Financial Risk Management in Mauritius Banking Sector

Financial Risk Management in Mauritius Banking Sector During the past 10 years, there have been great changes in the Mauritian banking sector and this is a continuing process that will not stop here. This is mostly because of fast innovations in the financial markets and the internationalization of the financial flows. Other factors like technological development and deregulation have both triggered competitive pressures and also provided new opportunities among banks. But these opportunities are also subject to complex risks that challenge traditional approaches to banking risk management. These factors have influenced the financial world on the international level and the Mauritian banking sector has not been left unaffected. The growth of international financial markets banks have been exposed to a wider access to funds. As a result of which banks have been developing new products, services and techniques. The receipt of deposits and granting of loans, being the traditional banking practice, is today only one part of a banks activities. These new instruments have also drawn interest to areas where financial risks were earlier thought to be relatively unimportant. Hence banks are now exposed to a greater variety of risks and their ability to measure, monitor and steer risks accordingly is becoming a decisive parameter for their survival. The aim of this project is to provide an overview of the management process of financial risks in our Mauritian banking sector as risk is the fundamental element that influences the financial behavior. Banking Risks Banks are faced with a wide array of risks in their course of their operations, as illustrated in the figure below. In general, risks are categorised into three different parts: Financial Risks, Operational Risks and Business Risks. Figure 1: Categories of Banking Risks Banking Risks Financial RisksOperational Risks Business Risks Interest Rate Risk 1) Business Strategy Risk1) Legal Risk. Foreign Exchange Risk 2) Internal System and Operational Risk 2) Policy Risk. Credit Risk 3) Technology Risk 3) Systemic Liquidity Risk 4) Management and Fraud (Country) Risk. Source: Annual Report on Banking Supervision 2000 BOM Financial risk concern the effective management and control of the finances of an organisation and the effects of external factors such as availability of credit, foreign exchange rates, interest rate movement and liquidity risk. For this project only the financial side of Risk Management is going to be considered. Focus will be on the four main types of risks which are: Interest rate Risk is the risk borne by an interest-bearing asset, for example in this case a loan, due to variation in interest rates. Foreign Exchange Risk is a form of risk that crop up due to the change in price of one currency against another. Credit Risk is the risk of loss due to a debtors non-payment of a loan. Liquidity risk is the risk to earnings arising from a banks inability to meet its obligations when they come due. Operational risks are related to a banks overall organisation and functioning of internal systems, including computer-related and other technologies, conformity with bank policies and procedures and measures against mismanagement and fraud. Although these types of risks are important, emphasis will not be put on them in this project. Business risks are associated with a banks business environment, including the macroeconomic and policy concerns, legal and regulatory factors and the overall financial sector infrastructure and payment system. Outline of Chapters Chapter 2:Literature Review This chapter will focus on previous studies and surveys carried out with respect to financial risks encountered by banking institutions around the world. It will also focus on the different techniques used to manage these types of risks. Chapter 3:Overview of the Mauritian Banking Sector This chapter aims at giving an overview of the current Mauritian banking sector and also information pertaining to risk management. Chapter 4:Research Methodology In this chapter an outline of the methods used to collect data and carry out the research is given. The way in which the interview questions have been set and how the data has been analysed using different techniques. Chapter 5: Presentation of findings and Analysis This chapter which is the main one aims at presenting and explaining the answers received from the different interviews and data from the annual reports of banks, in a structured way. Chapter 6: Recommendations and Conclusion This last chapter consists of the suggestions regarding financial risk management for the Mauritian banking sector and also the answer to the main question. 2. LITERATURE REVIEW 2.1 Defining Financial Risks Financial risks in the banking field are the probability that the result of an action or event could bring up unfavorable impacts. Such outcomes could either cause direct loss of earnings or capital or may result in limitations on banks capacity to meet its business objectives. Such constraints pose a risk as these could influence a banks capacity to perform its ongoing business or to take advantage of opportunities to advance its business Risks are frequently defined by the negative impacts on profitability of numerous separate sources of uncertainty. While the types and degree of risks of an organization may be exposed to depend upon a number of factors such as its size, complexity business activities, volume etc, it is believed that generally the banks face Credit, Market, Liquidity, Operational, Legal and Systemic risks etc. 2.2 Definition of Financial Risks as Per Basel II The role of risk management in banking has changed from the simple insurance of identified risks, to a discipline that concentrates on complex econometric and financial model of uncertainty. Financial risk management has been defined by the Basel Committee (2001) as a sequence of four processes: the identification of events into more or broad categories of market, credit, operational and ‘other risks and specific sub-categories; the assessment of risks using data and a risk model; the monitoring and reporting of the risk assessments on a timely basis; and the control of these risks by senior management. The first Basel Accord (1988) analysed only credit risks in the banking book; the Basel Amendment (1996) extended this to market risks in the trading book; and now the new Basel 2 Accord that will be adopted by all G10 and many other countries in 2007 refines credit risk assessments to become more sensitive and extends the calculation of risk capital to include operational risks. 2.3 Distinction between Risk Management and Risk Measurement? Risk measurement is a key part of the general risk management process, but its certainly just one of the parts. Other, similarly key parts include defining risks, setting policy risk limits and guidelines, and taking action when those limits are threatened of being breached. Risk management is as much about people, procedures, and communication, as it is about quantitative methods involved in risk measurement (Suren Markosov, 2001). Risk measurement, however, is important to the success of the risk management process. Part of the risk measurement task is to guarantee that the risk measures being used are suitable to the nature of the risks, and since these risks can be quite various in nature, so can the necessary choices of risk measures. 2.4 Why do Banks manage Risks? The analysis of risk management reported in Santomero (1995) gives us a lists of dozens contributions and at least four separate rationales considered for active risk management. These include managerial self-interest, the non-linearity of the tax structure, the costs of financial distress and the existence of capital market imperfections. Risk is a fundamental part of the banking business, it is not amazing that banks have been using risk management ever since there have been banks the industry could never have survived without it. The only modification is the degree of sophistication now necessary to reflect the new complex and fast moving environment (Laurence H Meyer, 2000). The Asian financial crisis of 1997 has shown us that ignoring necessary risk management can also add to economy-wide difficulties. The long period of extraordinary economic growth and prosperity in Asia had hidden weaknesses in risk management. Many Asian banks did not think about risk or conduct a cash flow analysis before giving way loans, but rather lent on the basis of their relationship with the borrower and the availability of guarantee despite the fact that the security was often hard to seize in the event of default. The result was that loans including loans by foreign banks grew faster than the capacity of the borrowers to repay. Risk management is clearly not free. In fact its expensive in both resources and in institutional disturbance. The cost of delaying or avoiding proper risk management can be extreme: failure of a bank and possibly failure of a banking system (Laurence H Meyer, 2000). 