Global Financial Crisis and Nigerian Stock Market Volatility

GLOBAL FINANCIAL CRISIS AND NIGERIAN STOCK MARKET VOLATILITY Abdul ADAMU Department of Business Administration, Nasarawa State University, Keffi – Nasarawa State. [email  protected] com [email  protected] com Tel. +2348029445391, +2348064851648. Paper presented at the National Conference on â€Å"Managing the challenges of Global Financial Crisis in Developing Economies† organised by the Faculty of Administration, Nasarawa State University, Keffi, Nasarawa State – Nigeria held between March 9 – 11, 2010. Abstract The current global financial crisis is no longer news but a reality. Our policy makers in the country have been proven wrong based on their argument that the country was insulated. Some of the sectors that have felt the heat of the crisis are the banking sector and the stock market. In the stock market, investors lost trillions of naira due the downward fall in the prices of stock. Based on this, the study assesses the extent of the stock market volatility in the period preceding the crisis and the period of the crisis. Using the All Share Index, the returns for various months were computed, descriptive statistics of the returns was calculated and the volatility of the market was estimated using the standard deviation. It was found that the stock market is highly volatile in the period of the financial crisis than the period preceding it. The recommendation is that the depth of instruments in the stock market should be varied in terms of fixed securities than equity instruments. Introduction The global economic crisis, which first emerged as a financial crisis in one country, has now fully installed itself with no bottom yet in sight. The world economy is in a deep recession, and the danger of falling into a deflationary trap cannot be dismissed for many important countries (UNCTAD, 2009). The recent global economic crisis was a result of economic and political events in the United States. What started with amended federal policy and poor mortgage lending practices, resulted in a world-wide economic meltdown that spread like a virus (Beck, 2008). The US sub-prime mortgage market triggered the crisis as a result of credit crunch within this market. Most countries around the world have approached this ‘tsunami’ pragmatically with emergency funding support for relevant sectors, so as to mitigate the impact of the crisis on economies as well as avoiding the entire collapse of the international financial system (Ajakaiye & Fakiyesi, 2009). Despite these supports by various governments in the form bailout, it does not stop some countries to go into recession, because of large decline in their wealth, manifesting itself in falling productive capacity, growth, employment and welfare. At first, the direct impact of the financial crisis on the African economies was limited as African countries has weak integration with the global economy and most commercial banks in the region refrained from investing in the troubled assets from the US and other part of the world (Adamu, 2008). This is why most commentators argue that Africa is so far insulated from the direct effects of the financial crisis at least in the short-run. But now, this is not the case as the rate of unemployment and liquidity squeeze is becoming unbearable. In Nigeria, like other African developing countries, the initial response to the crisis was rather meek, as if our policy makers do not understand the gravity of the crisis. While the developed countries were busy trying to bailout their economy in order to mitigate the effects of the crisis, our leaders were hiding under the shadow of insulation. The most visible sector being hit by this crisis in the Nigerian economy is the capital market. The Nigerian Stock Exchange, the flagship of Nigeria’s capital market has witnessed unprecedented turbulence since April, 2008. First, the downward slide of the stocks on the market dominated by the banking sector made experts restive and regulatory authorities jittery. While accusing fingers were being pointed at different directions as the cause of this volatility in the prices of stocks, the market began a free-fall never witnessed in the history of capital market operations in Nigeria. Both local and foreign investors who had taken advantage of the optimal return on investments on the stock exchange began to scamper elsewhere in desperation. Some of the questions that are critical to this trend in the capital market are; what is the extent of the stock price volatility on the Nigerian Stock Exchange? What are the factors that impacted the stock price volatility? To what extent has this volatility in stock price affected investors? What can the regulatory authority do to contain this problem? This paper will address the first question raised above. This part is the introduction and the rest of the paper is arranged as follows; section two discussed the concept of financial crisis, the Nigerian capital market and the crisis, then stock market volatility. In section three, we discuss data and methodology, then results and discussions in section four and finally, summary and conclusions in section five. The concept of financial crisis The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults (Kindleberger & Aliber, 2005, Laeven & Valencia, 2008). Some economic theories that explained financial crises includes the World systems theory which explained the dangers and perils, which leading industrial nations will be facing (and are now facing) at the end of the long economic cycle, which began after the oil crisis of 1973. While Coordination games, a mathematical approach to modelling financial crises have emphasized that there is often positive feedback between market participants' decisions (Krugman, 2008). Positive feedback implies that there may be dramatic changes in asset values in response to small changes in economic fundamentals, Minsky’s theorised that financial fragility is a typical feature of any capitalist economy and financial fragility levels move together with the business cycle, but the Herding and Learning models explained that asset purchases by a few agents encourage others to buy too, not because the true value of the asset increases when many buy (which is called â€Å"strategic omplementarity†), but because investors come to believe the true asset value is high when they observe others buying (Avery & Zemsky, 1998, Chari and Kehoe, 2004, Cipriani & Guarino, 2008). The Nigerian Capital Market and the Crisis The All Share Index and the market capitalisation of the 233 listed equities capture activities and performance on the Nigerian Stock Exchange (NSE). Before the crisis, there has been a consistent growth in these performance indicators over the year (see fig. 1). For instance, the All Share Index according to data from www. cashcraft. com grow from a value of 12,137 in 2002 to 66,371. 2 points on March 5, 2008, with a market capitalisation of about N12. 640 trillion, after which values fell to 20,827. 17 points on December 31, 2009, with a market capitalisation of 4. 989 trillion because of the meltdown. This shows that by the end of the year 2009, the All Share Index had lost a total share of about 69%, while market capitalisation had lost 61% of its value. There are concerns regarding how rapidly the global financial crisis affected the Nigerian Capital Market, especially given that there is virtually no cross-ownership of banks (investment or otherwise) between Nigeria and foreign countries, and there is hardly any domestic mortgage market for there to be a sub-prime problem as found particularly in the UK and the USA (Aluko, 2008; Ajakaiye & Fakiyesi, 2009). The decline of indicators of activities on the NSE before the escalation of the crisis on the global scene in July 2008 became a source of concern for many. It is difficult to attribute this decline to any particular factor, but those factors that may have direct or indirect impact are as follows; i. Foreign portfolio investments withdrawals and reduced foreign direct investment affect investor confidence in Nigeria (Adamu, 2008; Aluko, 2008; and Ajakaiye & Fakiyesi, 2009). This is the case because most foreigners withhold their investments in order to service their financial problems at home. This exposed the country to FDI uncertainties and vagaries, particularly in an era where public-private partnership (PPP) of huge investment plans such as oil and gas – LNG projects, power plants, railways, housing and roads are being encouraged. ii. Another factor which according to Ajakaiye & Fakiyesi (2009) that had serious impact on the stock market is what they called the ‘intensifiers’. These include policy interpretations by the market, which may have been induced by the slow government initial stand on the economy. This also includes interpretation of announcements, proclamations and rumours by the market. Examples include the proposed recapitalisation plan of the stock market players (stock broking firms), as well as rumours on the termination of margin lending by banks. iii. The phenomenon of marginal lending in Nigeria, whereby investors borrow money from banks to invest in other financial instruments like IPOs of banks with the hope of making quick returns. This may also be termed Nigeria's own version of the ‘sub-prime problem’, as it resulted in an exploding domestic stock market and stock prices and astounding returns to both the speculators and providers of the margin funds. This make the banks to feel the heat of the crisis as most margin loans become difficult to repay due to the downward trend in the market. iv. With the currency overdependence on oil revenue, the downward trend in the price of crude oil and prospects for economic recession in the developed world and Europe which are the markets for the oil, also contributed for the fall in the stock market. Because it look as if Nigeria's capital market bear cycle actually began with the decline of oil prices in July, and accelerated with its further decline in September and October (Aluko, 2008; Ajakaiye & Fakaiye, 2009). Stock Market Volatility Stock volatility refers to the potential for a given stock to experience a drastic decrease or increase in value within a predetermined period of time. Investors evaluate the volatility of stock before making a decision to purchase a new stock offering, buy additional shares of a stock already in the portfolio, or sell stock currently in the possession of the investor. In recent months, it has not been unusual to see the value of major stock indexes, such as the S 500, NIKKEI, DOW JONES, KOSPI, FTSE, and our own NSE-ASI change by as much as 3% in a single day. Unfortunately for many investors, the general direction of those changes has been downward. To many, this volatility is driven by the recent global financial crisis. Stock market volatility tends to be persistent; that is, periods of high volatility as well as low volatility tend to last for months. In particular, periods of high volatility tend to occur when stock prices are falling and during recessions. Stock market volatility also is positively related to volatility in economic variables, such as inflation, industrial production, and debt levels in the corporate sector (Schwert, 1989). The persistence in volatility is not surprising: stock market volatility should depend on the overall health of the economy, and real economic variables themselves tend to display persistence. The persistence of stock market return volatility has two interesting implications. First, volatility is a proxy for investment risk. Persistence in volatility implies that the risk and return trade-off changes in a predictable way over the business cycle. Second, the persistence in volatility can be used to predict future economic variables. For example, Campbell, Lettau, Malkiel, and Xu (2001) show that stock market volatility helps to predict GDP growth. Volatility may impair the smooth functioning of the financial system and adversely affect economic performance (Mala & Reddy, 2007). Similarly, stock market volatility also has a number of negative implications. One of the ways in which it affects the economy is through its effect on consumer spending (Campbell, 1996; Starr-McCluer, 1998; Ludvigson & Steindel, 1999; and Poterba, 2000). The impact of stock market volatility on consumer