Economic Effects of Terrorism in the UK

Economic Effects of Terrorism in the UK Terrorism has deep history science the cold war but this issue become most salient after terrorist attacks in September 11 2001. This incident affected the UK and international business community in various ways. On one hand the world business community was affected financially, the other hand it suffers due to legal and security issues. The international business between countries was most seriously affected due to security and safety concerns and legal issue. Especially UK, US and other developed countries were compulsion to protect their territory and people on the cost of business with the rest of the world. Many businesses found themselves floundering financially in the months after the terrorist attack on world Trade Centre, while businesses located in world trade centre lost their personal and business locations. According to U.S department of state (2002) more than 3000 people of different nationalities were killed in the terrorist attacks only in the United States in Septemb er 11, 2001. The attacks were the conspicuous example of terrorism on global level. According to the overview of European commission (2001) this was the one of the major event in the past decades which diversifies the viewpoint and outlook of people around the world. Terrorism affects both the long term and short term perspectives of the businesses around the world. Czinkota (2002) cited that terrorism influenced long term karma of entire industries, for example tourism, retailing and manufacturing industries. In this competitive age, the business environment is changing dramatically. The international business has culminated in a global economy, with diverging cultures. But, there are strong protests against globalization echoing its destabilizing effects from many corners of the world. Terrorism can be seen, in substantial part, as a result of this backlash to the businesses. There are number of definitions of terrorism, in the world of Alexander et al (1979) à ¢Ã¢â€š ¬Ã…“terrorism is a threat or use of enforcement and inclemency to achieve a political goal by means of intimidation fear, and coercionà ¢Ã¢â€š ¬?. In the present world context, the European Union (2001) define the terrorism relevant to international business in the following words. à ¢Ã¢â€š ¬Ã…“Terrorist offences are certain criminal offences set out in a list comprised largely of serious offences against persons and property which, given their nature or context, may seriously damage a country or an international org anisation where committed with the aim of: seriously intimidating a population; or unduly compelling a Government or international organisation to perform or abstain from performing any act; or seriously destabilizing or destroying the fundamental political, constitutional, economic or social structures of a country or an international organisationà ¢Ã¢â€š ¬?. In UK terrorism is not new phenomenon but businesses were highly affected due to September 11, 2001 and July 7, 2005 incident. Although the economic impact on UK businesses has not been detrimental as initially feared but it is very important not to diminish the impact of even small unforeseen costs can have on businesses in particular. However many UK businesses were relived that tangible impact of terrorist attacks had been very small but business confidence is the key and has inevitably been affected in short term. The biggest economic impacts of past twenty years terrorist attacks is the damage to confidence in the UK businesses and people. This study is another attempt to research and investigates the impacts of terrorism on the UK businesses activities and we will also discuss different approaches for reducing and handling the terrorism threats. 1.1 Research Aim: The aim of this research is to analyse and explore the economic effects of terrorism on businesses in the United Kingdom. The second part of this research is to critically analyse and recommend the most appropriate strategies for management to deal with the terrorist threats or scrutinize the different business strategic views to avoid and minimise the impact of terrorism on UK businesses. 1.2 Research Objectives: This research has the following individual objectives: Critically analyse the economic impact of terrorism on UK organizations and the entire economy in UK. Evaluate the managerial performance in organizations, before, during and after the happening of the terrorist attacks and in uncertain environment. 1.3 Research Questions: What are the economic effects of terrorism on business? How to development strategy for managers or adopt a better approaches to deal with above mentioned issues? 2. Literature Review: In this era terrorism is arguably one of the biggest threats to the business around the world. It can take many shapes and forms. The last twenty years have seen a dramatic rise in terrorism. Terrorism did not begin in 21st century after World Trade Centre terrorist attacks on 11 September 2001. The terrorism history is as old as humansà ¢Ã¢â€š ¬Ã¢â€ž ¢ willingness to use violence to affect politics. Europe, United States and other continents have a very long and sad history of terrorist attacks. In past century IRA in UK, ETA in Spain, Brigate Rosse in Itely, Rote Armee Fraktion in Germany, 7 November in Greece are the few worse examples of terrorist groups in Europe. In United States we remember the bombing in Oklahoma City in 1994, World Trade Center bombing in 1993 and 11 September 2001 terrorist attacks. But September 11 2001 attacks have changed the world, as UN Secretary General Kofi Annan has said, à ¢Ã¢â€š ¬Ã…“none of the issue that faced us on 11 September 2001 has beco me less urgentà ¢Ã¢â€š ¬?. Now the terrorism has grown to an unprecedented limit and in multiplicity. As we know that, even terrorist without the use of weapons of mass destruction can kill thousands of people and destroy businesses (Gabriele G.S. Suder 2004). According to Blomberg et al 2004 à ¢Ã¢â€š ¬Ã…“terrorism is associated with a diversion of spending from investment to governmentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ expenditureà ¢Ã¢â€š ¬?. To fund these government expenditures, they borrow from foreign financial institutions and governments. The develop countries with less volatile currencies normally issue long term debts to cover the deficit and less developing countries confronting terrorism by government spending through sale of foreign reserves, printing more currency and increasing inflation. Gupta Clements (2004) reached the same conclusion, that the terrorist activities severe impacts on less develop countries than developed from monetary policy perspective. Terrorism has its massive effects on economy and business activities. It effects deleteriously on marketing strategies, buyer demand and market supply effect immensely. Most firms operating in the affected area gets impact from the thrust of government policies to quell terrorism. This kind of wide-spread results predict an escalate attractiveness of terrorism, as part for that group which assume to develop the core of businesses. It is impossible to secure all of the targets of terrorism at the same time. In the number of attacks done by small terrorist groups with least resources the loss was massive. If costs of an attack be measured by the loss which businesses faced, the businesses always paid far great amount than the cost to terrorist group. Hoffman (1998) cited that the cost of the bomb was not more than $400, which was the reason of the loss of $550 millions in the blast of World Trade Centre 1993. The amount which is sending to protect the world from terrorism is many billi on dollars, while the terrorist cost nothing in front of it. This threat of terrorism attacks poses a continuous threat and create atmosphere of risk for the businesses. This risk itself creates extension for treatment of risk in management theories. The majority of management literature theories adopt term à ¢Ã¢â€š ¬Ã‹Å"uncertaintyà ¢Ã¢â€š ¬Ã¢â€ž ¢ as a factor of unpredictable environment which may influence the performance of firms in certain ways. The environment effected by terrorism also has a factor of unpredictability in it. Businesses internationally and locally particularly affected by terrorism because when some thing happen it disrupt the supply chain and business activities in addition to interrupt information flows, and effects on the demand for industrial side as well as consumer side. Every year more than trillion dollars are spent on combating terrorism. This along with billons dollars lost in property damage, loss of human resources and decrease in key industries potential profit. It is a plague on global economy and affects on everyone from entire countries to all the way down to individual. Terrorism in recent years has sparked, increase in fear and demand higher level of security. The cost of terrorism can be broken down into number of areas and come down to direct effects, response costs and negative effects on key industries. For example, Manchester bombing was carried out by IRA in 1996 targeted the city centre infrastructure and economy caused widespread damage. According to the BBC News (2004), over 400 businesses within the half a mile of the blast were affected and 40% of which did not recover. Another example of terrorist attack on businesses is Baltic Exchange bombing 1992, which damaged the Exchange and surrounding buildings and caused  £800 millions worth of damage. The latest terrorist attacks in UK was July 7 London bombing, which had massive effects on UK businesses. According to the LCCI (2005) report, business confidence in London had slumped to the lowest levels not seen since the start of Iraq war. Because, terrorist attacks disrupt supply chain and other business activities. Alexander (2004) says in his book Business Confronts Terrorism, à ¢Ã¢â€š ¬Ã…“terrorismà ¢Ã¢â€š ¬Ã¢â€ž ¢s implication on business merits closer scrutiny given its relation to economic security. Terror metamorphoses business causing business to deal with current threats and craft plans to reduce future challenges. Terrorists weaken society and business through their mani pulation of economic systems componentsà ¢Ã¢â€š ¬?. Terrorism interrupts information flows and effects on the demand form both business and consumer side. This falling demand may have different outcomes which may comprises of losses of customers contracts, customer trust, reduces market share, decline in turnover and profitability and also result business failure. For example according to the LCCA report, UK tourism industry badly effected by July 7 terrorist attacks. The Guardianà ¢Ã¢â€š ¬Ã¢â€ž ¢s research shows that after July 7 Bombing, Londoners themselves who are leaving the centre in the evening rather than the tourists. Within a month after these attacks, it has been estimated that terrorism cost UK tourism industry in excess of  £300 million. According to U.S Department of state (2002) à ¢Ã¢â€š ¬Ã…“terrorist select businesses for attack compare to other targetsà ¢Ã¢â€š ¬?. The most kind of attack is bomb blast, although armed attacks and kidnapping are also some kinds of terrorist attacks. According to Council of Foreign Relations (2002) report, à ¢Ã¢â€š ¬Ã…“the majority of victims in terrorist attack are civilians and the relatively large number of business may not prepare to face these kinds of risksà ¢Ã¢â€š ¬?. Managers and decision makers remain confident about handling unexpected risk. However the scenario has changed as it was at the time of terrorist attack in 9/11. Kunreuther et al (2003) cited that during the days of terrorist attacks in 9/11 a common feeling came into mind of people that it could be me. But with the passage of time this may give way to may be it will not à ¢Ã¢â€š ¬Ã‹Å"meà ¢Ã¢â€š ¬Ã¢â€ž ¢ next time. This kind of behaviour is more common now a day in south Asia. But it is a common thinki ng that it is extremely easy for terrorist that to attack any where in the world. Even in low cost and low tech attacks terrorists achieve to disrupt the world economy. After the September 11 terrorist attacks many UK international organisations have badly affected legally because new laws introduced and they struggle to keep up with new rules and regulations imposed by international community in the effort to prevent further terrorist attacks. Anne Slaughter (2005) cited that new international laws restricted the companies for shipping goods across international borders and requires them to keep proper track of their activities. The anti terrorist laws have made very complicated for organizations to conduct their business activities across the international borders as a result many organisations have restructured theirs companies to allow them to meet demands of international anti terror laws. Another major issue that effect the international organizations is security and they have to invest huge amount of money to improve both internal and external security. External security is most important because terrorist target organizations to achieve thei r targets. Internal security also need to improve to ensure that organisation have financial records, employees records and ensure that employees do not have any criminal backgrounds or involved in terrorist activities in the past. It is vital for all organizations that they protect themselves and their stakeholders from terrorist activities. The international organizations should not underestimate the impact of terrorism because they make billions dollars each year and provide employment millions of people around the world. In this modern era, it is very easy for terrorist to attack international organizations in such a way that they would stop them from operating in an effective manner. It is very difficult to explain, why terrorism has become the major problem for big and international organizations. Modern terrorism is particularly onerous, because of characteristic of its impact. The impact of terrorism on macroeconomic is crucial, customers feel themselves in stress and some kind of continuous fear which definitely effects the spending patterns. Managerial behaviour in macro economy also feels consequences of terrorism. Media have its vital role in ending fear among the society but very often it fails. Many of times, because of the irresponsible reporting it generates scenes of ever present possibility of terrorist act. According to Crenshaw (1990) the new and fastest ways of communication allow people to know about happens in the other part of the world within minutes about any terrorist attack. On the other hand terrorist groups are adopting the latest techniques to communicate with each other and even sometime just for spreading fear with in the specific community to achieve their targets. Czinkota et al (2004) cited that terrorist also using old traditional ways to communi cate which are unable to penetrate. The latest ways of transportation system gives terrorist groups better way to move around. The impact of terrorism can be calculated from a number of ways. According to Czinkota et al (2004) the micro level research is a moderate degree of research. It help to analyze effects of terrorism on specific regions, value chain or cross industry level, but can be determine and examine more specifically than those of macro level. When terrorist events happens if effects businesses direct and indirect way and disrupt the economic process. To make the effects of the terrorist activities stronger terrorist groups try to make businesses their direct targets. Business are more attractive target for those groups as their presence is everywhere and their aftermaths are more deep on society and on the economics. 