3.4 Determinants of Risks When banks are exposed to risk, this implies that they are vulnerable to financial distress and failure. Determinants of risk are thus causes of problem bank failure. The common causes of bank failure are: Management. Argenti (1984) attributed 17% of his A-scores to management style and composition. He attributed another 71% to accounting deficiencies, poor response to change, over-gearing, over trading and large projects; all of which hinge upon capabilities of management. Arguments that he put forward was that management is the primary and single most important cause of financial distress. Asset quality Loan and advances comprise a substantial portion (50%-80%) of commercial banks total assets and they account for more than 70% of their income. This highlights the banks role as financial intermediary. â€Å"Asset quality is the most important determinant of bank risk exposure†. This was pointed out by Hefferman (2000), Gonzalex-Hermossilo (1999), and Hardy (1998). The asset quality of a bank is affected by various factors such as, over concentration, insider lending and political loans. Over-Expansion Banks that grow quickly tend to have unjustified risks and often find that their administrative and management information system cannot keep up with the rate of expansion. Too much liquidity by way of rapid deposit growth could also be a problem in that management may undertake riskier credit proposals and this will adversely affect the asset quality. Capitalization Capital adequacy ratio is a function of adjusted risk assets. A bank can either maintain this ratio by increasing its capital or reducing of adjusted risk assets. The prime objective of this control is to protect depositors. However Blum (1998) found that with the incentives for asset substitution, capital adequacy requirements may actually increase risk. This was found in the case of J.P Morgan and Deutsche Bank. In Mauritius the BOM has adopted a capital adequacy ratio of 10% to match international standards. Fraud Fraud is one of the key determinants of risk. However it is closely related with the management competence that some fraudulent activities have passed off as incompetence. The BCI and Barings Bank are good examples. 2.5 HOW ARE RISKS MANAGED? As pointed out by Anthony M. Santomero (1997) there need to be essential procedures that must be put in place to carry out satisfactory risk management? In essence, what techniques are employed to both limit and manage the different types of risk, and how are they implemented in each area of risk control? The management of the bank relies on a series of steps to put into operation a risk management system. These can be seen as containing the following four parts: 2.5.1 Standards and reports, 2.5.2 Position limits or rules, 2.5.3 Investment guidelines or strategies, 2.5.4 Incentive contracts and compensation. In general, these tools are used to measure exposure, define procedures to manage these exposures, limit individual positions to acceptable levels, and encourage decision makers to manage risk in a manner that is consistent with the firms goals and objectives (Oldfield and Santomero, 1995). To see how each of these four parts of basic risk management techniques achieves these ends, we elaborate on each part of the process below. 2.5.1 Standards and Reports The first of these risk management techniques involves two unlike conceptual activities, i.e., standard setting and financial reporting (Santomero and Babbel, 1996). They are listed jointly because they are the sine qua non of any risk system. Underwriting standards, risk categorizations, and standards of review are all traditional tools of risk management and control. Consistent evaluation and rating of exposures of various types are essential to understand the risks in the portfolio, and the degree to which these risks must be mitigated or absorbed (Hodgson, 1999). The consistency of financial reporting is the next ingredient. Obviously outside audits, regulatory reports, and rating agency evaluations are necessary for investors to measure asset quality and firm level risk. These reports have long been standardized, for better or worse. However, the need here goes beyond public reports and audited statements to the need for management information on asset quality and risk posture. Such internal reports need similar standardization and much more frequent reporting intervals, with daily or weekly reports substituting for the quarterly GAAP periodicity. 2.5.2 Position Limits and Rules The use of position limits, and minimum standards for participation can be categorized as a second method for internal control of active management. According to Santomero (1995) risk taking is restricted to only those assets or counterparties that pass some prespecified quality standard. Then, even for those investments that are eligible, limits are compulsory to cover exposures to counterparties, credits, and overall position concentrations relative to various types of risks. While such limits are costly to set up and control, their imposition restricts the risk that can be assumed by any one individual, and therefore by the organization as a whole. In general, each person who can commit capital will have a well-defined limit. This applies to traders, lenders, and portfolio managers. Summary reports show limits as well as current exposure by business unit on a periodic basis. In big organizations with thousands of positions maintained, precise and well-timed reporting is difficult, but even more necessary (Lopez, 2003). 2.5.3 Investment Guidelines and Strategies Investment guidelines and recommended positions for the instant future are the third technique commonly in use. Cummins et al (1998) provide that under this means of management control, strategies are shaped in terms of concentrations and commitments to particular areas of the market, the extent of desired asset-liability mismatching or exposure, and the need to hedge against systematic risk of a particular type. The limits described above show the way to passive risk avoidance and diversification, because managers generally work within position limits and prescribed rules. Beyond this, guidelines offer firm level advice as to the appropriate level of active management, given the state of the market and the willingness of senior management to absorb the risks implied by the combined portfolio. Such guidelines lead to firm level hedging and asset-liability matching. In addition, securitization and even derivative activity are rapidly growing techniques of position management open to participants looking to reduce their exposure to be in line with managements guidelines. 2.5.4 Incentive Schemes Banks can enter incentive compatible contracts with line managers and make compensation linked to the risks assumed by these individuals, and then the need for complex and costly controls is decreased. However, such incentive contracts require precise position valuation and proper internal control systems. Such tools which include position posting, risk analysis, the allocation of costs, and setting of required returns to various parts of the organization are not irrelevant. Despite the complexity, well designed systems align the goals of managers with other stakeholders in a most desirable way. In fact, most financial debacles can be traced to the absence of incentive compatibility, as the cases of the deposit insurance and so clearly illustrate. The association of managerial compensation to book earnings can bring about acquisition of investments with negative convexity, duration mismatch risk, liquidity risk and credit risk, whose book profits are higher than their expected return (Cummins et al., 1998). STRATEGIES USED BY BANKS TO MANAGE RISKS INTEREST RATE RISK All banks face interest rate risk. This type of risks occurs when long term mortgages are funded by short term deposits. Interest rate risk is like the â€Å"blood pressure for banks and is vital for their survival.†(Ron Feldman and Jason Schmidt) Furthermore, according to the Basel Committee (2001) â€Å"interest rate risk is the exposure of a banks financial condition to adverse movements in interest rates. Accepting this risk is a normal part of banking and can be an important source of profitability and shareholder value.