Definition and Discussion of Writing Portfolios

In composition studies, a writing portfolio is a collection of student writing (in print or electronic form) thats intended to demonstrate the writers development over the course of one or more academic terms. Since the 1980s, writing portfolios have become an increasingly popular form of student assessment in composition courses taught in colleges and universities, especially in the U.S. Examples and Observations According to The Brief Wadsworth Handbook: The purpose of a writing portfolio is to demonstrate a writers improvement and achievements. Portfolios allow writers to collect a body of writing in one place and to organize and present it in an effective, attractive format, giving the instructor a view of a students writing that focuses more on the complete body of work than on individual assignments. While compiling individual items (sometimes called artifacts) to include in their portfolios, students reflect on their work and measure their progress; as they do so, they may improve their ability to evaluate their own work. Process-Writing Portfolios The process-writing portfolio is an instructional tool that manifests the stages and efforts in the writing process. It also contains completed, unfinished, abandoned, or successful work. Process-writing portfolios typically contain brainstorming activities, clustering, diagramming, outlining, freewriting, drafting, redrafting in response to teacher/peer review, and so forth. Thus, a picture of the current state of an individuals composing process is revealed. The two essential pedagogical elements in the process-writing portfolio are student reflection and teacher inquiry, says Joanne Ingham, who conducts empirical studies at undergraduate institutions. Reflective Statements Most instructors who assign portfolios will also ask you to write statements in which you reflect on your writing process—what you think you did well, what still needs improvement, and what you have learned about writing. Some teachers ask students to write reflective statements or a letter to the teacher for each assignment. Others may ask for just an end-of-semester statement...., according to developmental writing instructor Susan Anker. Feedback According to author Susan M. Brookhart, PhD, With or without rubrics, portfolios are also an excellent vehicle for teachers to give verbal feedback to students. Teachers can provide written feedback on the portfolio itself, or, especially for younger students, they can provide oral feedback using the portfolio as the focus of brief student conferences. Portfolio Assessment Julie Neff-Lippman, director at the Center for Writing, Learning, and Teaching at the University of Puget Sound writes: Portfolios have been seen as valid because they measure what they say they will measure—students ability to write and revise in a rhetorical setting. However, critics question the reliability of portfolio assessment. Pointing to the number of times a paper can be revised, some claim it is often impossible to determine how competent the student writer is or how much help a student has received during the revision process (Wolcott, 1998, p. 52). Others claim there are too many variables with portfolio assessment and that portfolios do not hold up well enough to statistical measures for them to be considered a reliable assessment instrument (Wolcott, 1998, p. 1). To address the problems with reliability, some schools have added a timed essay test to the portfolio assessment. Still, others believe that the validity of portfolio assessment outweighs the reliabilit y problems associated with it and that portfolio assessment is the kind of evaluation most consistent with the values of compositionists.According to the book, Teaching Writing in the Content Areas, [O]ne clear benefit of portfolio assessment is that teachers do not have to mark every writing error, because they usually score portfolios using holistic methods. Students, in turn, benefit because they can identify the content and writing skills they have mastered and the areas they need to improve.It should be pointed out that portfolios do not necessarily bring greater accuracy to assessment, but they do promote a greater awareness of what good writing might be and how it might be best achieved. The advantages lay principally in that the validity, and value, of assessment is increased if it is situated in teaching and based on a clearer understanding of writing, says writer Ken Hyland.   Sources Anker, Susan. Real Essays With Readings: Writing Projects for College, Work, and Everyday Life. 3rd ed, Bedford/St. Martins, 2009. Brookhart, Susan M., Portfolio Assessment. 21st Century Education: A Reference Handbook. Edited by Thomas L. Good. Sage, 2008. Hyland, Ken. Second Language Writing. Cambridge University Press, 2003. Ingham, Joanne. Meeting the Challenges of an Undergraduate Engineering Curriculum. Practical Approaches to Using Learning Styles in Higher Education. Edited by Rita Dunn and Shirley A. Griggs. Greenwood, 2000. Kirszner, Laurie G. and Stephen R. Mandell. The Brief Wadsworth Handbook. 7th ed, Wadsworth, 2012. Neff-Lippman, Julie Assessing Writing. Concepts in Composition: Theory and Practice in the Teaching of Writing. Edited by Irene L. Clark. Lawrence Erlbaum, 2003. Urquhart, Vicki and Monette McIver. Teaching Writing in the Content Areas. ASCD, 2005. Wolcott, Willa and Sue M. Legg. An Overview of Writing Assessment: Theory, Research, and Practice. NCTE, 1998.

Essay on Modest Proposal - 728 Words

Modest Proposal Animals or Students? It brings great obstacles to those who walk down the halls of Silverado High School day in and day out to be by bombarded by thirty-six hundred plus students. This prompts trying to go to the bathroom between classes beyond implausible, for it’s intense enough to just make it to class on time as it is without trying to make a pit stop at the bathroom. Students have been reduced to plowing and shoving their way through people in order to possibly make it to class and be in their seat before the tardy bell rings. I think all parents and more important, students involved will agree that this gargantuan number of students trying to push through one another to make it to the restroom or simply to†¦show more content†¦This will give students forty-five minutes to get to class and to get to class in one piece. To get from one class to another, one will have to go through a series of locks and wait for the pasture to clear, thereby constituting the additional hours of sc hool. The new system will cut done on the calculated five hundred fights each day that occur trying to get to class. It has been proven that ninety-five percent of these fights occur from pushing, squeezing, or shoving through people, with the other five percent occurring from giving someone stopped in the middle of the hall a dirty look. Through studies conducted by the Society of Higher Education, it has been documented that a teacher can teach up to sixty students successfully. Teachers only need fifteen minutes of quality time to teach a new lesson, the rest of the fifty minutes will be used for calming down the students and answering questions. With this programs, the students will require at least an hour per class for homework outside of school to learn the material dictated in those fifteen minutes of teaching. To help teachers keep better track of their students, a micro chip will be place in the flesh of the back of their neck. This will illuminate the need to take roll, for as the student enters the class their number will be recorded in a new main stream computer system costing a hundred thousand dollars per computer with a total of ten computers. This list will then record theShow MoreRelatedModest Proposal1066 Words   |  5 PagesA Modest Proposal was a satirical essay written by Jonathan Swift de picting the horrific conditions of Ireland and the lives of the Irish people in 1729. Swift writes the satire disguised as a social planner of the time who as Swift satirizes were known to be overly rational rather than compassionate. The author portrays and attacks the cruel and unjust oppression of Ireland by its oppressor, the mighty English and ridicules the Irish people at the same time. However, Swifts opposition is indirectlyRead MoreA Modest Proposal1096 Words   |  5 PagesAssignment 1: Swift’s â€Å"A Modest Proposal† Dr. Anthony McCormack Strayer University World Culture II Gladys A. Reyes July 25, 2015 In the satire â€Å"A Modest Proposal’, Jonathan Swift expresses his feelings of frustration with regard to the aggravation and political issues in Ireland. He describes being frustrated with the indifference of Ireland politicians, the wealthy, the English tyranny, and the degradation and poor conditions in which many poor, Irish women and children have been forcedRead MoreA Modest Proposal Essay1095 Words   |  5 PagesJonathan Swift’s satire, â€Å"A Modest Proposal†, Swift writes about the starving people of Ireland in the early 1700’s. He makes a wild and absurd proposal to help remedy the problems of overpopulation and poverty. Swift wants to make a political statement by using the â€Å"children† as satire to grasp the attention of the audience - the English people, the Irish politicians and the rich – and make them aware of the political, moral, and social problems. In â€Å"A Modest Proposal†, Swift’s arguments are presentedRead MoreAnalysis on a Modest Proposal1421 Words   |  6 PagesEnglish Commentary – Digression â€Å" A modest proposal† by Jonathan Swift is a rhetoric piece that satirizes the dismal political, social and economic conditions in 18th century Ireland. As a solution, the preposterous proposal suggests that the Irish eat their own babies; as it is logically viable, and economically profitable: a condition adhering to the rational mentality of the age of reason. Swift develops his argument on two levels: A seemingly intellectual persona, caricaturized on a stereotypicalRead MoreAnalysis of A Modest Proposal873 Words   |  4 Pages Jonathan Swift, the writer of the satirical essay A Modest Proposal, grew up and lived in Ireland during times of famine and economic struggles (Conditions). Growing up with a single mother and no father, Swift knew what hard times and struggles were like (Jonathan Swift: Biography). His essay proposes an easy solution to the economic problems going on in Ireland for both the wealthy ruling classes and the poorer classes, although his intention s and the meaning behind his words are not what wouldRead MoreSatire In A Modest Proposal2026 Words   |  9 Pagesand no one else had anything to do with it. This was a common theme centuries ago, and it still a common theme today, though which particular characterizes makes someone privileged continues to change over time. In Jonathan Swift’s essay â€Å"A Modest Proposal,† Swift uses the elements of satire to ridicule Irish oppressors, specifically the Catholics and the rich. LITERARY ANALYSIS One of the most commonly used elements of satire is irony, which Swift uses freely to show the monetary and religiousRead MoreSummary Of A Modest Proposal 1304 Words   |  6 Pageseconomical problems such as poverty and overpopulation. Throughout Swifts writing we are able to recognize many things such as his purpose for writing â€Å"A Modest Proposal† and how it’s achieved, the form of emotional and logical appeal he uses to draw in his readers, along with his strongest and weakest elements in his text. Although Swift proposes his modest idea of selling children into the meat market, that is not his real solution, it is simply an idea that he proposes to get his point across that ifRead MoreJonathan Swifts A Modest Proposal949 Words   |  4 Pages â€Å"A Modest Proposal† by Jonathan Swift takes place in Dublin Ireland in the 18th century. The narrator is a very ironic character. His â€Å"modest† proposal is anything but modest. This short story takes place during a famine. Since there was a famine, Swift proposes the idea that people sell their one year old children to the rich so they would not be a burden to their family. One important way in which the author engages the audience’s attention and tries to help his readers see deeper politicalRead MoreA Modest Proposal By Jonathan Swift860 Words   |  4 PagesWhen I was informed to read â€Å"A Modest Proposal† by Jonathan Swift as an assignment for creating annotated bibliographies, I began to develop an interest on how Swift came about the matter of his request into rebuilding Ireland s economy and way of life. I believed that Swift added cannibalizing children to the subject matter to give his proposal a more profound and eye-opening effect, but my readings further piqued my interests on the topic. As a result, I researched Jonathan Swift’s motives andRead MoreSatire Modest Proposal Essay837 Words   |  4 Pagesupon deaf ears and change can be slow or non-existent. However some social commentators, such as Jonathan Swift in his pamphlet A Modest Proposal, use clever, targeted, and ironic criticism to bring the social state of Ireland to the attention of indolent aristocrats. He accomplishes such criticism through satire, specifically Juvenanlian satire. Swift’s A Modest Proposal stands as a perfect example of the type of satire that plays upon the audience’s emotion by creating anger concerning the indifference