2.1 Conclusion: Terrorism effects business activates deeply. This threat compel almost every department of business which cause decline in the profit of firm and on the other side the whole economy has to bear the cost of every single act of terrorism. According to LCCI (2005) report, after 9/11 terrorist attacks, majority of organizations fear high risk of terrorist attacks and they have contingency plan in place to deal with uncertainty. As globalization integrates multinational organizations and financial markets, events like terrorism which spurn economic uncertainty have increasingly international consequences. Terrorism causes unpredictable political and economic consequences, infuses the public with fear and prevents the free flow of capital, labour, and free market principles. Because of their disastrous impacts, occurrences of terrorism have serious implications on the performance of international and UK organizational. Immediate responses are felt in financial markets and the effected industry sectors. These sustained reactions can be observed through macroeconomic impacts, economic policy responses and investor confidence. As world move towards more liberal economies and democratic political structures, organizations must have the ability to adapt and respond to terrorist events. In order to do so, decision makers and policy makers need a more complete picture and understanding of the deleterious effects of terrorism on organization. 3. Research Methodology: The main proposed research methodology is secondary research which is based on the critical and comprehensive analysis of the existing published literature related to the specific area of research. Books, published journal articles, published research reports, surveys, organizational records, qualitative research and internet (websites and search engines) will be used to collect secondary sources data. I think these sources will help me to complete my research work. I will use all the above mentioned secondary research methods for my research work and I am highly interested to use the deductive method because it is more logical and authentic way to prove my research. Moreover I will use both quantitative and qualitative techniques to critically analyze my collected data and to reach the conclusion. But in this research work, I will prefer to use more qualitative method of data collection. According to Lincoln and Guba (1985) a qualitative method captures a more complete picture of individual lived experience instead of a narrow perspective of generalizations. The qualitative data provide me an opportunity to study the material of the recent or more distant past to gain the more insights information for methodological and theoretical purposes. 3.1 Advantages of secondary research methodology: This kind of research helps in examining large scale trend. It is easy to accessible so researcher can consume most of its time in critically analysing data rather than collecting it. Sometime primary data collection is not necessary for the research, because of the available secondary data is completely suitable to draw a conclusions and answers of the questions and sufficient for solving problem. The collection of secondary data is far cheaper than the collection of primary data. For the same level of research budget secondary research definitely gives relatively more information than the primary research can give. The time consumption is much less in the collection of data and conducting results in comparison with the primary research. The results obtain from secondary source of information may more precise than the result obtain from the primary data collection. It may not happen all the time but if research is about at large scale. 3.2 Problems of Secondary Research: In secondary research the researches have to be careful about authenticity of secondary resources. Because at the same type of data or idea two different types of department or persons have different type of opinion. Some time material available for research is too old and out dated, so it may difficult for researcher to interpret results. The source of the data and material may not reliable each time, so it may impact the reliability and authenticity of results of the research. Sometimes secondary research has lack of firmness of perspective. If data and material collected from non authentic sources it is difficult to check its biasness and inaccuracies. The published material and statistics often raise more questions than answers. 3.3 Limitations: There are some limitations the data may have and the problems that could arise if these limitations are ignored. The verification of existing data is difficult. Secondary data can be general and vague and sometimes it may cause difficulties in decision making. It is possible that data could be out dated and the sample used to generate the secondary data maybe small. The data publisher company may not be reputable. While keeping in mind those limitations of secondary data, I will use data for my research from reputable academic websites and published literature. 3.4 Conclusion: A use and search of secondary data should be preceding any primary research activity. Secondary data definitely helps to solve and understand the problem and gives valid answers. The process of collecting secondary data for research is far cheaper and quicker in compare with primary data at in some cases it could be more accurate. There is always a need of evaluation about data and its source before using it for research. Where possible it is better to take same data from different sources so the biasness and errors can be double check for the more accurate results. 4. Research Structure and Design: This research consists of six chapters. It begins with chapter 1, which reveals the need, aim and objectives for this research to be attained. Chapter 2 of my research will discuss the methodology, which enables me to fulfil the requirements of this research. Chapter 3 is an extensive and deep interpretation of literature review about terrorism. Chapter 4 of this research will explore the impacts of terrorism on businesses. Chapter 5 of this research evaluates performance and adaptation of suitable strategy by management on different kind of business activities and also scrutinize the different business strategic views which a business can adopt for minimizing the effects of terrorism. Finally chapter 6 of this research is the conclusion and recommendation chapter which will answer all the key questions, aim and objectives of this research seek. 5. Research Implementation Plan: Research Plan Week beginning Date. 23-10-2010 No. Of Weeks 1 2 3 4 5 6 7 8 9 10 Background reading and literature review x x Research design and plan x Choice of methodology x Gathering data x x Data analysis and refine x x Writing up draft x x x Editing final document x x Produce final document x Document passed to supervisor to read x 6. Research Ethics: While carrying out the research, the most important thing to keep in mind and practice is the ethical considerations. And in my research work this is very critical and of prime consideration. I will follow all the ethical considerations and guidelines. As my research work is based on secondary research, so what ever the secondary data I will use to achieve my research objectives, I will follow the all terms and conditions of ethical considerations. Throughout my research I will practice honesty in processing and reporting all the data, this will be my own work and I will not copy the other researcher data or work, I will not be bias in my research while collecting or processing the data. I will try my utmost to avoid the omissions and errors while analysing the data and will keep all the record of the data and their valid sources. I am fully aware that the plagiarism is a serious academic crime, so I will not plagiarise my research. I will quote all the citations and that will be ful ly referenced. Economic Effects of Terrorism in the UK Economic Effects of Terrorism in the UK Terrorism has deep history science the cold war but this issue become most salient after terrorist attacks in September 11 2001. This incident affected the UK and international business community in various ways. On one hand the world business community was affected financially, the other hand it suffers due to legal and security issues. The international business between countries was most seriously affected due to security and safety concerns and legal issue. Especially UK, US and other developed countries were compulsion to protect their territory and people on the cost of business with the rest of the world. Many businesses found themselves floundering financially in the months after the terrorist attack on world Trade Centre, while businesses located in world trade centre lost their personal and business locations. According to U.S department of state (2002) more than 3000 people of different nationalities were killed in the terrorist attacks only in the United States in Septemb er 11, 2001. The attacks were the conspicuous example of terrorism on global level. According to the overview of European commission (2001) this was the one of the major event in the past decades which diversifies the viewpoint and outlook of people around the world. Terrorism affects both the long term and short term perspectives of the businesses around the world. Czinkota (2002) cited that terrorism influenced long term karma of entire industries, for example tourism, retailing and manufacturing industries. In this competitive age, the business environment is changing dramatically. The international business has culminated in a global economy, with diverging cultures. But, there are strong protests against globalization echoing its destabilizing effects from many corners of the world. Terrorism can be seen, in substantial part, as a result of this backlash to the businesses. There are number of definitions of terrorism, in the world of Alexander et al (1979) à ¢Ã¢â€š ¬Ã…“terrorism is a threat or use of enforcement and inclemency to achieve a political goal by means of intimidation fear, and coercionà ¢Ã¢â€š ¬?. In the present world context, the European Union (2001) define the terrorism relevant to international business in the following words. à ¢Ã¢â€š ¬Ã…“Terrorist offences are certain criminal offences set out in a list comprised largely of serious offences against persons and property which, given their nature or context, may seriously damage a country or an international org anisation where committed with the aim of: seriously intimidating a population; or unduly compelling a Government or international organisation to perform or abstain from performing any act; or seriously destabilizing or destroying the fundamental political, constitutional, economic or social structures of a country or an international organisationà ¢Ã¢â€š ¬?. In UK terrorism is not new phenomenon but businesses were highly affected due to September 11, 2001 and July 7, 2005 incident. Although the economic impact on UK businesses has not been detrimental as initially feared but it is very important not to diminish the impact of even small unforeseen costs can have on businesses in particular. However many UK businesses were relived that tangible impact of terrorist attacks had been very small but business confidence is the key and has inevitably been affected in short term. The biggest economic impacts of past twenty years terrorist attacks is the damage to confidence in the UK businesses and people. This study is another attempt to research and investigates the impacts of terrorism on the UK businesses activities and we will also discuss different approaches for reducing and handling the terrorism threats. 1.1 Research Aim: The aim of this research is to analyse and explore the economic effects of terrorism on businesses in the United Kingdom. The second part of this research is to critically analyse and recommend the most appropriate strategies for management to deal with the terrorist threats or scrutinize the different business strategic views to avoid and minimise the impact of terrorism on UK businesses. 1.2 Research Objectives: This research has the following individual objectives: Critically analyse the economic impact of terrorism on UK organizations and the entire economy in UK. Evaluate the managerial performance in organizations, before, during and after the happening of the terrorist attacks and in uncertain environment. 1.3 Research Questions: What are the economic effects of terrorism on business? How to development strategy for managers or adopt a better approaches to deal with above mentioned issues? 2. Literature Review: In this era terrorism is arguably one of the biggest threats to the business around the world. It can take many shapes and forms. The last twenty years have seen a dramatic rise in terrorism. Terrorism did not begin in 21st century after World Trade Centre terrorist attacks on 11 September 2001. The terrorism history is as old as humansà ¢Ã¢â€š ¬Ã¢â€ž ¢ willingness to use violence to affect politics. Europe, United States and other continents have a very long and sad history of terrorist attacks. In past century IRA in UK, ETA in Spain, Brigate Rosse in Itely, Rote Armee Fraktion in Germany, 7 November in Greece are the few worse examples of terrorist groups in Europe. In United States we remember the bombing in Oklahoma City in 1994, World Trade Center bombing in 1993 and 11 September 2001 terrorist attacks. But September 11 2001 attacks have changed the world, as UN Secretary General Kofi Annan has said, à ¢Ã¢â€š ¬Ã…“none of the issue that faced us on 11 September 2001 has beco me less urgentà ¢Ã¢â€š ¬?. Now the terrorism has grown to an unprecedented limit and in multiplicity. As we know that, even terrorist without the use of weapons of mass destruction can kill thousands of people and destroy businesses (Gabriele G.S. Suder 2004). According to Blomberg et al 2004 à ¢Ã¢â€š ¬Ã…“terrorism is associated with a diversion of spending from investment to governmentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ expenditureà ¢Ã¢â€š ¬?. To fund these government expenditures, they borrow from foreign financial institutions and governments. The develop countries with less volatile currencies normally issue long term debts to cover the deficit and less developing countries confronting terrorism by government spending through sale of foreign reserves, printing more currency and increasing inflation. Gupta Clements (2004) reached the same conclusion, that the terrorist activities severe impacts on less develop countries than developed from monetary policy perspective. Terrorism has its massive effects on economy and business activities. It effects deleteriously on marketing strategies, buyer demand and market supply effect immensely. Most firms operating in the affected area gets impact from the thrust of government policies to quell terrorism. This kind of wide-spread results predict an escalate attractiveness of terrorism, as part for that group which assume to develop the core of businesses. It is impossible to secure all of the targets of terrorism at the same time. In the number of attacks done by small terrorist groups with least resources the loss was massive. If costs of an attack be measured by the loss which businesses faced, the businesses always paid far great amount than the cost to terrorist group. Hoffman (1998) cited that the cost of the bomb was not more than $400, which was the reason of the loss of $550 millions in the blast of World Trade Centre 1993. The amount which is sending to protect the world from terrorism is many billi on dollars, while the terrorist cost nothing in front of it. This threat of terrorism attacks poses a continuous threat and create atmosphere of risk for the businesses. This risk itself creates