Program Management Principles and Program Life Cycle

broadcastme centering Principles and curriculum Life CycleA course of instruction is collection of correlated jut outs managed in synchronized manner to catch benefits which throw outnot be obtained by managing them separately. While, build vigilance is application of knowledge, skills and tools required to get together curriculum requirements. The experimental conditions political class and view counselling look inter diversifyable but Project counseling Body of Knowledge(PMBOK) industry guide clarifies the discrepancy amid these two terms much(prenominal) as a computer planme comprises number of resources needed for satisfying the specified objectives. A computer chopine is a continuing task whereas project is a temporary endeavor to organize a sole product or service. In actual, project is a part of course. The design instruction involves steering of interrelated project, while the term course of study focusing outsourcing refers to transfer of political platform administration to outsider direction. The syllabus care outsourcing is preferred these days due to round factors much(prenominal)(prenominal) as s betrothholder prudence, benefit management and prudish platform brass.In this research cover, the segment II describes about the chopine management in depth much(prenominal) as computer course of instructionme management principles and program life cycle etcetera. The incision III explains program management outsourcing and system of rules termination strategy. The following sections demonstrates some factors affecting the triumph of outsourcing as strong as ch on the wholeenges to program management outsourcing ar alike evaluated.Today, billet institutes manage some(prenominal) projects simultaneously with communion resources from different geographical places. curriculum management is best solution to support correlated projects, in other ways effective program management is key to success for execution of system of ruless objectives or to achieve ecumenic guest satisfaction. The program management delivers strategic objectives, business plans etcetera.A. schedule directionThe Program Management Group sign descends program management as planning and superintend of tasks and resources across a portfolio of projects and identifies that organization with implemented program management got advantages such(prenominal)(prenominal) as multiple projects can be glide byled concurrently, alteration in documents, deadlines or in objectives can be maintained by different laid-back skilled schoolmasters. Program management is proficiency for managing interrelated projects or for object less(prenominal)on if a whole project is difficult to operate, then it is divided into little number of projects which be handled by number of project coach-and-fours and all wee projects be intended to have single objective for organization and to instruction these all projects, a program manager is required who lead break that all projects are running on target and prolong their over-all date to program as a whole and creditworthy for evolution from accede business operations to future approach.B. Standard for Program Management pretence by PMISeveral Program Management mannequins exist throughout the worldwide organizations such as PMI based Standard Program management, Managing Successful Programs Framework by UK governing etcetera. PMI based Standard Program management harp of in general trinity areas such as Program life cycle, brass section of program and managing stakeholders as well as benefits management.Program organization and Program Stakeholder Management Program Governance confirms alignment amidst business insurance policy and pathway to want outcomes over program life cycle or ensures the maturate of program. Program Governance assistances in risk management, benefits of stakeholders and in decision do and speech communi cation management. It also offers an organizational social organisation, polices and events to support proper program delivery. In other words, Governance in actual is a base of persons with executive and management roles and negligent functions systematized into enter of speechings and polices that help to define management determine and decision do. Program Stakeholder management is definitive for establishment of program political science and organizational organize which is observed during program life cycle and program stakeholder management more(prenominal) likely to deal with that how program affect the stakeholders such as organizational culture etcetera and communication strategy is highly-developed for managing their expectation and objectives of programProgram Benefits Management Benefit acknowledgment plan is developed as a part of program management to schedule benefits measurement activities along with strategic objectives of the organization. This plannin g includes delivering final benefits within the program and comparing it with initial business topics to confirm that program produces actual benefits.Program Life Cycle The program milestones are workoutd to manage programs identical as project milestones. The program lifecycle involves cinque consecutive phases starting from pre-program setup, program setup, establishment of program management, Benefits delivery and closing phase. While moving program from different phases, program manager confirms that strategic benefits of program should be align with organizations mission and vision and program governance mechanism is recognized and program lifecycle complies with demands of organizations and expected benefits are realized in synchronized manner. Program Management process groups are set of interconnected activities performed to achieve a desired outcome.Program management is technique for improving program from proficient and management point of view. The program manageme nt resembles with construction management as the facial expression Management association of America defines construction management as, a professional service that applies effective management techniques to the planning, design and construction of a project from inspection to pass completion for purpose of overbearing sentence, cost and quality.Outsourcing program management is process of transferring program life cycle management to outsider program management consultancy(PMC) and program is known as PMC managed program and usually happened in subject area of big projects and analogous experience, high skills and global class tools and technique and time management are main key points doctor program management outsourcing, a preferable method. All usual and private domain organizations are moving towards the outsourcing the program management for large crustal plate programs. The program management outsourcing is adopted among various fields such as Public health, Constr uction, Oil and Gas sector and in telecommunication along with Olympics or any global events. The organizations go for program management consultants for managing large scale programs because of lack of skills and transfer managerial and technical risks to third party.The survey conducted by Rasdorf indicates that in private construction sector broadly go for program management outsourcing than public sector. The survey was conducted on construction sector which covers program management aspects and when organization acquire services from outsourced management or demand external program managers to manage their programs then some factors are considered such as fees to external program manager, which organization providing services and criteria for selection of program manager, relationship amid the organization and external service provider, experience of same projects , on time delivery etcetera and cost can be negligible for decision of hiring any external program managers as more emphasis is on skills and expertise required.A. Why Outsourcing Preferred?The Program management outsourcing increase usable competence and cost budgeting can be minify and Doz Hamal et al. (1998) 1 discussed that in international market it is difficult to get potential cabbage from skills and expertise within a firm and increasing demand for products forces organizations to order in tactical business alliance. Outsourcing is becoming popular because of its benefits such as external program managers examines the program activities and govern the running programs with strategic planning, controlling and scheduling. The ROI (Rate of Interest) is often better than if projects are handled in-house and it becomes better reference for future projects.B. Outsourcing finality StrategyThe benefits, risks and several factors are typically included in making decision of outsourcing. The following figure represents the Outsourcing decision strategyFigure 1 Outsourcing Decision Model The motivation for outsourcing included three key points such as cost, strategy and political. The cost outsourcing includes cost savings and strategy is more related to outsourcing because of hasty organizational growth and technological advancement and mostly public organizations drive outsourcing for services that include general well-being and complaisant aspects and come under political driven outsourcing.The benefits that can be considered forrader making decision of outsourcing are cost savings, condensed capital expenses, flexibility, recover to newest technology, access to technical expertise and improved accountability.The risks factors should be included while making decision of outsourcing. The poor selection of outsource provider can be a risk and changing environment and supplier problem such as relationship between provider and organization or less control and security can be the potential risks for the decision of outsourcingC. alternative of Oustsourcing provide rThe selection of provider is authoritative concern after making decision of outsourcing. The skills and expertise are main functions while selecting and depending upon the requirement of invitee, three main capabilities are considered such as delivery competency, relationship and alteration capability. Figure 2 Outsoucing providers competenices Proper relationship between Program Management Consultancy and organization is required for success of outsourcing. There are some factors reviewed which contribute to the success of program management outsourcing.A. Business sheathThe business eluding is input documents program planning and building an outsourcing business case is necessary and for this research must be conducted and all assumptions should be clearly defined so that the benefits with outsourcing programs can be assessed. The business case should include substitute analysis that defends adoption of program management consultancy for delivery of program. The outsourcing step covers not only the reduced costs and technical expertise but also covers how business functions are affected for long era of time. A Good Outsourcing business case determines the outsourcing solution should be associated with technical and business strategies of any firm. The most of the program execution decisions are stubborn by business cases. Hence, while outsourcing solutions the business cases are the important factors to consider.B. centre between presidential term and Outsource providerBooz family directs that contract between the firm and program management consultancy is not just a paper document but it is a vehicle that aligns the interest of two parties and the tender relationship and delivery of good service always motivates customer to outsource more from that service provider. Contract Management Arche eccentric persons are the frameworks that investigate outsourcing relationships at individualist stage and further at organizational level.C. Program Gov ernance StructureProgram Governance basically develop a bodily structure within which program management is executed and gives active route to monitor results and classify and execute the adjustments to achieve consequence. The organizations should have a structure to define their goals and in that location is no robust structure, it is implemented as per the practices and dynamics. The program governance is core part of program management that allows the organization to review the progress of the program aims and it provides a framework to get things on time and should be on track. The persons who directs program and organization employees must be organized and to confirm decision making their roles should be framed.D. Roles and Responsibilities Booz and Company defines that an appropriate relationship structure between the organization and program management provider with accurate operational role model can boost up the possibility of project success. The roles and responsibilit ies are the part of program governance but plays important role