The book The Evolution of management thought

The book The Evolution of management thought In his comprehensive book The Evolution of Management Thought Daniel A Wren writes: Within the practices of the past there are lessons of history for tomorrow in a continuous stream. We occupy but one point in this stream. The purpose .. is to presentà ¢Ã¢â€š ¬Ã‚ ¦the past as a prologue to the future. Broadly it has been classified into : 1.Scientific management theory 2.Administrative management theory 3.Behavioral management theory 4.Management science theory 5.Organizational environment theory I. PRE SCIENTIFIC MANAGEMENT ERA à ¢Ã¢â€š ¬Ã‚ ¢I. Ever Since Down Of civilization. à ¢Ã¢â€š ¬Ã‚ ¢-Administration of mohenjodaro harappa Cities Of ancient aryan in 2000 B.C. à ¢Ã¢â€š ¬Ã‚ ¢-Buddha order and the sangha à ¢Ã¢â€š ¬Ã‚ ¢-Organizations of public life in ancient greece. à ¢Ã¢â€š ¬Ã‚ ¢Organisation of roman catholic church. à ¢Ã¢â€š ¬Ã‚ ¢Organisation of military force à ¢Ã¢â€š ¬Ã‚ ¢SECOND HALF OF NINETEENTH CENTURY à ¢Ã¢â€š ¬Ã‚ ¢Use of management Principles in business. à ¢Ã¢â€š ¬Ã‚ ¢Robert Owen-1813 :-Development of mgmt Concepts. à ¢Ã¢â€š ¬Ã‚ ¢Factor which influence the productivity of personnel in plants. Adam Smith (18th century economist) à ¢Ã¢â€š ¬Ã‚ ¢Observed that firms manufactured pins in one of two different ways: Craft-style-each worker did all steps. Production-each worker specialized in one step. F.W.TAYLOR AND SCIENTIFIC MANAGEMENT The systematic study of the relationships between people and tasks for the purpose of redesigning the work process for higher efficiency. Defined by Frederick Taylor in the late 1800s Wanted to replace rule of thumb Sought to reduce the time a worker spent on each task by optimizing the way the task was done. Frank and Lillian Gilbreth Studied fatigue caused by lighting, heating, and the design of tools and machines. Time and motion studies Breaking up each job action into its components. Finding better ways to perform the action. Reorganizing each job action to be more efficient. ADMINISTRATIVE MANAGEMENT THEORY The study of how to create an organizational structure that leads to high efficiency and effectiveness. Rules formal written instructions that specify actions to be taken under different circumstances Standard Operating Procedures (SOPs) specific sets of written instructions about how to perform a certain aspect of a task Norms unwritten, informal codes of conduct that prescribe how people should act in particular situations BEHAVIORAL MANAGEMENT THEORY The study of how managers should behave to motivate employees and encourage them to perform at high levels and be committed to the achievement of organizational goals. Focuses on the way a manager should personally manage to motivate employees. Mary Parker Follett   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Concerned that Taylor ignored the human side of the organization Suggested workers help in analyzing their jobs lf workers have relevant knowledge of the task, then they should control the task. MANAGEMENT SCIENCE THEORY An approach to management that uses rigorous quantitative techniques to maximize the use of organizational resources. Quantitative management utilizes linear programming, modeling, simulation systems and chaos theory. Operations management -techniques used to analyze all aspects of the production system Management Information Systems (MIS) provides information vital for effective decision making. Total Quality Management (TQM) -focuses on analyzing input, conversion, and output activities to increase product quality. ORGANIZATIONAL ENVIRONMENT THEORY The set of forces and conditions that operate beyond an organizations boundaries but affect a managers ability to acquire and utilize resources Open System A system that takes resources for its external environment and converts them into goods and services that are then sent back to that environment for purchase by customers. There is no one best way to organize The idea that the organizational structures and control systems manager choose depend on-are contingent on-characteristics of the external environment in which the organization operates. What is management? The term management encompasses an array of different functions undertaken to accomplish a task successfully. In the simplest of terms, management is all about getting things done. However, it is the way and the process of how one achieves ones target or goals and it is in this respect that management is considered an art and a science as well. The term management may be recently defined, but it existed at a time when men started learning the art of organizing, strategizing (during wars) and/or simply planning. At the core of it, management was quintessentially considered as an art of managing men and hence the term manage-men-T. Management is like investment. Managers have resources to invest their time, talent and, possibly, human resources. The goal (function) of management is to get the best return on such resources by getting things done efficiently. This doesnt imply being mechanical or narrowly controlling as some writers on management suggest. The managers style is a personal or situational matter and it has evolved over time. With highly skilled and self-motivated knowledge workers, the manager must be very empowering. Where the workforce is less skilled or not very motivated, the manager may need to monitor output more closely. Skilled managers know how flex their style, coach and motivate diverse employees. Getting things done through people is what they do. By saying that management is a function, not a type of person or role, we can better account for self-managed work teams where no one is in charge In a self-managed team, management is a group effort with no one being the designated managerAnd much later, management scholar, Peter Drucker (1993) defined management as Supplying knowledge to find out how existing knowledge can best be applied to produce results is, in effect, what we mean by management. But knowledge is now also being applied systematically and purposefully to determine what new knowledge is needed, whether it is feasible, and what has to be done to make knowledge effective. It is being applied, in other words, to systematic innovation. (Drucker, 1993) Today the importance of management from an organizations point of view has increased multi-fold. It is only through effective management that companies are developing and executing their businesss policies and strategies to maximize their profits and provide with the best of products and services. Management today combines creative, business, organizational, analytical and other skills to produce effective goal-oriented results! Some of the key functions in management includes learning to delegate, planning and organizing, communicating clearly, controlling situations, motivating employees, adapting to change, constantly innovating and thinking of new ideas, building a good team and delivering results which are not just figure -bound but results that also focus on overall growth and development. Management focuses on the entire organization from both a short and a long-term perspective. Management is the managerial process of forming a strategic vision, setting objectives, crafting a strategy and then implementing and executing the strategy. A good management style is a blend of both efficiency and effectiveness. There is no point in acting efficiently if what you are doing will not have the desired effect. Management techniques can be viewed as either bottom-up, top-down, or collaborative processes. Management is an organizational function, like sales, marketing or finance. It doesnt necessarily mean managing people. We can manage ourselves or the material assigned to us at work. If you managed a project very well on your own, it would mean that you did the job in a well-organized, efficient manner, making good use of all resources at your disposal. In India, largely the top down approach is popular. In the top-down approach, the management makes the decisions, which the employees have no choice but to accept. On the other hand, in the bottom-up approach, employees submit proposals to their managers who, in turn, funnel the best ideas further up the organization. However the bottom up approach is not a very popular approach in India as most of the Indian businesses are family run businesses. Management as art scientific principles and theories will be able to implemented in actual managerial situations. Instead, these managers are likely to rely on the social and political environment surrounding the managerial issue, using their own knowledge of a situation, rather than generic rules, to determine a course of action. For example, as a contrast to the example given