Oedipus Rex A Tragic Journey Of Self Discovery - 1804 Words

Both wisdom and folly, truth and falsehood are different forms of the same thing: the relationship between light and darkness. To the ancient Greeks, whether one is in darkness or light is determined by their ability to see spiritually, which they believed the physically blind were capable of. This contrast between spiritual sight and mere physical sight is a major theme in Oedipus Rex, a Greek tragedy written by the legendary Sophocles, a Greek playwright so skilled that he won at the Festival of Dionysus approximately twenty times with his masterfully crafted tragedies (Buller). Set in the city-state of Thebes in Ancient Greece, Oedipus Rex is a tragic journey of self-discovery as King Oedipus uncovers his origins and how he unwittingly†¦show more content†¦Upon learning the damning revelation that he himself is responsible for Laius’ death, Oedipus adamantly refuses to accept the prophecy and boasts about his credentials in a vain attempt to divert the accusation: There was a riddle too deep for common wits; A seer should have answered it; but answer came there none From you; bird-lore and god-craft all were silent. Until I came – I, ignorant Oedipus, came – (36-37) Oedipus’ speech about his accomplishments exposes his arrogant nature and reveals the fact that Oedipus revels in the glory of his achievements; blinding himself to his vices as a consequence. In addition, Oedipus’ sudden flash of rage at Teiresias upon the seer’s refusal to prophesy, despite the seer’s warnings of the pain and anguish the prophecy would bring demonstrates the very rash, quick-tempered nature that led Oedipus to kill his own father Laius (48). Oedipus certainly is very knowledgeable, but he lacks wisdom as he refuses to see his faults and heed the warnings of others. For this reason, even Oedipus calling himself â€Å"ignorant† can be seen as mere false humility, as his rash, arrogant nature reveals itself yet again when Oedipus accuses Creon of being the â€Å"proved plotter† against his life and a â€Å"thief† trying to steal Oedipus’ crown (40). Despite Creon handling such an outrageous accusation with care a nd producing sound arguments as to why he would not be interested in the throne, Oedipus clings to his argumentShow MoreRelatedEpic Journeys towards Improvement in The Epic of Gilgamesh and Oedipus Rex670 Words   |  3 Pagesreadings, The Epic of Gilgamesh and Oedipus Rex, both protagonists embark in an epic journey to either better themselves, or their kingdoms. Gilgamesh slays a monster with the help of Enkidu for fame, but then leaves his kingdom of Uruk to go on a quest for immortality. Oedipus outsmarts a monster and saves the city of Thebes once, but then has to save it once more by leaving Thebes. Both protagonists have similarities and differences in each of their journeys. Oedipus and Gilgamesh both similarly haveRead MoreA Dolls House As A Tragic Hero Analysis967 Words   |  4 PagesA tragic hero is defined as a person â€Å"who has achieved, or who has the ability to achieve greatness but who through a weakness, or tragic flaw in his character, falls into the depths of misery and often to his death† (Ingham 1). Within Oedipus Rex, Sophocles laid the foundation for what is now considered the ideal tragic hero. Within A Doll’s House, Ibsen creates a modern hero in Nora Helmer; a woman who was oppressed for going against social rules for saving her husband. Nora follows the AristotelianRead MoreOedipus Tragic Hero Analysis936 Words   |  4 Pagesqualities that make a king rise above his citizens may be the exact characteristics that lead to his downfall. This concept could be correlated to the acclaimed work of Sophocles, Oedipus Rex, whereby the epitome of a tragic hero is created in the main character, Oedipus. Moreover, Sophocles has characterized Oedipus to be the embodiment of a respectable leader, possessing both extreme pride and relentless determination, which later proves to be the fatal flaw leading to his eventual, inescapableRead MoreJane Eyre And Oedipus Mason Essay915 Words   |  4 Pagesof everything she desires; likewise, Sophocles’ Oedipus Rex contains a devil figure, ironically Oedipus himself, who causes the loss or poisoning of all he holds dear. In Jane Eyre and Oedipus Rex, the hidden demon serves as a vehicle for the downfall of the protagonist. Bertha Mason, simply through her existence prevents Jane’s hope for joy from being realized by preventing her marriage to Mr. Rochester, leaving Jane to choose to be alone and self-sufficient. While Bertha does not consciously chooseRead MoreEssay about Oedipus the King1164 Words   |  5 Pagesto Websters Dictionary, fate is defined as A power that supposedly predetermines what is to happen (257). In the play Oedipus Rex each character is touched by fate directly or indirectly. The author of the play Sophocles pens the story of a man who was destine from birth to be both martyr and hero, he could never be one without the other. Another view of Oedipus Rex is that some critics view him as a tyrant and not a hero because he did not come into power by natural succession, butRead More The Strong Character and Unavoidable Destiny of Oedipus Rex Essay938 Words   |  4 PagesUnavoidable Destiny of Oedipus Rex    Oedipus the King, by Sophocles is about Oedipus, a man doomed by his fate. Like most tragedies, Oedipus the King contains a tragic hero, a heroic figure unable to escape his own doom. This tragic hero usually has a hamartia, a tragic flaw, which causes his downfall. The tragic flaw that Sophocles gives Oedipus is hubris (exaggerated pride or self-confidence), which is what caused Oedipus to walk right into the fate he sought to escape. Oedipus pride pushes himRead MoreLight And Darkness In