Evidenced Based interventions in Mental health

Introduction How decisions are made within the treatment of psychological problems requires considerable thought and consideration. The purpose of this analysis is to look at the advantages of evidence based practice and how this can operate from a practical point of view and whether indeed it works as the most efficient and optimal approach to determining suitable treatment for psychological problems. Workbook 1 – Evidenced Based Practice The concept of evidence-based practice has gathered considerable pace in the last few decades and creates an acceptance of the idea that all practical decisions relating to medical or psychological treatment should be based on research and existing studies in the area which have been selected. This research should then be interpreted in a direct way and applied to the practical situation presented by using these observations as a theoretical basis (Chambless and Hollon, 1998). When looking at this from a psychological point of view, which is preferred in this instance, evidence-based practice requires those engaged with this type of work to follow techniques based on research evidence that has already been presented. Various different criteria and approaches have been used over the years for example Chambless and Hollon in 1998 noted that there are specific criteria which need to be complied with when looking to use any form of empirically supported therapy. According to these criteria, a therapy would be considered to be both effective and efficient if there is evidence available from two different settings that indicate that the proposed treatment has performed better than some other placebo style treatment. To support this the example of cognitive behaviour therapy, which has been proven to be effective across a variety of different patient types, including adults, children and adolescents. However as noted in the research by Chambles and Hollon; there have been instances whereby the criterion has not been applied rigorously or to the highest standard. This can then bring into question whether or not evidence-based practices are efficient, not because the evidence-based practice doesn’t work but because the criteria of admissibility have not been followed correctly. An arguably more rigorous approach was taken by Saunders et al (2004) that suggest the research report being relied on should be put into six different categories depending on the theoretical background, such as the acceptance of the principal and any evidence of potential harm that is associated with the approach being looked at. In order to receive a classification in this manner, there needs to be some form of descriptive publication including, if necessary a manual as to how the operational aspect of the intervention work. This is arguably a much more rigorous approach as it recognises the various different ways in which evidence based research can then be used in practical decision making (Thomas et al 2010). Finally it is worth noting that in reality the most likely approach is that suggested by Kauffman’s best practices which are used when looking at intervention experiences that have a similar other fact pattern available for analysis. This is then deemed appropriate evidence and the practitioner will then follow the process that is considered to be the best practice in this particular area at the current point in time. When looking at the practical reality of using this evidence-based research there is a strong argument to suggest that this is the best possible approach as it simply encourages those involved in the provision of medical services to look towards similar situations and to identify how the practitioners have dealt with these problems and learn lessons from any failure to improve the intervention that they themselves then offer. Quite simply, this is the process of learning lessons from other mistakes or indeed learning lessons from the successes of others. Workbook 2 When providing care for individuals with mental health difficulties, one of the key challenges can be to ascertain the level of intervention that is appropriate. There is a key distinction between treatment and facilitated learning when it comes to assisting individuals with mental health difficulties in achieving improvement in certain areas of their treatment. In order to understand the concept of intervention, it is arguably central to understand this distinction. Intervention refers to the point at which the individual practitioner chooses to directly engage and interact with the patient (Rogers, 2003). Arguably, both treatment and facilitated learning are on this spectrum, with treatment being a prescribed and deliberate action by the practitioner whereas facilitated learning is much more geared towards encouraging individuals to learn on their own account whilst being supported by the practitioner, particularly where there are substantial mental health issues which may require ongoing treatment to prevent an irrecoverable mistake from being made (Rogers, 2003). A typical example of intervention in this type of situation may be that of therapeutic interventions which starts with the process by which the mental health professional themselves and service user develop a relationship that will enable them to discuss the best way forward (Griffiths, 2007).. This in itself can be used for therapeutic intervention, which will then allow the two parties to determine the best possible course of action example it may be that cognitive behavioural therapy is perceived to be the best way for and where this is the case. The combination of the two people will look towards establishing goals and agendas for this therapy. Depending on the nature of the problem and the extent of the damage that has been suffered it may be that professional has to take either a greater or lesser role. The process of learning is crucially important for both the healthcare professional and the service user themselves in order to ensure that interventions are planned, implemented and regularly reviewed. Any form of treatment should be viewed as an ongoing cycle whereby the next stage is then planned before being implemented and there is a process of learning from the elements that work well and those which could be improved (Ryan, 2012). As noted in the earlier part of this discussion, intervention involves a two-way dialogue process between the healthcare professional and the service user and therefore there is a continuously movement between the two entities as the professionals look for the best way to achieve the desired result by observing the activities of the service user . The service user is also then learning about the aspects of their treatment, which are being particularly productive with a view to becoming more self-sufficient over a prolonged period of time. When looking at the concept of learning in this broader sense the entire the entire intervention process facilitated learning can develop with both parties. Learning from each other and creating an effective strategy which may involve a completely different form of intervention at some point or another. It is argued here, however, that continuous learning is the central fact or as to whether or not intervention is ultimately a success. Conclusions By looking at the analysis above it is concluded that evidence based treatment is likely to offer a much deeper understanding of the treatment options available and crucially the practical likelihood of the success of such treatments. Intervention presents a real challenge as picking the precise point and level of intervention and it is argued here that intervention which is patient led will be more likely to be successful in the long run and should form a central part for this type of treatment. References Chambless, D., & Hollon, S. (1998). Defining empirically supportable therapies. Journal of Consulting and Clinical Psychology, 66, 7-18. Griffiths, C., (2007).The theories, mechanisms, benefits, and practical delivery of psychosocial educational interventions for people with mental health disordersInternational Journal of Psychosocial Rehabilitation. 11 (1), 21-28. Kaufman Best Practices Project. (2004). Kaufman Best Practices Project Final Report: Closing the Quality Chasm in Child Abuse Treatment; Identifying and Disseminating Best Practices. Rogers, A., 2003. What is the DifferenceA New Critique of Adult Learning and Teaching, Leicester: NIACE. Ryan, P., (2012). Empowerment, Lifelong Learning and Recovery in Mental Health: Towards a New Paradigm. Basingstoke, Palgrave Macmillan. Saunders, B., Berliner, L., & Hanson, R. (2004). Child physical and sexual abuse: Guidelines for treatments. Retrieved September 15, 2006, fromhttp://www.musc.edu/cvc.guidel.htm Thomas, M. Burt, M. and Parkes, J., (2010). Chapter 1. The Emergence of Evidence-based Practice, In McCarthy, J. and Rose P. Values-Based Health & Social Care: Beyond Evidence-Based Practice. London: Sage.

