Short Term Financing Essay Example | Topics and Well Written Essays - 750 words

Short Term Financing - Essay Example The intention of going for short term financing is essentially to raise funds for operational activities of the business, these essentially means that such kind of financing is required on a very sort-notice hence the high cost of servicing it in terms of interest. Short term operation money may be secured first, any encumbered physical assets of the business second, additional funds from shareholders, or personal guarantees fro principals. On occasion, inventories can be used as temporary security for operations loans. In essence short term borrowing should be used for working requirements for day to day operations of a business. Industries with seasonal peaks and troughs and those engaged in international trade will be heavy users of short term borrowing / Banks allow their customers for certain overdraft amount. They no longer need to work with a series of pr-signed drafts .They allow customers to withdrew more funds than what is the current account up to approved limits Some banks help their customers transform book debts into cash by advancing up to 80% of the credit term invoice value. To ease the company's workload further to banks collects the cash from creditors on behalf of a customer so that cash floe can be allowed, raise additional capital easily and quickly and save administrative time. Some businesses tend to confuse which source to go for but there must be a clearly idenfiable reason why a business has to source for funds before deciding on which source to go for. This can give a clear direction. There are no guarantees that the rule of determining the source of finance ca purely be followed, at some stage the firm may go for long funds when really they should have gone for short and vice versa. This can be influenced by the cost implications of going for one and not the other. If going for short term might cost the business a lot in terms of interest, then they may opt for long term. At one point, even the real consumer need also to be on he look out on which form of way o raise funds depending on what is the problem one wants to address. One can not go for a long term loan for a school fees for kids because this necessary need to take a lot of documentation to have it processed. The same considerations are equally to be viewed fro the same perspective whether consumer or business. Conclusion. There is no confusion at all between the sources which an establishment should adopt or an individual should go for. As long as one identifies the objective of the loan or finance, it is easily determinable on which one should be opted for. All the matters is the urgency with the funds are needed and the purpose for which the funds are needed. Bibliography: 1. P.A. Pandey: Financial management, 2nd edition, Central law agency,

JP Morgan Chase Shifts IT Outsourcing into Reverse Case Study

JP Morgan Chase Shifts IT Outsourcing into Reverse - Case Study Example The major motive of the deal for JP Morgan Chase was to lower its IT costs and come up with better quality services to the customers. IBM, specializing in IT, could definitely help JP Morgan Chase in its motive and as part for IBM; it was getting the honor of outsourcing for a huge organization and increase its repute in the global customers it retains. This was the reason why the deal was beneficial and took place between the two companies. The deal was although a 7-year duration but ended up in just 21 months. JP Morgan Chase moved back from outsourcing to backsourcing due to a number of factors that proved that the decision of outsourcing was not a right one for JP Morgan Chase. These factors included: The entirely different work environments of both the organizations which influenced the employees of JP Morgan Chase who were also outsourced. Their ' morale and job security were highly influenced as in IBM they were not given the control and authority as they were given at JP Morgan Chase The information technology and information systems strategy of any organization needs to be matched with the business processes and requirements of the business. All the business processes need to be inline with the IT infrastructure and the IS which is being run in the organization. This is the reason why at present most of the companies go for customized information systems for their organizations rather than implementing off-the-shelf systems. With the customized approach, there is no need to change the business processes and the system that is being implemented is built with integration to the business processes. However, when off-the-shelf system is implemented, there is a need for BPR (Business Process Reengineering) in which the business processes are changed. JP Morgan Chase's information technology and information systems were in relation to their providence of the financial services on a global level. IBM is very famous for the quality it provides and the world wide customers it has to which it outsources systems and makes customers. Therefore the IT and IS Strategy of the organization was decided to be fully outsourced by IBM. The full dependency of JP Morgan Chase on IBM and the providence of its all data to IBM for building its IT was not a good decision. This is because the firms should not outsource their operational activities that stand crucial to them by any perspective. Through the operational activities, the firm interacts with its customers. Customer satisfaction is crucial to every business and when this job is handed to any other firm, the job cannot be performed as efficiently as the original firm does. For JP Morgan Chase, cost cutting and quality were the major issues due to which the decision of outsourcing seemed necessary to take; as through outsourcing, the IT budgets can be lowered. IBM, which is the outsourcing member in this case, has IT as its

Performance Measurement In The Public Sector Finance Essay

Performance Measurement In The Public Sector Finance Essay In recent years governments within Canada have been facing increased pressure from the public to be more financially accountable, transparent and responsible when it comes to managing tax dollars. In large part, this is due to several economic and social pressures, such as an aging population, budgetary deficits and various financial scandals, which make the need for effective and efficient financial management a pressing matter. Governments have been developing systems, approaches and processes to continually ensure value for money, including integrating private sector practices into the public sector (e.g. New Public Management and Public Sector Renewal). One such private sector practice is the extensive use of and reliance on performance measures, which are used to obtain information thought to be critical to ensuring effective and efficient financial management, such as tracking government debt, program success, and forecasting future programming needs. This paper will demonstrate and explore the theory of performance measurement, including its advantages and disadvantages. A case study will then be presented, which will outline, apply, and assess financial performance measures used by the Ontario government on its provincial budget covering the period from 2002 to 2007. The paper will then conclude with observations and recommendations for more effective use of performance measures and a better understanding of the benefits and, perhaps more importantly, the limitations of performance measurement. Performance measures, while a useful tool, are not sufficient to guarantee effective and efficient management of public resources. Context for the need for performance measure in the public sector Governments are increasingly grappling with complex social and economic pressures. For instance, the aging of the population is expected to have important impacts on governments revenues and expenditures. With soaring health care costs as the