A Study of Portfolio Returns on the Nairobi Stock Exchange Based on the P/B and P/E Ratios Research Proposal Paper

A Study of Portfolio Returns on the Nairobi Stock Exchange Based on the P/B and P/E Ratios

Introduction

Investors can have an idea in the efficiency of the stock market when they realized their gain from the performed active management strategies. In addition, the investors’ attempts to beat the market through the reduction of the returns due to the costs incurred in the management, transaction, taxation, and other related market operations.

Background of the Study and Problem Statement

In the Nairobi Stock Exchange, the investors follow the passive investment strategies to make it possible in beating the market. The importance of the role of the portfolio management is highly anticipated in choosing the right investment that can react on the risk profiles (Clarke, Jandik, and Mandelker, 2002; Ernst & Young, 2008). As the main topic of the research paper, on what ways did the investors realize the portfolio returns and achievement of the market efficiency in the Nairobi Stock Exchange? 

Research Objectives

The first objective of the study is to determine the portfolio returns for the investors which are based on the price-to-book ratio and price-to-earning ratios. Second is to determine the efficiency market hypothesis in the accordance of the returns of investments among the investors.

 

Research Questions

The study recognized the difficulty in analyzing the Nairobi Stock Exchange and thus it provided several questions that can serve as the guidelines in the completion of the study. Moreover, the questions are pertained in the activities or transactions in the investment settings that are suitable to the determination of the study objectives.

1.      What are the common activities of the portfolio manager?

2.      How can a portfolio manager achieve the optimal portfolio?

3.      In the recognition of the portfolio, how can the efficiency in the market as well as the returns be achieved giving the value to the price-to-book and price-to-earnings ratios?

Literature Review

Efficient market hypothesis or (EMH) is identified as the proposition of the current stock prices that can be reflected on the available information about the firms and this enables the firm to earn profit through the utilization of the given information (Clarke, Jandik, and Mandelker, 2002). In this way, the investors cannot make an excess on returns (Aga and Kocaman, 2008). The change of the price of the securities took great effects such as how the changes in the market took place.  Most of the business analysts stated that through the value strategies, the market can be outperformed consistently. Through the price-to-book ratios, the stocks can be bought on low prices which are relative on its book values, dividends or historical prices. The results may represent a strong return which might be in contrast on the EMH (Clarke, Jandik, and Mandelker, 2002). But most of the studies identified that in the long-run, the investors can make it possible to acquire the said excess of returns. The investment strategies may result to the excess return in accordance to the diversified portfolios that is entirely based on the price-to-earnings ratio. The long-term investment in the P/E is more effective and can carry-out much of the values (Aga and Kocaman, 2008; Ernst & Young, 2008).

Methodology

The applied method of the study is the use of the comparative case study method. The aid of the past literatures and case studies are sought by the study to meet its objectives. Furthermore, the comparative case study method enables the study to examine, observe, compare, and measure the different transactions within the Nairobi Stock Market. Through the extensive support from the past case studies, the research come up on its own analysis and concluded the other related ideas that will benefit both of the stock market and the investors.

Analysis

The portfolio returns can be achieved through the optimization through the portfolio diversification and asset allocation. The aid of the minimization of investment costs and taxes can make the returns be possible. Portfolio management should have appropriate mixture of the securities should be in accordance of the investor’s age, goals, tax bracket, employment, and the perspective towards the risks. In an efficient market, the competition will cause the full effects of new information on the intrinsic values that are soon being reflected in the actual prices.

 

 

Conclusion

Based on the study, the efficiency market hypothesis limits the information on the investors where they can gain the return but with no excess. However, through the use of the P/B and P/E strategies, the portfolio managers experience the great returns. The excess in returns are said to be anomalous for some of the economists because it contradicts the limitations in the efficiency market hypothesis.

References:

Aga, M., & Kocaman, B., 2008. Efficient Market Hypothesis and Emerging Capital Markets: Empirical Evidence from Istanbul Stock Market. International Research Journal of Finance and Economics. [Online] Available at: http://www.eurojournals.com/IRJFE%20ISSUE13%20mehmet.pdf. [Accessed 11 Feb 2010].

Clarke, J., Jandik, T., and Mandelker, G., 2002. The Efficient Markets Hypothesis. [Online] Available at: http://comp.uark.edu/~tjandik/papers/emh.pdf. [Accessed 11 Feb 2010].

Ernst & Young, 2008. Kenya Commercial Bank Limited. [Online] Available at: http://www.kcbbankgroup.com/ke/images/stories/rightsissue.pdf. [Accessed 11 Feb 2010].

 

Ed Westwick

The British Invasion: Ed Westwick

 

In this generation, most of Hollywood’s promising actors have clipped accents and say things like ‘Bloody hell’ or ‘Sod off’ when annoyed. Ten years from now, the biggest names in Hollywood –– the next Brad Pitt, George Clooney, Leonardo DiCaprio –– would have hailed from great Britain.