The Development of the Modern Travel and Tourism Industry

The development of the travel and tourism industry in the uk increased after the end of world war 2. Before World War 2 there was not much of a travel industry except when Billy Butlin opened his first holiday camp in Skegness. During the war no one would go abroad or visit other places apart from the richer people as they were the ones who could afford it. The travel and tourism industry has developed as a direct result of technological developments. These technological developments have been in transport technology such as things like, jet aircraft; improve trains and more luxurious coaches. Also, there has been an improvement in information and communication technology such as the internet, computer reservation systems (CRS) and global distribution systems (GDS) as well as credit and debit cards allowing customers to pay for their travels in more convenient ways. You can read also Waves The most significant development in air travel was when the jet aircraft was introduced in the 1950's especially the Boeing 707 in 1958. Air travel became more rapid, safe, comfortable and relative to past decades- cheap. The travel and tourism industry benefitted from the ‘jumbo jet' boeing 747 that was introduced in 1969. With the jet it was possible to fly in less time making long haul flights more accessible, also the price to pay was reduced due to the increased capacity of the jumbo jet (400 seats). However, it is not just the air transport that has been revolutionised by technological developments. The channel tunnel was opened in 1995 and increased competition for the cross-channel ferry service. The changing in socio-economic factors has added to the development of the modern travel and tourism industry. These factors include: * Changes in car ownership * Increasing leisure time * An increase in disposable income * The impact of the national economy In the last 50 years, car ownership has increased dramatically. This is because peoples income has raised and the cost of cars are more affordable to buy and to run. In 1970 there were approximately 11 million cars on uk roads this is a huge increase compared with the 2.3 million in 1950. Statistics from the Department for Transport show that in 2002 there were over 25.5 million private cars in the UK. This suggests that car owners have an additional travel option, and that it is easier for them to reach destinations that are inaccessible or difficult to access with public transport. A benefit of having your own car is that car owners can chose when to travel without a timetable restriction and they have a choice of their speed of travel. Car ownerships offer flexibility to travel. The rise is car ownership has resulted in the demand for public transport to drop, such as trains, coaches for holiday travel. The result of this leads to cuts in transport services. Another effect on the increase of car ownership in the uk has been the increase in associated environmental problems, such as pollution, congestion and the loss of land to road building programmes. Over the years, the increase in leisure time has come about because of holiday pay entitlement. In the UK there are a number of one day bank holidays as well as annual leave. Holiday entitlement is partly responsible for the seasonality of travel and tourism as working parents take holidays in the school holidays to coincide with school holidays. The â€Å"working week† has also been made shorter to an average of 37 hours, compared to the 1950's when the working week was 50 hours a week. A great benefit to the travel and tourism industry is that many employers offer flexible working hours allowing employees to have long weekends and hence take short breaks. Labour saving household equipment such as dishwashers, washing machines, and microwaves mean that household chores are carried out quicker, increasing leisure time. People on average are also living longer and retiring earlier. The ‘grey' market is important in travel and tourism, as retired people frequently have a l ot of leisure time and money to spend on holidays and other leisure activities. In travel and tourism the increase in product development is primarily due to package holidays. The origin on the package holiday has come from a man called Thomas Cook, who took his passengers by train Loughborough to Leicester in 1841. The modern package or also known as the inclusive tour was created by Vladimir Raitz, who in 1950 carried a party of thirty two holiday makers to Corsica. That particular package included return flights, transfers, tented accommodation and full board (fully catered). By filling every seat he managed to keep the price low. He then went on to establish Horizon Holidays and chartered planes to destination such as Palma, Malaga and other Mediterranean resorts, carrying 300 passengers in the first year of operating. Package holidays have since increased with Thomson, Airtours and First Choice being the biggest outgoing tour operators in terms of the number of package holidays sold. The most favoured destination is the Mediterranean as this is the most popular with the British. However long-haul destinations including places like the Caribbean, the USA, the far east and Australia are growing to be increasing important holiday destinations as travel costs fall. In the 1950's Club Med introduced all inclusive holidays. All inclusive's can now include all meals, drinks, sports and entertainment, for example, but what's covered in the packaged does vary depending on the operator. For example an all-inclusive package with First choice at the four start Occidental Grand Fuerteventura in Jandia included the following: * Food- buffets for breakfast, lunch and dinner; unlimited snacks 10 a.m to midnight; afternoon tea and cakes; picnics available on request; unlimited ice cream between 3pm and 6 pm * Drink- unlimited locally produced alcoholic drinks between 10.30 am and midnigh5t for adults; unlimited soft drinks, tea, coffee and mineral water between 10 a.m and midnight. Holiday camps are purpose sites providing family accommodation and a diversity of entertainment facilities on site for a relatively low all inclusive price. They were first originated by Billy Butlin in the 1930s who opened his first holiday camp at Skegness on the Lincolnshire coast in 1936. Holiday camps worked on the principle and motive that if children were happy on holiday, then parents would be too. In this type of holiday Butlin's, Pontin's and Warner's became market leaders. In the recent years they have modified these camps to meet changing consumer needs and expectations. New types of holiday centres have evolved such as Centre Parcs. Because of the huge growth in travel and tourism there has been a change in consumer needs and expectations. There have been significant changed due to cultural and social factors. We also now demand higher standards of quality and customer service. The simple sun sea and sand holidays in the 1960's