Sun Dance and the Ghost Dance. Both dances show the nature of Native American spirituality. The Ghost Dance and the Sun Dance were two very different dances, however both promote a sense of community. â€Å"The Sun Dance was the most spectacular and important religious ceremony of the Plains Indians of 19th-century North America† (Lawrence 1). The Sun Dance became a time of renewal and thanksgiving for Native Americans. Everyone had a role to play either in the preparation leading up to the dance, or within the dance itself. The†¦show more content†¦In the conversation the Sioux woman has with the tree she explains why they are ‘killing’ it, and what their plans for the tree are. After the tree is cut down, it is not allowed to touch the ground. McGaa states that the men can only set the tree down four times to rest on the way back to the reservation (86). There is an arena set up where the dancing and other activities will take place. Once the cottonwood is brought back, the men place it in the center of this arena. Some fifty men then join the group and raise the tree with rope. Four songs are sung four times to the each of the four winds. Cloth banners representing the four directions are tied to the branches, and then two hides are tied above the cloth (one in the shape of a human and the other of a buffalo). â€Å"The cutouts represent thankfulness. Twelve chokecherry branches are tied crosswise beneath the buffalo and the human images. The branches symbolize the twelve moons, the twelve months of the year† (McGaa 86). The same evening the dancers who will be pierced in the ceremony participate in a Sweat Lodge ceremony. On the first actual ceremonial day of the Sun Dance another Sweat Lodge is held for those men and women who are going to participate in the dancing. A Sweat Lodge is believed to help heal a person spiritually. Groups that participate in Sweat Lodges are supposed to gain empowerment. The dancers then dress and prepare him or her self in the tipi. There is a traditional dressShow MoreRelatedNative American Tradition Culture Of Native Indians1338 Words   |  6 Pagesand music, and Native American is no exception. First, the native music related many aspects such as ritual, life and work. They like to combine music with dance, and the Native American music always created rich percussion instruments. For example, the hand drum, log drum, water drum and rattle, etc. The Powwow is an important festival and ritual for the Native American, and it is a symbol of the tradition culture of Native Indians. Powwow, is a social gathering by the Native American tribes, and theyRead MoreThe Native American Culture Of Native Americans1335 Words   |  6 Pagesand music, and Native American is no exception. First, the native music related many aspects such as ritual, life and work. They like to combine music with dance, and the Native American music always created rich percussio n instruments. For example, the hand drum, log drum, water drum and rattle, etc. Powwow is an important festival and ritual for the Native American, and it is a symbol for the tradition culture of Native Indians. Powwow, is a social gathering by the Native American tribes, and theyRead MoreRitual Dances By Lucile Armstrong1432 Words   |  6 Pagesstarted out as a ritual. According to HistoryWorld â€Å"In most ancient civilization, dance before the god is an important element in the temple ritual†. Ritual dancing bring men as they celebrate their necessities. 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Extreme conditional value at risk a coherent scenario for risk management Free Essays

string(52) " returns in the modelling of extreme market events\." CHAPTER ONE 1. INTRODUCTION Extreme financial losses that occurred during the 2007-2008 financial crisis reignited questions of whether existing methodologies, which are largely based on the normal distribution, are adequate and suitable for the purpose of risk measurement and management. The major assumptions employed in these frameworks are that financial returns are independently and identically distributed, and follow the normal distribution. We will write a custom essay sample on Extreme conditional value at risk a coherent scenario for risk management or any similar topic only for you Order Now However, weaknesses in these methodologies has long been identified in the literature. Firstly, it is now widely accepted that financial returns are not normally distributed; they are asymmetric, skewed, leptokurtic and fat-tailed. Secondly, it is a known fact that financial returns exhibit volatility clustering, thus the assumption of independently distributed is violated. The combined evidence concerning the stylized facts of financial returns necessitates the need for adapting existing methodologies or developing new methodologies that will account for all the stylised facts of financial returns explicitly. In this paper, I discuss two related measures of risk; extreme value-at-risk (EVaR) and extreme conditional value-at-risk (ECVaR). I argue that ECVaR is a better measure of extreme market risk than EVaR utilised by Kabundi and Mwamba (2009) since it is coherent, and captures the effects of extreme markets events. In contrast, even though EVaR captures the effect of extreme market events, it is non-coherent. 