population ages, Roy Romanow (2002) in his report on the future of health care in Canada estimates that annual per capita expenditure on people aged 65 and over is three times as much as the average of all age group spending (p.57). Looking at Ontarios annual report and consolidated financial statements between 2002 and 2007, the province has seen a significant increase in its expenditure in health and long term care where the province increased its expenditure by approximately 9.9 billion dollars or a 36.8 percent spending increase over five years. Overall expenditures during the same time period have increased by 20.4 billion dollars or a 28.6% increase. This essentially means that approximately 49% of the increase in expenditure went to health care spending. Ontarios revenues on the other hand increased by 21.8 billion dollars or a 31.8% increase. However, net debt has increased by 8.5 billion dollars or a 6% increase (Please refer to appendix 1.1). As these statistics show, expenditures on health care represent a significant proportion of provincial spending, a situation that may be exacerbated by an aging population. Furthermore, Saks and Haccoun (2004) estimates that Canadian labour supply shortage will reach the one million plateau by year 2020, which can have significant adverse effects on the Canadian economy and its provincial and territorial counterparts in terms of ability to raise taxes and maintain current program expenditures and ensure a sustainable economy in the future. As a result of these pressures and complexities, governments have started to examine its role in society and the various ways through which programs are delivered and managed. For instance, governments are increasingly delivering programs and services through partnerships as a means of improving efficiency in the delivery of services to Canadians. With increasingly complex and varied configuration of delivery of public services, there exists a real need to identify separate roles and responsibilities of participating partners and to develop expectations, standards, and measures of performance to ensure transparency, accountability, and sustainability. What is Performance Measure: Definitions and Considerations One of the results of this movement for better public service delivery is the integration of private sector practices, including performance measurement to ensure transparency, accountability and sustainability even in the face of pressures and complexities facing the public sector. In recent years, several developed countries and some developing countries have made increasing use of performance concepts and results indicators, both in their managerial practices and in the formulation and execution of public programs (Performance Measurement in Public Administration, p. 649-650). Performance measurement is also considered by some experts as the first step toward improving the performance of a public-sector organization, and, if backed by an appropriate incentive system, it can help shift organizational focus from inputs to outputs and outcomes and thus improve efficiency and effectiveness (Performance Measurement in Public Administration, p.663). It is essentially the collection of a bout an organizations performance indexes that will equip a program manager to evaluate its changes in performance over time (Carroll and Dewar, 2002). Performance measures are believed to be first applied in the public sector in 1960, when calls for the improvements in processes in which the way the government manages its resources or inputs to maximize efficiency and effectiveness started becoming more pronounced. It is argued that by tracking performance, the government is better able to meet its budget goals and objectives. There are many factors to consider when developing or applying a performance measure in an organization. The main factor that must be considered is cost. Can the organization afford the costs associated with developing, maintaining and implementing a performance measure? Clear, concise and realistic performance goals are needed. The performance measure must be fully communicated to everyone in the organization, as the success of a performance measures implementation depends on everyone buying into the concept. Once a performance measure is approved, an appropriate rewards system should be included, as well as a system for modifying the performance measures if the organizations objectives are not being realized. The organization must also ensure that individuals who have to work with the performance measures within the organization are well informed about the process and the benefits of the system and how to implement it (Mayne, 2005). In other tools, realizing and achieving the full benefits of performance measurement may be compromised or limited if analysts/managers fail to appreciate and understand the nature, purpose, meaning, and limitations of the indicators. Benefits of Performance Measurement As the economy grow, the demand for government services increases as well. Ontarios gross domestic product (GDP) increased from 493.1 billion dollars in 2002 to 586.2 billion dollars in 2007 or an increase of approximately 18.9% (Please refer to appendix 1.6). This means that there could be an increased demand for government programs and services and, likely, for the Ontario governments workforce. As programs, service, and government workforce grow, there would be a need to track the various programs the government provides. Performance measures can be beneficial in a given organization in various ways if implemented properly. Some of these benefits include: workforce and program management, assessment of program effectiveness, and increased accountability. Performance measures assist in organizing information that will help track, assess and analyze how various programs are progressing over time. It is a control measure that will make sure that the public sector is delivering services to the public that will maximize the publics utility level and at the same time ensure that resources are utilized efficiently and effectively(Carroll and Dewar, 2002). The management of these processes will also ensure compliance within various departments where the process can be standardized across various departments to ensure compliance. The application of performance management hopes that managers would change from being inwardly focused to being outwardly focused on public conditions, needs and problems (Waldt, 2004, p.21). By helping managers think outside the box, performance measure will hopefully generate innovation that can be fed back into the policy process to incorporate these innovations. However, this will only work if senior management i s able to sell this idea to everyone in the organization that will help break down resistance. By overcoming these barriers, an organization can now look ahead and collect various information regarding its performance, how well it is doing in comparison to previous years?, and how it is performing against other organizations. Performance measures can also help in improving public accountability. Outcomes information will inform public debate and the political process, and thereby providing direction to Government(Waldt, 2004, p. 19). In recent years, various government sectors have faced heavy scrutiny from the tax payer, electorate, opposition parties and the media. This is due to mismanagement of government funds such as the sponsorship scandal. This is one of the reasons why various performance control measures are increasingly filtering through the public sector. Since performance measure requires information gathering, maintaining and analyzing, then its proper implementation improves government accountability, transparency and responsibility. Since the public sector is more open to scrutiny because of the advancement of the information technology and the availability of legislations such as the Freedom of Information Act, this will further assist in ensuring that public