previously, a manager who has a problem with an employees poor work performance is likely to rely on his or her own experiences and judgment when addressing this issue. Rather than having a standard response to such a problem, this manager is likely to consider a broad range of social and political factors, and is likely to take different actions depending on the context of the problem. Henry Mintzberg is probably the most well-known and prominent advocate of the school of thought that management is an art. Mintzberg is an academic researcher whose work capturing the actual daily tasks of real managers was ground breaking research for its time. Mintzberg, through his observation of actual managers in their daily work, determined that managers did not sit at their desks, thinking, evaluating, and deciding all day long, working for long, uninterrupted time periods. Rather, Mintzberg determined that mangers engaged in very fragmented work, with constant interruptions and rare opportunities to quietly consider managerial issues. Thus, Mintzberg revolutionized thinking about managers at the time that his work was published, challenging the prior notion that managers behaved rationally and methodically. This was in line with the perspective of management as an art, because it indicated that managers did not necessarily have routine behaviors throughout their days, but ins tead used their own social and political skills to solve problems that arose throughout the course of work. Another scholar that promoted the notion of management as an art was David E. Lilienthal, who in 1967 had his series of lectures titled Management: A Humanist Art published. In this set of published lectures, Lilienthal argues that management requires more than a mastery of techniques and skills; instead, it also requires that managers understand individuals and their motivations and help them achieve their goals. Lilienthal believed that combining management and leadership into practice, by not only getting work done but understanding the meaning behind the work, as effective managerial behavior. Thus, he promoted the idea of the manager as a motivator and facilitator of others. This manager as an artist was likely to respond differently to each employee and situation, rather than use a prescribed set of responses dictated by set of known guidelines. Another proponent of the management as art school of thought is Peter Drucker, famed management scholar who is best known for developing ideas related to total quality management. Drucker terms management a liberal art, claiming that it is such because it deals with the fundamentals of knowledge, wisdom, and leadership, but because it is also concerned with practice and application. Drucker argues that the discipline (i.e., the science) of management attempts to create a paradigm for managers, in which facts are established, and exceptions to these facts are ignored as anomalies. He is critical of the assumptions that make up the management paradigm, because these assumptions change over time as society and the business environment change. Thus, management is more of an art, because scientific facts do not remain stable over time. Managing is one of the most important human activities. From the time human beings began forming social organizations to accomplish aims and objectives they could not accomplish as individuals, managing has been   essential to ensure the coordination of individual efforts. As society continuously relied on group effort, and as many organized groups have become large, the task of managers has been increasing in importance and complexity. Definition: Management is the art, or science, of achieving goals through people. Since managers also supervise, management can be interpreted to mean literally looking over i.e., making sure people do what they are supposed to do. Managers are, therefore, expected to ensure greater productivity or, using the current jargon, continuous improvement. Management is not easy. It is not an exact science. In fact, it is seen as an art that people master with experience. Managing your businesss most vital assets is too important to leave to chance.People who believe management is an art are likely to believe that there is no specific way to teach or understand management, and that it is a skill borne of personality and ability. Those who believe in management as an art are likely to believe that certain people are more predisposed to be effective managers than are others, and that some people cannot be taught to be effective managers. That is, even with an understanding of management research and an education in management, some people will not be capable of being effective practicing managers. Practicing managers who believe in management as an art are unlikely to believe that scientific principles and theories will be able to implemented in actual managerial situations. Instead, these managers are likely to rely on the social and political environment surrounding the managerial issue, using their own knowledge of a situation, rather than generic rules, to determine a course of action. For example, a manager who has a problem with an employees poor work performance is likely to rely on his or her own experiences and judgment when addressing this issue. Rather than having a standard response to such a problem, this manager is likely to consider a broad range of social and political factors, and is likely to take different actions depending on the context of the problem. The perspective of management as an art assumes to some extent that a manager has a disposition or experiences that guide him or her in managerial decisions and activities. Thus, with this perspective, many managers may be successful without any formal education or training in management. While formal management education may promote management as a science,many development efforts support the notion of management as an art. To cultivate management talent, organizations offer mentoring, overseas experiences, and job rotation. These activities allow managers to gain greater social and political insight and thus rely on their own judgment and abilities to improve their management style. Much of mentoring involves behavior modeling, in which a protà ©gà © may learn nuances of managerial behavior rather than a set of specific guidelines for managing. Overseas experiences are likely to involve a great deal of manager adaptation, and the general rules by which a manager might operate in one culture are likely to change when managing workers in other countries. Finally, job rotation is a technique that requires a manager to work in a variety of settings. Again, this encourages a manager to be flexible and adaptive, and likely rely more on his or her personal skill in manag ing. Management actually more of art than science. A huge part of Management is leadership, and no matter how many books and courses you take on the subject, if you dont have it in you, then the best you can be is a poor manager. On the flip side, a manager, even with the right innate skills, can make a lot of obvious mistakes if he didnt study well.   Management as science Science can be defined as any skill or technique that reflects a precise application of facts or a principle.. In practice, management as a science would indicate that managers use a specific body of information and facts to guide their behaviors, and that management as an art requires only skill and no specific body of knowledge,. Management Science deals with development and application of the concepts and models in case of any issues and solves managerial problems. The models are usually represented mathematically, but sometimes a few other methods such as computer-based, visual or verbal representations are also used. Believers of management being a discipline of science believe that there are ideal managerial practices available for certain situations. A manager who believes in the scientific principles, when encounters a managerial dilemma has got the view that there must be a rational and objective way to determine the correct course of action. It is possible that the manager will adopt the general principles and theories and also by creating and testing hypotheses. For example, when the employees performance is poor then the manager assumes that certain principles will work in most situations and reacts accordingly to the issue. The concept may be something learnt from a business school or through any f ormal means of training that the person might not consider other factors such as the political and social factors involved in the situation. Many early management researchers opined that managers are like scientists. The first theory that served subscribed to the vision of managers as scientists. The scientific