1.1.BACKGROUND Markowitz (1952), Roy (1952), Shape (1964), Black and Scholes (1973), and Merton’s (1973) major toolkit in the development of modern portfolio theory (MPT) and the field of financial engineering consisted of means, variance, correlations and covariance of asset returns. In MPT, the variance or equivalently the standard deviation was the panacea measure of risk. A major assumption employed in this theory is that financial asset returns are normally distributed. Under this assumption, extreme market events rarely happen. When they do occur, risk managers can simply treat them as outliers and disregard them when modelling financial asset returns. The assumption of normally distributed asset returns is too simplistic for use in financial modelling of extreme market events. During extreme market activity similar to the 2007-2008 financial crisis, financial returns exhibit behavior that is beyond what the normal distribution can model. Starting with the work of Mandelbrot (1963) there is increasingly more convincing empirical evidence that suggest that asset returns are not normally distributed. They exhibit asymmetric behavior, ‘fat tails’ and high kurtosis than the normal distribution can accommodate. The implication is that extreme negative returns do occur, and are more frequent than predicted by the normal distribution. Therefore, measures of risk based on the normal distribution will underestimate the risk of portfolios and lead to huge financial losses, and potentially insolvencies of financial institutions. To mitigate the effects of inadequate risk capital buffers stemming from underestimation of risk by normality-based financial modelling, risk measures such as EVaR that go beyond the assumption of normally distributed returns have been developed. However, EVaR is non-coherent just like VaR from which it is developed. The implication is that, even though it captures the effects of extreme mar ket events, it is not a good measure of risk since it does not reflect diversification – a contradiction to one of the cornerstone of portfolio theory. ECVaR naturally overcomes these problems since it coherent and can capture extreme market events. 1.2 RSEARCH PROBLEM The purpose of this paper is to develop extreme conditional value-at-risk (ECVaR), and propose it as a better measure of risk than EVaR under conditions of extreme market activity with financial returns that exhibit volatility clustering, and are not normally distributed. Kabundi and Mwamba (2009) have proposed EVaR as a better measure of extreme risk than the widely used VaR, however, it is non-coherent. ECVaR is coherent, and captures the effect of extreme market activity, thus it is more suited to model extreme losses during market turmoil, and reflects diversification, which is an important requirement for any risk measure in portfolio theory. 1.3 RELEVENCE OF THE STUDY The assumption that financial asset returns are normally distributed understates the possibility of infrequent extreme events whose impact is more detrimental than that of events that are more frequent. Use of VaR and CVaR underestimate the riskiness of assets and portfolios, and eventually lead to huge losses and bankruptcies during times of extreme market activity. There are many adverse effects of using the normal distribution in the measurement of financial risk, the most visible being the loss of money due to underestimating risk. During the global financial crisis, a number of banks and non-financial institutions suffered huge financial losses; some went bankrupt and failed, partly because of inadequate capital allocation stemming from underestimation of risk by models that assumed normally distributed returns. Measures of risk that do not assume normality of financial returns have been developed. One such measure is EVaR (Kabundi and Mwamba (2009)). EVaR captures the effect of extreme market events, however it is not coherent. As a result, EVaR is not a good measure of risk since it does not reflect diversification. In financial markets characterised by multiple sources of risk and extreme market volatility, it is important to have a risk measure that is coherent and can capture the effect of extreme market activity. ECVaR is advocated to fulfils this role of ensuring extreme market risk while conforming to portfolio theory’s wisdom of diversification. 1.4 RESEARCH DESIGN Chapter 2 will present a literature review of risk measurement methodologies currently used by financial institutions, in particular, VaR and CVaR. I also discuss the strengths and weaknesses of these measures. Another risk measure not widely known thus far is the EVaR. We discuss EVaR as an advancement in risk measurement methodologies. I advocate that EVaR is not a good measure of risk since it is non-coherent. This leads to the next chapter, which presents ECVaR as a better risk measure that is coherent and can capture extreme market events. Chapter 3 will be concerned with extreme conditional value-at-risk (ECVaR) as a convenient modelling framework that naturally overcomes the normality assumption of asset returns in the modelling of extreme market events. You read "Extreme conditional value at risk a coherent scenario for risk management" in category "Essay examples" This is followed with a comparative analysis of EVaR and ECVaR using financial data covering both the pre-financial crisis and the financial crisis periods. Chapter 4 will be concerned with data sources, preliminary data description, and the estimation of EVaR, and ECVaR. Chapter 5 will discuss the empirical results and the implication for risk