† According to the Bank of Jamaica each banking institution needs to establish explicit and prudent interest rate risk limits, and ensure that the level of interest rate risk exposure does not exceed these limits. Interest rate risk limits need to be set within an institutions overall risk profile, which reflects factors such as its capital adequacy, liquidity, credit quality, investment risk and foreign exchange risk. Interest rate positions should be managed within an institutions ability to offset such positions if necessary. Gap analysis, duration analysis and stimulation models are interest rate risk measurement techniques used by the Bank of Jamaica (2005). Each technique provides a different perspective on interest rate risk, has distinct strengths and weaknesses, and is more effective when used in combination with another. Gap Analysis A simple gap analysis measures the difference between the amount of interest-earning assets and interest-bearing liabilities (both on- and off-balance sheet) that reprice in a particular time period. Duration Analysis Duration is the time-weighted average maturity of the present value of the cash flows from assets, liabilities and off-balance sheet items. It measures the relative sensitivity of the value of these instruments to changing interest rates (the average term to repricing), and therefore reflects how changes in interest rates will affect the institutions economic value, that is, the present value of equity. In this context, the maturity of an investment is used to provide an indication of interest rate risk. The longer the term to maturity of an investment, the greater the chance of interest rates movements and, hence, unfavourable price changes. Simulation Models Simulation models are an important complement to gap and duration analysis. Simulation models analyse interest rate risk in a dynamic context. They evaluate interest rate risk arising from both current and future business and provide a way to evaluate the effects of strategies to increase earnings or reduce interest rate risk. Simulation models are also useful tools for strategic planning; they allow a banking institution to effectively integrate risk management and control into the planning process. FOREIGN EXCHANGE RISK It is the current risk to earnings and capital arising from negative movements in currency exchange rates. It refers to the impact of adverse movement in currency exchange rates on the value of open foreign currency position. The use of hedging techniques by the Bank of Jamaica is one means of managing and controlling foreign exchange risk. Many different financial instruments can be used for hedging purposes, the most commonly used, being derivative instruments. Examples include forward foreign exchange contracts, foreign currency futures contracts, foreign currency options, and foreign currency swaps. Generally, few banks will need to use the full range of hedging techniques or instruments. Each bank should consider which ones are necessary for the nature and extent of its foreign exchange activities, the skills and experience of trading staff and management, and the capacity of foreign exchange rate risk reporting and control systems. CREDIT RISK Credit risk is the oldest and important risk which banks exposure and important of credit risk and credit risk management are increasing with time because of some reasons like economic crises and stagnation, company bankruptcies, infraction of rules in company accounting and audits (Dr.Adem Anbar, 2006). For the Norinchukin Bank in Japan (2006), transactions involving credit risk are one of the most important and strategic sources of earnings. In addition to assessments of the risks present in individual loans and other assets, the bank conducts comprehensive risk management from the perspective of its overall credit risk portfolio. In this way, the bank works to generate earnings proportionate with the level of credit risk it takes. While frequently strengthening its credit analysis capabilities, the bank conducts expert checks on the standing of borrowers, taking due account of their characteristics as cooperatives, private corporations, public entities, or non-residents. To conduct credit analysis on private corporations and public corporations, the bank has established the Credit Risk Management Division, which is separate from the Corporate Business Management Strategy Division, to prepare credit analyses by industry, drawing fully on the expertise the bank has historically acquired. To achieve greater accuracy in assessments, each senior credit analyst in charge of a certain industry assesses each client and business through comparisons with competitors in the same business, making use of industry research capabilities. Credit risk is measured for loans, guarantees, foreign exchange and securities, such as corporate bonds, as well as for swaps and other off-balance transactions. Measurement of risk volumes are conducted according to types of transactions partners, including domestic and overseas corporations and financial institutions. Based on estimates of the total credit extended, the bank uses information related to credit risk— such as rating transition ratios that measure the probability of rating changes and are computed based on background history and future business prospects, default ratios by rating, recovery ratios in the event of default and correlations among the creditworthiness of corporations and other entities to conduct tens of thousands of simulated scenarios, under various assumptions regarding defaults and rating changes for its customers and their products—to determine the distribution of potential losses. For the estimated potential losses, the bank calculates two risk volumes: the â€Å"expected loss† that corresponds to the loss that can be expected on average over the next year and the â€Å"probable maximum loss,† which is defined as losses that can be expected under the worst case scenario. This enables the bank to check expected profitability against risk and determine the risk capital to be allocated for each business category. LIQUIDITY RISK Liquidity risk is the risk that could occur if an institution does not have enough funds accessible to meet all its cash outflow obligations as they become due. Liquidity risk management ensures that funds will be available at all times to honour the institutions obligations (Bank of Mauritius). A liquidity risk management involves not only analyzing banks on and off-balance sheet positions to forecast future cash flows but also how the funding condition would be met (Bank of Pakistan). The latter involves identifying the funding market the bank has access, understanding the nature of those markets, evaluating banks current and future use of the market and monitor signs of confidence erosion. Banks use a variety of ratios to quantify liquidity. These ratios can also be used to create limits for liquidity management. However, such ratios would be meaningless unless used regularly and interpreted taking into account qualitative factors. Ratios should always be used in conjunction with more qualitative information about borrowing capacity, such as the likelihood of increased requests for early withdrawals, decreases in credit lines, decreases in transaction size, or shortening of term funds available to the bank. To the extent that any asset-liability management decisions are based on financial ratios, a banks asset-liability managers understand how a ratio is constructed, the range of alternative information that can be placed in the numerator or denominator, and the scope of conclusions that can be drawn from ratios. Because ratio components as calculated by banks are sometimes inconsistent, ratio-based comparisons of institutions or even comparisons of periods at a single institution can be misleading. Cash Flow Ratios and Limits. One of the most serious sources of liquidity risk comes from a banks failure to roll over a maturing liability. Cash flow ratios and limits attempt to measure and control the volume of liabilities maturing during a specified period of time. Liability Concentration Ratios and Limits. Liability concentration ratios and limits help to prevent a bank from relying on too few providers or funding sources. Limits are usually expressed as either a percentage of liquid assets or an absolute amount. Sometimes they are more indirectly expressed as a percentage of deposits, purchased funds, or total liabilities. Other Balance Sheet Ratios. Total loans/total deposits, total loans/total equity capital, borrowed funds/total assets etc are examples of common ratios used by financial institutions to monitor current and potential funding levels. EMPIRICAL EVIDENCE ON FINANCIAL RISK MANAGEMENT TECHNIQUES USED BY BANKS CREDIT RISK MANAGEMENT Credit operations are traditionally the main source of income as well as risks for banks. I am going to elaborate on the result and analysis of market central bank meeting participants carried out by Ramon Moreno in 2005. It was found that 40% of the respondents to his survey cited credit to household as an important source of credit risk. According to Moreno, a distinct