Office Space and Marx’s Conflict theory Essay

Communism, as understood today, refers to a system associated with collective ownership of the means of production, central economic planning and rule of a single political party. Communism basically means communal ownership of property. Karl Marx was a German economist, philosopher and revolutionist whose writings form the basis of the body of ideas known as Marxism. His theories are the basis for modern communism. He had a lot of theories which made an impact on the world, namely the conflict theory, labor theory of value, theory of historical materialism, theory of rent, alienation and more (Mandel, 1995). However, the primary focus of this paper will be the most basic of his theories from which most of his other theories stem from, the Conflict theory. Karl Marx was an advocate of the conflict theory which stresses the link between stratification and the ongoing struggle among competing groups and classes over a limited supply of reward and resources. According to him, capitalist society is torn by a fundamental conflict of interest between capitalists and workers. He contends that institutions such as the educational system and other forms of communication are employed by the capitalist class to foster a false consciousness among the masses (Mandel, 1995). These institutions seek to legitimize social inequality by propagating an ideology that says existing arrangements are right and reasonable. They also foster the worker’s hope for upward social mobility. As a result, workers are socialized in tradition and this contributes to passivity and compliance. In the Communist Manifesto, a forty page booklet he produced with Freidrich Engels, he applied the term communism to a final stage of socialism in which all class differences would disappear and humankind would live in harmony (Karl Marx, 2002). Karl Marx believed that all of history has been a story of class conflict over material privilege and power. Social customs and institutions are arranged to perpetuate class distinctions. Child-rearing practices vary by social class and affect the life chances of those being socialized. Children are treated differently from different social classes, thereby perpetuating the dominion of one social class over another in a subtle and powerful way – by subjecting children to it before they are old enough to know what is happening to them (Mandel, 1995). One group, the exploiters, strives to maintain its advantage over subordinate groups, the exploited. In a capitalist society, the struggle takes place between those who own the means of production – the capitalists or bourgeoisie, and those who sell their labor – the workers or proletariat. According to Karl Marx, the bourgeoisie maintain their position of domination by controlling the economic life of the population and even dictate the social standard of a certain society. Just as the feudal system had given away to capitalism, so in time capitalism would give way to socialism. The struggle would end, according to Marx, in the socialist revolution which was observed in countries like China, Russia, and Vietnam and partly in the Philippines. The socialist revolution is a way for the achievement of full communism (Karl Marx, 2002). In his book Sociology and Anthropology, Dr. Epistacio Palispis mentioned how Marx saw the nation or state as an instrument of oppression, religion as a method of diverting and controlling the masses, and the family as a device of keeping wealth and education in the hands of the few. Marx was basically a materialist. He argued and pointed out that the populace, the proletariat is controlled by materials and needs, and that their lives are centered in how they deal with these things. Because of the perceived the essential role of material, he also theorized that material conditions (the lack and the need for it, will be the core of class conflict. The key issue is how wealth is distributed among the people. The 1999 film Office Space, directed by Mike Judge, starring Ron Livingston and Jennifer Aniston, depicts the transparency of Marx’s conflict theory even in ordinary corporate life. The film is about ordinary employees of a fictional computer programming company, Initech, going through their daily work and the complications they meet along the way. The main character of the movie, Peter Gibbons, played by the actor Ron Livingston, finds himself dragging his feet to work going through the same routine of everyday corporate life. He answers to eight different bosses who drone about TPS reports, coversheets, memos and the like. As a mere employee, he is subject to their authority. Peter and his fellow officemates Michael Bolton, Samir and Milton represent the proletariat and his Porsche-driving, overbearing boss William Lumbergh (Gary Cole) represents the bourgeoisie of Marx’s conflict theory. The hierarchy of offices portrayed in the film shows how society has glorified individual achievements and the pleasure of consumption that capitalism brings. The film shows how the employees comply blindly with the patronizing orders made by Lumbergh just because he is their boss. This situation substantiates Marx’s claim that those who owned and controlled the means of production were the oppressors and those who owned nothing but their labor were the oppressed. One day, a team of experts is brought in to enact large-scale layoffs. The character Michael Bolton, protests how he dedicated five solid years to the company, only to be one of those to be fired. Karl Marx in his Labor Theory of Value, emphasized that workers must have the highest share of goods and subsidies as opposed to what happened in the film where an employee has little job security, a typical scenario in capitalist economies. When this happened, Peter Gibbons gets discouraged and simply stops trying and adopts an attitude of total disinterest. His only interest lies on putting in place a devilish scheme for some corporate payback, along with his office pals as his accomplices. They hack the computer system of the company and programmed it to place a fraction of every daily money transaction into their personal bank accounts, which will eventually pile up to huge sums of easy money. This scene in the movie demonstrates Marx’s notion that the conflicting interests of the two groups of classes, the proletariat and the bourgeoisie, would inevitably lead the oppressed to overthrow their oppressors. Although Gibbon’s scheme did not go according to plan, the company Initech still met its end from another employee, Milton, who set the building on fire as a sort of revenge when the company stopped giving him his paychecks as a way to make him voluntarily resign from his post. In a way, Karl Marx’s conflict theory sort of explains why there is a need for competition. His idea about communal ownership of property, in others words, perfect equality, is obviously unrealistic. It is merely good in theory, perfect for utopian idealism but in real life, one cannot simply live in perfect equality. If there was equality in everything, people would lose their motivation to strive for something better, to make room for improvement. It is human nature to be insatiable. If we take away people’s motivation, mediocrity will reek in all aspects of life (Communism, 2002). There is also the issue of equity. In the movie, some of those who were fired deserved to be laid off, while there were those who weren’t. Another very important issue pressed in an imperialist world is inequality. Since social status and wealth distribution came up as a result of specialization, often inequality is justified when specialization is absent in a society’s structure. Example, a person who took up a Ph. D would ultimately rank higher and thus will have a higher income that a person who is simply a college graduate. Communism entails that wealth is distributed â€Å"to each according to need†. In this kind of system, the basic economic needs of all people are satisfied. These needs include food, housing, medical care and education. Excessive material possessions and acquisition are not basic needs and are therefore not allowed to exits in this system. Communism therefore, to put it simply, is the eradication of any social standards and setting anyone at a default stage for the equal distribution of resources in order o avoid mass conflicts. Since people are generally motivated by self-interest, most societies prefer wealth to be distributed â€Å"to each according to what is earned†. People who live in this system become themselves the source of their own wealth. If they earn a great deal of money, then they will be able to acquire things beyond their needs. If they earn little, they must do without. The problem with communism in this side of the argument is that a society cannot control the interest of the people without cutting off their freedom and rights in certain aspects. Communism is only good when it ensures that the basic needs of the people are met and when it prevents greed from seeding in the hearts of the masses, since everything is controlled by a central planning agency. However, the major problem of communism, as well as in capitalism, is abuse of power. No matter how perfect an ideology is, there will always be an anomaly because the primary instigators of such ideologies are people. Human beings are prone to irrationalities including greed, selfishness and self-glory. History has taught us that too much power in the hands of a few corrupts the minds of these leaders. Take the movie character, William Lumbergh, as an example. With his high profile status as the CEO of the company, he has bullied Milton to do as he pleases, leaving Milton no choice but to comply out of fear of losing his job. In conclusion, the movie Office Space exemplifies important points in Marx’s conflict theory such as the continuing conflict between the proletariat and the bourgeoisie, as well as how group conflict is a basic ingredient of society. Works Cited Communism. Grolier Encyclopedia of Knowledge. 2002 Edition. Washington : USA, 2002 Karl Marx. Microsoft Encarta 2002 (available in CD-ROM) Mandel, E. Karl Marx. International Viewpoint. 1995. Palispis, E. S. Introduction to Sociology and Anthropology. Manila: Rex Publishing Inc. 2006.