Determining Training Effectiveness Free Essays

Abstract Measuring the effectiveness of training programs is a highly important aspect for organizations. However, not many organizations have properly mastered the technique of measuring training effectiveness. This research proposal outlines a plan to conduct research upon the importance of training effectiveness and the methods used in order to do so in organizations. We will write a custom essay sample on Determining Training Effectiveness or any similar topic only for you Order Now Making use of available literature, a case study related to the topic, and with the aid of content analysis, the study aims to find the most appropriate methods of determining training effectiveness. The research proposal contains information regarding authors such as Kirkpatrick, Erikson, and others who have contributed to the literature on the topic and provides information on the methodology, limitations, and timescale of the study. 1. Introduction Background to the Study: Human resource management is an essential component of managing an organization as employees are one of the organization’s most valuable assets. Hence, it is highly important for organizations to provide their employees with training and attempt to polish and enhance their employees’ skills. While there are several methods used to train employees, it is also highly essential to determine the level of effectiveness of the training (Rae, 1985). The main aim of this dissertation will be to explore the various ways in which organizations can determine their training effectiveness and determine which methods are most suitable for their organization. This is a highly important topic from a business perspective as this dissertation will provide organizations with information regarding how to determine and measure the effectiveness of their training programs and change the manner in which they provide training if needed. This topic is also highly relevant from an academic perspective as business students are often given ample information regarding training procedures, but there is not a vast amount of research concerning the determination of the effectiveness of training. Organization under Study: As rigorous training procedures and the need for determining training effectiveness usually exists within large organizations, the study will base its research upon the study of one or more organizations, according to where access can be gained. Problem Statement: While many organizations employ rigorous training procedures to enhance the skills of their employees, many organizations are not completely familiar with the processes involved in measuring training effectiveness and choosing appropriate training methods. Proposal Structure: The proposal will commence with a brief literature review summarizing the main authors providing research upon the mentioned topic and deriving the main and subsidiary research questions relevant to this study. The proposed methodology of the research will be summarized including methods of data collection and data analysis. The accessibility to information and the limitations of the study will be summarized subsequently and the proposal will end with a timescale for the completion of the dissertation. 2. Literature Review Literature Review: As mentioned by Kirkpatrick (Newstorm, 1995) , it is highly essential for organizations to be able to measure the effectiveness of a training program as without doing so may result in a huge loss of time, money, and effort. Hence, one of the main theories to measuring training effectiveness was devised by Kirkpatrick in the form of a four-level evaluation model. The four levels of evaluation mentioned include reaction, learning, behavior, and results. While Kirkpatrick is also a high authority on the subject, there are other authors who also provide vital information for this study including Kolb, Erikson, Bloom, and Rae. Leslie Rae has provided a vast amount of information regarding measuring the effectiveness of training in the workplace and has laid a high amount of emphasis upon procedures of self-assessment, follow-up tools, and evaluation techniques (Rae, 1985) Similarly, Bloom has also devised a theory known as Bloom’s Taxonomy of Learning Domains and discusses the various principles in training design and thus increasing the effectiveness of training (Reeves, 1990). However, while it is important to devise effective training programs and measure the effectiveness of these programs, it is also important to understand how to provide this training (Walsh, 2011). Thus, Erik Erikson’s PsychoSocial Lifestages Theory explains the various training and development needs for individuals at different stages in their life (Zwik, 2012) and in order for organizations to effectively design training programs, it is essential to consider the points made in this theory (Munley, 1977). Likewise, another important aspect of measuring training effectiveness is choosing the most appropriate evaluation method as emphasized in the Learning Styles Theory included in Kolb’s model (Sugarman, 1985). These main theories and others such as Maslow’s hierarchy of individual needs (Huitt, 2007) and Herzberg’s two factor theory (Gardener, 2011) will be included in the discussion concerning the measurement of training effectiveness in the dissertation and accordingly give rise to the following research questions. Research Questions What is the importance of evaluating training effectiveness and why is it needed in organizations What methods can be used to evaluate the effectiveness of training in organizations How can organizations choose evaluation methods relevant to the type of training they offer 3. Methodology Data Collection: The data collected for this study will be qualitative and quantitative in nature and this study will make use of both primary and secondary data for the purpose of research. Secondary data will be collected through the means of journals, online sources, books, company prospectuses, and other academic sources. This study will also use the aid of primary material in the form of questionnaires and interviews in order to gain fresh insight into the topic. As this study is an exploratory study requiring an in-depth analysis of the mentioned topic, the study will aim to incorporate and examine as much relevant literature as possible and also use the aid of primary research in order to compare the findings of the literature review with fresh data retrieved through questionnaires and interviews. The proposed methods are most appropriate because a substantial amount of literature is available on the topic and the use of questionnaires and interviews are most convenient for gathering primary data. Data Analysis: The data collected will be analyzed through the means of classic content analysis and through the evaluation and interpretations of the researcher regarding the data in question. The researcher will compare and contrast the data available and find relevance in the material available used for the purpose of research in order to derive conclusions regarding the data (Hsieh Shannon, 2005). The closed-ended data in the questionnaire will be analyzed through the means of statistical measures to numerate the most popular responses. Open-ended questions in the questionnaire will be analyzed through classic content analysis. Access: Access to data is available through online sources, libraries, and the researcher’s own collection of literature regarding the mentioned topic. Access to companies for the sake of primary research will be gained through permission and scheduling a time for the interview and dispersement of questionnaire. Research Limitations: The limitations of this research include that it may be difficult to gain access to company employees for the sake of primary research and honest responses in questionnaires cannot be guaranteed. Moreover, there are often problems in correctly evaluating qualitative data and arriving at valid and reliable conclusions (Hsieh Shannon, 2005). Timescale: Data Collection†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Organizing Data†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Data Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Writing First Draft†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Proofreading First Draft†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Finishing and Submitting Dissertation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ References Gardner, G. 2011. â€Å"Is there a Valid Test to Herzberg’s Two-Factor Theory?†. Journal of Occupational Psychology. Vol. 50:3 pp 197-204 Hsieh, HF. Shannon, SE. 2005. â€Å"Three Approaches to Qualitative ContentAnalysis†. Quality Health Records. Vol. 15:9 pp. 1277-1288 Huitt, W. 2007. â€Å"Maslow’s Hierarchy of Needs†. Educational Psychology Interactive. [online] Accessed on: 4th February, 2013 Available at: http://www.edpsycinteractive.org/topics/conation/maslow.html Munley, PH. 1977. â€Å"Erikson’s Theory of Psychosocial Development and Career Development†. Journal of Vocational Behavior. Vol. 10:3 pp.261-269 Newstorm, JW. 1995. â€Å"Evaluating Training Programs: The Four Levels by Donald L. Kirkpatrick (1994)† Human Resource Development Quarterly. Vol. 6:3 pp.317-320 Rae, L. 1985. How to Measure Training Effectiveness. Aldershot: England Reeves, MF. 1990. â€Å"An Application of Bloom’s Taxonomy to the Teaching of Business Ethics†. Journal of Business Ethics. Vol. 9:7 pp.609-616 Sugarman, L. 1985. â€Å"Kolb’s Model of Experiental Learning: Touchstone for Trainers, Students, Counsellors, and Clients.† Journal of Counselling and Development. Vol. 64:4 pp. 264-268 Walsh, BM. 2011. â€Å"Workplace Incivility: A Model of Training Effectiveness† Thesis: University of Connecticut Zwik, T. 2012. â€Å"Training effectiveness- differences between older and younger employees†. Working and ageing. Vol. 4 How to cite Determining Training Effectiveness, Essay examples