Oedipus Rex1467 Words   |  6 Pagesphysically blind were capable of. This contrast between spiritual sight and mere physical sight is a major theme in Oedipus Rex, the Greek tragedy written by the legendary Sophocles, a Greek playwright so skilled that he won the Festival of Dionysus approximately twenty times with his masterfully crafted tragedies (Buller). Oedipus Rex is a tragic journey of self-discovery as King Oedipus uncovers his origins and how he unwittingly fulfilled the oracle that he will marry his mother Jocasta and kill hisRead MoreThe Journey of the Mind in Shakespeares Hamlet757 Words   |  3 PagesThe Journey of the Mind A journey begins with a single step, or rather, for the protagonists of Sophocles’ Oedipus Rex and Shakespeare’s Hamlet, Prince of Denmark, a single truth. While these works of literature are separated by years, each similarly exhibits the archetype of journeys. However, to voyage as these characters have is not simply by knowing the contours of the road they travel, but to trace a profound transformation on an internal level. For unfortunate King Oedipus and a likewiseRead MoreOedipusBeowulfFinalDraft Essay1667 Words   |  7 PagesMr. Weeg 21 October 2014 Oedipus and Beowulf Compare and Contrast Essay Oedipus Rex and Beowulf are two entirely different works in terms of the cultures that they were written for. Oedipus Rex was written by the Greek playwright Sophocles in about 430 B.C., and Beowulf was written a few hundred years before 1000 C.E., when it was transcribed from the Anglo-Saxon language. Despite these obvious differences, the two works share identical archetypes. Not only do Oedipus Rex and Beowulf include evilRead MoreSelf-Discovery and the Pursuit of Truth in Sophocles Oedipus1138 Words   |  5 PagesSelf-Discovery and the Pursuit of Truth in Sophocles Oedipus It is said that the truth will set you free, but in the case of Sophocles’ Oedipus, the truth drives a man to imprison himself in a world of darkness by gouging out his eyes. As he scours the city for truth, Oedipus’ ruin is ironically mentioned and foreshadowed in the narrative. With these and other devices Sophocles illuminates the king’s tragic realization and creates a firm emotional bond with the audience

The Ballot Or The Bullet By Malcolm X - 1352 Words

The Civil Rights Movement is a period of the United States history that most people see as an era in the past. The Civil rights movement brought about reform and change that made people of all races and ethnicities equal in society; however, some 60 to 70 years later, there is struggle for true equality for all races and ethnicities in America. In Malcolm X’s speech â€Å"The Ballot or the Bullet,† Malcolm X believes that civil rights are human rights, and all African Americans are â€Å"justified in seeking civil rights, if it means equality of opportunity†(Malcolm X 362). When using Malcolm X’s definition of civil/human rights, it is clear that even in society today, not all races have reached equality. African Americans are still fighting for†¦show more content†¦The ballot is a powerful tool and, as described by Malcolm X, â€Å"It was the black man’s vote, that put the present administration in Washington, D.C. Your vote, your dumb v ote, your ignorant vote, your wasted vote put in an administration in Washington, D.C.†(358). Malcolm X is attempting to prove to African Americans that their votes truly mater, and if a majority supports a cause, then they will have the ability to change it. Presently, African Americans are doing their part to bring about change and in the most recent presidential elections 66.2% of eligible African Americans casted votes (usnews.nbcnews.com). The more African Americans that vote means stronger support for their social issue and potential for progression in the African American search for equality. One Problem that Malcolm X argues which African Americans need to protest and push for is unsegregated schools and communities. Malcolm X believes that segregated schools produce â€Å"children who, when they graduate, graduate with crippled minds† (369). Even today, years after education reform and the official desegregation of schools, segregation still exists in America’s public school system. According to a research study by The University of California, 74% of African Americans attend schools that contain 50-100% minorities. Even more startling is the fact that 38% of African Americans attend schools that are

Marketing and Market Research free essay sample

The ability to collect information and data about the business environment, markets and customers has been transformed by technological advances. The main research challenge today is to find the best information amongst a large amount of data, rather than finding scarce data, as was the case in the past. Market research is carried out in all areas of marketing activities and the information collected concerns customers, markets, responses to existing and planned marketing campaigns and the general business environment. This means that the process needs to be continuous so that trends, opportunities and threats are identified. In this unit learner knowledge of the main types and sources of market research will be developed. They will learn about the main research methods used to collect data and how to decide on the most appropriate method for a given situation. This will take into account organisational objectives and the constraints that businesses work within. Learners will also learn how data is analysed, interpreted and presented so that the research objectives are met. Learners will have the opportunity to plan and carry out some simple market research activities and to interpret their findings. Learning outcomes On completion of this unit a learner should: 1 2 3 4 Understand the main types of market research used to make marketing decisions Be able to plan research Be able to carry out research Be able to interpret research findings. Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 1 Unit content Understand the main types of market research used to make marketing decisions Primary research: observation; experimentation; surveys, eg face-to-face, postal, email, telephone; e-marketing research; focus groups; panels; field trials; piloting; appropriateness of each method eg fitness for purpose, cost, accuracy, time, validity, response rate Secondary research: internal sources eg data records, loyalty schemes, EPOS (electronic point of sale), website monitoring, e-transactions, acco unting records, production information, sales figures, sales personnel, Delphi technique; external sources eg internet, Government statistics, libraries, universities, company reports, specialist agencies eg Mintel, Datastream, Dun Bradstreet; trade journals; criteria for selection eg checking of validity; use of ICT applications eg storing, organising, retrieving and reporting data Qualitative and quantitative research: importance and use of each; triangulation Marketing strategies and activities: eg strategic, technical, databank, continuous, ad hoc research 2 Be able to plan research Stages: brief; defining the issue; setting objectives; planning data to be collected, eg methods of collection, who is to collect it, timings; types of data, eg internal, external, secondary, primary; target population Research stages: proposal/brief; defining objectives; planning; forecasting; collection of data; analysis and evaluation of data; presentation of findings; making recommendations; re-evaluation of marketing activities Purpose of research objectives: understand customer behaviour, buying patterns, preferences, satisfaction, sales trends; brand awareness; advertising awareness; product development success; new product opportunities; changes in the market; emergence of new markets; PESTLE (political, economic, social, technological, legal, environmental); competitor activities Be able to carry out research Census versus sample: sample size, choosing the sample; probability sampling, eg random, systematic random, stratified random, multi-stage, cluster; non-probability, eg quota, convenience, observation, focus group, judgement; implications of different samples; cost and accuracy of information Questionnaire: design, questions to be asked; types of questions eg sequencing, dichotomous, multiple choice, scaled, open ended; length of questionnaire; bias; relevance; response; pilot stage Survey: design; objectives, eg of what, where, when, how; difference between survey and questionnaire 4 Be able to interpret research findings Statistical procedures: arithmetic mean; median; mode; range; inter-quartile range; scatter diagrams; times series; trends; use of spreadsheets for analysis Presentation of findings: oral reports; written reports eg formal, informal; visual aids eg computer graphics, graphs, charts; presentation of conclusions and recommendations; audience; effectiveness; quality of information; facilities Diagrammatic analysis and presentation: pictograms; pie charts; bar charts; frequency curves; histograms; line graphs; scattergrams; appropriate use of techniques; interpretation of results Limitations of research: excess of information through customer databases; problems of e-business feedback overload; reliability of sample; accuracy, bias; subjectivity 2 Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 Assessment and grading criteria In order to pass this unit, the evidence that the learner presents for assessment needs to de monstrate that they can meet all the learning outcomes for the unit. The assessment criteria for a pass grade describe the level of achievement required to pass this unit. Assessment and grading criteria To achieve a pass grade the evidence must show that the learner is able to: To achieve a merit grade the evidence must show that, in addition to the pass criteria, the learner is able to: To achieve a distinction grade the evidence must show that, in addition to the pass and merit criteria, the learner is able to: P1 P2 describe types of market research explain how different market research methods have been used to make a marketing decision within a selected situation or business [CT] plan market research for a selected product/service using appropriate methods of data collection [CT, SM] conduct primary and secondary research for a selected product/service making use of identifiable sampling techniques [IE, TW, EP] interpret findings from the research presenting them clearly in an appropriate format. RL, TW] M1 explain, with examples, how different market research methods are appropriate to assist different marketing situations M2 explain the reasons for choosing the particular method of data collection for a selected product/service D1 evaluate the market research method used by a selected organisation P3 P4 D2 evaluate the findings from the research undertaken. P5 M3 analyse the research findings and make recommendations on how marketing strategies could be adapted or implemented. PLTS: This summary references where applicable, in the square brackets, the elements of the personal, learning and thinking skills applicable in the pass criteria. It identifies opportunities for learners to demonstrate effective application of the referenced elements of the skills. Key IE – independent enquirers CT – creative thinkers RL – reflective learners TW – team workers SM – self-managers EP – effective participators Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 3 Essential guidance for tutors Delivery This unit builds on and extends learners