management movement was the primary driver of this perspective. Scientific management, by Frederick W. Taylor, Frank and Lillian Gilbreth, and others tried to discover the one best way to perform jobs. The theory was published in Taylors monographs, Shop Management (1905)] and The Principles of Scientific Management (1911).The main aim was to bring in a theory to evaluate and organize work in order to get the optimum efficiency and effectiveness. The pig iron is the best illustrative of the scientific management theory. The load was split into lots weighing 92 pounds each, known as the pig. On an average 12.5 tons were loaded onto the rail cars by the workers but Taylor believed that it could be increased to 47 or 48 tons per day and as he had believed it completely worked. The following result was achieved by Matching the skill sets of the workers with that of the task that is required to do. Clear instructions are being provided for the workers on how to perform each of the tasks and it was ensured that the the instructions were being followed. Equal division of labour between the workers and the management. The employees were then motivated by providing them with a significantly higher daily wage. It was believed that the shop floor by 200% through the following principle. The theory of scientific management was adopted throughout the world including France, Russia and Japan. McDonalds has been successfully adopt the principles of Scientific Management into its system in the areas of bonus systems, the mutual understandings with the workers and systematic training provided The theory completely created a paradigm shift in the understanding the psychology of workers thus reducing the efficiencies to a very large level. Management, like other sciences has its own principles, laws, generalization which is universal in nature and can be applied to various situations. But management could not be treated in the same way as the other sciences are being treated, the sole reason being that management deals with people and it is very difficult to predict human behaviour accurately. Therefore, it can be said that management falls under the category of Social Sciences. Management has taken a giant leap in this century. Many are of the misconception that the scientific method will provide solutions to all problems but managers must understand that they must contend with the uncertainties that cannot be removed by the scientific endeavour. With the era being an era of science and technology, it is quintessential that we understand their importance. It is inevitable that every business involves some amount of scientific and technological systems. Management is a science as the scientific principles and rules (such as Taylors theory of scientific management and Webers conception of social and economic organization) that have been devised can be applied for improving productivity. Management as technology What is managementWhat is technologyAre these two related somewayIs technology good or bad These are some basic questions that we shall try to answer to understand this concept of management as technology Technology is the scientific methodology and the materials used to achieve certain goal or solve a particular problem. Management is the process of getting activities completed efficiently and effectively with and through other people. In laymans words, Management is to manage the man, money machine and technology helps in better management In todays world everybody is using technology in some way or the other whether knowingly or inadvertently. Technology is everywhere around us; in our homes, in our offices etc. The role of technology becomes even more important when it comes to the application of various functions of management. Todays business scenario is extremely fast, dynamic and full of uncertainties. Todays managers cannot afford to waste time on getting information ,then analysing it, then concluding results out of that raw information and then executing plans .Thus .here comes technology to his rescue. Technology makes it faster, far more efficient and easy for the managers to get results out of pieces of information and then formulate and execute plans and in turn generate profits for the business. But the question is How does technology do it and what technologies are available? A lot of technologies are available today to help out managers to take fast and effective decisions as well as expand their businesses. With the help of technology various software tools have been designed to manage all types of help desk customer service related tasks. It allows you to centrally record, track, update proactively manage customer service CRM related tasks, issues projects by allowing you to create, customize and automate workflows processes. Technology is designed to create, optimize automate business process based upon the customers requirement. It delivers complete transparency control to manage different workflows approvals for all types business enterprises. Technology allows organizations to proactively manage issues. Technology provides simple, easy to use, customizable web-based business management tools.   Technology management can also be defined as the integrated planning, design, optimization, operation and control of technological products processes and services, a better definition would be the management of the use of technology for human advantage. Today technology is used in every section of management whether it is marketing management, production operation management, human resource management, finance management or systems management. Project management is also the important part of technology management. Project management is the discipline of planning, organizing and managing resources to bring about the successful completion of specific project goals and objectives.   The primary challenge of project management is to achieve all of the project goals and objectives while honoring the preconceived project constraints. Typical constraints are scope, time, and budget. The secondary challenge is to optimize the allocation and integration of inputs necessary to meet the pre-defined objectives. Some tools that are used in the Organizations are :- Online business networking Networking is a marketing method by which business opportunities are created through networks of like-minded business people. Businesses are increasingly using business social networks as a means of growing their circle of business contacts and promoting themselves online. In general these networking tools allow professionals to build up their circle of business partners they trust. By connecting these business partners the networking tools allow individuals to search for certain people within their network. Since businesses are expanding globally, social networks make it easier to keep in touch with other contacts around the world. Specific cross-border e-commerce platforms and business partnering networks now make globalization accessible also for small and medium sized companies. Social networking websites like LinkedIn.com, Facebook.com are some technologies that help businessmen meet each other online and remain in contact from any part of the world. Sharing of ideas and thoughts Blogs and certain websites like Twitter.com etc are some technologies which provide a platform where people can share their thoughts and present their opinions. Database management and data mining Today no longer we need any books etc to maintain data and records because today we have online database management systems which not only record our data but we can also query out information very fast and effectively. Data mining is the process of retrieving useful patterns out of data stored in the data warehouses which helps managers to analyze data and take quick decisions from the patterns. ERP Enterprise Resource Planning (ERP) is an integrated computer-based system used to manage internal and external resources, including tangible assets, financial resources, materials, and human resources. It is a software architecture whose purpose is to facilitate the flow of information between all business functions inside the boundaries of the organization and manage the connections to outside stakeholders. Built on a centralized database and normally utilizing a common computing platform, ERP systems consolidate all business operations into a uniform and enterprise-wide system environment. In the absence of an ERP system, a large manufacturer may find itself with many software applications that cannot communicate or interface effectively with one another. ERP systems connect the necessary software in order for accurate forecasting to be done. This allows inventory levels to be kept at maximum efficiency and the company to be