Debate Paper

Whether or not armed security guards should be in schools has been a debate for years but has really been brought into the limelight since the most recent tragedies of Columbine, Virginia Tech and Sandy Hook. The supporters of having armed security in our school districts believe that it is a needed layer of security and helps to diminish response time if necessary while keeping children, parents and teachers feeling safer to be in school. The ones against having guns in the schools believe that we have had armed guards in schools and it did nothing to stop it.They also believe that the cost is too high while also worrying about their children’s psyche from being around loaded weapons every day. No matter which side you are on, there are great arguments for both sides that are logical as well as emotional and it is everyone’s job to listen to all of the information that is available and make their decision based on what they feel is the best choice. That choice could be one of the most important decisions that they ever make because it could mean the difference between life and death.Sandy Hook Elementary School, Columbine High School, Virginia Tech, and the University of Texas at Austin were some of the most televised and the deadliest school shootings that have ever occurred in the United States. Since 1992, there have been over 387 school shootings which are way too many for the United States which poses the question, why did these tragedies happen in the first place? If we had armed security guards or a military/police presence at our institutions of development and higher learning would these tragedies have been prevented or could there have been less loss of life?The answer is that having an armed guard would not have prevented these attacks from individuals whose entire intention was to commit murder. Look at Columbine and Virginia Tech, both of these facilities had armed guards on their campus and it did nothing to stop the attack. The att ackers observed the guards behaviors and learned their routines for patrolling and made their moves when they could get past the guards without detection.This also raises the question is if the school is liable for the deaths of these students since they had trained professionals on site and they did nothing to stop the attack could the school be charged with negligence? So with the evidence of having two of the most brutal school shootings of all time happen while armed security was present, what makes you think that they could stop an incident somewhere else? Deciding whether or not armed security would actually stop an attack is important but so is figuring out how to pay such high costs to have these armed personnel on site to protect our children.Most schools are struggling as it is to keep viable programs such as the arts running while also trying to keep their schools staffed with teachers and other personnel. How could they even fathom paying more money for security when the y cannot even keep an art class going? The average salary for armed security guards across the country is around $55,000 per year then you have to factor in training, equipment, uniforms, and benefits so, on average a school would have to pay $100,000 per year for one security guard for their school.Now some school districts only have a few schools but others have a lot more and they would have a hard time paying for that. Of course, a lot of people would argue that you should not put a price tag on our children’s safety but in many cases the price of their educations would diminish because less money would be spent there to be able to pay for security. Could a school district along with the parents choose to take education away from the students in order to add armed guards in the chance that something goes wrong?Education is a key component in raising a smart, self-sufficient adult. The other factor that becomes a part of cost is having the money to pay for the lawyers and incidentals in the chance that the security guard acted inappropriately. What if there is an accidental shooting or a guard becomes over zealous in what they feel that their responsibilities are? These factors could lead to major lawsuits that the school would be responsible for by either having to represent that officer or in paying settlement and court costs for a lawsuit.These are added costs that the majority of the schools across the United States cannot afford to take on. The safety of schools have been tested more in the recent years with news coverage of the most recent incident in Sandy Hook Elementary School in Newtown, Connecticut, where twenty children and six staff members lost their lives. With the recent rise of school shootings it is no wonder parents are concerned for their children’s safety in schools.Where drugs and peer pressure were once major concerns, in today’s society, we worry about our children dying in the hands of armed shooters. While ther e is much controversy over how to protect the future of America’s children, lawmakers are supporting a bill to allow armed guards to stand and protect our children in the school systems by creating laws to allow armed security in the schools. â€Å"The Indiana amendment's sponsor, Rep. Jim Lucas (R), said he believes mass shootings like the one in Newtown could be prevented by more firearms. † (Resmovits, 2013).In support of armed guards, the National Rifle Association has paid for research and found among the study’s central conclusions is that ‘‘the presence of armed security personnel adds a layer of security and diminishes response time’’ in a shooting, (Asa) Hutchinson said. (Asa Hutchinson) cited a 1997 Mississippi incident in which an assistant principal ran to his truck to retrieve a . 45-caliber semiautomatic pistol and subdued a gunman who had already shot two students (Stolberg). † New legislation would allow armed teac hers, staff members, or on-duty patrols to respond if a situation were to occur.†Ã¢â‚¬Å"The (National Rifle Association's) model legislation would lift restrictions on guns in schools and require specific training for school employees who choose to carry guns. † (Resmovits, 2013). In this time of uncertainty, President Barack Obama, is trying to pass stricter gun laws. â€Å"As President Obama tries to persuade a reluctant Congress to pass new gun laws, the poll found that a majority of Americans -54 percent- think gun control laws should be tightened, up markedly from a CBS News poll last April that found that only 39 percent backed stricter laws.† (Cooper and Sussman, 2013).There is much speculation this increase could be as a result of the Newtown shooting. Meaning people are seeking security, parents are worried for their children, and there is widespread fear of a situation like Newtown ever happening again. Which brings us back to our controversial view, why is having an armed guard important? Having an armed guard might also dissuade any possible shooters from attempting to attack the school, avoiding the situation altogether. The armed guard would be a figure of authority and possible intimidation of any gunmen.As the saying goes ‘you can’t bring a knife to a gun fight’ therefore it would be hasty to think schools can stop armed intruders with anything other than a gun itself. Usually these gunmen are suicidal and seeking attention, where they understand their outcome is death, therefore restraining is not enough. A gunman at this level would not hesitate to shoot first, regardless of who is in their way, which is why having someone on site ready to respond and taken the gunman down is an ideal solution. As a parent there is nothing more important than keeping your kids safe and the same goes for a teacher and their students.Many parents feel that whatever a school needs to do to keep their children safe they are more than willing to agree with. Teachers feel more relaxed that they have someone there to help them in an emergency situation that can help protect the children and children feel safer knowing that they have someone to turn to when their parents are not around to protect them. Some people might argue that having a loaded gun in the school might mess with a child’s mental state because it makes them feel that guns are the only form of protection so they would prefer them not to be there.The reality of the situation is that we live in a world that can be tragic and devastating at times and a lot of kids are forced to see things that are way beyond their years and they are circumstances that no child should have to deal with. But, the great thing about kids is that they are resilient and very smart and with the proper education could be taught about right and wrong and why they need to have armed security guards at school. It is just like explaining to your kids how to dial 91 1 or where in the house the smoke detectors and fire extinguishers are.You also make your kids wear seatbelts and bike helmets to protect them so that they do not get hurt in case of an accident. Parents do these things not to scare their kids but to prepare them in case of emergencies. Children are not equipped to handle an active shooter in school nor should they ever be expected to just like you would not teach a child how to fight a fire but teaching them that this person(s) on campus are there to protect them in that small chance that someone comes into their classroom wishing to do them harm.Parents and teachers would love nothing more than to let their children believe that the world is filled with rainbows and teddy bears but the reality is that it is not and no matter how much people try to protect children from evil you are doing them a disservice by not telling them the truth. It would be morally wrong to lie to children and to make them feel safe when there is a potentia l for danger. Ethically it is the responsibility as parents and teachers to teach children that there may be evil in the world but there is also a lot of good and that there are always people here to protect us.Making a child feel safe and secure while also making the parents and teachers that are responsible for these kids is clearly more important than what it might cost or the possibility that having proper security might possibly fail. There have been too many shooting incidents in the United States but who knows the number of shootings that were prevented because a school chose to have security on campus. Proper knowledge and training is key to making sure that these security guards can do there jobs to protect the innocent.Another option for a school that may not have the financial resources is to hire off-duty police officers to work details on there days off because this would cost a lot less and you are guaranteed to have highly trained and dedicated people willing to put t heir life on the line for your children. As a society why are we more willing to pay for name brand clothes for our kids then add security that can save their lives?During a situation as horrific as an active shooter in a school is a serious issue that unfortunately is our reality today and we have to prepare that it could happen and having armed and trained security personnel on site could mean the matter between life and death and is this something we really want to chance because of money or the possibility that it is for nothing? We do not get into car accidents every day but we always make sure that are children are buckled up so why should adding security measures to schools be any different?

Montessori mathematics essay Example | Topics and Well Written Essays - 1500 words

Montessori mathematics - Essay Example Support for Piagets theory is also expressed in the Montessori emphasis for exploration so children can learn at their pace. At the core of Piagets theory is an assertion that "children construct, or create, logic and number concepts from within rather than learn them by internalization from the environment" (Kamii 2009 citing Piaget 1971, Piaget and Szeminska 1965, Inhelder and Piaget 1964, and Kamii 2000). Piaget distinguished three kinds of knowledge: physical knowledge, social knowledge, and logico-mathematical knowledge (Kamii 1996: 99). Piaget taught that the logico-mathematical knowledge is only partly acquired from objects because, for instance, the similarity between two blocks of different colours is not observable but is deduced by an individual through putting things in relationships with the relationships earlier discovered (Kamii 1996: 100). In other words, for Piaget, individuals or children use a logico-mathematical framework within their minds to acquire knowledge (Kamii 1996: 100). According to Kamii (1996: 100-101), through what Piaget described as logico-mathematical framework, a learn er or student or child acquires knowledge through: Applying Piagets teaching, Kamii concluded that children create their own arithmetic or mathematics in acquiring logico-mathematical knowledge using their ability to think and, thus, the goal of math education is to assist learners or children invent procedures for solving mathematical problems as well as in constructing "a network of numerical relationships" (Kamii 1996, 101). As pointed out by Piaget, mathematical knowledge is different from physical knowledge because the former is not observable while the latter is (Kamii 1996: 102). Following Piaget, Kamii said that "there is no such thing as addition fact" because sums are internalized or constructed from within (1996: 102). In illustrating Piaget thinking, Kamii said

My Library Card to the Rest of the World Essay Example | Topics and Well Written Essays - 1500 words

My Library Card to the Rest of the World - Essay Example It always seemed laborious and too time-consuming. Books were there only to decorate empty shelves and take up room in our lockers. This changed when on an ordinary Friday my fourth-grade teacher booked a trip to our local library. There I touched upon the tip of the world of books and learned the words above that have been embedded in my memory for this long. It was just like any other Friday, on a beautiful spring day. After lunch, the entire class was to gather all of their belongings and walk down to the local library with our teacher leading the way. Of course being kids and out in the open we joked and wrestled each other most of the way trying fruitlessly to stay clear of the teacher’s stern gaze. After a short 20 minute walk, we walked into the library, a small, brown and brick, single level building tucked away on a street corner surrounded by lots of trees. We were greeted by a gentle looking, elderly librarian. She ushered us all inside and led us to a quiet corner where we had to be seated on low, colorful benches and chairs designed for younger kids. Although we had to go down to our school library many times, it was the first time that I was actually sitting inside this one. It was serenely quiet with only a few other people scattered about here and there browsing through the shelves. Beautiful tall, green plants graced practically every corner, giving the library a more earthy and natural feel. The building itself was quite unimpressive but there was just something about that library that really struck me and pulled me inside. To this day I can’t pinpoint the exact thing. I guess it was a combination of many subtleties; the soft hum of the photocopy machine, the swish of the plants as stragglers brushed against them, the smell of old and new books mingled together on the tall, wooden shelves, and the yielding softness of the carpet beneath my dirty sneakers. The place held me down and rendered my brain quiet and peaceful. The librar ian after having seated our class, stood tall and graceful next to our teacher who was sitting awkwardly in the front on a small stool in hopes of keeping an eye on all of us. She proceeded to explain the basics of library conduct and the process of applying for a library card. We were all given small forms and instructed on how to fill them out properly. Pencils scratched the rough, wooden tables as we excitedly filled in our names and perfectly memorized phone numbers and addresses. It was the first time for all of us to be receiving our library cards. I felt strangely grown up being in possession of a small, laminated card with my name scribbled across its front. I pocketed it right away afraid to get any pencil marks on it already. The librarian along with our teacher started giving us a tour of the library. It was small but cozy with the check out desk dividing it right down the middle, separating the adult and the young kids' section. We were mostly led around our own section, with the librarian pointing every so often at a set of encyclopedia volumes, the new arrivals, or the newspaper collection.  Ã‚  

