Communication and Inter-professional Work in Nursing

Communication and Inter-professional Work in Nursing Discuss how communication within an inter-professional team could affect collaborative working. WORD COUNTS: 1650 Introduction The aim of this essay is to discuss the concept of communication within Interprofessional team, critically analysing how this could affect collaborative working and with meticulous attention given to two key points; effective communication in terms of verbal, non-verbal and active listening and the development of mutual trust and respect. It will endeavour to critically examine the impact these key points and the impact they have on the dynamics of collaborative working. It will also seek to explore strategies that may be used to facilitate effective communication and collaboration between professionals. Modern healthcare is becoming ever complex due to the aging population, diverse range of co-morbidities and increasing expectations of health service quality and safety (World Health Organisation, 2011). Hence, there is exerting growing pressure on health and social care providers to deliver care that is effective thus to meet these demands. Pollard, Thomas and Miers (2010) advocates that in order for health and social care professionals to be able to cope with these demand, they have to work together as a team. For instance, during the hospital stay of a patient , they may encounter numerous professionals from diverse disciplines such as doctors, nurses, pharmacists, dieticians, physiotherapists, social workers and many more depending on the patient’s needs, therefore, professionals will need to collaborate together efficiently as a team. Collaboration requires professionals from different disciplines in health and social care to work together as a team by sharing of knowledge, ideas, expertise, resources and responsibility in order to tackle the most difficult health and social care issues and make effective clinical decisions regarding a patient’s care (ref). In turn, collaboration also ensures consistency in quality care for their patients, subsequently, improves services and outcomes (Social Care Institute for Excellence, 2015). However, for this to occur, effective communication is needed for a successful collaboration to be achieved (Brock et al., 2013) which is in line with the 6 C’s of care as highlighted in the Department of Health (2015) guideline. . In agreement, O’Daniel Rosenstein (2008) insist that communication forms the backbone of collaborative working and when lacking or incompetent compromises a cohesive collaborative team. Wood (2004) defines communication as â€Å"a systemic process in which individuals interact with and through symbols to create and interpret meanings† (p.9). Nemeth (2008) affirms that for communication to transpire between individuals it has to be effective and not the mere fact of interaction, as effective communication entails the transmission of information uninterrupted that results to understanding. Effective communication is argued, the key ingredient for the successfulness of interprofessional collaborative working within health and social care (NHS Commissioning Board, 2013). Hargestam, Lindkvist, Brulin, Jacobsson and Hultin (2013) further emphasised that communication is the key factor for the prerequisite for the team’s structure, collaboration and task performance. Alfredsottir and Bjornsdottir (2008) put forth the notion that where there is effective communication within a team, there is also good clinical outcomes. Kenny (2002) also suggests that positive collaboration alongside effective communication ensures sufficient sharing of valuable experience and expertise, thus, enhances levels of job satisfaction. In support, Almost et al. (2015) review of positive and negative behaviours in workplace relationships among healthcare members found that improved communication and teamwork reduces stress, increases job satisfaction and work performance in turn enhances communication between team members. Jerry (2011) ascertains that there are two major components of communication used within health and social care; verbal and non-verbal communication. Verbal communication involves professionals meeting face-to-face in the form of meetings or over the telephone which are one of the most common and preferred way of communication. This allows sharing of knowledge and skills, generating common narrative that draws team together. Jerry (2011) further illustrates that during this phase of communication, members should speak clearly and directly in a succinct manner while drawing from their own knowledge, warranting free flowing and efficient information thus avoiding errors of miscommunication and confusion. On reflection during MDT meetings in clinical placement, each member was given the opportunity to make critical points that endorsed other members to bring in ideas and make sound decisions. Browning and Waite (2010) however acknowledge that active listening plays a major role in verba l communication as it is the pedigree for a successful interaction, hence sustaining collaborative working among healthcare professional. Burnard and Gill (2013) further declares that how well professionals communicate is also dependent on non-verbal communication such as written notes, care plans, letters, maintaining of eye contact during meetings as they are key factors that enhances or detracts from the way professionals communicate. Fiske (2011) stresses that where there is lack of listening skills or clarity of information being transmitted, this often leads to potential conflicts and confusion to arise as a result of ambiguity or reception of message not being fully understood or misinterpreted. (ref) supports this stating that, when there is breakdown in communication, it hinders the efficiency and leads to insufficient information, ambiguous and unclear information being exchanged between professionals, consequently jeopardising the dynamics of collaboration. In their qualitative study of multidisciplinary communication at ward board rounds, Hellier et al. (2015) found that ineffective communication amongst he althcare professionals correlates with lack of appropriate information being available, conclusions often not reached and decisions of patients often deferred. A study by Wu et al (2012) suggests that, where