more profitable. Integration among different functional areas to ensure proper communication, productivity and efficiency Design engineering (how to best make the product) Order tracking, from acceptance through fulfillment etc. Thus, we just now learnt about some technologies that the managers have at their disposal to help them out perform critical managerial functions. So, now we can certainly say that yes management and technology go hand in hand and without technology, management would become too difficult. Modern Management Theories and Practices Management thought has been evolving and redefining itself . There have been three phases of development during the process The Classical Approach, The Human Relations Approach and the contemporary approaches. The classical approach just emphasized the importance of production and administration process within the organization. The Human Relations Approach elucidated the importance of maintain human relations and thus adhering to sound practices in order to achieve the harmony. The contempropry approaches laid importance on the social systems, the decision making process and the application of quantitative methods. These are often grouped together as modern approaches. The classical management approach, developed during the Industrial Revolution, suggested the development of standard methods for doing jobs and the people were trained and they worked like machines. Every person had his own specialized work and he had to do it. This approach accentuated the work element and did not see the workers as human beings but machines. As management became more sophisticated, there was a shift from the era of production or the stress on production to punctuation on human relations. The Hawthrone experiments clearly indicated that apart from the working conditions and the physiological state of the workers, there were other factors influencing the productivity. George L. Mayo postulated these factors as social and psychological in nature. Recent Developments in Management Theory The recent developments in the management theory have been the Systems Approach, Situational or Contingency theory, Chaos theory, and Team Building theory. The Systems Theory: A system is looked at as having inputs (e.g., raw materials, funds, and human resource), processes (e.g., planning, organizing, motivating, and controlling), outputs (products or services) and outcomes (e.g., enhanced quality of life or productivity for customers/clients, productivity). According to this approach, the four aspects of the system is inter connected and this can be used to determine patterns and events. The Situational or Contingency Theory: This theory postulates that all aspects of the situations must be taken into account when managers make a decision. For e.g. if one is leading a military troop, then an autocratic style or a bureaucratic style must probably be adopted, whereas in the case of a medical facility, a more participative and facilitative leadership style will be more suitable. The Chaos Theory: This theory suggests that systems naturally tend to go complex and hence will lead to more volatility and instability. Thus inorder to maintain a balance, it is important to exert more energy. This trend continues until the system splits and falls apart entirely. Manager must be able to effectively scrutinize and take care so that mishaps dont happen. The Team Building approach: This theory postulates that team building is the essence of providing quality circles, best practices, and continuous improvement within the organization. This theory also elucidates that the reduction of levels of hierarchy or flattening of the system will bring in more effectiveness. Consensus management is the essence of the theory that is involving more people at all levels in the process of decision-making. MODERN MANAGEMENT PRACTICES The basis of Modern Management Practices are based on Leadership and Commitment, Business Planning and Risk Management, Control Systems, Performance Management, Accountability Management Leadership and Commitment: Open-door management style, strong management board, good relationship with staff, importance in the area of values and ethics are all the prerequisites of Modern management. The Senior Financial Officer and the staff play a strong leadership role in the organization and participate in all major business decisions. Business Planning and Risk Management Strong linkage exists between business planning and management accountability agreements. This is achieved by setting well defined the corporate strategies and priorities.

Design Activities and Environments Essay

1. Review the definitions of architectural and detailed design and the brief descriptions of high-level design activities at the beginning of the chapter. Which activities are clearly architectural? Which are clearly detailed? Which can be architectural or detailed? Designing the support services architecture and deployment environment and designing the software architecture are clearly architectural. Designing use case realizations and designing the database are clearly detailed. Designing the system and user interfaces and designing the system security and controls can be architectural or detailed. 2. Discuss the evolution of client-server computing from file server to multilayer applications to Web-based applications. What has been the driving force causing this evolution? Where do you think network computing will be in the next five years? Ten years? Cheaper computers, and networks, ubiquitous networking, and the desire of companies to increase the accessibility of their systems to increase the customer base/satisfaction, gain efficiencies from greater inter- and intraorganization coordination, and greater flexibility to reorganize people, processes, and systems. 3. Assume that the deployment environment for a high-volume payment processing system consists of the following: †¢ DB2 DBMS running under the OS/390 operating system on an IBM S/390 mainframe †¢ WebSphere application server running under the Z/OS operating system on an IBM zSeries 900 mainframe †¢ CORBA-compliant component-based application software written in Java that will be executed by other internal and external systems What are the key architectural design decisions that must be made for the system? When should the decisions be made and who should make them? Outline the subsequent design tasks that should occur after the key architectural design decisions are made. To what extent can the subsequent steps be performed in parallel? Some key architectural decisions to explore include: the key components and subsystems, where each component will execute and how will all of the pieces interoperate (which requires nailing down how the network, CORBA, and database infrastructure will be configured)? Many of the decisions depend on whether the supporting infrastructure is already in place. If it is, then many of the architectural decisions can be delayed until much code has been written and tested. If not, then the required infrastructure and tools will have to be acquired and configured. Developers will have to be trained, and architectural design will need to occur early to ensure that the developers don’t make any â€Å"mistakes† due to lack of fit with the development or deployment environment. Note that an OO development approach is assumed given the nature of the infrastructure and tools 4. Develop a network diagram that supports the architectural design decisions in your answer to number 2. Answers will vary. Some important points that should be included are: File servers just sent the data across the network. They tended to use lots of bandwidth, because the entire file was sent. Also, since the applications that processed the data were on all the different workstations, deployment and maintenance of these applications was expensive. Application servers moved the applications from the workstations (clients) to the server. This made it easier to maintain a consistent set of applications and to upgrade the applications. This movement was influenced by the appearance of â€Å"thin clients† that had very little storage, but good processing capability. However, due to the drastic reduction in storage costs, thin clients have not caught on. Multi-tier networks are where multiple servers and clients work together to provide the complete functionality of a system. Some processing will be on the clients. Servers such as database servers and application servers provide additional capability. The driving force behind much of this is the rapid growth and capability of the Internet and languages such as JAVA with protocols such as J2EE. Microsoft’s .NET also provides capabilities to have distributed systems. Answers for the future will vary.