measurement. Finally, chapter 6 will give concussions and highlight the directions for future research. CHAPTER 2: RISK MEASUREMENT AND THE EMPIRICAL DISTRIBUTION OF FINANCIAL RETURNS 2.1 Risk Measurement in Finance: A Review of Its Origins The concept of risk has been known for many years before Markowitz’s Portfolio Theory (MPT). Bernoulli (1738) solved the St. Petersburg paradox and derived fundamental insights of risk-averse behavior and the benefits of diversification. In his formulation of expected utility theory, Bernoulli did not define risk explicitly; however, he inferred it from the shape of the utility function (Bulter et al. (2005:134); Brancinger Weber, (1997: 236)). Irving Fisher (1906) suggested the use of variance to measure economic risk. Von Neumann and Morgenstern (1947) used expected utility theory in the analysis of games and consequently deduced many of the modern understanding of decision making under risk or uncertainty. Therefore, contrary to popular belief, the concept of risk has been known well before MPT. Even though the concept of risk was known before MPT, Markowitz (1952) first provided a systematic algorithm to measure risk using the variance in the formulation of the mean-variance model for which he won the Nobel Prize in 1990. The development of the mean-variance model inspired research in decision making under risk and the development of risk measures. The study of risk and decision making under uncertainty (which is treated the same as risk in most cases) stretch across disciplines. In decision science and psychology, Coombs and Pruitt (1960), Pruitt (1962), Coombs (1964), Coombs and Meyer (1969), and Coombs and Huang (1970a, 1970b) studied the perception of gambles and how their preference is affected by their perceived risk. In economics, finance and measurement theory, Markowitz (1952, 1959), Tobin (1958), Pratt (1964), Pollatsek Tversky (1970), Luce (1980) and others investigate portfolio selection and the measurement of risk of those portfolios, and gambles in general. T heir collective work produces a number of risk measures that vary in how they rank the riskiness of options, portfolios, or gambles. Though the risk measures vary, Pollatsek and Tversky (1970: 541) recognises that they share the following: (1) Risk is regarded as a property of choosing among options. (2) Options can be meaningfully ordered according to their riskiness. (3) As suggested by Irving Fisher in 1906, the risk of an option is somehow related to the variance or dispersion in its outcomes. In addition to these basic properties, Markowitz regards risk as a ‘bad’, implying something that is undesirable. Since Markowitz (1952), many risk measures such as the semi-variance, absolute deviation, and the lower semi-variance etc. (see Brachinger and Weber, (1997)) were developed, however, the variance continued to dominate empirical finance. It was in the 1990s that a new measure, VaR was popularised and became industry standard as a risk measure. I present this risk m easure in the next section. 2.2 Value-at-risk (VaR) 2.2.1 Definition and concepts Besides these basic ideas concerning risk measures, there is no universally accepted definition of risk (Pollatsek and Tversky, 1970:541); as a result, risk measures continue to be developed. J.P Morgan Reuters (1996) pioneered a major breakthrough in the advancement of risk measurement with the use of value-at-risk (VaR), and the subsequent Basel committee recommendation that banks could use it for their internal risk management. VaR is concerned with measuring the risk of a financial position due to the uncertainty regarding the future levels of interest rates, stock prices, commodity prices, and exchange rates. The risk resulting in the movement of these market factors is called market risk. VaR is the expected maximum loss of a financial position with a given level of confidence over a specified horizon. VaR provides answers to question: what is the maximum loss that I can lose over, say the next ten days with 99 percent confidencePut differently, what is the maximum loss that will be exceeded only one percent of the times in the next ten dayI illustrate the computation of VaR using one of the methods that is available, namely parametric VaR. I denote by the rate of return and by the portfolio value at time. Then is given by (1) The actual loss (the negative of the profit, which is) is given by (2) When is normally distributed (as is normally assumed), the variable has a standard normal distribution with mean of and standard deviation of. We can calculate VaR from the following equation: (3) where implies a confidence level. If we assume a 99% confidence level, we have (4) In we have -2.33 as our VaR at 99% confidence level, and we will exceed this VaR only 1% of the times. From (4), it can be shown that the 99% confidence VaR is given byVaR (5)Generalising from (5), we can state the quantile VaR of the distribution as follows (6)VaR is an intuitive measure of risk that can be easily implemented. This is evident in its wide use in the industry. However, is it an optimal measureThe next section addresses the limitations of VaR. 2.2.2 Limitations of VaR Artzner et al. (1997,1999) developed a set of axioms that if satisfied by a risk measure, then that risk measure is ‘coherent’. The implication of coherent measures of risk is that â€Å"it is not possible to assign a function for measuring risk unless it satisfies these axioms† (Mitra, 