knowledge and understanding of the market research process from original brief to presenting of findings. Learning outcome 1, allows learners to establish what market research is about, how to categorise research data and activities (primary/secondary, quantitative/qualitative) and ways of gathering data. Learning outcome1 links to the aims and objectives within a selected organisation. It is vital from the outset that learners can differentiate between bona fide market esearch, and salespeople who purport to be researching the market in order to sell their product. This unit involves tutor-led delivery which will focus on the reasons for market research and how this is ongoing and integral to the success of a business. This will lead on to more learner-centred activities. Learners will need to understand concepts such as: ? ? ? strategic research: knowledge needed to guide decisions which are likely to have long-term implications tactical research: eg specific actions of competitors or adjustments in prices databank research: incorporating and updating all relevant market information. Learning outcome 2 develops the learning outcome 1 with the planning of research. An exercise could look at the differences between primary and secondary research, the main research methods, the advantages and disadvantages of each, how appropriate they are, and whether they produce mainly quantitative or qualitative data. It is important that learners have access to paper-based and internet-based sources of secondary information such as company reports, economic trends, consumer trends, and census data. The Bized and Office for National Statistics websites are very useful here. The importance of information and communications technology for collecting and analysing information should be emphasised. A mind mapping exercise relating to market research objectives would encourage learner interaction, particularly with regard to local, national or global companies and products familiar to learners. In learning outcome 3, questionnaire design could offer opportunities for active learning such as using a brief to find out, the lifestyle of a particular market group. By designing questionnaires in pairs, and then using the ‘snowball method’, learners can gain constructive criticism from their peers and come up with a group questionnaire to pilot. This can then be used for learning outcome 4. Learners’ personal experiences of using the internet can be used to demonstrate how important data is that can obtained from competitors websites (for example, their products or promotions), from their own customers’ buying patterns, and customer comments on products (for example, www. thetrainline. com, www. tesco. com, www. goski. com). It is also important to recognise the danger of ‘drowning’ in data. Learners need to be aware that selecting appropriate data is more important than volume. Learners may need support with the statistical procedures required for learning outcome 4. The learning outcome links well with Functional Skill requirements, and learners should be encouraged to use statistical techniques in the context of market research so that they do not perceive it as ‘number-crunching’. Learners should understand manual collation and the use of spreadsheets by using software such as Microsoft Excel. The analysis of the questionnaire from learning outcome 3 will personalise the exercise. Analysis of learners’ own questionnaires may be useful as the limitations of their own research can be used in discussion to identify an organisation’s possible limitations. Producing individual reports can allow learners to benefit from constructive criticism from their peers and see how they could improve their assessed assignment. 4 Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 Outline learning plan The outline learning plan has been included in this unit as guidance and can be used in conjunction with the programme of suggested assignments. The outline learning plan demonstrates one way in planning the delivery and assessment of this unit. Topic and suggested assignments/activities and/assessment Introduction to the unit and the programme of learning Substantiate understanding of types of research findings Formal input Group discussion about selected businesses or products Online research about current situation of product/service/business Assignment 1: Setting the Scene Plan research campaign Carry out research Group work Produce and analyse results Visits and speakers to/from businesses Assignment 2: Trailblazer Input on interpretation of results Research and group work Assignment 3: They Think it’s All Over Assignment completion, with review and feedback Supervised assignment work Non-supervised study time and completion of assignments Assessment For P1, learners should describe the different types of market research. For P2 they should explain how these have been used to make a marketing decision in a given situation, for example as applied to the market development of a selected product or service. They will need to understand how both quantitative and qualitative data complement each other. For P3 learners need to choose an appropriate method of data collection and plan research for a selected product or service. P4 requires learners to conduct both primary and secondary research, making use of an identifiable sampling method. For M1 and M2, the skills demonstrated in P1, P2 and P3 may be brought together as learners analyse the effectiveness of the research, including appropriate data collection and sampling methods. P5 requires learners to interpret findings from their own research and to present them verbally, diagrammatically, graphically or in writing. Diagrams could be of established models such as the Boston or Ansoff matrices. For M3, learners should analyse their own research findings, drawing conclusions and making recommendations as to how marketing strategies should be adapted to accommodate research findings. Work for D1 and D2 should draw together work from M1, M2 and M3 as learners evaluate the application of selected research methods and make recommendations for improving in research methodology based on their findings. In this respect learners are refining their strategies for market research as well as the marketing strategies themselves. Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 5 Programme of suggested assignments The table below shows a programme of suggested assignments that cover the pass, merit and distinction criteria in the assessment and grading grid. This is for guidance and it is recommended that centres either write their own assignments or adapt any Edexcel assignments to meet local needs and resources. Criteria covered P1, M1 Assignment title Setting the Scene. Scenario The school/college is looking for a step-by-step guide to the terminology and use of types of market research. ‘State of the Art’ thinks there is a market for a re-sealable plastic drinks container to replace cans. It wants a thorough investigation into the viability of the product before proceeding to production, pricing and promotion. Assessment method User manual. P2, P3, P4, M2, M3, D2 Trailblazer. Questionnaires. Verbal presentations supported by slideshow handouts. Numerical and graphical images to justify judgements. A marketing plan. D1 They Think it’s All Over. The finance department has a Formal report to the finance different view and wants a report department. outlining the lessons learned from the research. Links to National Occupational Standards, other BTEC units, other BTEC quali? cations and other relevant units and quali? cations This unit forms part of the BTEC Business sector suite. This unit has particular links with the following unit titles in the Business suite: Level 2 Business Online The Marketing Plan Level 3 Introduction to Marketing Creative product Promotion Relationship Marketing Internet marketing in Business This unit also links to the following draft National Occupational Standards for Marketing and Sales for Non-Specialists Units 1 and 2. 6 Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 Essential resources Access to a range of information resources to complete investigative assignments and case studies will be essential, including relevant CD ROMs and the internet, as will be access to computers for research. This will enhance the delivery of this unit. Also, being able to see computerised accounting packages in operation in business would be beneficial. Learners will also need access to relevant paper-based research material and books. Employer engagement and vocational contexts The unit provides rich opportunities for the use of visits, speakers and work-based projects. Indicative reading for learners Textbooks Dibb S, Simkin L, Pride W M and Farrell O C – Marketing Concepts and Strategies (Houghton Mifflin (Academic), 2005) ISBN 061853203X Hall D, Jones R and Raffo C – Business Studies, 3rd Edition (Causeway Press Ltd, 2004) ISBN 1902796837 Hill E – Foundations in Marketing (CIM Publishing, 2001) ISBN 0902130994 Proctor T – Essentials of Marketing Research (FT Prentice Hall, 2005) ISBN 0273694944 Websites www. bized. ac. uk Provides interactive and online models and simulations for teachers and learners, and provides valuable direct access to company reports in the UK and around the world The Chartered Institute of Marketing Mintel is a global supplier of consumer, media and market research MarketingOnlineLive. com Free marketing resources for learners, teachers and professionals www. cim. co. uk www. mintel. com www. marketingonline. co. uk www. marketingteacher. com Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 7 Delivery of personal, learning and thinking skills The table below identifies the opportunities for personal, learning and thinking skills (PLTS) that have been included within the pass assessment criteria of this unit. Skill Independent enquirers Creative thinkers Reflective learners Team workers Self-managers Effective participators When learners are †¦ nvestigating the characteristics of sampling techniques in da ta collection generating ideas about which business/product to investigate and where suitable research could be obtained reviewing the outcomes of the data collection and recommendations and reflecting on whether suitable methods were used working with others to collect, collate and analyse data planning the stages and carrying out market research Organising resources to meet all targets set collecting suitable primary and secondary research that is fit for purpose. Although PLTS are identified within this unit as an inherent part of the assessment criteria, there are further opportunities to develop a range of PLTS through various approaches to teaching and learning. Skill Independent enquirers Creative thinkers Reflective learners Team workers Self-managers Effective participators When learners are †¦ lanning market research carrying out market research processing the data collected interpreting the research findings analysing the data collected in terms of usefulness evaluat ing the methods of collection and whether they were fit for purpose collaborating on the production and refinement of questionnaires taking responsibility to assist others managing all resources to achieve set targets selecting and reviewing secondary data sources for fitness for purpose making valid marketing recommendations based on collected evidence making useful recommendations for improvements. 