extension for treatment of risk in management theories. The majority of management literature theories adopt term à ¢Ã¢â€š ¬Ã‹Å"uncertaintyà ¢Ã¢â€š ¬Ã¢â€ž ¢ as a factor of unpredictable environment which may influence the performance of firms in certain ways. The environment effected by terrorism also has a factor of unpredictability in it. Businesses internationally and locally particularly affected by terrorism because when some thing happen it disrupt the supply chain and business activities in addition to interrupt information flows, and effects on the demand for industrial side as well as consumer side. Every year more than trillion dollars are spent on combating terrorism. This along with billons dollars lost in property damage, loss of human resources and decrease in key industries potential profit. It is a plague on global economy and affects on everyone from entire countries to all the way down to individual. Terrorism in recent years has sparked, increase in fear and demand higher level of security. The cost of terrorism can be broken down into number of areas and come down to direct effects, response costs and negative effects on key industries. For example, Manchester bombing was carried out by IRA in 1996 targeted the city centre infrastructure and economy caused widespread damage. According to the BBC News (2004), over 400 businesses within the half a mile of the blast were affected and 40% of which did not recover. Another example of terrorist attack on businesses is Baltic Exchange bombing 1992, which damaged the Exchange and surrounding buildings and caused  £800 millions worth of damage. The latest terrorist attacks in UK was July 7 London bombing, which had massive effects on UK businesses. According to the LCCI (2005) report, business confidence in London had slumped to the lowest levels not seen since the start of Iraq war. Because, terrorist attacks disrupt supply chain and other business activities. Alexander (2004) says in his book Business Confronts Terrorism, à ¢Ã¢â€š ¬Ã…“terrorismà ¢Ã¢â€š ¬Ã¢â€ž ¢s implication on business merits closer scrutiny given its relation to economic security. Terror metamorphoses business causing business to deal with current threats and craft plans to reduce future challenges. Terrorists weaken society and business through their mani pulation of economic systems componentsà ¢Ã¢â€š ¬?. Terrorism interrupts information flows and effects on the demand form both business and consumer side. This falling demand may have different outcomes which may comprises of losses of customers contracts, customer trust, reduces market share, decline in turnover and profitability and also result business failure. For example according to the LCCA report, UK tourism industry badly effected by July 7 terrorist attacks. The Guardianà ¢Ã¢â€š ¬Ã¢â€ž ¢s research shows that after July 7 Bombing, Londoners themselves who are leaving the centre in the evening rather than the tourists. Within a month after these attacks, it has been estimated that terrorism cost UK tourism industry in excess of  £300 million. According to U.S Department of state (2002) à ¢Ã¢â€š ¬Ã…“terrorist select businesses for attack compare to other targetsà ¢Ã¢â€š ¬?. The most kind of attack is bomb blast, although armed attacks and kidnapping are also some kinds of terrorist attacks. According to Council of Foreign Relations (2002) report, à ¢Ã¢â€š ¬Ã…“the majority of victims in terrorist attack are civilians and the relatively large number of business may not prepare to face these kinds of risksà ¢Ã¢â€š ¬?. Managers and decision makers remain confident about handling unexpected risk. However the scenario has changed as it was at the time of terrorist attack in 9/11. Kunreuther et al (2003) cited that during the days of terrorist attacks in 9/11 a common feeling came into mind of people that it could be me. But with the passage of time this may give way to may be it will not à ¢Ã¢â€š ¬Ã‹Å"meà ¢Ã¢â€š ¬Ã¢â€ž ¢ next time. This kind of behaviour is more common now a day in south Asia. But it is a common thinki ng that it is extremely easy for terrorist that to attack any where in the world. Even in low cost and low tech attacks terrorists achieve to disrupt the world economy. After the September 11 terrorist attacks many UK international organisations have badly affected legally because new laws introduced and they struggle to keep up with new rules and regulations imposed by international community in the effort to prevent further terrorist attacks. Anne Slaughter (2005) cited that new international laws restricted the companies for shipping goods across international borders and requires them to keep proper track of their activities. The anti terrorist laws have made very complicated for organizations to conduct their business activities across the international borders as a result many organisations have restructured theirs companies to allow them to meet demands of international anti terror laws. Another major issue that effect the international organizations is security and they have to invest huge amount of money to improve both internal and external security. External security is most important because terrorist target organizations to achieve thei r targets. Internal security also need to improve to ensure that organisation have financial records, employees records and ensure that employees do not have any criminal backgrounds or involved in terrorist activities in the past. It is vital for all organizations that they protect themselves and their stakeholders from terrorist activities. The international organizations should not underestimate the impact of terrorism because they make billions dollars each year and provide employment millions of people around the world. In this modern era, it is very easy for terrorist to attack international organizations in such a way that they would stop them from operating in an effective manner. It is very difficult to explain, why terrorism has become the major problem for big and international organizations. Modern terrorism is particularly onerous, because of characteristic of its impact. The impact of terrorism on macroeconomic is crucial, customers feel themselves in stress and some kind of continuous fear which definitely effects the spending patterns. Managerial behaviour in macro economy also feels consequences of terrorism. Media have its vital role in ending fear among the society but very often it fails. Many of times, because of the irresponsible reporting it generates scenes of ever present possibility of terrorist act. According to Crenshaw (1990) the new and fastest ways of communication allow people to know about happens in the other part of the world within minutes about any terrorist attack. On the other hand terrorist groups are adopting the latest techniques to communicate with each other and even sometime just for spreading fear with in the specific community to achieve their targets. Czinkota et al (2004) cited that terrorist also using old traditional ways to communi cate which are unable to penetrate. The latest ways of transportation system gives terrorist groups better way to move around. The impact of terrorism can be calculated from a number of ways. According to Czinkota et al (2004) the micro level research is a moderate degree of research. It help to analyze effects of terrorism on specific regions, value chain or cross industry level, but can be determine and examine more specifically than those of macro level. When terrorist events happens if effects businesses direct and indirect way and disrupt the economic process. To make the effects of the terrorist activities stronger terrorist groups try to make businesses their direct targets. Business are more attractive target for those groups as their presence is everywhere and their aftermaths are more deep on society and on the economics. 2.1 Conclusion: Terrorism effects business activates deeply. This threat compel almost every department of business which cause decline in the profit of firm and on the other side the whole economy has to bear the cost of every single act of terrorism. According to LCCI (2005) report, after 9/11 terrorist attacks, majority of organizations fear high risk of terrorist attacks and they have contingency plan in place to deal with uncertainty. As globalization integrates multinational organizations and financial markets, events like terrorism which spurn economic uncertainty have increasingly international consequences. Terrorism causes unpredictable political and economic consequences, infuses the public with fear and prevents the free flow of capital, labour, and free market principles. Because of their disastrous impacts, occurrences of terrorism have serious implications on the performance of international and UK organizational. Immediate responses are felt in financial markets and the effected industry sectors. These sustained reactions can be observed through macroeconomic impacts, economic policy responses and investor confidence. As world move towards more liberal economies and democratic political structures, organizations must have the ability to adapt and respond to terrorist events. In order to do so, decision makers and policy makers need a more complete picture and understanding of the deleterious effects of terrorism on organization. 3. Research Methodology: The main proposed research methodology is secondary research which is based on the critical and comprehensive analysis of the existing published literature related to the specific area of research. Books, published journal articles, published research reports, surveys, organizational records, qualitative research and internet (websites and search engines) will be used to collect secondary sources data. I think these sources will help me to complete my research work. I will use all the above mentioned secondary research methods for my research work and I am highly interested to use the deductive method because it is more logical and authentic way to prove my research. Moreover I will use both quantitative and qualitative techniques to critically analyze my collected data and to reach the conclusion. But in this research work, I will prefer to use more qualitative method of data collection. According to Lincoln and Guba (1985) a qualitative method captures a more complete picture of individual lived experience instead of a narrow perspective of generalizations. The qualitative data provide me an opportunity to study the material of the recent or more distant past to gain the more insights information for methodological and theoretical purposes. 3.1 Advantages of secondary research methodology: This kind of research helps in examining large scale trend. It is easy to accessible so researcher can consume most of its time in critically analysing data rather than collecting it. Sometime primary data collection is not necessary for the research, because of the available secondary data is completely suitable to draw a conclusions and answers of the questions and sufficient for solving problem. The collection of secondary data is far cheaper than the collection of primary data. For the same level of research budget secondary research definitely gives relatively more information than the primary research can give. The time consumption is much less in the collection of data and conducting results in comparison with the primary research. The results obtain from secondary source of information may more precise than the result obtain from the primary data collection. It may not happen all the time but if research is about at large scale. 3.2 Problems of Secondary Research: In secondary research the researches have to be careful about authenticity of secondary resources. Because at the same type of data or idea two different types of department or persons have different type of opinion. Some time material available for research is too old and out dated, so it may difficult for researcher to interpret results. The source of the data and material may not reliable each time, so it may impact the reliability and authenticity of results of the research. Sometimes secondary research has lack of firmness of perspective. If data and material collected from non authentic sources it is difficult to check its biasness and inaccuracies. The published material and statistics often raise more questions than answers. 3.3 Limitations: There are some limitations the data may have and the problems that could arise if these limitations are ignored. The verification of existing data is difficult. Secondary data can be general and vague and sometimes it may cause difficulties in decision making. It is possible that data could be out dated and the sample used to generate the secondary data maybe small. The data publisher company may not be reputable. While keeping in mind those limitations of secondary data, I will use data for my research from reputable academic websites and published literature. 3.4 Conclusion: A use and search of secondary data should be preceding any primary research activity. Secondary data definitely helps to solve and understand the problem and gives valid answers. The process of collecting secondary data for research is far cheaper and quicker in compare with primary data at in some cases it could be more accurate. There is always a need of evaluation about data and its source before using it for research. Where possible it is better to take same data from different sources so the biasness and errors can be double check for the more accurate results. 4. Research Structure and Design: This research consists of six chapters. It begins with chapter 1, which reveals the need, aim and objectives for this research to be attained. Chapter 2 of my research will discuss the methodology, which enables me to fulfil the requirements of this research. Chapter 3 is an extensive and deep interpretation of literature review about terrorism. Chapter 4 of this research will explore the impacts of terrorism on businesses. Chapter 5 of this research evaluates performance and adaptation of suitable strategy by management on different kind of business activities and also scrutinize the different business strategic views which a business can adopt for minimizing the effects of terrorism. Finally chapter 6 of this research is the conclusion and recommendation chapter which will answer all the key questions, aim and objectives of this research seek. 5. Research Implementation Plan: Research Plan Week beginning Date. 23-10-2010 No. Of Weeks 1 2 3 4 5 6 7 8 9 10 Background reading and literature review x x Research design and plan x Choice of methodology x Gathering data x x Data analysis and refine x x Writing up draft x x x Editing final document x x Produce final document x Document passed to supervisor to read x 6. Research Ethics: While carrying out the research, the most important thing to keep in mind and practice is the ethical considerations. And in my research work this is very critical and of prime consideration. I will follow all the ethical considerations and guidelines. As my research work is based on secondary research, so what ever the secondary data I will use to achieve my research objectives, I will follow the all terms and conditions of ethical considerations. Throughout my research I will practice honesty in processing and reporting all the data, this will be my own work and I will not copy the other researcher data or work, I will not be bias in my research while collecting or processing the data. I will try my utmost to avoid the omissions and errors while analysing the data and will keep all the record of the data and their valid sources. I am fully aware that the plagiarism is a serious academic crime, so I will not plagiarise my research. I will quote all the citations and that will be ful ly referenced.