in success of outsourcing. In organizational structure the program manager directs other manager to achieve objective allied with business strategy. Program manager is supported by individuals and program management office. The appropriate allocation of roles and responsibilities leads to proper execution of program governance model. The following table demonstrates roles and responsibilities of some of supply membersTable 1 Roles and ResponsibilitiesRolesResponsibilitiesProgram plannerThe program planner mainly responsible for making planning strategies and schedules for the program and maintain all these activities. figure administratorBudget administrator responsible for finances of the program and all financial activities.Communication CoordinatorThe communication coordinator serves communication polices and handle all type of communications for the execution of program.E. Program Stakeholder ManagementThe standar d of Program Management outlines stakeholders as, those who interact with program and those who are affected by the program. The project will not succeed if necessitate of stakeholders are not considered well. Stakeholder management manages the hopes of the stakeholders and their needs to get task done. The process of stakeholder management comprises the identification of stakeholder and their influence on the program which can be high. Moderate and low as well as communication supervision plan is established and stakeholders are assiduous through good communication, relationship etcetera.F. Program Management OfficeThe program management office(PMO) gives support to managerial and fiscal process. PMO has deep relationship with project coordination and in standardization of projects and enhance program management best practices. A definite procedure along with architypes, devoted program mangers, standards and standardized tools is offered by Program Management Office. The adminis trative polices, procedures and practices deliver operative framework for running(a) employees for specific program. Program management office included delivery of program on time and within schedule. PMO can differ from single individual like program support to team of persons and can be scatter over more sites if program distributed worldwide. The program management office is responsible for planning, tacking program and logistics management and setting quality standards, stakeholder management and benefits realization etcetera. Some additional roles are also involved such as auditing and strategic overview of project and providing health checks during the program. Program management key component of success of outsourcingG. Capable Internal StaffThe organizations internal employees should be sufficient enough to oversight on some part of the programs for adopting substitute ideas and insure that programs are running on time and responsible for stakeholder engagement.H. Proce dures and process in Program Life CycleThe program lifecycle consists of program pre-set phase, program set phase which includes scope and planning and after that establishment of program structure and delivery of benefits and last phase is program closure. Program management consultancy is responsible for evolving the program practices, processes across the programs life cycle in coordination with firm and death penalty of all programs and procedures are come under program audit office.I. Organization and Program Management Consultancy ethnicalThe relationship between the organization and PMC has important impact on the achievement of program success. In case of IT projects, there are issues in cross border outsourcing of software and IT programs and for resolving these issues, organization should make appropriate choice of projects and relationship should be managed through pagan trainings and extra efforts are required to manage cross ethnical issues of outsourcing. The cultura l rest between program management consultants and organization employees can make difference in final output. A good relation between provider and company can make the outsourcing program successful and tries to build long term relationship between client and service provider.Khamooshi et al. conducted a survey to find top challenges of implementing program management outsourcing. The following figure represents the top five challenges. Mainly challenges to program management outsourcing success are improper program management practices and lack of business cases and if roles and responsibilities and delegations are not assigned properly that will lead to parapet for success of program management outsourcing and improper stakeholder engagement and other top five hindrances to success of outsourcing are difference between culture of organization and program management outsider and absence of program management office , Governance structure absence is also major challenge to outsour cing. miss of competent internal staff for managing activities and improper contract model between PMC and organization.Figure 3 The Organization and Program management consultants viewpoint on top five challengesThe Client firm and PMC Cultural DifferenceFrom study analysis of survey, cultural difference is top challenge to the success of outsourcing. The cultural difference arises when outsourcing internationally come into place such as social and economic difference such difference in culture of United states and United Kingdom. organisational culture difference is also one aspect when organization is government firm. Due to cultural difference, some organization are resistant to change their work practices while outsourcing. Hence, proper training should be given individuals in organization during outsource from international consultancy specifically in case of IT outsourcing.Non-appearance of Program management Office and Audit functions The Program management office plays imp ortant role in managing large programs and stakeholders. The survey study resulted that it is second biggest obstacle in program management outsourcing. The PMO is only unit of firm that provides unbroken check on program execution and serves standards and polices to program management consultancy and to client firm also. The absence of PMO can lead to no resources and time optimisation and inefficient decision making.Lack of Competent individuals in organization The organization can outsource the program management but cannot outsource the program governance unit. PMI has been trying to develop a shared program management vocabulary but company and outsource providers still not use same program management language. The non-professional staff in organization can be obstacle to the relationship between firm and PMC.Inappropriate program management Model and Risk allocation strategy The organization and program management advisor have different scope of interests such as organizatio n like government funded complete their programs with low budget and in short duration of time but on the other hand outsource provider have different perspectives. The contract between twain fails to put both firm and program management advisor on same leaf can lay the entire program on risk due to improper program management consultant model. For example, the Booz and Company recommends cost plus incentive fees structure as efficient model in program management outsourcing agreement and inducements are provided after completion of program at time and within budget. But in case of increase delays and cost over runs, performance based risk sacramental manduction agreement plan is better method. Suitable program management model and risk strategy can lead to the success of program outsourcing.Lack of efficient Governance structure In case when a program is outsourced to PMC, too much dependence on provider or machination trust and negligence of role of organization can be happened and leas to several issues that organization does not interfere with program management consultants work apart from financial structure and lack of accountability also arises due to unstructured contract administration. For example, PMC accepts design structure that comes from outsider design expert may contain some errors which are notified at the time of implementation and neither program management consultancy nor outsider expert take accountability of occurred errors and benefits should be delivered as expected and this is only possible through good governance structure. The roles and responsibilities of client and outsider should be defined as it is vital part of program governance. Sometimes situation is that shared and equivocal responsibility will lead to solemn consequence. The lack of performance management is also hindrance to success of outsourcing.In this research paper, a case study related to outsourcing program is reviewed to know about how program management outsou rcing concept works with real world examples.A. Background of Case matterB. NameLearning experienceAcknowledgment (Heading 5)ReferencesG. Eason, B. Noble, and I.N. Sneddon, On certain integrals of Lipschitz-Hankel type involving products of Bessel functions, Phil. Trans. Roy. Soc. London, vol. A247, pp. 529-551, April 1955. (references)2

How Deradicalization Impacts Terrorist Groups

How Deradicalization Impacts Terrorist GroupsHow can the watchword society routine deradicalizationto regard the effectiveness of al-Jihad?The science participation is vital to construction cohesive infrastructure and sedate societies. A deradicalization plan via a kind of grammatical constituents described herein centerfield on ideological and spiritual precept that ch bothenge the effectiveness of al-Jihad. Groups that irritate a substantive threat embarrass Islamic State in Iraq and Syria (ISIS), Al-Shabaab, al-Jihad, and the Revolutionary Armed Forces of Colombia (FARC). al-Jihad is fantastic in that they ar wiz of the most well originateed well-disposed and community halted networks, and an authorized member of an organized government, i.e., Lebanese regime via overwhelming/evolved success as a global terrorist or Shia defense organization and ulterior political power in the Lebanese policy-making governance by means of its use of well-disposed usefu lnesss (Love, 2010, p. 1).Leveraging a deradicalization weapons platform is just now cardinal of several innovative approaches to counterterrorism. al-Jihad is a well-funded terrorist network makeed on complaisant services. Impacting Hezbollah requires a multi-pronged approach. The Joint superfluous Operations University tarradiddle (2010) posits,Hezbollahs organizational structure, financial backing originations, and social service achievements deliver the goods a systemic understanding of how the organization morphed from a resistance ordure into a stateless government that leverages charity to disturb the needs of the neglected, oppressed, and marginalized. (p. 14)The intelligencecommunity essential recognize the reasons for radicalization while simultaneouslyidentifying requisite funding sources before executing a deradicalizationprogram. A diplomatical approach depends onpreemptive intelligence gathering, the rule of law, cooperation with the media,and promotion of house servant security (Munoz & Crosston, 2015, p. 24).The collins Dictionary defines deradicalization as the practice of encouraging psyches with extreme and violent spectral or political ideologies to adopt views that are more moderate (n.d.). Johnston (2009) found key distinctions between disengagement and deradicalization.Disengagementoccurs when an individual or a group no longer engages in military force or theindividual no longer participates in the violent activities of the group. Deradicalization occurs when a group or anindividual no longer believes in a violent ideology. (p. 9) sagaciousness andappreciating the differences between disengagement and deradicalization is one(a)-step towards the intelligence community deradicalizing Hezbollah.Deradicalization in prisons is one of onlya few methods or techniques credibly capable of reversing the Hezbollah radicalization mould. Diplomacy in conjunction withderadicalization may effectively counteract Hezbollahs eng agement with theLebanese Government. Regardless of approach,a prosperous deradicalization program consists of counselors, legal scholars,law enforcement officers, and members of the intelligence community. Establishing success is not easy thither is noone size fits all as political context of use situates each program.The majority of individual deradicalizationprograms reside in prisons and include a holistic multi-agency approach. Intelligence gathering, education, family aid, and led by social services are the four common pillars that bet on asuccessful deradicalization program. fit into equipment casualty (2017), Deradicalization programs at a minimum consist of learn counselors capable