spending is related via the wealth effect. Increased wealth will drive up consumer spending. However, a fall in stock market will weaken consumer confidence and thus drive down consumer spending. Stock market volatility may also affect business investment (Zuliu, 1995) and economic growth directly (Levine & Zervos, 1996; and Arestis, Demetriades, & Luintel, 2001). A rise in stock market volatility can be interpreted as a rise in risk of equity investment and thus a shift of funds to less risky assets. This move could lead to a rise in cost of funds to firms and thus new firms might bear this effect as investors will turn to purchase of stock in larger, well known firms. While there is a general consensus on what constitutes stock market volatility and, to a lesser extent, on how to measure it, there is far less agreement on the causes of changes in stock market volatility. Some economists see the causes of volatility in the arrival of new, unanticipated information that alters expected returns on a stock (Engle, 1982). Thus, changes in market volatility would merely reflect changes in the local or global economic environment. Others claim that volatility is caused mainly by changes in trading volume, practices or patterns, which in turn are driven by factors such as modifications in macroeconomic policies, shifts in investor tolerance of risk and increased uncertainty. The degree of stock market volatility can help forecasters predict the path of an economy’s growth and the structure of volatility can imply that â€Å"investors now need to hold more stocks in their portfolio to achieve diversification†(Krainer, 2002). Data and Methodology This research relies on the daily All Share Index (ASI) of the Nigerian Stock Exchange as reported by the exchange and on Cashcraft database. There are 233 listed companies on the Nigerian Stock Exchange and the ASI is the major index that captures the performance of all the shares of the listed companies. Using the ASI, the monthly returns (%) were calculated using the formula below; Where Vf is the ASI at the end of the month, and Vi is the ASI at the beginning of the month. These returns were calculated for all the 48 months used in this study. We measure volatility using the standard deviation and/or variance. This is done by dividing the period under study into two. The first period comprises of 24 months observation for 2006 and 2007, the period prior to the crisis and the second 24 observations were for 2008 and 2009, the period of the crisis. In examining volatility changes over time, we compare the variances or standard deviations of the different periods and determine if they are statistically significantly different from each other. To estimate volatility, the expected returns or mean for these periods returns were computed using the equation; This implies that is the average of the return values. Using this value for and the variance estimate results in a formula for the volatility is given as; . It follows that the estimation of the volatility constant given by Wilmott, Howison and Dewynne (1995) is: Lastly, the expected returns and the standard deviations will be used in testing the hypothesis whether there is a significant difference between the means of the two observation using t – statistic for testing difference of two means. Results and Discussions Table 1 shows the descriptive statistics of the monthly returns for the two periods. For the period 2006 – 2007, the average return was 3. 42% with a standard deviation of 5. 37%. This is showing that during this period, stock market returns was less volatile because a less volatile stock will have a price/return that will deviate relatively from the mean little over time. This is the period when investors have consistent positive returns on their investment and there are willing to invest because stock returns are less volatile and their exposure to risk is less. Table 1. Descriptive Statistics RETURNS %2006-072008-09 Mean3. 4233 -4. 3658 Standard Error1. 09552. 5003 Median3. 550-4. 8400 ModeN/AN/A Standard Deviation5. 367012. 2489 Sample Variance28. 8050150. 0365 Kurtosis0. 67236. 3865 Skewness0. 39191. 4372 Range24. 6669. 15 Minimum-7. 44-30. 95 Maximum17. 2238. 2 Sum82. 16-104. 78 Count2424 Source; excel output On the other hand, during the period 2008 – 2009, there was a negative average return of –4. 37% with a standard deviation of 12. 25% showing high volatility in returns. This is as a result of the accelerated downward fall of the stock prices on the Nigerian Stock Exchange as a result of loss of investors’ confidence due to the global financial crisis. This period is characterised by negative returns which results to high volatility, and as we can see, the more volatile that a stock is, the harder it is to isolate where it could be on a future date. Since volatility is associated with risk, the more volatile that a stock is, the more risky it is. Consequently, the more risky a stock is, the harder it is to say with any certainty what the future price of the stock will be. When people invest, they would like to have no risk. The least amount of risk that is involved, the better the investment is. Since almost every investment has some risk, investors have looked for ways to minimize risk, so their best reaction was to avoid the stock market and this affected the market. The other descriptive statistics showed that both distributions are positive or right – skewed, meaning that most of the returns are in the lower portion of the distribution and there are some returns that has extremely large values and this pull the mean return upward to be greater than the median, specifically for the second period. Both has a positive kurtosis value of 0. 6723 and 6. 865 indicates a distribution with a sharper peak than a bell – shaped curves. The result of the test for the hypothesis to determine whether there is a significant difference between the means of the two observations is presented in table 2 below. The hypothesis is; Ho:  µ1 =  µ2 i. e. there is no difference in the means of the two observations H1:  µ1 ?  µ2 i. e. there is difference in the means of the tw o observations. From the result of the t- test, the null hypothesis is rejected at 5% level of significance. This is because t = 2. 85 ; t = 2. 01. the p – value computed is 0. 064 and it indicates that if the means are equal, the probability of observing a difference this large in the sample means is only 0. 0064. Based on this, there is sufficient evidence to conclude that the mean returns are different for the two periods, and that returns are lower in the period of the crisis than the period before it. This confirms the reason why there is higher volatility in this period than the other period. Table 2. t – Test for differences in Two means (assumes equal population variances) Data Hypothesized Difference0 Level of Significance0. 05 Population 1 Sample Sample Size24 Sample Mean3. 233 Sample Standard Deviation5. 367 Population 2 Sample Sample Size24 Sample Mean-4. 3658 Sample Standard Deviation12. 2489 Intermediate Calculations Population 1 Sample Degrees of Freedom 23 Population 2 Sample Degrees of Freedom23 Total Degrees of Freedom46 Pooled Variance89. 42012 Difference in Sample Means7. 7891 t Test Statistic2. 853384 Two-Tail Test Lower Critical Value-2. 012896 Upper Critical Value2. 012896 p-Value0. 006463 Reject the null hypothesis Source; Excel output Conclusion and recommendations The paper studied the extent of the stock market volatility in the period of 2006 – 2009. The period is divided into 24 months each to study the volatility of market returns between 2006 – 2007, and between 2008 – 2009. On the basis of the results it was found that the period 2006 – 2007 is less volatile than the period of 2008 – 2009; and this is due to the global financial that have affected investors’ confidence. Since volatility is associated with risk, the more volatile that a stock is, the more risky it is. Consequently, the more risky a stock is, the harder it is to say with any certainty what the future price of the stock will be. When people invest, they would like to have no risk. The least amount of risk that is involved, the better the investment is. Since almost every investment has some risk, investors have looked for ways to minimize risk, so their best reaction was to avoid the stock market and this affected the market. The recommendation is that the stock market instruments need to be diversified away form equity instruments to more of fixed security instruments. References Adamu, A. (2008). The Effects of global financial crisis on Nigerian Economy. International Journal of Investment and Finance Vol. 1. #1&2. Ajakaiye, O. & Fakiyesi, T. (2009). Global financial crisis Discussion paper 8: Nigeria. Oversea Development Institute, London. Aluko, M. (2008). The global financial meltdown: Impact on Nigeria's capital market and foreign reserves. retrieved from www. google. com on 14 January, 2010. Arestis, P. , Demetriades, P. O. & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(2):16-41. Avery, C. , & Zemsky, P. (1998). Multidimensional uncertainty and herd behavior in financial markets. American Economic Review 88, pp. 724-748. Campbell, J. (1996). Consumption and the stock market: Interpreting international experience. NBER Working Paper, 5610. Campbell, J. , Lettau, M. , Malkiel, B. , & Xu, Y. (2001). Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk. Journal of Finance 56, pp. 1–43. Chari, V. , & Kehoe, P. (2004). Financial crises as herds: overturning the critiques. Journal of Economic Theory 119, pp. 128-150. Cipriani, M. , & Guarino, A. (2008). Herd behavior and contagion in financial markets. The B. E. Journal of Theoretical Economics 8(1) (Contributions), Article 24, pp. 1-54. Engle, R. F. (1982). Autoregressive conditional heteroscadasticity with estimates of the variance of the U. K. inflation. Econometrica, 50(3):987-1008. Kinder, C. (2002). Estimating Stock Volatility. retrievd from www. google. com on 19 January, 2010. Kindleberger, C. P. , & Aliber, R. (2005). Manias, Panics, and Crashes: A History of Financial Crises (5th ed). Wiley, ISBN 0471467146. Krainer, J. (2002). Stock market volatility. FRBSF Economic Letter, Western Banking, 2002-32, pp1-4. Krugman, P. (2008, October, 27). The widening gyre. New York Times. Laeven, L. , & Valencia, F. (2008). Systemic banking crises: A new database. International Monetary Fund Working Paper 08/224. Levine, R & S. Zervos (1996). Stock market development and long-run growth. World Bank Economic Review, 10(1):323-339. Ludvigson, S & C. Steindel (1999). How important is the stock market effect on consumption. Federal Reserve Bank of New York Economic Policy Review, 5(1):29-51. Mala, R, & Reddy, M. (2007). Measuring stock market volatility in an emerging economy. International Research Journal of Finance and Economics Issue 8 126-133. Poterba, J. M. (2000). Stock market wealth and consumption†, Journal of Economic Perspectives, 14(2):99-118. Schwert, W. (1989). Why does stock market volatility change over time? Journal of Finance 44, pp. 1,115–1,153. Starr-McCluer, M. (1998). Stock market wealth and consumer spending. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Paper Series, 8/20. UNCTAD (2009). Global economic meltdown. Geneva: United Nation Conference on Trade and development Wilmott, P. , Howison, S. , & Dewynne, J. (1995). The Mathematics of Financial Derivatives. New York: Cambridge University Press. Zuliu, H (1995). Stock market volatility and corporate investment†, IMF Working Paper, 95/102. www. cashcraft. com Appendices 1. Monthly returns computed using the NSE-ASI MONTHS/ YEARSRETURNS %MONTHS/ YEARSRETURNS % Jan-06-1. 69Jan-08-0. 02 Feb-060. 30Feb-08-11. 1 Mar-06-2. 00Mar-08-4. 01 Apr-06-0. 75Apr-08-5. 67 May-065. 45May-08-0. 33 Jun-065. 66Jun-080. 00 Jul-066. 75Jul-08-6. 90 Aug-0617. 22Aug-08-9. 22 Sep-060. 67Sep-08-6. 07 Oct-060. 35Oct-08-20. 96 Nov-06-3. 84Nov-08-9. 08 Dec-064. 92Dec-08-2. 37 Jan-078. 93Jan-09-30. 95 Feb-0710. 62Feb-097. 17 Mar-074. 87Mar-09-12. 60 Apr-078. 44Apr-098. 15 May-075. 9 5May-0938. 20 Jun-072. 44Jun-09-12. 63 Jul-070. 94Jul-09-7. 09 Aug-07-7. 44Aug-09-10. 42 Sep-07-0. 12Sep-09-2. 2 Oct-07-0. 16Oct-09-3. 08 Nov-077. 82Nov-09-3. 64 Dec-076. 83Dec-090. 05 Figure 1. Stock market performance, 2002-2009 Source: Extracted from Ajakaiye and Fakiyesi (2009)