sector managers are more cons cientious. Although one must ask whether or not performance measures in the public sector exist because there is a real need to improve performance or a perceived need for one. If the cost of performance measure outweighs its benefits, then performance measures can be seen as a ploy by the government to provide peace of mind to the public. Then the cost of performance measure is essentially the cost of buying peace of mind which is a waste on its own. Finally, another benefit of proper application and implementation of performance measure is through benchmarking (Carroll and Dewar, 2000). Benchmarking allows government agencies to create and compile best practice information that can help other agencies achieve their goals. This information may be useful to other organizations to help make their operations effective. A word of caution with utilizing benchmarks is that each organization is different from one another. Therefore, these benchmarks must be modified to fit into the organizations culture, goals and objectives. Though this may be helpful, the flip side is a potential to promote laziness and block innovation (De Bruijn, 2007). Limitations to the Use/Application of Performance Measurement The main idea behind performance measures is to be able to reduce cost and at the same time provide services at the least possible cost without jeopardizing the quality of service. However, the application of performance measure alone does not mean that governments will start realizing the benefits associated with this practice. Some may question the underlying reason why performance measures are needed in the public sector. It can be argued that performance measures were implemented in another country or province and they have been successful at achieving goals through the use of performance measures as a tool (Carroll and Dewar, 2002). However, just because performance measurement works in one particular organization does not necessarily mean that it can be fully integrated in another organization and be expected to provide the same level of success (the idea of benchmarking). This brings into light various motives or the driving force for the use of performance measures. Do public sector analysts and managed really believe that performance measurement contributes to more effective financial management? Or are they simply forced to include performance measures to fulfill reporting and financial requirements from the Center of government (e.g. Treasury Board)? Or are they just following a trend or a passing fad? The implementation of performance measure in the public sector can have a few disadvantages. These limitations include the manipulation of the performance measure system, challenges and difficulties in quantifying qualitative objectives (Carroll and Dewar, 2002). One of the major problems of performance measure is the manipulation of the performance system to maximize rewards by a particular individual/organization. Performance measure objectives can be interpreted in a variety of ways that can potentially give way to manipulate the system to allow a given organization to meet its objectives on paper but not in reality. One example of how performance measure can be manipulated happened in Australia when an Aboriginal tribe was informed that its sanitation and other subsidies would depend on their performance in keeping sanitary facilities clean, they did so most effectively by thoroughly cleaning the toilets, and then closing them to the public. (p. 660, Performance Measurement in Pu blic Administration) Performance measure can be manipulated by defining the goal and manipulating other variables to meet its objectives. For instance, if a police forces objective is to decrease crime rate in a given community, it can essentially meet its goal without any real changes to the crime rate in the community in question by choosing not to report certain crimes. This practice is a waste of resources that could have been used to fund other programs that are more efficient in nature. As illustrated by the examples given, the application of performance measure can potentially generate good performance on paper but not in reality. Another disadvantage of performance measure is the challenges associated to applying it to the public sector (Graham, 2007). This is because private sector is mostly concerned with profit maximization which is a quantifiable objective. The public sector on the other hand is concerned with measuring qualitative objectives and quantifying its results. Qualitative measures can be quite challenging because it involves subjective interpretation of quality. For instance, if the governments goal is to measure the quality of secondary education provided in Ontario, and then it becomes hard to determine how well the ministry of education is performing. The reason for this is because there are a variety of ways to measure quality, where is the data coming from? What measures are used? Who measures performance? And whether or not there is a conflict of interest that will manipulate the system. Finally, quality of education may not be measured until a few years later when the students graduate h igh school. The application of performance measure also calls for rewarding good performance and punishing poor performance (Waldt, 2004). The implementation of this premise may be a challenge in the public sector because politicians can over ride budget allocation. If for instance, health care is the governments top priority, if for instance health care is the worst performing ministry within the public sector then this may be a challenge. However, this will not work in the public sector because politicians can opt to ignore the performance measure in place and increase funding for the ministry of health. It is also useful to note that the implementation of performance measurement in the public sector could potentially be more challenging than in the private sector, in part because of differing operations/service goals. While the private sectors bottom line is profit maximization, the public sector involves multiple competing stakeholders with multiple goals (Graham, 2002). For instance, there are certain stakeholders who believe in maintaining balanced books and reducing debt, while there are others who believe that the government should consistently provide for social programs, even if this implies financing services through deficit. Furthermore, a performance measures effectiveness may not be fully utilized because politicians can choose to ignore these measures or can over ride budget allocation based on performance measures. Case Study: Ontario Financial Performance Measure A budget is one of the most important pieces of legislation in any given government because it outlines how the government plans to manage its limited resources effectively. A well-conceived, -applied, or -implemented budget allows the organization to realize its goals and objectives with maximum efficiency and effectiveness (McKinney, 2004, p.264). For many years, the public sector has been experiencing increased pressure from the public to provide the best quality of service at the least possible cost. Furthermore, governments have been facing increased pressure from the public to reduce its debt, otherwise debt servicing costs will be transferred to future generations at a higher cost (principal plus interest charges). As the government becomes larger, the role of financial management plays an indispensable role in the achievement of an organizations objective. It is the fuel that gives life and substance to the engine of public administration (McKinney, 2004, p.1). Along with its growth, the number of competing stakeholders also increases and therefore, the process of allocation becomes more complicated. This is the very reason why governments are increasingly finding ways to improve its financial reporting such as the adoption of accrual based accounting and the implementation of the Public