Effective Leadership Essay

Leaders in the workplace play a unique and vital role in the success or failure of a business. Their responsibilities are great in number and are continuously evolving to meet the growing needs of the employees and the communities they serve. In order to be effective, leaders must constantly strive to create a work environment conducive for team unity and collaboration (Llopis, 2012). Good leaders pride themselves on being visionaries with the ability to lead by example. They have a charismatic gift to inspire and encourage others to work together to meet a common goal (Bateman and Snell, 2009). Contrary to what some believe, leadership is a shared vision. It involves accepting feedback from all involved and the competence to put all the pieces together so that they align with the vision. It is believed that motivation is one of the most powerful emotions that employees bring to the table in the workplace (Heathfiled, 2012). Directly associated with that is the leaders role in cultivating that motivation through joint vision and communication. Good leaders must therefore be great motivators. Some would have individuals to believe that emotions have absolutely no place in the workplace. However, others are inclined to believe that removing emotions from the workplace is a huge mistake. For example, if a work environment is plagued by fear and anxiety, leaders must counteract those emotions with more powerful emotions like faith and optimism. Here is where the leader’s motivational skills must be put into action. Motivation is often referred to as a force that energizes or moves persons to action (Bateman and Snell, 2009). Nehemiah 2:16-18 (NIV) tells a story of how others were moved to action by motivation. Nehemiah challenged Jewish leaders by providing a detailed description of the problem at hand. He painted a vivid picture of how buildings and walls had fallen down and how the gates had been burned. He went on to share with them how outsiders now viewed them as a defeated, fallen and defenseless nation. The people were quite aware of the destruction that had taken place; but Nehemiah’s reminder served as motivation to get them up and moving. Additionally, he motivated them by providing them with a goal to works towards. The city had been destroyed because of sin. Restoration of the wall would be an indication of restoration of favor. Nehemiah had excellent motivational skills – he was honest about the negative and positive effects of the destruction, while giving them a reason to believe that they couldrecover from the destruction. Leaders have the awesome task of keeping employees motivated effectively and efficiently so that productivity does not suffer. One of the most successful ways of doing so is encouraging teamwork among employees. Ecclesiastes 4: 9-12, â€Å"Two are better than one, because they have a good reward for their labor. For if they fall, one will lift up his companion. But woe to him who is alone when he falls, for he has no one to help him up. Again, if two lie down together, they will keep warm; but how can one be warm alone? Though one may be overpowered by another, two can withstand him. And a threefold cord is not quickly broken† (NIV). This passage is a clear indication that teamwork is imperative for organizational structure It increases productivity, quality, cost savings, speed, change, and innovation (Bateman & Snell, 2009). Teamwork allows each member to reap the benefits of contributing to a goal; however leaders must be aware of the fact that conflict will arise. It is during these times that leaders must take a Christian worldview approach and seek guidance from a higher being to effectively resolve the conflict. Additionally, leaders must be able to communicate effectively when dealing with conflict as it relates to teamwork or any other situation in the workplace. Communication improves relationships and creates an effective environment that further promotes teamwork. Great leaders take the time to communicate with everyone directly and indirectly involved with the business because they are the ones who ultimately influence outcomes and decisions (Llopis, 2012). Knowing the essentials of how and when to communicate is of utmost importance. Leaders must acknowledge that communication is a two-way conversation – there is sender and a receiver and all parties involved are playing the roles of both the sender and receiver (Bateman and Snell 2009). Being a great communicator builds trust among employees. Great leaders strive to master the art of being a sender and receiver and must be willing to give the same respect he would like to receive. Ephesians 6:5-10 gives an account on how different entities should treat each other regardless of their roles. Christian bosses, company presidents, managers, crew chiefs, government officials and supervisors are to have the same attitude. The secular work of a supervisor, just like the work of his or her employee, is to be accomplished from a completely different perspective than the world understands. Matthew 7:12 sums up what daily life should consist of and that is â€Å"do for others what you would like them to do for you† (NIV). A good leader lives by this passage and consistently promotes success and sustainability. Leadership success begins and ends with vision and is heavily dependent on the leader’s ability to effectively motivate. References Bateman, T.S., & Senll, S.A. (2009). (pp. 461, 470, 508, 564) Management: Learning and Collaborating in the Competitive World (8th ed.). Chicago, IL: Irwin. Heathfiled, S. (2012). Management Matters Most in Motivation. Retrieved from About: http://humanresources.about.com/od/motivationsuccess/a/Management-Matters-Most-In- Motivation.htm Llopis, G. (2012, July). Effective Managers. Retrieved from Forbes: http://www.forbes.com/sites/glennllopis/2012/07/10/effective-managers-earn-trust-quickly-by- doing-5-things-well/ The Holy Bible (NIV)

The Unknown Details About Dissertation Editors That People are not Aware Of

The Unknown Details About Dissertation Editors That People are not Aware Of You as a pupil typically are not able to manage all the scholastic workload because of various elements, maybe that you don't have sufficient expertise about the job that should be carried out by college essay writing services or maybe you have inadequate time to fill out the job to your preferred taste. For all of us, it is extremely important to meet your expectations. If somehow, students achieve to finish the intricate task, then they need an expert to proofread their papers and do all the important modifications to enhance the quality. As a consequence, such students start looking for the best essay help to make certain that their project is going to be produced at the maximal level in accord with all academic standards. Vital Pieces of Dissertation Editors Dissertation EditorsEditors for students can be difficult to find. They nowadays are not only associated with academic activities. Often th ey are able to write a dissertation on topics that do not fetch them good grades. In USA, they need to participate in different social activities. Dissertation Editing is a simple requirement for a great many research scholars. References list is formulated based on the specific reference style which has been recommended by the university. Order top-notch essay at this time and certified specialists will do their very best to supply you with higher quality at fair price. Then quit surfing different websites on the web, for the best services to assist you, as Essay CD is here in order to fulfil your requirements. Our clients return to us over and over again as a result of simple fact they know we are the best online, and they're satisfied to place their name to their referrals for that exact same component. To aid you, services are readily available to improve your writing. The customer will know the purchase price of the order till they place it and allow it to be definite. It's possible to check the feedback of our editors to find that prior customers have been highly pleased with their performance. Dissertation writing is an ambitious job and time consuming also. It's very reasonable to anticipate an estimate of the price of editing your dissertation. Writing a winning quality dissertation isn't an easy issue to achieve. APA dissertation editing may also help you save money. Want to Know More About Dissertation Editors? Dissertation is among the most difficult from of writing which demands a whole lot of research and time. A dissertation is usually divided into various chapters t hat assist in the analysis and comprehension of the subject of the dissertation. For the majority of us, the dissertation is an intimidating expertise in 1 way or another. For instance, a technical dissertation will require the use of technical words that are many times utilised in that area. As a way to write a productive dissertation, you've got to select suitable research procedures. Abstract is the brief description of the total dissertation. Topic selection is the main job of dissertation writing. Let's get going on boosting your dissertation today! You ought to take expert's advice to be able to decide on a suitable research approach. On the flip side, in secondary research, you've got to collect information from authentic resources like journal and press release. You've got to conduct research as a way to gather information from the prior research. The actual men and women highly praise our essay help site.