Office Development Activity in New York City Essay

Office Development Activity in New York City - Essay Example The building costs themselves have slowed down after the much talked about real estate bubble (Tom Acitelli, Sep 2006). However, the cost of the properties has gone for a spin and has risen to levels well beyond one hundred and forty percent of the GDP. In this paper, we will analyze the growth of the real estate business specifically the commercial properties and the way they have been rising (and falling, if any) before we go on to take a look at the current days. Subsequently an analysis of the current scene would let us know the future trends. There will also be a short analysis of the status of the rental of offices and the fluctuations in the rental pricings specifically in the New York region. Finally, a short comparison between the rental and the ownership market of the real estate will be taken up to check which would be the best option for an office to go in the current scenario. All these will be presented in here for analysis and study. In order to trace the rise and fall of a market, it is always useful to monitor the change that is happening in the market for the last ten years at least. ... Figure 1: The stock market bubble (dot com) and the Real Estate Assets from left to right. The last ten years have seen the change in the price of real estate stock steadily increasing and gathering speed after the dot com crash. This was an investment option that people have taken to after the crash not knowing where to put their money in. More over it is also seen that the real estate, unlike dot com where most of the investors were speculators, here most of the people are investors for life time. Many things went in line with the investment. Interest rates were attractive and it worked out cheaper to buy a house rather than to lease it out. Economic Status The economic status of the country and of its people also plays a vital role in the real estate rental and cost. Normal indexes that are compared or monitored for this purpose are mortgage rates, Consumer Price Index, job creation, productivity, federal deficit and consumer confidence apart from payroll and other social considerations. In addition GDP is also an indicator of the change in economic status and the price of the real estate or the rental of the real estate. (Miller Samuel, 2006) Figure 2: GDP and Manhattan Median Sales Price The green on the graph is the US Gross Domestic Product while the Red is the Manhattan Median Real Estate prices year on year growth percentage marked on a quarterly basis. This clearly shows that the price variation in the market has been directly linked to the GDP variations in the last 10 years. Variation in the GDP has accounted for a similar change in the Manhattan prices. There might have been shorter and smaller variations at times, but by and large, it has been

Hofstede's dimension in Korea Essay Example | Topics and Well Written Essays - 1750 words

Hofstede's dimension in Korea - Essay Example Korean is the main and highly used language of the country. The language is used together with Korean and Hangul alphabet. Korea is an export driven country, focusing on the export of electronics and automobile goods and services. Figure 1: Hofstede's Five dimension in Korea There are five dimensions of Korea’s Hofstede, such as Power Distance, Masculinity vs. Femininity, Individualism, Long Term Orientation and Uncertainty Avoidance. If the essay explores the culture of Korea through the Hofstede’s Five Dimension Model lenses, then an effective overview of the deep drive of the country’s culture can be attained relative to the world’s culture. Power Distance This particular dimension deals with the fact that each and every individual in society cannot be equal. Especially, it expresses the cultural attitude of people towards the inequalities among the people in a society. Power distance can be defined as the extent to which limited powerful individuals of an organization or an institution within a society accept and expect that power is not equally distributed. The power distance score of Korea is 60. The people within the societies and communities of Korea always maintain and give value to the people who are in the top of hierarchy. Therefore, regulations and norms take huge account as the people of Korea accept a hierarchical order. Each and every individual within the society has a place that does not need further justification. Hierarchy in an institution or an organization is seen as reflecting intrinsic inequalities. In addition to this, people within the organization follow centralized structure or order. Boss or top management in an organization decides what to do. The subordinates always expected to do what their top management wants in the organization. The employees or subordinates do not raise their voice against the opinion of the boss or the top management. In a single word, people in Korean organizations give high res pect to the authority and the decision making process in business management organization is totally centralized. Individualism The basic issue addressed by this particular dimension is the degree of interdependence that is maintained by a society among its each and every member. This dimension has to deal with whether the self image of people within a society is defined in terms of â€Å"WE† or â€Å"I†. There are two types of dimensions of the society, such as individualist society and collectivist society. According to the concept of individualistic society, people only can look after their direct family and themselves. On the other hand, people of collectivist society can look after or take care of the people who are belonging to the group and exchange loyalty. In terms of individualism, Korea has a score of 18. It means that the people of Korea follow collectivistic social structure and values. People of Korea have close long-term commitment to each and every memb er of the group (Greet-Hofstede, 2012, p.1). Loyalty in the collectivist culture over-rides several societal rules and regulations. In addition to this, this collectivist culture is considered as paramount. A particular society fosters strong relationship where each and every member within a group takes significant responsibility for fellow group members. Koreans always like to follow the collective decision of family (Lee and Boster, 1992, pp. 11-13). The

Interest of Tree Growth along the Tagliamen River Statistics Project

Interest of Tree Growth along the Tagliamen River - Statistics Project Example Site A was the furthest upstream site, with the other sites following in an alphabetical order to the seventh, site G. Measurements were taken in two sessions; the first in 2005 and the second in 2010. 140 measurements were taken in each of the two sessions. The average tree height was 304.75 cm (std. dev. = 28.67), with the tallest being 407cm and the shortest 247 cm. The average trunk diameter for the 180 trees was 2.12 (std. dev. = 0.55), with the thickest being 5.0 cm and the thinnest 1.1 cm. The average number of annual growth rings was 8.38 (std. dev. = 3.38); the maximum is 20 and the minimum 3. Based on the ‘river data’, measurements of the various components of the river’s waters were done between the 65th and 90th years. The 90th year had the most measurements, with 19 (6.8%) occurring in that year. The 71st year had the least number of measurements (1, 0.4) recorded. Through the years, June and November recorded the lowest number of measurements taken ( 20, comprising 7.2% for each) while July and December recorded the highest number (26, comprising 9.3% for each). Most measurements were taken on the 1st day of any month (96, translating to 34.4%) while none were taken on the 21st and 25th days. The average depth of the water in the river was 0.389m (std. dev. = 0.147), with the deepest measurement taken at 0.782m and the shallowest 0.036m. The average discharge rate was 10.663m3/s (std. dev. = 4.203), with the highest rate reported at 22.653m3/s and the lowest at 3.751 m3/s. The research sought to investigate the research question: is there the significant positive correlation between the depth of water in the river and the rate of discharge reported? Correlation analysis was undertaken. The test hypothesis is: The Pearson correlation coefficient was statistically significant (Ï  = 0.764, p < 0.001). The null hypothesis was rejected at the 5% level of significance.  

Subjetivity Personal Statement Example | Topics and Well Written Essays - 250 words

Subjetivity - Personal Statement Example The situation from my perspective is that the student feels that he is doing the wrong thing practicing truancy. Therefore, he torn between two options, whether to run away or got back to class. After weighing the two options, the student feels that he is being unfair to himself by running away. The punishment he may have to do away with when the teacher finds about the situation or even his parents may can be severe. Therefore, the student decides to go back to class, join the others, and continue learning. The factor that influences subjective experiences in the first case is personal consideration. However, in judging from another person’s perspective in the second case, it is clear that personal opinion about what may be a reality plays a fundamental role. According to Solomon & Barney (2008), perspectives differ from one person to another. Therefore, from the experience, judgmental views depend on the conscience of a person at the time of making

Imagery, Creativity, and Emergent Structure Lab Report

Imagery, Creativity, and Emergent Structure - Lab Report Example It therefore, discusses three main areas which directly impact creative cognition; creative imagery based on the methods of creative cognition, differentiate between creative imagery under conscious and deliberate controlled environment and imagery that reflects absence of control and the third being the two aspects of creative imagery; intentional and structured and spontaneous and unstructured. According to the author, mental imagery has developed into a distinct subject of research in psychology and cognitive science. The ‘studies have helped to establish that imagery is functionally distinct from other internal processes and that mental images can be distinguished from other forms of mental representation’(Finke, 1989; Kosslyn, 1994). It is a fact that the mind is capable of retrieving images from recess even if no conscious effort was made to commit them to memory. Hence, it can be safely stated that even during the process of intentional recall of an image in some specific format, the mind can generate and explore various other properties of the same image. It is equally true that given a set of perceptual items or forms as preinventive objects, the mind can conjure a host of imaginative inventions that can be interpreted in as many ways as possible. If the object category is not defined, the spontaneity of creative imagery is more inventive. The geneplore model proposed by Finke, Ward, and Smith (1992) describes many aspects of creative thinking and imagination, including the discovery of emergent structures and their possible functions. It is characterized by a unique creative imagery of preinventive forms which is a result of generative processes and explorative process that have been used in conceptualization of the final object. The structured imagery is unconsciously bound by the prior knowledge and thus the emergent structures may