seem less popular with people nowadays, and more flexibility is demanded. These days, customers prefer to choose the type of accommodation, the board basis, and the type of transport and the length of the holiday. Package holidays now offer this choice. Special-interest holidays have particularly been developed more to cater for a range of interests. Holidays that have become increasingly important are activity and adventure holidays, especially the ones that include activities such as white-water rafting or scuba diving. The ‘second holiday' has developed as leisure time increases and disposable income rise. Skiing became popular as a second (winter) holiday from the 1970s, and in the 1980s the short break market developed. The domestic travel and tourism industry has benefitted from this. Overseas city breaks are now very popular thanks to low-price air fares and other quick transport methods. We see the damage that can be done to popular holiday destinations and the travelling public is becoming more environmentally aware. Tour operators have responded to this and many brochures will make a statement about what they're doing to support local communities. The Travel Foundation is a charity that develops practical solutions to help protect and improve holiday destinations. External factors in the travel and tourism industry include legislation. The Holidays with Pact Act 1938 encouraged voluntary agreements by employers on paid holidays and generated the idea of a two week paid holiday for all workers. Although this ambition was not fulfilled untilled a few years after the end of the second world war, by 1939 some 11 million of the UK's 19 million workforce were entitled to paid holidays, a key factor in generating mass travel and tourism. Countryside and Rights of Way act 2000 made it legal for the public to enter area's and land that were previously restricted to the landowners. The right does not include cycling, horse riding, driving a vehicle or camping, and there are various other rules to protect the land and the interests of the landowners, such as farmers. Development of Tourism Act 1968 established the British tourist authority which was set up to encourage incoming tourism from overseas visitors, as well as the four national tourist boards (NTB) of England, Scotland, Wales and Northern Ireland which oversee tourism in their own areas. The BTA and the NTBs were given the power and authority to act in name of the government and to promote British Tourism. Since 2004 the BTA and the English tourism council have merged together into VisitBritain. Each NTB work within its own country to encourage and improve amenities for travel and tourism. They offer a service for information, undertake research and provide grants for tourism-related projects. In order to extend their influence within their countries, each NTB sets up Regional Tourist Boards. EU Directive on Package Travel 1995 ensures that customers of package holiday providers have financial protection. For example, if a company fails, customers that have not yet travelled can re-claim their money back. For those who are on holiday at the time do not have to pay additional costs. The directive made a number of duties on the organisers of package holidays, which includes providing clear contract terms, giving emergency telephone numbers, providing a range of compensation options if the agreed services are not supplied, producing accurate promotional materials such as brochures, as well as providing proof that the organiser has security against insolvency. Disability discrimination Act 1995 came about through public pressure to persuade people and businesses to remove any barriers facing people with disabilities. Travel and tourism organisations such as visitor attractions have to be accessible to those with restricted mobility or those in wheelchairs. Also public transport services have been advised to their vehicles with facilities to make it easier to use for people with disabilities, for example fitting low steps on busses. These adaptations have been successful as there are 10 million disabled people in the UK with a spending power of à ¯Ã‚ ¿Ã‚ ½48 million. This act requires travel agents to make reasonable adjustments to their shops to ensure that disabled people can have access to their facilities and services. If these adjustments are not made the travel agency can be sued and required to pay compensation. Health and Safety at Work Act 1974 applies to workers in all areas of travel and tourism. * Employers have general duty to provide for the health, safety and welfare of those they employ. Employers are also required to consult employees about health and safety arrangements and prepare written health and safety policy statement. * Employers need to ensure that their operations do not put non-employees at risk. * Adequate information about any work-related hazards and the precautions needed to contain them must be made available. * All employees have to take reasonable care to ensure their own health and safety at work and that of other people who might be affected by their actions. Each year The World Tourism Organisation produces a report on the long term prospects for tourism. The WTO predicts that worldwide international arrivals are expected to reach over 1.56 billion by the year 2020. 1.18 billion of that number will be between region and 337 million will be long haul travel. It is predicted that by 2020 the top 3 tourist receiving regions will be Europe (717 million tourists), East Asia and the pacific (379 million) and the Americas (282 million), followed by Africa, the Middle East and South Asia. However, it is impossible to make precise predictions in travel and tourism. The following examples may or may not happen. A development that is likely to take place over the next few years is space tourism; other developments in transport technology included the Airbus's 8380 ‘superjumbo' with 555 seats compared to the regular boeing 747 jumbo's with 415 seats. The Chinese and Russian markets, with a population of 1.3 billion, are likely to attract many new tourists. VisitBritain is expecting a double in the number of tourists from China to the UK in the next 5 years to 130 000, and the number of visitors from Russia to increase by 50% in the same period to more than 200 000. These upcoming markets are targeted by travel companies. Russians see the UK as a desirable destination. Chinese consumers are cost and quality conscious and are less likely to buy on-line as they do not have credit cards. According to the WTO, china itself is expected to become the worlds leading tourism destination by 2020, with some 100 million outbound tourists and 130 million each year. The conclude the development of the modern travel and tourism industry is primarily due to the changing socio-economic factors, technical developments, product development, external factors, the change in customer needs and expectations and the up-growing future trends in travel and tourism.