Essay about Walt Disney Case Study - 1867 Words

The Walt Disney Company The Entertainment King I. Executive Summary After analyzing the Walt Disney case, we found that the root issues include the need to increase revenue to reach the 20% growth target set by upper management and to expand into new markets and/or industries. We used a Porter’s Five Forces analysis to develop our alternatives (Please See Exhibit A for further information). The alternatives that we proposed were to expand globally and enter the Internet and cable distribution industry. We analyzed these alternatives against a set of selected criteria including: the time to implement, how the alternatives fit with Disney’s corporate culture and corporate synergy, if the alternative would provide a competitive†¦show more content†¦We believe that Disney’s root issue at hand is its declining growth and revenue due to loss of market share, and that one of the ways it can deal with this problem is moving into the cable provider realm by acquiring or merging with one of the large cable providers of today. How ever, since Disney would most likely merge with one of the largest cable providers, this would affect the time it would take to implement the merger and integrate itself with the other company. Since Disney already owns several television networks such as The Disney Channel, ABC, and ESPN, it has the means and know-how to compete in the cable industry, so there are many overlapping interests with Disney and a large cable provider. This would prove to be very helpful on the account that Disney actually merges with a provider because it should not be as hard to transfer their competencies from one to another. The time it takes to fully implement the merger should be shortened by the fact that these competencies exist, and it should also help to make the integration of the cable provider with Disney easier. We can use the time to implement and integrate as a criterion of how successful the merger would be by comparing it to other known mergers that have taken place recentlyShow Mor eRelatedWalt Disney Case Study2980 Words   |  12 PagesJanuary 2013 I – Executive Summary The Walt Disney Company is one of the largest media and entertainment corporations in the world. Disney is able to create sustainable profits due to its heterogeneity, inimitability, co-specialization and immense foresight. During the late twentieth century, Michael Eisner founded and gave a rebirth to Walt Disney Company. Eisner revitalize TV and movies, Themes Park and new businesses. Eisners takeover for fifteen years had climbed the revenuesRead MoreCase Study : Walt Disney Company1789 Words   |  8 Pages1 – Chapter One 1.1 – Case Study Background: The Walt Disney Company was founded on October 16, 1923 when Mr.Walt Disney signed a contract with Mr. Winkler for producing a series of Alice Comedy. Then the company never stop. Its first cartoon Trolley Troubles was released in 1927 whereas, very first â€Å"Mickey Mouse† cartoon was released in 1928 and it was also the first appearance of â€Å"Minnie Mouseon† on screen. Moreover, the first full-color cartoon Flowers and Trees was released in 1932 whichRead MoreCase Study : Walt Disney Company5336 Words   |  22 Pages1 – Chapter One 1.1 – Case Study Background: The Walt Disney Company was founded on October 16, 1923 when Mr. Walt Disney signed a contract with Mr. Winkler for producing a series of Alice Comedy. Then the company never stop. Its first cartoon Trolley Troubles was released in 1927 whereas, very first â€Å"Mickey Mouse† cartoon was released in 1928 and it was also the first appearance of â€Å"Minnie Mouse† on screen. Moreover, the first full-colour cartoon Flowers and Trees was released in 1932 whichRead MoreEssay Walt Disney Company Case Study1555 Words   |  7 PagesWalt Disney Company Case Study PART I Why is Disney so successful The success of Disney is a combination of creativity and innovations, and the managerial ability to identify and take advantage of every possible synergy. Walter Disney was the entrepreneur who had the creative skills. Knowing his limitations, he let other people do what he couldnt do good enough himself. This is an important skill, as it leads to quality products being made. The step from making short cartoons to doingRead MoreConflict at Walt Disney- Case Study1170 Words   |  5 PagesConflict at Walt Disney Eve Stapler Webster University Conflict at Walt Disney Within every organization there is some type of conflict, whether the conflict is personal, organizational or emotional. But the key is to manage the conflict so as to not hinder the profitability, functionality or public image of the company so that it is viable competitively. In the case of the Walt Disney Company, although the company had conflict within the organization, this did not hinder its competitivenessRead MoreA Strategic Management Case Study on the Walt Disney Company8543 Words   |  35 PagesA Strategic Management Case Study on Erika Erro | Mimilanie M. Mabanta | Javi Mendezona | Clara Poblador Tour 198 Prof. Emma Lina F. Lopez Introduction Company Background When brothers Walt and Roy Disney moved to Los Angeles in 1923, they went there to sell their cartoons and animated shorts. One could only  dream  that their name would one day be synonymous with entertainment worldwide. But then again, that is how The Walt Disney Company has made their fortunes over the last severalRead MoreEssay on The Walt Disney Company Case Study2812 Words   |  12 PagesBUSMRH 4490 Strategic Management Case 2 The Walt Disney Company: The Entertainment King Kaitlyn Kisiday Alex Maicks Chelsea Parker Jonathan Russ Ryan Terek 1.) Why has Disney been successful for so long? Disney has sustained prolonged success for a variety of reasons. One source of success was the way Walt and Roy Disney decided to manage the company internally when the organization was founded in 1923. Disney emphasized teamwork, communication, and cooperation in the workplaceRead MoreThe Walt Disney Companys Yen Financing, Harvard Case Study1352 Words   |  6 Pagesnext six months, meaning that it becomes more expensive to buy  ¥ and more expensive to buy the foreign import. Risk can work both ways: if the ex-rate is 125 ¥ / $ (dollar appreciates, Yen depreciates) in 6 months, the cost is only $800. In this case, the dollar got stronger, so it became cheaper to buy Yen, and the foreign product (priced in a fixed amount of Yen) became cheaper. Ex-rate volatility (currency risk) means the cost of parts could range between $800-1250 over the next 6 months forRead MoreInternational Business Case Study: Problems and Key Issues of the Joint Venture Between Walt Disney Co and Hong Kong Special Administrative Region686 Words   |  3 Pagesof the Case The joint venture between the Walt Disney Co and Hong Kong Special Administrative Region (HKSAR) government (Landreth 2005) is at a risk and the magic of Disney is no more working in Hong Kong due to several reasons. The purpose of writing this paper is to analyze the case and find out why the park which was perceived to be a profitable market is suffering from losses since its opening in September 2005. The case shows many flaws due to which Government of Hong Kong and Disney failedRead MoreDisney s Corporate Strategy For Long Term1314 Words   |  6 Pages------------------------------------------- Title Page Page 2 --------------------------------------------------------------------------------------Table of Contents Page 3 ------------------------------------------------------------------------- Disney s Corporate Strategy Page 4 ----------------------------------------------------------------------------- Assessment of long-term Page 5 -------------------------------------------------------------- Assessment of Competitive Strengths Page 7

History of Special Education - 1216 Words

History of Special Education The field of education has been around for a very long time, but special education has not always been around. In fact, for many years it wasn’t even accepted in the world of education. In the past, students with special needs were often not allowed to go to public school because of their disabilities. However, in today’s world, they have a right to free public education and most of the time benefit greatly from some of the resources that are available. Special education has come a long ways over the years and still has room for growth and improvement. There have been many court cases that have led the field of special education where it is today. In 1892, Homer Plessy, an African American man, bought a†¦show more content†¦A well-known court case the Brown vs. Board of Education of Topeka, Kansas of 1954 played a role in the field of education. The idea of students having the right to get an education was something that became more prevalent after this case. Also, the idea of segregation being separate but equal was decided that it shouldn’t be true within the schools (Daigle, 2011). This was a huge turning point for special education as students with special needs shouldn’t be denied the right to an education. In the Mills vs. Board of Education court ruling helped with the idea of students with disabilities rights to a free education and that they would be provided this education regardless of if the school district to pay or not. Money was, and still is, a big issue when it comes to education and it has been helpful in the world of special education to know that students have the right to the education despite the money. In 1975, PL 94-142 otherwise known as the Education for the Handicapped Act was written. The purpose of this was to provide â€Å"a free appropriate public education which emphasizes special education and related services designed to meet their unique needs, to assure that t he rights of handicapped children and their parents or guardians are protected†¦ and to assess and assure the effectiveness of efforts to educate handicapped children (Gargulio, 2015).† This was a big part of special education and was the base of manyShow MoreRelatedHistory of Special Education1367 Words   |  6 PagesAbstract This paper will discuss the history of special education including a timeline of the significant events that happens in the history of special education. It would further discuss the laws associated with Individuals with Disabilities Education Act (IDEA). Furthermore, this paper will address the current and future challenges the laws have on special education. All children are created differently with different talents and abilities. Some are tall, others are short. Some are big, othersRead MoreHistory of Special Education1539 Words   |  7 PagesHistory of Special Education By: Kenyata York December 5, 2012 SPE 526 ABSTRACT Individuals with disabilities have the same passion, drive, determination and ambitions of traditional students. Students living with disabilities are just as capable of learning and retaining information just like traditional students in the classroom. In today’s society, there are an abundance of laws and regulations that are in place to protect and educate individuals with disabilities. However, the idea ofRead More History of Special Education Essay1552 Words   |  7 PagesHistory of Special Education Introduction Special education has faced many changes during the last century. During this time there have been many opinions on the way students with differences should be taught and treated. This paper will discuss the history of special education during the twentieth century. We will also discuss the laws associated with Individuals with Disabilities Education Act (IDEA). Finally we will discuss the current and future challenges that the laws have on special educationRead MoreHistory of Special Education Essay1572 Words   |  7 Pageshead: History of Special Education History of Special Education Marie Cudia Grand Canyon University: SPE526: Educating Learners with Diverse Needs April 2, 2012 History of Special Education The history of Special Education just as any history; is a long battle that has been fought by many who cared in order to bring us to where we are today. Its Journey has and will be never ending; since society is forever evolving. We will be fighting for equal rights in education andRead MoreSpecial Education: a Look at the History1279 Words   |  6 PagesSpecial Education: A Look at the History Tracy Len Baier November 23, 2011 Abstract The purpose of this paper is to address the historical landmarks and legislation that have formed and created our current special education system. We will take a journey from the start of public education and its exclusion of special needs students to the current push for inclusion of all students learning within a general education classroom. The author will also share some of the pros and cons ofRead MoreHistory of Special Education Law1021 Words   |  5 PagesHistory of Special Education Law Grand Canyon University Special Education Litigation and Law SPE-350 Virginia Murray August 11, 2013 History of Special Education Law Throughout the ages, people with disabilities have been hidden away at homes or institutions and were often not educated. This was common practice and as such, when the education system was designed, children with disabilities were not even considered. Then, starting soon after the civil rights movement in the 50’s, aRead More History Of Special Education Essay1001 Words   |  5 Pages Special education has changed in many different ways throughout the last century. The views of they way students with differences should be taught and treated have changed as people have become more open minded. The education laws have also seen a turn about. One major area of education was in a desperate need of changed opinions and beliefs. Education for children with learning problems has emerged from no education to special funding and programs especially for those individuals with learningRead MoreEssay about History of Special Education1088 Words   |  5 PagesHistory of Special Education The recent history of special education began in 1975 when Congress passed the Education for all Handicapped Children Act (EAHCA). The law was renamed the Individuals with Disabilities Education act (IDEA) in 1990. These laws made it mandatory for schools to meet the special needs of all students. Special education was around prior to 1975, but in most cases in a very different manner than it is today. Special education in its earliest form usually happened in theRead MoreThe History and Outlooks and a Job in Special Education1486 Words   |  6 PagesSpecial Education Teaching students with special needs is highly rewarding. â€Å"Every child deserves a champion- an adult who will never give up on them, who understands the power of connection, and insists that they become the best they can possibly be.† (Pierson). Special education teachers work with and serve as a mentor to students who have a wide range of learning, mental, emotional and physical disabilities. The history of special education dates back to Europe in the early 16th century. SpecialRead MoreEssay on History of Special Education in Public Schools2926 Words   |  12 PagesHistory of the Treatment of Special Education in Public Schools The Educate America Act was passed in 1994 and was a step toward equality of education between children with and without disabilities. According to Olson and Platt (2000), the Educate America Act â€Å"represents a national framework for education reform to improve our system, policies, standards, and most importantly, outcomes for all students.† This legislation outlined goals that were very broad and simplistic, but also inspiring to

Film Study of the Blind Side Free Essays

