Thursday, January 30, 2020
Giant Pool of Money Essay Example for Free
Giant Pool of Money Essay The house prices were on the rise and many traditional home owners attempted their dreams of becoming a real estate tycoon. Although some buyers might have lived through the recessions in the 70’s, they never experienced it as a consumer and so only seeing housing prices go higher and higher, the idea of owning a home for the long run was embedded as a sure money maker. The last recession was more than 40 years ago and people don’t remember it because all of them were yet to be born or they were just too young. This is the case with all of the players in The Giant Pool of Money. Jim Finkel, Rachard the marine, Clarence Nathan, Adam Davidson, Ceyla Pazarbasioglu, Mike Francis, Mike Gardner, Glen Pizzolorusso, and Tonko Gast. I can’t blame any of them for falling in to Availability Bias because I too fell for it. Luckily, I bought a house that I could afford, unfortunately many of my neighbors did not. I was born in 1978 and this was my first opportunity of making a large investment for myself. Because I was bit weary, I asked a lot older mentors and family members if I should buy a home and not a single person said no. All of my friends had houses 2000sq ft or bigger houses for themselves! I couldn’t think of one reason why I shouldn’t buy a house and I’m sure many Americans felt the same and I was amazed how easy the entire process was! Like Richard the marine, I had the ability to lock in a 30 year fixed Veterans Administration loan but my lender opted for the interest only mortgage. Biases due to the irretrievability of instances also came in to play when asking, why throw money away when you can buy? It’s common knowledge to anyone that buying is always better than renting however, there are instances where renting can be more advantageous. People like Mike Garner that worked at mortgage banks were in a race to make the most deals against other lenders who were doing the exact same thing. Interesting enough, Mike stated that his boss hated the loans that they were dealing but he couldn’t do anything about it because â€Å"Other people are offering it†. His boss had been in the business for 25 years and everyone was making money. Glen Pizzolorusso, a sales manager like Mike Garner was making more money than he knew what to do with it so he did what everyone else did, buy houses! The second bias I’d like to look at is insensitivity to prior probability which is conveyed in the paragraph above. People tend to think of real estate investment as a solid investment like the people that had their piece in the pool of money and everyone involved. People are always going to resort to buying a real estate property versus renting if given the choice. It is perfectly reasonable to predict that house prices will rise in the future. I don’t think many people will ask themselves â€Å"how likely would this house devalue by threefold in next couple of years? †or much more modest â€Å"how likely would house prices fall next couple of years? †Prior availability of data available suggest that the chances are very slim. It seems like it was a perfect storm brewing with all the right elements that caused this bias. People with money to invest felt it was the right move since federal funds were at record low interest levels and there were significant growth in the housing sector. The bank workers such as Mike Francis simply satisfied the investors without knowing the outcome and with the initial success, the need of further investigating disappeared. One recommendation I have to prevent availability bias and insensitivity to prior probability, I would say is to carefully examine past history. We all know that last recession was in 1970’s but most people only know as the recession caused by the oil crisis but looking much more in depth, we all know that it was just more than oil crisis that resulted in the recession. Likewise, people are going to talk about the recession in 2000’s as greedy home owners trying to make money on houses that they couldn’t afford but we know that wasn’t the cause. There is more to the story then the headline and people need to investigate and look at all the possible outcomes. These two biases make it difficult to examine some of the outcomes and it’s everyone’s responsibility to look at all of the possible outcomes even if the chances are very small. We cannot point the finger at just one person in the story of Giant Pool of Money.