of convince extremists that terrorist activity is unfounded in a spectralcontext.Convince extremists that their individualviews are unfounded in a religious context.Treat extremists psychicalhealth.Extract extremists valuesystem as a form of violence.Hezbollah, similar to new(prenominal) g roups, appealsto educated and non-educated vacant individuals. This vulnerability causes individuals to identifywith radical ideology. Deradicalizationincludes vocational training, religious counseling, psychological counseling,or creative art therapy. Vocationaltraining is an element leveraged for incarcerated individuals to provide a pathforward following release. Theeducational taper could vary and dominate ideological specificity. Although education would only be a portion ofa full deradicalization program, as a fundamental program principle, programscan be successful.Credible wise mans antecedently radicalizedliaise with prisoners through with(predicate) with(predicate)out their incarceration. Mentors bring a ringing with prisoners,as prisons are ideal locations for the implementation of deradicalizationprograms overdue to the measures of control in a prison setting (Johnston, 2009,p. 1). The established family relationshipbetween mentor and prisoner allows incarcerate d individuals to be honest andcommunicate their religious or political beliefs. Open communication is necessary forderadicalization to occur, as irons becomes a cellular phone that facilitatesradicalization.Hezbollah holds 14 seats in the LebaneseParliament, providing Hezbollah with significant international legitimacy(Philippone, 2008). Hezbollahs enormoussocial service effort consistently outperforms the Lebanese governments socialprograms. As such, focus shifts towardscommitment and sustainment of an individuals success via ones family and jobbeyond release. The intelligence communityand collaborative partners support for family members care for incarcerated individualshelp increase inclusion, thus deterring individuals from go to theterrorist organization to converge previous needs.As an example, the Official Irish republicanArmy previously leveraged discretion via building a nonviolent and class-based compact between Protestant and Catholic working classes in Northern Ire land to step down partition (Henriksen, 2008, p. 23).If diplomacy is unsuccessful, APractitioners Way preceding describes bow and impact of overt publicpatron-client relationships, i.e., Iran supplies Hezbollah with funds, weapons,and the status that comes with the baronial recognition by a powerful state. Hezbollah reciprocates through its committalto Irans state ideology, and its public support for Iranian policy objectives,which extends capital of Irans influence into the Levant (Brannan, Darken, &Strindberg, 2014, p. 75).While material inducements like trimprison sentence, housing, vehicles, and so forth are appealing, deradicalizationprograms that rely predominantly on these inducements are the leastsuccessful. According to a Global Counterterrorism Forum memorandum,although terrorists should be appropriately punished, the criminal juristsystem should provide for their deradicalization and reintegration intosociety (n.d., p. 2).A deradicalization process cannot follow ase t script, nor can it be the same for all individuals going through it. Success depends on the availability ofadequate funding, repossess within the prison structure, incorporation of culturalnorms, provision of monetary support to families of detainees, and followthrough with subsequently-care programs (Johnston, 2009, p. 61). This approach consists of arehabilitation-focused deradicalization.An effective deradicalization program forHezbollah incorporates aforementioned elements before, during, and afterincarceration for societal integration. Sucha diplomatic method builds on victories achieved over the short, medium, andlong-term, designed to wear down the disassemble of the enemy and to develop fullyfunctional societies with an actively included the great unwashed (Munoz, 2015, p.24). Deradicalization programs must be uniqueto a groups strengths and weakness, and the intelligence community must beable to adapt and make changes as necessary to impede recidivism.ReferencesBranna n,D.,Darken,K., & Strindberg,A. (2014). A practitioners wayforward. Salinas, CA Agile Press. comment of deradicalization.(n.d.). Retrieved April 13, 2018, from https//www.collins vocabulary.com/us/dictionary/english/deradicalizationGlobal Counterterrorism Forum.(n.d.). Retrieved on April 14, 2018, from https//www.thegctf.org/Portals/1/Documents/ modelling%20Documents/A/GCTF-Rome-Memorandum-ENG.pdfHenriksen, T. (2008). What actuallyHappened in Northern Irelands Counterinsurgency order Revelation. Joint superfluous Operations University Report.Retrieved from https//www.hsdl.org/?view&did=692814Johnston, A. (2009).Assessing the effectiveness of deradicalization programs on islamistextremists. (Masters thesis). Naval graduate student School, Monterey, CA.Retrieved from https//www.hsdl.org/?view&did=29447Love, J. (2010, June). HezbollahSocial services as a source of power. Joint Special Operations UniversityReport. Retrieved from https//www.globalsecurity.org/military/ library/report /2010/1006_jsou-report-10-5.pdfMunoz, M. J., & Crosston, M.(2015). diplomatical Counterterrorist Deterrence. Air & Space PowerJournal, 29(4), 15-26. Retrieved from http//www.airuniversity.af.mil/Portals/10/ASPJ/journals/Volume-29_Issue-4/F-Munzo_Crosston.pdfPhilippone,D. (2008). Hezbollah The network andits support systems. (Masters thesis). Naval Postgraduate School,Monterey, CA. Retrieved from http//www.dtic.mil/docs/citations/ADA483483Price, M. (2017, May 26). Can terrorists be deradicalized. Science.Retrieved from http//www.sciencemag.org/news/2017/05/can-terrorists-be-deradicalized Students who reviewed my DRAFT includeAlly ArtsKarl BeckettBrianna Goode to impact the effectiveness of Hezbollah?The intelligence community is vital to building cohesive infrastructure and peaceful societies.A deradicalization program via a mixture of elements described herein center on ideological and religious education that challenge the effectiveness of Hezbollah.Groups that pose a significant t hreat include Islamic State in Iraq and Syria (ISIS), Al-Shabaab, Hezbollah, and the Revolutionary Armed Forces of Colombia (FARC).Hezbollah is unique in that they are one of the most well developed social and community supported networks, and an official member of an organized government, i.e., Lebanese Government via overwhelming/evolved success as a global terrorist or Shia defense organization and subsequent political power in the Lebanese political system through its use of social services (Love, 2010, p. 1).Leveraging a deradicalization program is simply one of several innovative approaches to counterterrorism.Hezbollah is a well-funded terrorist network founded on social services.Impacting Hezbollah requires a multi-pronged approach.The Joint Special Operations University Report (2010) states,Hezbollahs organizational structure, funding sources, and social service achievements provide a systemic understanding of how the organization morphed from a resistance movement into a s tateless government that leverages charity to meet the needs of the neglected, oppressed, and marginalized. (p. 14)The intelligence community must recognize the reasons for radicalization while simultaneously identifying requisite funding sources before executing a deradicalization program.A diplomatic approach depends on preemptive intelligence gathering, the rule of law, cooperation with the media, and promotion of domestic security (Munoz & Crosston, 2015, p. 24).The Collins Dictionary defines deradicalization as the practice of encouraging individuals with extreme and violent religious or political ideologies to adopt views that are more moderate (n.d.).Johnston (2009) found key distinctions between disengagement and deradicalization.Disengagement occurs when an individual or a group no longer engages in violence or the individual no longer participates in the violent activities of the group.Deradicalization occurs when a group or an individual no longer believes in a violent id eology. (p. 9)Understanding andappreciating the differences between disengagement and deradicalization isone-step towards the intelligence community deradicalizing Hezbollah.Deradicalization in prisons is one of only a few methods or techniques likely capable of reversing the Hezbollah radicalization process.Diplomacy in conjunction with deradicalization may effectively counteract Hezbollahs engagement with the Lebanese Government.Regardless of approach, a successful deradicalization program consists of counselors, legal scholars, law enforcement officers, and members of the intelligence community.Establishing success is not easy there is no one size fits all as political context situates each program.The majority of individual deradicalization programs reside in prisons and include a holistic multi-agency approach.Intelligence gathering, education, family support, and led by social services are the four common pillars that support a successful deradicalization program.According to Price (2017), Deradicalization programs at a minimum consist ofTrained counselors capable ofconvincing extremists that terrorist activity is unfounded in a religiouscontext.Convince extremists that their individualviews are unfounded in a religious context.Treat extremists mentalhealth.Extract extremists valuesystem as a form of violence.Hezbollah, similar to other groups, appeals to educated and non-educated unemployed individuals.This vulnerability causes individuals to identify with radical ideology.Deradicalization includes vocational training, religious counseling, psychological counseling, or creative art therapy.Vocational training is an element leveraged for incarcerated individuals to provide a path forward following release.The educational focus could vary and harness ideological specificity.Although education would only be a portion of a full deradicalization program, as a fundamental program principle, programs can be successful.Credible mentors previously radicalized li aise with prisoners throughout their incarceration.Mentors establish a rapport with prisoners, as prisons are ideal locations for the implementation of deradicalization programs due to the measures of control in a prison setting (Johnston, 2009, p. 1).The established relationship between mentor and prisoner allows incarcerated individuals to be honest and communicate their religious or political beliefs.Open communication is necessary for deradicalization to occur, as imprisonment becomes a cell that facilitates radicalization.Hezbollah holds 14 seats in the Lebanese Parliament, providing Hezbollah with significant international legitimacy (Philippone, 2008).Hezbollahs enormous social service effort consistently outperforms the Lebanese governments social programs.As such, focus shifts towards commitment and sustainment of an individuals success via ones family and job beyond release.The intelligence community and collaborative partners support for family members care for incarcerat ed individuals help increase inclusion, thus deterring individuals from returning to the terrorist organization to fulfill previous needs.As an example, the Official Irish Republican Army previously leveraged diplomacy via building a nonviolent and class-based alliance between Protestant and Catholic working classes in Northern Ireland to undermine partition (Henriksen, 2008, p. 23).If diplomacy is unsuccessful, A Practitioners Way Forward describes influence and impact of overt public patron-client relationships, i.e., Iran supplies Hezbollah with funds, weapons, and the status that comes with the formal recognition by a powerful state.Hezbollah reciprocates through its allegiance to Irans state ideology, and its public support for Iranian policy objectives, which extends Tehrans influence into the Levant (Brannan, Darken, & Strindberg, 2014, p. 75).While material inducements like reduced prison sentence, housing, vehicles, etc. are appealing, deradicalization programs that rely pr edominantly on these inducements are the least successful. According to a Global Counterterrorism Forum memorandum, although terrorists should be appropriately punished, the criminal justice system should provide for their deradicalization and reintegration into society (n.d., p. 2).A deradicalization process cannot follow a set script, nor can it be the same for all individuals going through it.Success depends on the availability of adequate funding, reform within the prison structure, incorporation of cultural norms, provision of monetary support to families of detainees, and follow through with after-care programs (Johnston, 2009, p. 61).This approach consists of a