The Blind Side was based on the life of Michael Oher a teenage African American boy whose mother was battling drug and alcohol addictions, in the projects of Memphis Tennessee. Mike as he is know in the movie was in foster care several times and always ran away to his Mother, thinking that no one could ever love him the way his Mother could, even with her ongoing addiction. Mike often slept at his fathers friends home, but even he could not give Mike the support that he desired. We will write a custom essay sample on Film Study of the Blind Side or any similar topic only for you Order Now He would wash his clothes in the sink at the local laundry mat, and often had to steal food from the local gas station just to survive. When his only caregiver whose couch Michael slept on every night took his own son to a private Christian school to try and get him scholarship to play basketball, the coach of the basketball and football team saw Michael playing and offered to try to get him a scholarship as well. Much to the dismay of the board Coach Cotton was able to convince them to accept Mike on scholarship. In his first few weeks of attendance at Wingate Christian School Mike walked and took the bus too and from school, until Thanksgiving night a family driving home from a school play saw Mike walking home in the rain with no coat. This would be a major turning point for Michael’s feelings of never being wanted or loved. The Tuohys an upper class white family saw Michael walking and Leigh Ann demanded that her husband Sean pull the car over so she could go and talk to him. Over the next several weeks the Tuohy family offered Mike a place to sleep, new and clean clothes, and a family that cared for him the way a family should. The Tuohys had 2 other children S. J an adolescent boy with a love of football and Lily also know as Collins. When friends of the Tuohys found out that Michael was living with them they were so closed-minded that they said they were worried about Collins well being and safety. Leigh Anne then wanted Michael to become a permanent member of their family and obtained legal guardianship of Michael. It wasn’t until then that she learned of Michael’s poor grades and family situation. As they got to know Michael more and more they saw his potential and helped him make the football team, S. J was a key role, teaching Michael the ins and outs of everything football. In his senior year Michaels greatness attracted the likeness of several different college football teams who wanted to offer Michael full football scholarships. They then realized that Michael had to get his GPA up in order to be able to attend college. The Tuohys then hired a private tutor Miss. Sue who shared a love for Ole Miss football just as big as their own. Miss. Sue helped Michael realize that he had potential for being great. During the courting between football teams, Michael had decided that he wanted to play for Ole Miss just as his adopted father had. Michael would graduate and then become involved with the NCAA investigation, where the NCAA would question his reasoning to attend Ole Miss because of donations that were given by the Tuohys over the years. In the end Michael and Miss Sue would both be attending Ole Miss, Miss. Sue as his own personal tutor. Michael Oher would then go on to be drafted by the Baltimore Ravens in the first round of the draft. The film The Blind Side was both based on a true story, and also a book that was written by Michael Lewis in 2006. The movie was released in 2009 and quickly became a hit and an inspiration to foster children around the country. According to Michael Oher, the movie was not completely as it happened, for example S. J didn’t have to teach him the ins and outs of football, he knew everything about football before he came to live with the Tuohys. But for the most part the movie was accurate over all. In one scene Leigh Anne was having lunch with her friends at a high-end restaurant, her friends questioned her reasoning for taking Michael in with racial undertones, and inappropriate comments. I have personally been to the Deep South and the Midwest seems to fit this role better, snooty over privileged white women with a chip on their shoulder. I feel as if this scene would have been more historically accurate 20 years ago, but there are racially insensitive people all over, some just hide their insensitiveness better than others. Another scene was where in Michael’s first football game, the referees only threw flags on plays that he made, when there was no reason for a flag to be thrown. This I feel is very accurate historically, football and the South are hand in hand, and anything out of the ordinary or anything that threatens a team will not go overlooked by anyone. The referees most likely felt that Michael had an advantage over the other players just because he was African American, not knowing that a few weeks prior Michael couldn’t even tackle another player, and still had to think that the person he was to tackle was a threat to his family. After reading different reviews from this film, I’ve chosen two different reviews one from the Washington Post and the other from Variety. Each review gives the movie at least 3 out of 4 stars but for different reasons. Firstly the WashingtonPost. om, they gave the movie 3 out of 4 starts, but open the review with a very negative view of the advertisements for the movie â€Å"There’s been something off-putting about the ad campaign for â€Å"The Blind Side,† a drama about a white woman who adopts an African American high school student, from trailers trafficking in nearly every troubling African American stereotype in movies (from the Magical Negro to the surly low-level bure aucrat), to posters featuring the patronizing image of Sandra Bullock gently leading her looming, gentle giant of a son down a football field. The Washington Post feels that The Blind Side does a good job of depicting Oher’s good fortunes and the Tuohys ability to cross-racial boundaries in the Deep South. The next review from Variety. com only saw the good aspects of the movie and gave it 4 out of 4 stars. â€Å"It’s difficult to imagine anything that could long impede or contain the force of nature that is Leigh Anne Tuohy, the feisty Memphis belle played by Bullock with equal measures of acerbic sass, steel-willed brass and unabashed sentiment. Bullock is thoroughly convincing in the role — right down to her credible accent and the blonding of her normally brown tresses — and she’s not afraid to occasionally keep auds guessing as to whether Leigh Ann’s actions are driven by a heart of gold or a whim of iron. † Variety sees Leigh Anne as a loving foster/adoptive mother, who despite her social status and her seemingly tough exterior finds it in her heart to take Michael in and accept him as one of her own. The only negative comment they have about this film is that it seems as if nothing could ever go wrong until the final part of the movie, I suppose they saw this as being slightly overly optimistic in a world filled with pessimists. This film is a perfect choice as it relates so much to this class, not only does it cover racism but also it shows that those boundaries can be thrown out completely. A white upper class family who takes in an African American boy seems like something that would be straight out of a book; to cross such a deep seeded line took courage and determination on the part of the Tuohy family. They were proud of what they did and who Michael was/is as a person and didn’t choose to see him as a color but as a teenage boy who needed help, their help. If ever there was a story of over coming ones background this is it. This movie is a great way to show children that people are people no matter the color of their skin, and that everyone should have a family who cares for them no matter what. This would actually be a great section to have in the textbook about transcending racial barriers, and over coming stereotypes, and it’s a true story to top it off. Both my wife and I watched this movie and on several occasions we both welled up, it’s one of those movies that just make you feel good, and make you want to do good. There were several scenes that made this movie great and choosing just a couple of them has taken careful deliberation on my part. The first scene that really hit me the hardest was when Big Mike was walking down a dark raining street and the Tuohys were driving home from the play on Thanksgiving, they saw him without a coat walking in the cold. Leigh Anne told her husband to stop the car and she got out to ask him where he was going and if he had a place to stay, after figuring out that he was homeless she told him to get in the car and that he was coming with them. I know there are some many kids out there whose parents simply don’t care about them and they have to raise themselves, but seeing it and knowing it are two different things. I can honestly say that if I was in this situation I would have done the same thing and I know that my wife would make sure I did. The next scene is at the end of the movie when they brought Michael to Ole Miss to start his first semester of college, Leigh Anne was too strong to ask Michael for a hug, and she didn’t want him to see her cry so she gave him a nod and a slight side hug and told everyone to say their goodbyes and she walked back to their car, Michael then looked at Sean and asked him what was the matter, he replied â€Å"She’s like an onion you have to peal back her layers slowly†. Hearing this Michael then walked over to the car and said to her â€Å"Momma, I need a proper hug. †. This is the one scene that got me to well up, I know how it feels to want to show a softer side but not have the courage to show it. I face this on a daily basis with my two sons, so to see someone being so exposed and vulnerable was a perfect way to end this movie. I really do think that this movie is a perfect learning tool for children to show them that color is just something your eyes see, it has nothing to do with what’s on the inside. How to cite Film Study of the Blind Side, Papers

Financial accounting in banking industries - Myassignmenthelp.Com

Question: Discuss about the Financial accounting in banking industries. Answer: Introduction The modern world has various organizations that are operating successfully and are undertaking transactions and communications with other firms in order to sustain their operational activities. With the advent of globalization, companies from various parts of the world have been interacting with each other and have been undertaking transactions in order to make the business more appropriate and thereby expanding their business. In order to make the world a worldwide market International Accounting Standard Board (IASB) has constructed various accounting standards in order to establish uniformity in the aspect of accounts globally (Chen, Ding and Xu 2014). Accounting is one of the key components with the help of which individuals and organizations are able to maintain a record of their financial transactions thereby establishing their business successfully. The process of convergence refers to the coming together or the explanation of the direct relationship between two trends which can be price or any other indicator. In the current time period with the development of various standards in the global accounting system, there has been a need for undertaking convergence of several accounting standards in order to make it easier for the international traders and marketers to perform in the global economy. With the advent of globalisation, there has been a rise in the level of international trading and in order maintain a healthy accounting and transactional activities, it is essential to maintain an accounting system that would be helpful for both the parties who are undertaking the business. The need is more extensive in case for the manufacturing industries has they are the one who undertake several kinds of import and export activities and thereby interact with other organizations from other countries. The greater focus on convergence i s an outcome of the waves of globalization that has been riding along throughout the globe. Most of the organizations are transforming to multinational firms and therefore have their functions and operations in several parts of the world with a rise in the subsidiaries franchises and joint ventures. The capital market that is existent in various continents has become interweaved. The stakeholders and the investors now have additional access in the financial market and international organizations than previously (Wang 2014). It is essential to maintain the development in the effectiveness of the markets in order to keep them healthy. Conversely, the major concern has been the existence of different regulatory standards in many countries for the purpose of financial reporting. Therefore, the interpreting the financial statements from one kind to the other is troublesome as it is time consuming and costly. The investors look to be aware of the variations when assessing the internationa l firms and this misrepresents the consistency and comparability. The financial statements become unusable to the investors when they are not comparable completely. Therefore, it creates the chance that international investors restrict themselves from undertaking investments in foreign organizations as they are unable to understand the financial statements of the firm (Oulasvirta 2014). These circumstances can be observed mainly in the manufacturing industries where there have been several kinds of business and financial interactions and thereby it makes it difficult for the organizations to maintain an accounting statement that will be acceptable in any country. It is due to this factor that convergence of the accounting standards is crucial in order to make the investors satisfied and thereby improve the operational activities of the industries. This proposal therefore looks to assess the convergence of accounting standard and how it can improve the operational activities of manuf acturing industries as they are the main concern in this research proposal. Background of the Study The proposal concentrates on the convergence of the accounting standards that are existent in the global economy and how it has an impact on the manufacturing industries. The process of convergence and harmonisation explains the application of various approaches for the purpose of accounting for the purpose of integration among the accounting methods. Harmonisation addresses the similar accounting policies incorporated by the organizations all over the globe (Tschopp and Nastanski 2014). The rate of adoption of any sort of policies in the process of accounting increases, the convergence of the accounting policies rises. The examination of the origin of the differences among the accounting standards in various countries is essential prior to the explanation of convergence. Political factors are the key reason for the differences in the accounting standards in various countries. For instance, Germany and France always had significant influence on the regulations of accounting. The government of the country was hugely concerned about safeguarding the creditors and hence accounting standards that have been constructed is based on the historic cost and that looked to minimise the assets and profits (Bushman 2014). In countries like USA and United Kingdom, the independent accounting boards are accountable for the regulations with the focus on the protection of the investors. Conversely, there has been numerous studies that have addressed that cultural factors have influenced the differences among the national standards of accounting (Apergis, Christou and Miller 2014). The studies have explained that differences in the accounting standard is unavoidable as they are existent in different environment and answer to different directives and is an outcome of the various standard constructing processes and structures. The method of convergence is a significant challenge and the success of convergence is dependent on the relentless compromise among the key accounting standard boards. The first step towards convergence was undertaken by the European Union. In the year 2001, the European Commission declared a regulation that the companies that are listed within the European Union had to incorporate the international standards for the consolidated financial statements (Carraher 2014). This was an answer to the capital market of the European Union losing their competitiveness as many organizations thought if undertaking investments in the capital market of USA as the capital market of the country is integrated and larger. There are various countries globally who have incorporated the use of the international standards. The main aim of convergence has not been to accomplish similar statements but look to attain compatible statements where there are no deviations on how to account for similar transaction s. In spite of the various issues that have been faced by the convergence project, there have been key achievements that have been attained. One of the key achievements for convergence was the developments made in association to the accounting of goodwill (De Simone 2016). IASB even changed their IAS 22 with IAS 36 that restricted the goodwill amortization. This transformation aligned the international standard towards goodwill more relatively with the SFAS 141 of FASB with respect to which the goodwill is examined frequently for impairment and losses in impairment is identified in the same manner. The other instance that was observable has been that the conceptual framework that is available in USA and IFRS are quite similar and therefore has been converging with the existing efforts by the FASB and the IFRS. In US GAAP, the conceptual framework is just a guide for the standard setters in disseminating the standards of accounting. In IFRS, the conceptual model is not utilised as a guid e for creating the standards but even provides a foundation for the practitioners