Credit risk management free essay sample

Indian economy today is in the process of becoming a world class economy. The Indian banking industry is making great advancement in terms of quality, quantity, expansion and diversification and is keeping up with the updated technology, ability; stability and thrust of a financial system, where the commercial banks play a very important role emphasize the need of a strong effective control system with extra concern for the risk involved in the business. In the fast growing world, banks are facing many types of risks among which credit risk stands at the top of the list. One bank was chosen to understand the practices followed by them in depth. Vijaya bank is one of the public sector banks and is supposed to be in line with RBI guidelines. This helped in understanding the credit risk management practices followed by the bank in a better way. GLOBAL SCENARIO The period 2007-2012 underwent financial crisis, also known as the Global Financial Crisis (GFC), or the â€Å"Great Recession†, is considered by many economists to be the worst financial crisis since the great depression of the 1930? This resulted in the collapse of large financial institutions, the bailout of banks by national Governments, and downturns in stock markets around the world. We will write a custom essay sample on Credit risk management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Even the housing market suffered, resulting in evictions, foreclosures and prolonged unemployment contributing to the failure of key businesses, declines in consumer wealth estimated in trillions of US dollars, and a significant decline in the economic activity, leading to a severe 2008-2012 global recessions. The bursting of the U. S.  housing bubble, which peaked in 2007, caused the values of securities tied to U. S. real estate pricing to plummet, damaging financial institutions globally. The financial crisis was triggered by a complex interplay of valuation and liquidity problems in the United States banking system in 2008. Securities in stock markets suffered large losses during the 2008 and early 2009. Economies worldwide slowed down during this period, as credit tightened and international trade declined. This financial crisis ended by around late 2008 and mid-2009. The current European sovereign debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to re-finance their Government debt without the assistance of third parties. From late 2009, fears of a sovereign debt crisis developed among investors as a result of the rising Government debt levels around the world together with a wave of downgrading of Government debt in some European states. Concerns intensified in early 2010 and thereafter, leading Europe? Fnance ministers on 9 May 2010 approved a rescue package worth â‚ ¬750 billion to ensure financial stability across Europe creating the European financial stability facility (EFSF). In October 2011 and February 2012, the Euro zone leaders agreed on more measures designed to prevent the collapse of member economies. DOMESTIC SCENARIO Indian banking industry has evolved over a long period of more than two centuries. Despite the recent growth of private banks, the sector is dominated by Government-controlled banks that hold nearly three-fourths of total banks assets. Indian banking industry is considered to be very stable with healthy balance sheets and low exposure to risky assets. The global financial crises have not affected the Indian banks significantly. Internet, wireless technology and global straight-through processing have created a paradigm shift in the banking industry. In India, the most significant achievement of the financial sector reforms is the improvement in the financial health of commercial banks in terms of capital adequacy, profitability and asset quality as well as greater attention to risk management. As now banks benchmark themselves against global standards, they have increased the disclosures and transparency in bank balance sheets, the banks also started focusing more on corporate governance. RISKS FACED IN AN ORGANIZATION Risk Management Risk is derived from the Italian word ResCare meaning â€Å"to dare†. Risk is â€Å"the probability of the unexpected happening – the probability of suffering a loss†. Risk provides the basis for opportunity. Risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy. In the financial arena, enterprise risks can be broadly categorized as credit risk, market risk, operational risk, strategic risk, funding risk, political and legal risk. TYPES OF RISKS Risk faced by the bank can be segmented into three separable types from the management perspective.. †¢Risks that can be eliminated or avoided by simple business practices †¢Risks that can be transferred to other business participants (e. g.: insurance policy). Risks that can be actively managed at the Bank level. Risk is any real or potential event, action or omission, internal or external, which will have an adverse impact on the achievement of bank’s defined objectives. It is inherent in every business. Risk cannot be totally eliminated but is to be managed. Risks are to be categorized as high risk, medium risk and low risk and managed. Risks can be classified into three categories: †¢Credit risk †¢Market risk (interest rate risk, liquidity risk) †¢Operational risk CREDIT RISK Credit risk is the â€Å"possibility of loss from a credit transaction†. In a bank’s portfolio, losses stem from outright default due to inability or unwillingness of a customer or counterparty to meet commitments in relation to lending, trading, settlement and other financial transactions. Credit risk emanates from bank? s dealings with individuals, corporate, bank, financial institution or a sovereign. Credit risk includes the following: †¢Credit growth in the organisation and composition of the credit folio in terms of sectors, centres, and size of borrowing activities so as to assess  the extent of credit concentration. Credit quality in terms of standard, sub-standard, doubtful and loss-making assets. †¢Extent of the provisions made towards poor quality credits. †¢Volume of off-balance-sheet exposures having a bearing on the credit portfolio. MARKET RISK Market risk is the possibility of loss to a bank caused by changes in the market variables. Market risk is the risk to the banks earnings and capital due to changes in the market level of interest rates or prices of securities, foreign exchange and equities, as well as the volatilities of those prices. Operational risk is the â€Å"risk of direct or indirect loss resulting from inadequate or failed internal processes, people, and systems or from external events†. RISK MANAGEMENT PROCESS The word â€Å"process† connotes a continuing activity or function towards a particular result. The process is the vehicle to implement an organisation’s risk principles and policies, aided by organisational structure. In general, the process can be summarised as follows: †¢Risk identification. †¢Risk measurement. †¢Risk monitoring. †¢Risk control. VIJAYA BANK INTRODUCTION Vijaya Bank is a nationalized scheduled commercial bank. The bank celebrated its platinum jubilee last financial year as it was established in 1931. The bank was nationalized on 15. 4. 1980 under the banking companies (Acquisition Transfer undertakings) Act, 1980 and Nationalized banks (Management Miscellaneous Provisions) Scheme 1980. The bank is also governed by the Banking Regulation Act, 1949 and is engaged in various businesses as fully defined under Section 6 of the said Act. Presently the Govt. Of India’s share in the Bank’s equity works out to 53. 87%. The bank is managed by a duly constituted Board of directors. The present strength of Board of directors of the bank is 12, comprising of 2 executive and 10 non-executive directors having expertise in various fields. ORGANISATIONAL STRUCTURE The organisational structure of the bank consists of three tiers viz. , Head office, Regional offices and branches. The Head office is in Bangalore. The bank has 20 regional offices to exercise immediate supervision and control over the branches under their jurisdiction. All regional offices are headed by experienced executives in senior/top management grade. Further, as the extended wings of the central inspection department, the bank has set up 9 regional inspectorates. HISTORY Vijaya Bank was founded on 23rd October 1931 by late Shri Attavara Balakrishna Shetty and other enterprising farmers in Mangalore, Karnataka. The objective of the founders was essentially to promote banking habit, thrift and entrepreneurship among the farming community of Dakshina Kannada District in Karnataka State. The bank became a scheduled bank in 1958. Vijaya Bank steadily grew into a large All India Bank, with 9 smaller banks merging with it during the 1963-68. The credit for this merger as well as growth goes to late Shri M. Sunder Ram Shetty, who was then the Chief Executive of the bank. The bank was nationalised on 15th April 1980. The bank has built a network of 1250 branches, 48 extension counters and 663 ATMs as at 31. 10. 2011, that span all 28 states and 4 union territories in the country. FOUNDING PRINCIPLE To promote banking habit, thrift and entrepreneurship among the farming community of Dakshina Kannada District in Karnataka state. CREDIT RISK MANAGEMENT PRACTICES IN VIJAYA BANK The bank’s net profit has seen a growth of 234% and the total business is up by 16%. The banks deposits are up by 13% and gross advances are up by 19%. The credit risk exposure is increased to 80064. 90 as of Sep, 30 2011. The credit risk of the bank has decreased over the past five years. They have installed an integrated risk management system in line with BASEL II norms and RBI guidelines. They follow strict hedging policies to reduce credit risk of the bank. They take financial collaterals and guarantees to hedge their credit risk. Hence all the policies and strategies have led to a sound credit risk management system. The bank has put in place a robust risk management architecture with due focus not only on capital optimisation, but also on profit maximization, i. e. to do maximum business out of the available capital which in turn maximize profit or return on equity. In capital planning process, the bank reviews: †¢Current capital requirement of the bank †¢The targeted and sustainable capital in terms of business strategy and risk appetite. Capital need and capital optimization are monitored periodically by the CapitalPlanning Committee comprising Top Executives. Sensitivity analysis is conducted quarterly on the movement of Capital Adequacy Ratio, considering the projected growth in advances, investments in Subsidiaries/ Joint Ventures and the impact of Basel II framework etc. The Committee takes into consideration various options available for capital augmentation in tune with business growth and realignment of Capital structure duly undertaking the scenario analysis for capital optimization. CRAR of the Bank is projected to be well above the 12% in the medium term horizon of 3 years, as prescribed in the ICAPP Policy. The Bank’s policies maintain moderation in risk appetite and a healthy balance between risk and return in a prudent manner. The primary risk management goals are to maximize value for share holders within acceptable parameters and to the requirements of regulatory authorities, depositors and other stakeholders. The guiding principles in risk management of the Bank comprise of Compliance with regulatory and legal requirements, achieving a balance between risk and return, ensuring independence of risk functions, and aligning risk management and business objectives. The Credit Risk Management process of the Bank is driven by a strong organizational culture and sound operating procedures, involving corporate values, attitudes, competencies, employment of business intelligence tools, internal control culture, effective internal reporting and contingency planning. The overall objectives of the Bank? s Credit Risk Management are to: †¢Ensure credit growth, both qualitatively and quantitatively that would be sectorally balanced, diversified with optimum dispersal of risk. †¢Ensure adherence to the regulatory prudential norms on exposures and portfolios. Adequately enable to price various risks in the credit exposure. †¢Form part of an integrated system of risk management encompassing identification, measurement, monitoring and control. POLICIES, STRATEGIES AND PROCESSES The Board of directors and Risk management Committee of the Board gives directions, the Credit Risk management committee headed by Chairman and Managing Director ensures its implementation. The bank has defined policy guidelines for Credit Risk Management, Collateral Management and Credit Risk Mitigation (CRM), Ratings, etc. The bank has taken up implementation of Integrated Risk Management system through six solutions for Credit Risk Rating, Credit Risk, Market Risk, Operational Risk, and ALM FTP to move towards advanced BASEL II norms. The Income recognition and Asset classification norms of Banks? policy are in tune with RBI guidelines. Ninety days delinquency norm is followed to classify assets as performing non-performing. The data is audited and adequate provisions for both performing and non-performing assets are made. For restructured assets additional provision is made and the bank also has a general floating provision. The general principles, like having a specific lien, requisite minimum margin stipulation, valuation, legal certainty, documentation, periodical inspection, easy liquidity etc. as enumerated in BASEL II final guidelines of RBI has been used for credit risk mitigation techniques. †¢All the prescribed haircuts with adjustments for currency mismatch and maturity mismatch are done. †¢The financial collaterals are netted out of the credit exposure before assigning the risk weights. The effect of credit risk mitigation system is not double counted. †¢The financial collaterals taken include: 1. Bank’s own term deposits.

Oroonoko Essays - Novellas, Oroonoko, Aphra Behn, Imoinda, Novel

Oroonoko By Aphra Behn I. The story of Oroonoko was one of great passion and loyalty. The story of Oroonoko and Imoinda began with him approaching her claiming his undying love for her. That she was the one and only that he would ever need. Only she would suffice in his heart. Throughout the story Oroonoko exhibits great power , strength and control. A love that started out as beautiful and innocent and ended with that same beautiful innocence. Her passionate descriptions of their emotions intensifies the awful ending. The final scene with brutality and death. Throughout he faces many tragic thing that would break a man. He loses his wife to the king, is convinced that the king has killed her, and he is sold into slavery. However, he still stands with faith and strength to go on. He still determines hi future of what is going to happen to him. Like the tiger his heart has been struck many times but he decides he will continue to live. As a strong man he thought of future consequences such as when he led the slave revolt he knew that Imoinda would be left behind if they were to kill him. The thought of her and her child alone was his Achilles heel. In my opinion this is what killed him. His weakness Imoinda. Imoinda trusts Oroonoko to prove her love for him, "...with all the passion and languishment of a dying lover, drew his knife to kill this treasure of his soul....with joy she should die by so noble a hand..."(Behn 2190). With this gesture Imoinda proves her true and everlasting love. But true love is never left without some sort of feeling of grief. Due to this feeling of grief Oroonoko laid by her side for some amount of days by her side suffering for what he had done to her. II. Criticism towards Oroonoko is a array of descriptions. From disapproval to praise. During Aphra Behn's time women writers were not an accepted in society as professional writers. Aphra made a mark for women by becoming the first woman to make a living of writing. You could say she was the first feminist. Her stories were rather risqu?. She wrote about politics to love and lust. She has been widely praised by women as Virginia Wolf wrote "all women together ought let flowers fall upon the tomb of Aphra Behn." Much of her writing came from personal things that she either saw or experienced. One critic said, "The personal experiences, autobiographical form, heightened interest, and the pictures painted from actual scenes and people added color to the narration." This is what seemed to catch the critics attention. These colorful displays of people and events were written out so well that the reader had a personal feel to what they were reading. Another thing that was criticized was the development of her writing that it was not to fast and not to slow to lose the writers interest. The number of characters was a smart touch not to many to keep up with and easy to remember. Another critic from Evangeline Blashfield said, "...the novel has an accent of truth, as well as an atmosphere of realism." The reality of the story makes it a story to easily relate to seeing that life is not often perfect. III. Behn's writing in my opinion was the foundation for women to come. Behn's writing proves the strength and the imagination that women have for anything they put there minds and hearts to. As I read the story it was laid out perfectly. It was not over drawn with detail nor was it lacking. You had enough descriptions of the characters ad their emotions. The passion is enough to pull you into what they are feeling and what lessons they are learning. Behn used allot of symbolism within the story. For example the heart of the tiger which was found with several bullets within still was able to survive. The animal was able to survive e due to that it still wanted to live. This symbolizes Oroonoko will to still live after everything has happened to him. Behn is very highly acclaimed for all that she has accomplished through her writings. She use her own pain of experiences to paint a picture of love. My final feeling towards this novel was one of hope and sadness that the only way that love in reality seems to work is through such harsh consequences. Through ones jealousy or through