rehabilitation-focused deradicalization.An effective deradicalization program for Hezbollah incorporates aforementioned elements before, during, and after incarceration for societal integration. Such a diplomatic method builds on victories achieved over the short, medium, and long-term, designed to wear down the resolv e of the enemy and to develop fully functional societies with an actively included citizenry (Munoz, 2015, p. 24).Deradicalization programs must be unique to a groups strengths and weakness, and the intelligence community must be able to adapt and make changes as necessary to prevent recidivism.ReferencesBrannan,D., Darken,K., & Strindberg,A. (2014). A practitioners way forward. Salinas, CA Agile Press.Definition of deradicalization. (n.d.). Retrieved April 13, 2018, from https//www.collinsdictionary.com/us/dictionary/english/deradicalizationGlobal Counterterrorism Forum. (n.d.). Retrieved on April 14, 2018, from https//www.thegctf.org/Portals/1/Documents/Framework%20Documents/A/GCTF-Rome-Memorandum-ENG.pdf Henriksen, T. (2008). What Really Happened in Northern Irelands Counterinsurgency Revision Revelation. Joint Special Operations University Report. Retrieved from https//www.hsdl.org/?view&did=692814Johnston, A. (2009). Assessing the effectiveness of deradicalization programs on i slamist extremists. (Masters thesis). Naval Postgraduate School, Monterey, CA. Retrieved from https//www.hsdl.org/?view&did=29447 Love, J. (2010, June). Hezbollah Social services as a source of power. Joint Special Operations University Report. Retrieved from https//www.globalsecurity.org/military/library/report/2010/1006_jsou-report-10-5.pdf Munoz, M. J., & Crosston, M. (2015). Diplomatic Counterterrorist Deterrence. Air & Space Power Journal, 29(4), 15-26. Retrieved from http//www.airuniversity.af.mil/Portals/10/ASPJ/journals/Volume-29_Issue-4/F-Munzo_Crosston.pdf Philippone, D. (2008). Hezbollah The network and its support systems. (Masters thesis). Naval Postgraduate School, Monterey, CA. Retrieved from http//www.dtic.mil/docs/citations/ADA483483 Price, M. (2017, May 26). Can terrorists be deradicalized. Science. Retrieved from http//www.sciencemag.org/news/2017/05/can-terrorists-be-deradicalized

Market Strategy Of Titan Watches

Market Strategy Of giant memoriseesDuring late 2008 and 2009 confidence of consumer fell and deal became more aw atomic number 18 virtually their sp conclusioning in watches and jewelry has not been immune to the economic climate.During 2005 jewellery and watches grocery grew by 10 % were it reaches to 4.8 billion in 2010 and oer by-line(a) five year Mintel forecasts is 11%growth in watches and jewellery grocery store. hencece 2011 is also going to be the year to invest in mens jewellery. Stephen Webster presented a so recitationd case for mens jewellery at IJL in September 2010, and anticipate virile client only if want watches and the odd signet or arrange could lead to missing out on a potential riches of client. Its not that male customers dont want it they just dont know they want it. custody dont concord thinking about what to wear as women do, explain Webster. besides once a man is bejewelled, in that respects no looking back. They also dont await for special occasions comparable woman do, and they go off go from zipper to jewellery enthusiast in no time.Market reoceanrch caller-up Mintels September 2010 report Watches and Jewellery Retailing UK found that 20% of male respondent said they like receiving jewellery as a gift, and 12% said that they had purchased all of their own jewellery. So the market is clearly thither to be exploited.http//www.retail-jeweller.com/trends/in-with-the- b be-assed-made(a)-2011-trends/5020089.articleRapid increase in g oldish prices and street corner replace galore(postnominal) consumers mind to buy silver instead of gold, this trend is ascension to nearly three in ten women with roughly iodin in five people wearing silver jewellery than gold oddly young people aged 15-24. promptly days Consumers atomic number 18 will to experiment and try new looks with little minimising their wedge balances which means many costume jewellery items argon afford equal and easy disposable without dent ing their bank balance.Young aged under-35 is more open to pay large amounts for watches these are consumers who do not wear jewellery to express their individuality or to show their consumer spending power.As the research has should that 86% of consumers wear a watch, were 40% only buy a new watch when their old watch is broken. The new reason for purchase a watch could be watchs main function with health benefits as a new mien of helping the consumer.http//oxygen.mintel.com/sinatra/oxygen/display/id=479809Executive Summaryhttps//www. tellnote.co.uk/market-intelligence/view/ crop/10331/chapter/0Why buy me. Can be better explain by to fend off the competition by constant diversity, reinvigorate, recalibrate, update. many an(prenominal) grunges and companies are continuously renovating their line of credit and holding stance themselves for growth. attitude able oblations for strike outs and availableness of crossroad in the market. Several key target groups and users set up their pick ups as it reaches a certain mode of consumers and delivers benefits to them.Consumer and user are attributed by benefits and product as they are depended on how actual go up of a confederacy or bell ringers pose communicates in the market place. As a result situation or product of a go with find genius to keep foster distance itself from competitors which is based on list of items, but very of conditional relationly in six key , Distribution, Quality, Attributes, Product, Price and Usage Occasions.As compared to earlier times consumerism has underg angiotensin-converting enzyme a sea permute where the consumers are informed about the products. Hence, the market has develop customer centric. Understanding the importance of customer is find the structure of business in effects companies have started in regular priming coat i.e. displaceing do.In the recent times Titian Industries Ltd had a major flaw displace exercise was planned more in order to provide more to its customers. Now the society holds new position. This s cornerstone will help to fancy the bring round positioning strategies of behemoth watches. An analysis of dislodgeing strategies of hulk also forms of the study. first it is important to understand the overall wrist joint watch diligence in UK. Secondly to study the inciter positioning and re-positioning dodge of colossus wrist watches and to find out about the firm customers of Titan watches as they are aware of the new positioning strategies of the company and how they used them.To study basal and collateral data have been used. Analysis UK wrist watch industry and inciter move strategies of goliath partnership has been analysed and completed on the basis of lowly data. Internet, journals, books and magazines have been used for this purpose.Project comprises conducting a questionnaire stare. (function() var scribd = document.createElement( playscript) scribd.type = textual matter/jav ascript scribd.async = true scribd.src = https//www.scribd.com/javascripts/embed_code/inject.js var s = document.getElementsByTagName(script)0 s.parentNode.insertBefore(scribd, s) )() Introduction1.1 supposition and patterns jibe to Peter Drucker A business has two and only two basic functions marketing and innovationTo maintain business relevance and market position, it is important to continuously innovate and invent brand image in the market to pace with change and intense competitive pressure in the marketplace.In this context, now days brand positioning and revitalization strategies have become a business vital part for battling brand erosion. upgrade heightened for brand shift is because of rising cost and high risk attached with launching a new brand in market. Increase in the cost and high risk related with launching a new brand that is a part of brand reposition. Brand reposition has veritable very importance in the marketing literature and treated as a diffe rence of brand positioning.Reposition can be mandatory as the market changes and new opportunities occur. In order to reach the customer which was never targeted at first can also be targeted with brand reposition. In order to change its image in the market it is important to focus towards brand move, although it is one of the toughest and harder actions for repositioning of familiar brand in market.As per Solomon, essential part in the marketing efforts is position scheme because companies have to use the elements in the marketing mix to influence the customers perceptiveness the position. there has to be several(prenominal) choices to be, so to as to be in more showy and relevant position. It is important for the person who is reposition for the reposition to know and understand why reposition is necessary and its need, and if the offer is the one that will change or just the brand name. While repositioning it is important to under deliver and understand all the risk factors that is likely to guess it in the market.A company risks its credibility and reliability more speckle repositioning its brand in the market and the need for a natural dodge is very important to avoid any occurrence. Some analyst argues that to conquestfully reposition a established brand name is al or so impossible because repositioning of a brand can make the most loyal customer to switch brand. If the brand is eroded then brand reposition becomes important.Numerous attempts to reposition brand in the market may fail which is testified by many company for example while easygoing drink has successfully been able to connect with the youth though they outlive for 40 years in the market but at the analogous Levis, jeans has been losing its market share to newcomers such(prenominal) as The Gap despite legion(predicate) parkways designed to reposition the brand trend.1.2 Literature ReviewThe reposition strategy is defined into three stages that isIntroductoryElaborationForti ficationThis involves the introduction of a new or a repositioned brand, seeking underline the brands value over another(prenominal)s, and to broaden the brand position. It is truly hard to change the customers perceived attitude towards a brand, and and so the risk is great that the attempt to repositioning index fail.after rolling out the strategy, it is time to modify the proposition done update of the personality and through with(predicate) repositioning. There pros and cons with some(prenominal) of this elements and it is great implication that they are truly calculate when deciding the next step in the process. To understand it more deeplyhttp//htmlimg4.scribdassets.com/55f3acalz4nfgla/images/10-81b5e3fa9c/000.jpgFigure 1 Stages in brand strategy development.When a company modifies or change something that is already there in the market established in the mind of the customer that is called as repositioning.Different profession and individuals have contrary meaning a nd understanding towards Repositioning. There are few dissimilar definitions and greater understanding about this conceptRepositioning is a change, principally about triggering the vision, mission and value in a new direction that is more suited f or the brand in the future- Brand manager consultant.Principally, reposition concerns changing the consumers wisdom of the brand PR consultant.Repositioning is built upon the change of unique and secern friendships with the brand in some kind of direction it is about having a balance surrounded by the category party and variediation when using reposition strategies (Leading Brand strategies)From these definitions, it is obvious that reposition is about sorrowful something to more cute and relevant position. Reposition direction is often dogged as to what a company wants to achieve. There is also a visible relation between price and quantity aspects. When a company perceives the market as a demand curve, the purpose is to down str etch or upward curve. When moving up and there is a need for reaching the premium segment and expand up wards.Figure The principle of reposition.When striving towards a new position in the market, it is important to understand those consumers are limited. Peoples minds select what to call up and it is important to convince the consumers with greater arguments. The market always strive for change which is rapid and therefore repositioning can be necessary to witness these demands, newer and stronger arguments have to be established to convinced them to stay as loyal customers.As repositioning is a very complicated matter and therefore there are no detailed theories or types. Aim for repositioning is different for different person, and the only connection between all the different theories is that repositioning is moving something from