Corporate finance Assignment Example | Topics and Well Written Essays - 3000 words

Corporate finance - Assignment Example Miller & Modigliani capital structure irrelevance proposition In the year 1958 Franco Modigliani and Merton Miller highlighted that in â€Å"perfect capital markets† the capital structure does not have any influence on the value of the firm rendering it irrelevant. The perfect capital markets are not characterised by any market frictions like trading costs, taxes and the information is easily transmitted between the investors and the managers. M&M made a clear distinction between the financial risk and business risk faced by a firm. While the financial risk refers to the choice of risk distribution between the bondholders and shareholders, the business risk refers to the uncertainty of cash flows of the business. It has been pointed out by Miller and Modigliani that changes in leverage does not cast any significant influence on the cash flows generated by the business. Therefore changes in leverage cannot alter the value of the firm. ... The firms as well as individuals can borrow or lend at the risk-free interest rate. The firms employ risky equity and risk-free debt. There exist only corporate taxes i.e. absence of personal income taxes or wealth taxes. They assumed perpetuity of cash flows i.e. assuming the growth rate to be zero (Lee, et al., 2009, p.202). As per M&M model the value of levered firm (VL) is equal to the value of unlevered firm (VU). Suppose there are two companies- Company 1 and Company2. It is assumed that the two companies have identical cash flows and belong to same risk profile. The difference between the two companies is with respect to financing. M&M state that the market value of the two companies is same. Suppose the pay-off of Company 1 in good state is 160 and in bad state is 50. This company is financed only by the equity mode of financing. Similarly the payoff of Company 2 is 160 in good state and 50 in bad state. It is financed by the combination of debt and equity. Suppose the total debt of Company 2 is $60 and its market value is $50; the market value of its equity is $50. Then the value of the Company 2 is- VL = Value of its equity + Value of debt = 50+50 =100 Now if the value of Company 1 is different from Company 2 say 103. Then an arbitrage strategy can be created- An investor can sell Company 1 at 103. He can buy the equity of Company 2 at $50 and debt at $50. The net cash flow is- = 103-100 =3 This process will continue until the Value of Company 1 is equal to Company 2 (Banal-Estanol , 2010). The increase in leverage component raises the risk and return of the shareholders. This can be stated as- RE = RO + (B/S)(RO – RD) RE is the return on levered equity RO is return on unlevered equity B is the debt value S is the

Hip Hop Genre Essay Example | Topics and Well Written Essays - 1250 words

Hip Hop Genre - Essay Example He ventured into other business sectors, primarily in the fashion and media industries and has reaped huge dividends. His efforts o take the music from the streets to the airwaves was a resounding success. His contribution is still felt to date and has caused the immense wealth being displayed by the musicians. His business investment methods have been copied by heavyweights such as Jay Z, P Diddy and 50 Cent (vh1, 2007). Unfortunately, the freedom of expression promoted by hip-hop gave way to a negative expression channel, the use and glorification of violence, sex and drugs in lyrics. The demeaning use of women as sexual objects whose aim is to get pecuniary advantage from the rappers is a main concern. Ayanna (2008) states that: "images are shown to go along with a lot of the explicit lyrics that commonly contain name calling to suggest that women are not worth anything more than money, if that. Women are described as being only good for sexual relations by rappers who describe their life as being that of a pimp." This disrespect of women has had feminists on the rampage for years. Another vice promoted is the violence culture. The prolific growth of popularity of this culture is due to the exploitative use by record labels to make more bucks from their popularity. This phenomenon occurred during the 1990's when hip-hop became a cash cow and "gangsta rap" started. Real life "beef" was used to emotionally attach the listeners to the lyrical content. This was in contrast to the original message of hip hop, to distract youth from rowdy gang like behavior. One of the most famous incidents of violent exchange was the Biggy-Tupac feud, which resulted in both their deaths.... According to the essay "Hip Hop Genre" findings, the freedom of expression promoted by hip-hop gave way to a negative expression channel, the use and glorification of violence, sex and drugs in lyrics. The demeaning use of women as sexual objects whose aim is to get pecuniary advantage from the rappers is the main concern. Ayanna (2008) states that: â€Å"†¦images are shown to go along with a lot of the explicit lyrics that commonly contain name calling to suggest that women are not worth anything more than money if that. Women are described as being only good for sexual relations by rappers who describe their life as being that of a pimp.† This disrespect of women has had feminists on the rampage for years. Another vice promoted is the violence culture. The prolific growth of popularity of this culture is due to the exploitative use by record labels to make more bucks from their popularity. This phenomenon occurred during the 1990’s when hip-hop became a cash cow and â€Å"gangsta rap† started. Real life â€Å"beef† was used to emotionally attach the listeners to the lyrical content. This was in contrast to the original message of hip hop, to distract youth from rowdy gang like behavior. One of the most famous incidents of violent exchange was the Biggy-Tupac feud, which resulted in both their deaths. This lyric sample was taken from Tupac’s song â€Å"We Hit ‘Em Up† shows the extent of the hate that characterized their relationship. In this respect, I think these two; Biggie and Tupac were the most damaging influences in hip-hop.