How the Statue of Liberty Became a Symbol of Immigration

How the Statue of Liberty Became a Symbol of Immigration When the Statue of Liberty was dedicated on October 28, 1886, the ceremonial speeches had nothing to do with immigrants arriving in America. The sculptor who created the enormous statue, Fredric-Auguste Bartholdi, never intended the statue to evoke the idea of immigration. In a sense, he viewed his creation as something nearly opposite: as a symbol of liberty spreading outward from America. So how and why did the statue become an iconic symbol of immigration? The Statue is now always linked in the public mind with arriving immigrants thanks to the words of Emma Lazarus. Lady Liberty took on deeper meaning  because of the sonnet written in its honor, The New Colossus. Poet Emma Lazarus Was Asked to Write a Poem Before the Statue of Liberty was completed and shipped to the United States for assembly, a campaign was organized by newspaper publisher Joseph Pulitzer to raise funds to build the pedestal on Bedloe’s Island. Donations were very slow in coming, and in the early 1880s it appeared that the statue might never be assembled in New York. There were even rumors that another city, perhaps Boston, could wind up with the statue. Fundraising events were organized, one of which was an art show. The poet Emma Lazarus, who was known and respected in the artistic community in New York City, was asked to participate. Lazarus was a 34-year-old native New Yorker, the daughter of a wealthy Jewish family with roots going back to the colonial era in New York City. She had become very concerned about the plight of Jews being persecuted in a pogrom in Russia. Newly arrived Jewish refugees from Russia were being housed on Wards Island, in New York Citys East River. Lazarus had been visiting them, and had gotten involved with charitable organizations helping the destitute new arrivals get a start in their new country. The writer Constance Cary Harrison asked Lazarus to write a poem to help raise money for the Statue of Liberty pedestal fund. Lazarus, at first, was not interested in writing something on assignment. Emma Lazarus Applied Her Social Conscience Harrison later recalled that she encouraged Lazarus to change her mind by saying, â€Å"Think of that goddess standing on her pedestal down yonder in the bay, and holding her torch out to those Russian refugees of yours that you are so fond of visiting at Ward’s Island.† Lazarus reconsidered and wrote the sonnet, â€Å"The New Colossus.† The opening of the poem refers to the Colossus of Rhodes, an ancient statue of a Greek titan. But Lazarus then refers to the statue which â€Å"shall† stand as a â€Å"mighty woman with a torch† and the â€Å"Mother of Exiles.† Later in the sonnet are the lines which eventually became iconic: Give me your tired, your poor,Your huddled masses yearning to breathe free,The wretched refuse of your teeming shore,Send these, the homeless, tempest-tossed to me,I lift my lamp beside the golden door! Thus in the mind of Lazarus the statue was not symbolic of liberty flowing outward from America, as Bartholdi envisioned, but rather a symbol of America being a refuge where those oppressed could come to live in liberty. Lazarus was no doubt thinking of the Jewish refugees from Russia she had been volunteering to assist at Wards Island. And she surely understood that had she been born somewhere else, she may have faced oppression and suffering herself. The Poem â€Å"The New Colossus† Was Essentially Forgotten On December 3, 1883, a reception was held at the Academy of Design in New York City to auction off a portfolio of writings and artwork to raise funds for the statue’s pedestal. The next morning the New York Times reported that a crowd which included J. P. Morgan, the famous banker, heard a reading of the poem â€Å"The New Colossus† by Emma Lazarus. The art auction did not raise as much money as the organizers had hoped. And the poem written by Emma Lazarus seems to have been forgotten. She tragically died of cancer on November 19, 1887, at the age of 38, less than four years after writing the poem. An obituary in the New York Times  the following day praised her writing, with the headline calling her An American Poet of Uncommon Talent. The obituary quoted some of her poems yet  did not mention â€Å"The New Colossus.† Thus, the sonnet was generally forgotten not long after it was written. Yet over time the sentiments expressed in words by Lazarus and the massive figure crafted of copper by  Bartholdi would become inseparable in the public mind. The Poem Was Revived by a Friend of Emma Lazarus In May 1903, a friend of Lazarus, Georgina Schuyler, succeeded in having a bronze plaque containing the text of â€Å"The New Colossus† installed on an interior wall of the pedestal of the Statue of Liberty. By that time the statue had been standing in the harbor for nearly 17 years, and millions of immigrants had passed by it. And for those fleeing oppression in Europe, the Statue of Liberty did seem to be holding a torch of welcome. Lady Libertys Legacy Over the following decades, especially in the 1920s, when the United States began to restrict immigration, the words of Lazarus took on deeper meaning. And whenever there is talk of closing Americas borders, relevant lines from The New Colossus are always quoted in opposition. Still, the poem and its connection to the statue unexpectedly became a contentious issue in the summer of 2017. Stephen Miller, an anti-immigrant adviser to President Donald Trump, sought to denigrate the poem and its connection to the statue. Two years later, in the summer of 2019, Ken Cuccinelli, the acting director of the U.S. Citizenship and Immigration Services in the Trump administration, sparked a controversy by suggesting that the classic poem be edited. In a series of interviews on August 13, 2019, Cuccinelli said the poem should be changed to refer to immigrants who can stand on their own two feet. He also noted that the Lazarus poem referred to people coming from Europe, which critics interpreted as a sign of current bias toward non-white immigrants.

Video review Essay Example | Topics and Well Written Essays - 1500 words - 1

Video review - Essay Example This paper is a movie review on the movie Capitalism: A Love Story. As stipulated above, the movie was directed produced by Michael Moore and Anne Moore. This was accomplished with the help of The Weinstein Company and Dog Eat Dog Films. The distribution was done by Paramount Vantage and Overture Films, which is based in the United States. Statistics affirm that the total budget of the film was approximately $20 million. The movie that runs for 127 minutes also premiered at the 66th Venice International Film Festival that took place in 2009 (Gabriel, 2011). This film was also displayed at the Toronto and the New York Film Festivals in the 2009 after its release. In fact, the critical response of the movie was also positive. According to the Rotten Tomatoes website, 75% of the critics were positive. This attracted an overall score of 6.7 out of 10. According to some of these reviews, Capitalism substantially resulted to direct blames to the political parties in the United States. For example, they blame the Democrats for helping out with the bail out of Wall Street. However, this film also spares the likes of President Barack Obama who still upholds a symbol of justice and hope in the United States (Gabriel, 2011). This film begins with several security surveillance footages of armed robberies in banks. Thereafter, Moore portrays a video comparison of the modern America and the Roman Empire. The film also reveals clips of homeless families in comparison to the Florida based real estate agency known as Condo Vultures (Moore, 2009). According to the movie, it is rather evident that Condo Vultures business flourished after the foreclosures. Some of the scenes from this movie trigger the emotions of the viewers. The film then presents the events during the victory in the United States after World War II. This is then followed by a speech from President Jimmy Carter who was warning the Americans about consumption and

Women, marriage, and shame in the nineteenth century France Term Paper

Women, marriage, and shame in the nineteenth century France - Term Paper Example Flaubert relates the marriage and the shame Emma had to endure with the other ordinary women of France and the way French trends were followed by them. Emma, in the beginning of novel, is presented as a beautiful, sharp and happy girl but, after marriage is referred to as a troubled, unhappy and unsatisfied house wife and mother, while at the end of the novel, she portraits herself as a tragic heroine and kills herself. Emma Bovary (Madame Bovary): Madame Bovary, was the young and beautiful wife of a doctor named â€Å"Charles†. She lived in the world of imaginations and fantasy. For Emma, life was nothing but a bundle of excitements. She was not only beautiful, but was also very intelligent and sharp. But, unfortunately, she could not develop her mind as a cautious adult woman. She could not utilize her intelligence and be well-aware of the world and her surroundings. The world in which Emma would live was far more different from the actual world. Emma had a very extremely ro mantic view and imagination of the world. She strongly believed in romance and excitement related to romance. This opinion of her about a beautiful and romantic world differed from the real world. As Emma was in a habit of reading romantic books and novels, this habit drove her even more towards the heights of passion for romance. She grew even more desperate to experience it. After she met Charles, she felt that she was having a great compatibility with him as both of them enjoyed each other’s company. They would spend a lot of time meeting each other which would please not only Emma but also Charles. Soon with the consent of Emma’s father, they got married. But, unexpectedly Emma started getting bored after marriage and started losing interest in her husband. Therefore, Emma’s opinion about marriage and her excitement about romance in the married life perished away. She became quite disillusioned, dull and miserable about her married life as her husband Charle s was very good but a bit dull and boring and was not able to come up with the expectations of his wife, rather the imaginations of his wife. This dissatisfaction with her married life led Emma to two marital affairs. This was because she was trying to seek for more romantic pleasure and wanted to make her life risky and excited. Emma, after marriage, soon gave birth to a daughter who was named â€Å"Berthe†. This could prove to be a change and a reason to get excited fir Emma but even motherhood seemed boring to her and was again disappointed with her life Women in the 19th century France: Women in 19th century France, were quite different and far more responsible and loyal than the way Emma was described I the novel. They not only had to look after their home but also earn for their family. They would work in different fields performing different jobs in order to act as a helping hand for their husband. They would usually work outside their homes without their children, hus band and other members of the family being neglected. Working outside the home would make them face uncountable and unimaginable sorts of challenges which they would face readily and bravely and then would take good care of their family as well. Some women would work indoors as well, such as maids, laundry women, tailors etc. This would not only keep them safe from the challenges of the outer world but also provide them with the income to help their family. But, these kinds of indoor jobs were not always helpful and enough for their family, therefore, majority of them had to go out to

Capstone Essay Example | Topics and Well Written Essays - 2000 words - 3

Capstone - Essay Example Accordingly, the organization’s mission statement also addresses the establishment of prosperous and beneficial relationships with both internal and external groups that are associated with the activities of the business such as its employees, suppliers and other partners (FedEx Corporation 2013a). Not only does the mission statement of the company depict the organization’s commitment towards its primary stakeholders but it also provides a roadmap for the management and the employees as to how FedEx Corporation aims to conduct its business activities. As indicated by the formulation of the organization’s mission statement, the vision statement and mission statement of a company often represent messages or meanings that are one and the same while in other scenarios; the vision statement portrays a company’s aspirations or what it hopes to achieve in the future (Secord 2003). According to FedEx Corporation (2013a) the organization intends to serve its custom ers in the best manner possible by identifying the exclusive requirements of each market segment. The presence of this clause in the organization’s mission statement has been the driver of FedEx Corporation’s successful service to its global clientele which displays varying needs. For example, the initiation of takeovers in countries such as Brazil, Mexico and India in the recent years has been prompted by the organization’s dedication to â€Å"accommodate evolving customer needs† (FedEx Corporation 2012). 2. Analyze the five (5) forces of competition to determine how they impact the company. Porter’s Five Forces model operates as an effective and comprehensive framework for identifying, analyzing and evaluating the possible opportunities and threats to a company which are posed by various competitive forces within the industry (Hill and Jones 2007). On the basis of this understanding, the framework outlines five key areas of competition that play a fundamental role in the formulation and execution of strategies to effectively address the outlined threats and successfully capitalize on opportunities. Bargaining Power of Suppliers The nature of FedEx Corporation’s activities and the scale of its operations demands regular interaction with several suppliers that are located across the globe. The company’s suppliers are identified as fuel suppliers, producers of shipping materials and airplane manufacturers (Berger 2011). Berger (2011) states that dominant fuel suppliers command strong bargaining power over the organization because of the unavailability of substitutes which greatly limits the organization’s ability to engage in successful negotiations in order to lower operating expenses. Similarly, the aircraft manufacturing industry displays an oligopolistic situation with Boeing and Airbus being the primary suppliers of aircrafts which lends significant bargaining power to the manufacturers (Berger 2011). Contrary to this observation, Berger (2011) identifies that producers of shipping materials exhibit only limited bargaining power because FedEx Corporation has the option of choosing its designated suppliers amongst several companies in a market that is highly competitive. Bargaining Power of Buyers Hill and Jones (2007) comment that bargaining power of buyers is subject to change as per the changes in the external environment. In the case of FedEx Corpora