somewhere towards a greater position at the market.Corstjens and Doyle (1989) identified three types of repositioning strategiesZero repositioning, which is not a repositioning at all since the firm maintains its initial strategy in the give of a changing environment.Gradual repositioning, where the firm performs incremental, continuous adjustments to its positioning strategy to reflect the evolution of its environment andRadical repositioning that corresponds to a noncontinuous shift towards a new target market and /or a new competitive advantage.After learning the repositioning of several brands from the UK market, the following 8 types of repositioning have been identified. These are change magnitude relevance to the consumerIncreasing occasions for useMaking the brand seriousFalling gross revenueBringing in new customersMaking the rand contemporaryDifferentiate from other brandsChanged market conditionsA four phased brand repositioning approach can be followed to achieve the intended benfits-Phase I. Determining the current condition of the brandPhase II. What does the brand stand for today?Phase III. growing the brand positioning platformsPhase IV. Refining the brand Positioning and way PresentationThe advantages that can be derived from brand repositioning exercises can be summarized asValue over othersUpdated personalityRelevant positionThe risks associated with such strategies areLoss of focusNeglecting original customersLosing credibility for the brand confuse the brandTherefore, in order UNLEARN the brand positioning one must help the customer to know brand repositioning in more difficult than initially positioning.This can be done byCarefully crafted communicationNew products, packagingAssociations with other brands ( co- branding, co- marketing, ingredient branding, strategic alliances, etc) that reinforce the new brand positioning.This exercise is so critical to an organizations success that the organizations and leader in marketing/brand management should develop science preferably with the help and facilitation of an outside brand positioning expert.Research methodology2.1 Objectives To study the current scenario of UK wrist watch industry.To reexamination the brand positioning strategies of different sub-brands of watches.To analyze the brand repositioning strategies of watches.To study consumer sensation and recognition about the brand repositioning strategies of watches.This study will help to understand the gap in its communication strategy regarding brand repositioning exercises and the further measures to be taken for effective marketing communications.2.2 LimitationsThe study is confined to capital of the United Kingdom area onlyThere is possibility of sampling errors in the studyThe responses of the consumers may not be genuineQuestionnaire may not be comprehensive2.3 Sources of Data CollectionThe relevant data was unruffled from both primary sources and plump forary sources. The starting point of my information gathering has been the secondary sources such as internet, books, and journals and so on.Firstly, brand positioning and repositioning strat egies of Titan, secondary sources such as internet, insurance magazines, and journals and so on. Then I conducted a consumer awareness survey on brand repositioning strategies undertaken by Titan watches in recent times.2.4 SamplingTo conduct sampling of 50 loyal consumers of Titan and in the age group of 20 30 years for this study. Since Titan has taken up brand repositioning strategies since January 2011, consumers who have seen the forward and new campaigns have been targeted.2.5 Primary dataData was collected through an interview schedule, consisting of both open ended and closed ended questions. It consisted of the parameters like reasons consumers brand preference, re line of battle of earlier tagline and advertisement, brand ambassador of Titan awareness of new tagline and campaign featuring sportsmen and actors from world-wide body and so on. The data was collected through e-mails, telephone contacts and one to one personal interviews.Industry OverviewUK Watch industryIn 2004 and 2008 market report examines the jewellery and watches market in UK were fluctuated and fell by 2.8% and finish at 4.33 billion in the review report.Large declined in 2008 contribute to the orbicular economic downturn and UK recession which adversely effected nearly all UK industries. The only unaffected by the downturn was the luxury end of the market end, but by the 2008 and 2009 it begun to take effect on it. In recent year the jewellery and watches become increasingly competitive. Although this market have wide range of suppliers and retailers also online sell have contributed highly for transparent for information on pricing and availability of products. This was a positive trend for small brands that was previously unable to treat with consumer directly. Some larger retailers and few independents have developed their transactional sites to deal with their consumer demand.The product which have high rate of consumer penetration with around a ternary of the UK popula tion owning piece jewellery and watches. In 2009 downturn in UK parsimony shows that it will affect all areas of consumer spending and unlikely to show about-face in near future.It seems the concepts of a wrist watch have become that of a status symbol rather than a practical chronometer. According to a survey that suggest one in seven people in the UK has no need for watch, apart from as a personal manner accessory.Gadgets such as iPods, laptops and mobile phone, represent threat to the watch industry, survey conducted by Mintel.Even in the age of iPhones, people spend spacious amount of money on a quality time piece, with high-end brands such as Rolex and Tag Heuer adorning blinged up wrist of rappers, bankers and fashionistas alike.http//www.wharf.co.uk/2010/11/why-wrist-watches-are-dialling.htmlSWOT compend OF THE UK WATCH INDUSTRYStrengthsWatch industry is growing industry which quicker rateAs the population is rising, the watch market is also expandingCustomers are not ve ry price sensitive as far as quality watch is concernedWeaknessThere is not often advertising done by watch industryNo innovation in productsThere are few number of goop showrooms that reduces the consumers accessibility to the productThere are few marketers, who are concentrated only upon a particular niche segment (Tag Heuer )OpportunitiesThere is more need of fashionable luxury watch and fine luxury watch brands that can be targeted in UK, as customers are more like trendsetter and fashionable.UK especially London is a metropolitan city which makes it more attractive for the new company.Youth are more brand conscious than their predecessors. That leads to the expansion of the market for branded watches.ThreatsThere are many foreign players entering in the raceToo many players will dilute the market and the network margin.Mobile phones acting as substitutes of the watches.The Indian watch industry began in the year 1961 with the commissioning of the watch division of Titan. Th e first watch model manufactured by HMT was the Janata model in the year 1962. HMT was the leader in the watch market till the Tatas formed Titan watches in association with Tamil Nadu Industrial Development Corporation in the year 1987. They took a major strategy decision, which later changed the face of the Indian watch market to manufacture only quartz watches. Liberalisation in 1992 and removal of decimal restrictions due to WTO has opened the doors for many the Indian market viz. Tissot, Swatch, Omega, Rado, TAGHeuer. The import duties on watches are falling which makes the Indian market look attractive for the global majors like Casio, Swatch and Citizen.Company ProfileOverviewTitan is one of the largest watch producer in India and sixth largest in the world. Titan manufactures over 7 million watches per annum and have 65 million customer.In 1984 goliath was established as a joint venture between the Tata separate and Tamil Nadu Industrial Development Corporation. Manufactu ring in a state- of -the art at Hosur, Tamil Nadu the company brought the large change in Indian market, by offering quartz technology with international styling. By understanding the different segments in the market, the company launched its second brand Sonata watch, as value brand for those who like expressive styled watches with affordable prices.In last two decade the company has build an very devout impression in watch business to become Indias largest manufacturer and world largest sixth manufacturer of watches. This was mainly because computable formidable distribution network. Being one of largest retail chain of sole(a) retail showroom for watches called The world of Titan spread over degree Celsius townsfolks.Titan have branches over 30 countries, its also have multi brand outlets named Time Zone, service centres and dealer outlets. The company has watch plant at Dehradun (UP) and Baddi (Himachal Pradesh) and electronic circuit boards in Goa. The promoters held majo rity stake of the company, with Tidco having 28% of the shares and Tata class companies owing 25% of the shares and the public sharing holding around 28% in the company. The rest of the stake held by the foreign institution, non resident Indian, correlative fund and other institution.It also acquiring a license for global brands such as Tommy Hilfiger and Hugo Boss, while. It has also in its portfolio its first Swiss make watch brand Xylys.In 1995 the company capitalize to brand Tanishq as diversified into jewellery in fragmented market operating no brand in urban city.Also in 2005 the company launched its second Jewellery brand, GoldPlus, as using its opportunity for capitalizing in small town and rural India. Its also diversified into fashion spiritwear by launching Fastrack Eye Gear sunglasses as well as prescription eyewear.TITAN WATCHES BRAND POSITIONING STRATEGIESOverall strategiesSince from the beginning Titan has been positioned as a premium brand, because its high quali ty products for its customer. Titan is struggling to have a strong brand image in UK market due to its numerous sub-brands that caters to different segments in India. It follows different positioning strategies these strategies can also be analyzed as given belowAttribute PositioningThe company launched first quartz watches to Indian market as its product. The company successfully penetrate the market by this launch, under this strategy came Raga, Classique and raiment. Classique positioned as style corporate wear that leaves a quiet definite impression and qualities of function. Regalia ranger represent the elegant-wear. Raga is an exclusive watch as positioned. The Raga and silver Raga collection of style, delicate and feminine with each piece unique truly.User PositioningTitan provides to several user groups children (the Dash), sportspersons and adventurers. The fastrack range is seen as being current and related to present time, reliable and sturdy. The advertising, packaging and merchandising of this range is young, sedate and vibrant.Benefit PositioningTitan offer many deals to differentiate its offering on the basis of superior style and attractiveness which is offered by digital range fastrack.Competitors PositioningTitan had to encounter the threat with the entry of several foreign watchmakers into the market most the entrants are catering to the upper end of the market Omega, Cartier etc.Quality or Price PositioningIn the overseas market, especially in europium where it is competing with Swiss and Japanese watches, it is position itself as value-for-money (less than Swiss watches and higher than Japanese), by giving attractively styled and of good quality.TITAN WATCHES BRAND RE-POSITIONING STRATEGIES FOR GLOBALISATIONTitan has managed to get fair market in Middle East and Africa but its failure in Europe was a downturn for the Company as the return was not as good as investment made for the expansion. Titan has decided to revamp its flagship w atch brand in Europe mainly in UK. Titan wants to reposition it more youthful and relevant to the changing times.Titan has entered the International markets in 1989 through the export of watch movements. Titans first global stride was placed in the UAE the largest market in the Middle East then it moved towards Egypt, Oman, Saudi Arabia and few markets in Africa. Though it faced strong competition, it reached the sales of 100,000 watches within a year of its launch. It started to move globally and moves towards Sri Lanka, Bangladesh, Maldives and Nepal.After its extensive survey, it concluded that it needs good reason to stock the brand. Titan needs to re-position its brand image in the UK market. And so Titan decided to against soft option of driving its globalization through private give chase exports. It would launch its product under its own brand with market positioning Therefore Titan found a massive advertising campaign to create brand awareness. It also participated in th e fair which showcases the worlds biggest watch brand in the world.http//www.moodiereport.com/images/luxury_watch_tables_jan10_04.jpghttp//www.moodiereport.com/images/luxury_watch_tables_jan10_05.jpgCONCLUSIONThe suggestions to improve consumer awareness about brand repositioning strategy of Titan are as followsTo increase its visibility, Titan Company can sponsor events similar to fashion shows which all latest designs launched are displayed. This is important as it has a great effect on different segments of the customers in different ways.It is important to have espouse up with tuner channels and television to broadcast and telecast its advertisement about unhomogeneous sales promotion from time to time.RD needs more investment as customer expectations are changing rapidly. It should focus more on introducing more varieties and luxury items in the market at regular interval.Introduce exclusive collection for working women which is more contemporary and complements any fashion styles.Tie up with international watch brands to make the product stronger in the market.To use internet to spread awareness among consumer about the brand. (function() var scribd = document.createElement(script) scribd.type = text/javascript scribd.async = true scribd.src = https//www.scribd.com/javascripts/embed_code/inject.js var s = document.getElementsByTagName(script)0 s.parentNode.insertBefore(scribd, s) )()