Frankenstein Rejection Essay

In the novel of Frankenstein, there are several prominent themes. The main theme however is rejection. Rejection is not singled out on just the relationship of Victor and the Monster. Yes, Victor does reject the Monster but that is not all. Society as a whole rejects the Monster. Also, in a sense, the De Lacy family was/is rejected by society as well. In a situation like the one in Frankenstein, rejection is easiest when it comes to defiance in society. Victor longed to create life. In that, he took it upon himself to experiment with dead people in older to accomplish it. However the insanity caused by the obsession made him reject the Monster. â€Å"The different accidents of life are not so changeable as the feelings of human nature† (pg. 42). This is a prime example- case in point. Human nature is to reject the unusual. Victor’s obsession with science and creation is the basis for his hatred. Society rejects the Monster based on his looks. Honestly, if an eight foot, stitched creature came up to you what would you do? You’d reject it. The people of the village rejected the Monster when he was looking for shelter, protection. They judge him on a look basis and it links to society rejecting the unusual and ‘ugly’. Society sets an unbreakable standard for individuals to follow in order to be accepted. Those who defer from the stand are shunned for being different. Felix DeLacy was only trying to correct a societal wrong in freeing Safie’s father. Humans, as a whole, enjoy seeing pain inflicted onto others. This makes complete sense because when it comes to public executions masses are gathered and cheering. â€Å"The government of France was greatly enraged and punish † (pg. 106). Society accepted the DeLacy’s because they had money. Once Felix reached out to help another and the DeLacy’s lost their money and social status, society rejected them. Society wants nothing to do with the poor. Society wants nothing to do with the poor, the kind hearted or the ‘unique’. Rejection is the main theme of this novel. The whole novel demonstrates the theme of rejection. Victor’s obsession with creating life is the major component leading to his rejection of the Monster. Society rejecting the Monster when they don’t take time to understand what they don’t know or understand. And you cannot forget society rejecting the poor. This is the perfect example of rejection in society. Society doesn’t enjoy what they do not like or understand so the easiest thing to do is reject the defiance.

An Ordinary Hero

The Bruce Lee Story directed by Rob Cohen (1993) it has fghting, drama and all sorts of other intriguing things throughout the movie. The movie takes place from when he was born in 1940 to when he died in 1973. It is a true story about a legend that changed the martial arts world. It is one Chinese immigrants dream to make it big in the U. S. while making new friends and creating a family while not knowing he is going to become a legend. In the Movie Dragon you can see the understanding of being an immigrant, overcoming the impossible, and of course love is three main reasons Dragon: The Bruce Lee Story is a must watch movie. A hero is what we all look up to. Someone who doesnt necessary need super powers but can make other people believe and support them. As long as I can remember my hero has been Bruce Lee. When I was little all I ever thought of were is movies where he was Jumping, kicking, punching and the ever famous waaaahhhhhhh! whenever he would hit someone. When I grew older I started to realize what he stood for and what kind of person he was. He changed martial arts forever with his teaching. He thought to move like water. Bruce once said Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle and it becomes the bottle. You put it in a teapot it becomes the teapot. Now, water can flow or it can crash. Be water my friend. (chasingthefrog) Bruce Lee coming to America at his time was hard and difficult but nothing stopped him on his way to the top. He did have hard times but he pushed through and won everyones hearts over even the ones that once ridiculed him. His mother in law who didnt want anything to do with him soon came to love him. Bruce suffered a serious back injury in a duel. Doctors told him he would never walk again. While in the hospital, he wrote a book called Tao of Jeet Kune Do, which completely changed the world of martial arts. He could not write the book so his wife rote it down while he talked But with his will to never stop trying and achieve the impossible he worked his way right out of his chair and back to his kung fu. In the movie Bruce Lee is played by an actor named Jason Scott Lee. Jason played in movies such as Jungle book and Balls of Fury. He became Bruce and showed his true attributes and style. He made me feel like he was Bruce and felt like he could do anything Bruce has done. The acting of all characters throughout the movie was phenomenal and replayed Bruces life in the best way and represented/respected his ife, values and culture well. Its full of quality actors that wont disappoint you. Being an immigrant is always tough as well as getting in a serious injury. Having to be with a completely different culture is never easy. Imagine moving to another country and having to fit in with a totally different society. I am pretty sure everyone would agree how hard that would be. And getting injured is also a very difficult thing to go through which everyone knows and understands. Being told that you will never be able to do something ever again is a lot to take in. Then to overcome all that and achieve the impossible is almost starting a whole new life. Everyone is attracted to people doing an extraordinary thing which pulls them even more into the movie. People love, love. They are attracted to love and they love watching others love. Watching love makes them want to go find love or love their special someone even harder. So if you are a boy wanting to see a movie with a lot of fghting but you have to take your girlfriend to a movie she will like. Then take her to this one because the love in this movie is amazing. Let me give a brief summary of the love throughout this movie. Bruce met his wife Linda while instructing one of his kung fu classes. They started dating while others watched and Judged how she was white and he was and Asian. They kept it a secret from her mother for a while but once they told her she said she wouldnt allow it. But that didnt stop them as they listened only to each other. Lindas mother soon came around and knows how great of a guy Bruce is. They went on to get married and have two children named Brandon (boy) and Shannon (girl). Moving from country to country and back again took a toll on the family but the love was still always there. This drama throughout the movie will keep the girl grabbed throughout the whole movie and you might even get a kiss after the movie to make a little of your own love. Now you can see in the Movie Dragon you can see the understanding of being an immigrant, overcoming the impossible, and of course love, is three main reasons Dragon: The Bruce Lee Story is a must watch movie. The movie Dragon: The Bruce Lee Story by Rob Cohen shows everything you could ask for in a movie. I strongly encourage everyone to watch this movie and I guarantee you wont be disappointed. It has old history throughout the movie that everyone can relate too. Tie that into to jumping, kicking, loving and culture then it all turns up to be a pretty sweet movie that everyone can enjoy. Bruce had struggles throughout his life but always overcame them. He always grabs peoples attention and makes people want to be like him or Just do whatever he does.

The Educational Part Of The Life Essay Example | Topics and Well Written Essays - 500 words

The Educational Part Of The Life - Essay Example As a professional nurse, my past experience will make my work more interesting because I will have the fore-knowledge towards tackling the situational crisis and managing available resources to benefit every citizen regardless of social class. It will be with regards that I am offered the scholarship to further my studies in a provision that throughout my life I have struggled to accomplish my dream in career and goal achievement. Currently, I have an obligation as a father and at the same time a student. Having closed my business and quit the NA position, it will be challenging to pay tuition fees for my children at the elementary level to college level, at the same time provide basic needs for them and cater for my education. The scholarship offer will greatly be a show to the society, especially to the nontraditional students that there is always a way and learning requires space and time to be accomplished. With all the devotions experienced in life, I am affirmed that the result s to my Master’s degree in Nursing will change the face of the society and that of my family. Having difficulties in finishing high school due to financial constraints, I wish to engage all my efforts in my studies and that’s why solely my mind has got the right direction to pursue MDN though the scholarship offer. Receiving the scholarship will instill credibility and as well sound as a form of reward to my hard work recognition to an extent of empowering my personality as a father and a professional in the field of nursing.

Peruse some sources to find a relationship between dress codes and Essay

Peruse some sources to find a relationship between dress codes and success in the work place. Remeber to focus on anglophone cultures - Essay Example This is because an organization’s image is represented by its employees, with outstanding expertise and academics, one’s appearance lay the foundation for perceptions; internal as well as external (Howard, p. 234). Eventually, appearance plays a great deal in one’s success. Dressing in a work appropriate manner portrays one’s seriousness towards their job. If the employer doesn’t dress appropriate, employees would not see him respectfully. Dressing appropriately shows good work ethics, mainly because employees are meant to display a professional image to the clients and customers. Although, dress code provides an opportunity for self-expression, but wearing things inappropriate can hinder the success level (Neil, p.279). Furthermore, certain criteria should not be ignored while dressing for work, like cultural aspects and nature of the job. Organizations give peculiar guidelines regarding dress code to help their workers verify what constitutes fitting and agreeable work environment clothing. In accordance with the Anglophone culture: a suit and wingtips would look perfect on a financial analyst; while it might look out of place on a telephone operator. In the same manner, a professor cannot go to the class wearing miniskirt, or gowns or really casual clothes. Several studies have shown that looking good from outside can make one feel good inside, which is why it is also vital to take care of employees’ comfort. Many companies also have pretty impressive dress code policies, designed in a way that allows employees to have a professional image, as well as respecting the comfort and style element intact. On the other hand, there are companies with formal dress code policies and documents with specific instructions prohibiting women from wearing certain pieces of jewelry and men from wearing cufflinks or sneakers (Workplace Law Handbook, p.179). Guidelines provided by companies for dress code and attire correspond with several factors, such

ADD and ADHD Behavior Research Paper Example | Topics and Well Written Essays - 1750 words