2009:8). Risk measures that satisfy these axioms can be considered universal and optimal since they are founded on the same mathematical axioms that are generally accepted. Artzner et al. (1997, 1999) put forward the first axioms of risk measures, and any risk measure that satisfies them is a coherent measure of risk. Letting be a risk measure defined on two portfolios and. Then, the risk measure is coherent if it satisfies the following axioms: (1)Monotonicity: if then We interpret the monotonicity axiom to mean that higher losses are associated with higher risk. (2)Homogeneity: for; Assuming that there is no liquidity risk, the homogeneity axiom mean that risk is not a function of the quantity of a stock purchased, therefore we cannot reduce or increase risk by investing different amounts in the same stock. (3)Translation invariance: , where is a riskless security; This means that investing in a riskless asset does not increase risk with certainty. (4)Sub-additivity: Possibly the most important axiom, sub-additivity insures that a risk measure reflects diversification – the combined risk of two portfolios is less than the sum of the risks of individual portfolios. VaR does not satisfy the most important axiom of sub-additivity, thus it is non-coherent. More so, VaR tells us what we can expect to lose if an extreme event does not occur, thus it does not tell us the extend of losses we can incur if a â€Å"tail† event occurs. VaR is therefore not optimal measure of risk. The non-coherence, and therefor non-optimality of VaR as a measuring of risk led to the development of conditional value-at-risk (CVaR) by Artzner et al. (1997, 1999), and Uryasev and Rockafeller (1999). I discus CVaR in the next section. 2.3 Conditional Value-at-Risk CVaR is also known as â€Å"Expected Shortfall† (ES),â€Å"Tail VaR†, or â€Å"Tail conditional expectation†, and it measures risk beyond VaR. Yamai and Yoshiba (2002) define CVaR as the conditional expectation of losses given that the losses exceed VaR. Mathematically, CVaR is given by the following: (7) CVaR offers more insights concerning risk that VaR in that it tells us what we can expect to lose if the losses exceed VaR. Unfortunately, the finance industry has been slow in adopting CVaR as its preferred risk measure. This is besides the fact that â€Å"the actuarial/insurance community has tended to pick up on developments in financial risk management much more quickly than financial risk managers have picked up on developments in actuarial science† (Dowd and Black (2006:194)). Hopefully, the effects of the financial crisis will change this observation. In much of the applications of VaR and CVaR, returns have been assumed to be normally distributed. However, it is widely accepted that returns are not normally distributed. The implication is that, VaR and CVaR as currently used in finance will not capture extreme losses. This will lead to underestimation of risk and inadequate capital allocation across business units. In times of market stress when extra capital is required, it will be inadequate. This may lead to the insolvency of financial institutions. Methodologies that can capture extreme events are therefore needed. In the next section, I discuss the empirical evidence on financial returns, and thereafter discuss extreme value theory (EVT) as a suitable framework of modelling extreme losses. 2.4 The Empirical Distribution of Financial Returns Back in 1947, Geary wrote, â€Å"Normality is a myth; there never was, and never will be a normal distribution† (as cited by Krishnaiah (1980: 279). Today this remark is supported by a voluminous amount of empirical evidence against normally distributed returns; nevertheless, normality continues to be the workhorse of empirical finance. If the normality assumption fails to pass empirical tests, why are practitioners so obsessed with the bell curveCould their obsession be justifiedTo uncover some of the possible responses to these questions, let us first look at the importance of being normal, and then look at the dangers of incorrectly assuming normality. 2.4.1 The Importance of Being Normal The normal distribution is the widely used distribution in statistical analysis in all fields that utilises statistics in explaining phenomenon. The normal distribution can be assumed for a population, and it gives a rich set of mathematical results (Mardia, 1980: 279). In other words, the mathematical representations are tractable, and are easy to implement. The populations can simply be explained by its mean and variance when the normal distribution is assumed. The panacea advantage is that the modelling process under normality assumption is very simple. In fields that deal with natural phenomenon, such as physics and geology, the normal distribution has unequivocally succeeded in explaining the variables of interest. The same cannot be said in the finance field. The normal probability distribution has been subject to rigorous empirical rejection. A number of stylized facts of asset returns, statistical tests of normality and the occurrence of extreme negative returns disputes the normal distribution as the underlying data generating process for asset returns. We briefly discuss these empirical findings next. 2.4.2 Deviations From Normality Ever since Mandelbrot (1963), Fama (1963), Fama (1965) among others, it is a known fact that asset returns are not normally distributed. The combined empirical evidence since the 1960s