increase in credit to the household sector has altered risk exposures and he also found that in some countries there is significant credit risks on the banking book associated with asset price fluctuation for example lending for residential real estate accounts for around 25% of total loans in Hong Kong and Korea, around 19% in Hungary, Poland and Israel, but lower in Colombia and Mexico. Another study carried out by Santomero in 1997 found that banks usually use a credit rating procedure to evaluate investment opportunities in order for credit decisions to be made in a consistent manner and to limit credit risk exposure. By using such a procedure banks were able to monitor the quality of its loan portfolio at any time. It was found that the credit quality report signals changes in expected loan losses, if the system is meaningful. Also many banks are starting to develop concentration reports, indicating industry composition of the loan portfolio. Moody had developed a system of 34 industry groups that may be used to report concentrations. Reports such an industry grouping to illustrate the kind of concentration reports that are emerging as stand in the banking industry. Moreover a credit risk survey study was done in the Turkish Banking by Dr Adem ANBAR, where he found that there is main quantitative credit risk measurer. There are expected loss (EL), unexpected loss (UL) and credit value at risk (CVAR). Although these credit risk measures are used for measuring credit risk of one asset, particularly they are used for measuring portfolio credit risk. Only 35% of the bank used these measures. According to Dr Anbar, 30% of the banks said they measured credit risk using a portfolio credit risk model and software developed mostly by them. Furthermore 95% of the bank used internal credit rating system and a credit scoring model in credit risk analysis. This technique was used to determine credit limits, to determine problematic credit and credit risk measurement. According to the study there are 3 approaches in Basel II for credit measurement. These are Standardised Approach (SA), Foundation Internal Ratings Based Approach (FIRBA), and Advanced Internal Rating Based Approach (AIRBA). It was found that 60% of the banks used the first method and 20% the FIRBA and 20% the AIRBA. Dr Anbar found that in general the tools which are used by Turkish banks are collateral, credit limits and diversification but they dont use methods like loan selling, securitization, credit insurance for transferring credit risk. One reason for that was that these types of methods havent been developed in Turkish sector yet. INTEREST RATE RISK MANAGEMENT The tradition has been for the banking industry to diverge somewhat from other parts of the financial sectors in the treatment of interest rate risk. According to Santomero (1997) institutions that do not have active trading businesses, value-at-risk has become the standard approach. Many firms use this model but in some cases it is still in an implementation process. According to his analysis, commercial banks tend not to use market value reports and guidelines but rather, their approach relies on cash flow and bank values. This system has been traditionally been known as the GAP reporting system. This system has been supplemented with a duration analysis. (Hempel, Simonson and Coleman, 1994) Most banks, however have attempted to move beyond this gap methodology, they have concluded that the gap and duration reports are static and do not fit well with the dynamic nature of the banking market. Furthermore, according to the survey, many banks are using balance sheet simulation models to find the effect of interest rate variation on reported earnings overtime. This system requires relatively informed repricing schedules as well as estimates of prepayments and cash flows. The simulation system being completed, reports the resultant derivations in earnings associated with the rate scenarios considered. Officials then make use of cash, futures and swaps to reduce this risk. 2.7.3 LIQUIDITY RISK MANAGEMENT The liquidity risk that does present a real challenge is the need for funding when and if a sudden crisis arises. Standard reports on liquid assets and open lines of credit, which are germane to the first type of li

Adavantages of Management Accounting Information

Advantages of management accounting information The provision of management accounting information are for the intention of planning, control and decision making which may contribute to the success of an organization. Management accounting is the process of gathering information about economic activity that will be advantageous for the organization.For the planning of an organization, the manager can use the historical, present and future information obtained from management accounting which based on the organization’s situation and position in predicting organization’s future needs, setting clearer objective and implementing specific strategies that can bring achievement to the organization. After interpreting relevant management accounting information provided, it will be more efficient for the organization to apply and realize their planning and objective that had been set earlier.For the planning of an organization, the manager can use the historical, present and fu ture information obtained from management accounting which based on the organization’s situation and position in predicting organization’s future needs, setting clearer objective and implementing specific strategies that can bring achievement to the organization. After interpreting relevant management accounting information provided, it will be more efficient for the organization to apply and realize their planning and objective that had been set earlier.Management accounting able to assists the manager in controlling organization’s cash flow and improve financial stability which included the costs and business operational expenses. With the management accounting information obtained, the manager is able to review the cost of economic resources and other business operations. Therefore, the manager is clearer and familiar with the estimation of cost needed to run the business. Manager can analyze the quality of economic resources consumed in producing goods by us ing the management accounting information.As an example, if the overall quality of product would not be affected significantly by replacing with cheaper raw material, the manager can change towards a reduction of production costs. Budgeting is considered as major part of management accounting. To create an effective financial plan with lower operational expenses, manager able to analyze necessary and unnecessary business expenses based on the budget plan obtained from management accounting information in the pathway of saving money for the organization. In ontrast, there is also some limitation of management accounting information which based on financial and cost accounting. The interpretation of financial information usually depends on the interpreters’ judgments. The accuracy of decision mostly will be affected by their personal bias or prejudices. Manager usually uses management accounting information as a decision-making tool. This is because management accounting inform ation consists of specific and accurate details related to different competitors, market and industry the organization involved.With the analyzed data such as competitive advantages, consumers’ demand, potential sales and consumers’ response to price change, manager is able to make decision among all other business opportunities. In contrary, there are some limitations of the management accounting information. The quality of the information is restricted with the proper understanding and knowledge of the management accountants who provided the information.They may be lack of knowledge in related subject such as Statistic and economics, thus it will lead to inaccurate management accounting information. In conclusion, it is foreseeable that management accounting information is important and can be known as a business tool for the organization although it may has some limitations. But, it can also overcome by applying expertise and professional training for every level of management in the organization.Therefore, the information still able to assists in internal operation management of an organization. Furthermore, all decisions of the organization rely heavily management accounting information due to the reason it identifies all the factors that will affect the organization to succeed. ABMC 2023 MANAGEMENT ACCOUNTING FUNDAMENTALS TUTORIAL GROUP: 2DAC4 WORD COUNT: 2997 NAME| STUDENT ID| KHOR SEONG SENG| 11PBD05485| KHOR PEI CHIEN| 11PBD03114| KHOR SHER LEE| 11PBD06416| ONG KAR SIN| 11PBD03057| YE YUN SHENG| 11PBD04700|

Top Topics for a Short Essay for Older Writers Reviews!