Leadership Styles in Sainsburys

Leadership Styles in Sainsburys ABSTRACT Nowadays we can distinguish many different types of leadership styles. Some of them are respected by employees, but on the other hand there are also styles which are considered very poorly. This paper presents and explores leadership styles based on the observations of managers in Sainsburys Nine Elms. In the first part research question has been formed and discussed. The second part is a literature review, with characteristic of most popular leadership styles. In the third part, methodology which will be used for research and to find an answer on research question will be discussed. 1.0 INTRODUCTION 1.1. RATIONALE Human resource management is a series of activities which, first enables working people and the organisation which uses their skills to agree about the objectives and nature of their working relationship. Secondly, ensures that the agreement is fulfilled. (Torrington, 2008) This research project will be based on a field, which is human resource. One of the topics which should be explored in reference to human resources is leadership style. In an effective leadership situation, the leader is a catalyst and servant whose leadership style is support, advocating and empowerment. While in an ineffective leadership situation, the leader is a pushover whose leadership style is abdication and fraud. Human Resource Leaders believe in people and communicate that belief; they are visible and accessible; they empower, increase participation, support, share information and move decision making down into the organization. We recognize effective leaders when we work with them or observe them. However many different ways exist for defining who leaders are and when they are effective. Dictionaries define leading as guiding and directing on a course. A leader is someone with commanding authority or influence. Researchers have developed many working definitions of leadership. According to Nahavandi (2009) leader is a person who influence individuals and groups within an organization, helps them in establishing goals and guides them toward achievement of those goals, thereby allowing them to be effective. Leadership is a function more than a role. Good leaders are made not born. 1.2 RESEARCH QUESTION Research Question is a statement that identifies the phenomenon to be studied. The research question, which I am going to study is: How does the leadership style affect employees performance in the organisation? The research will be based on the case study, which is supermarket. Sainsburys Nine Elms is a place where I have been working for over 3 years. I have a contact with managers every day and whats more I am familiar with different styles of leadership. This experience helps me to formulate the following hypothesis: positive and accurate leadership style motivates people to good and effective work. To find an answer on my research question and to confirm my hypothesis, I will do some qualitative research. This type of research is designed to tell the researcher how and why the things happen as they actually do. It helps to achieve an in-depth understanding of a situation. . 1.3 SIGNIFICANCE OF STUDY Positive atmosphere in the work place is a very important factor and has a big influence on employees job. This is why the way how leaders and managers behave is so important. Unfortunately my long-time observations prove that managers very often do not even realize what kind of mistakes they do. They do not understand that their inappropriate way of behaviour, has an influence on peoples work and effectiveness of the organization. The aim of this report, based on literature review, is to describe the most valuable and effective leadership styles. Moreover the most negative styles will be considered, those which are not approved of by employees. Finally some interviews with Sainsburys Nine Elms employees will be made to gather their opinions and verify my hypothesis. LITERATURE REVIEW 2.1 LEADERSHIP STYLES IN EARLY XX Leadership style is the manner and approach of providing direction, implementing plans, and motivating people. Lewin (1939) led a group of researchers to identify different styles of leadership. This early study has been very influential and established three major leadership styles: autocratic, democratic, laissez-faire. In the past several decades, there has been a significant revolution in how the leadership is defined by management experts. Their approach has changed from a classical one to a very innovative, democratic approach. Although it was also determined that some old ideas were still good whereas some of the new ones were not perfect. The key is to use different styles depending on each situation so leaders have to approach every case in a different way. LEADERSHIP STYLES TODAY There are four primary leadership styles, many of them we can find within most businesses or organizations around the world. These styles are: Autocratic Democratic Laissez-faire Bureaucratic Each of the leadership styles has impact on employee performance in the company. There are short and long-term effects of each style. For instance, the authoritative style may produce great results in a short amount of time. However, excessive use of authority will decrease productivity in the long-term. People either get fed up and leave or fall into a malaise of hum-drum repetitive tasks without creativity and innovation. (Sadler, 2003) AUTOCRATIC STYLE The autocratic leadership style is very often regarded as an old fashioned technique. It was a very popular style among managers commanding subordinates and it is still used around the world. This style basically comes natural to many leaders and brings many benefits, thus many managers start to lead using this style and try to improve it when pursuing their own leadership development. This style is used when leaders inform their employees what they want done and how they want it attained, without being advised by their followers. Furthermore when leaders are short on time, they have all information needed to achieve a goal and employees are enthused, autocratic still is also common. Nevertheless it should be used occasionally and with big carefulness. Having a lot of time and dealing with highly motivated workers it is better to use democratic style. DEMOCRATIC STYLE The democratic leadership style is also named the participative style due to the fact that it encourages one or more employees to be a part of the decision making process (determining what to do and how to do it). Nevertheless it is the leader who makes the final decision and maintains authority. Definitely this style strengthens the position of the leader which is respected by his employees. When information and data is divided between the leader and employees, democratic style is used very often. Managers are not expected to be familiar with everything, this is why they employ knowledgeable and competent employees. Concluding, using this style is of mutual benefit, because employees can become a part of the team and on the other hand leaders can make better decisions. LAISSEZ-FAIRE STYLE The laissez-faire leadership style is also known as the hands-off ¨ style. This style is based on making the decisions by employees whenever the leader let them. Even though, he is still responsible for all the decisions. This style is used usually when employees are able to decide what needs to be done and how. They also should have good analytical skills. Leaders only set most of the priorities for their team and divide tasks between employees. This style should be used only when leaders are confident about his people and trust them no matter what. It should not be used as a way of blaming employees of made mistakes. BUREAUCRATIC STYLE The bureaucratic leadership follow the rules rigorously and guarantee that staff follows procedures accurately. In this kind of style everything must be done according to the rules or policy. This is a very appropriate style for work involving serious safety risks (such as working with heavy equipment, with toxic substances, or at dangerous heights) or where large sums of money are involved (such as handling cash). If manager is not capable of making decision on his own, he refers to the next level above him or her. The role of the leader is very similar to a police officer. OTHER LEADERSHIP STYLES There are a number of different approaches or styles to leadership and management that are based on different assumptions and theories. The style that individuals use will be based on a combination of their beliefs, values and preferences, as well as the organizational culture and norms which will encourage some styles and discourage others. CHARISMATIC LEADERSHIP A charismatic leadership style can seem similar to transformational leadership, because these leaders inspire lots of enthusiasm in their teams and are very energetic in driving others forward. However, charismatic leaders tend to believe more in themselves than in their teams. As a result this creates a risk that a project or even an entire organization might collapse if the leader leaves. In the eyes of the followers, success is directly connected to the presence of the charismatic leader. Therefore charismatic leadership carries great responsibility and requires a long-term commitment from the leader. It is interesting to watch a charismatic leader working the room as they move from person to person. They pay much attention to the person they are talking to at a particular moment, so this person very often feels like a most important person in the world. Charismatic leaders focus as well on scanning and reading their environment and are also good at picking up the moods and concer ns of both individuals and larger audiences. Then they will hone their actions and words to suit the situation. (Conger Kanungo, 1998) PARTICIPATIVE LEADERSHIP A Participative Leader, rather than taking autocratic decisions, seeks to involve other people in the process, possibly including subordinates, peers and superiors. However, managers are still very important, as they decide whether to give or deny control to their subordinates. Most participative activity can be observed within the immediate team. The question of how much independence others are given thus may vary on the managers preferences and inclinations. A whole spectrum of participation is possible, as in the table below. Highly participative > Autocratic decision by leader Leader proposes decision, listens to feedback, then decides Team proposes decision, leader has final decision Joint decision with team as equals Full delegation of decision to team The level of participation may also depend on the type of decision being made. Decisions on how to accomplish goals may be highly participative, whereas decisions during subordinate performance evaluations are more likely to be taken by the manager TRANSACTIONAL LEADERSHIP This style of leadership starts with the idea that team members agree to obey their leader completely when they accept a job. The term transaction means that usually the organization pays the team members in return for their hard effort and compliance. If they do not work as stated in the agreement, they might be punished by the leader. In this style rules are very clear and reward system is introduced for the hardest working subordinates. Moreover, punishments are also possible and formal systems of discipline are quite common. The leader can give an opportunity for his team members to have an impact on their income. It happens when they work harder which cause greater productivity. Alternatively, a transactional leader could practice management by exception rather than rewarding better work. In fact transactional leadership is rather type of management than an actual leadership style. It focus basically on short-term task and is not suitable for a creative work. TRANSFORMATIONAL LEADERSHIP People with this leadership style are true leaders who inspire their teams constantly with a shared vision of the future. While this leaders enthusiasm is often passed onto the team they can be supported by detail people. Thats why, in many organizations, both transactional and transformational leadership are essential. The transactional leaders (or managers) ensure that routine work is done consistently, while the transformational leaders look after initiatives that add value. Working for a transformational leader can be a brilliant and uplifting experience. Whatever they do they put passion and energy into it. They care about team and want them to succeed. Transformational leaders also tend to see the big picture, but not the details. So if they do not have people to pay attention on this level of information, then they are usually doomed to fail. Finally, transformational leaders, by definition, seek to transform and develop. When the organization does not transform and nobody com plain about his fact, then such a leader will be frustrated. Like wartime leaders, however, given the right situation they come into their own and can be personally responsible for saving entire companies. (Burns, 1978) TASK ORIENTED LEADERSHIP Highly task-oriented leaders focus only on getting the job done, so as a result they can be quite autocratic. They actively define the work and the roles demanded, put structures in plan and place, then they organize it and finally monitor. However, there is a danger connected with this style, that it might suffer the same drawbacks as autocratic style. Leaders do not pay to much attention about their team members as they focus only on finishing the task. PEOPLE ORIENTED (RELATIONS ORIENTED) LEADERSHIP This is the opposite of task-oriented leadership. In this style leaders are completely focused on organizing, supporting, and developing the people in their teams. It might be compared to a participative style as it has similar assumptions. Most valued are team cooperation and creativity. In practice, very often leaders tend to use both task-oriented and people-oriented styles of leadership. SERVANT LEADERSHIP This term was created by Robert Greenleaf, describes a leader who is often not formally recognized as such. He says that true leadership emerges from those whose primary motivation is a deep desire to help others. Servant leadership is a very moral position, putting the well-being of the followers before other goals. When someone, at any level within an organization, leads simply by meeting the needs of the team, he or she is described as a servant leader. In many ways, servant leadership is a form of democratic leadership, because the whole team tends to be involved in decision making. Supporters of the servant leadership model recommend it as an important way to move ahead in a world where values are increasingly important and where servant leaders achieve power on the basis of their values and ideals. Others state that in competitive leadership situations, people who practice servant leadership can find themselves left behind by leaders using other leadership styles. (Greenleaf, 1 977) SAINSBURYS NINE ELMS- CASE STUDY J Sainsbury plc was founded in 1869 by John James and Mary Ann Sainsbury. Drury Lane was one of Londons poorest areas and the Sainsburys shop quickly became popular there for offering high-quality products at low prices. Today Sainsburys is the UKs longest standing and third largest supermarket. Operates a total of 872 stores comprising 537 supermarkets and 335 convenience stores, as well as Sainsburys Bank. Sainsburys employs over 160 000 colleagues and serves over 19 million customers a week. The store Sainsburys Nine Elms was open in February 1982 with 100 employee and 3 departments. Within almost 30 years the store has changed a lot. Today the store has 346 employees and 11 departments. Every department has its own department manager plus store manager and 3 DU store managers. Most of the managers are male, only 2 female and all of them between 26-45 years old. And every one of them represents different style of leadership. From very strict and autocratic through task oriented leadership till completely laissez-faire style. Leadership style is very important in a company or a firm. This is because a leaders job is to help everyone e.g. the leader can help workers in a company by training them to improve their skills at work. Leadership style inspires people to achieve demanding goods. Leadership explains many different approaches that can be taken to be an effective leader. Good leaders are made and not born. They develop themselves through a never ending process of self-study, education, training and experience. 3.0 METHODOLOGY 3.1 RESEARCH METHODS There are two measure research methods: quantitative and qualitative. Some researcher prefers to take a quantitative approach to address their research question and design study that involves collecting quantitative data and analysing those using statistical methods. Other opportunity is qualitative method, which involves collecting qualitative data and analysing them by using interpretative methods. (Collis Hussey, 2009) For this project the most suitable method will be qualitative. Figure bellow shows, how the qualitative research and research process should goes. Figure 1: Qualitative Research and Research Process (Cooper Schindler, 2008) 3.2 QUALITATIVE TECHNIQUES According to Cooper and Schindler (2008) qualitative techniques are used at both the data collection and data analysis stages of a research project. This project will be based on primary data and inductive method. Three techniques will be used to collect the data: individual interview, case studies and research observation. 3.2.1 INTERVIEW The interview is the primary data collection technique. They vary depending on the number of people involved during the interview, the level of structure, the proximity of the interviewer to the numbers of interviews conducted during the research. There are 3 ways of interviewing: à ¯Ã†â€™Ã‚ ¼ unstructured interview- no specific questions or order of topic to be discussed. à ¯Ã†â€™Ã‚ ¼ semi structured interview- starts with few specific questions and then additional questions are asked with reference to the answers from opening questions à ¯Ã†â€™Ã‚ ¼ structured interview- specific, detailed questions, normally with open-ending Most of the qualitative research is made on unstructured or semi structured interview. It enables the interviewer to ask additional questions during the interview to gain more information. Many interviews are made face-to-face, which increase the quality of the interview. This kind of interview is more valuable than an interview by phone or online, because it allows the interviewer to observe nonverbal behaviour of the people. It is very important for the interviewer to have at least a basic knowledge about making an interview. Knowing how to gains someones trust and how to encourage answering questions honestly is definitely significant. Usually the interviewer is responsible for generating the interview, questions or topic to be discussed and what the order should be. The figure bellow shows the hierarchical questioning structure. Figure 2: The interview Question Hierarchy (Cooper Schindler, 2008) 3. 2. 2 CASE STUDY The case study (case history) is a very significant research methodology that includes individual and (sometimes) group interviews with record analysis and observation. Firstly researchers gain information from company brochures, annual reports, magazines and newspapers articles, and then together with direct observation, they finally combine it with interview data from members. The aim of this method is to obtain multiple perspectives of a single organisation. The case study should have a case which is the object of study. It should have the following characteristics: a complex functioning unit; investigated in its natural context with a multitude of methods and be a contemporary one. Yin (1993) has identified some specific types of case studies: Exploratory cases are sometimes considered as a prelude to social research. Explanatory case studies may be used for doing causal investigations. Descriptive cases require a descriptive theory to be developed before starting the project. Stake (1995) included three others case studies, which are: Intrinsic cases when the researcher has an interest in the case. Instrumental cases when the case is used to understand more than what is obvious to the observer. Collective cases when a group of cases is studied. 3. 2. 3 OBSERVATION Observation involves looking and listening very carefully. It is very common that people observe each other, although they do not look for anything particular and do not discover any reasonable information about their behaviour. It is possible to distinguish different relationship between observer and participant, view from three perspectives: Directness of Observation Concealment Participation Direct observation, when the observer is physically present and personally monitors what takes place. In this kind of observation, it possible for the observer to respond to certain aspects of human behaviour as they occur, therefore this method is very flexible. Indirect observation, when the recording is done by mechanical, photographic or electronic means. In comparison to the direct observation, the indirect one is less flexible. But on the other hand permanent data can be reanalysed many times so many different aspects of an event can be included. Another factor which affects relationship observer and participant is concealment. The question is, whether the observer should reveal himself. From the psychological point of view, it might be damaging (it has negative influence on the observation outcome) because people who know that are being observed, do not behave normally. On the other hand, hidden observation is a form of spying and the propriety of this action must be reviewed carefully. The best scenario is to reveal that people are being observed but the objectives and participant of interest are hidden. The last type of relationship is based on the observer participation in the whole situation while observing. Participant observation often requires months or years of intensive work, due to the fact that researcher needs to become accepted as a natural part of the culture. By doing this it is most likely that the observation will be of the natural phenomenon. Besides collecting data visually by observation, we can also use communication. The figure below describes the conditions under which observation is an appropriate method for data collection. Figure 3: Selecting the Data Collection Method (Cooper Schindler, 2008) Before starting the observation, it is necessary to make a good plan. Helpful might be finding the answers for this few important questions: WHO? Who do we want to observe? Does a person suit our criteria? WHAT? What do we want to observe? What are we concerned about? What is the aim of our observation? How long or what period of time? How often (daily, few times a week)? How many hours? WHEN? When do we want start our observation? Is there some specific period of time (for example Christmas time)? HOW? Will the data be directly observed? How many people will be observe? WHERE? Where does the observation take place? The location of the observation? 3.3 RESEARCH PROCESS ONION The research methodology of the present dissertation proposal is influenced and structured by the research process onion, which was developed and introduced by Saunders et al. (2003). The figure below illustrates the relationships between research philosophies, research methodologies, data collection methods, and more. Figure 4: Research Process ONION 4.0 CONCLUSION Concluding, so far in this report leadership styles has been explored and precisely described. The influence of each leadership style on the employees has been investigated as well. In the methodology part, qualitative method has been discussed which will be used for the research. It will be based on three different methods which are: interview, case study and observation. Case study of this report will be the place of my employment which is Sainsburys Supermarket which also has been briefly described.

M252 81mm Mortar :: essays research papers

M252 81mm Mortar INTRODUCTION: Good morning, my name is your name and my period of instruction is on the M252 81mm Mortar. We will cover some basic mortar knowledge including nomenclatures, rates of fire, and weight. We will also cover the mission of an 81mm mortar platoon and how that platoon is configured. The purpose of this period of instruction is to provide you with basic information and working knowledge of the 81mm mortar. LEARNING OBJECTIVES:   Ã‚  Ã‚  Ã‚  Ã‚  a. TERMINAL LEARNING OBJECTIVE: To familiarize you with the main   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  components and characteristics of the 81mm mortar.   Ã‚  Ã‚  Ã‚  Ã‚  b. ENABLING LEARNING OBJECTIVES:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  a. State the three main components of the mortar and their nomenclature.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  b. State the weights of the three main components of the mortar.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  c. State the maximum range of an 81mm mortar. METHOD / MEDIA: I will use the lecture method and the mortar you see in front of you. There will be no posttest after this period of instruction. Are there any questions about your learning objectives or the method and media? TRANSITION: Now if there are no questions for me let’s get into the nuts and bolts of this period of instruction. BODY:   Ã‚  Ã‚  Ã‚  Ã‚  MISSION:   Ã‚  Ã‚  Ã‚  Ã‚  The 81mm mortar platoon is commonly called the battalion   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  commander’s hip pocket artillery. It is called this because 81’s are foot   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  mobile, are on target faster, and more accurate than artillery. The   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  mission of the 81mm mortar platoon is to provide continuous indirect   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  fire support to the infantry battalion and it’s subordinate elements in the   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  offense and defense.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   CHARACTERISTICS: The M252 81mm mortar is a smooth bore, muzzle loaded, high angle of fire weapon. Smooth bore meaning it has no lands and grooves like a rifle barrel. Muzzle loaded, because you insert a round into the muzzle of the cannon, allowing gravity to pull the round down, striking the firing pin. High angle of fire because it is capable of firing from within defilade, over hills, and other obstructions. COMPONENTS: The M252 81mm mortar consists of three main components, and a dovetail slot sight. They are: M253 Cannon (barrel): The M253 cannon consists of the barrel, sealed at the lower end with a removable breech plug that houses a removable firing pin. At the muzzle end is a cone-shaped Blast Attenuator Device (BAD) that is fitted to reduce noise.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   M177 Mount (bipod): The M177 mount is composed of 3 main assemblies. They are: the leg assembly, the traversing gear assembly, and the barrel clamp assembly.