            Yes, it’s true, Hollywood has been invaded by British darlings with gorgeous smiles and not a sight of bad teeth anywhere (apparently, the British are stereotyped as having bad teeth . . . ?). Let’s see, we have Robert Pattinson –– current matinee idol who caused a frenzy among pre-teen girls and middle-aged housewives with his portrayal of a sparkly vampire with stalker-ish tendencies in the big-screen adaptation of Stephanie Meyer’s Twilight novels. We have Ben Barnes, that pretty boy with the charming smile who played Prince Caspian in the movie adaptation of C.S. Lewis’ Chronicles of Narnia books as well as playing Dorian Gray in the latest movie version opposite Colin Firth. We have Henry Cavill (once dubbed as “The Unluckiest Man in Hollywood” after losing out on roles such as Batman/Bruce Wayne and British spy-slash-ladies’ man extraordinaire James Bond, now set on to play the Man of Steel, Superman, in 2012), Jim Sturgess of the Across the Universe fame (a musical based entirely on The Beatles’ songs), Andrew Garfield (one of the leads in The Social Network and currently stars as Spiderman in the latest Spidey reboot), and the lesser people such as Max Irons (cute, played second-fiddle to another person whose name I can’t remember at the moment in that horrible Red Riding Hood) and Ed Westwick, set to star in Carlo Carlei’s Romeo and Juliet.

            Only Westwick plays Tybalt –– Juliet’s cousin who was killed by Romeo after Tybalt accidentally kills Romeo’s BFF Mertucio –– and not the titular Romeo.

            Compared to his contemporaries, Ed Westwick’s present resume seems a little lacking, doesn’t it? His most prominent role to date is the Upper East Side’s wealthy bad boy Chuck Bass, and before the CW decided to bring Cecily von Ziegesar’s frothy Gossip Girl books to television screens, he had hardly made an impact on the masses with his small roles in United Kingdom TV.

            Westwick (b. June 27 1987, Stevenage, Hertfordshire, England, UK) appeared in daytime soap Doctors, BBC’s medical drama Casualty, and ITV’s Afterlife in 2006 –– his first few roles in television. He then starred in Alfonso Cuarón's science fiction film Children of Men, also starring Julianne Moore and Clive Owen (it was a small role, but impressive considering his previous credits). He then landed a small role in Anthony Mingella’s Breaking and Entering –– where he met his best friend, actor Rafi Gavron –– before his breakout role in Gossip Girl, a show about the scandalous lives of the rich and fabulous in Manhattan’s Upper East Side.

            Westwick portrays Upper East Side’s resident bad boy Charles “Chuck” Bass, extreme womanizer and Blair’s love bitch–– I mean, love interest. Chuck Bass is no stranger to debauchery and decadence. His no-apologies “I’m mad, bad, and dangerous to know” persona garnered Westwick a loyal fan base among viewers of the hit TV series and promoted him to one of Young Hollywood’s hottest heartthrobs. His relationship to Gossip Girl co-star Jessica Szohr and his fronting indie rock band The Filthy Youth –– alongside Benjamin Lewis Allingham, Jimmy Wright, Mitch Cox, and John Vooght –– only added to his momentum and appeal. Westwick was no longer obscured in guest-star roles, but had a steady lead role in one of the most watched and publicized TV shows on air and had established himself as a ‘supporting actor’ type in films such as S. Darko (Donnie Darko’s straight-to-DVD sequel), critically acclaimed indie film The Son of Rambow, and upcoming big-budget biopic of the life of FBI director J. Edgar Hoover, J. Edgar, starring Leonardo DiCaprio as Hoover, Westwick as Agent Smith (Hoover’s biographer), Judi Dench, Naomi Watts, and directed by the incomparable Clint Eastwood. In 2011, Westwick landed the lead role in Chalet Girl, a British rom-com starring Felicity Jones as Westwick’s love interest, Brooke Shields, and Bill Nighy.

            To me, at times, he comes off as trying too hard. And to be honest, the showing of the chest hair bit –– which, he admits, he is totally into and is his trademark –- is kind of disgusting and makes him come off as a douche. Still, Ed Westwick has shown us that he is more than just a pretty face. He’s a talented, versatile actor, and while Rob Pattinson and Andrew Garfield have much more superior resumes, Westwick is definitely one to watch in the wave of British actors.

 

 

  References:

·         Answers.com. 2011. Ed Westwick: Information from Answers.com. [ONLINE] Available at: http://www.answers.com/topic/ed-westwick. [Accessed 07 June 11].

·         Wikipedia, the free encyclopedia. 2011. Ed Westwick - Wikipedia, the free encyclopedia. [ONLINE] Available at: http://en.wikipedia.org/wiki/Ed_Westwick. [Accessed 07 June 11].

·         IMDB. 2011. Ed Westwick - Biography. [ONLINE] Available at: http://www.imdb.com/name/nm2067953/bio. [Accessed 07 June 11].

Thesis Chapters 1 & 3 on The Validity and Reliability used by Organizations in Selection Procedures from a European Prospective

 

The Validity and Reliability used by organizations in selection procedures from a European Prospective

  CHAPTER 1

 

Introduction

           

In business, Human Resources Department (HRD) is one of the highly critical departments that operate with a great deal of expectations from the higher management. This department is rigidly implementing all selection process able to squeeze the best applicant who is best suited for the available job or jobs.

The function of recruitment is obviously a fundamental part of any personnel program that aims to put a superior group of persons at the disposal of each appointing officer (Klein, 1940). Without at least some superior individuals in the competing group, the best that can be hoped for in the eligible list is a high level of mediocrity (Klein, 1940). For both reasons the nature of the presentation is highly important to the agency administering the merit program, to the operating department seeking both personnel and public acceptance of its program, and to the profession or special field involved (Klein, 1940). In fact, learning and the application of learning to the job have emerged as a key aspect of applied psychological approaches to work (Ford, 1991). The development of a successful training and recruitment ideology is an iterative process that cycles through theory and application (Ford, 1991). 