Entertainment Law Essay

The issue at hand is whether Mary, through a contract with Mr. Shifty, Dream Works Picture’s Vice President of Production, is entitled to compensation. (Rule) By meeting the standards of the six elements an agreement, consisting of an offer and acceptance; consideration; capacity; legal purpose; genuine assent; and writing, if any. Mary Asher has a valid, contract with Mr. Shifty, a representative of Dream Works Pictures. Agreement, the first of the six relevant elements, is a meeting of two or more minds in regard to the terms of a contract. The process of agreement usually involves two steps. The first step is offer. An offer is a promise or commitment to perform or refrain from performing some specified future act made by the offer. Secondly ,is acceptance by the offeree either in the form of words or of conduct, which indicate agreement to the terms of the offer. An offer may be made to the general public, but no person can accept such an offer unless he knows that the off er exists. Mr. Shifty indeed entered into an agreement with Mary. His offer was indication of willingness to enter into a contract with her. The agreement consisted of him to observing her story’s synopsis. Consideration is the second of the mention elements. Consideration is Value given in return for a promise. Consideration must be (1) legally sufficient and (2) bargained for by the party receiving it. Legally sufficient is a consideration may take promising, performing and refraining. Consideration is bargained for if it is sought by the promisor in the exchange for the promisor’s promise and the given the promise in exchange for the promisor’s promise. A bilateral contract is an exchange of promises. Thus, each party is both a promisor and a promisee. The promises are binding provided there is either a legal benefit to the promisor or a legal detriment to the promisee. Each promise is the consideration for the other, which is referred to as mutuality of obligation. Mary and Mr. Shifty made a bilateral contract to one another. Therefore, they had Mr. Shifty had an obligation to Mary. Capacity, is three relevant elements, is challenged in terms of Mary’s age. However, her age has no effect on the validity of the contract. According to the law, a minor or a person who is under the age of legal majority, eighteen in most jurisdictions, is considered to possess legal capacity. Liability is any contract involving a minor is voidable. Further, the contract is only voidable by one of the parties, the minor entering into the contract. . The exercise of a minor’s power to void a contract is known as disaffir ¬mance. As mentioned, a minor has the ability to void a contract at his or her own discretion. A minor may disaffirm a contract at any time before reaching the age of majority. Also, unless already ratified. The individual has reasonable time after he or she becomes of age to void the contract. Ratification can occur in three ways: (1) express, (2) implied Liability for necessaries deals with items that reasonably supply a person’s needs. Minors are liable for the reasonable value of necessary items, which may be different fro m the contract or selling price. Necessaries include products that the minor needs to maintain a reasonable lifestyle†. By offering to look at her synopsis of a story, Mr. Shifty indeed entered into an agreement with Mary. His offer was indication of willingness to enter into a contract with her. Both parties agreed on an oral agreement. Legal purposes, is the fourth element. It falls under unconscionable contract and substantive unconscionability. Unconscionable contract is contracts that contain terms that are unfairly burdensome to one party and unfairly beneficial to the other. Substantive unconscionability arises when the contract contains term that deprives one party of the benefit of its bargain or of any meaningful remedy in the event of breach by the other party. Mr. Shift took all of the beneficial advantages of Mary synopsis story. Leaving Mary with unfair burdensome. Genuineness of assent the last relevant element is a party who demonstrates that he or she did not genuinely assent to the terms of a contract may avoid the contract. Genuine assent may be lacking due to mistake, fraudulent misrepresentation, undue influence, or duress. The true contracts entered is a lacking contractual capacity, contracts lacking genuine assent are voidable, not void. (Application) In this problem, Mary was a minor at the time she and Mr. Shifty made an agreement. The agreement consisted of him to observing her story’s synopsis. He accepted by grabbing her hand, giving her a wink, and saying, â€Å"anything you send I accept.† The next day she mailed the synopsis to him. A year later he produced a movie by Dream Works that was identical to Mary’s story involving the scientist’s experience in the Arctic. Now she has reached the age of majority and can ratify the contract with Dream Works Pictures. As a result, Mr. Shifty is entitled to compensation through a contract with Mary. (Conclusion) Therefore, since they both parties agreed on the oral agreement and she was a minor at that time there is a valid contract with Mary and Mr. Shifty.

Writing News Emily Dickinsons Manuscripts to Receive a Brand New Edition

New Directions Press has shared a piece of fascinating news for every Emily Dickinson enthusiast out there. If you were ever interested in seeing her writing in the exact way she wrote them, then your time has probably come. The publishing house in question is going to release the first full color facsimile edition of Emily Dickinson’s Manuscripts under the title The Gorgeous Nothings. What it so unusual about it? It is an attempt to show her late, experimental works in exactly the same way they were written. And here we speak not only about the author’s handwriting, but also what they were written on – in this case, on the scraps of old envelopes. All in all, the book includes fifty-two of these envelopes: full color, life-size, both front and back. For those who are unable to understand Dickinson’s handwriting, there is a transcription for every text. Of course, Emily Dickinson is not unique in this respect. As most people who are interested in the history of literature probably know, a lot of famous writers have left at least some of their legacy on scraps of paper which are not popularly associated with literary work: envelopes, letters, napkins, pages from pull-off calendars and so on. Among them were Keats (the first draft of his famous â€Å"Ode to a Nightingale† was written in exactly the same manner), Emily and Charlotte Bronte, F. Scott Fitzgerald, Mary Shelley, Bob Dylan and many others. The purpose of this unusual edition is to give readers an opportunity to get deeper into the world of their favorite author – deeper than it was possible ever before, because her works have never been presented in such a way in the past. According to the representatives of New Directions Press, this unusual project was brought about by an artist Jen Bervin, a Dickinson scholar Marta L. Werner and a poet Susan Howe who provided some contributions to the final product as well. They consider it to be a great step forward for the Dickinson studies and community, popularizing them and offering a fresh viewpoint on the works of the famous poetess. The edition is sure to be interesting both for Dickinson enthusiasts and simply people who are fond of collecting rare and unusual books. It is announced that The Gorgeous Nothings is set to be released on October 29, 2013.

Essay about Analysis of an Extract from William...