Sector Accounting standards. These are some measures used in the private sector that are now being applied in the public sector. In theory, the purpose of the application of these measures is to be able to make governments responsible, responsive and fully accountable. This section will explore and analyze the financial performance measures used by the government of Ontario to assess its effectiveness. The government of Ontarios financial analysis measures three areas which includes sustainability, flexibility and vulnerability. Sustainability measures the governments ability to meet its financial obligations. Sustainability measures Assets to Liabilities, Financial Assets to Liabilities, and Net Debt to Total Annual Revenue, Net Debt to GDP and Deficit to GDP. Flexibility measures the governments ability to move around its financial obligations across programs or across various years to be able to provide the best possible programming level. Flexibility measures Public Debt Charges to Revenue and Net Book Value to Cost of Capital Assets. Finally, vulnerability measures the extent to which the government is dependent on or can be influenced by external organizations such as the federal government, foreign institutions and foreign governments. Vulne rability measures Government Transfers to Total Revenue and net Foreign Currency Debt to Total Debt. Sustainability Assets to Liabilities measures the governments ability to meet its financial obligations through the liquidation of its assets. In the private sector depending on the company, an acceptable ratio is 2:1. However, looking at the Ontario governments assets to liability ratio, this figure hovers around 0.27:1 0.31:1 between 2002 and 2007. (Please refer to appendix 1.3). This figure may be way below the private sector expectations but the chances of a government experiencing bankruptcy (especially in developed countries) is quite low, since governments tend to have the ability to raise money by issuing debt to cover liabilities. Therefore, the use of this measure is limited to just merely observing upward or downward trends. Furthermore, with the implementation of full accrual based accounting in the public sector it becomes hard to determine the exact total value of the governments assets. These assets include heritage assets where a market value is non- existent or there are competin g estimates. It becomes a challenging task to assign a value on such an asset, or the asset may be of value to the government who owns the asset but not to anyone else. Given the challenges associated with determining an actual value for an asset, care should be taken when using this ratio as a financial performance indicator since its accuracy can be challenged. Financial Assets to Liabilities measures the governments ability to raise cash quickly or its liquidity to cover its liabilities. The Ontario governments ratio ranges from 0.18:1 to 0.23:1, where it reached its peak in year 2004/2005 and in 2006/2007 (measured at 0.21:1). (Please refer to appendix 1.3) Net Debt to Total Annual Revenue measures the governments net debt in relation to its ability to generate revenues. This ratio reached its peak over a five year span at 2.03:1 in 2003/2004 and 1.56:1 in 2006/2007. (Please refer to appendix 1.3) Since 2003/2004, the Ontario government has been able to reduce its net debt in relation to its annual revenue. Net Debt to GDP measures the governments fiscal capacity. They relate bond indebtedness to the sources of government revenue (McKinney, 2004, p.245). Ontarios net debt is hovering around a quarter of its GDP and between 2002 and 2007 where it has been slowly declining from 0.27 in 2002 to 0.24 in 2007. (Please refer to appendix 1.3) Since a consistent downward trend exists in this measure, this means that the government is improving in this ratio. Since both Net debt and GDP has increased from 2002 to 2007, this means that the GDP has increased at a faster rate than the increase in net debt. This means that governments ability to pay its debt obligations has improved over five years. Deficit to GDP measures the governments deficit in relation to its GDP. In this measure, the government has seen improvements from 2003/2004 to 2006/2007. This means that the Ontario government is continuously managing its expenditure and making sure it spending is within its capacity. Even though the Ontario government has seen deficits in the years 2003/2004 and 2004/2005, this ratio is looking favourable since deficits are declining in relation to GDP, which has seen a constant increase over five years. (Please refer to appendix 1.3) Flexibility Public Debt Charges to Revenue measures the governments ability to raise funds to pay its debt servicing charges. In this measure, the Ontario government has seen a constant improvement or a downward trend during the five year term from 14.9% in 2002/2003 to 9.7% in 2006/2007. The reason for this is because Ontarios revenues over the same five years have seen consistent growth and have increased by approximately 31.8% while interest on debt has seen a 13.7% decline over the same period. (Please refer to appendix 1.3) Net Book Value to Cost of Capital Assets measures the true value of the governments capital assets. This value is hovering around two thirds of the cost of capital assets and it has seen a slight downward trend from 69.5% in 2002/2003 down to 67.2% in 2006/2007. (Please refer to appendix 1.3) This figure is a good indication of the governments capital assets such as land, buildings, and transportation infrastructure such as highways, railroads and bridges. However, looking at the Ontario governments public accounts, it does not state whether or not the value of land is recorded at historical cost or fair market value. If the land is recorded as historical cost, then it does not really show the true value of the governments assets; instead it is under estimated if the value of the land increases in market value and vice versa if it decreases in market value. Furthermore, depreciation is measured based on estimates; it could be that the life span of an asset could be higher than expec ted and therefore, while the asset is recorded on financial statements as having no value, the asset could still be utilized. Furthermore, an asset can be estimated to have a lifespan of 10 years; at year 10, even though the asset can still be used, an organization can continue using the asset or request for new funding for the replacement of the asset. Since the asset can still be utilized, the organization can sell the asset and make money out of it (scrap value) and record it under its miscellaneous revenues. This becomes an issue of operational efficiency versus manipulation of assets to maximize revenues. Vulnerability Government Transfers to Total Revenue measures the proportion of the federal governments share of the province of Ontarios total revenue. Federal funding that flowed into the provincial government ranges between 13% (2002/2003), which is its lowest level between 2002 and 2007, and has increased steadily to approximately 15.8% (2005/2006) and dropped slightly to 15.5% in 2006/2007. (Please refer to appendix 1.3) This figure can be interpreted in various ways where the upward trend shows that the federal government is continually increasing its transfer payments to the province of Ontario in relation to its total revenue. Looking at nominal figures, the federal government has increased its transfer every year between 2002 and 2007 (from 8 billion dollars in 2002/2003 to 14 billion dollars in 2006/2007. (Please refer to appendix 1.2) Part of this increase is due to huge surpluses the federal government has been reporting in recent years. However, the increased in federal transfer can b e seen both negatively and positively. This can be viewed positively because the province is able to provide more services to the public. However, funding commitments can be revoked especially with a change in government and government