Disney Corporation Losses EuroDisney Paris

Disney Corporation Losses EuroDisney Paris Cultural Euro Disney The word ‘management originated in America and ever since assumptions have been made about the universal acceptability and success of their business practices. There are a number of international ventures which have failed miserably due to Americans not considering the cultural aspects when entering into business in a new country. Euro Disney is a perfect example of the failure of American business processes in another country. The primary aim of this article is to explain how Euro Disney suffered the costs of cultural miscalculations. Geert Hofstedes work on culture has served as the theoretical basis of this article. His dimensions of culture have been used to explain differences in American and French cultures the problems that occurred at Euro Disney. American businesses make assumptions about the transferability of their business, management, marketing, economic and structural models of organizing which frequently fail to take into consideration cultural differences. An example of the consequences of such an approach to intercultural business practice can be found in the Disney Corporations recent European venture, now called Disneyland, Paris. Lack of cultural sensitivity and the negative infiltration strategy used by the Disney Corporation resulted in a great loss of time, money and reputation for which the corporation has only recently begun to compensate. It is the primary thesis of this article that the initial losses experienced by the Disney Corporation may have been prevented if only its representatives had known then what they know now: simply put, that organizations are not distinct, separate entities capable of functioning outside their physical, social and cultural environments. That insight, of course, calls for a different approach to international business, one which begins with the most basic aspect of human organizations, namely effective, meaningful, communicative interactions between people. As international business is becoming critically important in this world of globalization, so is the need to understand cultures, cross cultural psychology and people across nations. There is a lot of focus on cultural studies and plenty of research is done in this area. Yet, there is a lot of scope for further studies due to the gaps in the research. Today there are several models which help understand how people from different nations are expected to act; the one by Geert Hofstede has become the most influential (Hong, Zhang Stump 2007, p. 60) The cultural dimensions by Geert Hofstede have served as the specific theoretical framework for this study. Although there are many criticisms to the Hofsteds model and his dimensions yet there is no other study that compares so many other national cultures in so much detail. Simply this is the best there is. (Mead chapter 2: pg 51) With the advancements in communication and technology, the physical distance between countries is diminishing (Angur et al. , 1994; Jandt, 1995; Samovar and Potter, 1995). This physical distance is not the only thing that needs to be bridged in order to when practicing international commerce. Hofstedes dimensions reflect a nations value system. From further reading into this dissertation have tried to show how American business management tends to assume that they have the best business people that lead to them having the best business practices. While they may work very successfully in their or cultural setting, they do not work across borders. Importance of the study: Scope of the study: Why did you choose this topic? There are many studies that have been conducted in the area of cross cultural psychology, but none that have tried to connect the problems faced at Euro-Disney to Hofstedes dimensions. These dimensions have served as the specific theoretical framework for this study. Purpose, what are we trying to do These dimensions reflect a nations value system. Power distance and Uncertainty Avoidance affects how an organization is structured and how it functions. The two main problems that an organization can face are How to distribute power, and How to avoid uncertainty. Through this research, have tried to show how these two factors were taken for granted at Euro Disney. Furthermore, this research aims at studying the implications of the four dimensions on the working of MNCs and How will it help others and how can they use it for further research My work is a sincere effort to contribute to cultural literature. I hope it proves to be beneficial for further research studies. Overview of the study: Chapter 3 (Case of Euro Disney): This chapter describes all the stages of the research process in carrying out the present study. In particular this chapter gives a clear definition of the research method employed including sampling and data analysis. Chapter 2 (Literature review): This chapter will begin by outlining the existing literature on the concepts of brands, brand image, private brands and consumers perceptions toward private brands. Also in an attempt to meet the main research objective, the other areas (sub-objectives of this research study) such as  consumers attitudes preferences, brand loyalty, brand awareness toward private brands and positioning strategies of private brands have been rigorously discussed, which will provide full support to this research study. Chapter 4 (Discussion): This chapter discusses the results of the research, in particular, presenting statements made by informants with regards to themes that emerged from the transcripts. The chapter ends with a summary taking into account the exploratory nature of the research, and the importance of insight. Chapter 5 (Conclusion Recommendations): This chapter deals the conclusion of the present research study. It will be presented in light of research findings from Chapter 4. By referring to existing literature the discussion will highlight major findings in conjunction to identity development. At the end of the chapter, recommendations for further research will be given. Literature Review As Americans, the word â€Å"Euro† is believed to mean glamorous or exciting. For  Europeans it turned out to be a term they associated with business, currency, and  commerce. Renaming the park â€Å"Disneyland Paris† was a way of identifying it with one of the most romantic and exciting cities in the world (Eisner). Culture 500-700 Layers of culture 200 Cultural studies Cross cultural management 500-600 Importance of hrm in a cross cultural context International Business and importance of CCM Importance of culture in a international context 500 Theoretical background : Hofstedes diemsions of culture 1300 Case 1100 Reasons 1000 Discussion :using hotsedes dimensions explaining differences cross continents and cultures 2000 Conclusion 600-700 limitations of the study, limitations of hofsteds model American business leaders often assume that physical distance is the only gulf that needs to be bridged in international commerce. (473 pg1. last line) As a matter of fact bridging this gap is just one of the steps in international business. It is much more complicated and a number of factors need to be kept in mind. According to Adler (1986:13)in 473 it is the lack of academic interrogations by cultural scholars that has lead to ‘American parochialism Culture Culture is an umbrella word that encompasses a whole set of implicit, widely shared beliefs, traditions, values and expectations that characterize a particular group of people(Consumer behaviour in travel and tourism By Abraham Pizam, Yoel Mansfeld, p393). There are as many definitions of culture as there are people who have tried to define it. While some phrase it in terms of ‘metal programs others define it as the characteristics a person possesses. Hofstede (1994) defines culture as the collective programming of the mind which distinguishes the members of one group or category of people from another (p. 180). While according to Kroeber and Parsons, culture is transmitted and created content and patterns of values, ideas and other symbolically meaningful systems as factor in the shaping of human behaviour and the artifacts produced through behaviour(pdf 473 page 2) According to Schein culture is ‘A pattern of shared basic assumptions that the group learned as it solved its problems of external adaptation and internal integration, that has worked well enough to be considered valid and, therefore, to be taught to new members as the correct way you perceive, think, and feel in relation to those problems. Organizational Culture Leadership by Edgar H Schein October 1996. According to Schein Culture exists at three levels, artifacts, exposed values and basic assumptions. Pizam (1993) also believes that there are levels of culture in the society. Firms and organizations are a part of the society/system and thus culture has an impact on them. Pizam argues that organizations are culture-bound, rather than being culture-free (Pizam, 1993: p. 219)-MMp2 Today there is growing importance of culture in cross border interactions. The role of human resources is very crucial as well. Effective human resource decisions and cultural sensitivity form two pillars for the success of an international business venture. The phrase ‘Cross cultural management was first coined by †¦in the year†¦. There are examples of companies who failed due to HRs ignorance and cultural miscalculations. Theoretical background:- Hofstedes Dimensions Cultural dimensions by halls,trompenars, hofstedes, globe study. Although there are many criticisms to the Hofsteds model and his dimensions yet there is no other study that compares so many other national cultures in so much detail . Simply this is the best there is. ( Mead chapter 2: pg 51) As international business is becoming critically important in this world of globalization, so is the need to understand cultures and people across nations. There is a lot of focus on cultural studies and plenty of research is done in this area still there is a lot of scope for further studies due to gaps in research. Today there are several models which help understand how people from different nations are expected to act, the one by Geert Hofstede has become the most influential (Hong, Zhang Stump 2007, p. 60) Hofstedes Dimensions of national culture- Power Distance Index (PDI): Large versus Small power distance The basis for this dimension is the fact that inequality exists at all levels and areas of the society. Inequality exists in areas such as wealth, social status, power and prestige. The word ‘power distance is taken from the work of Mulder (Reference hofstede p71). According to Mulders Power Distance Reduction theory, subordinated try to reduce the gap in power between them and their superiors. On the other hand the superiors try to maintain or increase the power distance. The PDI norm deals with the desirability or undesirability of dependence versus independence in society (Hofstede p. 93). Power distance is described as the degree to which there is unequal distribution of power in a society. This is accepted by the members of a society, organizations and nations which are less or more powerful. Behaviour of members of such institution is affected by the degree of power they posses. A high power distance index is characterized by hierarchical orders, close supervision, autocratic decision making and unequal distribution of power. Everybody has a place in the system which needs no clarification or justification. According to Hofstedes dimensions, Malaysia has the highest score on power distance (104) thus implying that the management would use a top-down information flow and there would be autocratic and paternalistic decision making. In a low PDI society, subordinates with the senior management together make decisions and have strong work ethics. It is characterised by equal distribution of power. Sweden is low on PDI (31)Individualism versus Collectivism (IDV) It deals with how members of a society view themselves compared to the rest of the society and is measured from completely collective (0) to completely individualistic (100). Individualism stands for a preference for a loosely knit social framework in society wherein individuals are supposed to take care of themselves and their immediate families only. Collectivism, on the other hand, stands for a preference for a tightly knit social framework in which individuals can expect their relatives, clan, or other in-group to look after them in exchange for unquestioning loyalty (it will be clear that the word collectivism is not used here to describe any particular political system). Hofstedes own definition is:Individualism pertains to societies in which the ties between the individuals are loose: everyone is expected to look after himself or herself and his or her immediate family. Collectivism as its opposite pertains to societies in which people from birth onward are integrated into strong, cohesive in-groups, which throughout peoples lifetimes continue to protect them in exchange for unquestioning loyalty. † Hofstede Hofstede, 2005, p. 76 The fundamental issue addressed by this dimension is the degree of interdependence a society maintains among individuals: an extremely fundamental issue, regarding all societies in the world. It relates to peoples self-concept: T or we Thus, typical traits of countries scoring high on individualism is a frequent use of the word I (in comparison to emitting it, like in Spanish), tendency to live in small households and the expectation on people to have personal opinions on most matters. The three highest scoring countries in the original study were USA (91), Australia (90) and Great Britain (89) whereas the lowest scoring countries were Guatemala (6), Ecuador (8) and Panama (11) (Hofstede Hofstede, 2005, pp. 78-79). Masculinity (MAS) versus Femininity Masculinity stands for a preference in society for achievement, heroism,assertiveness, and material success. Its opposite, Femininity, stands for a preference for relationships, modesty, caring for the weak, and the quality of life. Hofstedes definition goes as follows; â€Å"A society is called masculine when emotional gender roles are clearly distinct: men are supposed to be assertive, tough, and focused on material success, whereas women are supposed to be more modest, tender, and concerned with the quality of life. A society is called feminine when emotional gender roles overlap; both men and women are supposed to be modest, tender, and concerned with the quality of life. †Hofstede Hofstede, 2005, p. 120 Masculinity versus Femininity (MAS) is somewhat unluckily named, since the name tends to give people associations with highly political matters although the dimension doesnt deal with those. A better name might have been Gender role stability, since this is what the dimension actually deals with. This fundamental issue addressed by this dimension is the way in which a society allocates social (as opposed to biological) roles to the sexes. Some societies strive for maximum social differentiation between the sexes. The norm is then that men are given the more outgoing, assertive roles and women the caring, nurturing roles. As in all societies most institutions are populated by men. Such maximum-social-differentiation societies will permeate their institutions with an assertive mentality. Such societies become performance societies evident even from the values of their women. these societies are referred to as masculine. (In the English language, male and female are used for