points out the following stylized facts of asset returns: (1)Volatility clustering: periods of high volatility tend to be followed by periods of high volatility, and period of low volatility tend to be followed by low volatility. (2)Autoregressive price changes: A price change depends on price changes in the past period. (3)Skewness: Positive prices changes and negative price changes are not of the same magnitude. (4)Fat-tails: The probabilities of extreme negative (positive) returns are much larger than predicted by the normal distribution. (5)Time-varying tail thickness: More extreme losses occur during turbulent market activity than during normal market activity. (6)Frequency dependent fat-tails: high frequency data tends to be more fat-tailed than low frequency data. In addition to these stylized facts of asset returns, extreme events of 1974 Germany banking crisis, 1978 banking crisis in Spain, 1990s Japanese banking crisis, September 2001, and the 2007-2008 US experience ( BIS, 2004) could not have happened under the normal distribution. Alternatively, we could just have treated them as outliers and disregarded them; however, experience has shown that even those who are obsessed with the Gaussian distribution could not ignore the detrimental effects of the 2007-2008 global financial crisis. With these empirical facts known to the quantitative finance community, what is the motivation for the continued use of the normality assumptionIt could be possible that those that stick with the normality assumption know only how to deal with normally distributed data. It is their hammer; everything that comes their way seems like a nail! As Esch (2010) notes, for those that do have other tools to deal with non-normal data, they continue to use the normal distribution on the grounds of parsimony. However, â€Å"representativity should not be sacrificed for simplicity† (Fabozzi et al., 2011:4). Better modelling frameworks to deal with extreme values that are characteristic of departures from normality have been developed. Extreme value theory is one such methodology that has enjoyed success in other fields outside finance, and has been used to model financial losses with success. In the next chapter, I present extreme value-based methodologies as a practical and better methodology to overcome non-normality in asset returns. CHAPTER 3: EXTREME VALUE THEORY: A SUITABLE AND ADEQUATE FRAMEWORK? 1.3. Extreme Value Theory Extreme value theory was developed to model extreme natural phenomena such as floods, extreme winds, and temperature, and is well established in fields such as engineering, insurance, and climatology. It provides a convenient way to model the tails of distributions that capture non-normal activities. Since it concentrates on the tails of distributions, it has been adopted to model asset returns in time of extreme market activity (see Embrechts et al. (1997); McNeil and Frey (2000); Danielsson and de Vries (2000). Gilli and Kellezi (2003) points out two related ways of modelling extreme events. The first way describes the maximum loss through a limit distribution known as the generalised extreme value distribution (GED), which is a family of asymptotic distributions that describe normalised maxima or minima. The second way provides asymptotic distribution that describes the limit distribution of scaled excesses over high thresholds, and is known as the generalised Pareto distribution (GPD). The two limit distributions results into two approaches of EVT-based modelling – the block of maxima method and the peaks over threshold method respectively[2]. 3.1. The Block of Maxima Method Let us consider independent and identically distributed (i.i.d) random variable with common distribution function ?. Let be the maximum of the first random variables. Also, let us suppose is the upper end of. For, the corresponding results for the minima can be obtained from the following identity (8) almost surely converges to whether it is finite or infinite since, Following Embrechts et al. (1997), and Shanbhang and Rao (2003), the limit theory finds norming constants and a non-degenerate distribution function in such a way that the distribution function of a normalized version of converges to as follows;, as (9) is an extreme value distribution function, and ? is the domain of attraction of, (written as), if equation (2) holds for suitable values of and. It can also be said that the two extreme value distribution functions and belong in the same family if for someand all. Fisher and Tippett (1928), De Haan (1970, 1976), Weissman (1978), and Embrechts et al. (1997) show that the limit distribution function belongs to one of the following three density functions for some. (10) (11) (12) Any extreme value distribution can be classified as one of the three types in (10), (11) and (12). and are the standard extreme value distribution and the corresponding random variables are called standard extreme random variables. For alternative characterization of the three distributions, see Nagaraja (1988), and Khan and Beg (1987). 