priorities. Furthermore, budgetary models are built upon expectations, if the province expects to receive a certain amount of dollars from the federal government, and this is not realized, then it can potentially adversely affect the financial standing of the province. The provincial government should also use this figure as a sign of caution in terms of its forecasts not to rely heavily on federal transfers. The province should try to provide the same level of programs and services to its citizens without relying heavily on federal transfer payments because of fluctuations and uncertainty. However, others may argue that increasing federal transfers is a positive step towards addressing the so-called fiscal imbalance and providing Ontario a fair share of federal funding that is more proportional to the contributions that Ontarians make to the federal tax base. This demonstrates another useful limitation/caveat: performance ratios/indicators are not purely objective, in that their interpretation and ultimately the manner in which they are used/applied depend on the subjective point of view of the public sector analyst/manager. Net Foreign Currency Debt to Total Debt measures the provinces debt level to foreign countries and or organizations. This figure has seen an increase from 21.4% in 2002/2003 and 23% in 2004/2005 and from that point it declined to approximately 20% by 2006/2007. (Please refer to appendix 1.3) This measure is a good indicator on Ontarios reliance on foreign governments in terms of trade and its indebtedness. A declining net foreign currency debt to total debt means that the province can have a positive effect on the provinces credit rating that assesses the governments vulnerability and stability which can have an impact on interest rates on its debt. An improving credit rating will increase the chances of the Ontario government to refinance its maturing debt because of lower risk of default from its debt. An increase in this ratio might cause international panic where other countries can call the province on its debt that can have adverse effects on the economy in terms of attracting investors and other countries willing to do business with the province. As a useful summary of the provinces dependence on foreign debt, it is important to keep track of this budget measure of vulnerability. Discussion of the Ontario governments Financial Analysis as a Measure of Performance Based on the above discussion the ratios used by the government of Ontario is a useful tool as part of a comprehensive strategy or approach to analyzing, measuring the provinces economic and financial performance. However, these tools alone are clearly not sufficient to obtain a full and clear picture and forecast of the economy. Variables such as domestic and international political conditions, international and domestic commodity prices, supply and demand, price of oil, interest parity, price parity, and other non-financial indicators, such as demographic trends, should be considered when formulating, implementing, and assessing the effectiveness of policies and programs. Furthermore, these budgetary performance measures tend to be applied at a relatively high level (i.e. on rolled-up or summed-up figures or estimates) with a view to gauging whole of government performance. Since the Ontario government comprises of individual ministries and departments, improving whole of government performance must start with the individual ministries and their specific programs and projects. This reinforces the idea that full and effective performance measurement entails consideration of other and more specific factors/elements. The government of Ontarios financial measures provide very useful snapshots of the government position at a particular point in time. However, there are other measures, information and factors that one has to consider in gauging the performance of the government and formulating recommendations and strategies moving forward. Conclusion Increased pressures and complexities confronting the public sector has encouraged the proliferation of private sector practices, including the use of performance measurement to gauge program outcomes and ensure transparency, accountability, and sustainability of government operations. As this paper has demonstrated, there are benefits to performance measurement, such as providing opportunities to track, compile, and maintain data and requiring regular reporting, thereby helping in promoting transparency and benchmarking. However, these financial/material indicators are not sufficient to ensure effective and efficient management of public resources. As this paper has pointed out, there are several limitations and caveats to performance measurement that public sector managers/analysts must bear in mind, including the need to incorporate other information (e.g. non-financial and qualitative data) in developing, implementing, and assessing policies and programs. These points were reinfor ced in this paper through an examination and evaluation of financial ratios intended to measure the performance of Ontarios budget between the period of 2002 and 2007. While this paper presented a case study of performance measurement from a financial perspective, perhaps a more interesting and richer case study would be to explore quantifying qualitative program performance measures in which represents another area of future research. Indeed, performance measurement when used in a public organization by itself is a fools gold (Carroll and Dewar, 2002).

Sexual Harassment In The Workplace: From the Middle Ages to Today Essay

Sexual Harassment is first traced from the Middle Ages in the feudal era, custom stipulated that all vassals or serfs were required to give their brides to satisfy their masters sexually. The only way this could be avoided was where the bride or the bridegroom paid a specific amount of produce in redemption dues. While this may seem different from sexual harassment on the job, in fact, in feudal times, the feudal lord was the employer of his vassals and serfs, and their brides became his sexual property. The masters appear to have enforced this custom regularly and with great enthusiasm. During slavery, slave women were forced into dual exploitation: as laborers and sexual partners. Their physical labor and their sexual favors belonged to their male masters. Slaves had no legal right to refuse advances from their masters, since legally the concept of raping did not exist. A female slave was frequently used by her owner for his sexual and recreational pleasure. This sexual privilege was a hierarchical right that spilled over to the slave owner's neighbors, visitors, and younger sons eager for initiation into the mysteries of sex. As slavery was replaced by lowly paid domestic help, female servants, particularly the young maids, were often forced to become the sexual playthings of the members of their employers' families. A domestic servant was afforded little privacy, dignity, or freedom to socialize with others. The employer expected sexual favors to go along with the rest of the duties exacted from the domestic servants. The domestic servant who became pregnant could no longer anticipate marriage. If she bore an illegitimate child, she would be dismissed from her job and shunned by society. As a last resort, unemployed dome... ...Lawrence Solotoff, Henry S. Kramer. "Sexual Discrimination and Sexual Harassment in the Workplace". Law Journal Press, 2015 U.S. Equal Employment Opportunity Commission (EEOC), (n.d.). Sexual harassment. http://www.eeoc.gov/laws/types/sexual_harassment.cfm Judith Berman Brandenburg. "Confronting Sexual Harassment: What schools and colleges can do". Teachers College Press, 1997 Richard B. Barickman. "Academic and Workplace Sexual Harassment: A Resource Manual" State Univ of New York Press, 1991 Eliza G.C. Collins and Timothy B. Blodgett. "Sexual Harassment†¦Some See It†¦Some Won’t" Harvard Business Review, March 1981. Web. 6 June 2015. https://hbr.org/1981/03/sexual-harassmentsome-see-itsome-wont Barbara A. Gutek. "Sexual Harassment on the Job". 2012. Web. 1 June 2015. http://scholarship.law.nd.edu/cgi/viewcontent.cgi?article=1477&context=ndjlepp