the biological distinctions between the sexes; masculine and feminine for the social distinction. A man can be feminine, but he cannot be female. ) Other societies strive for minimal social differentiation between the sexes. This means that some women can take assertive roles if they want to but especially that some men can take relationship-oriented, modest, caring roles if they want to. Even in these societies, most institutions are populated by men (maybe slightly less than in masculine societies). The minimum-social-differentiation societies in comparison with their opposite, the maximum-social-differentiation societies, will permeate their institutions with a caring, quality-of-life orientated mentality. Such societies become welfare societies in which caring for all members, even the weakest, is an important goat for men as well as women. such societies are referred to as feminine. Masculine and feminine are relative qualifications: they express the relative frequency of values which in principle are present in both types of societies. The fact that even modern societies can be differentiated on the basis of the way they allocate their social sex role is not surprising in the light of anthropological research on non-literate, traditional societies in which the social sex role allocation is always one of the essential variables. Like the Individualism-Collectivism dimension, the Masculinity-Femininity dimension relates to peoples self-concept: who am l and what is my task in life? MAS is the only dimension where there are systematic differences between the biological genders in how they answer. The difference is correlated with two factors; age (older people tend to score more on the feminine side) and how masculine the country is overall (in feminine cultures both genders tend to score equally, whereas men score much higher than women in masculine cultures) (Hofstede Hofstede, 2005). Masculinity is represented by the high end of the scale. The three highest scoring countries in the original study were Japan (95), Austria (79) and Venezuela (73) whereas the lowest scoring countries were Sweden (5), Norway (8) and the Netherlands (14). (Hofstede Hofstede, 2005, pp. 120-121). Uncertainty Avoidance Index (UAI) Uncertainty Avoidance is the degree to which the members of a society feel uncomfortable with uncertainty and ambiguity. This feeling leads them to beliefs promising certainty and to maintaining institutions protecting conformity. Strong Uncertainty Avoidance societies maintain rigid codes of belief and behaviour and are intolerant towards deviant persons and ideas. They try to minimize the possibility of unstructured situations (situations that are novel, unknown, surprising, and different from usual) by strict laws and rules, safety and security measures, and on the philosophical and religious level by a belief in absolute Truth; there can only be one Truth and we have it. People in uncertainty avoiding countries are also more emotional, and motivated by inner nervous energy. Weak Uncertainty Avoidance societies maintain a more relaxed atmosphere in which practice counts more than principles and deviance is more easily tolerated. They are more tolerant of opinions different from what they are used to; they try to have as few rules as possible, and on the philosophical and religious level they are relativist and allow many currents to flow side by side. People within these cultures are more phlegmatic and contemplative, and not expected by their environment to express emotions The UAI deals with how people within a given culture handle anxiety. It needs to be stressed that UAI is not the same as risk avoidance risk is focused on something specific whereas UAI deals with the unspecific general. The definition of UAI is â€Å"the extent to which the members of a culture feel threatened by ambiguous or unknown situations† (Hofstede Hofstede, 2005, p. 167). The fundamental issue addressed by this dimension is how a society reacts on the fact that time only runs one way and that the future is unknown: whether it tries to control the future or to let it happen. Like Power Distance, Uncertainty Avoidance has consequences for the way people build their institutions and organizations. Typical of countries with high UAI is a need for written and unwritten rules. The three highest scoring countries in the original study were Greece (112), Portugal (104) and Guatemala (101) whereas the lowest scoring countries were Singapore (8), Jamaica (13) and Denmark (23) (Hofstede Hofstede, 2005). Long-Term Orientation (LTO) versus Short-Term Orientation This fifth dimension was found in a study among students in 23 countries around the world, using a questionnaire designed by Chinese scholars. It can be said to deal with Virtue regardless of Truth. Values associated with Long Term Orientation are thrift and perseverance; values associated with Short Term Orientation are respect for tradition, fulfilling social obligations, and protecting ones face. Both the positively and the negatively rated values of this dimension are found in the teachings of Confucius, the most influential Chinese philosopher who lived around 500 B. C. ; however, the dimension also applies to countries without a Confucian heritage. The dimension was defined by Hofstede as:â€Å" Long-term orientation (LTO) stands for the fostering of virtues oriented toward future rewards in particular, perseverance and thrift. Its opposite pole, short-term orientation, stands for, the fostering of virtues related to the past and present in particular, respect for tradition, preservation of â€Å"face†, and fulfilling social obligations. † Hofstede Hofstede, 2005, p. 210 Cultures that score high on LTO tend to have so called Confucian values and not surprisingly the three highest scoring countries in the Bond-Hofstede study were China (118), Hong Kong (96) and Taiwan (87). The lowest scoring countries were Pakistan (0), Nigeria (16) and the Philippines (19) (Hofstede Hofstede, 2005). The case of Euro Disney Its first of Walt Disneys theme park, Disneyland, opened in Anaheim, California, in 1955. The Anaheim Park was an instantaneous success. The success story repeated itself with the opening of the theme park in Florida in 1970s, and with Tokyo Disneyland in Japan in 1983. Japans success made the corporates believe that they knew everything about opening a theme park in another country and making it a success. So, in 1992, they turned to Paris, the self-proclaimed capital of European high culture and style. Paris was chosen out of 200 locations around the world because of its demographics and the subsidies Walt Disney was offered by the French government. The Greater Paris area  was a high-density population zone (over 10 million) with people who had a relatively high level of disposable income. It also has the ability to attract substantial number of tourists. There was sufficient land available to meet the demand of the park and necessary supply of water and electricity was economical. The French government was very enthusiastic about getting Disney to Paris because they believed that the project would create 30,000 French jobs. They also gave the company more than $1 billion in various incentives. The Walt Disney had tasted nothing but success until 1992. From its very inception, Euro-Disney faced a number of problems. First was the allegation that Euro-Disney was an assault on the French culture. The cause: lack of cultural sensitivity. People looked at it as a symbol of American clichà ©s. The French framers even blocked the entrance with their tractors on the day of its opening. It was evident that the human resource department had done everything possible to ignore the aspects of cultural awareness and had misunderstood the French laws. They overlooked the traditions and habits of the French people when strategizing the park and how it would operate. The ethnocentric recruiting practice was one of their biggest mistakes. If a company follows ethnocentric hiring practices, the employees of a multinational company who are from the home country will be given preference. Following this, Euro-Disney filled all important positions with employees from the home America. The chairman of Euro Disney was an American who was said to have strong ties with France. What they did not realize was the fact that because he had strong ties with France did not mean he thought like the French. Because of this, they went on to implement Euro-Disney without much consideration to local culture. They filed to credit the local employees for their contribution to the initial planning process. Recognizing performance is the basis for building an affinity to the workplace and a sense of belonging. When operating in a culturally different environment, it is important that a company ‘act globally, but think locally. This was Disneys biggest mistake. They refused to acknowledge the fact that Europe and USA were both ‘Western cultures, but starkly different in their cultures. The theme parks in America did not serve any alcohol, but for the French, serving a glass of wine with lunch was a given. While the French culture is feminine in nature, the American is Masculine. Disney assumed that Europeans would not take breakfast and so they downsized the operation, but surprisingly Europeans did want breakfast. More surprising was the fact that did not want the typical French breakfast. They wanted bacon and eggs! Another big problem was the while Disney was successful in hitting the planned 9 million visitors a year mark, the visitors didnt stay for as long as expected. Most stayed for a day or two as opposed to the four to five days that Disney had hoped for. Europeans thought of theme parks as a full day excursion and not as a weekend destination. The company had spent billions of dollars building the luxurious hotels but because people opted for day excursions, the occupancy levels at the hotels were always low. Because of this, Euro-Disneyland had cumulative losses of $2 billion at the end of 1994[1]. Almost everything that Walt Disney had projected for Euro-Disney was the complete opposite of the reality in Europe. A puzzle of errors: miscalculating everything! Here are the factors that led to the downfall of Euro-Disney from the very start. I have discussed these in detail as we move further into the dissertation. Still beset by high costs and low attendances, Euro Disney will find it hard to hit its target of breakeven by the end of September 1996. Costs in the year were reduced by FF 500m by introducing more flexible labour agreements (more part-timers, increased job sharing and the use of more students in the peak season) as well as outsourcing contracts in the hotel operation. But the company admits that the lions share of cost reductions has now been realized. Now it hopes attendances are rising. . . Getting people to spend more once they are at the park might be more difficult. Euro Disney is pinning its hopes on economic recovery in Europe. Itll have to start paying interest, management fees and royalties again in five years time. Management will not say whether itll be able to cope then. 1 â€Å"Euro Disney,† Financial Times Lex column, 30 October 1996(14ED) 1. Miscalculation of drinking habits. Misunderstanding French drinking habits was a serious problem faced by Euro Disney. The management decided to continue with their policy of not serving alcohol in their theme park. Though it worked well in other places but the same did not hold true for Euro Disney. It rather proved to be disastrous because a French meal is incomplete without a wine. Wine is an essential part of the French Culture and is famous all over the world. This miscalculation became a cause of astonishment and consequently the company had to change its policy and serve alcohol. 2. Misunderstanding of breakfast and food norms. Disneys fault of ignoring the cultural differences in food made them commit another blunder. Disney believed that like Americans French would also prefer snacks and hence they downsized their restaurants. This proved to be a wrong decision because French preferred to sit down and eat complete meals rather than carrying away snacks in their hand like Americans. In fact, the data shows that they were trying to serve 2,500 breakfasts in a 350-seat restaurant at some of the hotels. Further, guests wanted bacon and eggs rather than just coffee and croissants (Burgoyne, 1995). This difference between the companys thinking and the actual French culture lead to long lines in front of the restaurants and on top of it when French were denied wine it complicated the matter even further and on the whole French did not have a pleasant â€Å"Disney experience†. 3. Misunderstanding of vacation habits. The Walt Disneys thinking of Americanize European habits put them into another trouble. The company miscalculated the vacation time because the Europeans preferred few longer holidays in comparison with the Americans who took several short breaks. So the companys theory of Americanizing brought loss to them. 4. Miscalculation of per-capita spending. Insufficient market research lead to miscalculation of the per capita spending by the visitors at the park. While the Americans and Japanese who never left the park empty handed, the Europeans did. The European visitors wanted to spend more time on the rides rather than shopping for food and souvenirs which resulted in lower expected revenue. As a matter of Fact spending was about 12% less than predicted. [ ] 5. Miscalculation of transportation preferences. There was a big miscalculation in the transport preferences which was again due to the non- understanding of the differences in the American and the European culture. While availability of boats, trams and trains proved to be beneficial  to carry visitors in America from their hotels to the park but with the Europeans this was not the case. Most of the Europeans preferred to walk . Also, as per the calculation it was assumed that most of the Europeans would travel by their own vehicles and hence a lot of parking space was allotted for the cars. Whereas most of the Europeans came by buses and bicycles and the facilities for the bus drivers to park their buses and the rest came out be inadequate and as a result the company was forced to reduce the space for parking lots and provide more space for the buses and the bicycles. 6. Misunderstanding of French labor laws. 7. Violation of French labor law. 8. Miscalculation of risk factor 9. Incorrect global staffing policies and hr orientations :Ethnocentric and polycentric 2. Misunderstanding French traditions and habits: celebrating Halloween instead of French festivals. 