discrepancies in the flow of information between professional were found to lead to misunderstandings and frustrations among healthcare teams which meant communication and cohesion barriers were formed (Burnard Gill, 2013). O’Daniel and Rosenstein (2008) further accentuate that barriers to effective communication may be due to members from different profession having varied behaviour and language affiliation part due to training, therefore, sets up the potential for miscommunication. Hence, Lingard (2012) advocates that poor communication shapes events that impact on professional working and patients downstream. Nonetheless, Wu et al. (2012) stated that when there is strong communication within a team, professionals are adequately informed as all members of a team are kept updated as they are in the loop of the information they need, hence a standardised common inter-professional language is established (Reeves, Lewin, Espin Zwarenstein, 2010). All the same, there is an array of literatures and cases that shows that communication and collaboration does not always occur in clinical practice. The Joint Commission (2010) found that an estimated 80% of serious preventable adverse events stems from miscommunication between caregivers. The detrimental effects of communication deficiency between professionals were evident in the Mid Staffordshire NHS Trust report (Francis, 2013). Central to the analysis of the Francis (2013) report was the evidence of egregious failings of communication between health professionals and organisations. The report showed that the quality of information exchange was often poor or failed to be passed on between hospitals, thereby affecting the way professionals interacted, delivery of services and patient care (Zwarenstein, Goldman Reeves, 2009). Devastating cases such as this illustrates the necessity of optimising communication among Interprofessional teams. Kenny (2002) illustrates that effective communication is the platform that creates transparency, encouraging professionals to develop trust, respect and form good working relationships where communication becomes more open and effective (Burnard Gill, 2013). This is in conjunction with McDonald, Jayasuriya and Harris (2012) qualitative findings of the influence of power dynamics and trust on multidisciplinary collaboration of diverse health professionals. Findings suggest that when effective communication is established especially through shared experience, technical skills and competence, opportunities for professional to rapport, gain mutual respect and trust is developed, thereby, forming alliance among professionals that facilitate cooperation. Result of the thematic analysis correlates with the author’s own experience observed in the classroom during Interprofessional education (IPE), as the author was able to work efficiently and show mutual respects to other students from other health educational sector such as pharmacy, child nursing and mental health nursing once effective communication had been established (Keller, Eggenberger ,Belkowitz, Sarsekeyeva Zito, 2013). This ensured that task sets out by the lecturer were achieved as everyone took turn to contribute and allowed ideas and decisions to be rigorously debated. Dixon-Woods et al. (2013) qualitative findings of culture and behaviour in the English National Health Service (NHS) among physicians, nurses and administrators accentuated that where there was lack of trust and mutual respect this led to lack of support, appreciation of individual professional expertise. Findings also showed that some professionals were not being consulted or listened to which cre ated conflicts, disagreement and miscommunication (Leonard, Graham Bonacum, 2004). The trustworthiness and reliability of the findings within the study is questionable as the researchers failed to provide full details of the methods used to collect data. However, findings was consistent with that of Ferlie and Shortell (2001) study which showed that where there was lack of trust and mutual respect between health professionals, there was deterrent to quality improvement work and on how well they communicated. O’Daniel and Rosenstein (2008) maintain that barriers to communication that affects collaboration between health professionals can be bridged by the use of a standardised communication stool. NHS Institute for Innovation and Improvement (2012) recommended that healthcare professionals implement a standardised approach to communicate such as the use of SBAR to make certain that information shared is structured by being concise and focused to maintain consistency of high quality of care. Randmaa, Mà ¥rtensson, Swenne and Engstrà ¶m (2013) prospective intervention study identified that SBAR improves communication between healthcare professionals, a proportion of incidents report due to communication errors decreasing from 31% to 11%. The study also highlighted that the tool sets out expectations between health professionals of how they should communicate. In terms of the limitation of this study, participants were not chosen at random which questions the study’s reliabil ity. Conclusion Evidence gathered suggests that effective communication and collaboration is imperative and should be used in correlation impetuously by professionals, thus to foster high quality care and promote practice to the highest calibre. 1 | Page

Woman in Black

Why do you think Susan Hill called her story The Woman in Black? How effective is it as a title? One of the most important parts of any book can be the title and in this case, Susan Hill has decided on her title as being The Woman in Black. Throughout this essay I will be looking at how Susan Hill has used her title effectively and I will also look at the reasons why Hill might have named her title The Woman in Black.At first it may seem a very simple title but as I will go through in this essay, simple might be the very cause of the effect it makes. Firstly, the story itself is heavily based on a gothic genre which consists of all the things you would expect to see in a gothic novel, haunted houses, isolated areas, dark themes and of course, in this particular novel, this mysterious ‘Woman in Black’. With this gothic genre, comes a gothic title which is definitely identified by one word, â€Å"Black†.The work ‘black’ always creates a negative mood an d shows