Macro assignment Example | Topics and Well Written Essays - 750 words

Macro - Assignment Example Obviously with the major machinery meant for production of the new brand of soft drink Straw-berry getting totally damaged beyond repair, means that the production unit of this factory meant to be operational in the UAE has been crippled beyond repair. In other words, no manufacturing of the anticipated new straw-berry brand cannot be manufactured. Thus, our soft drink manufacturing company, Liquids Limited will have no brand of soft-drink to introduce to the UAE market in four months time as previously projected (Neyapti 31). Besides, the manufacturing plant has been imported using a lot of money that must have taken away a sizeable chunk off the company’s profits. With this in mind; the potion of liquids Limited given the circumstance is one of increased liability and weakness instead of strength. This state of weakness will increase the general capital out-lay, if another machine is to be bought to replace the one damaged on transit. The question which arises is where will that money come from? Who will carry the cost? How will it affect the cost of production? The company’s competitors, Drinks limited already seem to have an upper hand in being the first to introduce their brand of soft drink into UAE market. This is unprecedented, and could easily turn the tables of Liquids Limited in favor of Drinks Limited as it gives them the opportunity to capture a strong market segment, and work towards building brand loyalty. After having a brain-storming session with the head of production, and as the head of marketing, we effectively decided to discontinue with the proposed launch of the straw berry soft drink in UAE. This is because the imported manufacturing plant has been damaged beyond repair. This means that the liabilities of Liquids Company have increased. Launching a new product in a new market is an

The Glass Menagerie Essay Example for Free

The Glass Menagerie Essay Throughout â€Å"The Glass Menagerie† Tennessee Williams creates an intricate dynamic between the three main characters, as well as symbols and symbolic language in order to exemplify the fragility of livelihood. Without a single one of the members of the Wingfield family the other’s lives would be dramatically different. Much as the collection of glass menagerie would not be the same collection without one of its pieces. As many collectors know the presence or absence of one item can drastically change the value of the whole collection. So also is a family unit, as one member affects the others, they form an identity they become accustomed to and often cling to. Amanda exemplifies how vital it is that a family unit stay loyal. After Mr. Wingfield disappeared her life has become a constant struggle in order to survive, a far cry from the Blue Mountain setting she idolizes in her past. Amanda symbolizes a downfall, but she also symbolizes drive for her children, encouraging Laura to blossom into something that they can both be proud of and encouraging Tom to keep his job and support his family until they can fend for themselves at least. Laura symbolizes fear and instability through the first five acts. She failed out of her class, that was a hope for a better future, because of her fear and doesn’t let herself actually try to engage in social interactions for fear that she will be inadequate in another’s eyes. Without Laura to feel sorry for and take care of Tom most likely would have left Amanda on her own in Mr. Wingfield’s footsteps a long time ago. Tom represents unrest and boredom, but he also provides the money and stability for the family to keep living in its present state. Though Tom is uneasy he still gets up in the morning and performs his duties knowing that he is a key member of their family unit, or the most valuable piece in the collection. When Tom and Amanda’s fight breaks some of the pieces of the Glass menagerie it symbolizes the breaking of a family unit, making it less valuable. As the pieces are easy to break so is the bond that holds the  family together as Mr. Wingfield showed how easy it was to separate this bond. As Tom distances himself the strength of the bond becomes less and less strong and it is only a matter of time before it breaks if it is not mended.