Blink by Gladwell

As explained in Blink by Gladwell and Payne, unconscious discrimination is a type of discrimination that is very hard to recognize. We have all heard about explicit discrimination, which can take two forms: the individual level and the institutional level. At the individual level, people openly like. This can be seen in the case of bias hiring when an employer tells a postulant; â€Å"I will not hire you because you are a female. † At the institutional level, one of the most striking examples of discrimination occurs with the Nuremberg Laws in Nazi Germany.These laws restricted the rights of German citizens that were Jews. People working in the Nazi institutions had to enforce these discriminatory laws even if they disagreed with them. By discriminating against Jews, they were only â€Å"doing their job and following orders†. Implicit discrimination is more subtle and we will look more particularly at the unconscious form of this kind of discrimination. As seen in Blink , The Power of Thinking Without Thinking by Malcolm Gladwell, unconscious discrimination can be positive or negative.The election of Warren Harding is described by Gladwell as an error, as he proceeded to explain that President Harding was elected based more on his looks and personality than his competencies and abilities to govern the country. Most historians agreed that he was one f the worst presidents in history. Malcom Gladwell â€Å"thinks that there are facts about people's appearance- their size or shape or color or sex- that can trigger a very similar set of powerful associations† and Harding’s election was obviously an example of this.Many people looked at him and saw how handsome and distinguished-looking he was and jumped to the conclusion that he had t be a man of courage, intelligence and integrity. They didn’t dig below the surface. Gladwell stated that â€Å"the Harding error is the dark side of rapid cognition. It is at the root of a good deal of prejudice and discrimination†. Unconscious or implicit association plays a big part in our behavior and belief as the Implicit Association Test (IAT) reveals.This test is based on the fact that our minds make quicker connections between pairs that are already related than we do with paired ideas that are unfamiliar. I decided to take the Race IAI test to see what the result would be. Firstly I was asked what my attitude towards blacks and whites was, and coming from a mixed background it was obvious for me to answer that they were equal. I took the test and immediately had an uneasy feeling about it. When the conclusions came I had, as did more than eighty percent of those who had taken the test, pro-white association.The test rated me as having a â€Å"moderate automatic preference for whites. † These results were astonishing to me and allowed me to understand better what unconscious discrimination was. In my brain the connection between black and good was harder to make than white and good. If a person coming from a mixed background like myself, had difficulties associating African Americans with good, and hence could be bias, I began to wonder how other races viewed African Americans.Even though very revealing, this example is just a test, and doesn’t have significant repercussions, but let’s take a real life justice example. Amadou Diallo, a 23-year old African man was shot and killed by four New York City Police Department officers. They fired a total of 41 shots at this unarmed man. In this case, one could ask one’s self if racial profiling was used and to what extent Diallo’s color played against him. The family filed a lawsuit against the City Of New York and the officers and won 3 million dollars.The event gendered social psychology researches notably one directed by Eberhard in 2004 which revealed that police officers are quicker to decide to shoot an unarmed black person rather than an unarmed white one. A ll these findings set ethical problems as problems of justice. How could we have justice if even mixed people, non-white or African Americans are biased? How could we write the rules for a society if trained officers face unconscious discrimination issues? How can the rules be written so that the ethical problem that is unconscious discrimination would become a thing of the past?From very early ages, dark colors have been associated with bad, and light or brightness with good. It is something that is deeply entrenched in our society and culture, so in order to change the mentalities and habits, children should, at a young age, be exposed to examples reinforcing or teaching them that good and bad are not a matter of color. Discrimination is instilled in our kids’ everyday lives just as seen in most cartoons or kids’ programs: the â€Å"good guy† is often white and the â€Å"bad guy† is darker. What is priming?The online glossary of the American Psychologic al Association defines it as â€Å"the advantage conferred by prior exposure to a word or situation†. I believe that at an elementary level, kids should have some classes and videos teaching them that all human beings are equal and cannot be judged by their color. Just like the propaganda advertising can influence us to buy and like a new products, this â€Å"race advertising† would encourage kids to be less biased and to treat everyone with the same respect independently of their race or religion.This reasoning takes from the affirmative action programs that helped thousands of women access jobs and levels of responsibilities never experienced before. I truly believe that if at a young age, children are exposed to more diversity, this exposure would result in less unconscious discrimination later in their lives. Schools should have race and religious diversity and if we could succeed in mixing the population, children could learn to live together at a very young age. Now, let’s consider the hiring process.Is an interviewer named â€Å"John† more likely to give an edge to a job candidate also named â€Å"John? † Recent academic research suggests that the answer is yes but how does this type of unconscious discrimination affect a company’s ability to develop a merit-based model. Auren Hoffman and psychologist Brett Pelham conducted a study at the University of Buffalo and found the following groundbreaking results: â€Å"In hiring, positive gut feelings can lead to decisions based on superficial similarities to the decision maker, including those that may not be lawfully considered, such as age, race, and national origin.Equally importantly, they can lead to decisions based on a host of other irrelevant factors, such as hair color. † Hoffman concludes by stating that such decisions are bad business practices that can confer competitive disadvantage. T o remedy these injustices, I believe that pictures, names, and gender should be blanked from resumes, giving equal chances to everyone. Blind hiring could be a good solution to unconscious discrimination in the hiring process. Often the composition of an orchestra is a good example of gender discrimination.In most orchestras, brass instruments are played by men. In this specific example, during the music auditions, a screen could be put up so the players’ gender would be impossible to identify. These methods implemented would firstly, force integration and expose the problems of unconscious discrimination and bring it to a state of awareness. Secondly, these methods would mix the population and undoubtedly change certain discriminatory practices, such as can be seen where it has become normal nowadays for women to have the right to vote, whereas before it was not possible.As we have discussed above, discrimination takes many different forms and even occurs without being a deliberate action on the part of the discriminatory party. Obviou sly the effects of discrimination are widespread and in some cases can be very devastating. As I mentioned before though, although challenging, it is not impossible to address the issues presented through discrimination. Obviously there has to be the acknowledgement that it is occurring, and after this acknowledgment steps can be taken, some of which I have suggested, to alleviate or eradicate the problem altogether. Some rules can be implemented to lighten or fix the problem.

Shedding Light in the Shadow of Misconceptions

With a sad heart, I answer the aforementioned question with yes.   Islam is viewed unfavorably by many people in this globalized world.   Sometimes, it is often dubbed as the religion espoused by the terrorists o extremists. But not all Muslims are terrorists and not all terrorists are Muslims. The media magnified and somewhat vilified the image of Islam more after the September 11 event. But are these accusations and perceptions all true? Misconceptions about the religion continue to generate fear, resentment and judgment among uninformed minds. This paper aims to shed a little light on the three common misconceptions about Islam involving women, Jesus Christ, and the alleged use of sword in spreading the religion. It aims to convey the message to the country’s non-Muslim population. Firstly, non-Muslims thought that Islam degrades women by classifying them as properties or as second-class citizens. The notion is wrong. The Qur’an upholds and esteems women; they are not regarded as evil temptress. Women’s rights were guaranteed by the Islamic Law over 1,400 years ago. Islam allows women to own properties, operate a business and receive equal pay for work.   History tells us that about 50 years ago, women in both England and America were not allowed to acquire any property without the consent and signature of their husbands or father. Likewise, Islam women can’t be forced to marry against their will. Islam women are not confined under the veil, as many see it. The clothes serve as protection against any malicious intention stemming from a man’s sight. Flaunting a body invites rape and harassment; it is therefore logical for a Muslim woman to wrap herself with cover.   Many Muslim women around the world are in top positions.   Consider the late Benazir Bhutto of Pakistan. Isn’t she the embodiment of Muslim woman empowerment? Women are highly-valued, cared for and esteemed in Islamic society.   In addition, Islam stopped the ancient Arab practice of killing newborn daughters.   Such is the premium given by Islam on women or young girls. Under Islam, both sexes are treated fairly. Secondly, other people view Islam as against Jesus Christ. But to a Muslim, Jesus Christ is a great prophet. Muslims respect and love Jesus. Muslims call him as Nabi Isa – the Arabic term for Prophet Jesus. The Qur’an speaks about him and admonishes Muslim to believe in his virgin birth and miracles. It must be remembered that Muslims are not attacking Jesus Christ when they speak against the Bible or Christianity. Muslims are just criticizing some claims of Christians.   However, Muslims reject the idea of Trinity and the theology of Incarnation.   In a Muslim’s heart, Jesus Christ remains the great prophet who performed good deeds and miracles to many people. Lastly, non-Muslims were taught that Islam spread through the use of sword. It must be noted that Muslims are educated by the Qur’an on non-compulsion in religion.   If Islam was spread by the sword, then most of India, China and even more than half of the world should be under Islam by now.   India remains a predominantly Hindu country and China, a communist republic. Islamic traders went through different places to bring business but did not kill or force people to be converted to Islam. The people were impressed by the traders’ life that they adopted the religion which they have.   In contrast, history attests to the violence and brutal killings by other religions, such as the Crusades, in vain attempt to convert people. Furthermore, according to the Reader’s Digest, for a period of 50 years, from 1944 to 1984, more people converted to Islam than in any other faith. Now, were they threatened to be killed or forced to be converted?   Islam means submission and those who chose to be a Muslim, did so volitionally, out of their free will. The above-mentioned are just a few among the many misconceptions about Islam. Still, much of the world’s humanity has animosity towards the religion or its followers. For someone to understand Islam, one has to open his or eyes. Judgment must be suspended first to see that Islam is more than a religion, but a way of life. It is a life of submission to the will of God. Muslims are not enemies. Like us, they are also humans in need of acceptance and belonging. Like any other religions, Islam must be respected, too.   If one would take the time to study and understand its teachings, only then will he o she would be able to correct the misconceptions on the religion.            

Bernoulli essays

Bernoulli essays The Bernoullis Principle was a phonomena for all physics. He was considered to me the father of mathematical physics. The principle itslef was named after the Swiss scientist named Daniel Bernoulli during the eighteenth century. Bernoulli studied the many relationships among fluid and pressure. This principle shows the relationship of velocity, pressure, and the height for a steady fluid flow. When a horizontal flow is created, the speed of the fluid is increased while the pressure it creates decreases. The strong example of this is shown through the lift of an airplane in its motion. When the speed of the plane begins to increase, air is flowed faster over the curved top of the wing rather than the bottom part of the wing underneath. When the pressure becomes exerted upwards a net upward force is greated. This is called lift. This is because the pressure that is exerted downward above the wing is not as great of pressure as being exerted upwards. Another example demonstrating this similar method is witnessed in the spoilers of race cars. The spoilers are shaped in the image of an upside down wing . The curved surface it has in the bottom of the wing is what causes and produces the net downward force. In other words, a wing with more curvature on the top surface will have a greater lift than a wing with a flat surface. The similar application for demonstarting this and helping Bernoulli achieve his conclusion is the Venturi Tube. When Bernoulli was studing the flows of fluid as it reached the area in which the the Venturi Tubes pipe diameter was reduced. From this, Bernoulli stated that the velocity of the fluid, flowing through the most narrow diameter is increased while the pressure in that area becomes decreased. The Bernoullis Princliple clearly states that the pressure of a fluid that could be liquid or gas decreases when the speed of the fluid begins to increase. In the fluid, the high speed flow becomes a ...

Book Cover Design Create AMAZING Covers in Just 7 Steps

Book Cover Design Create AMAZING Covers in Just 7 Steps Book Cover Design: Your 7-Step Guide to an Unforgettable Cover A great book cover design, at its most basic level, is something that will help readers take you and your book seriously. Online retailers like Amazon do not distinguish between traditional and self-published books - which means independent authors are often competing again Big 5 publishers. If your book stands a chance at succeeding, its design has to match or, if possible, exceed what the major companies are putting out.In this post, we will look at how you can design a book cover by yourself. We’ll then look at why you should consider professional cover design before revealing how you can find and collaborate with your ideal designer.How to design a book cover in 7 stepsBook cover design is a complex balance of images, text, and information - and you need someone who understands how each of these elements interacts with the others to best sell your book. How to design your own book cover (if you absolutely have to) But if you do decide to make your own cover, here are 7 steps that you’ll want to follow.1. Find inspiration and ideas for your coverApart from your ability to execute a design, the most important aspect of book covers is their ability to connect with the target market: that is, the people who are likely to buy the kind of title you’re writing. Therefore, your first stop for inspiration should always be the other books in your genre. Let us know your thoughts and questions about book cover design in the comments below.