darkness and links this mood with the story, so you know what sort of things to expect from this book just from the title but more importantly, you want to know why. This is what will encourage the reader to read and enjoy the book. Secondly, I think a sense of mystery is created by the title ‘The Woman in Black’ and this creates questions about the book. This adds to the enjoyment of the book as their will always be tension and suspense in anticipation about the appearance of the Woman in Black.An example of this is when Arthur Kipps calls the woman in at the funeral â€Å"the woman with the wasted face†, this would just seem normal but the fact that this woman is all in black relates us back to the title which creates suspicion about this woman. The main questions I think the title brings up about this book is who actually is this Woman in Black and why is she so important in the book? And these questions will stir around in your head the throughout the novel and will add to the effect that the Woman in Black brings as all will be focused on her.Overall, I think the title ‘The Woman in Black’ forms a better interest for the novel in a variety of different ways and all these different ways, however small or large their effect, build up and create the effect as a whole. I think the effect is most noticeably shown through the entertainment of the novel which the title adds towards as well and the main reason I think Susan Hill named her novel this title was to enhance the entertainment that this novel produces. Woman in Black Why do you think Susan Hill called her story The Woman in Black? How effective is it as a title? One of the most important parts of any book can be the title and in this case, Susan Hill has decided on her title as being The Woman in Black. Throughout this essay I will be looking at how Susan Hill has used her title effectively and I will also look at the reasons why Hill might have named her title The Woman in Black.At first it may seem a very simple title but as I will go through in this essay, simple might be the very cause of the effect it makes. Firstly, the story itself is heavily based on a gothic genre which consists of all the things you would expect to see in a gothic novel, haunted houses, isolated areas, dark themes and of course, in this particular novel, this mysterious ‘Woman in Black’. With this gothic genre, comes a gothic title which is definitely identified by one word, â€Å"Black†.The work ‘black’ always creates a negative mood an d shows darkness and links this mood with the story, so you know what sort of things to expect from this book just from the title but more importantly, you want to know why. This is what will encourage the reader to read and enjoy the book. Secondly, I think a sense of mystery is created by the title ‘The Woman in Black’ and this creates questions about the book. This adds to the enjoyment of the book as their will always be tension and suspense in anticipation about the appearance of the Woman in Black.An example of this is when Arthur Kipps calls the woman in at the funeral â€Å"the woman with the wasted face†, this would just seem normal but the fact that this woman is all in black relates us back to the title which creates suspicion about this woman. The main questions I think the title brings up about this book is who actually is this Woman in Black and why is she so important in the book? And these questions will stir around in your head the throughout the novel and will add to the effect that the Woman in Black brings as all will be focused on her.Overall, I think the title ‘The Woman in Black’ forms a better interest for the novel in a variety of different ways and all these different ways, however small or large their effect, build up and create the effect as a whole. I think the effect is most noticeably shown through the entertainment of the novel which the title adds towards as well and the main reason I think Susan Hill named her novel this title was to enhance the entertainment that this novel produces.

Online Sociology Class

Ch 5 dba Us our text, as needed! 1)   In the opening vignette to Chapter 5, the Crips provided Monster Cody a sense of brotherhood, belonging, and superiority while the Bloods were described as being the enemies of the Crips and unworthy of their respect. In this scenario, what sociological concepts apply to each group for Cody? For instance,   what is/are Cody's ingroups, outgroups, reference groups, primary groups, secondary groups? 2. What essentials elements are missing from aggregates and categories that are found in â€Å"groups.   Why are groups more important to humans than either categories or aggregates? 3. Why do you think secondary groups frequently break down into primary groups? 4. Which of the following  do you think this online sociology class is and why:  Ã‚   an aggregate; a category; a primary group; or a secondary group. 5. How do reference groups work? Do you have to be an actual member of  your reference group? What are some of your reference groups ? 6. Why did many of the subjects in Solomon Asch's experiment give answers that they knew to be incorrect? Have you ever been a â€Å"victim† of group conformity?Share the details of your answer DQ5 Sociology is the study of life in groups–chapter 5  | DQ5A YOUR groups†¦ 0 messages – 0 unreadWho are your primary groups, your secondary groups? Your reference groups? Your ingroups, your outgroups? * Unlocked: Feb 9, 2013 4:51 PM – Mar 4, 2013 11:55 PM| DQ5B Social networking 0 messages – 0 unreadSocial networks are important in the study of sociology. Understand what they are. Have you ever benefited from your social network. For instance, have you gotten a job or met someone nice through a friend of a friend?Another way to look at it, how many degrees are you away from from contacting former President George Bush? It never fails that I have a student who knows someone who knows  Bush personally! * Unlocked: Feb 9, 2013 4:53 PM – Mar 4, 2013 11:55 PM| DQ5C Facebook and Suicidal Content Link 0 messages – 0 unreadIs anyone familiar with this link on Facebook? It's the first I've ever heard of it. It could be really useful. http://www. latimes. com/business/technology/la-fi-tn-facebook-military-suicide-20120508,0,1357844. story * Unlocked: Feb 9, 2013 4:53 PM – Mar 4, 2013 11:55 PM|

Cal State Channel Islands Admissions, Acceptance Rate