University and Students Essay Example for Free

University and Students Essay Introduction The hotel and restaurant management is the worlds largest industry and offers unrivalled opportunities for an exciting and rewarding career, though the outlook for employment in this industry is rapidly growing. With the increasing demand for highly skilled hospitality managers there has never been a better time to gain a qualification in this dynamic global industry. The Hotel and Restaurant Management program responds to this challenge with a comprehensive blend of practical and theoretical courses driven by hotel industry. The HRM curriculum combines courses in business administration, communications, quantitative studies, the humanities and the sciences, with in-depth courses in foods, foodservice systems management, hotel operations and human resource management to provide a strong base for professional success. On the recent enrollment at Laguna State Polytechnic University SPCC, students of Hotel and Restaurant Management course gradually increased, this shows that many students are giving interest in the course. Based on the previous research, the course is now being recognized as one of the top courses to be taken in the country. One of the benefits of choosing this course is that the student can learn about knowing the right managerial skills in handling a Hotel and Restaurant and also learning about the different kinds of foods that they can cook. Though this course is not only to learn about cooking, one shouldve studied culinary arts for that, but primarily to have the knowledge, skills, and the right preparations for a student to be ready to handle supervisory and management positions in hospitality management. For students to be trained under an instructor in a practical setting of a restaurant or any other similar establishment, the right mindset and attitude must be present. The performance of a student in managing even just a small business serves as an enhancement of their knowledge and skills. It works as a substantial internship for future work and management. One of the factors in choosing the course, is being chosen and going out of the country to train and learn more about the industry that they have chosen. The experience that the students gain will be a valuable asset in finding a job or taking up Master’s Degree. The importance of choosing Hotel and Restaurant Management course is it will be the building blocks for the success in the future. Students need to be more attentive and interested in this course because it will help them to be prepared for their job in the future. Through studying this course students will become an effective and competent manager in the future. They will be prepared to take what they’ve learn here and go forward to undertake successful management roles within any of the hospitality sectors, namely, hotels, restaurants resorts and clubs. This course will enable freshmen student to advance their career to senior level so they can operate effectively at a strategic level in this increasingly competitive sector. While learning how to apply theory to complex problems, they will also gain an advanced understanding of business disciplines, including marketing, human resources, finance and operations management on an international level. Understanding how to be a leader, how to work with people and how to increase profits in hospitality businesses are all vital skills, and will be studied through the course. Special emphasis will be placed on preparing students for the trends in globalization which will be prevalent in tomorrows hospitality industry. Hotel and Restaurant students will acquire the competencies they need to be industry leaders in the competitive hotel and restaurant business environment. In order for them to achieve success in this industry, they need to have the ability to get along with all kinds of people under all kinds of conditions. the people they must deal with in this industry, guest and employees alike, vary widely in terms of education, personal experience, intelligence, business background, nationality, and personal characteristics. To succeed in the hotel industry, they must be broadminded, tolerant, understanding, and humane. It is important to keep in mind that as a future hotelier, they will regularly be dealing with many different temperaments in various situations. Any person contemplating a career in the hotel industry should be neat, have a flair for detail, and be willing to be of service to others. This last requirement is not a catchall phrase; it embodies the ability to listen attentively, have ready smile, and maintain a reserved manner. Therefore, anyone with an uncontrollable temper or an inbred shyness must try to overcome these defects to have a successful career in the hotel industry. The early development of the concern among the HRM students should not perish in their minds to defeat the stress that they are facing. It’s obvious that first year of education faces a trouble that maybe foreign to their mind and new to their knowledge. In this case, these challenges could be the burden which can pull them out of the school without completing their studies, such as; the choice of college course, academic problem, students schedule and of course the environmental adjustments. But the serious case that arises in some observation is that, the focus they have in the first years of their study is not that intense. Therefore, the students must make their way to create a new passage to accelerate in their subject matter. The HRM graduates believe that this will be a broad base of management and technical skills which enable them to immediately be productive in the workplace. This study intended to state the perceived difficulties met by freshmen HRM students of LSPU and their achievements in school. Direct and indirect sources of evidence of student performance will be conducted and quantify to find out the freshmen sentiments and therefore provide the most probable solutions that will reflect effective results. Background of the Study The purpose of the study is to determine the difficulties of 1st year HRM students’ and the impact of college adjustments. The difficulties face by first year student found to be the choice of college course, school curriculum, schedule, socializing with new people, as well as the environmental adjustments. Based on the previous research, it found that the major difficulties face by majority of the students is choice of college course, where in many freshmen choose HRM course because they think that it is easy and a fast way to graduate because some of the mindset of the students are just to graduate and get a job like being a waiter or bartender, without thinking that the knowledge that they learned wasn’t put into good use and disregarding their personal interest that lead them into difficulties. This was followed by the academic problems such as difficult to understand well the teacher’s lectures. However many first year students encounter difficulties in organizing their selves to do individual studies as they easily give into distractions. For example some first year students loiter around avoiding lectures and tutorials thus coming to school with different intensions. And also their time management involves doing the right thing at the right time. First year students in particular tend to misuse the time that is given. The difficulties to attend class as early as 7 in the morning. Managing time effortlessly can make the difference between a successful student and one who is defeated by stress. Other than that, students also faced health problems where they have difficulty in taking care of their health. One study identified the difficulties of the first year students and pointing out that the main cause of these problems is a big amount of stress during their life a student. A HRM student, actually in a broad sense, all of the students’ faces some series of challenges and stressors. But more likely, the HRM students are the one who are in the center of experiencing stress, especially the first year students. The stress maybe came from their friends, professors, colleagues, family or relatives, and even relationships and competition. Every day, students doesn’t only needs a brain to do a workload and be happy to grab it fast but they also founding certain emotions in dealing with the other people and not always facing the thick pages of a book. HRM students experience stress severe enough to induce mental health problems such as anxiety and depression. The source of the stress in HRM students is related in their learning experience and the programs that they enrolled into. Difficulties are a challenge to freshmen in achieving academic excellence. The continuous activities making the students accumulated the burnout behaviors which are characterized by reduction in their performance. And just like the domino effect, everything else follows. The students are destined to feel slight health failure, physical illness and emotional stress. There is also physical and psychological symptoms of stress that are present in every HRM students that suffered pressure such as irritability, inability to concentrate, insomnia, depression, muscular tension and aches, palpitations, lack of appetite and others. But actually, not all the case of a HRM student finds a negative response on the stress factor. There is the existence of the arousal that at some point increases and improves the performance. Those difficulties among first year students should be given a serious attention as a serious adjustment problem could lead to student’s failure to complete their studies. This study may increase the knowledge on how they can interact and motivate themselves and adapt to the changes that would be necessary for their growth and development. Theoretical Framework According to Stephen Pravel’s Theory of Catastrophic Misinterpretation which explain that both educational researchers and experienced teachers develop what might be called theories of difficulty. A strong theory of difficulty identifies learners characteristic trouble spots for a particular area of instruction and includes some causal analysis of why they occur toward improved teaching and learning. The literature on learning and development offers numerous ways of understanding conceptual difficulties, as well as recognizing problems of ritualized knowledge, inert knowledge, knowledge too foreign for learners to engage it readily, and tacit knowledge, the partly unconscious nature of which poses learning challenges. In a number of studies, a strong theory of difficulty has led to improved learning. In everyday teaching, teachers response to recurrent difficulties may fall short. One not uncommon reaction is to blame the learners weaknesses and simply keep teaching in the same way. Another better reaction is to teach harder’; lavishing more time and attention on characteristic difficulties without any causal analysis of what makes them problematic. Most effective is to teach smarter based on a causal analysis refined through experience. The construction of informal theories of difficulty is an important part of the craft of teaching. He also discusses motivation from the perspective of contextual factors and school socialization processes that have the potential to influence student motivation and subsequent performance. In this regard, teachers instructional practices and interpersonal relationships with students are highlighted as potentially powerful factors influencing student motivation and performance. This theory will also serve as determinant of this study. Through the use of both direct and indirect sources of evidence of student performance, results from assessment guide collective actions for, among others, curricular change, better learning opportunities for students, improvement of teaching, and more effective academic support services. That is, the result which will be posted at the end of the study and shall be well classified to determine whether or not freshmen students need to worry and confused in pursuing HRM and in the end it will help them to achieve higher education and scholastic achievements, and give them an advantage in the job market and the credibility they need to achieve their career in hospitality. Coceptual Framework The researchers presented a research paradigm of the difficulties and achievements of freshmen college students of Laguna State Polytechnic University it showed the personal profile of the freshmen college students, the profile included the age, gender, civil status and family income. Factors under the difficulties by freshmen are the choice of college course, academic problem, schedule, and environmental adjustment. While in the achievement is measured by the scholastic, extra-curricular and the exposure into hospitality industry. Research Paradigm Figure 1 Achievements in School of the respondents a. Scholastic b. Extra-Curricular c. Exposure into Hospitality Industry| Independent Variable Dependent Variable Respondents’ Profile a. Age b. Gender c. Civil status d. Family IncomePerceived Difficulties of the respondents a. Choice of College Course b. Academic Problem c. Schedule d. Environmental Adjustment| The Figure 1 shows the relationship between the independent variables the dependent variable. Statement of the Problem The objective of the study is to determine the difficulties met by first  year HRM students in Laguna State Polytechnic University and how they overcome it by achieving something in school. This study is significant to the students of Laguna State Polytechnic University SPCC, These may served as their guide for the readers and future researchers who will also have a relative topic, in order to provide them idea and knowledge in handling different problems encountered in hotel and restaurant course. And provide source of information and also to motivate them to improve their performance in order to achieve something in school. Specifically, it seeks to answer the following questions: 1. What is the profile of the respondents in terms of: a. Age, b. Gender, c. Civil Status and d. Family Income? 2. What are the difficulties met by first year HRM students as perceived by themselves? a. Choice of College Course, b. Academic Problem, c. Schedule and d. Environmental Adjustment? 3. What are the achievements of first year HRM students? a. Scholastic, b. Extra-Curricular and c. Exposure into Hospitality Industry? 