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A Case Study Traumatic Brain Injury - 2029 Words

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Brain studies on traumatic brain injuriesRead MoreTraumatic Brain Injury Essay1284 Words   |  6 Pages Traumatic brain injury (TBI) is the result of an external force against the head that causes displacement of the cranial structures, either through impact with an object or through acceleration and deceleration. TBI is not isolated to a single ethnic group, socioeconomic class, or region (Berquist et al., 2009; Jang et al., 2013). In 2002, the United States had the highest incidence of reported TBI cases of any developed country. The incidence of hospital admissions due to closed head injuriesRead MoreTraumatic Brain Injury Issues Regarding Causes, Symptoms, And The Public s Awareness1304 Words   |  6 Pages Traumatic Brain Injury Issues Regarding Causes, Classifications, Treatment, Symptoms, and the Public’s Awareness Camilo J. 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Years after this incident, after medical examiners conducted an autopsy on Belcher and they found that his brain showed signs of CTE, chronic traumatic encephalopathy, a disease caused by repetitive traumatic head injuries, also denoted as concussions. ThereRead MoreThe Study Of The Pilot Study All Have Remarkable Educational Backgrounds1607 Words   |  7 PagesThe authors of the pilot study all have remarkable educational backgrounds. To begin, with, I discovered P.R.King, G.P. Beehler, and M.J.Wade all had limited amount of experience due to only writing one or two articles that were published, but King Beeler, and Wade all have PHD’s. The article was clearly identified as a quantitive study by the authors using a pilot study. The variables of the study are the self-reported pain and pain management strategies. The study was gathered, included a groupRead MoreEssay On Traumatic Brain Injury1030 Words   |  5 PagesAbstract Patients who present with a traumatic brain injury (TMI), are at greatest risk of developing respiratory distress syndrome (RDS), which increases their death rate. The study of this article is to show the comparison of respiratory mechanics and the death rate with patients who present with a TMI and RDS with those patients who have RDS without a TMI, but other medical causes of the RDS. This study was performed in a 14-month period in a general intensive care and teaching unit in BrazilRead MoreTraumatic Brain Injuries772 Words   |  4 PagesEffects may be long term or short term, depending on the gravity of the incident. Traumatic Brain Injury (TBI) is a serious public health problem in the United States. Based on recent studies, on average, 1.7 million people endure a traumatic brain injury each year. The leading causes of Traumatic Brain Injuries are falls, motor vehicle accidents, struck by or against objects, and assaults. The initial blow causes the brain to bounce around and twist hitting the bony interior wall of the skull or an

Child Study Report - 1887 Words

Child Study Report Introduction Early childhood educators play an important role in observing, recognizing, and supporting children’s development (Charlesworth, 2014). In this report, child E has been chose to be observed with different observing methods including running record, anecdotal record and learning story. Child E is a 3 years old boy. His father is a New Zealander, and his mother is from China. He is the only child in his family. Child E dose not speak Chinese but only English, this is due to the reason that both his parents speak English at home and his mother does not want him to learn Chinese. Child E was born in New Zealand and he dose not know much about Chinese cultural. He attends at the center five days per week. His†¦show more content†¦A child’s family vale and believe will influence the child. For instance, in observation two, child E left all the vegetables and only ate the rice and meat. Teachers already talked to his mother about this, and his mother believes the chil d know what to eat or not. She dose not want to encourage him to eat more vegetables. Instead, she asked teachers to give child E more meat. I also found that in the morning, when child E’s mother drops him at the center, E often has a chocolate muffin or other food high in sugar and fat as his breakfast. A current New Zealand research (Theodore, Thompson, Wall, Becroft, Robinson, Clark, Pryor, Wild Mitchell, 2006) found that an unhealthy diet would lead problems like diabetes, obesity, asthma and heart disease in young children, which will influence them a life-long time. Also, an unhealthy and unbalanced diet would cause undernourished problem of children. It has a huge impact on children’s physical development (Berk, 2013). The physical development is closely associated with other development domains. In terms of cognitive development, while children develop their fine and gross motor skills, the brain is stimulated and developed as well (Gordon Browne, 2014). Take observation three as an example, while child E was finding his balancing with the motor skills, he also used his brain to control his gross and fine motor. Moreover, in the activity, he also used words like ‘move’ and ‘stop’ with his physical movements.Show MoreRelatedChild Protective Services Essay1299 Words   |  6 PagesChild Protective Services For 30 years, advocates, program administrators, and politicians have joined to encourage even more reports of suspected child abuse and neglect. Their efforts have been successful, with about three million cases of suspected child abuse having been reported in 1993. 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For the parents, their session focused on identifyingRead MoreEvaluation Of The Employee Retention Rate At The Greater Minneapolis Crisis Nursery1496 Words   |  6 Pagesgive you a detailed report of the employee retention rate at the Greater Minneapolis Crisis Nursery as well as the retention rate at similar organizations across the nation. As you know, the Greater Minneapolis Crisis Nursery’s employee retention has been an on going problem for the Nursery. With the employee turnover rate averaging as a high as 84% in Children’s Services, children coming to the Nursery are in continuously changing hands (Joel Bergstrom, 2011-2016, Employee Report). The Nursery isn’t

India of My Dreams Free Essays

string(57) " to capture many international awards like Booker price\." Essay 4 You Get All type of Essays for you. School or college no problem all types of essays are available here. * Home * Main Site * Categories * About us The India of My Dreams School Essay, The India of My Dreams Key Words and Phrases: – past, great, today, evils, free, food, clothes, houses, education, jobs. We will write a custom essay sample on India of My Dreams or any similar topic only for you Order Now – rich and strong, suffering from, India of my dreams, clean and healthy, free and happy, peaceful and united, to flow with milk and honey. India was very great in the past. She was rich and strong. She has given to the world great saints, scholars, thinkers, artists and soldiers. Today her people are suffering from many evils. Among these evils are poverty, ignorance, disease, bribery, corruption, indiscipline and disunity. The India of my dreams will be free from these evils. Her people will have good food to eat. They will have fine clothes to wear. They will have nice houses to live in. They will have proper education. They will be clean and healthy. They will be free and happy. There will be jobs for all. There will be no strikes and ‘morchas’. The people will be peaceful and united. India will flow with milk and honey. all of us want India to become a respectable super power in the world. India ha a rich past. it was because of its riches, that it was invaded innumerable times and its wealth was plundered. The British rulers exploited the country. At the time of independence, the country was in