Analysis of an Extract from William Shakespeares Othello In the play Othello, four characters are murdered. The character Iago, who manipulated certain characters into wanting to kill them. Desdemona, Emilia, Othello, and Roderigo, are killed. Iago originally did this out of jealousy of Othello and Roderigo. The deaths of these four characters were inevitable. There was justice in this play for all of the characters who were involved in the killing of the four characters. Act V Scene II in many ways represents the emotional climax of the play. The events which have preceded this point have led Othello to the decision to kill his beautiful wife Desdemona. The major themes of this act are†¦show more content†¦The sight of Desdemona lining asleep makes it even more difficult for Othello to commit her murder. Shakespeare makes expert uses of simile to paint a picture of pristine beauty and innocence whiter skin of hers than snow. This creates an image of a snow covered landscape unspoiled by any signs of life. This whiteness is also representative to innocent in a similar manner to a bride on her wedding day. à ¢Ã¢â€š ¬Ã‚ ¦smooth as monumental alabaster creates the image of unblemished innocence. Shakespeare is successful through the use of these similes in creating in the readers mind the idea of innocence asleep on the bed. We understand why Othello struggles with the felling of love and hate. Yet she must die Shakespeare makes use of constructs to jolt the reader out of the revelry of innocence. These words seem very harsh and bring back to us the reality of what Othello has come to do. Othello wishes to restore Desdemona to the pedestal on which he had put her by killing her Othello thought only the memory of her former purity would remain. Having destroyed her physical body he felt would detach her from her physical sin that he though she was guilty of Shakespeare makes interesting use of metaphor. He refers to Desdemona asShow MoreRelatedThe Obsessive Nature Of The Love Felt By Othello, By William Shakespeare2617 Words   |  11 Pagesthree texts seem to contain a fundamental principle which acts as a barrier for ‘love’ – whether it be religiously, culturally or evolutionary. Firstly, it is difficult to identify the obsessive nature of the love felt by Othello, at the beginning of William Shakespeare’s Othello, as his love towards Desdemona could be interpreted as ‘agape’ or certainly be seen as unconditional since the couplet persistently demonstrate a meaningful, more philosophical love towards one another. When used by ChristiansRead MoreDuchess Of Malf Open Learn10864 Words   |  44 Pagesplay and will help you to develop your skills of textual analysis. This unit focuses mainly on Acts 1 and 2 of the play. You should make sure that you have read these two acts of the play before you read the unit. The edition of the play that is used in this unit is the Pearson Longman (2009) edition, edited by Monica Kendall. However, there are free versions available online that you may prefer to use. This unit is an adapted extract from the Open University course A230 Reading and studying literatureRead MorePlay Macbeth11979 Words   |  48 Pagesout his ambitious nature, but he struggles with killing the king. By attacking his manhood, Lady Macbeth convinces him to committ the first of his evil deeds. Macbeths evil deed causes him to suffer from fear and guilt, which leads to even more evil crimes. Then Macbeth becomes paranoid, suffering from hallucinations and sleeplessness. He becomes less human as he tries over and over to establish his manhood. His ruthlessness in killing Banquo and Macduffs family shows how perverted his idea of manlinessRead MorePlay Macbeth11985 Words   |  48 Pagesout his ambitious nature, but he struggles with killing the king. By attacking his manhood, Lady Macbeth convinces him to committ the first of his evil deeds. Macbeths evil deed causes him to suffer from fear and guilt, which leads to even more evil crimes. Then Macbeth becomes paranoid, s uffering from hallucinations and sleeplessness. He becomes less human as he tries over and over to establish his manhood. His ruthlessness in killing Banquo and Macduffs family shows how perverted his idea of manlinessRead MoreGp Essay Mainpoints24643 Words   |  99 PagesConnections to a wider spectrum of professionals ( greater insight into issue at hand †¢ E.g. 2008 U.S. Presidential Elections (bloggers provide personal opinions about who was likely to win but New York Times invited experts to do a state-by-state analysis presenting results in a full-page spread, culminating in a detailed map showing states Democrats were likely to win) †¢ Anonymity: given free rein to publish any thought that comes to mind †¢ E.g. For every worthwhile video present on the site

Will I Survive High School - 1184 Words

Year 7 Life You walk into the school, on the first day. Can you hear that? It’s the ring of the bell. Ding†¦ding†¦ding! Or something like that. You’ll hear the school bell ring 10 times a day! Butterflies and nerves start filling your stomach and your whole body in a matter of seconds. Your heart starts beating and thumping 100 kilometres an hour, as loud as a jumbo jet. Thoughts start racing through your mind- â€Å"Am I going to make friends?† â€Å"Will I survive high school?† Those sort of questions aren’t as rare as most people might think. All the nerves, the worries and negative thoughts are very common and shared amongst most, if not all Year 7 students transitioning into high school. There’s so much to think about. The homework, the social life, the workload, and much more! That’s why in Term 1, all Year 7s are split up into several groups, and each group is provided with 2 Peer Support Leaders. Each group will be taken out of class once a week, and they will be shown around the school. The teachers, the classrooms and the students. All Peer Support Leaders are hand-picked, ensuring that all Year 7 students have the smoothest transition possible into their new lives at high school. â€Å"Is there a lot of homework?† That is the question on so many young minds of incoming students. That question does tend to cross most young minds upon transition into secondary school, and when the question is answered, a whole lot of weight is lifted off many people’s shoulders. Answering thatShow MoreRelatedFormal Education Essay1112 Words   |  5 Pageseducation do you think we need to survive? It is two types of education you need to survive. You need a formal education which is the grade level and learning from a teacher. The other type is life lessons. If you get a job with no high school education you will get paid less money. Formal education and life skills are necessary if you do not want to get played and if you want to make money. Gayle Allen said in her article â€Å"The skills students need to survive and thrive,† that â€Å"Hiring well isRead MoreEssay on Beals’ Reflection and Analysis1151 Words   |  5 PagesCentral High S chool, the highly segregated school in Arkansas in 1957. Despite the many objections from the segregationists and the Governor Faubus, the nine students were able to complete the school year. During the school year of 1957 – 1958, Melba and eight other African-American students received tremendous harassments from the Central High students, parents, administrators, and segregationists. Beals’ mother almost lost her, because she supported her daughter’s decision to attend Central High. 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Central Bank and Monetary Policy