However, generally, organizational failure is not one of life's great mysteries; reasons for it tend to be pretty straightforward (Klein, 2000). To an organization, its design is the same thing as is the physiology to a living organism. The design gives the organization its repertoire and its capabilities; it is both the current identity and the future potential of the organization (Ford, 2000). In the business setting however, there exist an organizational design where a department hires new personnel for the company. Effective Human Resources Management means that they were able to produce more often highly qualified personnel. Putting a person in a specified job is critical because no one knows what this person may do in the company weather it would be beneficial or a problem. Hiring process is not that easy because the Human Resources Management (HRM) should track down the best-qualified personnel from the very start while he or she is applying up to the actual job performance in the company. On the other hand, while costly, neglect of organizational design is perfectly understandable. The organization forms in order to do something: not simply to display itself as a capable, well-qualified assemblage. Furthermore, as the organization develops, these purposes can change (Ford, 2000).

There are steps that the companies provide for the applicants to prove themselves that they are worth full for the company’s acceptance. The selection process or the hiring process has never been easy for the company. It is due to certain factors that may affect the workforce. Basically not all applicants are qualified and even the qualified ones may still encounter problems regarding to their capabilities, work habits, and background. It is most common for the company to give the applicants a certain type of a written examination that will measure their Intelligent Quotient (IQ). This exam may be divided in different subject for example Math, Science, Literature, and even abstract reasoning. In the lexicon of organizations, "training and evaluation" tend to be linked, functionally as well as by nomenclature (Klein, 2000). One reason may be that evaluation not only concerns the effectiveness of the response to training but also continues the training process itself, by imparting information crucial to job performance (Klein, 2000).

Psychometric Exams are also given also by the industrial psychologists of the company. This type of exam characterizes the applicants’ aptitude, attitude towards work, the ability to handle pressure, outlook in life, norms and even psychological capabilities. The way these exams were given is through questions like choosing between apple and grapes, what do the person preferred a large spider or the small one. There are no correct and wrong answers in these exams but points were given and corresponding personality types are shown for each level of points.       

    

Conceptual Framework

This study will utilize on how can be the Human Resources Management be competitive in producing the best-qualified applicants for the company. Psychologist and even Managers are strict in selecting the applicants, stages in this kind of selection are being done to squeeze up a few deserving people. Studies of some reliable sources regarding personality and selection process are being gathered and carefully analyzed for the understanding of the reader.

 

Statement of the Problem:

This study will attempt to answer the following questions:

Is there a correlation between recruitment needs and the candidate selection procedure?

Why is selection important as well as the consequences of not selecting the right candidates?

What caused the selection procedure to be unreliable?

Could psychometric test be beneficial in the selection of the candidates?

Hypothesis

            This study attempts to prove the following null hypothesis:

There is a positive correlation between the recruitment needs and the candidate selection procedure in a way that the company should hire the best-qualified personnel for the company.

Improper coordination and lack of knowledge of the process is directly related to procedure unreliability.

Scope and Delimitation

This study will tackle the validity and the reliability of psychometric test and the process in which the applicants under go during the time they are applying for a certain position.  The coverage of this study is the European perspective. Basically the individual differences of humans make such selection be critical as is. This study will be limited to the test done by professional people. The limitation of this study only covers the selection and hiring process in some companies. This does not evaluate on the bias side of the their professional studies. It only covers the process itself on how it can be beneficial to the company.

Significance of the Study

This study is an attempt to illustrate the Validity of Psychometric test and even the reliability of the traditional selection and hiring process by the Human Resources Department of any company. This will also be an informative guide for students, professors, managers and even the whole Human Resources Department. Further, this analysis will be beneficial for companies that maybe suffering to a low production of less qualified applicants in the company.

Definition of Terms

Human Resources Management - Human resources management is organizing, guiding, providing resources for, and interacting with employees

Employee Behavior- Actions of an employee

Employment Test - Any and all measurements of an applicant's capacity to perform job-related duties.

On-the-Job Training - Training provided to an employee as the employee performs his or her job duties.

Orientation - The introduction of a new employee into his or her job and the organization

Probationary Period - A period of time that should be used to ensure that the applicant selected is qualified to perform the job and achieve regular status. During this period of time, you should carefully evaluate the employee's performance and suitability.

Recruitment - The process of locating, identifying and attracting capable job candidates.

Selection - The process of screening job applicants to ensure that the most appropriate candidates are hired.

 

 

           

CHAPTER III METHOD AND PROCEDURE

           

This chapter will discuss the method of research to be used, the respondents of the study, the sampling technique, the instrument to be used, the validation of the instrument, the administration of the of the instrument and the statistical treatment of the data that will be gathered.

In this study, the researcher will use the descriptive method of research. This method will be adopted to find out what was the actual situation of the study within the specified period covered by study.

The primary source of data will come from a researcher-made survey questionnaire, which will be given to the respondents.  The respondents of this study will be randomly selected human resource personnel involved in the recruitment process of selected corporations.

            The secondary sources of data will come from published articles from business and psychology journals, theses and related studies on recruitment and its effects on organizational design and effectiveness.

For this research design, the researcher will gather data, collate published studies from different local and foreign universities and articles from social science journals, distribute sampling questionnaires; arrange interviews; and make a content analysis of the collected documentary and verbal material.  Afterwards, the researcher will summarize all the information, make a conclusion based on the null hypotheses posited and provide insightful recommendations on the dealing with recruitment in the business setting. 

Sample and Sampling Techniques

The general population of the study will be composed of human resource personnel particularly those involved in the recruitment of personnel. Moreover, the recruitment strategists will also be included. A total of one hundred fifty (150) will be used for this research.