Expert Guide How Long Is the SAT

Expert Guide How Long Is the SAT SAT / ACT Prep Online Guides and Tips Studying for the SAT isn’t just about practicing math problems and passage reading- it's also an exercise in timing and pacing. The sheer length of the SAT test, as well as its difficult content, can make it an intimidating challenge. Read on for our guide to the SAT’s length, individual section times, and section ordering. Moreover, learn how to deal with fatigue during the test. Detailed Guide: SAT Test Length The SAT is three hours (180 minutes) long in total, excluding the optional essayand breaks. With the optional essay, the total test time increases to three hours and 50 minutes. Here's an overview of the SAT test length: Section Order on Test Total # of Questions Total Time (Minutes) Reading 1 52 65 Break 1 2 - 10 Writing and Language 3 44 35 Math No Calculator 4 20 25 Break 2 5 - 5 Math Calculator 6 38 55 Break 3 7 - 2 Essay (Optional) 8 1 50 The Math section is the only section separated into two pieces: a No Calculator and a Calculator section. As you can see, the No Calculator section comes first and asks 20 questions in 25 minutes, while the Calculator section comes second and asks 38 questions in 55 minutes. Altogether, then, you'll get 58 questions and 80 minutes for Math. You'll also get a total of three breaks (two if you're not taking the optional Essay): A10-minute break after the Readingsection but before the Writing and Language section Afive-minute break after the Math No Calculator section but before the Math Calculator section A very short two-minute breakafter the Math Calculator section (if you're staying for the Essay section, that is- otherwise, you're done and may leave!) The SAT Isn't Just Long- It's Also Intense The SAT is a long test- more than four hours, from check-in to the end (if you're doing the essay)! However, it can feel as though it moves fairly quickly because of the number of questions you have to answer on each section. Here is an overview of the number of questions you'll have on each SAT section, in addition to the approximate time you'll have to answer each question: Section # of Questions Total Time Time per Question Reading 52 65 minutes 1 minute 15 seconds Writing and Language 44 35 minutes 47 seconds Math No Calculator 20 25 minutes 1 minute 15 seconds Math Calculator 38 55 minutes 1 minute 26 seconds Even though your approximate time per question is usually more than a minute, on the actual SAT things will be a little more complicated. First of all, you'll likely move through easier questions much more quickly and need more time for harder questions. Secondly, if you want to leave time at the end of a section to check your answers, you'll have to spend less time on each question. Keep in mind that for the Reading and Writing sections, you will also have to spend some time reading the passages. In addition, note that stamina is incredibly important. While the old SAT broke up the test into 10 small sections, the current SAT forces you to tackle each subject in one large chunk. Two out of four sections are just about an hour long.So not only do you have to move quickly question-to-question, but you also need to maintain your test-taking speed for a long period of time. Building that kind of stamina takes practice! How to Prepare for the SAT Exam Length: 3 Tips Below, we go over our three best tips for preparing for the SAT exam length. These will help you feel prepared for test day and teach you how to stay focused during the exam. #1: Take Full-Length SAT Practice Tests The best way to prepare for the timing and intensity of the SAT is to take full-length, strictly timed practice tests.This way, even if you're someone who easily gets tired during long stretches of testing, you can get used to the SAT’s format and time expectations. Make sure you're usingofficial practice tests (i.e., those created by the College Board). Don't rely on old practice tests to help you out since these differ a lot from the current SAT structure. Be sure to print out your test ahead of time and find a quiet place to take it, such as a library. As you take your test, time yourself as you'll be timed on the actual SAT.This means no giving yourself extra time on a section and no skipping ahead if you finish one early! You should also take the breaks as described in the table at the beginning of this article. You need to build up endurance and practice your pacing for the SAT- just like training for a race. #2: Do Practice Tests on Weekends The best time to take official SAT practice tests is on a Saturday or Sunday morning so you can get a good idea of what your energy level will be like the day of the actual test. Sure, it might be easier to fit in a practice test late on a Sunday night, but you'll have to take the real test in the morning, so you should practice with that time in mind. Pretend you're waking up for the actual test. Waking up early and jumping into an SAT practice test probably isn’t your ideal way to start a Saturday,but it’s the best way to be prepare for the actual SAT. Plus, it'll preserve your Saturday afternoon and evening for more fun activities! #3: Time Yourself on Individual Practice Sections As you study for the different SAT sections, make sure to periodically take an entire practice section with only the time you're given on the test. For example, after a week of focusing on SAT Reading, take one or two Reading practice tests and give yourself 65 minutes- the time you'll have on the actual exam for that section. This will allow you to get used to the timing on the SAT and furtherbuild up your test-taking stamina. What’s Next? Now that you know how long the test will take, read about the best places to take the SAT. Want additional SAT help? Get tips on how to work quickly and save time during the SAT. Preparing for test day?Check out our top test-day tips so you can be both mentally and physically ready to take on the SAT. Want to learn more about the SAT but tired of reading blog articles? Then you'll love our free, SAT prep livestreams. Designed and led by PrepScholar SAT experts, these live video events are a great resource for students and parents looking to learn more about the SAT and SAT prep. Click on the button below to register for one of our livestreams today!

Classical Era Reflection Paper Research Example | Topics and Well Written Essays - 1000 words

Classical Era Reflection - Research Paper Example The major theorists of scientific (management) perspective believed there is one best way to do everything – and that is the most efficient way Those theorists believed they could determine that method via whatever means they were using or purported was the best method to study the task. Those theorists of the scientific perspective discussed first are F. W. Taylor, H. L. Gantt, Frank and Lillian Gilbreth, and Hugo Munsterberg. Frederick W. Taylor’s philosophy led the way for many others in using scientific and mathematical methods applied to workers, attempting to match a person’s abilities to a job in the best way possible, instituting a mutual self-interest mind-set that had never existed and improving employee productivity through incentives (Locke, 1982; Wren & Bedeian, 2009). Crain (2003) says that Taylor was noted for his scientific approach, his ability to solve problems, and his ability to invent things. His thought was that â€Å"measurement increased productivity† (p. 45). In one example, the test subject â€Å"increased production by 400 per cent while receiving 60 percent more in pay†. Taylor was best known for his stopwatch, but he believed that money is what the workers craved and they were determined to get it. Companies at that time glossed over the downside of Taylor’s efficiency gains and put increased productivity over ethics. Philosophical discussions took place and he wrote about it in The Principles of Scientific Management. He believed that ultimately improving efficiency improved society. Hodgetts (1995) analyzed ten U.S. organizations against Taylor’s principles and found that â€Å"each in its own way used Taylor’s four principles to help focus their total quality management strategy† (p. 218). The four principles are summarized as follows: 1. Develop a science for each part of a person’s work, replacing â€Å"a rule of thumb method† (p. 218). 2. Scientifical ly pick and train employees rather than allow employees to arrive and work as they wish. 3. Cooperate with employees to ensure work is done according to scientific guidelines. 4. Divide work as equally as possible. Allow management time to oversee the work of the employees and shoulder the responsibility of holding others accountable. Henry Laurence Gantt worked closely with F. W. Taylor. Gantt brought a human quality into the scientific side of Taylor’s work. Gantt developed a bonus pay structure for the employee who completed their piece rate work for the day and was able to complete more than the assigned tasks. With Gantt’s methods of the use of incentives for employees â€Å"production was often doubled† (Wren & Bedeian, 2009, p. Fax 2). Frank Gilbreth differed from Taylor in that Gilbreth used time motion studies where Taylor used a stop watch and was using only time rather than time motion. Gilbreth was best known for establishing the hope of finding the one best (most efficient) way to do any and every task (Wren & Bedeian, 2009). Lillian Gilbreth, PhD, continued the work the two of them conducted even after Frank’s death and she later became published. Hugo Munsterberg was the father of industrial psychology as we know it today. He believed psychological themes could be applied in the workplace. In 2009, The New Yorker published an article describing in detail the events of Classical

Site-directed mutagenesis of gene sequences in cells of plants, Essay

Site-directed mutagenesis of gene sequences in cells of plants, insects and animals can be achieved in situ used engineered zinc - Essay Example The ability to generate new DNA molecules and the process of inserting it into the genome to correct the diseases are the biomedical research nowadays. This type of modification of the cellular phenotype has become the back bone for the biomedical research. Knowing the position and the reading frame of the genes will help us to identify the nonsense mutants by the ochre suppressors. These non sense mutants are highlighted and this will help us for an efficient screening for silent mutants. The small oligonucleotides containing 7 nucleotides in length can be used to form stable duplexes with the single stranded DNA. (Jensen et al. 2011). These duplexes are stable even with a mismatch. This led to the introduction of oligonucleotide mutagenesis. The emergence of site directed mutagenesis as an analytical tool in the in the year 1985 was a mile stone in the field of molecular biology. (Herzog and Zolotukhin 2010). Site directed mutagenesis is widely used for the study of the protein fun ctions. The mutation at a defined site of the DNA leads to the change of an amino acid specific to a protein and this leads to the alteration of the protein molecules. Two methods of site directed mutagenesis can be used. The first one is overlapping method and the second one is called as whole round second round PCR. They create modified DNA sequences that are used to study the importance of the specific residues in protein structure and function. Protein engineering and altered protein substrate activity can be achieved using Site directed mutagenesis. PCR based Site directed mutagenesis is the most common method where the desired mutation is carried in one of the primer and annealed to the site of interest. Two cycles of PCR are carried out for insertion of mutation. (Lloyd 2005). Fig 1: Methods available to site specifically modify a genome target. (Herzog and Zolotukhin 2010). Zinc finger nuclease (ZFN) is a dimeric protein with each monomer having a zinc finger array (contains three or four zinc fingers). They are artificial restriction enzymes that have a lot of application in plants and animals. These zinc fingers (Cys 2 Hys 2) are arranged in the ? ? ? – fold ( beta- beta- alpha folding ) which is coordinated by the Zn+ ion and has the non specific cleavage site. (Gupta et al. 2011).These zinc finger arrays are bound to the cleavage site of the type II restriction endonuclease enzyme, Fok I. Fok l is responsible for the cleavage function of the Type II endonuclease. (Gupta et al. 2011).The dimerization of the cleavage domain is much essential for the enzyme activity. If the zinc finger array is engineered to bind to some specific site of the genome, then Fok l will perform the cutting action at that site. This double stranded break can be utilized for the site directed mutagenesis for protein engineering. This break is then repaired by using either homologous recombination (HR) or non-homologous end joining (NHEJ) technique. The HR requires ext ensive homology between the strands whereas NHEJ does not require any homology and the repair at the targeted site usually results in the mutation. (Herzog and Zolotukhin 2010). Because of this reason NHEJ is used in the site directed mutagenesis associated with the ZFNs. ZFN mediated gene modification will produce cell lines to contain biallelic knock outs. If ZFN targeted gene modificat

Ethics in Business & Socity Essay Example | Topics and Well Written Essays - 2000 words

Ethics in Business & Socity - Essay Example Unfortunately, analysis has indicated that individuals, as well as organisations and even states have begun to overlook the importance and most important, application of ethics in their different processes and procedures, and most importantly, this initiative is observable on global level that has resulted in huge amount of debates regarding role of ethics in different components of the societies. This paper is part of the same debate that will identify one of the ethical dilemmas in business, and will include efforts to discuss a non-religious ethical theory while endeavoring to understand such dilemma in light of the identified ethical theory. Likewise every field, business world practice its own range of ethics, and such rules of ethics facilitate individuals to make decisions during different situations and challenges. It is an observation that usually factors of self-profit, cultural discrimination, selfishness, etc exist when it comes to ethical dilemmas, and thus, it is very important that business organisations should make efforts to resolve ethical dilemmas before they transform into conflicts, and subsequently, global issues. In this regard, a huge number of organisations have been creating their own set of ethical standards to enable individuals in effective decision-making; however, unfortunately, ethical conflicts continue to exist and ethical guidelines have now become a part of company records rather than a notion of practical implementation. In particular, experts believe that â€Å"business ethics is a set of principles and ideologies that offer understanding and methodology to earn fair income in the busi ness organisations† (Crane, pp. 23-28, 2007). Although a number of philosophers (Furrow, pp. 20-41, 2005) have argued over the fact of encouraging morality and fairness in the business field, however, as the societies developed, the humans on public level began to accept their consciousness about the importance of morality

Compulsory Education Essay Example | Topics and Well Written Essays - 500 words

Compulsory Education - Essay Example e year 2010, the act of increasing the age for compulsory education by the 6 US states including Indiana, Nevada, South Dakota, Illinois, Nebraska and New Hampshire in the 6 years from 2002 to 2008 resulted in a manifold increase in the graduation rates of students in 2 of the 6 states, namely South Dakota and Illinois, while only 1 state i.e. Nevada experienced a slight decline in the graduation rates (NCSL). The rest of the three states generally sustained the same graduation rates as they were before the year 2002. Leadership comes with power. Power comes with resources. Resources come with technology, technology comes with research and research makes use of existing knowledge. Compulsory education has spread this knowledge, and has thus, made America able to lead the world. Besides, the concept of home schooling is not very common in other countries of the world, but since the government obliges all parents to get their children educated in all cases, people in US not willing to send their children out of the home for any kind of reason have found the solution of their problem in home schooling. â€Å"A homeschooling movement is sweeping the nation – with 1.5 million children now learning at home, an increase of 75 percent since 1999† (Schilling). 1. The compulsory education has not only boosted the literacy rate in many states of US i.e. about 97 per cent in 2005 (Data360), but it has also resulted into an increase in the quality of all types of schools. 1. Although a lot of research has recently gone into exploring ways to make home schooling come at par with the other types of schoolings, yet the difference is too much to completely eliminate, and hence, all children under the compulsory education have not been able to receive the same quality of education. 2. On the other hand, some parents don’t like the idea of sending their children to public or private schools because of their fear of physical and verbal abuse, violence, and racism that is quite