The strategies I will adopt to improve my academic performance to be Essay

The strategies I will adopt to improve my academic performance to be successful in College - Essay Example Some of the strategies that I have put in place to improve my academic performance include; First, time management is an important attribute that cannot lack in my recipe for success in academic success. Time management is an inevitable resource that can work in favour or against anybody. A student should know when to learn new concepts, study the concepts and prepare for exams. Crush programs in student life disorganise expectations. One should know when to party, when to study and have social sessions. Proper utilisation of available time will maximizes brain usage and may even create extra time for personal studies. Bearing all this in mind, I have developed various time management techniques ranging from drawing timetables and writing a diary to keep all my activities in time. Undeniably, performance depends on what has been grasped over a given period. Second, successful academic performance requires availability of learning materials. This ranges from physical, emotional and psychological factors responsible for streamlining success. When attending classes one needs to be physically fresh and clear minded. It, therefore, is important to avail all materials important for physical exercise. Attending to physical training, not only benefits the body but also helps in relaxing brain activities hence beneficial in the long term. Fresh brains have the ability to learn and grasp new concepts hence a strategy towards successful academic life. From this perspective, this will ensure good performance in the long term. A clear organization system plays a significant role in promoting success in all academic pursuits. Learner should know how to save and get countless hours from most of each class. In many instances, students fail to grasp what their teachers say due to inefficient systems. I have come up with various factors including strategies aimed at aligning my system myself to the education

Work, Organizations and Society Essay Example | Topics and Well Written Essays - 750 words

Work, Organizations and Society - Essay Example Professional autonomy suggests that professionals are responsible to themselves for the services they offer. A profession is distinguished by initial and sustained education, an association created a set of codes, and accreditation procedures. Professional autonomy is based on three points: the high degree of control and influence on others, the fact that professionals define the problems on which they work, and the criterion that professionals are self-directed learners (Davis 1996, p. 443). The assumption that professional autonomy is based on control and influence is supported by the notion of professionals as experts. Employed professionals such as engineers, state attorneys and accountants, to name but a few, argue that their status as employees retracts their autonomy essential to be true professionals (Davis 1996, p. 441). Others such as physicians and nurses are subjected to several legal limitations and provisions that significantly limit their absolute professional autonomy . Professionals strive to attain as much autonomy as possible and employ several measures to establish their professional autonomy but are faced by different principal limitations to attaining their independence. Professionals attempt to establish their autonomy by forming various professional organizations, which socially and legally grant them autonomy, and significant control of their profession’s activities and practice free from external interference. These organizations define the requirements an individual needs to join a given profession, the nature and length of training, status, pay, expertise and code of ethics. These characteristics of professions, which are said to distinguish them from other occupations, derive from their autonomy. Consequently, they achieve considerable professional autonomy by claiming to be self-regulating, wrapping themselves in their cloaks of competence and repulsing that nonprofessional managers are qualified to challenge their profession al judgment. In one empirical study on healthcare professionals, including all kind of physicians and specialists from different medical specialty areas, findings indicate that some unique and professional characteristics confers more professional autonomy to them than to paraprofessionals and non-professionals (Kilic et al. 2007, p 159). Paraprofessional group, such as medical assistants, owns only partial professional knowledge and skills while non-professionals are just prepared to engage in running clerical, office work and administrative duties (Kilic et al. 2007, p. 160). Due to their strong organizations, healthcare professionals try to support the factors that strengthen their professional autonomy and resist the factors that may erode it. For instance, the study indicates that health professionals are unenthusiastic to make use of clinical IT potentials to improve health care delivery and efficiency (Walter & Lopez 2008, p. 11). This is due to privileges healthcare professi onals have over non-professionals and paraprofessionals. Legal privileges create a protected market for health care professionals and are the basis for autonomy and self-direction. Non-professionals are a threat to professional autonomy. Autonomy will only be found where a profession can control the production and application of skill and knowledge in its work. Autonomy will not be found if people outside the profession can understand, criticize and evaluate the work. According Chau and Hu (2002, p. 34) in another related research, a feature of clinical IT can be considered as threatening factors to healthcare professional autonomy. The factor is the level of knowledge codification and knowledge distribution conducted by a