California State University-Channel Islands (CSUCI)  does not require scores from the SAT or ACT as part of their application. Students need to fill out an application for the California State University system, indicating which campuses they are applying to. Channel Islands has an acceptance rate of 78  percent. Students with grades above average and a number of extracurricular activities have an excellent chance of being accepted. Data courtesy of Cappex. Admissions Data (2017) Cal State Channel Islands Acceptance Rate: 78 percentCSUCI GPA, SAT and ACT Score GraphCompare Cal State SAT ScoresCompare Cal State ACT Scores CSUCI Description CSUCI, the California State University, Channel Islands, was founded in 2002 and is the youngest of the  23 universities in the Cal State system. The university is located in Camarillo, Northwest of Los Angeles. The university offers over 20 majors; business, social sciences and liberal arts are equally popular among undergraduates. CSUCI is proud of its interaction between students and faculty, and the curriculum emphasizes experiential and service learning. The school currently has the second lowest enrollment of the Cal State campuses, but significant growth is projected in the coming decades. Enrollment (2017) Total Enrollment: 7,455  (7,054 undergraduates)Gender Breakdown: 38 percent male / 64 percent female83 percent full-time Costs (2017 - 18) Tuition and Fees: $6,817 (in-state); $18,697 (out-of-state)Books: $1,948 (why so much?)Room and Board: $16,954Other Expenses: $2,902Total Cost: $28,621 (in-state); $40,501 (out-of-state) CSUCI Financial Aid (2016  - 17) Percentage of Students Receiving Aid: 81 percentPercentage of Students Receiving Types of AidGrants: 72 percentLoans: 47 percentAverage Amount of Aid​Grants: $8,747Loans: $5,742 Academic Programs Most Popular Majors:  Art, Biology, Business Administration, English, History, Liberal Arts and Sciences, Psychology, Sociology Transfer, Graduation and Retention Rates First Year Student Retention (full-time students): 79 percentTransfer Out Rate: 7 percent4-Year Graduation Rate: 26 percent6-Year Graduation Rate: 59 percent If You Like Cal State Channel Islands, You May Also Like These Schools University of California - Santa Cruz: Profile | GPA-SAT-ACT GraphOccidental College: Profile | GPA-SAT-ACT GraphUniversity of the Pacific: Profile | GPA-SAT-ACT GraphWestmont College: Profile | GPA-SAT-ACT GraphBiola University: Profile  California Lutheran University: Profile  Menlo College: Profile  Scripps College: Profile | GPA-SAT-ACT Graph Admissions Profiles for Other Cal State Campuses Bakersfield  | Channel Islands  | Chico  | Dominquez Hills  | East Bay  | Fresno State  | Fullerton  | Humboldt  | Long Beach  | Los Angeles  | Maritime  | Monterey Bay  | Northridge  | Pomona (Cal Poly)  | Sacramento  | San Bernardino  | San Diego  | San Francisco  | San Jose  | San Luis Obispo (Cal Poly)  | San Marcos  | Sonoma State  | Stanislaus More California Public University Information SAT Score Comparison for Cal State SchoolsACT Score Comparison for Cal State SchoolsThe University of California SystemSAT Score Comparison for the UC SystemACT Score Comparison for the UC System Data Source: National Center for Education Statistics

The Treaty of Versailles was Too Harsh on Germany Essay

The Treaty of Versailles was Too Harsh on Germany I think that the treaty of Versailles was harsh on Germany because even though they were a part of the war, so were the allies, yet they didnt take any blame for the war. The French wanted revenge and Wilson wanted peace. These two, conbined, still made a harsh treaty. Lloyd George tried to get a halfway point between the two but ended up going mostly to France because that was what the British people wanted. The blank cheque that was given to Germany was like putting a blindfold over their eye, but they had no way out. All Germany could do was hope that the big three, Lloyd George, Clemenceau, Wilson, would take pity on them, so they also†¦show more content†¦From the Germans point of view there was an act of disgrace. Germany was annoyed because they thought the Treaty was going to be mostly Wilsons 14 points when it wasnt they got very angry and the revenge built up, they were very angry with France and Britain. If the Treaty was less harsher it wouldnt have dragged on wi th the payments and the arguments and Germany might not of had that much revenge stored away. All the countries could have learnt to live with each other and concentrate on the problems in their countries, like poverty. However, from the reaction when Russia had a revolution and pulled out of the war, this might have not been the case. Germany were very harsh on Russia and they took away their land and made them pay. Maybe Germany, if they had won would have done a worse treaty and therefore should be punished. France did have a good point when they said that they should have most say in the treaty because the war was all fought on their land and they had the most casualties including innocent people. Francess argument against Lloyd George and Woodrow Wilson was America is far away, protected by the ocean. Not even Napoleon himself could touch England. You are both sheltered - we are not. Germany was dangerous and could start another war. If they were poor and had no back up from countries overseas. What would be the point because France would be thrivingShow MoreRelatedThe Treaty Of Versailles After World War I1538 Words   |  7 PagesThesis: The peace treaty that resulted from World War 1 was not too harsh of a punishment for the offenses committed. I. To help better one’s opinion, one must first understand the events leading up to the results of the treaties. A. The terms of the peace treaty were an attempt to prevent wars in the future. B. The peace treaty did not succeed because it was not enforced. II. Second, the treaty of Versailles was not too harsh of a punishmentRead MoreThe Treaty of Versailles1684 Words   |  7 PagesInvestigation The Treaty of Versailles was created to bring peace between nations after WWI. This investigation will answer the following question: To what extent did the Treaty of Versailles bring peace? In this investigation, the extent of the Versailles Treaty’s success will be evaluated by examining the period of its development, 1918, to the rise of Hitler, 1933. Several sources were used in this investigation including a number of books that look at the terms of the Treaty of Versailles and the reactionsRead MoreWhy Did the 1919 Paris Peace Settlement Not Provide a Durable Peace in Europe1570 Words   |  7 PagesWar, was without a doubt one of the most tragic events in the history of people. It was fought on a scale, and at a cost in human suffering, unparalleled in the history of man kind. Countries from every continent, including most of those in Europe, had taken part. Whole populations had been marshalled to serve their countries war efforts1. All these came to an end when on 1 1 November 1918, Germany finally agreed to sign an armistice. 