Kindness: Positive Psychology and Old Lady

Doing kindness to a perfectly stranger?.. how would I feel? well, I felt a sense of fullfiment and satisfaction. I was with my mother and sister the day when we visited a trade fair in La trinidad, the sun was high,twas'12pm, we were of course famished but we decided to quench first our thirst, we ordered halo halo from one of the stalls there. We joined a table where two girls were quitely enjoying their halo halo.. suddenly an old lady approached them, I overheard the old lady telling them that she was hungry,.. he old lady just stood there completely stoned, as in she was just standing in front of them while the two girls ignored her and continued whatever conversation that they were having maybe waiting for something,,,i thought those two girls were heartless, the woman was just like their mom already, so what I did was, I went to buy her pansit. The seller asked me if the old lady was disturbing us, I said no that it was completely fine, that she was just hungry that's all.I the n gave the pansit to the lola, she ate, then left.. no thank you or anything.. Though I heard no thank you from that lola, I felt happy anyway, knowing that the pansit filled her stomach and that maybe she is grateful somewhere in her heart. My point is, helping someone may it be for little things or for big, it will somehow give you a sense of worth for your existense†¦ that YOU EXIST FOR A PURPOSE!!! FGeXIST FJJEXEXIST FOR A PURPOSE! 🙂

The Federal Hpv Vaccination Programme Health And Social Care Essay

There are a figure of ethical issues that arise in proviso of health care services. Although most of the health care enterprises are meant to assist the targeted population overcome wellness jobs they are meeting, proviso of these services has ever been ridden with ethical contentions. One of the recent health care enterprises that have been surrounded by a batch of contention is Federal HPV Vaccination programme. This programme was meant to inoculate all misss between the age of 12 and 26 to protect them against HPV that causes cervical malignant neoplastic disease and venereal warts. However, there are different ethical issues that arose in the class of execution of the school-based programme. It was argued that the plan was implemented as a consequence of increased advertizement by the pharmaceutical companies about the effectivity of the Gardasil vaccinum while there was no scientific study that backed the effectivity of the vaccinum. This was considered as indefensible response to moral issues because there was no adequate grounds back uping the usage of the vaccinums. However, the authorities still insists that the plan was meant to make good for the targeted population sing that cervical malignant neoplastic disease and venereal warts are going major public wellness concern. This is merely one of the health care initiatives that have led to great public tumult when scrutinized in different ethical positions. Healthcare services are meant to assist the population overcome major wellness jobs they face but at the same clip they attract a batch of contention due to struggle of involvement. In order to understand this job good, this survey will reexamine the Federal HPV Vaccine Programme and the ethical issues that arose as a consequence. The survey will first expression at the Federal HPV Vaccination Programme including its aims. The survey will so reexamine the ethical issues that arose from this programme and analyse one of the jobs through ethical positions. The Federal HPV Vaccination Programme Human Papillomavirus ( HPV ) is a group of viruses that are known to do skin warts, venereal warts and different types of malignant neoplastic diseases. There are different HPV that affects different parts of the organic structure with some of them infecting the venereal countries. Warts that are found on other parts of the organic structure like the custodies are known to be caused by different types of HPV. HPV types 6, 11, and 18 are known to do malignant neoplastic diseases with types 16 and 18 linked to cervical malignant neoplastic diseases while types 6 and 11 are linked to venereal warts ( Winer, Hughes & A ; Feng 2006: 2648 ) . Due to the increased prevalence of venereal warts and cervical caners, there have been concerted attempts aimed at developing a vaccinum to cover with the job. HPV is spread by direct contact or during sexual activities. It is estimated that approximately four out of five people are likely to hold venereal HPV infection at some times in their lives ( Parkin 2006: 3035 ; Australian Government, 2010 ) . This is the chief ground why HPV vaccinums have become of import for misss who are sexually activity. The major job with HPV is that it does non do symptoms that people can see ( Winer, Hughes & A ; Feng 2006: 2649 ) . This means that people can hold HPV and non cognize because there are no apparent symptoms. In 2007, the Australian Federal authorities began one of the most ambitious immunisation programmes. It began funding voluntary plan that made Gardasil available and adult females between the age of 12 and 26 old ages for free within a period of two old ages ( Christian 2006: 12 ) . The authorities besides ensured that there was an on-going inoculation programme that targeted 12 and 13 old ages old in schools. Australian authorities, in concurrence with PBS ( Pharmaceutical Benefits Scheme ) approved the vaccinum for public usage and instantly began a national broad programme for school misss aged 7 to 12 old ages ( Poljak & A ; Gemman 2006: 9 ) . The plan has been run by the local councils but the support is provided by the authorities. However, it is argued that the subsidisation of the vaccinums by the authorities could hold been implemented under political influence. Even the curate stood up and said that the programme would be approved long before it received authorities blessing. In add-on, the authorities outlined that adult females between the age of 18 and 26 old ages could besides have the first dosage for free but they had to petitions it from their general practicians ( Christian 2006: 12 ) . However the programme was scaled down to 12 and 13 old ages misss merely after 2009. In add-on, the authorities had approved Gardasil for inoculation of male childs aged between 9 and 15 o ld ages although the authorities did non supply support for boys inoculation ( Christian 2006: 12 ) . The authorities besides directed that in the procedure of disposal of the vaccinums, general practicians should remind their clients that they should besides go on with the regular pablum vilification ( Parkin 2006: 3042 ) . It besides directed them to promote adult females who received the vaccinums to register with National HPV Register for supervising intent. The National HPV inoculation programme registry is used to roll up informations in order to measure the impact of the HPV inoculation on the rates of cervical caners. It is besides used to measure the success of the programme in coverage and if the contact vaccinum receivers required a supporter dosage ( Poljak & A ; Gemman 2006: 9 ) . The registry is of import in helping the authorities recognize its mark of cut downing the prevalence of venereal warts and cervical malignant neoplastic disease among adult females. Ethical issues Like other healthcare enterprises, there are different ethical issues that arise. In the class of history, there have been medical enterprises, particularly those that involve the mass, which have resulted to ethical jobs ( Zimmerman 2006: 4815 ) . Ethical contentions are likely to ensue every clip there is aggregate disposal of vaccinums to forestall spread of diseases. One of the chief issues that arise in such plans is safety. Although there are laboratory and