The sampling technique that will be used for this study is the purposive method. The purposive sampling method involves a deliberate effort to secure a sample that conforms to some predetermined criteria. Since the study is about recruitment practices, the respondents of the study were top management and human resource executives of selected corporations particularly the recruiting department.  

Validation of the Instrument

For validation purposes, the researcher will initially submit a survey questionnaire and after approval, the survey will be given to ten human personnel in the selected corporations.  After the survey questionnaire will be answered, the researcher will ask the respondents for any suggestions or any necessary corrections to ensure further improvement and validity of the instrument.  The researcher will again examine the content of the survey questionnaire to find out the reliability of the instrument.  The researchers will exclude irrelevant questions and will change words that would be deemed difficult by the respondents, to much simpler terms.

 

Statistical Treatment of Data

In analyzing the given data and in providing a systematic way of organizing, the frequency distribution percentage, ranking and chi-square test were used.

1 Percentage

            Percentage is a descriptive statistical term to show the relationship between two magnitudes or the relationship of part to its whole. The formula is:

                                    %=F/n X 100

                        Where:

                                    %=Percentage distribution

                                    F= Frequency distribution

                                    N=Number of respondents

 

2 Ranking

            Ranking is a statistical method used to reinforce the description of percentage and desire the positional importance of an item, or an individual discussion in a series or rank, this method consists of arranging numbers in decreasing or increasing order or size. Typically, the highest score is written first, followed by the next highest and so on.

3     Arithmetic Mean

The arithmetical mean is also simply called the “mean” or the “average”. The formula is:

X =fx/N

Where:

X =mean

X= item value

N= total respondents on frequency

F=frequency

∑=Sum of total

t-test

4     Chi-square Test

The chi – square test is the versatile statistical test name after the chi – square distribution that is desired under the assumption of a normality of the population. It will find out whether or not an observed proportion is equal to some given ideal or expected proportion.

      The chi – square was used in order to determine the significant differences among the respondents perception towards recruitment strategies:

      Formula is:

X2 =∑(f0 – fe)2 / fe

 F=(r-1)(k-1)

 

Where:

 

H0=one variable does not depend on the other variable or two variable are independent of each other(Null Hypothesis)

 

      f0 = actual observed frequency

      fe =expected or ideal frequency

      r=the numer of rows describing on variable

      k= the number of columns describing the other variable

      x2 = chi – square value

      df= degree of freedom

      ∑=sum of total

5     Interpretation Guide and Manner of Scoring

Using  likert-scale also provides the criteria for the interpretation of data. The concept of the boundary is the following:

 

Choices              weight             range of value     symbol

Very effective           5                  4.5 – 5.5          VE

Effective                   4                  3.5 – 4.5           E

Not sure                   3                   2.5 – 3.5           NS

Some times             2                   1.5 – 2.5           S

Not effective            1                   0.5 – 1.5           NE

Lower limit inclusive upper limit exclusive formula:

     5(VE)n +4(E)M+3(NS)n+2(S)n+1(NE)n

XW =

         Total respondents

 

Where :

     N= number of particular responses

     XW = Weighted mean

Division Criteria

                        If X2c    X2t ……Accept H0

                        If X2c    X2t ……Reject  H0 and Accept Ha

 

                        Where:

                                                X2c  computed X2 value

                                                X2t  Tabular X2 value

 

The researcher will be assisted by the SPSS in coming up with the statistical analysis for this study.

 

BIBLIOGRAPHY

Ford, Kevin, “Advances in Training Research and Practice: An Historical   Perspective”, In Kaufman, Herbert, Time, Chance, and Organizations:       Natural Selection in a Perilous Environment, Chatham House, 1991

 

Klein, Alice, Civil Service in Public Welfare: A Discussion of Effective Selection of         Public Social Work Personnel through the Merit System, Russell Sage       Foundation, 1940

 

Klein, Jonathan, “The Corporate Suicide Mission: The Emergence of         Organizational Purpose “, Corporate Failure by Design: Why           Organizations Are Built to Fail, Quorum Books, 2000

 

Klein, Jonathan, “The Training and Evaluation of Incompetence“, Corporate        Failure by Design: Why Organizations Are Built to Fail, Quorum Books,            2000

 

 

 

 

 

 

Environmental Issues

1) Gatto and De Leo contend that the misleading aspect of pricing the value of nature’s services is vested on the falls implications that only economic value matter. Instead, valuing and thus pricing environmental goods and services should incorporate technical, environmental and social criterion as well. As opposed to what Constanza et al’s claims, the estimates of biodiversity and ecology would only be erroneous in terms of basing decisions, policies and projects on a single scale.   

 

In addition, putting price on environment’s services could only be trivial because unlike economy, environment has no clear, easily understandable indicators. For the economy, we could consider gross national products, unemployment rate, governmental revenues, import and export and several others. And research and development-wise, there are no universally agreed upon approach or valuation techniques to measure such. For some, they could utilize costs- benefits while others are tended to use multicriteria analysis. Nonetheless, environment services have inherent economic value. For example, the foods people produce and consume are cultivated from naturally healthy soils that somehow add value to the crops. The things our taxes go into are supplied by the environment – free of charge; hence the market valuation of the latter is critical yet the benefits are hidden and so misleading.

 

In light of the critical environmental dilemmas, there are intangible non-monetary values of ecosystems that must be maintained. These are the air quality enhancement; soils devoted for food, wood and paper production; food and water for wildlife; pest control; ambient temperature enhancement; filtering or recharging of ground water; recreation and tourism; noise barriers and separation; natural fires; grazing intended for domesticated animals; dampening flood peaks; erosion control; renewable energy; carbon, energy and water storage; pollination; reduction of natural hazards; and evaportranspiration.