Giant Pool of Money Essay Example for Free
Giant Pool of Money Essay The house prices were on the rise and many traditional home owners attempted their dreams of becoming a real estate tycoon. Although some buyers might have lived through the recessions in the 70’s, they never experienced it as a consumer and so only seeing housing prices go higher and higher, the idea of owning a home for the long run was embedded as a sure money maker. The last recession was more than 40 years ago and people don’t remember it because all of them were yet to be born or they were just too young. This is the case with all of the players in The Giant Pool of Money. Jim Finkel, Rachard the marine, Clarence Nathan, Adam Davidson, Ceyla Pazarbasioglu, Mike Francis, Mike Gardner, Glen Pizzolorusso, and Tonko Gast. I can’t blame any of them for falling in to Availability Bias because I too fell for it. Luckily, I bought a house that I could afford, unfortunately many of my neighbors did not. I was born in 1978 and this was my first opportunity of making a large investment for myself. Because I was bit weary, I asked a lot older mentors and family members if I should buy a home and not a single person said no. All of my friends had houses 2000sq ft or bigger houses for themselves! I couldn’t think of one reason why I shouldn’t buy a house and I’m sure many Americans felt the same and I was amazed how easy the entire process was! Like Richard the marine, I had the ability to lock in a 30 year fixed Veterans Administration loan but my lender opted for the interest only mortgage. Biases due to the irretrievability of instances also came in to play when asking, why throw money away when you can buy? It’s common knowledge to anyone that buying is always better than renting however, there are instances where renting can be more advantageous. People like Mike Garner that worked at mortgage banks were in a race to make the most deals against other lenders who were doing the exact same thing. Interesting enough, Mike stated that his boss hated the loans that they were dealing but he couldn’t do anything about it because â€Å"Other people are offering it†. His boss had been in the business for 25 years and everyone was making money. Glen Pizzolorusso, a sales manager like Mike Garner was making more money than he knew what to do with it so he did what everyone else did, buy houses! The second bias I’d like to look at is insensitivity to prior probability which is conveyed in the paragraph above. People tend to think of real estate investment as a solid investment like the people that had their piece in the pool of money and everyone involved. People are always going to resort to buying a real estate property versus renting if given the choice. It is perfectly reasonable to predict that house prices will rise in the future. I don’t think many people will ask themselves â€Å"how likely would this house devalue by threefold in next couple of years? †or much more modest â€Å"how likely would house prices fall next couple of years? †Prior availability of data available suggest that the chances are very slim. It seems like it was a perfect storm brewing with all the right elements that caused this bias. People with money to invest felt it was the right move since federal funds were at record low interest levels and there were significant growth in the housing sector. The bank workers such as Mike Francis simply satisfied the investors without knowing the outcome and with the initial success, the need of further investigating disappeared. One recommendation I have to prevent availability bias and insensitivity to prior probability, I would say is to carefully examine past history. We all know that last recession was in 1970’s but most people only know as the recession caused by the oil crisis but looking much more in depth, we all know that it was just more than oil crisis that resulted in the recession. Likewise, people are going to talk about the recession in 2000’s as greedy home owners trying to make money on houses that they couldn’t afford but we know that wasn’t the cause. There is more to the story then the headline and people need to investigate and look at all the possible outcomes. These two biases make it difficult to examine some of the outcomes and it’s everyone’s responsibility to look at all of the possible outcomes even if the chances are very small. We cannot point the finger at just one person in the story of Giant Pool of Money.
Wednesday, January 22, 2020
Special Topics In Communications :: essays research papers
     Communication is defined as creating symbol systems that can be used to exchange and express information and meanings. The different ways that individuals, groups and societies use these expressions to make sense of daily life is know as their culture. Culture itself can be divided into two classifications. Culture spelled with a capital C is usually associated with art such as classical music, opera, ballet and art museums. These examples can also be called â€Å"high culture†. Culture with a lowercase c represents the way people live through fashion, sports, religion, education and history.      Each culture is a different audience. Mass media takes the audience in consideration to provide information that is relevant to them. Media will target people based on age, gender and race to produce programming or text that each will relate to. When the popular teen drama Dawson’s Creek first aired in 1997, I was 17. The program was intended to reach out to my age group on issues that were important to us. For about a year and a half I was a Dawson’s Creek expert, knowing in detail about the characters and the storylines. Soon after high school I grew restless with the show. I realized it no longer appealed to me because I had grown out of the show. The same network has since come out with programs for the college age group that I now watch. Networks know that they must change just as fast as their audience to keep them. There are many types of mass media today that are available to a large number of people on a daily basis. Sources of mass media and mass communications include