Putting Action in Your Passion Essay Example | Topics and Well Written Essays - 1500 words

Putting Action in Your Passion - Essay Example That is math. Math can also help us shop wisely like when we go to a grocery store attempting to budget our money to buy the right amount of stocks at the cheapest possible price. That is math. It comes in handy in computing what time we need to leave the house for work to avoid the hectic traffic jam and still manage to drop the kids in school. That is math. Like one writer said, "If we are well-versed in this language of numbers, it can help us make important decisions and perform everyday tasks."1 The "major disciplines within mathematics first arose out of the need to do calculations in commerce, to understand the relationships between numbers, to measure land, and to predict astronomical events."2 As part of the educational requirement, it is a fundamental study of all possible degrees. It has been included in all stages of learning including the time one is taught how to count one to ten. No one can go up the didactic ladder without passing Arithmetic, Algebra, Geometry, Trigonometry and Calculus. It is even made a major for courses such as Accountancy, Bachelor of Science Major in Math, Engineering, and all other related studies. With this being said, Mathematics is "the academic discipline, and its supporting body of knowledge, that involves the study of such concepts as quantity, structure, space and change."3 Looking at the usual profile of students in a Math class, most fall under the just-barely-making-it-to-pass benchmark. A few seems to show advancement in the subject, and hardly any turns out to be a genius. This is the common set-up that takes place, and everyday is a challenging day to keep the class alert the whole time. Like one would say, "just the sight of a complicated math equation, laden with exponents and square root signs and algebraic letters, inspires the same sort of revulsion as an antennae-waving critter scurrying along a baseboard."4 To create variety in learning, educators incorporate math games, quizzes, board exercises, group activities, and other similar events but the goal to perk up the attentiveness is still far from achieved. No matter what the experience, students go out of the classroom with the usual blank stares which say that the lesson is long forgotten. Discovering one's interest is an easy task. I'd say unearthing your desires is an easy task. What motivates you What makes you spend more time into doing something To an onlooker, observe the things that one excels in. It may be through actions or manifestations, or a simple spark in the eyes that would give away an idea of what it is, like looking at a child beaming with glee when he sees kites flying overhead. Oftentimes, this starts with having a hobby. Hobbies are leisure activities practiced with "interest and enjoyment."5 While some of these activities seem insignificant and unimportant to most people, for others they have found something "compelling and entertaining about them,"6 which, when mastered and perfected, might later on be a profession and a good

The Effects of E-commerce on the Global Market Research Paper

The Effects of E-commerce on the Global Market - Research Paper Example In this article, called "The effects of E-commerce on the global Market", the author says that E-commerce is a kind of business where the sales of products and alternatives or both companies carried out of Internet. The introduction of e-commerce has reformed communication across nations. From when it had been released, companies have taken gain it to, enhance essay online service products, improve their marketplace share, expand profitability and reduce shipment time. E-commerce was fundamentally non-existent in most parts within the world. Development of e-commerce initiated the growth of many e-commerce enterprises that created convenient online trading platforms that connect thousands of global traders as well as local traders in the business. As a new channel, e-commerce is constantly changing the mode of trade, influencing cost, efficiency, and value of trade; hence, having more impact on international trade. Various studies show that e-commerce influences international trade not only by making trade more convenient but also decreasing transaction costs. As technology advances and transport costs decrease, the costs of commerce have experienced tremendous change, and as global e-commerce and international trade become convenient, the connection between buyers and sellers has increased making negotiations easier resulting in increased volume of trade. Hurry up and get this perfect essay! Lots of students are saving their time and increasing their rating right now. This product will bring you the highest mark!The impact of e-commerce on global economy is far reaching since it has a profound effect on businesses that have branches all over the globe. E-commerce is powerful compared to the traditional resources because with the aid of e-commerce people can shop online regardless of their physical location. Therefore, e-commerce has succeeded in removing geographical barriers, which allows customers to contact vendors without hassles that were prevalent in the traditional way of doing business. e-commerce has brought drastic change to the traditional market and has been overwhelmingly accepted since it clicked with many businesses and currently businesses cannot exist without e-commerce. Moreover, e-commerce has influenced international trade by helping many small enterprises because they no longer require physical office, which cater s for certain geographical location. The influence of e-commerce on global economy is huge such that target audience can be accessed without wasting economic and time resources since target market can be accessed with the help of efficient online marketing strategies (He, Li, Wu and Jiang, 2011). E-commerce influences everything from production to service levels many company engage in doing business and the significant change is here to stay. Businesses that embrace e-commerce face the challenge of staying ahead of competitors with the changing technology; therefore, businesses have to wield the power successful marketing in order to have an edge in market competition. Global e-commerce also affects developing nations and helps bring them to the forefront in global trade and commerce and since e-commerce crosses economic and political barriers it result in effective marketing techniques. E-commerce has various benefits and works wonders for small and large businesses because with e- commerce techniques enterprises have the ability to increase sales and profits (He, Li, Wu and Jiang, 2011). E-commerce, through distribution channels offers markers easy, cheap and fast way of targeting market segments because there are few intermediaries involved in e-commerce distribution channels. Moreover, e-commerce for international marketers eases vendor specialization because e-commerce accommodates high specialization that would be economically difficult in the physical world. As well, standardized marketing strateg

Putting Action in Your Passion Essay Example | Topics and Well Written Essays - 1500 words

Putting Action in Your Passion - Essay Example That is math. Math can also help us shop wisely like when we go to a grocery store attempting to budget our money to buy the right amount of stocks at the cheapest possible price. That is math. It comes in handy in computing what time we need to leave the house for work to avoid the hectic traffic jam and still manage to drop the kids in school. That is math. Like one writer said, "If we are well-versed in this language of numbers, it can help us make important decisions and perform everyday tasks."1 The "major disciplines within mathematics first arose out of the need to do calculations in commerce, to understand the relationships between numbers, to measure land, and to predict astronomical events."2 As part of the educational requirement, it is a fundamental study of all possible degrees. It has been included in all stages of learning including the time one is taught how to count one to ten. No one can go up the didactic ladder without passing Arithmetic, Algebra, Geometry, Trigonometry and Calculus. It is even made a major for courses such as Accountancy, Bachelor of Science Major in Math, Engineering, and all other related studies. With this being said, Mathematics is "the academic discipline, and its supporting body of knowledge, that involves the study of such concepts as quantity, structure, space and change."3 Looking at the usual profile of students in a Math class, most fall under the just-barely-making-it-to-pass benchmark. A few seems to show advancement in the subject, and hardly any turns out to be a genius. This is the common set-up that takes place, and everyday is a challenging day to keep the class alert the whole time. Like one would say, "just the sight of a complicated math equation, laden with exponents and square root signs and algebraic letters, inspires the same sort of revulsion as an antennae-waving critter scurrying along a baseboard."4 To create variety in learning, educators incorporate math games, quizzes, board exercises, group activities, and other similar events but the goal to perk up the attentiveness is still far from achieved. No matter what the experience, students go out of the classroom with the usual blank stares which say that the lesson is long forgotten. Discovering one's interest is an easy task. I'd say unearthing your desires is an easy task. What motivates you What makes you spend more time into doing something To an onlooker, observe the things that one excels in. It may be through actions or manifestations, or a simple spark in the eyes that would give away an idea of what it is, like looking at a child beaming with glee when he sees kites flying overhead. Oftentimes, this starts with having a hobby. Hobbies are leisure activities practiced with "interest and enjoyment."5 While some of these activities seem insignificant and unimportant to most people, for others they have found something "compelling and entertaining about them,"6 which, when mastered and perfected, might later on be a profession and a good

Death of a Salesman by Arthur Miller, Essay Example for Free

Death of a Salesman by Arthur Miller, Essay In the books Death of a Salesman by Arthur Miller, and Fences by August Wilson, there are common themes that run throughout the book. Among these are two, hard working men that can be a bit disillusioned by life. The main character of each book, Willy Loman and Troy Maxson are similar in many ways. They both try hard to be good men and fathers, but unfortunately, they are imperfect in both aspects. Troy distances his self from his youngest son, and many could say that he is too hard and cold towards him. Willy in a way believes that his grown sons could not have done any wrong when they were younger and do no wrong now. But these two fathers are not totally bad. There are many good personal traits that they both display in these books. But as stated as before, they werent perfect at all. In many ways, both Willy and Troy were in fact good fathers. They worked hard to provide for their families and tried to set an example for their sons by their own actions. Willy was extremely supportive of Biffs high school football success and went to all the games. Troy tries to instill certain values such as responsibility into his son Cory and explains to him that he shouldnt go through life worrying if people like him or not. He tells him he takes care of him not because he likes him, but because it is his duty. Troy seems to be a bad father more visibly. He does not encourage Corys high school football career in anyway, in fact he tells him to tell the scout he is not interested and thinks having a job is more important. His attitude toward Cory the majority of the time is cold and harsh, as if he regards his son as someone he must deal with and take care of. Willy had a few problems of his own. First he let himself get caught with his mistress by his son, which devastated him. He also acted like his sons were perfect, which they werent. He should have made sure his son passed math so he could have graduated, but he put that into the hands of their next-door neighbor, Bernard. Willy also sets a bad example telling his sons that being well-liked is very important and holds it as a measure of success. He also leads them to believe that he is doing well financially, when in fact he is not. He has to get $50 from his next-door neighbor and Bernards father Charley. Although Willy and Troy werent the best or worse fathers they did raise their sons. The outcome of these men are different, however. Cory, who did not have a good father-son relationship or interaction with Troy moved out and joined the United States Marine Corps. Seven years later he returns for Troys funeral, no doubt successful and providing for himself. Biff and Happy, on the other hand, who both had a pretty decent relationship with their father ended up with menial jobs living with their parents at the age of 34. Happy is a philanderer with horrible ethics that sleeps with his supervisors girlfriend. Biff is unable to hold a steady job and has a new money making idea every week. It is hard to judge both Willy and Troy as good or bad if we arent in their shoes. Whether others may agree or disagree, it can be said that both fathers raised their sons the best that the could under their circumstances and most likely the best they knew how. The outcome of a person does not wholly depend on his or her parent. Their outlook on life and how much they want to accomplish while on this earth are other factors