research studies that confirms that safety of these programmes, issues of safety comes in the class of execution of the programme or long after the programme has been winded up. The chief issue of safety when it comes to disposal of vaccinums is that receivers feel that their safety can non be guaranteed because they have non been involved in preparation of the vaccinums or when there is no adequate informations that supports the safety of the vaccinums ( Shciller & A ; Lowy 2006: 1168 ) . Another job that arises in the clas s of public wellness programmes is the issue of informed consent ( Zimmerman 2006: 4815 ) . Although it may be outlined right from the start that the programme will be voluntary, there are propagandas that arise in the class of the programme that convinces the receivers that they have been forced to have the vaccinums. The other job that may originate after such a programme is the usage of options. In most instances, new vaccinums are introduced in such public programmes but the continued usage of the earlier health care services may be affected. For illustration it has been shown that in instances where HPV vaccinum has been administered, most receivers are likely to predate regular showing for malignant neoplastic disease ( WHO ) . The populace can non merely understand why they have been introduced to a new vaccinum and yet they are requited to go on utilizing the old methods of testing like Pap smear. There were a figure of ethical issues that arose in the class of execution of The Federal HPV Vaccination Programme. The first ethical issue was based on the fact that there was non scientific cogent evidence that backed Gardasil as an effectual vaccinum in bar of HPV ( Zimmerman 2006: 4817 ) . Two of the recent articles that were published by New England Journal of Medicine suggested that the vaccinums against cervical malignant neoplastic diseases was used without adequate grounds to shows that they were effectual in undertaking the disease ( Zimmerman 2006: 4815 ) . The writers of these two articles noted that despite the fact that there has been assuring consequences from clinical tests, there was still no sufficient evident to endorse the effectivity of the vaccinums against cervical malignant neoplastic diseases. There as so many indispensable inquiries that still need to be answered and the populace should be cautious when seeking these vaccinums. A recent study that was released in New York Times showed that these vaccinums have been studied for a short period of clip and long term effects are yet to be established The vaccinums was licensed in 2006 after clinical tests that lasted for more than six old ages but this did non bring forth any grounds to demo their effectivity ( Roden, Ling & A ; Wu 2004: 979 ) . Most of import inquiries that have non been answered sing the vaccinums is the continuance the unsusceptibility will last and whether extinguishing strains of the cancers-causing virus is likely to diminish the degree of bodyaa‚ ¬a„?s natural unsusceptibility to other strains of the same virus. Cervical malignant neoplastic disease normally develops after the persons have been infected with chronic HPV and there is no cogent evidence to demo that vaccinums will protect the organic structure against two strains of the virus that are known to do cervical malignant neoplastic disease ( Shciller & A ; Lowy 200 6: 1169 ) . One of major ethical issues that arise from the programme is that the authorities could be enforcing uneffective vaccinums on the population ( Colgrove 2006: 1390 ) . In most instances, medical programmes like The Federal HPV Vaccination Programme are perceived from a useful position in the sense that they are supposed to assist the population. The result of the programmes like The Federal HPV Vaccination Programme should assist the targeted population wellness wise ( Verweij & A ; Dawson 2004: 3126 ) . With this perceptual experience in head, the chief purpose of execution of The Federal HPV Vaccination Programme was to help Australian misss fight cervical malignant neoplastic diseases and venereal warts. However, the involvement of the authorities could non hold been good informed in visible radiation of the studies published in New England Journal of Medicine that shows deficiency of scientific cogent evidence to endorse disposal of this vaccinum in contending cervical malignant n eoplastic disease. Was Australian authorities justified in the usage of Gardasil to contend prevalence of cervical malignant neoplastic diseases in misss sing that there was no adequate scientific backup to turn out it? This is a inquiry that needs to be interrogated through different ethical positions but the involvement of the parties involved must be taken into consideration. Earlier, it was mentioned that the authorities determination to transport out The Federal HPV Vaccination Programme was influenced by political powers ( Haas 2009: 289 ) . There is all ground to interrogate the determination by the authorities to perpetrate more than $ 160 million of the taxpayeraa‚ ¬a„?s money on a vaccinum that has non been proved effectual. First, this meant that the authorities had to relocate financess from other health care plans into order to fund this programme, which led to less financess available for other critical health care disbursement like on of import herceptin and other bosom medicines. This can be considered as a misplaced precedence that was implemented on land of political influence. Closely tied to this issue is concern about increased advertizement of the vaccinum by pharmaceutical companies ( Yudin 2010: 56 ) ) . For many old ages, the pharmaceutical industry has been criticized for advertisement merchandises that have non yet be en proved. Hungry for immense net incomes, the pharmaceutical industry has been publicizing their merchandises long before they have undergone proper vetting process to declare them suit for human ingestion. This is an ethical issue when one considers the effects that such merchandises may hold on the population. In a nut shell, the pharmaceutical industry can be applauded for puting in R & A ; D to guarantee development of drugs and vaccinums to control lifting instance of malignant neoplastic diseases. However, their influence on the political category may take the authorities to take determination like the one taken by Australian authorities for the involvement of these companies. They understood really good that with the authorities backup of such a programme, there would be increased ingestion of their merchandises interpreting to immense net incomes they are seeking in the market ( Schwartz 2010: 1843 ) . Therefore, there is a likeliness that the determination taken by Austral ia authorities could hold been influenced by the pharmaceutical companies that had carried out extended advertizement on the effectual of Gardasil in contending cervical malignant neoplastic disease. Is it possible that the authorities has fallen quarries to strategies by pharmaceutical companies to publicize their merchandises? Did these companies influence the political category to approve the plan in order to function their ego involvement? These are many others are inquiries that need to be closely interrogated when sing the influence of the political category and the pharmaceutical companies on authorities determination to turn over out The Federal HPV Vaccination Programme. However, it is apparent that the increased advertizement on the effectivity of the vaccinums could hold had major influence on the authorities while implementing this plan. In add-on, there were moral issues that could be explored in visible radiation of The Federal HPV Vaccination Programme. The desire by the authorities to implement the programme could hold been elicited by the demand to protect 1000000s of immature misss in the state who a hazard of cervical malignant neoplastic diseases. In another position, it can be argued that through execution of this programme, the