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Basically the treaty forced on Germany the burden of reparations, and to take complete blame for the war. Woodrow Wilson felt that the treaty was too harsh, placing unrealistic goals on Germany. Wilson wanted to addRead MoreTreaty of Versailles1349 Words   |  6 PagesThe Treaty of Versailles was intended to be a peace agreement between the Allies and the Germans, instead with the harsh end terms for Germany, it created political and economic chaos in Germany. By the end of the First World War, Germany had surrendered and signed a peace agreement. The task of forming a peace agreement was now in the hands of the Allies. In December of 1918, the Allies met in Versailles to start on the peace settlement. The main countries and their representatives were: The UnitedRead MoreThe Treaty of Versailles Effect Essay1490 Words   |  6 PagesThe Treaty of Versailles Effect The Era of the World Wars was a terrible time in both American and European History. It started with World War I between the Allies Powers and the Central Powers. The major powers that made up the Allies were the Unites States, the Soviet Union, the United Kingdom, and France. The major powers that made up the Central Powers were Germany and Austria-Hungary. The end of the First World War resulted in the Allies winning, after the four long years of battle. When theRead MoreHow Responsible Was Hitler for the Outbreak of Ww21219 Words   |  5 PagesHitler was responsible for the outbreak of World War 2(1939) to a significant extent. The many things that he did like going against the Treaty of Versailles which included the rearmament of Germany, his Lebensraum policy where he wanted to take over neighboring lands and gain more territory for Germany and his disrespect to the treaties he made. While Hitler was a great cause for World War 2, he was not the sole reason. The Great Depre ssion, the weak leaders of the League of Nations and theirRead MoreTreaty of Versailles Igcse Notes1317 Words   |  6 PagesTREATY OF VERSAILLES a)Which terms of the peace settlement of 1919 directly affected France? -France gained territory such as Alsace Lorraine and the Saarland (which were important industrial areas) -Also, german colonies become mandates ruled by the League of Nations and France would be able to make use of them. -The league of nations menat that France’s safety would concern other countries as it woul act as an international police force. -France’s safety was assured by the terms of theRead MoreThe International Agreement And The Treaty Of Versaille1353 Words   |  6 PagesThe International agreement, â€Å"The Treaty of Versaille† concluded the first World War, but was biased against Germany which may have sparked World War Two due to the reduction of military power and land, the overwhelming debt, and the unfairness of the treaty. After the war Germany was not a very popular country across the world to say the least, because of this some countries may want to seek revenge. It is unfair to the innocent people of Germany to have such a small form of protection against possible

Cultural Relativism And The Moral Code Of Society Essay

Different societies have different moral codes. Cultural relativism claims that ethics is relative to individuals, groups, cultures and societies. Relativism resists universal moral normal. The moral code of society determines what is right or wrong in that society. There’s no objective standard that can be used to judge one’s society code against another. Its arrogant to judge others cultures. We should always be tolerant of them. Cultural relativism for many people is a response to the complexity of moral issues and the number of different responses various. Groups our cultures have given to moral issues so for many when we look at just how different cultures have responded two different issues the way different cultures. All this diversity that there seems to be a response where we want to say well, maybe there isn t some sort of absolute right or wrong maybe morality really is just relative to a different group that different people believe different things. In this paper, I will discuss the aspect of my culture from an outside perspective and discuss another culture from an inside perspective. In sociology, the principle is sometimes practiced to avoid cultural bias in research, as well as to avoid judging another culture by the standards of one s own culture. For this reason, cultural relativism has been considered an attempt to avoid ethnocentrism. Cultural relativism is related to but often distinguished from moral relativism, the view that morality is relative toShow MoreRelatedThe Fundamental Claim of Cultural Relativism Essay example1270 Words   |  6 PagesCultural relativism is an axiom to which some individuals use to govern if an act is morally wrong or right. It is considered a subspecies of the theory of moral relativism as it essentially follows the same path but just considers a more narrow approach. Putting Schafer-Landau’s Argument from disagreement into context for cultural relativism, looks to disprove the theory, h owever I will demonstrate how it is flawed. Schafer-Landau’s Argument from disagreement states: P1: If well informed, open mindedRead MoreThe Importance Of Cultural Relativism801 Words   |  4 Pagescommon belief in modern society that tolerance of others and their cultures is the key to creating a peaceful utopian society. This belief has been taken form as a school of thought in philosophy known as Cultural Relativism. Cultural Relativism is based on the idea that morality is based only on the culture that we were brought up in. It states