           

The value of ecosystem has largely been ignored until recently. Many ecological economists claimed that threats to the natural systems are increasing and thus the necessity to protect and preserve such. Jim Morrison’s view echoed much of these claims. To wit, ecosystem and biodiversity’s services are essential to modern civilizations especially in those areas that technology or money could not easily facilitate.

 

These are the natural purification of water and hence air, the mitigation of natural disasters, the generation and preservation of healthy soils and renewal of their fertility, the natural detoxification and decomposition of wastes; the natural fertilization of crops and vegetation, the cycling and movement of nutrients, the maintenance of biodiversity, that partial stabilization of climate, the moderation of weather extremes and its eventual impacts and the provision for natural habitat for wildlife. Apart from this, such natural services provide local and national governments of the financial and social benefits of saving from various facilities and plants and providing local residents with livelihood.        

2) The interplay between the global warming and the destruction of the natural habitats will be the two main reasons of the decline in birds’ population. On the one hand, climate change would be the major culprit for bird migration and nesting because of, on the other, climate change could probably alter the natural bird habitats; exacerbating the population to eventual extinction. Loss of habitat, in addition, is due to deforestation, putting at risk a significant amount of most threatened bird diversity.

 

Aside, how humanity treats the natural environment also contributes to this decline. For one, modernization led to fragmenting forests, tundras and subtropical areas with infrastructures that otherwise distort their usual habitation. What’s worse, these infrastructures emit harmful chemicals that may as well threaten the bird population. Intensified by the poorly regulated laws, illegal hunting, capturing and killing of millions of birds worldwide are now rampant than ever. Coupled with pet trading, people’s growing fondness on exotic foods is also to account to the growing decline.

 

Global warming in particular will cause mass extinction in birds especially for certain bird groups. For example, migratory birds could no longer pursue their function to migrate and hence fail to contribute to the fundamental elements of their ecosystems and may force them to migrate to unprotected zones. In addition, there are invasive species that may threaten the life of these birds once they migrate to unfamiliar habitats and might experience shortage of food and water in such areas. What’s more, they would find difficulties in reproducing in adverse conditions. Migrating to rather unpredictable environments would subject them to predation same with their produced and thus lower breeding success.    

 

Without people realizing the widespread consequences of the distinction of bird species, it’s hard to imagine the extent of the benefits of such. Birds play high intrinsic roles in our ecosystem. Birds are to account for the basic fruit and seed production and eventual consumption. They act as herbivores, predator or prey and facilitate plant dispersal most significantly in farmlands where they eat insects, weeds, slugs and rodents.

 

As such, birds are the main source of additional food on our table and improved human health. Like for example, chickens and other domesticated birds that produce meat and egg as the main source of protein while also protecting crop for nutritional food consumption. This is central to the idea that the government finances could be devoted to areas in most needs especially for children and elderly health; and also on exporting instead of importing that could boost the GNP.  

 

Birds could as well generate products with commercial value such as bedding and clothing. Showcasing their natural beauties at zoos and other man-made animal habitats builds additional tourism and recreation for many governments and thus incurring more taxes specifically from foreign tourists.  

3) Environmental racism is the, whether intentional or unintentional, racial discrimination for minority communities or the exclusion of members of such group regarding representations before environmental bodies that intends for the enforcement of environmental rules, laws and regulations. As a social injustice, environmental racism is demonstrated by the disproportionate large number of health and environmental risks vested on people of various race within their respective communities.

 

Prevalent among these groups are the toxic landfills, industrial dumping, uranium-mining, waste incinerator and other environmentally-hazardous acts. Such conditions are coupled with racial inequities including poverty, deteriorating housing, inadequate education facilities, acute unemployment, economic disinvestment and poor access to medical services.

 

Exacerbated by the lack of environmental ethics that concerns human welfare, environmental racism is a process of capturing or creating racial disadvantages based on prejudicial belief and behaviour, personal and institutional power and privileges over others. As such, environmental racism is brought by the disparities in different social and ethical actions, decisions and policies.

 

Examples of this are the intentional or unintentional exposure to environmental detriments; uneven distribution of impacts of various environmental processes; unbalanced distribution of policies; deliberate targeting of deleterious facilities in specific communities; environmental blackmails resulting to working in places with poor environmental law compliance with/or performing health-threatening jobs; segregation of ethnic minority workers in dangerous jobs; inequality or poor access in environmental amenities and inequality in environmental services.

 

Ethnic minorities and indigenous groups if such condition will prevail impact much of their health due to disproportionate distribution of environmental risks and environmental services particularly for the young; putting their survival in jeopardy. Indigenous and the minority would be particularly vulnerable because of coerced exposure to unbeneficial soils, water and air and hence loss of productivity and livelihood.

 

People of color and their lack of control and power over environmental injustice would likely to experience worse situations of unbalanced and irresponsible utilization of land and renewable resources; poor protection from nuclear testing, extraction, and production and corollary activities; lack of right to participate in decision-making processes ranging from needs assessment to implementation and evaluation; lack of protection from safe and healthy workplaces; worse the lack or further decline in individual and communal consumption.

 

Broadly, the impact of environment issues on disadvantaged groups is the lack of opportunity to represent themselves regarding environmental dilemmas and its consequences and the need to voice their needs as a basic right.

4) Tradable pollution rights and pollution emission standards are the tow most common environmental policy tool intended for controlling pollution as it allows organizations, firms and companies the right to emit specific pollutants. Originally intended for cutting costs while enabling economic development in otherwise highly-polluted areas, tradable pollution rights regulate a certain firm to the amount of emissions either through auction or trading with other companies or firms; allowing a much greater flexibility.