4. Do the perceived difficulties of the first year HRM students relate significantly to their achievement? Hypothesis * There is no significant relationship between the perceived difficulties of the first year student to their achievements in school. Significance of the Study The results of this study have relevance to the following: School and administration. The findings of the study can give more information to the school and administration about the students for them to be aware in understanding the difficulties faced by the students to provide good social environment that help students easily to adjust socially that can improve their academic achievements in school. Teachers. This study will provide a better understanding about difficulties and achievements of the students and to guide them how the students be at ease to its environment and exhibits the potential of the students. Respondents. This study will encourage all HRM students, especially to the first year students to face their difficulties and learn to overcome it. And this would be a great help for them to analyze their weak point in studies and how they will optimize them. Though they suffering into difficulties they can still motivate themselves to pursue their course and received scholastic achievements. Parents. The result of this study may also serve as a guide to parents on how they will guide and help their son and daughter with regards to their difficulties and achievements in school and by understanding the anxiety felt by their children. Researchers. This study may provide necessary information in order to answer their questions and can contribute to other future researchers. Future Researcher. The findings of this study can assist them as their point of reference in continuing the study of relationship of difficulties and achievements of students in school. Scope and limitation. The coverage of this study is to determine the degree of difficulties among first year HRM students and their scholastic achievements in Laguna State Polytechnic University San Pablo City Campus. The covered period for this study starts from 2011 up to 2012. Research will only be focused on the perceived difficulties met by first year HRM student and their achievement in school and not from other related topics. Definition of Terms The researchers defined the terms used in the study, operationally and functionally. Achievement. The attainment of students to overcome their fears and difficulties by aiming their goals. Academic Problem. anxiety of the students related to their academic difficulties that is hard to overcome Choice of College Course. This is the choice of the incoming college students to know or to pursue what they want in the future Difficulty. this is the anxiety faced about the students about their task or fears. Environmental Adjustment. this is how the freshmen students adopt changes in their new environment Extra- Curricular. one way on how students get a good grades and this is also way of the students how to use their skills HRM. A course where the students can enhance their skills in cooking, housekeeping, bartending, hotel operation, restaurant operation and management Master’s Degree. is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study. Perception. this is how the students interpret or see different things about the same situation Schedule. Part of the class program that the student oblique to follow it Scholastic. students that adheres to a method or subtitles of the school Chapter II REVIEW OF RELATED STUDIES AND LITERATURE. A review of related literature and studies about the difficulties and achievements of freshmen HRM students who came from Laguna State Polytechnic University is presented in this chapter. This chapter provides information on underlying theories, guidelines and concepts of value to this research. The researchers gathered literature and studies from different authors of book from foreign and local for better understanding of the problem. Different related literature presents different content with regards the variable that is used in the study. Related Literature According to Bobby Quitan, (2006) the interpersonal influences of others, such as parents and peers, have been involved in students’ aspirations to attend college. Students whose parents begin to encourage them to consider college early in their educational career are more likely to attend college. Quitan also stated that it have found that parental encouragement to attend college has a direct effect on college attendance. Students who have friends interested in attending college are more likely to pursue an undergraduate degree as well. Peers who plan to pursue a college degree positively reinforce college choice decisions. The college choice process refers to the factors that influence applicants when deciding which colleges to apply to and what factors to consider when deciding which of the colleges or universities they have been admitted to they wish to attend In order to gain a better understanding of this process, it was necessary to examine the stages that college applicants go through during the college selection process. The author said that there are three main stages of these models are predisposition, search and choice. The first stage of the college selection process in most models is predisposition. Quitan also refer to this stage as the college aspiration formation stage. This stage is characterized by students determining whether they would like to attend college. During this stage, certain background characteristics influence students. These influences include socioeconomic status, race, sex, ability, achievement, attitudes, and educational background of parents and peers. The socioeconomic status of a student can open doors of access to certain students or limit their ability to even consider attending college. Students with high socioeconomic status are more likely to go on to college than students with low socioeconomic status. The author also described three basic approaches that have been used to study the college selection process; social psychological studies, economic studies and sociological status attainment studies. All three approaches focus on decision-making influences. The first approach to the college selection process, social psychological studies, examines three main factors. The first factor incorporates the impact of the academic program that the student chooses, the social climate of the campus, the cost and location of the college, and the influence that other students have on the student’s college choice. The second factor is the student’s assessment of how they fit into the institution they have chosen. The third factor is the cognitive stages of college choice. The second approach includes economic studies that examine college choice. The author view college choice as an investment decision for the student. (Bobby Quitan, 2006). According to Ronan S. Estoque, Rogelyo G. Dela Cruz, Marinel Ivy P. Tan-Pichay (2006) the academic reputations of the university are factors that influence the students’ decisions to attend college. A large number of students enter their undergraduate institution undecided on an academic major. The students are attracted to institutions that can provide them with a wide variety of academic majors from which to choose. The academic reputation of an institution can also be very important to the students. They expect to acquire knowledge and skills in a particular field so they will be marketable for the jobs they want to pursue. Attending a college that has an excellent reputation for a specific academic program such as HRM or business will assist them in achieving their goal. Students also see academic reputation as leading to more job opportunities for them. Academic issues are just one group of factors that have an effect on the success of a student at a particular institution. Other factors within the institution may affect the student as well. These factors may be related to the social climate at a university and may create issues for students when selecting a college course. The author view on what generic competencies such as analytical thinking, ability and willingness to learn, self-confidence, relationship building was sought in order to compare these with the students’ views. The students should also be aware of the needs and be able to relate their abilities to those required by employers. If students do not see the need or importance, the likelihood of higher education institutions managing to convince students to instill these, will be difficult by enhancing their skills, competencies, personal attributes, enthusiasm, self-confidence, and knowledge that are needed in the work place, makes graduates more employable and likely to be successful in their chosen careers, which benefits themselves, the workforce, the community and the economy. During this time, through the guidance of the mentor and the opportunity to actually work in a work environment the students will learn how to work with people, develop communication skills and learn how to get things done Lani Florian, (2007), said that the extracurricular activities play an important role in todays secondary education programs. When one considers the large number of activities available, one realizes the diversity of the programs. Included are athletics, publications, student government, fine arts, academic clubs, service organizations, and special interest activities. There has been a considerable amount of studying the relationship between student involvement in activities and student academic achievement. Although a positive correlation has been shown in many of these studies, there is still a fierce battle among educators concerning the need for extracurricular activities. Two positions appear to be prevalent in todays academic community. These are referred to as either the academic or developmental perspective. The academic perspective considers extracurricular activities as purely leisure and not part of the purpose of schools. The developmental perspective considers extracurricular activities necessary to the total development of the student in todays schools. Even those activities that dont require loss of classroom time are perceived to take away study time. These educators support cutting or eliminating activities for budgetary reasons. Educators who believe in the developmental perspective see activities as an extension of the educational program. Activities allow students to develop skills such as leadership, sportsmanship, self-discipline, self-confidence, and the ability to handle competitive situations. Extra-curricular activities offer an opportunity to interact in ways that allow the previously mentioned skills to blossom. The developmental minded believe that many of these skills would be impossible or very difficult to develop in a classroom setting. Participation in extracurricular activities is positively associated with many student characteristics. Participation is associated with higher levels of self-esteem. Participation is associated with lower delinquencyiabsenteeism rates the academic perspective theory considers extra-curricular activities as purely leisure and not part of the purpose of schools. Those educators that profess to the academic development theory argue that work is a deterrent to academic achievement. The author said that the participation in extracurricular activity has a small but consistently positive effect on academic achievement. Ethel Magalona, M. A. , Evelyn Salting-Sadsad, Ph. D, (2008), said that the differential scholastic achievement of students has been and is still a source of concern and research interest to educators, government and parents. This is so because of the great importance that education has on the national development of the country. All over the country, there is a consensus of opinion about the fallen standard of education. Poor academic performance is a performance that is adjudged by the examinee/tested and some other significant as falling below an expected standard. A person’s educational is closely linked to their life chances, income, and well being. The interpretation of the expected or desired standard is better appreciated from the perpetual cognitive ability of the valuator of the performance. The evaluator or assessor can therefore give different interpretations depending on some factors. Therefore, it is important to have a clear understanding of what benefits or hinders one’s educational attainment. Raising Academic Achievement narrowed the focus to what the program evaluations had to say about one set of outcomes. The current volume narrows the focus further to academic outcomes for minority students. Yet, within this academic achievement category, the focus is deep, seeking outcomes along an optimal pathway of academic achievement we wish all young people could take. It is the hope that all young people will attend school, arrive on time, go to all classes read at grade level or above do well in the sciences, mathematics and technology persist to high school graduation be appropriately identified and served for any special needs obtain good grades have access to and do well in academically challenging courses have opportunities to apply their knowledge while in school (through work-based learning or service-learning) Follow a coherent course sequence leading to postsecondary education take standardized and college entrance exams and obtain competitive scores make thoughtful guided decisions about college attendance and financing enroll in college have no need for remedial education in college sustain academic achievement and good grades in college sustain financial aid sustain college enrollment graduate from college and successfully pursue graduate/professional school degrees or fulfilling work in their chosen career. Information was sought for each level of educational achievement along this pathway. Information was also sought in the youth development literature about youth that are not in school, but there was little data on academic achievement to be found here. There was however, a great deal of writing on the topics of minority over-representation in special education, misidentification for special education, underrepresentation in gifted and talented programs, Advanced Placement, Honors and other advanced classes, and over-representation in the juvenile justice and adult penal systems. Derect Chadee, (2011), said that the social atmosphere of a campus can affect students in various ways. The author said that the students experience difficulty adjusting to an environment that is culturally different to what they have been comfortable with at their high schools. Some students experience culture shock when attending an institution where they are in the minority and they have not been accustomed to this type of atmosphere before. The author said the importance of living environment, social support and making meaningful relationship connections have on students overall adjustment to the college environment. Institutions that provide opportunities for not only academic support, but also social and personal support increase their retention rates. The author suggested that relationships and making meaningful connections are important for students to adjust to the college environment. Students who have been able to establish bonds in their new environment adjusted better than students who were isolated and not as successful in establishing new friendships and relationships. The theory of attachment has been used to explain the importance of emotional bonds and healthy adjustment. Healthy individuals tend to have secure attachments to parents, guardians, and significant others in their lives. Individuals with secure attachments tend to have an easier time transitioning to college than individuals who do not have secure attachments. Relationships with parents may change when students go to college, which can be a difficult transition for all involved, and cause additional stress and pressure on the students as they move through the developmental process and become adults. The process of adjustment can be frustrating and overwhelming for many students, leading to emotional maladjustment and depression which may, in turn, negatively affect college performance. Powers, Clayton W. Barrows, (2006). The high levels of social support buffer individuals from stress. Attachment theory has emphasized the importance of healthy emotional bonds, and students who are able to create and maintain healthy bonds with others tend to have an easier time adjusting to  college. Social adjustment may be just as important as academic adjustment; according to Clayton (2006) the personal adjustment and integration of the social fabric of campus life play a role at least as important as academic factors in student retention. One way of assisting students in establishing connections is to help them become involved in campus life. Student social adjustment to the college environment has been linked to student involvement in the university and has appeared to be a major factor in a students overall adjustment. The transition to college is difficult for many students and students need support and encouragement to join various organizations and participate in activities to feel like they are a part of the university community. Activities serve not only as a coping mechanism, but also have assisted students in making new friends and finding their place in the university community. Thus it is only natural that the residence halls would be ideal places to have activities for freshmen and help create a sense of connection to the university. Female students face unique problems adjusting to college. For example, there are more roles and opportunities for women than ever before; however those roles may not be acceptable to their families.