Auditing and Assurance Essay Example | Topics and Well Written Essays - 500 words

Auditing and Assurance - Essay Example The omission is considered as immaterial if it does not affect the decisions of the users of financial statements. If the discrepancies in the information provided by the financial statements are material, the auditor needs to check and cross-check the effects of the misstatement on the financial statements as a whole. For instance, a misstatement in the inventory is required to be evaluated through an evaluation of combined effect of its relevant and linked accounts. The materiality of this misstatement, hence, would consider the accumulated impact on inventory, total current assets, total working capital, total assets, income taxes, income taxes payable, total current liabilities, cost of goods sold, net income before taxes and net income after taxes (Arens, Elder, & Beasley, Audit Reports, 2012). The relationship of materiality and opinion is tied with a lengthy process of auditing the financial statements. This relationship, hence, influences the way an auditor works by deciding on the extent and scope of auditing. Materiality determines if the auditor needs more time to be spent on certain areas of financial statements. Moreover, it also decides the nature of the report and the type of opinion. A material misstatement, for instance, results in a qualified, disclaimer or an adverse report if it affects the decisions of the users. Auditors are responsible to discover and report direct-effect illegal acts in the same manner as errors and frauds. On the other hand, there are limitations to detect and report indirect-effect illegal acts. The direct-effect illegal acts are detectable as, usually, they have a financial impact in terms of, for example, tax calculations etc.; whereas, indirect-effect illegal acts are not easily determinable as they are more related to the company’s work procedures, environment and conduct. The three levels of

Take Home Final Exam Essay Example | Topics and Well Written Essays - 750 words

Take Home Final Exam - Essay Example main difference between the two techniques is the gap between two successive elements is random, and uneven in simple random sampling, whereas, it is equal in case of systematic sampling. Answer 2. Non-Probability sampling techniques include: Convenience, Judgment, Quota, and Snowball. Snowball sampling is a low-cost technique in which the researcher selects initial respondents by probability samples, and additional respondents are obtained by referral from initial respondents. This method is useful in surveying rare population members. In Quota sampling, researcher classifies the population by distinct properties, determines desired proportion of sample from each class, and fixes quota for each interviewer. Answer 4. Mutually exclusive implies that the set of variables do not overlap with each other. This implies that only one dimension of the issue should be related to a particular variable. At the same time, the list of alternatives shall be collectively exhaustive. This implies that the alternatives should cover all the possible options that might be the answer to the question. A fixed alternative question shall have alternatives that satisfy the criteria of being mutually exclusive, as well as collectively exhaustive. 2. How often do you eat in the cafeteria? This is an open ended question. The question is not clear in terms of the units of frequency in which it wants the answer i.e. is it asking for weekly or monthly frequency. A more appropriate question might look like: This is an out-of context question. The question preceding this, as well as the question succeeding this is nowhere related to it. It is also not placed in the proper order. If it is necessary to include this question for some analysis, then it should come in the beginning part of the questionnaire, after the age question. 4. A recent analysis by a nutritionist from the Department of Health concluded that the food served in the cafeteria is some of the healthiest she has seen in some