to undertake judgments related to accounting in circumstances when the other IFRS standards are not applicable. The difference that has been existent is that IASB looks make use of the one step process to an impairment examination in comparison to the two-step process of FASB (Young and Zeng 2015). There are key approaches in enhancing the level of consistency of IAS and US GAAP. Additionally further work needs to be undertaken for the special purpose entities and the joint ventures. A significant issue with respect to the special purpose entities that requires to be explained is the definition of when an organization has authority and control over another. The main reason for selecting this research topic is due to the fact that with the advent of liberalisation and globalisation, there have been several companies that have been operating internationally and have been facing difficulties in undergoing business. The difference in the accounting standards due to various related factors in a country has forced to the process of accounting standards. This is a key topic of concern and therefore an assessment on this topic would be helpful in creating knowledge and answer that would be helpful in determining the significance of the convergence of the accounting standards and their impact on the manufacturing industries. The other factor for selecting this topic has been because of the fact that this is an accounting topic and therefore research on this topic would be helpful in gaining additional knowledge on accounts and accounting standards. The research that would be undertaken would be a primary research and therefore the data that woul d be used in order to discover whether convergence of accounting standards is good for an economy would be known with the help of the responses that would be received from the selected respondents. The primary research and use of primary data can be helpful in attaining the new and fresh ideas and feelings and thereby would be able to gain an insight on the current scenario and what the respondents feel about convergence of accounting standards. Secondary research is not applied in this topic because of the fact that accounting standards change along with time and there have been incorporation of several accounting standards and therefore reactions on these standards and whether convergence of these standards would be helpful for the accounting perspective would be known with the help of the primary research and not secondary research. Rationale of the Research The topic that has been taken into consideration is one of the key concerns for the International Accounting Standards Board (IASB). There have been various researches that have been undertaken earlier in accordance to which there has been an observation that convergence of the accounting standards is required in order to globalise the accounting standard and thereby improving the financial statements and the functional activities of the organizations globally (Phang and Mahzan 2017). There are various other aspects with respect to which the accounting standards need to be assessed and thereby convergence of the accounting standards can be useful with the help of which the organization can improve their current financial scenario. Furthermore research is required as changes have been taking place in the economy and accordingly changes have been taking place in the accounting standards implied in various countries which makes the investors and the multinational companies confused. The assessment of the process of convergence is essential in order to understand whether it can have an impact on the companies that are functioning in the world. Research Aims and Objectives The research aims and objectives look to assess the aspects that are associated with the accounting standards and thereby understand the requirement of convergence. The objectives explain the elements on which assessment has to be taken with the help of which impact of accounting standard convergence can be attained. The research aims and objectives are as follows: Undertake a comparison of the various accounting standards with the IASB To examine the challenges and the risks associated with the incorporation of the accounting standards that provides knowledge about the language of financial reporting To undertake a comparison of the profitability of the organizations converging their accounts with the accounting standards To provide recommendations towards the successful incorporation of the convergence of the accounting standards. Structure of the Proposal The research proposal that is being constructed tries to explain the impact on accounting standard convergence on the operational activities of the organizations. The introduction section explains what accounting standard is and how it has an impact on the financial statements and reporting of the organizations. The background that is associated with the convergence of the accounting standard is even addressed in order to have an idea about the various accounting standards that are existent globally and what actions has been taken in order to converge the accounting standards globally. The research aims and objectives explain the course the researcher will undertake in order to complete the paper in an authentic and precise manner. Literature Review Introduction This section of the paper looks to assess the journals and the researches that have been undertaken by other researchers on the same and on similar topics previously. The review of literature evaluates the suggestions given by researches and makes a comparison with the help of which an idea can be attained and accordingly this research proposal can move forward. Nature of Convergence The accounting standard convergence explains the exertions to minimise the key differences among the International Financial Accounting Standard and the national standards of accounting for the manufacture of effective financial statements. The process of convergence of accounting explains both the path and the goal that has to be taken in order to attain it. The belief of FASB has been that the ultimate aim of convergence is an individual set of improved quality, accounting standards that are international in nature that organizations globally would exploit for the cross border and the domestic financial reports (Ball, Li. and Shivakumar 2015). The course towards that goal is the combined efforts of the IASB and FASB to enhance the IFRS and US GAAP and mitigate the differences that is existent among them. The global convergence of the standards of accounting has gained much consideration in the professional and academic literature of accounting. There have been debates that the differences in the organizational environment and culture among the developing and developed nations are so huge that one set of standards can be helpful to both sorts of nations (Beatty and Liao 2014). The others have cited that if the international standards are elastic enough to permit for the variations in the business practices and culture among the countries then a single set of accounting guidelines may be helpful for the developing and developed countries. Benefits of convergence of accounting standards The advantages of the accounting standard convergence would mean decreased cost of transactions of the constructors of the financial reports as they would be able to conform to an individual set of accounting standards in the replacement of the multiple sets. Furthermore, the following key advantages are projected to ascend as an outcome of the accounting standard convergence: The common network externalities that flow from the extensive utilisation of the general standards Enhanced comparability among the various financial statement entities Network Externalities The network externalities addresses the situation when the benefit of every individual profits from making use of a specific standard set rises with respect to the number each entity who even use the similar set of standards. Accordingly, if the multiple users stick to the similar accounting rule, the average benefits to all the users will rise with respect to the sum of the private benefit of the individuals (Chen, Ng and Tsang 2014). This direct externalities take place because of the extensive use of a single set of standards saves the users of the financial data, energy and time of having to gain knowledge about applying it and translate the multiple standard sets. If there was a non-existence of the externalities, every firm would follow their own need and rules for the standards would be dismissed. It is generally agreed that the network externalities are applicable to the accounting standards. Therefore, the existence of the uniform domestic accounting standards would look to be an evidence of the fact. Comparability The next key benefit which is offered regularly as the most driving justification for the accounting standard convergence is that it will improve the comparability among the entities. This advantage is fundamentally a network externality (Semenova and Hassel 2015). It is explained that the capability of the investors to assess the entities with the help of comparison is impaired when the entities subscribe to the numerous accounting standards. Hence, the common standards would help the managers and the investors when undertaking decisions in the capital markets. This signifies that a financial statement of a firm is appreciated not as an information source about that specific organization, but even as a reference point against which the other firms in the similar industry may be assessed. According to Moran and Wood (2014), there are various potential advantages to be attained from the accounting convergence standards. Convergence reduces the costs of undertaking the business along the borders by minimising the requirement for the supplementary data. They make the data furthermore comparable and therefore improving the analysis and assessment by the users of the financial reports and decreasing the user expenses (Biddle et al. 2016). The internationally converged standards also assist in maintaining the financial reporting credibility to the entities and raise the effectiveness of auditing the data. Camfferman and Zeff (2015) debates that a financial reporting mechanism of the international standard is a requirement for enticing foreign as well as prospective and current investors at home similar that could be attained through the accounting standard convergence. Costs of convergence of accounting standards An assessment that is qualitative in nature of the anticipated costs of convergence among the domestic standards and convergence must be undertaken prior to convergence. However, currently no such comprehensive cost projections are available which is likely to have an impact on the fact that such information is challenging to obtain. Convergence would create both one-off provisional cost and the on-going expenses of maintaining a setting of a standard for the worldwide principles of accounting (Jamal and Sunder 2014). In the short run, positive convergence would associate protracted debates among the local standards and IFRS along with the numerous national standard regulators and constructors, professionals who are interested and government officials who have vested interest in taking participation in the process of convergence. This would need the expense of a large amount of money and time. The direct cost of compliance may even arise as an outcome of the requirement of the audito rs, users and regulators to interpret and apply the global standards that are converged (Lattemann 2014). The national standards of accounting constructers would experience additional direct expenses as an outcome of the decreased demand for their services and publications. Convergence would even levy a cost over the issuers by grudging them of the capability to select to function in the authorities where the rules of accounting appropriately reflect the characteristic of the business (Guthrie, Evans and Burritt 2014). A huge body of empirical proof assists the theory that the organizations look to follow the portfolio of the accounting principles that enhance their contractual scenarios, specifically in association to the remuneration of the management and debt and that the companies could thereby maintain their substantial expenses if compelled to stick to the new rules of accounting. Additionally, convergence would have an impact of substituting the two distinct standards setting of the monopoly provided by the international standard creators that would be a product of the political compromise rather than the most suitable outcome of accounting (Vogel 2014). The construction of the accounting standards is a concern of political interest as a new standard will beneficially transfer the wealth from one sector of the community to the other. This transfer of wealth impact generates financial incentives for the private groups to set aside the standard setters or the government that actually manages and controls the standards in order to have an influence on the process of standard setting. In accordance to the convergence of the accounting standards, it is unavoidable that the most economically and politically influential countries would look to capture or dominate the process of standard setting to make sure that the standards are constructed in accordance to their national interests than the general interests of the worldwide capital markets (Steinbach and Tang 2014). Therefore, precise and authentic internationalization of the standards may not be viable in practicality and additional expenses may come up as an outcome of the probable capture of the international standard setter. In a similar way, Dandago and Rufai (2014) cited that accounting standards convergence have some in born issues. This is due to the rival perspective of various countries along with the general tendency to repel transformations. Empirical Studies Various numbers of researches and studies have revealed the empirical evidence that which looks to assist the convergence of the accounting standards. Crawford, Lont and Scott (2014) has compared the features of the accounting values for organizations that have incorporated IFRS with a sample that is matched for the firms that did not implement and discover that the previous evidence less the earnings management, more precisely loss of identification and increased value that is relevant in the accounting values than the latter. Grenier, Pomeroy and Stern (2015) have disclosed that the financial statement disclosure quality was improved materially by the implication of IFRS. The disclosure quality, significant aspects of transparency is assessed by the experimental users of the financial statements in numerous business articles and journals in various nations. The outcomes have indicated that the quality of the disclosure as looked upon by the professionals in their annual report rati ngs have risen significantly. Steiner-Khamsi (2016) have put forth a similar answer that enhanced disclosure of the value precise accounting data will minimise the cost of information additionally for the foreign investors and hence would decrease their data disadvantages. Kaya and Koch (2015) have explained that in China the accounting standard convergence has been an outlet to the accounting convergence practices. Brief history of convergence and accounting standards The convergence of the accounting standards is not an innovative idea. The convergence concept initially developed during the late 1950s for an answer to the post World War II economic incorporation and associated rises in the cross-border flow of capital. The initial exertions concentrated on the harmonization that would lower the differences between the principles of accounting that is utilised in key capital markets around the globe. By the year 1990, the perception of harmonization was substituted by the idea of convergence and the development of a single set of increased quality, international standards of accounting that would be exploited in most of the key capital markets (Fang, Maffett and Zhang 2015). The International Accounting Standards Committee established in the year 1973 was the primary international standard setting organization. It was restructured in the year 2001 and then became an independent setter of international standards known as the International Accounting Standards Board (IASB). From then, the utilisation of the international standards has developed progressively. During the year 2009, the European Union and other nations either need or permit the usage of the international financial reporting standards (IFRS) that has been disclosed by the IASB or any domestic variant of them (Bodie, Kane and Marcus 2014). The IASB and FASB have been operating together from the year 2002 to converge and