Risk management is of vital importance in islam and takaful

Risk management is of vital importance in islam and takaful ABSTRACT Risk management is of vital importance in Islam and Takaful provides a way to manage risks in business according to SharÄ «ah principles. This research paper attempts to identify various types of risks involved in Takaful business that affect operational and investment functions of Takaful operators across the globe and finds the ways to manage those risks effectively. However, takaful operators often face difficulty in managing market and credit risks as SharÄ «ah compliant nature of Takaful contract does not allow Takaful companies to deal with interest rate and financial derivatives that have been unanimously considered repugnant to SharÄ «ah by Islamic jurists. This research identifies Islamic financial instruments like cooperative hedging and bi-lateral mutual adjustment that aim at providing mutual gains to both parties by the way of risk sharing and can be used as an alternative to conventional derivatives. The research paper attempts to provide a framework to enhance risk management culture among Takaful operators. It also discusses the challenges that need to be encountered to enhance risk management practices among Takaful operators. INTRODUCTION â€Å"Many Muslims misunderstand the concept of fate. For some Muslims believe that the future is in the hand of Allah, where they are facing with fatalistic mentality by putting themselves in the doctrine, whether one is rich or poor, happy or sad, it is fated by Allah. It is a good dealing with luck. In fact, efforts and prayers should precede this kind of belief† (Iqtisad Al-islamy, 2003). For a long time, same misconceptions have been associated with insurance. Muslim scholars and Islamic jurists have treated insurance illegal, haram and repugnant to SharÄ «ahwithout providing an alternative solution to Muslim Ummah. As a result of these prevalent misconceptions, any effort or risk management strategy to insure the assets or life has been considered against the fate and will of Allah. In Islamic financial planning, Takaful is a way to reduce the financial risk of loss due to accident and misfortunes (Iqtisad Al-islamy, 2003). As a matter of fact, Takaful plan is an alternative to the insurance in the conventional financial planning. In Takaful plan, the participant would pay particular amount of money as contribution (known as the premium) partly to risk fund (the participants special account) using the concept of tabbaru (donation) and partly to another party (known as Takaful company) with a mutual agreement that, the kafiil (Takaful company) is under a legal responsibility to provide for the participant a financial protection against unexpected loss, should it happen within the agreed period. The focus of this research paper is to identify various types of risks associated with Takaful business and devise criteria for managing risks and enhancing risk management culture among Takaful companies. It also discusses challenges to risk management in Takaful. RISK MANAGEMENT â€Å"Risk is the chance of happening of something that will have an impact upon our objectives. It is measured in terms of likelihood and consequences† (GOWA, 2002). Traditionally, concept of risk has been associated with uncertainty of events in future. Higher the uncertainty of events, higher is the risk. In insurance, risk is the amount of loss associated with property or life. Risk to property can be a loss or damage to car, building, house, etc. Risk to life can be described as poor health, premature death, bodily injuries as a result of accident etc. (Rejda, 2006; p.23). Risk management is a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures(Rejda, 2006; p. 63). According to New Zealand standard of Risk Management, â€Å"It is the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects†. In fact, risk management is an ongoing process that encompasses all aspects of our life. RISK MANAGEMENT UNDER SHARIAH Risk traditionally means possibility of meeting danger or suffering, harm or loss (Iqtisad Al-islamy, 2003). Risk is an element of life in this world for being ignorant of the future. It is also factor of investing that one should take time to understand prior to selecting any specific investment instruments or any new adventures. Muslims are asked to work hard in order to be able to change their conditions as obvious in the verse of Holy Quran, †¦ Verily never will Allah change the condition of a people until they change it themselves (with their own souls)†¦ (Quran 3:11). However, it is true that only Allah knows ones future and fate, Muslims should strive to achieve the goodness in this world and the hereafter. Submission to Allah, of course, has a positive effect on human behavior. For it will lead to peace and contentment. Undoubtedly, one has to submit every single thing to Allah, but it supposes to be after his hands stretch out to do the best effort as he can, to ch ange himself, so that he would be able to manage and to cope with unforeseen calamities or misfortune. Prophet Muhammad peace be upon him once asked a Bedouin who had left his camel untied, Why do not tie your camel? the Bedouin answered, I put my trust in Allah the prophet then said, tie up your camel first then put your trust in Allah( Sunan al -Tirmizi, vol.4, No. 2517, p. 668). This conversation depicts not only how should Muslims accept their fate but it also indicates how do Muslims reduce the risk of loss and calamities. Quran has presented stories of the previous prophets so that Muslims can take the lessons from their experiences. The story of the prophet Joseph, for instance, tells us about financial planning. The story of Prophet Yaqub, Josephs father, tells us about the management of risks as Yaqub commanded his sons to enter Egypt from different gates. Quran states, Further he said: O my sons! Enter not all by one gate: enter ye by different gates. Not that I can profit you aught against Allah (with my advice): None can command except Allah: On Him do I put my trust: and let all that trust put their trust on Him (Quran 12:67). The history of the prophets migration to Madinah gives us other lessons on how the Prophet (SAW) managed the risk. The Prophet reduced the risk of getting killed by asking Hazrat Ali (R.A.) to sleep in his bed during the night of emigration. It was reported that as night advanced, the Quraish posted assassins around the Prophets house. Thus they kept vigil all night long, waiting to kill him the moment he left his house early in the morning, peeping now and then through a hole in the door to make sure that he was still lying in his bed. All these above examples depict that risk management is in the roots of Islam. We, as a Muslims, should put our trust onto Allah only after meticulous planning and best utilization of all the available resources. NORMS OF ETHICS Obaidullah (2002, pp.2-4) has identified norms of efficiency and ethics for SharÄ «ahbased risk management in a business contract. These norms are also applicable to Takaful contract and are briefly described as follow: Each party in Takaful contract should be free to accept the terms and conditions of the contract and no coercion is imposed on any party. Takaful contract should be free from element of ‘riba (interest) that is prohibited by Shariah. One of the major objections on the contract of conventional insurance by SharÄ «ahscholars is element of ‘riba in its investments for which it is considered illegal and unIslamic. There should be no uncertainty or ambiguity about the nature of contract. Excessive uncertainty is not permissible in Shariah. For example, SharÄ «ahscholars disallow conventional insurance contract where no party clearly knows how and from where the insured amount is to going to be paid in case a loss or catastrophe occurs to the insured. There should not be any element of gambling in Takaful contract. It means that Takaful contract should not be aimed at getting a huge advantage at the cost of others. Rather, participants should have sincere intention of helping each other in case of loss or catastrophe from a joint fund. Contribution amount for participants should be adequate and fair and should be determined by actuaries and approved by SharÄ «ahscholars. Takaful customers (participants) should have equal access to adequate, accurate and timely market information related to Takaful products and companys performance where they want to contribute their money. Rights of any third party should not be adversely affected by Takaful contract between two parties. It means Takafulcontract should not be detrimental to any third party. There should be unrestricted public interest in Takaful products and its business contract which should work for the benefit of people at large. TYPES OF RISKS IN TAKÄ€FUL BUSINESS Business industry is prone to a number of risks. Five types of risks in business (Basel, 2006; IAIS, 2004) have been identified that are relevant to Takaful business. First two types of risks (underwriting and operational risks) are directly related to operations of Takaful company while remaining three (credit, liquidity and market risks) are associated with the investment activities of the company. i. Underwriting Risk: Underwriting risk is pertinent to insurance and Takaful. It occurs due to adverse selection of applicants or due to re-Takaful risk as a result of inability of re-Takaful operator to meet the obligation towards ceded company under re-Takaful agreement (IAIS, 2003; pp.32-33). Adverse selection refers to the tendency of selecting applicants that result in higher than average chance of loss (Rejda, 2006; p. 45). The risk of adverse selection arises when applicants with higher than average chance of loss succeed in obtaining Takaful coverage at standard rates e.g. high risk drivers or persons with serious health problems. It results in higher claim ratio and put the firm on high liquidity constraints. Re-Takaful risk occurs as the ceded company remains liable for a portion of outstanding claim to the extent re-Takaful operator fails to provide financial protection to Takaful operator in accordance with agreed terms. Both adverse selection and re-Takaful risk hamper the firms underwriting capacity; disturb the cash flow pattern and hence affect the stability of the profits of the company. ii. Operational Risk: Operational risk is not a well defined concept , yet Basel Report (2006, p.144) defines it as a loss that occurs as a result of inadequate or failed internal processes, people, technology or from external events. Internal processes failure occurs (Ahmed Khan, 2001; pp.29-30) as a result of inaccurate processing of transactions, inefficient record keeping, violating operational control limits, non-compliance of regulations etc. people risk may occur due to incompetence of employees, fraud and failure to perform the duties. Technology risk may arise as a result of telecommunication system or computer network breakdown. Risks from external events include unenforceability of regulatory policies, legislation and regulations that affect the fulfillment of contracts and transactions in the organizations. These risks are also called legal risks and are considered a part of operational risks. iii. Credit Risk: Credit risk occurs a result of default of counterparty when it fails to meet its obligations in time and in accordance with agreed terms (IAIS, 2004; p.14). In case of insurance, credit risk may be treated as default risk, migration risk, spread risk or concentration risk. Default risk occurs when Takaful operator does not receive or partially receive cash flows or assets to which it is entitled because the other party fails to meet the obligations of the contract. Migration risk occurs when probability of a future default of an obligator adversely affect the contract today. Spread risk occurs due to market perception of increased risk on either macro or micro basis. Concentration risk is the result of increased exposure to losses due to concentration of investments in a particular geographical area or economic or industrial sector. Takaful industry is also exposed to these risks. iv. Liquidity Risk: Liquidity risk is the risk resulting from Takaful companys inability to meet its obligations (i.e. claims payments and maturity price of policy) when they fall due. This risk occurs because the company has insufficient liquid assets or high level of liabilities (IAIS, 2004; p.18). Liquidity risk includes liquidation risk, affiliation investment risk and capital funding risk. Liquidation value risk is the risk under circumstance when assets are liquidated below their real (market) value. Affiliated investment risk is the risk that investment in an affiliated or member company might result in drain of financial or operating resources. Capital fund risk is the risk that insurance company will not be able to outsource funds in case of large claims. Takaful industry, just like conventional insurance company, faces similar types of liquidity risks. v. Market Risk: Market risk is the volatility of prices in instruments and assets of Takaful company in the market. It can be classified as equity price risk, interest rate risk, currency risk and commodity price risk (IAIS, 2004, p.12). Equity price risk is the risk of loss resulting from changes in market price of equities or other assets. Interest rate risk is the risk of loss resulting from changes in interest rates that adversely affect the cash flows of the insurance company. Currency risk is the risk of loss resulting from volatility of exchange rates that adversely affect the operations of insurance company. For a Takaful company, it does not include interest rate risk, however Takaful operators are exposed to mark up price risk as avoidance of interest based transactions is distinctive feature of SharÄ «ahcompliance. MANAGING RISKS All types of risks in Takaful require specific risk management strategy and need to be managed on individual basis. i. Underwriting Risk Management: Underwriting risk can be managed by establishing standard selection procedure consistent with the companys objectives. Most of the Takaful operators require physical inspection or medical reports of the applicants that have serious health problems or prone to higher than average risk. Some have introduced computerized underwriting system to standardized underwriting procedure and minimizing the chance of adverse selection. For example, Takaful Ikhlas Sdn. Bhd. of Malaysia uses computerized underwriting procedure for motor Takaful where applicants who meet standard requirements are automatically selected for Takaful. Others are rejected or alternatively are offered higher contribution rates for the extra risk. To minimize re-Takaful risk, Takaful operator can evaluate the financial strength of re-Takaful operators in the region and diversify the risk geographically by making arrangements with more than one re-Takaful operator. ii. Operational