Umbrella Clauses in Bilateral investement Treaties & Comparison Essay

Umbrella Clauses in Bilateral investement Treaties & Comparison between ICSID, UNCITRAL and ICC - Essay Example Put another way, the main question is whether or not the umbrella clause renders a breach of an investment contract a treaty claim.3 A review of previous arbitration decisions on the issue have produced mixed results. It would appear that with contradictory rulings on the matter, umbrella clauses can sometimes be effective for resolving disputes arising out of investment contracts concluded under the authority of BITs. Wong argues however that, contradictory rulings only serve to nullify umbrella contracts and thus render them ineffective as a means of resolving disputes arising out of an investment contract.4 This paper evaluates umbrella clauses with a view to determining whether or not a rule of law can be identified in the jurisprudence pointing to the when and how umbrella clauses can be used effectively to resolve disputes arising out of an investment contract. Case Law Consistency in arbitration decisions is an allusive concept due to the fact that arbitration panels are forme d specifically for a case. As a result, panels do not sit consistently and therefore they do not have the persistent experience and consistency that court appointed judges may have and usually accumulate. Moreover, international arbitration does not have a hierarchal structure in which appeals can be heard by a higher arbitration panel for the purpose of establishing or clarifying a rule of law. In the meantime, arbitration decisions are usually heard in private, and where they are published and shared, publication is delayed and highly selective. For example, the International Chamber of Commerce (ICC) only publishes 12% of its cases and even then, the case is only reported three years after the award is given (Guillaume, 2011).5 Therefore in evaluating case law in international commercial arbitration, it is difficult to know with any degree of reasonable certainty, what the actual jurisprudence is on a particular legal matter. The cases that are available reveal only limited juris prudence and any evaluation is therefore qualified by the fact, that a complete analysis of the legal rule is not possible. This analysis of the effectiveness of the umbrella clause for the resolution of disputes arising under an investment contract can only be determined on the basis of the available published arbitration cases. The first case of note is the 2003 case of SGS Societe Generale de Surveillance S.A. v Islamic Republic of Pakistan. This case involved a dispute which arose under a contract between Pakistan and Swiss company for the latter’s services as a shipment inspection agency. Pakistan terminated the contract later on and the Swiss company, relying on the BIT between Switzerland and Pakistan submitted the matter to arbitration and claimed that in addition to breaching the terms of the contract, Pakistan also violated its obligations under the BIT and especially the umbrella clause. Pakistan argued however that the dispute arose under an investment contract an d therefore the panel did not have jurisdiction over the matter.6 The arbitral panel ruled that the investment contract between Pakistan and the Swiss company predated the BIT and the applicability of the umbrella clause must be viewed in that light. In this regard, unless there was clear

Fukushima Nuclear power in Japan Essay Example | Topics and Well Written Essays - 500 words

Fukushima Nuclear power in Japan - Essay Example The Japan government decided to close all nuclear power plant projects in Japan so as to prevent repetitions like that of Fukushima in future (Straight). Japan managed to get an alternative source of energy to supply the needs of the country through buying of liquefied natural gas from Russia. Following the nuclear disaster, many people working in the reactor plus the surrounding environ got exposed. In addition, the environment around the reactor also got contaminated posing considerable risk. In regard to human exposure, a number of children living in the environs of Fukushima became recently discovered to be developing abnormal thyroid lumps (Straight). Exposure to radiation posed a risk of development of poor health outcomes in the given population. The government of Japan in trying to come with the solution to that given problem, food stuffs like exported rice from that region got scrutinized for radiation exposure levels so as to limit the spread of radioactive contaminants to other countries (Straight). Also, faced with the problem of human exposure, the government somehow managed to have evacuation and resettlement plans in action. With the environ around the Fukushima becoming unsafe due to the high radiation levels, the Japan government opted to resettle individuals that lived around the reactor in another place fit for human settlement. In addition, some of the workforce that worked in the Fukushima nuclear reactor, became not allowed to work in other nuclear reactors following having radiation levels higher than required. Such a means by the government ought to protect humans from overexposure from radiation (Straight). After the Fukushima nuclear disaster, the problem of controlling leakage of radiation emanated. Environmental leakage could only be minimized through proper destruction of the nuclear station plus proper disposal of the radioactive substances. The wrecked

The Things They Carried Essay Example for Free

The Things They Carried Essay Tim O Brien develops the theme of identity in The Sweetheart of Song Tra Bong. He uses the character of Mary Anne in order to bring about this theme. In Milan Kundera s Identity, the theme involves a character losing her identity and finding it later on in the story. But in Tim OBriens The Sweetheart of Song Tra Bong, Mary Anne finds her lost identity once she travels to Vietnam. OBrien describes Mary Anne as the typical American white girl. A tall big boned blonde. At best, Rat said, she was seventeen years old, fresh out of Cleveland Heights Senior High. She had long white legs and blue eyes and a complexion like strawberry ice cream. Very friendly too. It can be seen that even the colour scheme matches the colours of the American flag. Shes got on culottes and this sexy pink sweater. She is also described as to having a bubbly personality and a happy smile. This description of Mary Anne fits the perfect image of a girl, which is expected by society. In other words, the identity of Mary Anne was no different from the typical female image. She can be seen as a conformist. Due to this conformity, we cannot see anything unique about Mary Annes character in the first part of the chapter. The fact that Mary Anne is highly curious also matches the personality of any ordinary girl. But this personality trait leads her to undergo many changes in her life. No cosmetics, no fingernail filing, she stopped wearing jewellery, cut her hair short and wrapped it in a dark green bandanna. These were some of the physical changes Mary Anne underwent after spending time in Vietnam. But the change is dramatic once she moves to the Green Beret hooch. In part it was her eyes: utterly flat and indifferent. There was no emotion in her stare, no sense of the person behind it. But the grotesque part, he said, was her jewellery. At the girls throat was a necklace of human tongues. This dramatic description of Mary Anne differentiates shockingly from the image of a teenage female, which is accepted by society. It would most certainly be considered taboo. But we can see that Mary Anne does not find this disturbing. In fact she enjoys it. I know what you think, but its not bad. I feel close to myself. When I am out there at night, I feel close to my own body, I can feel my blood moving, my skin and my fingernails, everything, its like I am full of electricity Here Mary Anne justifies her change. It can be seen that Mary Anne has found her true identity. This is implied when she herself states, I feel close to my own body. In the past Mary Anne was tied down from finding her true identity due the conformities. But once she came to Vietnam, she was given the opportunity to gain her individuality. Tim OBrien uses strong, and vivid imagery to show how different a person can really be when not tied down by social conformities. In the beginning, Mary Anne did not appear to have any uniqueness. But once the conformities were taken away, she had the opportunity to be herself and in fact enjoy being an individual. When considering Milan Kunderas Identity and Tim OBriens The Things They Carried. Sweetheart of Song Tra Bong, both texts deal with the issue of personal identity in different perspectives. The character of Chantal in Milan Kunderas Identity, loses her identity, and then under the influence of another character- Jean Marc, regains her identity. The character of Mary Anne in Tim OBriens The Sweetheart of Song Tra Bong, finds her true identity once she comes to Vietnam, where social conformities do not exist. The common factor in both texts being that the personal identity is lost due to social conformities, the two characters in the two texts have two different approaches regarding the issue of ones identity.