turmoil, its economy had been shuttered and there was unrest all around. In sixty years since independence, the country has made tremendous progress. However, it is still for behind the developed counties of the world. India of my dreams is a peaceful, progressive, literate country free from the pangs of poverty, where every citizen feels safe and secure, where health facilities are provided top all and where the women of the country are treated with utmost dignity and respect. India, is proud of its rich past. It was because of tis riches that it was invaded innumerable times and that its wealth was plundered. The Britishers ruled India for almost two centuries and exploited the country economically. At the time of independence (August 15, 1947) the economy of the country was shattered and there was social unrest all round. However it was time for India to write its own history. A lot of progress has been made on various fronts. There have been short comings in our planning as well as its implementation. However when we notice other counties, who also achieved independence around the same time, we feel we are much better placed. Agriculture is the backbone of Indian economy. It provides employment to over 60 percent of the country’s work force and it accounts for over quarter of India’s gross domestic product. It also contributes substantially to export trade. However except for some pockets of development, agriculture scene in rest of the country is dismal. The farming community is generally under debt. A large number of farmers in recent years have committed suicide because of mounting economic difficulties. Industrial development plays a significant role in the growth process of the under developed counties. It helps in raising income levels and in absorbing rural surplus labour. It is believed that prior to 19th century India was a great manufacturing country. However at the time of independence the industry was in bad shape. Industrial development stared with the second five year plan. It has passed thought different phases. Many bottlenecks and red tapism came in the way of rapid development of industry. Some of the areas of concern have been addressed in the post liberation ear. The new industrial policy of July 1991 is market is needed for the growth of industry. India maintained a favorable policy towards foreign direct investment till 1967. Some preconditions and regulations were imposed from 1968 onwards. Realizing that these conditions were hampering India’s industrial progress, the relaxations were made. With the economic liberalization from July 1991 onwards foreign direct investment has been encouraged and it has been allowed in many sectors. India has made its mark in ‘Service Sector’. It has emerged as an important Business Process Outsourcing (BPOs and Call centers) destinations. India fortunately has a large number of well qualified English speaking population, which is needed in this kind of enterprise. India’s population as per 1951 census was 36 crore. In 50 year i. e. as per 2001 census the country’s population on March 31, 2001 rose to 102. 7 crores. Such rapid growth of population places a huge burden on our limited resources and limited land area. India’s literacy rare as per 1951 census was less than 20 percent. In over fifty seven years it has increased to about 65 percent, which clearly indicates that even today about 35 percent of the population over 350 million people in our country are still illiterate. It is truly a sad reflection of the sate of literacy in our country. India has made rapid strides in many spheres. the economic condition of the people is better today than it was at the time of independence. We have made tremendous progress in science and technology. Our infrastructure is far better. A large number of universities, colleges and schools have been set up. Industrialization has taken place. Better health care is now available especially in urban areas. Average life span has increased. Infant mortality rate has come down. Better employment opportunities are available to the youth of the country. Means of transpiration and communication have undergone a sea change. Print and Electronic media has played a key role in creating awareness and bringing people closer. Improvement is noticeable even in provision of sports facilities. India is the third English book producing country after USA and UK. Indo-English literature is now well-developed and internationally recognized. It is able to capture many international awards like Booker price. You read "India of My Dreams" in category "Essay examples" Pulizter prize etc. Arundhati Roy, Jhumpa Lahiri, Anita Desai, Arvind Adiga etc. are some of the important names in this field. Despite all this progress which is commendable, a lot needs to be done to improve the living conditions of agricultural and industrial labor and the people working in unorganized sectors. Steps should be taken to stop crime and violence. The misguided youth of some troubled states needs to brought in the main stream. Communalism, regionalism and fundamentalism need to be curbed with a strong hand. Condition of women folk needs drastic improvement. Women empowerment is the demand of a civilized society. Equal opportunities need to be given to the girl child for education and career development. Illiteracy and poverty need to be rooted out. Self-sufficiency ought to be achieved in all spheres. Dependence on other counties should be a thing of the past. India of my drams is a country where nobody is illiterate and nobody sleeps hungry, where there is no distinction on the basis of genre, religion or caste, where justice to a common man is neither denied or deleted, where orruption in public life does not exist, where criminals can not occupy and ministerial berths nor enter legislative assemblies, where merit counts in every sphere of life, where jobs cannot be purchased, where rapists have to spend the rest of their lives behind the bars, where the intellectuals like Amartya Sen and Har Govind Khurana do not have to leave the country’s shore for higher research and recogn ition where the Shabad Kirtan from Gurudwaras, and Azan from Mosques, the Bhajans from Temples and chiming of the bells from churches merge and mingle and produce a harmonious, melodious, spiritual tune, loved by on MY INDIA MY DREAM ? JANA GANA MANA ADHI NAYAKA JAYAHE BHARATHA BHAGYA VIDHATHA? Yes, India? s pride never ends. It s a holy peninsular land. The great Himalayas act as strong barrier of the country. Thus India is a prestigious country. As a citizen of this beloved land I feel proud to dream about my country. I? m looking forward for a comfortable and settled life of Indians within a few years. ?JAHAN DAL DAL PAR SONE KI CHIDIYA KARTI HAIN BASERA, OH BHARAT DESH HAIN MERA? -Rajinder Krishna. Yes, that is the India of my dreams and I wish to translate these dreams into reality. What is required is our strife and struggle to annihilate the evils prevailing in our society in order to reach our goal. These evils have been inherited by a few of our own people from the British much before they left India for good, enough to award miseries, pain and insults to the masses, who continue to suffer for centuries. This is the land where ? ahimsa? was born. Even though India is a very great country with very old culture and tradition, she had not been playing a very important role in the world as she could never become independent in the real sense. But now the entire perfectionism of India has recognized. I would, therefore, like to see, in the first place, that each and every citizen, in my India, should possess a national character, which is absolutely essential to keep the banner of the country up. An erudite person should have respect for both literate and illiterate alike and the ? haves? really help the ? have-nots?. Next, India should be a place where the virulent notion of division, fragmentation or destruction through regional-national conflicts is considered