authorities assumed that Australian immature misss are prosecuting in sex, the most common method for transmittal of HPV. Australian parents were bullied into a medical response to one of the most controversial moral issue of sex. This was perceived as another programme by the authorities in its safe sex battle. It is acceptable that immature male childs and misss are prosecuting in sexual at a clip that is non appropriate but this does non vouch the authorities to pump false information about protecting immature people from such disease ( Verweij & A ; Dawson 2004: 3124 ) . The issu e of HPV is closely tied to sexual activities among the immature people and the best manner that can be used to cover with it is through plans that discourage immature misss from prosecuting in sex ( Roden, Ling & A ; Wu 2004: 980 ) . Alternatively of the authorities directing such financess to programmes that will assist kids cover with sexual issues during stripling, the authorities goes on to administrate vaccinums that tells immature people that they have license to prosecute in sex because they are aa‚ ¬Aâ€Å"protectedaa‚ ¬A? . Oppositions of The Federal HPV Vaccination Programme argue that due to increased public trust on the Gardasil vaccinums, there is likeliness of lessening in usage of Pap smear that has been proved effectual in diagnosing of cervical malignant neoplastic disease ( Zimmerman 2006: 4814 ) . Although the Australian authorities has directed medical professions administrating the vaccinums to promote adult females to travel for regular Pap vilification, there is high likeliness that most adult females are likely to abstain from seeking pablum vilification and rely on the vaccinums which has non been proved effectual in combating cervical malignant neoplastic disease. Another ethical issue that arose in the class of the plan is informed consent. This is one of the most of import ethical demands in biomedical programmes where the participants have to be informed of the purpose of the programme and objectives it will accomplish. The Federal HPV Vaccination Programme dealt with immature kids who were non in place to do their ain determination sing their engagement in the programme ( Verweij & A ; Dawson 2004: 3123 ) . Harmonizing to ethical theories, when covering with kids below the age of 18 old ages, parental consent must be sought before the kid participates in such a programme. By implementing The Federal HPV Vaccination Programme without affecting parents in blessing of the programme, the authorities violated one of the basic ethical demands. In this programme, parents should hold been involved in doing the determination whether to implement the programme or non. Although the ultimate purpose of the authorities was to protect immature misss fro m cervical malignant neoplastic disease, this does non vouch the demand to compromise the rules of informed consent and pick. Informed consent and The Federal HPV Vaccination Programme One of the ethical issues that arose from this plan was the issue of informed consent and pick. The issue of informed consent requires that participants in any medical procedure must be informed of their purpose of the procedure and they should give their consent to take part in the programme. This means engagement must non be compulsory. This rule requires that when covering with kids below the age of 18, who can non do their ain determination to take part in such plans, parental consent must be sought ( Verweij & A ; Dawson 2004: 3126 ) . This means that their parents must be informed of the engagement of their kids and give their consent. The Federal HPV Vaccination Programme was intended to cover with the job of cervical malignant neoplastic disease in misss. From a useful position, the programme should hold produced good consequence for those take parting in the programme. It was supposed to cut down the prevalence of cervical malignant neoplastic diseases among adult female in Australian and this was asses through HPV Register. All medical enterprises like The Federal HPV Vaccination Programme are assessed through useful position because they are expected to hold positive consequences to the populace ( Smart & A ; Williams 1973: 62 ) . A programme that produces negative consequences would be considered a liability to the authorities and the participants as good. The taking ethical rule for public wellness programmes is that they should bring forth good results for the mark population. However, this was non the instance in this programme because there were negative effects that were registered after The Federal HPV Vaccination Programme was implemented. In add-on, the useful attack to this issue does non vouch the authorities any right to go against basic rule of informed consent and pick ( Smart & A ; Williams 1973: 62 ) . There were different ways in which the authorities violated this rule. First, it was earlier highlighted that despite public concern, the Prime Minister had already indicated that the plan would be approved. This meant that the authorities was non ready to see any input from the mark population. The execution of the programme should hold involved the mark population and acquire their blessing whether to take part in the plan or non. Although the authorities had earlier indicated that engagement in the programme was voluntary, school based programmes did non adhere to this rule ( Verweij & A ; Dawson 2004: 3125 ) . Out of their artlessness, and possibly without any cognition of the possible consequence of the programme on their wellness, school traveling misss flocked to have the vaccinums. In such instance the authorities should hold called all parents foremost and informed them of the at hand programme so that parents could do their determination whether their kids should have the inoculation or non. If the authorities failed to affect concerned stakeholders, who in this instance were parents, during the blessing of the programme, parental blessing should hold been sought by the clip the programme was being implemented at school degree. In order to cover with this ethical job, the authorities should recognize the importance of the rule of informed consent and the pick of participants ( Verweij & A ; Dawson 2004: 3125 ) . They should esteem the liberty of Australian school misss and seek the consent of their parents before kids receive vaccinums. Although some may reason that the harm has already been done because a figure of kids have already received the vaccinum, this should non be a ground to disregard pertinence of this rule. Sing the negative effects that have already been registered with the vaccinums, the authorities should every bit good halt the vaccinum until its effectives has been proven. This will guarantee that the rights of Australian misss to do informed pick will be respected. Decision Most medical programmes that target the mass are sometimes loaded with many ethical issues. From the basic point of blessing of such plans, pick of participants, enlisting and disposal, these programmes attract different contentions. The Federal HPV Vaccination Programme is one of such programmes that have attracted ethical contentions. From a useful position, this plan was meant to cut down the prevalence of cervical malignant neoplastic diseases among adult females in Australian. However the pick of Gardasil vaccinums remains controversial because there is no scientific information that backs the effectivity of the vaccinums. In add-on, the blessing of the plan was besides controversial because parent involved was non sought at national or school degree, which means the rule of informed consent was violated. Sing the negative consequence of the vaccinums on those who have received it, the authorities should instantly hold the plan until the effectivity of the vaccinums has been app roved. In add-on, authorities should besides affect the populace in the hereafter when doing of import public wellness determinations because they are stakeholders.