ADD and ADHD Behavior - Research Paper Example (Hermann et al, 2007).The completely unproven and highly questionable diagnosis known as Attention Deficit Disorder forms the basis of administering dangerous stimulant drugs to millions of children around the world each year. The stimulant drugs are known to modify behavior by compromising human health.Attention Deficit Hyperactivity Disorder is a popular sub type of Attention Deficit Disorder and they are nothing more than inventions which are a result of politics and conflicting world economics.The absurdity of the invented disease is reflected by its absurdity of the diagnostic criteria listed in DSM-IV. Moreover, the proof of the nonexistence of ADD and ADHD is provided by the fact that there are absolutely no physiological or organic findings to substantiate the existence of this invented disease.The symptoms of ADD and ADHD are childhood behaviors, ranging from normal to non-complaint, and these symptoms themselves reflect the non existence of the disease.Despite the fact that the validity of ADD and ADHD is spurious, the number of children and young adults being diagnosed with the invented diseases are skyrocketing.Unfortunately, the number of diseased individuals is rising with the passage of each year.Apart from the rising number cases, another depressing aspect of the disease is that a considerably large number of diagnosed children and young adults are treated by administering dangerous stimulant drugs.... Unfortunately, the absence of intervention in the use of diagnosis and stimulant drugs, the popular and seductive concept of ADD will continue to flourish which will inevitably continue to throw innocent children and young adults into a deep floundering sea of fear and isolation. (Jacobs, 2004). Popularity of ADD & ADHD A staggering number of children and young adults are diagnosed with ADD or ADHD each year. The increased popularity of the invented disease amongst health professionals has resulted in more and more children receiving dangerous stimulant drugs. The paradoxical effect of stimulants on children has been revealed by strenuous clinical studies conducted by clinicians around the world. Unfortunately, the commencement of treatment strategies involving stimulant drugs has not been wavered by the surfacing of paradoxical effect of these drugs on children and young adults. According to health professionals, ADD and ADHD continues into adulthood and is responsible for criminal behaviors. However, such claims have no reality in my opinion because the disease simply has no organic or physiological findings. There is no proof of the existence of the disease therefore; health personnel are unable to justify their claims that adulthood criminal behavior is a consequence of ADD and ADHD in childhood. (Jacobs, 2004). Dangers of Stimulant Drugs Ritalin (methylphenidate) and dexamphetamine are pharmacologically similar to cocaine and are two of the most popular drugs for administration in ADHD. The drugs have significant effects which are similar to the ones mediated by cocaine. The chief effects of stimulant drugs used in the treatment of ADHD and ADD are that they cause the patients undergoing therapy to

American Women Essay Example | Topics and Well Written Essays - 1250 words

American Women - Essay Example The wishes and desires of women are one of the aspects that have been significantly the least bothered and taken care emotions and feelings (Hewitt, 2002). However, by having a glance at the vogue and drift of the American history, it can come under observation that social norms and culture of United States of America has undergone a radical change in the latter half of the last century. With this change, American women experienced revolutionary variations in the behavior and approach of the general population towards women in an array of problems that includes their freedom powers and liberties (Hewitt, 2002). Family came under contemplation as the most important aspect of the American society in the early years of the twentieth century where matrimony and parenthood were the primary and fundamental elements for the American civilization. During this time, the men in the society played a strong dominant role and reached their zenith in bulldozing the women only to underscore their f amily and children as their top-most priority (Hewitt, 2002). The trend of marriage at a very early age without finishing the education came under surveillance also became an essential component of their customs and norms. In addition, the women came under coercing that husband and home is the only imperative and vital facets of life and the governing subjects did not consented women to have their dreams, desires, and objectives. The family was an essential component in the American society but large families with many children was another conventional and emblematic component of it (Kendall, 2001). The era of twentieth century portrayed and depicted a single woman in American society as a very abominable woman, while looking at the broader side of the continuum; a single and pregnant woman came under deliberation as utterly and entirely a contemptible and deplorable person by the society where nobody from the common people residing in the neighborhood welcomed her. Nevertheless, du e to increasing methods of birth control gave the initiation and rise for the need to develop the proper birth prevention medicines (Kendall, 2001). With the growing necessitate of the American women for the pregnancy prevention medicines in conjunction to the growth, expansion and innovation in the field of science, quite a lot of ways and methods have come under development that can prevent the birth control or contraception in women. Birth control pill is one of the oral or the articulated form of counteracting the birth prevention or averting the pregnancy (Kendall, 2001). The interest and the origination of the birth control methods date backs to several decades with a group of scientists’ experiment of discovering the knowledge about how to prevent the women from being pregnant when she is already having a fetus inside her. However, few years later after the development of these contraceptive pills, the authoritative body responsible for the approval of such activities granted them the permission to launch and bring into play into the market. These pregnancy prevention measures soon became accepted, admired and endorsed amongst women with the passage of time and gave rise to the women’s right of freedom (Zonderman & Shader, 2006).

Work motivation Case Study Example | Topics and Well Written Essays - 1000 words

Work motivation - Case Study Example Examples of experts leaving this company to go and work inother companies include Elizabeth Pedersen and Ola Rennemo. Their work motivation can be explained through a number of theories including Maslow hierarchy of needs motivational model, Herzberg motivational theory, and McClelland’s motivational needs theory. This paper expounds these three motivational theories in relation to Norsk Petroleum case study. Maslow’s hierarchy of needs Maslow’s hierarchy of needs is one of the theories that describe drive and enthusiasm to work. It is important to posit that Maslow categorized individual needs and aspirations into five categories. These include psychological needs, safety needs, social needs, esteem, and finally self actualization. This theory is best illustrated by the use of a pyramid that begins at the base and continues or progresses up. This theory corresponds to the precedence or the main concern of the desires and requirements of human beings. These desir es can further be divided into two groups with bodily physical desires or requirements being symbolized at the base and emotional requirements being symbolized at the top. In Maslow’s theory, displeasure in human beings is considered a significant stimulator for human actions. Maslow elucidated the fact human beings have their own individual desires and when one desire is attained, other desires come up. However, individuals may even not be conscious of what is happening (Bagad, 2008). That is the case with Elizabeth Pedersen and Ola Rennemo. Despite being awarded more privileges, they eventually left the organization for self-actualization due to their ambitions. Ola had to meet his needs and requirements to be closer to family while the reason for Elizabeth’s resignation was purely as a result of ambitions hence she was seeking self actualization. Herzberg motivational theory Herzberg motivational theory is also referred to as the two-factor motivational theory. In c reating this theory, Herzberg did a study whereby he questioned two hundred engineers and accountants in nine different organizations on the instances when they were motivated and instances they were displeased with their work. In his findings, he asserted that motivation in the workplace is determined by appreciation and achievements. Therefore, less compensation for work done may result to individuals being displeased in their work but on the other hand over compensation may not necessarily mean that an individual is pleased. According to him, issues that contribute to motivation in the workplace are directly connected with satisfaction. Discontentment is cause by issues related to settings and physical conditions in the workplace. He proposed that motivation is contributed by accountability, accomplishments, appreciation, as well as progression and development (Bagad, 2008). Elizabeth had found an opportunity to lead her own team of engineers hence this motivated here to take the new assignment. He further argued that work itself is a factor causing motivation. Ola wanted to take the near his family. Therefore, his needs were accomplished. McClelland’s motivational needs theory McClelland’s motivational needs theory elucidates the fact that individuals derive inspiration in the workplace through three requirements. According to Bagad (2008), these requirements include the need for success, need for influence and authority, and the need for attachment and relationships. Since Elizabeth was well paid and she declined a salary increase as well as other added privileges, she had the need for influence and authority. She was seeking larger and superior duties of accountability since she was to supervise various teams of engineers and also bargain novel agreements with dealers and

Supply Chain Simulation Term Paper Example | Topics and Well Written Essays - 1750 words

Supply Chain Simulation - Term Paper Example An effective system of production management is sufficient to make a company stand out. This report provides effective and efficient ways of handling the production activities of the firm so as to ensure its financial strength and enhanced earnings. Table of Contents CHAPTER 1 4 1.1Problem Statement/ Opportunity 4 1.2Scope of the Report 4 1.3Background 5 1.3.1Legacy Technology 5 1.3.2Customer Satisfaction 5 2.1Proposed Solution: Supply Chain Management 6 2.2Cost of the Project 6 2.3Adequacy of Funds 9 2.4Project Benefits 11 2.4.1Estimated Annual Savings 11 2.4.2Just in Time and Lean Operations Usage 13 2.5Management of Inventory 14 2.6Work Cells Vs. Straight line Method 15 2.7Continuous Improvement Program 16 The main objective of the organisation has always been to achieve total quality management throughout the organisation. Therefore, every new project is sufficiently scrutinized with the aim of establishing the impact it has on the rest of the organisation. To achieve total quali ty management with the new project, employees will be adequately empowered through training, constant feedback and engagement in the implementation of the supply chain management to ensure maximum contribution from them. 18 CHAPTER 3 18 3.1Conclusion 18 References 19 CHAPTER 1 1.1 Problem Statement/ Opportunity Our current production capacity is not up to the industry standards. To begin with, our client base has expanded in recent years and nothing has been done to adjust the production process to accommodate the changes being experienced. The present production capacity of the firm does not meet the present market needs. This has perhaps to a great extent contributed to the loss of customers every year. The fact the company gains new customers every year cannot in anyway justify the loss of the existing ones. A lot of company finances are usually spent in attaining new clients which can be cut by engaging in activities that facilitate customer retention. Among those ways of retain ing customers entails engaging in company practices that ensures that the needs and expectations of the customers are met in terms of service and product quality, availability of sufficient products as and when they are needed as well as appropriate pricing. This report was generated with the main aim of bringing to light the means by which the current production processes can be adjusted to enhance company performance as well as please and increase the client base. 1.2 Scope of the Report This report shows the production activities that our company can engage in to enhance the company performance. Matters of the supply chain management and any possible changes that can enhance the company performance have been analysed in this report. Resource allocation in the form of budgetary control was kept into consideration when developing this report. The probable changes in the finance structure of the company are presented in the form of balance sheet and income statement in the form of a ttachment in this case. The best ways of supply chain management such as just in time, lean operations as well as effective management of the inventory are well outlined in this report. 1.3 Background Despite the fact that ABC Limited Company has been successfully running its operations to a certain extent, more can be done to achieve more success. Increased efficiency and effectiveness could be achieved by making changes in certain