Total Quality Management Techniques

quantity Quality focus TechniquesTotal forest counseling (TQM) principles and techniques argon now a years comfortably accepted part of almost every managers tool fit (Dow et al., 1999). According to Powell (1995), most large firms get to adopted TQM in most form, and official tone awards argon a badge of honour whether a bon ton is operating in Japan, the USA, Europe, or Australia. Implementing TQM is a major organisational change that requires a transformation in the outlines culture, demonstratees, strategic priorities, and beliefs, among others.Quality variant people chip in polar definitions of fictitious character but they completely have the same central theme. According to (Text book), Quality is consistent conformance to clients expectations. much or less refer to prime(a) as fitness for commit and other c eithers it as conformance of requirement. According to Ameri bay window Society for Quality, Quality is the come inity of features and characteristi cs of a crossing or service that bears on its ability to satisfy tell or implied needs. However, part doesnt have a single perspective and is opposite for the guests of somewhat(prenominal) product and service and for the producers of that good or service.In the trading military trading surgical operations view, targeting prize is to undertake operations to produce outcomes which atomic number 18 in draw in with the specifications defined through moldes that are chassised and controlled to maintain consistency in the specified production and above altogether, that the Customers Expectations are met through the produced good or service.In customers view, tincture has no single definition for whole customers. It depends on how they perceive it. Hence, bore is referred to as customers perception and expectation slightly diametric values of a single product or service.Following are the different dimensions of any product or servicePerformance principal(prenominal) characteristics of a product/serviceSpecial FeaturesExtra characteristicsConformanceHow well a product/service corresponds to the customers expectationReliabilityConsistency of capital punishmentDurabilityUseful life of a product/service perceive QualityIndirect evaluation of musical note (e.g. written report)After Sales usefulnessHandling of complaints and requests for informationTHE DIMENSIONS OF QUALITY (Stevenson, 1999)The Quality CostsThe price of quality is a balance of the make up of assurance of quality against the costs associated with lilliputiancomings resulting in the need of quality. An attempt to minimize the total quality costs is absolute balancing of the four components of quality cost prevention incurred to prevent quality problems, appraisal associated with controlling quality to check whether problems have occurred or non, national failures associated with errors dealt with inside of operations and external failures associated with errors or problems going out of the operation to a customer.(Text Book) The variations within the individual quality cost categories are junior-grade in importance compared to their combined effect on the overall total quality cost.The quality cost concept is an effective tool that mint be used to express the value of the quality aspects of the operation in hurt of money so that monitoring and analysis of investments and savings in that area shtup be readily evaluated using the language of trading money. (George P. Laszlo)Prevention is the important influence more than inspection, according to a encounter of thumb, for every dollar spent in prevention a play along can save $10 in failure and appraisal costs. (Chase, Aquilano and Jacobs, 1998)Consequences of unworthy QualityQuality has been recognised as the nominate ingredient for triumph in business sector and has been focused upon intensely so as to grab the pace of the contemporary market growth and the subsequent competition in it. pr oduceion of good or service with the required quality is thinkable still through properly managed production handle, whose vital part is to gibe the satis divisory quality assurance. However, in case this vital part fails to collapse its role effectively, processes produce outcomes with ugly quality.Poor quality products whitethorn foil the sullyer and result in the customer migration. Buying a product and finding it below expectations will make buyer not to buy the same product again. In fact, the chances that the buyer will buy any other product from the company are also low.Poor quality affects the overall costs associated with that product. The failure cost increases as poor quality product is repaired, replaced or made new. The cost associated with the reimbursements and waste materials increases the overall variable star production costs and hence profit margins and contribution. As a force of the cost increase, companies alter the price levels. ( Begg Ward) However, spending enough prevention cost at first place, the economic turbulence in the market can be avoided.More than all, poor quality damages the image and reputation of the company among the customer base. The famous example of Mercedes, launching A-class car without noticing its amiss(p) design, showed the sensitivity of the relation between reputation of a company with the quality of its products. ( Topfer,1997)As the repairs or rectification of any faulty product demands for more efforts, the overall productivity of the firm is also affected by the poor quality outcomes.Also, the Consumer and Product Safety Act of 1972 makes firms liable for damages spend a pennyd by the products or services, which do not fulfil the standards set and enforced by the act. (Heizer and Render, 2000)What is TQM?The concept of TQM (Total Quality Management) is generally understood, and often also described, as some form of solicitude philosophy based in a moment of core values, such as customer focu s, continuous benefit, process orientation, everybodys commitment, prompt response, result orientation and learn from others. (Ulrika Hellsten and Bengt Klefsjo, emerald). All these core values jointly are nothing but quality improvement. Hence, TQM is best thought of as a philosophy of how to feeler the organization of quality improvement. (Text Book)TQM philosophy stresses the Total of TQM. Putting quality or improvement at the heart of everything and including all activities within an operation, TQM aims at participation of all the members in organization targeting long success through customer triumph, and benefits to all members of the organization and to society.TQM and the Quality GurusAlthough the quality gurus seem to be recommending different solutions to bringing about improvement, they are all talking the same language but they use different dialects.(Text book). all(prenominal) Guru stressed a different set of issues, which catalysed the transition from TQM conce pt to operations improvement. It is believed that Japanese were the first to introduce the concept and use it on a wide scale and subsequently popularized the term Total Quality Management. few of the popular contributors and their philosophies about TQM are briefly described.A. Feigenbaum stressed on the consolidation of quality arrivement, quality maintenance and quality improvement efforts of the various groups in an organization so as to enable production and service at the most economical levels which allow for full customer satisfaction.( Text book)W.E.Demings base philosophy is that quality and productivity increase as process variant (the unpredictability of the process) decreases. In his 14 loads for quality improvement, he emphasizes the need for statistical control methods, participation, education, openness and purposeful improvement.(Text book)J.M. Juran was concerned about management tariff for quality and he focussed on user based approach in defining the speci fications of the products.TQM as an extension of previous practice.Quality is explained with a different perspective in contemporary organizations in comparison to traditionalistic organizations. The new perspective suggests that from narrow, manufacturing-based discipline, quality has transited to a corporate emphasis and is applicable to each business function and every employee with broader implications for management. The evolution of quality management has reached a point where quality is being viewed as a primer for competition.Total quality management can be viewed as a natural extension of earlier approaches to quality Management.Earlier quality was achieved by inspection and screening out defects before they were noticed by customers. The quality control (QC) concept introduced the concept of treating the quality problems. Quality assurance (QA) widened the indebtedness for quality to admit functions other than direct operations and made use of statistical quality techn iques. TQM added few more factors or themes into it.The first and the key element of TQM is that organizations should see the product or its value and quality from customers point of view in a process of setting its specifications, designing and tangible production. In these days, rapidly changing trends, technologies and preferences are collectively making the process of realizing customers expectations a critical, time taking and expensive process for contemporary organizations. other powerful aspect of TQM is the concept of Internal and External customers which suggests the inclusion of all the parts of organization. Delivering the goods and services with a level of quality within the organization considering everyone as customer ensures the delivery of the final product to the external customer to be of required level of expectations and quality. Several companies are adopting the internal customer concept in their operations. Hewlett-Packard, the information schemes company, was one of the first to make a success of the internal-customer concept in its operations. (Text Book)The concept of never ending improvement makes TQM an even better tool for improvement. The reputation and business of any company runs on quality of its product. However, with increasing pace of advancement and research, one level of quality doesnt reflect the same value to customers in very short time. So, implementing continuous improvement concept keeps the organization in the competition. Quality programs analogous zero-defects, which aims at performing right at the first time, and six sigma, which is mean to keep the error rate of about 3 defectives per million units, are also used to describe the continuous improvement efforts. (Stevenson, 1996 Blackboard)TQM Cost amazeQuality Systems and ProceduresVery often people are prevented from making improvements by the organizations systems and procedures. Indeed, there is a belief that direct operators can correct, at the most, on ly 15 per cent of quality problems the other 85 per cent are managements responsibility because they are repayable to the system or the lack of one. (Text Book) This calls for a properly defined Quality management system which should cover all facets of the organizations operations.ISO 9000 series is a set of worldwide standards that draws the common requirements for quality management systems for all organization and provides a framework for quality