MTEF Reform in Bangladesh Analysis

MTEF Reform in Bangladesh Analysis Chapter 1: Introduction 1.1 Background This dissertation studies the MTEF (Medium Term Expenditure Framework) reform in Bangladesh. The MTEF was introduced in 4 ministries including Ministry of Education from 2005-06, named as MTBF (Medium Term Budgetary Framework). In the following year it included Ministry of Primary and Mass Education and Ministry of Health and Family Welfare. All other ministries will be brought under this framework in near future. The focus of this study is to explore the effect of introducing the MTEF in education and health budgets, explain the difference between the MTEF and traditional budgetary system in the formulation and execution of budget, analyze the effectiveness and efficiency of budgetary spending due to adopting the MTEF in the education and health sectors considering the three outcomes (maintaining fiscal discipline, promoting allocative Efficiency and enhancing operational efficiency) of public expenditure management (PEM) and finally to comment on whether improvements were achieved or not due to adopting the MTEF. This chapter outlines the relevancy of the study, the research questions to be answered in the subsequent chapters, methodology and analytical framework, limitations of the study and finally the presentation structure. 1.2 Rationale of the Study The main objective of formulating a budget under the MTEF is to link the budgetary allocations with governments policies, priorities. This is for ensuring efficient utilisation of limited public resources, which will enhance pro-poor growth and poverty reduction. One of the ‘policy priority triangles set out in countrys Poverty Reduction Strategy Paper (PRSP, 2005) is human development. So, Education and health sectors have been attached to top priority on investment by the Government. 1 According to MTBF (2005-06, p-01), ‘The Medium Term Budgetary Framework (MTBF) is a new budgeting approach generally known as the Medium Term Expenditure Framework (MTEF). Here, no basic difference between MTEF and MTBF has been stated. So, the term ‘MTEF will be used ubiquitously in this dissertation except quoting the references where relevant. These two sectors account for almost 20% of the total government expenditure each year in Bangladesh. The MTEF has been implemented in these two sectors since 2006 and many of the government policy objectives are linked with them. It is necessary to review the performance of the MTEF so that the output could be infused into ongoing works and corrective actions can be taken to planned activities accordingly. Thus, it seeks to investigate the impact of the MTEF on budgetary system of these two sectors. 1.3 Research Questions For this paper, the research questions are: 1. To what extent MTEF led to changesa in the formulation and execution of education and health budgets? 2. Has MTEF improved the effectivenessb and efficiencyc of budgetary expenditure on education and health? a. Mainly three types of changes- institutional, process (procedure) and technical (technological). b. Effectiveness is about how far does the activity (here MTEF) achieve its objective- and the objective itself is greater allocative efficiency. c. Efficiency here means at what cost was that result achieved, i.e. how many additional resources were used up in adopting MTEF (Here it means operational efficiency). 1.4 Broad Methodological Approach The analysis is purely desk- based. Secondary information sourced from review of literatures on the MTEF of different countries and other related articles of OECD, IMF, World Bank. UNICEF, PEFA, ADB, UNDP comprising as assessment and analysis of available documents on the MTEF and related processes. To answer the research questions data of national budget from 2001t o 2010, documents on the MTEF from 2006 to 2010, monthly fiscal report from 2004 to 2008- Finance Division, Ministry of Finance (MoF), Bangladesh Economic Review 2003-2008, IRBD by CPD (Centre for Policy Dialogue) from 2004- 2010, Public Expenditure Review on health- 2007, Bangladesh Bureau of Statistics, Sector wise budgets from Ministry of Education, Ministry of Primary and Mass Education, Ministry of Health and Family Welfare are used. Data from national budgets, BER, MTBF and PER played the key role to answer the research questions. Information was collected from interviewing few relevant staff of the MoF and consulti ng published documents and databases available in the Internet. The analysis is both qualitative and quantitative depending on the availability of the relevant data. 1.4.1 Analytical Framework 1) To answer the first question regarding changes due to adopting MTEF in Bangladesh, three elements will be analyzed institutional change, procedural change and technical change and this analysis will try to differentiate the qualitative changes took place due to adopting MTEF over the traditional budgeting system in relation to those three elements. 2) The MTEF budgets of education and health will be assessed taking into account the three basic elements of PEM (Public Expenditure Management) maintaining fiscal discipline, promoting allocative efficiency and enhancing operational efficiency (Schick, A, 1998) to get the answer of the second question concerning improvement in effectiveness and efficiency of budgetary spending after MTEF. Fiscal discipline, allocative efficiency and operational efficiency are interdependent (DFID, 2001). Allen Schick (1998, p. 2) argued that the lack of fiscal discipline leads to improper resource allocation and operates inefficiency. So, fiscal discipline promotes allocative and operational efficiency. MTEF sought to strengthen those three outcomes. Therefore, the effectiveness and efficiency of budgetary spending is improved when those three basic elements are achieved. The following criteria/ principles will be analysed to reveal the experiences of attaining those three basic elements Source: The above criteria in the table are generated on the basis of the literature of Schick, A (1998), World Bank (1998), DFID guidelines (2001) 1.4.1.1 Criteria setting The aim is to find out some criteria that influences the three objectives of PEM as well as matches with the ‘MTEF objectives of Bangladesh (discussed in chapter- 3..) so that the impact of the MTEF can be assessed. The analytical framework is adapted and it is mainly based on the literature of ‘Schick, A (1998), A Contemporary Approach to Public Expenditure Management, ‘World Bank (1998), Public Expenditure Management Handbook, DFID guidelines (2001) and some other empirical evidences (discussed in chapter- 2). Some other relevant criteria are not examined mainly due to data non- availability of appropriate data. For example, improvement in accountability and transparency relates to operational efficiency is not analysed due to data limitation and relevant information unavailability. A simple cross- section data is presented in tabular form where it is relevant in addressing the research questions. 1.6 Limitations The MTEF is now at its earlier stage in Bangladesh and no formal review or comprehensive assessment has been made on this new budgetary process. Sufficient information is not available and current and reliable data are also unobtainable. So, there is much reliance on government budgetary documents that cannot always be testified by evidences from other sources. 1.7 Presentation Structure Chapter 2 provides literature review on theoretical concept of MTEF, budgetary reforms followed both in developed and developing countries and assessments of the impact of the MTEF in those countries using the analytical framework specified for answering question two. Chapter 3 illustrates MTEF reform in Bangladesh and analysis of the traditional budgetary process and MTEF in view of the changes took place due to adopting MTEF to get the answer of question 1. Chapter 4 focuses on the assessment of impact of MTEF on education budget to get the answer to question-2 Chapter 5 focuses on the assessment of impact of MTEF on health budget to get the answer to question-2 Chapter 6 presents the conclusion where all the research questions are summarized. Chapter 2: Literature Review This chapter aims to explore various criteria/ principles that will be used to judge the performance of the MTEF in line with the three basic indicators of the public expenditure management (PEM). With this end in view, it provides literature review on theoretical concept of the MTEF, the theoretical explanation regarding the relationship between the MTEF and the public expenditure management (PEM). It also examines the empirical studies on the MTEF of different countries to reveal the different criteria/ conditions that were set to assess the role of the MTEF in promoting the efficiency and effectiveness of public expenditure. Finally it brings together some criteria that will be used to develop the analytical framework to assess the impact of the MTEF on education and health budget (the title of the dissertation) in Bangladesh. 2.1 The Theoretical Background 2.1.1 Concept of the MTEF The MTEF (Medium Term Expenditure Framework) is defined as an approach ‘designed specially to link planning, which has a medium term outlook, with the annual budget, and, as a consequence, to link budgetary expenditure more systematically with socially desired outcomes, (ADB, 2002, p-1). On the whole, MTEF integrated policy, planning and budgeting and allows expenditure to be ‘driven by policy priorities and disciplined by budget realities (World Bank, 1998). So, MTEF is a multiyear rolling expenditure under which a realistic projection of revenue receipts and expenditure is prepared over a three to five year period and spending priorities are set with reference to the Governments policy objectives and thus it provides a clear foundation for the annual budget. Under the MTEF, over a three year period, first year estimate is considered as budget, two outer years estimates as indicative figures. In the following year, the MTEF rolls forward and a new forward estimate for an other year is added. After necessary adjustment, the second year forward estimate is considered as budget as it becomes first year for the next MTEF. Figure 2.1: Rolling Principle of the MTEF (Source: ODI, 2002, p- 5) In many countries, the MTEF is implemented at two key levels, at the central government level which is referred to as the ‘top- down approach and at the spending agencies level, referred to as the ‘bottom- up approach (World Bank, 1998, p-40). In the ‘top- down approach, Ministry of Finance identified the ‘resource envelops (which is referred to as the indicative expenditure ceiling) and allocate those to the line ministries in view of their relative need. In the ‘bottom- up approach, line ministries or sectoral agencies formulates and estimates the actual and projected costs of the spending programmes within the spending limit for the medium term by examining the sectoral objectives and activities (Houerou and Taliercio, 2002, p-2). Table 2.1 Seven Stages of the MTEF Source: Adapted;[PEM Handbook (World Bank, 1998a: 47-51) cited in N.Oyugi. L, (2008, p-3, 4) and Houerou and Taliercio, (2002, p-3)] Annexure- 2 2.2 A General Overview of the Empirical Literature Many developed countries like UK, Australia, New Zealand, Austria, Sweden, Germany, USA are practising multi- year budgeting. The MTEF of UK maintains a firm consistency in controlling public expenditure having ‘focused on outcomes and efficient service delivery (HM Treasury, 2007). World Bank, DFID and other Aid agencies influenced many developing and transitional countries to initiate series of reforms (Wyane, 2005). The MTEF is introduced in more than 25 countries in Asia, Africa (e.g., Benin, Cameroon, Burkina Faso, Ghana, Malawi, Rwanda, South Africa, Tanzania, Uganda, Namibia, Kenya, Zambia) Latin America and Eastern Europe. In Asia, MTEF has already been introduced in Nepal, Pakistan and Bangladesh. Almost all the developing countries have 3 years MTEFs except Mozambique (6 years) and South Africa (4 years) (Houerou and Taliercio, 2002). Most of the countries integrated development and non- development expenditure in the MTEF except Guinea and Rwanda (only recurrent budget). In Kenya, Tanzania, South Africa, Uganda, civil society representatives participate in Sector Expenditure Frameworks (SEFs) preparing process (Houerou and Taliercio, 2002). Suriyaarachchi (2004) argued that Nepal has improved in development budget formulation and execution after intro ducing MTEF in Fiscal Year 2002-03. Assessments on the MTEF in many African countries are carried out considering the organizational change and procedural change rather than assessing the progress achieved through implementing the MTEF (Bird, A, 2003; Holmes and Evans, 2003; Jennes. G, 2003; Carlier. K, 2003; Short. J, 2003) 2.3 The MTEF and the public expenditure management (PEM) ADB (2001) suggested that ‘Public expenditure management (PEM) is the latest approach that emphasizes on achieving the desired policy outcomes through public sector budgeting. PEM considered expenditure as an instrument to produce optimal output whereas conventional budgetary process sets focus on spending as an input. PEM emphasizes on three main outcomes in budgetary system. The objectives of PEM are to maintain fiscal discipline, to promote allocative efficiency and to enhance operational efficiency (World Bank, 1998a cited in DFID, 2001, p-8). Allen Schick (1998, p-2) describes three basic elements of PEM as follows: 1. Aggregate fiscal discipline , which usually means that the public spending limit should not exceed the total revenue (spending in accordance with the affordability) and should be ‘sustainable over the medium-term and beyond (ibid, p-2). 2. Allocative efficiency , which refers to the condition that public spending, should be prudent. ‘Expenditure should be based on government priorities and it should be directed to the most beneficial programmes and activities that ultimately increase the effectiveness of the budgetary spending. It means that the allocation is better targeted shifting from ‘lesser to higher priorities and from less to more effective programs (ibid-2). 3. Operational efficiency means getting the best value of public money. Quality of the public services should be reasonable and it should be given at the lowest possible cost (ADB, 2001, p-1). According to Fjeldstad et al. (2004 p.2) cited in N.Oyugi. L, (2008, p- 2), The objectives of MTEF are : to maintain ‘aggregate fiscal discipline to promote ‘resource allocation to strategic priorities (allocative efficiency) to enhance ‘efficient and effective use of resources (operational efficiency) It suggests that there is a close connection between MTEF and PEM objectives. 2.3.1The MTEF and improvement in effectiveness and efficiency of budgetary expenditure ADB suggested that ‘the MTEF is one mechanism through which a PEM system can be operationalzed (2001- issue- 2, p-4). So, the improvement in effectiveness and efficiency of budgetary expenditure depends on to what extent the MTEF is sought to strengthen the PEM objectives. Fiscal discipline, allocative efficiency and operational efficiency are ‘interdependent (DFID, 2001). Allen Schick (1998, p. 2) argued that the lack of fiscal discipline leads to improper resource allocation and operational inefficiency. So, fiscal discipline can promote both allocative and operational efficiency. Fiscal discipline is maintained when implementation of budget ensures that actual expenditure does not exceed the spending limit and even when the increase in spending (% as a share of GDP) is consistent with the increase in revenue each year (Schick, A, 1998, p. 12, 67). So, two criteria- conformity with the spending limit and consistency in the trend of sectoral expenditure influence fiscal discipline. Allocative efficiency means the ability of the government to distribute resources considering the effectiveness of public programmes in accordance with its strategic objectives or policy planning. It is the capacity to reallocate resources from old to new priorities and from less to more effective programmes. Delegation of major allocative responsibility to sectoral ministries also promotes allocative efficiency (ibid, p. 17, 90). So, four criteria- change in sectoral allocation, strategic resource allocationlinked to policy planning, spending in priority areas/ programmes anddevolution of allocative responsibilities to line ministries influence allocative efficiency. MTEF offers greater predictability of fund since it establishes ‘baseline budgets for the upcoming years (while one year budget cannot) and thus improves operational efficiency (ADB, 2001- issue- 2, p-4). World Bank (1998) argues that predictability of funds (assurance to spending agencies as to when and where the resources will be available) is one of the major factors that influence operational efficiency (p- 28). Operational efficiency put emphasis on output and outcomes rather than input (Schick, A, 1998, p. 21). So, two criteria- greater predictability of public funds and progress in achieving output targets influence operational efficiency. 