Analysis of Ethnic Cleansing Research Paper Example | Topics and Well Written Essays - 1250 words

Analysis of Ethnic Cleansing - Research Paper Example The practice dates back in historical times and as old as the eleventh century. Just like modern populations, ancient communities also grappled with conflicts and wide-ranging social problems. The compelling urge for power is the main reason why respective communities engaged in gruesome practices such as ethnic cleansing. It is against this background that this paper reviews the various episodes of ethnic cleansing that occurred before as well as during the two World Wars. In addition, it explains the extent to which the nature of these World Wars contributed to the state of affairs. To ensure a harmonic consideration, it begins by defining the term ethnic cleansing. Ethnic cleansing is an all-encompassing term that is closely related to the concept of genocide. It refers to the removal from a certain territory a faction of a population through intimidation and violence (Thum, 2010). It is comprehensive and includes population transfer, forced migration and or deportation. In most i nstances, this occurs between neighboring communities and is geared towards ensuring the purity of a certain population. Historical evidence ascertains that it is a major cause of genocide that occurs on a wider scale. Comparatively, genocide tends to be more violent and has wide-ranging implications on both the perpetrating and affected community. Also worth noting is the fact that the relative negative implications are lasting and contribute significantly to future conflicts. As indicated earlier, ethnic cleansing is a historical occurrence that has its roots in ancient conflicts. According to Brubaker (1996), conflicts are a common characteristic of both current and historical populations. However, the complexity of conflicts and relative wars increased during the twentieth century. These further culminated in the first and second world wars. Notably, ethnic cleansing was a common occurrence during both instances. Thus apart from being one of the contributory factors, it can also be considered to have been a major product of the two world wars. There are various instances of ethnic cleansing that attest to the foregoing proposition. To begin with, between 1919 and 1920, there was an ethnic cleansing occurrence between the Bolshevik regime and Don Cossacks. This took place during the Russian civil war and its implications were immense. In particular, it saw a significant 500,000 Don Cossacks being deported within this short period of time (Merriman, 2010). Another episode of ethnic cleansing occurred in 1923 between the Greeks and Turkish. In this regard, there was a major population exchange between Turkey and Greece that can be defined as ethnic cleansing.     

Modern Migration Essay Example for Free

Modern Migration Essay The story of humanity is of people constantly in movement. Anthropology, history and sociology are disciplines that study how people migrate, come into contact with others, and build and manage communities all over the world, from ancient to contemporary societies. Although human migration is ubiquitous across time, the designation of people as certain types of migrants is a relatively new phenomenon in history. Consider the various labels now affixed to people who leave their place of birth: * Internal versus international migrants; * Legal versus illegal, irregular or undocumented migrants; * Voluntary versus forced migrants; * Economic migrants versus refugees and asylum seekers; * Permanent versus circular migrants; * Primary versus secondary (or chain) migrants; and * Smuggled and trafficked migrants Modern Migration Routes (1960s to the 1990) Migration data collection is uneven; undocumented migrants are not counted, and multiple layers of local, regional, state, national and international bureaucracy complicate the picture. Data collectors cannot know if a migrant’s temporary destination is his final one; many people are routinely counted as one type of migrant when they may simply be in transit or settling temporarily. We can, however, identify some of the main migration routes of the last quarter century: * For international migration, areas of origin have historically been, and continued to be, Asia, Latin America, the Caribbean and Africa. * Primary destination countries both historically and currently are Australia, Canada, France, Germany, New Zealand, the United Kingdom and the United States. * New destination countries include India, Ireland, Italy, Norway, Spain and Portugal. * North America, with 41 million or 23.4% of total migrants, has seen the greatest percentage increase in migration between 1990 and 2000, at 48%. * Statistics from the former USSR, where many are considered migrants simply because the borders around them have changed, are misleading. Adjusted for this, the US emerges as the primary destination country for international migrants, followed by Germany, France, India and Canada. * In none of these primary destination countries do migrants constitute a large percentage of the population as a whole. Countries with the highest ratio of foreigners to natives are the United Arab Emirates, Kuwait, Jordan, Israel and Singapore. Specific migrant flows were seen in the following areas over the last quarter century: * Afghan refugees to Iran and Pakistan following war with the Soviets in the 1980s; * Asian populations to the US in the wake of wars in Southeast Asia and immigration policies ending discrimination against Asians; * Mexican and Central American migrants to the US to work in manual labor and service economy jobs; * Migration of Chinese laborers and entrepreneurs to other parts of Asia; * Chinese internal migration from rural areas to coastal industrial cities; * Chinese dissident migration to North America following Tiananmen Square; * Eastern to Western European migration as Communist regimes weakened in the late 1980s; * Sorting of populations with the dissolution of the Soviet Union, including 25 million ethnic Russians left outside the new Russian Federation; * Jews from the Soviet Union to Israel; * Refugees and migrants associated with the break up of Yugoslavia and the ethnic wars in the Balkans; * Exiles and refugees back to post-Apartheid South Africa; * Refugees displaced from Iraq and Kuwait during the First Gulf War; * Millions of Rwandan Hutu refugees into Zaire (now the Democratic Republic of the Congo (DRC)), Uganda and Tanzania; * Afghan and Iraqi refugees created by the wars of the early 2000s to Iran, Jordan and Syria; * Migration from Sub-Saharan Africa to North Africa and southern Europe; * Southern Europe as a gateway to Northern Europe; * IDPs throughout Sudan from civil war and conflict in Darfur; * Sudanese refugees to Chad and the Central African Republic; * Migration from central and southern Africa to South Africa; * Skilled workers from India and China to wealthy industrialized countries; * Laborers from Central Asia and the Middle East to the oil-rich Gulf states; and * Chinese workers to Africa to work on oil and mining concessions. Interview with an OFW Name: Carlos Solano Work – Construction Worker – Japan Yes, he’s enjoying his salary 300k YEN every month (Convert into peso it is 150k) Day care, carpenter, electrician, hostess, I.T ( computer courses) Slot machine TNT/Overstaying in Japan Girls are the most illegal recruiters Body serve and caretaker: If hostess yes, they enjoyed their salary/500k is the biggest cost of the hostess I don’t know it depends if they have a family or friend in Japan that can help them. 80% Technologies If your thin – parts of T.V etc. If you have a big Body – carpenter If you are smart – Computer technologies Attitude of Gov. in Japan Free Hospitality If how many childrens you have in Japan you will get 10k every month Free Tax 60% girls and 40% boys – trend jobs No, we don’t export the jobs here in Pinas only the people who wants to go in Japan because when I went to Japan I don’t have any idea what will do there someone just helped me. 50% boys and 50% girls are illegal recruiters Reasons: Why they migrate? Family to stay together for our son,better career,better pay,better future,it is more capable of supporting immediate families especially in time of needs. Disadvantages We’re an alien to a foreign country, can’t be citizen Racism as Filipinos though known for qualified and skilled workers, still are considered as â€Å"educated slaves to capitalist employers† We have missed to execute our rights as citizen to our homeland due to serving an alien country for years This country can’t be ours and never to be our home. Illegal Recruitment Any act of canvassing, enlisting, contracting, transporting, utilizing, hiring, or procuring workers and includes referring, contract services, promising or advertising for employment abroad, whether for profit or not, when undertaken by a non-licensee or non-holder of authority contemplated under Article 13(f) of Presidential Decree No. 442, as amended, otherwise known as the Labor Code of the Philippines: Provided, that any such non-licensee or non-holder who, in any manner, offers or promises for a fee employment abroad to two or more persons shall be deemed so engaged. It shall likewise include the following acts, whether committed by any person, whether a non-licensee, nonholder, licensee or holder of authority: (a) To charge or accept directly or indirectly any amount greater than that specified in the schedule of allowable fees prescribed by the Secretary of Labor and Employment, or to make a worker pay or acknowledge any amount greater than that actually received by him as a loan or advance; (b) To furnish or publish any false notice or information or document in relation to recruitment or employment; (c) To give any false notice, testimony, information or document or commit any act of misrepresentation for the purpose of securing a license or authority under the Labor Code, or for the purpose of documenting hired workers with the POEA, which include the act of reprocessing workers through a job order that pertains to non-existent work, work different from the actual overseas work, or work with a different employer whether registered or not with the POEA; (d) To induce or attempt to induce a worker already employed to quit his employment in order to offer him another unless the transfer is designed to liberate a worker from oppressive terms and conditions of employment; (e) To influence or attempt to influence any person or entity not to employ any worker who has not applied for employment through his agency or who has formed, joined or supported, or has contacted or is supported by any union or workers’ organization; (f) To engage in the recruitment or placement of workers in jobs harmful to public health or morality or to the dignity of the Republic of the Philippines; (g) To obstruct or attempt to obstruct inspection by the Secretary of Labor and Employment or by his duly authorized representative; (h) To fail to submit reports on the status of employment, placement vacancies, remittance of