newspapers, movies, television programs, radio, books and magazines. Of these mediums, the Internet is the fast growing type of mass communication. I first began using America Online in 1999 for chat rooms. I would go in the rooms and talk to people my age that lived in my area. It was a new way to communicate with people about whatever I wanted. I then noticed people using the chat rooms for a source of spreading their ideas about racism, sexism and general malaise. I believe that most output from the Internet is positive. The Internet is a convenient tool for education, news, entertainment, business and personal communication. Although with a resource with large, hate groups are also going to try and spread their message to the masses. Special Topics In Communications :: essays research papers      Communication is defined as creating symbol systems that can be used to exchange and express information and meanings. The different ways that individuals, groups and societies use these expressions to make sense of daily life is know as their culture. Culture itself can be divided into two classifications. Culture spelled with a capital C is usually associated with art such as classical music, opera, ballet and art museums. These examples can also be called â€Å"high culture†. Culture with a lowercase c represents the way people live through fashion, sports, religion, education and history.      Each culture is a different audience. Mass media takes the audience in consideration to provide information that is relevant to them. Media will target people based on age, gender and race to produce programming or text that each will relate to. When the popular teen drama Dawson’s Creek first aired in 1997, I was 17. The program was intended to reach out to my age group on issues that were important to us. For about a year and a half I was a Dawson’s Creek expert, knowing in detail about the characters and the storylines. Soon after high school I grew restless with the show. I realized it no longer appealed to me because I had grown out of the show. The same network has since come out with programs for the college age group that I now watch. Networks know that they must change just as fast as their audience to keep them. There are many types of mass media today that are available to a large number of people on a daily basis. Sources of mass media and mass communications include newspapers, movies, television programs, radio, books and magazines. Of these mediums, the Internet is the fast growing type of mass communication. I first began using America Online in 1999 for chat rooms. I would go in the rooms and talk to people my age that lived in my area. It was a new way to communicate with people about whatever I wanted. I then noticed people using the chat rooms for a source of spreading their ideas about racism, sexism and general malaise. I believe that most output from the Internet is positive. The Internet is a convenient tool for education, news, entertainment, business and personal communication. Although with a resource with large, hate groups are also going to try and spread their message to the masses.
Tuesday, January 14, 2020
Positive Impact of Outsourcing in India Essay
Outsourcing or Business Process Outsourcing (BPO) to countries belonging to the developing classification is the present trend. The establishment of outsourcing as an essential component in the world economy is a result of explosive growth of internet, development of the information society, and globalization. The outsourcing of Information Technology (IT) emerged during the time of the start of every corner of the world being brought together by the internet and the national barriers of countries all over the globe were brought down by globalization(Ghimire, 2005).            In information technology industry, outsourcing to developing countries is the latest strategy of companies from developed countries mainly as a cost-cutting mechanism. Outsourcing now is not merely other firms handling operations and services of other companies but rather it has crossed the national borders. Parts of the IT aspects or the whole business functions are now executed and managed by different companies in developing countries like India, Brazil, China, Israel, and Philippines. These developing countries have companies which cater to the needs of big companies in developed countries. Outsourcing to other countries is thus the provision of services like those associated with information technology by companies of developing countries to sustain the needs of the companies which are in developed countries. The primary driving force of big companies in developing countries employing outsourcing in developing countries are: higher efficiency, better quality of services, and cheaper labor cost(Nag, 2004).            The growth of the information technology sector of India has been unparalleled since the liberation of the Indian Telecom sector in 1994. The progression of India as a global outsourcing provider is continuous since then. Today, this country is the primary outsourcing provider in the world, holding the 44% of global outsourcing market in back-office services and software. At the end of 2005 the revenues generated by the outsourcing in this country is 17.2 US dollars; and hired direct employment of 1.05 million people and hired indirect employees which sums up to 2.5 people. These indirectly hired employees are associated with the catering and transport business(Pradhan, 2005).            Positive and negative impacts to the people of India especially on the workers of the outsourcing provider companies are brought about by this new trend. The most significant impact of outsourcing in developing countries like India is on its economy and its employment rate. Numerous numbers of individuals are given the opportunity to work for a living through the outsourcing processes. The outsourcing of the information technology (IT) to India increased the employment rate with 100,000 people being hired annually. Though the salary of those people working in an outsourcing provider from a developing country is lower than those of their developed country counterparts, these salaries are already slightly higher in relation to the rates in their developing country(Nag, 2004).            