Question: Discuss about theCentral Bank and Monetary Policy. Answer: Introduction Central banks play a significant role in ensuring the economic stability and robust financial system of the country. The following report highlights the role of central bank of Australia in regulating the financial system and economic environment within the country and the regulatory requirements imposed on the bank in performing its responsibilities. It further outlines the importance of monetary policy and its impact on the asset value and yields. Further, the importance of leverage in context of banks is discussed along with the role of ADIs and Basel Accords in addressing the risk faced by banks that are inherent in the banking system. Role of Central Bank in Australia in Implementing Monetary Policy The Reserve Bank of Australia acts as the central bank. It has accountable to make the monetary policy. This policy is effective to maintain the tough financial structure. Besides, it makes the regulation to provide the banking services to several public body, overseas banks and authorized institute. Furthermore, the major role of the Reserve Bank of Australia (RBA) is manage the gold and Forex reserves of Australia. Their role and function are regulated by the two different boards named the Reserve Bank Board (RBB) and the Payments System Board (PSB) (Reserve Bank of Australia, 2016). In the section 10 (2) and 11(1), RBB makes obligation about the financial policy. In this way, section 10(2) defines the responsibilities of the RBB. These duties are related to maintaining the constancy in Australian currency, full employment and economic wealth of the Australia. Moreover, section 11(1) of the act explains the requirements to discuss with the Government. In this regards, it can be opined that the RBB occasionally informs the Government about the monetary policy (Gorajek and Turner, 2010). On the other side, in section 10B (3), payments system board (PSB) defined that the payments system policy of the bank facilitates the great benefits to the Australian. Besides this board will controlling the risk in the financial system. It also promoted the rivalry in the marketplace regarding the payment services (Tricker, 2015). Regulatory Requirements Imposed on the RBA in Performing their Responsibilities The Reserve Bank of Australia is itself an apex institution that sets rules and regulations for effective governance of financial and banking system, payments system, and other fiscal matters. However, the decisions of the RBA affect the public and other business, thus, even RBA is accountable. As such certain regulatory requirements are also imposed in the RBA under the Public Governance, Performance and Accountability Act 2013. This act places a positive duty on RBA to cooperate with other entities, and not operate in isolation, to achieve common objectives. Additionally, the Governor has to present a report annually to the Treasurer for presentation to the Parliament (The Parliament of the CommonWealth of Australia, 2013). Moreover, RBA is accountable to The Parliament of the CommonWealth of Australia for its actions and has to consult with the Australian Government regarding monetary and banking policy as per the norms of the Reserve Bank Act 1959. The RBA also has to maintain transparency in its communication (RBA, 2016). Economic Position of Australia, Monetary Policy and its Effects The Australian economy is experiencing an economic growth rate of 3.1% with inflation rate stuck at 1.3% and cash rate of 1.75% (RBA, 2016). The economy is experience economic growth. However, substantially low inflation level is negatively impacting the exchange rates and bond yields. Moreover, there is a fair chance that the economy will get stuck into deflationary spiral (Gerber and Shapiro, 2016). Thus, the monetary policy of the RBA is aimed towards bring the inflation level in the range of 2% to 3% on an average. At this rate, the inflation will be sufficient low that it will not adversely impact the economy. However, as the economy is experiencing low level of inflation, increasing the inflation with the help of appropriate monetary policy will give a short-term stimulus to the economy so as to increase its economic activity. In this regard, the RBA has adopted easy monetary policy and has reduced its cash rate to 1.75 % to support domestic demand in the economy. As such low levels of cash rate, savings are discouraged and spending is encouraged to increase the aggregate demand in the economy (RBA, 2016). The monetary policy implemented by the RBA directly affects the cash rate which in turn affects interest rate in the economy which further affects the asset values. It subsequently affects the wealth and spending decision of the people and firms. Besides this, it is defined that if the interest rates are high, then it can be anticipated that it will lead to decline in the values of various assets. Along with this reduction in prices of assets, it could be anticipated that there will reduce spending as wealth of the people would be less in this scenario. Further, borrowing capacity of those assets that were used as security for loans would be also reduced (Hollifield, et al., 2014). However, these results could be very different in the real world. This is certainly not true that asset prices respond instinctively to modification in interest rates. There are several factors that influence the asset values such as changes in expectations and general business cycle circumstances. Furthermore, the effect of asset prices on spending decisions is also quite variable. The reason behind it is that there are some factors that modify the asset prices (Downes, et al., 2014). Therefore, it can be said that in the initial phase of the asset price cycle, asset prices increase that facilitates to expand the security and increase growth in credit and spending. In this case, these effects are closely associated with the credit supply channel. Importance of Leverage and Impact on Central Bank Practices Leverage holds a significant place in case of banks and financial institutions because borrowing and lending is what they exist for (Gans et al., 2011). Banks are amongst the most leveraged institutions as debt forms greater portion than banks own capital in process of asset financing. A bank lends out money that was deposited by its customers. In views of the Reserve Bank of Australia governor, leverage matters because a high level of leverage increases the risk of loss of depositors money in case of any economic turbulence. It was because of unchecked leverage created by the banks that allowed the relatively small asset class of subprime mortgages to trigger a crisis like that of 2007-2009. Thus, the level of attention paid to leverage ratios has increased since then and banks are being subject to stricter norms related to capital requirements and reserve ratios. There is an increasing pressure on banks to finance its assets through its own capital rather than debt to create greate r shock absorbing capacity in case of loss. Moreover, a leverage target helps to regulate the volume by naturally limiting the amount of loans made because it is rather difficult and expensive to raise capital than it is to borrow funds (Haswell, 2016). In conclusion, the Reserve bank of Australia uses leverage and capital adequacy ratios to check the level of leverage. These ratios indicate the financial health of banks and show the amount of free equity with the bank to deal with crisis (Lannin, 2015). To ensure that assets are financed with banks own capital, including common equity tier one assets like equity and reserves, rather than borrowed capital, the banks are aiming core equity tier one ratios of 8.5% so as to increase the financial strength of the banks and reducing the risk of losses that would fall to the shareholders and the RBA plays a significant role in ensuring that adequate leverage is maintained by the banks (Carney, 2013). Role of ADIs in Dealing with Risks Authorised Deposit-taking Institutions (ADIs) are institutions sanctioned to accept deposits from customers under the Banking Act 1959. These institutions include banks, building societies and credit unions. As they accept and lend money to their customers/members, they are subject to risks arising out of such transactions. These risks include credit, liquidity, operating and interest rate risks. Credit risk is defined as the risk in which borrower fails to meet their contractual obligations related to making the interest and principal payments at the scheduled time. Therefore, they are unable to meet the terms and conditions of the loan agreement (Turner, 2011). To reduce this risk, ADIs use risk-weights on its assets and exposures for capital adequacy purpose. These risk-weights are based on credit rating grades provided by external credit assessment institutions on the probability of default on the part of other party (APRA, 2013). Operating risk is defined as the uncertainties that may occur in the actual operations of the banks due to inadequate internal procedures, people and arrangements or from external affairs (BIS, 2011). Hence, ADIs acts in accordance with the several prudential standards set by APRA. It includes standards with respect to the acceptable governance, risk management