 

Assimilative capacity is the main as to why tradable pollution rights could be substituted to emission standards. The very premise of these two centers on the right to take tolerable amount of pollution and ensure effective allocation of such capacity to companies which needs to use it and thus facilitating collective tolerance in the environment.

 

However, tradable pollution rights seem problematic which draw reasons both from pros and cons. Albeit the lesser costs it can incur from and for the firms, the environment has but minimal benefits from tradable pollution rights based on its inherent difference from emissions standards which enable various firms to inflate allowable emissions baseline.

 

In addition, this scheme allows worst polluter-firms to have high entitlements since allowable emissions are based on their previous emissions whereas in the emissions trading they are not allowed to exceed cap and thus stay in that level. To compensate such, they are permitted to buy credits from less pollutant firms and so they can be used interchangeably whenever the companies felt the need to do so.

 

Unlike the real and potential benefit of tradable pollution rights that focuses on theory and financial instead of environmental, emissions trading is more environmental; a reason which may be practical for firms. To wit, emissions trading is particular to enforcement whereby the inexistence of effective enforcement within firm’s facilities would also mean no value for their licenses.

 

 This is done in two ways: measuring of facilities by regulators and eventual imposing of fines when discovered that they lack licenses or verification of polluting facilities which have licenses equal or greater than their emissions by government or third party agency.

 

What makes tradable pollution rights even more acceptable than emissions standards is its conflict-laden pricing structure. Prices are rather unstable and therefore unpredictable and the consequent tendency to pass the quotas which may result to large transfers across and between frontiers. Both however encompass two main attribute of environmental policy. These are price-based and rights-based. The former deals with the utilization of charge, fine, sanctions and subsidies to encourage them to reduce discharges and the latter focuses on creating rights to use environmental resources.  

5) Whenever we are thinking about war, the idea that usually pops in our head is its effect in the life of people in terms of tragic loss of human life, mainly the soldiers and innocent civilians. We are not that familiar and knowledgeable about its negative impact to the environment. The devastating effects of war on the environment have been one of the most important issues as well as serious concerns of many scientists as well as environmentalist for over fifteen years.

 

In 1983, during the Iraq-Iraq War, Saddam Hussein had blown up well as well as dumped oil in the Persian Gulf. In addition to that, the Persian Gulf War that had happened in 1991 had brought a serious damage to the environment in major parts of the Middle East. On January 21 of the same year, few days after the launching of the Coalition Forces of their air campaign against Iraq, the forces of military of Iraq in Kuwait had opened their valves at the Sea Island oil terminal that is near in the Kuwait City and eventually released a large amount of crude oil in the Gulf.

 

The two primary outcome of war are environmental degradation and the loss of environmental security. Environmental degradation is known as the mass depletion of environmental resources that includes air, water and soil or the deterioration of environment in general threatening greatly threatening the human health. Like that of the Persian Gulf, there had been the destruction of natural habitats, lost of biodiversity and depletion of natural resources.

 

Moreover, war had effectively degraded established infrastructures and services that are vital on local environment and public health. In Afghanistan, for example, the destruction of water infrastructures and supply systems due to bombing penetrated pipes caused bacterial contamination and thus the collective decline in the availability of safe drinking water.

 

Environmental security; and the loss of such, is central on the relationship between security issues and the natural environment which is evident in three areas as the prevention of or the efforts to repair military damages to the environment; the prevention of or responding to environmentally-motivated conflicts and the protection of the natural resources due to its inherent moral value.         

 

Modern warfare caused severe damages to biodiversities such as extreme deforestation and habitat devastation resulting to diminished erosion control, decreased in food production and poor water quality. Wars, further, left no healthy spaces to consume and surfacing of lack of security and education; emergence of communicable diseases and easily spread of epidemics and famine.

 

Gulf War further had enduring effects due to depleted uranium weapons which continued to grow and thus continued to threaten the life of residents. As a military tactic, environmental destruction by means of biological and chemical agents had tremendous effects on the health of the people and the environment including defoliation of tropical forests, destruction of crops, birth defects and skin and lung cancer. 

 

Interpersonal Communication Thesis Statements

Interpersonal communication – chat between friends

While technology posed a different world for personal communications, friends in the chat rooms still talk about the same topics they commonly do in person.

 The emergence of emoticons in the chat world created a new dimension on the way people tried to express their way on communicating.

While communication in the real world is diversified by the emergence of chat rooms, the topics involve therein are still the same but with limit with the way they clearly relay the message.

Esssence of Strategic Management for a growing company

Strategic Management in Construction

(1996) places imperative upon examining company’s mission another, survey  construction company’s business environment which is specific to the construction sector. The survey should reveal prospective project opportunities and highlight potential threats to the order of strategic based activities. Then, to analyze company’s main resource upon including of construction capacity, procurement system, marketing system, organization, personnel, finance as well as knowledge. Aside, the need to develop strategic management domains as it can adhere on mapping relative attractiveness of various effective areas in construction.  (1989 p) have indicated that, “construction is no stranger to change; both weather and business cycles affect the industry and that construction firms can acquire technology and encourage technological change and innovation as technologies are worth developing are those that contribute to overall business strategy and enhance competitive advantage”. The need to introduce approaches to address new environment and role of strategic management in Sudan construction organizations.