that there is no universal moral truth to be used to determine if something is right or wrong, so it is unfair to criticize another’s moral actions, because weRead MoreCultural Relativism : A Universal Standard Of Morality1480 Words   |  6 PagesCultural relativism is the view that all beliefs, customs, and ethics of a culture should be understood and tolerated by people of other cultures (Fastiggi, 2013, p.30). The universal standards of morality do not exist between cultures rather it exists within cultures which prevents other cultures form being judged (Rachels, p.2). This means that the rights and wrongs are based upon an individual’s culture so an action considered moral in one society can be immoral in another. Cultural relativismRead MoreCultural Relativism Essay1702 Words   |  7 Pagespresent-day on Earth are part of one society, cultural relativism is an acceptable theory to adhere to. A society is a collective group of people who are either figuratively or literally aggregated together. There are many societies, sub-societies, and communities that are overlapping. At the same time, every living individual in the world makes up an umbrella society or community that constructs the present-day society. In â€Å"The Challenge of Cultural Relativism,† James Rachels claims that there areRead MoreThe Theory Of Cultural Moral Relativism1627 Words   |  7 PagesExam 1.) The theory of cultural moral relativism is based on the beliefs that it is arrogant to judge the moral codes of other cultures and that people should be tolerant towards the practices of other cultures (Rachels 19). By holding these beliefs, the theory implies that all cultures are equal and should be treated as such. Cultural moral relativism is also based on the idea that there is no universal truth in ethics (Rachels 18). If a certain standard exists in a society, that standard is rightRead MoreCultural Relativism And Its Impact On Society1437 Words   |  6 PagesCultural Relativism, a 20th century term used to represent the unbiased study of foreign cultures, is used as a scientific tool to help anthropologists be objective when studying other cultures. Cultural Relativism is the belief that morality, or the way we ought to live, is solely a matter of cultural perspective and we ought not to judge other people based on their societies customs and beliefs. This moral theory is very attractive because it simplifies the ideas of what is right and wrong: itRead MoreCultural Relativism : The Moral Code Of A Culture1470 Words   |  6 PagesCultural relativism is self-explanatory in its name but goes deeper beyond that. Cultural relativism states that standards are relative to one’s culture. There are no standards of morality shared by all societies; all rules are controlled by the society in which a person lives. If the moral code of a culture says that an action is right than according to those standards, the action is right. If the society says that a certain action is wrong, without any input from other cultures, the action is wrongRead MoreCultural Relativism784 Words   |  4 PagesCultural Relativism stems from the concept that numerous cultures possess individualistic and varying moral codes. In this paper, I will argue that cultural relativism is deemed as invalid. In respect to my argument, I will discuss its invalidity due to four varyi ng concepts: non-excusable and excusable actions, morality of individuals, chaos, and the fact that not forming a judgement is still a judgement. The first point that reinforces the idea that cultural relativism is invalid pertains to theRead MoreThe Elements Of Moral Philosophy1407 Words   |  6 PagesElements of Moral Philosophy† James Rachels discusses the positives and negatives regarding the concept of cultural relativism, but his overall position is that cultural relativism is not a strong philosophy. On the flip side of that Immanuel Kant has a completely different ethical theory that is based around deontology. Despite its positives, cultural relativism cannot be defended against Rachels’ criticism, but Kant’s ethical theory cannot necessarily defeat cultural relativism either. Cultural RelativismRead MoreCultural Relativism Essay1398 Words   |  6 PagesCultural relativism, pioneered in 1906 by sociologist William Graham Sumner, introduces the idea that there is no universal code of ethics. In The Challenge of Cultural Relativism, written by James Rachels, Rachels explains and challenges the ideas presented by Sumner in cultural relativism. Rachels explains, Cultural relativism is the doctrine that all moral values derive entirely from individual cultural codes, and that there are no objective, independently correct moral values. In other words

Financial Institution and Markets

Questions: 1. The National Australia Bank wants to obtain short-term funds on the money market and issues a 30 day Certificate of deposit (COD) to a wholesale investor. The amount of the deposit is $20,000,000 and the relevant rate is 4.5% p.a. a) What is the Face Value of one of the Certificates of Deposit? What does this value mean? b) What will be the dollar return to the investor if they hold the COD until maturity? c) If the bank wanted to raise $100,000,000 how many of these CODs would they issue? 2. The Commonwealth Bank issues bonds on the capital market to raise financing for its loans. a) How much financing will the Commonwealth Bank raise if it issues 500 5-year bonds today that pay an annual coupon of 6% and have a face value of $1000 if yields on bonds of similar risk and maturity are 4%? b) What will happen to the price of the bonds in a) if 1 year from now the credit rating of the Commonwealth Bank is increased from AA to AAA? Why? 3. The ANZ Bank (Share code: ANZ.AX) expects to pay a dividend of $0.91 today and dividends are expected to grow at 6% forever. The required return on ANZ shares is 9%. Based on this information would you buy the share today? Answers: (1). (a) In the given question, National Australian Bank has issued a Certificate Of Deposit to a wholesale investor for obtaining short-term fund. The question requires, calculation of Face value of deposit, it is shown as under Calculation Of Face Value Of Certificate Of Deposit Formula Face Value= Purchase Price X (1+ (daily Interest Rate X Term)) In the given Question, Amount Of Deposit $20,000,000.00 Rate Of Interest(p.a) 