8 Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 Functional Skills – Level 2 Skill ICT – Use ICT systems Select, interact with and use ICT systems independently for a complex task to meet a variety of needs Use ICT to effectively plan work and evaluate the effectiveness of the ICT system they have used Follow and understand the need for safety and security practices Troubleshoot researching websites for secondary information for a selected market research task interpreting the data collected using software systems using appropriate software to present findings ensuring data is kept safe by using passwords and/or encryption ensuring data is kept in a physically secure environment creating back-up copies of data in case data is lost loss from one source collecting primary data via questionnaires collecting complementary secondary data for the same task extracting relevant information from websites evaluating the findings of research for suitability When learners are †¦ Manage information storage to enable efficient retrieval creating suitable file and folder structures ICT – F ind and select information Select and use a variety of sources of information independently for a complex task Access, search for, select and use ICT-based information and evaluate its fitness for purpose ICT – Develop, present and communicate information Enter, develop and format information independently to suit its meaning and purpose including: ? interpreting the results of market research presenting the results of market research creating questionnaires text and tables images numbers records ? ? ? Bring together information to suit content and purpose Present information in ways that are fit for purpose and audience analysing the results of investigations presenting the results of market research Evaluate the selection and use of ICT tools and facilities processing the data collected using software packages used to present information Select and use ICT to communicate and exchange information safely, responsibly and effectively including storage of messages and contact lists communicating with other group members on questionnaires Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010 9 Skill Mathematics When learners are †¦ Understand routine and non-routine problems in a wide collecting quantitative data from market research range of familiar and unfamiliar contexts and situations questionnaires Identify the situation or problem and the mathematical methods needed to tackle it Select and apply a range of skills to find solutions Use appropriate checking procedures and evaluate their effectiveness at each stage Interpret and communicate solutions to practical problems in familiar and unfamiliar routine contexts and situations Draw conclusions and provide mathematical justifications using techniques such as addition, division and average to arrange the data using these techniques to create useful information by processing the data using software such as spreadsheets to automate actions to improve efficiency and accuracy creating graphical representations of data to aid understanding arranging and using data numerically to support recommendations carrying out group work to create questionnaires making pre sentations about the interpretation of data working in a team where appropriate reading data about the task set collected from secondary sources selecting which data to use and which to reject English Speaking and listening – make a range of contributions to discussions and make effective presentations in a wide range of contexts Reading – compare, select, read and understand texts and use them to gather information, ideas, arguments and opinions Writing – write documents, including extended writing writing report on research findings of the research pieces, communicating information, ideas and opinions, writing analyses of the findings effectively and persuasively using standard layouts to make recommendations eg Boston Matrix justifying research methods. 10 Edexcel BTEC Level 3 Nationals specification in Business – Issue 2 – June 2010  © Edexcel Limited 2010

Financial Risk Management Telstra Corporation Limited - Free Sample S

Question: Discuss about theFinancial Risk Managementfor Telstra Corporation Limited. Answer: Introduction Financial risk management is considered to be the ultimate practice of economic value in a company by using instruments so as to manage risks exposure such as market risk, credit risk, and liquidity risk (Black, Kirkwood, Williams, Rai, 2013). Financial risk management usually occurs when a particular investor or a fund manager analyzes and attempts to quantify the probability of losses in securities and they undertake the proper action given their risk tolerance and investment objectives. This assignment discusses the aspect of financial risk management in Telstra Corporation Limited and how the company uses Hedge accounting rules in its operations. Telstra Corporation Limited Overview and Business Activities Telstra Corporation Limited is known to be the biggest media and telecommunication company domiciled in Melbourne, Australia. The company makes and operates telecommunication systems and markets mobile, pay television, internet access, voice, and various other telecommunication products. The company was formed in 1901 as a result of Australian Federation. Telstra Corporation Limited has a long history in Australia as it initiated its operations as a government department and later was privatized as it has been undergoing a change strategy in order to become more consumer focused under its CEO, David Thodey. In the FY2016, the company had revenue of A$27.1 Billion, operating income of A$6.3 Billion and a net profit of A$5.8 Billion respectively. The company is considered to be the leading Technology and Telecommunication Company