Moreover,  (2000 ) recognized “traditional philosophy of management in construction, both in academia and in industry, places great emphasis on the ability to plan and execute projects, through sharing of research, teaching and practice, the construction industry has evolved itself on a project management model”. Further noted that, “professors, researchers and practitioners use project management indicators such as schedule and budget as the industry’s standard of performance, as there has been similar emphasis on strategic management is noticeably lacking in the construction industry, in which strategic management can be undertaken, making strategic management essential issue for Sudan construction” (2000) Indeed, strategic management has positive meaning that aids to react with the various internal and external influences of an organization. It responds the current situation of competition state, predicts the needs of the future and consequently proposes the potential  method for achieving competitive advantages. Strategic management benefits for companies to develop and compete in the changing environment of construction industry. However, Sudanese construction companies may not know and apply well strategic management.

The research would like to investigate understandings and practices in strategic management issue, then to find the  problems and propose the solutions to improve the current situation. The survey will be executed on such 30 project contractors working in Sudan as there may be substantial perception on strategic management application in Sudanese construction companies Finding out if certain mission  statement and objectives are not being design in official sense as there may lack of mature analysis for generating strategies as well as lacks formal plan and have to confront the problems of finance and impacts. Moreover, do focus on financial and internal business for effectiveness of performance measurement and do not concern in other aspects for value contribution to strategy success. In order to reinforce strategic management situation, Sudan based contractors should change their perceptions by  professional study and pay strong commitment to compete and accommodate within changes of construction industry on certain strategic notion. There is ample need to provide research and critical analysis pertaining to strategic management effectiveness, studying cases towards construction companies located in Sudan. Identifying critical issues related to Sudanese construction industry and analyzes dynamics from strategic inclined viewpoint. For methodology, integrated review of key themes of strategic management in construction particular on roads construction as to be developed by researchers are to be discussed and assessed respectively.

Thus, critical review of pertinent characteristics of Sudan construction industry and those related to the general strategic context, which can possibly affect strategic decision-making by the project team involved in road construction projects. Several case studies will be in use in order to illustrate strategic management ideas, aspects, concepts and other salient points to be noted by research process and such proposed assumptions. Thus, to be able to find out with evidence from secondary sources that there can be no hard and fast rule in developing coherent strategic matters for construction business in Sudan upon considering the fact that Sudan construction in terms of circumstances are still evolving, good starting point for construction companies to develop such detailed strategic management plan and process. The research can bridge strategic management gap that might occurring in mainstream management researchers in having precedence of studying strategic base of Sudan road construction industries and intends to focus on project management issues rather than strategic assumed issues along with corporate stature.

 

 

COUNSELING ETHICS

COUNSELING ETHICS

 

INTRODUCTION

            There is no doubt that counseling has acquired a mixed reputation. Many people have mixed feelings and views with regards to the profession of counseling. These mixed feelings are not only felt by the clients but also by the professional counselors as well. What has tended to bring counseling into controversy are the individuals who call themselves counselors but who are ill-trained and do not practice to any code of ethics, thus bringing the profession of counseling into disrepute (2000). To avoid this, counseling practitioners must be well aware of the code of ethics and be at all times careful in their dealings with the clients. Decisions must be made in accordance with the code of ethics set by various governing bodies in every country.

            Many ethical issues arise in the field of counseling. These issues affect both the counseling practitioner and the client. In this paper, I will choose and present two ethical issues that are of relevance in my counseling or interview work. These two particular issues are likely to be most concerning for me personally in my counseling or interview work. These two issues are the following: having dual relationships with clients and the issue of touching the clients during counseling.

            Having read and considered the relevant reading materials on these two particular ethical issues, I now discuss and reflect on each of them in the succeeding paragraphs. I will discuss on these two issues and provide reflection on how these could affect my work and how I could avoid problems that may arise from these issues. Their importance, special considerations and how I can likely deal with them will also be tackled.

 

BODY

            These two issues I will discuss and reflect upon both apply to children and adolescents alike. Before starting on a therapy or counseling session with children or adults or any other age group for that matter, it is important to consider the code of ethics. Actually, the concept of applying ethics into the field of counseling does not only constitute the time before the counseling but should be at all times. I always make it a point to remember that this certain set of codes apply irregardless of gender, race or age.

 

Dual Relationships

            An ethical issue that is of particular importance in the practice of counseling is when a counselor assumes two or more roles simultaneously or sequentially with a client. Various counseling and psychotherapy organizations are quite clear in their Codes of Ethics and Practice about relationships between client and practitioners. Such relationships could be one that has been in existence for years. Or the relationship could also be one that developed during the course of the counseling. Or it could also be a relationship that developed after the counseling sessions. This Code of Ethics exists to educate counseling practitioners, to educate the general public, to provide a basis for accountability and to help improve the professional practice of counseling.

The pendulum of controversy over dual relationships, which has produced extreme reactions on both sides, has slowed and now swings in a narrower arc. It is clear that not all dual relationships can be avoided, and it is equally clear that some types of dual relationships (such as sexual intimacies with clients) should always be avoided (2001). To date, the code of ethics of all professional helping organizations clearly prohibit this behavior of sexual intimacy between the counselor and the client.

            It is said that some of the most challenging ethical situations result from dual relationships between counselors and others. "A dual relationship is created whenever the role of counselor is combined with another relationship, which could be professional (e.g., professor, supervisor, employer) or personal (e.g., friend, close relative, sexual partner)" ( 2005).

For example, a counselor who serves as both a therapist and a business partner or friend to a client is engaged in a dual relationship. Because there are many types of dual relationships and because ethical codes provide only general guidelines for handling these relationships, counselors sometimes have difficulty understanding what dual relationships are and how to handle them (2005).