4.50% Term (Days) 30 Face Value 20073972.6 A Certificate of deposit may be defined as a saving certificate that entitles its holder to receive interest. Certificate of Deposits are issued by the bank as a saving certificate for a short term (Deegan 2013). The holder of the Certificate of Deposit is required to purchase the certificate and at the end of the maturity term is entitled to receive the Face Value. The difference between the Face value received and the purchase price is the return of the investor. Thus Face Value for certificate of deposit may be defined as the amount paid to the holder of certificate at the end of maturity. (b) The Return on certificate of Deposit is calculated by deducting Amount of deposit from the Face Value of the certificate. The investor is entitled to the full return if certificate is held till the date of maturity. In case of premature surrender of certificate, a penalty is usually deducted. In the given case, the investor holds the security till the date of maturity. So the return received by the investor is calculated below. Calculation of Return to the Investor Face Value $20,073,972.60 Amount Of Deposit $20,000,000.00 Return to the investor $73,972.60 (c) The number of Certificate Of Deposit to be issued is calculated by dividing the amount to be raised by issuing certificate with the amount of deposit that is to be made per certificate. Formula Formula Number Of COD= Amount to be raised/ Amount of Deposit In the given question bank is looking forward to raise funds of $1,000,000,000.00 by issuing Certificate of Deposit of value $ 20,000,000.00. The calculation is shown below: Calculation of number Of Certificate of Deposit Amount to be raised $1,000,000,000.00 Amount of Deposit $20,000,000.00 Number Of COD 50 (2). A bond is a debt instrument issued by the bank. The bank pays a fixed amount of interest on the Face value of bond until maturity. At the time of maturity, face value of bond is returned to the bondholders. A bond can be issued at par, discount and premium depending upon the interest rate offered by the bond and the prevailing market interest rate. If the interest rate offered by the bond is less than the prevailing market rate then bond shall be issued at discount. If the prevailing market interest rate is the same as that of bond then it can be issued at par. When the market interest rate is less and the interest rate of the bond is more in such case bond can be issued at premium (Rose and Hudgins 2014). In the given question Common Wealth Bank has issued 6% coupon interest bond of Face Value $1000.00. The prevailing market rate is 4% so the bonds will be issued at premium. The calculation showing the amount raised by the common wealth bank is given below. Formula Premium Bond Price= Face Value of Bond/prevailing market interest Rate X Bond Interest Rate Calculation showing financed raised by issue of Bond Face Value of Bond $1,000.00 Market Interest Rate 4% Bond Interest Rate 6% Bond Price $1,500.00 No. Of Bond Issued 500 Amount Raised by Bank $750,000.00 So the amount raised by the Common Wealth Bank is obtained by multiplying Bond Price with the number of Bond issued. (b) If in one year the credit rating of the bond is increased from AA rating to AAA rating then price of the bond will increase. The reason is that AAA rating means a very high quality bond. The credit rating agencies are engaged in assessing the worthiness of the borrower. After evaluating the worthiness it provides a grade to the security which determines the quality of the security. The higher grade represents a high quality security so the institution can charge more prices for the security. A low-grade security represents a high level of risk so the yield required by the investor is more. There is an inverse relationship between credit rating and yield of the security. Alternatively, it can also be derived that there is a positive relationship between the credit rating and price of the security. That is if the credit rating of a security improves then price of that security in the market will also improve. (3). The cost of capital may be defined as the cost for financing the business. The business may be financed by Equity Share Capital, Preference Share Capital, Debt Capital and from own fund (Hou et al. 2012). The cost of capital is the aggregate weighted average cost of the different sources of capital. The cost of capital is often used for computing the net present value of the investments and it is considered as the minimum rate of return that is required of any investment. The cost of capital serves as an overall basis for evaluating investment decision. The cost of debt is less expensive than cost of equity as interest is tax deductible but dividend is not. The cost of equity share capital includes that part of the cost of capital which are payable to the shareholders. There are various methods of calculating the cost of equity share capital. In dividend yield, method the cost of equity share is the present value of future dividend. It is calculated by dividing Dividend per share by market price per share. If it is expected that future dividend will grow then growth rate is also added with the above. From the viewpoint of the investor, the cost of equity is the amount that is received as income on investment made in the equity share of the company. In the given case, ANZ Bank is to pay dividend of $0.91, which is expected to grow at 6%. The calculation of cost of equity is given below: Formula Cost of Equity= Dividend/Market Price of share + Growth Rate The market price of the share is taken based on closing price of share on 25/05/16 on Australian Stock Exchange. Calculation showing Cost of Capital Dividend $0.91 growth Rate in % 6% Market Price Per share $25.25 Cost OF Equity 9.60% The cost of equity is 9.60% and the required rate of return from the investment is 9%. As the required rate of return is more than the cost of equity share cost so it is advisable to purchase this shares. References: Bekaert, G., Ehrmann, M., Fratzscher, M. and Mehl, A., 2014. The global crisis and equity market contagion.The Journal of Finance,69(6), pp.2597-2649. Deegan, C., 2013.Financial accounting theory. McGraw-Hill Education Australia. Hou, K., Van Dijk, M.A. and Zhang, Y., 2012. The implied cost of capital: A new approach.Journal of Accounting and