assurance. The registration process involves a third party evaluation and regular audits to ensure the system doesnt deteriorate. (Text Book).ISO 9000 registration is an effective element for organizations to have an edge over those which doesnt attain the registration. Customers, these days, are very well aware of these standards and gain confidence, in terms of assured quality, in any company if it is ISO 9000 recommended. Surely, organizations and customers, both are benefitted. However, on the other hand, those contemporary organi zations which still havent achieved the ISO 9000 have to somehow, undertake the time and cost consuming implementation of these set of quality measures to sustain in the super competitive era.Implementation of TQMWhile implementing TQM, organizations should not forget that firms will have different needs and thus TQM must be specially customised to the fortune of the organization. (Slack, Chambers and Johnston 2001). Also, TQM involves all aspects of the firm and unless its significance is fully understood by everybody, its implementation will fail. (N.N., 2000b Blackboard). The successful implementation of TQM should focus on following(a) factors. factor in 1 Top management commitmentThe degree of visibleness and support that management takes in implementing a total quality environment is critical to the success of TQM implementation (Deming, 1982Juran and Gryna 1980). Management should plan to reduce traditionally structured operational levels and unnecessary positions. For e xample, spot checking can be implemented instead of hiring a supervisor for this job. Simplifying the organization will lead to the face of an infrastructure of integrated business functions participating as a squad and supporting the strategic vision of the company. (Jaideep Motwani)Factor 2 Quality touchstone and benchmarkingMost authors endorse a zero defect and a do it right the first time attitude towards the quality program. Measurement techniques should accommodate monitoring supplier quality levels, utilizing SPC (Statistical Process Control) to reduce process variability, and collusive the cost of quality (Ahire et al., 1996 Powell, 1995 Hardie, 1998).Factor 3 Process managementThis factor emphasizes adding value to processes, increasing quality levels, and raising productivity per employee. The concept of around-the-clock improvement discussed earlier, has to be implemented for assurance. The other tactics can be reducing the operator material handling duties, achiev ing a compact process flow or implementation of quality circles.Factor 4 Product designThe study of quality performance commence from the product design stage, when everything is in flux. A range of possibilities exist at this stage about the material to be used, specifications, vendors etc. Hence, at this critical point, customers expectations should be clear.Factor 5 Employee trainingEmployees should be trained and oriented to the overall gaols of the company, the commitments to successfully utilizing the TQM methodology and to be an effective team member. There are techniques for ply to learn as well, of course, but the purpose of the techniques is solely to work towards the staple objective the elimination of errors. (Text Book)Factor 7 Customer involvement and satisfactionWhen considering customers, internal and external customers are addressed. Internal customers should undertake timely and skillful deliveries, continuously improve and self-implement solutions. An external customer service program should include providing customers with timely information and quick responsiveness to complaints, and maintaining a corporate address to reduce the quantity of questions or complaints while recognizing all successful efforts by employees in providing outstanding service (Kasul and Motwani, 1995b).Reasons of TQM failureOrganizations often do not understand the depth of implementing TQM. The weak commitment results in ineffective value setting in the organization. A blind pursuit of TQM, which doesnt integrate quality into strategy, will draw an organisations attention away from the real important issues same(p) customer focus and never ending improvement and thus TQM, considered a short-term investment, will certainly fail. (Reid and Sanders, 2002 and Stevenson, 1999). At the same time, expecting a paper change or a quick fix by incorrupt implementing it results in the failures. Managers take issues for granted after implementing TQM creating an absence of good decisiveness making skills which leads to the TQM failures.Another precedent is the ambiguity in the roles for making change, childbed quality measures and eliminating errors in an organisation after implementing TQM. Top management may believe that identification and eliminations of errors has to be processed at operations level, however, operation workers may not take extra responsibility and can set out a perception that improvement measures are burdening them which can lead to lack in belief and commitment and eventual failure.Lack Employees CommitmentAs discussed earlier, training is an important part of the TQM implementation process. Training the employees doesnt only points to the operations training but also the attitude training as well. absence or lack of employee training can be a reason of failure. TQM demands for the complete awareness and participation at every level of the organization.(Text Book) Unless, employees develop a commitment level at which they perceive organizational goals as their own, they cannot work to their full potential. However, spending adequate amount on conducting trainings can be a key for the desired outcome.Lack of organizations communication system and function is also a cause for the failure of TQM in an organization. The varied information regarding TQM as a result of lack of co-ordination between different departments may not satisfy the questions of workforce and hence create a loss of ideas which may have developed with proper information in the flow.Absence of proper review technique to check the effectiveness of the quality system is a major cause for failure. Organizations fail to find the cause for defects in products or procedures on implementation of TQM. It may be due to the wrong techniques being used to review or ineffective business process adopted.

Types And Causes Of Liquidity Risk Finance Essay

Types And Causes Of liquid state essay Finance EssayIn pay, fluidity state put on the lineis the stake that a presumption security or asset squeeze out non be dispensed quickly plentiful in the grocery store to prevent a loss (or subscribe the need profit).OR liquidness stake is the menstruum and prospective stake to mesh or great arising from a banks in strength to meet its obligations when they come repayable without incurring un congenial losses. Liquidity take a chance includes the inability to manage ignorant decreases or changes in patronage sources. Liquidity take a chance also arises from the misery to recognize or address changes in merchandise conditions that appropriate the ability to antipatheticact assets quickly and with minimal loss in value.2.1-Types of Liquidity gambleAsset tranquility Due to the inadequacy of runniness in merchandise an asset give nonice not be sold it is basi blackguardy subset of market run a lay on the line. Th is rout out be done byWidening bid/ twisting spreadMaking explicit fluidity reservesLengthening guardianship menses for Vary calculationsFunding liquid state guess that liabilityCannot be met when they fall dueCan only be met at an wasteful priceCan be name-specific or systemic2.2- Causes of Liquidity Risk in that respect be m whatsoever causes of liquid venture liquid luck actually arises when the one party wants to barter an asset cannot do it because in the market no one wants to trade that asset .The persons who atomic number 18 intimately to hold or currently hold the asset and want to trade that asset then liquidness endangerment get under(a) ones skin partial grievous to them as it affects their ability to do business.From regorge of price to zero is very different from that appearance of runniness risk. In the case when the assets price drop to zero then market said that asset is valueless. On the an opposite(prenominal) hand when one party found that t he other party is not interested in buying and merchandising of an asset then it sire a big problem for the participant of a market to expose the other interested party. So we can say that in the uphill markets or low volume markets the risk of fluidity is higher.Due to mutable fluidity the liquidness risk is known as a fiscal risk.When the reference work rating falls the institution whitethorn lose its liquidity, in this way rapid un judge interchange out adverts, or as a result of this happening the counterparties may avoid the business of buying and selling with or borrowing the loan to the institutions. A loyal is also opened to liquidity risk if markets on which it depends atomic number 18 subject to loss of liquidity. The firm is also giben to the risk of liquidity when the markets in they depend are under the liquidity loss.Liquidity risks tend to compound other risks. If a trading organization has a position in an illiquid asset, its limited ability to liquidate t hat position at short notice will compound its market risk. Let us suppose a firm has a hard currency flows offsetting on a given day of with deuce different counter parties. If the counter party do not make the payment and become a payment defaults. In this way firm will make believe to make the cash from some other sources in order to make payment. Credit risk is the risk arises due to the liquidity.A position can be hedged against market risk only when still stand for liquidity risk. This is true in the above credit risk example-the two payments are offsetting, so they entail credit risk but not market risk. Another example is the 1993Metallgesellschaftdebacle. Futures contracts were used to hedge an Over-the-counter finance OTC obligation. It is debatable whether the hedge was impressive from a market risk standpoint, but it was the liquidity crisis caused by staggering margin calls on the futures that obligate Metallgesellschaft to unwind the positions.As compared to the risks like market, credit and other risks the liquidity risk is also has to be managed. It is im come-at-able to isolate the liquidity risk because it has the magnetic dip to compound the other risks all overall the most simple circumstances. Liquidity risk does not exit in the comprehensive metrics. In order to assessed the liquidity risk the certain techniques of asset liability commission can be applied on a day by day basis. A simple test is conducted for the liquidity risk in ordered to see the net cash flows. all day which shows a sizeable invalidating cash flow is of concern.Analyses much(prenominal) as these cannot easily take into card contingent cash flows, such as cash flows from derivatives or mortgage-backed securities. If an organizations cash flows are magnanimously contingent, liquidity risk may be assessed exploitation some form of scenario depth psychology. A general get on using scenario analysis might entail the following high-level stepsConstruct dupl ex scenarios for market movements and defaults over a given period of time assess day-to-day cash flows under each scenario.Becausebalance sheetsdiffer so significantly from one organization to the next, at that place is undersize standardization in how such analyses are implemented.Regulators are primarily concerned to the highest degree systemic and implications of liquidity risk.2.3- Liquidity gapThe liquidity gap is the net liquid assets of a firm.As a static pace of liquidity risk it gives no indication of how the gap would change with an increase in the firms peripheral documentation make up.2.4- Liquidity risk elasticityCulp denotes the change of net of assets over funded liabilities that transcend when the liquidity premium on the banks marginal funding cost rises by a small amount as the liquidity risk elasticity. For banks this would be measured as a spread over libor, for non pecuniary the LRE would be measured as a spread over mercenary paper rates.Problems wit h the use of liquidity risk elasticity are that it assumes latitude changes in funding spread across all maturities and that it is only perfect for small changes in funding spreads.2.5- Measures of Asset LiquidityFollowing are the measures of asset liquidity.2.5.1. Bid-offer spreadThebid-offer spreadis used by market participants as an asset liquidity measure. To compare different products the ratio of the spread to the products middle price can be used. The smaller the ratio the more liquid the asset is.This spread is comprised of operational costs, administrative and butt oning costs as intumesce as the compensation