3. Nationalistic sentiments of  French people: Change in name from Euro Disney to Disneyland Paris 4. Staffing and training problems 5. Rigid Disney dress code 6. Operational errors 7. Labour costs 8. Labour disputes 9. communication problems 10. cultural operational issues Power distance  · Incorrect global staffing policies and hr orientations: Ethnocentric and polycentric The French were confused when Disney appointed mostly American-born managers into the front-line supervisory positions at Euro Disneyland many of whom were not fluent in the French language. Individualism  · Rigid Disney dress code  · threatening highly individualistic French cultural traditions Individualism is the cultural dimension that measures to what extent people to look after themselves and their immediate family members only Americas individualism score of 91 is the highest in the world. Frances score of 71 is also high, 65% more than t Disney Corporation Losses EuroDisney Paris Disney Corporation Losses EuroDisney Paris Cultural Euro Disney The word ‘management originated in America and ever since assumptions have been made about the universal acceptability and success of their business practices. There are a number of international ventures which have failed miserably due to Americans not considering the cultural aspects when entering into business in a new country. Euro Disney is a perfect example of the failure of American business processes in another country. The primary aim of this article is to explain how Euro Disney suffered the costs of cultural miscalculations. Geert Hofstedes work on culture has served as the theoretical basis of this article. His dimensions of culture have been used to explain differences in American and French cultures the problems that occurred at Euro Disney. American businesses make assumptions about the transferability of their business, management, marketing, economic and structural models of organizing which frequently fail to take into consideration cultural differences. An example of the consequences of such an approach to intercultural business practice can be found in the Disney Corporations recent European venture, now called Disneyland, Paris. Lack of cultural sensitivity and the negative infiltration strategy used by the Disney Corporation resulted in a great loss of time, money and reputation for which the corporation has only recently begun to compensate. It is the primary thesis of this article that the initial losses experienced by the Disney Corporation may have been prevented if only its representatives had known then what they know now: simply put, that organizations are not distinct, separate entities capable of functioning outside their physical, social and cultural environments. That insight, of course, calls for a different approach to international business, one which begins with the most basic aspect of human organizations, namely effective, meaningful, communicative interactions between people. As international business is becoming critically important in this world of globalization, so is the need to understand cultures, cross cultural psychology and people across nations. There is a lot of focus on cultural studies and plenty of research is done in this area. Yet, there is a lot of scope for further studies due to the gaps in the research. Today there are several models which help understand how people from different nations are expected to act; the one by Geert Hofstede has become the most influential (Hong, Zhang Stump 2007, p. 60) The cultural dimensions by Geert Hofstede have served as the specific theoretical framework for this study. Although there are many criticisms to the Hofsteds model and his dimensions yet there is no other study that compares so many other national cultures in so much detail. Simply this is the best there is. (Mead chapter 2: pg 51) With the advancements in communication and technology, the physical distance between countries is diminishing (Angur et al. , 1994; Jandt, 1995; Samovar and Potter, 1995). This physical distance is not the only thing that needs to be bridged in order to when practicing international commerce. Hofstedes dimensions reflect a nations value system. From further reading into this dissertation have tried to show how American business management tends to assume that they have the best business people that lead to them having the best business practices. While they may work very successfully in their or cultural setting, they do not work across borders. Importance of the study: Scope of the study: Why did you choose this topic? There are many studies that have been conducted in the area of cross cultural psychology, but none that have tried to connect the problems faced at Euro-Disney to Hofstedes dimensions. These dimensions have served as the specific theoretical framework for this study. Purpose, what are we trying to do These dimensions reflect a nations value system. Power distance and Uncertainty Avoidance affects how an organization is structured and how it functions. The two main problems that an organization can face are How to distribute power, and How to avoid uncertainty. Through this research, have tried to show how these two factors were taken for granted at Euro Disney. Furthermore, this research aims at studying the implications of the four dimensions on the working of MNCs and How will it help others and how can they use it for further research My work is a sincere effort to contribute to cultural literature. I hope it proves to be beneficial for further research studies. Overview of the study: Chapter 3 (Case of Euro Disney): This chapter describes all the stages of the research process in carrying out the present study. In particular this chapter gives a clear definition of the research method employed including sampling and data analysis. Chapter 2 (Literature review): This chapter will begin by outlining the existing literature on the concepts of brands, brand image, private brands and consumers perceptions toward private brands. Also in an attempt to meet the main research objective, the other areas (sub-objectives of this research study) such as  consumers attitudes preferences, brand loyalty, brand awareness toward private brands and positioning strategies of private brands have been rigorously discussed, which will provide full support to this research study. Chapter 4 (Discussion): This chapter discusses the results of the research, in particular, presenting statements made by informants with regards to themes that emerged from the transcripts. The chapter ends with a summary taking into account the exploratory nature of the research, and the importance of insight. Chapter 5 (Conclusion Recommendations): This chapter deals the conclusion of the present research study. It will be presented in light of research findings from Chapter 4. By referring to existing literature the discussion will highlight major findings in conjunction to identity development. At the end of the chapter, recommendations for further research will be given. Literature Review As Americans, the word â€Å"Euro† is believed to mean glamorous or exciting. For  Europeans it turned out to be a term they associated with business, currency, and  commerce. Renaming the park â€Å"Disneyland Paris† was a way of identifying it with one of the most romantic and exciting cities in the world (Eisner). Culture 500-700 Layers of culture 200 Cultural studies Cross cultural management 500-600 Importance of hrm in a cross cultural context International Business and importance of CCM Importance of culture in a international context 500 Theoretical background : Hofstedes diemsions of culture 1300 Case 1100 Reasons 1000 Discussion :using hotsedes dimensions explaining differences cross continents and cultures 2000 Conclusion 600-700 limitations of the study, limitations of hofsteds model American business leaders often assume that physical distance is the only gulf that needs to be bridged in international commerce. (473 pg1. last line) As a matter of fact bridging this gap is just one of the steps in international business. It is much more complicated and a number of factors need to be kept in mind. According to Adler (1986:13)in 473 it is the lack of academic interrogations by cultural scholars that has lead to ‘American parochialism Culture Culture is an umbrella word that encompasses a whole set of implicit, widely shared beliefs, traditions, values and expectations that characterize a particular group of people(Consumer behaviour in travel and tourism By Abraham Pizam, Yoel Mansfeld, p393). There are as many definitions of culture as there are people who have tried to define it. While some phrase it in terms of ‘metal programs others define it as the characteristics a person possesses. Hofstede (1994) defines culture as the collective programming of the mind which distinguishes the members of one group or category of people from another (p. 180). While according to Kroeber and Parsons, culture is transmitted and created content and patterns of values, ideas and other symbolically meaningful systems as factor in the shaping of human behaviour and the artifacts produced through behaviour(pdf 473 page 2) According to Schein culture is ‘A pattern of shared basic assumptions that the group learned as it solved its problems of external adaptation and internal integration, that has worked well enough to be considered valid and, therefore, to be taught to new members as the correct way you perceive, think, and feel in relation to those problems. Organizational Culture Leadership by Edgar H Schein October 1996. According to Schein Culture exists at three levels, artifacts, exposed values and basic assumptions. Pizam (1993) also believes that there are levels of culture in the society. Firms and organizations are a part of the society/system and thus culture has an impact on them. Pizam argues that organizations are culture-bound, rather than being culture-free (Pizam, 1993: p. 219)-MMp2 Today there is growing importance of culture in cross border interactions. The role of human resources is very crucial as well. Effective human resource decisions and cultural sensitivity form two pillars for the success of an international business venture. The phrase ‘Cross cultural management was first coined by †¦in the year†¦. There are examples of companies who failed due to HRs ignorance and cultural miscalculations. Theoretical background:- Hofstedes Dimensions Cultural dimensions by halls,trompenars, hofstedes, globe study. Although there are many criticisms to the Hofsteds model and his dimensions yet there is no other study that compares so many other national cultures in so much detail . Simply this is the best there is. ( Mead chapter 2: pg 51) As international business is becoming critically important in this world of globalization, so is the need to understand cultures and people across nations. There is a lot of focus on cultural studies and plenty of research is done in this area still there is a lot of scope for further studies due to gaps in research. Today there are several models which help understand how people from different nations are expected to act, the one by Geert Hofstede has become the most influential (Hong, Zhang Stump 2007, p. 60) Hofstedes Dimensions of national culture- Power Distance Index (PDI): Large versus Small power distance The basis for this dimension is the fact that inequality exists at all levels and areas of the society. Inequality exists in areas such as wealth, social status, power and prestige. The word ‘power distance is taken from the work of Mulder (Reference hofstede p71). According to Mulders Power Distance Reduction theory, subordinated try to reduce the gap in power between them and their superiors. On the other hand the superiors try to maintain or increase the power distance. The PDI norm deals with the desirability or undesirability of dependence versus independence in society (Hofstede p. 93). Power distance is described as the degree to which there is unequal distribution of power in a society. This is accepted by the members of a society, organizations and nations which are less or more powerful. Behaviour of members of such institution is affected by the degree of power they posses. A high power distance index is characterized by hierarchical orders, close supervision, autocratic decision making and unequal distribution of power. Everybody has a place in the system which needs no clarification or justification. According to Hofstedes dimensions, Malaysia has the highest score on power distance (104) thus implying that the management would use a top-down information flow and there would be autocratic and paternalistic decision making. In a low PDI society, subordinates with the senior management together make decisions and have strong work ethics. It is characterised by equal distribution of power. Sweden is low on PDI (31)Individualism versus Collectivism (IDV) It deals with how members of a society view themselves compared to the rest of the society and is measured from completely collective (0) to completely individualistic (100). Individualism stands for a preference for a loosely knit social framework in society wherein individuals are supposed to take care of themselves and their immediate families only. Collectivism, on the other hand, stands for a preference for a tightly knit social framework in which individuals can expect their relatives, clan, or other in-group to look after them in exchange for unquestioning loyalty (it will be clear that the word collectivism is not used here to describe any particular political system). Hofstedes own definition is:Individualism pertains to societies in which the ties between the individuals are loose: everyone is expected to look after himself or herself and his or her immediate family. Collectivism as its opposite pertains to societies in which people from birth onward are integrated into strong, cohesive in-groups, which throughout peoples lifetimes continue to protect them in exchange for unquestioning loyalty. † Hofstede Hofstede, 2005, p. 76 The fundamental issue addressed by this dimension is the degree of interdependence a society maintains among individuals: an extremely fundamental issue, regarding all societies in the world. It relates to peoples self-concept: T or we Thus, typical traits of countries scoring high on individualism is a frequent use of the word I (in comparison to emitting it, like in Spanish), tendency to live in small households and the expectation on people to have personal opinions on most matters. The three highest scoring countries in the original study were USA (91), Australia (90) and Great Britain (89) whereas the lowest scoring countries were Guatemala (6), Ecuador (8) and Panama (11) (Hofstede Hofstede, 2005, pp. 78-79). Masculinity (MAS) versus Femininity Masculinity stands for a preference in society for achievement, heroism,assertiveness, and material success. Its opposite, Femininity, stands for a preference for relationships, modesty, caring for the weak, and the quality of life. Hofstedes definition goes as follows; â€Å"A society is called masculine when emotional gender roles are clearly distinct: men are supposed to be assertive, tough, and focused on material success, whereas women are supposed to be more modest, tender, and concerned with the quality of life. A society is called feminine when emotional gender roles overlap; both men and women are supposed to be modest, tender, and concerned with the quality of life. †Hofstede Hofstede, 2005, p. 120 Masculinity versus Femininity (MAS) is somewhat unluckily named, since the name tends to give people associations with highly political matters although the dimension doesnt deal with those. A better name might have been Gender role stability, since this is what the dimension actually deals with. This fundamental issue addressed by this dimension is the way in which a society allocates social (as opposed to biological) roles to the sexes. Some societies strive for maximum social differentiation between the sexes. The norm is then that men are given the more outgoing, assertive roles and women the caring, nurturing roles. As in all societies most institutions are populated by men. Such maximum-social-differentiation societies will permeate their institutions with an assertive mentality. Such societies become performance societies evident even from the values of their women. these societies are referred to as masculine. (In the English language, male and female are used for