Risk Management: Management of this risk is more complex as it arises from failure of internal processes, people, information system breakdown and non-compliance with regulatory standards (Ahmed Khan, 2001; pp. 38-39). Senior management and board of directors of Takaful company should devise policies and develop strategies to manage and reduce operational risks. Sources of operational risk (i.e. people, processes and technology) should be handled carefully. This raises the importance of corporate governance culture in the organization. Given the newness of Takaful industry, computer software available for conventional insurance might not be appropriate for Takaful industry. This calls for recruiting talented professionals in the field of informational technology so that they could develop software to meet peculiar needs of Takaful industry. Independent external auditors can also play an important role in mitigating operational risk as they point out flaws in internal processes of the organization. T his calls for proper disclosure of activities and independent and secure reporting system. iii. Credit Risk Management: Under conventional insurance system, credit exposure limits are established within companys investment policies to mitigate and manage default risk, migration risk, spread risk and concentration risk as discussed under credit risk. Usually, following credit exposure limits can be established for insurance company investment and credit activities (IAIS, 2004; pp.16-18). Internal and external rating of counterparties Limit on maturity of credit facility (prefer short term credit over long term credit) Limit on maximum investment amount or a certain percentage of investment exposure to a single issuer, industry, geographical region or some other risk classification. Prohibition of interest does not allow Takaful companies to investment in interest-based instruments (Chapra and Khan, 2000). Moreover, Takaful companies do not have access to credit derivatives that are considered effective instruments for credit risk mitigation. Yet Al-Suwailem (2006; pp.67-68) argues that futures and Option contracts result in losses for more than 70% of the time and hence such instruments are considered as factors of loss, not of gain. The non-availability of Islamic derivatives raises the importance of internal control mechanism for Takaful operators which ensures that credit risk exposures are maintained within limits of prudential standards defined by internal controls. iv. Liquidity Risk Management: IAIS Report (2004, p.20) identifies two approaches in order to hedge liquidity risk that are also applicable to Takaful industry. These are: Cash flow modeling Liquidity ratios Cash flow modeling is done in order to assess the amount of deficit, surpluses or liquidation value risk in order to meet the needs of Takaful industry. Takaful operator should make sure that it has sufficient liquid assets in order to meet liquidity risk and unexpected liquidity requirements. Use of liquidity ratios will help Takaful operator to set the amount of liquid assets required to meet demands of liability portfolio, desired level of liquidity ratio will also help in determining Takaful operators investment policies. Capital funding risk could be mitigated by setting contingency plans and drawing cash from re-Takaful policies. This form of liquidity hedging could be recognized by knowing current level of liquid assets in hand to meet Takaful operators investment policies. In order to identify and evaluate liquidity risks, Ahmed and Khan (2001, p.38) emphasize the need of adequate internal control and proper disclosure of information in the organization. Towards this end, it is essential to have regular independent reports and internal audit function should periodically review the liquidity risk management process. v. Market Risk Management: In conventional insurance, management of market risk includes devising strategies to manage interest rate risk, exchange rate, and commodity price risk as well as equity price fluctuations. Takaful operators are not involved in interest based transactions so they do not face this risk. However, KIBOR (Karachi Inter Bank Offered Rate) can be used as bench mark for markup in Islamic financial institutions in their financing activities. Conventional institutions manage the market risk using financial derivatives such as futures, forward, option or swap contracts (Chapra Khan, 2000; p.55). Takaful operators face difficulty in managing market risk as these financial derivatives are not compatible with SharÄ «ahin the eyes of Islamic scholars. However, according to Al-Suwailem (2006; pp.118-126), cooperative hedging and bi-lateral mutual adjustment are acceptable instruments under SharÄ «ahto mitigate currency risk and interest rate risk respectively. Additionally, Takaful operators could apply stress tests and Value at Risk (VaR) techniques to mitigate commodity price risk and equity risk. Stress testing is one of the risk management tools that can be employed to assess the vulnerability of portfolios to abnormal shocks and market conditions. Value at Risk is the probability of portfolio losses exceeding some specified proportion. ENHANCING RISK MANAGEMENT CULTURE Cultivation of risk management culture is extremely important to form a robust and resilient Takaful industry in Pakistan. This objective, however, could not be achieved without active participation and collaboration of regulatory authorities, senior management of Takaful companies and members of SharÄ «ahSupervisory Board (SSB). Towards this end, regularities authorities should make sure that stress testing and Value at Risk (VaR) reports as identified above are regularly produced and obtained from senior management of Takaful operators in addition to reports of Takaful risks. Regular review of these reports will greatly facilitate the regulatory authorities as well as Takaful operators to enhance risk management practices in Takaful industry. Moreover, effective implementation of internal control and corporate governance system could prove to be of vital importance to Takaful operator as well as to concerned regulatory authority. It will help the authorities in effective monitoring of Takaful activities and managing different types of risks hence enhancing the functioning of Takaful operators in the industry. Figure 1 shows the steps for effectively manage the risks in Takaful business. In the first step, possible risks in the way of Takaful business are identified. In the second step, strategies are developed to cope with and manage the risks effectively. In the third step, process of identification and strategy formulation and implementation related to each type of risk is examined through review reports and effective measures are taken to counter any flaw or discrepancy in the previous process. CHALLENGES TO RISK MANAGEMENT In spite of effective risk management techniques discussed above, there are certain challenges in the way of risk management for Takaful. i. Internal Controls: Internal controls are indispensable for recognizing and assessing risks faced by financial institutions including Takaful companies. Basel Committee (2005) and IAIS (2006a) reports have focused on the importance of internal controls for banking institutions as well as for conventional insurance companies respectively. Chapra and Ahmad (2002) found that existence of effective internal control have prevented the financial institutions from systemic crisis and enabled them to have early detection of problems and associated risks they might face in future. These experiences highlight the importance and need of internal controls for Takaful companies. Unique nature of these companies from conventional insurance demands the fulfillment of SharÄ «ahaspects. IFSB and IAIS joint working group (2006) maintains that to have effective internal control mechanism, Takaful companies must ensure SharÄ «ahcontrols in addition to all statutory regulations. It urges the need of a regularSharÄ «ahaud it as a part of an on-going internal control system. ii. Corporate Governance: The corporate governance structure specifies the distribution of rights and responsibilities of the Board, manager, shareholders and other stakeholders (OECD Report, 1999) yet effective corporate governance ensures the independence of board of directors (BOD) who in turn devise polices and implement strategies for risk management and hold the management accountable to shareholders (Psaros and Seamer, 2002; p.7). Lack of an effective corporate governance framework hampers the independence of board of directors (BOD) and hence poses a challenge to risk management. It in turn increases the operational risk which might result in failure of operations due to inability of BOD to implement unbiased and independent decisions for the best interest of all stakeholders. Takaful companies are confronted with an additional challenge related to corporate governance of SharÄ «ahSupervisory Board (SSB). Grais and Pellegrini (2006b) identify corporate governance issues that affect their role and fun ctioning in the organizations. It calls for a greater need to incorporate corporate governance culture to overcome related issues of Takaful industry. iii. SharÄ «ahBased Challenges: According to Ahmed Khan (2001), most of the risk management techniques are not applicable to Islamic financial institutions due to the requirements of SharÄ «ahcompliance. It creates SharÄ «ahbased challenges to risk management for Takafulcompanies as well. These challenges arise as SharÄ «ahrestricts the use certain instruments that are considered useful in conventional risk management e.g. derivatives (futures, options, swaps etc.) and sale of debts. Al-Suwailem (2006, pp.89-90) argues that SharÄ «ahconstraints to human behavior do not hinder creativity, rather these constraints are the major driving force behind the creation of innovative financial instruments. He suggests several Islamic financial instruments for risk management and concludes that SharÄ «ahis abundant with real solutions to the present problems of gambling and speculation. It provides directions to SharÄ «ahscholars and experts of Islamic finance to explore the dimensions of SharÄ «ahin order to integrate risk management practices with value creation. iv. Financial Engineering: Financial engineering aims at designing new and innovative SharÄ «ahcompliant Islamic financial instruments for IFIs including Takaful companies. Chapra and Ahmad (2002) maintain that financial engineering has emerged as the greatest challenge faced by SharÄ «ahscholars of present time as it poses major threat to IFIs to become competitive in the contemporary business environment. Process of giving fatwas by SharÄ «ahscholars regarding the permissibility of a financial instrument is quite slow and over-conservative (Iqbal et al, 1998; pp.47-48) as SharÄ «ahscholars and experts of modern finance have different academic backgrounds. They use technical terms related to their own field that are most of the time not easily understandable to other party. The need is to produce scholars with SharÄ «ahbackground that also have working knowledge of modern finance to meet the acute challenge of financial engineering. v. Islamic Financial Market: Islamic financial market provides a secondary market for trading of Islamic financial instruments. In the absence of this market, it will be extremely difficult for Takafulcompanies to maintain its liquidity position to make prompt claim payments when they become due. Retaining a large portion of Takaful fund to maintain high liquidity ratio will affect the efficiency of the firm and its competitiveness as compared to conventional insurance companies that have ready access to liquid bonds and t-bills. Islamic Financial Market will greatly facilitate the Takafulcompanies to invest large portion of their fund in Islamic financial instruments and increasing their efficiency and competitiveness while maintaining low liquidity ratio. It will also help Takaful companies in hedging market risk by providing alternative instruments to financial derivatives that are not acceptable under Shariah. vi. Need of Private Credit Rating Agencies: Although International Islamic Rating Agency (IIRA) has been set up in Bahrain to judge the SharÄ «ahcompliance and financial strength of Islamic financial institutions (IFIs) including Takaful companies, it is not be possible for IIRA to rate thousands of counterparties with whomTakaful companies deal. Consequently, it calls for the need of private credit rating agencies in each Muslim country that could provide information related to financial strengthen, fiduciary risk and credit worthiness of thousands of counterparties that privately issue financial instruments (Chapra Ahmed, 2002; pp.80-81). This information could provide great help to IIRA in rating these companies and make it readily available to Takaful companies and other interested parties. CONCLUSION AND RECOMMENDATIONS Risk management is of vital importance in Islam and Takaful provides a way to manage risks in business according to SharÄ «ahprinciples. Five types of risks have been identified in Takaful business that affect operational and investment functions of Takaful operator. Operational risk can be managed by enhancing corporate governance culture in the organizations. Cash flow modeling and use of liquidity ratios is quite helpful to identify liquidity constraints. Takaful operators might face difficulty in managing market and credit risks asSharÄ «ahcompliant nature of Takaful contract does not allow Takaful companies to deal with interest rate and financial derivatives due to their speculative nature by which they tend to benefit one party at the loss of other. On the other hand, Islamic financial instruments like cooperative hedging and bi-lateral mutual adjustment aim at providing mutual gains to both parties by the way of risk sharing. Risks associated to Takaful have raised several challenges that need to be encountered to enhance risk management practices. Regular SharÄ «ahaudit is found to be an integral part of effective internal controls that prevent the companies from systemic crisis. Corporate governance calls for independence of BOD to devise policies for effective risk management, make unbiased decisions and resolve issues related to functioning of SSB. SharÄ «ahbased challenges call for devising innovative Islamic financial instruments as SharÄ «ahis abundant with real solutions to present business dilemma and does not hinder creativity. Exploring those solutions will help to meet the challenge of financial engineering. Islamic financial market will greatly facilitate the task of Takaful companies to invest large portion of their fund in Islamic financial instruments and increase their efficiency and competitiveness. There is need to establish private credit rating agencies that could assist IIRA to ra te thousands of counterparties for the benefit of Takaful operators.