Economics,53(3), pp.504-526. Rose, P. and Hudgins, S., 2014. Bank Management Financial Services, 9th. Financial Institution and Markets Question: Discuss about the Financial Institution and Markets. Answer: Introduction The aim of present study is to provide a dynamic introduction to the valuation of the financial option along with the viability of contractual conditions and its requirements. Certain aspects form the core of the report like the difference between naked and covered options. The benefits of both the option are described in the light of having a strong position in the market and anticipation of the market dynamics. Naked and Covered ptions An option is a contract which gives the buyer the right to buy or sell a financial stock depending on the form of the option at a specific strike price on a particular date. The trading options are not only limited to buying or selling these shares. They also involve other strategies. Figure 1: Types of Option Call (Source: (Nardon and Pianca, 2016)) Naked Call Options Writing call options contracts without owning the underlying shares, is known as a naked call option. Here, the writer has the flexibility to set the expiration date and strike price. If the writer gets the buyer for their options, then the buyer get eligible to acquire rights to own the stock before the expiration date at the predetermined strike price. Covered call Options In a covered call strategy, the writer not only writes call options but also owns the actual stock. In case the price of a particular stock rises the writer will be liable to provide the buyer with the physical shares (Jahncke and Kallsen, 2016). The writer can do this by simply providing the option holder with the shares contained in the portfolio of the writer. Figure 2: Graphical Representation of Covered Call Option (Source: Zerenner, Segal and Zerenner, 2014) Difference between Covered Call options and Naked Call Options Basis of Differentiation Naked Call Covered Call POSSESSION OF SHARES The writer does not possess shares in physical. The writer has possession of shares in real. INVESTOR OUTLOOK The writer of such call may get buyers only if the buyer believes that the stocks of a particular company may rise in the future and therefore the buyer may want to lock their shares in a lower price A covered call is perfect for writers who are optimistic and confident about their estimation of companys pricing. AMOUNT OF GAIN The amount of gain is unlimited in such an option as the writer gains from trading in the form of speculation. The writer of such call must possess sufficient shares to have additional income to protect him from the losses. The amount of gain is limited. [(Strike Price - Stock Price) + Credit Received] AMOUNT OF LOSS A Huge amount of losses can also be accrued to the writer in such a call. The purchase price of the new stock is the loss of the writer. With this strategy, the writer can eliminate the risk of buying the stocks at a new and higher price. (Stock Price - Credit Received) BREAK EVEN POINT Strike Price + Purchase Price Stock Price - Credit Received Requirement for Contract Obligations The Query of contract obligations applied by an options exchange in order to ensure that the writer meets their obligations is explained. Any financial option is said to be a contract between two parties. The terms of the contract are mentioned in a term sheet (Israelov and Nielsen, 2014). Option contracts are quite complicated. It is mandatory for the option holder to specify the following in the contract: The rights held by the writer to buy or sell the stocks. The class and quantity of the basic asset(s) possessed. The strike price of the option at which the deal will occur upon exercise. The expiration date of the option. The settlement terms of the transaction. The total amount to be paid by the holder to the writer. Figure 3: Graphical representation of Pay off for writing a short call. (Source: Patel and et.al. 2016) Other requirement applied by option exchange (ASX) According to (Hirsa and Neftci, 2013), it is compulsory for the writer to hold shares till the options contract expires. The writer can also buy back the contract before its expiration. The value of the contract is determined on the basis of the volatility of the stock, the expectation of the future price and expiration of the contract. A minimum level of cover is required for options (margins), which is the value of option contracts at the time of liquidation. When the option no longer exists in the market, all the amount of margin is credited back into the account of the writer (Jarrow and Chatterjea, 2013). The writer has obligations under the option contract to buy shares for delivering them at the contracted price. Cash is considered as the only medium for settlement of the transaction. The value of buy options must offset the value of sell options. Conclusion Owning shares of a public company can increase the number of investing strategies available. Hence, it can be concluded from the report that a variety of call and put options exist for writers from which they can select their option depending upon the level of risk and the profit from them. Contract obligations of the writer are also to be considered so as to minimise the loss a writer sustains. The writers must wisely select from the options of naked and covered so that their income stream remains unaffected from the losses occurring through speculations in the stock market. References Books and Journal Hirsa, A. and Neftci, S.N. 2013.An introduction to the mathematics of financial derivatives. Academic Press. Israelov, R. and Nielsen, L.N. 2014. Covered Call Strategies: One Fact and Eight Myths. Jahncke, G. and Kallsen, J. 2016. Approximate Pricing of Call Options on the Quadratic Variation in Lvy Models. InAdvanced Modelling in Mathematical Finance.(Pp. 241-256). Springer International Publishing. Jarrow, R.A. and Chatterjea, A. 2013.An introduction to derivative securities, financial markets, and risk management. WW Norton Company. Nardon, M. and Pianca, P. 2016. A covered call is writing in a cumulative prospect theory framework. Patel, V. and et.al. 2016. Price discovery in stock and options markets. Zerenner, E.H., Segal, G.A. and Zerenner, G.J. 2014. Power Financial Group, Inc.System and method for analysing and searching financial instrument data. Patent 8,630,937.