The development of new infrastructures in developing countries like India is another affirmative impact of the business operations outsourcing. Aside from this, outsourcing also brought about the transmittance of ideas and technology to developing countries regarding various aspects of the business industry like manufacturing and agriculture. Guidance in communications from business-to-business and e-commerce applications; information provision regarding marketing and prices; and conveyance of knowledge on services processing operations are among the specific benefits acquired by developing countries through outsourcing(Nag, 2004).            The primary component of India’s outsourcing industry is the call centers which are providers of information and telecommunication technology-based off shoring services. The progression of the call center industry in India brought about changes in the culture and society of this nation. India which is a patriarchal society is now faced with the issue of social, cultural, and economic women empowerment because the call center industry prefers to hire women. These women call center agents acquired financial independence hence their outlook, career choice, and attitude changed from being subordinates of the patriarchal society into women capable of being independent and asserting themselves in their society and families. Despite women though being independent financially their social status in the society is not much changed because their work is considered inferiorly dignified due to the night working hours(Pradhan, 2005).            The call centers serve as avenue for the Indian call center agents to understand the culture, customs, and accent of the West through the costumers which they provide services. These Indian call center agents are also exposed to diverse culture of the people that they work with because foreigners also come to India and work as call center agents. The outsourcing thus also serves as a medium for the Indian people especially the youth who are working as call center agents to interact with foreigners of different languages and culture(Pradhan, 2005).            Though outsourcing provides positive impacts to the people in India, it also goes along with its negative attributes. Some call center agents due to the pressures in their work and night working hours undergo panic attacks, stress, relationship troubles, depression, eating disorders, alcoholism, and relatively no social life. Mental, psychological, and health disorders are also observed in outsourcing companies due to the desire of the worker to cope with the challenges in their work. The workers of these outsourcing provider companies are subjected to racial and cultural discrimination by people of the developed countries which they service. The nature of the working hours of these outsourcing workers also brought about social division wherein the working class youth are alienated with their peers because they are not able to socialize with them(Pradhan, 2005).            Change like the development of India’s business industry through outsourcing despite having various benefits also comes with diverse disadvantages. The government which benefits from the revenues and taxes which are generated through the outsourcing industry needs to have programs to help the employees of this work force be able to cope up with the challenges they encounter. In general, outsourcing brought about boost in the economy of India and is strengthening the value of rupee against the US dollar. References Ghimire, B. (2005). IT Job Outsourcing. Ubiquity  Retrieved January 29, 2008, from http://www.acm.org/ubiquity/views/v6i31_bhumika.html Nag, B. (2004). BUSINESS PROCESS OUTSOURCING: IMPACT AND IMPLICATIONS. Bulletin on Asia-Pacific Perspectives. Pradhan, J. P. a. V. A. (2005). Social and Cultural Impact of Outsourcing: Emerging Issues from Indian Call Centers. Harvard Asia Quarterly, from http://www.asiaquarterly.com/content/view/155/
Monday, January 6, 2020
Public And Private Management Are They Fundamentally...
Introduction On a macro level, public administration and business management are similar in their overall functions. â€Å"At the broadest level, some organizational theorists contend that administration is administration whatever its setting, and that the problems of organizing people, leading them and supplying them with resources to do their jobs are always the same (Kettl, 2012, p. 38).†In his paper, â€Å"Public and Private Management: Are They Fundamentally Alike in All Unimportant Respects?,†Graham T. Allison explains that in comparing public and administration and business management, â€Å"it is possible to identify a set of general management functions (Allison, 2012, p. 4).†Regardless of their end goal, each administration must form strategies by setting goals, priorities and creating procedures. Public and private organizations must manage internal components by organizing staff, defining job responsibilities, hiring and managing personnel and cr eating budgets. Furthermore, they must manage external constituencies such as other agencies, the press and public (Allison, 2012, p. 5). His observations stem from Wallace Sayre’s famous words, â€Å"public and private management are fundamentally alike in all unimportant respects (DiIlulio, 1993).†While public administration and business management share similar administrative duties, they differ in their fundamentals and execution. Traditional public administration principles created a sharp difference between public and businessShow MoreRelatedAmerica s Healthcare : Chronically Ill960 Words  | 4 Pagesas UCLA medical center being one of the biggest culprits of this issue, we can begin to realize that this is not a problem with oversees investors or even out of state health. This inconsistency of moral cognition and economic mismanagment is fundamentally issuing a chronic disease to our own healthcare system. 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