foreign exchange earnings, separation from jobs, departures and such other matters or information as may be required by the Secretary of Labor and Employment; (i) To substitute or alter to the prejudice of the worker, employment contracts approved and verified by the Department of Labor and Employment from the time of actual signing thereof by the parties up to and including the period of the expiration of the same without the approval of the Department of Labor and Employment; (j) For an officer or agent of a recruitment or placement agency to become an officer or member of the Board of any corporation engaged in travel agency or to be engaged directly or indirectly in the management of a travel agency; (k) To withhold or deny travel documents from applicant workers before departure for monetary or financial considerations, or for any other reasons, other than those authorized under the Labor Code and its implementing Rules and Regulations; (l) Failure to actually deploy a contracted worker without valid reason as determined by the Department of Labor and Employment; (m) Failure to reimburse expenses incurred by the worker in connection with his documentation and processing for purposes of deployment, in cases where the deployment does not actually take place without the workers fault; and (n) To allow a non-Filipino citizen to head or manage a licensed recruitment/manning agency. Overseas Employment Scams Job seekers, interested in overseas employment that promises high pay, good benefits, free traveled adventure, should be aware that there are unscrupulous operators who have devised elaborate and very convincing scams to bilk unwitting, and often desperate applicants. Before getting swept away with promises of exotic job opportunities, make sure you have thoroughly investigated the matter and know the potential risks involved in obtaining overseas employment. Typical Overseas Employment Scams Unlike legitimate employment firms that have permanent addresses, many unscrupulous operators run their so-called job placement firms from out-of-state, and may provide only a post office or mail drop address. Although there are legitimate firms with post office or mail drop addresses, job applicants should be aware that this practice, when used by unscrupulous operators, makes it easier for the operators to avoid scrutiny by their clients. In many instances, law enforcement officials investigating a suspicious firm have found a fly-by-night operation. The scam headquarters, with little more than a desk and a telephone, may be based in one state, but operate out of other states, making it more difficult for the officials to track the operation. Typical overseas job scams, include: * Firms that charge advance fees. These operations usually advertise in newspapers and magazines. The ads most frequently offer construction jobs, one of the industries hardest hit by a weak economy. Consumers who call the number, provided in the ad, are generally told that there are immediate openings available for which they are perfectly suited. But to lock in the job, they are told, they must pay a placement fee in advance. These up-front charges can range from $50 to several thousand dollars. Firms that charge these advance fees often are so eager to get the money in their hands and avoid using the U.S. mail service that they may send a courier to pick up the deposit, or require that it be sent via overnight delivery, at the applicants expense. However, more often than not, these firms actually have little, or no, contacts with employers and can offer minimal assistance, despite their service charges. Job seekers should not be duped by a firms promise of a refund, if no job or lead materializes. Most of these firms that require payment in advance do not stay around long enough for dissatisfied customers to get their money back. * Firms that charge a fee once they provide a job lead. A disreputable firm may fabricate job leads, or bring in a third-party to impersonate a potential employer, in order to get an applicants fee. * 900 number operators. A 900 number connected with employment opportunities may charge a high flat fee, or per-minute rate. In some instances,900 number operators may fail to disclose the cost of each call or, if printed, display it in fine print. As a result, callers may not be aware of how much they are spending. Some unscrupulous operators may even increase their fees by creating delays while the caller is on the line. In one case, for example, a consumer answered an advertisement instructing job applicants to call an800 toll-free number for more information. The message on that number directed the caller to dial a900 number to find out about job openings. The900 number, however, merely directed the caller to send a stamped, self-addressed envelope to have a job application mailed out. The consumer complied; received only a one-page generic job application, and was billed $39 for the phone call. The FTC now requires, among other things, that operators of 900 numbers provide information on the cost of the call up front. When calling a 900 number, be sure you understand the charges before continuing with the call. * Job listing services. There are many firms that make no promises to place you in a job. They merely sell a list of job opportunities, providing little assurance about the accuracy of the information. For instance, the information may be sold via a newsletter that features photocopied help-wanted ads from newspapers around the world. Many of the ads may be months old, soliciting jobs that already have been filled. In addition, the ads may not have been verified to ensure that the jobs actually exist. Some ads may be from countries with strict quotas that discourage the hiring of foreign citizens. Other publications may promise access to information on job opportunities, but provide nothing more than a listing of employers in various regions. How to Avoid Employment Scams Many job seekers have lost money to disreputable advance-fee placement firms. If you decide to use an overseas job placement firm, the best way to avoid being scammed is to learn as much as you can about the operation: * Ask for references. Request both names of employers and employees the company has actually found jobs for. Scam artists will typically defend their refusal to provide the information, claiming it is a trade secret. Or, they frequently claim that if they told you where the openings are, you would circumvent their services. These schemers may also cite privacy concerns as the reason for refusing to provide the names of people they have placed. * Check out reliability. Contact the local Better Business Bureau, as well as the states consumer protection agency, to find out if any complaints have been filed against the firm.   * Avoid firms that operate solely via telephone or mail. Any reputable placement firm will almost certainly need to meet you before it can market you effectively to an employer. Be suspicious of any operation that claims it can place you with an employer, without meeting and interviewing you. Be particularly wary of firms that operate outside of the state where they advertise. In many instances, unscrupulous operators purposefully seek to distance themselves from their clients in order to avoid closer scrutiny. If they are ultimately challenged, the distance complicates an investigation by law enforcement authorities. * Find out how long the employment company has been in business. Also, ask what is the firms present financial condition. Compare the company, and the services offered, with other similar firms before you pay a fee. * Get all promises in writing. Before you pay for anything, request and obtain a written contract that describes the services the firm intends to provide. Determine whether the firm is simply going to forward your resume to a company that publicly advertised a listing, or if it will actually seek to place you with an employer. Make sure that any promise you receive in writing is the same as what was stated in the initial sales pitch. * Research any information the firm provides to you before you make a commitment. Make certain the job actually exists before you pay a firm to hold a slot for you, and definitely before you make plans to relocate. Some unfortunate job seekers have been instructed to meet at a particular place to fly to their new jobs, only to find no airline tickets, no job, and often, no more company. * Check with the embassy of the country where the job is supposed to be located. Make certain that, as a citizen of another country, you are eligible to work there.   * Ask if you will be eligible for a refund, if the leads the firm provides you are unacceptable, or do not work out for any other reason. If the firm has a refund policy, ask for specific written details that spell out whether you can expect a full refund, and if there are any time limits for receiving your refund. Even if you are promised a refund in a written agreement, read the fine print. A disreputable firm may include red tape that protects its interests, not yours. For example, one common scam is to include a requirement that job seekers check in regularly with the firm, at their own expense. Clients who unwittingly fail to make the required contact may forfeit their opportunity for a refund. However, they are not told this until they ask for the refund TESDA Courses Offered: 1. Culinary Arts – 10 days 2. Advanced Culinary Arts – 10 days 3. Bartending 10 days 4. Advanced Bartending – 10 days 5. Waitering – 10 days 6. Advanced Waitering – 10 days 7. Comprehensive Commercial Baking – 8 days 8. MS Office Applications 9. Computer Installation, Maintenance and Repair 10. PC Network Installation and Maintenance Analysis and Conclusion: Many Filipino nowadays dreams of having a job abroad because they have heard from someone that they offer high salary so even if they will be away from their loved ones, they will sacrifice just to give their family their happiness. But for me, if one is determined and opportunity taker, he can earn what the jobs abroad offers. One who wants to go abroad should go to the office accredited by the government. He should not entertain fixers or employers who offers fast fly to the other countries. He should be aware of the policies and rules when applying a job overseas. With the introduction of the Technical and Vocational Education and Training (TVET) Program in 2002-2003, data from the Technical Education and Skills Development Authority (TESDA) show that graduates in vocational courses jumped by 116.6 percent. This was, however, followed by a drop in graduates in 2004-2005, but this rose significantly to 14.0 percent and 25.0 percent in 2005-2006 and 2006-2007.Likewise, survival in vocational training is greater with a 68.6 percent rate as the lowest and 91.9 percent as the highest from 2001 to 2005. Bibliography: Philippine Labor migration impact and policy – 1992 Scalabrini migration center, Quezon City 134p. Philippine Labour migration: critical dimensions of public policy 1998 Institute of Southeast Asian Studies Singapore 198p. Worldsavvy.org