3.2.The Generalized Extreme Value Distribution The three distribution functions given in (10), (11) and (12) above can be combined into one three-parameter distribution called the generalised extreme value distribution (GEV) given by,, with (13) We denote the GEV by, and the values andgive rise to the three distribution functions in (3). In equation (4) above, and represent the location parameter, the scale parameter, and the tail-shape parameter respectively. corresponds to the Frechet, and distributioncorresponds to the Weibull distribution. The case where reduces to the Gumbel distribution. To obtain the estimates of we use the maximum likelihood method, following Kabundi and Mwamba (2009). To start with, we fit the sample of maximum losses to a GEV. Thereafter, we use the maximum likelihood method to estimate the parameters of the GEV from the logarithmic form of the likely function given by; (14) To obtain the estimates of we take partial derivatives of equation (14) with respect to and, and equating them to zero. 3.2.1. Extreme Value-at-Risk The EVaR defined as the maximum likelihood quantile estimator of, is by definition given by (15) The quantity is the quantile of, and I denote it as the alpha percept VaR specified as follows following Kabundi and Mwamba (2009), and Embrech et al. (1997): (16) Even though EVaR captures extreme losses, by extension from VaR it is non-coherent. As such, it cannot be used for the purpose of portfolio optimization since it does not reflect diversification. To overcome this problem, In the next section, I extend CVaR to ECVaR so as to capture extreme losses coherently. 3.2.2. Extreme Conditional Value-at-Risk (ECVaR): An Extreme Coherent Measure of Risk I extend ECVaR from EVaR in a similar manner that I used to extend CVaR from VaR. ECVaR can therefore be expressed as follows: (17) In the following chapter, we describe the data and its sources. CHAPTER 4: DATA DISCRIPTION. I will use stock market indexes of five advanced economies comprising that of the United States, Japan, Germany, France, and United Kingdom, and five emerging economies comprising Brazil, Russia, India, China, and South Africa. Possible sources of data that will be used are I-net Bride, Bloomberg, and individual country central banks. CHAPTER 5: DISCUSION OF EMPIRICAL RESULTS In this chapter, I will discuss the empirical results. Specifically, the adequacy of ECVaR will be discussed relative to that of EVaR. Implications for risk measurement will also be discussed in this chapter. CHAPTER 6: CONCLUSIONS This chapter will give concluding remarks, and directions for future research. References [1] Markowitz, H.M.: 1952, Portfolio selection, Journal of Finance 7 (1952), 77-91 2 Roy, A.D.: 1952, Safety First and the Holding of Assets. Econometrica, vol. 20 no 3 p 431-449. 3 Shape, W.F.: 1964, Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk. The Journal of Finance, Vol. 19 No 3 p 425-442. 4 Black, F., and Scholes, M.: 1973, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, vol. 18 () 637-59. 5 Merton, R. C.: 1973, The Theory of Rational Option Pricing. Bell Journal of Economics and Management Science, Spring. 6 Artzner, Ph., F. Delbaen, J.-M. Eber, And D. 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R.:1980, Several possible measures of risk. Theory and Decision 12 (no issue) 217-228. 22 J.P. Morgan and Reuters.: 1996, RiskMetrics Technical document. Available at http://riskmetrics.comrmcovv.html Accessed†¦ 23 Uryasev, S., and Rockafeller, R.T.: 1999, Optimization of Conditional Value-at-Risk. Available at http://www.gloriamundi.org 24 Mitra, S.: 2009, Risk measures in Quantitative Finance. Available on line. [Accessed†¦] 25 Geary, R.C.: 1947, Testing for Normality, Biometrika, vol. 34, pp. 209-242. 26 Mardia, K.V.: 1980, P.R. Krishnaiah, ed., Handbook of Statistics, Vol. 1. North-Holland Publishing Company. Pp. 279-320. 27 Mandelbrot, B.: 1963, The variation of certain speculative prices. Journal of Business, vol. 26, pp. 394-419. 28 Fama, E.: 1963, Mandelbrot and the stable paretian hypothesis. Journal of Business, vol. 36, pp. 420-429. 29 Fama, E.: 1965, The behavior of stock market prices. 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Mikosch.: 1997, Modeling extremal events for insurance and finance, Springer 33 McNeil, A. and Frey, R.: 2000, Estimation of tail-related risk measures for heteroscedastic financial time series: an extreme value approach, Journal of Empirical Finance, Volume 7, Issues 3-4, 271- 300. 34 Danielsson, J. and de Vries, C.: 2000, Value-at-Risk and Extreme Returns, Annales d’Economie et deb Statistique, Volume 60, 239-270. 35Gilli, G., and Kellezi, E.: (2003), An Application of Extreme Value Theory for Measuring Risk, Department of Econometrics, University of Geneva, Switzerland. Available from: http://www.gloriamundi.org/picsresources/mgek.pdf 36 Shanbhag, D.N., and Rao, C.R.: 2003, Extreme Value Theory, Models and Simulation. Handbook of Statistics, Vol 21(). Elsevier Science B.V. 37 Fisher, R. A. and Tippett, L.H.C.: 1928, Limiting forms of the frequency distribution of the largest or smallest member of a sample. Proc. Cambridge Philos. Soc. Vol 24, 180-190. 38 De Haan, L.: 1970, On Regular Variation and Its Application to the Weak Convergence of Sample Extremes. Mathematical Centre Tract, Vol. 32. Mathematisch Centmm, Amsterdam 39 De Haan, L.: 1976, Sample extremes: an elementary introduction. Statistica Neerlandica, vol. 30, 161-172. 40 Weissman, I.: 1978, Estimation of parameters and large quantiles based on the k largest observations. J. Amer. Statist. Assoc. vol. 73, 812-815. 4[1] Nagaraja, H. N.: 1988, Some characterizations of continuous distributions based on regressions of adjacent order statistics and record values. Sankhy A 50, 70-73. 42 Khan, A. H. and Beg, M.I.: 1987, Characterization of the Weibull distribution by conditional variance. Snaky A 49, 268-271. 43 Kabundi, A. and Mwamba, J.W.M.: 2009, Extreme value at Risk: a Scenario for Risk management. SAJE Forthcoming. How to cite Extreme conditional value at risk a coherent scenario for risk management, Essay examples