2.3.2 Evidence from Cross-country Studies This is to explore what criteria/ characteristics are set out by different countries to assess the impact of MTEF with respect to three levels of PEM outcomes. However, most of the studies are found to use one or more of the following criteria. Reducing fiscal deficit Since the adoption of the MTEF, Malawi reduced its fiscal deficit from 15% of GDP to 5% in the 1998/ 1999 budgetary- year and a further reduction to 4% in 1999/ 2000. So, it achieved some progress in reducing fiscal deficit (Anipe et al., 1999, p. 15). Adequate information availability In Cambodia, the MTEF was introduced in two ministries (education and health) and while preparing the sectoral expenditure for 2003-2005, health ministry had inadequate information regarding user fees and other payments, which in turn prevented from making a realistic estimation (Dom et al., 2003, p. 30). Above two criteria are concerned with aggregate fiscal discipline. Strategic resource allocation linked to policy, planning In case of Ghana, the MTEF was adopted in 1999; the resources were allocated in line with government development policy documents, e.g. ‘Ghana Vision 2020 (Anipa et al., 1999, p-21). The MTEF in Uganda achieved a considerable success in integrating the PEAP (‘Poverty Eradication Action Plan) within the Budgetary process and expenditure planning is carried out considering PEAP at the central and local government levels (Bird A, 2003). Change in sectoral allocation In Uganda, actual spending increased from 19.8% of total expenditure to 26.9% in 1998/99 (Bevan and Palomba, 2000, p. 18). In Benin, budgetary allocations had increased significantly to the ‘priority sector since 1998. Recurrent budget for education was 27.4% of the total expenditure in 1998 and it increased to 39.5% in 2001 and capital budget was 4.5% of the total expenditure in 1998 and that increased enormously to 40.7%. Allocations towards the health budget have increased from 1.4 percent of GDP in 1998 to 2.3 percent of GDP in 2001 (Carlier K, 2003, p. 23-24). Greater responsibility to line ministries The MTEF in Ghana promoted allocative efficiency as line ministries enjoying ‘greater responsibility for allocating resources to priority activities which ensures effective and efficient use of limited resources (Anipa et al., 1999, p- 7). Improvement in budgetary classification The MTEF in Malawi promotes allocative efficiency as it improved in budgetary classification by adopting activity- based budgeting that reviews the on- going programmes and creates sub- programmes to specify the activities (ibid, p. 12-25). From the above analysis it is evident that three criteria- strategic resource allocation linked to policy planning, change in sectoral allocation, improvement in budgetary classification are relevant to allocative efficiency and greater responsibility to line ministries is concerned with both allocative and operational efficiency (discussed in section 2.1.3). Fund predictability In Malawi, the allocation for health sector was 20.7% of the total development budget for the 1996/1997 fiscal year, but the actual release was only 3.6% of the development expenditure (Oxford Policy Management, 2000, p. 4). Reducing the deviation between budget and actual spending In case of Tanzania, from 1995 to 1998, the average BDI (Budget Deviation Index) was equal to 33% before introducing the MTEF and after the MTEF since 1999, it was reduced to 25% (Houerou and Taliercio, 2002, p. 21). Improvement in accountability and transparency In Namibia, MTEF has improved transparency as the framework explains inputs required for all programmes and expected outcomes. It also increased accountability because public has the access to the information regarding government priorities set in the medium term framework (N Oyugi L, 2008, p-12). The above two criteria are relevant to operational efficiency as discussed earlier. 2.4 Findings The country assessments of the MTEF indicate that all types of criteria/ conditions were not used by any single country to assess the impact of the MTEF. From the above analysis, the following key criteria/ principles can be brought together which appear to be important to examine the MTEF outcomes at three levels- fiscal discipline, allocative and operational efficiency. In the next chapter, the changes due to adopting the MTEF in the education and health budget will be examined. Asian development bank institute, 2005 http://www.adbi.org/files/2005.09.05.cpp.budget.classification.pdf Chapter 3: Changes due to the MTEF in Bangladesh This chapter addresses the first research question of Chapter- 1 which refers to the changes took place because of the MTEF introduced in the education and health budget. For this, it focuses on the budgetary reforms in Bangladesh. Experiences with the introduction of the MTEF are discussed and finally the changes due to adopting the MTEF (the traditional versus the MTEF) have been analysed. 3.1 Why the MTEF in Bangladesh Before the MTEF, budgets were prepared by making arbitrary incremental changes to the preceding years allocation. No strategic planning was present in budgetary process, non- development and development budgets were prepared separately and emphasis was laid on input rather than output (BCAS-2006/09, p. 53). Therefore, to enhance the credibility of the budget, to face the strategies set out in the PRSP with the macroeconomic framework and to ‘create a more disciplined, dynamic, efficient and modern public financial management system (MTBF-05/06, p. i), the MTEF was introduced. 3.2 Budgetary reforms and the MTEF in Bangladesh Bangladesh is a densely populated developing country which has a less public spending as a share of GDP (Socio- economic indicators are shown in Appendix- 1 ). For the effective and efficient use of scant resources, important reforms have been carried out in public financial management since 1990s. According to World Bank, ‘Bangladesh re-emerged as a democracy, successfully restarted reforms on critical fronts while ensuring sound macroeconomic and fiscal management (BCAS, 2006/09, p-9). A committee on Reforms in budgeting and Expenditure Control (CORBEC) was formed in March 1990 and this committee identified a number of problems including budgeting procedure, budget classification, budget presentation, separate non- development (recurrent) and development (investment) budgets preparation, emphasis laid on the inputs rather than outputs, etc. It was also difficult to identify the flow of funds as non- development and development budgets used separate classification systems and that was not computerized. To implement the recommendation of CORBEC, RIBEC (Reform in Budgeting and Expenditure Control) was formed with the financial suppo rt from the DFID (Department for International Development). A detailed operational unit wise and economic code wise classification chart was prepared and published, financial rules and reporting systems were upgraded and large number of Government officials were trained through the RIBEC from Ph MTEF Reform in Bangladesh Analysis MTEF Reform in Bangladesh Analysis Chapter 1: Introduction 1.1 Background This dissertation studies the MTEF (Medium Term Expenditure Framework) reform in Bangladesh. The MTEF was introduced in 4 ministries including Ministry of Education from 2005-06, named as MTBF (Medium Term Budgetary Framework). In the following year it included Ministry of Primary and Mass Education and Ministry of Health and Family Welfare. All other ministries will be brought under this framework in near future. The focus of this study is to explore the effect of introducing the MTEF in education and health budgets, explain the difference between the MTEF and traditional budgetary system in the formulation and execution of budget, analyze the effectiveness and efficiency of budgetary spending due to adopting the MTEF in the education and health sectors considering the three outcomes (maintaining fiscal discipline, promoting allocative Efficiency and enhancing operational efficiency) of public expenditure management (PEM) and finally to comment on whether improvements were achieved or not due to adopting the MTEF. This chapter outlines the relevancy of the study, the research questions to be answered in the subsequent chapters, methodology and analytical framework, limitations of the study and finally the presentation structure. 1.2 Rationale of the Study The main objective of formulating a budget under the MTEF is to link the budgetary allocations with governments policies, priorities. This is for ensuring efficient utilisation of limited public resources, which will enhance pro-poor growth and poverty reduction. One of the ‘policy priority triangles set out in countrys Poverty Reduction Strategy Paper (PRSP, 2005) is human development. So, Education and health sectors have been attached to top priority on investment by the Government. 1 According to MTBF (2005-06, p-01), ‘The Medium Term Budgetary Framework (MTBF) is a new budgeting approach generally known as the Medium Term Expenditure Framework (MTEF). Here, no basic difference between MTEF and MTBF has been stated. So, the term ‘MTEF will be used ubiquitously in this dissertation except quoting the references where relevant. These two sectors account for almost 20% of the total government expenditure each year in Bangladesh. The MTEF has been implemented in these two sectors since 2006 and many of the government policy objectives are linked with them. It is necessary to review the performance of the MTEF so that the output could be infused into ongoing works and corrective actions can be taken to planned activities accordingly. Thus, it seeks to investigate the impact of the MTEF on budgetary system of these two sectors. 1.3 Research Questions For this paper, the research questions are: 1. To what extent MTEF led to changesa in the formulation and execution of education and health budgets? 2. Has MTEF improved the effectivenessb and efficiencyc of budgetary expenditure on education and health? a. Mainly three types of changes- institutional, process (procedure) and technical (technological). b. Effectiveness is about how far does the activity (here MTEF) achieve its objective- and the objective itself is greater allocative efficiency. c. Efficiency here means at what cost was that result achieved, i.e. how many additional resources were used up in adopting MTEF (Here it means operational efficiency). 1.4 Broad Methodological Approach The analysis is purely desk- based. Secondary information sourced from review of literatures on the MTEF of different countries and other related articles of OECD, IMF, World Bank. UNICEF, PEFA, ADB, UNDP comprising as assessment and analysis of available documents on the MTEF and related processes. To answer the research questions data of national budget from 2001t o 2010, documents on the MTEF from 2006 to 2010, monthly fiscal report from 2004 to 2008- Finance Division, Ministry of Finance (MoF), Bangladesh Economic Review 2003-2008, IRBD by CPD (Centre for Policy Dialogue) from 2004- 2010, Public Expenditure Review on health- 2007, Bangladesh Bureau of Statistics, Sector wise budgets from Ministry of Education, Ministry of Primary and Mass Education, Ministry of Health and Family Welfare are used. Data from national budgets, BER, MTBF and PER played the key role to answer the research questions. Information was collected from interviewing few relevant staff of the MoF and consulti ng published documents and databases available in the Internet. The analysis is both qualitative and quantitative depending on the availability of the relevant data. 1.4.1 Analytical Framework 1) To answer the first question regarding changes due to adopting MTEF in Bangladesh, three elements will be analyzed institutional change, procedural change and technical change and this analysis will try to differentiate the qualitative changes took place due to adopting MTEF over the traditional budgeting system in relation to those three elements. 2) The MTEF budgets of education and health will be assessed taking into account the three basic elements of PEM (Public Expenditure Management) maintaining fiscal discipline, promoting allocative efficiency and enhancing operational efficiency (Schick, A, 1998) to get the answer of the second question concerning improvement in effectiveness and efficiency of budgetary spending after MTEF. Fiscal discipline, allocative efficiency and operational efficiency are interdependent (DFID, 2001). Allen Schick (1998, p. 2) argued that the lack of fiscal discipline leads to improper resource allocation and operates inefficiency. So, fiscal discipline promotes allocative and operational efficiency. MTEF sought to strengthen those three outcomes. Therefore, the effectiveness and efficiency of budgetary spending is improved when those three basic elements are achieved. The following criteria/ principles will be analysed to reveal the experiences of attaining those three basic elements Source: The above criteria in the table are generated on the basis of the literature of Schick, A (1998), World Bank (1998), DFID guidelines (2001) 1.4.1.1 Criteria setting The aim is to find out some criteria that influences the three objectives of PEM as well as matches with the ‘MTEF objectives of Bangladesh (discussed in chapter- 3..) so that the impact of the MTEF can be assessed. The analytical framework is adapted and it is mainly based on the literature of ‘Schick, A (1998), A Contemporary Approach to Public Expenditure Management, ‘World Bank (1998), Public Expenditure Management Handbook, DFID guidelines (2001) and some other empirical evidences (discussed in chapter- 2). Some other relevant criteria are not examined mainly due to data non- availability of appropriate data. For example, improvement in accountability and transparency relates to operational efficiency is not analysed due to data limitation and relevant information unavailability. A simple cross- section data is presented in tabular form where it is relevant in addressing the research questions. 1.6 Limitations The MTEF is now at its earlier stage in Bangladesh and no formal review or comprehensive assessment has been made on this new budgetary process. Sufficient information is not available and current and reliable data are also unobtainable. So, there is much reliance on government budgetary documents that cannot always be testified by evidences from other sources. 