Evaluating the Historical Capital Budgeting Method Essay Example for Free

Evaluating the Historical Capital Budgeting Method Essay Currently AES employs Project Finance Framework. Project finance tends to be used in projects with tangible assets with predictable cash flows in which construction and operating targets can be easily established through explicit contract. The key to AES projects financing lies with the precise forecasting of cash flows. In effect, the possibility of estimating cash flows with an acceptable level of uncertainty allows for allocation of risks among various interested parties. The ensuing certainty in cash flows allows for high level of leverage and enables project assets to be separated from the parent company. Let us now take a closer look at the pros and cons of the Capital Budgeting System currently in place. Principal Advantages Non-Recourse The separation of the parent company is structured through the creation of a Special Purpose Vehicle (SPV). This SPV is the formal borrower under all loan documents so that in event of default or bankruptcy AES is not directly responsible before financial creditors. Instead, their legal claims are against the SPV assets. Maximize Leverage Currently AES seeks to finance the cost of development and construction of the project on highly leveraged basis. High leveraged in non-recourse project financing permits AES to put less in capital to put at risk permits AES to finance the project without diluting its equity investment in the project. Off-Balance Sheet Treatment AES may not be required to report any of the project debt on its balance sheet because such debt is non-recourse. Off balance sheet treatment can have the added practical benefit of helping the AES comply with covenants and restriction relating to borrowing funds contained in loan agreements to which AES is also a party. Agency Cost The agency costs of free cash flow are reduced. Management incentives are to project performance. Most importantly close monitoring by investors is facilitated. Multilateral Financial Institutions One of the four constituents that have contractual arrangement with the SPV in a typical project are the banks (an integral part group of financiers that include share holders, insurers, equipment manufacturers, export credit agencies and funds). Among these banks there are multilateral financial institutions (like IFC, CAF and etc). Presence of these institutions as financiers helps in raising capital from these institutes at lower cost and secondly it is also read as a positive sign by commercial banks. Drawbacks Projects V/S Division The company is not only expanding its geographical boundaries, but it is also diversifying its business through backward and forward integration. The current financial model does not provide the AES with the big picture, which now constitutes more number of variables that are being influenced by multiple factors due to the increase in depth and breadth of the organization. Complexity Financing of projects requires involvement of a number of parties. They can be quite complex and can be expensive to arrange. Secondly it demands greater amount of management time. Macroeconomic Risk The current methodology employed by AES for capital budgeting does not take into account the exchange rate risk. This risk will be of higher magnitude in the developing countries because of their unstable monetary and fiscal policies[2]. As we have seen that fluctuation in exchange rate has greatly hurt the AES business and they were unable to mitigate this risk as they haven’t anticipated it. This risk becomes important when the exchange rate fluctuation affects balance sheet items unequally. Thus keeping check on the foreign exchange rate requires timely adjustment of both the items of revenue and expenditure, and those of assets and liabilities in different currencies. Political Risk: This is another important factor which the current financial management system does not take into account. This will be of significant importance when it comes to investing in developing countries where frequent changes in government policies occur. Does this system make sense? The financial strategy employed by AES was historically based on project finance. This approach solely took into account those factors that minimized AES exposure to the project and achieved the most beneficial regulatory treatment thus ensuring availability of financial resources to complete the project. The model worked well for the domestic market as well as for the international operations, provided the opportunities undertook by AES were either in the sector of building and running a power plant or simply buying an existing facility and upgrading it and then operating. The underlying assumption over here was that the symmetrical and asymmetrical risks faced by the project were more or less same irrespective of its geographical location (Refer to Exhibit 3). However when AES started diversifying the breadth of its operations by incorporating other offshoots of energy related business and transforming from a cogeneration to a more utility organization with majority of expansion occurring in developing economies. This diversification of business increased the symmetrical risks like business risk, a classic example of which we see in Brazil where AES experience shortfall in demand /sales volume due to Energy Conservation Policy of Brazilian government and this had a chain effect on debt servicing capacity of the SPV as well the stock price of the parent company. Other factor that current