Importance Of Culture Within Organizations â€Myassignmenthelp.Com

Question: What Is The Importance Of Culture Within Organizations? Answer: Introduction From the basis of this assignment, I have gained a lot of skills and knowledge to understand about the importance of culture within the organizations. Based on the data and information present in the assignment, I understood that maintaining a good culture can help in enhancing the performances of the workers of the organization. The leaders and managers do hold the responsibilities to create a good culture within the workplace for creating good working conditions for the employees. This will result in creating a strong workforce that can contribute largely to the organizational efficiency and drive the economic performance and production level of the organization (Alvesson and Sveningsson, 2015). From this journal, I have understood that a healthy culture promotes high performance of workers and motivates them, which enhances their work efficiency and allows for increasing the economic performance too. A good and supportive culture maintained within organizations can also help in mo tivating the workers and encourage them to perform to the potential and bring out desired positive outcomes with ease and effectiveness. Often companies face difficulties in creating a good culture within organization and this deteriorates the organizational performance largely too. The topic focuses on how establishing a good culture can drive employee performance and enhance production level and efficiency of the organization (Nica, 2013). This would also create a positive brand image and identity and create loyal customers effectively. The production level of the organization depends on the motivation and encouragement of employees done by the managers and leaders of the organization. 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The rules and regulations should be known to them so that they can motivate themselves as well as others to perform to their potential. All these relevant information and knowledge has allowed me t go beyond boundaries and improve my academics and professional career with ease. The learning and obtaining skills and exper tise will also guide me to do well in my exams and achieve my career objectives. All the rules and regulations of the organization are followed by me which have made me enough skilful and all these learning have created huge impact on my personal life too. I have covered vast area of the topic by going through various secondary sources like journals, articles and web sites for conducting the research effectively. Based on the data presented in the article Egan et al. 2004, I understood the most important components of organizational culture and how it has created a positive impact on the improvement of working conditions and performances of employees too. Within the dynamic world, the employers or managers of companies expect high performances from workers for management of good production level. Based on the journal of Gagn and Deci 2005, I understood the significance of self determination theory and how it can be used within the organizations for encouraging the employees to perform better. Reflective analysis By making an analysis of both the assignments, it can be clearly understood that the objectives and goals of the organization are to promote a good culture within organization and find ways to motivate them. By understanding the vision and mission statement along with the organizational values and beliefs, employees would be able to work harder and accomplish the goals and objectives easily. The learning procedure further helps in making the employees gain full support from the organization. I have obtained knowledge about various factors, which can motivate the employees such as reward management system and other non-monetary rewards including increments, promotion, bonus and providing them with growth opportunities. I have covered a huge area for conducting the research appropriately and the secondary sources have proved t be beneficial for doing so. The journals and articles presented by Egan et al. 2014 have helped me to understand the importance of maintaining a good culture within organization and how can it be created. I have understood the impact of organizational culture on the level of production and ways of managing development of employees as well. The self-determination theory is an effective theory, which has been implemented within the organizational premises for motivating the workers and ensures enhanced work performances too. According to Gagn and Deci(2005), the self determination theory is an essential aspect of enhancing performances of employees and meet the high expectations of employers too. I gained further knowledge and information by visiting the organization and found out that each and every employees have managed to interact with each other properly and created a diver sified workforce. This has not only promoted good communication but also increased the productivity and growth of the organization. From the books of Hartog and Verburg(2004), I found that high performances of workers are dependent