1.7 Presentation Structure Chapter 2 provides literature review on theoretical concept of MTEF, budgetary reforms followed both in developed and developing countries and assessments of the impact of the MTEF in those countries using the analytical framework specified for answering question two. Chapter 3 illustrates MTEF reform in Bangladesh and analysis of the traditional budgetary process and MTEF in view of the changes took place due to adopting MTEF to get the answer of question 1. Chapter 4 focuses on the assessment of impact of MTEF on education budget to get the answer to question-2 Chapter 5 focuses on the assessment of impact of MTEF on health budget to get the answer to question-2 Chapter 6 presents the conclusion where all the research questions are summarized. Chapter 2: Literature Review This chapter aims to explore various criteria/ principles that will be used to judge the performance of the MTEF in line with the three basic indicators of the public expenditure management (PEM). With this end in view, it provides literature review on theoretical concept of the MTEF, the theoretical explanation regarding the relationship between the MTEF and the public expenditure management (PEM). It also examines the empirical studies on the MTEF of different countries to reveal the different criteria/ conditions that were set to assess the role of the MTEF in promoting the efficiency and effectiveness of public expenditure. Finally it brings together some criteria that will be used to develop the analytical framework to assess the impact of the MTEF on education and health budget (the title of the dissertation) in Bangladesh. 2.1 The Theoretical Background 2.1.1 Concept of the MTEF The MTEF (Medium Term Expenditure Framework) is defined as an approach ‘designed specially to link planning, which has a medium term outlook, with the annual budget, and, as a consequence, to link budgetary expenditure more systematically with socially desired outcomes, (ADB, 2002, p-1). On the whole, MTEF integrated policy, planning and budgeting and allows expenditure to be ‘driven by policy priorities and disciplined by budget realities (World Bank, 1998). So, MTEF is a multiyear rolling expenditure under which a realistic projection of revenue receipts and expenditure is prepared over a three to five year period and spending priorities are set with reference to the Governments policy objectives and thus it provides a clear foundation for the annual budget. Under the MTEF, over a three year period, first year estimate is considered as budget, two outer years estimates as indicative figures. In the following year, the MTEF rolls forward and a new forward estimate for an other year is added. After necessary adjustment, the second year forward estimate is considered as budget as it becomes first year for the next MTEF. Figure 2.1: Rolling Principle of the MTEF (Source: ODI, 2002, p- 5) In many countries, the MTEF is implemented at two key levels, at the central government level which is referred to as the ‘top- down approach and at the spending agencies level, referred to as the ‘bottom- up approach (World Bank, 1998, p-40). In the ‘top- down approach, Ministry of Finance identified the ‘resource envelops (which is referred to as the indicative expenditure ceiling) and allocate those to the line ministries in view of their relative need. In the ‘bottom- up approach, line ministries or sectoral agencies formulates and estimates the actual and projected costs of the spending programmes within the spending limit for the medium term by examining the sectoral objectives and activities (Houerou and Taliercio, 2002, p-2). Table 2.1 Seven Stages of the MTEF Source: Adapted;[PEM Handbook (World Bank, 1998a: 47-51) cited in N.Oyugi. L, (2008, p-3, 4) and Houerou and Taliercio, (2002, p-3)] Annexure- 2 2.2 A General Overview of the Empirical Literature Many developed countries like UK, Australia, New Zealand, Austria, Sweden, Germany, USA are practising multi- year budgeting. The MTEF of UK maintains a firm consistency in controlling public expenditure having ‘focused on outcomes and efficient service delivery (HM Treasury, 2007). World Bank, DFID and other Aid agencies influenced many developing and transitional countries to initiate series of reforms (Wyane, 2005). The MTEF is introduced in more than 25 countries in Asia, Africa (e.g., Benin, Cameroon, Burkina Faso, Ghana, Malawi, Rwanda, South Africa, Tanzania, Uganda, Namibia, Kenya, Zambia) Latin America and Eastern Europe. In Asia, MTEF has already been introduced in Nepal, Pakistan and Bangladesh. Almost all the developing countries have 3 years MTEFs except Mozambique (6 years) and South Africa (4 years) (Houerou and Taliercio, 2002). Most of the countries integrated development and non- development expenditure in the MTEF except Guinea and Rwanda (only recurrent budget). In Kenya, Tanzania, South Africa, Uganda, civil society representatives participate in Sector Expenditure Frameworks (SEFs) preparing process (Houerou and Taliercio, 2002). Suriyaarachchi (2004) argued that Nepal has improved in development budget formulation and execution after intro ducing MTEF in Fiscal Year 2002-03. Assessments on the MTEF in many African countries are carried out considering the organizational change and procedural change rather than assessing the progress achieved through implementing the MTEF (Bird, A, 2003; Holmes and Evans, 2003; Jennes. G, 2003; Carlier. K, 2003; Short. J, 2003) 2.3 The MTEF and the public expenditure management (PEM) ADB (2001) suggested that ‘Public expenditure management (PEM) is the latest approach that emphasizes on achieving the desired policy outcomes through public sector budgeting. PEM considered expenditure as an instrument to produce optimal output whereas conventional budgetary process sets focus on spending as an input. PEM emphasizes on three main outcomes in budgetary system. The objectives of PEM are to maintain fiscal discipline, to promote allocative efficiency and to enhance operational efficiency (World Bank, 1998a cited in DFID, 2001, p-8). Allen Schick (1998, p-2) describes three basic elements of PEM as follows: 1. Aggregate fiscal discipline , which usually means that the public spending limit should not exceed the total revenue (spending in accordance with the affordability) and should be ‘sustainable over the medium-term and beyond (ibid, p-2). 2. Allocative efficiency , which refers to the condition that public spending, should be prudent. ‘Expenditure should be based on government priorities and it should be directed to the most beneficial programmes and activities that ultimately increase the effectiveness of the budgetary spending. It means that the allocation is better targeted shifting from ‘lesser to higher priorities and from less to more effective programs (ibid-2). 3. Operational efficiency means getting the best value of public money. Quality of the public services should be reasonable and it should be given at the lowest possible cost (ADB, 2001, p-1). According to Fjeldstad et al. (2004 p.2) cited in N.Oyugi. L, (2008, p- 2), The objectives of MTEF are : to maintain ‘aggregate fiscal discipline to promote ‘resource allocation to strategic priorities (allocative efficiency) to enhance ‘efficient and effective use of resources (operational efficiency) It suggests that there is a close connection between MTEF and PEM objectives. 2.3.1The MTEF and improvement in effectiveness and efficiency of budgetary expenditure ADB suggested that ‘the MTEF is one mechanism through which a PEM system can be operationalzed (2001- issue- 2, p-4). So, the improvement in effectiveness and efficiency of budgetary expenditure depends on to what extent the MTEF is sought to strengthen the PEM objectives. Fiscal discipline, allocative efficiency and operational efficiency are ‘interdependent (DFID, 2001). Allen Schick (1998, p. 2) argued that the lack of fiscal discipline leads to improper resource allocation and operational inefficiency. So, fiscal discipline can promote both allocative and operational efficiency. Fiscal discipline is maintained when implementation of budget ensures that actual expenditure does not exceed the spending limit and even when the increase in spending (% as a share of GDP) is consistent with the increase in revenue each year (Schick, A, 1998, p. 12, 67). So, two criteria- conformity with the spending limit and consistency in the trend of sectoral expenditure influence fiscal discipline. Allocative efficiency means the ability of the government to distribute resources considering the effectiveness of public programmes in accordance with its strategic objectives or policy planning. It is the capacity to reallocate resources from old to new priorities and from less to more effective programmes. Delegation of major allocative responsibility to sectoral ministries also promotes allocative efficiency (ibid, p. 17, 90). So, four criteria- change in sectoral allocation, strategic resource allocationlinked to policy planning, spending in priority areas/ programmes anddevolution of allocative responsibilities to line ministries influence allocative efficiency. MTEF offers greater predictability of fund since it establishes ‘baseline budgets for the upcoming years (while one year budget cannot) and thus improves operational efficiency (ADB, 2001- issue- 2, p-4). World Bank (1998) argues that predictability of funds (assurance to spending agencies as to when and where the resources will be available) is one of the major factors that influence operational efficiency (p- 28). Operational efficiency put emphasis on output and outcomes rather than input (Schick, A, 1998, p. 21). So, two criteria- greater predictability of public funds and progress in achieving output targets influence operational efficiency. 2.3.2 Evidence from Cross-country Studies This is to explore what criteria/ characteristics are set out by different countries to assess the impact of MTEF with respect to three levels of PEM outcomes. However, most of the studies are found to use one or more of the following criteria. Reducing fiscal deficit Since the adoption of the MTEF, Malawi reduced its fiscal deficit from 15% of GDP to 5% in the 1998/ 1999 budgetary- year and a further reduction to 4% in 1999/ 2000. So, it achieved some progress in reducing fiscal deficit (Anipe et al., 1999, p. 15). Adequate information availability In Cambodia, the MTEF was introduced in two ministries (education and health) and while preparing the sectoral expenditure for 2003-2005, health ministry had inadequate information regarding user fees and other payments, which in turn prevented from making a realistic estimation (Dom et al., 2003, p. 30). Above two criteria are concerned with aggregate fiscal discipline. Strategic resource allocation linked to policy, planning In case of Ghana, the MTEF was adopted in 1999; the resources were allocated in line with government development policy documents, e.g. ‘Ghana Vision 2020 (Anipa et al., 1999, p-21). The MTEF in Uganda achieved a considerable success in integrating the PEAP (‘Poverty Eradication Action Plan) within the Budgetary process and expenditure planning is carried out considering PEAP at the central and local government levels (Bird A, 2003). Change in sectoral allocation In Uganda, actual spending increased from 19.8% of total expenditure to 26.9% in 1998/99 (Bevan and Palomba, 2000, p. 18). In Benin, budgetary allocations had increased significantly to the ‘priority sector since 1998. Recurrent budget for education was 27.4% of the total expenditure in 1998 and it increased to 39.5% in 2001 and capital budget was 4.5% of the total expenditure in 1998 and that increased enormously to 40.7%. Allocations towards the health budget have increased from 1.4 percent of GDP in 1998 to 2.3 percent of GDP in 2001 (Carlier K, 2003, p. 23-24). Greater responsibility to line ministries The MTEF in Ghana promoted allocative efficiency as line ministries enjoying ‘greater responsibility for allocating resources to priority activities which ensures effective and efficient use of limited resources (Anipa et al., 1999, p- 7). Improvement in budgetary classification The MTEF in Malawi promotes allocative efficiency as it improved in budgetary classification by adopting activity- based budgeting that reviews the on- going programmes and creates sub- programmes to specify the activities (ibid, p. 12-25). From the above analysis it is evident that three criteria- strategic resource allocation linked to policy planning, change in sectoral allocation, improvement in budgetary classification are relevant to allocative efficiency and greater responsibility to line ministries is concerned with both allocative and operational efficiency (discussed in section 2.1.3). Fund predictability In Malawi, the allocation for health sector was 20.7% of the total development budget for the 1996/1997 fiscal year, but the actual release was only 3.6% of the development expenditure (Oxford Policy Management, 2000, p. 4). Reducing the deviation between budget and actual spending In case of Tanzania, from 1995 to 1998, the average BDI (Budget Deviation Index) was equal to 33% before introducing the MTEF and after the MTEF since 1999, it was reduced to 25% (Houerou and Taliercio, 2002, p. 21). Improvement in accountability and transparency In Namibia, MTEF has improved transparency as the framework explains inputs required for all programmes and expected outcomes. It also increased accountability because public has the access to the information regarding government priorities set in the medium term framework (N Oyugi L, 2008, p-12). The above two criteria are relevant to operational efficiency as discussed earlier. 2.4 Findings The country assessments of the MTEF indicate that all types of criteria/ conditions were not used by any single country to assess the impact of the MTEF. From the above analysis, the following key criteria/ principles can be brought together which appear to be important to examine the MTEF outcomes at three levels- fiscal discipline, allocative and operational efficiency. In the next chapter, the changes due to adopting the MTEF in the education and health budget will be examined. Asian development bank institute, 2005 http://www.adbi.org/files/2005.09.05.cpp.budget.classification.pdf Chapter 3: Changes due to the MTEF in Bangladesh This chapter addresses the first research question of Chapter- 1 which refers to the changes took place because of the MTEF introduced in the education and health budget. For this, it focuses on the budgetary reforms in Bangladesh. Experiences with the introduction of the MTEF are discussed and finally the changes due to adopting the MTEF (the traditional versus the MTEF) have been analysed. 3.1 Why the MTEF in Bangladesh Before the MTEF, budgets were prepared by making arbitrary incremental changes to the preceding years allocation. No strategic planning was present in budgetary process, non- development and development budgets were prepared separately and emphasis was laid on input rather than output (BCAS-2006/09, p. 53). Therefore, to enhance the credibility of the budget, to face the strategies set out in the PRSP with the macroeconomic framework and to ‘create a more disciplined, dynamic, efficient and modern public financial management system (MTBF-05/06, p. i), the MTEF was introduced. 3.2 Budgetary reforms and the MTEF in Bangladesh Bangladesh is a densely populated developing country which has a less public spending as a share of GDP (Socio- economic indicators are shown in Appendix- 1 ). For the effective and efficient use of scant resources, important reforms have been carried out in public financial management since 1990s. According to World Bank, ‘Bangladesh re-emerged as a democracy, successfully restarted reforms on critical fronts while ensuring sound macroeconomic and fiscal management (BCAS, 2006/09, p-9). A committee on Reforms in budgeting and Expenditure Control (CORBEC) was formed in March 1990 and this committee identified a number of problems including budgeting procedure, budget classification, budget presentation, separate non- development (recurrent) and development (investment) budgets preparation, emphasis laid on the inputs rather than outputs, etc. It was also difficult to identify the flow of funds as non- development and development budgets used separate classification systems and that was not computerized. To implement the recommendation of CORBEC, RIBEC (Reform in Budgeting and Expenditure Control) was formed with the financial suppo rt from the DFID (Department for International Development). A detailed operational unit wise and economic code wise classification chart was prepared and published, financial rules and reporting systems were upgraded and large number of Government officials were trained through the RIBEC from Ph