Formal Presentation Tactics Essay Example for Free

Formal Presentation Tactics Essay Presentations, unlike reports, carry the personality of a speaker, simultaneously allowing for interaction between all participants involved. A good presentation is hinged on precise, well researched content as well as a clear well laid out structure. Simply put, content relates to information useful to the people. It differs significantly from presentations to reports. The latter are analyzed at the readers’ pace but the former must account for the amount of information that can be assimilated in a single sitting. The structure followed must be logical, sequenced as well as suitably paced so that the audience can effectively follow the proceedings. Other salient aspects are packaging and the human element. Presentations must be well prepared for the audience is literally at the presenter’s mercy; they do not have the option of rereading certain portions or skipping others altogether. The human element, when used effectively, contributes greatly to the success of any presentation (Clark, 2007). The importance of preparation cannot be overstated. It may be a threadbare cliche, but failure to prepare really is preparation to fail. Research is vital both in term of content and the audience. The material presented must be accurate, supported with credible illustrations. Simple concise statements of intent usually assist in defining the scope of a presentation. Presenters must also establish the nature of the audience it terms of level of education, employment cadre and familiarity with the language. The findings serve as an indicator of the jargon the presenter may use as well as the vocabulary used. This aspect also defines the audience’s aims and objectives as for attending the presentation (Blair, n. d. ). If this is not effectively done, there will be little communication, rendering the entire presentation an exercise in futility. The introduction of any presentation is vital. Based on this aspect alone, it is possible to determine success. It is not enough to attract the attention of the audience; presenters must sustain it. One of the most effective ways of doing this is to establish a theme that the presentation will revolve around. This works well with a quick breakdown of the presentation’s guiding structure and an establishment of a rapport with the audience. Apart from maintaining the audience’s attention, it allows both parties to feel comfortable and significantly reduces the presenter’s level of anxiety. A good beginning deserves an equally good ending. Some experts dispense with the idea of starting the conclusion by stating that it is a recapitulation of the presentation as people may switch off. They favor either a sudden end marked with a phrase that will linger in the memories of the audience, or with a flourish, pace as well as voice carrying listener through a powerful crescendo (Blair, n. d. ). Preparing the body of the presentation does not translate to writing down the speech word for word. Having the main points on cards provides an outline as well as an effective memory jogger. Important questions to keep in mind, as stated in the research phase are the purpose, the nature of people attending, their familiarity on the subject and audience’s attitude towards the speaker. Other options to explore in terms of the structure of the body are timeline, problem/solution, classification, climax and complex to simple (or vice versa) layout (Clark, 2007). In contemporary group communication, visual aids are vital as they reinforce the delivery of the verbal message. Technology has lent itself to this respect, allowing for larger audiences to participate. Behavioral studies suggest that novelty and creativity in the application of visual aids is a major contributor to the success of a presentation. An example is displaying four different styles of hats when describing four major functions of project managers. With traditional aids, the rule of thumb is to employ different slides for distinct purposes; they should not be there at all if they have no purpose. Slides should not be cluttered as it has the counteractive effect of confusing the audience, rather than elucidating verbal message. Presenters must speak to their audience, as opposed to the visual aids. Therefore they must be thoroughly conversant with every slide to avoid presenting their backs to the audience as they struggle to explain what is going on. Legibility, color, contrast and size are factors to consider in the design of each slide. Everyone in the room should easily follow the aids without movement or strain. Delivery is another pillar of presentations. Presenters on one hand have the ability to enhance a presentation manifold and on the other, butcher it. The discussions of this aspect start with focus on the eyes. The fact that they are usually described as windows to the soul indicates that they are the first, most effective instruments in convincing people of speakers’ openness, honesty and their confidence in the material they are presenting. Herein lies the importance of maintaining eye contact. Doing so with all sections of the audience, accompanied by the hint of a smile convinces an audience that the presenter acknowledges and values their presence. Voice is the next aspect to assess, particularly variation and projection. However, projection does not mean shouting. Carefully watching the audience is the best indicator of the level of audibility. Voice variation is so powerful that it can make a well prepared presentation appear dull or make transform a boring topic into an exciting one. This aspect rules out monotonic speeches and their soporific effect. Changes in tone and well timed poses emphasize delineation and express certain feelings, moods and emotions. Rhetorical questions have proved useful in this respect as they inherently have tone variations at the end (Blair, n. d. ). Body language, expressed through appearance and stance are other important elements under the topic of formal presentation tactics. Posture as well as body orientation communicate a multitude of messages. By standing erect while leaning forward, speakers express approachability, receptiveness and friendliness. Gestures also play their role by making the content of the presentation more interesting in addition to facilitating understanding (Clark, 2007). The topic of speaker anxiety has been tackled from a number of angles. Some people insist on the impact of a simple change in attitude (Sathoff, 2008) while others encourage speakers to embrace nerves. The thinking behind the proposal is premised on the â€Å"flight or fight† condition occasioned by the release of adrenaline. Welcoming and recognizing nerves allows speakers to gain the edge by taking the fight option. They tackle the challenge of the presentation better, achieving better results than they envisaged. Attitude change encompasses positive thinking, mental visualizations of the task at hand and the belief that mistakes are part and parcel of the learning process. In all cases, deep breaths and short water breaks are of great help. Alcohol is not an option, as misinformed parties claim (Clark, 2007). Formal presentations are powerful avenues for self expression. Practice really does make perfect. Listening and watching self recordings allows for self discovery. Presenters can assess their performance and improvement against a checklist. Watching seasoned presenters in their element provides tried and tested success tricks. It is quite heartening to learn that oral presentation skills can easily be learned. Works Cited: Blair, G. M. , â€Å"Presentation Skills for Emergent Managers†, n. d. Retrieved on 25th March, 2009, from http://www. see. ed. ac. uk/~gerard/Management/art1. html Clark, D. R. , â€Å"Presentation Skills†, 2007. Retrieved on 25th March, 2009, from http://www. nwlink. com/~donclark/leader/leadpres. html Sathoff, R. , â€Å"Speaker Tips†, 2008. Retrieved on 25th March, 2009, from http://www. ed-u. com/publicspeaking. htm