an opprobrium of high degree ;the atmosphere paradisiacal with all its wonders up-to-date and the survival of its denizens , irrespective of all discriminations, absolutely necessary. Where the boundary of different states gradually ceases to exist or become truly artificial, making the national boundary healthier and stronger. Where creation of ? Gulistans? is substituted for ? Khalistans?. Today? s political ethos exhibits a very unhealthy trend. Wrong people with wrong motives are entering politics. I would like to see an India where politicians cannot inflame the spark of communal violence and riots or bamboozle voters with their duplex speeches. Every religion has impregnated its ambition with a particular shape and a specified bliss. Every religion teaches people how to love one another; we have used it to hate one another! In my India, I wouldn? t wish to see that one butchers neighbors in the name of religion and demolishes their religious places of worship. It would be a place where mere recitation of holy scripts and consecrated laws during worship would never reflect one? godliness, unless put into practice. Terrorism and militancy are raising their ugly head more than ever before. Harijans, the lowest and the most oppressed caste in India, have been successful in launching a nation- wide movement. I would love to see the people of my country free from all types of grievances, oppressions and demands. No one would ha ve to hang his head in shame. There would not be a single Indian who would not be proud of his country. While the India of my dreams would maintain amicable relations with neighboring countries, her foreign policy would be the best in the world. Even after 45 years of independence, she is still plagued by poverty, unemployment and foreign exchange trade deficit. I would, therefore, like to see India as a place where inflation and demonetization do not kill the consumers? ability to purchase. Where jobs are not deprived to even the poorest of the poor and everybody is satisfied. A healthy economy is the life-blood of a country. We would serve as a model of just such a vibrant economy- nurtured by an imaginative , innovative, liberal trade policy. The largest single source of foreign exchange for our country is tourism. I would wish this trend to continue. I would wish, in some years, India would be having the most creative entrepreneurs, the most dynamic business leaders and the sharpest financial brains. Nature has been kind to India by endowing her with the gift of abundant natural resources. Thus, in my India, there would be optimum exploitation of her resources. The machine- made articles of the world would be unable to compete with the handicrafts of our India of my dreams. Exports would be at their zenith; imports at their nadir. The quality of life cannot improve in India as long as the population keeps on ncreasing at the present alarming rate. Therefore, in my dream about India, people would be much rational and they would themselves, open-heartedly, check the population growth simply by having a child or two. Everywhere, everything would be in plenty for all. As on date, India? s is the fourth largest army, the fifth largest air force and the seventh largest navy in the world. A Pentagon report says that India is now the largest power in South Asia. I would wish to see her being ranked first in the world in all these categories and also regarded as the ? Mecca of scientific inventions and discoveries?. Also, I fantasy India as a place where cultures and civilizations are at their peak. Where child labor is unheard of and children not intentionally crippled and made to beg for personal gains of others. Where leprosy patients are not required to ask passers-by for help but provided with everything by the Government. Where men think it a sin to ask for dowry and women are treated at par with them and not harassed or burnt by in-laws. Where colleges and universities are not turned into political dense. Where the people think it ? better to spin with Penelope than dance with Helen?. Where her men and women are so perfect in all respects that they are imitated proudly by their counterparts in the rest of the world. May my India look like a fairyland to the children so that they are and all. A classes and casteless India, a country which all Indians can be truly proud of. happy and able to weave the fabric of perfect loveliness and pulchritude. Progress is a purposive change. It can be either scientific or moral. India had tremendous progress since independence. But there are some more stages which India must cross to achieve complete progress. I wish my dreams of those progress would change India? s fate. ?HUM HONGE KAMYAB EK DIN? — Keeping this motto in mind, let us, therefore, cry to eradicate all the evils of our society and acquire the requisite culture, discipline, attitude and habit of tolerance, goodwill and mutual respect, so that everyone of us one day, will have so clean a heart and so pure a mind that he will have a glimpse of a novel dawn, and the first of the sun, that day, will be truly golden, enough to fulfill my dreams I LOVE MY INDIA use this poem -Where The Mind is Without Fear Where the mind is without fear and the head is held high; Where knowledge is free; Where the world has not been broken up into fragments by narrow? domestic walls; Where words come out from the depth of truth; Where tireless striving stretches its arms towards perfection; Where the clear stream of reason has not lost its way into the dreary desert sand of dead habit; Where the mind is led forward by thee into ever-widening thought and action– Into that heaven of freedom, my Father, let my country awake. — Rabindranath Tagorerays Economic inequalities or poverty that is the root cause of several social tensions and breakdown of law and order is a thing of the past with no one being forced to suffer the pangs of hunger; every citizen is a literate adopting the norms of a small family as a way of life and contributing to the zero-growth of population; all the people lead a healthy life with epidemics being confined to the pages of history and diseases resulting from under nutrition driven out of the country; food production is enough to take care of the needs of the country’s population and is exported to other countries where food production is not adequate to feed the people; the rural areas compete with urban areas in development and reduce the migration of rural poor from the villages to the cities; there is no shortage of electricity and other energy sources to keep the wheels of progress and development going; all the people have their own homes and do not feel insecure in rented houses; child labo ur is eliminated with all the children attending schools and enjoying the joy of childhood; the workers are not exploited by unscrupulous managements and are paid fair wages; legal cases are disposed off quickly and justice is speeded up; our industries compete with the multination’s and give them a run for their money in the other countries; infrastructure is adequately developed to facilitate more investments in industries; domestic satellite television channels are attractive enough to wean the people away from the foreign television channels; pollution is effectively checked with industries switching over to clean or environmental-friendly technologies and vehicles checking their emissions; computers play a complementary role in common man’s daily activities by being an integral part of all the homes; sportsmen excel in all the international sports meets and games; religion enforces discip0line and promotes communal harmony; we become a superpower and a member of t he Security Council and are not browbeaten by any other superpower with threats of economic sanctions; and the citizens really feel proud of being Indian. 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Competitive Strategy Digital Business Strategy