the biological distinctions between the sexes; masculine and feminine for the social distinction. A man can be feminine, but he cannot be female. ) Other societies strive for minimal social differentiation between the sexes. This means that some women can take assertive roles if they want to but especially that some men can take relationship-oriented, modest, caring roles if they want to. Even in these societies, most institutions are populated by men (maybe slightly less than in masculine societies). The minimum-social-differentiation societies in comparison with their opposite, the maximum-social-differentiation societies, will permeate their institutions with a caring, quality-of-life orientated mentality. Such societies become welfare societies in which caring for all members, even the weakest, is an important goat for men as well as women. such societies are referred to as feminine. Masculine and feminine are relative qualifications: they express the relative frequency of values which in principle are present in both types of societies. The fact that even modern societies can be differentiated on the basis of the way they allocate their social sex role is not surprising in the light of anthropological research on non-literate, traditional societies in which the social sex role allocation is always one of the essential variables. Like the Individualism-Collectivism dimension, the Masculinity-Femininity dimension relates to peoples self-concept: who am l and what is my task in life? MAS is the only dimension where there are systematic differences between the biological genders in how they answer. The difference is correlated with two factors; age (older people tend to score more on the feminine side) and how masculine the country is overall (in feminine cultures both genders tend to score equally, whereas men score much higher than women in masculine cultures) (Hofstede Hofstede, 2005). Masculinity is represented by the high end of the scale. The three highest scoring countries in the original study were Japan (95), Austria (79) and Venezuela (73) whereas the lowest scoring countries were Sweden (5), Norway (8) and the Netherlands (14). (Hofstede Hofstede, 2005, pp. 120-121). Uncertainty Avoidance Index (UAI) Uncertainty Avoidance is the degree to which the members of a society feel uncomfortable with uncertainty and ambiguity. This feeling leads them to beliefs promising certainty and to maintaining institutions protecting conformity. Strong Uncertainty Avoidance societies maintain rigid codes of belief and behaviour and are intolerant towards deviant persons and ideas. They try to minimize the possibility of unstructured situations (situations that are novel, unknown, surprising, and different from usual) by strict laws and rules, safety and security measures, and on the philosophical and religious level by a belief in absolute Truth; there can only be one Truth and we have it. People in uncertainty avoiding countries are also more emotional, and motivated by inner nervous energy. Weak Uncertainty Avoidance societies maintain a more relaxed atmosphere in which practice counts more than principles and deviance is more easily tolerated. They are more tolerant of opinions different from what they are used to; they try to have as few rules as possible, and on the philosophical and religious level they are relativist and allow many currents to flow side by side. People within these cultures are more phlegmatic and contemplative, and not expected by their environment to express emotions The UAI deals with how people within a given culture handle anxiety. It needs to be stressed that UAI is not the same as risk avoidance risk is focused on something specific whereas UAI deals with the unspecific general. The definition of UAI is â€Å"the extent to which the members of a culture feel threatened by ambiguous or unknown situations† (Hofstede Hofstede, 2005, p. 167). The fundamental issue addressed by this dimension is how a society reacts on the fact that time only runs one way and that the future is unknown: whether it tries to control the future or to let it happen. Like Power Distance, Uncertainty Avoidance has consequences for the way people build their institutions and organizations. Typical of countries with high UAI is a need for written and unwritten rules. The three highest scoring countries in the original study were Greece (112), Portugal (104) and Guatemala (101) whereas the lowest scoring countries were Singapore (8), Jamaica (13) and Denmark (23) (Hofstede Hofstede, 2005). Long-Term Orientation (LTO) versus Short-Term Orientation This fifth dimension was found in a study among students in 23 countries around the world, using a questionnaire designed by Chinese scholars. It can be said to deal with Virtue regardless of Truth. Values associated with Long Term Orientation are thrift and perseverance; values associated with Short Term Orientation are respect for tradition, fulfilling social obligations, and protecting ones face. Both the positively and the negatively rated values of this dimension are found in the teachings of Confucius, the most influential Chinese philosopher who lived around 500 B. C. ; however, the dimension also applies to countries without a Confucian heritage. The dimension was defined by Hofstede as:â€Å" Long-term orientation (LTO) stands for the fostering of virtues oriented toward future rewards in particular, perseverance and thrift. Its opposite pole, short-term orientation, stands for, the fostering of virtues related to the past and present in particular, respect for tradition, preservation of â€Å"face†, and fulfilling social obligations. † Hofstede Hofstede, 2005, p. 210 Cultures that score high on LTO tend to have so called Confucian values and not surprisingly the three highest scoring countries in the Bond-Hofstede study were China (118), Hong Kong (96) and Taiwan (87). The lowest scoring countries were Pakistan (0), Nigeria (16) and the Philippines (19) (Hofstede Hofstede, 2005). The case of Euro Disney Its first of Walt Disneys theme park, Disneyland, opened in Anaheim, California, in 1955. The Anaheim Park was an instantaneous success. The success story repeated itself with the opening of the theme park in Florida in 1970s, and with Tokyo Disneyland in Japan in 1983. Japans success made the corporates believe that they knew everything about opening a theme park in another country and making it a success. So, in 1992, they turned to Paris, the self-proclaimed capital of European high culture and style. Paris was chosen out of 200 locations around the world because of its demographics and the subsidies Walt Disney was offered by the French government. The Greater Paris area  was a high-density population zone (over 10 million) with people who had a relatively high level of disposable income. It also has the ability to attract substantial number of tourists. There was sufficient land available to meet the demand of the park and necessary supply of water and electricity was economical. The French government was very enthusiastic about getting Disney to Paris because they believed that the project would create 30,000 French jobs. They also gave the company more than $1 billion in various incentives. The Walt Disney had tasted nothing but success until 1992. From its very inception, Euro-Disney faced a number of problems. First was the allegation that Euro-Disney was an assault on the French culture. The cause: lack of cultural sensitivity. People looked at it as a symbol of American clichà ©s. The French framers even blocked the entrance with their tractors on the day of its opening. It was evident that the human resource department had done everything possible to ignore the aspects of cultural awareness and had misunderstood the French laws. They overlooked the traditions and habits of the French people when strategizing the park and how it would operate. The ethnocentric recruiting practice was one of their biggest mistakes. If a company follows ethnocentric hiring practices, the employees of a multinational company who are from the home country will be given preference. Following this, Euro-Disney filled all important positions with employees from the home America. The chairman of Euro Disney was an American who was said to have strong ties with France. What they did not realize was the fact that because he had strong ties with France did not mean he thought like the French. Because of this, they went on to implement Euro-Disney without much consideration to local culture. They filed to credit the local employees for their contribution to the initial planning process. Recognizing performance is the basis for building an affinity to the workplace and a sense of belonging. When operating in a culturally different environment, it is important that a company ‘act globally, but think locally. This was Disneys biggest mistake. They refused to acknowledge the fact that Europe and USA were both ‘Western cultures, but starkly different in their cultures. The theme parks in America did not serve any alcohol, but for the French, serving a glass of wine with lunch was a given. While the French culture is feminine in nature, the American is Masculine. Disney assumed that Europeans would not take breakfast and so they downsized the operation, but surprisingly Europeans did want breakfast. More surprising was the fact that did not want the typical French breakfast. They wanted bacon and eggs! Another big problem was the while Disney was successful in hitting the planned 9 million visitors a year mark, the visitors didnt stay for as long as expected. Most stayed for a day or two as opposed to the four to five days that Disney had hoped for. Europeans thought of theme parks as a full day excursion and not as a weekend destination. The company had spent billions of dollars building the luxurious hotels but because people opted for day excursions, the occupancy levels at the hotels were always low. Because of this, Euro-Disneyland had cumulative losses of $2 billion at the end of 1994[1]. Almost everything that Walt Disney had projected for Euro-Disney was the complete opposite of the reality in Europe. A puzzle of errors: miscalculating everything! Here are the factors that led to the downfall of Euro-Disney from the very start. I have discussed these in detail as we move further into the dissertation. Still beset by high costs and low attendances, Euro Disney will find it hard to hit its target of breakeven by the end of September 1996. Costs in the year were reduced by FF 500m by introducing more flexible labour agreements (more part-timers, increased job sharing and the use of more students in the peak season) as well as outsourcing contracts in the hotel operation. But the company admits that the lions share of cost reductions has now been realized. Now it hopes attendances are rising. . . Getting people to spend more once they are at the park might be more difficult. Euro Disney is pinning its hopes on economic recovery in Europe. Itll have to start paying interest, management fees and royalties again in five years time. Management will not say whether itll be able to cope then. 1 â€Å"Euro Disney,† Financial Times Lex column, 30 October 1996(14ED) 1. Miscalculation of drinking habits. Misunderstanding French drinking habits was a serious problem faced by Euro Disney. The management decided to continue with their policy of not serving alcohol in their theme park. Though it worked well in other places but the same did not hold true for Euro Disney. It rather proved to be disastrous because a French meal is incomplete without a wine. Wine is an essential part of the French Culture and is famous all over the world. This miscalculation became a cause of astonishment and consequently the company had to change its policy and serve alcohol. 2. Misunderstanding of breakfast and food norms. Disneys fault of ignoring the cultural differences in food made them commit another blunder. Disney believed that like Americans French would also prefer snacks and hence they downsized their restaurants. This proved to be a wrong decision because French preferred to sit down and eat complete meals rather than carrying away snacks in their hand like Americans. In fact, the data shows that they were trying to serve 2,500 breakfasts in a 350-seat restaurant at some of the hotels. Further, guests wanted bacon and eggs rather than just coffee and croissants (Burgoyne, 1995). This difference between the companys thinking and the actual French culture lead to long lines in front of the restaurants and on top of it when French were denied wine it complicated the matter even further and on the whole French did not have a pleasant â€Å"Disney experience†. 3. Misunderstanding of vacation habits. The Walt Disneys thinking of Americanize European habits put them into another trouble. The company miscalculated the vacation time because the Europeans preferred few longer holidays in comparison with the Americans who took several short breaks. So the companys theory of Americanizing brought loss to them. 4. Miscalculation of per-capita spending. Insufficient market research lead to miscalculation of the per capita spending by the visitors at the park. While the Americans and Japanese who never left the park empty handed, the Europeans did. The European visitors wanted to spend more time on the rides rather than shopping for food and souvenirs which resulted in lower expected revenue. As a matter of Fact spending was about 12% less than predicted. [ ] 5. Miscalculation of transportation preferences. There was a big miscalculation in the transport preferences which was again due to the non- understanding of the differences in the American and the European culture. While availability of boats, trams and trains proved to be beneficial  to carry visitors in America from their hotels to the park but with the Europeans this was not the case. Most of the Europeans preferred to walk . Also, as per the calculation it was assumed that most of the Europeans would travel by their own vehicles and hence a lot of parking space was allotted for the cars. Whereas most of the Europeans came by buses and bicycles and the facilities for the bus drivers to park their buses and the rest came out be inadequate and as a result the company was forced to reduce the space for parking lots and provide more space for the buses and the bicycles. 6. Misunderstanding of French labor laws. 7. Violation of French labor law. 8. Miscalculation of risk factor 9. Incorrect global staffing policies and hr orientations :Ethnocentric and polycentric 2. Misunderstanding French traditions and habits: celebrating Halloween instead of French festivals. 3. Nationalistic sentiments of  French people: Change in name from Euro Disney to Disneyland Paris 4. Staffing and training problems 5. Rigid Disney dress code 6. Operational errors 7. Labour costs 8. Labour disputes 9. communication problems 10. cultural operational issues Power distance  · Incorrect global staffing policies and hr orientations: Ethnocentric and polycentric The French were confused when Disney appointed mostly American-born managers into the front-line supervisory positions at Euro Disneyland many of whom were not fluent in the French language. Individualism  · Rigid Disney dress code  · threatening highly individualistic French cultural traditions Individualism is the cultural dimension that measures to what extent people to look after themselves and their immediate family members only Americas individualism score of 91 is the highest in the world. Frances score of 71 is also high, 65% more than t