improve the IFRS and the US Generally Accepted Accounting Principles (GAAP). From the year 2009, China and Japan have been working in order to converge their standards with the IFRS. Conversely, there is a chronology of certain events in the development of the international con vergence of the accounting standards. There has been a development of the convergence of the accounting standards from the year 1960 when answers for the international accounting standards was initiated in order to control the international financial reporting. This shows that the progress report on the International Accounting Standards Boards (IASB) and the Financial Accounting Standards Board (FASB) work to converge the standards of accounting internationally for various countries to apply in the construction of the quality and the authentic financial statements (Dudin et al. 2015). Accounting Standard Crawford et al. (2014) has explained that accounting standards ate the policies that have been issued by the identified skilled accounting bodies in association to the numerous elements of treatments, measurements and the revelations of the accounting events and transactions in association to the systematisation of the Generally Accepted Accounting Principles. Conversely, various countries with different standards of accounting makes the evaluation very complex and this means that the extra costs of financial reporting but even causes the issues to the multinational organizations in the way in which they make transactions. According to Dye, Glover and Sunder (2014), it is pretty possible that a transaction to give out profit under a single accounting standard, whereas it may need an adjournment under the other standard. The incorporation of various standards of accounting causes problems in undertaking relative assessment of the organizational performance. Hence, these issues of acco unting standard divergence have given the platform for the professionals and academics to argue on the requirement of accounting standard convergence. As cited by Habib (2015), convergence should lead to a more effective allocation of the capital and enhanced cross-border investment and with the help of which they would be able to promote the expansion and development in the business and employment in Europe. It is vital to make a note that much discussed accounting standard convergence from the developed nations to the developing nations requires effective assessments and diagnosis for the complete incorporation of the IFRS. Conversely, Cai, Rahman and Courtenay (2014) explained that if the international accounting standards are elastic enough to permit for the variations in the business approach and cultures among the countries, then single set of the regulations of accounting can be helpful for the developing and developed nations. Hence, convergence if the accounting standards e ncourage credibility and comparability of the financial reports mitigates the expenses of undertaking business across nations by mitigating the requirement for supplementary data. The promoters of accounting standard convergence require having an understanding that the negotiation in the compromise of the standards generally lead to an approach that is known as the lowest common denominator (Preiato, Brown and Tarca 2015). The idea is often that any contract is better than having no contract. This generally may lead to the development of the suboptimal standards. The International Financial Reporting Standard Board has been facing these problems and issues in trying to converge the accounting standards. Research Methodology Introduction The research methodology has the idea of highlighting the mechanism that would be utilised for the purpose of collecting the data a precise way and accordingly concludes the proposal in accordance to the aims and objectives of the proposal. The method of collecting the data has a crucial function as it assists the researcher to obtain the information that is essential for this proposal and thereafter mitigating any opportunities of the usage of the false data that is available in the economy. This section of the proposal would comprise of the understanding the research objectives, research philosophy, design approach, data gathering approach, strategy, sample, ethical issues and the limitations to the research, which the researcher can make use of in order to have an understanding of the effectiveness of convergence of accounting standards for the industries. Justification for the choice of methodology used There are two sorts of methodologies that are available in the economy and it depends on the mind-set of the researcher to select the type of research that is suitable for this topic. The two kinds of research methodology that the researchers can make use of are qualitative research method and quantitative research method. It is known that this paper, is associated with understanding whether convergence of accounting standards is good for the manufacturing industries and therefore, the researcher has utilised the quantitative research method as the data that would be received from the responses of the selected participants would be converted into numerical data and thereafter assessment of the same would be undertaken. This kind of process is undertaken with the help of quantitative research method and therefore quantitative research method would be implied. Research Objective The research objective as explained in the first chapter of the proposal tries to highlight the aspects on which this topic would move ahead and accordingly the issues that have been highlighted can be assessed. The objectives are as follows: Undertake a comparison of the various accounting standards with the IASB To examine the challenges and the risks associated with the incorporation of the accounting standards that provides knowledge about the language of financial reporting To undertake a comparison of the profitability of the organizations converging their accounts with the accounting standards To provide recommendations towards the successful incorporation of the convergence of the accounting standards. Research Philosophy The philosophy of the research is associated with the basis, kind and progress of the data with the assistance of gathering. The explanation of the research perspective is inclusive of the being aware and construction of the beliefs and the projections in accordance to the research topic. The pragmatic philosophy grants the concepts that are relevant and there only accepts the supportive actions. According to this philosophy, the research questions are the most key aspects of the research philosophy. It is able to syndicate the interpretivism and positivism scenario with one research paper according to the characteristics of the research questions (Chatterji et al. 2016). The philosophy of positivism ensures that the gathering of the data factual data with the help of observation. The philosophy of interpretivism aids in the collection of the communally constructed data, which is even associated to reality. The philosophy of realism is dependent on the ideas of independence of the re ality in the mind of the individuals. The subjective and the social characteristic of Interpretivism can create biasness of the gathered data. Conversely, positivism philosophy aids in the collection of the real data, which can improve the quality of the research end result. Hence, positivism philosophy will be chosen for the undertaking of this research. Research Approach The approach of the research is the most effective process for collecting extensive knowledge in accordance to the research topic. The variety of the effective exploration process is reliant extremely on the topic of exploration along with the research variables. The two kinds of research approaches are generally used in guiding the research. The two kinds of approaches involve the deductive and the inductive process. The inductive method specifically leads to the inductive implication, where the known boundaries are exploited for creating unexamined completion of the research proposal. The inductive method needs the generation of innovative models and theories for the evaluation and gathering of the data associated to the topic of the proposal (Tschopp and Huefner 2015). The deductive method aids in generating implications that are deductive in nature. In this process, the completion of the research is authentic when the boundaries of the research are precise. This process permits t he use of the past frameworks and theories for collecting authentic data that is in accordance to the examination theme. It aids in incorporating several models and theories which are generally associated to the research variables. The inductive process necessitates the creation of innovative frameworks and theories for gathering precise information around the investigation theme. Subsequently, the inductive process needs extensive amount of money for the generation of the models and the theories. Therefore, this process raises the time period and the budget of the research paper. Deductive approach on the other hand aids in the usage of the past models and philosophies for gathering significant data about the research topic. In this manner the deductive approach would be undertaken for this research as this process saves budget and time of the research paper. Research Design The research design explains the methods and the procedures for the collection and the assessment of the action variables which are highlighted under the research issues and objectives. It even gives a model for gaining precise solution to the research questions. The success for the conclusion of the research study is increasingly vital on the effective understanding of the topic. The accurate understanding of the research topic is reliant on collecting the knowledge about the research variables (Grabinskia, Kedziora and Krasodomska 2014). There are significantly three kinds of research design and they are inclusive of the exploratory research design, explanatory research design and descriptive research design. In accordance to this research proposal the design that is suitable is the descriptive research design as in this processes both quantitative research design can be utilised. This design will be useful for gathering both the explained subjective data and precise objective data about the research topic. Research Strategy The research strategy highlights the guideline to the ideas and the thoughts which aids in the undertaking of the research study in a systematic manner. It even explains the strategies towards the collection of the precise research data about the research topic. The most significant kind of research strategies are inclusive of the focus group, case study, interview and survey etc. In this research, the researcher would select the survey strategy for the gathering of the most precise data that is concerned with the issue of the research (Brandt, Ma and Rawski 2014). The survey strategy aids in the collection of the most dependable and precise objective information about the research topic. Data Collection Method The process of data collection is the most extensive activity for the collection of the facts in accordance to the research study. The gathering of the precise data is dependent highly on suitable selection of the data gathering process. The secondary and the primary data is extremely vital for the gathering of the effective research data. The primary data involves the collection of the data from active individuals who acts as participants for the researcher in order to gather authentic data from them. Secondary data on the other hand, involves collection of the data from the journal articles, electronic journals, books, internet etc with the help of which the researcher can collect data that would be true and authentic. Primary data is new and first hand data, which can mitigate the probability of biasness in the research process. Hence, this process of data gathering can give out the most precise data that is in consideration of the research topic, which can improve the quality of the research results. Hence, primary data process gathering will be selected carefully for the collection of the precise data about the research proposal. Population The population of the research explains the well explained individual gathering which have similar features. 80 employees from the organizations that are operating in Ireland would be selected with the help of which the issue regarding the effectiveness of the convergence of the accounting standard for the industries can be understood. The process of questionnaire survey would be undertaken in order to gather the responses from these selected employees. The questionnaire that would be constructed would comprise of close ended questions with the help of which the respondents would be able to answer all the questions independently and can even answer without any hesitation. A quantitative data analysis process would be undertaken with the help of which the researcher would be able to gain the valid and precise result in accordance to this topic. The sample that would be constructed would be subset of the population size. Furthermore, the sample will be the illustrative of the populatio n in order to provide precise information in accordance to the research topic. Sample Out of the 80 employees, 50 employees from the organizations operating in Ireland will be chosen as the participants for the quantitative data gathering. The process of simple random sampling will be exploited for undertaking the research study. In this process of the research, the participants will be attained at a suitable place for gathering precise research data. This process will even develop the level of participation of the respondents and improving their willingness for answering to the survey questions and giving out the most precise data about the topic of the research. Data Analysis Method The process of data analysis explains the process that would be used by the researcher in order to assess the data that would be gathered from the respondents. The efficient examination method of the data eases the transformations of the overall data about the topic of the research. In accordance to this paper, SPSS software would be used in order to assess the collected data and discover the frequencies, descriptive statistics, regression and correlation. Ethical Consideration The ethics of the research proposal tries to answer the data that will be collected for the completion of the proposal with the assistance of the codes of ethics that are accessible in the environment so that the information that has been exploited can be authentic and fair (Bamber and McMeeking 2016). This mitigates the likelihood of the present of any fraudulent data in the proposal and hence authentic outcome can be attained. Limitations of the Research There are various restrictions that are observable in any research. In accordance to this paper, the time limitation has played a key role as the data had to be gathered within a stipulated time period all the process had to be completed within the same. The availability of additional time would have helped in making the paper much more extensive and effective by looking for more information and making the paper vaster. The other issue has been the expenses that have been associated with the paper as the cost associated with the undertaking of the research has restricted the researcher from making use of more innovative and costly mechanisms. Gantt chart Summary of the Methodology The summary of the methodology explains the kind of methodology that would be used by the researcher and the approaches, philosophy, design and strategy that would be undertaken by the researcher in order to gather data and evaluate the same in an effective manner. The methodology initially explains the objectives of the research with the help of which an idea is given to the respondents with respect to the kind of data that is needed to be gathered. The researcher has chosen positivism philosophy with the help of which the effective level of data can be gathered with the help of which the analysis of data can be initiated. Deductive approach has been selected by the respondent as the research would be based on the existing frameworks and models and the researcher would make use of the same in order to create the questionnaire and gather the data. The researcher has selected descriptive research design as quantitative data analysis would be undertaken with the data that would be rece ived from the respondents. The collection of the data with the help of the survey questionnaire and selection of the sample for the purpose of forwarding the questionnaire is done by the researcher by taking assistance of various analytical tools. 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