Question: Describe about the Competitive Strategy for Digital Business Strategy. Answer: Paragraph 1 (YouTube and Textbook) There are vast differences in between setting objectives or goals for an organisation and making strategies for achieving it. However, many organisations and the higher management become confused in between objectives and strategies. A strategy can be made only after deciding the goals, objectives, tactics and descriptions. An effective strategy should portray the ideas and before knowing about the meaning of strategy, one should have a clear understanding of what is not strategy (Youtube.com 2016). The word strategy is derived from the Greek Word Strategos", which means the art of the general. Suntzu has defined even strategy as the art of war, a Chinese author that suggests winning is good and loosing is dreadful. A strategy should be made after knowing the hidden weakness of competitor in the market in order to achieve the targeted goal set by an organisation. As the modern day business can be considered not less than war, therefore, the business executives should develop some cri tical tactics to become successful. An effective business strategy provides transparent answers to the four major questions such as the area of market, unique value of product or services, utilisation of capabilities and resources and sustainability of the unique value. For instance, IKEA sells Scandinavian furniture for home decor. The major strategy of this company is to offer inexpensive furniture in excellent designs to the main cities. The company designs every product in a manner to reduce shipping costs. The complex interdependence is the key strategy followed by IKEA, which is difficult to imitate by the competitor companies. Paragraph 2 (general article theory) Coca-Cola Amatil enjoys the dominant position in the commercial beverage industry of Australia. An appropriate strategy can help the management to take suitable decisions accordingly the operations of other competitor companies such as PepsiCo, Nestle Waters France and Dr Pepper Snapple Group (Hitt et al. 2012). Although Coca Cola Amatil is famous for carbonated soft drinks, still, with adequate innovation, the management has launched various flavoured drinks and energy drinks in order to attract the new edge health conscious customers. The adopted strategies by Coca-Cola Amatil not only help the company to compete with the unique product of the competitor companies, however, to combat the issues regarding production costs. The competitive strategies also contribute to know the present happenings in the beverage market of Australia. The higher management of Coca-Cola Amatil involves marketing managers, who make a thorough survey about the preference and contemporary trend in the non- alcoholic beverage industry. Wieland and Marcus (2012) have mentioned that market survey suggests possible risks about a particular industry and an organisation should make strategies to mitigate these risks. Coca-Cola Amatil improves the process of premium pricing strategies in order to offer less expensive products to the customers. As the major number of consumers prefers low-sugar or zero sugar beverages in Australia, therefore, the management of Coca-Cola Amatil produces Diet Coke, refreshing coconut water (ZICO), frozen drinks, lemonade juices and iced tea. Even with the proper implementation of competitive strategies, Coca-Cola Amatil introduces new user-friendly pack as a snack range. A best competitive strategy involves the profit to customers, shareholders and the organisation itself as it has enough capability to strengthen the core percentages of sale revenue earned from the market. The most important competitive strategy includes Coca-Cola Amatil has reduced the price o f some packed carbonated drinks to capture the market of PepsiCo, the major competitor of Coca-Cola Amatil in the non-alcoholic beverage industry of Australia. Video 2: Paragraph 1 (YouTube and Textbook) Innovation is the key factor for an organisation to become successful in future. However, many organisations busy with daily activities and satisfying customers and forget to innovate future opportunities (Youtube.com 2016). Innovation either increases the customer value of a product service or lowers the cost, which help to create competitive advantages in the industry. Innovation should be unique and which someone has not done before, large success needs huge resources and lastly it should incorporate modern technologies. Only with effective and potential innovation, Apple, Amazon and Cisco are able to hold the present position in the concerned industry. A business model innovation includes four factors such as the targeted customers, offerings to them, the process of creating a value proposition and generations of revenue. Every innovation varies from the other according to the industry criteria and condition. For instance, eBay has changed the trend of trade only with proper inno vation. An organisation should analyse existing business models to create a new idea. Innovation should be creative and has the revolution power to change the industry. There are little processes to innovate the business model such as initiation, ideation, integration and implementation. In initiation, the management should analyse present business model, in ideation, it should be a confirmation with the 55 innovative business model patterns to improve new models. In integration, the management should check the consistency of the propped business model and in the last stage; it should implement the innovation for success. An organisation should analyse the positive and negative aspect of innovation before implementing it in the business model. Paragraph 2 (general article theory) Bharadwaj et al. (2013) have suggested that a proper innovation of business model can help an organisation to achieve its desired goal in a short period. After understanding the demand and preference of Australian Customers, Coca-Cola Amatil begins to produce product according to their choices. Coca-Cola Amatil is successful in the beverage industry of Australia just because its efficiency to determine the appropriate strategies with proper innovation process. For instance, this company critically analyses, reviews the current business model, and then has adopted potential strategies (Casadesusà ¢Ã¢â€š ¬Ã‚ Masanell and Zhu 2013). The implementation of new competitive strategies was not at all easy for the management. However, with adequate survey and market research, it was possible for the organisation to come up with new strategy. Such adopted strategies only an active step to the further development of the current position in market share of Coca-Cola Amatil in Australia. The ap plication of competitive strategies helps Coca-Cola Amatil to retain its present position. Innovation is the best strategy for an organisation for achieving future goals. References: Bharadwaj, A., El Sawy, O.A., Pavlou, P.A. and Venkatraman, N.V., 2013. Digital business strategy: toward a next generation of insights.Mis Quarterly,37(2), pp.471-482. Casadesusà ¢Ã¢â€š ¬Ã‚ Masanell, R. and Zhu, F., 2013. Business model innovation and competitive imitation: The case of sponsorà ¢Ã¢â€š ¬Ã‚ based business models.Strategic management journal,34(4), pp.464-482. Hitt, M.A., Ireland, R.D. and Hoskisson, R.E., 2012.Strategic management cases: competitiveness and globalization. Cengage Learning. Wieland, A. and Marcus Wallenburg, C., 2012. Dealing with supply chain risks: Linking risk management practices and strategies to performance.International Journal of Physical Distribution Logistics Management,42(10), pp.887-905. Youtube.com 2016.Business Model Innovation. [online] YouTube. Available at: https://www.youtube.com/watch?v=B4ZSGQW0UMI [Accessed 16 Aug. 2016]. Link: https://www.youtube.com/watch?v=B4ZSGQW0UMI Youtube.com 2016.What is Strategy?. [online] YouTube. Available at: https://www.youtube.com/watch?v=TD7WSLeQtVw [Accessed 16 Aug. 2016]. Link: https://www.youtube.com/watch?v=TD7WSLeQtVw