model was not able to include was the risk of devaluation of currency in developing economies which resulted in significant losses due to the inability of the company to survive its international debt obligations. Expansion in developing economies also exposed the business to political risk where the policies change erratically with changes in government. Hence we see that the geographical diversification of business causes asymmetrical risk to increase causing bimodal behavior in the result. Project financing becomes less recommendable as a symmetrical risk becomes more manifest. This constitutes a problem for emerging countries where these risks tends to be at the forefront. Lal Pir Project Valuation Scenario 1: Pakistan In order to calculate the value of project for the Lal Pir project in Pakistan, we first need to calculate the Weighted Average Cost of Capital (WACC) using the new proposed methodology. For this we have followed the approach given in exhibit 8 of the case. The first step is to calculate the value of levered ? using the formula and information given in the case[3]. The value of the levered ? comes out to be 0. 3852 or 38. 52%, which essentially means that our project is not very highly correlated to the market return. Using this value of ? we now calculate the cost of Equity (refer Exhibit 4A). We have used the return on U. S. Treasury Bond (i. e. 4. 5%) as the risk free return in calculating the cost of equity. The cost of equity comes out to be 0. 072 and similarly, using the risk free return and the default spread (given in exhibit 7a of case) we calculate the cost of debt which comes out to be 0. 0807. It is important to note that the cost of debt and the cost of equity also need to be adjusted for the sovereign spread (0. 0990 for Pakistan). Once we have the adjusted costs of equity and capital we can now calculate the WACC for the project using the formula given in case where we essentially multiply equity and debt ratio with the adjusted costs of equity and debt respectively[4]. The WACC in this scenario comes out to be 0. 1595 or 15. 95%. However, now we need to adjust this WACC for the risks associated with doing the project in Pakistan and we do this by using Table A given in the case. We know that the total Risk Score for Pakistan is 1. 425 and since there is a linear relationship between business specific risk scores and cost of capital[5] we need to adjust our WACC by 7. 125% thus making our final WACC 23. 075%, using which we calculate our NPV (refer to Exhibit 6) from the year 2004 to 2023, and it comes out to be negative $234. 34 million. Scenario 2: USA For USA similar calculations are made to calculate the WACC (Exhibit 4B). However there are two things that are different. First we see the sovereign spread is equal to zero. Secondly, in this case we would need to calculate the business risk using the information given in exhibit 7a of the case (refer to Exhibit 5). This score comes out to be 0. 64 and using this score, our business risk comes out to be 3. 23% and adding it to our calculated value of WACC, we get our final WACC of 9. 64%. Using this we calculate our NPV for USA which comes out to be negative $ 35. 92 million (refer to Exhibit 7). Adjusted Cost of Capital and Probabilities of Real Events in Pakistan In calculating the adjusted cost of capital for Pakistan the WACC is adjusted for six common types of risks: Operational, Counterparty, Regulatory, Construction, Commodity, Currency and Legal. We can clearly see from table A given in the case that besides construction there is a probability of all these risks actually effecting the project in Pakistan. In these, the highest probability is that of currency risk and the legal risk. The adjusted cost that we have calculated is adjusted by the total risk score for Pakistan. There is a linear relationship between the total risk score and adjustment to the cost of capital, i. e. a score of 1 leads to an adjustment of 500 basis points in the WACC. When we calculate the WACC for Pakistan through traditional formula it comes out to be 15. 95%, however in order to incorporate the risk factor associated with Pakistan we need to adjust it for the Total Risk Score, which in this case is 1. 425. So we simply multiply this by 500 and we find out that we need to adjust our WACC 23. 075%. Since this 23. 075% is adjusted using the total risk score we can safely assume that it incorporates for the probability of the afro-mentioned six types of risks in WACC with respect to Pakistan. Discount Rate Adjustment: USA v/s Pakistan As mentioned earlier the discount rate is adjusted based on the total risk score of the country. This total risk score is compiled from 6 main types of risks, the probability of which varies from country to country. If we simply compare the risk scores for USA and Pakistan[6], we can see that there is a major difference between the risk profiles of both the countries. For instance, while currency, regulatory and legal risks are significantly high in Pakistan, they do not exist in the USA at all. Also we see that operational, counterparty and commodity risks are higher in USA as compared to Pakistan. Similarly when the respective WACCs of the two countries are adjusted for their risk we see that the adjusted WACC for Pakistan (23. 075%) is much higher as opposed to that of USA (9. 64%), which essentially implies that Pakistan is inherently a riskier country to invest in as opposed to the USA and any investments made in this region would have to cross a higher hurdle rate than if they were made in the US region.