in Australia that basically offers a full range communication products and competing in all the communication markets (Telstra Corporation Limited annual repo rts, 2015, 2014 2013). The company offers about 17.2 Million mobile phones, 7.0 Million fixed voices products and 3.4 Million retail fixed broadband products. Telstra Corporation Limited has faced competition from Optus which is the Australian second largest communication firm and a number of small providers. The company usually operates through four divisions; Telstra Retail division that provided telecommunication services and products (Chang, Gonzlez Jimenez, 2013). Global Enterprise and Services division that offers sales for both government and business clients, Telstra Wholesale division that provides a range of telecommunication services and products delivered via Telstra Corporation Limited network and carriage services providers. Financial risks Telstra Corporation Limited exposed to According to the companys FY2015 reports, the risks associated with the firm operations comprise of credit risks, market risks and liquidity risks. Market Risk According to the firm, a market risk is considered to be the risk that the future cash flows or fair value of the firm financial instruments will basically fluctuates because of variations in the market prices (Christoffersen, 2012). Interest rate risk: The aspect of interest rates usually keeps fluctuating thus exposing the company to floating interest rate Credit Risk Credit risk is another risk that a company may not be able finishes its obligations under a financial security that leads to the company making a financial loss. The company faces credit risk exposure on all financial assets that include statements of financial position and assets. Yes, the company is exposed to these risks next year (Black et al. 2013). According to the company financial report, these risks are assessed as significant for the company within the next year because it assists the firm evaluate its operation success and allow the firm to maximize profits as it minimizes expenses on diverse activities that do not produce any return on investment. Liquidity Risk Liquidity risk is another risk that is basically associated with the company operations that includes the diverse arising from the company operations. These kinds of risk usually cause the company incapable to settling any financial obligation or even reposes financial assets at all. Primary Offsets to Mitigate Risks As most of Telstra Corporation Limited activities are exposed to diverse financial risks, the company executives seek to mitigate these risks through employing diverse finance instruments such as securities. The company uses the following aspects as primary risks for mitigating risks; Fair value interest rate risk management: In order to manage the interest rate risk, Telstra Corporation Limited decides to maintain the proper mix between the fixed and floating interests borrowings and also using the interests rate swap contracts (Dong, Kouvelis, Su, 2014). These types of activities are often evaluated so as to make sure that hedging techniques are aligned with interests rates views. Management of credit risks: For the company to minimize this kind of risk, the company only deals with the creditworthiness counterparties. The credit trustworthy and the credit rating is often monitored by the aggregate cost of the concluded transaction which is basically separated among approved business partners since there is no vital credit risk exposure to a single partner (Hull, 2012). Telstra Corporation Limited mitigates this kind of risks by ensuring that its business operations are performed effectively. Management of Liquidity Risks Telstra Corporation Limited management assesses its short term and long term funding since it is usually their responsibility. Adequate banking facilities, reserves, and reserve borrowings are basically maintained by the firm so as to minimize the liquidity risks as it is often monitored to make sure that the firm has sufficient resources to avoid this type of risks. Financing plans such as taking unsecured bank overdrafts and unsecured banks facilities are basically maintained so as to ensure that the company has enough resources for utilization. Overall Approach for Managing Risks The following are the approaches that form the overall risks management; Development of risk management framework: This framework is developed and implemented in Telstra Corporation Limited as it is inconsistent with the accounting standards used in Australia (Brigham, Ehrhardt, 2013). The Risk management framework identifies, monitor and assesses the risks. The aspect also develops and implements the process of risk management. Enhanced responsibilities: According to the aspect of risk management, responsibilities are categorized among the Audit and Risk Management member, board and the company management. Each group embraces its responsibilities as they will make sure that the company mitigates its risks at all levels. Review: The risk management policies and framework are often monitored are regular bases to measure its success (Conway, 2012). Telstra Corporation Limited often monitors and evaluates its risk management frameworks so as to check for effectiveness and replace any framework and policy that is ineffective. Adoption: Telstra Corporation Limited adopts the risk management policy and framework so as to ensure that the company productions are enhanced. Telstra Use of Hedge Accounting Rules Hedging describes the manner in which Telstra uses the financial instrument and in this case the derivatives to manage the exposure to financial risks. The gain or loss that is accrued to the underlying item that is an item that has been hedged is