necessitated for the possibility of trading with a more informed trader.2.5.2. Market depthHachmeister refers tomarket depthas the amount of an asset that can be bought and sold at sundry(a) bid-ask spreads.Slippageis related to the concept of market depth. Knight and Satchell mention a flow trader needs to consider the effect of executing a large order on the m arket and to adjust the bid-ask spread accordingly. They calculate the liquidity cost as the difference of the act price and the initial execution price.2.5.3. ImmediacyImmediacy refers to the time needed to success amply trade a certain amount of an asset at a prescribed cost.2.5.4. resilienceHachmeister identifies the fourth dimension of liquidity as the speed with which prices recurrence to reason levels after a large transaction. Unlike the other measures resilience can only be determined over a period of time.2.6- Managing Liquidity Risk2.6.1-Liquidity- set value at riskLiquidity-adjusted VAR incorporates exogenous liquidity risk intoValue at Risk. It can be defined at VAR + ELC (Exogenous Liquidity Cost). The ELC is the worst expected half-spread at a especial(a) confidence level.Another adjustment is to consider VAR over the period of time needed to liquidate the portfolio. VAR can be measured over this time period. TheBISmentions a number of institutions are exploring the use of liquidity adjusted-VAR, in which the holding periods in the risk assessment are adjusted by the length of time required to unwind positions.2.6.2-Liquidity at riskGreenspan (1999) discusses oversight of foreign exchange reserves. The Liquidity at risk measure is suggested. A countrys liquidity position under a range of mathematical outcomes for relevant financial variables (exchange rates, commodity prices, credit spreads, etc.) is considered. It might be possible to express a standard in terms of the probabilities of different outcomes. For example, an acceptable debt structure could have an average maturity averaged over estimated distributions for relevant financial variables in excess of a certain limit. In addition, countries could be expected to hold capable liquid reserves to ensure that they could avoid new(a) borrowing for one year with certain ex ante probability, such as 95 percent of the time.2.6.3-Scenario analysis-based contingency figuresThe FDIC discu ss liquidity risk management and write Contingency funding final causes should incorporate events that could rapidly affect an institutions liquidity, including a sudden inability to securitize assets, tightening of collateral requirements or other restrictive terms associated with secured borrowings, or the loss of a large depositor or counterparty.Greenspans liquidity at risk concept is an example of scenario based liquidity risk management.2.6.4-Diversification of liquidity declare oneselfrsIf several liquidity providers are on call then if any of those providers increases its costs of supplying liquidity, the impact of this is reduced. The American academy of Actuaries wrote While a company is in good financial shape, it may wish to establish durable, ever-green (i.e., always available) liquidity lines of credit. The credit issuer should have an fittingly high credit rating to increase the chances that the resources will be at that place when needed.2.6.5-DerivativesThe fiv e derivatives that are discuss by bhaduri,meissner yon created specifically for hedge liquidity risk.Withdrawal survival of the fittest A put of the illiquid underlying at the market price.Bermudan-style return put selection Right to put the option at a specified strike.Return swap Swap the underlings return for LIBOR paid periodically.Return swaption Option to enter into the return swap.Liquidity option Knock-in barrier option, where the barrier is liquidity metric.otherFunding sources are spacious and provide a competitive cost advantage.Funding is widely diversified. There is little or no credit on in large quantities funding sources or credit-sensitive funds providers.Market alternatives exceed solicit for liquidity, with no obstinate changes expected.Capacity to augment liquidity through asset gross sales and/or securitization is strong and the Bank has an established record in accessing these markets.The volume of sell liabilities with embedded options is low.The Ba nk is not vulnerable to funding difficulties should a clobber adverse change occur in market perception.Support provided by the parent company is strong.Earnings and capital motion-picture show from the liquidity risk profile is negligible.-Quantity of Liquidity Risk IndicatorsIn order to assess the measure of liquidity risk the following indicator should be used. Every trace is not necessary to be demonstrated.2.7.1-LowThe sources of funding are abundant and provide a advantage of competitive cost.Funding is mostly flourished. There is little or no reliance on sweeping funding sources or other credit-sensitive funds providers. On the sources of wholesale funding or others providers of credit sensitive fund in it there is no trust.The demand for liquidity goes above by the market alternatives and there are no any expected changes.Capacity to augment liquidity through asset sales and/or securitization is strong and the Bank has an established record in accessing these markets.Th e wholesale liabilities have a low volume with fixed options.The Bank is not weak to funding difficulties should a material adverse change occur in market perception.The parent company provides the support which is strong.Earnings and capital exposure from the liquidity risk profile is negligible.2.7.2-ModerateThe funding sources which are sufficient are available that provides a liquidity which is cost effective.Funding is generally expanded, by a few providers that may share their common objectives and their sparing influences, but no significant concentrations. The wholesale funding is clear and it has a modest reliance. The market alternatives that is available in order to meet the demand for liquidity on reasonable terms.The Bank possesses the potential might to expand liquidity through asset sales and/or securitization. The bank has a modest experience in order to access these marketsSome wholesale funds catch embedded options, but potential impact is not significant.The Ba nk is not excessively vulnerable to funding difficulties should a material. the decent support is provided by the parent company.Earnings or capital exposure from the liquidity risk profile is manageable.2.7.3-HighFunding sources and liability structures suggest current or potential difficulty in maintaining long-term and cost-effective liquidity. get sources may be concentrated in a few providers or providers with common investment objectives or economic influences. A significant reliance on wholesale funds is evident.Liquidity needs are increasing, but sources of market alternatives at reasonable terms, costs, and tenors are declining.The Bank exhibits little capacity or potential to augment liquidity through asset sales or securitization. A lack of experience accessing these markets or unfavorable written report may make this option questionable.Material volumes of wholesale funds contain embedded options. The potential impact is significant.The Banks liquidity profile makes it vulnerable to funding difficulties should a material adverse change occur.Parent company provides a little or unknown support.Potential exposure to loss of compensation or capital due to high liability costs or unplanned asset reduction may be substantial.Liquidity risk managementAchieving best practiceManaging liquidity risk is often about applied common sense, like operational risk it requires a firm-wide approach and this places a high demand on the right regalees and procedures.Any management information system used to mitigate liquidity risk should beAccurateThe best way of encouraging accuracy is to keep reportage simple.CommunicativeReport and information should speak plainly.RegularTimely insurance coverage allows managers to judge changes in the market and their organizations liquidity profile.ComprehensiveMust resound your organizational reality, such as different entities, jurisdictions and regulations.RealisticScenario must be pixilated if risk is to be identified in real situations.2.8-Quality of Liquidity Risk ManagementThe following indicators, as appropriate, should be used when assessing the look of liquidity risk management.2.8.1-StrongThe polices are approved by the board and advance guidelines effectively for the liquidity risk management and responsibilities are designated.The liquidity risk management process is effective in identifying, measuring, monitoring, and controlling liquidity risk. The process of liquidity risk management is effective for identifying liquidity risk, for measuring, monitoring, and controlling the liquidity risk.A sound culture reflects that has provenLiquidity risk is fully understood by the management in all the aspects.Management anticipates and replys well to changing market conditions.The contingency funding plan is well-developed, effective and useful. The plan incorporates reasonable assumptions, scenarios, and crisis management planning, and is tailored to the needs of the institution.Management i nformation systems focal point on significant issues and produce timely, accurate, complete, and meaningful information to enable effective management of liquidity.Internal audit is comprehensive and effective.The scope and frequency are reasonable.2.8.2-SatisfactoryPolices are approved by the Board which communicate adequately counselling for liquidity risk management and responsibilities are assigned.There may be a minor weakness present.The liquidity risk management process is generally effective in identifying, measuring, monitoring, and controlling liquidity.There may be minor weaknesses given the complexity of the risks undertaken, but these are easily corrected..the blusher aspects of liquidity risk are reasonably understands by the management.Management adequately responds to changes in market conditions when changes occur in the market conditions the management respond adequately.The plan of contingency funding is adequate.The plan is current, reasonably addresses most relevant issues, and contains an adequate level of detail including multiple scenario analysis.The plan may require minor refinement.Management information systems adequately capture concentrations and rollover risk, and are timely, accurate, and complete.Recommendations are minor and do not impact effectiveness.Internal audit is reasonable.Any weaknesses are minor and do not impair effectiveness or reliance on audit findings.2.8.3-WeakThe Board has approved policies which are insufficient or incomplete.In one or more material value the policy is incomplete.the process of liquidity risk management is vain in identifying, monitoring and controlling the liquidity riskThis may be true in one or more material respects, given the complexity of the risks undertaken. The liquidity risk does not fully understand by the management. In the conditions when the market changes the management does not take any timely or suitable actions and do not participate. .The contingency funding plan is in adequate or nonexistent.The plan may not consider cost-effectiveness or availability of funds in a non-investment grade or CAMEL 3 environment.The information systems of management are deficient. The plan may be there but they do not adopted by the institutions, it is not reasonable, or they are not implemented as it should be.The information which is material may be a incomplete or lacking.Due to one or more material deficiencies the internal auditor coverage is missing or useless.2.9-Common problems and misconceptionsLiquidityriskis one of the least understood and most underestimated risks that financial markets participants are exposed to.Reasons for this include Under normal market conditions,liquidityproblems are not observed Liquidityriskdoes not carry itself to readily usable measures Despite specific BIS recommendations,liquidityriskmanagementis left out of capital adequacy calculations due to a lack of control and regulation Liquiditymanagement is often confused with liqui dityriskmanagement Market and creditriskmanagement taper on assets, whileliquidityrisk can stem from liabilities as wellLiquidityriskis also different in temperament to market and creditriskand needs to be thought of other than Normal markets analyses (expected or going-concern situations) are insufficient liquidityriskcan only be understood with scenario-based stress testing Historical measures ofliquidityare irrelevant prospective views are essential Liquidityriskcannot be readily hedged, and can only be militated against through rigorous monitoring and controls The pricing of many instruments does not properly charge forliquidity.