and internal control arrangements. Besides this, ADIs sets out the prudential standards that specify the minimum capital requirement based on their risk profile. Thus, they are required to maintain an adequate internal capital buffer to withstand adverse shocks posed by operational risks to protect its creditors (Turner, 2011). Liquidity risk arises when the bank does not know about the borrower request and also unaware that when and how depositors withdrawn the money. It is stated that to deal with liquidity risk in ADIs, APS210 was established in 1998. Under this framework, each bank is required to maintain the given percentage of liabilities in the form of government securities, cash and deposit with the RBA (Hull, 2012). In this way, it includes a different strategy to manage the liquidity such as setting a limit on maturity mismatches, holding liquid assets, diversifying liquidity sources and developing assets sales strategy. Interest rate risk arises due to fluctuations in interest rate in the Australian economy. In this case, ADIs deal with the problem to match the asset and liabilities structure. Besides this, it attracts the longer-term depositors and reduces the asset maturity in order to deal with the interest rate risk. Another approach used by the ADIs is to set up loans with variable interest rates in building society loans for housing (Akhter and Hasan, 2015). Role of BASEL Accords in Dealing with Risks The Basel Committee on Banking Supervision was formed in 1974 by the governors of central banks of the G10 countries in the wake of breakdown of the Bretton Woods system of regulated exchange rates in 1973. The committee was established as a forum for regular cooperation on banking regulatory affairs with the purpose to improve the quality of banking supervision around the globe. For this, the committee formulates standards, guidelines and recommendations for sound banking practices. These standards are popularly known as Basel Accords. Until now, the committee has provided three Basel norms namely, Basel I, Basel II and Basel III. These Accords help the banks in mitigating different risks associated with banking practices like credit risks, liquidity risks, etc. (BIS, 2015). Basel I: In 1988, the committee published a set of minimum capital requirements for banks, the Basel Capital Accords to address the problem of credit risk. This Accord called for minimum capital ratio of 8% to be implemented by banks by the end of 1992. Further, in 1996, the committee incorporate a capital requirement for the market risks as a result of banks' espial to foreign exchange, commodity derivatives and options within the Accord to address market risks. Basel II: In 1999, the committee proposed a new capital adequacy structure to succeed the 1988 Accords with a view to provide significantly more risk-sensitive capital requirements. The revised framework now incorporated three pillars related to minimum capital requirements, supervisory process and disclosure and market discipline. The new Accords standardized the banking rules and regulations for international banks. Along with addressing credit and market risks, these Accords also addressed operational risks and disclosure norms (Porter and Chiou, 2013). Additionally, it mandated the use of credit rating provided by external rating agencies to set the risk weights for various claims. Basel III: The poor governance and risk management on the part of banks led to mispricing of financial risk, and excess mortgage growth. To remove the flaws of Basel II that emerged during the 2008financial crisis, the committee proposed Basel III norms in 2010. The objective of the new Accords was to endorse a more strong banking system by focusing on criteria such as capital, debt,funding and liquidity. It also helps in addressing systematic risks. The new Accords defined the new capital and liquidity standards and strengthened the three pillars given by Basel II. Thus, Basel Accords are very helpful in mitigating the risks that the financial system is exposed to due to the nature of its work. Conclusion Reserve Bank of Australia plays a significant role in implementing monetary policy which is aimed at bringing the inflation rate in the country in the range of 2% to 3%. Moreover, the RBA is answerable to the Parliament for all its conduct and decisions. Also, the bank has to cooperate with other entities for achieving common objectives as per the regulations of the PGPA Act 2013. Additionally, it can be concluded that leverage is important in context of banks as it holds key to the safety if the shareholders money. Thus, banks are required to maintain adequate levels of debt and equity in their portfolio. Further, ADIs mitigate its financial risks by maintaining proper leverage ratios, using credit ratings and other tools. Along with this, BASEL Accords also provide useful guidelines for the same. References Akhter, S. and Hasan, M. Z. (2015) Contagion Risk for Australian Authorized Deposità ¢Ã¢â€š ¬Ã‚ Taking Institutions,Economic Record,91(293), pp. 191-208. APRA (2013) Prudential Standard APS 112, Capital Adequacy: Standardized Approach to Credit Risk [Online]. Available at: https://www.apra.gov.au/adi/PrudentialFramework/Documents/Basel-III-Prudential-Standard-APS-112-(January-2013).pdf (Accessed: 29 July 2016). BIS (2011) Principles for the Sound Management of Operational Risk. [Online]. Available at: https://www.bis.org/publ/bcbs195.pdf (Accessed: 29 July 2016). BIS (2015) History of the Basel Committee, Bank For International Settlements. [Online]. Available at: https://www.bis.org/bcbs/history.htm (Accessed: 29 July 2016). Carney, J. (2013) Everything you ever wanted to know about bank leverage rules, CNBC. [Online]. Available at: https://www.cnbc.com/id/100880857 (Accessed: 28 July 2016). Downes, P., Hanslow, K. and Tulip, P. (2014)The effect of the mining boom on the Australian economy. Reserve Bank of Australia. Gans, J., King, S., Stonecash, R. and Mankiw, N. (2011) Principles of Economics. USA: Cengage Learning. Gorajek, A. and Turner, G. (2010) Australian Bank Capital and the Regulatory Framework. [Online]. Available at: https://www.rba.gov.au/publications/bulletin/2010/sep/6.html (Accessed: 28 July 2016). Greber, J Shapiro, J (2016) RBA joins race to the bottom, Australian Financial Review, 78 May. Haswell, C. (2016) Leverage is all the rage: The crucial future task for central banks, CITYA.M. [Online]. Available at: https://www.cityam.com/237836/leverage-is-all-the-rage-the-crucial-future-task-for-central-banks (Accessed: 28 July 2016). Hollifield, J., Martin, P. and Orrenius, P. (2014)Controlling immigration: A global perspective. Stanford University Press. Hull, J. (2012)Risk Management and Financial Institutions. USA: John Wiley Sons. Lannin, S. (2015) Australian banks need to increase capital reserves against losses: analyst, ABC News. [Online]. Available at: https://www.abc.net.au/news/2015-07-14/australian-banks-need-to-increase-capital-reserves/6617910 (Accessed: 28 July 2016). Porter, R.L. and Chiou, W.J.P. (2012) How has capital affected bank risk since implementation of the Basel accords. Bank and Banking Systems, 8(1), pp. 63-77. [Online]. Available at: https://businessperspectives.org/journals_free/bbs/2013/BBS_en_2013_01_Porter.pdf (Accessed: 29 July 2016). RBA (2016) Accountability. [Online]. Available at: https://www.rba.gov.au/about-rba/accountability.html (Accessed: 29 July 2016). RBA (2016) Australian Economy Snapshot. [Online]. Available at: https://www.rba.gov.au/snapshots/economy-snapshot/ (Accessed: 29 July 2016). RBA (2016) Statement by Glenn Stevens, Governor: Monetary Policy Decision, Media Release. [Online]. Available at: https://www.rba.gov.au/media-releases/2016/mr-16-17.html (Accessed: 29 July 2016). Reserve Bank of Australia (2016) About Monetary Policy. [Online]. Available at: https://www.rba.gov.au/monetary-policy/about.html (Accessed: 28 July 2016). The Parliament of CommonWealth of Australia (2013) Public Governance, Performance and Accountability Bill 2013. [Online]. Available at: www.pmra.finance.gov.au/files/2013/10/PGPA-EM.docx (Accessed: 29 July 2016). Tricker, B. (2015)Corporate governance: Principles, policies, and practices. USA: Oxford University Press. Turner, G. (2011) Depositor Protection in Australia. [Online]. Available at: https://www.rba.gov.au/publications/bulletin/2011/dec/pdf/bu-1211-5.pdf (Accessed: 28 July 2016).