From the literature I have gathered, it is clear why a counselor should refrain from counseling clients whom they have another relationship with aside from that of being the professional counselor. Entering into a dual relationship with a client could impair the counselor’s objectivity, competence or effectiveness in performing his or her functions as a counselor. It could also risk exploitation or harm to the person with whom the professional relationship exists. Although this is not always the case, this is not rare either.

As a counselor, there will be times when this kind of issue will be unavoidable and I will have to deal with it. As a rule, sexual intimacies on the other hand should be avoided at all times. Any form of sexual activity between practitioners and their clients is considered exploitation and is prohibited for the safety and welfare of clients. I should refrain from entering into a dual relationship if this could reasonably impair my role as the counselor.

Take for example, my best friend is having marital troubles and is experiencing depression. I couldn’t very well be her counselor. My relationship with her as her friend could affect my professional role as her counselor. Our relationship could affect my competence or effectiveness and it may lead to bad results on the part of my best friend.

Developing relationships other than that of a counselor-client during the course of the therapy is also not advised. The client may see this as a form of exploitation for personal gains on the part of the counselor. Also, when a relationship is developed, it could again affect my objectivity, competence and effectiveness. As the counselor, I should avoid this. Aside from the fact that it would not do well on my reputation, it is also not ethical. The codes of ethics and practice concerning counseling emphasizes that if possible, dual relationships should be avoided.

            In the middle range, it would be fruitful for professionals to continue to work to clarify the distinctions between dual relationships that we should try to avoid and those into which we might enter, with appropriate precautions (2001).

            On the subject of dual relationships, the best thing I can do is to refrain from counseling individuals whom I already have a relationship with. Also, it is best not to develop any form of relationships with those that I am currently doing work with. At all times, I should stay focused on the well-being and autonomy of the client.

 

The Use of Touch

Another ethical issue is that of touching the clients. This is helpful in the counseling process. Physical contact in a number of circumstances may be asexual and appropriate for the occasion—for example: a brief hug at the termination of long-term treatment, patting the back of the client as a gesture of encouragement, holding the hand of the client as a gesture of support, or placing an arm around a client in a residential program who just received bad family news and is distraught.

Such brief, limited physical contact may not be harmful; many clients would find such physical contact comforting and therapeutic, although other clients may be upset by it - perhaps because of their personal trauma history or their cultural or ethnic norms related to touching ( 2001). Some clients may even mistake this gesture as one that takes advantage of their vulnerability or at times may also feel sexually harassed by such a gesture. Touching the client could also be the need to be needed by the practitioner, and could therefore be harmful to the client, as it is a manipulation by the practitioner for his or her own gratification. Clients may misunderstand the practitioner’s touch or construct thoughts and fantasies that have nothing to do with a gesture of comfort (2000).

Caution about touch is therefore a boundary that trainees have to explore and reflect upon, and practitioners who do touch their clients need to continue to reflect on. It is important to remember that touching is not the only way to hold a client, as the client can feel held and close to the practitioner without any physical touching taking place at all (2000).

            As I have stated earlier, not every client would appreciate this, so the better thing to do is to gauge from the start to finish of the therapy which clients would be comfortable with touching and which are not. After knowing the client for some specific time, I would be able to already have an idea what the client prefers. By gauging and observing which way the client is more comfortable with, I can eliminate the chances of my clients getting the wrong thoughts or accusing me of any form of sexual harassment.

Another better way to know what the clients would prefer would be to simply ask the client. At the start of the therapy, I could ask the client what his or her preferences are regarding the use of touch during the counseling or therapy. Experiences, religious beliefs, age and gender are some factors that could affect how a client would view the idea of using touch during a counseling session. Personally, I feel that the use of touch could be beneficial in the counseling, therapy or interview process.

With the risks that are associated with touching, we counselors might feel that it is better to refrain from using it. Sometimes I think that even without the use of touch, I can still help my client in many ways. But we cannot apply this kind of thinking to every client. We cannot totally eliminate touching from the counseling sessions since there could be a number of clients who can benefit from touch therapy. The solution there is to offer which methods that are best and acceptable to the respective clients.

 

CONCLUSION

Both of the issues I have presented in the paper - having dual relationships with clients and the issue of touching the clients during counseling – require ethical decisions on my part. Whatever decision I make with regards to these issues, it should be in accordance to the code of ethics and should be for the promotion of well-being of the client. If and when I think such a move on my part could not be beneficial to the client – such as the use of touch or having a dual relationship with my client – I would then have to refrain from doing it.

In order to make ethical decisions, one must be aware of referral sources when struggling with an ethical question and also be aware of consequences of practicing in ways that are not sanctioned by my profession. It is important to remember that ethical decision making is an ongoing process with no easy answers. In counseling, the promotion of the client’s well-being is deemed central. In order to promote the well-being of clients, as a counselor, I must constantly balance my own values and life experiences with professional codes of ethics as I make choices about how to help my clients effectively. Therefore, knowing ethical codes and the consequences of unsanctioned practice can be useful tools to counselors during their attempts to establish therapeutic relationships with clients.

            As a counseling practitioner, I will have to apply the ethical codes of my profession to the many problems that I face in my area of work – be it a practical problem or an ethical problem. In this paper I have presented two ethical issues that I will likely face in my field of work. Such issues are not easy and require ethical decisions. Ethical decisions must be at all times made with a reflection of the code of ethics and with the well-being of the client in mind. This is the best way for me to do in order to avoid any problems in my practice and also to promote well-being for the client.