upon the culture of organization and in case they do not know the importance of good culture and collaborative team work, the productivity would tend to remain less. My knowledge and skills improved furthermore when I understood how the leaders have worked as a team to improve the organizational culture and managed organizational development and growth through establishment of a good organizational culture. A good leader always motivates his employees so that they can perform to their potential for managing the business processes properly as well as influence the behaviours of employees positively. According to Ivancevich, Matteson and Konopaske 1990, I obtained other skills regarding the organizational behaviors and management and how a good organization al culture can result in maintaining ethical practice. The secondary sources and materials used for conducting the research in an effective manner have also helped me to develop my own ideas and fulfill the requirements of learning within organization. For example, I managed to find out ways by which a new and appropriate culture of organization can create norms, rules, regulations and conditions that are needed to be followed by the individuals within the organization. As I analysed various research materials such as documents and journals to develop a proper literature review, I managed to remain differentiable while forming new concepts regarding the effectiveness of organizational culture in improving the performance of organization and its employees (Eaton and Kilby2015). The culture of an organisation has direct link with the performances of employees and it can be seen from the various analysis and evaluation processes. By understanding the research procedure in further details, I managed to create a conceptual platform for improving the effectiveness of investigation process and furthermore address the major criteria based on which employees would be able to judge the ethics and values in work. The needs and requirements of workers are needed to be assessed as well on a regular basis for carrying forward an investigation in much detailed manner for fulfilling those and ensure that they perform to their potential (Kaczynski, Salmona and Smith 2014). Conclusion The various studies and research aspects that have helped in conducting the research process and enhanced by learning process efficiency are needed to be analysed with the help of a proper investigation technique. The learning procedure in business is helpful in developing a proper approach for the process of research learning too. From the analysis and interpretation, it could be understood that objectives of conducting this research are to develop a good culture of the organization and to improve the performances of employees, motivate and encourage them to the utmost level possible. The values and beliefs are needed to be followed for promoting a good culture and accomplish the organizational goals and objectives (Jacobs et al. 2013). The process of learning has played a major role is assisting me to understand the essentialities of various approaches undertaken by the organization to provide full support to employees and drive their performances too. There are various approaches for motivating and encouraging the employees to perform better such as providing them with financial rewards, increments, promotion and other opportunities to make them grow and develop (Manojlovic and Ketefian 2016). I went through the research articles based on the supermarkets and the main thing which I focused during the learnin g procedure was the structure of the supermarkets. The procedure of learning helped me to gain consciousness about the factors that had motivated the employees and promote the business. Few examples were also included such as Woolworth and Aldi, which created a good working environment by promoting good organizational culture for allowing the employees to enjoy while working (Awadh and Alyahya 2013). The different theories and models used for enabling motivation also had been part of the learning procedure. The theory consisted of five stages among which the psychological needs had been focused on the most, which were considered as performance factors too. The learning procedure would allow me to know about the most important aspects of organizational culture and how it could create a positive impact on the employees performances by driving their behaviors. I have been appointed as the Human resources manager and it is my responsibility to enable learning procedures within organization for maintaining the workforce properly, develop a good culture within the organization and make sure that they are kept motivated to perform and contribute largely to the company (Kaczynski, Salmona Smith 2014). With the high level of motivation, the employees would be able to perform efficiently and make the organization sustain in the competitive business environment with ease and effectiveness. References Alvesson, M. and Sveningsson, S., 2015.Changing organizational culture: Cultural change work in progress. Routledge. Awadh, A.M. and Alyahya, M.S., 2013. Impact of organizational culture on employee performance.International Review of Management and Business Research,2(1), p.168 Eaton, D., Kilby, G. (2015). Does your organizational culture support your business strategy? Journal for Quality and Participation, 37(4), 4-7. 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