anticipated that it moves in a reverse direction to the gain or loss incurred on the derivative that is a mechanism that has been hedged hence offsetting the risk position of Telstra. Hedge accounting for this case heightens a technique that enables a perspective where the gains or losses to be matched with the instruments and items that have been hedged in the equivalent period of accounting to minimize the unpredictability in the income report (Kaplan, 2012). The standard of accounting that is applicable for Telstra is AASB 9-Financial Instruments which necessitates that certain norms are encountered in order for the application for hedge accounting. Telstra is also obliged by AASB Financial Instruments; Revelations to deliver some precise exposes in respects to the activities for hedging. Types of Hedges Fair Value Hedges Fair value hedges objective is to transform the interest borrowings that are fixed to rate of interest rate borrowings that is floating. Telstra enters into interest rate and swaps in cross currency to moderate the acquaintance of the company to fair value of the long term borrowing changes. AASB9 permits a component of the borrowing margins for Telstra with the cross currency swaps to be submitted in equity. The element is included in the interest on borrowing in the income report over the outstanding maturity of the borrowing. Hedge for Cash Flows The objectives of Telstra hedging for cash flow are to hedge the revelation that ascends from the inconsistency in future for cash flows of interest and foreign currency arising from borrowings that accept interest at adjustable rates or are foreign currency denominated. Hedging for cash flow is also encapsulated to alleviate the exposure of foreign exchange that arise from foreseen connections in the future (Klettner, Clarke, Boersma, 2014). The contracts of forward foreign exchange for Telstra are used to hedge a certain quota of the highly likely projection dealings that are denominated in foreign currency. The contracts in hedging for foreign currency risk for Telstra that arises from changes in the spot rates. 2015 2014 2013 High probable forecasts Millions Non Capital Items Within 1 year ($801) ($306) ($431) Capital Items Within 1 year ($135) After 1 year ($2) Borrowings Within 1 year ($539) ($1,156) ($264) Within 1-5 year ($4,168) ($2,485) ($3,768) After 5 years ($4,559) ($4,055) ($4,465) ($10,204) ($8,002) ($8,928) Hedges of Net Investment in Foreign Operations The exposure of foreign exchange for Telstra ascends from investment in operations in a foreign country. The possibility ascends from the transaction of the net assets of the enterprises from their functional currency in AUD. The enterprise term the contracts for forwards in foreign currency, swaps that are cross currency and borrowings made in foreign legal tender as hedges for the risk. Derivatives not in a Designated Hedge Relationship Telstra hold some financial instruments derivatives that are not legally designated in hedging relations as normal offsets realizes substantial the equivalent accounting outcomes. The primary composition include the contracts of forward in foreign currency that are encapsulated to economically hedge the movement of fair value that is attributable to fluctuations in the rate of exchange which include trade creditors from trading activities and other obligation and balances of assets that are denominated in foreign currency. Method of Determining Hedge Effectiveness The implementation of AASB 9 (2013) has led to a smaller amount ineffectiveness being recognized as definite cost of hedging may now be left out from the relationships that are designated for the hedges (Mayorga, Sidhu, 2012). The company utilizes the preference to disregard foreign currency base extents from the designated fair value and cash flow associations. The reserves for cash flow hedge is attuned to the lower of the collective gain or loss on the hedging mechanism and the cumulative alteration in fair value of the hedged time. The alteration does not effect in any ineffectiveness that is material. References Black, S., Kirkwood, J., Williams, T., Rai, A. (2013). A history of Australian corporate bonds.Australian Economic History Review, 53(3), 292-317. Brigham, E. F., Ehrhardt, M. C. (2013). Financial management: Theory practice. CengageLearning. Conway, S. L. (2012). Guidelines for Corporate Governance Disclosureare Australian listed companies conforming?. Journal of the Asia-Pacific Centre for Environmental Accountability, 18(1), 5-24. Chang, C. L., Gonzlez-Serrano, L., Jimenez-Martin, J. A. (2013). Currency hedging strategies using dynamic multivariate GARCH. Mathematics and Computers in Simulation, 94, 164-182. Christoffersen, P. F. (2012). Elements of financial risk management. Academic Press. Dong, L., Kouvelis, P., Su, P. (2014). Operational hedging strategies and competitiveexposure to exchange rates. International Journal of Production Economics, 153, 215-229. Hull, J. (2012). Risk Management and Financial Institutions,+ Web Site (Vol. 733). John Wiley Sons. Kaplan, R. S., Mikes, A. (2012). Managing risks: a new framework. Klettner, A., Clarke, T., Boersma, M. (2014). The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsiblebusiness strategy. Journal of Business Ethics, 122(1), 145-165. Mayorga, D. M., Sidhu, B. K. (2012). Corporate disclosures of the major sources of estimationuncertainties. Australian Accounting Review, 22(1), 25-39. Telstra Corporation Limited annual reports. (2015, 2014 2013). Retrieved fromhttps://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf-e/2016-Annual-Report.pdf Telstra Corporation Limited risk management. Retrieved fromhttps://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf%20D/governance-at-telstra.pdf