Health and Safety in Construction

Health and Safety in Construction This chapter begins with a general discussion on the concept of safety before examining the modern concern with workplace health and safety, specifically in the construction industry. To better relate to the scope of this study, it will also review the current workplace safety and health situation in the Singapores construction industry. Subsequently, an overview of the safety legislations and policies undertaken in Singapore to improve construction safety will be investigated. Introduction to Safety Although the term safety is very often used in our everyday life, the concept of safety can have various meanings for different people. According to Oxford Dictionaries Online, safety is defined as the condition of being protected from or unlikely to cause danger, risk or injury. Moreover, as safety is commonly viewed from the perspective of specific injury domains, some injury preventive researchers defined safety as the prevention of crime and violence whereas the others described it as a feeling of being out of danger or as a satisfaction of the basic human physiological needs. Hence, due to the multitude of views on the definition of safety, the World Health Organisation (WHO) Collaborating Centres on Safety Promotion and Injury Prevention has developed an international consensus on the conceptual and operational aspects of safety in 1998 (Nilsen et al., 2004). They have defined safety as a state in which hazards and conditions leading to physical, psychological or material harm are controlled in order to preserve the health and well-being of individuals and the community. This definition of safety contains two dimensions, of which one is objective and can be assessed by measuring behavioural and environmental parameters whereas the other is subjective and can be evaluated according to the feeling of being safe (WHO, 1998). In addition, safety is a resultant of a complex process which integrates humans behaviour and interaction with their physical, social, cultural, technological, political, economic and organisational environment. According to Maurice et al. (2001), the optimum level of safety can only be attained with the presence of four conditions that proved beneficial in defining the domain of safety. Table 2.1 indicates the four basic conditions for safety. Table 2.1 Four basic conditions that define the domain for safety Four Conditions for Safety 1)  A climate of social cohesion, peace and equity between groups that protects human rights and freedoms 2)  The respect of the values of individual and their physical, material and psychological integrity 3)  The prevention and control of injuries and other consequences or harm caused by accidents 4)  The provision of effective measures to cope with undesirable traumatic events Source: Maurice et al. (2001) Workplace Safety and Health (WSH) Before 1880s, there was little interest in work safety and minimal protection for the safety of workers in their workplaces because legislation, precedent and public opinion were all in favour of the management (Pearson, n.d.). Moreover, workplace accidents were perceived to be cheap and were often disregarded because there were no workers compensation laws that protect the interest of workers. Thus, work-related accidents were common then. However, in the late 1900s, workers safety and health in the workplaces begun to receive increasing attention due to the rapid industrialisation of the United States (U.S.) and the establishment of unions that promote the need for safer working conditions. Hence, the high fatalities and injuries rate then compel the federal government to implement various acts to force the industries to reduce the occurrence of work-related accidents or illnesses so as to improve on the safety standards of their workplaces (Aldrich, 2001). Some initiatives of the federal government include passing of the Occupational Safety and Health Act (OSHA) in 1970 and the enactment of the workers compensation laws. Therefore, tighter employers liability and the steep increase in the cost of accident due to the compensation laws have initiated the employers interest and concern with work safety (Aldrich, 2001; Alton, n.d.). As a result, significant improvement in the workplace safety and health performance can be observed as fatalities rate in the U.S. declines from 27 deaths per 100,000 workers in 1950 to 3.5 in 2011 respectively (BLS, 2012; Kaufman, 1997). The safety performance in British industry had also improved significantly since the introduction of the Health and Safety at Work Act (HSWA) in 1974 as the fatalities rate has decreased from 2.9 per 100,000 workers in 1974 to 0.5 in 2011 (HSE, n.d.). Like OSHA, HSWA is the primary piece of legislation covering occupational health and safety in the United Kingdom (UK). Figure 2.1 illustrates the work-related fatalities rate among different countries. Safety in the Construction Industry Safety has always been a major issue in the construction industry. In many developed and developing countries, the construction industry has constantly been ranked as one of the worst industries in terms of the frequency of fatalities and work-related injuries. Unlike the other industries where it mostly consists of a stationary fabrication setting with little changes in working procedures, equipment and labour force, the working environment in the construction industry is generally complex and ever-changing. This is due to the multidisciplinary and multitasked aspects of the parties involved in the project and also the use of sophisticated plants, equipment and construction methods (Teo, Ling, Chong, 2005). Thus, this highly differentiated and unstructured nature of the construction industry makes safety management extremely challenging (Gambatese, Hinze, Haas, 1997; Lingard, 2012; Zhang, Teizer, Lee, Eastman, Venugopal, 2012). Many research and studies over the years have attemp ted to look into improving construction safety using various concepts such as designing for safety (Gangolells, Casals, Forcada, Roca, Fuertes, 2010), HR practices (Lai, 2009; Lai, Liu, Ling, 2011) and BIM technologies (Azhar, Nadeem, Mok, Leung, 2008; Kiviniemi, Sulankivi, Kà ¤hkà ¶nen, Mà ¤kelà ¤, Merivirta, 2011; Qi, 2011; Zhang et al., 2012) For instance, the Britain authorities have long recognised that safety should be addressed from the very start of a project and they are the first to introduce the Construction (Design and Management) Regulation in 1994 and revised in 2007 respectively. This regulation places duties on clients, designers and contractors for consideration of safety issues from design through the demolition stage of a project (Hecker Gambatese, 2003). According to Gibb (2002), this regulation has lead to an increase in the profile of construction safety among designers in several European Union (EU) countries. Additionally, Australia has also introduced the Model WHS Regulation 2011 whereby have to provide a Safe Design Report that specify the hazards relating to the design of the structure to the person carrying out the construction work (Safe Design Australia, 2011). Therefore, good safety planning and management throughout the project life cycle become an essential prerequisite for most construction projects because without a thorough understanding of safety issues on site, undesirable work-related accidents will occur. This will then incur additional costs, unnecessary project delays and in the worst situation, the loss of lives (Lai et al., 2011). Therefore, the next section will attempt to understand the different safety issues on sites by first identifying the various root causes of accidents. Causes of Accidents According to Teo (2009), accidents are unintentional and undesirable events that can cause pain, suffering, damage and injury to the affected person(s) or property, if not a combination of both. While not all work-related accidents will cause physical injuries or damages, the occurrence of any accidents on site will definitely challenge the quality of the construction site operation. Therefore, there is a need to understand the various causes influencing safety performance in the construction industry so as to better develop strategies to tackle this concerning issue. A review of the literature on construction safety reveals that much research efforts have been directed to understand the factors and causes that can influence construction accidents (Abdelhamid Everett, 2000; Hamid, Majid, Singh, 2008; Hughes Ferrett, 2008; Suraji, Duff, Peckitt, 2001). Many types of theories have been developed throughout the decades to understand the accident causation factors. The earliest research can be traced back into the 1930s were Heinrich (1931) had pioneered the accident causation theories by developing the five-domino model of causation. The domino theory had been the foundation work of many other models that were developed by other researchers thereafter. According to Ridley (1976), most of the accidents on site are either caused by unsafe acts, unsafe conditions or frequently a combination of both. An unsafe act refers to a violation of an accepted safety procedures which then permits the occurrence of an accident whereas an unsafe condition refers to a hazardous physical condition or circumstance that are in violation of contemporary safety standards. Table 2.2 present the development of different theories that were developed to understand the accident causation factors. Table 2.2 Development of different models to understand the accident causation factors Types Characteristic of Model Model / Theory Authors Accident Causation Models Understand the various accident causation factors Develop tools for better accident prevention programme Domino Theory Henrich (1932) Multiple Causation Model Petersen (1971) Stairstep Model Adams (1976) ARCTM: Construction Model Abdelhamid Everett (2000) Behaviour Models Studies the tendency of humans to make errors under various situation and environment conditions Accidents are mainly a result of human unsafe characteristic only Accident proneness theory Accident (1983) Goals freedom alertness theory Kerr (1957) Motivation reward satisfaction Petersen (1975) Sociological theory of accidents Dwyer and Raftery (1991) Human Factor Models Holds human error the main cause of accidents Unlike the behaviour model, the responsibility not only fall on human unsafe characteristic alone The responsibility also fall on the design of workplace, which does not take into consideration the limitation of human Ferrel theory Ferrel (1977) Human-error causation model Petersen (1982) McClay model McClay (1989) DeJoy model DeJoy (1990) Source: Abdelhamid and Everett (2000) To tailor to the need of the construction industry in identifying the root cause of accidents, Abdelhamid and Everett (2000) had developed an Accident Root Causes Tracing Model (ARCTM) after further development and synthesis from various existing accident causation models. ARCTM proposed that unsafe conditions can occur before or after the start of an activity and they can either be caused by human-related or nonhuman-related factors. Table 2.3 illustrates the different causes of unsafe conditions that might lead to accidents. Similar to that proposed by Abdelhamid and Everett (2000) and Suraji et al. (2001), Toole (2002) has also tried to identify and attribute the basic root causes of construction accidents to factors such as lack of proper training, poor enforcement of safety, use of unsafe equipment, methods or sequencing, unsafe site conditions and a poor attitude towards safety. The aforementioned are just some of the many studies undertaken by researchers in an attempt to identify the root causes of work-related accidents so as to develop better preventive strategies (Hill, 2003). Even though there has been a significant improvement in the safety performance of the construction industry as compared to the past, more has to be done to further reduce the fatalities and work-related injuries frequency rate. Table 2.3 Main causes of unsafe conditions which can lead to accidents Main Causes of Unsafe Conditions Human Factors Management action or inaction Worker or co-workers unsafe acts Fail to provide proper or adequate personal protective equipment Violate workplace standards Insufficient ventilation Poor housekeeping Poor design Sabotaging equipment Unauthorised operation of equipment Insufficient rest while working Removing safety device Source: Abdelhamid and Everett (2000) Construction Safety in Singapore The construction industry in Singapore has been one of the fastest growing industries since Singapore embarked on her various industrialisation programme in the early 1960s. However, the safety situation in the industry then deteriorated so drastically that the government had to introduce the Factories Act in 1973 to regulate occupational safety and health in Singapore. Since then, Singapores statutory OSH regime was governed by the Factories Act. However, due to the high-profile and fatal accident that took place in Nicoll Highway in 2004, this had called attention to the need for a reform of the current legislative approach to OSH (Teh, 2006; Teo, 2009). This has therefore led to the unveiling of a new Workplace Safety and Health (WSH) framework in 2005 and the introduction of the WSH Act in 2006, which will repeal and replace the former Factories Act. The new WSH Act became the key legal instrument for the WSH framework and it aims to cultivate good safety and health practices among all individuals in their workplaces. Additionally, WSH 2015 Strategy was developed concurrently so as to complement with the new framework. This strategy aims to halve the workplace fatality rate from 4.9 fatalities per 100,000 workers in 2004 to 2.5 by 2015. As a result of the dynamic and changing WSH landscape, a full-fledged industry-led WSH Council was established in 2008 and a new national target was developed by identifying enhancements to the previous WSH 2015 Strategy. This new strategy, named WSH 2018 aims to achieve an even more challenging goal, which is to reduce the fatality rate to less than 1.8 fatalities per 100,000 employed workers by 2018 (WSH2018, 2009). With the introduction of WSH Council, WSH Council (Construction Landscape) Committee was formed and Implementing WSH 2018 for Construction Industry was developed specifically to guide the efforts of the construction industry to achieve better WSH performance. Following these efforts to increase the safety performance in the construction industry, it is noted that there is a remarkable improvement in the safety performance in 2011. According to the WSH Report 2011, construction industry was the only one that saw a drop in fatality numbers as the fatality rate decreased from 8.1 per 100,000 employed persons in 2010 to 5.3 in 2011, as shown in the Figure 2.2 (WSH, 2011). This is a significant improvement as the fatality rate of 5.3 in 2011 is the lowest-ever since 2006. Furthermore, the number of work-related injuries has also fallen by 22% as compared to 2010 (channelnewsasia, 2012). Despite the positive progression in the safety performance, it still remains as a serious concern as fatality rate continued to account for the highest among all industries in Singapore as shown in Table 2.4. Thus, in order to achieve the targeted result set aside for the construction industry as seen in Figure 2.3, all stakeholders will have to commit themselves to work towards a safe and healthy workplace with a vibrant WSH culture and zero injury (WSH2018Construction, 2010). In addition, more efforts have to be put to prevent falling from height because it remains as the major contributor to fatal accidents (see Figure 2.4). Till date, many studies have been conducted to look into improving construction safety in Singapore. For example, Ling, Ofori, and Teo (2004) have constructed a model to predict the safety level of a construction project site. Moreover, Ling and Teo (2006) have studied the intrinsic and external incentives on increasing worksite safety and found out that there are many personal factor that can affect site safety. Safety Policies and Legislation Ministry of Manpower (MOM) is the government regulatory body responsible for the enforcement of workplace safety and health legislations. Throughout the years, MOM, in collaboration with other government agencies and stakeholders have put in extensive efforts in achieving significant and sustained improvement in the WSH performance for the construction industry. In this section, various policies and legislations that have been introduced particularly to improve on the safety performance in the construction industry will be discussed. Workplace Safety and Health (WSH) Act In the past, Singapores primary legislation in the construction safety regime was governed by Chapter 104 of the Factories Act and Section 68 and 77 of the Building Operations and Work of Engineering Construction (BOWEC) Regulations (Cheah, 2007). However, due to the spate of high-profile accidents in 2004, MOM saw the need for a fundamental reform of the former safety policies and legislations in order to curb the rising numbers of work-related accidents on site. Hence, as part of the new WSH framework that was introduced in 2006, the Factories Act was repealed and replaced by the Workplace Safety and Health Act on 1 March 2006. As a result, the OSH regulation has evolved from a highly prescriptive (rule-based) system to a more descriptive (performance-based) approach. Unlike the former Factories Act where industry players were expected to comply with a fixed set of safety guidelines, the new WSH Act is focused on three guiding principles reduce risk at source, instil greater ownership of safety and health outcome by industry players, and impose higher penalties for poor safety management. This is a paradigm shift from the former Factories Act because it encourages every industry player to be more proactive rather than reactive to safety issues. Workplace Injury Compensation Act (WICA) The former Workmens Compensation Act has been replaced by the Workplace Injury Compensation Act (WICA), which came into effect on the 1st April 2008. Unlike the former Act which only covers manual and non-manual workers earning $1,600 or less per month, WICA is applicable for all employees regardless of their level of earnings. The enactment of WICA is essential because it safeguards the interest of all employees and employers as the former are now able to claim compensations for work-related injuries promptly without having to prove fault whereas the latter are protected against the fraudulent claims of errant employees (MOM WSHC, 2008). At the same time, this new Act enhances the effectiveness and efficiency of the compensation process and indirectly, influences the employers to pay more attention to workplace safety and health issues. In order for WICA to stay updated with the current market situation, amendments have been to WICA and it will take effect from 1st June 2012. The key objectives of the recent changes are to maintain a fair balance between the pay-outs for the injured employees and the responsibilities that fall on the employers and also, to ensure that the WICA framework remains efficient so that injured employees can receive compensation promptly (MOM, 2012). Some of the major changes include increasing the compensation limits, prohibiting compensation due to work-related fights and work-related exclusion clauses and expanding the scope for compensable diseases. Table 2.5 illustrates the recent amendments to the compensation limits. Safety and Health Management System (SHMS) Safety and Health Management System (SHMS) is a systematic process that is mandatory for all workplaces such as worksite, shipyard and factories in Singapore. It provides a platform for goal setting, performance measurement and clear management commitments and direction in order to manage human and organisational risks (MOM, n.d.-b). SHMS guides the efforts for an effective and proactive implementation of risk control measures to reduce work-related injuries, which will subsequently lead to a long-term reduction in operational costs (Baliyan, 2008). To build up an effective SHMS, it has to adhere to the relevant WSH legislation and guidelines set out for the construction industry, such as the SS 506 Part 1: 2009 Occupational safety and health (OSH) management system and CP 79: 1999 Safety management system for construction worksites. In tandem with the SHMS, audits and reviews must also be carried out periodically on SHMS to ensure its continual performance (MOM, n.d.-a). Table 2.6 s hows the requirements for SHMS audit or review depending on the projects contract sum. To make sure that SHMS is effective and relevant in addressing construction safety, Teo et al. (2005) have developed a model to measure the effectiveness of the SHMS of construction sites in Singapore. Summary of Chapter This chapter has looked into the concept of safety before focusing on workplace health and safety especially in the construction industry. 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